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)
Marc Bryant, 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: | December 31, 2015 |
Item 1.
Reports to Stockholders
Fidelity® Limited Term Municipal Income Fund Annual Report December 31, 2015 |
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Contents
Board Approval of Investment Advisory Contracts and Management Fees | |
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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. © 2016 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.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended December 31, 2015 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Limited Term Municipal Income Fund | 1.18% | 2.00% | 2.85% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Limited Term Municipal Income Fund, a class of the fund, on December 31, 2005.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® Municipal Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img47710824_740.jpg)
Period Ending Values | ||
$13,243 | Fidelity® Limited Term Municipal Income Fund | |
$15,853 | Barclays® Municipal Bond Index |
Management's Discussion of Fund Performance
Market Recap: Tax-exempt municipal bonds posted a moderate gain for calendar year 2015, driven by strong demand and limited supply. The Barclays® Municipal Bond Index returned 3.30% for the year. However, the muni market faced a volatile stretch between April and June, when the focus of the market shifted to the credit challenges of a handful of high-profile issuers, including Puerto Rico, New Jersey, Illinois and Chicago. A common theme of unfunded pension liabilities for these issuers overshadowed a generally stable credit environment for state and local governments more broadly. The tax advantages of munis continued to appeal to investors, due to the higher federal income-tax rates and 3.8% Medicare tax on non-municipal investment income that took effect in 2013. At period end, investors continued to watch the flow of U.S. economic data for hints as to whether, when and by how much the U.S. Federal Reserve may raise policy interest rates in 2016, on the heels of its quarter-point rate hike in mid-December.Comments from Lead Portfolio Manager Mark Sommer: For the year, the fund’s share classes (excluding sales charges, if applicable), net of fees, trailed the 1.46% gain of the Barclays® 1–6 Year Municipal Bond Index. I sought to generate attractive tax-exempt income and competitive risk-adjusted relative returns, including both price appreciation and income, over time. The fund’s yield curve positioning – meaning how the fund was invested across bonds of various maturities – helped performance versus the Barclays® index. Specifically, the fund was overweighted in bonds with maturities of 10 years, which were the best-performing securities in the short-maturity spectrum, and underweighted two-year securities, the worst relative performers. Having more exposure than the index to lower-rated investment-grade securities also aided relative results. These securities, which generally offered more yield than higher-rated bonds, were some of the market’s best performers, given ultra-low yields. Detracting from performance versus the index was the fund’s overweighted exposure to Illinois general obligation bonds, securities backed by the city of Chicago and related entities, and New Jersey state-appropriated bonds. These securities lagged the index.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Five States as of December 31, 2015
% of fund's net assets | % of fund's net assets 6 months ago | |
New York | 13.7 | 9.8 |
Florida | 11.6 | 10.9 |
Texas | 9.0 | 8.7 |
Illinois | 8.6 | 8.5 |
California | 6.1 | 8.4 |
Top Five Sectors as of December 31, 2015
% of fund's net assets | % of fund's net assets 6 months ago | |
General Obligations | 42.9 | 40.4 |
Special Tax | 11.2 | 7.8 |
Electric Utilities | 10.1 | 10.7 |
Transportation | 9.4 | 10.1 |
Health Care | 7.8 | 8.8 |
Weighted Average Maturity as of December 31, 2015
6 months ago | ||
Years | 3.2 | 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 December 31, 2015
6 months ago | ||
Years | 2.7 | 2.8 |
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 December 31, 2015 | ||
AAA | 9.9% | |
AA,A | 71.2% | |
BBB | 8.1% | |
BB and Below | 1.0% | |
Not Rated | 2.1% | |
Short-Term Investments and Net Other Assets | 7.7% |
As of June 30, 2015 | ||
AAA | 10.0% | |
AA,A | 70.7% | |
BBB | 7.3% | |
BB and Below | 0.5% | |
Not Rated | 1.9% | |
Short-Term Investments and Net Other Assets | 9.6% |
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.
Investments December 31, 2015
Showing Percentage of Net Assets
Municipal Bonds - 92.2% | |||
Principal Amount (000s) | Value (000s) | ||
Alabama - 0.1% | |||
Montgomery Med. Clinic Facilities: | |||
5% 3/1/20 (a) | $2,890 | $3,211 | |
5% 3/1/25 (a) | 1,500 | 1,721 | |
TOTAL ALABAMA | 4,932 | ||
Alaska - 0.6% | |||
Anchorage Gen. Oblig.: | |||
Series A: | |||
5% 9/1/20 | 1,090 | 1,271 | |
5% 9/1/22 | 1,200 | 1,451 | |
Series B: | |||
5% 9/1/18 | 3,685 | 4,071 | |
5% 9/1/20 | 2,000 | 2,333 | |
5% 9/1/22 | 1,425 | 1,724 | |
Series C: | |||
5% 9/1/18 | 1,000 | 1,105 | |
5% 9/1/19 | 2,150 | 2,446 | |
5% 9/1/20 | 1,260 | 1,470 | |
5% 9/1/22 | 1,000 | 1,210 | |
Series D: | |||
5% 9/1/19 | 3,895 | 4,431 | |
5% 9/1/20 | 2,000 | 2,333 | |
TOTAL ALASKA | 23,845 | ||
Arizona - 1.8% | |||
Arizona Ctfs. of Prtn. Series 2010 A, 5% 10/1/16 (FSA Insured) | 13,000 | 13,429 | |
Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A: | |||
5% 12/1/18 | 500 | 552 | |
5% 12/1/19 | 600 | 679 | |
5% 12/1/20 | 820 | 947 | |
5% 12/1/21 | 1,105 | 1,296 | |
5% 12/1/22 | 800 | 949 | |
5% 12/1/23 | 1,000 | 1,199 | |
5% 12/1/24 | 1,500 | 1,808 | |
Arizona School Facilities Board Ctfs. of Prtn. Series 2008, 5.5% 9/1/16 | 1,385 | 1,430 | |
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series 2009 A: | |||
5% 10/1/18 | 1,000 | 1,107 | |
5% 10/1/20 (Pre-Refunded to 10/1/19 @ 100) | 5,180 | 5,913 | |
Glendale Gen. Oblig. Series 2015: | |||
4% 7/1/19 (FSA Insured) | 600 | 647 | |
5% 7/1/22 (FSA Insured) | 1,000 | 1,175 | |
Glendale Trans. Excise Tax Rev.: | |||
5% 7/1/21 (FSA Insured) | 750 | 878 | |
5% 7/1/22 (FSA Insured) | 1,170 | 1,388 | |
5% 7/1/23 (FSA Insured) | 1,395 | 1,673 | |
Maricopa County School District #28 Kyrene Elementary Series 2010 B: | |||
4% 7/1/19 | 900 | 983 | |
4% 7/1/20 | 1,360 | 1,512 | |
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Series 2009 B, 5% 7/1/16 | 5,090 | 5,205 | |
Pima County Ctfs. of Prtn. Series 2014: | |||
5% 12/1/21 | 2,210 | 2,607 | |
5% 12/1/22 | 2,470 | 2,951 | |
5% 12/1/23 | 3,425 | 4,145 | |
Pima County Swr. Sys. Rev.: | |||
Series 2011 B, 5% 7/1/19 | 3,225 | 3,637 | |
Series 2012 A: | |||
5% 7/1/18 | 825 | 902 | |
5% 7/1/19 | 1,550 | 1,748 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2009 A, 5% 1/1/26 | 500 | 560 | |
Univ. Med. Ctr. Corp. Hosp. Rev. Series 2011: | |||
5% 7/1/16 (Escrowed to Maturity) | 3,055 | 3,123 | |
5% 7/1/17 (Escrowed to Maturity) | 3,315 | 3,521 | |
5% 7/1/18 (Escrowed to Maturity) | 3,365 | 3,694 | |
TOTAL ARIZONA | 69,658 | ||
California - 6.1% | |||
Alameda Corridor Trans. Auth. Rev.: | |||
Series 2004 A, 0% 10/1/19 | 3,600 | 3,317 | |
Series 2013 A, 5% 10/1/22 | 2,190 | 2,645 | |
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Bonds 1.5%, tender 4/2/18 (b) | 5,200 | 5,230 | |
California Gen. Oblig.: | |||
Bonds 3%, tender 12/1/19 (b) | 15,600 | 16,523 | |
5% 9/1/20 | 20,000 | 23,320 | |
California Health Facilities Fing. Auth. Rev. Bonds (Children's Hosp. of Orange County Proj.) Series 2012 A, 1.81%, tender 7/1/17 (b) | 4,000 | 4,032 | |
California Infra Eco Dev. Bank Rev. Bonds Series 2013 A1, 0.29%, tender 1/7/16 (b) | 17,000 | 17,001 | |
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2010 A, 0.6%, tender 2/1/16 (b)(c)(d) | 22,855 | 22,855 | |
California Pub. Works Board Lease Rev.: | |||
(Dept. of Corrections & Rehab. Proj.) Series 2011 C, 5% 10/1/18 | 1,750 | 1,935 | |
(Riverside Campus Proj.) Series 2012 H, 5% 4/1/22 | 1,000 | 1,201 | |
(Univ. Proj.) Series 2011 B: | |||
5% 10/1/18 | 2,740 | 3,033 | |
5% 10/1/19 | 1,490 | 1,697 | |
(Various Cap. Projs.): | |||
Series 2011 A: | |||
5% 10/1/18 | 6,475 | 7,161 | |
5% 10/1/19 | 5,000 | 5,686 | |
5% 10/1/20 | 2,525 | 2,945 | |
Series 2012 A, 5% 4/1/21 | 1,000 | 1,180 | |
Series 2012 G, 5% 11/1/22 | 1,250 | 1,515 | |
(Various Judicial Council Projects) Series 2011 D, 5% 12/1/19 | 4,100 | 4,686 | |
Series 2009 J, 5% 11/1/17 | 2,300 | 2,473 | |
Series 2010 A: | |||
5% 3/1/16 | 2,000 | 2,015 | |
5% 3/1/17 | 5,405 | 5,675 | |
California Statewide Cmntys. Dev. Auth. Rev. Bonds: | |||
Series 2002 C, 5%, tender 5/1/17 (b) | 4,000 | 4,218 | |
Series 2009 E2, 5%, tender 5/1/17 (b) | 2,000 | 2,109 | |
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev. Series 2013 A, 4% 6/1/21 | 3,500 | 3,925 | |
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev. Series 2013 A, 5% 7/1/19 | 4,400 | 4,998 | |
Los Angeles County Pub. Works Fing. Auth. Lease Rev. Series 2010 A, 5% 8/1/17 | 5,000 | 5,326 | |
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2012 C: | |||
4.625% 3/1/18 | 1,500 | 1,617 | |
5% 3/1/19 | 2,935 | 3,285 | |
Los Angeles Unified School District Ctfs. of Prtn. (Multiple Properties Proj.) Series 2010 A: | |||
5% 12/1/16 | 2,025 | 2,104 | |
5% 12/1/17 | 9,790 | 10,532 | |
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. (Refing. Proj.) Series 2009, 5% 8/1/17 (FSA Insured) | 2,130 | 2,266 | |
Northern California Pwr. Agcy. Rev. (Hydroelectric #1 Proj.) Series 2010 A, 5% 7/1/18 | 2,000 | 2,190 | |
Oakland Unified School District Alameda County Series 2013, 5.5% 8/1/23 | 1,000 | 1,195 | |
Port of Oakland Rev. Series 2012 P, 5% 5/1/21 (d) | 2,500 | 2,922 | |
Rancho Cucamonga Redev. Agcy. (Rancho Redev. Proj.): | |||
5% 9/1/23 (FSA Insured) | 1,350 | 1,639 | |
5% 9/1/24 (FSA Insured) | 2,300 | 2,823 | |
Riverside County Asset Leasing Rev. (Riverside Cap. Proj.) Series 2012 A: | |||
4% 6/1/17 | 1,750 | 1,826 | |
5% 6/1/17 | 3,700 | 3,913 | |
5% 6/1/18 | 6,470 | 7,034 | |
Sacramento Muni. Util. District Elec. Rev. Series 2011 X, 5% 8/15/21 | 4,000 | 4,786 | |
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A: | |||
5% 8/1/16 | 5,450 | 5,587 | |
5% 8/1/18 | 8,000 | 8,663 | |
San Diego Cmnty. College District Series 2007, 0% 8/1/16 (FSA Insured) | 1,160 | 1,155 | |
San Pablo Calif Redev. Agcy. Series 2014 A, 5% 6/15/24 (FSA Insured) | 1,380 | 1,685 | |
State Ctr. Cmnty. College District Series 2007 A, 5% 8/1/26 (Pre-Refunded to 8/1/17 @ 100) | 9,480 | 10,117 | |
Stockton Unified School District Gen. Oblig. 5% 7/1/18 (FSA Insured) | 1,035 | 1,131 | |
TOTAL CALIFORNIA | 233,171 | ||
Colorado - 0.4% | |||
Colorado Health Facilities Auth. Rev. Bonds Series 2008 D3, 5%, tender 11/12/21 (b) | 5,285 | 6,115 | |
Colorado Reg'l. Trans. District Ctfs. of Prtn. Series 2014 A, 5% 6/1/23 | 3,860 | 4,638 | |
E-470 Pub. Hwy. Auth. Rev. Series 2015 A: | |||
5% 9/1/19 | 1,000 | 1,130 | |
5% 9/1/20 | 1,000 | 1,151 | |
Univ. of Colorado Enterprise Sys. Rev. Series 2009 A, 5% 6/1/17 | 500 | 530 | |
TOTAL COLORADO | 13,564 | ||
Connecticut - 2.7% | |||
Connecticut Gen. Oblig.: | |||
(Econ. Recovery Proj.) Series 2009 A, 5% 1/1/16 | 2,700 | 2,700 | |
Series 2009 B, 5% 3/1/18 | 3,470 | 3,772 | |
Series 2012 C, 5% 6/1/21 | 23,420 | 27,459 | |
Series 2013 A: | |||
0.24% 3/1/16 (b) | 1,100 | 1,100 | |
0.35% 3/1/17 (b) | 1,400 | 1,397 | |
Series 2014 C, 5% 12/15/16 | 16,070 | 16,741 | |
Series 2014 D, 2% 6/15/16 | 3,400 | 3,425 | |
Series 2015 E, 5% 8/1/17 | 26,395 | 28,138 | |
Connecticut Health & Edl. Facilities Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 1998 B, 1.55%, tender 2/1/17 (b) | 2,715 | 2,735 | |
Connecticut Hsg. Fin. Auth. Series 2013 B2, 4% 11/15/32 | 6,905 | 7,303 | |
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2011 A, 5% 12/1/18 | 5,575 | 6,188 | |
TOTAL CONNECTICUT | 100,958 | ||
Delaware, New Jersey - 0.1% | |||
Delaware River & Bay Auth. Rev. Series 2014 C: | |||
5% 1/1/20 | 2,500 | 2,844 | |
5% 1/1/21 | 2,000 | 2,323 | |
TOTAL DELAWARE, NEW JERSEY | 5,167 | ||
District Of Columbia - 0.3% | |||
District of Columbia Gen. Oblig. Series 2007 B, 5% 6/1/16 (AMBAC Insured) | 3,555 | 3,622 | |
District of Columbia Univ. Rev. Bonds (Georgetown Univ. Proj.) Series 2001 B, 4.7%, tender 4/1/18 (b) | 8,500 | 9,082 | |
TOTAL DISTRICT OF COLUMBIA | 12,704 | ||
Florida - 11.6% | |||
Brevard County School Board Ctfs. of Prtn.: | |||
Series 2014, 5% 7/1/21 | 1,000 | 1,175 | |
Series 2015 C: | |||
5% 7/1/21 | 650 | 764 | |
5% 7/1/22 | 3,725 | 4,427 | |
5% 7/1/23 | 3,000 | 3,607 | |
Broward County Arpt. Sys. Rev.: | |||
Series 2012 Q1, 5% 10/1/21 | 1,000 | 1,181 | |
Series A: | |||
5% 10/1/22 (d) | 3,000 | 3,540 | |
5% 10/1/23 (d) | 4,020 | 4,776 | |
Broward County School Board Ctfs. of Prtn.: | |||
Series 2012 A: | |||
5% 7/1/19 | 7,000 | 7,877 | |
5% 7/1/20 | 15,070 | 17,336 | |
Series 2015 A: | |||
5% 7/1/19 | 2,000 | 2,251 | |
5% 7/1/20 | 4,000 | 4,601 | |
5% 7/1/21 | 4,500 | 5,275 | |
5% 7/1/22 | 3,500 | 4,166 | |
5% 7/1/23 | 2,750 | 3,310 | |
5% 7/1/24 | 1,320 | 1,599 | |
Series 2015 B: | |||
5% 7/1/19 | 2,000 | 2,251 | |
5% 7/1/20 | 3,000 | 3,451 | |
5% 7/1/21 | 6,235 | 7,308 | |
5% 7/1/22 | 1,275 | 1,518 | |
5% 7/1/23 | 2,750 | 3,310 | |
5% 7/1/24 | 1,145 | 1,387 | |
Series A, 5.25% 7/1/17 (AMBAC Insured) | 7,015 | 7,466 | |
Citizens Property Ins. Corp.: | |||
Series 2009 A1, 6% 6/1/17 | 1,275 | 1,365 | |
Series 2012 A1, 5% 6/1/17 | 15,295 | 16,158 | |
Clearwater Wtr. and Swr. Rev. Series 2011: | |||
4% 12/1/16 | 1,265 | 1,304 | |
5% 12/1/17 | 1,685 | 1,816 | |
5% 12/1/18 | 685 | 759 | |
5% 12/1/19 | 1,820 | 2,069 | |
5% 12/1/20 | 1,000 | 1,162 | |
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011: | |||
5% 10/1/16 | 1,530 | 1,578 | |
5% 10/1/17 | 1,455 | 1,553 | |
Florida Board of Ed. Lottery Rev. Series 2011 A, 5% 7/1/20 | 8,600 | 9,938 | |
Florida Board of Ed. Pub. Ed. Cap. Outlay: | |||
Series 2009 C: | |||
5% 6/1/16 | 3,000 | 3,057 | |
5% 6/1/20 | 3,625 | 4,116 | |
Series 2012 C, 5% 6/1/16 | 3,585 | 3,653 | |
Florida Dept. of Envir. Protection Rev. Series 2012 A, 5% 7/1/19 | 15,800 | 17,821 | |
Florida Dev. Fin. Corp. Healthcare Facility Rev. (Univ. Health Proj.) Series 2013 A: | |||
5% 2/1/17 | 700 | 722 | |
5% 2/1/18 | 1,790 | 1,886 | |
5% 2/1/19 | 1,450 | 1,553 | |
5% 2/1/20 | 2,025 | 2,194 | |
Florida Gen. Oblig. Series 2015 A, 4% 7/1/17 | 17,295 | 18,124 | |
Florida Mid-Bay Bridge Auth. Rev. Series 2015 A: | |||
5% 10/1/21 | 1,030 | 1,169 | |
5% 10/1/22 | 2,000 | 2,291 | |
5% 10/1/23 | 1,270 | 1,464 | |
5% 10/1/24 | 2,000 | 2,317 | |
5% 10/1/25 | 1,750 | 2,036 | |
5% 10/1/26 | 2,000 | 2,308 | |
Florida Muni. Pwr. Agcy. Rev. (Stanton II Proj.) Series 2012 A, 5% 10/1/18 | 2,850 | 3,136 | |
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Series 2011 C: | |||
5% 10/1/19 | 1,705 | 1,932 | |
5% 10/1/20 | 1,000 | 1,159 | |
Halifax Hosp. Med. Ctr. Rev. 5% 6/1/23 | 1,325 | 1,522 | |
Hillsborough County School Board Ctfs. of Prtn. Series 2015 A, 4% 7/1/17 | 1,500 | 1,572 | |
Indian River County School Board Ctfs. of Prtn. Series 2014: | |||
5% 7/1/20 | 935 | 1,077 | |
5% 7/1/22 | 2,000 | 2,375 | |
5% 7/1/23 | 2,000 | 2,398 | |
Indian River County Wtr. & Swr. Rev. 5% 9/1/17 | 1,000 | 1,069 | |
JEA Wtr. & Swr. Sys. Rev. Series 2010 D, 5% 10/1/21 | 1,945 | 2,238 | |
Manatee County Rev. Series 2013: | |||
5% 10/1/19 | 1,250 | 1,415 | |
5% 10/1/20 | 2,000 | 2,318 | |
5% 10/1/21 | 2,000 | 2,360 | |
5% 10/1/22 | 1,000 | 1,194 | |
Miami-Dade County Expressway Auth.: | |||
(Waste Mgmt., Inc. of Florida Proj.): | |||
Series 2013, 5% 7/1/19 | 2,000 | 2,253 | |
5% 7/1/20 | 1,000 | 1,155 | |
5% 7/1/21 | 2,000 | 2,351 | |
5% 7/1/22 | 2,000 | 2,383 | |
5% 7/1/23 | 2,000 | 2,366 | |
Series 2014 A, 5% 7/1/24 | 625 | 757 | |
Series 2014 B: | |||
5% 7/1/22 | 1,500 | 1,788 | |
5% 7/1/23 | 3,250 | 3,907 | |
Miami-Dade County Gen. Oblig. (Parks Prog.) Series 2015 A, 5% 11/1/22 | 3,880 | 4,671 | |
Miami-Dade County School Board Ctfs. of Prtn.: | |||
Series 2014 D: | |||
5% 11/1/20 | 4,875 | 5,607 | |
5% 11/1/21 | 6,275 | 7,315 | |
5% 11/1/22 | 2,915 | 3,437 | |
5% 11/1/23 | 7,650 | 9,108 | |
Series 2015 A: | |||
5% 5/1/19 | 1,000 | 1,116 | |
5% 5/1/20 | 2,095 | 2,392 | |
5% 5/1/21 | 4,000 | 4,635 | |
5% 5/1/22 | 3,720 | 4,360 | |
5% 5/1/23 | 6,500 | 7,700 | |
Series 2015 B, 5% 5/1/24 | 29,560 | 35,201 | |
Series 2015 D, 5% 2/1/24 | 14,945 | 17,732 | |
Series 2016 A, 5% 8/1/27 (a) | 5,560 | 6,666 | |
Miami-Dade County School District Series 2015, 5% 3/15/17 | 3,225 | 3,390 | |
Miami-Dade County Transit Sales Surtax Rev. Series 2012, 5% 7/1/19 | 1,250 | 1,407 | |
Orange County Health Facilities Auth.: | |||
(Orlando Health, Inc.) Series 2009, 5% 10/1/16 | 1,325 | 1,366 | |
Series 2009, 5.25% 10/1/19 | 1,245 | 1,398 | |
Orlando & Orange County Expressway Auth. Rev. Series 2012, 5% 7/1/19 | 1,000 | 1,128 | |
Orlando Utils. Commission Util. Sys. Rev.: | |||
Series 2009 C, 5% 10/1/17 | 1,500 | 1,607 | |
Series 2010 C, 5% 10/1/17 | 1,895 | 2,026 | |
Series 2011 B: | |||
5% 10/1/18 | 2,250 | 2,485 | |
5% 10/1/19 | 2,325 | 2,640 | |
Palm Beach County Health Facilities Auth. Hosp. Rev. Series 2014: | |||
4% 12/1/19 | 1,000 | 1,077 | |
5% 12/1/20 | 880 | 994 | |
5% 12/1/21 | 1,100 | 1,255 | |
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 | 4,548 | |
5% 8/1/19 | 3,000 | 3,379 | |
5% 8/1/21 | 5,300 | 6,247 | |
Series 2015 B: | |||
5% 8/1/19 | 2,735 | 3,086 | |
5% 8/1/20 | 1,750 | 2,020 | |
Pasco County School District Sales Tax Rev. Series 2013: | |||
5% 10/1/18 | 1,250 | 1,373 | |
5% 10/1/19 | 1,100 | 1,238 | |
5% 10/1/20 | 1,000 | 1,150 | |
5% 10/1/21 | 1,000 | 1,170 | |
5% 10/1/22 | 1,000 | 1,185 | |
Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev.: | |||
Series 2011: | |||
5% 10/1/17 (d) | 4,465 | 4,764 | |
5% 10/1/19 (d) | 2,025 | 2,274 | |
5% 10/1/18 (d) | 2,745 | 3,009 | |
Tampa Bay Wtr. Reg'l. Wtr. Supply Auth. Util. Sys. Rev.: | |||
Series 2011 B: | |||
5% 10/1/18 (Escrowed to Maturity) | 2,440 | 2,702 | |
5% 10/1/18 (Escrowed to Maturity) | 2,260 | 2,503 | |
Series 2011, 5% 10/1/19 | 5,590 | 6,364 | |
Tampa Health Sys. Rev. (Baycare Health Sys. Proj.) Series 2010: | |||
5% 11/15/16 | 2,500 | 2,596 | |
5% 11/15/17 | 1,605 | 1,725 | |
Tampa Solid Waste Sys. Rev. Series 2010: | |||
5% 10/1/16 (FSA Insured) (d) | 6,000 | 6,191 | |
5% 10/1/17 (FSA Insured) (d) | 5,000 | 5,331 | |
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A, 5% 9/1/20 | 1,800 | 2,067 | |
Titusville Wtr. & Swr. Rev. Series 2010, 5% 10/1/17 (Assured Guaranty Corp. Insured) | 1,135 | 1,217 | |
Volusia County School Board Ctfs. of Prtn. (Master Lease Prog.) Series 2014 B: | |||
5% 8/1/18 | 300 | 329 | |
5% 8/1/19 | 310 | 349 | |
TOTAL FLORIDA | 439,611 | ||
Georgia - 3.2% | |||
Atlanta Arpt. Rev.: | |||
5% 1/1/22 | 1,000 | 1,188 | |
5% 1/1/23 | 1,000 | 1,203 | |
5% 1/1/24 | 1,150 | 1,411 | |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | |||
(Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2013 A, 2.4%, tender 4/1/20 (b) | 12,500 | 12,722 | |
2.2%, tender 4/2/19 (b) | 9,700 | 9,837 | |
Fulton County Wtr. & Swr. Rev. Series 2011: | |||
5% 1/1/19 | 4,000 | 4,452 | |
5% 1/1/20 | 4,000 | 4,573 | |
Georgia Gen. Oblig. Series 2014 D, 5% 7/1/16 | 23,900 | 24,443 | |
Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
(Combined Cycle Proj.) Series A, 5% 11/1/18 | 2,000 | 2,209 | |
(Proj. One): | |||
Series 2008 A, 5.25% 1/1/17 (Berkshire Hathaway Assurance Corp. Insured) | 7,925 | 8,282 | |
Series 2008 D: | |||
5.75% 1/1/19 | 14,890 | 16,572 | |
5.75% 1/1/20 | 3,555 | 3,956 | |
Series B, 5% 1/1/17 | 2,750 | 2,867 | |
Series GG: | |||
5% 1/1/16 | 680 | 680 | |
5% 1/1/20 | 675 | 768 | |
5% 1/1/21 | 1,670 | 1,946 | |
Georgia Muni. Gas Auth. Rev. (Gas Portfolio III Proj.): | |||
Series 2014 U: | |||
5% 10/1/19 | 1,500 | 1,693 | |
5% 10/1/22 | 1,000 | 1,189 | |
5% 10/1/23 | 2,420 | 2,907 | |
Series R, 5% 10/1/21 | 5,000 | 5,874 | |
Monroe County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Scherer Proj.) Series 2009, 2.35%, tender 12/11/20 (b) | 4,715 | 4,785 | |
Private Colleges & Univs. Auth. Rev. (The Savannah College of Arts and Design Projs.) Series 2014, 5% 4/1/21 | 2,000 | 2,273 | |
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009: | |||
5% 1/1/16 | 2,415 | 2,415 | |
5% 1/1/18 | 1,530 | 1,643 | |
TOTAL GEORGIA | 119,888 | ||
Hawaii - 0.5% | |||
Hawaii Arpts. Sys. Rev. Series 2011, 5% 7/1/19 (d) | 4,000 | 4,474 | |
Hawaii Gen. Oblig. Series DR, 5% 6/1/16 (Escrowed to Maturity) | 2,895 | 2,948 | |
State of Hawaii Dept. of Trans. Series 2013: | |||
5% 8/1/19 (d) | 1,400 | 1,567 | |
5% 8/1/20 (d) | 3,050 | 3,486 | |
5% 8/1/21 (d) | 550 | 639 | |
5% 8/1/22 (d) | 2,075 | 2,442 | |
5% 8/1/23 (d) | 1,435 | 1,705 | |
TOTAL HAWAII | 17,261 | ||
Illinois - 8.6% | |||
Chicago Board of Ed.: | |||
Series 1998 B1, 0% 12/1/21 (FGIC Insured) | 10,000 | 7,793 | |
Series 2008 C: | |||
5.25% 12/1/23 | 7,665 | 7,410 | |
5.25% 12/1/24 | 955 | 917 | |
Series 2009 D: | |||
4% 12/1/16 (Assured Guaranty Corp. Insured) | 950 | 967 | |
5% 12/1/17 (Assured Guaranty Corp. Insured) | 4,115 | 4,274 | |
5% 12/1/18 (Assured Guaranty Corp. Insured) | 2,335 | 2,447 | |
Series 2010 F, 5% 12/1/20 | 760 | 746 | |
Chicago Gen. Oblig.: | |||
(City Colleges Proj.) Series 1999: | |||
0% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,200 | 6,968 | |
0% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 2,788 | |
0% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,805 | 8,734 | |
0% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 14,755 | 12,576 | |
Series 2009 A, 5% 1/1/22 | 1,265 | 1,317 | |
Series 2012 C, 5% 1/1/23 | 3,220 | 3,385 | |
4.5% 1/1/20 | 1,150 | 1,191 | |
5% 1/1/23 | 2,920 | 3,091 | |
Chicago Metropolitan Wtr. Reclamation District Greater Chicago: | |||
Series 2014 C, 5% 12/1/17 | 3,975 | 4,276 | |
Series 2014 D, 5% 12/1/17 | 3,425 | 3,685 | |
Chicago Midway Arpt. Rev.: | |||
Series 2014 B: | |||
5% 1/1/20 | 625 | 707 | |
5% 1/1/21 | 400 | 461 | |
5% 1/1/23 | 2,500 | 2,944 | |
5% 1/1/22 | 5,000 | 5,845 | |
5% 1/1/23 | 5,900 | 6,948 | |
Chicago Motor Fuel Tax Rev. Series 2013: | |||
5% 1/1/19 | 250 | 263 | |
5% 1/1/20 | 300 | 319 | |
5% 1/1/21 | 400 | 427 | |
5% 1/1/22 | 300 | 321 | |
5% 1/1/23 | 535 | 573 | |
Chicago O'Hare Int'l. Arpt. Rev.: | |||
Series 2010 D, 5.25% 1/1/17 (d) | 1,000 | 1,043 | |
Series 2010 E, 5% 1/1/16 (d) | 1,500 | 1,500 | |
Series 2011 B, 5% 1/1/18 | 6,500 | 6,998 | |
Series 2012 A, 5% 1/1/21 | 1,400 | 1,620 | |
Series 2012 B, 5% 1/1/21 (d) | 4,605 | 5,246 | |
Series 2013 B, 5% 1/1/22 | 4,000 | 4,701 | |
Series 2013 D, 5% 1/1/22 | 3,220 | 3,784 | |
Chicago Park District Gen. Oblig. Series 2014 D: | |||
4% 1/1/17 | 1,050 | 1,075 | |
4% 1/1/18 | 2,255 | 2,356 | |
Chicago Sales Tax Rev. Series 1998, 5.5% 1/1/16 (FGIC Insured) (FSA Insured) | 1,710 | 1,710 | |
Chicago Transit Auth. Cap. Grant Receipts Rev.: | |||
5% 6/1/19 (Assured Guaranty Corp. Insured) | 2,085 | 2,151 | |
5% 6/1/19 (Pre-Refunded to 12/1/16 @ 100) | 415 | 431 | |
Chicago Wastewtr. Transmission Rev. Series 2012: | |||
5% 1/1/19 | 1,310 | 1,421 | |
5% 1/1/23 | 1,200 | 1,340 | |
Cook County Gen. Oblig.: | |||
Series 2009 C, 5% 11/15/21 | 8,575 | 9,289 | |
Series 2010 A, 5.25% 11/15/22 | 4,960 | 5,494 | |
Series 2011 A, 5.25% 11/15/22 | 1,000 | 1,122 | |
Series 2012 C: | |||
5% 11/15/19 | 3,200 | 3,490 | |
5% 11/15/20 | 7,210 | 7,967 | |
5% 11/15/21 | 4,970 | 5,543 | |
5% 11/15/22 | 1,250 | 1,404 | |
Series 2014 A: | |||
5% 11/15/20 | 1,000 | 1,105 | |
5% 11/15/21 | 500 | 558 | |
5% 11/15/22 | 1,000 | 1,123 | |
Cook County Thorton Township High School District #205 5.5% 12/1/16 (Assured Guaranty Corp. Insured) | 2,500 | 2,607 | |
Illinois Edl. Facilities Auth. Rev. Bonds (Univ. of Chicago Proj.) Series B2, 1.55%, tender 2/13/30 (b) | 10,000 | 9,984 | |
Illinois Fin. Auth. Rev.: | |||
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | |||
5% 5/15/16 | 2,060 | 2,092 | |
5% 5/15/17 | 3,520 | 3,709 | |
(Provena Health Proj.) Series 2010 A, 5.75% 5/1/19 | 2,650 | 2,982 | |
(Rush Univ. Med. Ctr. Proj.) Series 2006 B, 5% 11/1/16 (Escrowed to Maturity) | 1,700 | 1,763 | |
Bonds Series E, 2.25%, tender 4/29/22 (b) | 22,930 | 23,254 | |
Series 2012 A, 5% 5/15/23 | 1,300 | 1,511 | |
Series 2012: | |||
5% 9/1/18 | 1,160 | 1,254 | |
5% 9/1/19 | 1,115 | 1,231 | |
5% 9/1/20 | 1,470 | 1,648 | |
5% 9/1/21 | 2,045 | 2,322 | |
5% 9/1/22 | 3,530 | 4,047 | |
Series 2015 A: | |||
5% 11/15/24 | 1,525 | 1,804 | |
5% 11/15/25 | 1,950 | 2,321 | |
5% 11/15/26 | 2,000 | 2,373 | |
5% 11/15/20 | 1,650 | 1,893 | |
5% 11/15/22 | 500 | 590 | |
5% 11/15/24 | 1,955 | 2,350 | |
Illinois Gen. Oblig.: | |||
Series 2004, 5% 11/1/16 | 11,000 | 11,350 | |
Series 2005, 5% 4/1/17 (AMBAC Insured) | 8,050 | 8,074 | |
Series 2007 B, 5% 1/1/17 | 9,835 | 10,177 | |
Series 2010: | |||
5% 1/1/16 (FSA Insured) | 3,200 | 3,200 | |
5% 1/1/21 (FSA Insured) | 1,600 | 1,746 | |
Series 2012: | |||
5% 3/1/19 | 5,500 | 5,892 | |
5% 8/1/19 | 2,660 | 2,868 | |
5% 8/1/20 | 6,900 | 7,534 | |
5% 8/1/21 | 1,400 | 1,542 | |
5% 8/1/22 | 5,800 | 6,396 | |
Series 2013, 5% 7/1/22 | 1,265 | 1,394 | |
Series 2014, 5% 2/1/22 | 3,000 | 3,301 | |
Illinois Health Facilities Auth. Rev.: | |||
(Delnor-Cmnty. Hosp. Proj.) Series 2003 A, 5% 5/15/16 (FSA Insured) | 2,325 | 2,363 | |
Series 2003 A, 5% 5/15/17 (FSA Insured) | 2,150 | 2,265 | |
Illinois Sales Tax Rev. Series 2009 B: | |||
4.5% 6/15/16 | 5,000 | 5,087 | |
4.5% 6/15/17 | 6,075 | 6,372 | |
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2006 A2, 5% 1/1/31 (Pre-Refunded to 7/1/16 @ 100) | 2,100 | 2,147 | |
McHenry County Conservation District Gen. Oblig.: | |||
Series 2014: | |||
5% 2/1/19 | 2,285 | 2,546 | |
5% 2/1/20 | 2,275 | 2,602 | |
Series 2014. 5% 2/1/23 | 2,225 | 2,676 | |
Railsplitter Tobacco Settlement Auth. Rev. Series 2010, 5% 6/1/16 | 1,000 | 1,017 | |
Will County Cmnty. Unit School District #365-U: | |||
0% 11/1/16 (Escrowed to Maturity) | 740 | 736 | |
0% 11/1/16 (FSA Insured) | 2,235 | 2,213 | |
TOTAL ILLINOIS | 327,077 | ||
Indiana - 2.4% | |||
Indiana Fin. Auth. Hosp. Rev. Series 2013: | |||
5% 8/15/22 | 700 | 826 | |
5% 8/15/23 | 1,000 | 1,191 | |
Indiana Fin. Auth. Rev.: | |||
Series 2010 A, 5% 2/1/17 | 2,800 | 2,931 | |
Series 2012: | |||
5% 3/1/20 | 650 | 725 | |
5% 3/1/21 | 1,225 | 1,392 | |
Indiana Fin. Auth. Wastewtr. Util. Rev. (CWA Auth. Proj.): | |||
Series 2012 A: | |||
5% 10/1/20 | 825 | 954 | |
5% 10/1/22 | 1,600 | 1,916 | |
Series 2014 A: | |||
5% 10/1/20 | 375 | 434 | |
5% 10/1/21 | 380 | 448 | |
5% 10/1/22 | 675 | 806 | |
Series 2015 A: | |||
5% 10/1/24 | 1,495 | 1,830 | |
5% 10/1/25 | 1,625 | 1,973 | |
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (b) | 4,000 | 4,112 | |
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 2001 A2, 1.6%, tender 2/1/17 (b) | 9,900 | 9,979 | |
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2011 A: | |||
5% 1/1/19 | 1,470 | 1,633 | |
5% 1/1/20 | 1,250 | 1,425 | |
Indianapolis Thermal Energy Sys. Series 2010 B: | |||
5% 10/1/16 | 5,000 | 5,159 | |
5% 10/1/17 | 5,000 | 5,343 | |
Lake Central Multi-District School Bldg. Corp. Series 2012 B: | |||
4% 1/15/19 | 1,000 | 1,078 | |
4% 1/15/20 | 1,345 | 1,479 | |
4% 1/15/21 | 1,250 | 1,386 | |
5% 7/15/19 | 1,680 | 1,890 | |
5% 7/15/20 | 1,170 | 1,351 | |
5% 7/15/21 | 1,000 | 1,169 | |
Purdue Univ. Rev.: | |||
(Student Facilities Sys. Proj.) Series 2009 B: | |||
4% 7/1/17 | 500 | 524 | |
5% 7/1/16 | 500 | 511 | |
Series Z-1: | |||
5% 7/1/16 | 1,215 | 1,242 | |
5% 7/1/17 | 1,000 | 1,063 | |
5% 7/1/18 | 1,500 | 1,648 | |
Rockport Poll. Cont. Rev. Bonds (Indiana Michigan Pwr. Co. Proj. Series 2009 B, 1.75%, tender 6/1/18 (b) | 8,500 | 8,528 | |
Univ. of Southern Indiana Rev. Series J, 5% 10/1/16 (Assured Guaranty Corp. Insured) | 1,165 | 1,203 | |
Whiting Envir. Facilities Rev. Bonds (BP Products North America, Inc. Proj.) Series 2015, 5%, tender 11/1/22 (b)(d) | 20,745 | 24,190 | |
TOTAL INDIANA | 90,339 | ||
Iowa - 0.0% | |||
Iowa Fin. Auth. Health Facilities Rev. Series 2005 A, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 1,700 | 1,709 | |
Kansas - 0.4% | |||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 D, 5% 11/15/16 | 875 | 909 | |
Overland Park Sales Tax Spl. Oblig. Rev. Series 2012, 4.375% 12/15/23 | 3,100 | 2,824 | |
Wichita Hosp. Facilities Rev.: | |||
(Via Christi Health Sys., Inc. Proj.) Series 2009 III A, 5% 11/15/16 (Escrowed to Maturity) | 5,410 | 5,621 | |
Series 2011 IV A: | |||
5% 11/15/18 (Escrowed to Maturity) | 2,250 | 2,502 | |
5% 11/15/20 (Escrowed to Maturity) | 2,745 | 3,220 | |
TOTAL KANSAS | 15,076 | ||
Kentucky - 0.9% | |||
Kentucky Econ. Dev. Fin. Auth. Bonds Series 2009 B, 2.7%, tender 11/10/21 (b) | 9,000 | 9,280 | |
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. Series 2015 A: | |||
5% 6/1/19 | 1,000 | 1,098 | |
5% 6/1/20 | 1,410 | 1,569 | |
5% 6/1/21 | 1,000 | 1,118 | |
5% 6/1/22 | 1,560 | 1,746 | |
5% 6/1/24 | 1,690 | 1,910 | |
Kentucky State Property & Buildings Commission Rev. (#82 Proj.) 5.25% 10/1/17 (FSA Insured) | 2,450 | 2,636 | |
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.): | |||
Series 2003 A, 1.65%, tender 4/3/17 (b) | 6,000 | 6,037 | |
Series 2007 B: | |||
1.15%, tender 6/1/17 (b) | 2,600 | 2,599 | |
1.6%, tender 6/1/17 (b) | 8,050 | 8,096 | |
TOTAL KENTUCKY | 36,089 | ||
Louisiana - 1.5% | |||
Louisiana Citizens Property Ins. Corp. Assessment Rev. Series 2015: | |||
5% 6/1/19 | 9,350 | 10,432 | |
5% 6/1/21 (FSA Insured) | 5,000 | 5,829 | |
Louisiana Gas & Fuel Tax Rev. Bonds Series 2013 B, 0.641%, tender 5/1/17 (b) | 25,000 | 24,941 | |
Louisiana Pub. Facilities Auth. Rev. (Christus Health Proj.) Series 2009 A, 5% 7/1/16 | 2,000 | 2,041 | |
Louisiana Stadium and Exposition District Series 2013 A: | |||
5% 7/1/21 | 1,500 | 1,757 | |
5% 7/1/22 | 1,000 | 1,189 | |
New Orleans Gen. Oblig. Series 2012, 5% 12/1/20 | 2,800 | 3,229 | |
Reg'l. Transit Auth. Louisiana Sales Tax Rev. 4% 12/1/16 (FSA Insured) | 1,000 | 1,031 | |
Tobacco Settlement Fing. Corp. Series 2013 A, 5% 5/15/23 | 4,500 | 5,199 | |
TOTAL LOUISIANA | 55,648 | ||
Maine - 0.2% | |||
Maine Tpk. Auth. Tpk. Rev. Series 2015: | |||
5% 7/1/21 | 2,400 | 2,821 | |
5% 7/1/22 | 1,850 | 2,211 | |
5% 7/1/24 | 2,350 | 2,879 | |
TOTAL MAINE | 7,911 | ||
Maryland - 1.7% | |||
Maryland Gen. Oblig.: | |||
Series 2008 2, 5% 7/15/22 (Pre-Refunded to 7/15/18 @ 100) | 5,500 | 6,053 | |
Series 2012 B, 5% 8/1/16 | 6,400 | 6,569 | |
Maryland Health & Higher Edl. Facilities Auth. Rev.: | |||
Bonds: | |||
Series 2012 D, 0.993%, tender 11/15/17 (b) | 14,000 | 14,050 | |
Series 2013 A: | |||
0.743%, tender 5/15/18 (b) | 4,700 | 4,686 | |
0.763%, tender 5/15/18 (b) | 7,100 | 7,080 | |
Series 2015: | |||
5% 7/1/19 | 400 | 441 | |
5% 7/1/22 | 900 | 1,027 | |
5% 7/1/23 | 1,000 | 1,149 | |
5% 7/1/24 | 2,000 | 2,311 | |
5% 7/1/25 | 1,770 | 2,054 | |
Montgomery County Gen. Oblig. Series 2011 A, 5% 7/1/20 | 16,000 | 18,105 | |
TOTAL MARYLAND | 63,525 | ||
Massachusetts - 1.3% | |||
Braintree Gen. Oblig. Series 2009, 5% 5/15/16 | 4,400 | 4,475 | |
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2006 B, 5.25% 7/1/18 | 2,300 | 2,544 | |
Massachusetts Dev. Fin. Agcy. Rev.: | |||
(Boston College Proj.): | |||
Series Q1, 4% 7/1/16 | 1,000 | 1,018 | |
Series Q2: | |||
4% 7/1/16 | 1,000 | 1,018 | |
5% 7/1/17 | 1,370 | 1,455 | |
(Tufts Med. Ctr. Proj.) Series I, 5% 1/1/16 | 1,300 | 1,300 | |
Bonds Series 2013 U-6E, 0.56%, tender 1/7/16 (b) | 5,900 | 5,901 | |
4.5% 11/15/18 (c) | 2,500 | 2,502 | |
Massachusetts Edl. Fing. Auth. Rev. Series 2013, 5% 7/1/19 (d) | 4,725 | 5,167 | |
Massachusetts Gen. Oblig.: | |||
Series 2004 B, 5.25% 8/1/20 | 12,700 | 14,925 | |
Series 2006 D, 5% 8/1/22 (Pre-Refunded to 8/1/16 @ 100) | 4,500 | 4,618 | |
Medford Gen. Oblig. Series 2011 B, 4% 3/1/19 | 3,570 | 3,878 | |
TOTAL MASSACHUSETTS | 48,801 | ||
Michigan - 2.5% | |||
Detroit Swr. Disp. Rev. Series 2006 D, 0.818% 7/1/32 (b) | 4,070 | 3,767 | |
Grand Blanc Cmnty. Schools Series 2013: | |||
5% 5/1/19 | 1,225 | 1,372 | |
5% 5/1/20 | 2,635 | 3,025 | |
5% 5/1/21 | 2,150 | 2,515 | |
5% 5/1/22 | 1,850 | 2,198 | |
Grand Valley Michigan State Univ. Rev. Series 2009, 5% 12/1/16 | 1,320 | 1,372 | |
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2011 A: | |||
5% 11/15/18 | 1,250 | 1,378 | |
5% 11/15/19 | 1,000 | 1,130 | |
Michigan Fin. Auth. Rev.: | |||
Series 2012 A: | |||
5% 6/1/16 (Escrowed to Maturity) | 2,290 | 2,332 | |
5% 6/1/17 (Escrowed to Maturity) | 1,410 | 1,493 | |
5% 6/1/18 (Escrowed to Maturity) | 2,430 | 2,660 | |
Series 2015 A: | |||
5% 8/1/22 | 2,400 | 2,819 | |
5% 8/1/23 | 3,800 | 4,512 | |
Michigan Hosp. Fin. Auth. Rev. Bonds: | |||
Series 1999 B3, 0.3%, tender 2/3/16 (b) | 25,000 | 25,000 | |
Series 2005 A4, 1.625%, tender 11/1/19 (b) | 8,630 | 8,606 | |
Series 2010 F3, 1.4%, tender 6/29/18 (b) | 1,900 | 1,909 | |
Series 2010 F4, 1.95%, tender 4/1/20 (b) | 6,545 | 6,625 | |
Michigan Muni. Bond Auth. Rev. (Local Govt. Ln. Prog.) Series 2009 C, 5% 5/1/16 | 1,865 | 1,889 | |
Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D: | |||
5% 9/1/21 | 1,500 | 1,740 | |
5% 9/1/23 | 500 | 594 | |
Spring Lake Pub. Schools: | |||
Series 2014, 5% 5/1/19 | 2,300 | 2,576 | |
5% 11/1/19 | 2,775 | 3,156 | |
5% 5/1/20 | 3,630 | 4,168 | |
5% 11/1/20 | 1,745 | 2,032 | |
5% 5/1/21 | 4,110 | 4,808 | |
TOTAL MICHIGAN | 93,676 | ||
Minnesota - 0.4% | |||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | |||
Series 2014 A: | |||
5% 1/1/22 | 1,000 | 1,183 | |
5% 1/1/23 | 1,000 | 1,200 | |
Series 2014 B: | |||
5% 1/1/21 (d) | 2,290 | 2,632 | |
5% 1/1/22 (d) | 2,000 | 2,337 | |
5% 1/1/23 (d) | 1,000 | 1,178 | |
Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C1, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 565 | 568 | |
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2009 A, 5% 1/1/16 | 1,000 | 1,000 | |
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev. Series 2014 A: | |||
5% 1/1/22 | 1,000 | 1,195 | |
5% 1/1/23 | 1,500 | 1,818 | |
5% 1/1/24 | 1,000 | 1,222 | |
TOTAL MINNESOTA | 14,333 | ||
Mississippi - 0.1% | |||
Mississippi Gen. Oblig. (Cap. Impts. Proj.) Series 2012 D, 0.54% 9/1/17 (b) | 3,080 | 3,081 | |
Missouri - 0.0% | |||
Saint Louis Arpt. Rev. Series 2013, 5% 7/1/18 | 765 | 832 | |
Nebraska - 0.1% | |||
Nebraska Pub. Pwr. District Rev.: | |||
Series 2012 C, 5% 1/1/22 (Pre-Refunded to 1/1/18 @ 100) | 1,100 | 1,191 | |
Series C, 4% 1/1/16 | 2,195 | 2,195 | |
TOTAL NEBRASKA | 3,386 | ||
Nevada - 1.5% | |||
Clark County School District: | |||
Series 2012 A, 5% 6/15/19 | 24,610 | 27,683 | |
Series 2014 A, 5.5% 6/15/16 | 2,700 | 2,760 | |
Nevada Gen. Oblig.: | |||
Series 2010 C, 5% 6/1/19 | 12,140 | 13,691 | |
Series 2012 B, 5% 8/1/20 | 2,230 | 2,593 | |
Series 2013 D1: | |||
5% 3/1/23 | 4,500 | 5,476 | |
5% 3/1/24 | 2,700 | 3,263 | |
TOTAL NEVADA | 55,466 | ||
New Hampshire - 0.3% | |||
New Hampshire Health & Ed. Facilities Auth. Rev. Series 2012: | |||
4% 7/1/20 | 2,705 | 2,846 | |
4% 7/1/21 | 1,520 | 1,595 | |
New Hampshire Tpk. Sys. Rev. Series 2012 B: | |||
5% 2/1/17 | 3,000 | 3,136 | |
5% 2/1/18 | 2,500 | 2,702 | |
TOTAL NEW HAMPSHIRE | 10,279 | ||
New Jersey - 5.2% | |||
Camden County Impt. Auth. Health Care Redev. Rev. Series 2014 A: | |||
5% 2/15/20 | 3,000 | 3,337 | |
5% 2/15/21 | 2,500 | 2,811 | |
5% 2/15/22 | 2,500 | 2,835 | |
5% 2/15/23 | 2,750 | 3,136 | |
New Jersey Ctfs. of Prtn. Series 2009 A, 5% 6/15/16 | 6,500 | 6,623 | |
New Jersey Econ. Dev. Auth. Rev.: | |||
Series 2005 K, 5.5% 12/15/19 | 8,030 | 8,887 | |
Series 2011 EE: | |||
5% 9/1/20 | 1,350 | 1,473 | |
5% 9/1/20 (Escrowed to Maturity) | 3,650 | 4,238 | |
Series 2012 II: | |||
5% 3/1/21 | 6,800 | 7,431 | |
5% 3/1/22 | 6,290 | 6,903 | |
Series 2012, 5% 6/15/18 | 5,600 | 5,954 | |
Series 2013 NN, 5% 3/1/19 (Escrowed to Maturity) | 8,165 | 9,144 | |
Series 2014 PP, 5% 6/15/19 | 17,000 | 18,311 | |
New Jersey Edl. Facility Series 2014: | |||
5% 6/15/20 | 11,000 | 11,956 | |
5% 6/15/21 | 11,000 | 12,062 | |
New Jersey Gen. Oblig. Series O: | |||
5% 8/1/17 | 6,940 | 7,341 | |
5.25% 8/1/22 | 3,930 | 4,607 | |
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Series 2013: | |||
5% 12/1/18 (d) | 6,000 | 6,505 | |
5% 12/1/19 (d) | 3,850 | 4,243 | |
New Jersey Tpk. Auth. Tpk. Rev.: | |||
Series 1991 C, 6.5% 1/1/16 (Escrowed to Maturity) | 200 | 200 | |
Series 2013 A, 5% 1/1/24 | 4,345 | 5,175 | |
Series 2013 C, 0.49% 1/1/17 (b) | 16,000 | 15,973 | |
New Jersey Trans. Trust Fund Auth.: | |||
Series 2003 A, 5.5% 12/15/16 (FSA Insured) | 5,000 | 5,199 | |
Series 2003 B, 5.25% 12/15/19 | 3,870 | 4,223 | |
Series 2003 B. 5.25% 12/15/19 | 5,500 | 6,002 | |
Series 2012 AA, 5% 6/15/19 | 1,500 | 1,613 | |
Series 2013 A: | |||
5% 12/15/19 | 6,455 | 6,984 | |
5% 6/15/20 | 18,000 | 19,604 | |
New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A, 5% 9/15/21 | 4,900 | 5,549 | |
TOTAL NEW JERSEY | 198,319 | ||
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 (b) | 11,000 | 11,066 | |
Series 2011, 1.875%, tender 4/1/20 (b) | 6,290 | 6,323 | |
New Mexico Edl. Assistance Foundation: | |||
Series 2009 B, 4% 9/1/16 | 7,000 | 7,151 | |
Series 2010 A1, 4% 12/1/16 | 6,750 | 6,949 | |
Rio Rancho Wtr. & Wastewtr. Sys. Rev. Series 2009, 5% 5/15/17 (FSA Insured) | 4,480 | 4,727 | |
TOTAL NEW MEXICO | 36,216 | ||
New York - 11.4% | |||
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 | 1,201 | |
5% 7/1/19 (Assured Guaranty Corp. Insured) (FSA Insured) | 640 | 716 | |
Metropolitan Trans. Auth. Svc. Contract Rev. Series 2002 A, 5.5% 7/1/17 | 5,000 | 5,357 | |
New York City Gen. Oblig.: | |||
Series 2008 C, 5.25% 8/1/17 | 2,280 | 2,439 | |
Series 2010 F, 5% 8/1/17 | 8,365 | 8,916 | |
Series 2011 B, 5% 8/1/17 | 1,000 | 1,066 | |
Series 2012 C, 4% 8/1/17 | 2,740 | 2,878 | |
Series 2014 J, 3% 8/1/16 | 5,600 | 5,683 | |
Series 2014 K, 3% 8/1/16 | 3,900 | 3,958 | |
Series 2015 C: | |||
5% 8/1/23 | 10,000 | 12,192 | |
5% 8/1/24 | 5,000 | 6,176 | |
5% 8/1/25 | 1,700 | 2,093 | |
Series 2015 F1, 3% 6/1/17 | 14,370 | 14,822 | |
Series J8, 0.39% 8/1/21 (b) | 7,500 | 7,500 | |
New York City Transitional Fin. Auth. Bldg. Aid Rev. Series 2015 S2, 3% 7/15/17 | 9,565 | 9,892 | |
New York City Transitional Fin. Auth. Rev.: | |||
Series 2003 B, 5% 2/1/20 | 3,000 | 3,439 | |
Series 2010 B: | |||
5% 11/1/17 | 11,740 | 12,631 | |
5% 11/1/17 (Escrowed to Maturity) | 18,260 | 19,608 | |
5% 11/1/20 | 5,950 | 6,799 | |
Series 2010 D: | |||
5% 11/1/17 | 8,015 | 8,623 | |
5% 11/1/17 (Escrowed to Maturity) | 2,100 | 2,257 | |
Series 2012 A: | |||
5% 11/1/17 | 6,180 | 6,649 | |
5% 11/1/17 (Escrowed to Maturity) | 820 | 881 | |
5% 11/1/20 | 4,500 | 5,252 | |
New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev.: | |||
(State Univ. Proj.) Series 2012 A, 5% 5/15/20 | 4,000 | 4,625 | |
Series 2012 A, 4% 5/15/20 | 8,000 | 8,912 | |
New York Dorm. Auth. Personal Income Tax Rev. Series 2012 A, 5% 12/15/20 | 8,500 | 9,943 | |
New York Dorm. Auth. Revs.: | |||
Series 2008 D, 5.25% 8/15/17 (FSA Insured) | 7,000 | 7,490 | |
Series 2009 A, 5% 7/1/16 | 8,390 | 8,571 | |
New York Dorm. Auth. Sales Tax Rev. Series 2015 A, 5% 3/15/17 | 90,000 | 94,664 | |
New York Metropolitan Trans. Auth. Rev.: | |||
Series 2003 B, 5.25% 11/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,200 | 5,956 | |
Series 2008 B2: | |||
5% 11/15/19 | 6,185 | 7,026 | |
5% 11/15/20 | 5,500 | 6,390 | |
5% 11/15/21 | 4,000 | 4,738 | |
Series 2012 B, 5% 11/15/22 | 2,000 | 2,408 | |
Series 2012 D, 5% 11/15/18 | 2,515 | 2,784 | |
Series 2012 E: | |||
4% 11/15/19 | 4,000 | 4,391 | |
5% 11/15/21 | 2,435 | 2,884 | |
Series 2012 F, 5% 11/15/19 | 5,000 | 5,680 | |
New York Thruway Auth. Gen. Rev. Series 2013 A, 5% 5/1/19 | 20,400 | 22,872 | |
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | |||
Series 2010 A, 5% 4/1/17 | 1,000 | 1,054 | |
Series 2011 A1: | |||
5% 4/1/17 | 1,500 | 1,582 | |
5% 4/1/18 | 3,500 | 3,812 | |
New York Trans. Dev. Corp. (Term. One Group Assoc. L.P. Proj.) Series 2015, 5% 1/1/17 (d) | 8,890 | 9,243 | |
New York Urban Dev. Corp. Rev.: | |||
Series 2009 C, 5% 12/15/16 | 17,000 | 17,711 | |
Series 2011 A, 5% 3/15/21 | 18,425 | 21,654 | |
Tobacco Settlement Fing. Corp.: | |||
Series 2011, 5% 6/1/16 | 20,000 | 20,372 | |
Series 2013 B, 5% 6/1/21 | 3,400 | 3,462 | |
Triborough Bridge & Tunnel Auth. Revs. Series Y, 5.5% 1/1/17 (Escrowed to Maturity) | 2,930 | 2,960 | |
TOTAL NEW YORK | 432,212 | ||
North Carolina - 1.1% | |||
Dare County Ctfs. of Prtn. Series 2012 B: | |||
4% 6/1/17 | 1,000 | 1,046 | |
4% 6/1/18 | 1,280 | 1,366 | |
4% 6/1/20 | 1,000 | 1,109 | |
5% 6/1/19 | 1,305 | 1,466 | |
Mecklenburg County Pub. Facilities Corp. Series 2009: | |||
5% 3/1/16 | 5,870 | 5,914 | |
5% 3/1/18 | 1,500 | 1,626 | |
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2010 A, 5% 1/1/16 (Escrowed to Maturity) | 6,035 | 6,035 | |
North Carolina Gen. Oblig. Series 2014 A, 5% 6/1/16 | 8,095 | 8,249 | |
North Carolina Med. Care Commission Hosp. Rev. (North Carolina Baptist Hosp. Proj.) Series 2010: | |||
5% 6/1/16 | 1,000 | 1,018 | |
5% 6/1/17 | 3,220 | 3,400 | |
5% 6/1/18 | 3,820 | 4,147 | |
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series 2015 E: | |||
5% 1/1/22 | 5,000 | 5,945 | |
5% 1/1/23 | 1,500 | 1,812 | |
TOTAL NORTH CAROLINA | 43,133 | ||
Ohio - 3.0% | |||
American Muni. Pwr., Inc. Rev. Bonds Series B, 5%, tender 8/15/20 (b) | 35,000 | 39,519 | |
Buckeye Tobacco Settlement Fing. Auth. Series 2007 A1: | |||
5% 6/1/16 | 3,035 | 3,087 | |
5% 6/1/17 | 3,500 | 3,694 | |
Cincinnati City School District 5.25% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,555 | 3,953 | |
Columbus City School District (School Facilities Construction and Impt. Proj.) Series 2009 B, 4% 12/1/16 | 1,000 | 1,030 | |
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013: | |||
5% 6/15/22 | 2,145 | 2,396 | |
5% 6/15/23 | 1,855 | 2,088 | |
Hamilton County Convention Facilities Auth. Rev. Series 2014: | |||
5% 12/1/19 | 1,910 | 2,133 | |
5% 12/1/20 | 2,205 | 2,506 | |
5% 12/1/21 | 2,045 | 2,362 | |
Hamilton County Student Hsg. Rev. (Stratford Heights Proj.) Series 2010: | |||
5% 6/1/16 (FSA Insured) | 1,105 | 1,125 | |
5% 6/1/17 (FSA Insured) | 1,160 | 1,225 | |
Ohio Air Quality Dev. Auth. Rev.: | |||
Bonds (First Energy Nuclear Generation Proj.) Series 2006 A, 3.75%, tender 12/3/18 (b) | 13,300 | 13,760 | |
Series 2009 C, 5.625% 6/1/18 | 1,395 | 1,469 | |
Ohio Bldg. Auth. (Administrative Bldg. Fund Proj.) Series 2010 C, 5% 10/1/16 | 1,250 | 1,291 | |
Ohio Gen. Oblig.: | |||
(Common Schools Proj.) Series 2010 A, 5% 9/15/17 | 2,600 | 2,784 | |
(Higher Ed. Proj.) Series 2010 A, 5% 8/1/17 | 3,290 | 3,507 | |
Series 2011 A, 5% 8/1/17 | 3,070 | 3,273 | |
Series 2012 C, 5% 9/15/21 | 4,350 | 5,193 | |
Series 2013 B, 4% 6/15/16 | 2,200 | 2,236 | |
Ohio Higher Edl. Facility Commission Rev. (Univ. Hosp. Health Sys. Proj.) Series 2010 A, 5% 1/15/17 | 1,000 | 1,040 | |
Ohio State Univ. Gen. Receipts Series 2010 A: | |||
5% 12/1/16 | 4,720 | 4,908 | |
5% 12/1/16 (Escrowed to Maturity) | 280 | 291 | |
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (b) | 10,225 | 10,404 | |
TOTAL OHIO | 115,274 | ||
Oklahoma - 0.4% | |||
Oklahoma City Pub. Property Auth. Hotel Tax Rev. Series 2015, 5% 10/1/17 | 450 | 481 | |
Oklahoma Dev. Fin. Auth. Rev.: | |||
(Saint John Health Sys. Proj.) Series 2012, 5% 2/15/23 | 2,600 | 3,066 | |
Series 2004 A, 2.375% 12/1/21 | 1,350 | 1,365 | |
Series 2012, 5% 2/15/21 | 1,600 | 1,859 | |
Tulsa County Independent School Disctrict #9 Series 2015, 2% 4/1/17 | 3,000 | 3,045 | |
Tulsa County Indl. Auth. Edl. Facilities Lease Rev. (Jenks Pub. Schools Proj.) Series 2009, 5.5% 9/1/18 | 5,215 | 5,794 | |
TOTAL OKLAHOMA | 15,610 | ||
Oregon - 0.0% | |||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A, 5% 3/15/16 | 1,750 | 1,766 | |
Pennsylvania - 5.2% | |||
Allegheny County Arpt. Auth. Rev. Series A, 5% 1/1/16 (FSA Insured) (d) | 1,000 | 1,000 | |
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (FirstEnergy Nuclear Generation Corp. Proj.): | |||
Series 2006 A, 3.5%, tender 6/1/20 (b) | 5,250 | 5,379 | |
Series 2006 B, 3.5%, tender 6/1/20 (b) | 6,000 | 6,148 | |
Franklin County Indl. Dev. Auth. (The Chambersburg Hosp. Proj.) Series 2010: | |||
5% 7/1/16 | 1,000 | 1,021 | |
5% 7/1/17 | 1,255 | 1,328 | |
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series 2009 A, 5% 6/1/17 | 2,200 | 2,322 | |
Montgomery County Higher Ed. & Health Auth. Rev. Series 2014 A: | |||
4% 10/1/18 | 1,000 | 1,060 | |
4% 10/1/19 | 660 | 705 | |
5% 10/1/20 | 1,260 | 1,402 | |
Mount Lebanon School District Series 2015, 4% 2/15/18 | 865 | 919 | |
Pennsylvania Econ. Dev. Auth. Governmental Lease (Forum Place Proj.) Series 2012: | |||
5% 3/1/18 | 2,455 | 2,623 | |
5% 3/1/19 | 2,310 | 2,526 | |
5% 3/1/20 | 2,140 | 2,389 | |
Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Series 2012 B: | |||
5% 1/1/22 | 5,000 | 5,317 | |
5% 7/1/22 | 5,200 | 5,322 | |
5% 1/1/23 | 3,000 | 3,006 | |
5% 7/1/23 | 215 | 215 | |
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. Bonds: | |||
(Waste Mgmt., Inc. Proj.) Series 2013, 0.55%, tender 2/1/16 (b)(d) | 8,000 | 7,999 | |
0.6%, tender 1/4/16 (b)(d) | 4,000 | 4,000 | |
Pennsylvania Gen. Oblig.: | |||
Series 2006 1, 5% 10/1/19 (Pre-Refunded to 10/1/16 @ 100) | 7,000 | 7,237 | |
Series 2006, 4.25% 3/1/24 (Pre-Refunded to 3/1/17 @ 100) | 6,000 | 6,253 | |
Series 2010 A3, 5% 7/15/16 | 3,900 | 3,995 | |
Series 2011, 5% 7/1/21 | 1,900 | 2,233 | |
Series 2013 1, 5% 4/1/16 | 2,655 | 2,685 | |
5% 6/1/17 | 9,000 | 9,526 | |
5% 8/15/17 | 18,000 | 19,197 | |
Pennsylvania Higher Edl. Facilities Auth. Rev. Series 2014: | |||
5% 12/1/19 | 340 | 386 | |
5% 12/1/21 | 275 | 326 | |
5% 12/1/22 | 855 | 1,028 | |
Pennsylvania Tpk. Commission Tpk. Rev.: | |||
Series 2009 B, 5% 12/1/17 | 12,500 | 13,452 | |
Series 2013 A, 0.61% 12/1/17 (b) | 6,400 | 6,350 | |
Philadelphia Gas Works Rev.: | |||
Eighth Series A, 5% 8/1/16 | 1,000 | 1,025 | |
Seventeenth Series, 5.375% 7/1/16 (Escrowed to Maturity) | 2,300 | 2,356 | |
Philadelphia Gen. Oblig.: | |||
Series 2008 A, 5% 12/15/16 (FSA Insured) | 7,275 | 7,568 | |
Series 2011: | |||
5.25% 8/1/17 | 6,165 | 6,577 | |
5.25% 8/1/18 | 5,515 | 6,049 | |
Philadelphia Muni. Auth. Rev. Series 2013 A: | |||
5% 11/15/17 | 6,635 | 7,112 | |
5% 11/15/18 | 3,430 | 3,760 | |
Philadelphia School District Series 2010 C, 5% 9/1/16 | 13,610 | 13,972 | |
Philadelphia Wtr. & Wastewtr. Rev. Series 2010 A, 5% 6/15/16 | 6,000 | 6,121 | |
Pittsburgh & Allegheny County Sports & Exhibition Auth. Series 2010, 5% 2/1/16 (FSA Insured) | 5,620 | 5,640 | |
Pittsburgh School District Series 2010 A, 5% 9/1/16 (FSA Insured) | 1,685 | 1,733 | |
Southeastern Pennsylvania Trans. Auth. Rev. Series 2011: | |||
5% 6/1/18 | 1,000 | 1,089 | |
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 | 1,423 | |
5% 4/1/20 | 1,250 | 1,385 | |
5% 4/1/21 | 1,000 | 1,115 | |
Unionville-Chadds Ford School District Gen. Oblig. Series 2009, 5% 6/1/20 | 1,190 | 1,352 | |
TOTAL PENNSYLVANIA | 195,850 | ||
Rhode Island - 0.7% | |||
Rhode Island & Providence Plantations Series 2015 A, 4% 8/1/17 | 5,000 | 5,249 | |
Rhode Island Econ. Dev. Corp. Rev. (Dept. of Trans. Proj.) Series 2009 A, 5% 6/15/16 (Assured Guaranty Corp. Insured) | 6,625 | 6,757 | |
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series 2013 A: | |||
5% 5/15/18 | 1,000 | 1,073 | |
5% 5/15/19 | 1,500 | 1,647 | |
Rhode Island Health & Edl. Bldg. Corp. Pub. Schools Rev. Series 2015, 5% 5/15/25 (FSA Insured) | 6,040 | 7,254 | |
Tobacco Setlement Fing. Corp. Series 2015 A: | |||
5% 6/1/26 | 3,500 | 3,920 | |
5% 6/1/27 | 1,000 | 1,108 | |
TOTAL RHODE ISLAND | 27,008 | ||
South Carolina - 2.0% | |||
Lexington County Health Svcs. District, Inc. Hosp. Rev. Series 2011, 5% 11/1/19 | 1,190 | 1,345 | |
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015: | |||
5% 12/1/23 | 4,440 | 5,235 | |
5% 12/1/26 | 1,100 | 1,289 | |
South Carolina Pub. Svc. Auth. Rev.: | |||
Series 2012 B: | |||
5% 12/1/17 | 2,000 | 2,153 | |
5% 12/1/20 | 1,000 | 1,166 | |
Series 2012 C, 5% 12/1/17 | 10,535 | 11,340 | |
Series 2014 C: | |||
5% 12/1/22 | 1,100 | 1,323 | |
5% 12/1/23 | 5,000 | 6,075 | |
Series 2015 C: | |||
5% 12/1/18 | 15,000 | 16,639 | |
5% 12/1/19 | 18,690 | 21,275 | |
South Carolina Trans. Infrastructure Bank Rev. Series 2012 B, 5% 10/1/17 | 8,000 | 8,564 | |
TOTAL SOUTH CAROLINA | 76,404 | ||
South Dakota - 0.2% | |||
South Dakota Health & Edl. Facilities Auth. Rev.: | |||
(Reg'l. Health Proj.) Series 2010: | |||
5% 9/1/16 | 500 | 514 | |
5% 9/1/17 | 490 | 521 | |
Series 2011: | |||
5% 9/1/17 | 1,100 | 1,169 | |
5% 9/1/18 | 1,200 | 1,311 | |
5% 9/1/19 | 1,255 | 1,406 | |
Series 2014 B: | |||
4% 11/1/19 | 400 | 435 | |
4% 11/1/20 | 625 | 690 | |
4% 11/1/21 | 500 | 556 | |
5% 11/1/22 | 375 | 442 | |
TOTAL SOUTH DAKOTA | 7,044 | ||
Tennessee - 0.1% | |||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5% 7/1/16 (d) | 1,730 | 1,766 | |
Metropolitan Nashville Arpt. Auth. Rev. Series 2010 A: | |||
5% 7/1/16 | 1,815 | 1,854 | |
5% 7/1/17 | 1,100 | 1,166 | |
TOTAL TENNESSEE | 4,786 | ||
Texas - 9.0% | |||
Austin Elec. Util. Sys. Rev. 0% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,500 | 4,364 | |
Austin Independent School District Series 2004, 5% 8/1/17 | 1,450 | 1,545 | |
Bastrop Independent School District Series 2007, 5.25% 2/15/37 (Pre-Refunded to 2/15/17 @ 100) | 2,705 | 2,843 | |
Brownsville Util. Sys. Rev. Series 2015, 5% 9/1/17 | 2,135 | 2,274 | |
Carroll Independent School District Series 2009 C, 5.25% 2/15/19 | 1,000 | 1,124 | |
Dallas Fort Worth Int'l. Arpt. Rev. Series 2013 F: | |||
5% 11/1/19 | 2,000 | 2,274 | |
5% 11/1/20 | 1,500 | 1,745 | |
5% 11/1/21 | 3,000 | 3,552 | |
5% 11/1/22 | 5,000 | 5,990 | |
Dallas Independent School District Series 2014 A, 4% 8/15/16 | 9,280 | 9,484 | |
Dallas Wtrwks. & Swr. Sys. Rev. Series 2011, 5% 10/1/18 | 1,600 | 1,771 | |
Dickinson Independent School District Bonds Series 2013, 1.05%, tender 8/1/17 (b) | 5,150 | 5,152 | |
Fort Worth Independent School District Series 2009, 5% 2/15/16 | 3,690 | 3,710 | |
Grapevine Gen. Oblig. Series 2009, 5% 2/15/16 | 1,375 | 1,382 | |
Harris County Cultural Ed. Facilities Fin. Corp. Rev. (Memorial Hermann Health Sys. Proj.) Series 2013 B, 0.41% 6/1/16 (b) | 1,590 | 1,591 | |
Harris County Cultural Ed. Facilities Fin. Corp. Thermal Util. Rev. (TECO Proj.) Series 2009 A, 5% 11/15/16 | 500 | 519 | |
Harris County Gen. Oblig. Series 2015 A, 4% 10/1/17 | 2,500 | 2,639 | |
Houston Arpt. Sys. Rev.: | |||
Series 2011 A, 5% 7/1/17 (d) | 7,380 | 7,812 | |
Series 2012 A, 5% 7/1/23 (d) | 2,000 | 2,324 | |
Series A, 5% 7/1/16 | 1,080 | 1,104 | |
Houston Independent School District Series 2005 A, 0% 2/15/16 | 4,500 | 4,499 | |
Houston Util. Sys. Rev.: | |||
Bonds Series 2012 C, 0.61%, tender 1/7/16 (b) | 9,200 | 9,196 | |
5% 5/15/22 | 5,000 | 5,997 | |
5% 5/15/23 | 7,000 | 8,505 | |
Kermit Independent School District Series 2007, 5.25% 2/15/32 (Pre-Refunded to 2/15/17 @ 100) | 1,300 | 1,367 | |
Klein Independent School District Series 2009 A, 5% 8/1/16 | 2,195 | 2,253 | |
Lewisville Independent School District Series 2009, 5% 8/15/17 | 1,170 | 1,249 | |
Lower Colorado River Auth. Rev.: | |||
(LCRA Transmission Svcs. Corp. Proj.) Series 2010, 5% 5/15/18 | 3,140 | 3,422 | |
Series 2010, 5% 5/15/17 | 3,005 | 3,173 | |
5% 5/15/16 | 2,355 | 2,394 | |
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 | 2,975 | |
5% 7/1/18 | 3,030 | 3,318 | |
Mansfield Independent School District Series 2009, 4% 2/15/17 | 1,840 | 1,909 | |
Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2008 A, 0.6%, tender 2/1/16 (b)(d) | 10,550 | 10,550 | |
North East Texas Independent School District Series 2007 A, 5% 8/1/24 (Pre-Refunded to 8/1/17 @ 100) | 10,000 | 10,665 | |
North Harris County Reg'l. Wtr. Auth. Series 2013, 4% 12/15/22 | 1,580 | 1,800 | |
North Texas Tollway Auth. Rev. Bonds Series 2012 C, 1.95%, tender 1/1/19 (b) | 8,500 | 8,596 | |
Northside Independent School District Bonds: | |||
Series 2011 A, 2%, tender 6/1/19 (b) | 6,365 | 6,470 | |
1%, tender 6/1/16 (b) | 20,000 | 20,036 | |
1.2%, tender 8/1/17 (b) | 28,800 | 28,880 | |
Port Houston Auth. Harris County Series 2015 B, 5% 10/1/17 (d) | 2,000 | 2,138 | |
Round Rock Independent School District Series 2015, 5% 8/1/17 | 5,000 | 5,328 | |
Sam Rayburn Muni. Pwr. Agcy. Series 2012, 5% 10/1/20 | 1,000 | 1,146 | |
San Antonio Elec. & Gas Sys. Rev. Series 2006 A, 5% 2/1/25 (Pre-Refunded to 2/1/16 @ 100) | 3,400 | 3,411 | |
San Antonio Pub. Facilities Corp. and Rfdg. Lease (Convention Ctr. Proj.) Series 2012: | |||
5% 9/15/20 | 1,000 | 1,146 | |
5% 9/15/21 | 1,000 | 1,171 | |
5% 9/15/22 | 3,440 | 4,079 | |
San Antonio Wtr. Sys. Rev. Series 2012: | |||
4% 5/15/19 | 1,500 | 1,641 | |
5% 5/15/20 | 6,000 | 6,946 | |
5% 5/15/21 | 5,000 | 5,923 | |
San Jacinto Cmnty. College District Series 2009, 5% 2/15/16 | 2,000 | 2,011 | |
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2009, 5% 10/1/16 | 5,795 | 5,987 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | |||
(Scott & White Healthcare Proj.) Series 2013 A: | |||
5% 8/15/21 | 750 | 880 | |
5% 8/15/23 | 1,000 | 1,204 | |
Series 2013: | |||
4% 9/1/18 | 400 | 424 | |
5% 9/1/19 | 655 | 728 | |
5% 9/1/20 | 915 | 1,038 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev.: | |||
5.75% 7/1/18 | 2,600 | 2,769 | |
5.75% 7/1/18 (Pre-Refunded to 7/1/16 @ 100) | 50 | 51 | |
Texas Gen. Oblig.: | |||
Series 2006, 5% 4/1/27 (Pre-Refunded to 4/1/16 @ 100) | 3,700 | 3,741 | |
Series 2009 A, 5% 10/1/16 | 3,400 | 3,512 | |
Series 2014, 5% 10/1/16 | 10,645 | 11,002 | |
Texas Muni. Pwr. Agcy. Rev. Series 2010, 5% 9/1/16 | 750 | 772 | |
Texas Pub. Fin. Auth. Rev. Series 2014 B: | |||
4% 7/1/17 | 2,100 | 2,169 | |
4% 7/1/18 | 2,200 | 2,200 | |
Texas Trans. Commission Central Texas Tpk. Sys. Rev. Bonds Series 2015 A, 5%, tender 4/1/20 (b) | 10,700 | 12,123 | |
Texas Trans. Commission State Hwy. Fund Rev.: | |||
Series 2007: | |||
5% 4/1/20 (Pre-Refunded to 4/1/17 @ 100) | 2,285 | 2,405 | |
5% 4/1/25 (Pre-Refunded to 4/1/17 @ 100) | 2,200 | 2,315 | |
5% 4/1/26 (Pre-Refunded to 4/1/17 @ 100) | 2,000 | 2,105 | |
Series 2015, 3% 10/1/17 | 34,000 | 35,299 | |
Tomball Independent School District 5% 2/15/17 (Assured Guaranty Corp. Insured) | 1,105 | 1,158 | |
Univ. of Texas Board of Regents Sys. Rev.: | |||
Series 2006 B, 5% 8/15/24 (Pre-Refunded to 8/15/16 @ 100) | 5,975 | 6,142 | |
Series 2010 B, 5% 8/15/21 | 1,800 | 2,141 | |
Univ. of Texas Permanent Univ. Fund Rev. Series 2015 B, 4% 7/1/17 | 5,625 | 5,896 | |
TOTAL TEXAS | 341,459 | ||
Utah - 0.2% | |||
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) 5% 9/1/17 | 1,090 | 1,162 | |
Utah Gen. Oblig. Series 2009 C, 5% 7/1/16 | 5,555 | 5,681 | |
TOTAL UTAH | 6,843 | ||
Virginia - 1.3% | |||
Chesapeake Trans. Sys. Toll Road Rev. Series 2012 A: | |||
4% 7/15/20 | 605 | 659 | |
5% 7/15/21 | 400 | 458 | |
Fairfax County Gen. Oblig.: | |||
5% 10/1/19 | 8,000 | 9,136 | |
5% 10/1/20 | 6,710 | 7,864 | |
5% 10/1/21 | 3,000 | 3,595 | |
Fredericksburg Econ. Dev. Auth. Rev. Series 2014, 5% 6/15/24 | 2,340 | 2,738 | |
Virginia College Bldg. Auth. Edl. Facilities Rev. (21st Century College and Equip. Progs.) Series 2015 D, 5% 2/1/17 | 12,830 | 13,434 | |
Virginia Commonwealth Trans. Board Rev. (U.S. Route 58 Corridor Dev. Prog.) Series 2014 B, 5% 5/15/16 | 2,100 | 2,136 | |
Virginia Pub. School Auth.: | |||
Series ll, 5% 4/15/16 | 2,600 | 2,634 | |
Series Xll, 5% 4/15/16 | 3,940 | 3,992 | |
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.875%, tender 5/16/19 (b) | 2,500 | 2,531 | |
TOTAL VIRGINIA | 49,177 | ||
Washington - 1.2% | |||
Grant County Pub. Util. District #2 Series 2012 A: | |||
5% 1/1/20 | 1,375 | 1,572 | |
5% 1/1/21 | 1,865 | 2,188 | |
King County Highline School District # 401 Series 2009: | |||
5% 12/1/16 | 6,350 | 6,601 | |
5% 12/1/17 | 2,950 | 3,179 | |
Port of Seattle Passenger Facilities Charge Rev. Series 2010 B, 5% 12/1/16 (d) | 2,500 | 2,596 | |
Port of Seattle Rev.: | |||
Series 2010 C: | |||
5% 2/1/16 (d) | 2,000 | 2,007 | |
5% 2/1/17 (d) | 2,500 | 2,609 | |
Series 2015 B, 5% 3/1/17 | 5,000 | 5,238 | |
Seattle Muni. Lt. & Pwr. Rev. Series 2010 B, 5% 2/1/17 | 2,000 | 2,093 | |
Tacoma Elec. Sys. Rev. Series 2013 A: | |||
4% 1/1/20 | 5,000 | 5,508 | |
4% 1/1/21 | 2,000 | 2,243 | |
5% 1/1/20 | 3,000 | 3,421 | |
5% 1/1/21 | 1,770 | 2,070 | |
Washington Gen. Oblig. Series 2012 AR, 5% 7/1/18 | 5,000 | 5,487 | |
TOTAL WASHINGTON | 46,812 | ||
West Virginia - 0.3% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds: | |||
Series 2011 A, 2.25%, tender 9/1/16 (b)(d) | 7,000 | 7,041 | |
1.9%, tender 4/1/19 (b) | 5,990 | 6,009 | |
TOTAL WEST VIRGINIA | 13,050 | ||
Wisconsin - 0.6% | |||
Madison Gen. Oblig. Series 2014 A, 5% 10/1/21 | 3,215 | 3,845 | |
Milwaukee County Arpt. Rev. Series 2013 A: | |||
5% 12/1/20 (d) | 1,330 | 1,520 | |
5% 12/1/22 (d) | 1,470 | 1,719 | |
5.25% 12/1/23 (d) | 1,540 | 1,848 | |
Wisconsin Gen. Oblig.: | |||
Series 2005 D, 5% 5/1/19 (Pre-Refunded to 5/1/16 @ 100) | 2,260 | 2,294 | |
Series 2014 B, 5% 5/1/16 | 2,600 | 2,639 | |
Wisconsin Health & Edl. Facilities Series 2014: | |||
4% 5/1/18 | 375 | 394 | |
4% 5/1/19 | 285 | 301 | |
5% 5/1/20 | 410 | 451 | |
5% 5/1/21 | 640 | 705 | |
Wisconsin Health & Edl. Facilities Auth. Rev.: | |||
(Agnesian HealthCare, Inc. Proj.) Series 2010, 5% 7/1/16 | 1,175 | 1,200 | |
(Aurora Health Care, Inc. Proj.) Series 2010 A, 5% 4/15/17 | 1,500 | 1,577 | |
(Thedacare, Inc. Proj.) Series 2010: | |||
5% 12/15/16 | 1,440 | 1,498 | |
5% 12/15/17 | 1,540 | 1,656 | |
Series 2012, 5% 10/1/21 | 1,400 | 1,637 | |
TOTAL WISCONSIN | 23,284 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $3,446,210) | 3,502,234 | ||
Municipal Notes - 3.4% | |||
Connecticut - 0.7% | |||
New Britain Gen. Oblig. BAN 2.5% 3/25/16 | 24,000 | $24,111 | |
New London BAN 2% 3/24/16 | 3,155 | 3,166 | |
TOTAL CONNECTICUT | 27,277 | ||
Kentucky - 0.1% | |||
Kentucky Pub. Trans. BAN Series 2013 A, 5% 7/1/17 | 2,165 | 2,284 | |
New Jersey - 0.3% | |||
Newark Gen. Oblig. TAN Series 2015 A, 1.75% 2/19/16 | 10,400 | 10,406 | |
New York - 2.3% | |||
Binghamton Gen. Oblig. BAN Series 2015 B, 2% 11/18/16 | 11,300 | 11,404 | |
Lockport City School District BAN: | |||
Series 2015 A, 2% 8/5/16 | 8,705 | 8,766 | |
Series 2015 B, 2% 8/5/16 | 15,000 | 15,104 | |
Oceanside Union Free School District TAN 2% 6/21/16 | 13,500 | 13,588 | |
Rockland County Gen. Oblig. TAN 2% 3/16/16 | 9,800 | 9,826 | |
Suffolk County Gen. Oblig. TAN 2% 7/27/16 | 28,400 | 28,596 | |
TOTAL NEW YORK | 87,284 | ||
Ohio - 0.0% | |||
Marietta BAN Series 2015, 1% 5/13/16 | 1,750 | 1,752 | |
TOTAL MUNICIPAL NOTES | |||
(Cost $129,054) | 129,003 | ||
TOTAL INVESTMENT PORTFOLIO - 95.6% | |||
(Cost $3,575,264) | 3,631,237 | ||
NET OTHER ASSETS (LIABILITIES) - 4.4% | 166,204 | ||
NET ASSETS - 100% | $3,797,441 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
TAN – TAX ANTICIPATION NOTE
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) 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 $25,357,000 or 0.7% of net assets.
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
Investment Valuation
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):
General Obligations | 42.9% |
Special Tax | 11.2% |
Electric Utilities | 10.1% |
Transportation | 9.4% |
Health Care | 7.8% |
Escrowed/Pre-Refunded | 5.0% |
Others* (Individually Less Than 5%) | 13.6% |
100.0% |
* Includes net other assets
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | December 31, 2015 | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $3,575,264) | $3,631,237 | |
Cash | 149,580 | |
Receivable for fund shares sold | 5,719 | |
Interest receivable | 38,550 | |
Prepaid expenses | 8 | |
Other receivables | 6 | |
Total assets | 3,825,100 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $4,000 | |
Delayed delivery | 11,153 | |
Payable for fund shares redeemed | 9,685 | |
Distributions payable | 1,044 | |
Accrued management fee | 1,142 | |
Distribution and service plan fees payable | 136 | |
Other affiliated payables | 404 | |
Other payables and accrued expenses | 95 | |
Total liabilities | 27,659 | |
Net Assets | $3,797,441 | |
Net Assets consist of: | ||
Paid in capital | $3,741,567 | |
Distributions in excess of net investment income | (90) | |
Accumulated undistributed net realized gain (loss) on investments | (9) | |
Net unrealized appreciation (depreciation) on investments | 55,973 | |
Net Assets | $3,797,441 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($377,263.8 ÷ 35,444.82 shares) | $10.64 | |
Maximum offering price per share (100/97.25 of $10.64) | $10.94 | |
Class T: | ||
Net Asset Value and redemption price per share ($21,880.4 ÷ 2,059.45 shares) | $10.62 | |
Maximum offering price per share (100/97.25 of $10.62) | $10.92 | |
Class B: | ||
Net Asset Value and offering price per share ($285.3 ÷ 26.82 shares)(a) | $10.64 | |
Class C: | ||
Net Asset Value and offering price per share ($63,466.0 ÷ 5,974.11 shares)(a) | $10.62 | |
Limited Term Municipal Income: | ||
Net Asset Value, offering price and redemption price per share ($3,058,100.2 ÷ 287,819.94 shares) | $10.63 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($276,444.8 ÷ 26,004.09 shares) | $10.63 |
(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.
Statement of Operations
Amounts in thousands | Year ended December 31, 2015 | |
Investment Income | ||
Interest | $79,012 | |
Expenses | ||
Management fee | $14,105 | |
Transfer agent fees | 4,304 | |
Distribution and service plan fees | 1,696 | |
Accounting fees and expenses | 614 | |
Custodian fees and expenses | 40 | |
Independent trustees' compensation | 16 | |
Registration fees | 166 | |
Audit | 57 | |
Legal | 17 | |
Miscellaneous | 84 | |
Total expenses before reductions | 21,099 | |
Expense reductions | (49) | 21,050 |
Net investment income (loss) | 57,962 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 7,031 | |
Total net realized gain (loss) | 7,031 | |
Change in net unrealized appreciation (depreciation) on investment securities | (25,919) | |
Net gain (loss) | (18,888) | |
Net increase (decrease) in net assets resulting from operations | $39,074 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Year ended December 31, 2015 | Year ended December 31, 2014 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $57,962 | $64,659 |
Net realized gain (loss) | 7,031 | 4,731 |
Change in net unrealized appreciation (depreciation) | (25,919) | 12,153 |
Net increase (decrease) in net assets resulting from operations | 39,074 | 81,543 |
Distributions to shareholders from net investment income | (58,133) | (64,660) |
Distributions to shareholders from net realized gain | (7,563) | (5,775) |
Total distributions | (65,696) | (70,435) |
Share transactions - net increase (decrease) | (152,171) | 176,760 |
Redemption fees | 42 | 43 |
Total increase (decrease) in net assets | (178,751) | 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 $90 and undistributed net investment income of $112, respectively) | $3,797,441 | $3,976,192 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Limited Term Municipal Income Fund Class A
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.71 | $10.68 | $10.86 | $10.83 | $10.62 |
Income from Investment Operations | |||||
Net investment income (loss)A | .129 | .153 | .158 | .164 | .198 |
Net realized and unrealized gain (loss) | (.048) | .046 | (.170) | .034 | .225 |
Total from investment operations | .081 | .199 | (.012) | .198 | .423 |
Distributions from net investment income | (.130) | (.153) | (.158) | (.156) | (.205) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.151) | (.169) | (.168) | (.168) | (.213) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.64 | $10.71 | $10.68 | $10.86 | $10.83 |
Total ReturnC,D | .76% | 1.87% | (.11)% | 1.84% | 4.03% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .81% | .79% | .78% | .79% | .77% |
Expenses net of fee waivers, if any | .81% | .79% | .78% | .79% | .77% |
Expenses net of all reductions | .81% | .79% | .78% | .78% | .77% |
Net investment income (loss) | 1.21% | 1.42% | 1.47% | 1.51% | 1.85% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $377 | $397 | $318 | $394 | $336 |
Portfolio turnover rateG | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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 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.
G 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.
Financial Highlights — Fidelity Limited Term Municipal Income Fund Class T
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.69 | $10.66 | $10.85 | $10.81 | $10.60 |
Income from Investment Operations | |||||
Net investment income (loss)A | .134 | .157 | .162 | .166 | .199 |
Net realized and unrealized gain (loss) | (.049) | .046 | (.180) | .044 | .226 |
Total from investment operations | .085 | .203 | (.018) | .210 | .425 |
Distributions from net investment income | (.134) | (.157) | (.162) | (.158) | (.207) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.155) | (.173) | (.172) | (.170) | (.215) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.62 | $10.69 | $10.66 | $10.85 | $10.81 |
Total ReturnC,D | .80% | 1.91% | (.17)% | 1.95% | 4.05% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .77% | .76% | .75% | .77% | .76% |
Expenses net of fee waivers, if any | .77% | .76% | .75% | .77% | .76% |
Expenses net of all reductions | .77% | .75% | .75% | .76% | .76% |
Net investment income (loss) | 1.25% | 1.46% | 1.50% | 1.52% | 1.86% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $22 | $25 | $24 | $25 | $26 |
Portfolio turnover rateG | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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 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.
G 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.
Financial Highlights — Fidelity Limited Term Municipal Income Fund Class B
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.71 | $10.67 | $10.86 | $10.82 | $10.61 |
Income from Investment Operations | |||||
Net investment income (loss)A | .067 | .086 | .089 | .093 | .128 |
Net realized and unrealized gain (loss) | (.049) | .056 | (.180) | .045 | .226 |
Total from investment operations | .018 | .142 | (.091) | .138 | .354 |
Distributions from net investment income | (.067) | (.086) | (.089) | (.086) | (.136) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.088) | (.102) | (.099) | (.098) | (.144) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.64 | $10.71 | $10.67 | $10.86 | $10.82 |
Total ReturnC,D | .17% | 1.33% | (.84)% | 1.27% | 3.36% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.40% | 1.42% | 1.43% | 1.44% | 1.43% |
Expenses net of fee waivers, if any | 1.40% | 1.42% | 1.43% | 1.44% | 1.42% |
Expenses net of all reductions | 1.40% | 1.42% | 1.43% | 1.43% | 1.42% |
Net investment income (loss) | .62% | .80% | .82% | .85% | 1.19% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $– | $– | $1 | $1 | $2 |
Portfolio turnover rateG | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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 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.
G 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.
Financial Highlights — Fidelity Limited Term Municipal Income Fund Class C
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.69 | $10.66 | $10.84 | $10.81 | $10.60 |
Income from Investment Operations | |||||
Net investment income (loss)A | .050 | .072 | .077 | .082 | .117 |
Net realized and unrealized gain (loss) | (.049) | .046 | (.169) | .035 | .226 |
Total from investment operations | .001 | .118 | (.092) | .117 | .343 |
Distributions from net investment income | (.050) | (.072) | (.078) | (.075) | (.125) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.071) | (.088) | (.088) | (.087) | (.133) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.62 | $10.69 | $10.66 | $10.84 | $10.81 |
Total ReturnC,D | .01% | 1.11% | (.86)% | 1.08% | 3.25% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.55% | 1.54% | 1.54% | 1.53% | 1.53% |
Expenses net of fee waivers, if any | 1.55% | 1.54% | 1.54% | 1.53% | 1.53% |
Expenses net of all reductions | 1.55% | 1.54% | 1.53% | 1.53% | 1.52% |
Net investment income (loss) | .47% | .67% | .72% | .76% | 1.09% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $63 | $65 | $71 | $92 | $79 |
Portfolio turnover rateG | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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 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.
G 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.
Financial Highlights — Fidelity Limited Term Municipal Income Fund
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.69 | $10.66 | $10.85 | $10.81 | $10.60 |
Income from Investment Operations | |||||
Net investment income (loss)A | .164 | .186 | .191 | .197 | .228 |
Net realized and unrealized gain (loss) | (.039) | .046 | (.180) | .045 | .227 |
Total from investment operations | .125 | .232 | .011 | .242 | .455 |
Distributions from net investment income | (.164) | (.186) | (.191) | (.190) | (.237) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.185) | (.202) | (.201) | (.202) | (.245) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.63 | $10.69 | $10.66 | $10.85 | $10.81 |
Total ReturnC | 1.18% | 2.19% | .10% | 2.25% | 4.34% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .48% | .48% | .48% | .48% | .48% |
Expenses net of fee waivers, if any | .48% | .48% | .48% | .48% | .48% |
Expenses net of all reductions | .48% | .48% | .48% | .47% | .48% |
Net investment income (loss) | 1.54% | 1.73% | 1.78% | 1.81% | 2.14% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $3,058 | $3,225 | $3,168 | $3,624 | $3,523 |
Portfolio turnover rateF | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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.
F 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.
Financial Highlights — Fidelity Limited Term Municipal Income Fund Class I
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.70 | $10.67 | $10.85 | $10.81 | $10.61 |
Income from Investment Operations | |||||
Net investment income (loss)A | .156 | .179 | .184 | .191 | .224 |
Net realized and unrealized gain (loss) | (.048) | .046 | (.169) | .045 | .216 |
Total from investment operations | .108 | .225 | .015 | .236 | .440 |
Distributions from net investment income | (.157) | (.179) | (.185) | (.184) | (.232) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.178) | (.195) | (.195) | (.196) | (.240) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.63 | $10.70 | $10.67 | $10.85 | $10.81 |
Total ReturnC | 1.02% | 2.12% | .14% | 2.19% | 4.19% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .55% | .55% | .54% | .54% | .52% |
Expenses net of fee waivers, if any | .55% | .55% | .54% | .54% | .52% |
Expenses net of all reductions | .55% | .54% | .54% | .53% | .52% |
Net investment income (loss) | 1.47% | 1.67% | 1.71% | 1.76% | 2.09% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $276 | $263 | $207 | $206 | $152 |
Portfolio turnover rateF | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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.
F 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.
Notes to Financial Statements
For the period ended December 31, 2015
(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 Class I (formerly 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.
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)
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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
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 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. As of December 31, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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 | $62,337 |
Gross unrealized depreciation | (6,346) |
Net unrealized appreciation (depreciation) on securities | $55,991 |
Tax Cost | $3,575,246 |
The tax-based components of distributable earnings as of period end were as follows:
Net unrealized appreciation (depreciation) on securities and other investments | $55,991 |
The Fund intends to elect to defer to its next fiscal year $6 of capital losses recognized during the period November 1, 2015 to December 31, 2015.
The tax character of distributions paid was as follows:
December 31, 2015 | December 31, 2014 | |
Tax-exempt Income | $58,133 | $64,660 |
Long-term Capital Gains | 7,563 | 5,775 |
Total | $65,696 | $ 70,435 |
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 $1,102,203 and $1,187,066, 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 annual 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 Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $998 | $– |
Class T | -% | .25% | 57 | –(a) |
Class B | .65% | .25% | 3 | 2 |
Class C | .75% | .25% | 638 | 93 |
$1,696 | $95 |
(a) In the amount of less than five hundred 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.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class A | $18 |
Class T | 11 |
Class B(a) | –(b) |
Class C(a) | 11 |
$40 |
(a) 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.
(b) In the amount of less than five hundred 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-Level Average Net Assets | |
Class A | $685 | .17 |
Class T | 30 | .13 |
Class B | –(a) | .11 |
Class C | 105 | .16 |
Limited Term Municipal Income | 3,033 | .10 |
Class I | 451 | .17 |
$4,304 |
(a) In the amount of less than five hundred 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.
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.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
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 $6 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 $40.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $9.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Years ended December 31, | 2015 | 2014 |
From net investment income | ||
Class A | $4,860 | $4,673 |
Class T | 289 | 347 |
Class B | 2 | 3 |
Class C | 303 | 452 |
Limited Term Municipal Income | 48,674 | 55,470 |
Class I | 4,005 | 3,715 |
Total | $58,133 | $64,660 |
From net realized gain | ||
Class A | $751 | $518 |
Class T | 45 | 36 |
Class B | 1 | 1 |
Class C | 125 | 101 |
Limited Term Municipal Income | 6,100 | 4,778 |
Class I | 541 | 341 |
Total | $7,563 | $5,775 |
8. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Years ended December 31, | 2015 | 2014 | 2015 | 2014 |
Class A | ||||
Shares sold | 16,831 | 21,930 | $179,831 | $235,729 |
Reinvestment of distributions | 483 | 419 | 5,154 | 4,497 |
Shares redeemed | (18,951) | (15,005) | (202,084) | (161,198) |
Net increase (decrease) | (1,637) | 7,344 | $(17,099) | $79,028 |
Class T | ||||
Shares sold | 791 | 936 | $8,447 | $10,041 |
Reinvestment of distributions | 30 | 34 | 316 | 360 |
Shares redeemed | (1,080) | (932) | (11,510) | (9,993) |
Net increase (decrease) | (259) | 38 | $(2,747) | $408 |
Class B | ||||
Shares sold | 3 | 5 | $17 | $58 |
Reinvestment of distributions | –(a) | –(a) | 3 | 4 |
Shares redeemed | (14) | (17) | (144) | (183) |
Net increase (decrease) | (11) | (12) | $(124) | $(121) |
Class C | ||||
Shares sold | 1,149 | 1,064 | $12,246 | $11,413 |
Reinvestment of distributions | 34 | 42 | 359 | 454 |
Shares redeemed | (1,330) | (1,668) | (14,162) | (17,881) |
Net increase (decrease) | (147) | (562) | $(1,557) | $(6,014) |
Limited Term Municipal Income | ||||
Shares sold | 66,529 | 76,270 | $709,164 | $818,051 |
Reinvestment of distributions | 3,861 | 4,133 | 41,135 | 44,337 |
Shares redeemed | (84,109) | (75,997) | (895,882) | (815,047) |
Net increase (decrease) | (13,719) | 4,406 | $(145,583) | $47,341 |
Class I | ||||
Shares sold | 13,372 | 13,740 | $142,602 | $147,453 |
Reinvestment of distributions | 335 | 270 | 3,575 | 2,893 |
Shares redeemed | (12,317) | (8,783) | (131,238) | (94,228) |
Net increase (decrease) | 1,390 | 5,227 | $14,939 | $56,118 |
(a) In the amount of less than five hundred shares.
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.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Municipal Trust and Shareholders of Fidelity® Limited Term Municipal Income Fund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity® Limited Term Municipal Income Fund (a fund of Fidelity Municipal Trust) at December 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity® Limited Term Municipal Income Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 19, 2016
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Elizabeth S. Acton, John Engler, and Geoffrey A. von Kuhn, each of the Trustees oversees 236 funds. Ms. Acton and Mr. Engler each oversees 228 funds. Mr. von Kuhn oversees 148 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-554-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Trustee
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors/trustees for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2015-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
John F. Papandrea (1972)
Year of Election or Appointment: 2016
Anti-Money Laundering (AML) Officer
Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2009
Assistant Treasurer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013
Deputy Treasurer
Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).
Christine J. Thompson (1958)
Year of Election or Appointment: 2015
Vice President of Fidelity's Bond Funds
Ms. Thompson also serves as Vice President of other funds. Ms. Thompson also serves as Chief Investment Officer of FMR's Bond Group (2010-present) and is an employee of Fidelity Investments (1985-present). Previously, Ms. Thompson served as Vice President of Fidelity's Bond Funds (2010-2012).
Michael H. Whitaker (1967)
Year of Election or Appointment: 2008
Chief Compliance Officer
Mr. Whitaker also serves as Chief Compliance Officer of other funds. Mr. Whitaker also serves as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2014-present), FMR (investment adviser firm, 2014-present), and Fidelity Investments Money Management, Inc. (investment adviser firm, 2014-present) and is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011
Deputy Treasurer
Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments (1991-present). Previously, Mr. Zambello served as Vice President of the Program Management Group of FMR (investment adviser firm, 2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
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 (July 1, 2015 to December 31, 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.
Annualized Expense Ratio-A | Beginning Account Value July 1, 2015 | Ending Account Value December 31, 2015 | Expenses Paid During Period-B July 1, 2015 to December 31, 2015 | |
Class A | .80% | |||
Actual | $1,000.00 | $1,009.30 | $4.05 | |
Hypothetical-C | $1,000.00 | $1,021.17 | $4.08 | |
Class T | .75% | |||
Actual | $1,000.00 | $1,009.60 | $3.80 | |
Hypothetical-C | $1,000.00 | $1,021.42 | $3.82 | |
Class B | 1.39% | |||
Actual | $1,000.00 | $1,007.30 | $7.03 | |
Hypothetical-C | $1,000.00 | $1,018.20 | $7.07 | |
Class C | 1.54% | |||
Actual | $1,000.00 | $1,005.60 | $7.79 | |
Hypothetical-C | $1,000.00 | $1,017.44 | $7.83 | |
Limited Term Municipal Income | .48% | |||
Actual | $1,000.00 | $1,011.90 | $2.43 | |
Hypothetical-C | $1,000.00 | $1,022.79 | $2.45 | |
Class I | .54% | |||
Actual | $1,000.00 | $1,010.60 | $2.74 | |
Hypothetical-C | $1,000.00 | $1,022.48 | $2.75 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
During fiscal year ended 2015, 100% of the fund's income dividends was free from federal income tax, and 4.62% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2015, $7,062,307, or, if subsequently determined to be different, the net capital gain of such year.
The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Limited Term Municipal Income Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2015 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; and (iv) the extent to which (if any) economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds and diversified international funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching active fixed-income exchange-traded funds; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (x) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (xi) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xii) implementing changes to Fidelity's money market product line in response to recent money market regulatory reforms.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.Fidelity Limited Term Municipal Income Fund
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img51960867.jpg)
Proxy Voting Results
A special meeting of shareholders was held on November 18, 2015. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees. | ||
# of Votes | % of Votes | |
Elizabeth S. Acton | ||
Affirmative | 5,161,119,572.85 | 97.256 |
Withheld | 145,658,558.01 | 2.744 |
TOTAL | 5,306,778,130.86 | 100.000 |
John Engler | ||
Affirmative | 5,146,088,620.45 | 96.972 |
Withheld | 160,689,510.41 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Albert R. Gamper, Jr. | ||
Affirmative | 5,139,390,851.27 | 96.846 |
Withheld | 167,387,279.59 | 3.154 |
TOTAL | 5,306,778,130.86 | 100.000 |
Robert F. Gartland | ||
Affirmative | 5,156,371,432.16 | 97.166 |
Withheld | 150,406,698.70 | 2.834 |
TOTAL | 5,306,778,130.86 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 5,146,073,980.40 | 96.972 |
Withheld | 160,704,150.46 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Arthur E. Johnson | ||
Affirmative | 5,154,966,257.69 | 97.140 |
Withheld | 151,811,873.17 | 2.860 |
TOTAL | 5,306,778,130.86 | 100.000 |
Michael E. Kenneally | ||
Affirmative | 5,159,083,013.51 | 97.217 |
Withheld | 147,695,117.35 | 2.783 |
TOTAL | 5,306,778,130.86 | 100.000 |
James H. Keyes | ||
Affirmative | 5,140,479,428.90 | 96.867 |
Withheld | 166,298,701.96 | 3.133 |
TOTAL | 5,306,778,130.86 | 100.000 |
Marie L. Knowles | ||
Affirmative | 5,154,662,494.64 | 97.134 |
Withheld | 152,115,636.22 | 2.866 |
TOTAL | 5,306,778,130.86 | 100.000 |
Geoffrey A. von Kuhn | ||
Affirmative | 5,150,464,060.01 | 97.055 |
Withheld | 156,314,070.85 | 2.945 |
TOTAL | 5,306,778,130.86 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
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Fidelity® Pennsylvania Municipal Income Fund and Fidelity® Pennsylvania Municipal Money Market Fund Annual Report December 31, 2015 |
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Contents
Fidelity® Pennsylvania Municipal Income Fund | |
Fidelity® Pennsylvania Municipal Money Market Fund | |
Board Approval of Investment Advisory Contracts and Management Fees | |
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. © 2016 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.
Fidelity® Pennsylvania Municipal Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended December 31, 2015 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Pennsylvania Municipal Income Fund | 3.33% | 5.31% | 4.51% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Pennsylvania Municipal Income Fund on December 31, 2005.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® Municipal Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img47710909_740.jpg)
Period Ending Values | ||
$15,548 | Fidelity® Pennsylvania Municipal Income Fund | |
$15,853 | Barclays® Municipal Bond Index |
Fidelity® Pennsylvania Municipal Income Fund
Management's Discussion of Fund Performance
Market Recap: Tax-exempt municipal bonds posted a moderate gain for calendar year 2015, driven by strong demand and limited supply. The Barclays® Municipal Bond Index returned 3.30% for the year. However, the muni market faced a volatile stretch between April and June, when the focus of the market shifted to the credit challenges of a handful of high-profile issuers, including Puerto Rico, New Jersey, Illinois and Chicago. A common theme of unfunded pension liabilities for these issuers overshadowed a generally stable credit environment for state and local governments more broadly. The tax advantages of munis continued to appeal to investors, due to the higher federal income-tax rates and 3.8% Medicare tax on non-municipal investment income that took effect in 2013. At period end, investors continued to watch the flow of U.S. economic data for hints as to whether, when and by how much the U.S. Federal Reserve may raise policy interest rates in 2016, on the heels of its quarter-point rate hike in mid-December.Comments from Portfolio Manager Mark Sommer: For the year, the fund gained 3.33%, net of fees, nearly in line with the 3.58% return of the Barclays�� Pennsylvania Enhanced Municipal Bond Index. I sought to generate attractive tax-exempt income and competitive risk-adjusted total returns, including both price appreciation and income, over time. Having less exposure than the Barclays® Pennsylvania index to lower-rated investment-grade securities detracted from relative results. They were some of the market’s best performers because investors sought assets that offered more yield than higher-rated bonds. In contrast, the fund’s yield curve positioning helped versus the Barclays® Pennsylvania index. Specifically, the fund’s overweighting in bonds with maturities of 5–10 years proved helpful because they outpaced shorter-maturity securities, in which the fund was underweighted. My decision to overweight the health care sector was rewarded. Investors sought bonds with relatively higher yields over the past year, boosting the sector. This, in addition to hospital consolidation activity in the state, proved positive for the sector. My decision to underweight bonds backed by the state of Pennsylvania helped the fund’s performance versus the state index, because they underperformed due to concerns about legislators' inability to negotiate a budget by period end.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Pennsylvania Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of December 31, 2015
% of fund's net assets | % of fund's net assets 6 months ago | |
General Obligations | 24.2 | 25.8 |
Health Care | 23.9 | 20.2 |
Education | 13.1 | 14.9 |
Water & Sewer | 8.4 | 6.9 |
Escrowed/Pre-Refunded | 7.5 | 7.4 |
Weighted Average Maturity as of December 31, 2015
6 months ago | ||
Years | 5.9 | 5.7 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and 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 December 31, 2015
6 months ago | ||
Years | 6.3 | 6.3 |
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 December 31, 2015 | ||
AAA | 0.1% | |
AA,A | 71.9% | |
BBB | 17.5% | |
BB and Below | 2.0% | |
Not Rated | 2.1% | |
Short-Term Investments and Net Other Assets | 6.4% |
As of June 30, 2015 | ||
AAA | 0.6% | |
AA,A | 81.2% | |
BBB | 11.3% | |
BB and Below | 0.6% | |
Not Rated | 1.6% | |
Short-Term Investments and Net Other Assets | 4.7% |
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.
Fidelity® Pennsylvania Municipal Income Fund
Investments December 31, 2015
Showing Percentage of Net Assets
Municipal Bonds - 93.6% | |||
Principal Amount | Value | ||
Guam - 0.6% | |||
Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | |||
5% 10/1/17 (a) | $600,000 | $634,194 | |
6.25% 10/1/34 (a) | 700,000 | 835,394 | |
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/24 (FSA Insured) | 900,000 | 1,055,286 | |
TOTAL GUAM | 2,524,874 | ||
Pennsylvania - 91.5% | |||
Adams County Indl. Dev. Auth. Rev. (Gettysburg College Proj.) Series 2010, 5% 8/15/24 | 1,000,000 | 1,140,890 | |
Allegheny County Series C: | |||
5% 12/1/28 | 1,000,000 | 1,179,170 | |
5% 12/1/30 | 1,365,000 | 1,591,959 | |
Allegheny County Arpt. Auth. Rev.: | |||
(Pittsburgh Int'l. Arpt. Proj.) Series B, 5% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a) | 2,545,000 | 2,545,305 | |
Series 2006 B: | |||
5% 1/1/21 (FGIC Insured) (a) | 3,190,000 | 3,640,364 | |
5% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a) | 1,650,000 | 1,908,786 | |
Allegheny County Port Auth. Spl. Rev. 5% 3/1/17 | 2,000,000 | 2,096,660 | |
Allegheny County Sanitation Auth. Swr. Rev.: | |||
Series 2010, 5% 6/1/40 (FSA Insured) | 6,690,000 | 7,476,744 | |
5% 12/1/27 (Build America Mutual Assurance Insured) | 2,500,000 | 3,035,425 | |
5% 12/1/29 (Build America Mutual Assurance Insured) | 3,905,000 | 4,680,767 | |
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 | 4,016,360 | |
Berks County Muni. Auth. Rev. Series 2012 A, 5% 11/1/40 | 3,590,000 | 3,926,814 | |
Bethlehem Wtr. Auth. Rev. Series 2014: | |||
5% 11/15/19 (Build America Mutual Assurance Insured) | 1,000,000 | 1,116,360 | |
5% 11/15/20 (Build America Mutual Assurance Insured) | 1,000,000 | 1,137,710 | |
Bucks County Cmnty. College Auth. College Bldg. Rev. 5% 6/15/28 | 250,000 | 273,108 | |
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 | 1,244,939 | |
Series 2015 A: | |||
5% 7/1/26 | 500,000 | 578,450 | |
5% 7/1/27 | 490,000 | 563,402 | |
5% 7/1/28 | 540,000 | 617,085 | |
5% 7/1/29 | 710,000 | 805,147 | |
5% 7/1/30 | 685,000 | 773,228 | |
5% 7/1/35 | 1,885,000 | 2,087,487 | |
5% 7/1/39 | 6,675,000 | 7,313,531 | |
Central Bradford Prog. Auth. Rev. Series 2011, 5.375% 12/1/41 | 2,000,000 | 2,231,080 | |
Centre County Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.) Series 2011, 7% 11/15/46 | 2,000,000 | 2,341,200 | |
Commonwealth Fing. Auth. Rev. Series 2013 A2: | |||
5% 6/1/24 | 800,000 | 929,448 | |
5% 6/1/25 | 1,175,000 | 1,361,332 | |
5% 6/1/26 | 1,250,000 | 1,444,213 | |
5% 6/1/42 | 12,000,000 | 13,153,911 | |
Cumberland County Muni. Auth. Rev. (Dickinson College Proj.) Series 2012: | |||
5% 11/1/37 | 1,520,000 | 1,689,313 | |
5% 11/1/42 | 3,000,000 | 3,307,110 | |
Dauphin County Gen. Auth.: | |||
(Pinnacle Health Sys. Proj.) Series 2009 A, 5.25% 6/1/17 | 2,055,000 | 2,129,864 | |
5% 6/1/42 | 7,410,000 | 8,055,707 | |
Delaware County Auth. College Rev. (Haverford College Proj.) Series 2010 A, 5% 11/15/31 | 4,090,000 | 4,622,886 | |
Delaware County Auth. Univ. Rev.: | |||
Series 2010, 5.25% 12/1/31 | 2,450,000 | 2,770,117 | |
Series 2012: | |||
5% 8/1/21 | 350,000 | 409,906 | |
5% 8/1/22 | 300,000 | 355,752 | |
Series 2014: | |||
5% 8/1/23 | 1,050,000 | 1,262,877 | |
5% 8/1/24 | 1,100,000 | 1,329,790 | |
Doylestown Hosp. Auth. Hosp. Rev. Series 2013 A, 5% 7/1/27 | 2,500,000 | 2,688,800 | |
East Stroudsburg Area School District: | |||
Series 2007 A, 7.5% 9/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,110,300 | |
Series 2014 A: | |||
7.75% 9/1/27 (Pre-Refunded to 9/1/17 @ 100) | 4,040,000 | 4,505,004 | |
7.75% 9/1/27 (Pre-Refunded to 9/1/17 @ 100) | 225,000 | 250,898 | |
Series A, 7.75% 9/1/27 (Pre-Refunded to 9/1/17 @ 100) | 3,935,000 | 4,387,919 | |
Erie County Hosp. Auth. Rev. (Saint Vincent Health Ctr. Proj.) Series 2010 A, 7% 7/1/27 | 2,750,000 | 2,952,593 | |
Fox Chapel Area School District Series 2013: | |||
4% 8/1/22 | 500,000 | 565,875 | |
5% 8/1/31 | 3,080,000 | 3,584,750 | |
5% 8/1/34 | 1,000,000 | 1,153,360 | |
Franklin County Indl. Dev. Auth. (The Chambersburg Hosp. Proj.) Series 2010: | |||
5.3% 7/1/30 | 1,770,000 | 2,003,976 | |
5.375% 7/1/42 | 2,130,000 | 2,323,085 | |
Geisinger Auth. Health Sys. Rev. Series 2014 A, 4% 6/1/41 | 2,000,000 | 2,047,300 | |
Indiana County Hosp. Auth. Series 2014 A: | |||
5% 6/1/20 | 650,000 | 711,367 | |
6% 6/1/39 | 1,625,000 | 1,824,761 | |
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 | 1,102,882 | |
Lower Paxton Township Series 2014: | |||
5% 4/1/40 | 3,420,000 | 3,888,985 | |
5% 4/1/44 | 1,295,000 | 1,466,549 | |
Luzerne County Indl. Dev. Auth. Wtr. Facilities Rev. (Pennsylvania-American Wtr. Co. Proj.) Series 2009, 5.5% 12/1/39 | 2,500,000 | 2,818,850 | |
Lycoming County Auth. Health Sys. Rev. (Susquehanna Health Sys.) Series 2009 A, 5.5% 7/1/21 | 3,500,000 | 3,878,105 | |
Mifflin County School District Series 2007: | |||
7.5% 9/1/26 (XL Cap. Assurance, Inc. Insured) | 1,125,000 | 1,239,053 | |
7.75% 9/1/30 (XL Cap. Assurance, Inc. Insured) | 1,175,000 | 1,295,426 | |
Monroe County Hosp. Auth. Rev. (Pocono Med. Ctr. Proj.) Series 2012 A: | |||
5% 1/1/32 | 1,400,000 | 1,533,098 | |
5% 1/1/41 | 3,240,000 | 3,473,280 | |
Monroeville Fin. Auth. UPMC Rev. Series 2012, 5% 2/15/26 | 1,500,000 | 1,818,165 | |
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.): | |||
Series 2009 A, 5% 6/1/17 | 2,000,000 | 2,110,560 | |
Series 2012 A: | |||
5% 6/1/23 | 3,850,000 | 4,480,476 | |
5% 6/1/24 | 1,500,000 | 1,735,950 | |
Montgomery County Higher Ed. & Health Auth. Rev.: | |||
(Dickinson College Proj.) Series 2006 FF1, 5% 5/1/28 (CDC IXIS Finl. Guaranty Insured) | 900,000 | 912,258 | |
Series 2014 A: | |||
4% 10/1/19 | 185,000 | 197,562 | |
5% 10/1/20 | 215,000 | 239,164 | |
5% 10/1/21 | 245,000 | 272,683 | |
5% 10/1/22 | 275,000 | 306,532 | |
5% 10/1/23 | 305,000 | 341,902 | |
5% 10/1/24 | 335,000 | 377,900 | |
5% 10/1/25 | 750,000 | 837,000 | |
5% 10/1/26 | 1,000,000 | 1,105,670 | |
5% 10/1/27 | 1,000,000 | 1,097,020 | |
Montour School District Series 2015 A: | |||
5% 4/1/41 | 1,000,000 | 1,133,400 | |
5% 4/1/42 | 1,000,000 | 1,131,620 | |
Moon Area School District Series 2015 A, 5% 11/15/29 | 3,000,000 | 3,501,690 | |
Northampton County Gen. Purp. Auth. Hosp. Rev.: | |||
(St. Luke's Hosp. Proj.) Series 2010 A, 5.25% 8/15/16 | 1,245,000 | 1,279,711 | |
(St. Luke's Hosp. Proj.) Series 2010 A, 5.25% 8/15/18 | 1,450,000 | 1,580,761 | |
Pennsylvania Econ. Dev. Auth. Governmental Lease (Forum Place Proj.) Series 2012: | |||
5% 3/1/24 | 1,745,000 | 2,003,033 | |
5% 3/1/25 | 3,255,000 | 3,724,306 | |
Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Series 2012 B, 5% 7/1/23 | 340,000 | 340,000 | |
Pennsylvania Gen. Oblig.: | |||
First Series 2008, 5% 5/15/27 | 805,000 | 881,242 | |
Second Series 2007 A, 5% 8/1/25 (Pre-Refunded to 8/1/17 @ 100) | 2,500,000 | 2,666,275 | |
Second Series 2009, 5% 4/15/25 | 500,000 | 555,375 | |
Series 2012, 5% 6/1/25 | 10,000,000 | 11,748,400 | |
Series 2013, 5% 10/15/27 | 2,255,000 | 2,666,763 | |
Series 2015 1, 5% 3/15/31 | 7,000,000 | 8,172,220 | |
Series 2015, 5% 3/15/33 | 2,880,000 | 3,334,579 | |
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 | 2,541,500 | |
(Thomas Jefferson Univ. Proj.) Series 2012: | |||
5% 3/1/18 | 250,000 | 268,463 | |
5% 3/1/20 | 300,000 | 338,112 | |
5% 3/1/22 | 275,000 | 320,625 | |
5% 3/1/23 | 585,000 | 687,030 | |
5% 3/1/42 | 3,950,000 | 4,345,514 | |
(Univ. of Pennsylvania Health Sys. Proj.): | |||
Series 2009 A, 5.25% 8/15/22 | 2,655,000 | 3,023,461 | |
Series 2011 A, 5.75% 8/15/41 | 4,980,000 | 5,861,809 | |
First Series 2012: | |||
5% 4/1/20 | 750,000 | 856,665 | |
5% 4/1/21 | 500,000 | 584,225 | |
5% 4/1/22 | 600,000 | 710,430 | |
5% 4/1/23 | 800,000 | 941,568 | |
5% 4/1/24 | 1,100,000 | 1,289,024 | |
Series 2010 E, 5% 5/15/31 | 2,500,000 | 2,804,825 | |
Series 2010, 5% 9/1/30 | 1,150,000 | 1,321,281 | |
Series 2011 A, 5% 9/1/41 | 2,000,000 | 2,208,680 | |
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 | 1,488,125 | |
5% 12/1/25 (Build America Mutual Assurance Insured) | 1,250,000 | 1,481,575 | |
5% 12/1/26 (Build America Mutual Assurance Insured) | 1,250,000 | 1,475,050 | |
5% 12/1/27 (Build America Mutual Assurance Insured) | 1,010,000 | 1,185,730 | |
Pennsylvania State Univ.: | |||
Series 2008 A, 5% 8/15/29 | 3,945,000 | 4,246,674 | |
Series 2010, 5% 3/1/40 | 4,385,000 | 4,871,472 | |
Series 2015 A: | |||
5% 9/1/30 | 1,100,000 | 1,325,093 | |
5% 9/1/31 | 1,415,000 | 1,691,208 | |
5% 9/1/31 | 4,000,000 | 4,780,800 | |
5% 9/1/32 | 1,500,000 | 1,785,765 | |
Pennsylvania Tpk. Commission Oil Franchise Tax Rev. Series 2003 C, 5% 12/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000,000 | 3,316,080 | |
Pennsylvania Tpk. Commission Tpk. Rev.: | |||
Series 2006 A: | |||
5% 12/1/25 (Pre-Refunded to 6/1/16 @ 100) | 4,345,000 | 4,425,513 | |
5% 12/1/26 (Pre-Refunded to 6/1/16 @ 100) | 3,500,000 | 3,564,855 | |
Series 2008 B1, 5.5% 6/1/33 | 4,000,000 | 4,369,200 | |
Series 2008 C4, 6.25% 6/1/38 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,214,820 | |
Series 2013 A2, 0% 12/1/38 (c) | 2,500,000 | 2,487,300 | |
Series 2014 A, 5% 12/1/31 | 865,000 | 1,005,130 | |
Series 2014 A2, 0% 12/1/40 (c) | 5,500,000 | 4,079,955 | |
Philadelphia Gas Works Rev.: | |||
(1998 Gen. Ordinance Proj.): | |||
Ninth Series, 5.25% 8/1/40 | 8,665,000 | 9,581,237 | |
Seventh Series, 5% 10/1/37 (AMBAC Insured) | 5,245,000 | 5,444,415 | |
Series 1998 A, 5.25% 8/1/17 | 3,555,000 | 3,789,097 | |
5% 8/1/29 | 2,000,000 | 2,314,340 | |
5% 8/1/30 | 1,500,000 | 1,723,680 | |
5% 8/1/31 | 1,100,000 | 1,256,233 | |
Philadelphia Gen. Oblig. Series 2008 A, 5.25% 12/15/32 (FSA Insured) | 6,000,000 | 6,554,280 | |
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 | 4,647,000 | |
Philadelphia Hospitals & Higher Ed. Facilities Auth. Hosp. Rev. (Children's Hosp. of Philadelphia Proj.) Series 2011 D, 5% 7/1/32 | 2,500,000 | 2,800,850 | |
Philadelphia Redev. Auth. Rev.: | |||
Series 2012: | |||
5% 4/15/21 | 1,000,000 | 1,144,600 | |
5% 4/15/25 | 2,230,000 | 2,544,876 | |
Series 2015 A, 5% 4/15/29 | 3,000,000 | 3,422,520 | |
Philadelphia School District: | |||
Series 2005 D, 5.5% 6/1/16 (FSA Insured) | 2,030,000 | 2,068,611 | |
Series 2010 C, 5% 9/1/21 | 4,000,000 | 4,423,560 | |
Philadelphia Wtr. & Wastewtr. Rev.: | |||
Series 2010 C, 5% 8/1/40 (FSA Insured) | 4,000,000 | 4,387,520 | |
Series 2011 A, 5% 1/1/41 | 2,715,000 | 2,993,803 | |
Series 2015 B, 5% 7/1/30 | 3,500,000 | 4,112,080 | |
Pittsburgh & Allegheny County Sports & Exhibition Auth. Series 2012, 5% 2/1/25 (FSA Insured) | 2,250,000 | 2,618,415 | |
Pittsburgh Gen. Oblig.: | |||
Series 2012 A, 5% 9/1/22 | 2,000,000 | 2,352,880 | |
Series 2014: | |||
5% 9/1/23 (Build America Mutual Assurance Insured) | 575,000 | 689,603 | |
5% 9/1/28 (Build America Mutual Assurance Insured) | 1,300,000 | 1,538,108 | |
5% 9/1/29 (Build America Mutual Assurance Insured) | 1,015,000 | 1,194,036 | |
5% 9/1/31 (Build America Mutual Assurance Insured) | 1,165,000 | 1,358,751 | |
5% 9/1/32 (Build America Mutual Assurance Insured) | 1,000,000 | 1,162,140 | |
Pittsburgh School District: | |||
Series 2012 A, 5% 9/1/21 (FSA Insured) | 4,000,000 | 4,680,240 | |
Series 2014 A, 5% 9/1/23 | 1,000,000 | 1,188,720 | |
Series 2015: | |||
4% 9/1/19 (FSA Insured) | 895,000 | 980,920 | |
5% 9/1/20 (FSA Insured) | 1,050,000 | 1,212,498 | |
5% 9/1/21 (FSA Insured) | 730,000 | 858,436 | |
5% 9/1/22 (FSA Insured) | 885,000 | 1,057,504 | |
5% 9/1/23 (FSA Insured) | 1,085,000 | 1,314,022 | |
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 | 1,171,110 | |
Southcentral Pennsylvania Gen. Auth. Rev.: | |||
Series 2015: | |||
4% 12/1/30 | 1,000,000 | 1,002,410 | |
5% 12/1/25 | 1,285,000 | 1,467,046 | |
5% 12/1/27 | 1,480,000 | 1,656,505 | |
5% 12/1/29 | 1,000,000 | 1,106,060 | |
6% 6/1/25 | 1,080,000 | 1,201,586 | |
6% 6/1/25 (Pre-Refunded to 6/1/18 @ 100) | 1,420,000 | 1,585,970 | |
Southeastern Pennsylvania Trans. Auth. Rev. Series 2010, 5% 3/1/16 | 1,500,000 | 1,510,995 | |
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 | 1,091,480 | |
(Montgomery County Cmnty. College Proj.) Series 2008: | |||
5% 5/1/27 (Pre-Refunded to 5/1/18 @ 100) | 1,775,000 | 1,943,377 | |
5% 5/1/28 (Pre-Refunded to 5/1/18 @ 100) | 1,000,000 | 1,094,860 | |
Univ. of Pittsburgh Commonwealth Sys. of Higher Ed. (Univ. Cap. Proj.): | |||
Series 2000 B, 5.25% 9/15/34 | 2,000,000 | 2,265,240 | |
Series 2007 B, 5.25% 9/15/28 | 2,500,000 | 2,849,900 | |
Series 2009 B, 5% 9/15/28 | 2,000,000 | 2,232,580 | |
West Shore Area Auth. Hosp. Rev.: | |||
(Holy Spirit Hosp. Charity Proj.) Series 2011 B, 6% 1/1/28 | 7,375,000 | 8,938,795 | |
Series 2011 B, 5.75% 1/1/41 | 1,500,000 | 1,744,110 | |
Westmoreland County Indl. Dev. Auth. Rev. (Excela Health Proj.) Series 2010 A: | |||
5% 7/1/19 | 1,000,000 | 1,080,880 | |
5% 7/1/25 | 4,465,000 | 5,053,398 | |
5.25% 7/1/20 | 1,000,000 | 1,103,500 | |
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series 2001 A: | |||
0% 8/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000,000 | 4,660,200 | |
0% 8/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500,000 | 2,259,175 | |
0% 8/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,550,000 | 5,532,916 | |
TOTAL PENNSYLVANIA | 428,367,255 | ||
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 | 596,520 | |
5% 7/1/23 | 1,000,000 | 1,189,680 | |
Series A, 5% 7/1/27 (Pre-Refunded to 7/1/17 @ 100) | 1,425,000 | 1,514,775 | |
Delaware River Port Auth. Pennsylvania & New Jersey Rev. Series 2010 D, 5% 1/1/30 | 3,500,000 | 3,860,780 | |
TOTAL PENNSYLVANIA, NEW JERSEY | 7,161,755 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $413,252,878) | 438,053,884 | ||
TOTAL INVESTMENT PORTFOLIO - 93.6% | |||
(Cost $413,252,878) | 438,053,884 | ||
NET OTHER ASSETS (LIABILITIES) - 6.4% | 30,032,512 | ||
NET ASSETS - 100% | $468,086,396 |
Legend
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) 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.
Investment Valuation
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):
General Obligations | 24.2% |
Health Care | 23.9% |
Education | 13.1% |
Water & Sewer | 8.4% |
Escrowed/Pre-Refunded | 7.5% |
Electric Utilities | 6.9% |
Other* | 6.4% |
Transportation | 6.3% |
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.
Fidelity® Pennsylvania Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
December 31, 2015 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $413,252,878) | $438,053,884 | |
Cash | 24,930,908 | |
Receivable for fund shares sold | 388,455 | |
Interest receivable | 5,422,402 | |
Prepaid expenses | 997 | |
Other receivables | 557 | |
Total assets | 468,797,203 | |
Liabilities | ||
Payable for fund shares redeemed | $62,271 | |
Distributions payable | 417,002 | |
Accrued management fee | 139,878 | |
Audit fee payable | 43,582 | |
Other affiliated payables | 42,263 | |
Other payables and accrued expenses | 5,811 | |
Total liabilities | 710,807 | |
Net Assets | $468,086,396 | |
Net Assets consist of: | ||
Paid in capital | $443,071,962 | |
Distributions in excess of net investment income | (10,946) | |
Accumulated undistributed net realized gain (loss) on investments | 224,374 | |
Net unrealized appreciation (depreciation) on investments | 24,801,006 | |
Net Assets, for 41,395,424 shares outstanding | $468,086,396 | |
Net Asset Value, offering price and redemption price per share ($468,086,396 ÷ 41,395,424 shares) | $11.31 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended December 31, 2015 | ||
Investment Income | ||
Interest | $16,970,111 | |
Expenses | ||
Management fee | $1,670,908 | |
Transfer agent fees | 379,472 | |
Accounting fees and expenses | 120,093 | |
Custodian fees and expenses | 7,808 | |
Independent trustees' compensation | 1,911 | |
Registration fees | 19,745 | |
Audit | 52,324 | |
Legal | 5,271 | |
Miscellaneous | 8,922 | |
Total expenses before reductions | 2,266,454 | |
Expense reductions | (6,195) | 2,260,259 |
Net investment income (loss) | 14,709,852 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 1,560,659 | |
Total net realized gain (loss) | 1,560,659 | |
Change in net unrealized appreciation (depreciation) on investment securities | (1,274,614) | |
Net gain (loss) | 286,045 | |
Net increase (decrease) in net assets resulting from operations | $14,995,897 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended December 31, 2015 | Year ended December 31, 2014 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $14,709,852 | $14,376,696 |
Net realized gain (loss) | 1,560,659 | 1,057,971 |
Change in net unrealized appreciation (depreciation) | (1,274,614) | 22,459,211 |
Net increase (decrease) in net assets resulting from operations | 14,995,897 | 37,893,878 |
Distributions to shareholders from net investment income | (14,703,703) | (14,353,300) |
Distributions to shareholders from net realized gain | (1,756,019) | (1,709,135) |
Total distributions | (16,459,722) | (16,062,435) |
Share transactions | ||
Proceeds from sales of shares | 77,063,335 | 66,661,279 |
Reinvestment of distributions | 10,807,008 | 10,533,633 |
Cost of shares redeemed | (71,166,482) | (50,675,621) |
Net increase (decrease) in net assets resulting from share transactions | 16,703,861 | 26,519,291 |
Redemption fees | 984 | 1,247 |
Total increase (decrease) in net assets | 15,241,020 | 48,351,981 |
Net Assets | ||
Beginning of period | 452,845,376 | 404,493,395 |
End of period (including distributions in excess of net investment income of $10,946 and undistributed net investment income of $79,034, respectively) | $468,086,396 | $452,845,376 |
Other Information | ||
Shares | ||
Sold | 6,819,246 | 5,969,587 |
Issued in reinvestment of distributions | 956,105 | 943,284 |
Redeemed | (6,306,204) | (4,552,031) |
Net increase (decrease) | 1,469,147 | 2,360,840 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Pennsylvania Municipal Income Fund
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $11.34 | $10.77 | $11.47 | $11.10 | $10.51 |
Income from Investment Operations | |||||
Net investment income (loss)A | .358 | .373 | .370 | .387 | .415 |
Net realized and unrealized gain (loss) | .013 | .615 | (.654) | .395 | .590 |
Total from investment operations | .371 | .988 | (.284) | .782 | 1.005 |
Distributions from net investment income | (.358) | (.373) | (.370) | (.386) | (.415) |
Distributions from net realized gain | (.043) | (.045) | (.046) | (.026) | – |
Total distributions | (.401) | (.418) | (.416) | (.412) | (.415) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $11.31 | $11.34 | $10.77 | $11.47 | $11.10 |
Total ReturnC | 3.33% | 9.30% | (2.50)% | 7.13% | 9.76% |
Ratios to Average Net AssetsD | |||||
Expenses before reductions | .49% | .49% | .49% | .49% | .50% |
Expenses net of fee waivers, if any | .49% | .49% | .49% | .49% | .50% |
Expenses net of all reductions | .49% | .49% | .49% | .48% | .50% |
Net investment income (loss) | 3.17% | 3.35% | 3.33% | 3.40% | 3.87% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $468,086 | $452,845 | $404,493 | $487,622 | $424,693 |
Portfolio turnover rate | 17% | 12% | 9% | 16% | 12% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Pennsylvania Municipal Money Market Fund
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
Days | % of fund's investments 12/31/15 | % of fund's investments 6/30/15 | % of fund's investments 12/31/14 |
1 - 7 | 79.7 | 83.7 | 78.7 |
8 - 30 | 1.1 | 3.2 | 0.6 |
31 - 60 | 3.0 | 2.7 | 2.7 |
61 - 90 | 2.5 | 1.3 | 0.0 |
91 - 180 | 5.2 | 1.2 | 5.7 |
>180 | 8.5 | 7.9 | 12.3 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Weighted Average Maturity
12/31/15 | 6/30/15 | 12/31/14 | |
Fidelity Pennsylvania Municipal Money Market Fund | 30 Days | 32 Days | 38 Days |
Pennsylvania Tax-Free Money Market Funds Average(a) | 27 Days | 28 Days | 32 Days |
(a) Source: iMoneyNet, Inc.
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
12/31/15 | 6/30/15 | 12/31/14 | |
Fidelity Pennsylvania Municipal Money Market Fund | 31 Days | 32 Days | 38 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 December 31, 2015 | ||
Variable Rate Demand Notes (VRDNs) | 66.5% | |
Other Municipal Debt | 24.4% | |
Investment Companies | 4.1% | |
Net Other Assets (Liabilities) | 5.0% |
As of June 30, 2015 | ||
Variable Rate Demand Notes (VRDNs) | 72.2% | |
Other Municipal Debt | 25.2% | |
Investment Companies | 3.3% | |
Net Other Assets (Liabilities) | (0.7)*% |
* Net Other Assets (Liabilities) are not included in the pie chart
Current And Historical 7-Day Yields
12/31/15 | 9/30/15 | 6/30/15 | 3/31/15 | 12/31/14 | |
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 December 31, 2015, the most recent period shown in the table, would have been -0.42%.
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity® Pennsylvania Municipal Money Market Fund
Investments December 31, 2015
Showing Percentage of Net Assets
Variable Rate Demand Note - 66.5% | |||
Principal Amount | Value | ||
Alabama - 0.1% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.42% 1/7/16, VRDN (a)(b) | $400,000 | $400,000 | |
Arkansas - 0.1% | |||
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.09% 1/7/16, LOC Royal Bank of Scotland PLC, VRDN (a)(b) | 600,000 | 600,000 | |
Colorado - 0.4% | |||
Colorado Hsg. & Fin. Auth. Solid Waste Rev. (Waste Mgmt., Inc. Proj.) 0.02% 1/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 3,000,000 | 3,000,000 | |
District Of Columbia - 0.1% | |||
District of Columbia Rev. (American Psychological Assoc. Proj.) Series 2003, 0.08% 1/7/16, LOC Bank of America NA, VRDN (b) | 775,000 | 775,000 | |
Florida - 0.4% | |||
Collier County Hsg. Fin. Auth. Multi-family Rev. (George Washington Carver Apts. Proj.) Series 2005, 0.11% 1/7/16, LOC PNC Bank NA, VRDN (a)(b) | 3,210,000 | 3,210,000 | |
Georgia - 0.5% | |||
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.): | |||
Second Series 1995, 0.22% 1/4/16, VRDN (b) | 300,000 | 300,000 | |
Series 2013, 0.13% 1/7/16, VRDN (b) | 2,300,000 | 2,300,000 | |
Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Scherer Proj.) First Series 2009, 0.27% 1/7/16, VRDN (b) | 800,000 | 800,000 | |
3,400,000 | |||
Iowa - 0.4% | |||
Iowa Fin. Auth. Poll. Cont. Facility Rev. (MidAmerican Energy Proj.) Series 2008 B, 0.04% 1/7/16, VRDN (b) | 3,200,000 | 3,200,000 | |
Louisiana - 0.1% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 0.4% 1/7/16, VRDN (b) | 700,000 | 700,000 | |
Series 2010 B1, 0.33% 1/7/16, VRDN (b) | 380,000 | 380,000 | |
1,080,000 | |||
Nebraska - 0.1% | |||
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.42% 1/7/16, VRDN (a)(b) | 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, 0.13% 1/7/16, VRDN (a)(b) | 300,000 | 300,000 | |
Pennsylvania, New Jersey - 1.0% | |||
Delaware River Port Auth. Pennsylvania & New Jersey Rev. Series 2010 B, 0.01% 1/7/16, LOC Barclays Bank PLC, VRDN (b) | 7,200,000 | 7,200,000 | |
Pennsylvania - 62.7% | |||
Allegheny County Hosp. Dev. Auth. Rev.: | |||
(Children's Institute Pittsburgh Proj.) Series 2005 A, 0.02% 1/7/16, LOC PNC Bank NA, VRDN (b) | 3,080,000 | 3,080,000 | |
(Jefferson Reg'l. Med. Ctr.) Series 2010 A, 0.02% 1/7/16, LOC PNC Bank NA, VRDN (b) | 8,055,000 | 8,055,000 | |
(South Hills Health Sys. Proj.) Series 2000 A, 0.02% 1/7/16, 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, 0.02% 1/7/16, 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, 0.02% 1/7/16, LOC PNC Bank NA, VRDN (b) | 3,525,000 | 3,525,000 | |
(Union Elec. Steel Co. Proj.) Series 1996 A, 0.07% 1/7/16, LOC PNC Bank NA, VRDN (a)(b) | 3,120,000 | 3,120,000 | |
(United Jewish Federation Proj.) Series 1996 A, 0.02% 1/7/16, LOC PNC Bank NA, VRDN (b) | 3,770,000 | 3,770,000 | |
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. (FirstEnergy Nuclear Generation Corp. Proj.): | |||
Series 2008 B, 0.01% 1/4/16, LOC Bank of Nova Scotia, VRDN (b) | 2,200,000 | 2,200,000 | |
Series 2008 C, 0.01% 1/4/16, LOC Bank of Nova Scotia, VRDN (a)(b) | 11,650,000 | 11,650,000 | |
Bucks County Indl. Dev. Auth. Rev.: | |||
(Lutheran Cmnty. at Telford Healthcare Ctr., Inc. Proj.) Series 2007 B, 0.22% 1/7/16, LOC Citizens Bank of Pennsylvania, VRDN (b) | 3,500,000 | 3,500,000 | |
(Snowball Real Estate LP Proj.) 0.2% 1/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 1,005,000 | 1,005,000 | |
Cap. Region Wtr. Swr. Rev. Series 2014 B, 0.01% 1/7/16, LOC Manufacturers & Traders Trust Co., VRDN (b) | 14,600,000 | 14,600,000 | |
Chester County Health & Ed. Auth. Rev. 0.01% 1/7/16, LOC Manufacturers & Traders Trust Co., VRDN (b) | 7,290,000 | 7,290,000 | |
Chester County Intermediate Unit Rev. Series 2003, 0.02% 1/7/16, 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, 0.03% 1/7/16, LOC PNC Bank NA, VRDN (b) | 2,000,000 | 2,000,000 | |
Cumberland County Muni. Auth. Rev. (Diakon Lutheran Social Ministries Proj.) Series 2014 B, 0.01% 1/7/16, LOC Manufacturers & Traders Trust Co., VRDN (b) | 7,355,000 | 7,355,000 | |
Delaware County Indl. Dev. Auth. Arpt. Facilities Rev. (United Parcel Svc. Proj.) Series 2015, 0.01% 1/4/16, VRDN (b) | 7,100,000 | 7,100,000 | |
Erie County Hosp. Auth. Rev. (Saint Vincent Health Ctr. Proj.) Series 2010 B, 0.03% 1/7/16, LOC Manufacturers & Traders Trust Co., VRDN (b) | 12,900,000 | 12,900,000 | |
Geisinger Auth. Health Sys. Rev. Participating VRDN: | |||
Series 15 ZF0174, 0.02% 1/7/16 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 2,785,000 | 2,785,000 | |
Series Putters 0047, 0.02% 1/7/16 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 6,605,000 | 6,605,000 | |
Series Putters 3915 Z, 0.02% 1/7/16 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 6,285,000 | 6,285,000 | |
Haverford Township School District Series 2009, 0.02% 1/7/16, LOC TD Banknorth, NA, VRDN (b) | 9,435,000 | 9,435,000 | |
Lancaster County Hosp. Auth. Health Ctr. Rev. (Masonic Homes Proj.) Series 2008 D, 0.01% 1/4/16, LOC JPMorgan Chase Bank, VRDN (b) | 4,970,000 | 4,970,000 | |
Lancaster Indl. Dev. Auth. Rev.: | |||
(Willow Valley Retirement Cmntys. Proj.) Series 2009 C, 0.01% 1/7/16, LOC PNC Bank NA, VRDN (b) | 7,100,000 | 7,100,000 | |
(Willow Valley Retirement Proj.) Series 2009 B, 0.01% 1/7/16, LOC PNC Bank NA, VRDN (b) | 1,475,000 | 1,475,000 | |
Lawrence County Gen. Oblig. Indl. Dev. Auth. 0.02% 1/7/16, LOC PNC Bank NA, VRDN (b) | 1,970,000 | 1,970,000 | |
Lower Merion School District Series 2009 B, 0.01% 1/7/16, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 9,285,000 | 9,285,000 | |
Luzerne County Convention Ctr. Series 2012, 0.02% 1/7/16, LOC PNC Bank NA, VRDN (b) | 2,170,000 | 2,170,000 | |
Montgomery County Redev. Auth. Multi-family Hsg. Rev. (Kingswood Apts. Proj.) Series 2001 A, 0.01% 1/7/16, 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, 0.01% 1/7/16, LOC PNC Bank NA, VRDN (b) | 2,835,000 | 2,835,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Shippingport Proj.) Series 2002 A, 0.01% 1/4/16, LOC Bank of Nova Scotia, VRDN (a)(b) | 750,000 | 750,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev.: | |||
(Leidy's, Inc. Proj.) Series 1995 D7, 0.11% 1/7/16, LOC PNC Bank NA, VRDN (a)(b) | 500,000 | 500,000 | |
Series 2002 B5, 0.07% 1/7/16, LOC PNC Bank NA, VRDN (a)(b) | 3,900,000 | 3,900,000 | |
Series 2004 B, 0.03% 1/7/16, 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, 0.07% 1/7/16, LOC Citibank NA, VRDN (a)(b) | 5,115,000 | 5,115,000 | |
Pennsylvania Gen. Oblig. Participating VRDN: | |||
Series MS 3382, 0.02% 1/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c) | 5,000,000 | 5,000,000 | |
Series Putters 3352Z, 0.02% 1/7/16 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 4,215,000 | 4,215,000 | |
Series Putters 4014, 0.02% 1/7/16 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 3,000,000 | 3,000,000 | |
Series ROC II R 14070, 0.02% 1/7/16 (Liquidity Facility Citibank NA) (b)(c) | 8,000,000 | 8,000,000 | |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
(Drexel Univ. Proj.) Second Series, 0.01% 1/7/16, LOC JPMorgan Chase Bank, VRDN (b) | 2,015,000 | 2,015,000 | |
(Point Park College Proj.) 0.04% 1/7/16, LOC PNC Bank NA, VRDN (b) | 600,000 | 600,000 | |
(Univ. of Pennsylvania Health Sys. Proj.) Series 2008 A, 0.01% 1/7/16, LOC Bank of America NA, VRDN (b) | 18,350,000 | 18,350,000 | |
Participating VRDN: | |||
ROC II R 11721, 0.02% 1/7/16 (Liquidity Facility Citibank NA) (b)(c) | 7,500,000 | 7,500,000 | |
Series MS 3252, 0.02% 1/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c) | 5,840,000 | 5,840,000 | |
Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. Participating VRDN Series Putters 15 XM0010, 0.02% 1/7/16 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 5,035,000 | 5,035,000 | |
Philadelphia Arpt. Rev.: | |||
Series 2005 C1, 0.02% 1/7/16, LOC TD Banknorth, NA, VRDN (a)(b) | 26,205,000 | 26,205,000 | |
Series 2005 C2, 0.02% 1/7/16, LOC Royal Bank of Canada, VRDN (a)(b) | 13,620,000 | 13,620,000 | |
Philadelphia Auth. For Indl. Dev. Participating VRDN: | |||
Series 15 ZF0167, 0.02% 1/7/16 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 2,500,000 | 2,500,000 | |
Series Putters 14 XM0005, 0.02% 1/7/16 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(d) | 5,000,000 | 5,000,000 | |
Philadelphia Auth. for Indl. Dev. Rev.: | |||
(Spl. People in Northeast, Inc. Proj.) Series 2006, 0.25% 1/7/16, LOC Citizens Bank of Pennsylvania, VRDN (b) | 1,425,000 | 1,425,000 | |
(The Franklin Institute Proj.) Series 2006, 0.03% 1/7/16, LOC Bank of America NA, VRDN (b) | 8,180,000 | 8,180,000 | |
Philadelphia Auth. Indl. Dev. Lease Rev. Series 2007 B3, 0.01% 1/7/16, LOC PNC Bank NA, VRDN (b) | 9,300,000 | 9,300,000 | |
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.): | |||
Eighth Series B, 0.02% 1/7/16, LOC Wells Fargo Bank NA, VRDN (b) | 21,350,000 | 21,350,000 | |
Eighth Series C, 0.01% 1/7/16, LOC Barclays Bank PLC, VRDN (b) | 42,100,000 | 42,099,999 | |
Eighth Series D, 0.01% 1/7/16, LOC Royal Bank of Canada, VRDN (b) | 18,900,000 | 18,900,000 | |
Fifth Series A2, 0.01% 1/7/16, LOC JPMorgan Chase Bank, VRDN (b) | 9,450,000 | 9,450,000 | |
Philadelphia Gen. Oblig. Series 2009 B, 0.01% 1/7/16, 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, 0.02% 1/7/16 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 5,330,000 | 5,330,000 | |
Philadelphia Wtr. & Wastewtr. Rev. Series 1997 B, 0.01% 1/7/16, LOC TD Banknorth, NA, VRDN (b) | 8,640,000 | 8,640,000 | |
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev.: | |||
Series 2008 B1, 0.01% 1/7/16, LOC Bank of America NA, VRDN (b) | 19,400,000 | 19,400,000 | |
Series 2008 B2, 0.01% 1/7/16, LOC Royal Bank of Canada, VRDN (b) | 1,500,000 | 1,500,000 | |
Ridley School District Series 2009, 0.02% 1/7/16, LOC TD Banknorth, NA, VRDN (b) | 4,110,000 | 4,110,000 | |
Washington County Hosp. Auth. Rev.: | |||
(Monongahela Valley Hosp. Proj.) Series 2011 A, 0.02% 1/7/16, LOC PNC Bank NA, VRDN (b) | 1,380,000 | 1,380,000 | |
(Washington Hosp. Proj.) Series 2007 B, 0.01% 1/4/16, LOC PNC Bank NA, VRDN (b) | 6,900,000 | 6,900,000 | |
Westmoreland County Indl. Dev. Auth. Rev. (Excela Health Proj.) Series 2010 B, 0.02% 1/7/16, LOC PNC Bank NA, VRDN (b) | 6,985,000 | 6,985,000 | |
458,899,999 | |||
Texas - 0.6% | |||
Calhoun Port Auth. Envir. Facilities Rev. (Formosa Plastics Corp. Proj.) Series 2012, 0.02% 1/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 600,000 | 600,000 | |
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.02% 1/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 300,000 | 300,000 | |
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
Series 2001 A, 0.27% 1/4/16, VRDN (b) | 950,000 | 950,000 | |
Series 2004, 0.26% 1/7/16, VRDN (a)(b) | 200,000 | 200,000 | |
Series 2009 A, 0.27% 1/4/16, VRDN (b) | 600,000 | 600,000 | |
Series 2010 B, 0.27% 1/4/16, VRDN (b) | 1,500,000 | 1,500,000 | |
4,150,000 | |||
TOTAL VARIABLE RATE DEMAND NOTE | |||
(Cost $486,614,999) | 486,614,999 | ||
Other Municipal Debt - 24.4% | |||
Georgia - 0.4% | |||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A1, 0.07%, tender 6/1/16 (Liquidity Facility Royal Bank of Canada) (b) | 2,600,000 | 2,600,000 | |
Kentucky - 0.0% | |||
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.25% tender 1/12/16, CP mode | 300,000 | 300,000 | |
Massachusetts - 0.3% | |||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 1992, 0.4% tender 1/14/16, CP mode | 1,500,000 | 1,500,000 | |
Series 1993 A, 0.4% tender 1/27/16, CP mode | 300,000 | 300,000 | |
1,800,000 | |||
New Hampshire - 0.2% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 1990 A, 0.45% tender 1/26/16, CP mode (a) | 1,300,000 | 1,300,000 | |
Series 1990 B, 0.48% tender 1/28/16, CP mode | 400,000 | 400,000 | |
1,700,000 | |||
Pennsylvania - 23.4% | |||
Allegheny County Hosp. Dev. Auth. Rev. Bonds Series 2011 A, 5% 10/15/16 | 1,500,000 | 1,554,154 | |
Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Bonds Series 2012 A: | |||
3% 1/1/16 | 1,685,000 | 1,685,000 | |
5% 1/1/16 | 2,000,000 | 2,000,000 | |
5% 7/1/16 | 19,930,000 | 20,393,936 | |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Bonds Series 2014 A, 4% 2/1/16 | 7,075,000 | 7,097,871 | |
Pennsylvania Gen. Oblig. Bonds: | |||
Second Series 2005, 5% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | 7,790,000 | 7,790,000 | |
Series 2004, 5.375% 7/1/16 | 5,900,000 | 6,047,953 | |
Series 2005 2, 5% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | 5,310,000 | 5,310,000 | |
Series 2005: | |||
5% 1/1/16 | 4,950,000 | 4,950,000 | |
5% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | 1,000,000 | 1,000,000 | |
5% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | 1,580,000 | 1,580,000 | |
5% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | 1,000,000 | 1,000,000 | |
5% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | 1,000,000 | 1,000,000 | |
Series 2006: | |||
5% 3/1/16 | 7,300,000 | 7,357,017 | |
5% 10/1/16 | 1,000,000 | 1,033,699 | |
5% 10/1/16 (Pre-Refunded to 10/1/16 @ 100) | 5,000,000 | 5,169,626 | |
Series 2007 A, 5% 8/1/16 | 5,000,000 | 5,132,981 | |
Series 2009 2, 5% 4/15/16 | 7,000,000 | 7,095,488 | |
Series 2009, 5% 3/15/16 | 9,185,000 | 9,275,944 | |
Series 2010 A: | |||
5% 5/1/16 | 3,100,000 | 3,148,860 | |
5% 6/1/16 | 5,925,000 | 6,040,517 | |
Series 2013 1, 5% 4/1/16 | 19,215,000 | 19,446,275 | |
Series 2015, 5% 8/15/16 | 2,270,000 | 2,335,352 | |
4.5% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | 500,000 | 500,000 | |
5% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | 500,000 | 500,000 | |
5% 2/15/16 | 3,500,000 | 3,520,456 | |
5% 8/15/16 | 6,225,000 | 6,404,260 | |
5% 10/15/16 | 1,150,000 | 1,191,758 | |
Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds: | |||
Series 2015, 3% 8/15/16 | 2,825,000 | 2,872,498 | |
Series WF 11 26C, 0.14%, tender 2/11/16 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) | 10,000,000 | 10,000,000 | |
Pennsylvania State Univ. Bonds Series 2009 A, 5% 3/1/16 | 1,000,000 | 1,007,732 | |
Philadelphia Arpt. Rev. Series B3, 0.06% 1/12/16, LOC Wells Fargo Bank NA, CP (a) | 3,000,000 | 3,000,000 | |
Philadelphia Gas Works Rev. Series 1, 0.08% 1/6/16, LOC JPMorgan Chase Bank, CP | 7,500,000 | 7,500,000 | |
Philadelphia Gen. Oblig. TRAN Series 2015 A, 2% 6/30/16 | 6,900,000 | 6,958,509 | |
170,899,886 | |||
West Virginia - 0.1% | |||
Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1996, 0.45% tender 1/27/16, CP mode (a) | 400,000 | 400,000 | |
Grant County Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1986, 0.5% tender 1/19/16, CP mode (a) | 600,000 | 600,000 | |
1,000,000 | |||
TOTAL OTHER MUNICIPAL DEBT | |||
(Cost $178,299,886) | 178,299,886 | ||
Shares | Value | ||
Investment Company - 4.1% | |||
Fidelity Municipal Cash Central Fund, 0.02% (f)(g) | |||
(Cost $30,163,800) | 30,163,800 | 30,163,800 | |
TOTAL INVESTMENT PORTFOLIO - 95.0% | |||
(Cost $695,078,685) | 695,078,685 | ||
NET OTHER ASSETS (LIABILITIES) - 5.0% | 36,621,829 | ||
NET ASSETS - 100% | $731,700,514 |
Security Type Abbreviations
VRDN – Variable Rate Demand Note (A debt instrument that is payable upon demand, either daily, weekly or monthly)
CP – COMMERCIAL PAPER
TRAN – TAX AND REVENUE ANTICIPATION NOTE
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.
Legend
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) Provides evidence of ownership in one or more underlying municipal bonds.
(d) 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 $5,000,000 or 0.7% of net assets.
(e) 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 $10,000,000 or 1.4% of net assets.
(f) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(g) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
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 2/11/16 (Liquidity Facility Wells Fargo Bank NA) | 5/30/13 - 11/12/15 | $10,000,000 |
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 | $16,108 |
Total | $16,108 |
Investment Valuation
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.
Fidelity® Pennsylvania Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
December 31, 2015 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $664,914,885) | $664,914,885 | |
Fidelity Central Funds (cost $30,163,800) | 30,163,800 | |
Total Investments (cost $695,078,685) | $695,078,685 | |
Cash | 32,797,041 | |
Receivable for fund shares sold | 7,650,215 | |
Interest receivable | 2,723,722 | |
Distributions receivable from Fidelity Central Funds | 526 | |
Other receivables | 3,980 | |
Total assets | 738,254,169 | |
Liabilities | ||
Payable for fund shares redeemed | $6,516,789 | |
Distributions payable | 426 | |
Accrued management fee | 36,212 | |
Other affiliated payables | 228 | |
Total liabilities | 6,553,655 | |
Net Assets | $731,700,514 | |
Net Assets consist of: | ||
Paid in capital | $731,697,259 | |
Accumulated undistributed net realized gain (loss) on investments | 3,255 | |
Net Assets, for 731,458,806 shares outstanding | $731,700,514 | |
Net Asset Value, offering price and redemption price per share ($731,700,514 ÷ 731,458,806 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended December 31, 2015 | ||
Investment Income | ||
Interest | $506,885 | |
Income from Fidelity Central Funds | 16,108 | |
Total income | 522,993 | |
Expenses | ||
Management fee | $3,576,802 | |
Independent trustees' compensation | 2,937 | |
Tax expense | 1,919 | |
Total expenses before reductions | 3,581,658 | |
Expense reductions | (3,130,186) | 451,472 |
Net investment income (loss) | 71,521 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 49,955 | |
Total net realized gain (loss) | 49,955 | |
Net increase in net assets resulting from operations | $121,476 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended December 31, 2015 | Year ended December 31, 2014 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $71,521 | $74,265 |
Net realized gain (loss) | 49,955 | 40,805 |
Net increase in net assets resulting from operations | 121,476 | 115,070 |
Distributions to shareholders from net investment income | (71,539) | (74,125) |
Distributions to shareholders from net realized gain | (27,761) | – |
Total distributions | (99,300) | (74,125) |
Share transactions at net asset value of $1.00 per share | ||
Proceeds from sales of shares | 1,599,662,197 | 1,863,275,499 |
Reinvestment of distributions | 93,316 | 70,651 |
Cost of shares redeemed | (1,628,544,631) | (1,892,615,443) |
Net increase (decrease) in net assets and shares resulting from share transactions | (28,789,118) | (29,269,293) |
Total increase (decrease) in net assets | (28,766,942) | (29,228,348) |
Net Assets | ||
Beginning of period | 760,467,456 | 789,695,804 |
End of period | $731,700,514 | $760,467,456 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Pennsylvania Municipal Money Market Fund
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | |||||
Net investment income (loss)A | – | – | – | – | – |
Net realized and unrealized gain (loss)A | – | – | – | – | – |
Total from investment operationsA | – | – | – | – | – |
Distributions from net investment incomeA | – | – | – | – | – |
Distributions from net realized gain | –A | – | – | – | – |
Total distributionsA | – | – | – | – | – |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnB | .01% | .01% | .01% | .01% | .01% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .06% | .07% | .11% | .18% | .22% |
Expenses net of all reductions | .06% | .07% | .11% | .18% | .22% |
Net investment income (loss) | .01% | .01% | .01% | .01% | .01% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $731,701 | $760,467 | $789,696 | $788,486 | $686,162 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C 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.
D 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.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended December 31, 2015
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 affiliated 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 .005%.
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, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, 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 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 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
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. As of December 31, 2015, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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 and deferred trustees compensation.
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 appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities | |
Fidelity Pennsylvania Municipal Income Fund | $413,189,693 | $24,893,919 | $(29,728) | $24,864,191 |
Fidelity Pennsylvania Municipal Money Market Fund | $695,078,685 | $- | $ - | $- |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
Undistributed tax-exempt income | Undistributed long-term capital gain | Net unrealized appreciation (depreciation) on securities and other investments | |
Fidelity Pennsylvania Municipal Income Fund | $- | $224,375 | $24,864,191 |
Fidelity Pennsylvania Municipal Money Market Fund | 3,480 | - | - |
The tax character of distributions paid was as follows:
December 31, 2015 | ||||
Tax-Exempt Income | Ordinary Income | Long-term Capital Gains | Total | |
Fidelity Pennsylvania Municipal Income Fund | $14,703,703 | $– | $1,756,019 | $16,459,722 |
Fidelity Pennsylvania Municipal Money Market Fund | 71,539 | – | 27,761 | 99,300 |
December 31, 2014 | ||||
Tax-Exempt Income | Ordinary Income | Long-term Capital Gains | Total | |
Fidelity Pennsylvania Municipal Income Fund | $14,353,300 | $119,611 | $1,589,524 | $16,062,435 |
Fidelity Pennsylvania Municipal Money Market Fund | 74,125 | – | – | 74,125 |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $84,299,290 and $78,079,488, 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 annual 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.
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 annual 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.
Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. For the Income Fund, interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
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 | $661 |
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 $3,125,795.
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 expense reduction | |
Fidelity Pennsylvania Municipal Income Fund | $5,156 |
In addition, through an arrangement with the Money Market Fund's custodian, $4,391 of credits realized as a result of certain uninvested cash balances were used to reduce the Fund's management fee.
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses as follows:
Amount | |
Fidelity Pennsylvania Municipal Income Fund | $1,039 |
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.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Municipal Trust and Fidelity Municipal Trust II and the Shareholders of Fidelity Pennsylvania Municipal Income Fund and Fidelity Pennsylvania Municipal Money Market Fund:
In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Pennsylvania Municipal Income Fund (a fund of Fidelity Municipal Trust) and Fidelity Pennsylvania Municipal Money Market Fund (a fund of Fidelity Municipal Trust II) at December 31, 2015, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity Pennsylvania Municipal Income Fund's and Fidelity Pennsylvania Municipal Money Market Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 17, 2016
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trusts and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Elizabeth S. Acton, John Engler, and Geoffrey A. von Kuhn, each of the Trustees oversees 236 funds. Ms. Acton and Mr. Engler each oversees 228 funds. Mr. von Kuhn oversees 148 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Trustee of Fidelity Municipal Trust
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trusts or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors/trustees for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Member of the Advisory Board of Fidelity Municipal Trust II
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2015-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Timothy Huyck (1964)
Year of Election or Appointment: 2015
Vice President of Fidelity's Money Market Funds
Mr. Huyck also serves as Vice President of other funds. Mr. Huyck serves as Chief Investment Officer of Fidelity's Money Market Funds (2015-present) and is an employee of Fidelity Investments (1990-present).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John F. Papandrea (1972)
Year of Election or Appointment: 2016
Anti-Money Laundering (AML) Officer
Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2009
Assistant Treasurer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013
Deputy Treasurer
Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).
Christine J. Thompson (1958)
Year of Election or Appointment: 2015
Vice President of Fidelity's Bond Funds
Ms. Thompson also serves as Vice President of other funds. Ms. Thompson also serves as Chief Investment Officer of FMR's Bond Group (2010-present) and is an employee of Fidelity Investments (1985-present). Previously, Ms. Thompson served as Vice President of Fidelity's Bond Funds (2010-2012).
Michael H. Whitaker (1967)
Year of Election or Appointment: 2008
Chief Compliance Officer
Mr. Whitaker also serves as Chief Compliance Officer of other funds. Mr. Whitaker also serves as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2014-present), FMR (investment adviser firm, 2014-present), and Fidelity Investments Money Management, Inc. (investment adviser firm, 2014-present) and is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011
Deputy Treasurer
Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments (1991-present). Previously, Mr. Zambello served as Vice President of the Program Management Group of FMR (investment adviser firm, 2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
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 (July 1, 2015 to December 31, 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.
Annualized Expense Ratio-A | Beginning Account Value July 1, 2015 | Ending Account Value December 31, 2015 | Expenses Paid During Period-B July 1, 2015 to December 31, 2015 | |
Fidelity Pennsylvania Municipal Income Fund | .48% | |||
Actual | $1,000.00 | $1,029.20 | $2.46 | |
Hypothetical-C | $1,000.00 | $1,022.79 | $2.45 | |
Fidelity Pennsylvania Municipal Money Market Fund | .05% | |||
Actual | $1,000.00 | $1,000.10 | $.25 | |
Hypothetical-C | $1,000.00 | $1,024.95 | $.26 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
Fund | Pay Date | Record Date | Dividends | Capital Gains |
Fidelity Pennsylvania Municipal Income Fund | 02/08/16 | 02/05/16 | $0.000 | $0.007 |
Fidelity Pennsylvania Municipal Money Market Fund | 02/08/16 | 02/05/16 | $0.000 | $0.000 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended December 31, 2015, or, if subsequently determined to be different, the net capital gain of such year.
Fund | |
Fidelity Pennsylvania Municipal Income Fund | $1,553,978 |
Fidelity Pennsylvania Municipal Money Market Fund | $42,008 |
During fiscal year ended 2015, 100% of each fund's income dividends were free from federal income tax, and 1.61% of Fidelity Pennsylvania Municipal Income Fund and 14.34% of Fidelity Pennsylvania Municipal Money Market's income dividends were subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Pennsylvania Municipal Income Fund / Fidelity Pennsylvania Municipal Money Market Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2015 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with each fund; and (iv) the extent to which (if any) economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds and diversified international funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching active fixed-income exchange-traded funds; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (x) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (xi) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xii) implementing changes to Fidelity's money market product line in response to recent money market regulatory reforms.Investment Performance (for Fidelity Pennsylvania Municipal Income Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods.Investment Performance (for Fidelity Pennsylvania Municipal Money Market Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a peer group of funds with similar objectives ("peer group").In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors.The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods.Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should benefit the shareholders of each fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and considered by the Board. Because the vast majority of competitor funds' management fees do not cover non-management expenses, for a more meaningful comparison of management fees, Fidelity Pennsylvania Municipal Money Market Fund is compared on the basis of a hypothetical "net management fee," which is derived by subtracting payments made by FMR for non-management expenses (including transfer agent fees, pricing and bookkeeping fees, and fees paid to non-affiliated custodians) from the fund's all-inclusive fee. In this regard, the Board considered that net management fees can vary from year to year because of differences in non-management expenses.Fidelity Pennsylvania Municipal Income Fund
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img52927496.jpg)
Fidelity Pennsylvania Municipal Money Market Fund
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img52927606.jpg)
Proxy Voting Results
A special meeting of Fidelity® Pennsylvania Municipal Income Fund's shareholders was held on November 18, 2015. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees. | ||
# of Votes | % of Votes | |
Elizabeth S. Acton | ||
Affirmative | 5,161,119,572.85 | 97.256 |
Withheld | 145,658,558.01 | 2.744 |
TOTAL | 5,306,778,130.86 | 100.000 |
John Engler | ||
Affirmative | 5,146,088,620.45 | 96.972 |
Withheld | 160,689,510.41 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Albert R. Gamper, Jr. | ||
Affirmative | 5,139,390,851.27 | 96.846 |
Withheld | 167,387,279.59 | 3.154 |
TOTAL | 5,306,778,130.86 | 100.000 |
Robert F. Gartland | ||
Affirmative | 5,156,371,432.16 | 97.166 |
Withheld | 150,406,698.70 | 2.834 |
TOTAL | 5,306,778,130.86 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 5,146,073,980.40 | 96.972 |
Withheld | 160,704,150.46 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Arthur E. Johnson | ||
Affirmative | 5,154,966,257.69 | 97.140 |
Withheld | 151,811,873.17 | 2.860 |
TOTAL | 5,306,778,130.86 | 100.000 |
Michael E. Kenneally | ||
Affirmative | 5,159,083,013.51 | 97.217 |
Withheld | 147,695,117.35 | 2.783 |
TOTAL | 5,306,778,130.86 | 100.000 |
James H. Keyes | ||
Affirmative | 5,140,479,428.90 | 96.867 |
Withheld | 166,298,701.96 | 3.133 |
TOTAL | 5,306,778,130.86 | 100.000 |
Marie L. Knowles | ||
Affirmative | 5,154,662,494.64 | 97.134 |
Withheld | 152,115,636.22 | 2.866 |
TOTAL | 5,306,778,130.86 | 100.000 |
Geoffrey A. von Kuhn | ||
Affirmative | 5,150,464,060.01 | 97.055 |
Withheld | 156,314,070.85 | 2.945 |
TOTAL | 5,306,778,130.86 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
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Boston, MA 02210
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PFR-ANN-0216
1.540037.118
Fidelity® Michigan Municipal Income Fund Fidelity® Michigan Municipal Money Market Fund Annual Report December 31, 2015 |
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Contents
Fidelity® Michigan Municipal Income Fund | |
Fidelity® Michigan Municipal Money Market Fund | |
Board Approval of Investment Advisory Contracts and Management Fees | |
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. © 2016 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
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Fidelity® Michigan Municipal Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended December 31, 2015 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Michigan Municipal Income Fund | 3.61% | 5.00% | 4.44% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Michigan Municipal Income Fund on December 31, 2005.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® Municipal Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img47705724_740.jpg)
Period Ending Values | ||
$15,447 | Fidelity® Michigan Municipal Income Fund | |
$15,853 | Barclays® Municipal Bond Index |
Fidelity® Michigan Municipal Income Fund
Management's Discussion of Fund Performance
Market Recap: Tax-exempt municipal bonds posted a moderate gain for calendar year 2015, driven by strong demand and limited supply. The Barclays® Municipal Bond Index returned 3.30% for the year. However, the muni market faced a volatile stretch between April and June, when the focus of the market shifted to the credit challenges of a handful of high-profile issuers, including Puerto Rico, New Jersey, Illinois and Chicago. A common theme of unfunded pension liabilities for these issuers overshadowed a generally stable credit environment for state and local governments more broadly. The tax advantages of munis continued to appeal to investors, due to the higher federal income-tax rates and 3.8% Medicare tax on non-municipal investment income that took effect in 2013. At period end, investors continued to watch the flow of U.S. economic data for hints as to whether, when and by how much the U.S. Federal Reserve may raise policy interest rates in 2016, on the heels of its quarter-point rate hike in mid-December.Comments from Portfolio Manager Jamie Pagliocco: For the year, the fund gained 3.61%, net of fees, nearly in line with the 3.75% gain of the Barclays® Michigan Enhanced Modified Municipal Bond Index. I sought to generate attractive tax-exempt income and competitive risk-adjusted total returns, including both price appreciation and income, over time. Versus the Barclays® Michigan index, the fund’s overweighted exposure to bonds that were advance refunded during the period was a plus, because these securities were some of the muni market’s best performers as the bonds’ duration shortened and their credit quality jumped. My decision to overweight health care bonds provided another boost. These securities turned in above-benchmark performance primarily due to robust demand from investors seeking the relatively higher yields these bonds offered. In contrast, having less exposure than the benchmark to two of the best-performing areas of the Michigan municipal market was a modest drag. Specifically, the fund had lighter-than-index exposure to bonds issued on behalf of the Detroit Water and Sewage Department, which performed well because they drew demand from investors seeking comparatively higher yields and the issuer received a series of credit-rating upgrades. An underweighting in bonds backed by the state of Michigan also hampered results, as they benefited from credit-rating upgrades.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Michigan Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of December 31, 2015
% of fund's net assets | % of fund's net assets 6 months ago | |
General Obligations | 36.1 | 34.1 |
Health Care | 17.0 | 21.2 |
Escrowed/Pre-Refunded | 13.8 | 10.7 |
Education | 7.4 | 6.3 |
Water & Sewer | 7.4 | 8.6 |
Weighted Average Maturity as of December 31, 2015
6 months ago | ||
Years | 5.5 | 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 December 31, 2015
6 months ago | ||
Years | 5.7 | 5.6 |
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 December 31, 2015 | ||
AAA | 4.9% | |
AA,A | 85.1% | |
BBB | 1.1% | |
BB and Below | 1.0% | |
Not Rated | 5.5% | |
Short-Term Investments and Net Other Assets | 2.4% |
As of June 30, 2015 | ||
AAA | 4.3% | |
AA,A | 83.2% | |
BBB | 4.3% | |
BB and Below | 0.2% | |
Not Rated | 2.1% | |
Short-Term Investments and Net Other Assets | 5.9% |
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.
Fidelity® Michigan Municipal Income Fund
Investments December 31, 2015
Showing Percentage of Net Assets
Municipal Bonds - 97.6% | |||
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 | $1,069,547 | |
Series 2006 A, 5% 10/1/23 | 1,000,000 | 1,020,080 | |
Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | |||
5% 10/1/16 (a) | 950,000 | 974,710 | |
6.25% 10/1/34 (a) | 1,000,000 | 1,193,420 | |
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/23 (FSA Insured) | 1,175,000 | 1,385,396 | |
TOTAL GUAM | 5,643,153 | ||
Michigan - 96.2% | |||
Algonac Cmnty. Schools Series 2008, 5.25% 5/1/28 (FSA Insured) | 1,575,000 | 1,710,245 | |
Allegan Pub. School District Series 2008, 5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,545,000 | 1,566,244 | |
Ann Arbor Econ. Dev. Corp. Ltd. Oblig. Rev. (Glacier Hills, Inc. Proj.) 8.375% 1/15/19 (Escrowed to Maturity) | 1,337,000 | 1,489,498 | |
Bay City School District Rev.: | |||
5% 11/1/25 | 1,000,000 | 1,203,350 | |
5% 11/1/26 | 1,000,000 | 1,182,580 | |
5% 11/1/27 | 700,000 | 827,806 | |
5% 11/1/28 | 250,000 | 289,753 | |
Brandon School District Series 2016 A: | |||
5% 5/1/28 (b) | 2,515,000 | 2,964,330 | |
5% 5/1/29 (b) | 1,250,000 | 1,462,238 | |
5% 5/1/30 (b) | 1,250,000 | 1,458,938 | |
Charter Township of Commerce Gen. Oblig. Series 2009 B, 5.125% 12/1/38 | 970,000 | 1,066,302 | |
Chelsea School District Series 2008, 5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,675,000 | 1,822,953 | |
Clarkston Cmnty. Schools: | |||
Series 2008, 5% 5/1/16 (FSA Insured) | 1,855,000 | 1,880,803 | |
Series 2016, 5% 5/1/29 (b) | 1,500,000 | 1,764,345 | |
5% 5/1/28 (b) | 1,735,000 | 2,054,708 | |
Detroit City School District Series 2005 A, 5.25% 5/1/30 (FSA Insured) | 5,000,000 | 6,098,850 | |
Detroit School District Series 2012 A, 5% 5/1/24 | 5,000,000 | 5,812,000 | |
Detroit Swr. Disp. Rev.: | |||
Series 1998, 5.5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,050,000 | 3,231,414 | |
Series 2001 E, 5.75% 7/1/31 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 1,400,000 | 1,534,582 | |
Series 2006 B, 5% 7/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,800,000 | 7,857,330 | |
Detroit Wtr. Supply Sys. Rev.: | |||
Series 2004 A, 5.25% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,019,910 | |
Series 2004, 5.25% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,037,060 | |
Series 2006 B, 7% 7/1/36 (FSA Insured) | 2,700,000 | 3,159,351 | |
Series 2006, 5% 7/1/33 (FSA Insured) | 5,000,000 | 5,039,900 | |
Detroit/Wayne Co. Stadium Auth. Series 2012: | |||
5% 10/1/21 (FSA Insured) | 1,000,000 | 1,114,670 | |
5% 10/1/22 (FSA Insured) | 1,000,000 | 1,117,880 | |
DeWitt Pub. Schools Gen. Oblig. Series 2008, 5% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,550,000 | 1,630,197 | |
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 | 1,071,280 | |
Durand Area Schools Gen. Oblig. Series 2006: | |||
5% 5/1/27 (Pre-Refunded to 5/1/16 @ 100) | 1,225,000 | 1,243,681 | |
5% 5/1/28 (Pre-Refunded to 5/1/16 @ 100) | 1,250,000 | 1,269,063 | |
5% 5/1/29 (Pre-Refunded to 5/1/16 @ 100) | 1,275,000 | 1,294,444 | |
Farmington Pub. School District Gen. Oblig.: | |||
5% 5/1/25 (FSA Insured) | 2,140,000 | 2,572,387 | |
5% 5/1/26 (FSA Insured) | 1,385,000 | 1,649,646 | |
5% 5/1/27 (FSA Insured) | 1,425,000 | 1,686,958 | |
Forest Hills Pub. Schools: | |||
5% 5/1/18 | 1,650,000 | 1,799,325 | |
5% 5/1/19 | 1,375,000 | 1,540,206 | |
5% 5/1/20 | 1,575,000 | 1,805,407 | |
5% 5/1/21 | 1,575,000 | 1,842,608 | |
Fraser Pub. School District Series 2006 B, 5% 5/1/29 | 1,455,000 | 1,699,018 | |
Garden City School District: | |||
Series 2005, 5% 5/1/17 (FSA Insured) | 1,390,000 | 1,393,739 | |
Series 2006, 5% 5/1/19 (FSA Insured) | 1,205,000 | 1,220,906 | |
Genesee County Gen. Oblig. Series 2005: | |||
5% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,355,000 | 1,374,512 | |
5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,505,000 | 1,525,694 | |
Grand Blanc Cmnty. Schools Series 2013, 4% 5/1/24 | 4,925,000 | 5,384,355 | |
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 | 1,236,276 | |
5% 5/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,367,444 | |
5% 5/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500,000 | 2,622,250 | |
Grand Rapids Cmnty. College Series 2008: | |||
5% 5/1/17 (FSA Insured) | 1,315,000 | 1,389,127 | |
5% 5/1/19 (FSA Insured) | 1,315,000 | 1,433,376 | |
Grand Rapids San. Swr. Sys. Rev.: | |||
Series 2008, 5% 1/1/38 | 3,320,000 | 3,531,716 | |
Series 2012, 5% 1/1/37 | 1,250,000 | 1,420,850 | |
Series 2014: | |||
5% 1/1/27 | 1,300,000 | 1,557,881 | |
5% 1/1/29 | 800,000 | 945,240 | |
5% 1/1/30 | 2,000,000 | 2,353,600 | |
Grand Rapids Wtr. Supply Sys. Series 2005, 5% 1/1/35 (Pre-Refunded to 1/1/16 @ 100) | 5,000,000 | 5,000,000 | |
Grand Traverse County Hosp.: | |||
Series 2011 A, 5.375% 7/1/35 | 2,000,000 | 2,241,840 | |
Series 2014 A, 5% 7/1/47 | 1,400,000 | 1,518,776 | |
Grand Valley Michigan State Univ. Rev.: | |||
Series 2007, 5% 12/1/19 (AMBAC Insured) | 500,000 | 538,190 | |
Series 2008, 5% 12/1/33 (FSA Insured) | 5,000,000 | 5,373,300 | |
Series 2009, 5.625% 12/1/29 (Pre-Refunded to 12/1/16 @ 100) | 2,400,000 | 2,509,512 | |
Series 2014 B: | |||
5% 12/1/25 | 500,000 | 603,195 | |
5% 12/1/26 | 1,900,000 | 2,275,307 | |
5% 12/1/28 | 1,800,000 | 2,131,884 | |
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 | 1,979,738 | |
5% 5/1/32 (Pre-Refunded to 5/1/16 @ 100) | 1,950,000 | 1,979,738 | |
Harper Creek Cmnty. School District (School Bldg. & Site Proj.) Series 2008: | |||
4.75% 5/1/27 (FSA Insured) | 500,000 | 536,780 | |
5.25% 5/1/21 (FSA Insured) | 2,000,000 | 2,181,820 | |
5.25% 5/1/24 (FSA Insured) | 2,100,000 | 2,290,386 | |
Hudsonville Pub. Schools: | |||
4% 5/1/24 | 1,220,000 | 1,365,058 | |
4% 5/1/25 | 500,000 | 554,455 | |
5% 5/1/20 | 1,000,000 | 1,148,100 | |
5% 5/1/22 | 600,000 | 713,004 | |
5.25% 5/1/41 | 1,750,000 | 1,991,063 | |
Ingham, Eaton and Clinton Counties Lansing School District 5% 5/1/22 | 1,730,000 | 2,045,621 | |
Jackson County Hosp. Fin. Auth. Hosp. Rev. (Allegiance Health Proj.) Series 2010 A, 5% 6/1/37 (FSA Insured) | 2,250,000 | 2,437,133 | |
Kalamazoo Pub. Schools: | |||
Series 2006, 5.25% 5/1/16 (FSA Insured) | 1,500,000 | 1,522,560 | |
5% 5/1/17 (FSA Insured) | 1,595,000 | 1,617,505 | |
5% 5/1/17 (Pre-Refunded to 5/1/16 @ 100) | 1,570,000 | 1,593,943 | |
Kent County Gen. Oblig. Series 2015: | |||
5% 1/1/28 | 4,655,000 | 5,619,702 | |
5% 1/1/29 | 4,390,000 | 5,268,395 | |
Kent Hosp. Fin. Auth. Hosp. Facilities Rev.: | |||
(Metropolitan Hosp. Proj.) Series 2005 A: | |||
6% 7/1/35 | 1,175,000 | 1,177,726 | |
6.25% 7/1/40 | 165,000 | 165,399 | |
(Spectrum Health Sys. Proj.) Series 2011 A, 5.5% 11/15/25 | 5,000,000 | 5,990,300 | |
Kentwood Pub. Schools Series 2012: | |||
4% 5/1/21 | 1,000,000 | 1,119,190 | |
4% 5/1/22 | 1,000,000 | 1,128,920 | |
L'Anse Creuse Pub. Schools Series 2012: | |||
5% 5/1/22 | 1,500,000 | 1,749,870 | |
5% 5/1/23 | 1,500,000 | 1,746,555 | |
Lake Orion Cmnty. School District: | |||
5% 5/1/23 (b) | 1,915,000 | 2,287,908 | |
5% 5/1/25 (b) | 3,275,000 | 3,983,317 | |
Lansing Board of Wtr. & Lt. Util. Rev. 5.5% 7/1/41 | 5,000,000 | 5,823,000 | |
Lansing Cmnty. College: | |||
5% 5/1/23 | 1,135,000 | 1,358,493 | |
5% 5/1/25 | 1,540,000 | 1,823,991 | |
Lapeer Cmnty. Schools Series 2007: | |||
5% 5/1/19 (FSA Insured) | 1,350,000 | 1,463,414 | |
5% 5/1/20 (FSA Insured) | 1,425,000 | 1,543,004 | |
5% 5/1/22 (FSA Insured) | 1,395,000 | 1,509,530 | |
Lenawee Co. Hosp. Fin. Auth. Hosp. Rev. (ProMedica Heathcare Oblig. Group Proj.) Series 2011 B, 6% 11/15/35 | 3,030,000 | 3,657,665 | |
Michigan Bldg. Auth. Rev.: | |||
(Facilities Prog.): | |||
Series 2015 1, 5% 10/15/50 | 7,250,000 | 8,124,205 | |
Series 2015 I, 5% 4/15/29 | 7,000,000 | 8,354,920 | |
Series 2009 I, 5.25% 10/15/25 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,257,700 | |
Series IA: | |||
5.375% 10/15/41 | 3,000,000 | 3,426,330 | |
5.5% 10/15/45 | 10,000,000 | 11,464,500 | |
5% 4/15/33 | 5,000,000 | 5,864,700 | |
5% 4/15/38 | 3,000,000 | 3,441,930 | |
6% 10/15/38 | 1,970,000 | 2,201,455 | |
6% 10/15/38 (Pre-Refunded to 10/15/18 @ 100) | 3,030,000 | 3,442,656 | |
Michigan Fin. Auth. Rev.: | |||
(Holland Cmnty. Hosp. Proj.) Series 2013 A: | |||
5% 1/1/33 | 1,250,000 | 1,393,163 | |
5% 1/1/40 | 3,000,000 | 3,280,620 | |
Series 2012 A: | |||
4.125% 6/1/32 (Pre-Refunded to 6/1/22 @ 100) | 3,000,000 | 3,441,510 | |
5% 6/1/27 (Pre-Refunded to 6/1/22 @ 100) | 125,000 | 150,849 | |
5% 6/1/39 (Pre-Refunded to 6/1/22 @ 100) | 12,790,000 | 15,434,833 | |
Series 2012 B, 5% 7/1/22 | 2,600,000 | 2,665,884 | |
Series 2012: | |||
5% 11/15/24 | 660,000 | 775,196 | |
5% 11/15/25 | 1,000,000 | 1,167,610 | |
5% 11/1/26 | 6,425,000 | 7,421,775 | |
5% 11/15/26 | 800,000 | 928,592 | |
5% 11/15/36 | 6,200,000 | 6,817,954 | |
5% 11/1/42 | 2,000,000 | 2,188,120 | |
5% 11/15/42 | 4,500,000 | 4,893,930 | |
Series 2013: | |||
5% 10/1/25 | 1,255,000 | 1,506,891 | |
5% 8/15/30 | 4,105,000 | 4,671,613 | |
5% 8/15/31 | 2,310,000 | 2,620,441 | |
Series 2014 H1: | |||
5% 10/1/22 | 1,000,000 | 1,176,010 | |
5% 10/1/25 | 2,250,000 | 2,690,865 | |
5% 10/1/39 | 8,600,000 | 9,659,692 | |
Series 2014: | |||
5% 6/1/25 | 1,000,000 | 1,180,090 | |
5% 6/1/26 | 700,000 | 815,150 | |
5% 6/1/27 | 700,000 | 808,906 | |
Series 2015 C: | |||
5% 7/1/26 | 570,000 | 664,022 | |
5% 7/1/27 | 1,215,000 | 1,401,308 | |
5% 7/1/28 | 1,500,000 | 1,720,725 | |
5% 7/1/35 | 1,000,000 | 1,119,330 | |
Series 2015 D1: | |||
5% 7/1/34 | 1,250,000 | 1,424,050 | |
5% 7/1/35 | 500,000 | 564,400 | |
Series 2015: | |||
5% 11/15/26 | 2,250,000 | 2,700,068 | |
5% 11/15/27 | 3,500,000 | 4,168,045 | |
5% 11/15/28 | 1,835,000 | 2,170,236 | |
Series MI, 5.5% 12/1/28 | 5,000,000 | 6,292,850 | |
5% 12/1/27 | 1,090,000 | 1,244,704 | |
5% 12/1/27 (Pre-Refunded to 12/1/20 @ 100) | 10,000 | 11,736 | |
Michigan Gen. Oblig.: | |||
Series 2007, 5.25% 9/15/21 (FSA Insured) | 5,000,000 | 5,346,750 | |
Series 2015 A: | |||
5% 12/1/27 | 2,600,000 | 3,215,862 | |
5% 12/1/28 | 2,000,000 | 2,457,840 | |
Michigan Hosp. Fin. Auth. Rev.: | |||
(Henry Ford Health Sys. Proj.): | |||
Series 2006 A, 5% 11/15/17 | 1,000,000 | 1,036,720 | |
Series 2009, 5.25% 11/15/24 | 3,000,000 | 3,409,260 | |
(McLaren Health Care Corp. Proj.): | |||
Series 2008 A, 5.75% 5/15/38 (Pre-Refunded to 5/15/18 @ 100) | 6,890,000 | 7,649,071 | |
Series 2012 A, 5% 6/1/24 | 2,765,000 | 3,255,677 | |
(MidMichigan Obligated Group Proj.) Series 2009 A, 6.125% 6/1/39 (Pre-Refunded to 6/1/19 @ 100) | 3,740,000 | 4,349,583 | |
(Oakwood Hosp. Proj.) Series 2007, 5% 7/15/17 | 1,000,000 | 1,058,970 | |
(Sparrow Hosp. Obligated Group Proj.) Series 2007, 5% 11/15/17 | 535,000 | 573,782 | |
(Trinity Health Sys. Proj.) 5% 12/1/26 (Pre-Refunded to 12/1/16 @ 100) | 3,725,000 | 3,874,037 | |
Bonds: | |||
Series 2010 F3, 1.4%, tender 6/29/18 (c) | 6,200,000 | 6,228,706 | |
Series 2010 F4, 1.95%, tender 4/1/20 (c) | 5,500,000 | 5,567,210 | |
Series 2008 A1: | |||
6.5% 12/1/33 | 1,035,000 | 1,182,074 | |
6.5% 12/1/33 (Pre-Refunded to 12/1/18 @ 100) | 3,965,000 | 4,579,932 | |
5% 11/15/18 | 500,000 | 536,535 | |
5% 11/15/18 (Pre-Refunded to 11/15/17 @ 100) | 1,225,000 | 1,321,359 | |
5% 11/15/19 | 290,000 | 311,135 | |
5% 11/15/19 (Pre-Refunded to 11/15/17 @ 100) | 710,000 | 765,849 | |
5% 11/15/20 | 575,000 | 617,458 | |
5% 11/15/20 (Pre-Refunded to 11/15/17 @ 100) | 1,425,000 | 1,537,091 | |
5% 11/15/31 | 1,450,000 | 1,544,845 | |
5% 11/15/31 (Pre-Refunded to 11/15/17 @ 100) | 3,550,000 | 3,829,243 | |
Michigan Muni. Bond Auth. Rev.: | |||
(State Clean Wtr. Revolving Fund Proj.) Series 2006, 5% 10/1/27 (Pre-Refunded to 10/1/16 @ 100) | 3,225,000 | 3,335,392 | |
Series 2005, 5% 10/1/23 | 385,000 | 438,442 | |
Michigan State Univ. Revs. Series 2013 A, 5% 8/15/41 | 1,125,000 | 1,289,363 | |
Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
(Cadillac Place Office Bldg. Proj.) Series 2011, 5.25% 10/15/26 | 3,585,000 | 4,196,027 | |
(Detroit Edison Co. Proj.) Series BB, 7% 5/1/21 (AMBAC Insured) | 8,520,000 | 10,634,834 | |
Michigan Technological Univ. Series 2008, 5.25% 10/1/17 (Escrowed to Maturity) | 1,875,000 | 2,020,913 | |
Michigan Trunk Line Fund Rev.: | |||
Series 1998 A, 5.5% 11/1/16 | 3,000,000 | 3,123,000 | |
Series 2011, 5% 11/15/36 | 2,000,000 | 2,270,840 | |
Monroe County Hosp. Fin. Auth. Series 2006, 5.375% 6/1/26 (Pre-Refunded to 6/1/16 @ 100) | 3,200,000 | 3,264,128 | |
North Kent Swr. Auth. Wtr. & Swr. Rev. Series 2006: | |||
5% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 420,000 | 434,725 | |
5% 11/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 490,000 | 507,140 | |
5% 11/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,645,000 | 1,702,542 | |
5% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,290,000 | 1,335,021 | |
Northview Pub. Schools District Series 2008, 5% 5/1/21 (FSA Insured) | 1,070,000 | 1,161,175 | |
Northville Pub. Schools Series 2005, 5% 5/1/16 (FSA Insured) | 1,475,000 | 1,479,794 | |
Oakland Univ. Rev.: | |||
Series 2012: | |||
5% 3/1/24 | 1,170,000 | 1,363,378 | |
5% 3/1/25 | 1,225,000 | 1,419,040 | |
5% 3/1/26 | 1,290,000 | 1,480,752 | |
5% 3/1/37 | 4,000,000 | 4,427,320 | |
Series 2013 A: | |||
5% 3/1/25 | 995,000 | 1,168,359 | |
5% 3/1/26 | 1,620,000 | 1,895,270 | |
5% 3/1/27 | 815,000 | 948,244 | |
5% 3/1/38 | 2,900,000 | 3,285,729 | |
Series 2014: | |||
5% 3/1/28 | 335,000 | 390,503 | |
5% 3/1/29 | 525,000 | 607,824 | |
5% 3/1/39 | 3,000,000 | 3,370,950 | |
Olivet Cmnty. School District (School Bldg. & Site Proj.) Series 2008: | |||
5.25% 5/1/23 (FSA Insured) | 1,010,000 | 1,106,687 | |
5.25% 5/1/27 (FSA Insured) | 1,135,000 | 1,232,996 | |
Plainwell Cmnty. School District (School Bldg. & Site Proj.) Series 2008: | |||
5% 5/1/23 (Assured Guaranty Corp. Insured) | 1,885,000 | 2,045,621 | |
5% 5/1/28 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,079,470 | |
Plymouth-Canton Cmnty. School District Series 2008, 5% 5/1/20 (FSA Insured) | 5,000,000 | 5,421,250 | |
Portage Pub. Schools Series 2008, 5% 5/1/22 (FSA Insured) | 4,300,000 | 4,659,179 | |
Ravenna Pub. Schools Gen. Oblig. (2008 School Bldg. and Site Proj.) Series 2008: | |||
5% 5/1/31 (FSA Insured) | 2,080,000 | 2,232,464 | |
5% 5/1/38 (FSA Insured) | 1,000,000 | 1,066,230 | |
Rochester Cmnty. School District: | |||
4% 5/1/19 | 1,375,000 | 1,495,216 | |
5% 5/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,475,000 | 1,625,583 | |
Rockford Pub. Schools Gen. Oblig. (2008 School Bldg. and Site Proj.) 5% 5/1/30 (FSA Insured) | 3,975,000 | 4,297,532 | |
Roseville Cmnty. Schools: | |||
Series 2014: | |||
5% 5/1/24 | 780,000 | 943,207 | |
5% 5/1/25 | 1,000,000 | 1,218,730 | |
5% 5/1/26 | 1,385,000 | 1,664,839 | |
5% 5/1/24 | 570,000 | 689,267 | |
5% 5/1/25 | 1,640,000 | 1,998,717 | |
5% 5/1/26 | 1,715,000 | 2,061,516 | |
5% 5/1/27 | 1,795,000 | 2,137,989 | |
5% 5/1/28 | 1,885,000 | 2,238,343 | |
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 | 2,299,943 | |
8.25% 9/1/39 (Pre-Refunded to 9/1/18 @ 100) | 3,425,000 | 4,072,394 | |
Series 2014 D: | |||
5% 9/1/26 | 1,000,000 | 1,165,680 | |
5% 9/1/27 | 1,175,000 | 1,362,213 | |
5% 9/1/28 | 1,870,000 | 2,157,643 | |
Saginaw Hosp. Fin. Auth. Hosp. Rev. (Covenant Med. Ctr., Inc.) Series 2010 H, 5% 7/1/30 | 5,000,000 | 5,487,250 | |
Saint Clair County Gen. Oblig. 5% 4/1/26 | 1,495,000 | 1,744,276 | |
Shepherd Pub. Schools Series 2008, 5% 5/1/17 (FSA Insured) | 1,025,000 | 1,077,347 | |
South Haven Gen. Oblig. Series 2009, 5.125% 12/1/33 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,119,540 | |
South Lyon Cmnty. Schools Series 2016: | |||
5% 5/1/23 (b) | 1,575,000 | 1,879,243 | |
5% 5/1/24 (b) | 3,200,000 | 3,845,376 | |
5% 5/1/25 (b) | 2,355,000 | 2,855,508 | |
Three Rivers Cmnty. Schools Series 2008, 5% 5/1/16 (FSA Insured) | 1,750,000 | 1,774,920 | |
Troy School District Series 2006, 5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,014,370 | |
Univ. of Michigan Rev. Series 2015, 5% 4/1/46 | 5,000,000 | 5,914,250 | |
Wayne County Arpt. Auth. Rev.: | |||
(Detroit Metropolitan Wayne County Arpt. Proj.) Series 2012 A: | |||
5% 12/1/24 | 2,875,000 | 3,361,795 | |
5% 12/1/25 | 5,120,000 | 5,965,619 | |
Series 2011 A, 5% 12/1/21 (a) | 5,000,000 | 5,693,700 | |
Series 2012 A: | |||
5% 12/1/22 | 2,220,000 | 2,605,148 | |
5% 12/1/23 | 2,300,000 | 2,699,027 | |
Series 2014 C: | |||
5% 12/1/29 (a) | 720,000 | 806,069 | |
5% 12/1/31(a) | 860,000 | 955,142 | |
5% 12/1/34 (a) | 1,655,000 | 1,818,183 | |
Series 2015 F, 5% 12/1/27 (a) | 4,810,000 | 5,535,300 | |
West Ottawa Pub. School District: | |||
Series 2012 A: | |||
5% 5/1/25 | 4,310,000 | 5,025,589 | |
5% 5/1/26 | 2,000,000 | 2,323,220 | |
Series 2014 1: | |||
5% 5/1/30 | 725,000 | 833,330 | |
5% 5/1/32 | 500,000 | 571,145 | |
5% 5/1/34 | 900,000 | 1,020,987 | |
5% 5/1/35 | 250,000 | 283,020 | |
Western Michigan Univ. Rev.: | |||
Series 2008, 5% 11/15/20 (Pre-Refunded to 5/15/18 @ 100) | 5,280,000 | 5,782,656 | |
Series 2014: | |||
5% 11/15/17 | 45,000 | 48,348 | |
5% 11/15/25 | 320,000 | 383,488 | |
5% 11/15/26 | 400,000 | 475,160 | |
5% 11/15/28 | 650,000 | 763,152 | |
5% 11/15/29 | 750,000 | 876,705 | |
5% 11/15/30 | 855,000 | 995,075 | |
5% 11/15/31 | 700,000 | 809,354 | |
Series 2015 A: | |||
5% 11/15/26 | 1,000,000 | 1,206,500 | |
5% 11/15/28 | 2,505,000 | 2,976,291 | |
Willow Run Cmnty. Schools County of Washtenaw Series 2005, 5% 5/1/17 (FSA Insured) | 1,875,000 | 1,879,969 | |
Zeeland Pub. Schools: | |||
5% 5/1/27 (FSA Insured) | 1,000,000 | 1,179,320 | |
5% 5/1/28 (FSA Insured) | 500,000 | 583,410 | |
5% 5/1/29 (FSA Insured) | 1,000,000 | 1,158,870 | |
5% 5/1/30 (FSA Insured) | 1,000,000 | 1,153,600 | |
TOTAL MICHIGAN | 610,496,732 | ||
Virgin Islands - 0.5% | |||
Virgin Islands Pub. Fin. Auth.: | |||
(Cruzan Proj.) Series 2009 A, 6% 10/1/39 | 1,500,000 | 1,645,050 | |
Series 2009 B, 5% 10/1/25 | 1,200,000 | 1,319,388 | |
TOTAL VIRGIN ISLANDS | 2,964,438 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $584,577,575) | 619,104,323 | ||
TOTAL INVESTMENT PORTFOLIO - 97.6% | |||
(Cost $584,577,575) | 619,104,323 | ||
NET OTHER ASSETS (LIABILITIES) - 2.4% | 15,101,297 | ||
NET ASSETS - 100% | $634,205,620 |
Legend
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
Investment Valuation
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):
General Obligations | 36.1% |
Health Care | 17.0% |
Escrowed/Pre-Refunded | 13.8% |
Education | 7.4% |
Water & Sewer | 7.4% |
Transportation | 5.7% |
Others* (Individually Less Than 5%) | 12.6% |
100.0% |
* Includes net other assets
See accompanying notes which are an integral part of the financial statements.
Fidelity® Michigan Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
December 31, 2015 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $584,577,575) | $619,104,323 | |
Cash | 33,789,725 | |
Receivable for fund shares sold | 412,504 | |
Interest receivable | 5,782,253 | |
Prepaid expenses | 1,258 | |
Other receivables | 727 | |
Total assets | 659,090,790 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $23,930,185 | |
Payable for fund shares redeemed | 92,383 | |
Distributions payable | 571,006 | |
Accrued management fee | 185,646 | |
Other affiliated payables | 54,915 | |
Other payables and accrued expenses | 51,035 | |
Total liabilities | 24,885,170 | |
Net Assets | $634,205,620 | |
Net Assets consist of: | ||
Paid in capital | $600,116,791 | |
Undistributed net investment income | 170,177 | |
Accumulated undistributed net realized gain (loss) on investments | (608,096) | |
Net unrealized appreciation (depreciation) on investments | 34,526,748 | |
Net Assets, for 51,217,846 shares outstanding | $634,205,620 | |
Net Asset Value, offering price and redemption price per share ($634,205,620 ÷ 51,217,846 shares) | $12.38 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended December 31, 2015 | ||
Investment Income | ||
Interest | $21,562,165 | |
Expenses | ||
Management fee | $2,133,277 | |
Transfer agent fees | 484,612 | |
Accounting fees and expenses | 143,850 | |
Custodian fees and expenses | 9,080 | |
Independent trustees' compensation | 2,458 | |
Registration fees | 24,975 | |
Audit | 52,498 | |
Legal | 54,855 | |
Miscellaneous | 11,621 | |
Total expenses before reductions | 2,917,226 | |
Expense reductions | (7,129) | 2,910,097 |
Net investment income (loss) | 18,652,068 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 196,475 | |
Total net realized gain (loss) | 196,475 | |
Change in net unrealized appreciation (depreciation) on investment securities | 2,430,258 | |
Net gain (loss) | 2,626,733 | |
Net increase (decrease) in net assets resulting from operations | $21,278,801 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended December 31, 2015 | Year ended December 31, 2014 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $18,652,068 | $19,069,352 |
Net realized gain (loss) | 196,475 | (784,852) |
Change in net unrealized appreciation (depreciation) | 2,430,258 | 29,876,877 |
Net increase (decrease) in net assets resulting from operations | 21,278,801 | 48,161,377 |
Distributions to shareholders from net investment income | (18,621,343) | (19,039,526) |
Distributions to shareholders from net realized gain | – | (579,735) |
Total distributions | (18,621,343) | (19,619,261) |
Share transactions | ||
Proceeds from sales of shares | 107,376,253 | 62,013,114 |
Reinvestment of distributions | 12,034,426 | 12,624,695 |
Cost of shares redeemed | (57,660,123) | (61,673,896) |
Net increase (decrease) in net assets resulting from share transactions | 61,750,556 | 12,963,913 |
Redemption fees | 1,745 | 681 |
Total increase (decrease) in net assets | 64,409,759 | 41,506,710 |
Net Assets | ||
Beginning of period | 569,795,861 | 528,289,151 |
End of period (including undistributed net investment income of $170,177 and undistributed net investment income of $139,453, respectively) | $634,205,620 | $569,795,861 |
Other Information | ||
Shares | ||
Sold | 8,719,799 | 5,115,885 |
Issued in reinvestment of distributions | 977,711 | 1,042,579 |
Redeemed | (4,695,016) | (5,113,438) |
Net increase (decrease) | 5,002,494 | 1,045,026 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Michigan Municipal Income Fund
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $12.33 | $11.70 | $12.54 | $12.24 | $11.66 |
Income from Investment Operations | |||||
Net investment income (loss)A | .387 | .422 | .437 | .445 | .463 |
Net realized and unrealized gain (loss) | .050 | .642 | (.777) | .303 | .586 |
Total from investment operations | .437 | 1.064 | (.340) | .748 | 1.049 |
Distributions from net investment income | (.387) | (.421) | (.436) | (.444) | (.462) |
Distributions from net realized gain | – | (.013) | (.064) | (.004) | (.007) |
Total distributions | (.387) | (.434) | (.500) | (.448) | (.469) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $12.38 | $12.33 | $11.70 | $12.54 | $12.24 |
Total ReturnC | 3.61% | 9.23% | (2.75)% | 6.19% | 9.20% |
Ratios to Average Net AssetsD | |||||
Expenses before reductions | .49% | .48% | .48% | .49% | .49% |
Expenses net of fee waivers, if any | .49% | .48% | .48% | .49% | .49% |
Expenses net of all reductions | .49% | .48% | .48% | .48% | .49% |
Net investment income (loss) | 3.15% | 3.49% | 3.59% | 3.57% | 3.90% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $634,206 | $569,796 | $528,289 | $693,682 | $621,994 |
Portfolio turnover rate | 11% | 12% | 8% | 10% | 9% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Michigan Municipal Money Market Fund
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
Days | % of fund's investments 12/31/15 | % of fund's investments 6/30/15 | % of fund's investments 12/31/14 |
1 - 7 | 76.0 | 62.5 | 63.1 |
8 - 30 | 5.6 | 7.1 | 5.7 |
31 - 60 | 4.4 | 11.2 | 14.2 |
61 - 90 | 1.9 | 4.4 | 3.3 |
91 - 180 | 1.5 | 4.9 | 1.7 |
> 180 | 10.6 | 9.9 | 12.0 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Weighted Average Maturity
12/31/15 | 6/30/15 | 12/31/14 | |
Fidelity Michigan Municipal Money Market Fund | 33 Days | 41 Days | 37 Days |
All Tax-Free Money Market Funds Average(a) | 28 Days | 32 Days | 37 Days |
(a) Source: iMoneyNet, Inc.
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
12/31/15 | 6/30/15 | 12/31/14 | |
Fidelity Michigan Municipal Money Market Fund | 33 Days | 41 Days | 37 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 December 31, 2015 | ||
Variable Rate Demand Notes (VRDNs) | 49.9% | |
Other Municipal Debt | 34.0% | |
Investment Companies | 10.9% | |
Net Other Assets (Liabilities) | 5.2% |
As of June 30, 2015 | ||
Variable Rate Demand Notes (VRDNs) | 47.5% | |
Other Municipal Debt | 40.5% | |
Investment Companies | 9.4% | |
Net Other Assets (Liabilities) | 2.6% |
Current And Historical 7-Day Yields
12/31/15 | 9/30/15 | 6/30/15 | 3/31/15 | 12/31/14 | |
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 December 31, 2015, the most recent period shown in the table, would have been -0.46%.
Fidelity® Michigan Municipal Money Market Fund
Investments December 31, 2015
Showing Percentage of Net Assets
Variable Rate Demand Note - 49.9% | |||
Principal Amount | Value | ||
Alabama - 0.0% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.42% 1/7/16, VRDN (a)(b) | $600,000 | $600,000 | |
Delaware - 0.5% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | |||
Series 1987, 0.1% 1/4/16, VRDN (a)(b) | 2,000,000 | 2,000,000 | |
Series 1988, 0.1% 1/4/16, VRDN (a)(b) | 500,000 | 500,000 | |
Series 1994, 0.1% 1/4/16, VRDN (a)(b) | 1,900,000 | 1,900,000 | |
Series 1999 A, 0.08% 1/7/16, VRDN (b) | 400,000 | 400,000 | |
4,800,000 | |||
Georgia - 0.4% | |||
Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Bowen Proj.) First Series 2009, 0.13% 1/7/16, VRDN (b) | 3,200,000 | 3,200,000 | |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.): | |||
Eighth Series 1994, 0.21% 1/4/16, VRDN (b) | 700,000 | 700,000 | |
Second Series 1995, 0.22% 1/4/16, VRDN (b) | 400,000 | 400,000 | |
4,300,000 | |||
Louisiana - 0.0% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 A1, 0.4% 1/7/16, VRDN (b) | 300,000 | 300,000 | |
Michigan - 47.0% | |||
Central Michigan Univ. Rev. Series 2008 A, 0.01% 1/7/16, LOC JPMorgan Chase Bank, VRDN (b) | 17,490,000 | 17,490,000 | |
Grand Traverse County Hosp. Series 2011 B, 0.05% 1/7/16, LOC JPMorgan Chase Bank, VRDN (b) | 19,825,000 | 19,825,000 | |
Grand Valley Michigan State Univ. Rev. Series 2008 B, 0.01% 1/7/16, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 27,940,000 | 27,940,000 | |
Kent Hosp. Fin. Auth. Hosp. Facilities Rev.: | |||
(Metropolitan Hosp. Proj.) Series 2012, 0.01% 1/7/16, LOC Bank of America NA, VRDN (b) | 17,715,000 | 17,715,000 | |
(Spectrum Health Sys. Proj.) Series 2008 C, 0.01% 1/7/16, LOC Bank of New York, New York, VRDN (b) | 1,055,000 | 1,055,000 | |
Livonia Econ. Dev. Corp. (Madonna Univ. Proj.) Series 2009, 0.01% 1/7/16, LOC Fed. Home Ln. Bank Chicago, VRDN (b) | 21,775,000 | 21,775,000 | |
Michigan Bldg. Auth. Rev.: | |||
Series 2007 1, 0.01% 1/7/16, LOC Citibank NA, VRDN (b) | 13,420,000 | 13,420,000 | |
Series 2011 B, 0.01% 1/7/16, LOC Citibank NA, VRDN (b) | 24,895,000 | 24,895,000 | |
Michigan Fin. Auth. Rev.: | |||
(Healthcare Equip. Ln. Prog.) Series 2015 C, 0.1% 1/7/16, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 1,500,000 | 1,500,000 | |
Participating VRDN Series 15 XF0126, 0.02% 1/7/16 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 2,000,000 | 2,000,000 | |
Series 22 A, 0.02% 1/7/16, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | 54,100,000 | 54,100,001 | |
Michigan Higher Ed. Rev. (Univ. of Detroit Mercy Proj.) Series 2007, 0.01% 1/4/16, LOC Comerica Bank, VRDN (b) | 5,175,000 | 5,175,000 | |
Michigan Hosp. Fin. Auth. Rev.: | |||
(Trinity Health Sys. Proj.) Series 2005 E, 0.01% 1/7/16, VRDN (b) | 14,000,000 | 14,000,000 | |
Series B, 0.01% 1/7/16, LOC JPMorgan Chase Bank, VRDN (b) | 18,590,000 | 18,590,000 | |
Michigan Hsg. Dev. Auth. Ltd.: | |||
(Sand Creek Apts., Phase I Proj.) Series 2007 A, 0.04% 1/7/16, LOC Citibank NA, VRDN (a)(b) | 3,595,000 | 3,595,000 | |
(Sand Creek II Apts. Proj.) Series 2007 A, 0.04% 1/7/16, LOC Citibank NA, VRDN (a)(b) | 5,345,000 | 5,345,000 | |
(Teal Run I Apts. Proj.) Series 2007 A, 0.04% 1/7/16, LOC Citibank NA, VRDN (a)(b) | 6,180,000 | 6,180,000 | |
Michigan Hsg. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Canton Club East Apts. Proj.) Series 1998 A, 0.04% 1/7/16, LOC Fannie Mae, VRDN (a)(b) | 6,200,000 | 6,200,000 | |
(Hunt Club Apts. Proj.) 0.04% 1/7/16, LOC Fannie Mae, VRDN (a)(b) | 5,865,000 | 5,865,000 | |
Michigan Hsg. Dev. Ltd. Oblig. Rev. (JAS Non-Profit Hsg. Corp. VI Proj.) Series 2000, 0.01% 1/7/16, LOC JPMorgan Chase Bank, VRDN (b) | 5,300,000 | 5,300,000 | |
Michigan State Univ. Revs. Series 2000 A, 0.01% 1/7/16 (Liquidity Facility Northern Trust Co.), VRDN (b) | 28,035,000 | 28,035,000 | |
Michigan Strategic Fund Indl. Dev. Rev. (Lapeer Industries, Inc. Proj.) Series 2007, 0.15% 1/7/16, LOC Bank of America NA, VRDN (a)(b) | 695,000 | 695,000 | |
Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
(Air Products and Chemicals, Inc. Proj.) Series 2007 V1, 0.01% 1/4/16, VRDN (b) | 39,830,000 | 39,830,000 | |
(Consumers Energy Co. Proj.): | |||
0.01% 1/7/16, LOC JPMorgan Chase Bank, VRDN (b) | 30,500,000 | 30,500,000 | |
0.02% 1/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 1,900,000 | 1,900,000 | |
(Greenpath, Inc. Proj.) Series 2011, 0.02% 1/7/16, LOC PNC Bank NA, VRDN (b) | 4,955,000 | 4,955,000 | |
(Henry Ford Museum & Greenfield Village Proj.) Series 2002, 0.01% 1/4/16, LOC Comerica Bank, VRDN (b) | 21,800,000 | 21,800,000 | |
(The Kroger Co. Recovery Zone Facilities Bond Proj.) Series 2010, 0.01% 1/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b) | 19,000,000 | 19,000,000 | |
(The YMCA of Greater Grand Rapids Proj.) Series 2010, 0.02% 1/7/16, LOC Comerica Bank, VRDN (b) | 9,310,000 | 9,310,000 | |
Oakland County Econ. Dev. Corp. Ltd. Oblig. Rev. (Osmic, Inc. Proj.) Series 2001 A, 0.06% 1/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 2,800,000 | 2,800,000 | |
Univ. of Michigan Rev.: | |||
Participating VRDN: | |||
Series 15 XF2199, 0.02% 1/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c) | 6,190,000 | 6,190,000 | |
Series 15 XF2205, 0.01% 1/7/16 (Liquidity Facility Citibank NA) (b)(c) | 1,400,000 | 1,400,000 | |
Series 2012 A, 0.01% 1/7/16, VRDN (b) | 3,130,000 | 3,130,000 | |
Series 2012 D2, 0.01% 1/7/16, VRDN (b) | 25,305,000 | 25,305,000 | |
466,815,001 | |||
Nebraska - 0.0% | |||
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.42% 1/7/16, VRDN (a)(b) | 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, 0.13% 1/7/16, VRDN (b) | 1,400,000 | 1,400,000 | |
Series 2012 A, 0.13% 1/7/16, VRDN (a)(b) | 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, 0.01% 1/7/16, LOC Fannie Mae, VRDN (a)(b) | 10,000,000 | 10,000,000 | |
Texas - 0.5% | |||
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
Series 2001 A, 0.27% 1/4/16, VRDN (b) | 600,000 | 600,000 | |
Series 2004, 0.26% 1/7/16, VRDN (a)(b) | 400,000 | 400,000 | |
Series 2009 C, 0.26% 1/4/16, VRDN (b) | 900,000 | 900,000 | |
Series 2010 B, 0.27% 1/4/16, VRDN (b) | 885,000 | 885,000 | |
Series 2010 C, 0.26% 1/4/16, VRDN (b) | 300,000 | 300,000 | |
Series 2010 D, 0.26% 1/4/16, VRDN (b) | 1,500,000 | 1,500,000 | |
4,585,000 | |||
Virginia - 0.2% | |||
Newport News Indl. Dev. Auth. (CNU Warwick LLC Student Apts. Proj.) 0.08% 1/7/16, LOC Bank of America NA, VRDN (b) | 1,625,000 | 1,625,000 | |
Wyoming - 0.1% | |||
Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 0.19% 1/7/16, VRDN (a)(b) | 600,000 | 600,000 | |
TOTAL VARIABLE RATE DEMAND NOTE | |||
(Cost $496,125,001) | 496,125,001 | ||
Other Municipal Debt - 34.0% | |||
Georgia - 0.4% | |||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A2, 0.07%, tender 4/1/16 (Liquidity Facility Royal Bank of Canada) (b) | 3,585,000 | 3,585,000 | |
Massachusetts - 0.2% | |||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1993 A: | |||
0.4% tender 1/14/16, CP mode | 1,000,000 | 1,000,000 | |
0.4% tender 1/27/16, CP mode | 800,000 | 800,000 | |
1,800,000 | |||
Michigan - 33.2% | |||
Ann Arbor Pub. School District Bonds 5% 5/1/16 (Michigan Gen. Oblig. Guaranteed) | 1,180,000 | 1,198,113 | |
Farmington Pub. School District Gen. Oblig. Bonds 3% 5/1/16 | 5,150,000 | 5,190,695 | |
Grand Valley Michigan State Univ. Rev. Bonds Series 2009, 5.625% 12/1/16 (Pre-Refunded to 12/1/16 @ 100) | 1,180,000 | 1,234,435 | |
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, 0.21%, tender 7/28/16 (b) | 27,915,000 | 27,915,000 | |
Michigan Bldg. Auth. Rev.: | |||
Bonds (Facilities Prog.) Series 2013 1A, 5% 10/15/16 | 2,875,000 | 2,978,827 | |
Series 7, 0.07% 2/18/16, LOC State Street Bank & Trust Co., Boston, LOC U.S. Bank NA, Cincinnati, CP | 36,000,000 | 36,000,000 | |
Michigan Fin. Auth. Rev. Bonds: | |||
Series 2010 A, 5% 12/1/16 | 1,000,000 | 1,039,860 | |
Series 2012 A: | |||
5% 1/1/16 | 14,610,000 | 14,610,000 | |
5% 7/1/16 | 12,700,000 | 12,995,159 | |
Series 2013 M1, 0.13%, tender 3/1/16 (b) | 10,000,000 | 10,000,000 | |
Series 2015 A, 3% 5/15/16 | 2,050,000 | 2,069,985 | |
Series 2015 MI, 5% 12/1/16 | 1,600,000 | 1,667,068 | |
Michigan Gen. Oblig. Bonds (Envir. Prog.) Series 2008 A, 5% 5/1/16 | 3,900,000 | 3,961,446 | |
Michigan Hosp. Fin. Auth. Rev. Bonds: | |||
(Ascension Health Sr. Cr. Group Proj.) Series 2010 F: | |||
0.19%, tender 7/28/16 (b) | 12,910,000 | 12,910,000 | |
0.19%, tender 7/28/16 (b) | 8,635,000 | 8,635,000 | |
0.19%, tender 7/28/16 (b) | 15,200,000 | 15,200,000 | |
(Trinity Health Sys. Proj.) Series 2008 C: | |||
0.04% tender 1/4/16, CP mode | 14,000,000 | 14,000,000 | |
0.04% tender 1/4/16, CP mode | 28,600,000 | 28,600,000 | |
0.04% tender 1/8/16, CP mode | 9,000,000 | 9,000,000 | |
0.05% tender 1/15/16, CP mode | 9,900,000 | 9,900,000 | |
Series 1999 B3, 0.3%, tender 2/3/16 (b) | 3,200,000 | 3,200,014 | |
Series 2012 A, 5% 6/1/16 | 1,400,000 | 1,426,297 | |
6% 12/1/16 | 5,180,000 | 5,434,708 | |
Michigan State Univ. Revs. Bonds Series WF 11 33 C, 0.14%, tender 3/10/16 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(d) | 7,610,000 | 7,610,000 | |
Univ. of Michigan Rev.: | |||
Bonds Series 2009 B: | |||
0.02% tender 1/4/16, CP mode | 26,000,000 | 26,000,000 | |
0.02% tender 1/15/16, CP mode | 7,000,000 | 7,000,000 | |
0.03% tender 1/4/16, CP mode | 8,000,000 | 8,000,000 | |
0.04% tender 1/25/16, CP mode | 9,900,000 | 9,900,000 | |
Series J1: | |||
0.02% 1/5/16, CP | 10,000,000 | 10,000,000 | |
0.03% 1/20/16, CP | 14,910,000 | 14,910,000 | |
0.04% 1/4/16, CP | 7,000,000 | 7,000,000 | |
Series J2, 0.07% 8/29/16, CP | 9,900,000 | 9,900,000 | |
329,486,607 | |||
New Hampshire - 0.2% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 1990 A, 0.45% tender 1/27/16, CP mode (a) | 200,000 | 200,000 | |
Series 1990 A1: | |||
0.5% tender 2/8/16, CP mode (a) | 800,000 | 800,000 | |
0.5% tender 2/12/16, CP mode (a) | 700,000 | 700,000 | |
Series 1990 B, 0.48% tender 2/5/16, CP mode | 400,000 | 400,000 | |
2,100,000 | |||
West Virginia - 0.0% | |||
Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1996, 0.45% tender 1/27/16, CP mode (a) | 500,000 | 500,000 | |
TOTAL OTHER MUNICIPAL DEBT | |||
(Cost $337,471,607) | 337,471,607 | ||
Shares | Value | ||
Investment Company - 10.9% | |||
Fidelity Municipal Cash Central Fund, 0.02% (e)(f) | |||
(Cost $108,681,000) | 108,681,000 | 108,681,000 | |
TOTAL INVESTMENT PORTFOLIO - 94.8% | |||
(Cost $942,277,608) | 942,277,608 | ||
NET OTHER ASSETS (LIABILITIES) - 5.2% | 51,459,334 | ||
NET ASSETS - 100% | $993,736,942 |
Security Type Abbreviations
CP – COMMERCIAL PAPER
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
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.
Legend
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) Provides evidence of ownership in one or more underlying municipal bonds.
(d) 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.
(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Cost |
Michigan State Univ. Revs. Bonds Series WF 11 33 C, 0.14%, tender 3/10/16 (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 | $42,530 |
Total | $42,530 |
Investment Valuation
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.
Fidelity® Michigan Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
December 31, 2015 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $833,596,608) | $833,596,608 | |
Fidelity Central Funds (cost $108,681,000) | 108,681,000 | |
Total Investments (cost $942,277,608) | $942,277,608 | |
Cash | 50,762,535 | |
Receivable for fund shares sold | 9,403,973 | |
Interest receivable | 872,365 | |
Distributions receivable from Fidelity Central Funds | 1,895 | |
Prepaid expenses | 2,174 | |
Other receivables | 1,650 | |
Total assets | 1,003,322,200 | |
Liabilities | ||
Payable for fund shares redeemed | $9,456,903 | |
Distributions payable | 435 | |
Accrued management fee | 38,362 | |
Other affiliated payables | 9,812 | |
Other payables and accrued expenses | 79,746 | |
Total liabilities | 9,585,258 | |
Net Assets | $993,736,942 | |
Net Assets consist of: | ||
Paid in capital | $993,735,752 | |
Distributions in excess of net investment income | (1,861) | |
Accumulated undistributed net realized gain (loss) on investments | 3,051 | |
Net Assets, for 992,596,033 shares outstanding | $993,736,942 | |
Net Asset Value, offering price and redemption price per share ($993,736,942 ÷ 992,596,033 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended December 31, 2015 | ||
Investment Income | ||
Interest | $652,735 | |
Income from Fidelity Central Funds | 42,530 | |
Total income | 695,265 | |
Expenses | ||
Management fee | $3,617,470 | |
Transfer agent fees | 1,447,942 | |
Accounting fees and expenses | 117,317 | |
Custodian fees and expenses | 9,485 | |
Independent trustees' compensation | 4,132 | |
Registration fees | 28,311 | |
Audit | 38,780 | |
Legal | 6,861 | |
Miscellaneous | 55,805 | |
Total expenses before reductions | 5,326,103 | |
Expense reductions | (4,731,066) | 595,037 |
Net investment income (loss) | 100,228 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 3,904 | |
Total net realized gain (loss) | 3,904 | |
Net increase in net assets resulting from operations | $104,132 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended December 31, 2015 | Year ended December 31, 2014 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $100,228 | $99,592 |
Net realized gain (loss) | 3,904 | (552) |
Net increase in net assets resulting from operations | 104,132 | 99,040 |
Distributions to shareholders from net investment income | (100,222) | (101,460) |
Share transactions at net asset value of $1.00 per share | ||
Proceeds from sales of shares | 2,126,419,383 | 2,312,251,944 |
Reinvestment of distributions | 95,842 | 96,902 |
Cost of shares redeemed | (2,177,007,905) | (2,345,811,798) |
Net increase (decrease) in net assets and shares resulting from share transactions | (50,492,680) | (33,462,952) |
Total increase (decrease) in net assets | (50,488,770) | (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 $1,861 and distributions in excess of net investment income of $1,868, respectively) | $993,736,942 | $1,044,225,712 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Michigan Municipal Money Market Fund
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | |||||
Net investment income (loss)A | – | – | – | – | – |
Net realized and unrealized gain (loss)A | – | – | – | – | – |
Total from investment operationsA | – | – | – | – | – |
Distributions from net investment incomeA | – | – | – | – | – |
Distributions from net realized gain | – | – | –A | – | – |
Total distributionsA | – | – | – | – | – |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnB | .01% | .01% | .02% | .01% | .01% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .53% | .53% | .54% | .55% | .55% |
Expenses net of fee waivers, if any | .06% | .07% | .11% | .19% | .22% |
Expenses net of all reductions | .06% | .07% | .11% | .19% | .22% |
Net investment income (loss) | .01% | .01% | .01% | .01% | .01% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $993,737 | $1,044,226 | $1,077,691 | $985,600 | $875,636 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C 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.
D 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.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended December 31, 2015
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 affiliated 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 .005%.
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, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, 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 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 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
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. As of December 31, 2015, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Money Market Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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 capital loss carryforwards.
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 appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities | |
Fidelity Michigan Municipal Income Fund | $584,415,697 | $34,751,002 | $(62,376) | $34,688,626 |
Fidelity Michigan Municipal Money Market Fund | 942,277,608 | – | – | – |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
Undistributed tax-exempt income | Undistributed ordinary income | Capital loss carryforward | Net unrealized appreciation (depreciation) on securities and other investments | |
Fidelity Michigan Municipal Income Fund | $8,970 | $– | $(608,096) | $34,688,626 |
Fidelity Michigan Municipal Money Market Fund | – | 3,051 | – | – |
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 fiscal period end and is subject to adjustment.
No expiration | ||
Short-term | Total capital loss carryforward | |
Fidelity Michigan Municipal Income Fund | $(608,096) | $(608,096) |
The tax character of distributions paid was as follows:
December 31, 2015 | |||
Tax-Exempt Income | Long-term Capital Gains | Total | |
Fidelity Michigan Municipal Income Fund | $18,621,343 | $– | $18,621,343 |
Fidelity Michigan Municipal Money Market Fund | 100,222 | – | 100,222 |
December 31, 2014 | |||
Tax-Exempt Income | Long-term Capital Gains | Total | |
Fidelity Michigan Municipal Income Fund | $19,039,526 | $579,735 | $19,619,261 |
Fidelity Michigan Municipal Money Market Fund | 101,460 | – | 101,460 |
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.
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $125,942,432 and $65,617,659, 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 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 annual management fee rate expressed as a percentage of each Fund's average net assets was as follows.
Individual Rate | Group Rate | Total | |
Fidelity Michigan Municipal 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 annual rates expressed as a percentage of average net assets:
Fidelity Michigan Municipal Income Fund | .08% |
Fidelity Michigan 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.
Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. For the Income Fund, interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
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 | $ 835 |
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 $4,719,718.
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 expense reduction | |
Fidelity Michigan Municipal Income Fund | $5,818 |
Fidelity Michigan Municipal Money Market Fund | 9,027 |
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses as follows:
Amount | |
Fidelity Michigan Municipal Income Fund | $1,311 |
Fidelity Michigan Municipal Money Market Fund | 2,321 |
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.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Municipal Trust and Fidelity Municipal Trust II and the Shareholders of Fidelity Michigan Municipal Income Fund and Fidelity Michigan Municipal Money Market Fund:
In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Michigan Municipal Income Fund (a fund of Fidelity Municipal Trust) and Fidelity Michigan Municipal Money Market Fund (a fund of Fidelity Municipal Trust II) at December 31, 2015 the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity Michigan Municipal Income Fund's and Fidelity Michigan Municipal Money Market Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 17, 2016
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trusts and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Elizabeth S. Acton, John Engler, and Geoffrey A. von Kuhn, each of the Trustees oversees 236 funds. Ms. Acton and Mr. Engler each oversees 228 funds. Mr. von Kuhn oversees 148 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Trustee of Fidelity Municipal Trust
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trusts or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors/trustees for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Member of the Advisory Board of Fidelity Municipal Trust II
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2015-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Timothy Huyck (1964)
Year of Election or Appointment: 2015
Vice President of Fidelity's Money Market Funds
Mr. Huyck also serves as Vice President of other funds. Mr. Huyck serves as Chief Investment Officer of Fidelity's Money Market Funds (2015-present) and is an employee of Fidelity Investments (1990-present).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John F. Papandrea (1972)
Year of Election or Appointment: 2016
Anti-Money Laundering (AML) Officer
Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2009
Assistant Treasurer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013
Deputy Treasurer
Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).
Christine J. Thompson (1958)
Year of Election or Appointment: 2015
Vice President of Fidelity's Bond Funds
Ms. Thompson also serves as Vice President of other funds. Ms. Thompson also serves as Chief Investment Officer of FMR's Bond Group (2010-present) and is an employee of Fidelity Investments (1985-present). Previously, Ms. Thompson served as Vice President of Fidelity's Bond Funds (2010-2012).
Michael H. Whitaker (1967)
Year of Election or Appointment: 2008
Chief Compliance Officer
Mr. Whitaker also serves as Chief Compliance Officer of other funds. Mr. Whitaker also serves as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2014-present), FMR (investment adviser firm, 2014-present), and Fidelity Investments Money Management, Inc. (investment adviser firm, 2014-present) and is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011
Deputy Treasurer
Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments (1991-present). Previously, Mr. Zambello served as Vice President of the Program Management Group of FMR (investment adviser firm, 2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
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 (July 1, 2015 to December 31, 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.
Annualized Expense Ratio-A | Beginning Account Value July 1, 2015 | Ending Account Value December 31, 2015 | Expenses Paid During Period-B July 1, 2015 to December 31, 2015 | |
Fidelity Michigan Municipal Income Fund | .48% | |||
Actual | $1,000.00 | $1,031.40 | $2.46 | |
Hypothetical-C | $1,000.00 | $1,022.79 | $2.45 | |
Fidelity Michigan Municipal Money Market Fund | .05% | |||
Actual | $1,000.00 | $1,000.10 | $.25 | |
Hypothetical-C | $1,000.00 | $1,024.95 | $.26 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
During fiscal year ended 2015, 100% of Fidelity Michigan Municipal Income Fund and Fidelity Michigan Municipal Money Market Fund's income dividends were free from federal income tax, and 1.91% of Fidelity Michigan Municipal Income Fund and 12.93% of Fidelity Michigan Municipal Money Market Fund's income dividends were subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Michigan Municipal Income Fund / Fidelity Michigan Municipal Money Market Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2015 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with each fund; and (iv) the extent to which (if any) economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds and diversified international funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching active fixed-income exchange-traded funds; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (x) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (xi) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xii) implementing changes to Fidelity's money market product line in response to recent money market regulatory reforms.Investment Performance (for Fidelity Michigan Municipal Income Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods.Investment Performance (for Fidelity Michigan Municipal Money Market Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a peer group of funds with similar objectives ("peer group").In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors.The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods.Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should benefit the shareholders of each fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and considered by the Board.Fidelity Michigan Municipal Income Fund
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img51965020.jpg)
Fidelity Michigan Municipal Money Market Fund
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img51965198.jpg)
Proxy Voting Results
A special meeting of Fidelity® Michigan Municipal Income Fund's shareholders was held on November 18, 2015. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees. | ||
# of Votes | % of Votes | |
Elizabeth S. Acton | ||
Affirmative | 5,161,119,572.85 | 97.256 |
Withheld | 145,658,558.01 | 2.744 |
TOTAL | 5,306,778,130.86 | 100.000 |
John Engler | ||
Affirmative | 5,146,088,620.45 | 96.972 |
Withheld | 160,689,510.41 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Albert R. Gamper, Jr. | ||
Affirmative | 5,139,390,851.27 | 96.846 |
Withheld | 167,387,279.59 | 3.154 |
TOTAL | 5,306,778,130.86 | 100.000 |
Robert F. Gartland | ||
Affirmative | 5,156,371,432.16 | 97.166 |
Withheld | 150,406,698.70 | 2.834 |
TOTAL | 5,306,778,130.86 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 5,146,073,980.40 | 96.972 |
Withheld | 160,704,150.46 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Arthur E. Johnson | ||
Affirmative | 5,154,966,257.69 | 97.140 |
Withheld | 151,811,873.17 | 2.860 |
TOTAL | 5,306,778,130.86 | 100.000 |
Michael E. Kenneally | ||
Affirmative | 5,159,083,013.51 | 97.217 |
Withheld | 147,695,117.35 | 2.783 |
TOTAL | 5,306,778,130.86 | 100.000 |
James H. Keyes | ||
Affirmative | 5,140,479,428.90 | 96.867 |
Withheld | 166,298,701.96 | 3.133 |
TOTAL | 5,306,778,130.86 | 100.000 |
Marie L. Knowles | ||
Affirmative | 5,154,662,494.64 | 97.134 |
Withheld | 152,115,636.22 | 2.866 |
TOTAL | 5,306,778,130.86 | 100.000 |
Geoffrey A. von Kuhn | ||
Affirmative | 5,150,464,060.01 | 97.055 |
Withheld | 156,314,070.85 | 2.945 |
TOTAL | 5,306,778,130.86 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
MIR-ANN-0216
1.540080.118
Fidelity® Municipal Income Fund Annual Report December 31, 2015 |
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Contents
Board Approval of Investment Advisory Contracts and Management Fees | |
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. © 2016 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.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended December 31, 2015 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Municipal Income Fund | 3.31% | 5.78% | 4.71% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Municipal Income Fund on December 31, 2005.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® Municipal Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img47705044_740.jpg)
Period Ending Values | ||
$15,839 | Fidelity® Municipal Income Fund | |
$15,853 | Barclays® Municipal Bond Index |
Management's Discussion of Fund Performance
Market Recap: Tax-exempt municipal bonds posted a moderate gain for calendar year 2015, driven by strong demand and limited supply. The Barclays® Municipal Bond Index returned 3.30% for the year. However, the muni market faced a volatile stretch between April and June, when the focus of the market shifted to the credit challenges of a handful of high-profile issuers, including Puerto Rico, New Jersey, Illinois and Chicago. A common theme of unfunded pension liabilities for these issuers overshadowed a generally stable credit environment for state and local governments more broadly. The tax advantages of munis continued to appeal to investors, due to the higher federal income-tax rates and 3.8% Medicare tax on non-municipal investment income that took effect in 2013. At period end, investors continued to watch the flow of U.S. economic data for hints as to whether, when and by how much the U.S. Federal Reserve may raise policy interest rates in 2016, on the heels of its quarter-point rate hike in mid-December.Comments from Lead Portfolio Manager Jamie Pagliocco: For the year, the fund gained 3.31%, net of fees, slightly lagging the 3.67% gain of the benchmark Barclays® 3+ Year Municipal Bond Index. I continued to base our investment decisions on longer-term objectives, seeking attractive tax-exempt income and competitive risk-adjusted returns, including both price appreciation and income, over time. Versus the benchmark, the fund’s larger-than-benchmark weightings in bonds appropriated by the state of New Jersey, as well as bonds backed by the city of Chicago and related entities, were the primary drag on performance. State-appropriated bonds from New Jersey underperformed amid worries about the state's credit outlook in response to budget challenges and unfunded pension liabilities. Debt backed by Chicago and closely related credits also performed poorly, as pension reform became more difficult, and one major credit-rating agency assigned Chicago a below-investment-grade rating. In contrast, the fund’s larger-than-benchmark exposure to bonds that were advance refunded during the period was a plus, as such refinancings typically result in price gains for bondholders, because the bonds’ durations shorten and their credit quality rises. Our decision to overweight health care bonds also provided a boost. These securities turned in above-benchmark performance primarily due to robust demand from investors seeking the relatively higher yields these bonds offered.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Five States as of December 31, 2015
% of fund's net assets | % of fund's net assets 6 months ago | |
Illinois | 17.2 | 17.3 |
California | 15.3 | 16.4 |
Florida | 12.9 | 13.0 |
Texas | 8.6 | 9.1 |
New York | 7.9 | 7.5 |
Top Five Sectors as of December 31, 2015
% of fund's net assets | % of fund's net assets 6 months ago | |
General Obligations | 31.9 | 34.2 |
Health Care | 18.4 | 18.8 |
Transportation | 15.8 | 12.7 |
Escrowed/Pre-Refunded | 9.3 | 9.7 |
Electric Utilities | 7.9 | 8.3 |
Weighted Average Maturity as of December 31, 2015
6 months ago | ||
Years | 6.0 | 6.0 |
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 December 31, 2015
6 months ago | ||
Years | 6.6 | 6.9 |
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 December 31, 2015 | ||
AAA | 4.5% | |
AA,A | 78.1% | |
BBB | 8.6% | |
BB and Below | 2.9% | |
Not Rated | 4.0% | |
Short-Term Investments and Net Other Assets | 1.9% |
As of June 30, 2015 | ||
AAA | 3.9% | |
AA,A | 82.2% | |
BBB | 8.2% | |
BB and Below | 2.1% | |
Not Rated | 4.5% | |
Short-Term Investments and Net Other Assets | (0.9)*% |
* Short-Term Investments and Net Other Assets (Liabilities) 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.
Investments December 31, 2015
Showing Percentage of Net Assets
Municipal Bonds - 97.9% | |||
Principal Amount (000s) | Value (000s) | ||
Alabama - 0.3% | |||
Birmingham Gen. Oblig. Series 2013 A, 0% 3/1/32 (a) | 3,500 | 3,725 | |
Jefferson County Ltd. Oblig. School Warrants Series 2004 A, 5.5% 1/1/22 | 5,600 | 5,635 | |
Montgomery Med. Clinic Facilities: | |||
4% 3/1/36 (b) | $500 | $498 | |
5% 3/1/33 (b) | 4,000 | 4,425 | |
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5.75% 9/1/22 | 3,000 | 3,355 | |
TOTAL ALABAMA | 17,638 | ||
Arizona - 1.9% | |||
Arizona Ctfs. of Prtn. Series 2010 A: | |||
5% 10/1/18 (FSA Insured) | 2,670 | 2,929 | |
5.25% 10/1/20 (FSA Insured) | 8,000 | 9,095 | |
5.25% 10/1/26 (FSA Insured) | 2,570 | 2,906 | |
5.25% 10/1/28 (FSA Insured) | 8,345 | 9,371 | |
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.): | |||
Series 2007 B, 1.028%, tender 1/1/37 (c) | 3,000 | 2,716 | |
Series 2008 D: | |||
5.5% 1/1/38 | 12,000 | 12,860 | |
6% 1/1/27 | 2,600 | 2,838 | |
Arizona State Lottery Rev. Series 2010 A, 5% 7/1/21 (FSA Insured) | 5,800 | 6,590 | |
Glendale Gen. Oblig. Series 2015, 4% 7/1/20 (FSA Insured) | 2,600 | 2,842 | |
Goodyear McDowell Road Commercial Corridor Impt. District 5.25% 1/1/18 (AMBAC Insured) | 1,660 | 1,727 | |
Marana Muni. Property Corp. Facilities Rev. Series 2008 A, 5% 7/1/21 | 1,580 | 1,729 | |
Maricopa County Indl. Dev. Auth. Hosp. Facilities Rev. (Samaritan Health Svcs. Proj.) Series 1990 A, 7% 12/1/16 (Escrowed to Maturity) | 270 | 286 | |
Maricopa County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 5% 6/1/35 | 3,600 | 3,962 | |
McAllister Academic Village LLC Rev. (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2008, 5.25% 7/1/39 | 4,800 | 5,177 | |
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 | 15,714 | |
Phoenix Civic Impt. Corp. Excise Tax Rev. Series 2011 C: | |||
5% 7/1/22 | 1,000 | 1,177 | |
5% 7/1/23 | 2,000 | 2,348 | |
Pima County Swr. Sys. Rev.: | |||
Series 2011 B, 5% 7/1/22 | 1,500 | 1,776 | |
Series 2012 A: | |||
5% 7/1/24 | 1,140 | 1,358 | |
5% 7/1/26 | 1,000 | 1,178 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2009 A, 5% 1/1/26 | 700 | 785 | |
Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007: | |||
5.25% 12/1/21 | 3,500 | 4,033 | |
5.5% 12/1/29 | 7,900 | 9,608 | |
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.) Series 2006 C, 5% 9/1/35 (FSA Insured) | 845 | 927 | |
Univ. Med. Ctr. Corp. Hosp. Rev. Series 2011, 6% 7/1/39 (Pre-Refunded to 7/1/21 @ 100) | 3,000 | 3,692 | |
TOTAL ARIZONA | 107,624 | ||
California - 15.3% | |||
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 | 2,621 | |
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 | 7,267 | |
Cabrillo Unified School District Series A, 0% 8/1/20 (AMBAC Insured) | 4,275 | 3,765 | |
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 | 2,127 | |
0% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,050 | 2,011 | |
0% 10/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,675 | 1,611 | |
0% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 4,289 | |
California Gen. Oblig.: | |||
Bonds 3%, tender 12/1/19 (c) | 22,700 | 24,043 | |
Series 2006: | |||
5% 9/1/33 | 5,580 | 5,720 | |
5% 9/1/33 (Pre-Refunded to 9/1/16 @ 100) | 10,265 | 10,579 | |
5% 9/1/35 (Pre-Refunded to 9/1/16 @ 100) | 1,350 | 1,391 | |
Series 2007, 5.625% 5/1/20 | 120 | 120 | |
5% 3/1/19 | 1,800 | 1,961 | |
5% 8/1/19 | 8,310 | 8,716 | |
5% 8/1/20 | 5,355 | 5,614 | |
5% 10/1/22 | 2,300 | 2,616 | |
5% 11/1/22 | 3,100 | 3,349 | |
5% 12/1/22 | 6,800 | 7,372 | |
5% 11/1/24 | 1,600 | 1,727 | |
5% 9/1/27 (Pre-Refunded to 9/1/16 @ 100) | 4,870 | 5,019 | |
5% 9/1/31 (Pre-Refunded to 9/1/16 @ 100) | 22,500 | 23,173 | |
5% 9/1/32 (Pre-Refunded to 9/1/16 @ 100) | 24,995 | 25,742 | |
5% 9/1/35 | 555 | 569 | |
5.25% 9/1/23 | 24,300 | 29,396 | |
5.25% 12/1/33 | 160 | 161 | |
5.25% 4/1/35 | 12,000 | 14,198 | |
5.25% 3/1/38 | 9,000 | 9,766 | |
5.25% 11/1/40 | 3,200 | 3,738 | |
5.5% 8/1/27 | 14,700 | 16,374 | |
5.5% 4/1/28 | 10 | 10 | |
5.5% 8/1/29 | 9,850 | 10,926 | |
5.5% 4/1/30 | 5 | 5 | |
5.5% 3/1/40 | 5,900 | 6,831 | |
5.6% 3/1/36 | 2,550 | 2,975 | |
5.75% 4/1/31 | 5,020 | 5,769 | |
6% 3/1/33 | 23,800 | 28,339 | |
6% 4/1/38 | 19,600 | 22,652 | |
6% 11/1/39 | 10,020 | 11,843 | |
6.5% 4/1/33 | 7,900 | 9,263 | |
California Health Facilities Fing. Auth. Rev.: | |||
(Catholic Healthcare West Proj.) Series 2009 E, 5.625% 7/1/25 | 10,000 | 11,488 | |
(St. Joseph Health Sys. Proj.) Series 2009 A, 5.75% 7/1/39 | 6,800 | 7,773 | |
(Stanford Hosp. & Clinics Proj.) Series 2010 B, 5.75% 11/15/31 | 12,500 | 14,761 | |
California Pub. Works Board Lease Rev.: | |||
(Coalinga State Hosp. Proj.) Series 2013 E: | |||
5% 6/1/27 | 6,730 | 8,006 | |
5% 6/1/28 | 6,175 | 7,318 | |
(Monterey Bay Campus Library Proj.) Series 2009 D, 6.25% 4/1/34 | 7,280 | 8,413 | |
(Office of Emergency Svcs. Proj.) Series 2007 A: | |||
5% 3/1/21 | 3,515 | 3,682 | |
5% 3/1/22 | 1,695 | 1,775 | |
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34 | 2,825 | 3,270 | |
(Univ. Proj.) Series 2011 B, 5.25% 10/1/26 | 2,515 | 2,998 | |
(Various Cap. Projs.): | |||
Series 2011 A: | |||
5% 10/1/27 | 10,000 | 11,730 | |
5.25% 10/1/26 | 5,000 | 5,948 | |
Series 2012 A: | |||
5% 4/1/25 | 4,700 | 5,583 | |
5% 4/1/26 | 13,495 | 15,988 | |
Series 2012 G, 5% 11/1/25 | 4,000 | 4,795 | |
(Various Judicial Council Projects) Series 2011 D: | |||
5% 12/1/22 | 4,100 | 4,887 | |
5% 12/1/23 | 7,355 | 8,744 | |
Series 2009 G1, 5.75% 10/1/30 | 2,500 | 2,882 | |
Series 2009 I: | |||
6.125% 11/1/29 | 1,600 | 1,876 | |
6.375% 11/1/34 | 4,600 | 5,463 | |
Series 2010 A, 5.75% 3/1/30 | 4,900 | 5,669 | |
California State Univ. Rev. Series 2009 A, 6% 11/1/40 | 5,000 | 5,705 | |
California Statewide Cmntys. Dev. Auth. Rev.: | |||
(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) | 5,000 | 5,493 | |
(Sutter Health Proj.) Series 2011 A, 6% 8/15/42 | 11,700 | 13,972 | |
Encinitas Union School District Series 1996: | |||
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,500 | 3,213 | |
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,810 | 2,507 | |
Fontana Unified School District Gen. Oblig. 5% 5/1/19 (Assured Guaranty Corp. Insured) | 1,300 | 1,467 | |
Long Beach Unified School District Series A: | |||
5.5% 8/1/28 | 3,810 | 4,365 | |
5.5% 8/1/29 | 2,000 | 2,288 | |
Los Angeles Cmnty. Redev. Agcy. Lease Rev. (Vermont Manchester Social Svcs. Proj.) Series 2005: | |||
5% 9/1/18 (AMBAC Insured) | 1,000 | 1,003 | |
5% 9/1/19 (AMBAC Insured) | 2,545 | 2,553 | |
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2012 C: | |||
5% 3/1/23 | 5,335 | 6,203 | |
5% 3/1/27 | 2,000 | 2,271 | |
Los Angeles Wastewtr. Sys. Rev. Series 2009 A: | |||
5.75% 6/1/34 | 4,325 | 4,929 | |
5.75% 6/1/34 (Pre-Refunded to 6/1/19 @ 100) | 5,390 | 6,240 | |
Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36 | 3,000 | 3,344 | |
Monrovia Unified School District Series B, 0% 8/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,525 | 2,766 | |
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. Series 2007, 5% 8/1/19 (AMBAC Insured) | 2,320 | 2,454 | |
North City West School Facilities Fing. Auth. Spl. Tax Series C, 5% 9/1/19 (AMBAC Insured) | 3,015 | 3,389 | |
Oakland Gen. Oblig.: | |||
Series 2009 B, 6% 1/15/34 (Pre-Refunded to 1/15/19 @ 100) | 2,500 | 2,870 | |
Series 2012: | |||
5% 1/15/26 | 4,535 | 5,187 | |
5% 1/15/28 | 4,345 | 4,943 | |
5% 1/15/29 | 5,370 | 6,090 | |
Oakland Unified School District Alameda County: | |||
Series 2009 A, 6.5% 8/1/22 | 2,320 | 2,706 | |
Series 2015 A: | |||
5% 8/1/25 (FSA Insured) | 2,400 | 2,938 | |
5% 8/1/26 | 1,025 | 1,224 | |
5% 8/1/27 (FSA Insured) | 1,160 | 1,396 | |
5% 8/1/29 | 1,750 | 2,046 | |
Oakland-Alameda County Coliseum Auth. (Oakland Coliseum Proj.) Series 2012 A: | |||
5% 2/1/19 | 4,190 | 4,671 | |
5% 2/1/24 | 8,200 | 9,493 | |
Port of Oakland Rev.: | |||
Series 2007 B, 5% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,000 | 7,501 | |
Series 2012 P: | |||
5% 5/1/23 (d) | 6,455 | 7,570 | |
5% 5/1/24 (d) | 9,900 | 11,508 | |
Series C, 5% 11/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,650 | 7,127 | |
Poway Unified School District: | |||
(District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 | 4,900 | 2,700 | |
Series B: | |||
0% 8/1/37 | 7,800 | 3,383 | |
0% 8/1/38 | 10,200 | 4,219 | |
0% 8/1/39 | 20,100 | 7,885 | |
0% 8/1/40 | 3,000 | 1,118 | |
0% 8/1/41 | 13,610 | 4,821 | |
Poway Unified School District Pub. Fing.: | |||
5% 9/1/26 | 1,275 | 1,493 | |
5% 9/1/29 | 2,650 | 3,020 | |
5% 9/1/31 | 1,200 | 1,346 | |
Sacramento City Fing. Auth. Rev. Series A, 0% 12/1/26 (FGIC Insured) | 4,200 | 2,902 | |
Sacramento Muni. Util. District Elec. Rev. Series 2012 Y, 5% 8/15/26 | 10,000 | 11,978 | |
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26 | 2,800 | 3,137 | |
San Diego Convention Ctr. Expansion Series 2012 A, 5% 4/15/25 | 10,425 | 12,193 | |
San Diego Unified School District: | |||
Series 2008 C: | |||
0% 7/1/34 | 3,600 | 1,808 | |
0% 7/1/39 | 9,650 | 3,824 | |
0% 7/1/41 | 21,370 | 7,730 | |
Series 2008 E: | |||
0% 7/1/47 (a) | 7,400 | 4,036 | |
0% 7/1/49 | 25,500 | 6,282 | |
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Series 2014 A, 5% 5/1/44 (d) | 12,800 | 14,253 | |
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 | 3,756 | |
San Jose Fing. Auth. Lease Rev. (Civic Ctr. Proj.) Series 2013 A: | |||
5% 6/1/27 | 4,610 | 5,463 | |
5% 6/1/30 | 16,190 | 19,029 | |
5% 6/1/31 | 11,785 | 13,808 | |
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (Pre-Refunded to 8/1/18 @ 100) | 6,375 | 7,238 | |
San Marcos Unified School District: | |||
Series 2010 A, 5% 8/1/38 | 5,150 | 5,708 | |
Series 2010 B, 0% 8/1/47 | 18,400 | 4,826 | |
San Mateo County Cmnty. College District Series A, 0% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,430 | 4,089 | |
Santa Monica-Malibu Unified School District Series 1999, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,815 | 2,604 | |
Sonoma County Jr. College District Rev. Series 2002, 5% 8/1/28 (FSA Insured) | 490 | 491 | |
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured) | 45,225 | 48,463 | |
Union Elementary School District: | |||
Series A, 0% 9/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,750 | 1,650 | |
Series B, 0% 9/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500 | 1,288 | |
Univ. of California Regents Med. Ctr. Pool Rev. Series 2013 J, 5% 5/15/48 | 4,000 | 4,446 | |
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 | 2,242 | |
5.25% 5/15/39 (Pre-Refunded to 5/15/19 @ 100) | 390 | 443 | |
Washington Township Health Care District Gen. Oblig. Series 2013 A, 5.5% 8/1/38 | 4,500 | 5,292 | |
Washington Township Health Care District Rev.: | |||
Series 2007 A: | |||
5% 7/1/18 | 1,185 | 1,245 | |
5% 7/1/27 | 1,840 | 1,924 | |
Series 2009 A, 5.75% 7/1/24 | 1,750 | 1,957 | |
Series 2010 A, 5.5% 7/1/38 | 3,815 | 4,054 | |
West Contra Costa Unified School District: | |||
(Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured) | 3,850 | 4,260 | |
Series 2012: | |||
5% 8/1/24 | 3,625 | 4,316 | |
5% 8/1/25 | 10,000 | 11,838 | |
TOTAL CALIFORNIA | 882,488 | ||
Colorado - 0.6% | |||
Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.): | |||
Series B, 0% 7/15/20 (Escrowed to Maturity) | 5,800 | 5,406 | |
0% 7/15/22 (Escrowed to Maturity) | 15,700 | 13,797 | |
Colorado Health Facilities Auth. Rev. (Parkview Episcopal Med. Ctr. Proj.) Series B: | |||
5% 9/1/19 | 1,115 | 1,188 | |
5% 9/1/22 | 1,500 | 1,601 | |
Denver City & County Arpt. Rev. Series 2007 E, 5% 11/15/32 (AMBAC Insured) | 2,500 | 2,678 | |
E-470 Pub. Hwy. Auth. Rev.: | |||
Series 2000 B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 12,075 | 10,881 | |
Series 2010 C, 5.375% 9/1/26 | 1,000 | 1,119 | |
TOTAL COLORADO | 36,670 | ||
Delaware - 0.1% | |||
Delaware Trans. Auth. (U.S. 301 Proj.) Series 2015, 5% 6/1/55 | 4,800 | 5,377 | |
District Of Columbia - 1.0% | |||
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 | 9,701 | |
District of Columbia Rev.: | |||
(Medlantic/Helix Proj.) Series 1998 C, 5% 8/15/17 (FSA Insured) | 1,700 | 1,809 | |
Series B, 4.75% 6/1/32 | 2,200 | 2,370 | |
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Series 2009 B: | |||
0% 10/1/33 (Assured Guaranty Corp. Insured) | 15,000 | 7,548 | |
0% 10/1/34 (Assured Guaranty Corp. Insured) | 15,000 | 7,195 | |
0% 10/1/35 (Assured Guaranty Corp. Insured) | 33,975 | 15,518 | |
0% 10/1/39 (Assured Guaranty Corp. Insured) | 5,030 | 1,884 | |
Washington D.C. Metropolitan Transit Auth. Rev. Series 2009 A: | |||
5.125% 7/1/32 | 1,000 | 1,108 | |
5.25% 7/1/27 | 4,390 | 4,931 | |
5.25% 7/1/28 | 3,000 | 3,360 | |
TOTAL DISTRICT OF COLUMBIA | 55,424 | ||
Florida - 12.9% | |||
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) | 1,055 | 1,107 | |
Boynton Beach Util. Sys. Rev. Series 2002, 5.5% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,300 | 3,779 | |
Brevard County School Board Ctfs. of Prtn. Series 2015 C: | |||
5% 7/1/25 | 2,000 | 2,409 | |
5% 7/1/26 | 1,000 | 1,191 | |
5% 7/1/28 | 1,745 | 2,053 | |
Broward County Arpt. Sys. Rev.: | |||
Series 2012 Q1, 5% 10/1/25 | 5,215 | 6,178 | |
Series A: | |||
5% 10/1/28 (d) | 2,500 | 2,931 | |
5% 10/1/30 (d) | 3,500 | 4,058 | |
5% 10/1/31 (d) | 2,000 | 2,310 | |
5% 10/1/32 (d) | 2,400 | 2,761 | |
Broward County School Board Ctfs. of Prtn.: | |||
Series 2007 A, 5% 7/1/19 (Pre-Refunded to 7/3/17 @ 100) | 3,700 | 3,934 | |
Series 2012 A: | |||
5% 7/1/23 | 21,020 | 24,782 | |
5% 7/1/27 | 5,695 | 6,539 | |
Series 2015 A: | |||
5% 7/1/24 | 1,915 | 2,320 | |
5% 7/1/26 | 7,200 | 8,718 | |
Series 2015 B: | |||
5% 7/1/24 | 1,940 | 2,350 | |
5% 7/1/25 | 2,355 | 2,878 | |
Broward County Wtr. & Swr. Util. Rev. Series 2009 A, 5.25% 10/1/34 (Pre-Refunded to 10/1/18 @ 100) | 8,500 | 9,482 | |
Citizens Property Ins. Corp.: | |||
Series 2011 A1: | |||
5% 6/1/19 | 1,715 | 1,916 | |
5% 6/1/20 | 3,000 | 3,425 | |
Series 2012 A1, 5% 6/1/21 | 8,400 | 9,787 | |
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011, 6.25% 10/1/39 | 24,450 | 28,700 | |
Duval County School Board Ctfs. of Prtn. Series 2015 B, 5% 7/1/32 | 12,225 | 14,078 | |
Emerald Coast Utils. Auth. Rev.: | |||
5.25% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,000 | |
5.25% 1/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,310 | 1,310 | |
Florida Board of Ed. Lottery Rev. Series 2011 A, 5% 7/1/20 | 12,400 | 14,329 | |
Florida Board of Ed. Pub. Ed. Cap. Outlay: | |||
Series 2006 C, 5% 6/1/29 | 4,500 | 4,798 | |
Series 2011 E, 5% 6/1/24 | 6,600 | 7,802 | |
Series 2011 F, 5% 6/1/23 | 6,070 | 7,203 | |
Series A, 5.5% 6/1/38 | 2,000 | 2,199 | |
Florida Dept. of Children and Family Svcs. Ctfs. of Prtn. (South Florida Evaluation Treatment Ctr. Proj.): | |||
5% 10/1/16 | 2,025 | 2,031 | |
5% 10/1/17 | 2,130 | 2,137 | |
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 | 6,486 | |
Florida Gen. Oblig.: | |||
Series 2008 A, 5.25% 7/1/37 | 3,000 | 3,205 | |
Series 2011 B, 5% 7/1/23 | 10,175 | 12,067 | |
Florida Mid-Bay Bridge Auth. Rev.: | |||
Series 2015 A, 5% 10/1/35 | 5,400 | 5,955 | |
Series 2015 C: | |||
5% 10/1/30 | 3,270 | 3,629 | |
5% 10/1/40 | 1,000 | 1,083 | |
Florida Muni. Pwr. Agcy. Rev.: | |||
(St. Lucie Proj.) Series 2012 A, 5% 10/1/26 | 3,100 | 3,636 | |
Series 2009 A, 6.25% 10/1/31 | 3,000 | 3,511 | |
Series 2015 B: | |||
5% 10/1/28 | 1,000 | 1,198 | |
5% 10/1/30 | 1,800 | 2,135 | |
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) | 520 | 521 | |
Halifax Hosp. Med. Ctr. Rev.: | |||
4% 6/1/27 | 1,200 | 1,251 | |
5% 6/1/25 | 1,285 | 1,492 | |
5% 6/1/26 | 1,375 | 1,583 | |
5% 6/1/46 | 2,510 | 2,693 | |
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.): | |||
Series 2006 G: | |||
5.125% 11/15/17 (Pre-Refunded to 11/15/16 @ 100) | 95 | 99 | |
5.125% 11/15/19 (Pre-Refunded to 11/15/16 @ 100) | 70 | 73 | |
5.125% 11/15/19 (Pre-Refunded to 11/15/16 @ 100) | 1,930 | 2,007 | |
Series 2008 B, 6% 11/15/37 | 11,000 | 12,692 | |
Hillsborough County Indl. Dev.: | |||
(H Lee Moffitt Cancer Ctr. Proj.) Series A: | |||
5% 7/1/17 | 1,930 | 2,041 | |
5% 7/1/18 | 2,125 | 2,246 | |
(Tampa Gen. Hosp. Proj.) Series 2006, 5.25% 10/1/41 | 8,525 | 8,752 | |
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 | 6,106 | |
Jacksonville Sales Tax Rev. Series 2012, 5% 10/1/24 | 5,500 | 6,501 | |
Lake County School Board Ctfs. of Prtn. Series 2014 A: | |||
5% 6/1/27 (FSA Insured) | 1,000 | 1,176 | |
5% 6/1/28 (FSA Insured) | 1,000 | 1,169 | |
5% 6/1/30 (FSA Insured) | 1,650 | 1,905 | |
Lee County Arpt. Rev. Series 2011 A, 5.375% 10/1/32 (d) | 5,260 | 5,993 | |
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 | 6,599 | |
5.5% 10/1/30 | 3,000 | 3,491 | |
Series 2012 A: | |||
5% 10/1/23 (d) | 7,500 | 8,762 | |
5% 10/1/24 (d) | 9,050 | 10,481 | |
5% 10/1/30 (d) | 6,095 | 6,869 | |
5% 10/1/31 (d) | 2,500 | 2,806 | |
Series 2014 A: | |||
5% 10/1/28 (d) | 4,000 | 4,624 | |
5% 10/1/33 (d) | 8,385 | 9,493 | |
5% 10/1/36 (d) | 12,740 | 14,279 | |
5% 10/1/37 | 11,100 | 12,666 | |
Series 2015 A: | |||
5% 10/1/29 (d) | 1,585 | 1,833 | |
5% 10/1/31 (d) | 1,330 | 1,525 | |
5% 10/1/35 (d) | 3,400 | 3,822 | |
Miami-Dade County Cap. Asset Acquisition Series 2012 A, 5% 10/1/26 | 3,750 | 4,386 | |
Miami-Dade County Expressway Auth.: | |||
Series 2014 A, 5% 7/1/44 | 3,000 | 3,363 | |
Series 2014 B: | |||
5% 7/1/26 | 2,500 | 2,982 | |
5% 7/1/27 | 1,750 | 2,074 | |
Miami-Dade County School Board Ctfs. of Prtn.: | |||
Series 2008 A: | |||
5% 8/1/17 (AMBAC Insured) | 3,500 | 3,723 | |
5% 8/1/18 (AMBAC Insured) | 4,000 | 4,372 | |
5% 8/1/20 (AMBAC Insured) | 2,500 | 2,722 | |
5% 8/1/21 (AMBAC Insured) | 5,095 | 5,548 | |
5% 8/1/22 (AMBAC Insured) | 3,325 | 3,618 | |
Series 2011 B, 5.625% 5/1/31 | 6,600 | 7,732 | |
Series 2015 A: | |||
5% 5/1/26 | 5,500 | 6,516 | |
5% 5/1/28 | 17,710 | 20,649 | |
Series 2015 B: | |||
5% 5/1/26 | 8,500 | 10,070 | |
5% 5/1/27 | 17,480 | 20,567 | |
5% 5/1/28 | 14,465 | 16,865 | |
Series 2016 A: | |||
5% 5/1/30 (b) | 3,900 | 4,561 | |
5% 5/1/32 (b) | 16,860 | 19,540 | |
Series 2016 B, 5% 8/1/26 (b) | 9,230 | 11,140 | |
Miami-Dade County Transit Sales Surtax Rev. Series 2012: | |||
5% 7/1/24 | 2,255 | 2,663 | |
5% 7/1/42 | 1,900 | 2,108 | |
Orange County Edl. Facilities Auth. Ed. Rev. (Rollins College Proj.): | |||
5.25% 12/1/32 (AMBAC Insured) | 1,350 | 1,443 | |
5.25% 12/1/37 (AMBAC Insured) | 1,365 | 1,453 | |
Orange County Health Facilities Auth.: | |||
(Orlando Health, Inc.) Series 2009, 5.125% 10/1/26 | 5,030 | 5,651 | |
Series 2012 A, 5% 10/1/42 | 14,700 | 15,537 | |
Series 2012 B, 5% 10/1/42 | 5,900 | 6,236 | |
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 | 4,926 | |
Orange County School Board Ctfs. of Prtn. Series 2015 C, 5% 8/1/30 | 8,500 | 10,076 | |
Orlando & Orange County Expressway Auth. Rev. Series 2012, 5% 7/1/22 | 2,500 | 2,991 | |
Orlando Utils. Commission Util. Sys. Rev.: | |||
Series 2009 B, 5% 10/1/33 | 3,700 | 4,083 | |
Series 2012 A: | |||
5% 10/1/23 | 2,300 | 2,818 | |
5% 10/1/25 | 1,100 | 1,380 | |
Series 2013 A, 5% 10/1/25 | 4,800 | 6,020 | |
Palm Beach County Health Facilities Auth. Hosp. Rev. Series 2014: | |||
5% 12/1/22 | 670 | 771 | |
5% 12/1/23 | 1,000 | 1,155 | |
5% 12/1/24 | 750 | 870 | |
5% 12/1/25 | 500 | 573 | |
Palm Beach County School Board Ctfs. of Prtn.: | |||
Series 2014 B: | |||
4% 8/1/20 | 5,000 | 5,552 | |
5% 8/1/20 | 6,010 | 6,938 | |
5% 8/1/24 | 3,500 | 4,262 | |
Series 2015 D: | |||
5% 8/1/28 | 4,035 | 4,870 | |
5% 8/1/29 | 13,665 | 16,351 | |
5% 8/1/30 | 14,105 | 16,746 | |
5% 8/1/31 | 14,165 | 16,739 | |
Palm Beach County Solid Waste Auth. Rev. Series 2011, 5% 10/1/24 | 11,100 | 13,248 | |
Port Orange Gen. Oblig. 5% 4/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,015 | 2,035 | |
South Lake County Hosp. District (South Lake Hosp., Inc.): | |||
Series 2009 A, 6.25% 4/1/39 | 3,300 | 3,704 | |
Series 2010: | |||
5% 10/1/25 | 4,140 | 4,653 | |
5.25% 10/1/34 | 3,500 | 3,879 | |
St. Johns County School Board 5.25% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,400 | 1,432 | |
St. Petersburg Pub. Util. Rev. Series 2009 A, 5.5% 10/1/37 | 7,000 | 7,981 | |
Tallahassee Health Facilities Rev. Series 2015 A: | |||
4% 12/1/35 | 3,300 | 3,269 | |
5% 12/1/40 | 1,900 | 2,066 | |
Tampa Health Sys. Rev. (Baycare Health Sys. Proj.) Series 2010, 5% 11/15/23 | 8,080 | 9,232 | |
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A, 5% 9/1/22 | 2,300 | 2,718 | |
Volusia County School Board Ctfs. of Prtn. (Master Lease Prog.) Series 2014 B, 5% 8/1/25 | 1,775 | 2,131 | |
Walton County School Board Ctfs. of Prtn. 5.25% 7/1/18 (FSA Insured) | 1,865 | 2,042 | |
TOTAL FLORIDA | 744,659 | ||
Georgia - 3.4% | |||
Atlanta Wtr. & Wastewtr. Rev.: | |||
Series 2009 A: | |||
6% 11/1/25 (Pre-Refunded to 11/1/19 @ 100) | 9,785 | 11,545 | |
6.25% 11/1/39 (Pre-Refunded to 11/1/19 @ 100) | 10,800 | 12,843 | |
5% 11/1/27 | 1,000 | 1,224 | |
5% 11/1/30 | 2,500 | 3,003 | |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | |||
(Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2013 A, 2.4%, tender 4/1/20 (c) | 8,100 | 8,244 | |
2.2%, tender 4/2/19 (c) | 3,000 | 3,042 | |
2.2%, tender 4/2/19 (c) | 300 | 304 | |
2.2%, tender 4/2/19 (c) | 6,500 | 6,592 | |
2.2%, tender 4/2/19 (c) | 4,100 | 4,158 | |
Colquitt County Dev. Auth. Rev. Series C, 0% 12/1/21 (Escrowed to Maturity) | 10,200 | 9,306 | |
DeKalb County Hosp. Auth. Rev. (DeKalb Med. Ctr., Inc. Proj.) Series 2010: | |||
6% 9/1/30 | 7,745 | 8,538 | |
6.125% 9/1/40 | 9,310 | 10,113 | |
DeKalb County Wtr. & Swr. Rev. Series 2011 A: | |||
5.25% 10/1/36 | 3,000 | 3,459 | |
5.25% 10/1/41 | 5,600 | 6,370 | |
Fulton County Wtr. & Swr. Rev. Series 2011: | |||
5% 1/1/23 | 1,500 | 1,743 | |
5% 1/1/24 | 6,500 | 7,552 | |
Georgia Gen. Oblig. Series 2007 E, 5% 8/1/22 | 575 | 614 | |
Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
Series C, 5% 1/1/22 | 7,700 | 9,083 | |
Series GG, 5% 1/1/22 | 4,000 | 4,743 | |
Georgia Muni. Gas Auth. Rev. (Gas Portfolio III Proj.) Series S: | |||
5% 10/1/22 | 3,425 | 4,008 | |
5% 10/1/23 | 4,000 | 4,736 | |
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series A, 5.25% 9/15/19 | 1,915 | 2,150 | |
Metropolitan Atlanta Rapid Transit Auth. Sales Tax Rev. Third Series 2009 A, 5.25% 7/1/36 | 8,500 | 9,511 | |
Private Colleges & Univs. Auth. Rev. (The Savannah College of Arts and Design Projs.) Series 2014: | |||
5% 4/1/25 | 3,500 | 4,046 | |
5% 4/1/30 | 1,200 | 1,352 | |
Richmond County Dev. Auth. Rev. (Southern Care Corp. Facility Proj.): | |||
Series A, 0% 12/1/21 (Escrowed to Maturity) | 5,615 | 5,123 | |
Series C, 0% 12/1/21 (Escrowed to Maturity) | 19,400 | 17,700 | |
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009, 5.5% 1/1/36 | 13,550 | 14,943 | |
Savannah Econ. Dev. Auth. Rev. (Southern Care Corp. Proj.) Series C, 0% 12/1/21 (Escrowed to Maturity) | 18,045 | 16,464 | |
Valdosta & Lowndes County Hosp. (South Georgia Med. Ctr. Proj.) 5% 10/1/20 | 1,570 | 1,680 | |
TOTAL GEORGIA | 194,189 | ||
Hawaii - 0.4% | |||
Hawaii Arpts. Sys. Rev. Series 2015 A: | |||
5% 7/1/41 (d) | 7,500 | 8,357 | |
5% 7/1/45 (d) | 10,375 | 11,516 | |
State of Hawaii Dept. of Trans. Series 2013: | |||
5.25% 8/1/24 (d) | 2,000 | 2,373 | |
5.25% 8/1/25 (d) | 2,500 | 2,941 | |
TOTAL HAWAII | 25,187 | ||
Idaho - 0.3% | |||
Idaho Health Facilities Auth. Rev.: | |||
(St. Luke's Health Sys. Proj.) Series 2008 A: | |||
6.5% 11/1/28 | 4,355 | 4,956 | |
6.75% 11/1/37 | 4,300 | 4,881 | |
(Trinity Health Group Proj.) 2008 B, 6.25% 12/1/33 (Pre-Refunded to 12/1/18 @ 100) | 2,190 | 2,514 | |
Series 2015 ID, 5% 12/1/25 | 2,750 | 3,385 | |
TOTAL IDAHO | 15,736 | ||
Illinois - 17.2% | |||
Boone & Winnebago County Cmnty. Unit School District 200: | |||
0% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,810 | 1,596 | |
0% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,950 | 1,653 | |
Chicago Board of Ed.: | |||
Series 1999 A, 0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,200 | 3,113 | |
Series 2008 C: | |||
5.25% 12/1/23 | 2,050 | 1,982 | |
5.25% 12/1/24 | 1,385 | 1,330 | |
Series 2009 D, 4% 12/1/16 (Assured Guaranty Corp. Insured) | 1,390 | 1,415 | |
Series 2010 F, 5% 12/1/20 | 1,100 | 1,080 | |
Series 2011 A: | |||
5.25% 12/1/41 | 4,475 | 3,878 | |
5.5% 12/1/39 | 7,900 | 7,169 | |
Series 2012 A, 5% 12/1/42 | 3,130 | 2,599 | |
Chicago Gen. Oblig.: | |||
(Cap. Impt. Proj.) Series 1999: | |||
0% 1/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,700 | 2,755 | |
0% 1/1/39 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 15,200 | 4,204 | |
(Neighborhoods Alive 21 Prog.) Series 2003, 5% 1/1/33 (AMBAC Insured) | 2,100 | 2,100 | |
Series 2004 A, 5.25% 1/1/29 (FSA Insured) | 435 | 435 | |
Series 2007 C, 5% 1/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 12,950 | 13,175 | |
Series 2009 A, 5% 1/1/22 | 1,720 | 1,791 | |
Series 2011 A, 5% 1/1/40 | 3,960 | 3,868 | |
Series 2012 A: | |||
5% 1/1/33 | 15,200 | 15,270 | |
5% 1/1/34 | 2,440 | 2,445 | |
Series 2012 C, 5% 1/1/23 | 4,570 | 4,804 | |
Series A, 5% 1/1/42 (AMBAC Insured) | 40 | 40 | |
5% 1/1/26 | 1,405 | 1,428 | |
5% 1/1/27 | 3,305 | 3,348 | |
5% 1/1/34 | 3,000 | 3,008 | |
5% 1/1/35 | 15,000 | 14,982 | |
5% 1/1/36 | 11,555 | 11,468 | |
Chicago Midway Arpt. Rev. Series 2014 A: | |||
5% 1/1/27 (d) | 10,330 | 11,623 | |
5% 1/1/28 (d) | 14,950 | 16,721 | |
5% 1/1/33 (d) | 5,375 | 5,882 | |
5% 1/1/34 (d) | 2,600 | 2,836 | |
Chicago O'Hare Int'l. Arpt. Rev.: | |||
Series 2011 C, 6.5% 1/1/41 | 19,600 | 23,518 | |
Series 2013 B, 5% 1/1/27 | 11,275 | 13,182 | |
Series 2013 D, 5% 1/1/27 | 1,000 | 1,169 | |
Chicago Park District Gen. Oblig.: | |||
Series 2013 A: | |||
5.5% 1/1/33 | 2,500 | 2,851 | |
5.75% 1/1/38 | 5,600 | 6,375 | |
Series 2014 B: | |||
5% 1/1/26 | 1,500 | 1,670 | |
5% 1/1/27 | 3,210 | 3,545 | |
5% 1/1/28 | 2,500 | 2,741 | |
Series 2014 C, 5% 1/1/26 | 1,865 | 2,076 | |
Chicago Transit Auth. Series 2014, 5.25% 12/1/49 | 13,000 | 14,136 | |
Chicago Transit Auth. Cap. Grant Receipts Rev. (Fed. Transit Administration Section 5307 Proj.) Series 2008 A: | |||
5.25% 6/1/23 (Assured Guaranty Corp. Insured) | 2,425 | 2,580 | |
5.25% 6/1/25 (Assured Guaranty Corp. Insured) | 3,495 | 3,703 | |
Chicago Wtr. Rev. Series 2000, 0% 11/1/16 (AMBAC Insured) | 7,555 | 7,414 | |
Cook County Forest Preservation District: | |||
(Ltd. Tax Proj.) Series 2012 B, 5% 12/15/37 | 2,500 | 2,663 | |
Series 2012 A, 5% 11/15/22 | 2,000 | 2,275 | |
Series 2012 C, 5% 12/15/37 | 1,000 | 1,065 | |
Cook County Gen. Oblig.: | |||
Series 2010 A, 5.25% 11/15/33 | 19,775 | 20,616 | |
Series 2010 G, 5% 11/15/25 | 3,400 | 3,697 | |
Series 2012 C: | |||
5% 11/15/24 | 9,400 | 10,392 | |
5% 11/15/25 (FSA Insured) | 15,070 | 16,524 | |
DuPage County Forest Preserve District Rev. Series 2000, 0% 11/1/17 | 6,665 | 6,529 | |
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 | 1,067 | |
Series 2006: | |||
5.25% 5/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,950 | 3,998 | |
5.5% 5/1/23 | 2,565 | 2,600 | |
Illinois Dedicated Tax Rev. Series B, 0% 12/15/18 (AMBAC Insured) | 4,500 | 4,036 | |
Illinois Dev. Fin. Auth. Retirement Hsg. Regency Park Rev. 0% 7/15/23 (Escrowed to Maturity) | 29,680 | 25,287 | |
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) (c) | 3,860 | 3,917 | |
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 | 4,942 | |
(Central DuPage Health Proj.) Series 2009 B, 5.375% 11/1/39 | 6,500 | 7,272 | |
(Children's Memorial Hosp. Proj.) Series 2008 A: | |||
5.25% 8/15/33 (Assured Guaranty Corp. Insured) | 7,800 | 8,468 | |
5.25% 8/15/47 (Assured Guaranty Corp. Insured) | 2,000 | 2,108 | |
(Edward Hosp. Obligated Group Proj.) Series 2008 A: | |||
5.5% 2/1/40 (AMBAC Insured) | 3,165 | 3,392 | |
6% 2/1/28 (AMBAC Insured) | 2,855 | 3,120 | |
(Newman Foundation Proj.): | |||
5% 2/1/32 (Radian Asset Assurance, Inc. Insured) | 1,300 | 1,318 | |
5% 2/1/37 (Radian Asset Assurance, Inc. Insured) | 10,000 | 10,116 | |
(Northwest Cmnty. Hosp. Proj.) Series 2008 A, 5.5% 7/1/38 | 12,615 | 13,719 | |
(Northwestern Memorial Hosp. Proj.) Series 2009 A, 6% 8/15/39 | 4,020 | 4,665 | |
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | |||
5.375% 5/15/25 | 25,230 | 29,132 | |
5.375% 5/15/30 | 6,160 | 7,010 | |
(Provena Health Proj.) Series 2010 A, 6% 5/1/28 | 13,500 | 15,482 | |
(Rush Univ. Med. Ctr. Proj.): | |||
Series 2009 C, 6.625% 11/1/39 (Pre-Refunded to 5/1/19 @ 100) | 8,200 | 9,637 | |
Series 2009 D, 6.625% 11/1/39 (Pre-Refunded to 5/1/19 @ 100) | 8,000 | 9,402 | |
(Silver Cross Hosp. and Med. Ctr. Proj.) Series 2008 A, 5.5% 8/15/30 | 1,645 | 1,767 | |
(Southern Illinois Healthcare Enterprises, Inc. Proj.) Series 2005, 5.25% 3/1/30 | 5,900 | 6,613 | |
(The Univ. of Chicago Med. Ctr. Proj.) Series 2009 B, 5% 8/15/23 | 5,550 | 6,340 | |
Series 2008 A: | |||
5.625% 1/1/37 | 27,960 | 29,699 | |
6% 2/1/24 | 300 | 329 | |
6.25% 2/1/33 (AMBAC Insured) | 300 | 328 | |
Series 2009 A, 7.25% 11/1/38 (Pre-Refunded to 11/1/18 @ 100) | 7,605 | 8,909 | |
Series 2009: | |||
6.875% 8/15/38 (Pre-Refunded to 8/15/19 @ 100) | 430 | 515 | |
7% 8/15/44 (Pre-Refunded to 8/15/19 @ 100) | 15,955 | 19,169 | |
Series 2010 A: | |||
5.5% 8/15/24 | 2,900 | 3,233 | |
5.5% 4/1/44 | 1,590 | 1,766 | |
5.5% 4/1/44 (Pre-Refunded to 4/1/19 @ 100) | 1,410 | 1,606 | |
5.75% 8/15/29 | 2,320 | 2,569 | |
Series 2010, 5.25% 5/1/25 | 7,000 | 8,053 | |
Series 2012 A, 5% 5/15/22 | 2,120 | 2,453 | |
Series 2012: | |||
4% 9/1/32 | 7,460 | 7,296 | |
5% 9/1/38 | 23,950 | 25,712 | |
5% 11/15/43 | 4,395 | 4,713 | |
Series 2013: | |||
5% 11/15/28 | 2,875 | 3,212 | |
5% 11/15/29 | 1,400 | 1,558 | |
5% 5/15/43 | 10,000 | 10,318 | |
5% 11/15/23 | 500 | 596 | |
5% 11/15/27 | 3,160 | 3,755 | |
5% 8/15/35 | 6,425 | 7,051 | |
5% 8/15/44 | 30,850 | 33,320 | |
Illinois Gen. Oblig.: | |||
Series 2006: | |||
5% 1/1/19 | 4,200 | 4,487 | |
5.5% 1/1/31 | 3,000 | 3,427 | |
Series 2010: | |||
5% 1/1/21 (FSA Insured) | 2,600 | 2,837 | |
5% 1/1/23 (FSA Insured) | 6,600 | 7,157 | |
Series 2012 A, 5% 1/1/33 | 4,700 | 4,938 | |
Series 2012: | |||
5% 8/1/19 | 2,500 | 2,695 | |
5% 8/1/21 | 2,000 | 2,203 | |
5% 3/1/23 | 4,000 | 4,383 | |
5% 8/1/23 | 3,900 | 4,313 | |
5% 3/1/35 | 2,000 | 2,095 | |
5% 3/1/37 | 1,000 | 1,042 | |
Series 2013 A, 5% 4/1/35 | 1,800 | 1,898 | |
Series 2014: | |||
5% 2/1/23 | 4,400 | 4,862 | |
5% 4/1/28 | 1,125 | 1,220 | |
5% 5/1/32 | 2,600 | 2,771 | |
5.25% 2/1/30 | 9,000 | 9,795 | |
5% 2/1/26 | 2,325 | 2,544 | |
Illinois Health Facilities Auth. Rev.: | |||
(Delnor-Cmnty. Hosp. Proj.) Series 2002 D, 5.25% 5/15/32 (FSA Insured) | 3,000 | 3,244 | |
(Lutheran Gen. Health Care Sys. Proj.) Series C, 6% 4/1/18 | 2,520 | 2,652 | |
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A: | |||
5% 2/1/25 | 8,110 | 9,724 | |
5% 2/1/26 | 4,370 | 5,237 | |
Illinois Reg'l. Trans. Auth. Series A, 8% 6/1/17 (AMBAC Insured) | 4,500 | 4,753 | |
Illinois Toll Hwy. Auth. Toll Hwy. Rev.: | |||
Series 2015 A, 5% 1/1/40 | 13,300 | 15,152 | |
Series 2015 B, 5% 1/1/40 | 7,400 | 8,476 | |
Series 2016 A: | |||
5% 12/1/31 (b) | 5,000 | 5,932 | |
5% 12/1/32 (b) | 7,900 | 9,297 | |
Kane & DeKalb Counties Cmnty. Unit School District #302 5.5% 2/1/25 (FSA Insured) | 3,000 | 3,011 | |
Kane, McHenry, Cook & DeKalb Counties Unit School District #300: | |||
0% 12/1/17 (AMBAC Insured) | 3,350 | 3,251 | |
0% 12/1/17 (Escrowed to Maturity) | 350 | 343 | |
0% 12/1/21 (AMBAC Insured) | 3,095 | 2,660 | |
0% 12/1/21 (Escrowed to Maturity) | 1,905 | 1,723 | |
6.5% 1/1/20 (AMBAC Insured) | 2,755 | 3,272 | |
6.5% 1/1/20 (Escrowed to Maturity) | 4,645 | 5,578 | |
6.5% 1/1/20 (Escrowed to Maturity) | 465 | 558 | |
Lake County Cmnty. Consolidated School District #73 Gen. Oblig. 0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,905 | 1,890 | |
Lake County Cmnty. High School District #117, Antioch Series B, 0% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,240 | 6,814 | |
McHenry & Kane Counties Cmnty. Consolidated School District #158: | |||
Series 2004, 0% 1/1/24 (FSA Insured) | 4,300 | 3,340 | |
0% 1/1/19 | 2,955 | 2,766 | |
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 | 3,226 | |
Series 1994 A, 0% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,935 | 2,709 | |
Series 1996 A, 0% 6/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,300 | 4,170 | |
Series 2002 A: | |||
0% 12/15/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 32,600 | 17,699 | |
0% 6/15/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,445 | 1,790 | |
Series 2010 B1: | |||
0% 6/15/43 (FSA Insured) | 45,400 | 12,058 | |
0% 6/15/44 (FSA Insured) | 53,800 | 13,578 | |
0% 6/15/45 (FSA Insured) | 27,900 | 6,689 | |
0% 6/15/47 (FSA Insured) | 16,540 | 3,577 | |
Series 2012 B: | |||
0% 12/15/51 | 16,200 | 2,328 | |
5% 6/15/52 | 17,900 | 18,466 | |
Series A, 0% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,345 | 3,090 | |
Series 1996 A, 0% 6/15/24 | 3,060 | 2,296 | |
Series A, 0% 12/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,155 | 1,959 | |
5.5% 6/15/20 | 1,625 | 1,721 | |
5.5% 6/15/20 (Pre-Refunded to 6/15/17 @ 100) | 375 | 404 | |
Quincy Hosp. Rev. Series 2007: | |||
5% 11/15/16 | 1,200 | 1,242 | |
5% 11/15/18 | 1,000 | 1,071 | |
Univ. of Illinois Board of Trustees Ctfs. of Prtn. Series 2009 A: | |||
5% 10/1/17 | 555 | 592 | |
5% 10/1/17 (Escrowed to Maturity) | 745 | 799 | |
5% 10/1/18 | 615 | 659 | |
5% 10/1/20 | 550 | 589 | |
5% 10/1/20 (Pre-Refunded to 10/1/17 @ 100) | 740 | 794 | |
Univ. of Illinois Rev.: | |||
(Auxiliary Facilities Sys. Proj.): | |||
Series 1991: | |||
0% 4/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 16,270 | 15,906 | |
0% 4/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 8,000 | 7,180 | |
Series 1999 A, 0% 4/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,965 | 4,303 | |
Series 2009 A, 5.75% 4/1/38 (Pre-Refunded to 4/1/19 @ 100) | 7,805 | 8,937 | |
Series 2010 A: | |||
5% 4/1/25 | 5,125 | 5,751 | |
5.25% 4/1/30 | 3,200 | 3,619 | |
Series 2013: | |||
6% 10/1/42 | 4,600 | 5,373 | |
6.25% 10/1/38 | 4,530 | 5,238 | |
Will County Cmnty. Unit School District #365-U: | |||
0% 11/1/16 (FSA Insured) | 4,885 | 4,838 | |
0% 11/1/17 (FSA Insured) | 3,200 | 3,115 | |
0% 11/1/19 (Escrowed to Maturity) | 675 | 639 | |
0% 11/1/19 (FSA Insured) | 4,325 | 3,996 | |
TOTAL ILLINOIS | 991,071 | ||
Indiana - 3.0% | |||
Crown Point Multi-School Bldg. Corp. 0% 1/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,480 | 6,748 | |
Hobart Bldg. Corp. Series 2006, 6.5% 1/15/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 25,900 | 31,041 | |
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 | 8,598 | |
Series 2009 A, 5.25% 11/1/39 | 5,300 | 5,895 | |
Indiana Fin. Auth. Rev.: | |||
(Trinity Health Cr. Group Proj.) Series 2009 A, 5.25% 12/1/38 | 8,000 | 8,901 | |
Series 2012: | |||
5% 3/1/30 | 3,900 | 4,344 | |
5% 3/1/41 | 7,070 | 7,648 | |
Series 2015 A, 5.25% 2/1/32 | 6,020 | 7,200 | |
Indiana Fin. Auth. Wastewtr. Util. Rev.: | |||
(CWA Auth. Proj.): | |||
Series 2012 A, 5% 10/1/26 | 2,545 | 2,994 | |
Series 2015 A: | |||
5% 10/1/30 | 4,820 | 5,653 | |
5% 10/1/45 | 25,600 | 28,878 | |
Series 2011 A, 5.25% 10/1/25 | 1,750 | 2,058 | |
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2011 A: | |||
5% 1/1/22 | 2,000 | 2,332 | |
5% 1/1/23 | 1,800 | 2,082 | |
Indiana Trans. Fin. Auth. Hwy. Rev. Series 1993 A: | |||
0% 6/1/16 (AMBAC Insured) | 6,470 | 6,456 | |
0% 6/1/18 (AMBAC Insured) | 1,700 | 1,649 | |
Indianapolis Local Pub. Impt. Bond Bank (Indianapolis Arpt. Auth. Proj.) Series 2006 F, 5% 1/1/17 (AMBAC Insured) (d) | 1,700 | 1,735 | |
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 | 4,150 | |
Lake Central Multi-District School Bldg. Corp. Series 2012 B: | |||
4% 7/15/18 | 400 | 428 | |
5% 1/15/30 | 24,540 | 27,894 | |
Purdue Univ. Rev. (Student Facilities Sys. Proj.) Series 2009 B: | |||
5% 7/1/24 | 1,150 | 1,301 | |
5% 7/1/25 | 1,000 | 1,130 | |
5% 7/1/26 | 1,325 | 1,495 | |
5% 7/1/29 | 670 | 753 | |
Zionsville Cmnty. Schools Bldg. Series 2005, 5% 7/15/20 (FSA Insured) | 1,945 | 2,210 | |
TOTAL INDIANA | 173,573 | ||
Iowa - 0.1% | |||
Iowa Fin. Auth. Health Facilities Rev. Series 2008 A, 5.625% 8/15/37 (Assured Guaranty Corp. Insured) | 4,800 | 5,415 | |
Kansas - 0.5% | |||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 C, 5.75% 11/15/38 | 10,600 | 12,120 | |
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 | 1,795 | |
Overland Park Sales Tax Spl. Oblig. Rev. Series 2012, 4.375% 12/15/23 | 4,700 | 4,281 | |
Wichita Hosp. Facilities Rev. (Via Christi Health Sys., Inc. Proj.) Series 2009 X, 4% 11/15/18 (Escrowed to Maturity) | 1,300 | 1,405 | |
Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev. Series 2012 A: | |||
5% 9/1/23 | 1,860 | 2,198 | |
5% 9/1/25 | 4,000 | 4,698 | |
TOTAL KANSAS | 26,497 | ||
Kentucky - 1.1% | |||
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 | 1,494 | |
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev.: | |||
(Baptist Healthcare Sys. Proj.) Series A: | |||
5% 8/15/16 | 9,410 | 9,636 | |
5% 8/15/17 | 3,650 | 3,876 | |
(St. Elizabeth Med. Ctr., Inc. Proj.) Series 2009 A, 5.5% 5/1/39 | 4,005 | 4,465 | |
Series 2010 A, 6% 6/1/30 | 1,795 | 2,037 | |
Series 2015 A: | |||
4.5% 6/1/46 | 2,960 | 2,975 | |
5.25% 6/1/50 | 18,075 | 19,190 | |
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 | 5,341 | |
Louisville & Jefferson County Series 2013 A: | |||
5.5% 10/1/33 | 2,900 | 3,328 | |
5.75% 10/1/38 | 7,410 | 8,635 | |
Pikeville Hosp. Rev. (Pikeville Med. Ctr., Inc. Proj.) Series 2011, 6.5% 3/1/41 | 3,000 | 3,493 | |
TOTAL KENTUCKY | 64,470 | ||
Louisiana - 0.8% | |||
Louisiana Citizens Property Ins. Corp. Assessment Rev. Series 2015: | |||
5% 6/1/20 | 3,000 | 3,422 | |
5% 6/1/22 (FSA Insured) | 4,000 | 4,715 | |
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 | 2,495 | |
Louisiana Pub. Facilities Auth. Rev. (Nineteenth Judicial District Court Proj.) Series 2007: | |||
5.375% 6/1/19 (Pre-Refunded to 6/1/17 @ 100) | 1,000 | 1,065 | |
5.375% 6/1/32 (Pre-Refunded to 6/1/17 @ 100) | 1,000 | 1,065 | |
New Orleans Aviation Board Rev.: | |||
(North Term. Proj.) Series 2015 B: | |||
5% 1/1/29 (d) | 2,400 | 2,741 | |
5% 1/1/30 (d) | 2,000 | 2,274 | |
5% 1/1/31 (d) | 2,500 | 2,832 | |
Series 2007 A, 5% 1/1/17 (FSA Insured) (d) | 1,420 | 1,476 | |
Series 2007 B2, 5% 1/1/16 (FSA Insured) (d) | 1,000 | 1,000 | |
New Orleans Gen. Oblig. Series 2012: | |||
5% 12/1/22 | 8,645 | 10,260 | |
5% 12/1/30 | 2,000 | 2,261 | |
5% 12/1/31 | 1,000 | 1,125 | |
5% 12/1/32 | 1,500 | 1,680 | |
Tobacco Settlement Fing. Corp. Series 2013 A: | |||
5% 5/15/22 | 5,000 | 5,740 | |
5% 5/15/23 | 1,300 | 1,502 | |
TOTAL LOUISIANA | 45,653 | ||
Maine - 0.1% | |||
Maine Tpk. Auth. Tpk. Rev.: | |||
Series 2009, 6% 7/1/38 (Pre-Refunded to 7/1/19 @ 100) | 2,700 | 3,154 | |
Series 2015: | |||
5% 7/1/32 | 1,050 | 1,240 | |
5% 7/1/36 | 2,600 | 3,024 | |
TOTAL MAINE | 7,418 | ||
Maryland - 0.6% | |||
Baltimore Convention Ctr. Hotel Rev. Series A, 5.25% 9/1/39 (XL Cap. Assurance, Inc. Insured) | 4,710 | 4,760 | |
Baltimore Proj. Rev. (Wtr. Proj.) Series 2009 A, 5.75% 7/1/39 (Pre-Refunded to 7/1/19 @ 100) | 1,250 | 1,445 | |
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 | 1,017 | |
5% 6/1/19 (CIFG North America Insured) | 1,500 | 1,525 | |
Maryland Health & Higher Edl. Facilities Auth. Rev.: | |||
(Anne Arundel Health Sys. Proj.) Series 2010, 5% 7/1/40 | 2,000 | 2,157 | |
(Doctors Cmnty. Hosp. Proj.) Series 2010, 5.75% 7/1/38 | 5,090 | 5,405 | |
(Univ. of Maryland Med. Sys. Proj.) Series 2010, 5.125% 7/1/39 | 4,400 | 4,791 | |
(Washington County Health Sys. Proj.) Series 2008, 6% 1/1/28 (Pre-Refunded to 1/1/18 @ 100) | 5,000 | 5,495 | |
Series 2010, 5.625% 7/1/30 | 2,865 | 3,070 | |
Series 2015: | |||
5% 7/1/40 | 1,000 | 1,091 | |
5% 7/1/45 | 5,000 | 5,424 | |
TOTAL MARYLAND | 36,180 | ||
Massachusetts - 0.7% | |||
Massachusetts Bay Trans. Auth. Series 1992 B, 6.2% 3/1/16 | 440 | 444 | |
Massachusetts Dev. Fin. Agcy. Rev.: | |||
(Boston Univ. Proj.) Series U4, 5.7% 10/1/40 | 7,500 | 8,532 | |
Series 2011 I, 6.75% 1/1/36 | 3,000 | 3,519 | |
Series 2013 B1, 4.75% 11/15/20 (e) | 6,660 | 6,667 | |
Series 2015 D, 5% 7/1/44 | 5,205 | 5,673 | |
5.5% 7/1/44 | 6,300 | 6,749 | |
Massachusetts Health & Edl. Facilities Auth. Rev.: | |||
(Blood Research Institute Proj.) Series A, 6.5% 2/1/22 (f) | 2,165 | 2,174 | |
(South Shore Hosp. Proj.) Series F, 5.75% 7/1/29 | 4,455 | 4,462 | |
TOTAL MASSACHUSETTS | 38,220 | ||
Michigan - 2.2% | |||
Detroit School District Series 2012 A, 5% 5/1/23 | 4,000 | 4,701 | |
Detroit Swr. Disp. Rev.: | |||
Series 2001 E, 5.75% 7/1/31 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 4,000 | 4,385 | |
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% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,685 | 1,719 | |
Series 2006 B, 7% 7/1/36 (FSA Insured) | 4,900 | 5,734 | |
DeWitt Pub. Schools Gen. Oblig. 5% 5/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,650 | 1,791 | |
Lansing Board of Wtr. & Lt. Util. Rev. 5.5% 7/1/41 | 2,500 | 2,912 | |
Lapeer Cmnty. Schools Series 2007, 5% 5/1/33 (FSA Insured) | 2,600 | 2,780 | |
Michigan Fin. Auth. Rev.: | |||
Series 2012 A: | |||
4.125% 6/1/32 (Pre-Refunded to 6/1/22 @ 100) | 6,325 | 7,256 | |
5% 6/1/20 (Escrowed to Maturity) | 2,050 | 2,373 | |
5% 6/1/27 (Pre-Refunded to 6/1/22 @ 100) | 3,000 | 3,620 | |
5% 6/1/39 (Pre-Refunded to 6/1/22 @ 100) | 6,350 | 7,663 | |
Series 2012, 5% 11/15/42 | 11,825 | 12,860 | |
Series 2015 MI, 5% 12/1/24 | 4,445 | 5,438 | |
Series MI: | |||
5.5% 12/1/26 | 4,500 | 5,729 | |
5.5% 12/1/27 | 4,750 | 6,010 | |
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 | 3,331 | |
Series 2008 A1: | |||
6.5% 12/1/33 | 825 | 942 | |
6.5% 12/1/33 (Pre-Refunded to 12/1/18 @ 100) | 3,175 | 3,667 | |
Series 2012 A: | |||
5% 6/1/23 | 2,395 | 2,841 | |
5% 6/1/26 | 2,000 | 2,324 | |
Portage Pub. Schools 5% 5/1/21 (FSA Insured) | 6,300 | 6,835 | |
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 | 4,043 | |
Three Rivers Cmnty. Schools 5% 5/1/21 (FSA Insured) | 1,710 | 1,856 | |
Wayne County Arpt. Auth. Rev. Series 2015 G, 5% 12/1/28 (d) | 5,500 | 6,289 | |
TOTAL MICHIGAN | 127,951 | ||
Minnesota - 0.8% | |||
Maple Grove Health Care Facilities Series 2015, 5% 9/1/29 | 2,830 | 3,182 | |
Maple Grove Health Care Sys. Rev.: | |||
(Maple Grove Hosp. Corp. Proj.) Series 2007, 5.25% 5/1/28 | 3,500 | 3,651 | |
5% 5/1/20 | 1,000 | 1,047 | |
Minnesota 911 Rev. (Pub. Safety Radio Communications Sys. Proj.) Series 2009, 5% 6/1/20 (Assured Guaranty Corp. Insured) | 3,835 | 4,340 | |
Saint Paul Hsg. & Redev. Auth. Hosp. Rev. (HealthEast Care Sys. Proj.) Series 2015 A, 5% 11/15/44 | 1,515 | 1,640 | |
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 | 6,216 | |
Series 2009, 5.75% 7/1/39 (Pre-Refunded to 7/1/19 @ 100) | 20,700 | 23,929 | |
TOTAL MINNESOTA | 44,005 | ||
Missouri - 0.4% | |||
Kansas City Spl. Oblig.: | |||
5% 9/1/26 | 1,185 | 1,326 | |
5% 9/1/27 | 490 | 548 | |
5% 9/1/28 | 1,000 | 1,113 | |
5% 9/1/29 | 1,000 | 1,110 | |
5% 9/1/30 | 1,390 | 1,540 | |
Metropolitan St. Louis Swr. District Wastewtr. Sys. Rev. Series 2008 A, 5.75% 5/1/38 (Pre-Refunded to 5/1/17 @ 100) | 1,000 | 1,068 | |
Missouri Dev. Fin. Board Infrastructure Facilities Rev. (City of Branson-Branson Landing Proj.) Series 2005 A, 6% 6/1/20 | 1,750 | 1,883 | |
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Series 2015 B: | |||
3.125% 2/1/27 | 800 | 797 | |
3.25% 2/1/28 | 800 | 798 | |
4% 2/1/40 | 700 | 707 | |
5% 2/1/31 | 2,595 | 2,984 | |
5% 2/1/33 | 2,870 | 3,270 | |
5% 2/1/36 | 2,300 | 2,586 | |
5% 2/1/45 | 3,600 | 3,980 | |
TOTAL MISSOURI | 23,710 | ||
Nebraska - 0.3% | |||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 B, 0.778% 12/1/17 (c) | 7,900 | 7,814 | |
Douglas County Hosp. Auth. #2 Health Facilities Rev.: | |||
6% 8/15/23 | 1,210 | 1,309 | |
6% 8/15/23 (Pre-Refunded to 8/15/17 @ 100) | 920 | 997 | |
6% 8/15/28 | 1,980 | 2,136 | |
6% 8/15/28 (Pre-Refunded to 8/15/17 @ 100) | 1,520 | 1,647 | |
6.125% 8/15/31 | 1,275 | 1,374 | |
6.125% 8/15/31 (Pre-Refunded to 8/15/17 @ 100) | 975 | 1,058 | |
Nebraska Pub. Pwr. District Rev. Series 2012 C: | |||
5% 1/1/23 (Pre-Refunded to 1/1/18 @ 100) | 2,250 | 2,435 | |
5% 1/1/24 (Pre-Refunded to 1/1/18 @ 100) | 1,000 | 1,082 | |
TOTAL NEBRASKA | 19,852 | ||
Nevada - 0.2% | |||
Clark County Wtr. Reclamation District Series 2009 A, 5.25% 7/1/29 (Berkshire Hathaway Assurance Corp. Insured) | 4,300 | 4,855 | |
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig. Series 2011 C, 5% 6/1/24 | 5,415 | 6,331 | |
TOTAL NEVADA | 11,186 | ||
New Hampshire - 0.6% | |||
New Hampshire Bus. Fin. Auth. Rev. Series 2009 A, 6.125% 10/1/39 | 9,300 | 10,288 | |
New Hampshire Health & Ed. Facilities Auth. Rev.: | |||
(Dartmouth College Proj.) Series 2009, 5.25% 6/1/39 | 4,000 | 4,523 | |
Series 2007 A, 5% 10/1/37 | 6,100 | 6,434 | |
Series 2012: | |||
4% 7/1/32 | 2,370 | 2,359 | |
5% 7/1/24 | 1,000 | 1,106 | |
5% 7/1/25 | 1,185 | 1,305 | |
New Hampshire Tpk. Sys. Rev. Series 2012 B: | |||
5% 10/1/18 | 4,315 | 4,760 | |
5% 2/1/19 | 2,000 | 2,229 | |
5% 2/1/24 | 1,775 | 2,082 | |
TOTAL NEW HAMPSHIRE | 35,086 | ||
New Jersey - 3.3% | |||
New Jersey Econ. Dev. Auth. Rev.: | |||
Series 2009 AA, 5.5% 12/15/29 | 4,000 | 4,368 | |
Series 2013 NN, 5% 3/1/27 | 69,700 | 75,197 | |
Series 2013: | |||
5% 3/1/23 | 12,200 | 13,520 | |
5% 3/1/24 | 17,000 | 18,702 | |
5% 3/1/25 | 1,900 | 2,076 | |
Series 2015 XX, 5.25% 6/15/27 | 17,000 | 18,615 | |
New Jersey Health Care Facilities Fing. Auth. Rev. Series 2008, 6.625% 7/1/38 | 9,930 | 10,932 | |
New Jersey Trans. Trust Fund Auth.: | |||
Series 2001 A, 6% 6/15/35 | 3,900 | 4,454 | |
Series 2005 B, 5.5% 12/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,749 | |
Series 2014 AA: | |||
5% 6/15/23 | 20,645 | 22,829 | |
5% 6/15/24 | 10,000 | 11,034 | |
TOTAL NEW JERSEY | 187,476 | ||
New Mexico - 0.1% | |||
New Mexico Edl. Assistance Foundation Series 2010 A1: | |||
4% 12/1/17 | 5,000 | 5,285 | |
5% 12/1/18 | 2,000 | 2,209 | |
TOTAL NEW MEXICO | 7,494 | ||
New York - 7.9% | |||
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 | 1,623 | |
Hudson Yards Infrastructure Corp. New York Rev. Series 2012 A, 5.75% 2/15/47 | 14,600 | 16,801 | |
Long Island Pwr. Auth. Elec. Sys. Rev. Series 2012 A, 5% 9/1/42 | 13,000 | 14,326 | |
New York City Gen. Oblig.: | |||
Series 2003 A, 5.5% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5 | 5 | |
Series 2007 D1: | |||
5.125% 12/1/22 | 2,470 | 2,670 | |
5.125% 12/1/22 (Pre-Refunded to 12/1/17 @ 100) | 2,530 | 2,736 | |
Series 2008 A1, 5.25% 8/15/27 | 9,940 | 10,957 | |
Series 2009 I1, 5.625% 4/1/29 | 3,600 | 4,087 | |
Series 2012 A1, 5% 8/1/24 | 7,400 | 8,731 | |
Series 2012 G1, 5% 4/1/25 | 13,700 | 16,319 | |
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 | 3,345 | |
New York City Indl. Dev. Agcy. Rev.: | |||
(Queens Baseball Stadium Proj.) 5% 1/1/19 (AMBAC Insured) | 3,735 | 3,881 | |
(Yankee Stadium Proj.) Series 2006, 5% 3/1/31 | 4,725 | 4,838 | |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | |||
Series 2009 A, 5.75% 6/15/40 | 1,500 | 1,665 | |
Series 2009 EE, 5.25% 6/15/40 | 11,600 | 13,100 | |
Series 2009 FF 2, 5.5% 6/15/40 | 17,800 | 20,295 | |
Series 2011 EE, 5.375% 6/15/43 | 42,080 | 48,709 | |
Series 2012 EE, 5.25% 6/15/30 | 17,200 | 20,346 | |
Series 2013 BB, 5% 6/15/47 | 8,985 | 10,163 | |
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | |||
Series 2009 S1: | |||
5.5% 7/15/31 | 4,000 | 4,436 | |
5.5% 7/15/38 | 1,600 | 1,767 | |
5.625% 7/15/38 | 2,825 | 3,129 | |
Series 2009 S3: | |||
5.25% 1/15/34 | 21,000 | 23,235 | |
5.25% 1/15/39 | 3,400 | 3,741 | |
5.375% 1/15/34 | 2,750 | 3,066 | |
Series 2009 S4: | |||
5.5% 1/15/39 | 8,800 | 9,879 | |
5.75% 1/15/39 | 4,100 | 4,633 | |
New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev.: | |||
(State Univ. Proj.) Series 2012 A: | |||
5% 5/15/21 | 10,710 | 12,657 | |
5% 5/15/22 | 4,300 | 5,146 | |
Series 2012 A: | |||
4% 5/15/21 | 3,500 | 3,949 | |
5% 5/15/23 | 5,600 | 6,691 | |
New York Dorm. Auth. Personal Income Tax Rev.: | |||
(Ed. Proj.) Series 2008 B, 5.75% 3/15/36 | 3,400 | 3,870 | |
Series 2014 A: | |||
5% 2/15/39 | 3,995 | 4,389 | |
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) | 1,655 | 1,746 | |
(State Univ. Edl. Facilities Proj.) Series A, 5.875% 5/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,865 | 7,149 | |
Series 2010 A, 5% 7/1/26 | 4,000 | 4,518 | |
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series 2009 B, 5% 11/15/34 | 11,800 | 13,319 | |
New York Metropolitan Trans. Auth. Rev.: | |||
Series 2008 A, 5.25% 11/15/36 | 26,700 | 28,676 | |
Series 2010 D, 5.25% 11/15/40 | 6,600 | 7,523 | |
Series 2012 D, 5% 11/15/25 | 25,900 | 31,076 | |
Series 2012 F, 5% 11/15/24 | 12,400 | 14,896 | |
Series 2014 B, 5% 11/15/44 | 8,500 | 9,594 | |
Series 2015 A1, 5% 11/15/45 | 14,850 | 16,932 | |
Niagara Falls City Niagara County Pub. Impt. 7.5% 3/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 460 | 516 | |
Rockland County Gen. Oblig. Series 2014 A, 4% 3/1/24 (FSA Insured) | 1,375 | 1,518 | |
Tobacco Settlement Fing. Corp. Series 2013 B: | |||
5% 6/1/20 | 11,000 | 11,201 | |
5% 6/1/21 | 4,600 | 4,684 | |
Triborough Bridge & Tunnel Auth. Revs. Series 2015 A, 5.25% 11/15/45 | 4,000 | 4,715 | |
TOTAL NEW YORK | 453,254 | ||
North Carolina - 0.7% | |||
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Series A, 5% 1/15/20 (FSA Insured) | 960 | 1,002 | |
Nash Health Care Sys. Health Care Facilities Rev. Series 2012, 5% 11/1/41 | 4,625 | 5,018 | |
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2009 B, 5% 1/1/26 (Pre-Refunded to 1/1/19 @ 100) | 11,600 | 12,954 | |
North Carolina Med. Care Cmnty. Health: | |||
(Memorial Mission Hosp. Proj.) 5% 10/1/21 (Pre-Refunded to 10/1/17 @ 100) | 5,690 | 6,093 | |
Series 2012 A, 5% 11/15/26 | 1,295 | 1,512 | |
North Carolina Med. Care Commission Health Care Facilities Rev. (Rex Healthcare Proj.) Series 2010 A, 5% 7/1/30 | 7,830 | 8,819 | |
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series 2009 A, 5% 1/1/30 | 2,300 | 2,516 | |
TOTAL NORTH CAROLINA | 37,914 | ||
North Dakota - 0.1% | |||
Cass County Health Care Facilities Rev. (Essentia Health Obligated Group Proj.) Series 2008, 5.125% 2/15/37 (Assured Guaranty Corp. Insured) | 4,600 | 4,962 | |
Fargo Health Sys. Rev. (Sanford Proj.) Series 2011, 6% 11/1/28 | 1,500 | 1,823 | |
TOTAL NORTH DAKOTA | 6,785 | ||
Ohio - 1.7% | |||
American Muni. Pwr., Inc. Rev.: | |||
(Freemont Energy Ctr. Proj.) Series 2012 B, 5% 2/15/42 | 2,500 | 2,782 | |
(Prairie State Energy Campus Proj.) Series 2015, 5% 2/15/28 | 12,100 | 14,230 | |
Buckeye Tobacco Settlement Fing. Auth. Series 2007 A1: | |||
5% 6/1/16 | 4,400 | 4,476 | |
5% 6/1/17 | 5,045 | 5,325 | |
Cleveland Parking Facilities Rev.: | |||
5.25% 9/15/18 (Escrowed to Maturity) | 640 | 712 | |
5.25% 9/15/18 (FSA Insured) | 1,360 | 1,474 | |
Franklin County Hosp. Rev. (Nationwide Children's Hosp. Proj.) Series 2009, 5.25% 11/1/40 | 1,500 | 1,670 | |
Hamilton County Convention Facilities Auth. Rev. Series 2014, 5% 12/1/25 | 3,595 | 4,256 | |
Lake County Hosp. Facilities Rev.: | |||
Series 2015: | |||
5% 8/15/29 | 1,000 | 1,140 | |
5% 8/15/30 | 1,505 | 1,708 | |
6% 8/15/43 | 800 | 883 | |
6% 8/15/43 (Pre-Refunded to 8/15/18 @ 100) | 4,200 | 4,738 | |
Lucas County Hosp. Rev. (ProMedica Healthcare Oblig. Group Proj.) Series 2011 A, 6.5% 11/15/37 | 6,000 | 7,381 | |
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013, 5% 2/15/48 | 11,600 | 11,878 | |
Ohio Air Quality Dev. Auth. Rev.: | |||
Bonds (First Energy Nuclear Generation Proj.) Series 2006 A, 3.75%, tender 12/3/18 (c) | 18,800 | 19,450 | |
Series 2009 C, 5.625% 6/1/18 | 2,000 | 2,107 | |
Ohio Higher Edl. Facility Commission Rev. (Cleveland Clinic Foundation Proj.) Series 2008 A, 5.5% 1/1/43 | 1,500 | 1,642 | |
Ohio Tpk. Commission Tpk. Rev. (Infastructure Proj.) Series 2005 A, 0% 2/15/43 | 15,000 | 4,887 | |
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (c) | 8,500 | 8,649 | |
TOTAL OHIO | 99,388 | ||
Oklahoma - 0.5% | |||
Oklahoma City Pub. Property Auth. Hotel Tax Rev. Series 2015: | |||
5% 10/1/28 | 1,270 | 1,492 | |
5% 10/1/29 | 700 | 817 | |
5% 10/1/36 | 1,000 | 1,133 | |
5% 10/1/39 | 1,850 | 2,079 | |
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 | 5,576 | |
Oklahoma Dev. Fin. Auth. Rev.: | |||
(Saint John Health Sys. Proj.) Series 2012, 5% 2/15/42 | 9,640 | 10,584 | |
Series 2012: | |||
5% 2/15/21 | 2,200 | 2,556 | |
5% 2/15/24 | 4,190 | 4,901 | |
Tulsa County Indl. Auth. Health Care Rev. 5% 12/15/19 | 1,680 | 1,753 | |
TOTAL OKLAHOMA | 30,891 | ||
Oregon - 0.4% | |||
Clackamas County School District #7J: | |||
5.25% 6/1/23 | 2,000 | 2,472 | |
5.25% 6/1/24 (FSA Insured) | 2,605 | 3,264 | |
Multnomah County Hosp. Facilities Auth. Rev. (Adventist Health Sys./West Proj.) Series 2009 A, 5.125% 9/1/40 | 2,500 | 2,664 | |
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A, 5% 3/15/30 | 1,000 | 1,113 | |
Oregon State Dept. of Administrative Svcs. Lottery Rev. Series 2011 A, 5.25% 4/1/31 | 5,600 | 6,561 | |
Port Morrow Poll. Cont. Rev. (Portland Gen. Elec. Co. Proj.) Series 1998 A, 5% 5/1/33 | 5,000 | 5,571 | |
Washington County School District #15: | |||
5.5% 6/15/20 (FSA Insured) | 1,770 | 2,080 | |
5.5% 6/15/21 (FSA Insured) | 1,060 | 1,281 | |
TOTAL OREGON | 25,006 | ||
Pennsylvania - 1.8% | |||
Allegheny County Arpt. Auth. Rev. (Pittsburgh Int'l. Arpt. Proj.) Series B, 5% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) | 3,000 | 3,000 | |
Allegheny County Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Med. Ctr. Proj.): | |||
Series 2008 B, 5% 6/15/16 | 1,365 | 1,393 | |
Series 2009 A, 5.625% 8/15/39 | 6,225 | 7,000 | |
Centre County Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.) Series 2011, 7% 11/15/46 | 2,600 | 3,044 | |
Mifflin County School District Series 2007, 7.75% 9/1/30 (XL Cap. Assurance, Inc. Insured) | 3,400 | 3,748 | |
Monroeville Fin. Auth. UPMC Rev. Series 2012, 5% 2/15/25 | 4,680 | 5,657 | |
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.): | |||
Series 1993 A, 6% 6/1/22 (AMBAC Insured) | 2,000 | 2,397 | |
Series 2012 A, 5% 6/1/27 | 4,105 | 4,685 | |
Montgomery County Higher Ed. & Health Auth. Rev. Series 2014 A: | |||
5% 10/1/21 | 1,320 | 1,469 | |
5% 10/1/22 | 1,380 | 1,538 | |
5% 10/1/24 | 1,165 | 1,314 | |
Pennsylvania Convention Ctr. Auth. Rev. Series A, 6.7% 9/1/16 (Escrowed to Maturity) | 310 | 323 | |
Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Series 2012 B: | |||
5% 7/1/21 | 5,300 | 5,714 | |
5% 1/1/23 | 2,000 | 2,004 | |
Pennsylvania Gen. Oblig.: | |||
Series 2015 1, 5% 3/15/29 | 16,370 | 19,227 | |
Series 2015, 5% 3/15/33 | 4,975 | 5,760 | |
Pennsylvania Higher Edl. Facilities Auth. Rev. (Univ. of Pennsylvania Health Sys. Proj.) Series 2009 A, 5.25% 8/15/21 | 2,900 | 3,299 | |
Pennsylvania Tpk. Commission Tpk. Rev. Series 2009 D, 5.5% 12/1/41 | 12,600 | 14,217 | |
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.): | |||
Ninth Series, 5.25% 8/1/40 | 3,750 | 4,147 | |
Seventh Series, 5% 10/1/37 (AMBAC Insured) | 8,900 | 9,238 | |
Philadelphia Gen. Oblig. Series 2008 A, 5.25% 12/15/32 (FSA Insured) | 2,500 | 2,731 | |
Southeastern Pennsylvania Trans. Auth. Rev. Series 2011: | |||
5% 6/1/22 | 1,000 | 1,159 | |
5% 6/1/23 | 2,500 | 2,878 | |
TOTAL PENNSYLVANIA | 105,942 | ||
South Carolina - 3.2% | |||
Greenwood Fifty School Facilities Installment: | |||
5% 12/1/18 (Assured Guaranty Corp. Insured) | 3,930 | 4,229 | |
5% 12/1/19 (Assured Guaranty Corp. Insured) | 2,375 | 2,555 | |
Richland County Hosp. Facilities Rev. (Cmnty. Provider Pooled Ln. Prog.) Series A, 7.125% 7/1/17 (Escrowed to Maturity) | 265 | 281 | |
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015: | |||
5% 12/1/25 | 2,745 | 3,254 | |
5% 12/1/28 | 5,665 | 6,582 | |
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. Series 2013, 5% 11/1/27 | 7,700 | 8,724 | |
South Carolina Jobs-Econ. Dev. Auth. Health Facilities Rev. (Bishop Gadsden Proj.) 5% 4/1/24 | 4,000 | 4,078 | |
South Carolina Pub. Svc. Auth. Rev.: | |||
(Santee Cooper Proj.) Series 2009 B: | |||
5.25% 1/1/34 | 6,000 | 6,616 | |
5.25% 1/1/39 | 2,800 | 3,066 | |
Series 2005 B, 5% 1/1/19 | 2,500 | 2,500 | |
Series 2012 B, 5% 12/1/20 | 1,500 | 1,749 | |
Series 2013 E, 5.5% 12/1/53 | 34,335 | 38,786 | |
Series 2014 A: | |||
5% 12/1/49 | 6,500 | 7,160 | |
5.5% 12/1/54 | 13,185 | 14,905 | |
Series 2014 C, 5% 12/1/46 | 3,900 | 4,357 | |
Series 2015 A, 5% 12/1/50 | 13,210 | 14,541 | |
Series 2015 C: | |||
5% 12/1/20 | 18,545 | 21,621 | |
5% 12/1/21 | 15,000 | 17,806 | |
5% 12/1/22 | 8,440 | 10,149 | |
Series 2015 E, 5.25% 12/1/55 | 5,900 | 6,652 | |
Univ. of South Carolina Athletic Facilities Rev. Series 2008 A, 5.5% 5/1/38 | 6,900 | 7,553 | |
TOTAL SOUTH CAROLINA | 187,164 | ||
South Dakota - 0.1% | |||
South Dakota Health & Edl. Facilities Auth. Rev. (Reg'l. Health Proj.) Series 2010: | |||
4.625% 9/1/27 | 1,000 | 1,104 | |
5% 9/1/28 | 3,000 | 3,398 | |
TOTAL SOUTH DAKOTA | 4,502 | ||
Tennessee - 0.3% | |||
Jackson Hosp. Rev.: | |||
5.75% 4/1/41 | 1,785 | 1,937 | |
5.75% 4/1/41 (Pre-Refunded to 4/1/18 @ 100) | 4,815 | 5,301 | |
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B: | |||
5.75% 7/1/23 (d) | 5,820 | 6,760 | |
5.75% 7/1/24 (d) | 2,400 | 2,784 | |
Sullivan County Health, Ed. and Hsg. Board (Wellmont Health Sys. Proj.) Series 2006 C, 5.25% 9/1/36 | 2,180 | 2,231 | |
TOTAL TENNESSEE | 19,013 | ||
Texas - 8.6% | |||
Aledo Independent School District (School Bldg. Proj.) Series 2006 A, 5% 2/15/43 | 6,800 | 7,229 | |
Argyle Independent School District 5.25% 8/15/40 (FSA Insured) | 125 | 125 | |
Austin Arpt. Sys. Rev. Series 2014: | |||
5% 11/15/26 (d) | 1,000 | 1,174 | |
5% 11/15/27 (d) | 1,250 | 1,458 | |
5% 11/15/28 (d) | 1,000 | 1,160 | |
5% 11/15/39 (d) | 9,700 | 10,807 | |
5% 11/15/44 (d) | 24,965 | 27,635 | |
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 | 5,543 | |
Austin Cmnty. College District Rev. (Convention Ctr. Proj.) Series 2002, 0% 2/1/22 (AMBAC Insured) | 2,900 | 2,529 | |
Austin Elec. Util. Sys. Rev. 0% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 4,848 | |
Canyon Reg'l. Wtr. Auth. Contract Rev. (Wells Ranch Proj.): | |||
5% 8/1/19 (AMBAC Insured) | 1,695 | 1,798 | |
5% 8/1/20 (AMBAC Insured) | 1,780 | 1,888 | |
Central Reg'l. Mobility Auth. Series 2015 A: | |||
5% 1/1/30 | 1,650 | 1,902 | |
5% 1/1/32 | 1,000 | 1,144 | |
5% 1/1/45 | 6,000 | 6,665 | |
Coppell Independent School District 0% 8/15/20 | 2,000 | 1,871 | |
Corpus Christi Util. Sys. Rev.: | |||
5% 7/15/21 | 4,500 | 5,272 | |
5% 7/15/22 | 2,500 | 2,973 | |
5% 7/15/24 | 2,255 | 2,646 | |
5.25% 7/15/18 (FSA Insured) | 3,305 | 3,523 | |
5.25% 7/15/19 (FSA Insured) | 4,000 | 4,263 | |
Dallas Area Rapid Transit Sales Tax Rev. Series 2008, 5.25% 12/1/38 | 21,000 | 23,033 | |
Dallas Fort Worth Int'l. Arpt. Rev.: | |||
Series 2009 A, 5% 11/1/23 | 1,250 | 1,296 | |
Series 2010 A, 5% 11/1/42 | 14,800 | 16,370 | |
Series 2012 D, 5% 11/1/42 (d) | 2,370 | 2,562 | |
Series 2012 H, 5% 11/1/42 (d) | 2,740 | 2,962 | |
Dallas Independent School District Series 2008, 6.375% 2/15/34 (Pre-Refunded to 2/15/18 @ 100) | 1,800 | 2,005 | |
DeSoto Independent School District 0% 8/15/20 | 3,335 | 3,109 | |
Freer Independent School District: | |||
Series 2007: | |||
5.25% 8/15/37 | 1,335 | 1,411 | |
5.25% 8/15/37 (Pre-Refunded to 8/15/17 @ 100) | 895 | 959 | |
5.25% 8/15/37 (Pre-Refunded to 8/15/17 @ 100) | 1,985 | 2,127 | |
Gainesville Independent School District 5.25% 2/15/36 (Pre-Refunded to 2/15/16 @ 100) | 345 | 347 | |
Grand Parkway Trans. Corp. Series 2013 B: | |||
5% 4/1/53 | 1,290 | 1,424 | |
5.25% 10/1/51 | 53,600 | 60,760 | |
5.5% 4/1/53 | 5,440 | 5,970 | |
Harris County Cultural Ed. Facilities Fin. Corp. Med. Facilities Rev. (Baylor College of Medicine Proj.) Series 2012 A, 5% 11/15/37 | 14,050 | 15,360 | |
Harris County Gen. Oblig.: | |||
(Road Proj.) Series 2008 B, 5.25% 8/15/47 | 25,440 | 27,222 | |
Series 2002: | |||
0% 8/15/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 2,321 | |
0% 8/15/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 3,478 | |
Houston Arpt. Sys. Rev. Series 2011 A: | |||
5% 7/1/23 (d) | 3,000 | 3,444 | |
5% 7/1/25 (d) | 1,500 | 1,705 | |
Keller Independent School District Series 1996 A, 0% 8/15/17 | 2,000 | 1,973 | |
Kermit Independent School District 5.25% 2/15/37 (Pre-Refunded to 2/15/17 @ 100) | 4,130 | 4,343 | |
Love Field Arpt. Modernization Rev. Series 2015: | |||
5% 11/1/27 (d) | 2,000 | 2,364 | |
5% 11/1/29 (d) | 2,000 | 2,334 | |
5% 11/1/32 (d) | 3,690 | 4,256 | |
Lower Colorado River Auth. Rev.: | |||
Series 2015 D: | |||
5% 5/15/28 | 2,200 | 2,600 | |
5% 5/15/30 | 5,000 | 5,824 | |
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 | 3,418 | |
North Texas Tollway Auth. Rev.: | |||
Series 2008 I, 6.2% 1/1/42 (Assured Guaranty Corp. Insured) | 7,200 | 8,945 | |
Series 2009 A, 6.25% 1/1/39 | 10,200 | 11,571 | |
Series 2011 A: | |||
5.5% 9/1/41 | 14,250 | 16,670 | |
6% 9/1/41 | 6,200 | 7,501 | |
Series 2011 D, 5% 9/1/28 | 13,000 | 15,188 | |
Series 2014 A, 5% 1/1/25 | 5,000 | 6,008 | |
Series 2015 B, 5% 1/1/40 | 8,000 | 8,916 | |
6% 1/1/23 | 590 | 642 | |
6% 1/1/23 (Pre-Refunded to 1/1/18 @ 100) | 4,210 | 4,622 | |
6% 1/1/24 | 230 | 250 | |
San Antonio Arpt. Sys. Rev.: | |||
5% 7/1/17 (FSA Insured) (d) | 2,765 | 2,928 | |
5% 7/1/17 (FSA Insured) (d) | 2,385 | 2,524 | |
5.25% 7/1/19 (FSA Insured) (d) | 2,635 | 2,783 | |
5.25% 7/1/20 (FSA Insured) (d) | 3,215 | 3,405 | |
5.25% 7/1/20 (FSA Insured) (d) | 2,775 | 2,935 | |
San Antonio Elec. & Gas Sys. Rev.: | |||
Series 2008, 5% 2/1/24 | 2,590 | 2,797 | |
Series 2012, 5.25% 2/1/25 | 4,200 | 5,295 | |
San Antonio Wtr. Sys. Rev. Series 2012, 5% 5/15/25 | 10,000 | 11,888 | |
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 | 2,011 | |
5.25% 9/1/27 (Assured Guaranty Corp. Insured) | 2,375 | 2,673 | |
(Scott & White Healthcare Proj.) Series 2013 A: | |||
4% 8/15/43 | 2,900 | 2,965 | |
5% 8/15/43 | 4,000 | 4,474 | |
5.75% 11/15/24 (Pre-Refunded to 11/15/18 @ 100) | 2,975 | 3,358 | |
5.75% 11/15/24 (Pre-Refunded to 11/15/18 @ 100) | 3,925 | 4,430 | |
Texas Gen. Oblig.: | |||
5% 4/1/25 (Pre-Refunded to 4/1/18 @ 100) | 385 | 420 | |
5% 4/1/25 (Pre-Refunded to 4/1/18 @ 100) | 3,915 | 4,269 | |
5.75% 8/1/26 | 660 | 662 | |
Texas Muni. Pwr. Agcy. Rev.: | |||
0% 9/1/16 | 13,115 | 12,999 | |
0% 9/1/16 (Escrowed to Maturity) | 15 | 15 | |
0% 9/1/16 (Escrowed to Maturity) | 5,585 | 5,567 | |
Texas Private Activity Bond Surface Trans. Corp.: | |||
(LBJ Infrastructure Group LLC IH-635 Managed Lanes Proj.) Series 2010, 7% 6/30/40 | 5,200 | 6,306 | |
Series 2013, 6.75% 6/30/43 (d) | 12,600 | 15,480 | |
Univ. of Texas Board of Regents Sys. Rev. 4.75% 8/15/27 | 3,305 | 3,438 | |
Waller Independent School District 5.5% 2/15/37 | 4,920 | 5,356 | |
Weatherford Independent School District 0% 2/15/33 | 6,985 | 3,970 | |
TOTAL TEXAS | 494,771 | ||
Utah - 0.4% | |||
Intermountain Pwr. Agcy. Pwr. Supply Rev. Series A, 6% 7/1/16 (Escrowed to Maturity) | 2,415 | 2,424 | |
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) 5% 9/1/22 | 3,180 | 3,758 | |
Utah State Board of Regents Rev. Series 2011 B: | |||
5% 8/1/24 (Pre-Refunded to 8/1/20 @ 100) | 2,670 | 3,112 | |
5% 8/1/25 (Pre-Refunded to 8/1/20 @ 100) | 2,175 | 2,535 | |
Utah Transit Auth. Sales Tax Rev. Series 2008 A, 5.25% 6/15/38 (Pre-Refunded to 6/15/18 @ 100) | 9,070 | 10,007 | |
TOTAL UTAH | 21,836 | ||
Virginia - 0.6% | |||
Fredericksburg Econ. Dev. Auth. Rev. Series 2014, 5% 6/15/25 | 4,665 | 5,420 | |
Univ. of Virginia Gen. Rev. Series 2015 A, 5% 4/1/45 | 6,000 | 7,051 | |
Virginia College Bldg. Auth. Edl. Facilities Rev. Series 2015 A: | |||
5% 1/1/35 | 1,000 | 1,172 | |
5% 1/1/40 | 1,750 | 2,022 | |
Virginia Small Bus. Fing. Auth. (95 Express Lane LLC Proj.) Series 2012: | |||
5% 7/1/34 (d) | 6,000 | 6,392 | |
5% 1/1/40 (d) | 4,200 | 4,440 | |
Winchester Econ. Dev. Auth. Series 2015: | |||
5% 1/1/31 | 2,500 | 2,917 | |
5% 1/1/34 | 1,500 | 1,724 | |
5% 1/1/35 | 1,500 | 1,715 | |
TOTAL VIRGINIA | 32,853 | ||
Washington - 2.2% | |||
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 | 7,088 | |
Clark County School District #37, Vancouver Series 2001 C, 0% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,030 | 1,895 | |
Kent Spl. Events Ctr. Pub. Facilities District Rev.: | |||
5.25% 12/1/25 (FSA Insured) | 2,575 | 2,823 | |
5.25% 12/1/36 (FSA Insured) | 9,180 | 9,935 | |
King County Swr. Rev. Series 2009, 5.25% 1/1/42 | 2,600 | 2,879 | |
Port of Seattle Spl. Facility Rev. Series 2013: | |||
5% 6/1/21 (d) | 1,340 | 1,545 | |
5% 6/1/22 (d) | 1,000 | 1,174 | |
5% 6/1/24 (d) | 1,000 | 1,178 | |
Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev. Series 2013 B: | |||
5% 12/1/25 | 5,600 | 6,586 | |
5% 12/1/27 | 2,625 | 3,043 | |
Tobacco Settlement Auth. Rev. Series 2013, 5% 6/1/21 | 6,250 | 7,171 | |
Washington Gen. Oblig.: | |||
Series 2008 D, 5% 1/1/24 (Pre-Refunded to 1/1/18 @ 100) | 2,975 | 3,217 | |
Series R 97A: | |||
0% 7/1/17 (Escrowed to Maturity) | 7,045 | 6,954 | |
0% 7/1/19 (Escrowed to Maturity) | 9,100 | 8,707 | |
Washington Health Care Facilities Auth. Rev.: | |||
(Catholic Health Initiatives Proj.) Series 2008 D, 6.375% 10/1/36 | 5,000 | 5,634 | |
(MultiCare Health Sys. Proj.) Series 2010 A: | |||
5.25% 8/15/19 | 3,850 | 4,371 | |
5.25% 8/15/20 | 2,000 | 2,262 | |
(Overlake Hosp. Med. Ctr.) Series 2010, 5.7% 7/1/38 | 11,300 | 12,986 | |
(Providence Health Systems Proj.): | |||
Series 2006 D, 5.25% 10/1/33 | 1,500 | 1,643 | |
Series 2012 A: | |||
5% 10/1/25 | 5,130 | 6,092 | |
5% 10/1/26 | 13,395 | 15,768 | |
(Seattle Children's Hosp. Proj.) Series 2009, 5.625% 10/1/38 (Pre-Refunded to 10/1/19 @ 100) | 7,550 | 8,776 | |
Series 2009, 7% 7/1/39 (Pre-Refunded to 7/1/19 @ 100) | 3,000 | 3,596 | |
Series 2015: | |||
5% 1/1/25 | 2,000 | 2,349 | |
5% 1/1/27 | 1,610 | 1,864 | |
TOTAL WASHINGTON | 129,536 | ||
West Virginia - 0.3% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds 1.9%, tender 4/1/19 (c) | 8,700 | 8,727 | |
West Virginia Hosp. Fin. Auth. Hosp. Rev.: | |||
(West Virginia United Health Sys. Proj.) Series 2008 E, 5.625% 6/1/35 | 700 | 776 | |
(West Virginia Univ. Hospitals, Inc. Proj.) Series 2003 D, 5.5% 6/1/33 (FSA Insured) | 2,600 | 2,879 | |
West Virginia Univ. Revs. (West Virginia Univ. Projs.) Series 2014 A, 5% 10/1/44 | 6,500 | 7,348 | |
TOTAL WEST VIRGINIA | 19,730 | ||
Wisconsin - 0.7% | |||
Wisconsin Gen. Oblig. Series 2008 D, 5.5% 5/1/26 (Pre-Refunded to 5/1/18 @ 100) | 1,245 | 1,377 | |
Wisconsin Health & Edl. Facilities Series 2014, 4% 5/1/33 | 3,015 | 2,959 | |
Wisconsin Health & Edl. Facilities Auth. Rev.: | |||
(Agnesian HealthCare, Inc. Proj.): | |||
Series 2010: | |||
5.5% 7/1/40 | 2,375 | 2,681 | |
5.75% 7/1/30 | 2,655 | 3,064 | |
Series 2013 B: | |||
5% 7/1/27 | 1,205 | 1,376 | |
5% 7/1/36 | 5,000 | 5,480 | |
(Children's Hosp. of Wisconsin Proj.): | |||
Series 2008 A, 5.25% 8/15/22 | 2,000 | 2,211 | |
Series 2008 B, 5.375% 8/15/37 | 8,045 | 8,973 | |
(Marshfield Clinic Proj.) Series A, 5.375% 2/15/34 | 3,250 | 3,264 | |
Series 2012: | |||
4% 10/1/23 | 2,500 | 2,767 | |
5% 6/1/27 | 1,925 | 2,203 | |
5% 6/1/39 | 2,775 | 3,005 | |
TOTAL WISCONSIN | 39,360 | ||
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 | 9,784 | |
TOTAL MUNICIPAL BONDS | |||
(Cost $5,247,580) | 5,647,978 | ||
Municipal Notes - 0.2% | |||
Kentucky - 0.2% | |||
Kentucky Pub. Trans. BAN Series 2013 A, 5% 7/1/17 | |||
(Cost $8,963) | 8,600 | 9,073 | |
Shares | Value (000s) | ||
Money Market Funds - 0.0% | |||
Fidelity Municipal Cash Central Fund, 0.02% (g)(h) | |||
(Cost $100) | 100,000 | 100 | |
TOTAL INVESTMENT PORTFOLIO - 98.1% | |||
(Cost $5,256,643) | 5,657,151 | ||
NET OTHER ASSETS (LIABILITIES) - 1.9% | 112,359 | ||
NET ASSETS - 100% | $5,769,510 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
Values shown as $0 may reflect amounts less than $500.
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 or a portion of the security purchased on a delayed delivery or when-issued basis.
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(e) 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.
(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 $2,174,000 or 0.0% of net assets.
(g) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(h) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
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 |
(Amounts in thousands) | |
Fidelity Municipal Cash Central Fund | $0* |
* Values shown as $0 may reflect amounts less than $500.
Investment Valuation
The following is a summary of the inputs used, as of December 31, 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 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 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Municipal Securities | $5,657,051 | $-- | $5,657,051 | $-- |
Money Market Funds | 100 | 100 | -- | -- |
Total Investments in Securities: | $5,657,151 | $100 | $5,657,051 | $-- |
Other Information
The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):
General Obligations | 31.9% |
Health Care | 18.4% |
Transportation | 15.8% |
Escrowed/Pre-Refunded | 9.3% |
Electric Utilities | 7.9% |
Special Tax | 6.4% |
Others* (Individually Less Than 5%) | 10.3% |
100.0% |
* Includes net other assets
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) | December 31, 2015 | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $5,256,543) | $5,657,051 | |
Fidelity Central Funds (cost $100) | 100 | |
Total Investments (cost $5,256,643) | $5,657,151 | |
Cash | 103,523 | |
Receivable for fund shares sold | 5,109 | |
Interest receivable | 67,137 | |
Prepaid expenses | 12 | |
Other receivables | 7 | |
Total assets | 5,832,939 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $52,948 | |
Payable for fund shares redeemed | 2,788 | |
Distributions payable | 5,297 | |
Accrued management fee | 1,726 | |
Other affiliated payables | 553 | |
Other payables and accrued expenses | 117 | |
Total liabilities | 63,429 | |
Net Assets | $5,769,510 | |
Net Assets consist of: | ||
Paid in capital | $5,369,135 | |
Distributions in excess of net investment income | (125) | |
Accumulated undistributed net realized gain (loss) on investments | (8) | |
Net unrealized appreciation (depreciation) on investments | 400,508 | |
Net Assets, for 429,430 shares outstanding | $5,769,510 | |
Net Asset Value, offering price and redemption price per share ($5,769,510 ÷ 429,430 shares) | $13.44 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Year ended December 31, 2015 | |
Investment Income | ||
Interest | $223,027 | |
Expenses | ||
Management fee | $20,629 | |
Transfer agent fees | 5,561 | |
Accounting fees and expenses | 689 | |
Custodian fees and expenses | 58 | |
Independent trustees' compensation | 24 | |
Registration fees | 113 | |
Audit | 74 | |
Legal | 69 | |
Miscellaneous | 104 | |
Total expenses before reductions | 27,321 | |
Expense reductions | (56) | 27,265 |
Net investment income (loss) | 195,762 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 33,561 | |
Change in net unrealized appreciation (depreciation) on investment securities | (47,495) | |
Net gain (loss) | (13,934) | |
Net increase (decrease) in net assets resulting from operations | $181,828 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Year ended December 31, 2015 | Year ended December 31, 2014 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $195,762 | $198,921 |
Net realized gain (loss) | 33,561 | (2,660) |
Change in net unrealized appreciation (depreciation) | (47,495) | 361,039 |
Net increase (decrease) in net assets resulting from operations | 181,828 | 557,300 |
Distributions to shareholders from net investment income | (196,687) | (199,449) |
Distributions to shareholders from net realized gain | (28,582) | – |
Total distributions | (225,269) | (199,449) |
Share transactions | ||
Proceeds from sales of shares | 909,862 | 735,870 |
Reinvestment of distributions | 151,510 | 132,068 |
Cost of shares redeemed | (993,485) | (818,143) |
Net increase (decrease) in net assets resulting from share transactions | 67,887 | 49,795 |
Redemption fees | 50 | 88 |
Total increase (decrease) in net assets | 24,496 | 407,734 |
Net Assets | ||
Beginning of period | 5,745,014 | 5,337,280 |
End of period (including distributions in excess of net investment income of $125 and undistributed net investment income of $963, respectively) | $5,769,510 | $5,745,014 |
Other Information | ||
Shares | ||
Sold | 67,590 | 55,474 |
Issued in reinvestment of distributions | 11,269 | 9,943 |
Redeemed | (74,016) | (61,843) |
Net increase (decrease) | 4,843 | 3,574 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Municipal Income Fund
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $13.53 | $12.68 | $13.57 | $13.03 | $12.27 |
Income from Investment Operations | |||||
Net investment income (loss)A | .460 | .475 | .479 | .483 | .513 |
Net realized and unrealized gain (loss) | (.021) | .851 | (.873) | .537 | .764 |
Total from investment operations | .439 | 1.326 | (.394) | 1.020 | 1.277 |
Distributions from net investment income | (.462) | (.476) | (.478) | (.479) | (.515) |
Distributions from net realized gain | (.067) | – | (.018) | (.001) | (.002) |
Total distributions | (.529) | (.476) | (.496) | (.480) | (.517) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $13.44 | $13.53 | $12.68 | $13.57 | $13.03 |
Total ReturnC | 3.31% | 10.59% | (2.94)% | 7.92% | 10.64% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .48% | .47% | .46% | .46% | .46% |
Expenses net of fee waivers, if any | .48% | .47% | .46% | .46% | .46% |
Expenses net of all reductions | .48% | .47% | .46% | .46% | .46% |
Net investment income (loss) | 3.42% | 3.58% | 3.65% | 3.60% | 4.08% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $5,770 | $5,745 | $5,337 | $6,792 | $5,917 |
Portfolio turnover rateF | 14% | 9% | 10% | 10% | 11% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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 does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended December 31, 2015
(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 affiliated 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 .005%.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 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 December 31, 2015, is included at the end of the Fund's Schedule of Investments.
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. As of December 31, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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.
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 | $412,186 |
Gross unrealized depreciation | (11,665) |
Net unrealized appreciation (depreciation) on securities | $400,521 |
Tax Cost | $5,256,630 |
The tax-based components of distributable earnings as of period end were as follows:
Net unrealized appreciation (depreciation) on securities and other investments | $400,521 |
At period end, the Fund was required to defer approximately $8 of losses on futures contracts.
The tax character of distributions paid was as follows:
December 31, 2015 | December 31, 2014 | |
Tax-exempt Income | 196,687 | 199,449 |
Long-term Capital Gains | 28,582 | – |
Total | $225,269 | $ 199,449 |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $849,000 and $771,388, 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 annual 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 pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to an annual rate of .10% 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.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
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 $8 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 $44.
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $12.
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.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Municipal Trust and Shareholders of Fidelity® Municipal Income Fund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity® Municipal Income Fund (a fund of Fidelity Municipal Trust) at December 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity® Municipal Income Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 12, 2016
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Elizabeth S. Acton, John Engler, and Geoffrey A. von Kuhn, each of the Trustees oversees 236 funds. Ms. Acton and Mr. Engler each oversees 228 funds. Mr. von Kuhn oversees 148 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Trustee
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors/trustees for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2015-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
John F. Papandrea (1972)
Year of Election or Appointment: 2016
Anti-Money Laundering (AML) Officer
Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2009
Assistant Treasurer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013
Deputy Treasurer
Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).
Christine J. Thompson (1958)
Year of Election or Appointment: 2015
Vice President of Fidelity's Bond Funds
Ms. Thompson also serves as Vice President of other funds. Ms. Thompson also serves as Chief Investment Officer of FMR's Bond Group (2010-present) and is an employee of Fidelity Investments (1985-present). Previously, Ms. Thompson served as Vice President of Fidelity's Bond Funds (2010-2012).
Michael H. Whitaker (1967)
Year of Election or Appointment: 2008
Chief Compliance Officer
Mr. Whitaker also serves as Chief Compliance Officer of other funds. Mr. Whitaker also serves as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2014-present), FMR (investment adviser firm, 2014-present), and Fidelity Investments Money Management, Inc. (investment adviser firm, 2014-present) and is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011
Deputy Treasurer
Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments (1991-present). Previously, Mr. Zambello served as Vice President of the Program Management Group of FMR (investment adviser firm, 2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
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 (July 1, 2015 to December 31, 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.
Annualized Expense Ratio-A | Beginning Account Value July 1, 2015 | Ending Account Value December 31, 2015 | Expenses Paid During Period-B July 1, 2015 to December 31, 2015 | |
Actual | .48% | $1,000.00 | $1,034.00 | $2.46 |
Hypothetical-C | $1,000.00 | $1,022.79 | $2.45 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2015, $30,055,770, or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended 2015, 100% of the fund's income dividends was free from federal income tax, and 4.33% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Municipal Income Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2015 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; and (iv) the extent to which (if any) economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds and diversified international funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching active fixed-income exchange-traded funds; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (x) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (xi) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xii) implementing changes to Fidelity's money market product line in response to recent money market regulatory reforms.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.Fidelity Municipal Income Fund
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img51973082.jpg)
Proxy Voting Results
A special meeting of shareholders was held on November 18, 2015. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees. | ||
# of Votes | % of Votes | |
Elizabeth S. Acton | ||
Affirmative | 5,161,119,572.85 | 97.256 |
Withheld | 145,658,558.01 | 2.744 |
TOTAL | 5,306,778,130.86 | 100.000 |
John Engler | ||
Affirmative | 5,146,088,620.45 | 96.972 |
Withheld | 160,689,510.41 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Albert R. Gamper, Jr. | ||
Affirmative | 5,139,390,851.27 | 96.846 |
Withheld | 167,387,279.59 | 3.154 |
TOTAL | 5,306,778,130.86 | 100.000 |
Robert F. Gartland | ||
Affirmative | 5,156,371,432.16 | 97.166 |
Withheld | 150,406,698.70 | 2.834 |
TOTAL | 5,306,778,130.86 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 5,146,073,980.40 | 96.972 |
Withheld | 160,704,150.46 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Arthur E. Johnson | ||
Affirmative | 5,154,966,257.69 | 97.140 |
Withheld | 151,811,873.17 | 2.860 |
TOTAL | 5,306,778,130.86 | 100.000 |
Michael E. Kenneally | ||
Affirmative | 5,159,083,013.51 | 97.217 |
Withheld | 147,695,117.35 | 2.783 |
TOTAL | 5,306,778,130.86 | 100.000 |
James H. Keyes | ||
Affirmative | 5,140,479,428.90 | 96.867 |
Withheld | 166,298,701.96 | 3.133 |
TOTAL | 5,306,778,130.86 | 100.000 |
Marie L. Knowles | ||
Affirmative | 5,154,662,494.64 | 97.134 |
Withheld | 152,115,636.22 | 2.866 |
TOTAL | 5,306,778,130.86 | 100.000 |
Geoffrey A. von Kuhn | ||
Affirmative | 5,150,464,060.01 | 97.055 |
Withheld | 156,314,070.85 | 2.945 |
TOTAL | 5,306,778,130.86 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
HIY-ANN-0216
1.539263.118
Fidelity Advisor® Limited Term Municipal Income Fund - Class I (formerly Institutional Class) Annual Report December 31, 2015 Class I is a class of Fidelity® Limited Term Municipal Income Fund |
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Contents
Board Approval of Investment Advisory Contracts and Management Fees | |
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. © 2016 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.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended December 31, 2015 | Past 1 year | Past 5 years | Past 10 years |
Class I | 1.02% | 1.92% | 2.80% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Limited Term Municipal Income Fund - Class I on December 31, 2005.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® Municipal Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img47709634_740.jpg)
Period Ending Values | ||
$13,185 | Fidelity Advisor® Limited Term Municipal Income Fund - Class I | |
$15,853 | Barclays® Municipal Bond Index |
Management's Discussion of Fund Performance
Market Recap: Tax-exempt municipal bonds posted a moderate gain for calendar year 2015, driven by strong demand and limited supply. The Barclays® Municipal Bond Index returned 3.30% for the year. However, the muni market faced a volatile stretch between April and June, when the focus of the market shifted to the credit challenges of a handful of high-profile issuers, including Puerto Rico, New Jersey, Illinois and Chicago. A common theme of unfunded pension liabilities for these issuers overshadowed a generally stable credit environment for state and local governments more broadly. The tax advantages of munis continued to appeal to investors, due to the higher federal income-tax rates and 3.8% Medicare tax on non-municipal investment income that took effect in 2013. At period end, investors continued to watch the flow of U.S. economic data for hints as to whether, when and by how much the U.S. Federal Reserve may raise policy interest rates in 2016, on the heels of its quarter-point rate hike in mid-December.Comments from Lead Portfolio Manager Mark Sommer: For the year, the fund’s share classes (excluding sales charges, if applicable), net of fees, trailed the 1.46% gain of the Barclays® 1–6 Year Municipal Bond Index. I sought to generate attractive tax-exempt income and competitive risk-adjusted relative returns, including both price appreciation and income, over time. The fund’s yield curve positioning – meaning how the fund was invested across bonds of various maturities – helped performance versus the Barclays® index. Specifically, the fund was overweighted in bonds with maturities of 10 years, which were the best-performing securities in the short-maturity spectrum, and underweighted two-year securities, the worst relative performers. Having more exposure than the index to lower-rated investment-grade securities also aided relative results. These securities, which generally offered more yield than higher-rated bonds, were some of the market’s best performers, given ultra-low yields. Detracting from performance versus the index was the fund’s overweighted exposure to Illinois general obligation bonds, securities backed by the city of Chicago and related entities, and New Jersey state-appropriated bonds. These securities lagged the index.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Five States as of December 31, 2015
% of fund's net assets | % of fund's net assets 6 months ago | |
New York | 13.7 | 9.8 |
Florida | 11.6 | 10.9 |
Texas | 9.0 | 8.7 |
Illinois | 8.6 | 8.5 |
California | 6.1 | 8.4 |
Top Five Sectors as of December 31, 2015
% of fund's net assets | % of fund's net assets 6 months ago | |
General Obligations | 42.9 | 40.4 |
Special Tax | 11.2 | 7.8 |
Electric Utilities | 10.1 | 10.7 |
Transportation | 9.4 | 10.1 |
Health Care | 7.8 | 8.8 |
Weighted Average Maturity as of December 31, 2015
6 months ago | ||
Years | 3.2 | 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 December 31, 2015
6 months ago | ||
Years | 2.7 | 2.8 |
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 December 31, 2015 | ||
AAA | 9.9% | |
AA,A | 71.2% | |
BBB | 8.1% | |
BB and Below | 1.0% | |
Not Rated | 2.1% | |
Short-Term Investments and Net Other Assets | 7.7% |
As of June 30, 2015 | ||
AAA | 10.0% | |
AA,A | 70.7% | |
BBB | 7.3% | |
BB and Below | 0.5% | |
Not Rated | 1.9% | |
Short-Term Investments and Net Other Assets | 9.6% |
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.
Investments December 31, 2015
Showing Percentage of Net Assets
Municipal Bonds - 92.2% | |||
Principal Amount (000s) | Value (000s) | ||
Alabama - 0.1% | |||
Montgomery Med. Clinic Facilities: | |||
5% 3/1/20 (a) | $2,890 | $3,211 | |
5% 3/1/25 (a) | 1,500 | 1,721 | |
TOTAL ALABAMA | 4,932 | ||
Alaska - 0.6% | |||
Anchorage Gen. Oblig.: | |||
Series A: | |||
5% 9/1/20 | 1,090 | 1,271 | |
5% 9/1/22 | 1,200 | 1,451 | |
Series B: | |||
5% 9/1/18 | 3,685 | 4,071 | |
5% 9/1/20 | 2,000 | 2,333 | |
5% 9/1/22 | 1,425 | 1,724 | |
Series C: | |||
5% 9/1/18 | 1,000 | 1,105 | |
5% 9/1/19 | 2,150 | 2,446 | |
5% 9/1/20 | 1,260 | 1,470 | |
5% 9/1/22 | 1,000 | 1,210 | |
Series D: | |||
5% 9/1/19 | 3,895 | 4,431 | |
5% 9/1/20 | 2,000 | 2,333 | |
TOTAL ALASKA | 23,845 | ||
Arizona - 1.8% | |||
Arizona Ctfs. of Prtn. Series 2010 A, 5% 10/1/16 (FSA Insured) | 13,000 | 13,429 | |
Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A: | |||
5% 12/1/18 | 500 | 552 | |
5% 12/1/19 | 600 | 679 | |
5% 12/1/20 | 820 | 947 | |
5% 12/1/21 | 1,105 | 1,296 | |
5% 12/1/22 | 800 | 949 | |
5% 12/1/23 | 1,000 | 1,199 | |
5% 12/1/24 | 1,500 | 1,808 | |
Arizona School Facilities Board Ctfs. of Prtn. Series 2008, 5.5% 9/1/16 | 1,385 | 1,430 | |
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series 2009 A: | |||
5% 10/1/18 | 1,000 | 1,107 | |
5% 10/1/20 (Pre-Refunded to 10/1/19 @ 100) | 5,180 | 5,913 | |
Glendale Gen. Oblig. Series 2015: | |||
4% 7/1/19 (FSA Insured) | 600 | 647 | |
5% 7/1/22 (FSA Insured) | 1,000 | 1,175 | |
Glendale Trans. Excise Tax Rev.: | |||
5% 7/1/21 (FSA Insured) | 750 | 878 | |
5% 7/1/22 (FSA Insured) | 1,170 | 1,388 | |
5% 7/1/23 (FSA Insured) | 1,395 | 1,673 | |
Maricopa County School District #28 Kyrene Elementary Series 2010 B: | |||
4% 7/1/19 | 900 | 983 | |
4% 7/1/20 | 1,360 | 1,512 | |
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Series 2009 B, 5% 7/1/16 | 5,090 | 5,205 | |
Pima County Ctfs. of Prtn. Series 2014: | |||
5% 12/1/21 | 2,210 | 2,607 | |
5% 12/1/22 | 2,470 | 2,951 | |
5% 12/1/23 | 3,425 | 4,145 | |
Pima County Swr. Sys. Rev.: | |||
Series 2011 B, 5% 7/1/19 | 3,225 | 3,637 | |
Series 2012 A: | |||
5% 7/1/18 | 825 | 902 | |
5% 7/1/19 | 1,550 | 1,748 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2009 A, 5% 1/1/26 | 500 | 560 | |
Univ. Med. Ctr. Corp. Hosp. Rev. Series 2011: | |||
5% 7/1/16 (Escrowed to Maturity) | 3,055 | 3,123 | |
5% 7/1/17 (Escrowed to Maturity) | 3,315 | 3,521 | |
5% 7/1/18 (Escrowed to Maturity) | 3,365 | 3,694 | |
TOTAL ARIZONA | 69,658 | ||
California - 6.1% | |||
Alameda Corridor Trans. Auth. Rev.: | |||
Series 2004 A, 0% 10/1/19 | 3,600 | 3,317 | |
Series 2013 A, 5% 10/1/22 | 2,190 | 2,645 | |
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Bonds 1.5%, tender 4/2/18 (b) | 5,200 | 5,230 | |
California Gen. Oblig.: | |||
Bonds 3%, tender 12/1/19 (b) | 15,600 | 16,523 | |
5% 9/1/20 | 20,000 | 23,320 | |
California Health Facilities Fing. Auth. Rev. Bonds (Children's Hosp. of Orange County Proj.) Series 2012 A, 1.81%, tender 7/1/17 (b) | 4,000 | 4,032 | |
California Infra Eco Dev. Bank Rev. Bonds Series 2013 A1, 0.29%, tender 1/7/16 (b) | 17,000 | 17,001 | |
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2010 A, 0.6%, tender 2/1/16 (b)(c)(d) | 22,855 | 22,855 | |
California Pub. Works Board Lease Rev.: | |||
(Dept. of Corrections & Rehab. Proj.) Series 2011 C, 5% 10/1/18 | 1,750 | 1,935 | |
(Riverside Campus Proj.) Series 2012 H, 5% 4/1/22 | 1,000 | 1,201 | |
(Univ. Proj.) Series 2011 B: | |||
5% 10/1/18 | 2,740 | 3,033 | |
5% 10/1/19 | 1,490 | 1,697 | |
(Various Cap. Projs.): | |||
Series 2011 A: | |||
5% 10/1/18 | 6,475 | 7,161 | |
5% 10/1/19 | 5,000 | 5,686 | |
5% 10/1/20 | 2,525 | 2,945 | |
Series 2012 A, 5% 4/1/21 | 1,000 | 1,180 | |
Series 2012 G, 5% 11/1/22 | 1,250 | 1,515 | |
(Various Judicial Council Projects) Series 2011 D, 5% 12/1/19 | 4,100 | 4,686 | |
Series 2009 J, 5% 11/1/17 | 2,300 | 2,473 | |
Series 2010 A: | |||
5% 3/1/16 | 2,000 | 2,015 | |
5% 3/1/17 | 5,405 | 5,675 | |
California Statewide Cmntys. Dev. Auth. Rev. Bonds: | |||
Series 2002 C, 5%, tender 5/1/17 (b) | 4,000 | 4,218 | |
Series 2009 E2, 5%, tender 5/1/17 (b) | 2,000 | 2,109 | |
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev. Series 2013 A, 4% 6/1/21 | 3,500 | 3,925 | |
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev. Series 2013 A, 5% 7/1/19 | 4,400 | 4,998 | |
Los Angeles County Pub. Works Fing. Auth. Lease Rev. Series 2010 A, 5% 8/1/17 | 5,000 | 5,326 | |
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2012 C: | |||
4.625% 3/1/18 | 1,500 | 1,617 | |
5% 3/1/19 | 2,935 | 3,285 | |
Los Angeles Unified School District Ctfs. of Prtn. (Multiple Properties Proj.) Series 2010 A: | |||
5% 12/1/16 | 2,025 | 2,104 | |
5% 12/1/17 | 9,790 | 10,532 | |
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. (Refing. Proj.) Series 2009, 5% 8/1/17 (FSA Insured) | 2,130 | 2,266 | |
Northern California Pwr. Agcy. Rev. (Hydroelectric #1 Proj.) Series 2010 A, 5% 7/1/18 | 2,000 | 2,190 | |
Oakland Unified School District Alameda County Series 2013, 5.5% 8/1/23 | 1,000 | 1,195 | |
Port of Oakland Rev. Series 2012 P, 5% 5/1/21 (d) | 2,500 | 2,922 | |
Rancho Cucamonga Redev. Agcy. (Rancho Redev. Proj.): | |||
5% 9/1/23 (FSA Insured) | 1,350 | 1,639 | |
5% 9/1/24 (FSA Insured) | 2,300 | 2,823 | |
Riverside County Asset Leasing Rev. (Riverside Cap. Proj.) Series 2012 A: | |||
4% 6/1/17 | 1,750 | 1,826 | |
5% 6/1/17 | 3,700 | 3,913 | |
5% 6/1/18 | 6,470 | 7,034 | |
Sacramento Muni. Util. District Elec. Rev. Series 2011 X, 5% 8/15/21 | 4,000 | 4,786 | |
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A: | |||
5% 8/1/16 | 5,450 | 5,587 | |
5% 8/1/18 | 8,000 | 8,663 | |
San Diego Cmnty. College District Series 2007, 0% 8/1/16 (FSA Insured) | 1,160 | 1,155 | |
San Pablo Calif Redev. Agcy. Series 2014 A, 5% 6/15/24 (FSA Insured) | 1,380 | 1,685 | |
State Ctr. Cmnty. College District Series 2007 A, 5% 8/1/26 (Pre-Refunded to 8/1/17 @ 100) | 9,480 | 10,117 | |
Stockton Unified School District Gen. Oblig. 5% 7/1/18 (FSA Insured) | 1,035 | 1,131 | |
TOTAL CALIFORNIA | 233,171 | ||
Colorado - 0.4% | |||
Colorado Health Facilities Auth. Rev. Bonds Series 2008 D3, 5%, tender 11/12/21 (b) | 5,285 | 6,115 | |
Colorado Reg'l. Trans. District Ctfs. of Prtn. Series 2014 A, 5% 6/1/23 | 3,860 | 4,638 | |
E-470 Pub. Hwy. Auth. Rev. Series 2015 A: | |||
5% 9/1/19 | 1,000 | 1,130 | |
5% 9/1/20 | 1,000 | 1,151 | |
Univ. of Colorado Enterprise Sys. Rev. Series 2009 A, 5% 6/1/17 | 500 | 530 | |
TOTAL COLORADO | 13,564 | ||
Connecticut - 2.7% | |||
Connecticut Gen. Oblig.: | |||
(Econ. Recovery Proj.) Series 2009 A, 5% 1/1/16 | 2,700 | 2,700 | |
Series 2009 B, 5% 3/1/18 | 3,470 | 3,772 | |
Series 2012 C, 5% 6/1/21 | 23,420 | 27,459 | |
Series 2013 A: | |||
0.24% 3/1/16 (b) | 1,100 | 1,100 | |
0.35% 3/1/17 (b) | 1,400 | 1,397 | |
Series 2014 C, 5% 12/15/16 | 16,070 | 16,741 | |
Series 2014 D, 2% 6/15/16 | 3,400 | 3,425 | |
Series 2015 E, 5% 8/1/17 | 26,395 | 28,138 | |
Connecticut Health & Edl. Facilities Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 1998 B, 1.55%, tender 2/1/17 (b) | 2,715 | 2,735 | |
Connecticut Hsg. Fin. Auth. Series 2013 B2, 4% 11/15/32 | 6,905 | 7,303 | |
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2011 A, 5% 12/1/18 | 5,575 | 6,188 | |
TOTAL CONNECTICUT | 100,958 | ||
Delaware, New Jersey - 0.1% | |||
Delaware River & Bay Auth. Rev. Series 2014 C: | |||
5% 1/1/20 | 2,500 | 2,844 | |
5% 1/1/21 | 2,000 | 2,323 | |
TOTAL DELAWARE, NEW JERSEY | 5,167 | ||
District Of Columbia - 0.3% | |||
District of Columbia Gen. Oblig. Series 2007 B, 5% 6/1/16 (AMBAC Insured) | 3,555 | 3,622 | |
District of Columbia Univ. Rev. Bonds (Georgetown Univ. Proj.) Series 2001 B, 4.7%, tender 4/1/18 (b) | 8,500 | 9,082 | |
TOTAL DISTRICT OF COLUMBIA | 12,704 | ||
Florida - 11.6% | |||
Brevard County School Board Ctfs. of Prtn.: | |||
Series 2014, 5% 7/1/21 | 1,000 | 1,175 | |
Series 2015 C: | |||
5% 7/1/21 | 650 | 764 | |
5% 7/1/22 | 3,725 | 4,427 | |
5% 7/1/23 | 3,000 | 3,607 | |
Broward County Arpt. Sys. Rev.: | |||
Series 2012 Q1, 5% 10/1/21 | 1,000 | 1,181 | |
Series A: | |||
5% 10/1/22 (d) | 3,000 | 3,540 | |
5% 10/1/23 (d) | 4,020 | 4,776 | |
Broward County School Board Ctfs. of Prtn.: | |||
Series 2012 A: | |||
5% 7/1/19 | 7,000 | 7,877 | |
5% 7/1/20 | 15,070 | 17,336 | |
Series 2015 A: | |||
5% 7/1/19 | 2,000 | 2,251 | |
5% 7/1/20 | 4,000 | 4,601 | |
5% 7/1/21 | 4,500 | 5,275 | |
5% 7/1/22 | 3,500 | 4,166 | |
5% 7/1/23 | 2,750 | 3,310 | |
5% 7/1/24 | 1,320 | 1,599 | |
Series 2015 B: | |||
5% 7/1/19 | 2,000 | 2,251 | |
5% 7/1/20 | 3,000 | 3,451 | |
5% 7/1/21 | 6,235 | 7,308 | |
5% 7/1/22 | 1,275 | 1,518 | |
5% 7/1/23 | 2,750 | 3,310 | |
5% 7/1/24 | 1,145 | 1,387 | |
Series A, 5.25% 7/1/17 (AMBAC Insured) | 7,015 | 7,466 | |
Citizens Property Ins. Corp.: | |||
Series 2009 A1, 6% 6/1/17 | 1,275 | 1,365 | |
Series 2012 A1, 5% 6/1/17 | 15,295 | 16,158 | |
Clearwater Wtr. and Swr. Rev. Series 2011: | |||
4% 12/1/16 | 1,265 | 1,304 | |
5% 12/1/17 | 1,685 | 1,816 | |
5% 12/1/18 | 685 | 759 | |
5% 12/1/19 | 1,820 | 2,069 | |
5% 12/1/20 | 1,000 | 1,162 | |
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011: | |||
5% 10/1/16 | 1,530 | 1,578 | |
5% 10/1/17 | 1,455 | 1,553 | |
Florida Board of Ed. Lottery Rev. Series 2011 A, 5% 7/1/20 | 8,600 | 9,938 | |
Florida Board of Ed. Pub. Ed. Cap. Outlay: | |||
Series 2009 C: | |||
5% 6/1/16 | 3,000 | 3,057 | |
5% 6/1/20 | 3,625 | 4,116 | |
Series 2012 C, 5% 6/1/16 | 3,585 | 3,653 | |
Florida Dept. of Envir. Protection Rev. Series 2012 A, 5% 7/1/19 | 15,800 | 17,821 | |
Florida Dev. Fin. Corp. Healthcare Facility Rev. (Univ. Health Proj.) Series 2013 A: | |||
5% 2/1/17 | 700 | 722 | |
5% 2/1/18 | 1,790 | 1,886 | |
5% 2/1/19 | 1,450 | 1,553 | |
5% 2/1/20 | 2,025 | 2,194 | |
Florida Gen. Oblig. Series 2015 A, 4% 7/1/17 | 17,295 | 18,124 | |
Florida Mid-Bay Bridge Auth. Rev. Series 2015 A: | |||
5% 10/1/21 | 1,030 | 1,169 | |
5% 10/1/22 | 2,000 | 2,291 | |
5% 10/1/23 | 1,270 | 1,464 | |
5% 10/1/24 | 2,000 | 2,317 | |
5% 10/1/25 | 1,750 | 2,036 | |
5% 10/1/26 | 2,000 | 2,308 | |
Florida Muni. Pwr. Agcy. Rev. (Stanton II Proj.) Series 2012 A, 5% 10/1/18 | 2,850 | 3,136 | |
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Series 2011 C: | |||
5% 10/1/19 | 1,705 | 1,932 | |
5% 10/1/20 | 1,000 | 1,159 | |
Halifax Hosp. Med. Ctr. Rev. 5% 6/1/23 | 1,325 | 1,522 | |
Hillsborough County School Board Ctfs. of Prtn. Series 2015 A, 4% 7/1/17 | 1,500 | 1,572 | |
Indian River County School Board Ctfs. of Prtn. Series 2014: | |||
5% 7/1/20 | 935 | 1,077 | |
5% 7/1/22 | 2,000 | 2,375 | |
5% 7/1/23 | 2,000 | 2,398 | |
Indian River County Wtr. & Swr. Rev. 5% 9/1/17 | 1,000 | 1,069 | |
JEA Wtr. & Swr. Sys. Rev. Series 2010 D, 5% 10/1/21 | 1,945 | 2,238 | |
Manatee County Rev. Series 2013: | |||
5% 10/1/19 | 1,250 | 1,415 | |
5% 10/1/20 | 2,000 | 2,318 | |
5% 10/1/21 | 2,000 | 2,360 | |
5% 10/1/22 | 1,000 | 1,194 | |
Miami-Dade County Expressway Auth.: | |||
(Waste Mgmt., Inc. of Florida Proj.): | |||
Series 2013, 5% 7/1/19 | 2,000 | 2,253 | |
5% 7/1/20 | 1,000 | 1,155 | |
5% 7/1/21 | 2,000 | 2,351 | |
5% 7/1/22 | 2,000 | 2,383 | |
5% 7/1/23 | 2,000 | 2,366 | |
Series 2014 A, 5% 7/1/24 | 625 | 757 | |
Series 2014 B: | |||
5% 7/1/22 | 1,500 | 1,788 | |
5% 7/1/23 | 3,250 | 3,907 | |
Miami-Dade County Gen. Oblig. (Parks Prog.) Series 2015 A, 5% 11/1/22 | 3,880 | 4,671 | |
Miami-Dade County School Board Ctfs. of Prtn.: | |||
Series 2014 D: | |||
5% 11/1/20 | 4,875 | 5,607 | |
5% 11/1/21 | 6,275 | 7,315 | |
5% 11/1/22 | 2,915 | 3,437 | |
5% 11/1/23 | 7,650 | 9,108 | |
Series 2015 A: | |||
5% 5/1/19 | 1,000 | 1,116 | |
5% 5/1/20 | 2,095 | 2,392 | |
5% 5/1/21 | 4,000 | 4,635 | |
5% 5/1/22 | 3,720 | 4,360 | |
5% 5/1/23 | 6,500 | 7,700 | |
Series 2015 B, 5% 5/1/24 | 29,560 | 35,201 | |
Series 2015 D, 5% 2/1/24 | 14,945 | 17,732 | |
Series 2016 A, 5% 8/1/27 (a) | 5,560 | 6,666 | |
Miami-Dade County School District Series 2015, 5% 3/15/17 | 3,225 | 3,390 | |
Miami-Dade County Transit Sales Surtax Rev. Series 2012, 5% 7/1/19 | 1,250 | 1,407 | |
Orange County Health Facilities Auth.: | |||
(Orlando Health, Inc.) Series 2009, 5% 10/1/16 | 1,325 | 1,366 | |
Series 2009, 5.25% 10/1/19 | 1,245 | 1,398 | |
Orlando & Orange County Expressway Auth. Rev. Series 2012, 5% 7/1/19 | 1,000 | 1,128 | |
Orlando Utils. Commission Util. Sys. Rev.: | |||
Series 2009 C, 5% 10/1/17 | 1,500 | 1,607 | |
Series 2010 C, 5% 10/1/17 | 1,895 | 2,026 | |
Series 2011 B: | |||
5% 10/1/18 | 2,250 | 2,485 | |
5% 10/1/19 | 2,325 | 2,640 | |
Palm Beach County Health Facilities Auth. Hosp. Rev. Series 2014: | |||
4% 12/1/19 | 1,000 | 1,077 | |
5% 12/1/20 | 880 | 994 | |
5% 12/1/21 | 1,100 | 1,255 | |
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 | 4,548 | |
5% 8/1/19 | 3,000 | 3,379 | |
5% 8/1/21 | 5,300 | 6,247 | |
Series 2015 B: | |||
5% 8/1/19 | 2,735 | 3,086 | |
5% 8/1/20 | 1,750 | 2,020 | |
Pasco County School District Sales Tax Rev. Series 2013: | |||
5% 10/1/18 | 1,250 | 1,373 | |
5% 10/1/19 | 1,100 | 1,238 | |
5% 10/1/20 | 1,000 | 1,150 | |
5% 10/1/21 | 1,000 | 1,170 | |
5% 10/1/22 | 1,000 | 1,185 | |
Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev.: | |||
Series 2011: | |||
5% 10/1/17 (d) | 4,465 | 4,764 | |
5% 10/1/19 (d) | 2,025 | 2,274 | |
5% 10/1/18 (d) | 2,745 | 3,009 | |
Tampa Bay Wtr. Reg'l. Wtr. Supply Auth. Util. Sys. Rev.: | |||
Series 2011 B: | |||
5% 10/1/18 (Escrowed to Maturity) | 2,440 | 2,702 | |
5% 10/1/18 (Escrowed to Maturity) | 2,260 | 2,503 | |
Series 2011, 5% 10/1/19 | 5,590 | 6,364 | |
Tampa Health Sys. Rev. (Baycare Health Sys. Proj.) Series 2010: | |||
5% 11/15/16 | 2,500 | 2,596 | |
5% 11/15/17 | 1,605 | 1,725 | |
Tampa Solid Waste Sys. Rev. Series 2010: | |||
5% 10/1/16 (FSA Insured) (d) | 6,000 | 6,191 | |
5% 10/1/17 (FSA Insured) (d) | 5,000 | 5,331 | |
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A, 5% 9/1/20 | 1,800 | 2,067 | |
Titusville Wtr. & Swr. Rev. Series 2010, 5% 10/1/17 (Assured Guaranty Corp. Insured) | 1,135 | 1,217 | |
Volusia County School Board Ctfs. of Prtn. (Master Lease Prog.) Series 2014 B: | |||
5% 8/1/18 | 300 | 329 | |
5% 8/1/19 | 310 | 349 | |
TOTAL FLORIDA | 439,611 | ||
Georgia - 3.2% | |||
Atlanta Arpt. Rev.: | |||
5% 1/1/22 | 1,000 | 1,188 | |
5% 1/1/23 | 1,000 | 1,203 | |
5% 1/1/24 | 1,150 | 1,411 | |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | |||
(Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2013 A, 2.4%, tender 4/1/20 (b) | 12,500 | 12,722 | |
2.2%, tender 4/2/19 (b) | 9,700 | 9,837 | |
Fulton County Wtr. & Swr. Rev. Series 2011: | |||
5% 1/1/19 | 4,000 | 4,452 | |
5% 1/1/20 | 4,000 | 4,573 | |
Georgia Gen. Oblig. Series 2014 D, 5% 7/1/16 | 23,900 | 24,443 | |
Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
(Combined Cycle Proj.) Series A, 5% 11/1/18 | 2,000 | 2,209 | |
(Proj. One): | |||
Series 2008 A, 5.25% 1/1/17 (Berkshire Hathaway Assurance Corp. Insured) | 7,925 | 8,282 | |
Series 2008 D: | |||
5.75% 1/1/19 | 14,890 | 16,572 | |
5.75% 1/1/20 | 3,555 | 3,956 | |
Series B, 5% 1/1/17 | 2,750 | 2,867 | |
Series GG: | |||
5% 1/1/16 | 680 | 680 | |
5% 1/1/20 | 675 | 768 | |
5% 1/1/21 | 1,670 | 1,946 | |
Georgia Muni. Gas Auth. Rev. (Gas Portfolio III Proj.): | |||
Series 2014 U: | |||
5% 10/1/19 | 1,500 | 1,693 | |
5% 10/1/22 | 1,000 | 1,189 | |
5% 10/1/23 | 2,420 | 2,907 | |
Series R, 5% 10/1/21 | 5,000 | 5,874 | |
Monroe County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Scherer Proj.) Series 2009, 2.35%, tender 12/11/20 (b) | 4,715 | 4,785 | |
Private Colleges & Univs. Auth. Rev. (The Savannah College of Arts and Design Projs.) Series 2014, 5% 4/1/21 | 2,000 | 2,273 | |
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009: | |||
5% 1/1/16 | 2,415 | 2,415 | |
5% 1/1/18 | 1,530 | 1,643 | |
TOTAL GEORGIA | 119,888 | ||
Hawaii - 0.5% | |||
Hawaii Arpts. Sys. Rev. Series 2011, 5% 7/1/19 (d) | 4,000 | 4,474 | |
Hawaii Gen. Oblig. Series DR, 5% 6/1/16 (Escrowed to Maturity) | 2,895 | 2,948 | |
State of Hawaii Dept. of Trans. Series 2013: | |||
5% 8/1/19 (d) | 1,400 | 1,567 | |
5% 8/1/20 (d) | 3,050 | 3,486 | |
5% 8/1/21 (d) | 550 | 639 | |
5% 8/1/22 (d) | 2,075 | 2,442 | |
5% 8/1/23 (d) | 1,435 | 1,705 | |
TOTAL HAWAII | 17,261 | ||
Illinois - 8.6% | |||
Chicago Board of Ed.: | |||
Series 1998 B1, 0% 12/1/21 (FGIC Insured) | 10,000 | 7,793 | |
Series 2008 C: | |||
5.25% 12/1/23 | 7,665 | 7,410 | |
5.25% 12/1/24 | 955 | 917 | |
Series 2009 D: | |||
4% 12/1/16 (Assured Guaranty Corp. Insured) | 950 | 967 | |
5% 12/1/17 (Assured Guaranty Corp. Insured) | 4,115 | 4,274 | |
5% 12/1/18 (Assured Guaranty Corp. Insured) | 2,335 | 2,447 | |
Series 2010 F, 5% 12/1/20 | 760 | 746 | |
Chicago Gen. Oblig.: | |||
(City Colleges Proj.) Series 1999: | |||
0% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,200 | 6,968 | |
0% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 2,788 | |
0% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,805 | 8,734 | |
0% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 14,755 | 12,576 | |
Series 2009 A, 5% 1/1/22 | 1,265 | 1,317 | |
Series 2012 C, 5% 1/1/23 | 3,220 | 3,385 | |
4.5% 1/1/20 | 1,150 | 1,191 | |
5% 1/1/23 | 2,920 | 3,091 | |
Chicago Metropolitan Wtr. Reclamation District Greater Chicago: | |||
Series 2014 C, 5% 12/1/17 | 3,975 | 4,276 | |
Series 2014 D, 5% 12/1/17 | 3,425 | 3,685 | |
Chicago Midway Arpt. Rev.: | |||
Series 2014 B: | |||
5% 1/1/20 | 625 | 707 | |
5% 1/1/21 | 400 | 461 | |
5% 1/1/23 | 2,500 | 2,944 | |
5% 1/1/22 | 5,000 | 5,845 | |
5% 1/1/23 | 5,900 | 6,948 | |
Chicago Motor Fuel Tax Rev. Series 2013: | |||
5% 1/1/19 | 250 | 263 | |
5% 1/1/20 | 300 | 319 | |
5% 1/1/21 | 400 | 427 | |
5% 1/1/22 | 300 | 321 | |
5% 1/1/23 | 535 | 573 | |
Chicago O'Hare Int'l. Arpt. Rev.: | |||
Series 2010 D, 5.25% 1/1/17 (d) | 1,000 | 1,043 | |
Series 2010 E, 5% 1/1/16 (d) | 1,500 | 1,500 | |
Series 2011 B, 5% 1/1/18 | 6,500 | 6,998 | |
Series 2012 A, 5% 1/1/21 | 1,400 | 1,620 | |
Series 2012 B, 5% 1/1/21 (d) | 4,605 | 5,246 | |
Series 2013 B, 5% 1/1/22 | 4,000 | 4,701 | |
Series 2013 D, 5% 1/1/22 | 3,220 | 3,784 | |
Chicago Park District Gen. Oblig. Series 2014 D: | |||
4% 1/1/17 | 1,050 | 1,075 | |
4% 1/1/18 | 2,255 | 2,356 | |
Chicago Sales Tax Rev. Series 1998, 5.5% 1/1/16 (FGIC Insured) (FSA Insured) | 1,710 | 1,710 | |
Chicago Transit Auth. Cap. Grant Receipts Rev.: | |||
5% 6/1/19 (Assured Guaranty Corp. Insured) | 2,085 | 2,151 | |
5% 6/1/19 (Pre-Refunded to 12/1/16 @ 100) | 415 | 431 | |
Chicago Wastewtr. Transmission Rev. Series 2012: | |||
5% 1/1/19 | 1,310 | 1,421 | |
5% 1/1/23 | 1,200 | 1,340 | |
Cook County Gen. Oblig.: | |||
Series 2009 C, 5% 11/15/21 | 8,575 | 9,289 | |
Series 2010 A, 5.25% 11/15/22 | 4,960 | 5,494 | |
Series 2011 A, 5.25% 11/15/22 | 1,000 | 1,122 | |
Series 2012 C: | |||
5% 11/15/19 | 3,200 | 3,490 | |
5% 11/15/20 | 7,210 | 7,967 | |
5% 11/15/21 | 4,970 | 5,543 | |
5% 11/15/22 | 1,250 | 1,404 | |
Series 2014 A: | |||
5% 11/15/20 | 1,000 | 1,105 | |
5% 11/15/21 | 500 | 558 | |
5% 11/15/22 | 1,000 | 1,123 | |
Cook County Thorton Township High School District #205 5.5% 12/1/16 (Assured Guaranty Corp. Insured) | 2,500 | 2,607 | |
Illinois Edl. Facilities Auth. Rev. Bonds (Univ. of Chicago Proj.) Series B2, 1.55%, tender 2/13/30 (b) | 10,000 | 9,984 | |
Illinois Fin. Auth. Rev.: | |||
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | |||
5% 5/15/16 | 2,060 | 2,092 | |
5% 5/15/17 | 3,520 | 3,709 | |
(Provena Health Proj.) Series 2010 A, 5.75% 5/1/19 | 2,650 | 2,982 | |
(Rush Univ. Med. Ctr. Proj.) Series 2006 B, 5% 11/1/16 (Escrowed to Maturity) | 1,700 | 1,763 | |
Bonds Series E, 2.25%, tender 4/29/22 (b) | 22,930 | 23,254 | |
Series 2012 A, 5% 5/15/23 | 1,300 | 1,511 | |
Series 2012: | |||
5% 9/1/18 | 1,160 | 1,254 | |
5% 9/1/19 | 1,115 | 1,231 | |
5% 9/1/20 | 1,470 | 1,648 | |
5% 9/1/21 | 2,045 | 2,322 | |
5% 9/1/22 | 3,530 | 4,047 | |
Series 2015 A: | |||
5% 11/15/24 | 1,525 | 1,804 | |
5% 11/15/25 | 1,950 | 2,321 | |
5% 11/15/26 | 2,000 | 2,373 | |
5% 11/15/20 | 1,650 | 1,893 | |
5% 11/15/22 | 500 | 590 | |
5% 11/15/24 | 1,955 | 2,350 | |
Illinois Gen. Oblig.: | |||
Series 2004, 5% 11/1/16 | 11,000 | 11,350 | |
Series 2005, 5% 4/1/17 (AMBAC Insured) | 8,050 | 8,074 | |
Series 2007 B, 5% 1/1/17 | 9,835 | 10,177 | |
Series 2010: | |||
5% 1/1/16 (FSA Insured) | 3,200 | 3,200 | |
5% 1/1/21 (FSA Insured) | 1,600 | 1,746 | |
Series 2012: | |||
5% 3/1/19 | 5,500 | 5,892 | |
5% 8/1/19 | 2,660 | 2,868 | |
5% 8/1/20 | 6,900 | 7,534 | |
5% 8/1/21 | 1,400 | 1,542 | |
5% 8/1/22 | 5,800 | 6,396 | |
Series 2013, 5% 7/1/22 | 1,265 | 1,394 | |
Series 2014, 5% 2/1/22 | 3,000 | 3,301 | |
Illinois Health Facilities Auth. Rev.: | |||
(Delnor-Cmnty. Hosp. Proj.) Series 2003 A, 5% 5/15/16 (FSA Insured) | 2,325 | 2,363 | |
Series 2003 A, 5% 5/15/17 (FSA Insured) | 2,150 | 2,265 | |
Illinois Sales Tax Rev. Series 2009 B: | |||
4.5% 6/15/16 | 5,000 | 5,087 | |
4.5% 6/15/17 | 6,075 | 6,372 | |
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2006 A2, 5% 1/1/31 (Pre-Refunded to 7/1/16 @ 100) | 2,100 | 2,147 | |
McHenry County Conservation District Gen. Oblig.: | |||
Series 2014: | |||
5% 2/1/19 | 2,285 | 2,546 | |
5% 2/1/20 | 2,275 | 2,602 | |
Series 2014. 5% 2/1/23 | 2,225 | 2,676 | |
Railsplitter Tobacco Settlement Auth. Rev. Series 2010, 5% 6/1/16 | 1,000 | 1,017 | |
Will County Cmnty. Unit School District #365-U: | |||
0% 11/1/16 (Escrowed to Maturity) | 740 | 736 | |
0% 11/1/16 (FSA Insured) | 2,235 | 2,213 | |
TOTAL ILLINOIS | 327,077 | ||
Indiana - 2.4% | |||
Indiana Fin. Auth. Hosp. Rev. Series 2013: | |||
5% 8/15/22 | 700 | 826 | |
5% 8/15/23 | 1,000 | 1,191 | |
Indiana Fin. Auth. Rev.: | |||
Series 2010 A, 5% 2/1/17 | 2,800 | 2,931 | |
Series 2012: | |||
5% 3/1/20 | 650 | 725 | |
5% 3/1/21 | 1,225 | 1,392 | |
Indiana Fin. Auth. Wastewtr. Util. Rev. (CWA Auth. Proj.): | |||
Series 2012 A: | |||
5% 10/1/20 | 825 | 954 | |
5% 10/1/22 | 1,600 | 1,916 | |
Series 2014 A: | |||
5% 10/1/20 | 375 | 434 | |
5% 10/1/21 | 380 | 448 | |
5% 10/1/22 | 675 | 806 | |
Series 2015 A: | |||
5% 10/1/24 | 1,495 | 1,830 | |
5% 10/1/25 | 1,625 | 1,973 | |
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (b) | 4,000 | 4,112 | |
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 2001 A2, 1.6%, tender 2/1/17 (b) | 9,900 | 9,979 | |
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2011 A: | |||
5% 1/1/19 | 1,470 | 1,633 | |
5% 1/1/20 | 1,250 | 1,425 | |
Indianapolis Thermal Energy Sys. Series 2010 B: | |||
5% 10/1/16 | 5,000 | 5,159 | |
5% 10/1/17 | 5,000 | 5,343 | |
Lake Central Multi-District School Bldg. Corp. Series 2012 B: | |||
4% 1/15/19 | 1,000 | 1,078 | |
4% 1/15/20 | 1,345 | 1,479 | |
4% 1/15/21 | 1,250 | 1,386 | |
5% 7/15/19 | 1,680 | 1,890 | |
5% 7/15/20 | 1,170 | 1,351 | |
5% 7/15/21 | 1,000 | 1,169 | |
Purdue Univ. Rev.: | |||
(Student Facilities Sys. Proj.) Series 2009 B: | |||
4% 7/1/17 | 500 | 524 | |
5% 7/1/16 | 500 | 511 | |
Series Z-1: | |||
5% 7/1/16 | 1,215 | 1,242 | |
5% 7/1/17 | 1,000 | 1,063 | |
5% 7/1/18 | 1,500 | 1,648 | |
Rockport Poll. Cont. Rev. Bonds (Indiana Michigan Pwr. Co. Proj. Series 2009 B, 1.75%, tender 6/1/18 (b) | 8,500 | 8,528 | |
Univ. of Southern Indiana Rev. Series J, 5% 10/1/16 (Assured Guaranty Corp. Insured) | 1,165 | 1,203 | |
Whiting Envir. Facilities Rev. Bonds (BP Products North America, Inc. Proj.) Series 2015, 5%, tender 11/1/22 (b)(d) | 20,745 | 24,190 | |
TOTAL INDIANA | 90,339 | ||
Iowa - 0.0% | |||
Iowa Fin. Auth. Health Facilities Rev. Series 2005 A, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 1,700 | 1,709 | |
Kansas - 0.4% | |||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 D, 5% 11/15/16 | 875 | 909 | |
Overland Park Sales Tax Spl. Oblig. Rev. Series 2012, 4.375% 12/15/23 | 3,100 | 2,824 | |
Wichita Hosp. Facilities Rev.: | |||
(Via Christi Health Sys., Inc. Proj.) Series 2009 III A, 5% 11/15/16 (Escrowed to Maturity) | 5,410 | 5,621 | |
Series 2011 IV A: | |||
5% 11/15/18 (Escrowed to Maturity) | 2,250 | 2,502 | |
5% 11/15/20 (Escrowed to Maturity) | 2,745 | 3,220 | |
TOTAL KANSAS | 15,076 | ||
Kentucky - 0.9% | |||
Kentucky Econ. Dev. Fin. Auth. Bonds Series 2009 B, 2.7%, tender 11/10/21 (b) | 9,000 | 9,280 | |
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. Series 2015 A: | |||
5% 6/1/19 | 1,000 | 1,098 | |
5% 6/1/20 | 1,410 | 1,569 | |
5% 6/1/21 | 1,000 | 1,118 | |
5% 6/1/22 | 1,560 | 1,746 | |
5% 6/1/24 | 1,690 | 1,910 | |
Kentucky State Property & Buildings Commission Rev. (#82 Proj.) 5.25% 10/1/17 (FSA Insured) | 2,450 | 2,636 | |
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.): | |||
Series 2003 A, 1.65%, tender 4/3/17 (b) | 6,000 | 6,037 | |
Series 2007 B: | |||
1.15%, tender 6/1/17 (b) | 2,600 | 2,599 | |
1.6%, tender 6/1/17 (b) | 8,050 | 8,096 | |
TOTAL KENTUCKY | 36,089 | ||
Louisiana - 1.5% | |||
Louisiana Citizens Property Ins. Corp. Assessment Rev. Series 2015: | |||
5% 6/1/19 | 9,350 | 10,432 | |
5% 6/1/21 (FSA Insured) | 5,000 | 5,829 | |
Louisiana Gas & Fuel Tax Rev. Bonds Series 2013 B, 0.641%, tender 5/1/17 (b) | 25,000 | 24,941 | |
Louisiana Pub. Facilities Auth. Rev. (Christus Health Proj.) Series 2009 A, 5% 7/1/16 | 2,000 | 2,041 | |
Louisiana Stadium and Exposition District Series 2013 A: | |||
5% 7/1/21 | 1,500 | 1,757 | |
5% 7/1/22 | 1,000 | 1,189 | |
New Orleans Gen. Oblig. Series 2012, 5% 12/1/20 | 2,800 | 3,229 | |
Reg'l. Transit Auth. Louisiana Sales Tax Rev. 4% 12/1/16 (FSA Insured) | 1,000 | 1,031 | |
Tobacco Settlement Fing. Corp. Series 2013 A, 5% 5/15/23 | 4,500 | 5,199 | |
TOTAL LOUISIANA | 55,648 | ||
Maine - 0.2% | |||
Maine Tpk. Auth. Tpk. Rev. Series 2015: | |||
5% 7/1/21 | 2,400 | 2,821 | |
5% 7/1/22 | 1,850 | 2,211 | |
5% 7/1/24 | 2,350 | 2,879 | |
TOTAL MAINE | 7,911 | ||
Maryland - 1.7% | |||
Maryland Gen. Oblig.: | |||
Series 2008 2, 5% 7/15/22 (Pre-Refunded to 7/15/18 @ 100) | 5,500 | 6,053 | |
Series 2012 B, 5% 8/1/16 | 6,400 | 6,569 | |
Maryland Health & Higher Edl. Facilities Auth. Rev.: | |||
Bonds: | |||
Series 2012 D, 0.993%, tender 11/15/17 (b) | 14,000 | 14,050 | |
Series 2013 A: | |||
0.743%, tender 5/15/18 (b) | 4,700 | 4,686 | |
0.763%, tender 5/15/18 (b) | 7,100 | 7,080 | |
Series 2015: | |||
5% 7/1/19 | 400 | 441 | |
5% 7/1/22 | 900 | 1,027 | |
5% 7/1/23 | 1,000 | 1,149 | |
5% 7/1/24 | 2,000 | 2,311 | |
5% 7/1/25 | 1,770 | 2,054 | |
Montgomery County Gen. Oblig. Series 2011 A, 5% 7/1/20 | 16,000 | 18,105 | |
TOTAL MARYLAND | 63,525 | ||
Massachusetts - 1.3% | |||
Braintree Gen. Oblig. Series 2009, 5% 5/15/16 | 4,400 | 4,475 | |
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2006 B, 5.25% 7/1/18 | 2,300 | 2,544 | |
Massachusetts Dev. Fin. Agcy. Rev.: | |||
(Boston College Proj.): | |||
Series Q1, 4% 7/1/16 | 1,000 | 1,018 | |
Series Q2: | |||
4% 7/1/16 | 1,000 | 1,018 | |
5% 7/1/17 | 1,370 | 1,455 | |
(Tufts Med. Ctr. Proj.) Series I, 5% 1/1/16 | 1,300 | 1,300 | |
Bonds Series 2013 U-6E, 0.56%, tender 1/7/16 (b) | 5,900 | 5,901 | |
4.5% 11/15/18 (c) | 2,500 | 2,502 | |
Massachusetts Edl. Fing. Auth. Rev. Series 2013, 5% 7/1/19 (d) | 4,725 | 5,167 | |
Massachusetts Gen. Oblig.: | |||
Series 2004 B, 5.25% 8/1/20 | 12,700 | 14,925 | |
Series 2006 D, 5% 8/1/22 (Pre-Refunded to 8/1/16 @ 100) | 4,500 | 4,618 | |
Medford Gen. Oblig. Series 2011 B, 4% 3/1/19 | 3,570 | 3,878 | |
TOTAL MASSACHUSETTS | 48,801 | ||
Michigan - 2.5% | |||
Detroit Swr. Disp. Rev. Series 2006 D, 0.818% 7/1/32 (b) | 4,070 | 3,767 | |
Grand Blanc Cmnty. Schools Series 2013: | |||
5% 5/1/19 | 1,225 | 1,372 | |
5% 5/1/20 | 2,635 | 3,025 | |
5% 5/1/21 | 2,150 | 2,515 | |
5% 5/1/22 | 1,850 | 2,198 | |
Grand Valley Michigan State Univ. Rev. Series 2009, 5% 12/1/16 | 1,320 | 1,372 | |
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2011 A: | |||
5% 11/15/18 | 1,250 | 1,378 | |
5% 11/15/19 | 1,000 | 1,130 | |
Michigan Fin. Auth. Rev.: | |||
Series 2012 A: | |||
5% 6/1/16 (Escrowed to Maturity) | 2,290 | 2,332 | |
5% 6/1/17 (Escrowed to Maturity) | 1,410 | 1,493 | |
5% 6/1/18 (Escrowed to Maturity) | 2,430 | 2,660 | |
Series 2015 A: | |||
5% 8/1/22 | 2,400 | 2,819 | |
5% 8/1/23 | 3,800 | 4,512 | |
Michigan Hosp. Fin. Auth. Rev. Bonds: | |||
Series 1999 B3, 0.3%, tender 2/3/16 (b) | 25,000 | 25,000 | |
Series 2005 A4, 1.625%, tender 11/1/19 (b) | 8,630 | 8,606 | |
Series 2010 F3, 1.4%, tender 6/29/18 (b) | 1,900 | 1,909 | |
Series 2010 F4, 1.95%, tender 4/1/20 (b) | 6,545 | 6,625 | |
Michigan Muni. Bond Auth. Rev. (Local Govt. Ln. Prog.) Series 2009 C, 5% 5/1/16 | 1,865 | 1,889 | |
Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D: | |||
5% 9/1/21 | 1,500 | 1,740 | |
5% 9/1/23 | 500 | 594 | |
Spring Lake Pub. Schools: | |||
Series 2014, 5% 5/1/19 | 2,300 | 2,576 | |
5% 11/1/19 | 2,775 | 3,156 | |
5% 5/1/20 | 3,630 | 4,168 | |
5% 11/1/20 | 1,745 | 2,032 | |
5% 5/1/21 | 4,110 | 4,808 | |
TOTAL MICHIGAN | 93,676 | ||
Minnesota - 0.4% | |||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | |||
Series 2014 A: | |||
5% 1/1/22 | 1,000 | 1,183 | |
5% 1/1/23 | 1,000 | 1,200 | |
Series 2014 B: | |||
5% 1/1/21 (d) | 2,290 | 2,632 | |
5% 1/1/22 (d) | 2,000 | 2,337 | |
5% 1/1/23 (d) | 1,000 | 1,178 | |
Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C1, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 565 | 568 | |
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2009 A, 5% 1/1/16 | 1,000 | 1,000 | |
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev. Series 2014 A: | |||
5% 1/1/22 | 1,000 | 1,195 | |
5% 1/1/23 | 1,500 | 1,818 | |
5% 1/1/24 | 1,000 | 1,222 | |
TOTAL MINNESOTA | 14,333 | ||
Mississippi - 0.1% | |||
Mississippi Gen. Oblig. (Cap. Impts. Proj.) Series 2012 D, 0.54% 9/1/17 (b) | 3,080 | 3,081 | |
Missouri - 0.0% | |||
Saint Louis Arpt. Rev. Series 2013, 5% 7/1/18 | 765 | 832 | |
Nebraska - 0.1% | |||
Nebraska Pub. Pwr. District Rev.: | |||
Series 2012 C, 5% 1/1/22 (Pre-Refunded to 1/1/18 @ 100) | 1,100 | 1,191 | |
Series C, 4% 1/1/16 | 2,195 | 2,195 | |
TOTAL NEBRASKA | 3,386 | ||
Nevada - 1.5% | |||
Clark County School District: | |||
Series 2012 A, 5% 6/15/19 | 24,610 | 27,683 | |
Series 2014 A, 5.5% 6/15/16 | 2,700 | 2,760 | |
Nevada Gen. Oblig.: | |||
Series 2010 C, 5% 6/1/19 | 12,140 | 13,691 | |
Series 2012 B, 5% 8/1/20 | 2,230 | 2,593 | |
Series 2013 D1: | |||
5% 3/1/23 | 4,500 | 5,476 | |
5% 3/1/24 | 2,700 | 3,263 | |
TOTAL NEVADA | 55,466 | ||
New Hampshire - 0.3% | |||
New Hampshire Health & Ed. Facilities Auth. Rev. Series 2012: | |||
4% 7/1/20 | 2,705 | 2,846 | |
4% 7/1/21 | 1,520 | 1,595 | |
New Hampshire Tpk. Sys. Rev. Series 2012 B: | |||
5% 2/1/17 | 3,000 | 3,136 | |
5% 2/1/18 | 2,500 | 2,702 | |
TOTAL NEW HAMPSHIRE | 10,279 | ||
New Jersey - 5.2% | |||
Camden County Impt. Auth. Health Care Redev. Rev. Series 2014 A: | |||
5% 2/15/20 | 3,000 | 3,337 | |
5% 2/15/21 | 2,500 | 2,811 | |
5% 2/15/22 | 2,500 | 2,835 | |
5% 2/15/23 | 2,750 | 3,136 | |
New Jersey Ctfs. of Prtn. Series 2009 A, 5% 6/15/16 | 6,500 | 6,623 | |
New Jersey Econ. Dev. Auth. Rev.: | |||
Series 2005 K, 5.5% 12/15/19 | 8,030 | 8,887 | |
Series 2011 EE: | |||
5% 9/1/20 | 1,350 | 1,473 | |
5% 9/1/20 (Escrowed to Maturity) | 3,650 | 4,238 | |
Series 2012 II: | |||
5% 3/1/21 | 6,800 | 7,431 | |
5% 3/1/22 | 6,290 | 6,903 | |
Series 2012, 5% 6/15/18 | 5,600 | 5,954 | |
Series 2013 NN, 5% 3/1/19 (Escrowed to Maturity) | 8,165 | 9,144 | |
Series 2014 PP, 5% 6/15/19 | 17,000 | 18,311 | |
New Jersey Edl. Facility Series 2014: | |||
5% 6/15/20 | 11,000 | 11,956 | |
5% 6/15/21 | 11,000 | 12,062 | |
New Jersey Gen. Oblig. Series O: | |||
5% 8/1/17 | 6,940 | 7,341 | |
5.25% 8/1/22 | 3,930 | 4,607 | |
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Series 2013: | |||
5% 12/1/18 (d) | 6,000 | 6,505 | |
5% 12/1/19 (d) | 3,850 | 4,243 | |
New Jersey Tpk. Auth. Tpk. Rev.: | |||
Series 1991 C, 6.5% 1/1/16 (Escrowed to Maturity) | 200 | 200 | |
Series 2013 A, 5% 1/1/24 | 4,345 | 5,175 | |
Series 2013 C, 0.49% 1/1/17 (b) | 16,000 | 15,973 | |
New Jersey Trans. Trust Fund Auth.: | |||
Series 2003 A, 5.5% 12/15/16 (FSA Insured) | 5,000 | 5,199 | |
Series 2003 B, 5.25% 12/15/19 | 3,870 | 4,223 | |
Series 2003 B. 5.25% 12/15/19 | 5,500 | 6,002 | |
Series 2012 AA, 5% 6/15/19 | 1,500 | 1,613 | |
Series 2013 A: | |||
5% 12/15/19 | 6,455 | 6,984 | |
5% 6/15/20 | 18,000 | 19,604 | |
New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A, 5% 9/15/21 | 4,900 | 5,549 | |
TOTAL NEW JERSEY | 198,319 | ||
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 (b) | 11,000 | 11,066 | |
Series 2011, 1.875%, tender 4/1/20 (b) | 6,290 | 6,323 | |
New Mexico Edl. Assistance Foundation: | |||
Series 2009 B, 4% 9/1/16 | 7,000 | 7,151 | |
Series 2010 A1, 4% 12/1/16 | 6,750 | 6,949 | |
Rio Rancho Wtr. & Wastewtr. Sys. Rev. Series 2009, 5% 5/15/17 (FSA Insured) | 4,480 | 4,727 | |
TOTAL NEW MEXICO | 36,216 | ||
New York - 11.4% | |||
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 | 1,201 | |
5% 7/1/19 (Assured Guaranty Corp. Insured) (FSA Insured) | 640 | 716 | |
Metropolitan Trans. Auth. Svc. Contract Rev. Series 2002 A, 5.5% 7/1/17 | 5,000 | 5,357 | |
New York City Gen. Oblig.: | |||
Series 2008 C, 5.25% 8/1/17 | 2,280 | 2,439 | |
Series 2010 F, 5% 8/1/17 | 8,365 | 8,916 | |
Series 2011 B, 5% 8/1/17 | 1,000 | 1,066 | |
Series 2012 C, 4% 8/1/17 | 2,740 | 2,878 | |
Series 2014 J, 3% 8/1/16 | 5,600 | 5,683 | |
Series 2014 K, 3% 8/1/16 | 3,900 | 3,958 | |
Series 2015 C: | |||
5% 8/1/23 | 10,000 | 12,192 | |
5% 8/1/24 | 5,000 | 6,176 | |
5% 8/1/25 | 1,700 | 2,093 | |
Series 2015 F1, 3% 6/1/17 | 14,370 | 14,822 | |
Series J8, 0.39% 8/1/21 (b) | 7,500 | 7,500 | |
New York City Transitional Fin. Auth. Bldg. Aid Rev. Series 2015 S2, 3% 7/15/17 | 9,565 | 9,892 | |
New York City Transitional Fin. Auth. Rev.: | |||
Series 2003 B, 5% 2/1/20 | 3,000 | 3,439 | |
Series 2010 B: | |||
5% 11/1/17 | 11,740 | 12,631 | |
5% 11/1/17 (Escrowed to Maturity) | 18,260 | 19,608 | |
5% 11/1/20 | 5,950 | 6,799 | |
Series 2010 D: | |||
5% 11/1/17 | 8,015 | 8,623 | |
5% 11/1/17 (Escrowed to Maturity) | 2,100 | 2,257 | |
Series 2012 A: | |||
5% 11/1/17 | 6,180 | 6,649 | |
5% 11/1/17 (Escrowed to Maturity) | 820 | 881 | |
5% 11/1/20 | 4,500 | 5,252 | |
New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev.: | |||
(State Univ. Proj.) Series 2012 A, 5% 5/15/20 | 4,000 | 4,625 | |
Series 2012 A, 4% 5/15/20 | 8,000 | 8,912 | |
New York Dorm. Auth. Personal Income Tax Rev. Series 2012 A, 5% 12/15/20 | 8,500 | 9,943 | |
New York Dorm. Auth. Revs.: | |||
Series 2008 D, 5.25% 8/15/17 (FSA Insured) | 7,000 | 7,490 | |
Series 2009 A, 5% 7/1/16 | 8,390 | 8,571 | |
New York Dorm. Auth. Sales Tax Rev. Series 2015 A, 5% 3/15/17 | 90,000 | 94,664 | |
New York Metropolitan Trans. Auth. Rev.: | |||
Series 2003 B, 5.25% 11/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,200 | 5,956 | |
Series 2008 B2: | |||
5% 11/15/19 | 6,185 | 7,026 | |
5% 11/15/20 | 5,500 | 6,390 | |
5% 11/15/21 | 4,000 | 4,738 | |
Series 2012 B, 5% 11/15/22 | 2,000 | 2,408 | |
Series 2012 D, 5% 11/15/18 | 2,515 | 2,784 | |
Series 2012 E: | |||
4% 11/15/19 | 4,000 | 4,391 | |
5% 11/15/21 | 2,435 | 2,884 | |
Series 2012 F, 5% 11/15/19 | 5,000 | 5,680 | |
New York Thruway Auth. Gen. Rev. Series 2013 A, 5% 5/1/19 | 20,400 | 22,872 | |
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | |||
Series 2010 A, 5% 4/1/17 | 1,000 | 1,054 | |
Series 2011 A1: | |||
5% 4/1/17 | 1,500 | 1,582 | |
5% 4/1/18 | 3,500 | 3,812 | |
New York Trans. Dev. Corp. (Term. One Group Assoc. L.P. Proj.) Series 2015, 5% 1/1/17 (d) | 8,890 | 9,243 | |
New York Urban Dev. Corp. Rev.: | |||
Series 2009 C, 5% 12/15/16 | 17,000 | 17,711 | |
Series 2011 A, 5% 3/15/21 | 18,425 | 21,654 | |
Tobacco Settlement Fing. Corp.: | |||
Series 2011, 5% 6/1/16 | 20,000 | 20,372 | |
Series 2013 B, 5% 6/1/21 | 3,400 | 3,462 | |
Triborough Bridge & Tunnel Auth. Revs. Series Y, 5.5% 1/1/17 (Escrowed to Maturity) | 2,930 | 2,960 | |
TOTAL NEW YORK | 432,212 | ||
North Carolina - 1.1% | |||
Dare County Ctfs. of Prtn. Series 2012 B: | |||
4% 6/1/17 | 1,000 | 1,046 | |
4% 6/1/18 | 1,280 | 1,366 | |
4% 6/1/20 | 1,000 | 1,109 | |
5% 6/1/19 | 1,305 | 1,466 | |
Mecklenburg County Pub. Facilities Corp. Series 2009: | |||
5% 3/1/16 | 5,870 | 5,914 | |
5% 3/1/18 | 1,500 | 1,626 | |
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2010 A, 5% 1/1/16 (Escrowed to Maturity) | 6,035 | 6,035 | |
North Carolina Gen. Oblig. Series 2014 A, 5% 6/1/16 | 8,095 | 8,249 | |
North Carolina Med. Care Commission Hosp. Rev. (North Carolina Baptist Hosp. Proj.) Series 2010: | |||
5% 6/1/16 | 1,000 | 1,018 | |
5% 6/1/17 | 3,220 | 3,400 | |
5% 6/1/18 | 3,820 | 4,147 | |
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series 2015 E: | |||
5% 1/1/22 | 5,000 | 5,945 | |
5% 1/1/23 | 1,500 | 1,812 | |
TOTAL NORTH CAROLINA | 43,133 | ||
Ohio - 3.0% | |||
American Muni. Pwr., Inc. Rev. Bonds Series B, 5%, tender 8/15/20 (b) | 35,000 | 39,519 | |
Buckeye Tobacco Settlement Fing. Auth. Series 2007 A1: | |||
5% 6/1/16 | 3,035 | 3,087 | |
5% 6/1/17 | 3,500 | 3,694 | |
Cincinnati City School District 5.25% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,555 | 3,953 | |
Columbus City School District (School Facilities Construction and Impt. Proj.) Series 2009 B, 4% 12/1/16 | 1,000 | 1,030 | |
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013: | |||
5% 6/15/22 | 2,145 | 2,396 | |
5% 6/15/23 | 1,855 | 2,088 | |
Hamilton County Convention Facilities Auth. Rev. Series 2014: | |||
5% 12/1/19 | 1,910 | 2,133 | |
5% 12/1/20 | 2,205 | 2,506 | |
5% 12/1/21 | 2,045 | 2,362 | |
Hamilton County Student Hsg. Rev. (Stratford Heights Proj.) Series 2010: | |||
5% 6/1/16 (FSA Insured) | 1,105 | 1,125 | |
5% 6/1/17 (FSA Insured) | 1,160 | 1,225 | |
Ohio Air Quality Dev. Auth. Rev.: | |||
Bonds (First Energy Nuclear Generation Proj.) Series 2006 A, 3.75%, tender 12/3/18 (b) | 13,300 | 13,760 | |
Series 2009 C, 5.625% 6/1/18 | 1,395 | 1,469 | |
Ohio Bldg. Auth. (Administrative Bldg. Fund Proj.) Series 2010 C, 5% 10/1/16 | 1,250 | 1,291 | |
Ohio Gen. Oblig.: | |||
(Common Schools Proj.) Series 2010 A, 5% 9/15/17 | 2,600 | 2,784 | |
(Higher Ed. Proj.) Series 2010 A, 5% 8/1/17 | 3,290 | 3,507 | |
Series 2011 A, 5% 8/1/17 | 3,070 | 3,273 | |
Series 2012 C, 5% 9/15/21 | 4,350 | 5,193 | |
Series 2013 B, 4% 6/15/16 | 2,200 | 2,236 | |
Ohio Higher Edl. Facility Commission Rev. (Univ. Hosp. Health Sys. Proj.) Series 2010 A, 5% 1/15/17 | 1,000 | 1,040 | |
Ohio State Univ. Gen. Receipts Series 2010 A: | |||
5% 12/1/16 | 4,720 | 4,908 | |
5% 12/1/16 (Escrowed to Maturity) | 280 | 291 | |
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (b) | 10,225 | 10,404 | |
TOTAL OHIO | 115,274 | ||
Oklahoma - 0.4% | |||
Oklahoma City Pub. Property Auth. Hotel Tax Rev. Series 2015, 5% 10/1/17 | 450 | 481 | |
Oklahoma Dev. Fin. Auth. Rev.: | |||
(Saint John Health Sys. Proj.) Series 2012, 5% 2/15/23 | 2,600 | 3,066 | |
Series 2004 A, 2.375% 12/1/21 | 1,350 | 1,365 | |
Series 2012, 5% 2/15/21 | 1,600 | 1,859 | |
Tulsa County Independent School Disctrict #9 Series 2015, 2% 4/1/17 | 3,000 | 3,045 | |
Tulsa County Indl. Auth. Edl. Facilities Lease Rev. (Jenks Pub. Schools Proj.) Series 2009, 5.5% 9/1/18 | 5,215 | 5,794 | |
TOTAL OKLAHOMA | 15,610 | ||
Oregon - 0.0% | |||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A, 5% 3/15/16 | 1,750 | 1,766 | |
Pennsylvania - 5.2% | |||
Allegheny County Arpt. Auth. Rev. Series A, 5% 1/1/16 (FSA Insured) (d) | 1,000 | 1,000 | |
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (FirstEnergy Nuclear Generation Corp. Proj.): | |||
Series 2006 A, 3.5%, tender 6/1/20 (b) | 5,250 | 5,379 | |
Series 2006 B, 3.5%, tender 6/1/20 (b) | 6,000 | 6,148 | |
Franklin County Indl. Dev. Auth. (The Chambersburg Hosp. Proj.) Series 2010: | |||
5% 7/1/16 | 1,000 | 1,021 | |
5% 7/1/17 | 1,255 | 1,328 | |
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series 2009 A, 5% 6/1/17 | 2,200 | 2,322 | |
Montgomery County Higher Ed. & Health Auth. Rev. Series 2014 A: | |||
4% 10/1/18 | 1,000 | 1,060 | |
4% 10/1/19 | 660 | 705 | |
5% 10/1/20 | 1,260 | 1,402 | |
Mount Lebanon School District Series 2015, 4% 2/15/18 | 865 | 919 | |
Pennsylvania Econ. Dev. Auth. Governmental Lease (Forum Place Proj.) Series 2012: | |||
5% 3/1/18 | 2,455 | 2,623 | |
5% 3/1/19 | 2,310 | 2,526 | |
5% 3/1/20 | 2,140 | 2,389 | |
Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Series 2012 B: | |||
5% 1/1/22 | 5,000 | 5,317 | |
5% 7/1/22 | 5,200 | 5,322 | |
5% 1/1/23 | 3,000 | 3,006 | |
5% 7/1/23 | 215 | 215 | |
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. Bonds: | |||
(Waste Mgmt., Inc. Proj.) Series 2013, 0.55%, tender 2/1/16 (b)(d) | 8,000 | 7,999 | |
0.6%, tender 1/4/16 (b)(d) | 4,000 | 4,000 | |
Pennsylvania Gen. Oblig.: | |||
Series 2006 1, 5% 10/1/19 (Pre-Refunded to 10/1/16 @ 100) | 7,000 | 7,237 | |
Series 2006, 4.25% 3/1/24 (Pre-Refunded to 3/1/17 @ 100) | 6,000 | 6,253 | |
Series 2010 A3, 5% 7/15/16 | 3,900 | 3,995 | |
Series 2011, 5% 7/1/21 | 1,900 | 2,233 | |
Series 2013 1, 5% 4/1/16 | 2,655 | 2,685 | |
5% 6/1/17 | 9,000 | 9,526 | |
5% 8/15/17 | 18,000 | 19,197 | |
Pennsylvania Higher Edl. Facilities Auth. Rev. Series 2014: | |||
5% 12/1/19 | 340 | 386 | |
5% 12/1/21 | 275 | 326 | |
5% 12/1/22 | 855 | 1,028 | |
Pennsylvania Tpk. Commission Tpk. Rev.: | |||
Series 2009 B, 5% 12/1/17 | 12,500 | 13,452 | |
Series 2013 A, 0.61% 12/1/17 (b) | 6,400 | 6,350 | |
Philadelphia Gas Works Rev.: | |||
Eighth Series A, 5% 8/1/16 | 1,000 | 1,025 | |
Seventeenth Series, 5.375% 7/1/16 (Escrowed to Maturity) | 2,300 | 2,356 | |
Philadelphia Gen. Oblig.: | |||
Series 2008 A, 5% 12/15/16 (FSA Insured) | 7,275 | 7,568 | |
Series 2011: | |||
5.25% 8/1/17 | 6,165 | 6,577 | |
5.25% 8/1/18 | 5,515 | 6,049 | |
Philadelphia Muni. Auth. Rev. Series 2013 A: | |||
5% 11/15/17 | 6,635 | 7,112 | |
5% 11/15/18 | 3,430 | 3,760 | |
Philadelphia School District Series 2010 C, 5% 9/1/16 | 13,610 | 13,972 | |
Philadelphia Wtr. & Wastewtr. Rev. Series 2010 A, 5% 6/15/16 | 6,000 | 6,121 | |
Pittsburgh & Allegheny County Sports & Exhibition Auth. Series 2010, 5% 2/1/16 (FSA Insured) | 5,620 | 5,640 | |
Pittsburgh School District Series 2010 A, 5% 9/1/16 (FSA Insured) | 1,685 | 1,733 | |
Southeastern Pennsylvania Trans. Auth. Rev. Series 2011: | |||
5% 6/1/18 | 1,000 | 1,089 | |
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 | 1,423 | |
5% 4/1/20 | 1,250 | 1,385 | |
5% 4/1/21 | 1,000 | 1,115 | |
Unionville-Chadds Ford School District Gen. Oblig. Series 2009, 5% 6/1/20 | 1,190 | 1,352 | |
TOTAL PENNSYLVANIA | 195,850 | ||
Rhode Island - 0.7% | |||
Rhode Island & Providence Plantations Series 2015 A, 4% 8/1/17 | 5,000 | 5,249 | |
Rhode Island Econ. Dev. Corp. Rev. (Dept. of Trans. Proj.) Series 2009 A, 5% 6/15/16 (Assured Guaranty Corp. Insured) | 6,625 | 6,757 | |
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series 2013 A: | |||
5% 5/15/18 | 1,000 | 1,073 | |
5% 5/15/19 | 1,500 | 1,647 | |
Rhode Island Health & Edl. Bldg. Corp. Pub. Schools Rev. Series 2015, 5% 5/15/25 (FSA Insured) | 6,040 | 7,254 | |
Tobacco Setlement Fing. Corp. Series 2015 A: | |||
5% 6/1/26 | 3,500 | 3,920 | |
5% 6/1/27 | 1,000 | 1,108 | |
TOTAL RHODE ISLAND | 27,008 | ||
South Carolina - 2.0% | |||
Lexington County Health Svcs. District, Inc. Hosp. Rev. Series 2011, 5% 11/1/19 | 1,190 | 1,345 | |
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015: | |||
5% 12/1/23 | 4,440 | 5,235 | |
5% 12/1/26 | 1,100 | 1,289 | |
South Carolina Pub. Svc. Auth. Rev.: | |||
Series 2012 B: | |||
5% 12/1/17 | 2,000 | 2,153 | |
5% 12/1/20 | 1,000 | 1,166 | |
Series 2012 C, 5% 12/1/17 | 10,535 | 11,340 | |
Series 2014 C: | |||
5% 12/1/22 | 1,100 | 1,323 | |
5% 12/1/23 | 5,000 | 6,075 | |
Series 2015 C: | |||
5% 12/1/18 | 15,000 | 16,639 | |
5% 12/1/19 | 18,690 | 21,275 | |
South Carolina Trans. Infrastructure Bank Rev. Series 2012 B, 5% 10/1/17 | 8,000 | 8,564 | |
TOTAL SOUTH CAROLINA | 76,404 | ||
South Dakota - 0.2% | |||
South Dakota Health & Edl. Facilities Auth. Rev.: | |||
(Reg'l. Health Proj.) Series 2010: | |||
5% 9/1/16 | 500 | 514 | |
5% 9/1/17 | 490 | 521 | |
Series 2011: | |||
5% 9/1/17 | 1,100 | 1,169 | |
5% 9/1/18 | 1,200 | 1,311 | |
5% 9/1/19 | 1,255 | 1,406 | |
Series 2014 B: | |||
4% 11/1/19 | 400 | 435 | |
4% 11/1/20 | 625 | 690 | |
4% 11/1/21 | 500 | 556 | |
5% 11/1/22 | 375 | 442 | |
TOTAL SOUTH DAKOTA | 7,044 | ||
Tennessee - 0.1% | |||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5% 7/1/16 (d) | 1,730 | 1,766 | |
Metropolitan Nashville Arpt. Auth. Rev. Series 2010 A: | |||
5% 7/1/16 | 1,815 | 1,854 | |
5% 7/1/17 | 1,100 | 1,166 | |
TOTAL TENNESSEE | 4,786 | ||
Texas - 9.0% | |||
Austin Elec. Util. Sys. Rev. 0% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,500 | 4,364 | |
Austin Independent School District Series 2004, 5% 8/1/17 | 1,450 | 1,545 | |
Bastrop Independent School District Series 2007, 5.25% 2/15/37 (Pre-Refunded to 2/15/17 @ 100) | 2,705 | 2,843 | |
Brownsville Util. Sys. Rev. Series 2015, 5% 9/1/17 | 2,135 | 2,274 | |
Carroll Independent School District Series 2009 C, 5.25% 2/15/19 | 1,000 | 1,124 | |
Dallas Fort Worth Int'l. Arpt. Rev. Series 2013 F: | |||
5% 11/1/19 | 2,000 | 2,274 | |
5% 11/1/20 | 1,500 | 1,745 | |
5% 11/1/21 | 3,000 | 3,552 | |
5% 11/1/22 | 5,000 | 5,990 | |
Dallas Independent School District Series 2014 A, 4% 8/15/16 | 9,280 | 9,484 | |
Dallas Wtrwks. & Swr. Sys. Rev. Series 2011, 5% 10/1/18 | 1,600 | 1,771 | |
Dickinson Independent School District Bonds Series 2013, 1.05%, tender 8/1/17 (b) | 5,150 | 5,152 | |
Fort Worth Independent School District Series 2009, 5% 2/15/16 | 3,690 | 3,710 | |
Grapevine Gen. Oblig. Series 2009, 5% 2/15/16 | 1,375 | 1,382 | |
Harris County Cultural Ed. Facilities Fin. Corp. Rev. (Memorial Hermann Health Sys. Proj.) Series 2013 B, 0.41% 6/1/16 (b) | 1,590 | 1,591 | |
Harris County Cultural Ed. Facilities Fin. Corp. Thermal Util. Rev. (TECO Proj.) Series 2009 A, 5% 11/15/16 | 500 | 519 | |
Harris County Gen. Oblig. Series 2015 A, 4% 10/1/17 | 2,500 | 2,639 | |
Houston Arpt. Sys. Rev.: | |||
Series 2011 A, 5% 7/1/17 (d) | 7,380 | 7,812 | |
Series 2012 A, 5% 7/1/23 (d) | 2,000 | 2,324 | |
Series A, 5% 7/1/16 | 1,080 | 1,104 | |
Houston Independent School District Series 2005 A, 0% 2/15/16 | 4,500 | 4,499 | |
Houston Util. Sys. Rev.: | |||
Bonds Series 2012 C, 0.61%, tender 1/7/16 (b) | 9,200 | 9,196 | |
5% 5/15/22 | 5,000 | 5,997 | |
5% 5/15/23 | 7,000 | 8,505 | |
Kermit Independent School District Series 2007, 5.25% 2/15/32 (Pre-Refunded to 2/15/17 @ 100) | 1,300 | 1,367 | |
Klein Independent School District Series 2009 A, 5% 8/1/16 | 2,195 | 2,253 | |
Lewisville Independent School District Series 2009, 5% 8/15/17 | 1,170 | 1,249 | |
Lower Colorado River Auth. Rev.: | |||
(LCRA Transmission Svcs. Corp. Proj.) Series 2010, 5% 5/15/18 | 3,140 | 3,422 | |
Series 2010, 5% 5/15/17 | 3,005 | 3,173 | |
5% 5/15/16 | 2,355 | 2,394 | |
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 | 2,975 | |
5% 7/1/18 | 3,030 | 3,318 | |
Mansfield Independent School District Series 2009, 4% 2/15/17 | 1,840 | 1,909 | |
Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2008 A, 0.6%, tender 2/1/16 (b)(d) | 10,550 | 10,550 | |
North East Texas Independent School District Series 2007 A, 5% 8/1/24 (Pre-Refunded to 8/1/17 @ 100) | 10,000 | 10,665 | |
North Harris County Reg'l. Wtr. Auth. Series 2013, 4% 12/15/22 | 1,580 | 1,800 | |
North Texas Tollway Auth. Rev. Bonds Series 2012 C, 1.95%, tender 1/1/19 (b) | 8,500 | 8,596 | |
Northside Independent School District Bonds: | |||
Series 2011 A, 2%, tender 6/1/19 (b) | 6,365 | 6,470 | |
1%, tender 6/1/16 (b) | 20,000 | 20,036 | |
1.2%, tender 8/1/17 (b) | 28,800 | 28,880 | |
Port Houston Auth. Harris County Series 2015 B, 5% 10/1/17 (d) | 2,000 | 2,138 | |
Round Rock Independent School District Series 2015, 5% 8/1/17 | 5,000 | 5,328 | |
Sam Rayburn Muni. Pwr. Agcy. Series 2012, 5% 10/1/20 | 1,000 | 1,146 | |
San Antonio Elec. & Gas Sys. Rev. Series 2006 A, 5% 2/1/25 (Pre-Refunded to 2/1/16 @ 100) | 3,400 | 3,411 | |
San Antonio Pub. Facilities Corp. and Rfdg. Lease (Convention Ctr. Proj.) Series 2012: | |||
5% 9/15/20 | 1,000 | 1,146 | |
5% 9/15/21 | 1,000 | 1,171 | |
5% 9/15/22 | 3,440 | 4,079 | |
San Antonio Wtr. Sys. Rev. Series 2012: | |||
4% 5/15/19 | 1,500 | 1,641 | |
5% 5/15/20 | 6,000 | 6,946 | |
5% 5/15/21 | 5,000 | 5,923 | |
San Jacinto Cmnty. College District Series 2009, 5% 2/15/16 | 2,000 | 2,011 | |
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2009, 5% 10/1/16 | 5,795 | 5,987 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | |||
(Scott & White Healthcare Proj.) Series 2013 A: | |||
5% 8/15/21 | 750 | 880 | |
5% 8/15/23 | 1,000 | 1,204 | |
Series 2013: | |||
4% 9/1/18 | 400 | 424 | |
5% 9/1/19 | 655 | 728 | |
5% 9/1/20 | 915 | 1,038 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev.: | |||
5.75% 7/1/18 | 2,600 | 2,769 | |
5.75% 7/1/18 (Pre-Refunded to 7/1/16 @ 100) | 50 | 51 | |
Texas Gen. Oblig.: | |||
Series 2006, 5% 4/1/27 (Pre-Refunded to 4/1/16 @ 100) | 3,700 | 3,741 | |
Series 2009 A, 5% 10/1/16 | 3,400 | 3,512 | |
Series 2014, 5% 10/1/16 | 10,645 | 11,002 | |
Texas Muni. Pwr. Agcy. Rev. Series 2010, 5% 9/1/16 | 750 | 772 | |
Texas Pub. Fin. Auth. Rev. Series 2014 B: | |||
4% 7/1/17 | 2,100 | 2,169 | |
4% 7/1/18 | 2,200 | 2,200 | |
Texas Trans. Commission Central Texas Tpk. Sys. Rev. Bonds Series 2015 A, 5%, tender 4/1/20 (b) | 10,700 | 12,123 | |
Texas Trans. Commission State Hwy. Fund Rev.: | |||
Series 2007: | |||
5% 4/1/20 (Pre-Refunded to 4/1/17 @ 100) | 2,285 | 2,405 | |
5% 4/1/25 (Pre-Refunded to 4/1/17 @ 100) | 2,200 | 2,315 | |
5% 4/1/26 (Pre-Refunded to 4/1/17 @ 100) | 2,000 | 2,105 | |
Series 2015, 3% 10/1/17 | 34,000 | 35,299 | |
Tomball Independent School District 5% 2/15/17 (Assured Guaranty Corp. Insured) | 1,105 | 1,158 | |
Univ. of Texas Board of Regents Sys. Rev.: | |||
Series 2006 B, 5% 8/15/24 (Pre-Refunded to 8/15/16 @ 100) | 5,975 | 6,142 | |
Series 2010 B, 5% 8/15/21 | 1,800 | 2,141 | |
Univ. of Texas Permanent Univ. Fund Rev. Series 2015 B, 4% 7/1/17 | 5,625 | 5,896 | |
TOTAL TEXAS | 341,459 | ||
Utah - 0.2% | |||
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) 5% 9/1/17 | 1,090 | 1,162 | |
Utah Gen. Oblig. Series 2009 C, 5% 7/1/16 | 5,555 | 5,681 | |
TOTAL UTAH | 6,843 | ||
Virginia - 1.3% | |||
Chesapeake Trans. Sys. Toll Road Rev. Series 2012 A: | |||
4% 7/15/20 | 605 | 659 | |
5% 7/15/21 | 400 | 458 | |
Fairfax County Gen. Oblig.: | |||
5% 10/1/19 | 8,000 | 9,136 | |
5% 10/1/20 | 6,710 | 7,864 | |
5% 10/1/21 | 3,000 | 3,595 | |
Fredericksburg Econ. Dev. Auth. Rev. Series 2014, 5% 6/15/24 | 2,340 | 2,738 | |
Virginia College Bldg. Auth. Edl. Facilities Rev. (21st Century College and Equip. Progs.) Series 2015 D, 5% 2/1/17 | 12,830 | 13,434 | |
Virginia Commonwealth Trans. Board Rev. (U.S. Route 58 Corridor Dev. Prog.) Series 2014 B, 5% 5/15/16 | 2,100 | 2,136 | |
Virginia Pub. School Auth.: | |||
Series ll, 5% 4/15/16 | 2,600 | 2,634 | |
Series Xll, 5% 4/15/16 | 3,940 | 3,992 | |
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.875%, tender 5/16/19 (b) | 2,500 | 2,531 | |
TOTAL VIRGINIA | 49,177 | ||
Washington - 1.2% | |||
Grant County Pub. Util. District #2 Series 2012 A: | |||
5% 1/1/20 | 1,375 | 1,572 | |
5% 1/1/21 | 1,865 | 2,188 | |
King County Highline School District # 401 Series 2009: | |||
5% 12/1/16 | 6,350 | 6,601 | |
5% 12/1/17 | 2,950 | 3,179 | |
Port of Seattle Passenger Facilities Charge Rev. Series 2010 B, 5% 12/1/16 (d) | 2,500 | 2,596 | |
Port of Seattle Rev.: | |||
Series 2010 C: | |||
5% 2/1/16 (d) | 2,000 | 2,007 | |
5% 2/1/17 (d) | 2,500 | 2,609 | |
Series 2015 B, 5% 3/1/17 | 5,000 | 5,238 | |
Seattle Muni. Lt. & Pwr. Rev. Series 2010 B, 5% 2/1/17 | 2,000 | 2,093 | |
Tacoma Elec. Sys. Rev. Series 2013 A: | |||
4% 1/1/20 | 5,000 | 5,508 | |
4% 1/1/21 | 2,000 | 2,243 | |
5% 1/1/20 | 3,000 | 3,421 | |
5% 1/1/21 | 1,770 | 2,070 | |
Washington Gen. Oblig. Series 2012 AR, 5% 7/1/18 | 5,000 | 5,487 | |
TOTAL WASHINGTON | 46,812 | ||
West Virginia - 0.3% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds: | |||
Series 2011 A, 2.25%, tender 9/1/16 (b)(d) | 7,000 | 7,041 | |
1.9%, tender 4/1/19 (b) | 5,990 | 6,009 | |
TOTAL WEST VIRGINIA | 13,050 | ||
Wisconsin - 0.6% | |||
Madison Gen. Oblig. Series 2014 A, 5% 10/1/21 | 3,215 | 3,845 | |
Milwaukee County Arpt. Rev. Series 2013 A: | |||
5% 12/1/20 (d) | 1,330 | 1,520 | |
5% 12/1/22 (d) | 1,470 | 1,719 | |
5.25% 12/1/23 (d) | 1,540 | 1,848 | |
Wisconsin Gen. Oblig.: | |||
Series 2005 D, 5% 5/1/19 (Pre-Refunded to 5/1/16 @ 100) | 2,260 | 2,294 | |
Series 2014 B, 5% 5/1/16 | 2,600 | 2,639 | |
Wisconsin Health & Edl. Facilities Series 2014: | |||
4% 5/1/18 | 375 | 394 | |
4% 5/1/19 | 285 | 301 | |
5% 5/1/20 | 410 | 451 | |
5% 5/1/21 | 640 | 705 | |
Wisconsin Health & Edl. Facilities Auth. Rev.: | |||
(Agnesian HealthCare, Inc. Proj.) Series 2010, 5% 7/1/16 | 1,175 | 1,200 | |
(Aurora Health Care, Inc. Proj.) Series 2010 A, 5% 4/15/17 | 1,500 | 1,577 | |
(Thedacare, Inc. Proj.) Series 2010: | |||
5% 12/15/16 | 1,440 | 1,498 | |
5% 12/15/17 | 1,540 | 1,656 | |
Series 2012, 5% 10/1/21 | 1,400 | 1,637 | |
TOTAL WISCONSIN | 23,284 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $3,446,210) | 3,502,234 | ||
Municipal Notes - 3.4% | |||
Connecticut - 0.7% | |||
New Britain Gen. Oblig. BAN 2.5% 3/25/16 | 24,000 | $24,111 | |
New London BAN 2% 3/24/16 | 3,155 | 3,166 | |
TOTAL CONNECTICUT | 27,277 | ||
Kentucky - 0.1% | |||
Kentucky Pub. Trans. BAN Series 2013 A, 5% 7/1/17 | 2,165 | 2,284 | |
New Jersey - 0.3% | |||
Newark Gen. Oblig. TAN Series 2015 A, 1.75% 2/19/16 | 10,400 | 10,406 | |
New York - 2.3% | |||
Binghamton Gen. Oblig. BAN Series 2015 B, 2% 11/18/16 | 11,300 | 11,404 | |
Lockport City School District BAN: | |||
Series 2015 A, 2% 8/5/16 | 8,705 | 8,766 | |
Series 2015 B, 2% 8/5/16 | 15,000 | 15,104 | |
Oceanside Union Free School District TAN 2% 6/21/16 | 13,500 | 13,588 | |
Rockland County Gen. Oblig. TAN 2% 3/16/16 | 9,800 | 9,826 | |
Suffolk County Gen. Oblig. TAN 2% 7/27/16 | 28,400 | 28,596 | |
TOTAL NEW YORK | 87,284 | ||
Ohio - 0.0% | |||
Marietta BAN Series 2015, 1% 5/13/16 | 1,750 | 1,752 | |
TOTAL MUNICIPAL NOTES | |||
(Cost $129,054) | 129,003 | ||
TOTAL INVESTMENT PORTFOLIO - 95.6% | |||
(Cost $3,575,264) | 3,631,237 | ||
NET OTHER ASSETS (LIABILITIES) - 4.4% | 166,204 | ||
NET ASSETS - 100% | $3,797,441 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
TAN – TAX ANTICIPATION NOTE
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) 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 $25,357,000 or 0.7% of net assets.
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
Investment Valuation
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):
General Obligations | 42.9% |
Special Tax | 11.2% |
Electric Utilities | 10.1% |
Transportation | 9.4% |
Health Care | 7.8% |
Escrowed/Pre-Refunded | 5.0% |
Others* (Individually Less Than 5%) | 13.6% |
100.0% |
* Includes net other assets
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | December 31, 2015 | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $3,575,264) | $3,631,237 | |
Cash | 149,580 | |
Receivable for fund shares sold | 5,719 | |
Interest receivable | 38,550 | |
Prepaid expenses | 8 | |
Other receivables | 6 | |
Total assets | 3,825,100 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $4,000 | |
Delayed delivery | 11,153 | |
Payable for fund shares redeemed | 9,685 | |
Distributions payable | 1,044 | |
Accrued management fee | 1,142 | |
Distribution and service plan fees payable | 136 | |
Other affiliated payables | 404 | |
Other payables and accrued expenses | 95 | |
Total liabilities | 27,659 | |
Net Assets | $3,797,441 | |
Net Assets consist of: | ||
Paid in capital | $3,741,567 | |
Distributions in excess of net investment income | (90) | |
Accumulated undistributed net realized gain (loss) on investments | (9) | |
Net unrealized appreciation (depreciation) on investments | 55,973 | |
Net Assets | $3,797,441 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($377,263.8 ÷ 35,444.82 shares) | $10.64 | |
Maximum offering price per share (100/97.25 of $10.64) | $10.94 | |
Class T: | ||
Net Asset Value and redemption price per share ($21,880.4 ÷ 2,059.45 shares) | $10.62 | |
Maximum offering price per share (100/97.25 of $10.62) | $10.92 | |
Class B: | ||
Net Asset Value and offering price per share ($285.3 ÷ 26.82 shares)(a) | $10.64 | |
Class C: | ||
Net Asset Value and offering price per share ($63,466.0 ÷ 5,974.11 shares)(a) | $10.62 | |
Limited Term Municipal Income: | ||
Net Asset Value, offering price and redemption price per share ($3,058,100.2 ÷ 287,819.94 shares) | $10.63 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($276,444.8 ÷ 26,004.09 shares) | $10.63 |
(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.
Statement of Operations
Amounts in thousands | Year ended December 31, 2015 | |
Investment Income | ||
Interest | $79,012 | |
Expenses | ||
Management fee | $14,105 | |
Transfer agent fees | 4,304 | |
Distribution and service plan fees | 1,696 | |
Accounting fees and expenses | 614 | |
Custodian fees and expenses | 40 | |
Independent trustees' compensation | 16 | |
Registration fees | 166 | |
Audit | 57 | |
Legal | 17 | |
Miscellaneous | 84 | |
Total expenses before reductions | 21,099 | |
Expense reductions | (49) | 21,050 |
Net investment income (loss) | 57,962 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 7,031 | |
Total net realized gain (loss) | 7,031 | |
Change in net unrealized appreciation (depreciation) on investment securities | (25,919) | |
Net gain (loss) | (18,888) | |
Net increase (decrease) in net assets resulting from operations | $39,074 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Year ended December 31, 2015 | Year ended December 31, 2014 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $57,962 | $64,659 |
Net realized gain (loss) | 7,031 | 4,731 |
Change in net unrealized appreciation (depreciation) | (25,919) | 12,153 |
Net increase (decrease) in net assets resulting from operations | 39,074 | 81,543 |
Distributions to shareholders from net investment income | (58,133) | (64,660) |
Distributions to shareholders from net realized gain | (7,563) | (5,775) |
Total distributions | (65,696) | (70,435) |
Share transactions - net increase (decrease) | (152,171) | 176,760 |
Redemption fees | 42 | 43 |
Total increase (decrease) in net assets | (178,751) | 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 $90 and undistributed net investment income of $112, respectively) | $3,797,441 | $3,976,192 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Limited Term Municipal Income Fund Class A
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.71 | $10.68 | $10.86 | $10.83 | $10.62 |
Income from Investment Operations | |||||
Net investment income (loss)A | .129 | .153 | .158 | .164 | .198 |
Net realized and unrealized gain (loss) | (.048) | .046 | (.170) | .034 | .225 |
Total from investment operations | .081 | .199 | (.012) | .198 | .423 |
Distributions from net investment income | (.130) | (.153) | (.158) | (.156) | (.205) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.151) | (.169) | (.168) | (.168) | (.213) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.64 | $10.71 | $10.68 | $10.86 | $10.83 |
Total ReturnC,D | .76% | 1.87% | (.11)% | 1.84% | 4.03% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .81% | .79% | .78% | .79% | .77% |
Expenses net of fee waivers, if any | .81% | .79% | .78% | .79% | .77% |
Expenses net of all reductions | .81% | .79% | .78% | .78% | .77% |
Net investment income (loss) | 1.21% | 1.42% | 1.47% | 1.51% | 1.85% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $377 | $397 | $318 | $394 | $336 |
Portfolio turnover rateG | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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 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.
G 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.
Financial Highlights — Fidelity Limited Term Municipal Income Fund Class T
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.69 | $10.66 | $10.85 | $10.81 | $10.60 |
Income from Investment Operations | |||||
Net investment income (loss)A | .134 | .157 | .162 | .166 | .199 |
Net realized and unrealized gain (loss) | (.049) | .046 | (.180) | .044 | .226 |
Total from investment operations | .085 | .203 | (.018) | .210 | .425 |
Distributions from net investment income | (.134) | (.157) | (.162) | (.158) | (.207) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.155) | (.173) | (.172) | (.170) | (.215) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.62 | $10.69 | $10.66 | $10.85 | $10.81 |
Total ReturnC,D | .80% | 1.91% | (.17)% | 1.95% | 4.05% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .77% | .76% | .75% | .77% | .76% |
Expenses net of fee waivers, if any | .77% | .76% | .75% | .77% | .76% |
Expenses net of all reductions | .77% | .75% | .75% | .76% | .76% |
Net investment income (loss) | 1.25% | 1.46% | 1.50% | 1.52% | 1.86% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $22 | $25 | $24 | $25 | $26 |
Portfolio turnover rateG | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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 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.
G 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.
Financial Highlights — Fidelity Limited Term Municipal Income Fund Class B
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.71 | $10.67 | $10.86 | $10.82 | $10.61 |
Income from Investment Operations | |||||
Net investment income (loss)A | .067 | .086 | .089 | .093 | .128 |
Net realized and unrealized gain (loss) | (.049) | .056 | (.180) | .045 | .226 |
Total from investment operations | .018 | .142 | (.091) | .138 | .354 |
Distributions from net investment income | (.067) | (.086) | (.089) | (.086) | (.136) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.088) | (.102) | (.099) | (.098) | (.144) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.64 | $10.71 | $10.67 | $10.86 | $10.82 |
Total ReturnC,D | .17% | 1.33% | (.84)% | 1.27% | 3.36% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.40% | 1.42% | 1.43% | 1.44% | 1.43% |
Expenses net of fee waivers, if any | 1.40% | 1.42% | 1.43% | 1.44% | 1.42% |
Expenses net of all reductions | 1.40% | 1.42% | 1.43% | 1.43% | 1.42% |
Net investment income (loss) | .62% | .80% | .82% | .85% | 1.19% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $– | $– | $1 | $1 | $2 |
Portfolio turnover rateG | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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 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.
G 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.
Financial Highlights — Fidelity Limited Term Municipal Income Fund Class C
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.69 | $10.66 | $10.84 | $10.81 | $10.60 |
Income from Investment Operations | |||||
Net investment income (loss)A | .050 | .072 | .077 | .082 | .117 |
Net realized and unrealized gain (loss) | (.049) | .046 | (.169) | .035 | .226 |
Total from investment operations | .001 | .118 | (.092) | .117 | .343 |
Distributions from net investment income | (.050) | (.072) | (.078) | (.075) | (.125) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.071) | (.088) | (.088) | (.087) | (.133) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.62 | $10.69 | $10.66 | $10.84 | $10.81 |
Total ReturnC,D | .01% | 1.11% | (.86)% | 1.08% | 3.25% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.55% | 1.54% | 1.54% | 1.53% | 1.53% |
Expenses net of fee waivers, if any | 1.55% | 1.54% | 1.54% | 1.53% | 1.53% |
Expenses net of all reductions | 1.55% | 1.54% | 1.53% | 1.53% | 1.52% |
Net investment income (loss) | .47% | .67% | .72% | .76% | 1.09% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $63 | $65 | $71 | $92 | $79 |
Portfolio turnover rateG | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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 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.
G 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.
Financial Highlights — Fidelity Limited Term Municipal Income Fund
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.69 | $10.66 | $10.85 | $10.81 | $10.60 |
Income from Investment Operations | |||||
Net investment income (loss)A | .164 | .186 | .191 | .197 | .228 |
Net realized and unrealized gain (loss) | (.039) | .046 | (.180) | .045 | .227 |
Total from investment operations | .125 | .232 | .011 | .242 | .455 |
Distributions from net investment income | (.164) | (.186) | (.191) | (.190) | (.237) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.185) | (.202) | (.201) | (.202) | (.245) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.63 | $10.69 | $10.66 | $10.85 | $10.81 |
Total ReturnC | 1.18% | 2.19% | .10% | 2.25% | 4.34% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .48% | .48% | .48% | .48% | .48% |
Expenses net of fee waivers, if any | .48% | .48% | .48% | .48% | .48% |
Expenses net of all reductions | .48% | .48% | .48% | .47% | .48% |
Net investment income (loss) | 1.54% | 1.73% | 1.78% | 1.81% | 2.14% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $3,058 | $3,225 | $3,168 | $3,624 | $3,523 |
Portfolio turnover rateF | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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.
F 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.
Financial Highlights — Fidelity Limited Term Municipal Income Fund Class I
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.70 | $10.67 | $10.85 | $10.81 | $10.61 |
Income from Investment Operations | |||||
Net investment income (loss)A | .156 | .179 | .184 | .191 | .224 |
Net realized and unrealized gain (loss) | (.048) | .046 | (.169) | .045 | .216 |
Total from investment operations | .108 | .225 | .015 | .236 | .440 |
Distributions from net investment income | (.157) | (.179) | (.185) | (.184) | (.232) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.178) | (.195) | (.195) | (.196) | (.240) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.63 | $10.70 | $10.67 | $10.85 | $10.81 |
Total ReturnC | 1.02% | 2.12% | .14% | 2.19% | 4.19% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .55% | .55% | .54% | .54% | .52% |
Expenses net of fee waivers, if any | .55% | .55% | .54% | .54% | .52% |
Expenses net of all reductions | .55% | .54% | .54% | .53% | .52% |
Net investment income (loss) | 1.47% | 1.67% | 1.71% | 1.76% | 2.09% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $276 | $263 | $207 | $206 | $152 |
Portfolio turnover rateF | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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.
F 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.
Notes to Financial Statements
For the period ended December 31, 2015
(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 Class I (formerly 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.
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)
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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
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 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. As of December 31, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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 | $62,337 |
Gross unrealized depreciation | (6,346) |
Net unrealized appreciation (depreciation) on securities | $55,991 |
Tax Cost | $3,575,246 |
The tax-based components of distributable earnings as of period end were as follows:
Net unrealized appreciation (depreciation) on securities and other investments | $55,991 |
The Fund intends to elect to defer to its next fiscal year $6 of capital losses recognized during the period November 1, 2015 to December 31, 2015.
The tax character of distributions paid was as follows:
December 31, 2015 | December 31, 2014 | |
Tax-exempt Income | $58,133 | $64,660 |
Long-term Capital Gains | 7,563 | 5,775 |
Total | $65,696 | $ 70,435 |
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 $1,102,203 and $1,187,066, 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 annual 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 Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $998 | $– |
Class T | -% | .25% | 57 | –(a) |
Class B | .65% | .25% | 3 | 2 |
Class C | .75% | .25% | 638 | 93 |
$1,696 | $95 |
(a) In the amount of less than five hundred 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.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class A | $18 |
Class T | 11 |
Class B(a) | –(b) |
Class C(a) | 11 |
$40 |
(a) 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.
(b) In the amount of less than five hundred 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-Level Average Net Assets | |
Class A | $685 | .17 |
Class T | 30 | .13 |
Class B | –(a) | .11 |
Class C | 105 | .16 |
Limited Term Municipal Income | 3,033 | .10 |
Class I | 451 | .17 |
$4,304 |
(a) In the amount of less than five hundred 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.
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.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
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 $6 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 $40.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $9.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Years ended December 31, | 2015 | 2014 |
From net investment income | ||
Class A | $4,860 | $4,673 |
Class T | 289 | 347 |
Class B | 2 | 3 |
Class C | 303 | 452 |
Limited Term Municipal Income | 48,674 | 55,470 |
Class I | 4,005 | 3,715 |
Total | $58,133 | $64,660 |
From net realized gain | ||
Class A | $751 | $518 |
Class T | 45 | 36 |
Class B | 1 | 1 |
Class C | 125 | 101 |
Limited Term Municipal Income | 6,100 | 4,778 |
Class I | 541 | 341 |
Total | $7,563 | $5,775 |
8. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Years ended December 31, | 2015 | 2014 | 2015 | 2014 |
Class A | ||||
Shares sold | 16,831 | 21,930 | $179,831 | $235,729 |
Reinvestment of distributions | 483 | 419 | 5,154 | 4,497 |
Shares redeemed | (18,951) | (15,005) | (202,084) | (161,198) |
Net increase (decrease) | (1,637) | 7,344 | $(17,099) | $79,028 |
Class T | ||||
Shares sold | 791 | 936 | $8,447 | $10,041 |
Reinvestment of distributions | 30 | 34 | 316 | 360 |
Shares redeemed | (1,080) | (932) | (11,510) | (9,993) |
Net increase (decrease) | (259) | 38 | $(2,747) | $408 |
Class B | ||||
Shares sold | 3 | 5 | $17 | $58 |
Reinvestment of distributions | –(a) | –(a) | 3 | 4 |
Shares redeemed | (14) | (17) | (144) | (183) |
Net increase (decrease) | (11) | (12) | $(124) | $(121) |
Class C | ||||
Shares sold | 1,149 | 1,064 | $12,246 | $11,413 |
Reinvestment of distributions | 34 | 42 | 359 | 454 |
Shares redeemed | (1,330) | (1,668) | (14,162) | (17,881) |
Net increase (decrease) | (147) | (562) | $(1,557) | $(6,014) |
Limited Term Municipal Income | ||||
Shares sold | 66,529 | 76,270 | $709,164 | $818,051 |
Reinvestment of distributions | 3,861 | 4,133 | 41,135 | 44,337 |
Shares redeemed | (84,109) | (75,997) | (895,882) | (815,047) |
Net increase (decrease) | (13,719) | 4,406 | $(145,583) | $47,341 |
Class I | ||||
Shares sold | 13,372 | 13,740 | $142,602 | $147,453 |
Reinvestment of distributions | 335 | 270 | 3,575 | 2,893 |
Shares redeemed | (12,317) | (8,783) | (131,238) | (94,228) |
Net increase (decrease) | 1,390 | 5,227 | $14,939 | $56,118 |
(a) In the amount of less than five hundred shares.
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.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Municipal Trust and Shareholders of Fidelity® Limited Term Municipal Income Fund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity® Limited Term Municipal Income Fund (a fund of Fidelity Municipal Trust) at December 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity® Limited Term Municipal Income Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 19, 2016
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Elizabeth S. Acton, John Engler, and Geoffrey A. von Kuhn, each of the Trustees oversees 236 funds. Ms. Acton and Mr. Engler each oversees 228 funds. Mr. von Kuhn oversees 148 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Trustee
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors/trustees for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2015-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
John F. Papandrea (1972)
Year of Election or Appointment: 2016
Anti-Money Laundering (AML) Officer
Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2009
Assistant Treasurer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013
Deputy Treasurer
Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).
Christine J. Thompson (1958)
Year of Election or Appointment: 2015
Vice President of Fidelity's Bond Funds
Ms. Thompson also serves as Vice President of other funds. Ms. Thompson also serves as Chief Investment Officer of FMR's Bond Group (2010-present) and is an employee of Fidelity Investments (1985-present). Previously, Ms. Thompson served as Vice President of Fidelity's Bond Funds (2010-2012).
Michael H. Whitaker (1967)
Year of Election or Appointment: 2008
Chief Compliance Officer
Mr. Whitaker also serves as Chief Compliance Officer of other funds. Mr. Whitaker also serves as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2014-present), FMR (investment adviser firm, 2014-present), and Fidelity Investments Money Management, Inc. (investment adviser firm, 2014-present) and is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011
Deputy Treasurer
Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments (1991-present). Previously, Mr. Zambello served as Vice President of the Program Management Group of FMR (investment adviser firm, 2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
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 (July 1, 2015 to December 31, 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.
Annualized Expense Ratio-A | Beginning Account Value July 1, 2015 | Ending Account Value December 31, 2015 | Expenses Paid During Period-B July 1, 2015 to December 31, 2015 | |
Class A | .80% | |||
Actual | $1,000.00 | $1,009.30 | $4.05 | |
Hypothetical-C | $1,000.00 | $1,021.17 | $4.08 | |
Class T | .75% | |||
Actual | $1,000.00 | $1,009.60 | $3.80 | |
Hypothetical-C | $1,000.00 | $1,021.42 | $3.82 | |
Class B | 1.39% | |||
Actual | $1,000.00 | $1,007.30 | $7.03 | |
Hypothetical-C | $1,000.00 | $1,018.20 | $7.07 | |
Class C | 1.54% | |||
Actual | $1,000.00 | $1,005.60 | $7.79 | |
Hypothetical-C | $1,000.00 | $1,017.44 | $7.83 | |
Limited Term Municipal Income | .48% | |||
Actual | $1,000.00 | $1,011.90 | $2.43 | |
Hypothetical-C | $1,000.00 | $1,022.79 | $2.45 | |
Class I | .54% | |||
Actual | $1,000.00 | $1,010.60 | $2.74 | |
Hypothetical-C | $1,000.00 | $1,022.48 | $2.75 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
During fiscal year ended 2015, 100% of the fund's income dividends was free from federal income tax, and 4.62% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2015, $7,062,307, or, if subsequently determined to be different, the net capital gain of such year.
The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Limited Term Municipal Income Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2015 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; and (iv) the extent to which (if any) economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds and diversified international funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching active fixed-income exchange-traded funds; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (x) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (xi) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xii) implementing changes to Fidelity's money market product line in response to recent money market regulatory reforms.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.Fidelity Limited Term Municipal Income Fund
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img51960867.jpg)
Proxy Voting Results
A special meeting of shareholders was held on November 18, 2015. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees. | ||
# of Votes | % of Votes | |
Elizabeth S. Acton | ||
Affirmative | 5,161,119,572.85 | 97.256 |
Withheld | 145,658,558.01 | 2.744 |
TOTAL | 5,306,778,130.86 | 100.000 |
John Engler | ||
Affirmative | 5,146,088,620.45 | 96.972 |
Withheld | 160,689,510.41 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Albert R. Gamper, Jr. | ||
Affirmative | 5,139,390,851.27 | 96.846 |
Withheld | 167,387,279.59 | 3.154 |
TOTAL | 5,306,778,130.86 | 100.000 |
Robert F. Gartland | ||
Affirmative | 5,156,371,432.16 | 97.166 |
Withheld | 150,406,698.70 | 2.834 |
TOTAL | 5,306,778,130.86 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 5,146,073,980.40 | 96.972 |
Withheld | 160,704,150.46 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Arthur E. Johnson | ||
Affirmative | 5,154,966,257.69 | 97.140 |
Withheld | 151,811,873.17 | 2.860 |
TOTAL | 5,306,778,130.86 | 100.000 |
Michael E. Kenneally | ||
Affirmative | 5,159,083,013.51 | 97.217 |
Withheld | 147,695,117.35 | 2.783 |
TOTAL | 5,306,778,130.86 | 100.000 |
James H. Keyes | ||
Affirmative | 5,140,479,428.90 | 96.867 |
Withheld | 166,298,701.96 | 3.133 |
TOTAL | 5,306,778,130.86 | 100.000 |
Marie L. Knowles | ||
Affirmative | 5,154,662,494.64 | 97.134 |
Withheld | 152,115,636.22 | 2.866 |
TOTAL | 5,306,778,130.86 | 100.000 |
Geoffrey A. von Kuhn | ||
Affirmative | 5,150,464,060.01 | 97.055 |
Withheld | 156,314,070.85 | 2.945 |
TOTAL | 5,306,778,130.86 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
ASTMI-ANN-0216
1.796593.112
Fidelity® Minnesota Municipal Income Fund Annual Report December 31, 2015 |
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Contents
Board Approval of Investment Advisory Contracts and Management Fees | |
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. © 2016 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.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended December 31, 2015 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Minnesota Municipal Income Fund | 3.00% | 4.32% | 4.07% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Minnesota Municipal Income Fund on December 31, 2005.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® Municipal Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img47706829_740.jpg)
Period Ending Values | ||
$14,904 | Fidelity® Minnesota Municipal Income Fund | |
$15,853 | Barclays® Municipal Bond Index |
Management's Discussion of Fund Performance
Market Recap: Tax-exempt municipal bonds posted a moderate gain for calendar year 2015, driven by strong demand and limited supply. The Barclays® Municipal Bond Index returned 3.30% for the year. However, the muni market faced a volatile stretch between April and June, when the focus of the market shifted to the credit challenges of a handful of high-profile issuers, including Puerto Rico, New Jersey, Illinois and Chicago. A common theme of unfunded pension liabilities for these issuers overshadowed a generally stable credit environment for state and local governments more broadly. The tax advantages of munis continued to appeal to investors, due to the higher federal income-tax rates and 3.8% Medicare tax on non-municipal investment income that took effect in 2013. At period end, investors continued to watch the flow of U.S. economic data for hints as to whether, when and by how much the U.S. Federal Reserve may raise policy interest rates in 2016, on the heels of its quarter-point rate hike in mid-December.Comments from Portfolio Manager Kevin Ramundo: For the year, the fund gained 3.00%, net of fees, matching the Barclays® Minnesota Enhanced Modified 2% Tobacco Municipal Bond Index. I sought to generate attractive tax-exempt income for the fund and protect shareholder capital. My decision to overweight health care bonds provided a boost to fund performance versus the Barclays® Minnesota benchmark. Health care securities performed comparatively well, driven largely by their higher yields, which contributed to their total returns, and also drew strong demand. Health care bonds also were lifted by the ongoing consolidation trend among hospitals. The fund had an overweighting in HealthPartners and Park Nicolett Health Services, two health care systems that merged and ultimately combined their debt by advance refunding outstanding bonds. This led to above-benchmark price appreciation for both holdings. The fund also benefited from its overweighting of lower-rated investment-grade bonds, as they attracted heavy demand from yield-seeking investors and outperformed higher-quality securities. In contrast, the fund’s yield-curve positioning was a modest drag on our relative result. The fund was bulleted – more concentrated in bonds in the intermediate-maturity range. Intermediate bonds lagged longer-term securities as the yield curve flattened, meaning longer-term bond yields fell relatively more and their prices rose more on a relative basis.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Five Sectors as of December 31, 2015
% of fund's net assets | % of fund's net assets 6 months ago | |
General Obligations | 33.2 | 37.8 |
Health Care | 23.7 | 21.8 |
Electric Utilities | 16.9 | 14.9 |
Education | 8.1 | 8.8 |
Transportation | 7.9 | 7.9 |
Weighted Average Maturity as of December 31, 2015
6 months ago | ||
Years | 5.4 | 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 December 31, 2015
6 months ago | ||
Years | 5.5 | 5.6 |
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 December 31, 2015 | ||
AAA | 3.6% | |
AA,A | 84.9% | |
BBB | 8.1% | |
Not Rated | 1.9% | |
Short-Term Investments and Net Other Assets | 1.5% |
As of June 30, 2015 | ||
AAA | 2.7% | |
AA,A | 84.4% | |
BBB | 6.8% | |
BB and Below | 0.4% | |
Not Rated | 4.3% | |
Short-Term Investments and Net Other Assets | 1.4% |
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.
Investments December 31, 2015
Showing Percentage of Net Assets
Municipal Bonds - 98.5% | |||
Principal Amount | Value | ||
Guam - 0.9% | |||
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2006 A, 5% 10/1/23 | 1,500,000 | 1,530,120 | |
Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | |||
5% 10/1/17 (a) | $800,000 | $845,592 | |
6.25% 10/1/34 (a) | 850,000 | 1,014,407 | |
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/21 (FSA Insured) | 1,100,000 | 1,282,017 | |
TOTAL GUAM | 4,672,136 | ||
Minnesota - 97.4% | |||
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 | 1,046,610 | |
Anoka-Hennepin Independent School District 11 Series 2014 A: | |||
5% 2/1/23 | 805,000 | 954,126 | |
5% 2/1/24 | 1,110,000 | 1,322,354 | |
5% 2/1/25 | 1,015,000 | 1,198,563 | |
5% 2/1/26 | 1,220,000 | 1,427,034 | |
5% 2/1/27 | 1,285,000 | 1,495,971 | |
5% 2/1/28 | 1,345,000 | 1,554,215 | |
5% 2/1/29 | 1,415,000 | 1,625,198 | |
5% 2/1/34 | 1,800,000 | 2,034,234 | |
Breckenridge Gen. Oblig. (Catholic Health Initiatives Proj.) Series 2004 A, 5% 5/1/30 | 4,575,000 | 4,586,346 | |
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 | 549,470 | |
Chaska Elec. Rev.: | |||
Series 2015 A: | |||
5% 10/1/27 | 1,665,000 | 2,005,110 | |
5% 10/1/29 | 785,000 | 934,197 | |
5% 10/1/26 | 1,000,000 | 1,210,970 | |
Chaska Independent School District #112 Gen. Oblig.: | |||
(Cr. Enhancement Prog.): | |||
Series 2012 A: | |||
5% 2/1/19 | 4,090,000 | 4,564,849 | |
5% 2/1/22 | 4,975,000 | 5,975,124 | |
Series 2013 A, 4% 2/1/19 | 4,550,000 | 4,941,391 | |
(School Bldg. Proj.) Series 2007 A, 5% 2/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 750,000 | 784,958 | |
Series 2009 A, 5% 2/1/17 | 1,000,000 | 1,046,610 | |
Cloquet Independent School District #94 Series 2015 B: | |||
5% 2/1/28 | 3,030,000 | 3,663,119 | |
5% 2/1/31 | 1,245,000 | 1,479,471 | |
Ctr. City Health Care Facilities (Hazelden Betty Ford Foundation Proj.) Series 2014: | |||
5% 11/1/23 | 775,000 | 928,241 | |
5% 11/1/25 | 250,000 | 298,093 | |
5% 11/1/26 | 500,000 | 591,420 | |
5% 11/1/27 | 400,000 | 471,072 | |
Duluth Independent School District #709 Ctfs. of Prtn. Series 2009 B: | |||
4% 3/1/16 | 1,445,000 | 1,451,358 | |
4% 3/1/17 | 1,495,000 | 1,535,275 | |
4% 3/1/18 | 1,235,000 | 1,289,698 | |
5% 3/1/30 | 2,535,000 | 2,622,939 | |
Hennepin County Sales Tax Rev. (Ballpark Proj.) Series 2007 A, 5% 12/15/24 | 1,000,000 | 1,078,130 | |
Jordan Ind. School District Series 2014 A: | |||
5% 2/1/28 | 1,000,000 | 1,187,420 | |
5% 2/1/29 | 1,000,000 | 1,178,080 | |
5% 2/1/30 | 1,245,000 | 1,458,717 | |
Lakeville Independent School District #194 Series 2012 D, 5% 2/1/20 | 1,570,000 | 1,806,238 | |
Maple Grove Health Care Facilities Series 2015: | |||
4% 9/1/35 | 1,250,000 | 1,267,975 | |
5% 9/1/28 | 695,000 | 786,434 | |
5% 9/1/30 | 1,500,000 | 1,677,675 | |
5% 9/1/31 | 1,300,000 | 1,447,238 | |
5% 9/1/32 | 1,000,000 | 1,110,670 | |
Maple Grove Health Care Sys. Rev. (Maple Grove Hosp. Corp. Proj.) Series 2007: | |||
5% 5/1/16 | 1,000,000 | 1,012,250 | |
5.25% 5/1/24 | 1,500,000 | 1,570,755 | |
5.25% 5/1/25 | 2,000,000 | 2,092,200 | |
5.25% 5/1/28 | 3,720,000 | 3,880,518 | |
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 | 3,416,970 | |
Series 2010 A, 5.25% 8/15/25 | 1,000,000 | 1,157,170 | |
(Children's Hospitals and Clinics Proj.) Series 2004 A1, 5% 8/15/34 (FSA Insured) | 500,000 | 552,335 | |
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | |||
Series 2007 A, 5% 1/1/21 | 5,000,000 | 5,213,950 | |
Series 2007 B, 5% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,083,960 | |
Series 2010 D, 5% 1/1/17 (a) | 4,155,000 | 4,319,330 | |
Series 2012 B: | |||
5% 1/1/26 | 1,250,000 | 1,465,188 | |
5% 1/1/27 | 1,500,000 | 1,749,000 | |
Series 2014 A: | |||
5% 1/1/26 | 3,015,000 | 3,574,373 | |
5% 1/1/28 | 4,000,000 | 4,672,560 | |
5% 1/1/29 | 2,150,000 | 2,489,722 | |
5% 1/1/30 | 2,000,000 | 2,306,720 | |
5% 1/1/31 | 6,020,000 | 6,920,050 | |
Series B, 5% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,830,000 | 2,947,643 | |
Minneapolis Health Care Sys. Rev.: | |||
Series 2015 A: | |||
5% 11/15/27 (FSA Insured) | 850,000 | 1,013,328 | |
5% 11/15/28 | 1,000,000 | 1,183,620 | |
5% 11/15/29 | 1,000,000 | 1,175,160 | |
5% 11/15/30 | 1,000,000 | 1,167,700 | |
5% 11/15/31 | 3,665,000 | 4,255,871 | |
5% 11/15/32 | 2,200,000 | 2,542,540 | |
6.5% 11/15/38 | 2,960,000 | 3,305,402 | |
6.5% 11/15/38 (Pre-Refunded to 11/15/18 @ 100) | 540,000 | 620,006 | |
Minnesota 911 Rev.: | |||
(Pub. Safety Radio Communications Sys. Proj.) Series 2009, 5% 6/1/21 (Assured Guaranty Corp. Insured) | 2,220,000 | 2,509,954 | |
5% 6/1/21 | 2,000,000 | 2,259,780 | |
Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C1: | |||
5% 2/15/16 (Assured Guaranty Corp. Insured) | 415,000 | 417,175 | |
5% 2/15/17 (Assured Guaranty Corp. Insured) | 1,975,000 | 2,065,435 | |
5% 2/15/30 (Assured Guaranty Corp. Insured) | 3,750,000 | 4,116,863 | |
5.25% 2/15/23 (Assured Guaranty Corp. Insured) | 1,660,000 | 1,890,740 | |
5.5% 2/15/25 (Assured Guaranty Corp. Insured) | 2,500,000 | 2,863,600 | |
Minnesota Gen. Oblig.: | |||
Series 2008 A, 5% 6/1/21 (Pre-Refunded to 6/1/18 @ 100) | 3,300,000 | 3,615,876 | |
Series 2010 A, 5% 8/1/27 | 5,000,000 | 5,777,200 | |
Series 2010 D: | |||
5% 8/1/21 | 1,000,000 | 1,164,590 | |
5% 8/1/22 | 5,000,000 | 5,815,700 | |
5% 8/1/23 | 10,000,000 | 11,616,900 | |
Series 2011 B: | |||
5% 10/1/24 | 2,500,000 | 2,976,125 | |
5% 10/1/30 | 3,000,000 | 3,510,180 | |
Series 2013 A, 5% 8/1/25 | 3,780,000 | 4,641,349 | |
Series 2013 D, 5% 10/1/23 | 1,100,000 | 1,361,173 | |
Series 2015 A, 5% 8/1/33 | 1,900,000 | 2,305,612 | |
5% 6/1/21 (Pre-Refunded to 6/1/16 @ 100) | 1,415,000 | 1,441,517 | |
5% 8/1/22 (Pre-Refunded to 8/1/17 @ 100) | 2,545,000 | 2,712,181 | |
5% 8/1/22 (Pre-Refunded to 8/1/17 @ 100) | 55,000 | 58,613 | |
5% 8/1/24 | 4,780,000 | 5,743,361 | |
5% 8/1/24 (Pre-Refunded to 8/1/22 @ 100) | 220,000 | 267,384 | |
5% 11/1/26 (Pre-Refunded to 11/1/16 @ 100) | 790,000 | 819,759 | |
Minnesota Higher Ed. Facilities Auth. Rev.: | |||
(College of St. Scholastica, Inc. Proj.) Series Seven-H, 5.25% 12/1/35 | 1,000,000 | 1,072,340 | |
(Gustovus Adolphus College Proj.) Series Seven-B: | |||
5% 10/1/22 | 2,250,000 | 2,519,348 | |
5% 10/1/23 | 1,000,000 | 1,119,330 | |
(Hamline Univ. Proj.) Series Seven-E: | |||
5% 10/1/17 | 1,565,000 | 1,645,222 | |
5% 10/1/19 | 1,000,000 | 1,080,810 | |
(Univ. of St. Thomas Proj.): | |||
Series Seven-A, 5% 10/1/39 | 1,650,000 | 1,798,665 | |
Series Six-I, 5% 4/1/23 | 1,000,000 | 1,009,540 | |
Series Six-X, 5.25% 4/1/39 | 1,500,000 | 1,561,440 | |
Series 2015 8J, 5% 3/1/24 | 1,000,000 | 1,222,940 | |
Series Eight J, 5% 3/1/26 | 1,015,000 | 1,228,810 | |
Series G8, 5% 12/1/31 | 1,000,000 | 1,187,190 | |
Series Seven-Q: | |||
5% 10/1/17 | 495,000 | 527,215 | |
5% 10/1/18 | 400,000 | 437,044 | |
5% 10/1/19 | 780,000 | 873,077 | |
5% 10/1/20 | 1,140,000 | 1,293,216 | |
5% 3/1/21 | 940,000 | 982,864 | |
5% 3/1/21 (Pre-Refunded to 3/1/17 @ 100) | 1,375,000 | 1,443,901 | |
5% 3/1/22 | 1,030,000 | 1,076,844 | |
5% 3/1/22 (Pre-Refunded to 3/1/17 @ 100) | 1,505,000 | 1,580,416 | |
5% 3/1/27 | 500,000 | 601,685 | |
Minnesota Hsg. Fin. Agcy. Series 2015 A: | |||
5% 8/1/29 | 1,000,000 | 1,178,240 | |
5% 8/1/30 | 1,000,000 | 1,170,720 | |
5% 8/1/31 | 1,000,000 | 1,166,560 | |
5% 8/1/32 | 1,000,000 | 1,163,250 | |
5% 8/1/33 | 1,000,000 | 1,159,130 | |
Minnesota Muni. Pwr. Agcy. Elec. Rev.: | |||
Series 2007, 5.25% 10/1/22 | 1,000,000 | 1,069,900 | |
Series 2014 A: | |||
5% 10/1/25 | 200,000 | 240,230 | |
5% 10/1/26 | 830,000 | 992,630 | |
Series 2014: | |||
5% 10/1/26 | 630,000 | 753,442 | |
5% 10/1/27 | 750,000 | 893,708 | |
5% 10/1/30 | 1,000,000 | 1,171,100 | |
Minnesota State Colleges & Univs. Board of Trustees Rev.: | |||
Series 2009 A: | |||
4% 10/1/17 | 1,445,000 | 1,525,588 | |
4% 10/1/18 | 1,490,000 | 1,606,548 | |
4% 10/1/19 | 1,550,000 | 1,702,706 | |
4% 10/1/20 | 1,580,000 | 1,743,577 | |
Series 2011 A, 5% 10/1/30 | 1,495,000 | 1,716,768 | |
Series 2013 A: | |||
4% 10/1/18 | 2,210,000 | 2,382,866 | |
4% 10/1/19 | 2,300,000 | 2,526,596 | |
4% 10/1/20 | 2,385,000 | 2,665,834 | |
Minnesota State Gen. Fdg. Rev.: | |||
Series 2012 B: | |||
5% 3/1/27 | 12,840,000 | 15,075,563 | |
5% 3/1/28 | 4,275,000 | 5,008,505 | |
5% 3/1/29 | 2,250,000 | 2,630,363 | |
5% 6/1/27 | 5,000,000 | 5,955,250 | |
5% 6/1/38 | 5,000,000 | 5,638,050 | |
North Saint Paul-Maplewood-Oakdale Independent School District 622 Series 2006 B: | |||
5% 2/1/17 (FSA Insured) | 1,525,000 | 1,596,080 | |
5% 8/1/17 (FSA Insured) | 1,575,000 | 1,648,238 | |
Northern Muni. Pwr. Agcy. Elec. Sys. Rev.: | |||
Series 2010 A1: | |||
5% 1/1/19 | 3,010,000 | 3,335,140 | |
5% 1/1/20 | 2,100,000 | 2,381,610 | |
Series 2013 A: | |||
5% 1/1/23 | 850,000 | 1,011,220 | |
5% 1/1/24 | 650,000 | 763,581 | |
5% 1/1/25 | 975,000 | 1,137,152 | |
5% 1/1/31 | 1,740,000 | 1,956,682 | |
Series A, 5% 1/1/18 (Assured Guaranty Corp. Insured) | 3,180,000 | 3,421,680 | |
Northfield Hosp. Rev. Series 2006: | |||
5.375% 11/1/26 | 1,000,000 | 1,031,090 | |
5.5% 11/1/16 | 1,025,000 | 1,052,286 | |
Ramsey County Gen. Oblig. Series 2012 B: | |||
5% 2/1/19 | 1,585,000 | 1,773,615 | |
5% 2/1/20 | 1,635,000 | 1,881,722 | |
5% 2/1/21 | 1,350,000 | 1,592,825 | |
Rochester Elec. Util. Rev.: | |||
Series 2007 C, 5% 12/1/30 (Pre-Refunded to 12/1/30 @ 100) | 2,000,000 | 2,070,960 | |
Series 2013 B: | |||
5% 12/1/26 | 570,000 | 680,620 | |
5% 12/1/27 | 275,000 | 327,275 | |
5% 12/1/28 | 275,000 | 325,969 | |
5% 12/1/43 | 1,000,000 | 1,140,520 | |
Rochester Health Care Facilities Rev.: | |||
(Mayo Clinic Proj.) Series 2008 E, 5% 11/15/38 | 4,000,000 | 4,502,120 | |
(Mayo Foundation Proj.) Series 2006, 5% 11/15/36 | 2,000,000 | 2,032,460 | |
(Olmsted Med. Ctr. Proj.) Series 2013: | |||
5% 7/1/17 | 650,000 | 686,771 | |
5% 7/1/18 | 685,000 | 744,170 | |
5% 7/1/21 | 790,000 | 911,226 | |
5% 7/1/22 | 350,000 | 406,410 | |
5% 7/1/24 | 300,000 | 351,363 | |
5% 7/1/27 | 245,000 | 280,285 | |
5% 7/1/28 | 225,000 | 255,294 | |
5% 7/1/33 | 1,225,000 | 1,363,854 | |
Bonds: | |||
(Mayo Clinic Proj.): | |||
Series 2011, 4%, tender 11/15/18 (b) | 2,475,000 | 2,670,575 | |
Series B, 4%, tender 11/15/18 (b) | 3,000,000 | 3,230,040 | |
(Mayo Foundation Proj.) Series C, 4.5%, tender 11/15/21 (b) | 1,100,000 | 1,268,377 | |
Saint Cloud Health Care Rev.: | |||
(CentraCare Health Sys. Proj.) Series 2010 A, 5.125% 5/1/30 | 5,005,000 | 5,671,216 | |
Series 2014 B, 5% 5/1/22 | 1,950,000 | 2,304,491 | |
Saint Paul Hsg. & Redev. Auth. Hosp. Rev.: | |||
(Healtheast Care Sys. Proj.) Series 2015 A, 5% 11/15/27 | 2,515,000 | 2,883,598 | |
(HealthEast Care Sys. Proj.) Series 2015 A, 5% 11/15/29 | 1,750,000 | 1,976,538 | |
(HealthEast Care Sys. Proj.) Series 2015 A, 5% 11/15/30 | 1,585,000 | 1,783,125 | |
Saint Paul Port Auth. Series 2007-2, 5% 3/1/37 | 1,500,000 | 1,558,170 | |
Saint Paul Port Auth. Lease Rev.: | |||
(Regions Hosp. Package Proj.) Series 2007-1, 5% 8/1/16 | 500,000 | 510,920 | |
Series 2013, 5% 12/1/21 | 4,900,000 | 5,801,404 | |
Saint Paul Sales Tax Rev. Series 2014 G: | |||
5% 11/1/26 | 1,000,000 | 1,198,490 | |
5% 11/1/28 | 1,000,000 | 1,181,980 | |
Shakopee Health Care Facilities Rev. Series 2014: | |||
5% 9/1/23 | 1,895,000 | 2,233,182 | |
5% 9/1/24 | 1,000,000 | 1,185,710 | |
5% 9/1/25 | 1,345,000 | 1,583,374 | |
5% 9/1/26 | 575,000 | 671,589 | |
5% 9/1/28 | 1,000,000 | 1,149,740 | |
5% 9/1/34 | 1,040,000 | 1,145,758 | |
Shakopee Independent School District #720: | |||
Series 2012, 5% 2/1/21 | 1,000,000 | 1,177,180 | |
Series 2013 A, 5% 2/1/19 | 2,940,000 | 3,287,008 | |
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 | 5,976,069 | |
0% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 14,670,000 | 13,462,659 | |
0% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,165,000 | 2,395,272 | |
Series 2009 A: | |||
5.25% 1/1/30 (Pre-Refunded to 1/1/19 @ 100) | 2,000,000 | 2,245,040 | |
5.5% 1/1/24 (Pre-Refunded to 1/1/19 @ 100) | 500,000 | 564,925 | |
Series 2015 A: | |||
5% 1/1/28 | 1,000,000 | 1,217,740 | |
5% 1/1/34 | 1,695,000 | 2,001,693 | |
5% 1/1/36 | 1,000,000 | 1,171,480 | |
5% 1/1/41 | 1,000,000 | 1,157,450 | |
0% 1/1/18 (AMBAC Insured) | 125,000 | 122,306 | |
Spring Lake Park Independent School District #16 Series 2006 A, 5% 2/1/29 | 4,000,000 | 4,012,040 | |
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 | 572,236 | |
Series 2009, 5.75% 7/1/39 (Pre-Refunded to 7/1/19 @ 100) | 9,015,000 | 10,421,340 | |
St. Paul Hsg. & Redev. Auth. Health Care Facilities Rev.: | |||
(Allina Health Sys. Proj.): | |||
Series 2007 A, 5% 11/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,100,000 | 2,254,644 | |
Series 2009 A1, 5.25% 11/15/29 | 3,000,000 | 3,396,030 | |
(HealthPartners Oblig. Group Proj.) Series 2006: | |||
5% 5/15/16 (Escrowed to Maturity) | 345,000 | 350,841 | |
5.25% 5/15/17 (Pre-Refunded to 11/15/16 @ 100) | 590,000 | 614,284 | |
5.25% 5/15/26 (Pre-Refunded to 11/15/16 @ 100) | 1,000,000 | 1,041,160 | |
5.25% 5/15/36 (Pre-Refunded to 11/15/16 @ 100) | 1,000,000 | 1,041,160 | |
Series 2007 A, 5% 11/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,725,000 | 1,853,030 | |
Series 2009 A2, 5.5% 11/15/24 | 2,000,000 | 2,317,120 | |
Series 2015 A: | |||
5% 7/1/29 | 5,000,000 | 5,878,900 | |
5% 7/1/30 | 5,000,000 | 5,847,250 | |
Univ. of Minnesota Gen. Oblig.: | |||
Series 2009 A: | |||
5% 4/1/23 | 200,000 | 223,914 | |
5.125% 4/1/34 | 1,000,000 | 1,105,040 | |
5.25% 4/1/29 | 1,000,000 | 1,122,390 | |
Series 2009 C, 5% 12/1/21 | 1,000,000 | 1,126,320 | |
Series 2011 D: | |||
5% 12/1/23 | 1,180,000 | 1,405,840 | |
5% 12/1/26 | 1,020,000 | 1,210,791 | |
5% 12/1/36 | 1,000,000 | 1,131,690 | |
Univ. of Minnesota Spl. Purp. Rev.: | |||
(Biomedical Science Research Facilities Fdg. Prog.) Series 2013 C, 5% 8/1/38 | 5,275,000 | 6,007,539 | |
(State Supported Biomedical Science Research Facilities Fdg. Prog.) Series 2011 B, 5% 8/1/25 | 2,095,000 | 2,468,182 | |
Virginia Hsg. & Redev. Auth. Health Care Facility Lease Rev. Series 2005, 5.25% 10/1/25 | 440,000 | 441,382 | |
West Saint Paul Independent School District #197 Series 2012 A, 4% 2/1/24 | 3,530,000 | 3,950,882 | |
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev.: | |||
Series 1977 A, 6.375% 1/1/16 (Escrowed to Maturity) | 170,000 | 170,000 | |
Series 2012 A: | |||
5% 1/1/26 | 5,000,000 | 5,898,450 | |
5% 1/1/27 | 2,150,000 | 2,522,660 | |
5% 1/1/30 | 1,000,000 | 1,156,560 | |
Series 2014 A: | |||
5% 1/1/31 | 1,750,000 | 2,056,635 | |
5% 1/1/35 | 1,595,000 | 1,849,498 | |
5% 1/1/40 | 1,500,000 | 1,715,070 | |
5% 1/1/46 | 10,000,000 | 11,335,000 | |
Series 2015 A, 5% 1/1/31 | 1,820,000 | 2,205,549 | |
TOTAL MINNESOTA | 492,777,746 | ||
Virgin Islands - 0.2% | |||
Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/25 | 1,000,000 | 1,099,490 | |
TOTAL INVESTMENT PORTFOLIO - 98.5% | |||
(Cost $474,938,220) | 498,549,372 | ||
NET OTHER ASSETS (LIABILITIES) - 1.5% | 7,442,380 | ||
NET ASSETS - 100% | $505,991,752 |
Legend
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
Investment Valuation
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):
General Obligations | 33.2% |
Health Care | 23.7% |
Electric Utilities | 16.9% |
Education | 8.1% |
Transportation | 7.9% |
Escrowed/Pre-Refunded | 6.6% |
Others* (Individually Less Than 5%) | 3.6% |
100.0% |
* Includes net other assets
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
December 31, 2015 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $474,938,220) | $498,549,372 | |
Cash | 900,749 | |
Receivable for fund shares sold | 334,310 | |
Interest receivable | 6,984,707 | |
Prepaid expenses | 1,082 | |
Other receivables | 635 | |
Total assets | 506,770,855 | |
Liabilities | ||
Payable for fund shares redeemed | $192,627 | |
Distributions payable | 336,595 | |
Accrued management fee | 152,366 | |
Other affiliated payables | 47,994 | |
Other payables and accrued expenses | 49,521 | |
Total liabilities | 779,103 | |
Net Assets | $505,991,752 | |
Net Assets consist of: | ||
Paid in capital | $482,254,949 | |
Undistributed net investment income | 113,630 | |
Accumulated undistributed net realized gain (loss) on investments | 12,021 | |
Net unrealized appreciation (depreciation) on investments | 23,611,152 | |
Net Assets, for 43,079,592 shares outstanding | $505,991,752 | |
Net Asset Value, offering price and redemption price per share ($505,991,752 ÷ 43,079,592 shares) | $11.75 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended December 31, 2015 | ||
Investment Income | ||
Interest | $16,217,001 | |
Expenses | ||
Management fee | $1,826,610 | |
Transfer agent fees | 441,101 | |
Accounting fees and expenses | 130,572 | |
Custodian fees and expenses | 8,387 | |
Independent trustees' compensation | 2,097 | |
Registration fees | 32,522 | |
Audit | 52,386 | |
Legal | 6,275 | |
Miscellaneous | 9,316 | |
Total expenses before reductions | 2,509,266 | |
Expense reductions | (4,879) | 2,504,387 |
Net investment income (loss) | 13,712,614 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 2,126,037 | |
Change in net unrealized appreciation (depreciation) on investment securities | (1,178,690) | |
Net gain (loss) | 947,347 | |
Net increase (decrease) in net assets resulting from operations | $14,659,961 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended December 31, 2015 | Year ended December 31, 2014 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $13,712,614 | $13,935,648 |
Net realized gain (loss) | 2,126,037 | 2,299,174 |
Change in net unrealized appreciation (depreciation) | (1,178,690) | 16,265,355 |
Net increase (decrease) in net assets resulting from operations | 14,659,961 | 32,500,177 |
Distributions to shareholders from net investment income | (13,710,535) | (13,933,894) |
Distributions to shareholders from net realized gain | (2,144,688) | (2,683,454) |
Total distributions | (15,855,223) | (16,617,348) |
Share transactions | ||
Proceeds from sales of shares | 51,680,463 | 55,468,388 |
Reinvestment of distributions | 11,302,436 | 11,837,627 |
Cost of shares redeemed | (62,113,437) | (57,891,076) |
Net increase (decrease) in net assets resulting from share transactions | 869,462 | 9,414,939 |
Redemption fees | 3,516 | 2,975 |
Total increase (decrease) in net assets | (322,284) | 25,300,743 |
Net Assets | ||
Beginning of period | 506,314,036 | 481,013,293 |
End of period (including undistributed net investment income of $113,630 and undistributed net investment income of $122,198, respectively) | $505,991,752 | $506,314,036 |
Other Information | ||
Shares | ||
Sold | 4,399,563 | 4,752,611 |
Issued in reinvestment of distributions | 962,635 | 1,013,005 |
Redeemed | (5,296,254) | (4,965,687) |
Net increase (decrease) | 65,944 | 799,929 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Minnesota Municipal Income Fund
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $11.77 | $11.39 | $11.99 | $11.80 | $11.25 |
Income from Investment Operations | |||||
Net investment income (loss)A | .317 | .329 | .333 | .371 | .403 |
Net realized and unrealized gain (loss) | .030 | .443 | (.559) | .204 | .601 |
Total from investment operations | .347 | .772 | (.226) | .575 | 1.004 |
Distributions from net investment income | (.317) | (.329) | (.333) | (.370) | (.403) |
Distributions from net realized gain | (.050) | (.063) | (.041) | (.015) | (.051) |
Total distributions | (.367) | (.392) | (.374) | (.385) | (.454) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $11.75 | $11.77 | $11.39 | $11.99 | $11.80 |
Total ReturnC | 3.00% | 6.85% | (1.91)% | 4.91% | 9.09% |
Ratios to Average Net AssetsD | |||||
Expenses before reductions | .50% | .49% | .50% | .49% | .49% |
Expenses net of fee waivers, if any | .49% | .49% | .50% | .49% | .49% |
Expenses net of all reductions | .49% | .49% | .49% | .49% | .49% |
Net investment income (loss) | 2.71% | 2.82% | 2.85% | 3.09% | 3.50% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $505,992 | $506,314 | $481,013 | $558,353 | $519,092 |
Portfolio turnover rate | 13% | 15% | 14% | 15% | 9% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended December 31, 2015
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 affiliated 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)
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. As of December 31, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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 | $23,700,005 |
Gross unrealized depreciation | (70,737) |
Net unrealized appreciation (depreciation) on securities | $23,629,268 |
Tax Cost | $474,920,104 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed tax-exempt income | $95,897 |
Undistributed long-term capital gain | $20,179 |
Net unrealized appreciation (depreciation) on securities and other investments | $23,629,268 |
At period end, the Fund was required to defer approximately $8,158 of losses on futures contracts.
The tax character of distributions paid was as follows:
December 31, 2015 | December 31, 2014 | |
Tax-exempt Income | 13,710,535 | 13,933,894 |
Long-term Capital Gains | 2,144,688 | 2,683,454 |
Total | $15,855,223 | $ 16,617,348 |
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.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $71,416,347 and $65,459,563, 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 annual 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 pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to an annual 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.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
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 $730 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 $3,749.
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $1,130.
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.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Municipal Trust and Shareholders of Fidelity® Minnesota Municipal Income Fund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity® Minnesota Municipal Income Fund (a fund of Fidelity Municipal Trust) at December 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity® Minnesota Municipal Income Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 12, 2016
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Elizabeth S. Acton, John Engler, and Geoffrey A. von Kuhn, each of the Trustees oversees 236 funds. Ms. Acton and Mr. Engler each oversees 228 funds. Mr. von Kuhn oversees 148 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Trustee
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors/trustees for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2015-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John F. Papandrea (1972)
Year of Election or Appointment: 2016
Anti-Money Laundering (AML) Officer
Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2009
Assistant Treasurer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013
Deputy Treasurer
Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).
Christine J. Thompson (1958)
Year of Election or Appointment: 2015
Vice President of Fidelity's Bond Funds
Ms. Thompson also serves as Vice President of other funds. Ms. Thompson also serves as Chief Investment Officer of FMR's Bond Group (2010-present) and is an employee of Fidelity Investments (1985-present). Previously, Ms. Thompson served as Vice President of Fidelity's Bond Funds (2010-2012).
Michael H. Whitaker (1967)
Year of Election or Appointment: 2008
Chief Compliance Officer
Mr. Whitaker also serves as Chief Compliance Officer of other funds. Mr. Whitaker also serves as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2014-present), FMR (investment adviser firm, 2014-present), and Fidelity Investments Money Management, Inc. (investment adviser firm, 2014-present) and is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011
Deputy Treasurer
Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments (1991-present). Previously, Mr. Zambello served as Vice President of the Program Management Group of FMR (investment adviser firm, 2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
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 (July 1, 2015 to December 31, 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.
Annualized Expense Ratio-A | Beginning Account Value July 1, 2015 | Ending Account Value December 31, 2015 | Expenses Paid During Period-B July 1, 2015 to December 31, 2015 | |
Actual | .49% | $1,000.00 | $1,027.20 | $2.50 |
Hypothetical-C | $1,000.00 | $1,022.74 | $2.50 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Minnesota Municipal Income Fund voted to pay on February 8, 2016, to shareholders of record at the opening of business on February 5, 2016, a distribution of $0.002 per share derived from capital gains realized from sales of portfolio securities.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2015, $2,126,126 or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended 2015, 100% of the fund's income dividends was free from federal income tax, and 0.86% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Minnesota Municipal Income Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2015 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; and (iv) the extent to which (if any) economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds and diversified international funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching active fixed-income exchange-traded funds; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (x) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (xi) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xii) implementing changes to Fidelity's money market product line in response to recent money market regulatory reforms.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.Fidelity Minnesota Municipal Income Fund
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img51970283.jpg)
Proxy Voting Results
A special meeting of shareholders was held on November 18, 2015. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees. | ||
# of Votes | % of Votes | |
Elizabeth S. Acton | ||
Affirmative | 5,161,119,572.85 | 97.256 |
Withheld | 145,658,558.01 | 2.744 |
TOTAL | 5,306,778,130.86 | 100.000 |
John Engler | ||
Affirmative | 5,146,088,620.45 | 96.972 |
Withheld | 160,689,510.41 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Albert R. Gamper, Jr. | ||
Affirmative | 5,139,390,851.27 | 96.846 |
Withheld | 167,387,279.59 | 3.154 |
TOTAL | 5,306,778,130.86 | 100.000 |
Robert F. Gartland | ||
Affirmative | 5,156,371,432.16 | 97.166 |
Withheld | 150,406,698.70 | 2.834 |
TOTAL | 5,306,778,130.86 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 5,146,073,980.40 | 96.972 |
Withheld | 160,704,150.46 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Arthur E. Johnson | ||
Affirmative | 5,154,966,257.69 | 97.140 |
Withheld | 151,811,873.17 | 2.860 |
TOTAL | 5,306,778,130.86 | 100.000 |
Michael E. Kenneally | ||
Affirmative | 5,159,083,013.51 | 97.217 |
Withheld | 147,695,117.35 | 2.783 |
TOTAL | 5,306,778,130.86 | 100.000 |
James H. Keyes | ||
Affirmative | 5,140,479,428.90 | 96.867 |
Withheld | 166,298,701.96 | 3.133 |
TOTAL | 5,306,778,130.86 | 100.000 |
Marie L. Knowles | ||
Affirmative | 5,154,662,494.64 | 97.134 |
Withheld | 152,115,636.22 | 2.866 |
TOTAL | 5,306,778,130.86 | 100.000 |
Geoffrey A. von Kuhn | ||
Affirmative | 5,150,464,060.01 | 97.055 |
Withheld | 156,314,070.85 | 2.945 |
TOTAL | 5,306,778,130.86 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
MNF-ANN-0216
1.539899.118
Fidelity Advisor® Limited Term Municipal Income Fund - Class A, Class T, Class B and Class C Annual Report December 31, 2015 Class A, Class T, Class B and Class C are classes of Fidelity® Limited Term Municipal Income Fund |
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Contents
Board Approval of Investment Advisory Contracts and Management Fees | |
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. © 2016 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.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Returns reflect the conversion of Class B shares to Class A shares after a maximum of four years.
Average Annual Total Returns
For the periods ended December 31, 2015 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 2.75% sales charge) | (2.01)% | 1.10% | 2.28% |
Class T (incl. 2.75% sales charge) | (1.97)% | 1.13% | 2.28% |
Class B (incl. contingent deferred sales charge) | (2.81)% | 1.17% | 2.28% |
Class C (incl. contingent deferred sales charge) | (0.98)% | 0.91% | 1.77% |
Class B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 3%, 0%, and 0%, respectively
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Limited Term Municipal Income Fund - Class A on December 31, 2005, and the current 2.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® Municipal Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img60760672_740.jpg)
Period Ending Values | ||
$12,525 | Fidelity Advisor® Limited Term Municipal Income Fund - Class A | |
$15,853 | Barclays® Municipal Bond Index |
Management's Discussion of Fund Performance
Market Recap: Tax-exempt municipal bonds posted a moderate gain for calendar year 2015, driven by strong demand and limited supply. The Barclays® Municipal Bond Index returned 3.30% for the year. However, the muni market faced a volatile stretch between April and June, when the focus of the market shifted to the credit challenges of a handful of high-profile issuers, including Puerto Rico, New Jersey, Illinois and Chicago. A common theme of unfunded pension liabilities for these issuers overshadowed a generally stable credit environment for state and local governments more broadly. The tax advantages of munis continued to appeal to investors, due to the higher federal income-tax rates and 3.8% Medicare tax on non-municipal investment income that took effect in 2013. At period end, investors continued to watch the flow of U.S. economic data for hints as to whether, when and by how much the U.S. Federal Reserve may raise policy interest rates in 2016, on the heels of its quarter-point rate hike in mid-December.Comments from Lead Portfolio Manager Mark Sommer: For the year, the fund’s share classes (excluding sales charges, if applicable), net of fees, trailed the 1.46% gain of the Barclays® 1–6 Year Municipal Bond Index. I sought to generate attractive tax-exempt income and competitive risk-adjusted relative returns, including both price appreciation and income, over time. The fund’s yield curve positioning – meaning how the fund was invested across bonds of various maturities – helped performance versus the Barclays® index. Specifically, the fund was overweighted in bonds with maturities of 10 years, which were the best-performing securities in the short-maturity spectrum, and underweighted two-year securities, the worst relative performers. Having more exposure than the index to lower-rated investment-grade securities also aided relative results. These securities, which generally offered more yield than higher-rated bonds, were some of the market’s best performers, given ultra-low yields. Detracting from performance versus the index was the fund’s overweighted exposure to Illinois general obligation bonds, securities backed by the city of Chicago and related entities, and New Jersey state-appropriated bonds. These securities lagged the index.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Five States as of December 31, 2015
% of fund's net assets | % of fund's net assets 6 months ago | |
New York | 13.7 | 9.8 |
Florida | 11.6 | 10.9 |
Texas | 9.0 | 8.7 |
Illinois | 8.6 | 8.5 |
California | 6.1 | 8.4 |
Top Five Sectors as of December 31, 2015
% of fund's net assets | % of fund's net assets 6 months ago | |
General Obligations | 42.9 | 40.4 |
Special Tax | 11.2 | 7.8 |
Electric Utilities | 10.1 | 10.7 |
Transportation | 9.4 | 10.1 |
Health Care | 7.8 | 8.8 |
Weighted Average Maturity as of December 31, 2015
6 months ago | ||
Years | 3.2 | 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 December 31, 2015
6 months ago | ||
Years | 2.7 | 2.8 |
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 December 31, 2015 | ||
AAA | 9.9% | |
AA,A | 71.2% | |
BBB | 8.1% | |
BB and Below | 1.0% | |
Not Rated | 2.1% | |
Short-Term Investments and Net Other Assets | 7.7% |
As of June 30, 2015 | ||
AAA | 10.0% | |
AA,A | 70.7% | |
BBB | 7.3% | |
BB and Below | 0.5% | |
Not Rated | 1.9% | |
Short-Term Investments and Net Other Assets | 9.6% |
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.
Investments December 31, 2015
Showing Percentage of Net Assets
Municipal Bonds - 92.2% | |||
Principal Amount (000s) | Value (000s) | ||
Alabama - 0.1% | |||
Montgomery Med. Clinic Facilities: | |||
5% 3/1/20 (a) | $2,890 | $3,211 | |
5% 3/1/25 (a) | 1,500 | 1,721 | |
TOTAL ALABAMA | 4,932 | ||
Alaska - 0.6% | |||
Anchorage Gen. Oblig.: | |||
Series A: | |||
5% 9/1/20 | 1,090 | 1,271 | |
5% 9/1/22 | 1,200 | 1,451 | |
Series B: | |||
5% 9/1/18 | 3,685 | 4,071 | |
5% 9/1/20 | 2,000 | 2,333 | |
5% 9/1/22 | 1,425 | 1,724 | |
Series C: | |||
5% 9/1/18 | 1,000 | 1,105 | |
5% 9/1/19 | 2,150 | 2,446 | |
5% 9/1/20 | 1,260 | 1,470 | |
5% 9/1/22 | 1,000 | 1,210 | |
Series D: | |||
5% 9/1/19 | 3,895 | 4,431 | |
5% 9/1/20 | 2,000 | 2,333 | |
TOTAL ALASKA | 23,845 | ||
Arizona - 1.8% | |||
Arizona Ctfs. of Prtn. Series 2010 A, 5% 10/1/16 (FSA Insured) | 13,000 | 13,429 | |
Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A: | |||
5% 12/1/18 | 500 | 552 | |
5% 12/1/19 | 600 | 679 | |
5% 12/1/20 | 820 | 947 | |
5% 12/1/21 | 1,105 | 1,296 | |
5% 12/1/22 | 800 | 949 | |
5% 12/1/23 | 1,000 | 1,199 | |
5% 12/1/24 | 1,500 | 1,808 | |
Arizona School Facilities Board Ctfs. of Prtn. Series 2008, 5.5% 9/1/16 | 1,385 | 1,430 | |
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series 2009 A: | |||
5% 10/1/18 | 1,000 | 1,107 | |
5% 10/1/20 (Pre-Refunded to 10/1/19 @ 100) | 5,180 | 5,913 | |
Glendale Gen. Oblig. Series 2015: | |||
4% 7/1/19 (FSA Insured) | 600 | 647 | |
5% 7/1/22 (FSA Insured) | 1,000 | 1,175 | |
Glendale Trans. Excise Tax Rev.: | |||
5% 7/1/21 (FSA Insured) | 750 | 878 | |
5% 7/1/22 (FSA Insured) | 1,170 | 1,388 | |
5% 7/1/23 (FSA Insured) | 1,395 | 1,673 | |
Maricopa County School District #28 Kyrene Elementary Series 2010 B: | |||
4% 7/1/19 | 900 | 983 | |
4% 7/1/20 | 1,360 | 1,512 | |
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Series 2009 B, 5% 7/1/16 | 5,090 | 5,205 | |
Pima County Ctfs. of Prtn. Series 2014: | |||
5% 12/1/21 | 2,210 | 2,607 | |
5% 12/1/22 | 2,470 | 2,951 | |
5% 12/1/23 | 3,425 | 4,145 | |
Pima County Swr. Sys. Rev.: | |||
Series 2011 B, 5% 7/1/19 | 3,225 | 3,637 | |
Series 2012 A: | |||
5% 7/1/18 | 825 | 902 | |
5% 7/1/19 | 1,550 | 1,748 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2009 A, 5% 1/1/26 | 500 | 560 | |
Univ. Med. Ctr. Corp. Hosp. Rev. Series 2011: | |||
5% 7/1/16 (Escrowed to Maturity) | 3,055 | 3,123 | |
5% 7/1/17 (Escrowed to Maturity) | 3,315 | 3,521 | |
5% 7/1/18 (Escrowed to Maturity) | 3,365 | 3,694 | |
TOTAL ARIZONA | 69,658 | ||
California - 6.1% | |||
Alameda Corridor Trans. Auth. Rev.: | |||
Series 2004 A, 0% 10/1/19 | 3,600 | 3,317 | |
Series 2013 A, 5% 10/1/22 | 2,190 | 2,645 | |
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Bonds 1.5%, tender 4/2/18 (b) | 5,200 | 5,230 | |
California Gen. Oblig.: | |||
Bonds 3%, tender 12/1/19 (b) | 15,600 | 16,523 | |
5% 9/1/20 | 20,000 | 23,320 | |
California Health Facilities Fing. Auth. Rev. Bonds (Children's Hosp. of Orange County Proj.) Series 2012 A, 1.81%, tender 7/1/17 (b) | 4,000 | 4,032 | |
California Infra Eco Dev. Bank Rev. Bonds Series 2013 A1, 0.29%, tender 1/7/16 (b) | 17,000 | 17,001 | |
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2010 A, 0.6%, tender 2/1/16 (b)(c)(d) | 22,855 | 22,855 | |
California Pub. Works Board Lease Rev.: | |||
(Dept. of Corrections & Rehab. Proj.) Series 2011 C, 5% 10/1/18 | 1,750 | 1,935 | |
(Riverside Campus Proj.) Series 2012 H, 5% 4/1/22 | 1,000 | 1,201 | |
(Univ. Proj.) Series 2011 B: | |||
5% 10/1/18 | 2,740 | 3,033 | |
5% 10/1/19 | 1,490 | 1,697 | |
(Various Cap. Projs.): | |||
Series 2011 A: | |||
5% 10/1/18 | 6,475 | 7,161 | |
5% 10/1/19 | 5,000 | 5,686 | |
5% 10/1/20 | 2,525 | 2,945 | |
Series 2012 A, 5% 4/1/21 | 1,000 | 1,180 | |
Series 2012 G, 5% 11/1/22 | 1,250 | 1,515 | |
(Various Judicial Council Projects) Series 2011 D, 5% 12/1/19 | 4,100 | 4,686 | |
Series 2009 J, 5% 11/1/17 | 2,300 | 2,473 | |
Series 2010 A: | |||
5% 3/1/16 | 2,000 | 2,015 | |
5% 3/1/17 | 5,405 | 5,675 | |
California Statewide Cmntys. Dev. Auth. Rev. Bonds: | |||
Series 2002 C, 5%, tender 5/1/17 (b) | 4,000 | 4,218 | |
Series 2009 E2, 5%, tender 5/1/17 (b) | 2,000 | 2,109 | |
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev. Series 2013 A, 4% 6/1/21 | 3,500 | 3,925 | |
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev. Series 2013 A, 5% 7/1/19 | 4,400 | 4,998 | |
Los Angeles County Pub. Works Fing. Auth. Lease Rev. Series 2010 A, 5% 8/1/17 | 5,000 | 5,326 | |
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2012 C: | |||
4.625% 3/1/18 | 1,500 | 1,617 | |
5% 3/1/19 | 2,935 | 3,285 | |
Los Angeles Unified School District Ctfs. of Prtn. (Multiple Properties Proj.) Series 2010 A: | |||
5% 12/1/16 | 2,025 | 2,104 | |
5% 12/1/17 | 9,790 | 10,532 | |
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. (Refing. Proj.) Series 2009, 5% 8/1/17 (FSA Insured) | 2,130 | 2,266 | |
Northern California Pwr. Agcy. Rev. (Hydroelectric #1 Proj.) Series 2010 A, 5% 7/1/18 | 2,000 | 2,190 | |
Oakland Unified School District Alameda County Series 2013, 5.5% 8/1/23 | 1,000 | 1,195 | |
Port of Oakland Rev. Series 2012 P, 5% 5/1/21 (d) | 2,500 | 2,922 | |
Rancho Cucamonga Redev. Agcy. (Rancho Redev. Proj.): | |||
5% 9/1/23 (FSA Insured) | 1,350 | 1,639 | |
5% 9/1/24 (FSA Insured) | 2,300 | 2,823 | |
Riverside County Asset Leasing Rev. (Riverside Cap. Proj.) Series 2012 A: | |||
4% 6/1/17 | 1,750 | 1,826 | |
5% 6/1/17 | 3,700 | 3,913 | |
5% 6/1/18 | 6,470 | 7,034 | |
Sacramento Muni. Util. District Elec. Rev. Series 2011 X, 5% 8/15/21 | 4,000 | 4,786 | |
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A: | |||
5% 8/1/16 | 5,450 | 5,587 | |
5% 8/1/18 | 8,000 | 8,663 | |
San Diego Cmnty. College District Series 2007, 0% 8/1/16 (FSA Insured) | 1,160 | 1,155 | |
San Pablo Calif Redev. Agcy. Series 2014 A, 5% 6/15/24 (FSA Insured) | 1,380 | 1,685 | |
State Ctr. Cmnty. College District Series 2007 A, 5% 8/1/26 (Pre-Refunded to 8/1/17 @ 100) | 9,480 | 10,117 | |
Stockton Unified School District Gen. Oblig. 5% 7/1/18 (FSA Insured) | 1,035 | 1,131 | |
TOTAL CALIFORNIA | 233,171 | ||
Colorado - 0.4% | |||
Colorado Health Facilities Auth. Rev. Bonds Series 2008 D3, 5%, tender 11/12/21 (b) | 5,285 | 6,115 | |
Colorado Reg'l. Trans. District Ctfs. of Prtn. Series 2014 A, 5% 6/1/23 | 3,860 | 4,638 | |
E-470 Pub. Hwy. Auth. Rev. Series 2015 A: | |||
5% 9/1/19 | 1,000 | 1,130 | |
5% 9/1/20 | 1,000 | 1,151 | |
Univ. of Colorado Enterprise Sys. Rev. Series 2009 A, 5% 6/1/17 | 500 | 530 | |
TOTAL COLORADO | 13,564 | ||
Connecticut - 2.7% | |||
Connecticut Gen. Oblig.: | |||
(Econ. Recovery Proj.) Series 2009 A, 5% 1/1/16 | 2,700 | 2,700 | |
Series 2009 B, 5% 3/1/18 | 3,470 | 3,772 | |
Series 2012 C, 5% 6/1/21 | 23,420 | 27,459 | |
Series 2013 A: | |||
0.24% 3/1/16 (b) | 1,100 | 1,100 | |
0.35% 3/1/17 (b) | 1,400 | 1,397 | |
Series 2014 C, 5% 12/15/16 | 16,070 | 16,741 | |
Series 2014 D, 2% 6/15/16 | 3,400 | 3,425 | |
Series 2015 E, 5% 8/1/17 | 26,395 | 28,138 | |
Connecticut Health & Edl. Facilities Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 1998 B, 1.55%, tender 2/1/17 (b) | 2,715 | 2,735 | |
Connecticut Hsg. Fin. Auth. Series 2013 B2, 4% 11/15/32 | 6,905 | 7,303 | |
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2011 A, 5% 12/1/18 | 5,575 | 6,188 | |
TOTAL CONNECTICUT | 100,958 | ||
Delaware, New Jersey - 0.1% | |||
Delaware River & Bay Auth. Rev. Series 2014 C: | |||
5% 1/1/20 | 2,500 | 2,844 | |
5% 1/1/21 | 2,000 | 2,323 | |
TOTAL DELAWARE, NEW JERSEY | 5,167 | ||
District Of Columbia - 0.3% | |||
District of Columbia Gen. Oblig. Series 2007 B, 5% 6/1/16 (AMBAC Insured) | 3,555 | 3,622 | |
District of Columbia Univ. Rev. Bonds (Georgetown Univ. Proj.) Series 2001 B, 4.7%, tender 4/1/18 (b) | 8,500 | 9,082 | |
TOTAL DISTRICT OF COLUMBIA | 12,704 | ||
Florida - 11.6% | |||
Brevard County School Board Ctfs. of Prtn.: | |||
Series 2014, 5% 7/1/21 | 1,000 | 1,175 | |
Series 2015 C: | |||
5% 7/1/21 | 650 | 764 | |
5% 7/1/22 | 3,725 | 4,427 | |
5% 7/1/23 | 3,000 | 3,607 | |
Broward County Arpt. Sys. Rev.: | |||
Series 2012 Q1, 5% 10/1/21 | 1,000 | 1,181 | |
Series A: | |||
5% 10/1/22 (d) | 3,000 | 3,540 | |
5% 10/1/23 (d) | 4,020 | 4,776 | |
Broward County School Board Ctfs. of Prtn.: | |||
Series 2012 A: | |||
5% 7/1/19 | 7,000 | 7,877 | |
5% 7/1/20 | 15,070 | 17,336 | |
Series 2015 A: | |||
5% 7/1/19 | 2,000 | 2,251 | |
5% 7/1/20 | 4,000 | 4,601 | |
5% 7/1/21 | 4,500 | 5,275 | |
5% 7/1/22 | 3,500 | 4,166 | |
5% 7/1/23 | 2,750 | 3,310 | |
5% 7/1/24 | 1,320 | 1,599 | |
Series 2015 B: | |||
5% 7/1/19 | 2,000 | 2,251 | |
5% 7/1/20 | 3,000 | 3,451 | |
5% 7/1/21 | 6,235 | 7,308 | |
5% 7/1/22 | 1,275 | 1,518 | |
5% 7/1/23 | 2,750 | 3,310 | |
5% 7/1/24 | 1,145 | 1,387 | |
Series A, 5.25% 7/1/17 (AMBAC Insured) | 7,015 | 7,466 | |
Citizens Property Ins. Corp.: | |||
Series 2009 A1, 6% 6/1/17 | 1,275 | 1,365 | |
Series 2012 A1, 5% 6/1/17 | 15,295 | 16,158 | |
Clearwater Wtr. and Swr. Rev. Series 2011: | |||
4% 12/1/16 | 1,265 | 1,304 | |
5% 12/1/17 | 1,685 | 1,816 | |
5% 12/1/18 | 685 | 759 | |
5% 12/1/19 | 1,820 | 2,069 | |
5% 12/1/20 | 1,000 | 1,162 | |
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011: | |||
5% 10/1/16 | 1,530 | 1,578 | |
5% 10/1/17 | 1,455 | 1,553 | |
Florida Board of Ed. Lottery Rev. Series 2011 A, 5% 7/1/20 | 8,600 | 9,938 | |
Florida Board of Ed. Pub. Ed. Cap. Outlay: | |||
Series 2009 C: | |||
5% 6/1/16 | 3,000 | 3,057 | |
5% 6/1/20 | 3,625 | 4,116 | |
Series 2012 C, 5% 6/1/16 | 3,585 | 3,653 | |
Florida Dept. of Envir. Protection Rev. Series 2012 A, 5% 7/1/19 | 15,800 | 17,821 | |
Florida Dev. Fin. Corp. Healthcare Facility Rev. (Univ. Health Proj.) Series 2013 A: | |||
5% 2/1/17 | 700 | 722 | |
5% 2/1/18 | 1,790 | 1,886 | |
5% 2/1/19 | 1,450 | 1,553 | |
5% 2/1/20 | 2,025 | 2,194 | |
Florida Gen. Oblig. Series 2015 A, 4% 7/1/17 | 17,295 | 18,124 | |
Florida Mid-Bay Bridge Auth. Rev. Series 2015 A: | |||
5% 10/1/21 | 1,030 | 1,169 | |
5% 10/1/22 | 2,000 | 2,291 | |
5% 10/1/23 | 1,270 | 1,464 | |
5% 10/1/24 | 2,000 | 2,317 | |
5% 10/1/25 | 1,750 | 2,036 | |
5% 10/1/26 | 2,000 | 2,308 | |
Florida Muni. Pwr. Agcy. Rev. (Stanton II Proj.) Series 2012 A, 5% 10/1/18 | 2,850 | 3,136 | |
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Series 2011 C: | |||
5% 10/1/19 | 1,705 | 1,932 | |
5% 10/1/20 | 1,000 | 1,159 | |
Halifax Hosp. Med. Ctr. Rev. 5% 6/1/23 | 1,325 | 1,522 | |
Hillsborough County School Board Ctfs. of Prtn. Series 2015 A, 4% 7/1/17 | 1,500 | 1,572 | |
Indian River County School Board Ctfs. of Prtn. Series 2014: | |||
5% 7/1/20 | 935 | 1,077 | |
5% 7/1/22 | 2,000 | 2,375 | |
5% 7/1/23 | 2,000 | 2,398 | |
Indian River County Wtr. & Swr. Rev. 5% 9/1/17 | 1,000 | 1,069 | |
JEA Wtr. & Swr. Sys. Rev. Series 2010 D, 5% 10/1/21 | 1,945 | 2,238 | |
Manatee County Rev. Series 2013: | |||
5% 10/1/19 | 1,250 | 1,415 | |
5% 10/1/20 | 2,000 | 2,318 | |
5% 10/1/21 | 2,000 | 2,360 | |
5% 10/1/22 | 1,000 | 1,194 | |
Miami-Dade County Expressway Auth.: | |||
(Waste Mgmt., Inc. of Florida Proj.): | |||
Series 2013, 5% 7/1/19 | 2,000 | 2,253 | |
5% 7/1/20 | 1,000 | 1,155 | |
5% 7/1/21 | 2,000 | 2,351 | |
5% 7/1/22 | 2,000 | 2,383 | |
5% 7/1/23 | 2,000 | 2,366 | |
Series 2014 A, 5% 7/1/24 | 625 | 757 | |
Series 2014 B: | |||
5% 7/1/22 | 1,500 | 1,788 | |
5% 7/1/23 | 3,250 | 3,907 | |
Miami-Dade County Gen. Oblig. (Parks Prog.) Series 2015 A, 5% 11/1/22 | 3,880 | 4,671 | |
Miami-Dade County School Board Ctfs. of Prtn.: | |||
Series 2014 D: | |||
5% 11/1/20 | 4,875 | 5,607 | |
5% 11/1/21 | 6,275 | 7,315 | |
5% 11/1/22 | 2,915 | 3,437 | |
5% 11/1/23 | 7,650 | 9,108 | |
Series 2015 A: | |||
5% 5/1/19 | 1,000 | 1,116 | |
5% 5/1/20 | 2,095 | 2,392 | |
5% 5/1/21 | 4,000 | 4,635 | |
5% 5/1/22 | 3,720 | 4,360 | |
5% 5/1/23 | 6,500 | 7,700 | |
Series 2015 B, 5% 5/1/24 | 29,560 | 35,201 | |
Series 2015 D, 5% 2/1/24 | 14,945 | 17,732 | |
Series 2016 A, 5% 8/1/27 (a) | 5,560 | 6,666 | |
Miami-Dade County School District Series 2015, 5% 3/15/17 | 3,225 | 3,390 | |
Miami-Dade County Transit Sales Surtax Rev. Series 2012, 5% 7/1/19 | 1,250 | 1,407 | |
Orange County Health Facilities Auth.: | |||
(Orlando Health, Inc.) Series 2009, 5% 10/1/16 | 1,325 | 1,366 | |
Series 2009, 5.25% 10/1/19 | 1,245 | 1,398 | |
Orlando & Orange County Expressway Auth. Rev. Series 2012, 5% 7/1/19 | 1,000 | 1,128 | |
Orlando Utils. Commission Util. Sys. Rev.: | |||
Series 2009 C, 5% 10/1/17 | 1,500 | 1,607 | |
Series 2010 C, 5% 10/1/17 | 1,895 | 2,026 | |
Series 2011 B: | |||
5% 10/1/18 | 2,250 | 2,485 | |
5% 10/1/19 | 2,325 | 2,640 | |
Palm Beach County Health Facilities Auth. Hosp. Rev. Series 2014: | |||
4% 12/1/19 | 1,000 | 1,077 | |
5% 12/1/20 | 880 | 994 | |
5% 12/1/21 | 1,100 | 1,255 | |
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 | 4,548 | |
5% 8/1/19 | 3,000 | 3,379 | |
5% 8/1/21 | 5,300 | 6,247 | |
Series 2015 B: | |||
5% 8/1/19 | 2,735 | 3,086 | |
5% 8/1/20 | 1,750 | 2,020 | |
Pasco County School District Sales Tax Rev. Series 2013: | |||
5% 10/1/18 | 1,250 | 1,373 | |
5% 10/1/19 | 1,100 | 1,238 | |
5% 10/1/20 | 1,000 | 1,150 | |
5% 10/1/21 | 1,000 | 1,170 | |
5% 10/1/22 | 1,000 | 1,185 | |
Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev.: | |||
Series 2011: | |||
5% 10/1/17 (d) | 4,465 | 4,764 | |
5% 10/1/19 (d) | 2,025 | 2,274 | |
5% 10/1/18 (d) | 2,745 | 3,009 | |
Tampa Bay Wtr. Reg'l. Wtr. Supply Auth. Util. Sys. Rev.: | |||
Series 2011 B: | |||
5% 10/1/18 (Escrowed to Maturity) | 2,440 | 2,702 | |
5% 10/1/18 (Escrowed to Maturity) | 2,260 | 2,503 | |
Series 2011, 5% 10/1/19 | 5,590 | 6,364 | |
Tampa Health Sys. Rev. (Baycare Health Sys. Proj.) Series 2010: | |||
5% 11/15/16 | 2,500 | 2,596 | |
5% 11/15/17 | 1,605 | 1,725 | |
Tampa Solid Waste Sys. Rev. Series 2010: | |||
5% 10/1/16 (FSA Insured) (d) | 6,000 | 6,191 | |
5% 10/1/17 (FSA Insured) (d) | 5,000 | 5,331 | |
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A, 5% 9/1/20 | 1,800 | 2,067 | |
Titusville Wtr. & Swr. Rev. Series 2010, 5% 10/1/17 (Assured Guaranty Corp. Insured) | 1,135 | 1,217 | |
Volusia County School Board Ctfs. of Prtn. (Master Lease Prog.) Series 2014 B: | |||
5% 8/1/18 | 300 | 329 | |
5% 8/1/19 | 310 | 349 | |
TOTAL FLORIDA | 439,611 | ||
Georgia - 3.2% | |||
Atlanta Arpt. Rev.: | |||
5% 1/1/22 | 1,000 | 1,188 | |
5% 1/1/23 | 1,000 | 1,203 | |
5% 1/1/24 | 1,150 | 1,411 | |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | |||
(Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2013 A, 2.4%, tender 4/1/20 (b) | 12,500 | 12,722 | |
2.2%, tender 4/2/19 (b) | 9,700 | 9,837 | |
Fulton County Wtr. & Swr. Rev. Series 2011: | |||
5% 1/1/19 | 4,000 | 4,452 | |
5% 1/1/20 | 4,000 | 4,573 | |
Georgia Gen. Oblig. Series 2014 D, 5% 7/1/16 | 23,900 | 24,443 | |
Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
(Combined Cycle Proj.) Series A, 5% 11/1/18 | 2,000 | 2,209 | |
(Proj. One): | |||
Series 2008 A, 5.25% 1/1/17 (Berkshire Hathaway Assurance Corp. Insured) | 7,925 | 8,282 | |
Series 2008 D: | |||
5.75% 1/1/19 | 14,890 | 16,572 | |
5.75% 1/1/20 | 3,555 | 3,956 | |
Series B, 5% 1/1/17 | 2,750 | 2,867 | |
Series GG: | |||
5% 1/1/16 | 680 | 680 | |
5% 1/1/20 | 675 | 768 | |
5% 1/1/21 | 1,670 | 1,946 | |
Georgia Muni. Gas Auth. Rev. (Gas Portfolio III Proj.): | |||
Series 2014 U: | |||
5% 10/1/19 | 1,500 | 1,693 | |
5% 10/1/22 | 1,000 | 1,189 | |
5% 10/1/23 | 2,420 | 2,907 | |
Series R, 5% 10/1/21 | 5,000 | 5,874 | |
Monroe County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Scherer Proj.) Series 2009, 2.35%, tender 12/11/20 (b) | 4,715 | 4,785 | |
Private Colleges & Univs. Auth. Rev. (The Savannah College of Arts and Design Projs.) Series 2014, 5% 4/1/21 | 2,000 | 2,273 | |
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009: | |||
5% 1/1/16 | 2,415 | 2,415 | |
5% 1/1/18 | 1,530 | 1,643 | |
TOTAL GEORGIA | 119,888 | ||
Hawaii - 0.5% | |||
Hawaii Arpts. Sys. Rev. Series 2011, 5% 7/1/19 (d) | 4,000 | 4,474 | |
Hawaii Gen. Oblig. Series DR, 5% 6/1/16 (Escrowed to Maturity) | 2,895 | 2,948 | |
State of Hawaii Dept. of Trans. Series 2013: | |||
5% 8/1/19 (d) | 1,400 | 1,567 | |
5% 8/1/20 (d) | 3,050 | 3,486 | |
5% 8/1/21 (d) | 550 | 639 | |
5% 8/1/22 (d) | 2,075 | 2,442 | |
5% 8/1/23 (d) | 1,435 | 1,705 | |
TOTAL HAWAII | 17,261 | ||
Illinois - 8.6% | |||
Chicago Board of Ed.: | |||
Series 1998 B1, 0% 12/1/21 (FGIC Insured) | 10,000 | 7,793 | |
Series 2008 C: | |||
5.25% 12/1/23 | 7,665 | 7,410 | |
5.25% 12/1/24 | 955 | 917 | |
Series 2009 D: | |||
4% 12/1/16 (Assured Guaranty Corp. Insured) | 950 | 967 | |
5% 12/1/17 (Assured Guaranty Corp. Insured) | 4,115 | 4,274 | |
5% 12/1/18 (Assured Guaranty Corp. Insured) | 2,335 | 2,447 | |
Series 2010 F, 5% 12/1/20 | 760 | 746 | |
Chicago Gen. Oblig.: | |||
(City Colleges Proj.) Series 1999: | |||
0% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,200 | 6,968 | |
0% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 2,788 | |
0% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,805 | 8,734 | |
0% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 14,755 | 12,576 | |
Series 2009 A, 5% 1/1/22 | 1,265 | 1,317 | |
Series 2012 C, 5% 1/1/23 | 3,220 | 3,385 | |
4.5% 1/1/20 | 1,150 | 1,191 | |
5% 1/1/23 | 2,920 | 3,091 | |
Chicago Metropolitan Wtr. Reclamation District Greater Chicago: | |||
Series 2014 C, 5% 12/1/17 | 3,975 | 4,276 | |
Series 2014 D, 5% 12/1/17 | 3,425 | 3,685 | |
Chicago Midway Arpt. Rev.: | |||
Series 2014 B: | |||
5% 1/1/20 | 625 | 707 | |
5% 1/1/21 | 400 | 461 | |
5% 1/1/23 | 2,500 | 2,944 | |
5% 1/1/22 | 5,000 | 5,845 | |
5% 1/1/23 | 5,900 | 6,948 | |
Chicago Motor Fuel Tax Rev. Series 2013: | |||
5% 1/1/19 | 250 | 263 | |
5% 1/1/20 | 300 | 319 | |
5% 1/1/21 | 400 | 427 | |
5% 1/1/22 | 300 | 321 | |
5% 1/1/23 | 535 | 573 | |
Chicago O'Hare Int'l. Arpt. Rev.: | |||
Series 2010 D, 5.25% 1/1/17 (d) | 1,000 | 1,043 | |
Series 2010 E, 5% 1/1/16 (d) | 1,500 | 1,500 | |
Series 2011 B, 5% 1/1/18 | 6,500 | 6,998 | |
Series 2012 A, 5% 1/1/21 | 1,400 | 1,620 | |
Series 2012 B, 5% 1/1/21 (d) | 4,605 | 5,246 | |
Series 2013 B, 5% 1/1/22 | 4,000 | 4,701 | |
Series 2013 D, 5% 1/1/22 | 3,220 | 3,784 | |
Chicago Park District Gen. Oblig. Series 2014 D: | |||
4% 1/1/17 | 1,050 | 1,075 | |
4% 1/1/18 | 2,255 | 2,356 | |
Chicago Sales Tax Rev. Series 1998, 5.5% 1/1/16 (FGIC Insured) (FSA Insured) | 1,710 | 1,710 | |
Chicago Transit Auth. Cap. Grant Receipts Rev.: | |||
5% 6/1/19 (Assured Guaranty Corp. Insured) | 2,085 | 2,151 | |
5% 6/1/19 (Pre-Refunded to 12/1/16 @ 100)�� | 415 | 431 | |
Chicago Wastewtr. Transmission Rev. Series 2012: | |||
5% 1/1/19 | 1,310 | 1,421 | |
5% 1/1/23 | 1,200 | 1,340 | |
Cook County Gen. Oblig.: | |||
Series 2009 C, 5% 11/15/21 | 8,575 | 9,289 | |
Series 2010 A, 5.25% 11/15/22 | 4,960 | 5,494 | |
Series 2011 A, 5.25% 11/15/22 | 1,000 | 1,122 | |
Series 2012 C: | |||
5% 11/15/19 | 3,200 | 3,490 | |
5% 11/15/20 | 7,210 | 7,967 | |
5% 11/15/21 | 4,970 | 5,543 | |
5% 11/15/22 | 1,250 | 1,404 | |
Series 2014 A: | |||
5% 11/15/20 | 1,000 | 1,105 | |
5% 11/15/21 | 500 | 558 | |
5% 11/15/22 | 1,000 | 1,123 | |
Cook County Thorton Township High School District #205 5.5% 12/1/16 (Assured Guaranty Corp. Insured) | 2,500 | 2,607 | |
Illinois Edl. Facilities Auth. Rev. Bonds (Univ. of Chicago Proj.) Series B2, 1.55%, tender 2/13/30 (b) | 10,000 | 9,984 | |
Illinois Fin. Auth. Rev.: | |||
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | |||
5% 5/15/16 | 2,060 | 2,092 | |
5% 5/15/17 | 3,520 | 3,709 | |
(Provena Health Proj.) Series 2010 A, 5.75% 5/1/19 | 2,650 | 2,982 | |
(Rush Univ. Med. Ctr. Proj.) Series 2006 B, 5% 11/1/16 (Escrowed to Maturity) | 1,700 | 1,763 | |
Bonds Series E, 2.25%, tender 4/29/22 (b) | 22,930 | 23,254 | |
Series 2012 A, 5% 5/15/23 | 1,300 | 1,511 | |
Series 2012: | |||
5% 9/1/18 | 1,160 | 1,254 | |
5% 9/1/19 | 1,115 | 1,231 | |
5% 9/1/20 | 1,470 | 1,648 | |
5% 9/1/21 | 2,045 | 2,322 | |
5% 9/1/22 | 3,530 | 4,047 | |
Series 2015 A: | |||
5% 11/15/24 | 1,525 | 1,804 | |
5% 11/15/25 | 1,950 | 2,321 | |
5% 11/15/26 | 2,000 | 2,373 | |
5% 11/15/20 | 1,650 | 1,893 | |
5% 11/15/22 | 500 | 590 | |
5% 11/15/24 | 1,955 | 2,350 | |
Illinois Gen. Oblig.: | |||
Series 2004, 5% 11/1/16 | 11,000 | 11,350 | |
Series 2005, 5% 4/1/17 (AMBAC Insured) | 8,050 | 8,074 | |
Series 2007 B, 5% 1/1/17 | 9,835 | 10,177 | |
Series 2010: | |||
5% 1/1/16 (FSA Insured) | 3,200 | 3,200 | |
5% 1/1/21 (FSA Insured) | 1,600 | 1,746 | |
Series 2012: | |||
5% 3/1/19 | 5,500 | 5,892 | |
5% 8/1/19 | 2,660 | 2,868 | |
5% 8/1/20 | 6,900 | 7,534 | |
5% 8/1/21 | 1,400 | 1,542 | |
5% 8/1/22 | 5,800 | 6,396 | |
Series 2013, 5% 7/1/22 | 1,265 | 1,394 | |
Series 2014, 5% 2/1/22 | 3,000 | 3,301 | |
Illinois Health Facilities Auth. Rev.: | |||
(Delnor-Cmnty. Hosp. Proj.) Series 2003 A, 5% 5/15/16 (FSA Insured) | 2,325 | 2,363 | |
Series 2003 A, 5% 5/15/17 (FSA Insured) | 2,150 | 2,265 | |
Illinois Sales Tax Rev. Series 2009 B: | |||
4.5% 6/15/16 | 5,000 | 5,087 | |
4.5% 6/15/17 | 6,075 | 6,372 | |
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2006 A2, 5% 1/1/31 (Pre-Refunded to 7/1/16 @ 100) | 2,100 | 2,147 | |
McHenry County Conservation District Gen. Oblig.: | |||
Series 2014: | |||
5% 2/1/19 | 2,285 | 2,546 | |
5% 2/1/20 | 2,275 | 2,602 | |
Series 2014. 5% 2/1/23 | 2,225 | 2,676 | |
Railsplitter Tobacco Settlement Auth. Rev. Series 2010, 5% 6/1/16 | 1,000 | 1,017 | |
Will County Cmnty. Unit School District #365-U: | |||
0% 11/1/16 (Escrowed to Maturity) | 740 | 736 | |
0% 11/1/16 (FSA Insured) | 2,235 | 2,213 | |
TOTAL ILLINOIS | 327,077 | ||
Indiana - 2.4% | |||
Indiana Fin. Auth. Hosp. Rev. Series 2013: | |||
5% 8/15/22 | 700 | 826 | |
5% 8/15/23 | 1,000 | 1,191 | |
Indiana Fin. Auth. Rev.: | |||
Series 2010 A, 5% 2/1/17 | 2,800 | 2,931 | |
Series 2012: | |||
5% 3/1/20 | 650 | 725 | |
5% 3/1/21 | 1,225 | 1,392 | |
Indiana Fin. Auth. Wastewtr. Util. Rev. (CWA Auth. Proj.): | |||
Series 2012 A: | |||
5% 10/1/20 | 825 | 954 | |
5% 10/1/22 | 1,600 | 1,916 | |
Series 2014 A: | |||
5% 10/1/20 | 375 | 434 | |
5% 10/1/21 | 380 | 448 | |
5% 10/1/22 | 675 | 806 | |
Series 2015 A: | |||
5% 10/1/24 | 1,495 | 1,830 | |
5% 10/1/25 | 1,625 | 1,973 | |
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (b) | 4,000 | 4,112 | |
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 2001 A2, 1.6%, tender 2/1/17 (b) | 9,900 | 9,979 | |
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2011 A: | |||
5% 1/1/19 | 1,470 | 1,633 | |
5% 1/1/20 | 1,250 | 1,425 | |
Indianapolis Thermal Energy Sys. Series 2010 B: | |||
5% 10/1/16 | 5,000 | 5,159 | |
5% 10/1/17 | 5,000 | 5,343 | |
Lake Central Multi-District School Bldg. Corp. Series 2012 B: | |||
4% 1/15/19 | 1,000 | 1,078 | |
4% 1/15/20 | 1,345 | 1,479 | |
4% 1/15/21 | 1,250 | 1,386 | |
5% 7/15/19 | 1,680 | 1,890 | |
5% 7/15/20 | 1,170 | 1,351 | |
5% 7/15/21 | 1,000 | 1,169 | |
Purdue Univ. Rev.: | |||
(Student Facilities Sys. Proj.) Series 2009 B: | |||
4% 7/1/17 | 500 | 524 | |
5% 7/1/16 | 500 | 511 | |
Series Z-1: | |||
5% 7/1/16 | 1,215 | 1,242 | |
5% 7/1/17 | 1,000 | 1,063 | |
5% 7/1/18 | 1,500 | 1,648 | |
Rockport Poll. Cont. Rev. Bonds (Indiana Michigan Pwr. Co. Proj. Series 2009 B, 1.75%, tender 6/1/18 (b) | 8,500 | 8,528 | |
Univ. of Southern Indiana Rev. Series J, 5% 10/1/16 (Assured Guaranty Corp. Insured) | 1,165 | 1,203 | |
Whiting Envir. Facilities Rev. Bonds (BP Products North America, Inc. Proj.) Series 2015, 5%, tender 11/1/22 (b)(d) | 20,745 | 24,190 | |
TOTAL INDIANA | 90,339 | ||
Iowa - 0.0% | |||
Iowa Fin. Auth. Health Facilities Rev. Series 2005 A, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 1,700 | 1,709 | |
Kansas - 0.4% | |||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 D, 5% 11/15/16 | 875 | 909 | |
Overland Park Sales Tax Spl. Oblig. Rev. Series 2012, 4.375% 12/15/23 | 3,100 | 2,824 | |
Wichita Hosp. Facilities Rev.: | |||
(Via Christi Health Sys., Inc. Proj.) Series 2009 III A, 5% 11/15/16 (Escrowed to Maturity) | 5,410 | 5,621 | |
Series 2011 IV A: | |||
5% 11/15/18 (Escrowed to Maturity) | 2,250 | 2,502 | |
5% 11/15/20 (Escrowed to Maturity) | 2,745 | 3,220 | |
TOTAL KANSAS | 15,076 | ||
Kentucky - 0.9% | |||
Kentucky Econ. Dev. Fin. Auth. Bonds Series 2009 B, 2.7%, tender 11/10/21 (b) | 9,000 | 9,280 | |
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. Series 2015 A: | |||
5% 6/1/19 | 1,000 | 1,098 | |
5% 6/1/20 | 1,410 | 1,569 | |
5% 6/1/21 | 1,000 | 1,118 | |
5% 6/1/22 | 1,560 | 1,746 | |
5% 6/1/24 | 1,690 | 1,910 | |
Kentucky State Property & Buildings Commission Rev. (#82 Proj.) 5.25% 10/1/17 (FSA Insured) | 2,450 | 2,636 | |
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.): | |||
Series 2003 A, 1.65%, tender 4/3/17 (b) | 6,000 | 6,037 | |
Series 2007 B: | |||
1.15%, tender 6/1/17 (b) | 2,600 | 2,599 | |
1.6%, tender 6/1/17 (b) | 8,050 | 8,096 | |
TOTAL KENTUCKY | 36,089 | ||
Louisiana - 1.5% | |||
Louisiana Citizens Property Ins. Corp. Assessment Rev. Series 2015: | |||
5% 6/1/19 | 9,350 | 10,432 | |
5% 6/1/21 (FSA Insured) | 5,000 | 5,829 | |
Louisiana Gas & Fuel Tax Rev. Bonds Series 2013 B, 0.641%, tender 5/1/17 (b) | 25,000 | 24,941 | |
Louisiana Pub. Facilities Auth. Rev. (Christus Health Proj.) Series 2009 A, 5% 7/1/16 | 2,000 | 2,041 | |
Louisiana Stadium and Exposition District Series 2013 A: | |||
5% 7/1/21 | 1,500 | 1,757 | |
5% 7/1/22 | 1,000 | 1,189 | |
New Orleans Gen. Oblig. Series 2012, 5% 12/1/20 | 2,800 | 3,229 | |
Reg'l. Transit Auth. Louisiana Sales Tax Rev. 4% 12/1/16 (FSA Insured) | 1,000 | 1,031 | |
Tobacco Settlement Fing. Corp. Series 2013 A, 5% 5/15/23 | 4,500 | 5,199 | |
TOTAL LOUISIANA | 55,648 | ||
Maine - 0.2% | |||
Maine Tpk. Auth. Tpk. Rev. Series 2015: | |||
5% 7/1/21 | 2,400 | 2,821 | |
5% 7/1/22 | 1,850 | 2,211 | |
5% 7/1/24 | 2,350 | 2,879 | |
TOTAL MAINE | 7,911 | ||
Maryland - 1.7% | |||
Maryland Gen. Oblig.: | |||
Series 2008 2, 5% 7/15/22 (Pre-Refunded to 7/15/18 @ 100) | 5,500 | 6,053 | |
Series 2012 B, 5% 8/1/16 | 6,400 | 6,569 | |
Maryland Health & Higher Edl. Facilities Auth. Rev.: | |||
Bonds: | |||
Series 2012 D, 0.993%, tender 11/15/17 (b) | 14,000 | 14,050 | |
Series 2013 A: | |||
0.743%, tender 5/15/18 (b) | 4,700 | 4,686 | |
0.763%, tender 5/15/18 (b) | 7,100 | 7,080 | |
Series 2015: | |||
5% 7/1/19 | 400 | 441 | |
5% 7/1/22 | 900 | 1,027 | |
5% 7/1/23 | 1,000 | 1,149 | |
5% 7/1/24 | 2,000 | 2,311 | |
5% 7/1/25 | 1,770 | 2,054 | |
Montgomery County Gen. Oblig. Series 2011 A, 5% 7/1/20 | 16,000 | 18,105 | |
TOTAL MARYLAND | 63,525 | ||
Massachusetts - 1.3% | |||
Braintree Gen. Oblig. Series 2009, 5% 5/15/16 | 4,400 | 4,475 | |
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2006 B, 5.25% 7/1/18 | 2,300 | 2,544 | |
Massachusetts Dev. Fin. Agcy. Rev.: | |||
(Boston College Proj.): | |||
Series Q1, 4% 7/1/16 | 1,000 | 1,018 | |
Series Q2: | |||
4% 7/1/16 | 1,000 | 1,018 | |
5% 7/1/17 | 1,370 | 1,455 | |
(Tufts Med. Ctr. Proj.) Series I, 5% 1/1/16 | 1,300 | 1,300 | |
Bonds Series 2013 U-6E, 0.56%, tender 1/7/16 (b) | 5,900 | 5,901 | |
4.5% 11/15/18 (c) | 2,500 | 2,502 | |
Massachusetts Edl. Fing. Auth. Rev. Series 2013, 5% 7/1/19 (d) | 4,725 | 5,167 | |
Massachusetts Gen. Oblig.: | |||
Series 2004 B, 5.25% 8/1/20 | 12,700 | 14,925 | |
Series 2006 D, 5% 8/1/22 (Pre-Refunded to 8/1/16 @ 100) | 4,500 | 4,618 | |
Medford Gen. Oblig. Series 2011 B, 4% 3/1/19 | 3,570 | 3,878 | |
TOTAL MASSACHUSETTS | 48,801 | ||
Michigan - 2.5% | |||
Detroit Swr. Disp. Rev. Series 2006 D, 0.818% 7/1/32 (b) | 4,070 | 3,767 | |
Grand Blanc Cmnty. Schools Series 2013: | |||
5% 5/1/19 | 1,225 | 1,372 | |
5% 5/1/20 | 2,635 | 3,025 | |
5% 5/1/21 | 2,150 | 2,515 | |
5% 5/1/22 | 1,850 | 2,198 | |
Grand Valley Michigan State Univ. Rev. Series 2009, 5% 12/1/16 | 1,320 | 1,372 | |
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2011 A: | |||
5% 11/15/18 | 1,250 | 1,378 | |
5% 11/15/19 | 1,000 | 1,130 | |
Michigan Fin. Auth. Rev.: | |||
Series 2012 A: | |||
5% 6/1/16 (Escrowed to Maturity) | 2,290 | 2,332 | |
5% 6/1/17 (Escrowed to Maturity) | 1,410 | 1,493 | |
5% 6/1/18 (Escrowed to Maturity) | 2,430 | 2,660 | |
Series 2015 A: | |||
5% 8/1/22 | 2,400 | 2,819 | |
5% 8/1/23 | 3,800 | 4,512 | |
Michigan Hosp. Fin. Auth. Rev. Bonds: | |||
Series 1999 B3, 0.3%, tender 2/3/16 (b) | 25,000 | 25,000 | |
Series 2005 A4, 1.625%, tender 11/1/19 (b) | 8,630 | 8,606 | |
Series 2010 F3, 1.4%, tender 6/29/18 (b) | 1,900 | 1,909 | |
Series 2010 F4, 1.95%, tender 4/1/20 (b) | 6,545 | 6,625 | |
Michigan Muni. Bond Auth. Rev. (Local Govt. Ln. Prog.) Series 2009 C, 5% 5/1/16 | 1,865 | 1,889 | |
Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D: | |||
5% 9/1/21 | 1,500 | 1,740 | |
5% 9/1/23 | 500 | 594 | |
Spring Lake Pub. Schools: | |||
Series 2014, 5% 5/1/19 | 2,300 | 2,576 | |
5% 11/1/19 | 2,775 | 3,156 | |
5% 5/1/20 | 3,630 | 4,168 | |
5% 11/1/20 | 1,745 | 2,032 | |
5% 5/1/21 | 4,110 | 4,808 | |
TOTAL MICHIGAN | 93,676 | ||
Minnesota - 0.4% | |||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | |||
Series 2014 A: | |||
5% 1/1/22 | 1,000 | 1,183 | |
5% 1/1/23 | 1,000 | 1,200 | |
Series 2014 B: | |||
5% 1/1/21 (d) | 2,290 | 2,632 | |
5% 1/1/22 (d) | 2,000 | 2,337 | |
5% 1/1/23 (d) | 1,000 | 1,178 | |
Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C1, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 565 | 568 | |
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2009 A, 5% 1/1/16 | 1,000 | 1,000 | |
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev. Series 2014 A: | |||
5% 1/1/22 | 1,000 | 1,195 | |
5% 1/1/23 | 1,500 | 1,818 | |
5% 1/1/24 | 1,000 | 1,222 | |
TOTAL MINNESOTA | 14,333 | ||
Mississippi - 0.1% | |||
Mississippi Gen. Oblig. (Cap. Impts. Proj.) Series 2012 D, 0.54% 9/1/17 (b) | 3,080 | 3,081 | |
Missouri - 0.0% | |||
Saint Louis Arpt. Rev. Series 2013, 5% 7/1/18 | 765 | 832 | |
Nebraska - 0.1% | |||
Nebraska Pub. Pwr. District Rev.: | |||
Series 2012 C, 5% 1/1/22 (Pre-Refunded to 1/1/18 @ 100) | 1,100 | 1,191 | |
Series C, 4% 1/1/16 | 2,195 | 2,195 | |
TOTAL NEBRASKA | 3,386 | ||
Nevada - 1.5% | |||
Clark County School District: | |||
Series 2012 A, 5% 6/15/19 | 24,610 | 27,683 | |
Series 2014 A, 5.5% 6/15/16 | 2,700 | 2,760 | |
Nevada Gen. Oblig.: | |||
Series 2010 C, 5% 6/1/19 | 12,140 | 13,691 | |
Series 2012 B, 5% 8/1/20 | 2,230 | 2,593 | |
Series 2013 D1: | |||
5% 3/1/23 | 4,500 | 5,476 | |
5% 3/1/24 | 2,700 | 3,263 | |
TOTAL NEVADA | 55,466 | ||
New Hampshire - 0.3% | |||
New Hampshire Health & Ed. Facilities Auth. Rev. Series 2012: | |||
4% 7/1/20 | 2,705 | 2,846 | |
4% 7/1/21 | 1,520 | 1,595 | |
New Hampshire Tpk. Sys. Rev. Series 2012 B: | |||
5% 2/1/17 | 3,000 | 3,136 | |
5% 2/1/18 | 2,500 | 2,702 | |
TOTAL NEW HAMPSHIRE | 10,279 | ||
New Jersey - 5.2% | |||
Camden County Impt. Auth. Health Care Redev. Rev. Series 2014 A: | |||
5% 2/15/20 | 3,000 | 3,337 | |
5% 2/15/21 | 2,500 | 2,811 | |
5% 2/15/22 | 2,500 | 2,835 | |
5% 2/15/23 | 2,750 | 3,136 | |
New Jersey Ctfs. of Prtn. Series 2009 A, 5% 6/15/16 | 6,500 | 6,623 | |
New Jersey Econ. Dev. Auth. Rev.: | |||
Series 2005 K, 5.5% 12/15/19 | 8,030 | 8,887 | |
Series 2011 EE: | |||
5% 9/1/20 | 1,350 | 1,473 | |
5% 9/1/20 (Escrowed to Maturity) | 3,650 | 4,238 | |
Series 2012 II: | |||
5% 3/1/21 | 6,800 | 7,431 | |
5% 3/1/22 | 6,290 | 6,903 | |
Series 2012, 5% 6/15/18 | 5,600 | 5,954 | |
Series 2013 NN, 5% 3/1/19 (Escrowed to Maturity) | 8,165 | 9,144 | |
Series 2014 PP, 5% 6/15/19 | 17,000 | 18,311 | |
New Jersey Edl. Facility Series 2014: | |||
5% 6/15/20 | 11,000 | 11,956 | |
5% 6/15/21 | 11,000 | 12,062 | |
New Jersey Gen. Oblig. Series O: | |||
5% 8/1/17 | 6,940 | 7,341 | |
5.25% 8/1/22 | 3,930 | 4,607 | |
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Series 2013: | |||
5% 12/1/18 (d) | 6,000 | 6,505 | |
5% 12/1/19 (d) | 3,850 | 4,243 | |
New Jersey Tpk. Auth. Tpk. Rev.: | |||
Series 1991 C, 6.5% 1/1/16 (Escrowed to Maturity) | 200 | 200 | |
Series 2013 A, 5% 1/1/24 | 4,345 | 5,175 | |
Series 2013 C, 0.49% 1/1/17 (b) | 16,000 | 15,973 | |
New Jersey Trans. Trust Fund Auth.: | |||
Series 2003 A, 5.5% 12/15/16 (FSA Insured) | 5,000 | 5,199 | |
Series 2003 B, 5.25% 12/15/19 | 3,870 | 4,223 | |
Series 2003 B. 5.25% 12/15/19 | 5,500 | 6,002 | |
Series 2012 AA, 5% 6/15/19 | 1,500 | 1,613 | |
Series 2013 A: | |||
5% 12/15/19 | 6,455 | 6,984 | |
5% 6/15/20 | 18,000 | 19,604 | |
New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A, 5% 9/15/21 | 4,900 | 5,549 | |
TOTAL NEW JERSEY | 198,319 | ||
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 (b) | 11,000 | 11,066 | |
Series 2011, 1.875%, tender 4/1/20 (b) | 6,290 | 6,323 | |
New Mexico Edl. Assistance Foundation: | |||
Series 2009 B, 4% 9/1/16 | 7,000 | 7,151 | |
Series 2010 A1, 4% 12/1/16 | 6,750 | 6,949 | |
Rio Rancho Wtr. & Wastewtr. Sys. Rev. Series 2009, 5% 5/15/17 (FSA Insured) | 4,480 | 4,727 | |
TOTAL NEW MEXICO | 36,216 | ||
New York - 11.4% | |||
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 | 1,201 | |
5% 7/1/19 (Assured Guaranty Corp. Insured) (FSA Insured) | 640 | 716 | |
Metropolitan Trans. Auth. Svc. Contract Rev. Series 2002 A, 5.5% 7/1/17 | 5,000 | 5,357 | |
New York City Gen. Oblig.: | |||
Series 2008 C, 5.25% 8/1/17 | 2,280 | 2,439 | |
Series 2010 F, 5% 8/1/17 | 8,365 | 8,916 | |
Series 2011 B, 5% 8/1/17 | 1,000 | 1,066 | |
Series 2012 C, 4% 8/1/17 | 2,740 | 2,878 | |
Series 2014 J, 3% 8/1/16 | 5,600 | 5,683 | |
Series 2014 K, 3% 8/1/16 | 3,900 | 3,958 | |
Series 2015 C: | |||
5% 8/1/23 | 10,000 | 12,192 | |
5% 8/1/24 | 5,000 | 6,176 | |
5% 8/1/25 | 1,700 | 2,093 | |
Series 2015 F1, 3% 6/1/17 | 14,370 | 14,822 | |
Series J8, 0.39% 8/1/21 (b) | 7,500 | 7,500 | |
New York City Transitional Fin. Auth. Bldg. Aid Rev. Series 2015 S2, 3% 7/15/17 | 9,565 | 9,892 | |
New York City Transitional Fin. Auth. Rev.: | |||
Series 2003 B, 5% 2/1/20 | 3,000 | 3,439 | |
Series 2010 B: | |||
5% 11/1/17 | 11,740 | 12,631 | |
5% 11/1/17 (Escrowed to Maturity) | 18,260 | 19,608 | |
5% 11/1/20 | 5,950 | 6,799 | |
Series 2010 D: | |||
5% 11/1/17 | 8,015 | 8,623 | |
5% 11/1/17 (Escrowed to Maturity) | 2,100 | 2,257 | |
Series 2012 A: | |||
5% 11/1/17 | 6,180 | 6,649 | |
5% 11/1/17 (Escrowed to Maturity) | 820 | 881 | |
5% 11/1/20 | 4,500 | 5,252 | |
New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev.: | |||
(State Univ. Proj.) Series 2012 A, 5% 5/15/20 | 4,000 | 4,625 | |
Series 2012 A, 4% 5/15/20 | 8,000 | 8,912 | |
New York Dorm. Auth. Personal Income Tax Rev. Series 2012 A, 5% 12/15/20 | 8,500 | 9,943 | |
New York Dorm. Auth. Revs.: | |||
Series 2008 D, 5.25% 8/15/17 (FSA Insured) | 7,000 | 7,490 | |
Series 2009 A, 5% 7/1/16 | 8,390 | 8,571 | |
New York Dorm. Auth. Sales Tax Rev. Series 2015 A, 5% 3/15/17 | 90,000 | 94,664 | |
New York Metropolitan Trans. Auth. Rev.: | |||
Series 2003 B, 5.25% 11/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,200 | 5,956 | |
Series 2008 B2: | |||
5% 11/15/19 | 6,185 | 7,026 | |
5% 11/15/20 | 5,500 | 6,390 | |
5% 11/15/21 | 4,000 | 4,738 | |
Series 2012 B, 5% 11/15/22 | 2,000 | 2,408 | |
Series 2012 D, 5% 11/15/18 | 2,515 | 2,784 | |
Series 2012 E: | |||
4% 11/15/19 | 4,000 | 4,391 | |
5% 11/15/21 | 2,435 | 2,884 | |
Series 2012 F, 5% 11/15/19 | 5,000 | 5,680 | |
New York Thruway Auth. Gen. Rev. Series 2013 A, 5% 5/1/19 | 20,400 | 22,872 | |
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | |||
Series 2010 A, 5% 4/1/17 | 1,000 | 1,054 | |
Series 2011 A1: | |||
5% 4/1/17 | 1,500 | 1,582 | |
5% 4/1/18 | 3,500 | 3,812 | |
New York Trans. Dev. Corp. (Term. One Group Assoc. L.P. Proj.) Series 2015, 5% 1/1/17 (d) | 8,890 | 9,243 | |
New York Urban Dev. Corp. Rev.: | |||
Series 2009 C, 5% 12/15/16 | 17,000 | 17,711 | |
Series 2011 A, 5% 3/15/21 | 18,425 | 21,654 | |
Tobacco Settlement Fing. Corp.: | |||
Series 2011, 5% 6/1/16 | 20,000 | 20,372 | |
Series 2013 B, 5% 6/1/21 | 3,400 | 3,462 | |
Triborough Bridge & Tunnel Auth. Revs. Series Y, 5.5% 1/1/17 (Escrowed to Maturity) | 2,930 | 2,960 | |
TOTAL NEW YORK | 432,212 | ||
North Carolina - 1.1% | |||
Dare County Ctfs. of Prtn. Series 2012 B: | |||
4% 6/1/17 | 1,000 | 1,046 | |
4% 6/1/18 | 1,280 | 1,366 | |
4% 6/1/20 | 1,000 | 1,109 | |
5% 6/1/19 | 1,305 | 1,466 | |
Mecklenburg County Pub. Facilities Corp. Series 2009: | |||
5% 3/1/16 | 5,870 | 5,914 | |
5% 3/1/18 | 1,500 | 1,626 | |
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2010 A, 5% 1/1/16 (Escrowed to Maturity) | 6,035 | 6,035 | |
North Carolina Gen. Oblig. Series 2014 A, 5% 6/1/16 | 8,095 | 8,249 | |
North Carolina Med. Care Commission Hosp. Rev. (North Carolina Baptist Hosp. Proj.) Series 2010: | |||
5% 6/1/16 | 1,000 | 1,018 | |
5% 6/1/17 | 3,220 | 3,400 | |
5% 6/1/18 | 3,820 | 4,147 | |
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series 2015 E: | |||
5% 1/1/22 | 5,000 | 5,945 | |
5% 1/1/23 | 1,500 | 1,812 | |
TOTAL NORTH CAROLINA | 43,133 | ||
Ohio - 3.0% | |||
American Muni. Pwr., Inc. Rev. Bonds Series B, 5%, tender 8/15/20 (b) | 35,000 | 39,519 | |
Buckeye Tobacco Settlement Fing. Auth. Series 2007 A1: | |||
5% 6/1/16 | 3,035 | 3,087 | |
5% 6/1/17 | 3,500 | 3,694 | |
Cincinnati City School District 5.25% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,555 | 3,953 | |
Columbus City School District (School Facilities Construction and Impt. Proj.) Series 2009 B, 4% 12/1/16 | 1,000 | 1,030 | |
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013: | |||
5% 6/15/22 | 2,145 | 2,396 | |
5% 6/15/23 | 1,855 | 2,088 | |
Hamilton County Convention Facilities Auth. Rev. Series 2014: | |||
5% 12/1/19 | 1,910 | 2,133 | |
5% 12/1/20 | 2,205 | 2,506 | |
5% 12/1/21 | 2,045 | 2,362 | |
Hamilton County Student Hsg. Rev. (Stratford Heights Proj.) Series 2010: | |||
5% 6/1/16 (FSA Insured) | 1,105 | 1,125 | |
5% 6/1/17 (FSA Insured) | 1,160 | 1,225 | |
Ohio Air Quality Dev. Auth. Rev.: | |||
Bonds (First Energy Nuclear Generation Proj.) Series 2006 A, 3.75%, tender 12/3/18 (b) | 13,300 | 13,760 | |
Series 2009 C, 5.625% 6/1/18 | 1,395 | 1,469 | |
Ohio Bldg. Auth. (Administrative Bldg. Fund Proj.) Series 2010 C, 5% 10/1/16 | 1,250 | 1,291 | |
Ohio Gen. Oblig.: | |||
(Common Schools Proj.) Series 2010 A, 5% 9/15/17 | 2,600 | 2,784 | |
(Higher Ed. Proj.) Series 2010 A, 5% 8/1/17 | 3,290 | 3,507 | |
Series 2011 A, 5% 8/1/17 | 3,070 | 3,273 | |
Series 2012 C, 5% 9/15/21 | 4,350 | 5,193 | |
Series 2013 B, 4% 6/15/16 | 2,200 | 2,236 | |
Ohio Higher Edl. Facility Commission Rev. (Univ. Hosp. Health Sys. Proj.) Series 2010 A, 5% 1/15/17 | 1,000 | 1,040 | |
Ohio State Univ. Gen. Receipts Series 2010 A: | |||
5% 12/1/16 | 4,720 | 4,908 | |
5% 12/1/16 (Escrowed to Maturity) | 280 | 291 | |
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (b) | 10,225 | 10,404 | |
TOTAL OHIO | 115,274 | ||
Oklahoma - 0.4% | |||
Oklahoma City Pub. Property Auth. Hotel Tax Rev. Series 2015, 5% 10/1/17 | 450 | 481 | |
Oklahoma Dev. Fin. Auth. Rev.: | |||
(Saint John Health Sys. Proj.) Series 2012, 5% 2/15/23 | 2,600 | 3,066 | |
Series 2004 A, 2.375% 12/1/21 | 1,350 | 1,365 | |
Series 2012, 5% 2/15/21 | 1,600 | 1,859 | |
Tulsa County Independent School Disctrict #9 Series 2015, 2% 4/1/17 | 3,000 | 3,045 | |
Tulsa County Indl. Auth. Edl. Facilities Lease Rev. (Jenks Pub. Schools Proj.) Series 2009, 5.5% 9/1/18 | 5,215 | 5,794 | |
TOTAL OKLAHOMA | 15,610 | ||
Oregon - 0.0% | |||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A, 5% 3/15/16 | 1,750 | 1,766 | |
Pennsylvania - 5.2% | |||
Allegheny County Arpt. Auth. Rev. Series A, 5% 1/1/16 (FSA Insured) (d) | 1,000 | 1,000 | |
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (FirstEnergy Nuclear Generation Corp. Proj.): | |||
Series 2006 A, 3.5%, tender 6/1/20 (b) | 5,250 | 5,379 | |
Series 2006 B, 3.5%, tender 6/1/20 (b) | 6,000 | 6,148 | |
Franklin County Indl. Dev. Auth. (The Chambersburg Hosp. Proj.) Series 2010: | |||
5% 7/1/16 | 1,000 | 1,021 | |
5% 7/1/17 | 1,255 | 1,328 | |
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series 2009 A, 5% 6/1/17 | 2,200 | 2,322 | |
Montgomery County Higher Ed. & Health Auth. Rev. Series 2014 A: | |||
4% 10/1/18 | 1,000 | 1,060 | |
4% 10/1/19 | 660 | 705 | |
5% 10/1/20 | 1,260 | 1,402 | |
Mount Lebanon School District Series 2015, 4% 2/15/18 | 865 | 919 | |
Pennsylvania Econ. Dev. Auth. Governmental Lease (Forum Place Proj.) Series 2012: | |||
5% 3/1/18 | 2,455 | 2,623 | |
5% 3/1/19 | 2,310 | 2,526 | |
5% 3/1/20 | 2,140 | 2,389 | |
Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Series 2012 B: | |||
5% 1/1/22 | 5,000 | 5,317 | |
5% 7/1/22 | 5,200 | 5,322 | |
5% 1/1/23 | 3,000 | 3,006 | |
5% 7/1/23 | 215 | 215 | |
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. Bonds: | |||
(Waste Mgmt., Inc. Proj.) Series 2013, 0.55%, tender 2/1/16 (b)(d) | 8,000 | 7,999 | |
0.6%, tender 1/4/16 (b)(d) | 4,000 | 4,000 | |
Pennsylvania Gen. Oblig.: | |||
Series 2006 1, 5% 10/1/19 (Pre-Refunded to 10/1/16 @ 100) | 7,000 | 7,237 | |
Series 2006, 4.25% 3/1/24 (Pre-Refunded to 3/1/17 @ 100) | 6,000 | 6,253 | |
Series 2010 A3, 5% 7/15/16 | 3,900 | 3,995 | |
Series 2011, 5% 7/1/21 | 1,900 | 2,233 | |
Series 2013 1, 5% 4/1/16 | 2,655 | 2,685 | |
5% 6/1/17 | 9,000 | 9,526 | |
5% 8/15/17 | 18,000 | 19,197 | |
Pennsylvania Higher Edl. Facilities Auth. Rev. Series 2014: | |||
5% 12/1/19 | 340 | 386 | |
5% 12/1/21 | 275 | 326 | |
5% 12/1/22 | 855 | 1,028 | |
Pennsylvania Tpk. Commission Tpk. Rev.: | |||
Series 2009 B, 5% 12/1/17 | 12,500 | 13,452 | |
Series 2013 A, 0.61% 12/1/17 (b) | 6,400 | 6,350 | |
Philadelphia Gas Works Rev.: | |||
Eighth Series A, 5% 8/1/16 | 1,000 | 1,025 | |
Seventeenth Series, 5.375% 7/1/16 (Escrowed to Maturity) | 2,300 | 2,356 | |
Philadelphia Gen. Oblig.: | |||
Series 2008 A, 5% 12/15/16 (FSA Insured) | 7,275 | 7,568 | |
Series 2011: | |||
5.25% 8/1/17 | 6,165 | 6,577 | |
5.25% 8/1/18 | 5,515 | 6,049 | |
Philadelphia Muni. Auth. Rev. Series 2013 A: | |||
5% 11/15/17 | 6,635 | 7,112 | |
5% 11/15/18 | 3,430 | 3,760 | |
Philadelphia School District Series 2010 C, 5% 9/1/16 | 13,610 | 13,972 | |
Philadelphia Wtr. & Wastewtr. Rev. Series 2010 A, 5% 6/15/16 | 6,000 | 6,121 | |
Pittsburgh & Allegheny County Sports & Exhibition Auth. Series 2010, 5% 2/1/16 (FSA Insured) | 5,620 | 5,640 | |
Pittsburgh School District Series 2010 A, 5% 9/1/16 (FSA Insured) | 1,685 | 1,733 | |
Southeastern Pennsylvania Trans. Auth. Rev. Series 2011: | |||
5% 6/1/18 | 1,000 | 1,089 | |
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 | 1,423 | |
5% 4/1/20 | 1,250 | 1,385 | |
5% 4/1/21 | 1,000 | 1,115 | |
Unionville-Chadds Ford School District Gen. Oblig. Series 2009, 5% 6/1/20 | 1,190 | 1,352 | |
TOTAL PENNSYLVANIA | 195,850 | ||
Rhode Island - 0.7% | |||
Rhode Island & Providence Plantations Series 2015 A, 4% 8/1/17 | 5,000 | 5,249 | |
Rhode Island Econ. Dev. Corp. Rev. (Dept. of Trans. Proj.) Series 2009 A, 5% 6/15/16 (Assured Guaranty Corp. Insured) | 6,625 | 6,757 | |
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series 2013 A: | |||
5% 5/15/18 | 1,000 | 1,073 | |
5% 5/15/19 | 1,500 | 1,647 | |
Rhode Island Health & Edl. Bldg. Corp. Pub. Schools Rev. Series 2015, 5% 5/15/25 (FSA Insured) | 6,040 | 7,254 | |
Tobacco Setlement Fing. Corp. Series 2015 A: | |||
5% 6/1/26 | 3,500 | 3,920 | |
5% 6/1/27 | 1,000 | 1,108 | |
TOTAL RHODE ISLAND | 27,008 | ||
South Carolina - 2.0% | |||
Lexington County Health Svcs. District, Inc. Hosp. Rev. Series 2011, 5% 11/1/19 | 1,190 | 1,345 | |
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015: | |||
5% 12/1/23 | 4,440 | 5,235 | |
5% 12/1/26 | 1,100 | 1,289 | |
South Carolina Pub. Svc. Auth. Rev.: | |||
Series 2012 B: | |||
5% 12/1/17 | 2,000 | 2,153 | |
5% 12/1/20 | 1,000 | 1,166 | |
Series 2012 C, 5% 12/1/17 | 10,535 | 11,340 | |
Series 2014 C: | |||
5% 12/1/22 | 1,100 | 1,323 | |
5% 12/1/23 | 5,000 | 6,075 | |
Series 2015 C: | |||
5% 12/1/18 | 15,000 | 16,639 | |
5% 12/1/19 | 18,690 | 21,275 | |
South Carolina Trans. Infrastructure Bank Rev. Series 2012 B, 5% 10/1/17 | 8,000 | 8,564 | |
TOTAL SOUTH CAROLINA | 76,404 | ||
South Dakota - 0.2% | |||
South Dakota Health & Edl. Facilities Auth. Rev.: | |||
(Reg'l. Health Proj.) Series 2010: | |||
5% 9/1/16 | 500 | 514 | |
5% 9/1/17 | 490 | 521 | |
Series 2011: | |||
5% 9/1/17 | 1,100 | 1,169 | |
5% 9/1/18 | 1,200 | 1,311 | |
5% 9/1/19 | 1,255 | 1,406 | |
Series 2014 B: | |||
4% 11/1/19 | 400 | 435 | |
4% 11/1/20 | 625 | 690 | |
4% 11/1/21 | 500 | 556 | |
5% 11/1/22 | 375 | 442 | |
TOTAL SOUTH DAKOTA | 7,044 | ||
Tennessee - 0.1% | |||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5% 7/1/16 (d) | 1,730 | 1,766 | |
Metropolitan Nashville Arpt. Auth. Rev. Series 2010 A: | |||
5% 7/1/16 | 1,815 | 1,854 | |
5% 7/1/17 | 1,100 | 1,166 | |
TOTAL TENNESSEE | 4,786 | ||
Texas - 9.0% | |||
Austin Elec. Util. Sys. Rev. 0% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,500 | 4,364 | |
Austin Independent School District Series 2004, 5% 8/1/17 | 1,450 | 1,545 | |
Bastrop Independent School District Series 2007, 5.25% 2/15/37 (Pre-Refunded to 2/15/17 @ 100) | 2,705 | 2,843 | |
Brownsville Util. Sys. Rev. Series 2015, 5% 9/1/17 | 2,135 | 2,274 | |
Carroll Independent School District Series 2009 C, 5.25% 2/15/19 | 1,000 | 1,124 | |
Dallas Fort Worth Int'l. Arpt. Rev. Series 2013 F: | |||
5% 11/1/19 | 2,000 | 2,274 | |
5% 11/1/20 | 1,500 | 1,745 | |
5% 11/1/21 | 3,000 | 3,552 | |
5% 11/1/22 | 5,000 | 5,990 | |
Dallas Independent School District Series 2014 A, 4% 8/15/16 | 9,280 | 9,484 | |
Dallas Wtrwks. & Swr. Sys. Rev. Series 2011, 5% 10/1/18 | 1,600 | 1,771 | |
Dickinson Independent School District Bonds Series 2013, 1.05%, tender 8/1/17 (b) | 5,150 | 5,152 | |
Fort Worth Independent School District Series 2009, 5% 2/15/16 | 3,690 | 3,710 | |
Grapevine Gen. Oblig. Series 2009, 5% 2/15/16 | 1,375 | 1,382 | |
Harris County Cultural Ed. Facilities Fin. Corp. Rev. (Memorial Hermann Health Sys. Proj.) Series 2013 B, 0.41% 6/1/16 (b) | 1,590 | 1,591 | |
Harris County Cultural Ed. Facilities Fin. Corp. Thermal Util. Rev. (TECO Proj.) Series 2009 A, 5% 11/15/16 | 500 | 519 | |
Harris County Gen. Oblig. Series 2015 A, 4% 10/1/17 | 2,500 | 2,639 | |
Houston Arpt. Sys. Rev.: | |||
Series 2011 A, 5% 7/1/17 (d) | 7,380 | 7,812 | |
Series 2012 A, 5% 7/1/23 (d) | 2,000 | 2,324 | |
Series A, 5% 7/1/16 | 1,080 | 1,104 | |
Houston Independent School District Series 2005 A, 0% 2/15/16 | 4,500 | 4,499 | |
Houston Util. Sys. Rev.: | |||
Bonds Series 2012 C, 0.61%, tender 1/7/16 (b) | 9,200 | 9,196 | |
5% 5/15/22 | 5,000 | 5,997 | |
5% 5/15/23 | 7,000 | 8,505 | |
Kermit Independent School District Series 2007, 5.25% 2/15/32 (Pre-Refunded to 2/15/17 @ 100) | 1,300 | 1,367 | |
Klein Independent School District Series 2009 A, 5% 8/1/16 | 2,195 | 2,253 | |
Lewisville Independent School District Series 2009, 5% 8/15/17 | 1,170 | 1,249 | |
Lower Colorado River Auth. Rev.: | |||
(LCRA Transmission Svcs. Corp. Proj.) Series 2010, 5% 5/15/18 | 3,140 | 3,422 | |
Series 2010, 5% 5/15/17 | 3,005 | 3,173 | |
5% 5/15/16 | 2,355 | 2,394 | |
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 | 2,975 | |
5% 7/1/18 | 3,030 | 3,318 | |
Mansfield Independent School District Series 2009, 4% 2/15/17 | 1,840 | 1,909 | |
Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2008 A, 0.6%, tender 2/1/16 (b)(d) | 10,550 | 10,550 | |
North East Texas Independent School District Series 2007 A, 5% 8/1/24 (Pre-Refunded to 8/1/17 @ 100) | 10,000 | 10,665 | |
North Harris County Reg'l. Wtr. Auth. Series 2013, 4% 12/15/22 | 1,580 | 1,800 | |
North Texas Tollway Auth. Rev. Bonds Series 2012 C, 1.95%, tender 1/1/19 (b) | 8,500 | 8,596 | |
Northside Independent School District Bonds: | |||
Series 2011 A, 2%, tender 6/1/19 (b) | 6,365 | 6,470 | |
1%, tender 6/1/16 (b) | 20,000 | 20,036 | |
1.2%, tender 8/1/17 (b) | 28,800 | 28,880 | |
Port Houston Auth. Harris County Series 2015 B, 5% 10/1/17 (d) | 2,000 | 2,138 | |
Round Rock Independent School District Series 2015, 5% 8/1/17 | 5,000 | 5,328 | |
Sam Rayburn Muni. Pwr. Agcy. Series 2012, 5% 10/1/20 | 1,000 | 1,146 | |
San Antonio Elec. & Gas Sys. Rev. Series 2006 A, 5% 2/1/25 (Pre-Refunded to 2/1/16 @ 100) | 3,400 | 3,411 | |
San Antonio Pub. Facilities Corp. and Rfdg. Lease (Convention Ctr. Proj.) Series 2012: | |||
5% 9/15/20 | 1,000 | 1,146 | |
5% 9/15/21 | 1,000 | 1,171 | |
5% 9/15/22 | 3,440 | 4,079 | |
San Antonio Wtr. Sys. Rev. Series 2012: | |||
4% 5/15/19 | 1,500 | 1,641 | |
5% 5/15/20 | 6,000 | 6,946 | |
5% 5/15/21 | 5,000 | 5,923 | |
San Jacinto Cmnty. College District Series 2009, 5% 2/15/16 | 2,000 | 2,011 | |
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2009, 5% 10/1/16 | 5,795 | 5,987 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | |||
(Scott & White Healthcare Proj.) Series 2013 A: | |||
5% 8/15/21 | 750 | 880 | |
5% 8/15/23 | 1,000 | 1,204 | |
Series 2013: | |||
4% 9/1/18 | 400 | 424 | |
5% 9/1/19 | 655 | 728 | |
5% 9/1/20 | 915 | 1,038 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev.: | |||
5.75% 7/1/18 | 2,600 | 2,769 | |
5.75% 7/1/18 (Pre-Refunded to 7/1/16 @ 100) | 50 | 51 | |
Texas Gen. Oblig.: | |||
Series 2006, 5% 4/1/27 (Pre-Refunded to 4/1/16 @ 100) | 3,700 | 3,741 | |
Series 2009 A, 5% 10/1/16 | 3,400 | 3,512 | |
Series 2014, 5% 10/1/16 | 10,645 | 11,002 | |
Texas Muni. Pwr. Agcy. Rev. Series 2010, 5% 9/1/16 | 750 | 772 | |
Texas Pub. Fin. Auth. Rev. Series 2014 B: | |||
4% 7/1/17 | 2,100 | 2,169 | |
4% 7/1/18 | 2,200 | 2,200 | |
Texas Trans. Commission Central Texas Tpk. Sys. Rev. Bonds Series 2015 A, 5%, tender 4/1/20 (b) | 10,700 | 12,123 | |
Texas Trans. Commission State Hwy. Fund Rev.: | |||
Series 2007: | |||
5% 4/1/20 (Pre-Refunded to 4/1/17 @ 100) | 2,285 | 2,405 | |
5% 4/1/25 (Pre-Refunded to 4/1/17 @ 100) | 2,200 | 2,315 | |
5% 4/1/26 (Pre-Refunded to 4/1/17 @ 100) | 2,000 | 2,105 | |
Series 2015, 3% 10/1/17 | 34,000 | 35,299 | |
Tomball Independent School District 5% 2/15/17 (Assured Guaranty Corp. Insured) | 1,105 | 1,158 | |
Univ. of Texas Board of Regents Sys. Rev.: | |||
Series 2006 B, 5% 8/15/24 (Pre-Refunded to 8/15/16 @ 100) | 5,975 | 6,142 | |
Series 2010 B, 5% 8/15/21 | 1,800 | 2,141 | |
Univ. of Texas Permanent Univ. Fund Rev. Series 2015 B, 4% 7/1/17 | 5,625 | 5,896 | |
TOTAL TEXAS | 341,459 | ||
Utah - 0.2% | |||
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) 5% 9/1/17 | 1,090 | 1,162 | |
Utah Gen. Oblig. Series 2009 C, 5% 7/1/16 | 5,555 | 5,681 | |
TOTAL UTAH | 6,843 | ||
Virginia - 1.3% | |||
Chesapeake Trans. Sys. Toll Road Rev. Series 2012 A: | |||
4% 7/15/20 | 605 | 659 | |
5% 7/15/21 | 400 | 458 | |
Fairfax County Gen. Oblig.: | |||
5% 10/1/19 | 8,000 | 9,136 | |
5% 10/1/20 | 6,710 | 7,864 | |
5% 10/1/21 | 3,000 | 3,595 | |
Fredericksburg Econ. Dev. Auth. Rev. Series 2014, 5% 6/15/24 | 2,340 | 2,738 | |
Virginia College Bldg. Auth. Edl. Facilities Rev. (21st Century College and Equip. Progs.) Series 2015 D, 5% 2/1/17 | 12,830 | 13,434 | |
Virginia Commonwealth Trans. Board Rev. (U.S. Route 58 Corridor Dev. Prog.) Series 2014 B, 5% 5/15/16 | 2,100 | 2,136 | |
Virginia Pub. School Auth.: | |||
Series ll, 5% 4/15/16 | 2,600 | 2,634 | |
Series Xll, 5% 4/15/16 | 3,940 | 3,992 | |
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.875%, tender 5/16/19 (b) | 2,500 | 2,531 | |
TOTAL VIRGINIA | 49,177 | ||
Washington - 1.2% | |||
Grant County Pub. Util. District #2 Series 2012 A: | |||
5% 1/1/20 | 1,375 | 1,572 | |
5% 1/1/21 | 1,865 | 2,188 | |
King County Highline School District # 401 Series 2009: | |||
5% 12/1/16 | 6,350 | 6,601 | |
5% 12/1/17 | 2,950 | 3,179 | |
Port of Seattle Passenger Facilities Charge Rev. Series 2010 B, 5% 12/1/16 (d) | 2,500 | 2,596 | |
Port of Seattle Rev.: | |||
Series 2010 C: | |||
5% 2/1/16 (d) | 2,000 | 2,007 | |
5% 2/1/17 (d) | 2,500 | 2,609 | |
Series 2015 B, 5% 3/1/17 | 5,000 | 5,238 | |
Seattle Muni. Lt. & Pwr. Rev. Series 2010 B, 5% 2/1/17 | 2,000 | 2,093 | |
Tacoma Elec. Sys. Rev. Series 2013 A: | |||
4% 1/1/20 | 5,000 | 5,508 | |
4% 1/1/21 | 2,000 | 2,243 | |
5% 1/1/20 | 3,000 | 3,421 | |
5% 1/1/21 | 1,770 | 2,070 | |
Washington Gen. Oblig. Series 2012 AR, 5% 7/1/18 | 5,000 | 5,487 | |
TOTAL WASHINGTON | 46,812 | ||
West Virginia - 0.3% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds: | |||
Series 2011 A, 2.25%, tender 9/1/16 (b)(d) | 7,000 | 7,041 | |
1.9%, tender 4/1/19 (b) | 5,990 | 6,009 | |
TOTAL WEST VIRGINIA | 13,050 | ||
Wisconsin - 0.6% | |||
Madison Gen. Oblig. Series 2014 A, 5% 10/1/21 | 3,215 | 3,845 | |
Milwaukee County Arpt. Rev. Series 2013 A: | |||
5% 12/1/20 (d) | 1,330 | 1,520 | |
5% 12/1/22 (d) | 1,470 | 1,719 | |
5.25% 12/1/23 (d) | 1,540 | 1,848 | |
Wisconsin Gen. Oblig.: | |||
Series 2005 D, 5% 5/1/19 (Pre-Refunded to 5/1/16 @ 100) | 2,260 | 2,294 | |
Series 2014 B, 5% 5/1/16 | 2,600 | 2,639 | |
Wisconsin Health & Edl. Facilities Series 2014: | |||
4% 5/1/18 | 375 | 394 | |
4% 5/1/19 | 285 | 301 | |
5% 5/1/20 | 410 | 451 | |
5% 5/1/21 | 640 | 705 | |
Wisconsin Health & Edl. Facilities Auth. Rev.: | |||
(Agnesian HealthCare, Inc. Proj.) Series 2010, 5% 7/1/16 | 1,175 | 1,200 | |
(Aurora Health Care, Inc. Proj.) Series 2010 A, 5% 4/15/17 | 1,500 | 1,577 | |
(Thedacare, Inc. Proj.) Series 2010: | |||
5% 12/15/16 | 1,440 | 1,498 | |
5% 12/15/17 | 1,540 | 1,656 | |
Series 2012, 5% 10/1/21 | 1,400 | 1,637 | |
TOTAL WISCONSIN | 23,284 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $3,446,210) | 3,502,234 | ||
Municipal Notes - 3.4% | |||
Connecticut - 0.7% | |||
New Britain Gen. Oblig. BAN 2.5% 3/25/16 | 24,000 | $24,111 | |
New London BAN 2% 3/24/16 | 3,155 | 3,166 | |
TOTAL CONNECTICUT | 27,277 | ||
Kentucky - 0.1% | |||
Kentucky Pub. Trans. BAN Series 2013 A, 5% 7/1/17 | 2,165 | 2,284 | |
New Jersey - 0.3% | |||
Newark Gen. Oblig. TAN Series 2015 A, 1.75% 2/19/16 | 10,400 | 10,406 | |
New York - 2.3% | |||
Binghamton Gen. Oblig. BAN Series 2015 B, 2% 11/18/16 | 11,300 | 11,404 | |
Lockport City School District BAN: | |||
Series 2015 A, 2% 8/5/16 | 8,705 | 8,766 | |
Series 2015 B, 2% 8/5/16 | 15,000 | 15,104 | |
Oceanside Union Free School District TAN 2% 6/21/16 | 13,500 | 13,588 | |
Rockland County Gen. Oblig. TAN 2% 3/16/16 | 9,800 | 9,826 | |
Suffolk County Gen. Oblig. TAN 2% 7/27/16 | 28,400 | 28,596 | |
TOTAL NEW YORK | 87,284 | ||
Ohio - 0.0% | |||
Marietta BAN Series 2015, 1% 5/13/16 | 1,750 | 1,752 | |
TOTAL MUNICIPAL NOTES | |||
(Cost $129,054) | 129,003 | ||
TOTAL INVESTMENT PORTFOLIO - 95.6% | |||
(Cost $3,575,264) | 3,631,237 | ||
NET OTHER ASSETS (LIABILITIES) - 4.4% | 166,204 | ||
NET ASSETS - 100% | $3,797,441 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
TAN – TAX ANTICIPATION NOTE
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) 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 $25,357,000 or 0.7% of net assets.
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
Investment Valuation
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):
General Obligations | 42.9% |
Special Tax | 11.2% |
Electric Utilities | 10.1% |
Transportation | 9.4% |
Health Care | 7.8% |
Escrowed/Pre-Refunded | 5.0% |
Others* (Individually Less Than 5%) | 13.6% |
100.0% |
* Includes net other assets
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | December 31, 2015 | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $3,575,264) | $3,631,237 | |
Cash | 149,580 | |
Receivable for fund shares sold | 5,719 | |
Interest receivable | 38,550 | |
Prepaid expenses | 8 | |
Other receivables | 6 | |
Total assets | 3,825,100 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $4,000 | |
Delayed delivery | 11,153 | |
Payable for fund shares redeemed | 9,685 | |
Distributions payable | 1,044 | |
Accrued management fee | 1,142 | |
Distribution and service plan fees payable | 136 | |
Other affiliated payables | 404 | |
Other payables and accrued expenses | 95 | |
Total liabilities | 27,659 | |
Net Assets | $3,797,441 | |
Net Assets consist of: | ||
Paid in capital | $3,741,567 | |
Distributions in excess of net investment income | (90) | |
Accumulated undistributed net realized gain (loss) on investments | (9) | |
Net unrealized appreciation (depreciation) on investments | 55,973 | |
Net Assets | $3,797,441 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($377,263.8 ÷ 35,444.82 shares) | $10.64 | |
Maximum offering price per share (100/97.25 of $10.64) | $10.94 | |
Class T: | ||
Net Asset Value and redemption price per share ($21,880.4 ÷ 2,059.45 shares) | $10.62 | |
Maximum offering price per share (100/97.25 of $10.62) | $10.92 | |
Class B: | ||
Net Asset Value and offering price per share ($285.3 ÷ 26.82 shares)(a) | $10.64 | |
Class C: | ||
Net Asset Value and offering price per share ($63,466.0 ÷ 5,974.11 shares)(a) | $10.62 | |
Limited Term Municipal Income: | ||
Net Asset Value, offering price and redemption price per share ($3,058,100.2 ÷ 287,819.94 shares) | $10.63 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($276,444.8 ÷ 26,004.09 shares) | $10.63 |
(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.
Statement of Operations
Amounts in thousands | Year ended December 31, 2015 | |
Investment Income | ||
Interest | $79,012 | |
Expenses | ||
Management fee | $14,105 | |
Transfer agent fees | 4,304 | |
Distribution and service plan fees | 1,696 | |
Accounting fees and expenses | 614 | |
Custodian fees and expenses | 40 | |
Independent trustees' compensation | 16 | |
Registration fees | 166 | |
Audit | 57 | |
Legal | 17 | |
Miscellaneous | 84 | |
Total expenses before reductions | 21,099 | |
Expense reductions | (49) | 21,050 |
Net investment income (loss) | 57,962 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 7,031 | |
Total net realized gain (loss) | 7,031 | |
Change in net unrealized appreciation (depreciation) on investment securities | (25,919) | |
Net gain (loss) | (18,888) | |
Net increase (decrease) in net assets resulting from operations | $39,074 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Year ended December 31, 2015 | Year ended December 31, 2014 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $57,962 | $64,659 |
Net realized gain (loss) | 7,031 | 4,731 |
Change in net unrealized appreciation (depreciation) | (25,919) | 12,153 |
Net increase (decrease) in net assets resulting from operations | 39,074 | 81,543 |
Distributions to shareholders from net investment income | (58,133) | (64,660) |
Distributions to shareholders from net realized gain | (7,563) | (5,775) |
Total distributions | (65,696) | (70,435) |
Share transactions - net increase (decrease) | (152,171) | 176,760 |
Redemption fees | 42 | 43 |
Total increase (decrease) in net assets | (178,751) | 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 $90 and undistributed net investment income of $112, respectively) | $3,797,441 | $3,976,192 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Limited Term Municipal Income Fund Class A
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.71 | $10.68 | $10.86 | $10.83 | $10.62 |
Income from Investment Operations | |||||
Net investment income (loss)A | .129 | .153 | .158 | .164 | .198 |
Net realized and unrealized gain (loss) | (.048) | .046 | (.170) | .034 | .225 |
Total from investment operations | .081 | .199 | (.012) | .198 | .423 |
Distributions from net investment income | (.130) | (.153) | (.158) | (.156) | (.205) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.151) | (.169) | (.168) | (.168) | (.213) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.64 | $10.71 | $10.68 | $10.86 | $10.83 |
Total ReturnC,D | .76% | 1.87% | (.11)% | 1.84% | 4.03% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .81% | .79% | .78% | .79% | .77% |
Expenses net of fee waivers, if any | .81% | .79% | .78% | .79% | .77% |
Expenses net of all reductions | .81% | .79% | .78% | .78% | .77% |
Net investment income (loss) | 1.21% | 1.42% | 1.47% | 1.51% | 1.85% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $377 | $397 | $318 | $394 | $336 |
Portfolio turnover rateG | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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 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.
G 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.
Financial Highlights — Fidelity Limited Term Municipal Income Fund Class T
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.69 | $10.66 | $10.85 | $10.81 | $10.60 |
Income from Investment Operations | |||||
Net investment income (loss)A | .134 | .157 | .162 | .166 | .199 |
Net realized and unrealized gain (loss) | (.049) | .046 | (.180) | .044 | .226 |
Total from investment operations | .085 | .203 | (.018) | .210 | .425 |
Distributions from net investment income | (.134) | (.157) | (.162) | (.158) | (.207) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.155) | (.173) | (.172) | (.170) | (.215) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.62 | $10.69 | $10.66 | $10.85 | $10.81 |
Total ReturnC,D | .80% | 1.91% | (.17)% | 1.95% | 4.05% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .77% | .76% | .75% | .77% | .76% |
Expenses net of fee waivers, if any | .77% | .76% | .75% | .77% | .76% |
Expenses net of all reductions | .77% | .75% | .75% | .76% | .76% |
Net investment income (loss) | 1.25% | 1.46% | 1.50% | 1.52% | 1.86% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $22 | $25 | $24 | $25 | $26 |
Portfolio turnover rateG | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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 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.
G 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.
Financial Highlights — Fidelity Limited Term Municipal Income Fund Class B
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.71 | $10.67 | $10.86 | $10.82 | $10.61 |
Income from Investment Operations | |||||
Net investment income (loss)A | .067 | .086 | .089 | .093 | .128 |
Net realized and unrealized gain (loss) | (.049) | .056 | (.180) | .045 | .226 |
Total from investment operations | .018 | .142 | (.091) | .138 | .354 |
Distributions from net investment income | (.067) | (.086) | (.089) | (.086) | (.136) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.088) | (.102) | (.099) | (.098) | (.144) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.64 | $10.71 | $10.67 | $10.86 | $10.82 |
Total ReturnC,D | .17% | 1.33% | (.84)% | 1.27% | 3.36% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.40% | 1.42% | 1.43% | 1.44% | 1.43% |
Expenses net of fee waivers, if any | 1.40% | 1.42% | 1.43% | 1.44% | 1.42% |
Expenses net of all reductions | 1.40% | 1.42% | 1.43% | 1.43% | 1.42% |
Net investment income (loss) | .62% | .80% | .82% | .85% | 1.19% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $– | $– | $1 | $1 | $2 |
Portfolio turnover rateG | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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 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.
G 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.
Financial Highlights — Fidelity Limited Term Municipal Income Fund Class C
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.69 | $10.66 | $10.84 | $10.81 | $10.60 |
Income from Investment Operations | |||||
Net investment income (loss)A | .050 | .072 | .077 | .082 | .117 |
Net realized and unrealized gain (loss) | (.049) | .046 | (.169) | .035 | .226 |
Total from investment operations | .001 | .118 | (.092) | .117 | .343 |
Distributions from net investment income | (.050) | (.072) | (.078) | (.075) | (.125) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.071) | (.088) | (.088) | (.087) | (.133) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.62 | $10.69 | $10.66 | $10.84 | $10.81 |
Total ReturnC,D | .01% | 1.11% | (.86)% | 1.08% | 3.25% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.55% | 1.54% | 1.54% | 1.53% | 1.53% |
Expenses net of fee waivers, if any | 1.55% | 1.54% | 1.54% | 1.53% | 1.53% |
Expenses net of all reductions | 1.55% | 1.54% | 1.53% | 1.53% | 1.52% |
Net investment income (loss) | .47% | .67% | .72% | .76% | 1.09% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $63 | $65 | $71 | $92 | $79 |
Portfolio turnover rateG | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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 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.
G 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.
Financial Highlights — Fidelity Limited Term Municipal Income Fund
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.69 | $10.66 | $10.85 | $10.81 | $10.60 |
Income from Investment Operations | |||||
Net investment income (loss)A | .164 | .186 | .191 | .197 | .228 |
Net realized and unrealized gain (loss) | (.039) | .046 | (.180) | .045 | .227 |
Total from investment operations | .125 | .232 | .011 | .242 | .455 |
Distributions from net investment income | (.164)�� | (.186) | (.191) | (.190) | (.237) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.185) | (.202) | (.201) | (.202) | (.245) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.63 | $10.69 | $10.66 | $10.85 | $10.81 |
Total ReturnC | 1.18% | 2.19% | .10% | 2.25% | 4.34% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .48% | .48% | .48% | .48% | .48% |
Expenses net of fee waivers, if any | .48% | .48% | .48% | .48% | .48% |
Expenses net of all reductions | .48% | .48% | .48% | .47% | .48% |
Net investment income (loss) | 1.54% | 1.73% | 1.78% | 1.81% | 2.14% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $3,058 | $3,225 | $3,168 | $3,624 | $3,523 |
Portfolio turnover rateF | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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.
F 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.
Financial Highlights — Fidelity Limited Term Municipal Income Fund Class I
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.70 | $10.67 | $10.85 | $10.81 | $10.61 |
Income from Investment Operations | |||||
Net investment income (loss)A | .156 | .179 | .184 | .191 | .224 |
Net realized and unrealized gain (loss) | (.048) | .046 | (.169) | .045 | .216 |
Total from investment operations | .108 | .225 | .015 | .236 | .440 |
Distributions from net investment income | (.157) | (.179) | (.185) | (.184) | (.232) |
Distributions from net realized gain | (.021) | (.016) | (.010) | (.012) | (.008) |
Total distributions | (.178) | (.195) | (.195) | (.196) | (.240) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $10.63 | $10.70 | $10.67 | $10.85 | $10.81 |
Total ReturnC | 1.02% | 2.12% | .14% | 2.19% | 4.19% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .55% | .55% | .54% | .54% | .52% |
Expenses net of fee waivers, if any | .55% | .55% | .54% | .54% | .52% |
Expenses net of all reductions | .55% | .54% | .54% | .53% | .52% |
Net investment income (loss) | 1.47% | 1.67% | 1.71% | 1.76% | 2.09% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $276 | $263 | $207 | $206 | $152 |
Portfolio turnover rateF | 30% | 21% | 20% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 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.
F 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.
Notes to Financial Statements
For the period ended December 31, 2015
(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 Class I (formerly 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.
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)
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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
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 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. As of December 31, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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 | $62,337 |
Gross unrealized depreciation | (6,346) |
Net unrealized appreciation (depreciation) on securities | $55,991 |
Tax Cost | $3,575,246 |
The tax-based components of distributable earnings as of period end were as follows:
Net unrealized appreciation (depreciation) on securities and other investments | $55,991 |
The Fund intends to elect to defer to its next fiscal year $6 of capital losses recognized during the period November 1, 2015 to December 31, 2015.
The tax character of distributions paid was as follows:
December 31, 2015 | December 31, 2014 | |
Tax-exempt Income | $58,133 | $64,660 |
Long-term Capital Gains | 7,563 | 5,775 |
Total | $65,696 | $ 70,435 |
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 $1,102,203 and $1,187,066, 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 annual 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 Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $998 | $– |
Class T | -% | .25% | 57 | –(a) |
Class B | .65% | .25% | 3 | 2 |
Class C | .75% | .25% | 638 | 93 |
$1,696 | $95 |
(a) In the amount of less than five hundred 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.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class A | $18 |
Class T | 11 |
Class B(a) | –(b) |
Class C(a) | 11 |
$40 |
(a) 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.
(b) In the amount of less than five hundred 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-Level Average Net Assets | |
Class A | $685 | .17 |
Class T | 30 | .13 |
Class B | –(a) | .11 |
Class C | 105 | .16 |
Limited Term Municipal Income | 3,033 | .10 |
Class I | 451 | .17 |
$4,304 |
(a) In the amount of less than five hundred 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.
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.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
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 $6 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 $40.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $9.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Years ended December 31, | 2015 | 2014 |
From net investment income | ||
Class A | $4,860 | $4,673 |
Class T | 289 | 347 |
Class B | 2 | 3 |
Class C | 303 | 452 |
Limited Term Municipal Income | 48,674 | 55,470 |
Class I | 4,005 | 3,715 |
Total | $58,133 | $64,660 |
From net realized gain | ||
Class A | $751 | $518 |
Class T | 45 | 36 |
Class B | 1 | 1 |
Class C | 125 | 101 |
Limited Term Municipal Income | 6,100 | 4,778 |
Class I | 541 | 341 |
Total | $7,563 | $5,775 |
8. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Years ended December 31, | 2015 | 2014 | 2015 | 2014 |
Class A | ||||
Shares sold | 16,831 | 21,930 | $179,831 | $235,729 |
Reinvestment of distributions | 483 | 419 | 5,154 | 4,497 |
Shares redeemed | (18,951) | (15,005) | (202,084) | (161,198) |
Net increase (decrease) | (1,637) | 7,344 | $(17,099) | $79,028 |
Class T | ||||
Shares sold | 791 | 936 | $8,447 | $10,041 |
Reinvestment of distributions | 30 | 34 | 316 | 360 |
Shares redeemed | (1,080) | (932) | (11,510) | (9,993) |
Net increase (decrease) | (259) | 38 | $(2,747) | $408 |
Class B | ||||
Shares sold | 3 | 5 | $17 | $58 |
Reinvestment of distributions | –(a) | –(a) | 3 | 4 |
Shares redeemed | (14) | (17) | (144) | (183) |
Net increase (decrease) | (11) | (12) | $(124) | $(121) |
Class C | ||||
Shares sold | 1,149 | 1,064 | $12,246 | $11,413 |
Reinvestment of distributions | 34 | 42 | 359 | 454 |
Shares redeemed | (1,330) | (1,668) | (14,162) | (17,881) |
Net increase (decrease) | (147) | (562) | $(1,557) | $(6,014) |
Limited Term Municipal Income | ||||
Shares sold | 66,529 | 76,270 | $709,164 | $818,051 |
Reinvestment of distributions | 3,861 | 4,133 | 41,135 | 44,337 |
Shares redeemed | (84,109) | (75,997) | (895,882) | (815,047) |
Net increase (decrease) | (13,719) | 4,406 | $(145,583) | $47,341 |
Class I | ||||
Shares sold | 13,372 | 13,740 | $142,602 | $147,453 |
Reinvestment of distributions | 335 | 270 | 3,575 | 2,893 |
Shares redeemed | (12,317) | (8,783) | (131,238) | (94,228) |
Net increase (decrease) | 1,390 | 5,227 | $14,939 | $56,118 |
(a) In the amount of less than five hundred shares.
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.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Municipal Trust and Shareholders of Fidelity® Limited Term Municipal Income Fund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity® Limited Term Municipal Income Fund (a fund of Fidelity Municipal Trust) at December 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity® Limited Term Municipal Income Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 19, 2016
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Elizabeth S. Acton, John Engler, and Geoffrey A. von Kuhn, each of the Trustees oversees 236 funds. Ms. Acton and Mr. Engler each oversees 228 funds. Mr. von Kuhn oversees 148 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Trustee
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors/trustees for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2015-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
John F. Papandrea (1972)
Year of Election or Appointment: 2016
Anti-Money Laundering (AML) Officer
Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2009
Assistant Treasurer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013
Deputy Treasurer
Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).
Christine J. Thompson (1958)
Year of Election or Appointment: 2015
Vice President of Fidelity's Bond Funds
Ms. Thompson also serves as Vice President of other funds. Ms. Thompson also serves as Chief Investment Officer of FMR's Bond Group (2010-present) and is an employee of Fidelity Investments (1985-present). Previously, Ms. Thompson served as Vice President of Fidelity's Bond Funds (2010-2012).
Michael H. Whitaker (1967)
Year of Election or Appointment: 2008
Chief Compliance Officer
Mr. Whitaker also serves as Chief Compliance Officer of other funds. Mr. Whitaker also serves as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2014-present), FMR (investment adviser firm, 2014-present), and Fidelity Investments Money Management, Inc. (investment adviser firm, 2014-present) and is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011
Deputy Treasurer
Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments (1991-present). Previously, Mr. Zambello served as Vice President of the Program Management Group of FMR (investment adviser firm, 2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
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 (July 1, 2015 to December 31, 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.
Annualized Expense Ratio-A | Beginning Account Value July 1, 2015 | Ending Account Value December 31, 2015 | Expenses Paid During Period-B July 1, 2015 to December 31, 2015 | |
Class A | .80% | |||
Actual | $1,000.00 | $1,009.30 | $4.05 | |
Hypothetical-C | $1,000.00 | $1,021.17 | $4.08 | |
Class T | .75% | |||
Actual | $1,000.00 | $1,009.60 | $3.80 | |
Hypothetical-C | $1,000.00 | $1,021.42 | $3.82 | |
Class B | 1.39% | |||
Actual | $1,000.00 | $1,007.30 | $7.03 | |
Hypothetical-C | $1,000.00 | $1,018.20 | $7.07 | |
Class C | 1.54% | |||
Actual | $1,000.00 | $1,005.60 | $7.79 | |
Hypothetical-C | $1,000.00 | $1,017.44 | $7.83 | |
Limited Term Municipal Income | .48% | |||
Actual | $1,000.00 | $1,011.90 | $2.43 | |
Hypothetical-C | $1,000.00 | $1,022.79 | $2.45 | |
Class I | .54% | |||
Actual | $1,000.00 | $1,010.60 | $2.74 | |
Hypothetical-C | $1,000.00 | $1,022.48 | $2.75 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
During fiscal year ended 2015, 100% of the fund's income dividends was free from federal income tax, and 4.62% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2015, $7,062,307, or, if subsequently determined to be different, the net capital gain of such year.
The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Limited Term Municipal Income Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2015 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; and (iv) the extent to which (if any) economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds and diversified international funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching active fixed-income exchange-traded funds; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (x) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (xi) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xii) implementing changes to Fidelity's money market product line in response to recent money market regulatory reforms.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.Fidelity Limited Term Municipal Income Fund
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img51960867.jpg)
Proxy Voting Results
A special meeting of shareholders was held on November 18, 2015. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees. | ||
# of Votes | % of Votes | |
Elizabeth S. Acton | ||
Affirmative | 5,161,119,572.85 | 97.256 |
Withheld | 145,658,558.01 | 2.744 |
TOTAL | 5,306,778,130.86 | 100.000 |
John Engler | ||
Affirmative | 5,146,088,620.45 | 96.972 |
Withheld | 160,689,510.41 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Albert R. Gamper, Jr. | ||
Affirmative | 5,139,390,851.27 | 96.846 |
Withheld | 167,387,279.59 | 3.154 |
TOTAL | 5,306,778,130.86 | 100.000 |
Robert F. Gartland | ||
Affirmative | 5,156,371,432.16 | 97.166 |
Withheld | 150,406,698.70 | 2.834 |
TOTAL | 5,306,778,130.86 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 5,146,073,980.40 | 96.972 |
Withheld | 160,704,150.46 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Arthur E. Johnson | ||
Affirmative | 5,154,966,257.69 | 97.140 |
Withheld | 151,811,873.17 | 2.860 |
TOTAL | 5,306,778,130.86 | 100.000 |
Michael E. Kenneally | ||
Affirmative | 5,159,083,013.51 | 97.217 |
Withheld | 147,695,117.35 | 2.783 |
TOTAL | 5,306,778,130.86 | 100.000 |
James H. Keyes | ||
Affirmative | 5,140,479,428.90 | 96.867 |
Withheld | 166,298,701.96 | 3.133 |
TOTAL | 5,306,778,130.86 | 100.000 |
Marie L. Knowles | ||
Affirmative | 5,154,662,494.64 | 97.134 |
Withheld | 152,115,636.22 | 2.866 |
TOTAL | 5,306,778,130.86 | 100.000 |
Geoffrey A. von Kuhn | ||
Affirmative | 5,150,464,060.01 | 97.055 |
Withheld | 156,314,070.85 | 2.945 |
TOTAL | 5,306,778,130.86 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
ASTM-ANN-0216
1.796592.112
Fidelity® Ohio Municipal Income Fund and Fidelity® Ohio Municipal Money Market Fund Annual Report December 31, 2015 |
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Contents
Fidelity® Ohio Municipal Income Fund | |
Fidelity® Ohio Municipal Money Market Fund | |
Board Approval of Investment Advisory Contracts and Management Fees | |
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. © 2016 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.
Fidelity® Ohio Municipal Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended December 31, 2015 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Ohio Municipal Income Fund | 4.24% | 5.50% | 4.66% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Ohio Municipal Income Fund on December 31, 2005.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® Municipal Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img47706659_740.jpg)
Period Ending Values | ||
$15,767 | Fidelity® Ohio Municipal Income Fund | |
$15,853 | Barclays® Municipal Bond Index |
Fidelity® Ohio Municipal Income Fund
Management's Discussion of Fund Performance
Market Recap: Tax-exempt municipal bonds posted a moderate gain for calendar year 2015, driven by strong demand and limited supply. The Barclays® Municipal Bond Index returned 3.30% for the year. However, the muni market faced a volatile stretch between April and June, when the focus of the market shifted to the credit challenges of a handful of high-profile issuers, including Puerto Rico, New Jersey, Illinois and Chicago. A common theme of unfunded pension liabilities for these issuers overshadowed a generally stable credit environment for state and local governments more broadly. The tax advantages of munis continued to appeal to investors, due to the higher federal income-tax rates and 3.8% Medicare tax on non-municipal investment income that took effect in 2013. At period end, investors continued to watch the flow of U.S. economic data for hints as to whether, when and by how much the U.S. Federal Reserve may raise policy interest rates in 2016, on the heels of its quarter-point rate hike in mid-December.Comments from Portfolio Manager Jamie Pagliocco: For the year, the fund gained 4.24%, net of fees, nearly in line with the 4.34% return of the Barclays® Ohio 4+ Year Enhanced Municipal Bond Index. I sought to generate attractive tax-exempt income and competitive risk-adjusted total returns, including both price appreciation and income, over time. Versus the Barclays® Ohio index, the fund’s overweighted exposure to bonds that were advance refunded during the period was a plus, because these securities were some of the muni market’s best performers. My decision to maintain an overweighted position in premium callable securities provided another boost. Strong investor demand for higher-yielding securities helped drive their prices higher, and the incremental income they offered over other types of bonds also contributed to their comparatively strong total return. In contrast, the way I distributed the fund’s holdings across bonds with various maturities – known as yield-curve positioning – was a slight drag on our relative result. The fund was more concentrated on bonds in the intermediate-maturity range, reflecting attractive valuations of these securities and a dearth of longer-maturity Ohio bonds. During the period, intermediate bonds lagged longer-term securities as the yield curve flattened, meaning longer-term bonds fell relatively more.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Ohio Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of December 31, 2015
% of fund's net assets | % of fund's net assets 6 months ago | |
General Obligations | 35.1 | 36.4 |
Education | 19.8 | 20.4 |
Health Care | 19.4 | 19.3 |
Special Tax | 6.0 | 6.7 |
Electric Utilities | 5.8 | 6.1 |
Weighted Average Maturity as of December 31, 2015
6 months ago | ||
Years | 6.6 | 6.6 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and 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 December 31, 2015
6 months ago | ||
Years | 7.1 | 7.4 |
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 December 31, 2015 | ||
AAA | 9.1% | |
AA,A | 84.5% | |
BBB | 3.2% | |
BB and Below | 0.3% | |
Short-Term Investments and Net Other Assets | 2.9% |
As of June 30, 2015 | ||
AAA | 6.5% | |
AA,A | 87.8% | |
BBB | 3.4% | |
BB and Below | 0.4% | |
Not Rated | 1.8% | |
Short-Term Investments and Net Other Assets | 0.1% |
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.
Fidelity® Ohio Municipal Income Fund
Investments December 31, 2015
Showing Percentage of Net Assets
Municipal Bonds - 97.1% | |||
Principal Amount | Value | ||
Guam - 0.8% | |||
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2006 A, 5% 10/1/23 | 1,600,000 | 1,632,128 | |
Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | |||
5% 10/1/18 (a) | $950,000 | $1,025,525 | |
6.25% 10/1/34 (a) | 900,000 | 1,074,078 | |
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/23 (FSA Insured) | 1,000,000 | 1,179,060 | |
TOTAL GUAM | 4,910,791 | ||
Ohio - 95.8% | |||
Akron Bath Copley Hosp. District Rev. (Children's Hosp. Med. Ctr. Proj.): | |||
Series 2012 5% 11/15/22 | 1,000,000 | 1,158,200 | |
Series 2012, 5% 11/15/23 | 3,245,000 | 3,793,892 | |
Allen County Hosp. Facilities Rev. (Catholic Healthcare Partners Proj.) Series 2010 B, 5.25% 9/1/27 | 5,000,000 | 5,771,300 | |
American Muni. Pwr., Inc. Rev.: | |||
(AMP Freemont Energy Ctr. Proj.): | |||
Series 2012 B, 5.25% 2/15/26 | 6,875,000 | 8,101,638 | |
Series 2012: | |||
5% 2/15/25 | 4,000,000 | 4,671,640 | |
5.25% 2/15/28 | 8,040,000 | 9,394,177 | |
(Prairie State Energy Campus Proj.) Series 2015: | |||
5% 2/15/28 | 3,995,000 | 4,698,160 | |
5% 2/15/42 | 3,000,000 | 3,378,300 | |
5% 2/15/38 | 240,000 | 254,071 | |
Avon Gen. Oblig. Series 2009 B: | |||
5% 12/1/36 | 1,040,000 | 1,139,268 | |
5% 12/1/37 | 1,095,000 | 1,198,215 | |
Beavercreek City School District Series 2015: | |||
5% 12/1/28 | 1,500,000 | 1,809,585 | |
5% 12/1/29 | 1,500,000 | 1,798,935 | |
Buckeye Tobacco Settlement Fing. Auth. Series 2007 A1: | |||
5% 6/1/16 | 2,800,000 | 2,848,104 | |
5% 6/1/17 | 3,240,000 | 3,419,593 | |
Butler County Hosp. Facilities Rev.: | |||
(Kettering Health Network Obligated Group Proj.) Series 2011, 6.375% 4/1/36 | 5,030,000 | 5,983,537 | |
(UC Health Proj.) Series 2010, 5.5% 11/1/40 | 3,025,000 | 3,476,028 | |
Butler County Trans. Impt. District Series 2007, 5% 12/1/18 (XL Cap. Assurance, Inc. Insured) | 1,015,000 | 1,097,144 | |
Cincinnati City School District Ctfs. of Prtn. (Cincinnati City School District School Impt. Proj.) 5% 12/15/26 | 4,000,000 | 4,793,240 | |
Cincinnati Gen. Oblig.: | |||
Series 2009 A: | |||
4.5% 12/1/29 | 500,000 | 546,090 | |
5% 12/1/20 | 1,240,000 | 1,396,637 | |
Series 2012 F: | |||
5% 12/1/20 | 3,045,000 | 3,540,635 | |
5% 12/1/21 | 2,765,000 | 3,278,765 | |
Series 2015, 5.25% 12/1/29 | 4,285,000 | 5,222,729 | |
Cincinnati Wtr. Sys. Rev.: | |||
Series 2015 A: | |||
5% 12/1/40 | 3,260,000 | 3,817,982 | |
5% 12/1/45 | 1,665,000 | 1,939,109 | |
Series A, 5% 12/1/36 | 1,700,000 | 1,953,980 | |
Cleveland Arpt. Sys. Rev. Series 2000 C, 5% 1/1/20 (FSA Insured) | 3,500,000 | 3,640,560 | |
Cleveland Gen. Oblig.: | |||
Series 2005, 5.5% 10/1/20 (AMBAC Insured) | 7,350,000 | 8,608,247 | |
Series 2012, 5% 12/1/25 | 2,350,000 | 2,775,820 | |
Series 2015: | |||
5% 12/1/26 | 1,500,000 | 1,821,255 | |
5% 12/1/27 | 2,000,000 | 2,414,720 | |
5% 12/1/29 | 1,250,000 | 1,488,750 | |
Series C: | |||
5.25% 11/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,100,000 | 1,283,007 | |
5.25% 11/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,145,000 | 1,360,168 | |
5.25% 11/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,210,000 | 1,458,244 | |
5.25% 11/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,885,000 | 2,302,339 | |
Cleveland Heights & Univ. Heights County School District Series 2014, 4.5% 12/1/47 | 3,000,000 | 3,192,060 | |
Cleveland Muni. School District: | |||
Series 2013: | |||
5% 12/1/24 | 1,255,000 | 1,503,754 | |
5% 12/1/26 | 4,060,000 | 4,812,805 | |
Series 2015 A: | |||
5% 12/1/24 | 3,725,000 | 4,498,869 | |
5% 12/1/27 | 1,750,000 | 2,072,525 | |
Cleveland Parking Facilities Rev. 5.25% 9/15/17 (FSA Insured) | 3,040,000 | 3,252,405 | |
Cleveland State Univ. Gen. Receipts Series 2012: | |||
5% 6/1/24 | 1,920,000 | 2,235,667 | |
5% 6/1/25 | 2,500,000 | 2,901,975 | |
5% 6/1/26 | 3,075,000 | 3,560,174 | |
Cleveland Wtr. Rev.: | |||
Series 2012 X, 5% 1/1/42 | 5,465,000 | 6,155,448 | |
Series 2015 Y: | |||
4% 1/1/28 | 650,000 | 709,846 | |
4% 1/1/29 | 1,040,000 | 1,125,654 | |
4% 1/1/30 | 1,000,000 | 1,073,480 | |
Cleveland-Cuyahoga County Port Auth. Dev. Lease Rev. (Administrative Headquarters Proj.) Series 2013, 5% 7/1/37 | 3,000,000 | 3,719,250 | |
Columbus City School District (School Facilities Construction and Impt. Proj.) Series 2009 B, 5% 12/1/29 | 1,000,000 | 1,135,030 | |
Columbus Gen. Oblig.: | |||
Series 2012 A, 4% 2/15/27 | 10,000,000 | 11,062,400 | |
Series 2014 A, 4% 2/15/28 | 5,000,000 | 5,574,450 | |
Columbus Metropolitan Library Facility 5% 12/1/23 | 1,000,000 | 1,169,470 | |
Cuyahoga Cmnty. College District Gen. Oblig. Series 2009 C: | |||
5% 8/1/25 | 1,140,000 | 1,300,318 | |
5% 8/1/27 | 1,200,000 | 1,363,668 | |
Cuyahoga County Gen. Oblig. Series 2012 A: | |||
4% 12/1/27 | 1,575,000 | 1,704,528 | |
5% 12/1/25 | 765,000 | 893,857 | |
Dayton Gen. Oblig.: | |||
4% 12/1/22 | 750,000 | 833,423 | |
4% 12/1/25 | 1,540,000 | 1,687,671 | |
Dayton School District Series 2013, 5% 11/1/22 | 5,775,000 | 6,878,198 | |
Dublin Gen. Oblig.: | |||
4% 12/1/27 | 500,000 | 568,240 | |
4% 12/1/28 | 395,000 | 444,470 | |
5% 12/1/26 | 500,000 | 625,980 | |
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013, 5.25% 6/15/43 | 5,000,000 | 5,322,550 | |
Fairview Park Gen. Oblig. Series 2012: | |||
4% 12/1/22 | 1,225,000 | 1,381,371 | |
4% 12/1/23 | 1,395,000 | 1,560,656 | |
4% 12/1/24 | 1,490,000 | 1,653,811 | |
Forest Hills Local School District Series 2015, 5% 12/1/46 | 5,000,000 | 5,684,000 | |
Franklin County Convention Facilities Auth. Tax & Lease Rev. Series 2014: | |||
5% 12/1/25 | 1,250,000 | 1,511,325 | |
5% 12/1/26 | 3,045,000 | 3,651,838 | |
5% 12/1/32 | 5,920,000 | 6,919,533 | |
Franklin County Hosp. Rev. (Nationwide Children's Hosp. Proj.): | |||
Series 2009, 5.25% 11/1/40 | 5,000,000 | 5,565,300 | |
Series A, 5% 11/1/16 | 265,000 | 274,559 | |
Granville Exempted Village School District: | |||
5% 12/1/26 | 1,720,000 | 2,112,040 | |
5% 12/1/27 | 1,165,000 | 1,421,347 | |
5% 12/1/30 | 1,130,000 | 1,353,401 | |
5% 12/1/31 | 600,000 | 715,746 | |
Greater Cleveland Reg'l. Transit Auth. Series 2012: | |||
5% 12/1/23 | 1,000,000 | 1,184,580 | |
5% 12/1/24 | 1,800,000 | 2,130,012 | |
5% 12/1/25 | 1,170,000 | 1,384,508 | |
Hamilton City School District Series 2015: | |||
3.5% 12/1/31 | 1,500,000 | 1,535,760 | |
5% 12/1/26 | 1,500,000 | 1,818,945 | |
5% 12/1/28 | 1,550,000 | 1,858,900 | |
Hamilton County Convention Facilities Auth. Rev. Series 2014: | |||
5% 12/1/26 | 1,000,000 | 1,174,330 | |
5% 12/1/27 | 3,825,000 | 4,456,087 | |
Hamilton County Health Care Facilities Rev. (The Christ Hosp. Proj.) Series 2012: | |||
5.25% 6/1/24 | 3,000,000 | 3,549,510 | |
5.25% 6/1/27 | 3,000,000 | 3,471,810 | |
Hamilton County Hosp. Facilities Rev. (Children's Hosp. Med. Ctr. Proj.) Series 2014 S, 5% 5/15/26 | 5,000,000 | 5,974,900 | |
Hamilton County Sales Tax Rev. Series 2011 A, 5% 12/1/24 | 4,870,000 | 5,560,030 | |
Hamilton County Student Hsg. Rev. (Stratford Heights Proj.) Series 2010, 5% 6/1/30 (FSA Insured) | 2,500,000 | 2,749,125 | |
Hancock County Hosp. Facilities Rev. (Blanchard Valley Reg'l. Health Ctr. Proj.) Series 2011 A: | |||
5% 12/1/21 | 1,500,000 | 1,736,835 | |
6.25% 12/1/34 | 4,100,000 | 4,909,053 | |
Hilliard Gen. Oblig. 5% 12/1/18 | 235,000 | 235,750 | |
Huber Heights City School District Unltd. Tax School Impt. Gen. Oblig. Series 2009, 5% 12/1/36 | 1,500,000 | 1,647,375 | |
Kent State Univ. Revs.: | |||
Series 2009 B: | |||
5% 5/1/26 (Assured Guaranty Corp. Insured) | 4,100,000 | 4,569,942 | |
5% 5/1/28 (Assured Guaranty Corp. Insured) | 5,000,000 | 5,543,900 | |
5% 5/1/29 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,106,390 | |
5% 5/1/30 (Assured Guaranty Corp. Insured) | 1,115,000 | 1,226,790 | |
Series 2012 A: | |||
5% 5/1/24 | 1,385,000 | 1,630,464 | |
5% 5/1/25 | 1,500,000 | 1,755,165 | |
5% 5/1/26 | 1,600,000 | 1,860,864 | |
Lake County Hosp. Facilities Rev.: | |||
(Lake Hosp. Sys., Inc. Proj.) Series 2008 C: | |||
5% 8/15/16 | 1,260,000 | 1,292,823 | |
5% 8/15/17 | 1,000,000 | 1,061,990 | |
Series 2015, 5% 8/15/45 | 7,000,000 | 7,658,840 | |
Lakewood City School District Series 2014 C: | |||
5% 12/1/25 | 1,300,000 | 1,583,426 | |
5% 12/1/27 | 3,215,000 | 3,861,408 | |
Lancaster Ohio City School District Series 2012: | |||
5% 10/1/37 | 2,000,000 | 2,265,700 | |
5% 10/1/49 | 3,000,000 | 3,290,430 | |
Lucas County Hosp. Rev.: | |||
(ProMedica Healthcare Oblig. Group Proj.): | |||
Series 2008 D, 5% 11/15/38 | 1,090,000 | 1,176,274 | |
Series 2011 A, 6.5% 11/15/37 | 2,800,000 | 3,444,448 | |
Series 2011 D: | |||
5% 11/15/22 | 1,000,000 | 1,174,100 | |
5% 11/15/25 | 5,000,000 | 5,849,350 | |
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 | 7,513,470 | |
Miami Univ. Series 2012, 4% 9/1/28 | 2,195,000 | 2,378,765 | |
Miamisburg City School District: | |||
Series 2008, 5% 12/1/33 (Pre-Refunded to 12/1/18 @ 100) | 2,390,000 | 2,622,404 | |
Series 2009, 5% 12/1/23 (Pre-Refunded to 12/1/18 @ 100) | 1,405,000 | 1,568,387 | |
Series 2016: | |||
4% 12/1/32 (b) | 510,000 | 551,121 | |
5% 12/1/28 (b) | 500,000 | 610,975 | |
5% 12/1/29 (b) | 300,000 | 364,527 | |
Middleburg Heights Hosp. Rev.: | |||
Series 2011, 5.25% 8/1/41 | 3,000,000 | 3,271,410 | |
Series 2012 A, 5% 8/1/47 | 10,725,000 | 11,243,544 | |
Milford Exempt Village School District Series 2015: | |||
3.5% 12/1/31 | 500,000 | 509,640 | |
5% 12/1/28 | 1,400,000 | 1,670,914 | |
Montgomery County Rev. (Catholic Health Initiatives Proj.) Series 2008 D, 6.25% 10/1/33 | 2,500,000 | 2,810,650 | |
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013, 5% 2/15/48 | 2,000,000 | 2,047,940 | |
North Olmsted City School District Series 2015 A: | |||
5% 12/1/26 | 665,000 | 798,845 | |
5% 12/1/27 | 220,000 | 262,871 | |
5% 12/1/28 | 365,000 | 434,095 | |
5% 12/1/29 | 500,000 | 591,485 | |
5% 12/1/30 | 750,000 | 884,865 | |
Northeast Ohio Reg'l. Swr. District Wastewtr. Rev. Series 2014, 5% 11/15/44 | 8,815,000 | 10,177,182 | |
Northmont City School District Series 2012 A, 5% 11/1/49 | 5,000,000 | 5,446,500 | |
Northwest Local School District Series 2015, 5% 12/1/45 | 2,000,000 | 2,267,480 | |
Ohio Air Quality Dev. Auth. Rev.: | |||
Bonds (FirstEnergy Nuclear Generation Proj.) Series 2008 C, 3.95%, tender 5/1/20 (a)(c) | 2,000,000 | 2,068,160 | |
Series 2009 C, 5.625% 6/1/18 | 2,600,000 | 2,738,450 | |
Ohio Bldg. Auth. (Adult Correctional Bldg. Fund Proj.): | |||
Series 2009 B, 5% 10/1/24 | 1,790,000 | 2,032,133 | |
Series 2010 A, 5% 10/1/24 | 6,030,000 | 6,940,590 | |
Ohio Gen. Oblig.: | |||
(Mental Health Facilities Impt. Fund Proj.) Series 2013 A, 5% 2/1/21 | 2,085,000 | 2,446,602 | |
Series 2011, 5.25% 9/1/23 | 2,000,000 | 2,361,480 | |
Series 2012 A: | |||
5% 2/1/26 | 1,000,000 | 1,180,470 | |
5% 2/1/27 | 5,000,000 | 5,879,000 | |
Series 2012 B, 5% 3/15/25 | 7,500,000 | 8,904,225 | |
Series 2014 C, 4% 3/1/25 | 7,650,000 | 8,599,671 | |
Series 2015 C, 5% 11/1/28 | 5,955,000 | 7,251,999 | |
Series Q, 5% 4/1/25 | 1,845,000 | 2,193,022 | |
5.375% 9/1/23 (Pre-Refunded to 3/1/18 @ 100) | 370,000 | 405,135 | |
5.375% 9/1/28 | 4,560,000 | 4,969,442 | |
Ohio Higher Edl. Facility Commission Rev.: | |||
(Case Western Reserve Univ. Proj.) Series 1990 B, 6.5% 10/1/20 | 1,930,000 | 2,188,948 | |
(Cleveland Clinic Foundation Proj.) Series 2008 A: | |||
5.25% 1/1/33 | 1,635,000 | 1,781,136 | |
5.5% 1/1/43 | 3,500,000 | 3,832,255 | |
(Denison Univ. 2015 Proj.): | |||
5% 11/1/28 | 1,465,000 | 1,751,598 | |
5% 11/1/29 | 1,250,000 | 1,485,438 | |
5% 11/1/30 | 2,285,000 | 2,700,916 | |
(John Carroll Univ. Proj.) 5% 4/1/17 | 1,000,000 | 1,010,070 | |
(Kenyon College 2015 Proj.) 5% 7/1/41 | 5,000,000 | 5,665,700 | |
(Kenyon College Proj.) Series 2010, 5.25% 7/1/44 | 2,750,000 | 3,075,243 | |
(Univ. Hosp. Health Sys. Proj.) Series 2010 A, 5.25% 1/15/23 | 2,500,000 | 2,833,425 | |
(Univ. of Dayton Proj.): | |||
Series 2009, 5.5% 12/1/36 | 5,000,000 | 5,546,350 | |
Series 2013: | |||
5% 12/1/23 | 540,000 | 637,465 | |
5% 12/1/24 | 585,000 | 688,539 | |
5% 12/1/25 | 1,000,000 | 1,172,800 | |
5% 12/1/26 | 1,195,000 | 1,398,162 | |
5% 12/1/27 | 2,300,000 | 2,681,455 | |
(Xavier Univ. Proj.) Series 2015 C: | |||
5% 5/1/26 | 1,000,000 | 1,180,220 | |
5% 5/1/28 | 1,000,000 | 1,165,050 | |
5% 5/1/29 | 855,000 | 990,081 | |
5% 5/1/31 | 1,005,000 | 1,154,102 | |
Ohio Hosp. Facilities Rev.: | |||
(Cleveland Clinic Proj.) Series 2009 A, 5.5% 1/1/39 | 7,000,000 | 7,884,730 | |
Series 2011 A, 5% 1/1/32 | 3,500,000 | 3,925,215 | |
Ohio Hosp. Rev. Series 2013 A, 5% 1/15/27 | 5,000,000 | 5,731,350 | |
Ohio State Univ. Gen. Receipts: | |||
Series 2009 A, 5% 12/1/26 | 2,000,000 | 2,227,700 | |
Series 2010 D, 5% 12/1/31 | 1,365,000 | 1,766,638 | |
Series 2012 A: | |||
4% 6/1/27 | 1,270,000 | 1,453,896 | |
5% 6/1/24 | 1,690,000 | 2,092,119 | |
Series 2013 A: | |||
5% 6/1/28 | 2,000,000 | 2,371,580 | |
5% 6/1/38 | 3,500,000 | 3,988,915 | |
Ohio Tpk. Commission Tpk. Rev.: | |||
(Infastructure Proj.) Series 2005 A, 0% 2/15/43 | 10,000,000 | 3,258,100 | |
Series 2010 A, 5% 2/15/31 | 5,475,000 | 6,108,129 | |
Ohio Univ. Gen. Receipts Athens: | |||
Series 2013: | |||
5% 12/1/23 | 1,000,000 | 1,201,790 | |
5% 12/1/24 | 5,075,000 | 6,070,055 | |
Series A, 5% 12/1/33 (FSA Insured) | 1,190,000 | 1,283,225 | |
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (c) | 1,020,000 | 1,037,870 | |
Ohio Wtr. Dev. Auth. Rev.: | |||
(Fresh Wtr. Impt. Proj.) Series 2009 B, 5% 12/1/24 | 1,025,000 | 1,267,689 | |
(Fresh Wtr. Proj.) Series 2009 B, 5% 12/1/25 | 1,950,000 | 2,432,625 | |
(Pure Wtr. Proj.) Series I, 6% 12/1/16 (Escrowed to Maturity) | 135,000 | 138,706 | |
Ohio Wtr. Dev. Auth. Wtr. Poll. Cont. Rev. (Wtr. Quality Proj.) Series 2010 A: | |||
5% 12/1/29 (Pre-Refunded to 12/1/19 @ 100) | 2,000,000 | 2,293,020 | |
5% 6/1/30 (Pre-Refunded to 12/1/19 @ 100) | 1,000,000 | 1,146,510 | |
Princeton City School District Series 2014: | |||
0% 12/1/40 | 4,000,000 | 1,543,720 | |
0% 12/1/41 | 4,000,000 | 1,467,080 | |
5% 12/1/39 | 2,750,000 | 3,169,898 | |
Reynoldsburg City School District: | |||
(School Facilities Construction & Impt. Proj.) 0% 12/1/17 | 1,250,000 | 1,215,650 | |
4% 12/1/30 | 4,625,000 | 4,997,451 | |
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008, 5.75% 12/1/35 | 2,600,000 | 2,893,826 | |
South-Western City School District Franklin & Pickway County Series 2012 B, 5% 12/1/36 | 2,000,000 | 2,248,740 | |
Springboro Cmnty. City School District 5.25% 12/1/20 (FSA Insured) | 2,780,000 | 3,226,690 | |
St. Marys City School District 5% 12/1/35 | 495,000 | 532,318 | |
Strongsville Gen. Oblig. (Street Impt. Proj.) Series 2009, 5% 12/1/27 | 1,680,000 | 1,925,448 | |
Toledo City School District (School Facilities Impt. Proj.) Series 2009, 5.375% 12/1/35 (Pre-Refunded to 12/1/18 @ 100) | 1,000,000 | 1,123,020 | |
Toledo Gen. Oblig. Series 2012 A, 5% 12/1/20 | 1,635,000 | 1,882,752 | |
Univ. of Akron Gen. Receipts Series 2015 A, 5% 1/1/31 | 4,000,000 | 4,650,000 | |
Univ. of Cincinnati Gen. Receipts: | |||
Series 2008 C: | |||
5% 6/1/22 (FSA Insured) | 1,000,000 | 1,096,730 | |
5% 6/1/23 (FSA Insured) | 2,000,000 | 2,191,440 | |
5% 6/1/24 (FSA Insured) | 2,000,000 | 2,189,440 | |
Series 2010 F, 5% 6/1/32 | 2,000,000 | 2,264,840 | |
Series 2012 A: | |||
5% 6/1/22 | 2,000,000 | 2,397,420 | |
5% 6/1/23 | 2,000,000 | 2,381,380 | |
Series 2012 C: | |||
4% 6/1/28 | 2,000,000 | 2,169,260 | |
5% 6/1/24 | 1,230,000 | 1,470,293 | |
Series 2013 A: | |||
5% 6/1/33 | 4,085,000 | 4,720,422 | |
5% 6/1/34 | 5,130,000 | 5,905,656 | |
Wood County Hosp. Facilities Rev. (Hosp. Proj.) Series 2012, 5% 12/1/27 | 3,500,000 | 3,814,860 | |
Wright State Univ. Gen. Receipts Series 2011 A, 5% 5/1/23 | 2,665,000 | 3,065,017 | |
TOTAL OHIO | 609,706,585 | ||
Virgin Islands - 0.5% | |||
Virgin Islands Pub. Fin. Auth.: | |||
(Cruzan Proj.) Series 2009 A, 6% 10/1/39 | 1,000,000 | 1,096,700 | |
Series 2009 A, 6.75% 10/1/37 | 1,000,000 | 1,129,660 | |
Series 2009 B, 5% 10/1/25 | 1,000,000 | 1,099,490 | |
TOTAL VIRGIN ISLANDS | 3,325,850 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $581,576,537) | 617,943,226 | ||
TOTAL INVESTMENT PORTFOLIO - 97.1% | |||
(Cost $581,576,537) | 617,943,226 | ||
NET OTHER ASSETS (LIABILITIES) - 2.9% | 18,317,525 | ||
NET ASSETS - 100% | $636,260,751 |
Legend
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
Investment Valuation
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):
General Obligations | 35.1% |
Education | 19.8% |
Health Care | 19.4% |
Special Tax | 6.0% |
Electric Utilities | 5.8% |
Others* (Individually Less Than 5%) | 13.9% |
100.0% |
* Includes net other assets
See accompanying notes which are an integral part of the financial statements.
Fidelity® Ohio Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
December 31, 2015 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $581,576,537) | $617,943,226 | |
Cash | 14,218,233 | |
Receivable for fund shares sold | 1,103,397 | |
Interest receivable | 5,551,742 | |
Prepaid expenses | 1,284 | |
Other receivables | 767 | |
Total assets | 638,818,649 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $1,506,554 | |
Payable for fund shares redeemed | 124,719 | |
Distributions payable | 630,485 | |
Accrued management fee | 189,205 | |
Other affiliated payables | 55,724 | |
Other payables and accrued expenses | 51,211 | |
Total liabilities | 2,557,898 | |
Net Assets | $636,260,751 | |
Net Assets consist of: | ||
Paid in capital | $599,556,111 | |
Undistributed net investment income | 102,705 | |
Accumulated undistributed net realized gain (loss) on investments | 235,246 | |
Net unrealized appreciation (depreciation) on investments | 36,366,689 | |
Net Assets, for 51,787,226 shares outstanding | $636,260,751 | |
Net Asset Value, offering price and redemption price per share ($636,260,751 ÷ 51,787,226 shares) | $12.29 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended December 31, 2015 | ||
Investment Income | ||
Interest | $21,013,272 | |
Expenses | ||
Management fee | $2,195,966 | |
Transfer agent fees | 503,996 | |
Accounting fees and expenses | 146,563 | |
Custodian fees and expenses | 9,412 | |
Independent trustees' compensation | 2,519 | |
Registration fees | 21,891 | |
Audit | 52,525 | |
Legal | 2,028 | |
Miscellaneous | 11,975 | |
Total expenses before reductions | 2,946,875 | |
Expense reductions | (5,403) | 2,941,472 |
Net investment income (loss) | 18,071,800 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 6,373,031 | |
Total net realized gain (loss) | 6,373,031 | |
Change in net unrealized appreciation (depreciation) on investment securities | 555,975 | |
Net gain (loss) | 6,929,006 | |
Net increase (decrease) in net assets resulting from operations | $25,000,806 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended December 31, 2015 | Year ended December 31, 2014 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $18,071,800 | $18,153,626 |
Net realized gain (loss) | 6,373,031 | 348,994 |
Change in net unrealized appreciation (depreciation) | 555,975 | 36,395,153 |
Net increase (decrease) in net assets resulting from operations | 25,000,806 | 54,897,773 |
Distributions to shareholders from net investment income | (18,067,795) | (18,150,443) |
Distributions to shareholders from net realized gain | (5,977,113) | – |
Total distributions | (24,044,908) | (18,150,443) |
Share transactions | ||
Proceeds from sales of shares | 88,241,729 | 78,804,565 |
Reinvestment of distributions | 14,230,292 | 10,430,750 |
Cost of shares redeemed | (65,862,421) | (62,637,078) |
Net increase (decrease) in net assets resulting from share transactions | 36,609,600 | 26,598,237 |
Redemption fees | 1,406 | 886 |
Total increase (decrease) in net assets | 37,566,904 | 63,346,453 |
Net Assets | ||
Beginning of period | 598,693,847 | 535,347,394 |
End of period (including undistributed net investment income of $102,705 and undistributed net investment income of $108,838, respectively) | $636,260,751 | $598,693,847 |
Other Information | ||
Shares | ||
Sold | 7,188,823 | 6,573,215 |
Issued in reinvestment of distributions | 1,158,778 | 867,797 |
Redeemed | (5,384,173) | (5,248,709) |
Net increase (decrease) | 2,963,428 | 2,192,303 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Ohio Municipal Income Fund
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $12.26 | $11.48 | $12.39 | $12.01 | $11.38 |
Income from Investment Operations | |||||
Net investment income (loss)A | .363 | .384 | .392 | .421 | .443 |
Net realized and unrealized gain (loss) | .147 | .780 | (.779) | .426 | .630 |
Total from investment operations | .510 | 1.164 | (.387) | .847 | 1.073 |
Distributions from net investment income | (.363) | (.384) | (.392) | (.420) | (.443) |
Distributions from net realized gain | (.117) | – | (.131) | (.047) | – |
Total distributions | (.480) | (.384) | (.523) | (.467) | (.443) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – |
Net asset value, end of period | $12.29 | $12.26 | $11.48 | $12.39 | $12.01 |
Total ReturnC | 4.24% | 10.26% | (3.16)% | 7.14% | 9.62% |
Ratios to Average Net AssetsD | |||||
Expenses before reductions | .48% | .48% | .48% | .49% | .49% |
Expenses net of fee waivers, if any | .48% | .48% | .48% | .49% | .49% |
Expenses net of all reductions | .48% | .48% | .48% | .49% | .49% |
Net investment income (loss) | 2.97% | 3.20% | 3.28% | 3.42% | 3.81% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $636,261 | $598,694 | $535,347 | $647,324 | $554,942 |
Portfolio turnover rate | 17% | 7% | 17% | 14% | 8% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Ohio Municipal Money Market Fund
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
Days | % of fund's investments 12/31/15 | % of fund's investments 6/30/15 | % of fund's investments 12/31/14 |
1 - 7 | 70.9 | 75.0 | 74.9 |
8 - 30 | 2.2 | 0.6 | 1.0 |
31 - 60 | 5.5 | 4.6 | 2.7 |
61 - 90 | 3.5 | 1.7 | 2.9 |
91 - 180 | 7.2 | 7.7 | 13.0 |
> 180 | 10.7 | 10.4 | 5.5 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Weighted Average Maturity
12/31/15 | 6/30/15 | 12/31/14 | |
Fidelity Ohio Municipal Money Market Fund | 38 Days | 48 Days | 37 Days |
Ohio Tax-Free Money Market Funds Average(a) | 36 Days | 42 Days | 36 Days |
(a) Source: iMoneyNet, Inc.
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
12/31/15 | 6/30/15 | 12/31/14 | |
Fidelity Ohio Municipal Money Market Fund | 40 Days | 57 Days | 38 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 December 31, 2015 | ||
Variable Rate Demand Notes (VRDNs) | 55.4% | |
Other Municipal Debt | 28.3% | |
Investment Companies | 2.0% | |
Net Other Assets (Liabilities) | 14.3% |
As of June 30, 2015 | ||
Variable Rate Demand Notes (VRDNs) | 65.9% | |
Other Municipal Debt | 30.9% | |
Investment Companies | 4.7% | |
Net Other Assets (Liabilities)* | (1.5)% |
* Net Other Assets (Liabilities) are not included in the pie chart
Current And Historical 7-Day Yields
12/31/15 | 9/30/15 | 6/30/15 | 3/31/15 | 12/31/14 | |
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 December 31, 2015, the most recent period shown in the table, would have been -0.33%.
Fidelity® Ohio Municipal Money Market Fund
Investments December 31, 2015
Showing Percentage of Net Assets
Variable Rate Demand Note - 55.4% | |||
Principal Amount | Value | ||
Alabama - 0.0% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.42% 1/7/16, VRDN (a)(b) | $700,000 | $700,000 | |
Arkansas - 0.1% | |||
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.09% 1/7/16, LOC Royal Bank of Scotland PLC, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
Delaware - 0.1% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1994, 0.1% 1/4/16, VRDN (a)(b) | 700,000 | 700,000 | |
Georgia - 0.4% | |||
Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Bowen Proj.) First Series 2009, 0.13% 1/7/16, VRDN (b) | 3,000,000 | 3,000,000 | |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.): | |||
Eighth Series 1994, 0.21% 1/4/16, VRDN (b) | 900,000 | 900,000 | |
Second Series 1995, 0.22% 1/4/16, VRDN (b) | 400,000 | 400,000 | |
Monroe County Dev. Auth. Poll. Cont. Rev.: | |||
(Georgia Pwr. Co. Plant Scherer Proj.) First Series 2009, 0.27% 1/7/16, VRDN (b) | 200,000 | 200,000 | |
(Georgia Pwr. Plant Co. Scherer Proj.) Series 2008, 0.22% 1/4/16, VRDN (b) | 800,000 | 800,000 | |
5,300,000 | |||
Louisiana - 0.3% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 0.4% 1/7/16, VRDN (b) | 600,000 | 600,000 | |
Series 2010 B1, 0.33% 1/7/16, VRDN (b) | 2,900,000 | 2,900,000 | |
3,500,000 | |||
Montana - 0.1% | |||
Forsyth Poll. Cont. Rev. Series 2008 A, 0.19% 1/7/16, VRDN (a)(b) | 750,000 | 750,000 | |
Nebraska - 0.1% | |||
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.42% 1/7/16, VRDN (a)(b) | 700,000 | 700,000 | |
Nevada - 0.1% | |||
Clark County Arpt. Rev. Series 2008 C3, 0.02% 1/7/16, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | 1,495,000 | 1,495,000 | |
New Jersey - 0.1% | |||
Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.): | |||
Series 2003 B1, 0.13% 1/7/16, VRDN (b) | 400,000 | 400,000 | |
Series 2012 A, 0.13% 1/7/16, VRDN (a)(b) | 700,000 | 700,000 | |
1,100,000 | |||
Ohio - 53.0% | |||
Allen County Hosp. Facilities Rev.: | |||
(Catholic Healthcare Partners Proj.) Series 2010 C, 0.01% 1/4/16, LOC MUFG Union Bank NA, VRDN (b) | 15,150,000 | 15,150,000 | |
Series 2012 B, 0.02% 1/7/16, VRDN (b) | 99,800,000 | 99,800,000 | |
Alliance Hosp. Rev. (Alliance Obligated Group Proj.) Series 2003, 0.01% 1/4/16, LOC JPMorgan Chase Bank, VRDN (b) | 13,150,000 | 13,150,000 | |
Athens County Port Auth. Hsg. 0.01% 1/7/16, LOC Barclays Bank PLC, VRDN (b) | 13,085,000 | 13,085,000 | |
Cincinnati Wtr. Sys. Rev. Participating VRDN Series MS 3280, 0.02% 1/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c) | 3,330,000 | 3,330,000 | |
Cleveland Arpt. Sys. Rev.: | |||
Series 2008 D, 0.02% 1/7/16, LOC Bank of America NA, VRDN (b) | 2,985,000 | 2,985,000 | |
Series 2009 D, 0.02% 1/7/16, LOC Bank of America NA, VRDN (b) | 13,100,000 | 13,100,000 | |
Columbus Gen. Oblig. Participating VRDN Series Clipper 08 2, 0.01% 1/7/16 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(c) | 4,000,000 | 4,000,000 | |
Cuyahoga County Hosp. Facilities Rev. (Sisters of Charity of Saint Augustine Health Sys. Proj.) Series 2000, 0.01% 1/7/16, LOC PNC Bank NA, VRDN (b) | 3,100,000 | 3,100,000 | |
Franklin County Health Care Facilities Rev. (Friendship Village of Dublin, Ohio, Inc. Proj.) Series 2004 A, 0.02% 1/7/16, LOC PNC Bank NA, VRDN (b) | 6,675,000 | 6,675,000 | |
Franklin County Hosp. Facilities Rev. Participating VRDN Series 15 XF0244, 0.02% 1/7/16 (Liquidity Facility Toronto-Dominion Bank) (b)(c) | 2,000,000 | 2,000,000 | |
Franklin County Hosp. Rev.: | |||
(OhioHealth Corp. Proj.) Series D, 0.01% 1/7/16, LOC Northern Trust Co., VRDN (b) | 9,935,000 | 9,935,000 | |
(U.S. Health Corp. of Columbus Proj.): | |||
Series 1996 A, 0.02% 1/7/16, LOC Northern Trust Co., VRDN (b) | 11,580,000 | 11,580,000 | |
Series 1996 B, 0.02% 1/7/16, LOC Northern Trust Co., VRDN (b) | 10,175,000 | 10,175,000 | |
Participating VRDN Series BC 11 21B, 0.03% 1/7/16 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3,315,000 | 3,315,000 | |
Series 1998, 0.02% 1/7/16, LOC Northern Trust Co., VRDN (b) | 6,815,000 | 6,815,000 | |
Series 2009 A, 0.01% 1/7/16 (Liquidity Facility Barclays Bank PLC), VRDN (b) | 25,000,000 | 25,000,000 | |
Series 2009 B, 0.01% 1/7/16 (Liquidity Facility Barclays Bank PLC), VRDN (b) | 9,170,000 | 9,170,000 | |
Hamilton County Health Care Facilities Rev. (The Children's Home of Cincinnati Proj.) Series 2009, 0.02% 1/7/16, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 2,975,000 | 2,975,000 | |
Hamilton County Hosp. Facilities Rev.: | |||
(Children's Hosp. Med. Ctr. Proj.): | |||
Series 1997 A, 0.01% 1/7/16, LOC PNC Bank NA, VRDN (b) | 8,000,000 | 8,000,000 | |
Series 2000, 0.01% 1/7/16, LOC JPMorgan Chase Bank, VRDN (b) | 12,235,000 | 12,235,000 | |
Series 2002 I, 0.01% 1/7/16, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 17,745,000 | 17,745,000 | |
Series 2007 M, 0.01% 1/7/16, LOC JPMorgan Chase Bank, VRDN (b) | 10,015,000 | 10,015,000 | |
(Elizabeth Gamble Deaconess Home Assoc. Proj.) Series 2002 B, 0.01% 1/7/16, LOC PNC Bank NA, VRDN (b) | 14,400,000 | 14,400,000 | |
Hamilton County Student Hsg. Rev. (Block 3 Proj.) Series 2004, 0.11% 1/7/16, LOC Bank of New York, New York, LOC Citizens Bank of Pennsylvania, VRDN (b) | 11,690,000 | 11,690,000 | |
Lake County Indl. Dev. Rev. (Norshar Co. Proj.) 0.21% 1/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 1,475,000 | 1,475,000 | |
Lorain County Port Auth. Edl. Facilities Rev. (St. Ignatius High School Proj.) 0.03% 1/7/16, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 1,220,000 | 1,220,000 | |
Middletown Hosp. Facilities Rev.: | |||
Series 2008 A, 0.01% 1/7/16, LOC PNC Bank NA, VRDN (b) | 29,670,000 | 29,669,977 | |
Series 2008 B, 0.01% 1/7/16, LOC PNC Bank NA, VRDN (b) | 7,300,000 | 7,300,000 | |
Ohio Air Quality Dev. Auth. Rev.: | |||
(Ohio Valley Elec. Corp. Proj.): | |||
Series 2009 B, 0.01% 1/7/16, LOC Bank of Nova Scotia, VRDN (b) | 18,500,000 | 18,500,000 | |
Series 2009 C, 0.01% 1/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b) | 12,150,000 | 12,150,000 | |
Series 2009 D, 0.01% 1/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b) | 24,400,000 | 24,400,000 | |
(TimkenSteel Proj.): | |||
Series 2001, 0.01% 1/7/16, LOC PNC Bank NA, VRDN (b) | 9,500,000 | 9,500,000 | |
Series 2003, 0.01% 1/7/16, LOC JPMorgan Chase Bank, VRDN (b) | 8,500,000 | 8,500,000 | |
Ohio Gen. Oblig.: | |||
(Common Schools Proj.) Series 2005 B, 0.01% 1/7/16, VRDN (b) | 12,265,000 | 12,265,000 | |
(Infrastructure Impt. Proj.): | |||
Series 2003 B, 0.01% 1/7/16, VRDN (b) | 2,125,000 | 2,125,000 | |
Series 2003 D, 0.01% 1/7/16, VRDN (b) | 11,565,000 | 11,564,981 | |
0.01% 1/7/16, VRDN (b) | 6,390,000 | 6,390,000 | |
Ohio Higher Edl. Facility Commission Rev.: | |||
(Case Western Reserve Univ. Proj.) Series 2008 A, 0.01% 1/7/16, LOC PNC Bank NA, VRDN (b) | 60,000,000 | 60,000,000 | |
(Cleveland Clinic Foundation Proj.) Series 2008 B4, 0.01% 1/4/16 (Liquidity Facility Barclays Bank PLC), VRDN (b) | 3,000,000 | 3,000,000 | |
Ohio Hosp. Facilities Rev. Participating VRDN Series Putters 3558, 0.02% 1/7/16 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 2,700,000 | 2,700,000 | |
Ohio Hsg. Fin. Agcy. Mtg. Rev.: | |||
(Mtg.-Backed Securities Prog.) Series F, 0.02% 1/7/16 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 9,890,000 | 9,890,000 | |
Participating VRDN Series Merlots 06 A2, 0.08% 1/7/16 (Liquidity Facility Wells Fargo Bank NA) (a)(b)(c) | 100,000 | 100,000 | |
Series 2004 D, 0.02% 1/7/16 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 5,570,000 | 5,570,000 | |
Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev.: | |||
(Pedcor Invts. Willow Lake Apts. Proj.) Series B, 0.15% 1/7/16, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (a)(b) | 325,000 | 325,000 | |
(Wingate at Belle Meadows Proj.) 0.04% 1/7/16, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (a)(b) | 8,520,000 | 8,520,000 | |
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.: | |||
(Mtg.-Backed Securities Prog.) Series 2008 D, 0.01% 1/7/16 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 23,300,000 | 23,300,000 | |
Series 2008 B, 0.02% 1/7/16 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 9,400,000 | 9,400,000 | |
Series 2008 H, 0.02% 1/7/16 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 6,895,000 | 6,895,000 | |
Ohio State Univ. Gen. Receipts: | |||
Series 1997, 0.01% 1/7/16, VRDN (b) | 2,060,000 | 2,060,000 | |
Series 2001, 0.01% 1/7/16, VRDN (b) | 3,155,000 | 3,155,000 | |
Series 2005 B, 0.01% 1/7/16, VRDN (b) | 10,000,000 | 10,000,000 | |
Series 2008 B, 0.01% 1/7/16, VRDN (b) | 13,975,000 | 13,975,000 | |
Series 2014 B1, 0.01% 1/7/16, VRDN (b) | 1,000,000 | 1,000,000 | |
Series 2014 B2, 0.01% 1/7/16, VRDN (b) | 6,800,000 | 6,800,000 | |
Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 0.02% 1/7/16, LOC Bank of America NA, VRDN (a)(b) | 12,100,000 | 12,100,000 | |
Ohio Wtr. Dev. Auth. Rev. (TimkenSteel Proj.) Series 2001, 0.01% 1/7/16, LOC Northern Trust Co., VRDN (b) | 3,200,000 | 3,200,000 | |
Toledo-Lucas County Port Auth. (St. Francis De Salle High School Proj.) Series 2004 D, 0.12% 1/7/16, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 1,975,000 | 1,975,000 | |
Village of Indian Hill Econ. Dev. Rev. (Cincinnati Country Day School Proj.) Series 1999, 0.03% 1/7/16, LOC PNC Bank NA, VRDN (b) | 4,345,000 | 4,345,000 | |
Wood County Indl. Dev. Rev. (CMC Group Proj.) Series 2001, 0.14% 1/7/16, LOC PNC Bank NA, VRDN (a)(b) | 235,000 | 235,000 | |
663,029,958 | |||
Texas - 0.9% | |||
Calhoun County Solid Waste Disp. Rev. (Formosa Plastics Corp. Proj.) Series 2001, 0.02% 1/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 3,750,000 | 3,750,000 | |
Calhoun Port Auth. Envir. Facilities Rev. (Formosa Plastics Corp. Proj.) Series 2012, 0.02% 1/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.02% 1/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 600,000 | 600,000 | |
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
Series 2001 A, 0.27% 1/4/16, VRDN (b) | 1,300,000 | 1,300,000 | |
Series 2004, 0.26% 1/7/16, VRDN (a)(b) | 2,700,000 | 2,700,000 | |
Series 2009 B, 0.26% 1/4/16, VRDN (b) | 1,100,000 | 1,100,000 | |
Series 2009 C, 0.26% 1/4/16, VRDN (b) | 1,000,000 | 1,000,000 | |
11,450,000 | |||
Wyoming - 0.2% | |||
Converse County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.22% 1/7/16, VRDN (b) | 1,095,000 | 1,095,000 | |
Lincoln County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.22% 1/7/16, VRDN (b) | 1,500,000 | 1,500,000 | |
2,595,000 | |||
TOTAL VARIABLE RATE DEMAND NOTE | |||
(Cost $692,319,958) | 692,319,958 | ||
Other Municipal Debt - 28.3% | |||
Georgia - 0.5% | |||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A1, 0.07%, tender 6/1/16 (Liquidity Facility Royal Bank of Canada) (b) | 5,600,000 | 5,600,000 | |
Kentucky - 0.0% | |||
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.25% tender 1/12/16, CP mode | 500,000 | 500,000 | |
Massachusetts - 0.2% | |||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1992, 0.4% tender 1/14/16, CP mode | 2,500,000 | 2,500,000 | |
New Hampshire - 0.3% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 1990 A, 0.45% tender 1/26/16, CP mode (a) | 2,100,000 | 2,100,000 | |
Series 1990 A1, 0.5% tender 2/8/16, CP mode (a) | 900,000 | 900,000 | |
Series 1990 B, 0.48% tender 1/28/16, CP mode | 700,000 | 700,000 | |
3,700,000 | |||
Ohio - 27.1% | |||
American Muni. Pwr. BAN Series 2015, 1% 10/21/16 | 4,000,000 | 4,008,087 | |
Avon Gen. Oblig. BAN Series 2015, 2% 9/8/16 | 8,500,000 | 8,594,608 | |
Avon Lake BAN Series 2015, 2% 7/13/16 | 11,711,000 | 11,804,857 | |
Bay Village Gen. Oblig. BAN Series 2015, 1% 6/10/16 | 3,311,000 | 3,319,841 | |
Belmont County BAN Series 2015: | |||
1.5% 4/22/16 | 4,402,000 | 4,416,075 | |
1.5% 4/22/16 | 2,000,000 | 2,006,413 | |
Berea BAN Series 2015, 1% 3/17/16 | 1,180,000 | 1,181,759 | |
Butler County Gen. Oblig. BAN 0.52% 7/28/16 | 1,700,000 | 1,700,000 | |
Chillicothe City School District BAN 2% 7/7/16 | 4,900,000 | 4,936,414 | |
Cleveland Wtr. Rev. Bonds Series 2011 W, 5% 1/1/16 | 4,365,000 | 4,365,000 | |
Columbus Gen. Oblig. Bonds: | |||
Series 2012 A, 5% 2/15/16 | 12,915,000 | 12,990,288 | |
Series 2012 B, 5% 2/15/16 | 1,125,000 | 1,131,622 | |
Series 2013 1, 5% 7/1/16 | 6,325,000 | 6,476,166 | |
Series 2013 B, 4% 8/15/16 | 500,000 | 511,121 | |
Delaware Gen. Oblig. BAN Series 2015, 1% 4/18/16 | 6,070,000 | 6,083,382 | |
Dublin City School District BAN Series 2015, 1% 5/5/16 | 2,250,000 | 2,255,517 | |
Franklin County Hosp. Facilities Rev. Bonds Series 2013, 4% 5/15/16 | 2,300,000 | 2,331,629 | |
Franklin County Hosp. Rev. Bonds: | |||
Series 2011 C, 0.05%, tender 6/1/16 (b) | 11,500,000 | 11,500,000 | |
Series 2011 D, 4%, tender 8/1/16 (b) | 3,580,000 | 3,654,868 | |
Franklin County Rev. Bonds Series 2013 OH, 0.13%, tender 3/1/16 (b) | 12,500,000 | 12,500,000 | |
Hamilton Ohio Elec. Rev. BAN Series 2015, 0.43% 9/27/16 (Ohio Gen. Oblig. Guaranteed) | 11,900,000 | 11,900,000 | |
Hancock County Gen. Oblig. BAN Series 2015, 2% 11/3/16 | 3,725,000 | 3,768,764 | |
Highland Heights Gen. Oblig. BAN 1% 6/16/16 | 4,700,000 | 4,712,803 | |
Hilliard Gen. Oblig. BAN Series 2015 B, 1% 4/22/16 | 3,000,000 | 3,006,867 | |
Independence Gen. Oblig. BAN Series 2015, 1% 4/14/16 | 2,150,000 | 2,154,570 | |
Lakewood Gen. Oblig. BAN Series 2015, 1% 4/7/16 | 10,000,000 | 10,019,800 | |
Lebanon Gen. Oblig. BAN 1% 4/14/16 | 3,000,000 | 3,006,370 | |
Lima Gen. Oblig. BAN Series 2015, 1.25% 3/16/16 | 2,100,000 | 2,104,117 | |
Lucas County Gen. Oblig. BAN 1.5% 7/13/16 | 11,552,000 | 11,619,049 | |
Madison Local School District Lake County BAN Series 2015, 1.25% 10/6/16 (Ohio Gen. Oblig. Guaranteed) | 1,455,000 | 1,462,719 | |
Mason City School District BAN 1.25% 1/26/16 | 4,400,000 | 4,403,095 | |
Miami County Gen. Oblig. BAN Series 2015, 1.75% 11/22/16 | 2,805,000 | 2,836,050 | |
North Ridgeville Gen. Oblig. BAN Series 2015, 1% 6/2/16 | 10,090,000 | 10,118,126 | |
Ohio Bldg. Auth. Bonds (Administrative Bldg. Fund Proj.) Series 2006 B, 5% 10/1/16 | 3,585,000 | 3,708,416 | |
Ohio Dept. of Administrative Svcs. Ctfs. of Prtn. Bonds (Administrative Knowledge Sys. Proj.) Series 2014 A, 5% 9/1/16 | 275,000 | 282,880 | |
Ohio Gen. Oblig. Bonds: | |||
(Higher Ed. Proj.) Series 2010 A, 5% 8/1/16 | 3,060,000 | 3,144,344 | |
Series 2012 A, 4% 9/15/16 | 4,000,000 | 4,104,578 | |
Series 2013 A, 2% 5/1/16 | 2,250,000 | 2,262,758 | |
Series 2013 B, 4% 6/15/16 | 4,190,000 | 4,260,064 | |
Series 2014 A, 2% 3/1/16 | 1,175,000 | 1,178,562 | |
Series 2014 C, 1% 3/1/16 | 4,835,000 | 4,841,721 | |
Series 2014 R, 4% 5/1/16 | 4,000,000 | 4,049,572 | |
Series 2015 B: | |||
2% 9/1/16 | 5,215,000 | 5,274,557 | |
2% 9/1/16 | 2,610,000 | 2,639,807 | |
Series 2015 C, 2% 11/1/16 | 10,060,000 | 10,200,434 | |
Series 2015 T, 5% 4/1/16 | 1,610,000 | 1,628,807 | |
Ohio Higher Edl. Facility Commission Rev. Bonds: | |||
(Cleveland Clinic Proj.) Series 2008 B5, 0.04% tender 1/14/16, CP mode | 11,700,000 | 11,700,000 | |
(The Cleveland Clinic Foundation Proj.): | |||
Series 2008 B5: | |||
0.06% tender 2/17/16, CP mode | 16,000,000 | 16,000,000 | |
0.16% tender 2/3/16, CP mode | 12,000,000 | 12,000,000 | |
0.16% tender 2/3/16, CP mode | 9,500,000 | 9,500,000 | |
0.17% tender 1/6/16, CP mode | 12,000,000 | 12,000,000 | |
Series 2008 B6, 0.14% tender 3/1/16, CP mode | 12,200,000 | 12,200,000 | |
Series 2008 A, 5% 1/1/16 | 1,750,000 | 1,750,000 | |
Series 2012 A, 4% 1/1/16 | 1,355,000 | 1,355,000 | |
Series 2013 A2, 0.31% 1/1/16 (b) | 2,015,000 | 2,015,000 | |
Ohio Hosp. Facilities Rev. Bonds Series 2009 B, 5% 1/1/16 | 1,515,000 | 1,515,000 | |
Ohio Juvenile Correctional Bonds (Juvenile Correctional Bldg. Fund Proj.) Series 2015 B, 3% 4/1/16 | 965,000 | 971,453 | |
Ohio Mental Health Cap. Facilities Bonds (Mental Health Facilities Impt. Funds Proj.) Series 2015 A, 1% 2/1/16 | 4,320,000 | 4,322,871 | |
Ohio Spl. Oblig. Bonds (Adult Correctional Bldg. Fund Proj.) Series 2015 B, 2% 10/1/16 | 1,980,000 | 2,003,503 | |
Ohio St Parks & Recreation Cap. Facilities Bonds (Park and Recreation Impt. Funds Proj.) Series 2015 A, 1% 2/1/16 | 2,095,000 | 2,096,393 | |
Ohio State Univ. Gen. Receipts Bonds Series 2012 A, 4% 6/1/16 | 1,000,000 | 1,015,485 | |
Ohio Wtr. Dev. Auth. Wtr. Poll. Cont. Rev. Bonds Series 2005, 5.25% 6/1/16 | 1,000,000 | 1,020,435 | |
Reading Cmnty. City School District BAN Series 2015, 2% 7/21/16 (Ohio Gen. Oblig. Guaranteed) | 4,900,000 | 4,941,861 | |
Stow Gen. Oblig. BAN Series 2015, 1% 4/29/16 | 3,300,000 | 3,307,811 | |
Union County Gen. Oblig. BAN 1% 3/30/16 | 2,950,000 | 2,955,014 | |
Univ. of Akron Gen. Receipts Bonds Series 2015 A, 1% 1/1/16 | 1,600,000 | 1,600,000 | |
Vandalia BAN Series 2015, 1.5% 9/8/16 | 4,893,000 | 4,926,379 | |
Willoughby BAN Series 2015, 1.25% 5/27/16 | 5,700,000 | 5,721,222 | |
339,373,904 | |||
Washington - 0.1% | |||
Port of Seattle Rev. Series B1, 0.07% 1/5/16, LOC Bank of America NA, CP (a) | 900,000 | 900,000 | |
West Virginia - 0.1% | |||
Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1996, 0.45% tender 1/27/16, CP mode (a) | 600,000 | 600,000 | |
Grant County Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1986, 0.5% tender 1/19/16, CP mode (a) | 1,000,000 | 1,000,000 | |
1,600,000 | |||
TOTAL OTHER MUNICIPAL DEBT | |||
(Cost $354,173,904) | 354,173,904 | ||
Shares | Value | ||
Investment Company - 2.0% | |||
Fidelity Municipal Cash Central Fund, 0.02% (d)(e) | |||
(Cost $ 25,672,000) | 25,672,000 | 25,672,000 | |
TOTAL INVESTMENT PORTFOLIO - 85.7% | |||
(Cost $1,072,165,862) | 1,072,165,862 | ||
NET OTHER ASSETS (LIABILITIES) - 14.3% | 178,380,436 | ||
NET ASSETS - 100% | $1,250,546,298 |
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)
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.
Legend
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) Provides evidence of ownership in one or more underlying municipal bonds.
(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
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 | $26,315 |
Investment Valuation
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.
Fidelity® Ohio Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
December 31, 2015 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $1,046,493,862) | $1,046,493,862 | |
Fidelity Central Funds (cost $25,672,000) | 25,672,000 | |
Total Investments (cost $1,072,165,862) | $1,072,165,862 | |
Cash | 184,064,772 | |
Receivable for fund shares sold | 23,379,111 | |
Interest receivable | 1,936,969 | |
Distributions receivable from Fidelity Central Funds | 448 | |
Prepaid expenses | 2,574 | |
Other receivables | 1,416 | |
Total assets | 1,281,551,152 | |
Liabilities | ||
Payable for fund shares redeemed | $30,778,814 | |
Distributions payable | 668 | |
Accrued management fee | 128,883 | |
Other affiliated payables | 11,359 | |
Other payables and accrued expenses | 85,130 | |
Total liabilities | 31,004,854 | |
Net Assets | $1,250,546,298 | |
Net Assets consist of: | ||
Paid in capital | $1,250,505,771 | |
Accumulated undistributed net realized gain (loss) on investments | 40,527 | |
Net Assets, for 1,249,949,464 shares outstanding | $1,250,546,298 | |
Net Asset Value, offering price and redemption price per share ($1,250,546,298 ÷ 1,249,949,464 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended December 31, 2015 | ||
Investment Income | ||
Interest | $979,392 | |
Income from Fidelity Central Funds | 26,315 | |
Total income | 1,005,707 | |
Expenses | ||
Management fee | $4,321,235 | |
Transfer agent fees | 1,620,779 | |
Accounting fees and expenses | 132,553 | |
Custodian fees and expenses | 11,502 | |
Independent trustees' compensation | 4,961 | |
Registration fees | 21,683 | |
Audit | 39,070 | |
Legal | 9,041 | |
Miscellaneous | 62,124 | |
Total expenses before reductions | 6,222,948 | |
Expense reductions | (5,345,397) | 877,551 |
Net investment income (loss) | 128,156 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 133,112 | |
Total net realized gain (loss) | 133,112 | |
Net increase in net assets resulting from operations | $261,268 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended December 31, 2015 | Year ended December 31, 2014 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $128,156 | $119,194 |
Net realized gain (loss) | 133,112 | 86,075 |
Net increase in net assets resulting from operations | 261,268 | 205,269 |
Distributions to shareholders from net investment income | (119,843) | (127,774) |
Distributions to shareholders from net realized gain | (34,708) | (76,622) |
Total distributions | (154,551) | (204,396) |
Share transactions at net asset value of $1.00 per share | ||
Proceeds from sales of shares | 2,902,865,221 | 3,063,824,579 |
Reinvestment of distributions | 144,686 | 191,337 |
Cost of shares redeemed | (2,989,505,964) | (3,059,401,718) |
Net increase (decrease) in net assets and shares resulting from share transactions | (86,496,057) | 4,614,198 |
Total increase (decrease) in net assets | (86,389,340) | 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 $0 and distributions in excess of net investment income of $8,172, respectively) | $1,250,546,298 | $1,336,935,638 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Ohio Municipal Money Market Fund
Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | |||||
Net investment income (loss)A | – | – | – | – | – |
Net realized and unrealized gain (loss)A | – | – | – | – | – |
Total from investment operationsA | – | – | – | – | – |
Distributions from net investment incomeA | – | – | – | – | – |
Distributions from net realized gain | –A | –A | – | – | – |
Total distributionsA | – | – | – | – | – |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnB | .01% | .02% | .01% | .01% | .01% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .52% | .51% | .52% | .52% | .52% |
Expenses net of fee waivers, if any | .07% | .08% | .12% | .19% | .24% |
Expenses net of all reductions | .07% | .08% | .12% | .19% | .24% |
Net investment income (loss) | .01% | .01% | .01% | .01% | .01% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $1,250,546 | $1,336,936 | $1,332,321 | $1,342,387 | $1,106,601 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C 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.
D 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.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended December 31, 2015
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 affiliated 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 .005%.
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, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, 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 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 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
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. As of December 31, 2015, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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 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 appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities | |
Fidelity Ohio Municipal Income Fund | $581,560,756 | $36,561,801 | $(179,331) | $36,382,470 |
Fidelity Ohio Municipal Money Market Fund | 1,072,165,862 | – | – | – |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
Undistributed tax-exempt income | Undistributed long-term capital gain | Net unrealized appreciation (depreciation) on securities | |
Fidelity Ohio Municipal Income Fund | $87,491 | $316,016 | $36,382,470 |
Fidelity Ohio Municipal Money Market Fund | 357 | 40,384 | – |
At period end, certain of the Funds were required to defer losses on futures contracts. Loss deferrals were as follows:
Futures contracts | |||
Fidelity Ohio Municipal Income Fund | $80,770 |
The tax character of distributions paid was as follows:
December 31, 2015 | ||||
Tax-Exempt Income | Long-term Capital Gains | Total | ||
Fidelity Ohio Municipal Income Fund | $18,067,795 | $5,977,113 | $24,044,908 | |
Fidelity Ohio Municipal Money Market Fund | 119,843 | 34,708 | 154,551 |
December 31, 2014 | |||||
Tax-Exempt Income | Long-term Capital Gains | Total | |||
Fidelity Ohio Municipal Income Fund | $18,150,443 | $– | $18,150,443 | ||
Fidelity Ohio Municipal Money Market Fund | 127,774 | 76,622 | 204,396 |
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.
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $121,949,798 and $100,074,949, 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 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 annual 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 annual 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.
Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. For the Income Fund, interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
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 | $866 |
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 $5,334,512.
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 expense reduction | |
Fidelity Ohio Municipal Income Fund | $4,056 |
Fidelity Ohio Municipal Money Market Fund | 8,205 |
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses as follows:
Amount | |
Fidelity Ohio Municipal Income Fund | $1,347 |
Fidelity Ohio Municipal Money Market Fund | 2,680 |
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.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Municipal Trust and Fidelity Municipal Trust II and the Shareholders of Fidelity Ohio Municipal Income Fund and Fidelity Ohio Municipal Money Market Fund:
In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Ohio Municipal Income Fund (a fund of Fidelity Municipal Trust) and Fidelity Ohio Municipal Money Market Fund (a fund of Fidelity Municipal Trust II) at December 31, 2015 the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity Ohio Municipal Income Fund's and Fidelity Ohio Municipal Money Market Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 12, 2016
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trusts and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Elizabeth S. Acton, John Engler, and Geoffrey A. von Kuhn, each of the Trustees oversees 236 funds. Ms. Acton and Mr. Engler each oversees 228 funds. Mr. von Kuhn oversees 148 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Trustee of Fidelity Municipal Trust
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trusts or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors/trustees for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Member of the Advisory Board of Fidelity Municipal Trust II
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2015-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Timothy Huyck (1964)
Year of Election or Appointment: 2015
Vice President of Fidelity's Money Market Funds
Mr. Huyck also serves as Vice President of other funds. Mr. Huyck serves as Chief Investment Officer of Fidelity's Money Market Funds (2015-present) and is an employee of Fidelity Investments (1990-present).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John F. Papandrea (1972)
Year of Election or Appointment: 2016
Anti-Money Laundering (AML) Officer
Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2009
Assistant Treasurer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013
Deputy Treasurer
Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).
Christine J. Thompson (1958)
Year of Election or Appointment: 2015
Vice President of Fidelity's Bond Funds
Ms. Thompson also serves as Vice President of other funds. Ms. Thompson also serves as Chief Investment Officer of FMR's Bond Group (2010-present) and is an employee of Fidelity Investments (1985-present). Previously, Ms. Thompson served as Vice President of Fidelity's Bond Funds (2010-2012).
Michael H. Whitaker (1967)
Year of Election or Appointment: 2008
Chief Compliance Officer
Mr. Whitaker also serves as Chief Compliance Officer of other funds. Mr. Whitaker also serves as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2014-present), FMR (investment adviser firm, 2014-present), and Fidelity Investments Money Management, Inc. (investment adviser firm, 2014-present) and is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011
Deputy Treasurer
Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments (1991-present). Previously, Mr. Zambello served as Vice President of the Program Management Group of FMR (investment adviser firm, 2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
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 (July 1, 2015 to December 31, 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.
Annualized Expense Ratio-A | Beginning Account Value July 1, 2015 | Ending Account Value December 31, 2015 | Expenses Paid During Period-B July 1, 2015 to December 31, 2015 | |
Fidelity Ohio Municipal Income Fund | .48% | |||
Actual | $1,000.00 | $1,038.20 | $2.47 | |
Hypothetical-C | $1,000.00 | $1,022.79 | $2.45 | |
Fidelity Ohio Municipal Money Market Fund | .08% | |||
Actual | $1,000.00 | $1,000.10 | $.40 | |
Hypothetical-C | $1,000.00 | $1,024.80 | $.41 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
Fund | Pay Date | Record Date | Dividends | Capital Gains |
Fidelity Ohio Municipal Income Fund | 02/08/16 | 02/05/16 | $0.000 | $0.00800 |
Fidelity Ohio Municipal Money Market Fund | 02/08/16 | 02/05/16 | $0.000 | $0.00004 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended December 31, 2015, or, if subsequently determined to be different, the net capital gain of such year.
Fund | |
Fidelity Ohio Municipal Income Fund | $ 6,372,754 |
Fidelity Ohio Municipal Money Market Fund | $ 122,232 |
During fiscal year ended 2015, 100% of each fund's income dividends were free from federal income tax, and 0.38% and 15.60% of Fidelity Ohio Municipal Income Fund and Fidelity Ohio Municipal Money Market Fund's income dividends, respectively, were subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Ohio Municipal Income Fund / Fidelity Ohio Municipal Money Market Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2015 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with each fund; and (iv) the extent to which (if any) economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds and diversified international funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching active fixed-income exchange-traded funds; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (x) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (xi) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xii) implementing changes to Fidelity's money market product line in response to recent money market regulatory reforms.Investment Performance (for Fidelity Ohio Municipal Income Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods.Investment Performance (for Fidelity Ohio Municipal Money Market Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there was a portfolio management change for the fund in May 2015.The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a peer group of funds with similar objectives ("peer group").In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors.The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods.Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should benefit the shareholders of each fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and considered by the Board.Fidelity Ohio Municipal Income Fund
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img51974957.jpg)
Fidelity Ohio Municipal Money Market Fund
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img51975112.jpg)
Proxy Voting Results
A special meeting of Fidelity® Ohio Municipal Income Fund's shareholders was held on November 18, 2015. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees. | ||
# of Votes | % of Votes | |
Elizabeth S. Acton | ||
Affirmative | 5,161,119,572.85 | 97.256 |
Withheld | 145,658,558.01 | 2.744 |
TOTAL | 5,306,778,130.86 | 100.000 |
John Engler | ||
Affirmative | 5,146,088,620.45 | 96.972 |
Withheld | 160,689,510.41 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Albert R. Gamper, Jr. | ||
Affirmative | 5,139,390,851.27 | 96.846 |
Withheld | 167,387,279.59 | 3.154 |
TOTAL | 5,306,778,130.86 | 100.000 |
Robert F. Gartland | ||
Affirmative | 5,156,371,432.16 | 97.166 |
Withheld | 150,406,698.70 | 2.834 |
TOTAL | 5,306,778,130.86 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 5,146,073,980.40 | 96.972 |
Withheld | 160,704,150.46 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Arthur E. Johnson | ||
Affirmative | 5,154,966,257.69 | 97.140 |
Withheld | 151,811,873.17 | 2.860 |
TOTAL | 5,306,778,130.86 | 100.000 |
Michael E. Kenneally | ||
Affirmative | 5,159,083,013.51 | 97.217 |
Withheld | 147,695,117.35 | 2.783 |
TOTAL | 5,306,778,130.86 | 100.000 |
James H. Keyes | ||
Affirmative | 5,140,479,428.90 | 96.867 |
Withheld | 166,298,701.96 | 3.133 |
TOTAL | 5,306,778,130.86 | 100.000 |
Marie L. Knowles | ||
Affirmative | 5,154,662,494.64 | 97.134 |
Withheld | 152,115,636.22 | 2.866 |
TOTAL | 5,306,778,130.86 | 100.000 |
Geoffrey A. von Kuhn | ||
Affirmative | 5,150,464,060.01 | 97.055 |
Withheld | 156,314,070.85 | 2.945 |
TOTAL | 5,306,778,130.86 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
OFF-ANN-0216
1.540019.118
Fidelity® Conservative Income Municipal Bond Fund Fidelity® Conservative Income Municipal Bond Fund and Annual Report December 31, 2015 |
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Contents
Board Approval of Investment Advisory Contracts and Management Fees | |
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. © 2016 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.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended December 31, 2015 | Past 1 year | Life of classA |
Fidelity® Conservative Income Municipal Bond Fund | 0.32% | 0.41% |
Institutional Class | 0.42% | 0.51% |
A From October 15, 2013
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Conservative Income Municipal Bond Fund, a class of the fund, on October 15, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Barclays® Municipal Bond 1 Year (1-2 Y) Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-16-002583/img47722299_740.jpg)
Period Ending Values | ||
$10,090 | Fidelity® Conservative Income Municipal Bond Fund | |
$10,136 | Barclays® Municipal Bond 1 Year (1-2 Y) Index |
Management's Discussion of Fund Performance
Market Recap: Tax-exempt municipal bonds posted a moderate gain for calendar year 2015, driven by improving credit fundamentals and continued demand for high-quality, tax-exempt income, despite increased supply due to refinancing activity. The Barclays® Municipal Bond Index advanced 3.30%. Performance was strong early in the period, when many issuers exercised a level of fiscal conservatism, limiting supply. The muni market faced a difficult stretch between April and June, when the focus of the market shifted to the budget difficulties of a handful of high-profile issuers, including New Jersey, Illinois and Chicago. A common theme of unfunded pension liabilities for these issuers overshadowed a generally stable credit environment for state and local governments more broadly. But the market recouped those losses over the final months of the period as supply moderated. The tax advantages of munis continued to appeal to investors, in light of higher federal income-tax rates for top earners, as well as the 3.8% Medicare tax on non-municipal investment income that took effect in 2013. At period end, investors continue to watch the flow of U.S. economic data for hints as to whether, when and by how much the U.S. Federal Reserve may raise policy interest rates in 2016, on the heels of its quarter-point rate hike in December.Comments from Portfolio Manager Doug McGinley: For the year, the fund’s share classes performed roughly in line with its Composite Index, an equal weighted blend of the Barclays® Municipal Bond 1 Year (1-2Y) Index and the iMoneyNet℠ All Tax-Free National Retail Money Market Funds Average. I sought to construct a portfolio with a dollar-weighted average maturity of one year or less for conservative income-oriented investors interested in federal tax-exempt income above money market rates, while maintaining an emphasis on capital preservation. Investing outside the benchmark in municipal bonds with maturities of two-to four years was additive. Additionally, the fund’s overweighting in fixed-rate heath care securities was a plus, because they were bolstered by their higher yields. The fund’s larger-than-benchmark exposure to fixed-rate airport securities, as well as variable-rate industrial revenue bonds, also helped. In contrast, the fund was hurt by overweightings in certain floating-rate notes and bonds issued by Illinois, Chicago, and the city’s related entities.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Effective Maturity Diversification as of December 31, 2015
% of fund's investments | % of fund's investments 6 months ago | |
1 - 7 | 41.1 | 37.3 |
8 - 30 | 0.3 | 0.4 |
31 - 60 | 1.3 | 3.7 |
61 - 90 | 0.3 | 1.6 |
91 - 180 | 5.1 | 6.6 |
> 180 | 51.9 | 50.4 |
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.
Top Five States as of December 31, 2015
% of fund's net assets | % of fund's net assets 6 months ago | |
Illinois | 19.4 | 19.2 |
Texas | 13.4 | 14.2 |
North Carolina | 6.3 | 5.2 |
Florida | 5.6 | 6.9 |
Georgia | 5.3 | 1.3 |
Top Five Sectors as of December 31, 2015
% of fund's net assets | % of fund's net assets 6 months ago | |
Industrial Development | 21.9 | 17.8 |
Health Care | 18.7 | 22.2 |
Electric Utilities | 13.4 | 12.9 |
General Obligations | 13.4 | 14.8 |
Synthetics | 9.5 | 7.3 |
Weighted Average Maturity as of December 31, 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 December 31, 2015
6 months ago | ||
Years | 0.7 | 0.9 |
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 December 31, 2015 | ||
AA,A | 55.3% | |
BBB | 4.2% | |
BB and Below | 0.4% | |
Not Rated | 3.2% | |
Short-Term Investments and Net Other Assets | 36.9% |
As of June 30, 2015 | ||
AAA | 1.1% | |
AA,A | 66.0% | |
BBB | 3.5% | |
BB and Below | 0.9% | |
Not Rated | 0.2% | |
Short-Term Investments and Net Other Assets | 28.3% |
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.
Investments December 31, 2015
Showing Percentage of Net Assets
Municipal Bonds - 63.2% | |||
Principal Amount | Value | ||
Alabama - 1.2% | |||
Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds: | |||
(Alabama Pwr. Co. Barry Plant Proj.) Series 2008, 1.625%, tender 10/2/18 (a) | $3,000,000 | $3,010,230 | |
Series 2009 E, 1.65%, tender 3/20/17 (a) | 350,000 | 352,464 | |
Montgomery Med. Clinic Facilities Series 2015, 5% 3/1/18 (b) | 1,000,000 | 1,067,440 | |
TOTAL ALABAMA | 4,430,134 | ||
Arizona - 2.0% | |||
Arizona Board of Regents Arizona State Univ. Rev.: | |||
(Polytechnic Campus Proj.) Series 2008 C, 5.25% 7/1/16 | 85,000 | 87,013 | |
Series 2011, 3% 8/1/17 | 125,000 | 129,081 | |
Series 2013 A, 4% 7/1/16 | 150,000 | 152,619 | |
Series B, 4% 8/1/16 | 150,000 | 152,981 | |
Arizona Ctfs. of Prtn.: | |||
Series 2008 A: | |||
4% 9/1/16 (FSA Insured) | 670,000 | 685,437 | |
4% 9/1/17 (FSA Insured) | 145,000 | 152,430 | |
5% 9/1/16 (FSA Insured) | 225,000 | 231,649 | |
Series 2010 A: | |||
5% 10/1/17 (FSA Insured) | 150,000 | 160,596 | |
5% 10/1/18 (FSA Insured) | 140,000 | 153,598 | |
Series 2013 A, 3% 10/1/17 | 100,000 | 103,626 | |
Series 2013 B, 5% 10/1/16 | 635,000 | 655,968 | |
Arizona Health Facilities Auth. Rev.: | |||
(Scottsdale Lincoln Hospitals Proj.) Series 2014 A, 5% 12/1/17 | 500,000 | 536,415 | |
Series 2007 A, 5% 1/1/17 | 300,000 | 312,381 | |
Series 2008 D, 5% 1/1/17 | 1,125,000 | 1,171,429 | |
5% 1/1/19 (Pre-Refunded to 1/1/17 @ 100) | 175,000 | 182,595 | |
Arizona School Facilities Board Ctfs. of Prtn.: | |||
Series 2008: | |||
4.375% 9/1/16 | 55,000 | 56,401 | |
5.5% 9/1/16 | 120,000 | 123,937 | |
Series 2013 A1, 4% 9/1/16 | 170,000 | 173,951 | |
Series 2013 A2, 5% 9/1/17 | 235,000 | 250,888 | |
Arizona State Lottery Rev. Series 2010 A: | |||
3% 7/1/16 | 175,000 | 177,147 | |
5% 7/1/16 | 125,000 | 127,746 | |
Glendale Gen. Oblig. Series 2015, 4% 7/1/18 (FSA Insured) | 370,000 | 392,581 | |
Maricopa County Indl. Dev. Auth. Health Facilities Rev. (Catholic Healthcare West Proj.) Series 2007 A, 5% 7/1/16 | 320,000 | 326,810 | |
Phoenix Civic Impt. Board Arpt. Rev. Series 2010 A, 5% 7/1/16 | 150,000 | 153,258 | |
Pima County Swr. Sys. Rev. Series 2008, 4% 7/1/16 (Assured Guaranty Corp. Insured) | 150,000 | 152,642 | |
Tucson Gen. Oblig. Series 2005 E, 3.75% 7/1/16 (FGIC Insured) | 55,000 | 55,128 | |
Univ. of Arizona Univ. Revs.: | |||
Series 2008 A, 4% 6/1/16 | 100,000 | 101,488 | |
Series 2011, 5% 8/1/16 | 250,000 | 256,535 | |
TOTAL ARIZONA | 7,216,330 | ||
California - 1.0% | |||
California Health Facilities Fing. Auth. Rev.: | |||
Series 2011 A, 5% 3/1/16 | 350,000 | 352,405 | |
4% 3/1/17 | 500,000 | 518,085 | |
California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. Bonds: | |||
Series 2006 A, 1.375%, tender 4/2/18 (a) | 825,000 | 829,818 | |
Series 2006 C, 4.25%, tender 11/1/16 (FGIC Insured) (a) | 1,390,000 | 1,429,073 | |
California Statewide Cmntys. Dev. Auth. Rev.: | |||
Series 2007 F, 5.25% 7/1/16 (FSA Insured) | 100,000 | 102,353 | |
Series 2015 A, 3% 3/1/18 | 500,000 | 518,630 | |
TOTAL CALIFORNIA | 3,750,364 | ||
Colorado - 1.8% | |||
Colorado Health Facilities Auth. Rev.: | |||
(Parkview Med. Ctr., Inc. Proj.) Series 2012, 4% 9/1/16 | 735,000 | 749,450 | |
Series 2008 D1, 5% 10/1/16 | 75,000 | 77,357 | |
Series 2009 A, 5% 7/1/16 | 575,000 | 587,236 | |
Series 2011 A: | |||
4% 2/1/16 | 450,000 | 451,193 | |
5% 2/1/16 | 690,000 | 692,332 | |
5% 2/1/17 | 175,000 | 182,772 | |
5% 2/1/18 | 95,000 | 102,580 | |
5.125% 10/1/17 | 50,000 | 53,514 | |
5.125% 11/15/17 (Pre-Refunded to 11/15/16 @ 100) | 390,000 | 405,464 | |
5.125%, tender 11/15/16 (a) | 275,000 | 285,904 | |
Colorado Reg'l. Trans. District Ctfs. of Prtn. Series 2015 A, 5% 6/1/19 | 2,000,000 | 2,236,300 | |
Denver City & County Arpt. Rev.: | |||
Series 2011 A, 4% 11/15/17 (c) | 50,000 | 52,660 | |
Series 2011 B, 5% 11/15/16 (c) | 250,000 | 259,423 | |
Series 2012 A, 4% 11/15/17 (c) | 75,000 | 78,989 | |
Series 2012 B, 5% 11/15/16 | 350,000 | 363,346 | |
TOTAL COLORADO | 6,578,520 | ||
Connecticut - 2.5% | |||
Connecticut Gen. Oblig.: | |||
Series 2006 E, 5% 12/15/18 | 100,000 | 104,135 | |
Series 2012 D: | |||
0.53% 9/15/17 (a) | 2,000,000 | 1,991,060 | |
0.78% 9/15/18 (a) | 1,945,000 | 1,940,332 | |
0.93% 9/15/19 (a) | 2,045,000 | 2,041,258 | |
Series 2013 A, 0.56% 3/1/19 (a) | 175,000 | 173,504 | |
Series 2014 C, 5% 6/15/17 | 185,000 | 196,307 | |
Series 2014 H, 5% 11/15/18 | 150,000 | 166,640 | |
Connecticut Health & Edl. Facilities Auth. Rev.: | |||
Bonds: | |||
(Ascension Health Cr. Group Proj.) Series 1998 B, 1.55%, tender 2/1/17 (a) | 505,000 | 508,646 | |
Series 2010 A2, 1.2%, tender 2/1/19 (a) | 100,000 | 99,700 | |
Series 2011 N, 4% 7/1/16 | 535,000 | 543,367 | |
Series 2012 D, 5% 7/1/18 | 225,000 | 243,745 | |
Series A: | |||
4% 7/1/16 | 280,000 | 284,642 | |
4% 7/1/17 | 200,000 | 208,828 | |
Series N: | |||
4% 7/1/17 | 90,000 | 93,973 | |
5% 7/1/17 | 225,000 | 238,244 | |
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2004 B, 5.25% 7/1/16 | 195,000 | 199,618 | |
New Haven Gen. Oblig. Series 2013 B, 3% 9/1/16 (FSA Insured) | 200,000 | 202,870 | |
TOTAL CONNECTICUT | 9,236,869 | ||
District Of Columbia - 0.3% | |||
District of Columbia Ctfs. of Prtn. 5.25% 1/1/17 (Pre-Refunded to 1/1/16 @ 100) | 165,000 | 165,000 | |
District of Columbia Rev. (Hsg. Production Trust Fund-New Cmntys. Proj.) Series 2007 A, 5% 6/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 250,000 | 254,550 | |
Metropolitan Washington DC Arpts. Auth. Sys. Rev.: | |||
Series 2010 B, 5% 10/1/16 (c) | 410,000 | 422,854 | |
Series 2012 A, 5% 10/1/18 (c) | 200,000 | 219,938 | |
TOTAL DISTRICT OF COLUMBIA | 1,062,342 | ||
Florida - 5.6% | |||
Broward County Arpt. Sys. Rev. 5% 10/1/16 | 315,000 | 325,401 | |
Broward County Port Facilities Rev. Series 2011 B, 5% 9/1/18 (c) | 250,000 | 273,215 | |
Broward County School Board Ctfs. of Prtn.: | |||
Series 2004 A, 5.25% 7/1/16 (AMBAC Insured) | 260,000 | 266,001 | |
Series 2006 A, 4.25% 7/1/16 (FSA Insured) | 60,000 | 61,094 | |
Series 2008 A, 5% 7/1/16 (FSA Insured) | 75,000 | 76,640 | |
Citizens Property Ins. Corp.: | |||
Series 2007 A: | |||
5% 3/1/16 (Escrowed to Maturity) | 220,000 | 221,604 | |
5% 3/1/17 (Escrowed to Maturity) | 400,000 | 420,280 | |
Series 2009 A1: | |||
5.375% 6/1/16 | 415,000 | 423,130 | |
5.5% 6/1/16 (Assured Guaranty Corp. Insured) | 810,000 | 826,273 | |
5.5% 6/1/17 | 1,455,000 | 1,547,232 | |
6% 6/1/16 | 1,165,000 | 1,190,747 | |
Series 2010 A1: | |||
4% 6/1/17 (FSA Insured) | 555,000 | 578,610 | |
4.25% 6/1/17 | 1,055,000 | 1,103,541 | |
5% 6/1/16 | 1,130,000 | 1,150,430 | |
5% 6/1/16 (FSA Insured) | 100,000 | 101,808 | |
5% 6/1/17 (FSA Insured) | 480,000 | 507,091 | |
5.25% 6/1/17 | 1,375,000 | 1,457,376 | |
Series 2011 A1: | |||
5% 6/1/16 | 200,000 | 203,616 | |
5% 6/1/18 | 530,000 | 576,237 | |
Series 2012 A1: | |||
5% 6/1/16 | 525,000 | 534,492 | |
5% 6/1/17 | 280,000 | 295,803 | |
Series 2015 A2, 0.86% 6/1/18 (a) | 1,000,000 | 995,020 | |
5.25% 6/1/17 (FSA Insured) | 410,000 | 434,563 | |
Florida Board of Ed. Lottery Rev.: | |||
Series 2006 B, 5% 7/1/16 | 485,000 | 495,917 | |
Series 2010 D, 5% 7/1/16 | 165,000 | 168,714 | |
Florida Higher Edl. Facilities Fing. Auth. (Rollins College Proj.) Series 2012 A, 4% 12/1/16 | 185,000 | 190,483 | |
Florida Mid-Bay Bridge Auth. Rev. Series 2015 C: | |||
5% 10/1/17 | 250,000 | 264,225 | |
5% 10/1/18 | 275,000 | 296,775 | |
Florida Muni. Pwr. Agcy. Rev.: | |||
(All-Requirements Pwr. Supply Proj.) Series 2015 B, 5% 10/1/17 | 500,000 | 534,420 | |
(Stanton Proj.) Series 2008, 5% 10/1/16 | 100,000 | 103,241 | |
Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | |||
Series 2008 A, 5.25% 10/1/17 (FSA Insured) (c) | 250,000 | 267,788 | |
Series 2010 A, 4% 10/1/16 | 200,000 | 205,046 | |
Series 2010 B, 4.25% 10/1/18 (c) | 150,000 | 161,517 | |
6% 10/1/17 (c) | 60,000 | 65,041 | |
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) | 305,000 | 310,819 | |
Series 2014 A: | |||
4% 6/1/18 (FSA Insured) | 95,000 | 101,421 | |
5% 6/1/17 (FSA Insured) | 140,000 | 147,942 | |
Lee County Arpt. Rev. Series 2010 A, 5% 10/1/17 (FSA Insured) (c) | 100,000 | 106,526 | |
Miami-Dade County Aviation Rev.: | |||
Series 2008 E, 5.375% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 115,000 | 123,554 | |
Series 2010 B, 5% 10/1/17 | 205,000 | 218,928 | |
Miami-Dade County Expressway Auth.: | |||
Series 2013 A: | |||
4% 7/1/16 | 500,000 | 508,165 | |
5% 7/1/17 | 100,000 | 105,978 | |
Series 2014 B: | |||
5% 7/1/17 | 330,000 | 349,727 | |
5% 7/1/18 | 525,000 | 575,621 | |
Miami-Dade County School Board Ctfs. of Prtn.: | |||
Series 2008 B, 5% 5/1/17 | 275,000 | 289,977 | |
Series A, 5% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 250,000 | 263,615 | |
Series B, 5% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 600,000 | 632,676 | |
Reedy Creek Impt. District Utils. Rev. Series 2013 1, 5% 10/1/17 | 100,000 | 106,974 | |
Tampa Health Sys. Rev. (Baycare Health Sys. Proj.) Series 2010, 5% 11/15/17 | 95,000 | 102,124 | |
TOTAL FLORIDA | 20,267,418 | ||
Georgia - 1.1% | |||
Atlanta Arpt. Rev.: | |||
Series 2011 A, 5% 1/1/17 | 300,000 | 312,897 | |
Series 2012 A, 4% 1/1/16 | 150,000 | 150,017 | |
Series 2012 C: | |||
5% 1/1/16 (c) | 100,000 | 100,014 | |
5% 1/1/17 (c) | 100,000 | 104,198 | |
Series 2014 C, 5% 1/1/18 (c) | 150,000 | 161,246 | |
5% 1/1/16 | 190,000 | 190,027 | |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds 1.375%, tender 4/4/17 (a) | 925,000 | 927,562 | |
Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
(Gen. Resolutions Proj.) Series 2011 B. 4% 1/1/16 | 100,000 | 100,011 | |
(Proj. One): | |||
Series 2008 A, 5.25% 1/1/18 | 40,000 | 43,302 | |
Series 2008 D, 5.75% 1/1/19 | 170,000 | 189,200 | |
Series B: | |||
5% 1/1/17 | 100,000 | 104,259 | |
6.25% 1/1/17 | 445,000 | 469,408 | |
6.375% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 745,000 | 745,127 | |
4.25% 1/1/18 | 100,000 | 106,294 | |
5% 11/1/17 | 80,000 | 85,920 | |
6.25% 1/1/17 | 115,000 | 121,308 | |
TOTAL GEORGIA | 3,910,790 | ||
Hawaii - 0.2% | |||
Hawaii Arpts. Sys. Rev. Series 2010 B, 5% 7/1/18 (c) | 155,000 | 169,105 | |
Hawaii Gen. Oblig. Series 2009 DR, 4% 6/1/16 | 100,000 | 101,484 | |
State of Hawaii Dept. of Trans. Series 2013, 3% 8/1/16 (c) | 380,000 | 384,913 | |
TOTAL HAWAII | 655,502 | ||
Illinois - 10.7% | |||
Chicago Gen. Oblig.: | |||
(City Colleges Proj.) Series 1999, 0% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 200,000 | 199,986 | |
Series 2007 A, 5% 12/1/16 | 100,000 | 101,981 | |
Series 2008 A, 5% 1/1/18 | 75,000 | 77,827 | |
Series 2009 A, 4% 1/1/18 | 100,000 | 101,856 | |
4% 1/1/16 | 100,000 | 100,007 | |
5% 1/1/18 | 205,000 | 212,726 | |
Chicago Midway Arpt. Rev. Series 2004 A, 4.5% 1/1/18 (AMBAC Finl. Group, Inc. Insured) (c) | 50,000 | 50,125 | |
Chicago O'Hare Int'l. Arpt. Rev.: | |||
Series 2005 A, 5% 1/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 355,000 | 355,000 | |
Series 2005 B: | |||
5.25% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 365,000 | 365,051 | |
5.25% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 340,000 | 367,713 | |
Series 2010 A: | |||
5% 1/1/16 | 450,000 | 450,059 | |
5% 1/1/17 | 220,000 | 229,214 | |
Series 2010 E, 4.5% 1/1/16 (c) | 400,000 | 400,048 | |
Series 2011 B: | |||
4% 1/1/17 | 100,000 | 103,207 | |
5% 1/1/16 | 325,000 | 325,042 | |
5% 1/1/17 (c) | 135,000 | 140,449 | |
5% 1/1/17 | 360,000 | 375,077 | |
5% 1/1/18 (c) | 60,000 | 64,118 | |
Series B, 5% 1/1/18 (FSA Insured) | 150,000 | 156,206 | |
Chicago Park District Gen. Oblig.: | |||
Series 2006 D, 5% 1/1/16 | 200,000 | 200,022 | |
Series 2008 H, 5% 1/1/17 | 250,000 | 258,283 | |
Series 2011 D: | |||
4% 1/1/18 | 120,000 | 125,368 | |
5% 1/1/16 | 425,000 | 425,047 | |
5% 1/1/17 | 200,000 | 206,626 | |
Series 2013 A, 4% 1/1/16 | 275,000 | 275,025 | |
Series 2014 D, 4% 1/1/18 | 500,000 | 522,365 | |
5% 1/1/17 | 300,000 | 309,939 | |
Chicago Wastewtr. Transmission Rev.: | |||
Series 2004 B, 5.25% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 470,000 | 470,061 | |
Series 2006 A, 4% 1/1/17 | 100,000 | 102,448 | |
Series 2006 B, 5% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 145,000 | 149,963 | |
Series 2008 C, 4% 1/1/17 | 1,250,000 | 1,279,850 | |
Series 2010 A: | |||
3% 1/1/18 | 60,000 | 61,517 | |
4% 1/1/16 | 1,305,000 | 1,305,117 | |
Series 2012, 3% 1/1/16 | 850,000 | 850,060 | |
Chicago Wtr. Rev.: | |||
Series 2006 A, 5% 11/1/16 (AMBAC Insured) | 635,000 | 654,075 | |
Series 2012: | |||
4% 11/1/16 | 255,000 | 260,590 | |
5% 11/1/16 | 275,000 | 283,261 | |
5% 11/1/17 (FSA Insured) | 230,000 | 245,162 | |
Cook County Gen. Oblig.: | |||
Series 2009 A, 4% 11/15/16 | 685,000 | 701,735 | |
Series 2014 A: | |||
5% 11/15/16 | 60,000 | 61,977 | |
5% 11/15/17 | 450,000 | 476,955 | |
5% 11/15/18 | 200,000 | 215,310 | |
Series B, 5% 11/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 710,000 | 752,529 | |
Illinois Edl. Facilities Auth. Rev. Bonds (Univ. of Chicago Proj.) Series B1, 1.1%, tender 2/15/18 (a) | 1,745,000 | 1,740,428 | |
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) (a) | 715,000 | 725,503 | |
Illinois Fin. Auth. Rev.: | |||
(The Carle Foundation Proj.) Series 2009 A, 5.5% 2/15/16 (Assured Guaranty Corp. Insured) | 1,050,000 | 1,055,618 | |
Bonds Series E, 5%, tender 5/1/17 (a) | 675,000 | 711,207 | |
Series 2008 A, 4.375% 7/1/17 | 250,000 | 261,845 | |
Series 2008 B, 5.5% 8/15/19 | 250,000 | 276,430 | |
Series 2008 D, 5.5% 11/1/18 | 265,000 | 288,672 | |
Series 2009 A, 5% 8/15/16 | 110,000 | 112,955 | |
Series 2009 B, 4.25% 7/1/16 | 350,000 | 356,381 | |
Series 2010 A, 5.5% 5/1/17 | 100,000 | 105,475 | |
Series 2010: | |||
5% 8/15/16 | 800,000 | 816,880 | |
5% 2/15/17 | 70,000 | 72,998 | |
Series 2012 A: | |||
4% 5/15/16 | 265,000 | 268,191 | |
5% 8/15/16 | 100,000 | 102,667 | |
5% 5/15/17 | 105,000 | 110,373 | |
5% 5/15/18 | 105,000 | 113,507 | |
Series 2015 A: | |||
5% 11/15/16 | 1,000,000 | 1,035,760 | |
5% 11/15/17 | 125,000 | 133,583 | |
5% 11/15/18 | 250,000 | 274,315 | |
5% 4/1/16 | 565,000 | 571,108 | |
5% 8/15/17 | 225,000 | 238,948 | |
Illinois Gen. Oblig.: | |||
Series 2004 A, 5% 3/1/17 | 75,000 | 75,235 | |
Series 2004, 5% 11/1/17 (AMBAC Insured) | 2,000,000 | 2,022,080 | |
Series 2006: | |||
5% 1/1/17 | 100,000 | 100,294 | |
5% 1/1/18 | 250,000 | 250,485 | |
Series 2007 A, 5% 6/1/18 (FSA Insured) | 435,000 | 455,119 | |
Series 2007 B: | |||
5% 1/1/17 | 250,000 | 258,683 | |
5.25% 1/1/18 | 365,000 | 385,714 | |
Series 2010: | |||
5% 1/1/16 | 605,000 | 605,073 | |
5% 1/1/17 | 500,000 | 517,365 | |
Series 2012, 5% 3/1/16 | 105,000 | 105,664 | |
Series 2013, 4% 7/1/16 | 500,000 | 507,355 | |
Series 2014: | |||
3% 2/1/16 | 415,000 | 415,710 | |
3% 2/1/17 | 350,000 | 355,845 | |
4% 2/1/18 | 300,000 | 310,062 | |
5% 8/1/16 | 255,000 | 260,804 | |
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2007 A: | |||
5.25% 2/1/16 (FGIC Insured) | 1,010,000 | 1,013,666 | |
5.25% 2/1/17 (FGIC Insured) | 705,000 | 737,176 | |
Illinois Sales Tax Rev. Series 2013, 5% 6/15/17 | 75,000 | 79,205 | |
Illinois Unemployment Ins. Fund Bldg. Receipts: | |||
Series 2012 A: | |||
5% 6/15/16 | 575,000 | 586,839 | |
5% 12/15/16 | 200,000 | 208,348 | |
Series 2012 B, 5% 6/15/18 | 670,000 | 696,793 | |
Metropolitan Pier & Exposition: | |||
(McCormick Place Expansion Proj.) Series 1996 A: | |||
0% 12/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 65,000 | 64,122 | |
0% 12/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 75,000 | 72,380 | |
0% 6/15/16 | 130,000 | 129,258 | |
0% 6/15/16 (Escrowed to Maturity) | 20,000 | 19,957 | |
0% 6/15/17 | 45,000 | 43,802 | |
0% 6/15/17 (Escrowed to Maturity) | 10,000 | 9,874 | |
0% 6/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 105,000 | 99,827 | |
Quincy Hosp. Rev. Series 2007, 5% 11/15/16 | 115,000 | 119,011 | |
Railsplitter Tobacco Settlement Auth. Rev. Series 2010: | |||
5% 6/1/16 | 1,150,000 | 1,169,424 | |
5% 6/1/17 | 625,000 | 657,750 | |
5% 6/1/18 | 1,240,000 | 1,339,274 | |
Univ. of Illinois Board of Trustees Ctfs. of Prtn.: | |||
Series 2008 A, 5% 10/1/16 (Escrowed to Maturity) | 5,000 | 5,169 | |
Series 2014 A, 5% 10/1/18 | 500,000 | 546,165 | |
5% 10/1/16 (FSA Insured) | 130,000 | 134,144 | |
Univ. of Illinois Rev.: | |||
Series 2001 A, 5.5% 4/1/16 (AMBAC Insured) | 65,000 | 65,783 | |
Series 2006: | |||
5% 4/1/16 | 250,000 | 252,715 | |
5% 4/1/17 (Nat'l. Reinsurance Co. Insured) | 425,000 | 429,484 | |
TOTAL ILLINOIS | 38,847,475 | ||
Indiana - 2.1% | |||
Indiana Fin. Auth. Health Sys. Rev. Series 2008 C, 5.5% 11/1/17 | 125,000 | 135,210 | |
Indiana Fin. Auth. Hosp. Rev.: | |||
Series 2011 N: | |||
5% 3/1/16 | 200,000 | 201,476 | |
5% 3/1/17 | 325,000 | 340,668 | |
Series 2013 A, 5% 8/15/16 | 100,000 | 102,530 | |
Series 2014 A, 3% 12/1/16 | 175,000 | 178,743 | |
Indiana Fin. Auth. Rev. (l-69 Section 5 Proj.) Series 2014, 4% 3/1/17 (c) | 800,000 | 819,536 | |
Indiana Fin. Auth. Wastewtr. Util. Rev. (CWA Auth. Proj.): | |||
Series 2011 B, 5% 10/1/16 | 225,000 | 232,191 | |
Series 2012 A: | |||
4% 10/1/16 | 980,000 | 1,004,137 | |
5% 10/1/18 | 200,000 | 220,166 | |
Series 2014 A, 4% 10/1/16 | 150,000 | 153,695 | |
Indiana Health & Edl. Facilities Fing. Auth. Hosp. Rev. Series 2006 B, 5% 2/15/17 | 350,000 | 351,701 | |
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds: | |||
(Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (a) | 350,000 | 359,769 | |
Series 2006 B8, 4.1%, tender 11/3/16 (a) | 2,180,000 | 2,240,844 | |
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 2001 A2, 1.6%, tender 2/1/17 (a) | 195,000 | 196,554 | |
Indianapolis Gas Util. Sys. Rev. 3.5% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 175,000 | 181,253 | |
Indianapolis Local Pub. Impt. Bond Bank (Indianapolis Arpt. Auth. Proj.) Series 2006 F, 5% 1/1/17 (AMBAC Insured) (c) | 150,000 | 153,050 | |
Indianapolis Thermal Energy Sys. Series 2010 B, 5% 10/1/17 | 655,000 | 699,972 | |
TOTAL INDIANA | 7,571,495 | ||
Kansas - 0.3% | |||
Kansas Dev. Fin. Auth. Health Facilities Rev. (Hays Med. Ctr. Proj.) Series 2005 L, 5.25% 11/15/16 | 955,000 | 958,132 | |
Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev.: | |||
Series 2012 A, 4% 9/1/17 | 175,000 | 183,346 | |
Series 2014 A, 4% 9/1/16 | 100,000 | 102,085 | |
TOTAL KANSAS | 1,243,563 | ||
Kentucky - 0.7% | |||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev.: | |||
(Baptist Healthcare Sys. Proj.) Series A, 5% 8/15/17 | 450,000 | 477,896 | |
(Saint Elizabeth Med. Ctr., Inc. Proj.) Series 2009 A, 5% 5/1/16 | 700,000 | 709,534 | |
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.): | |||
Series 2001 B, 1.35%, tender 5/1/18 (a)(c) | 500,000 | 497,955 | |
Series 2003 A, 1.65%, tender 4/3/17 (a) | 860,000 | 865,280 | |
Series 2007 B, 1.15%, tender 6/1/17 (a) | 100,000 | 99,944 | |
TOTAL KENTUCKY | 2,650,609 | ||
Louisiana - 0.8% | |||
Louisiana Citizens Property Ins. Corp. Assessment Rev. Series 2015: | |||
5% 6/1/17 | 1,250,000 | 1,319,650 | |
5% 6/1/18 | 1,000,000 | 1,088,480 | |
Louisiana Pub. Facilities Auth. Hosp. Rev. (Franciscan Missionaries of Our Lady Health Sys. Proj.) Series 1998 B, 5% 7/1/16 | 140,000 | 143,006 | |
Louisiana Pub. Facilities Auth. Rev.: | |||
Series 2009 A, 5% 7/1/17 | 275,000 | 290,766 | |
Series 2015, 5% 7/1/18 | 100,000 | 108,740 | |
TOTAL LOUISIANA | 2,950,642 | ||
Maryland - 0.1% | |||
Maryland Health & Higher Edl. Facilities Auth. Rev. Series 2013 A, 3% 8/15/16 | 335,000 | 339,791 | |
Massachusetts - 4.1% | |||
Berkshire Wind Pwr. Coop. Corp. (Wind Proj.) Series 1, 5% 7/1/16 | 420,000 | 428,875 | |
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Series 2010 B, 5% 1/1/18 | 100,000 | 107,847 | |
Massachusetts Dev. Fin. Agcy. Rev.: | |||
Bonds: | |||
(Partners HealthCare Sys. Proj.) Series K4, 5%, tender 1/14/16 (a) | 400,000 | 400,428 | |
0.56%, tender 1/30/18 (a) | 7,530,000 | 7,514,262 | |
Series 2012 L, 5% 7/1/17 | 165,000 | 174,989 | |
Series 2013 F, 4% 7/1/18 | 405,000 | 428,190 | |
Series N, 5% 10/1/16 | 100,000 | 103,249 | |
Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2002, 1.6%, tender 5/1/17 (a)(c) | 150,000 | 150,527 | |
Massachusetts Gen. Oblig.: | |||
Series 2004 B, 5.25% 8/1/16 | 100,000 | 102,773 | |
Series 2007 A, 0.68% 11/1/18 (a) | 625,000 | 625,244 | |
Series 2012 D, 0.44% 1/1/18 (a) | 1,500,000 | 1,501,035 | |
Massachusetts Health & Edl. Facilities Auth. Rev.: | |||
(Partners HealthCare Sys., Inc. Proj.) Series 2007 G, 5% 7/1/18 | 100,000 | 106,500 | |
Series 2004 D, 5% 11/15/16 | 275,000 | 285,535 | |
Series 2008 E2, 5% 7/1/17 | 120,000 | 127,210 | |
Series 2009 D, 5% 7/1/16 | 520,000 | 531,190 | |
Series 2010 H, 5% 7/1/16 | 125,000 | 127,566 | |
Series D, 4.5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 430,000 | 452,670 | |
Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev.: | |||
(Nuclear Proj. 4) Series 2011, 5% 7/1/16 | 150,000 | 153,318 | |
(Pwr. Supply Proj. 6) 4% 7/1/16 | 300,000 | 305,181 | |
Series 2011, 5% 7/1/16 | 710,000 | 725,705 | |
4% 7/1/16 | 200,000 | 203,454 | |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | |||
Series 2009 A, 4% 5/15/16 | 175,000 | 177,342 | |
Series 2013 A, 4% 5/15/16 | 175,000 | 177,342 | |
TOTAL MASSACHUSETTS | 14,910,432 | ||
Michigan - 4.3% | |||
Forest Hills Pub. Schools 4% 5/1/17 | 580,000 | 603,449 | |
Grand Valley Michigan State Univ. Rev. Series 2015 C, 5% 2/1/16 | 150,000 | 150,522 | |
Lake Orion Cmnty. School District 5% 5/1/19 (b) | 900,000 | 1,004,310 | |
Lenawee Co. Hosp. Fin. Auth. Hosp. Rev. Series 2011 E, 3% 11/15/17 | 240,000 | 248,770 | |
Michigan Fin. Auth. Rev.: | |||
Bonds Series 2015 D1, 0.888%, tender 10/15/18 (a) | 1,955,000 | 1,954,805 | |
Series 2010 A: | |||
5% 12/1/16 | 440,000 | 457,362 | |
5% 12/1/18 | 325,000 | 358,946 | |
Series 2012, 4% 11/15/17 | 280,000 | 295,159 | |
Series 2014, 4% 6/1/18 | 300,000 | 319,023 | |
Michigan Hosp. Fin. Auth. Rev.: | |||
(Henry Ford Health Sys. Proj.) Series 2006 A, 5% 11/15/17 | 500,000 | 518,360 | |
Bonds: | |||
(Ascension Health Cr. Group Proj.) 1.5%, tender 3/15/17 (a) | 1,005,000 | 1,012,849 | |
Series 2010 F1, 2%, tender 5/30/18 (a) | 650,000 | 662,415 | |
Series 2010 F2, 1.5%, tender 3/1/17 (a) | 1,010,000 | 1,017,626 | |
Series 2010 F3, 1.4%, tender 6/29/18 (a) | 2,025,000 | 2,034,376 | |
Series 2008 A, 5.25% 5/15/17 (Escrowed to Maturity) | 250,000 | 265,068 | |
Series 2012 A, 5% 6/1/17 | 100,000 | 105,673 | |
Michigan State Univ. Revs. Series 2007 A, 5% 2/15/16 (AMBAC Insured) | 150,000 | 150,815 | |
Oakland Univ. Rev.: | |||
Series 2012: | |||
3% 3/1/16 | 265,000 | 266,113 | |
4% 3/1/17 | 405,000 | 419,932 | |
4% 3/1/18 | 130,000 | 137,797 | |
Series 2013 A, 4% 3/1/18 | 400,000 | 423,992 | |
Roseville Cmnty. Schools Series 2014, 5% 5/1/18 | 410,000 | 446,215 | |
Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D: | |||
5% 9/1/17 | 345,000 | 367,442 | |
5% 9/1/18 | 230,000 | 251,231 | |
South Lyon Cmnty. Schools Series 2016, 4% 5/1/18 (b) | 1,000,000 | 1,062,270 | |
Wayne-Westland Cmnty. Schools Series 2014, 5% 5/1/18 | 330,000 | 357,565 | |
Western Michigan Univ. Rev.: | |||
Series 2013, 4% 11/15/16 | 100,000 | 102,897 | |
Series 2014, 5% 11/15/17 | 100,000 | 107,441 | |
Zeeland Pub. Schools: | |||
4% 5/1/18 | 360,000 | 381,708 | |
4% 5/1/18 (FSA Insured) | 290,000 | 307,487 | |
TOTAL MICHIGAN | 15,791,618 | ||
Minnesota - 0.8% | |||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | |||
Series 2011 A, 5% 1/1/16 | 210,000 | 210,027 | |
Series 2014 B, 5% 1/1/18 (c) | 600,000 | 643,878 | |
Northern Muni. Pwr. Agcy. Elec. Sys. Rev. Series 2008 A, 5% 1/1/19 (Assured Guaranty Corp. Insured) | 150,000 | 161,646 | |
Shakopee Health Care Facilities Rev. Series 2014: | |||
4% 9/1/16 | 295,000 | 301,484 | |
5% 9/1/17 | 450,000 | 480,195 | |
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev.: | |||
Series 2002 A: | |||
5.25% 1/1/16 | 495,000 | 495,069 | |
5.25% 1/1/17 | 180,000 | 188,125 | |
Series 2009 A, 5% 1/1/16 | 200,000 | 200,026 | |
0% 1/1/18 (AMBAC Insured) | 205,000 | 200,582 | |
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev. Series 2006 A, 5% 1/1/17 (FSA Insured) | 135,000 | 140,750 | |
TOTAL MINNESOTA | 3,021,782 | ||
Mississippi - 0.5% | |||
Mississippi Gen. Oblig. (Cap. Impts. Proj.) Series 2012 D, 0.54% 9/1/17 (a) | 1,880,000 | 1,880,376 | |
Missouri - 0.3% | |||
Saint Louis Arpt. Rev. Series 2007 B, 5% 7/1/16 (FSA Insured) (c) | 1,000,000 | 1,021,230 | |
Nebraska - 0.3% | |||
Nebraska Pub. Pwr. District Rev.: | |||
Series 2005 C, 5% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 200,000 | 200,026 | |
Series 2010 C, 5% 1/1/17 | 120,000 | 125,050 | |
Series 2011 A, 3% 1/1/16 | 100,000 | 100,008 | |
Series 2012 B, 3% 1/1/16 | 100,000 | 100,008 | |
Series 2014, 4% 1/1/17 | 125,000 | 129,034 | |
Series B, 5% 1/1/16 (FSA Insured) | 150,000 | 150,020 | |
Omaha Pub. Pwr. District Elec. Rev.: | |||
Series 2007 A, 4% 2/1/18 (Pre-Refunded to 2/1/17 @ 100) | 90,000 | 93,277 | |
Series 2011 A, 5% 2/1/16 | 125,000 | 125,453 | |
TOTAL NEBRASKA | 1,022,876 | ||
Nevada - 1.7% | |||
Clark County Arpt. Rev.: | |||
Series 2015 B, 5% 7/1/17 (c) | 1,000,000 | 1,057,480 | |
5% 7/1/17 (AMBAC Insured) (c) | 120,000 | 126,898 | |
Clark County Fuel Tax Series 2009 A, 3% 12/1/16 | 75,000 | 76,652 | |
Clark County School District: | |||
Series 2006 B, 4.5% 6/15/16 (AMBAC Insured) | 205,000 | 208,686 | |
Series 2006 C, 5% 6/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 235,000 | 239,745 | |
Series 2007 A: | |||
4.5% 6/15/17 (FGIC Insured) | 555,000 | 584,293 | |
4.5% 6/15/19 | 330,000 | 355,846 | |
Series 2007 B, 5% 6/15/19 | 100,000 | 107,511 | |
Series 2007 C: | |||
5% 6/15/16 | 720,000 | 734,537 | |
5% 6/15/18 | 300,000 | 322,716 | |
Series 2008 A: | |||
5% 6/15/17 | 170,000 | 180,188 | |
5% 6/15/19 | 110,000 | 120,335 | |
Series 2011 B, 5% 6/15/16 | 300,000 | 306,057 | |
Series 2012 A, 5% 6/15/18 | 250,000 | 273,298 | |
Series 2013 B, 5% 6/15/17 | 380,000 | 402,773 | |
Series 2014 A, 5.5% 6/15/17 | 150,000 | 160,062 | |
Series 2014 B, 5.5% 6/15/17 | 175,000 | 186,739 | |
Series 2015 A, 5% 6/15/16 | 200,000 | 204,038 | |
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig.: | |||
Series 2010 B, 4% 3/1/17 | 55,000 | 57,086 | |
Series 2012 B, 5% 6/1/18 | 70,000 | 76,595 | |
Nevada Lease Rev. Ctfs. Prtn. (Bldg. 1 Proj.) Series 2013, 5% 4/1/17 | 350,000 | 367,997 | |
TOTAL NEVADA | 6,149,532 | ||
New Hampshire - 0.3% | |||
New Hampshire Health & Ed. Facilities Auth. Rev. Series 2012, 4% 7/1/16 | 1,195,000 | 1,210,762 | |
New Jersey - 4.0% | |||
Hoboken Gen. Oblig. 3% 1/1/16 | 120,000 | 120,010 | |
New Brunswick Hsg. Auth. Rev. (Rutgers Univ. Easton Avenue Proj.) Series 2011: | |||
5% 7/1/16 | 200,000 | 204,444 | |
5% 7/1/17 | 100,000 | 106,192 | |
New Jersey Bldg. Auth. State Bldg. Rev. Series 2007 B, 5% 6/15/17 | 100,000 | 104,416 | |
New Jersey Ctfs. of Prtn. Series 2009 A, 5% 6/15/16 | 240,000 | 244,553 | |
New Jersey Econ. Dev. Auth. Rev.: | |||
(N.J. Transit Corp. Ligit Rail Transit Sys. Proj.) Series 2008 A, 5% 5/1/17 | 100,000 | 104,192 | |
Series 2008, 5% 3/1/17 | 180,000 | 186,559 | |
Series 2011 EE: | |||
5% 9/1/16 (Escrowed to Maturity) | 400,000 | 411,876 | |
5% 9/1/18 | 45,000 | 47,905 | |
5% 9/1/18 (Escrowed to Maturity) | 120,000 | 132,500 | |
Series 2012, 5% 6/15/17 | 500,000 | 520,985 | |
Series 2015 XX, 5% 6/15/19 | 1,000,000 | 1,077,140 | |
5% 12/15/17 | 5,000 | 5,286 | |
5% 12/15/17 (Escrowed to Maturity) | 150,000 | 161,871 | |
New Jersey Edl. Facilities Auth. Rev.: | |||
(Rowan Univ. Proj.) Series 2007 B, 5.5% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 250,000 | 255,888 | |
Series 2008 D, 5% 7/1/17 (FSA Insured) | 1,860,000 | 1,967,192 | |
Series 2010 H, 5% 7/1/18 | 125,000 | 136,021 | |
Series 2012 A, 5% 7/1/16 | 430,000 | 439,232 | |
Series 2012 B, 3% 7/1/16 | 250,000 | 252,823 | |
Series 2013 A, 5% 7/1/17 | 80,000 | 84,770 | |
New Jersey Edl. Facility: | |||
Series 2015 C, 2% 7/1/16 | 1,000,000 | 1,006,250 | |
5% 7/1/19 | 205,000 | 208,938 | |
New Jersey Gen. Oblig.: | |||
Series 2001 H, 5.25% 7/1/17 | 255,000 | 269,933 | |
Series 2005 L, 5.25% 7/15/16 (AMBAC Insured) | 500,000 | 511,580 | |
Series H, 5.25% 7/1/16 | 320,000 | 326,864 | |
New Jersey Health Care Facilities Fing. Auth. Rev.: | |||
(Virtua Health Proj.) Series A, 5.25% 7/1/17 (Assured Guaranty Corp. Insured) | 75,000 | 79,691 | |
Series 2007, 5% 7/1/18 (Pre-Refunded to 7/1/17 @ 100) | 210,000 | 222,585 | |
Series 2009 A, 5.25% 7/1/16 | 250,000 | 255,770 | |
Series 2011: | |||
4% 7/1/16 | 800,000 | 813,616 | |
5% 7/1/16 | 1,150,000 | 1,174,691 | |
5% 7/1/17 | 125,000 | 132,358 | |
Series 2013 A: | |||
3% 7/1/16 | 165,000 | 166,902 | |
5% 7/1/18 | 100,000 | 109,125 | |
4% 7/1/17 | 330,000 | 344,117 | |
4% 7/1/19 | 220,000 | 238,924 | |
New Jersey Trans. Trust Fund Auth.: | |||
Series 2011 B, 5% 6/15/18 | 130,000 | 137,618 | |
Series 2012 AA, 4% 6/15/18 | 980,000 | 1,014,359 | |
New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A, 5% 9/15/17 | 1,000,000 | 1,059,780 | |
TOTAL NEW JERSEY | 14,636,956 | ||
New York - 1.0% | |||
New York City Gen. Oblig. Series 2015 F, 0.66% 2/15/19 (a) | 1,000,000 | 994,060 | |
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 | 116,871 | |
New York Metropolitan Trans. Auth. Rev. Series 2002 G1, 0.993% 11/1/17 (a) | 165,000 | 165,107 | |
New York Thruway Auth. Gen. Rev.: | |||
Series 2007 H, 4% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 65,000 | 68,878 | |
Series II, 5% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 275,000 | 286,432 | |
New York Trans. Dev. Corp. (Term. One Group Assoc. L.P. Proj.) Series 2015, 5% 1/1/18 (c) | 2,000,000 | 2,143,800 | |
TOTAL NEW YORK | 3,775,148 | ||
North Carolina - 1.3% | |||
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev.: | |||
Series 2007 A: | |||
4.5% 1/15/16 | 100,000 | 100,127 | |
5% 1/15/18 | 420,000 | 438,724 | |
5% 1/15/19 | 125,000 | 130,559 | |
Series 2009 A, 4% 1/15/17 | 150,000 | 154,985 | |
Series 2011 A, 3% 1/15/17 | 100,000 | 102,303 | |
Series 2012 A, 5% 1/15/17 | 100,000 | 104,342 | |
5% 1/15/17 | 310,000 | 323,460 | |
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev.: | |||
Series 1991 A, 6.5% 1/1/18 (Assured Guaranty Corp. Insured) | 50,000 | 55,186 | |
Series 2005 A, 4% 1/1/16 (Escrowed to Maturity) | 300,000 | 300,000 | |
Series 2008 A, 5.25% 1/1/19 (Pre-Refunded to 1/1/18 @ 100) | 605,000 | 656,564 | |
Series 2009 A, 5% 1/1/18 (Escrowed to Maturity) | 125,000 | 135,040 | |
Series 2009 B, 5% 1/1/17 (Escrowed to Maturity) | 560,000 | 584,018 | |
Series 2010 A, 5% 1/1/16 (Escrowed to Maturity) | 100,000 | 100,000 | |
Series 2012 A, 3% 1/1/16 (Escrowed to Maturity) | 110,000 | 110,000 | |
Series 2012 B, 5% 1/1/16 (Escrowed to Maturity) | 245,000 | 245,000 | |
North Carolina Med. Care Cmnty. Health Series 2010, 3% 11/15/16 | 115,000 | 117,389 | |
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series 2010 A, 5% 1/1/16 | 100,000 | 100,013 | |
Raleigh Durham Arpt. Auth. Arpt. Rev.: | |||
Series 2007, 5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 190,000 | 199,601 | |
Series 2010 A, 5% 5/1/17 | 200,000 | 211,164 | |
Univ. of North Carolina at Chapel Hill Rev. Bonds Series 2012 B, 0.913%, tender 12/1/17 (a) | 425,000 | 425,327 | |
TOTAL NORTH CAROLINA | 4,593,802 | ||
Ohio - 1.4% | |||
Cleveland Ctfs. of Prtn. (Cleveland Stadium Proj.) Series 2010 A, 5% 11/15/17 | 200,000 | 214,306 | |
Cleveland State Univ. Gen. Receipts Series 2012, 4% 6/1/17 | 150,000 | 156,531 | |
Franklin County Hosp. Facilities Rev. (Nationwide Children's Hosp. Proj.) Series 2012 A, 5% 11/1/16 | 100,000 | 103,607 | |
Franklin County Hosp. Rev. Bonds: | |||
(U.S. Health Corp. of Columbus Proj.) Series 2011 B, 5%, tender 7/12/17 (a) | 935,000 | 994,812 | |
Series 2011 D, 4%, tender 8/1/16 (a) | 85,000 | 86,714 | |
Hamilton County Health Care Facilities Rev. 5% 6/1/17 | 65,000 | 68,463 | |
Kent State Univ. Revs.: | |||
Series 2009 B, 5% 5/1/17 (Assured Guaranty Corp. Insured) | 60,000 | 63,317 | |
Series 2014 A, 3% 5/1/16 | 275,000 | 277,296 | |
Lucas County Hosp. Rev. Series 2011 D, 3% 11/15/16 | 220,000 | 224,321 | |
Middleburg Heights Hosp. Rev. Series 2012 A, 3% 8/1/16 | 150,000 | 152,000 | |
Ohio Bldg. Auth. (Juvenille Correctional Bldg. Fund Projs.) Series 2007 A, 5.5% 4/1/16 (FSA Insured) | 75,000 | 75,927 | |
Ohio Higher Edl. Facility Commission Rev.: | |||
(Univ. of Dayton 2009 Proj.) 5% 12/1/17 | 155,000 | 166,594 | |
Series 2010 A: | |||
3.5% 1/15/16 | 50,000 | 50,045 | |
5% 1/15/18 | 360,000 | 387,436 | |
Ohio Hosp. Facilities Rev. Series 2011 A, 5% 1/1/16 | 100,000 | 100,013 | |
Ohio Hosp. Rev.: | |||
Series 2012 A: | |||
5% 1/15/16 | 470,000 | 470,630 | |
5% 1/15/17 | 390,000 | 405,705 | |
Series 2013 A: | |||
4% 1/15/16 | 200,000 | 200,208 | |
5% 1/15/17 | 385,000 | 400,504 | |
Univ. of Akron Gen. Receipts Series 2010 A, 5% 1/1/19 (FSA Insured) | 400,000 | 444,328 | |
TOTAL OHIO | 5,042,757 | ||
Oklahoma - 0.1% | |||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Series 2008 C, 5% 8/15/16 (Escrowed to Maturity) | 215,000 | 221,016 | |
Tulsa County Indl. Auth. Health Care Rev. Series 2006, 5% 12/15/16 | 200,000 | 208,288 | |
TOTAL OKLAHOMA | 429,304 | ||
Oregon - 0.2% | |||
Oregon Facilities Auth. Rev. (Legacy Health Proj.): | |||
Series 2011 A, 5.25% 5/1/19 | 100,000 | 112,721 | |
Series 2012 A, 5% 5/1/17 | 415,000 | 437,319 | |
Port of Portland Arpt. Rev. 5% 7/1/18 (c) | 80,000 | 87,013 | |
Portland Swr. Sys. Rev. Series 2013 A, 5% 8/1/16 | 175,000 | 179,575 | |
TOTAL OREGON | 816,628 | ||
Pennsylvania - 4.5% | |||
Allegheny County Arpt. Auth. Rev.: | |||
Series 2007 A, 5% 1/1/16 (FSA Insured) (c) | 730,000 | 730,095 | |
Series 2007 B: | |||
5% 1/1/17 (FSA Insured) | 485,000 | 504,870 | |
5% 1/1/18 (FSA Insured) | 1,115,000 | 1,197,220 | |
Series 2010 A, 5% 1/1/17 (FSA Insured) (c) | 465,000 | 483,581 | |
Series B, 5% 1/1/19 (FSA Insured) | 215,000 | 230,811 | |
5% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 1,245,000 | 1,294,115 | |
5% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 210,000 | 225,485 | |
Allegheny County Hosp. Dev. Auth. Rev.: | |||
Series 2008 A, 5% 9/1/17 | 180,000 | 192,047 | |
Series 2010 A: | |||
5% 5/15/16 | 120,000 | 122,005 | |
5% 5/15/18 | 120,000 | 130,922 | |
Bucks Co. Indl. Dev. Auth. Solid Waste Rev. Bonds 1.375%, tender 2/1/17 (a) | 350,000 | 350,350 | |
Monroeville Fin. Auth. UPMC Rev.: | |||
Series 2012: | |||
4% 2/15/17 | 200,000 | 207,160 | |
4% 2/15/18 | 160,000 | 169,918 | |
Series 2014 B, 3% 2/1/19 | 195,000 | 205,364 | |
Montgomery County Indl. Dev. 4% 10/1/17 | 400,000 | 421,024 | |
Montgomery County Higher Ed. & Health Auth. Hosp. Rev.: | |||
(Abington Memorial Hosp. Proj.) Series 2009 A, 5% 6/1/17 | 75,000 | 79,146 | |
Series 2009 A, 5% 6/1/18 | 130,000 | 141,050 | |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Series 2014 A: | |||
4% 2/1/17 | 350,000 | 362,093 | |
4% 2/1/18 | 200,000 | 212,172 | |
4% 2/1/19 | 100,000 | 108,318 | |
Pennsylvania Gen. Oblig.: | |||
Series 2007 A, 5% 11/1/17 | 150,000 | 161,129 | |
Series 2008, 5% 5/15/16 | 200,000 | 203,378 | |
Series 2009 1, 5% 3/15/18 | 120,000 | 130,133 | |
Series 2011, 5% 7/1/18 | 150,000 | 164,037 | |
Series 2012, 5% 6/1/18 | 300,000 | 327,291 | |
Series 2013, 5% 4/1/17 | 250,000 | 263,078 | |
4% 9/1/16 | 200,000 | 204,636 | |
4% 9/1/19 | 250,000 | 255,330 | |
5% 3/1/17 | 205,000 | 215,078 | |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
Series 2006 1, 5% 4/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 250,000 | 252,680 | |
Series 2010 1, 5% 4/1/18 | 230,000 | 249,276 | |
Series 2010 E: | |||
5% 5/15/18 | 265,000 | 289,120 | |
5% 5/15/19 | 200,000 | 224,448 | |
Series 2012 1, 4% 4/1/16 | 260,000 | 262,174 | |
5% 4/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 80,000 | 80,902 | |
5% 4/1/17 (Pre-Refunded to 4/1/16 @ 100) | 65,000 | 65,733 | |
Philadelphia Arpt. Rev.: | |||
Series 2007 B, 5% 6/15/17 (FSA Insured) (c) | 150,000 | 158,300 | |
Series 2010 A, 4% 6/15/16 | 105,000 | 106,604 | |
Series 2010 C, 5% 6/15/18 (c) | 445,000 | 482,981 | |
Series 2010 D, 5% 6/15/16 (c) | 500,000 | 509,730 | |
Series 2011 A, 5% 6/15/18 (c) | 200,000 | 217,070 | |
Series 2015 A, 5% 6/15/19 (c) | 1,195,000 | 1,327,119 | |
Philadelphia Gas Works Rev. Eighth Series A, 5% 8/1/16 | 100,000 | 102,456 | |
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 | 254,200 | |
Philadelphia Wtr. & Wastewtr. Rev. Series 2010 A, 5% 6/15/16 | 1,330,000 | 1,356,786 | |
Southcentral Pennsylvania Gen. Auth. Rev. Series 2014 A, 4% 6/1/16 | 175,000 | 177,546 | |
Southeastern Pennsylvania Trans. Auth. Rev. Series 2010, 4% 3/1/17 | 885,000 | 917,630 | |
TOTAL PENNSYLVANIA | 16,326,591 | ||
South Carolina - 0.6% | |||
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015, 5% 12/1/18 | 1,075,000 | 1,176,964 | |
South Carolina Pub. Svc. Auth. Rev.: | |||
Series 2006 C: | |||
5% 1/1/17 (Escrowed to Maturity) | 135,000 | 140,859 | |
5% 1/1/18 (FSA Insured) | 125,000 | 130,171 | |
Series 2007 A, 5% 1/1/18 (Pre-Refunded to 1/1/17 @ 100) | 50,000 | 52,119 | |
Series 2010 B, 5% 1/1/18 | 195,000 | 210,140 | |
Series 2015 A, 5% 1/1/19 (FSA Insured) | 325,000 | 338,413 | |
TOTAL SOUTH CAROLINA | 2,048,666 | ||
Tennessee - 0.1% | |||
Jackson Hosp. Rev.: | |||
5.5% 4/1/16 | 50,000 | 50,578 | |
5.5% 4/1/16 (Escrowed to Maturity) | 140,000 | 141,642 | |
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2011 A1, 5% 7/1/17 (c) | 30,000 | 31,633 | |
TOTAL TENNESSEE | 223,853 | ||
Texas - 3.9% | |||
Brownsville Util. Sys. Rev. Series 2015: | |||
5% 9/1/17 | 150,000 | 159,732 | |
5% 9/1/18 | 1,000,000 | 1,097,810 | |
Corpus Christi Util. Sys. Rev. Bonds Series 2015 B, 2%, tender 7/15/17 (a) | 2,400,000 | 2,426,136 | |
Dallas Fort Worth Int'l. Arpt. Rev.: | |||
Series 2009 A: | |||
4% 11/1/17 | 200,000 | 211,162 | |
5% 11/1/16 | 290,000 | 300,388 | |
Series 2013 E, 5% 11/1/17 (c) | 100,000 | 107,099 | |
Series 2014 A: | |||
3% 11/1/16 (c) | 180,000 | 183,361 | |
3% 11/1/17 (c) | 185,000 | 191,482 | |
Harris County Cultural Ed. Facilities Fin. Corp. Rev.: | |||
(Texas Children's Hosp. Proj.) Series 2010, 5% 10/1/16 | 110,000 | 113,632 | |
Series 2013 A: | |||
4% 12/1/16 | 225,000 | 231,629 | |
4% 12/1/18 | 395,000 | 425,281 | |
5% 12/1/17 | 375,000 | 402,754 | |
Harris County Health Facilities Dev. Corp. Rev.: | |||
Series 2005 A5, 5% 7/1/16 (FSA Insured) | 700,000 | 714,476 | |
Series 2005 A6, 5% 7/1/16 (FSA Insured) | 300,000 | 306,204 | |
Houston Arpt. Sys. Rev.: | |||
Series 2007 B, 5% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 225,000 | 229,820 | |
Series 2011 A: | |||
5% 7/1/18 (c) | 100,000 | 108,997 | |
5% 7/1/19 (c) | 435,000 | 485,738 | |
Series 2012 A, 5% 7/1/18 (c) | 90,000 | 98,097 | |
5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 300,000 | 318,162 | |
Houston Cmnty. College Sys. Rev. Series 2011, 5% 2/15/18 | 80,000 | 86,711 | |
Houston Util. Sys. Rev. Bonds 0.76%, tender 6/1/17 (a) | 425,000 | 424,766 | |
Lower Colorado River Auth. Rev.: | |||
(LCRA Transmission Corp. Proj.) Series 2011 A, 5% 5/15/16 | 740,000 | 752,173 | |
(LCRA Transmission Svcs. Corp. Proj.) Series 2006 A, 5% 5/15/18 | 535,000 | 543,079 | |
Series 2008: | |||
5% 5/15/18 | 305,000 | 331,941 | |
5.5% 5/15/19 | 135,000 | 147,959 | |
Series 2012 B, 5% 5/15/17 | 100,000 | 105,592 | |
Series 2012, 3.5% 5/15/16 | 375,000 | 379,159 | |
Series 2013, 4% 5/15/16 | 565,000 | 572,272 | |
Series 2014, 5% 5/15/18 | 195,000 | 212,224 | |
Series 2015 D: | |||
4% 5/15/17 | 140,000 | 145,942 | |
5% 5/15/16 | 400,000 | 406,580 | |
5% 5/15/16 | 570,000 | 579,377 | |
5% 5/15/17 | 165,000 | 174,227 | |
San Antonio Elec. & Gas Sys. Rev. Series 2006 B, 5% 2/1/18 | 100,000 | 104,518 | |
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2009, 5% 10/1/17 | 60,000 | 64,303 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | |||
Series 2011 A, 5% 11/15/16 | 200,000 | 207,592 | |
Series 2014, 5% 12/1/16 | 125,000 | 129,979 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. 5% 2/15/16 | 250,000 | 251,358 | |
Texas Muni. Pwr. Agcy. Rev.: | |||
0% 9/1/16 | 435,000 | 431,142 | |
0% 9/1/16 (Escrowed to Maturity) | 190,000 | 189,394 | |
TOTAL TEXAS | 14,352,248 | ||
Utah - 0.1% | |||
Intermountain Pwr. Agcy. Pwr. Supply Rev. Series 2007 A, 5% 7/1/16 | 150,000 | 153,311 | |
Virginia - 0.4% | |||
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds Series 2008 A, 1.75%, tender 5/16/19 (a) | 1,500,000 | 1,506,840 | |
Washington - 1.0% | |||
Chelan County Pub. Util. District #1 Rev. Series 2011 B, 5% 7/1/18 (c) | 100,000 | 108,791 | |
Clark County Pub. Util. District #1 Generating Sys. Rev. Series 2010, 5% 1/1/16 | 260,000 | 260,034 | |
Energy Northwest Wind Proj. Rev. Series 2014, 5% 7/1/16 | 160,000 | 163,475 | |
Port of Seattle Rev.: | |||
Series 2010 A, 4% 6/1/16 | 225,000 | 228,229 | |
Series 2010 B, 5% 6/1/16 | 150,000 | 152,756 | |
Series 2010 C: | |||
5% 2/1/17 (c) | 185,000 | 193,094 | |
5% 2/1/18 (c) | 625,000 | 674,731 | |
Series 2012 A: | |||
4% 8/1/17 | 100,000 | 104,724 | |
5% 8/1/16 | 250,000 | 256,388 | |
Series 2012 B, 4% 8/1/17 (c) | 115,000 | 120,155 | |
Seattle Muni. Lt. & Pwr. Rev. Series 2010 B, 4% 2/1/16 | 200,000 | 200,574 | |
Washington Ctfs. of Prtn. Series 2013 D, 4% 7/1/17 | 240,000 | 251,251 | |
Washington Gen. Oblig.: | |||
Series 2004 C, 0% 6/1/18 | 185,000 | 179,585 | |
Series S5, 0% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 400,000 | 391,072 | |
Washington Health Care Facilities Auth. Rev.: | |||
Series 2011 B, 5% 10/1/16 | 150,000 | 154,941 | |
Series 2014, 5% 3/1/18 | 225,000 | 241,517 | |
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #3 Rev. Series 1993 C, 0% 7/1/18 | 100,000 | 96,377 | |
TOTAL WASHINGTON | 3,777,694 | ||
West Virginia - 0.1% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds 1.9%, tender 4/1/19 (a) | 500,000 | 501,560 | |
Wisconsin - 1.8% | |||
Milwaukee County Arpt. Rev.: | |||
Series 2005 A, 5.25% 12/1/16 (FSA Insured) (c) | 480,000 | 499,128 | |
Series 2007 A, 5% 12/1/17 (c) | 200,000 | 207,410 | |
Series 2010 B, 5% 12/1/16 (c) | 550,000 | 570,680 | |
Wisconsin Gen. Oblig. Series 2008 C, 5% 5/1/16 | 225,000 | 228,402 | |
Wisconsin Health & Edl. Facilities: | |||
Bonds Series 2013 B: | |||
4%, tender 3/1/18 (a) | 2,675,000 | 2,836,035 | |
4%, tender 5/30/19 (a) | 490,000 | 532,836 | |
Series 2013 A, 5% 11/15/18 | 160,000 | 176,603 | |
4% 12/15/16 | 250,000 | 257,705 | |
Wisconsin Health & Edl. Facilities Auth. Rev.: | |||
(Aurora Health Care, Inc. Proj.) Series 2010 A, 5% 4/15/17 | 55,000 | 57,808 | |
Series 2012 A, 5% 7/15/16 | 500,000 | 511,435 | |
Series 2012 B: | |||
5% 8/15/16 | 300,000 | 308,301 | |
5% 8/15/18 | 225,000 | 247,806 | |
5% 10/1/16 | 100,000 | 103,196 | |
TOTAL WISCONSIN | 6,537,345 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $230,379,822) | 230,443,155 | ||
Municipal Notes - 39.7% | |||
Alabama - 0.8% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.42% 1/7/16, VRDN (a)(c) | 2,903,000 | $2,903,000 | |
Arkansas - 0.2% | |||
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 0.35% 1/7/16, VRDN (a)(c) | 800,000 | 800,000 | |
Georgia - 4.2% | |||
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.) First Series 2009, 0.22% 1/4/16, VRDN (a) | 15,050,000 | 15,050,000 | |
Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Plant Co. Scherer Proj.) Series 2008, 0.22% 1/4/16, VRDN (a) | 300,000 | 300,000 | |
TOTAL GEORGIA | 15,350,000 | ||
Idaho - 0.4% | |||
Deutsche Spears/Lifers Trust Participating VRDN Series DB 1102, 0.33% 1/7/16 (Liquidity Facility Deutsche Bank AG) (a)(d) | 1,500,000 | 1,500,000 | |
Illinois - 8.7% | |||
Chicago Metropolitan Wtr. Reclamation District Greater Chicago Participating VRDN Series Putters 4360, 0.35% 1/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 5,000,000 | 5,000,000 | |
Chicago Park District Gen. Oblig. Participating VRDN Series ROC II R 11935, 0.51% 1/7/16 (Liquidity Facility Citibank NA) (a)(d) | 9,375,000 | 9,375,000 | |
Cook County Gen. Oblig. Participating VRDN Series 2015 XF0124, 0.41% 1/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 5,000,000 | 5,000,000 | |
Tender Option Bond Trust Receipts Participating VRDN Series DB 15 XF1006, 0.32% 1/7/16 (Liquidity Facility Deutsche Bank AG) (a)(d) | 11,880,000 | 11,880,000 | |
West Chicago Indl. Dev. Auth. Indl. Dev. Rev. (Royal Gold Ribbon Foods Proj.) Series 1999, 0.36% 1/7/16, LOC JPMorgan Chase Bank, VRDN (a)(c) | 600,000 | 600,000 | |
TOTAL ILLINOIS | 31,855,000 | ||
Indiana - 1.1% | |||
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 B, 0.35% 1/7/16, VRDN (a)(c) | 3,880,000 | 3,880,000 | |
Kentucky - 0.2% | |||
Bardstown Indl. Rev. (JAV Invt. LLC Proj.) Series 2001, 0.46% 1/7/16, LOC JPMorgan Chase Bank, VRDN (a)(c) | 300,000 | 300,000 | |
Kentucky Pub. Trans. BAN Series 2013 A, 5% 7/1/17 | 300,000 | 316,512 | |
TOTAL KENTUCKY | 616,512 | ||
Louisiana - 3.5% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 0.4% 1/7/16, VRDN (a) | 7,000,000 | 7,000,000 | |
Series 2010 B1, 0.33% 1/7/16, VRDN (a) | 5,660,000 | 5,660,000 | |
TOTAL LOUISIANA | 12,660,000 | ||
Maryland - 2.0% | |||
Anne Arundel County Econ. Dev. Rev. 0.4% 1/6/16, LOC Manufacturers & Traders Trust Co., VRDN (a)(c) | 4,475,000 | 4,475,000 | |
Maryland Health & Higher Edl. Facilities Auth. Rev. Series 1995, 0.36% 1/7/16 (Liquidity Facility Manufacturers & Traders Trust Co.), VRDN (a) | 2,815,000 | 2,815,000 | |
TOTAL MARYLAND | 7,290,000 | ||
Michigan - 0.7% | |||
Lowell Mich Ltd. Oblig. Indl. Dev. (Litehouse, Inc. Proj.) Series 2003, 0.4% 1/7/16, LOC Fifth Third Bank, Cincinnati, VRDN (a)(c) | 965,000 | 965,000 | |
Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
(Crest Industries, Inc. Proj.) Series 2000 A, 0.46% 1/7/16, LOC JPMorgan Chase Bank, VRDN (a)(c) | 460,000 | 460,000 | |
(Press-Way, Inc. Proj.) Series 1998, 0.5% 1/7/16, LOC JPMorgan Chase Bank, VRDN (a)(c) | 1,000,000 | 1,000,000 | |
TOTAL MICHIGAN | 2,425,000 | ||
New Jersey - 0.6% | |||
New Jersey Health Care Facilities Fing. Auth. Rev. Participating VRDN Series Floaters 3018, 0.4% 1/7/16 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d) | 1,750,725 | 1,750,725 | |
Newark Gen. Oblig. TAN Series 2015 A, 1.75% 2/19/16 | 500,000 | 500,275 | |
TOTAL NEW JERSEY | 2,251,000 | ||
New York - 2.4% | |||
Binghamton Gen. Oblig. BAN Series 2015 B, 2% 11/18/16 | 1,000,000 | 1,009,240 | |
Nassau County Indl. Dev. Agcy. Indl. Dev. Rev. (Rubies Costume Co. Proj.) Series 1999, 0.3% 1/7/16, LOC Bank of America NA, VRDN (a) | 760,000 | 760,000 | |
Rensselaer County Indl. Dev. Auth. Civic Facilities Rev. (Rensselaer Polytechnic Institute Proj.) Series 1997 A, 0.45% 1/7/16, VRDN (a) | 6,195,000 | 6,195,000 | |
Ulster County Indl. Dev. Agcy. I (Selux Corp. Proj.) Series A: | |||
0.39% 1/7/16, LOC Manufacturers & Traders Trust Co., VRDN (a)(c) | 335,000 | 335,000 | |
0.39% 1/7/16, LOC Manufacturers & Traders Trust Co., VRDN (a)(c) | 525,000 | 525,000 | |
TOTAL NEW YORK | 8,824,240 | ||
North Carolina - 5.0% | |||
Hertford County Indl. Facilities Poll. Cont. Fing. Auth.: | |||
(Nucor Corp. Proj.) Series 2000 A, 0.35% 1/7/16, VRDN (a)(c) | 13,700,000 | 13,700,000 | |
Series 2000 B, 0.3% 1/7/16, VRDN (a)(c) | 4,400,000 | 4,400,000 | |
TOTAL NORTH CAROLINA | 18,100,000 | ||
Ohio - 0.0% | |||
Franklin County Indl. Dev. Rev. (Girl Scout Council Proj.) 0.38% 1/7/16, LOC PNC Bank NA, VRDN (a) | 70,000 | 70,000 | |
Texas - 9.5% | |||
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
Series 2009 A, 0.27% 1/4/16, VRDN (a) | 5,070,000 | 5,070,000 | |
Series 2010 B, 0.27% 1/4/16, VRDN (a) | 5,880,000 | 5,880,000 | |
Series 2010 C, 0.26% 1/4/16, VRDN (a) | 8,000,000 | 8,000,000 | |
Series 2010 D, 0.27% 1/4/16, VRDN (a) | 15,750,000 | 15,749,969 | |
TOTAL TEXAS | 34,699,969 | ||
Wisconsin - 0.4% | |||
Baraboo Indl. Dev. Rev. (Teel Plastics, Inc. Proj.) Series 2007, 0.4% 1/7/16, LOC BMO Harris Bank NA, VRDN (a) | 985,000 | 985,000 | |
Kimberly Dev. Rev. (Fox Cities YMCA Proj.) Series 2002, 0.34% 1/7/16, LOC BMO Harris Bank NA, VRDN (a) | 200,000 | 200,000 | |
River Falls Indl. Dev. Rev. 0.4% 1/7/16, LOC U.S. Bank NA, Cincinnati, VRDN (a)(c) | 460,000 | 460,000 | |
TOTAL WISCONSIN | 1,645,000 | ||
TOTAL MUNICIPAL NOTES | |||
(Cost $144,867,795) | 144,869,721 | ||
TOTAL INVESTMENT PORTFOLIO - 102.9% | |||
(Cost $375,247,617) | 375,312,876 | ||
NET OTHER ASSETS (LIABILITIES) - (2.9)% | (10,576,207) | ||
NET ASSETS - 100% | $364,736,669 |
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) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(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.
Investment Valuation
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):
Industrial Development | 21.9% |
Health Care | 18.7% |
Electric Utilities | 13.4% |
General Obligations | 13.4% |
Synthetics | 9.5% |
Transportation | 8.9% |
Special Tax | 5.5% |
Education | 5.2% |
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.
Financial Statements
Statement of Assets and Liabilities
December 31, 2015 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $375,247,617) | $375,312,876 | |
Cash | 10,478 | |
Receivable for fund shares sold | 174,846 | |
Interest receivable | 2,548,640 | |
Receivable from investment adviser for expense reductions | 24,240 | |
Other receivables | 87 | |
Total assets | 378,071,167 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $3,119,504 | |
Payable for fund shares redeemed | 10,069,590 | |
Distributions payable | 40,225 | |
Accrued management fee | 86,579 | |
Other affiliated payables | 17,347 | |
Other payables and accrued expenses | 1,253 | |
Total liabilities | 13,334,498 | |
Net Assets | $364,736,669 | |
Net Assets consist of: | ||
Paid in capital | $364,664,237 | |
Undistributed net investment income | 7,173 | |
Net unrealized appreciation (depreciation) on investments | 65,259 | |
Net Assets | $364,736,669 | |
Conservative Income Municipal Bond: | ||
Net Asset Value, offering price and redemption price per share ($73,914,143 ÷ 7,364,767 shares) | $10.04 | |
Institutional Class: | ||
Net Asset Value, offering price and redemption price per share ($290,822,526 ÷ 28,977,088 shares) | $10.04 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended December 31, 2015 | ||
Investment Income | ||
Interest | $1,845,696 | |
Expenses | ||
Management fee | $775,428 | |
Transfer agent fees | 155,501 | |
Independent trustees' compensation | 993 | |
Miscellaneous | 310 | |
Total expenses before reductions | 932,232 | |
Expense reductions | (131,634) | 800,598 |
Net investment income (loss) | 1,045,098 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 28,825 | |
Total net realized gain (loss) | 28,825 | |
Change in net unrealized appreciation (depreciation) on investment securities | (55,919) | |
Net gain (loss) | (27,094) | |
Net increase (decrease) in net assets resulting from operations | $1,018,004 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended December 31, 2015 | Year ended December 31, 2014 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,045,098 | $272,120 |
Net realized gain (loss) | 28,825 | 14,750 |
Change in net unrealized appreciation (depreciation) | (55,919) | 89,733 |
Net increase (decrease) in net assets resulting from operations | 1,018,004 | 376,603 |
Distributions to shareholders from net investment income | (1,037,794) | (272,095) |
Distributions to shareholders from net realized gain | (35,775) | (19,173) |
Total distributions | (1,073,569) | (291,268) |
Share transactions - net increase (decrease) | 176,194,534 | 138,343,926 |
Total increase (decrease) in net assets | 176,138,969 | 138,429,261 |
Net Assets | ||
Beginning of period | 188,597,700 | 50,168,439 |
End of period (including undistributed net investment income of $7,173 and distributions in excess of net investment income of $100, respectively) | $364,736,669 | $188,597,700 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Conservative Income Municipal Bond Fund
Years ended December 31, | 2015 | 2014 | 2013 A |
Selected Per–Share Data | |||
Net asset value, beginning of period | $10.04 | $10.02 | $10.00 |
Income from Investment Operations | |||
Net investment income (loss)B | .032 | .015 | .002 |
Net realized and unrealized gain (loss) | –C | .021 | .020 |
Total from investment operations | .032 | .036 | .022 |
Distributions from net investment income | (.031) | (.015) | (.002) |
Distributions from net realized gain | (.001) | (.001) | – |
Total distributions | (.032) | (.016) | (.002) |
Net asset value, end of period | $10.04 | $10.04 | $10.02 |
Total ReturnD,E | .32% | .36% | .22% |
Ratios to Average Net AssetsF,G | |||
Expenses before reductions | .40% | .40% | .40%H |
Expenses net of fee waivers, if any | .39% | .40% | .40%H |
Expenses net of all reductions | .39% | .40% | .40%H |
Net investment income (loss) | .32% | .15% | .11%H |
Supplemental Data | |||
Net assets, end of period (000 omitted) | $73,914 | $45,107 | $22,205 |
Portfolio turnover rateI | 32% | 51% | - %J,K |
A For the period October 15, 2013 (commencement of operations) to December 31, 2013.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.0005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 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 Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Amount represents less than .005%.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Conservative Income Municipal Bond Fund Institutional Class
Years ended December 31, | 2015 | 2014 | 2013 A |
Selected Per–Share Data | |||
Net asset value, beginning of period | $10.04 | $10.02 | $10.00 |
Income from Investment Operations | |||
Net investment income (loss)B | .042 | .025 | .004 |
Net realized and unrealized gain (loss) | –C | .021 | .020 |
Total from investment operations | .042 | .046 | .024 |
Distributions from net investment income | (.041) | (.025) | (.004) |
Distributions from net realized gain | (.001) | (.001) | – |
Total distributions | (.042) | (.026) | (.004) |
Net asset value, end of period | $10.04 | $10.04 | $10.02 |
Total ReturnD,E | .42% | .46% | .24% |
Ratios to Average Net AssetsF,G | |||
Expenses before reductions | .35% | .35% | .35%H |
Expenses net of fee waivers, if any | .29% | .30% | .30%H |
Expenses net of all reductions | .29% | .30% | .30%H |
Net investment income (loss) | .42% | .25% | .22%H |
Supplemental Data | |||
Net assets, end of period (000 omitted) | $290,823 | $143,491 | $27,963 |
Portfolio turnover rateI | 32% | 51% | - %J,K |
A For the period October 15, 2013 (commencement of operations) to December 31, 2013.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.0005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 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 Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Amount represents less than .005%.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended December 31, 2015
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.)
- 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
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 each 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.
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. As of December 31, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 and losses deferred due to wash sales.
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 | $246,707 |
Gross unrealized depreciation | (180,243) |
Net unrealized appreciation (depreciation) on securities | $66,464 |
Tax Cost | $375,246,412 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed tax-exempt income | $5,967 |
Net unrealized appreciation (depreciation) on securities and other investments | $66,464 |
The tax character of distributions paid was as follows:
December 31, 2015 | December 31, 2014 | |
Tax-exempt Income | $1,037,794 | $272,095 |
Ordinary Income | 35,775 | 19,173 |
Total | $1,073,569 | $ 291,268 |
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.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $148,987,426 and $41,549,283, 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 0.30% 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 reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
Amount | |
Conservative Income Municipal Bond | $52,530 |
Institutional Class | 102,971 |
$155,501 |
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.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
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 $310 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 28, 2017. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
Expense Limitations | Reimbursement | |
Conservative Income Municipal Bond | 0.35%(a) | $5,344 |
Institutional Class | 0.30%/0.25%(a) | 125,784 |
$131,128 |
(a) Expense limitation effective November 1, 2015
In addition, 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 $506.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Years ended December 31, | 2015 | 2014 |
From net investment income | ||
Conservative Income Municipal Bond | $167,696 | $58,697 |
Institutional Class | 870,098 | 213,398 |
Total | $1,037,794 | $272,095 |
From net realized gain | ||
Conservative Income Municipal Bond | $7,215 | $4,693 |
Institutional Class | 28,560 | 14,480 |
Total | $35,775 | $19,173 |
8. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Years ended December 31, | 2015 | 2014 | 2015 | 2014 |
Conservative Income Municipal Bond | ||||
Shares sold | 5,228,688 | 5,731,977 | $52,487,644 | $57,532,962 |
Reinvestment of distributions | 12,669 | 5,099 | 127,195 | 51,191 |
Shares redeemed | (2,370,994) | (3,459,068) | (23,803,845) | (34,727,886) |
Net increase (decrease) | 2,870,363 | 2,278,008 | $28,810,994 | $22,856,267 |
Institutional Class | ||||
Shares sold | 26,484,896 | 15,995,878 | $265,900,155 | $160,570,529 |
Reinvestment of distributions | 67,293 | 19,610 | 675,635 | 196,896 |
Shares redeemed | (11,871,797) | (4,509,814) | (119,192,250) | (45,279,766) |
Net increase (decrease) | 14,680,392 | 11,505,674 | $147,383,540 | $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.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Municipal Trust and Shareholders of Fidelity® Conservative Income Municipal Bond Fund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity® Conservative Income Municipal Bond Fund (a fund of Fidelity Municipal Trust) at December 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity® Conservative Income Municipal Bond Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 19, 2016
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Elizabeth S. Acton, John Engler, and Geoffrey A. von Kuhn, each of the Trustees oversees 236 funds. Ms. Acton and Mr. Engler each oversees 228 funds. Mr. von Kuhn oversees 148 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Trustee
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors/trustees for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2015-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
John F. Papandrea (1972)
Year of Election or Appointment: 2016
Anti-Money Laundering (AML) Officer
Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2009
Assistant Treasurer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013
Deputy Treasurer
Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).
Christine J. Thompson (1958)
Year of Election or Appointment: 2015
Vice President of Fidelity's Bond Funds
Ms. Thompson also serves as Vice President of other funds. Ms. Thompson also serves as Chief Investment Officer of FMR's Bond Group (2010-present) and is an employee of Fidelity Investments (1985-present). Previously, Ms. Thompson served as Vice President of Fidelity's Bond Funds (2010-2012).
Michael H. Whitaker (1967)
Year of Election or Appointment: 2008
Chief Compliance Officer
Mr. Whitaker also serves as Chief Compliance Officer of other funds. Mr. Whitaker also serves as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2014-present), FMR (investment adviser firm, 2014-present), and Fidelity Investments Money Management, Inc. (investment adviser firm, 2014-present) and is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011
Deputy Treasurer
Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments (1991-present). Previously, Mr. Zambello served as Vice President of the Program Management Group of FMR (investment adviser firm, 2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
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 (July 1, 2015 to December 31, 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.
Annualized Expense Ratio-A | Beginning Account Value July 1, 2015 | Ending Account Value December 31, 2015 | Expenses Paid During Period-B July 1, 2015 to December 31, 2015 | |
Conservative Income Municipal Bond | .38% | |||
Actual | $1,000.00 | $1,002.80 | $ 1.92 | |
Hypothetical-C | $1,000.00 | $1,023.29 | $ 1.94 | |
Institutional Class | .28%-D | |||
Actual | $1,000.00 | $1,003.30 | $1.41-D | |
Hypothetical-C | $1,000.00 | $1,023.79 | $1.43-D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses
D If fees effective November 1, 2015 had been in effect during the entire period, the annualized expense ratios and the expenses paid in the actual and hypothetical examples above would have been as follows:
Annualized Expense Ratio-(a) | Expenses Paid | |
Institutional Class | .25% | |
Actual | $1.26 | |
Hypothetical-(b) | $1.28 |
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
(b) 5% return per year before expenses
Distributions (Unaudited)
The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2015, $2,316, or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended 2015, 100% of the fund's income dividends was free from federal income tax, and 12.26% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Conservative Income Municipal Bond Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2015 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; and (iv) the extent to which (if any) economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds and diversified international funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching active fixed-income exchange-traded funds; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (x) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (xi) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xii) implementing changes to Fidelity's money market product line in response to recent money market regulatory reforms.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-year period.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board. Because the vast majority of competitor funds' management fees do not cover non-management expenses, for a more meaningful comparison of management fees, the fund is compared on the basis of a hypothetical "net management fee," which is derived by subtracting payments made by FMR for "fund-level" non-management expenses (including pricing and bookkeeping fees and fees paid to non-affiliated custodians) from the fund's management fee. In this regard, the Board considered that net management fees can vary from year to year because of differences in "fund-level" non-management expenses. The Board noted, however, that FMR does not pay transfer agent fees or other "class-level" expenses under the fund's management contract.Fidelity Conservative Income Municipal Bond Fund
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Proxy Voting Results
A special meeting of shareholders was held on November 18, 2015. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees. | ||
# of Votes | % of Votes | |
Elizabeth S. Acton | ||
Affirmative | 5,161,119,572.85 | 97.256 |
Withheld | 145,658,558.01 | 2.744 |
TOTAL | 5,306,778,130.86 | 100.000 |
John Engler | ||
Affirmative | 5,146,088,620.45 | 96.972 |
Withheld | 160,689,510.41 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Albert R. Gamper, Jr. | ||
Affirmative | 5,139,390,851.27 | 96.846 |
Withheld | 167,387,279.59 | 3.154 |
TOTAL | 5,306,778,130.86 | 100.000 |
Robert F. Gartland | ||
Affirmative | 5,156,371,432.16 | 97.166 |
Withheld | 150,406,698.70 | 2.834 |
TOTAL | 5,306,778,130.86 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 5,146,073,980.40 | 96.972 |
Withheld | 160,704,150.46 | 3.028 |
TOTAL | 5,306,778,130.86 | 100.000 |
Arthur E. Johnson | ||
Affirmative | 5,154,966,257.69 | 97.140 |
Withheld | 151,811,873.17 | 2.860 |
TOTAL | 5,306,778,130.86 | 100.000 |
Michael E. Kenneally | ||
Affirmative | 5,159,083,013.51 | 97.217 |
Withheld | 147,695,117.35 | 2.783 |
TOTAL | 5,306,778,130.86 | 100.000 |
James H. Keyes | ||
Affirmative | 5,140,479,428.90 | 96.867 |
Withheld | 166,298,701.96 | 3.133 |
TOTAL | 5,306,778,130.86 | 100.000 |
Marie L. Knowles | ||
Affirmative | 5,154,662,494.64 | 97.134 |
Withheld | 152,115,636.22 | 2.866 |
TOTAL | 5,306,778,130.86 | 100.000 |
Geoffrey A. von Kuhn | ||
Affirmative | 5,150,464,060.01 | 97.055 |
Withheld | 156,314,070.85 | 2.945 |
TOTAL | 5,306,778,130.86 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
CMB-ANN-0216
1.967792.102
Item 2.
Code of Ethics
As of the end of the period, December 31, 2015, Fidelity Municipal Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Conservative Income Municipal Bond Fund, Fidelity Limited Term Municipal Income Fund, Fidelity Michigan Municipal Income Fund, Fidelity Minnesota Municipal Income Fund, Fidelity Municipal Income Fund, Fidelity Ohio Municipal Income Fund and Fidelity Pennsylvania Municipal Income Fund (the “Funds”):
Services Billed by PwC
December 31, 2015 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Conservative Income Municipal Bond Fund | $43,000 | $- | $2,300 | $1,600 |
Fidelity Limited Term Municipal Income Fund | $51,000 | $- | $2,300 | $2,900 |
Fidelity Michigan Municipal Income Fund | $49,000 | $- | $2,300 | $1,700 |
Fidelity Minnesota Municipal Income Fund | $49,000 | $- | $2,300 | $1,700 |
Fidelity Municipal Income Fund | $67,000 | $- | $2,300 | $3,500 |
Fidelity Ohio Municipal Income Fund | $49,000 | $- | $2,300 | $1,700 |
Fidelity Pennsylvania Municipal Income Fund | $49,000 | $- | $2,300 | $1,700 |
December 31, 2014 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Conservative Income Municipal Bond Fund | $40,000 | $- | $2,400 | $1,700 |
Fidelity Limited Term Municipal Income Fund | $49,000 | $- | $2,400 | $3,000 |
Fidelity Michigan Municipal Income Fund | $47,000 | $- | $2,400 | $1,900 |
Fidelity Minnesota Municipal Income Fund | $46,000 | $- | $2,400 | $1,900 |
Fidelity Municipal Income Fund | $65,000 | $- | $2,400 | $3,600 |
Fidelity Ohio Municipal Income Fund | $47,000 | $- | $2,400 | $1,900 |
Fidelity Pennsylvania Municipal Income Fund | $46,000 | $- | $2,400 | $1,800 |
A Amounts may reflect rounding.
The following table presents fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company (“FMR”) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds (“Fund Service Providers”):
Services Billed by PwC
| December 31, 2015A | December 31, 2014A |
Audit-Related Fees | $5,290,000 | $5,950,000 |
Tax Fees | $- | $- |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:
Billed By | December 31, 2015 A | December 31, 2014 A |
PwC | $5,675,000 | $8,135,000 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the Funds, taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Funds and their related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds’ last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.
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 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 trust’s 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) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(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: | February 24, 2016 |
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: | February 24, 2016 |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
|
|
Date: | February 24, 2016 |