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, MA 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 |
Date of reporting period: | June 30, 2018 |
Item 1.
Reports to Stockholders
Fidelity® Conservative Income Municipal Bond Fund Semi-Annual Report June 30, 2018 |
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Contents
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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. © 2018 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.institutional.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.
Investment Summary (Unaudited)
Maturity Diversification as of June 30, 2018
% of fund's investments | |
1 - 7 | 38.4 |
8 - 30 | 1.5 |
31 - 60 | 3.2 |
61 - 90 | 1.9 |
91 - 180 | 4.8 |
> 180 | 50.2 |
Top Five States as of June 30, 2018
% of fund's net assets | |
New Jersey | 17.2 |
Texas | 8.9 |
Louisiana | 8.6 |
New York | 7.2 |
Illinois | 6.6 |
Top Five Sectors as of June 30, 2018
% of fund's net assets | |
General Obligations | 32.4 |
Synthetics | 19.5 |
Industrial Development | 13.5 |
Electric Utilities | 12.0 |
Transportation | 7.5 |
Quality Diversification (% of fund's net assets)
As of June 30, 2018 | ||
AAA | 2.6% | |
AA,A | 37.0% | |
BBB | 3.8% | |
Not Rated | 0.3% | |
Short-Term Investments and Net Other Assets | 56.3% |
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.
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 43.8% | |||
Principal Amount | Value | ||
Alabama - 0.4% | |||
Mobile County Board of School Commissioners: | |||
Series 2016 A, 3% 3/1/19 | $410,000 | $413,239 | |
Series 2016 B, 5% 3/1/19 | 670,000 | 684,057 | |
Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds: | |||
(Alabama Pwr. Co. Barry Plant Proj.) Series 2008, 1.625%, tender 10/2/18 (a) | 4,065,000 | 4,064,472 | |
Series 2009 E, 1.85%, tender 3/24/20 (a) | 1,570,000 | 1,558,366 | |
TOTAL ALABAMA | 6,720,134 | ||
Alaska - 0.1% | |||
North Slope Borough Gen. Oblig. Series 2017 A, 5% 6/30/21 (Pre-Refunded to 6/30/20 @ 100) | 440,000 | 468,050 | |
Valdez Marine Term. Rev. (BP Pipelines (Alaska), Inc. Proj.) Series 2003 C, 5% 1/1/21 | 665,000 | 712,468 | |
TOTAL ALASKA | 1,180,518 | ||
Arizona - 0.6% | |||
Arizona Board of Regents Arizona State Univ. Rev. Series 2016 A, 5% 7/1/19 | 370,000 | 382,624 | |
Arizona School Facilities Board Ctfs. of Prtn. Series 2015 A, 5% 9/1/19 | 845,000 | 877,507 | |
Coconino County Poll. Cont. Corp. Rev. Bonds (Nevada Pwr. Co. Projs.): | |||
Series 2017 A, 1.8%, tender 5/21/20 (a)(b) | 6,615,000 | 6,567,570 | |
Series 2017 B, 1.6%, tender 5/21/20 (a) | 820,000 | 812,612 | |
Glendale Gen. Oblig. Series 2015, 4% 7/1/18 (FSA Insured) | 275,000 | 275,000 | |
Maricopa County Indl. Dev. Auth. Rev. Series 2016 A, 5% 1/1/20 | 2,360,000 | 2,470,873 | |
TOTAL ARIZONA | 11,386,186 | ||
Arkansas - 0.2% | |||
Little Rock School District Series 2017, 3% 2/1/21 | 3,255,000 | 3,330,581 | |
Colorado - 1.8% | |||
Colorado Reg'l. Trans. District Ctfs. of Prtn. Series 2013 A, 5% 6/1/20 | 185,000 | 196,250 | |
Colorado Univ. Co. Hosp. Auth. Rev. Bonds Series 2017C-1, 4%, tender 3/1/20 (a) | 8,160,000 | 8,360,491 | |
Denver City & County Arpt. Rev. Series 2017 A, 5% 11/15/19 (b) | 1,060,000 | 1,104,096 | |
E-470 Pub. Hwy. Auth. Rev.: | |||
Series 1997 B, 0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 11,010,000 | 10,980,713 | |
Series 2000 B: | |||
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,165,000 | 5,151,261 | |
0% 9/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,480,000 | 3,405,980 | |
0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,243,944 | |
Series 2015 A: | |||
2.35% 9/1/20 | 300,000 | 302,142 | |
5% 9/1/20 | 845,000 | 898,151 | |
TOTAL COLORADO | 31,643,028 | ||
Connecticut - 5.2% | |||
Connecticut Gen. Oblig.: | |||
Series 2005 B, 5.25% 6/1/19 | 1,245,000 | 1,283,159 | |
Series 2011 C, SIFMA Municipal Swap Index + 1.100% 2.61% 5/15/19 (a)(c) | 3,720,000 | 3,743,622 | |
Series 2011 D: | |||
5% 11/1/18 | 245,000 | 247,803 | |
5% 11/1/19 | 955,000 | 993,611 | |
Series 2012 A: | |||
SIFMA Municipal Swap Index + 1.100% 2.61% 4/15/19 (a)(c) | 1,505,000 | 1,514,286 | |
SIFMA Municipal Swap Index + 1.250% 2.76% 4/15/20 (a)(c) | 9,665,000 | 9,792,191 | |
Series 2012 C: | |||
5% 6/1/19 | 370,000 | 380,508 | |
5% 6/1/20 | 1,940,000 | 2,042,199 | |
Series 2012 D: | |||
SIFMA Municipal Swap Index + 0.770% 2.28% 9/15/18 (a)(c) | 2,245,000 | 2,248,210 | |
SIFMA Municipal Swap Index + 0.920% 2.43% 9/15/19 (a)(c) | 1,870,000 | 1,881,688 | |
Series 2013 A: | |||
SIFMA Municipal Swap Index + 0.550% 2.06% 3/1/19 (a)(c) | 795,000 | 796,320 | |
SIFMA Municipal Swap Index + 0.650% 2.16% 3/1/20 (a)(c) | 220,000 | 220,504 | |
5% 10/15/19 | 1,040,000 | 1,080,789 | |
Series 2013 D: | |||
SIFMA Municipal Swap Index + 0.880% 2.39% 8/15/19 (a)(c) | 745,000 | 749,254 | |
2.39% 8/15/18 (a) | 2,230,000 | 2,232,275 | |
5% 8/15/20 | 560,000 | 592,721 | |
Series 2014 B, SIFMA Municipal Swap Index + 0.490% 2% 3/1/19 (a)(c) | 310,000 | 310,394 | |
Series 2014 C, 5% 6/15/20 | 1,155,000 | 1,217,070 | |
Series 2014 E, 5% 9/1/19 | 1,245,000 | 1,289,372 | |
Series 2014 H, 5% 11/15/18 | 235,000 | 238,008 | |
Series 2015 E, 5% 8/1/19 | 570,000 | 588,941 | |
Series 2015 F: | |||
5% 11/15/18 | 1,785,000 | 1,807,848 | |
5% 11/15/20 | 530,000 | 564,280 | |
Series 2016 B: | |||
5% 5/15/19 | 2,240,000 | 2,301,712 | |
5% 5/15/20 | 1,495,000 | 1,572,800 | |
5% 5/15/21 | 5,345,000 | 5,735,292 | |
Series 2016 E: | |||
4% 10/15/19 | 2,565,000 | 2,633,255 | |
5% 10/15/20 | 3,460,000 | 3,676,077 | |
Series 2016 G: | |||
5% 11/1/18 | 1,600,000 | 1,618,304 | |
5% 11/1/19 | 1,620,000 | 1,685,497 | |
Series 2017 A, 5% 4/15/20 | 7,610,000 | 7,992,707 | |
Series 2017 B: | |||
5% 4/15/19 | 1,880,000 | 1,927,132 | |
5% 4/15/20 | 300,000 | 315,087 | |
Series 2018 A, 5% 4/15/20 | 1,315,000 | 1,381,131 | |
Series 2018 B: | |||
5% 4/15/21 | 3,285,000 | 3,519,023 | |
5% 4/15/22 | 1,315,000 | 1,433,915 | |
Series A, 5% 2/15/21 | 4,425,000 | 4,509,695 | |
Series D, SIFMA Municipal Swap Index + 1.020% 2.53% 8/15/20 (a)(c) | 615,000 | 621,728 | |
Connecticut Health & Edl. Facilities Auth. Rev.: | |||
Bonds: | |||
(Ascension Health Cr. Group Proj.) Series 1999 B, 1.65%, tender 3/1/19 (a) | 2,025,000 | 2,022,874 | |
(Yale New Haven Hosp. Proj.) Series B, 1 month U.S. LIBOR + 0.550% 1.878%, tender 7/2/18 (a)(c) | 3,125,000 | 3,125,375 | |
Series 2010 A2, 1.2%, tender 2/1/19 (a) | 1,445,000 | 1,441,937 | |
Series 2008 N, 5% 7/1/22 | 1,600,000 | 1,600,000 | |
Series 2008, 5% 7/1/34 | 525,000 | 525,000 | |
Series 2011F, 5% 7/1/18 | 2,015,000 | 2,015,000 | |
Series 2016 CT, 3% 12/1/19 | 445,000 | 453,028 | |
Series A, 5% 7/1/20 | 1,400,000 | 1,485,680 | |
Connecticut Higher Ed. Supplemental Ln. Auth. Rev. (Chelsea Ln. Prog.) Series 2013 A, 4% 11/15/18 (b) | 600,000 | 604,170 | |
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2014 A, 5% 9/1/20 | 420,000 | 445,498 | |
Naugatuck Ctfs. of Prtn. (Naugatuck Incineration Facilities Proj.) Series 2014 A: | |||
5% 6/15/19 (b) | 725,000 | 746,815 | |
5% 6/15/20 (b) | 920,000 | 972,514 | |
New Britain Gen. Oblig. Series 2017 A: | |||
5% 3/1/19 (FSA Insured) | 370,000 | 378,580 | |
5% 3/1/20 (FSA Insured) | 185,000 | 195,142 | |
5% 3/1/21 (FSA Insured) | 255,000 | 274,173 | |
Stratford Gen. Oblig. Series 2017, 4% 7/1/19 (FSA Insured) | 480,000 | 490,838 | |
TOTAL CONNECTICUT | 93,515,032 | ||
District Of Columbia - 0.0% | |||
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2012 A, 5% 10/1/18 (b) | 150,000 | 151,257 | |
Florida - 2.7% | |||
Broward County Arpt. Sys. Rev. Series 2012 P1, 4% 10/1/19 (b) | 540,000 | 554,342 | |
Broward County Port Facilities Rev. Series 2011 B, 5% 9/1/18 (b) | 230,000 | 231,274 | |
Broward County School Board Ctfs. of Prtn. Series 2011 A, 5% 7/1/19 | 610,000 | 630,685 | |
Citizens Property Ins. Corp.: | |||
Series 2011 A1, 5% 6/1/19 | 4,085,000 | 4,207,060 | |
Series 2012 A1: | |||
5% 6/1/19 | 5,305,000 | 5,463,513 | |
5% 6/1/21 | 7,885,000 | 8,550,573 | |
Florida Mid-Bay Bridge Auth. Rev. Series 2015 C, 5% 10/1/18 | 205,000 | 206,738 | |
Florida Muni. Pwr. Agcy. Rev. Series 2008, 5% 10/1/18 | 370,000 | 373,212 | |
Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | |||
Series 2010 B, 4.25% 10/1/18 (b) | 125,000 | 125,851 | |
Series 2016, 5% 10/1/20 (b) | 150,000 | 159,824 | |
Halifax Hosp. Med. Ctr. Rev. Series 2016, 5% 6/1/19 | 185,000 | 189,915 | |
Lakeland Hosp. Sys. Rev. Series 2016: | |||
4% 11/15/18 | 370,000 | 373,267 | |
5% 11/15/19 | 195,000 | 203,518 | |
Lee County Arpt. Rev. Series 2010A, 5.5% 10/1/18 (FSA Insured) (b) | 780,000 | 787,387 | |
Miami-Dade County Aviation Rev.: | |||
Series 2010 B, 5% 10/1/18 | 1,110,000 | 1,119,435 | |
Series 2012 A, 5% 10/1/21 (b) | 710,000 | 773,531 | |
Series 2017 B, 5% 10/1/19 (b) | 3,905,000 | 4,057,022 | |
Miami-Dade County Expressway Auth. Series 2014 B, 5% 7/1/18 | 440,000 | 440,000 | |
Miami-Dade County Pub. Facilities Rev. Series 2015 A, 5% 6/1/19 | 1,210,000 | 1,245,259 | |
Miami-Dade County School Board Ctfs. of Prtn.: | |||
(Miami-Dade County School District proj.) Series 2012 B-1, 5% 10/1/19 | 415,000 | 431,837 | |
(Miami-Dade County School District) Series 2012 B-2, 4% 4/1/20 | 400,000 | 414,476 | |
Series 2014 D: | |||
5% 11/1/19 | 5,185,000 | 5,408,577 | |
5% 11/1/20 | 485,000 | 519,066 | |
Series 2015 A: | |||
5% 5/1/19 | 3,310,000 | 3,401,257 | |
5% 5/1/20 | 1,300,000 | 1,372,267 | |
5% 5/1/21 | 885,000 | 956,853 | |
Series 2016 C, 5% 2/1/20 | 1,360,000 | 1,426,069 | |
Palm Beach County School Board Ctfs. of Prtn.: | |||
Series 2014 B, 4% 8/1/19 | 260,000 | 266,724 | |
Series 2015 B, 5% 8/1/19 | 1,700,000 | 1,762,050 | |
Tampa Solid Waste Sys. Rev.: | |||
Series 2010, 5% 10/1/19 (FSA Insured) (b) | 745,000 | 773,809 | |
Series 2013, 5% 10/1/20 (b) | 490,000 | 521,424 | |
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2016 A: | |||
5% 9/1/18 | 295,000 | 296,673 | |
5% 9/1/19 | 375,000 | 389,070 | |
5% 9/1/20 | 435,000 | 462,644 | |
TOTAL FLORIDA | 48,095,202 | ||
Georgia - 1.4% | |||
Clarke County Hosp. Auth. Series 2016: | |||
5% 7/1/18 | 670,000 | 670,000 | |
5% 7/1/19 | 855,000 | 883,053 | |
5% 7/1/20 | 560,000 | 594,614 | |
Cobb County Kennestone Hosp. Auth. Rev. (Wellstar Health Sys., Inc. Proj.) Series 2017 A: | |||
5% 4/1/19 | 95,000 | 97,529 | |
5% 4/1/20 | 130,000 | 137,155 | |
5% 4/1/21 | 300,000 | 323,409 | |
Fulton County Dev. Auth. Hosp. R (Wellstar Health Sys., Inc. Proj.) Series 2017 A: | |||
3% 4/1/19 | 110,000 | 111,306 | |
5% 4/1/20 | 110,000 | 116,054 | |
5% 4/1/21 | 245,000 | 264,117 | |
Fulton County Dev. Auth. (Piedmont Healthcare, Inc. Proj.) Series 2016, 5% 7/1/20 | 370,000 | 392,870 | |
Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
(Combined Cycle Proj.) Series A, 5% 11/1/18 | 355,000 | 358,862 | |
(Gen. Resolution Proj.) Series 2008 A, 5.25% 1/1/19 | 400,000 | 406,860 | |
(Unrefunded Balance Proj.) Series 2008, 5.75% 1/1/19 | 140,000 | 140,346 | |
Series 2008 A: | |||
5.25% 1/1/19 | 415,000 | 422,117 | |
5.25% 1/1/21 | 400,000 | 430,060 | |
Series 2009 B, 5% 1/1/20 | 9,825,000 | 10,259,756 | |
Series 2011 A: | |||
5% 1/1/19 | 2,170,000 | 2,204,568 | |
5% 1/1/20 | 525,000 | 548,231 | |
5% 1/1/21 | 585,000 | 625,429 | |
Series 2015 A: | |||
5% 1/1/20 | 290,000 | 302,833 | |
5% 1/1/21 | 745,000 | 796,487 | |
Series 2016 A: | |||
4% 1/1/19 | 650,000 | 657,170 | |
4% 1/1/21 | 820,000 | 856,859 | |
5% 1/1/19 | 1,115,000 | 1,132,762 | |
Series GG: | |||
5% 1/1/20 | 355,000 | 370,979 | |
5% 1/1/21 | 635,000 | 679,367 | |
Griffin-Spalding County Hosp. (Wellstar Health Sys., Inc. Proj.) Series 2017 A: | |||
3% 4/1/19 | 350,000 | 354,155 | |
3% 4/1/20 | 110,000 | 112,294 | |
3% 4/1/21 | 100,000 | 102,494 | |
Lagrange-Troup County Hosp. Rev. (Wellstar Health Sys., Inc. Proj.) Series 2017 A: | |||
5% 4/1/20 | 95,000 | 100,229 | |
5% 4/1/21 | 240,000 | 258,727 | |
TOTAL GEORGIA | 24,710,692 | ||
Hawaii - 0.0% | |||
Hawaii Arpts. Sys. Rev. Series 2010 B, 5% 7/1/18 (b) | 485,000 | 485,000 | |
Idaho - 0.1% | |||
Idaho Hsg. & Fin. Assoc. Single Family Mtg. (Idaho St Garvee Proj.) Series 2017 A: | |||
5% 7/15/20 | 445,000 | 472,750 | |
5% 7/15/21 | 660,000 | 717,585 | |
TOTAL IDAHO | 1,190,335 | ||
Illinois - 3.5% | |||
Champaign County Ill Cmnty. Unit Series 2017, 5% 1/1/21 | 745,000 | 797,612 | |
Chicago Metropolitan Wtr. Reclamation District of Greater Chicago Series 2014 D, 5% 12/1/19 | 1,620,000 | 1,693,969 | |
Chicago O'Hare Int'l. Arpt. Rev.: | |||
Series 2011 B, 5% 1/1/19 | 325,000 | 330,486 | |
Series 2015 A, 5% 1/1/19 (b) | 355,000 | 360,779 | |
Chicago Park District Gen. Oblig. Series 2011 B, 4% 1/1/19 | 200,000 | 201,780 | |
Chicago Transit Auth. Cap. Grant Receipts Rev.: | |||
Series 2015, 5% 6/1/19 | 700,000 | 719,558 | |
Series 2017: | |||
4% 6/1/19 | 1,070,000 | 1,090,287 | |
5% 6/1/20 | 2,050,000 | 2,164,718 | |
5% 6/1/21 | 975,000 | 1,048,700 | |
Cook County Gen. Oblig.: | |||
Series 2014 A, 5% 11/15/18 | 1,595,000 | 1,614,587 | |
Series 2018: | |||
3% 11/15/18 | 1,425,000 | 1,432,139 | |
5% 11/15/19 | 1,115,000 | 1,160,158 | |
Illinois Fin. Auth. Rev.: | |||
(Hosp. Sisters Svcs., Inc. Proj.) Series 2012 C, 5% 8/15/20 | 2,005,000 | 2,136,769 | |
(Rush Univ. Med. Ctr. Proj.) Series 2015 A, 5% 11/15/19 | 1,415,000 | 1,476,029 | |
Bonds: | |||
(Advocate Health Care Network Proj.) Series 2008 A2, 5%, tender 2/12/20 (a) | 1,165,000 | 1,222,108 | |
(Ascension Health Cr. Group Proj.) Series 2012 E2, 1.75%, tender 4/1/21 (a) | 2,100,000 | 2,085,468 | |
Series 2008 B, 5.5% 8/15/19 (Pre-Refunded to 8/15/18 @ 100) | 185,000 | 185,890 | |
Series 2008 D, 5.5% 11/1/18 | 660,000 | 668,534 | |
Series 2011 A, 5% 8/15/18 | 1,860,000 | 1,867,217 | |
Series 2012 A, 5% 5/15/19 | 485,000 | 497,557 | |
Series 2015 A, 5% 11/15/18 | 1,000,000 | 1,012,320 | |
Series 2016 A: | |||
5% 8/15/18 | 370,000 | 371,365 | |
5% 7/1/19 | 445,000 | 458,568 | |
5% 8/15/19 | 370,000 | 380,612 | |
Series 2016 D, 5% 2/15/20 | 1,475,000 | 1,549,842 | |
Series 2016: | |||
4% 11/15/18 | 280,000 | 282,380 | |
5% 11/15/19 | 260,000 | 271,032 | |
Illinois Gen. Oblig.: | |||
Series 2001, 5.5% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,700,000 | 3,709,583 | |
Series 2006 A, 5% 6/1/19 | 485,000 | 495,757 | |
Series 2010, 5% 1/1/19 (FSA Insured) | 2,700,000 | 2,741,256 | |
Series 2012, 5% 3/1/19 | 300,000 | 304,995 | |
Series 2016, 5% 6/1/19 | 350,000 | 357,763 | |
Series 2018 A, 5% 5/1/19 | 8,500,000 | 8,672,040 | |
Illinois Muni. Elec. Agcy. Pwr. Supply: | |||
Series 2007 C, 5.25% 2/1/20 | 430,000 | 452,902 | |
Series 2015 A: | |||
5% 2/1/19 | 5,145,000 | 5,246,922 | |
5% 2/1/21 | 980,000 | 1,053,235 | |
Illinois Reg'l. Trans. Auth.: | |||
Series 2010A, 5% 7/1/20 | 1,305,000 | 1,360,985 | |
Series 2011 A, 5% 6/1/19 (FSA Insured) | 3,055,000 | 3,143,473 | |
Series 2014 A, 5% 6/1/19 | 585,000 | 601,942 | |
Series 2017 A: | |||
5% 7/1/20 | 520,000 | 551,190 | |
5% 7/1/21 | 520,000 | 564,018 | |
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2013 B-1, 5% 12/1/18 | 600,000 | 608,442 | |
Railsplitter Tobacco Settlement Auth. Rev. Series 2010: | |||
5% 6/1/19 | 650,000 | 667,927 | |
5.125% 6/1/19 | 1,110,000 | 1,141,857 | |
5.25% 6/1/20 | 1,535,000 | 1,625,381 | |
Univ. of Illinois Board of Trustees Ctfs. of Prtn.: | |||
Series 2014 A, 5% 10/1/18 | 460,000 | 463,533 | |
Series 2016 A, 4% 8/15/19 | 500,000 | 510,700 | |
Univ. of Illinois Rev. Series 2001 B, 5.5% 4/1/19 | 315,000 | 323,121 | |
Will County Illinois Series 2016, 4% 11/15/18 | 645,000 | 651,147 | |
TOTAL ILLINOIS | 62,328,633 | ||
Indiana - 0.6% | |||
Indiana Fin. Auth. (Citizens Energy Group Wtr. Proj.) Series 2014 A, 5% 10/1/19 | 340,000 | 353,835 | |
Indiana Fin. Auth. Hosp. Rev. Series 2017 A, 5% 11/1/18 | 670,000 | 677,685 | |
Indiana Fin. Auth. Rev. Series 2016: | |||
3% 9/1/18 | 260,000 | 260,543 | |
3% 9/1/19 | 185,000 | 187,366 | |
4% 9/1/20 | 370,000 | 385,407 | |
Indiana Fin. Auth. Wastewtr. Util. Rev.: | |||
(CWA Auth. Proj.) Series 2012 A, 5% 10/1/18 | 965,000 | 973,280 | |
Series 2011 B, 5% 10/1/18 | 650,000 | 655,577 | |
Indiana Health Facility Fing. Auth. Rev. Bonds Series 2001 A2, 4%, tender 3/1/19 (a) | 1,210,000 | 1,227,315 | |
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2011 A, 5% 1/1/19 | 790,000 | 803,809 | |
Indianapolis Local Pub. Impt.: | |||
(Indianapolis Arpt. Auth. Proj.) Series 2016 A1, 5% 1/1/19 (b) | 645,000 | 655,855 | |
Series 2016, 5% 1/1/20 (b) | 2,000,000 | 2,095,460 | |
Whiting Envir. Facilities Rev. (BP Products North America, Inc. Proj.) Series 2009, 5.25% 1/1/21 | 2,510,000 | 2,704,349 | |
TOTAL INDIANA | 10,980,481 | ||
Kansas - 0.1% | |||
Johnson County Unified School District # 233 Series 2016 A: | |||
2% 9/1/18 | 930,000 | 930,902 | |
5% 9/1/20 | 930,000 | 994,421 | |
Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev. Series 2014 A, 4% 9/1/18 | 550,000 | 552,283 | |
TOTAL KANSAS | 2,477,606 | ||
Kentucky - 2.4% | |||
Ashland Med. Ctr. Rev. (Ashland Hosp. Corp. D/B/A King's Daughters Med. Ctr. Proj.) Series 2016 A, 4% 2/1/20 | 595,000 | 607,787 | |
Carroll County Poll. Ctlr Rev. Bonds (Kentucky Utils. Co. Proj.) Series 2016 A, 1.05%, tender 9/1/19 (a) | 12,000,000 | 11,886,120 | |
Kenton County Arpt. Board Arpt. Rev. Series 2016, 5% 1/1/20 | 160,000 | 167,274 | |
Kentucky State Property & Buildings Commission Rev.: | |||
(Kentucky St Proj.): | |||
Series 2009, 5.25% 2/1/19 (Assured Guaranty Corp. Insured) | 465,000 | 474,337 | |
Series D: | |||
5% 5/1/20 | 2,420,000 | 2,548,696 | |
5% 5/1/21 | 555,000 | 597,519 | |
(Kentucky St Proj.): | |||
Series 2005 5% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 835,000 | 904,455 | |
Series 2005: | |||
5% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,235,000 | 1,238,446 | |
5% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,050,000 | 1,112,895 | |
Series 2010, 5% 8/1/20 | 600,000 | 635,814 | |
(No. 108 Proj.) Series 2015 B, 5% 8/1/18 | 1,475,000 | 1,479,101 | |
(Proj. No. 117) Series B, 3% 5/1/20 | 1,570,000 | 1,597,444 | |
(Proj. No. 98) Series 2010, 4% 8/1/19 | 675,000 | 690,626 | |
(Proj. No. 99) Series 2010 A, 5% 11/1/18 | 500,000 | 505,705 | |
(Rev. Rfdg. Bonds Proj.) Series A, 5% 8/1/18 | 1,480,000 | 1,484,114 | |
Series 2009 A, 5% 8/1/18 | 1,615,000 | 1,619,490 | |
Series 2015 B, 5% 8/1/19 | 1,620,000 | 1,674,707 | |
Series 2016 B, 5% 11/1/19 | 2,110,000 | 2,196,721 | |
Series B, 5% 8/1/21 | 520,000 | 562,931 | |
Louisville & Jefferson County: | |||
(Norton Healthcare, Inc. Proj.) Series 2016 A, 5% 10/1/19 | 1,415,000 | 1,469,718 | |
Series 2016 A, 5% 10/1/18 | 2,250,000 | 2,268,293 | |
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2003 A, 1.5%, tender 4/1/19 (a) | 2,245,000 | 2,239,208 | |
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.) Series 2001 B, 2.55%, tender 5/3/21 (a) | 5,580,000 | 5,582,957 | |
TOTAL KENTUCKY | 43,544,358 | ||
Louisiana - 1.8% | |||
Louisiana Citizens Property Ins. Corp. Assessment Rev. Series 2015: | |||
5% 6/1/19 | 835,000 | 859,950 | |
5% 6/1/20 | 4,450,000 | 4,712,817 | |
5% 6/1/21 (FSA Insured) | 1,600,000 | 1,735,056 | |
Louisiana Gen. Oblig. Series 2016 A, 5% 9/1/20 | 1,625,000 | 1,732,559 | |
Louisiana Local Govt. Envir. Facilities Bonds Series 2013, 1 month U.S. LIBOR + 0.700% 2.088%, tender 7/2/18 (a)(c) | 6,155,000 | 6,156,539 | |
Louisiana Pub. Facilities Auth. Rev.: | |||
(Ochsner Clinic Foundation Proj.) Series 2015, 5% 5/15/21 | 520,000 | 560,825 | |
(Tulane Univ. of Louisiana Proj.) Series 2016 A, 5% 12/15/19 | 745,000 | 779,404 | |
Series 2009 A: | |||
5% 7/1/19 | 1,380,000 | 1,424,160 | |
5.25% 7/1/20 | 2,530,000 | 2,693,565 | |
Series 2015, 5% 7/1/18 | 2,135,000 | 2,135,000 | |
New Orleans Aviation Board Rev.: | |||
Series 2017 D1: | |||
5% 1/1/19 | 445,000 | 452,601 | |
5% 1/1/20 | 745,000 | 781,125 | |
Series 2017 D2: | |||
5% 1/1/19 (b) | 560,000 | 569,285 | |
5% 1/1/20 (b) | 150,000 | 157,047 | |
5% 1/1/21 (b) | 370,000 | 395,663 | |
5% 1/1/22 (b) | 655,000 | 714,513 | |
Tobacco Settlement Fing. Corp. Series 2013 A: | |||
5% 5/15/19 | 4,525,000 | 4,643,329 | |
5% 5/15/21 | 930,000 | 1,001,666 | |
TOTAL LOUISIANA | 31,505,104 | ||
Maine - 0.0% | |||
Maine Health & Higher Edl. Facilities Auth. Rev. Series 2017 B, 4% 7/1/21 | 250,000 | 263,715 | |
Massachusetts - 1.3% | |||
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Series 2010 B, 5% 1/1/20 | 370,000 | 388,112 | |
Massachusetts Dev. Fin. Agcy. Rev.: | |||
(Lesley Univ. Proj.) Series 2016, 5% 7/1/20 | 765,000 | 809,806 | |
Series 2013 F, 4% 7/1/18 | 415,000 | 415,000 | |
Massachusetts Edl. Fing. Auth. Rev.: | |||
Series 2016 J, 5% 7/1/21 (b) | 1,550,000 | 1,671,830 | |
Series 2017 A: | |||
3% 7/1/19 (b) | 185,000 | 186,941 | |
4% 7/1/20 (b) | 280,000 | 290,170 | |
Massachusetts Gen. Oblig.: | |||
Bonds Series 2014 D1, 1.05%, tender 7/1/20 (a) | 3,720,000 | 3,664,126 | |
Series 1998 C, 0% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 135,000 | 134,843 | |
Series 2007 A, 3 month U.S. LIBOR + 0.460% 2.04% 11/1/18 (a)(c) | 1,025,000 | 1,025,072 | |
Series 2017 B, SIFMA Municipal Swap Index + 0.600% 2.11% 2/1/20 (a)(c) | 13,020,000 | 13,097,078 | |
Massachusetts Health & Edl. Facilities Auth. Rev.: | |||
(Partners Healthcare Sys., Inc. Proj.) Series 2010, 5% 7/1/21 | 420,000 | 433,864 | |
Series 2009 D, 5% 7/1/18 | 370,000 | 370,000 | |
TOTAL MASSACHUSETTS | 22,486,842 | ||
Michigan - 2.6% | |||
Chippewa Valley Schools Series 2016, 5% 5/1/19 | 1,445,000 | 1,486,052 | |
Clarkston Cmnty. Schools Series 2016 I, 4% 5/1/20 | 255,000 | 264,851 | |
Ferris State Univ. Rev. Series 2016: | |||
5% 10/1/19 | 285,000 | 296,309 | |
5% 10/1/20 | 400,000 | 427,840 | |
Grand Haven Area Pub. Schools Series 2013, 3% 5/1/20 | 370,000 | 378,347 | |
Grand Rapids Pub. Schools: | |||
Series 2016, 5% 5/1/19 (FSA Insured) | 1,560,000 | 1,602,370 | |
5% 5/1/19 (FSA Insured) | 335,000 | 344,099 | |
Grand Valley Michigan State Univ. Rev. Series 2011, 5% 2/1/20 | 975,000 | 1,022,834 | |
Huron Valley School District Series 2011, 5% 5/1/21 | 1,475,000 | 1,592,646 | |
Ingham, Eaton and Clinton Counties Lansing School District Series 2016 I, 5% 5/1/19 | 570,000 | 585,481 | |
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. (Bronson Methodist Hsp, MI. Proj.) Series 2006, 5% 5/15/19 (FSA Insured) | 745,000 | 764,348 | |
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2011 A, 5% 11/15/20 | 470,000 | 503,553 | |
Lake Orion Cmnty. School District 5% 5/1/19 | 670,000 | 688,472 | |
Lapeer Cmnty. Schools Series 2016: | |||
4% 5/1/19 | 415,000 | 422,873 | |
4% 5/1/20 | 905,000 | 939,960 | |
Lincoln Consolidated School District Series 2016 A, 5% 5/1/19 | 745,000 | 764,921 | |
Michigan Fin. Auth. Rev.: | |||
(Mclaren Health Care Corp. Proj.) 5% 5/15/21 | 370,000 | 401,091 | |
Bonds 1.1%, tender 8/15/19 (a) | 975,000 | 966,839 | |
Series 2010 A, 5% 12/1/18 | 445,000 | 451,261 | |
Series 2015 A, 5% 5/15/19 | 355,000 | 365,217 | |
Series 2015, 5% 12/1/19 | 2,490,000 | 2,604,042 | |
Series 2016: | |||
3% 1/1/19 | 75,000 | 75,452 | |
3% 1/1/20 | 110,000 | 111,693 | |
5% 11/15/18 | 975,000 | 986,827 | |
5% 11/15/19 | 495,000 | 516,003 | |
Michigan Gen. Oblig. Series 2016: | |||
3% 3/15/20 | 3,720,000 | 3,793,730 | |
5% 3/15/20 | 815,000 | 858,309 | |
Michigan Hosp. Fin. Auth. Rev. Bonds Series 2010 F4, 1.95%, tender 4/1/20 (a) | 2,930,000 | 2,928,975 | |
Mount Clemens Cmnty. School District Series 2017 A: | |||
5% 5/1/19 | 530,000 | 544,835 | |
5% 5/1/20 | 630,000 | 666,773 | |
Portage Pub. Schools Series 2016: | |||
5% 5/1/19 | 465,000 | 478,211 | |
5% 5/1/20 | 500,000 | 529,185 | |
Rochester Cmnty. School District 5% 5/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 285,000 | 293,097 | |
Royal Oak City School District Series 2018, 4% 5/1/20 | 300,000 | 312,306 | |
Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D, 5% 9/1/18 | 495,000 | 497,757 | |
Warren Consolidated School District Series 2016, 4% 5/1/19 | 745,000 | 759,133 | |
Wayne County Arpt. Auth. Rev.: | |||
Series 2010 A, 5% 12/1/18 (b) | 7,495,000 | 7,595,433 | |
Series 2011 A, 5% 12/1/19 (b) | 1,225,000 | 1,278,312 | |
Series 2017 A: | |||
5% 12/1/18 | 870,000 | 882,311 | |
5% 12/1/19 | 930,000 | 972,203 | |
5% 12/1/20 | 445,000 | 478,335 | |
Series 2017 B: | |||
5% 12/1/18 (b) | 300,000 | 304,020 | |
5% 12/1/19 (b) | 490,000 | 511,041 | |
5% 12/1/20 (b) | 535,000 | 572,455 | |
Western Michigan Univ. Rev.: | |||
Series 2011, 5% 11/15/18 | 520,000 | 526,755 | |
Series 2013, 5% 11/15/19 | 370,000 | 386,879 | |
Ypsilanti School District Series A, 4% 5/1/19 | 1,375,000 | 1,401,084 | |
Zeeland Pub. Schools Series 2015, 5% 5/1/21 | 1,285,000 | 1,381,979 | |
TOTAL MICHIGAN | 46,516,499 | ||
Missouri - 0.0% | |||
Kansas City Santn Swr. Sys. R Series 2018 B, 5% 1/1/20 (d)(e) | 300,000 | 310,524 | |
Missouri Health & Edl. Facilities Rev. Series 2016, 5% 5/15/20 | 590,000 | 623,595 | |
TOTAL MISSOURI | 934,119 | ||
Montana - 0.1% | |||
Montana Facility Fin. Auth. Rev. Series 2016: | |||
5% 2/15/19 | 780,000 | 795,616 | |
5% 2/15/20 | 1,290,000 | 1,354,823 | |
TOTAL MONTANA | 2,150,439 | ||
Nebraska - 0.1% | |||
Nebraska Pub. Pwr. District Rev. Series 2014, 5% 7/1/19 | 1,250,000 | 1,291,638 | |
Nevada - 0.7% | |||
Clark County Arpt. Rev.: | |||
(Sub Lien Proj.) Series 2017 A-1, 5% 7/1/20 (b) | 2,445,000 | 2,587,715 | |
Series 2017 C, 5% 7/1/21 (b) | 3,020,000 | 3,260,090 | |
Clark County Poll. Cont. Rev. Bonds (Nevada Pwr. Co. Projs.) Series 2017, 1.6%, tender 5/21/20 (a) | 3,080,000 | 3,052,249 | |
Clark County School District: | |||
Series 2007 A, 4.5% 6/15/19 | 250,000 | 255,550 | |
Series 2012 A, 5% 6/15/19 | 980,000 | 1,011,095 | |
Series 2015 D, 5% 6/15/20 | 440,000 | 465,727 | |
Series 2016 A, 5% 6/15/21 | 425,000 | 460,581 | |
Series 2017 B, 5% 6/15/19 | 595,000 | 613,879 | |
Washoe County Gas Facilities Rev. Bonds (Seirra Pacific Pwr. Co. Projs.) Series 2016 A, 1.5%, tender 6/3/19 (a)(b) | 1,040,000 | 1,035,767 | |
TOTAL NEVADA | 12,742,653 | ||
New Hampshire - 0.2% | |||
New Hampshire Health & Ed. Facilities Auth. Rev.: | |||
(Southern NH Med. Ctr. Proj.) Series 2016: | |||
3% 10/1/19 | 460,000 | 466,297 | |
3% 10/1/21 | 570,000 | 580,961 | |
Series 2016: | |||
3% 10/1/18 | 835,000 | 837,655 | |
3% 10/1/20 | 820,000 | 834,276 | |
TOTAL NEW HAMPSHIRE | 2,719,189 | ||
New Jersey - 4.9% | |||
Garden State Preservation Trust Open Space & Farmland Preservation Series 2012 A, 5% 11/1/19 | 6,735,000 | 6,983,858 | |
Jersey City Gen. Oblig. Series 2015, 4% 2/15/20 (FSA Insured) | 391,000 | 404,767 | |
New Jersey Econ. Dev. Auth. Rev.: | |||
(New Jersey Gen. Oblig. Proj.): | |||
Series 2008 A, 5% 5/1/19 | 295,000 | 302,198 | |
Series 2009 AA, 5.25% 12/15/20 | 745,000 | 766,240 | |
Series 2011 EE, 4.5% 9/1/20 | 170,000 | 176,814 | |
Series 2017 B, 5% 11/1/19 | 2,480,000 | 2,574,290 | |
Series 2010 DD, 5% 12/15/18 | 1,430,000 | 1,449,491 | |
Series 2011 EE, 5% 9/1/18 | 1,140,000 | 1,145,689 | |
Series 2013, 5% 3/1/20 | 3,030,000 | 3,159,957 | |
Series 2014 PP, 5% 6/15/19 | 985,000 | 1,012,472 | |
Series 2015 XX, 5% 6/15/19 | 840,000 | 863,428 | |
Series 2017 DDD: | |||
5% 6/15/19 | 370,000 | 380,319 | |
5% 6/15/20 | 370,000 | 387,349 | |
Series EE, 5.25% 9/1/19 | 1,370,000 | 1,419,854 | |
Series PP, 5% 6/15/20 | 150,000 | 157,443 | |
New Jersey Edl. Facilities Auth. Rev. Series 2010 H, 5% 7/1/18 (Escrowed to Maturity) | 93,000 | 93,000 | |
New Jersey Edl. Facility ( William Paterson College Proj.) Series 2017 B, 5% 7/1/20 | 357,000 | 379,138 | |
New Jersey Gen. Oblig.: | |||
Series 2005 L, 5.25% 7/15/19 | 445,000 | 461,065 | |
Series 2014, 5% 6/1/19 | 465,000 | 478,806 | |
Series 2016 T: | |||
5% 6/1/19 | 500,000 | 514,845 | |
5% 6/1/20 | 510,000 | 538,932 | |
New Jersey Health Care Facilities Fing. Auth. Rev.: | |||
(AHS Hosp. Corp. Proj.) Series 2016, 5% 7/1/18 | 2,430,000 | 2,430,000 | |
Series 2008: | |||
5% 7/1/18 | 2,915,000 | 2,915,000 | |
5% 7/1/18 | 135,000 | 135,000 | |
Series 2010, 5% 1/1/19 | 165,000 | 167,810 | |
Series 2013 A, 5% 7/1/18 | 135,000 | 135,000 | |
Series 2016 A, 5% 7/1/19 | 300,000 | 309,480 | |
Series 2016: | |||
5% 7/1/19 | 755,000 | 779,538 | |
5% 7/1/20 | 1,500,000 | 1,592,100 | |
4% 7/1/19 (Escrowed to Maturity) | 180,000 | 184,100 | |
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | |||
Series 2011, 5% 12/1/18 (b) | 1,085,000 | 1,099,138 | |
Series 2011-1, 5.5% 12/1/21 (b) | 5,000,000 | 5,501,200 | |
Series 2013, 5% 12/1/19 (b) | 500,000 | 520,830 | |
Series 2014 1A: | |||
5% 12/1/20 (b) | 6,000,000 | 6,393,780 | |
5% 12/1/21 (b) | 4,500,000 | 4,877,820 | |
Series 2016 1A, 5% 12/1/21 (b) | 2,000,000 | 2,167,920 | |
Series 2017 1B: | |||
5% 12/1/19 (b) | 1,320,000 | 1,374,991 | |
5% 12/1/20 (b) | 2,075,000 | 2,211,182 | |
Series 2018 B: | |||
5% 12/1/20 (b) | 1,875,000 | 1,998,056 | |
5% 12/1/21 (b) | 1,290,000 | 1,398,308 | |
New Jersey Tobacco Settlement Fing. Corp. Series 2018 A: | |||
5% 6/1/19 | 2,210,000 | 2,272,167 | |
5% 6/1/20 | 1,950,000 | 2,057,231 | |
5% 6/1/21 | 3,090,000 | 3,328,981 | |
New Jersey Tpk. Auth. Tpk. Rev. Series 2017 C1, 1 month U.S. LIBOR + 0.340% 1.728% 1/1/21 (a)(c) | 485,000 | 485,354 | |
New Jersey Trans. Trust Fund Auth.: | |||
(New Jersey St Grant Anticipati Proj.) Series 2016 A-1, 5% 6/15/21 | 665,000 | 666,490 | |
Series 1999 A, 5.75% 6/15/20 | 205,000 | 214,547 | |
Series 2010 D, 5% 12/15/18 | 150,000 | 152,045 | |
Series 2013 A: | |||
5% 12/15/19 | 195,000 | 203,061 | |
5% 6/15/20 | 695,000 | 729,486 | |
Series 2013 AA, 5% 6/15/19 | 355,000 | 364,901 | |
Series 2016 A, 5% 6/15/20 | 10,485,000 | 11,005,266 | |
Series AA: | |||
5% 6/15/19 | 4,685,000 | 4,815,665 | |
5% 6/15/20 | 125,000 | 130,959 | |
New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A, 5% 9/15/19 | 1,545,000 | 1,601,887 | |
TOTAL NEW JERSEY | 87,869,248 | ||
New Mexico - 0.2% | |||
Farmington Poll. Cont. Rev. Bonds (Southern California Edison Co. Four Corners Proj.): | |||
Series 2005 A, 1.875%, tender 4/1/20 (a) | 1,490,000 | 1,480,226 | |
Series 2005 B, 1.875%, tender 4/1/20 (a) | 1,300,000 | 1,291,472 | |
TOTAL NEW MEXICO | 2,771,698 | ||
New York - 0.1% | |||
Long Island Pwr. Auth. Elec. Sys. Rev. Series 2000 A, 0% 6/1/19 (FSA Insured) | 400,000 | 393,700 | |
New York City Gen. Oblig. Series 2015 F, SIFMA Municipal Swap Index + 0.650% 2.16% 2/15/19 (a)(c) | 745,000 | 746,676 | |
TOTAL NEW YORK | 1,140,376 | ||
North Carolina - 0.1% | |||
Charlotte Int'l. Arpt. Rev. Series 2010 B, 5.25% 7/1/18 (b) | 560,000 | 560,000 | |
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev.: | |||
Series 2010 A, 5% 1/1/20 | 330,000 | 345,903 | |
Series 2012 A, 5% 1/1/19 | 485,000 | 493,526 | |
Series C, 5% 1/1/21 | 355,000 | 360,886 | |
TOTAL NORTH CAROLINA | 1,760,315 | ||
Ohio - 1.8% | |||
Allen County Hosp. Facilities Rev.: | |||
(Mercy Health Proj.) Series 2010B, 5% 9/1/18 | 745,000 | 749,038 | |
Bonds (Mercy Health Proj.) Series 2015 B, SIFMA Municipal Swap Index + 0.750% 2.26%, tender 5/1/20 (a)(c) | 9,670,000 | 9,672,127 | |
Cleveland Ctfs. of Prtn. Series 2010 A, 5% 11/15/19 | 1,665,000 | 1,731,966 | |
Cleveland Pub. Pwr. Sys. Rev. Series 2016 A, 5% 11/15/19 | 1,405,000 | 1,466,961 | |
Hamilton County HealthCare Facilities Rev. (Christ Hosp., OH. Proj.) Series 2012, 5% 6/1/20 | 645,000 | 681,720 | |
Ohio Higher Edl. Facility Commission Rev.: | |||
(Kenyon College, Oh. Proj.) Series 2017, 4% 7/1/19 | 150,000 | 153,402 | |
(Kenyon College, Oh. Proj.) Series 2017, 4% 7/1/20 | 150,000 | 156,287 | |
Ohio Wtr. Dev. Auth. Wtr. Poll. Cont. Rev. Series 2017 B, SIFMA Municipal Swap Index + 0.220% 1.73% 12/1/20 (a)(c) | 15,305,000 | 15,304,082 | |
Scioto County Hosp. Facilities Rev. Series 2016, 5% 2/15/20 | 880,000 | 923,498 | |
Univ. of Akron Gen. Receipts Series 2010 A, 5% 1/1/19 (FSA Insured) | 555,000 | 564,341 | |
TOTAL OHIO | 31,403,422 | ||
Oklahoma - 0.1% | |||
Oklahoma County Fin. Auth. Edl. Facilities (Midwest City- Del City School Dis Proj.) Series 2018: | |||
5% 10/1/18 | 260,000 | 262,210 | |
5% 10/1/19 | 345,000 | 358,821 | |
5% 10/1/21 | 510,000 | 553,462 | |
TOTAL OKLAHOMA | 1,174,493 | ||
Oregon - 0.1% | |||
Oregon Facilities Auth. Rev.: | |||
(Legacy Health Proj.) Series 2011 A, 5.25% 5/1/19 | 260,000 | 267,680 | |
Series 2011 C, 5% 10/1/20 | 310,000 | 331,505 | |
Port of Portland Arpt. Rev. 5% 7/1/18 (b) | 355,000 | 355,000 | |
TOTAL OREGON | 954,185 | ||
Pennsylvania - 3.4% | |||
Adams County Indl. Dev. Auth. Rev. Series 2010, 5% 8/15/20 | 1,310,000 | 1,392,989 | |
Allegheny County Arpt. Auth. Rev. Series 2006 B, 5% 1/1/19 (b) | 1,450,000 | 1,472,519 | |
Allegheny County Hosp. Dev. Auth. Rev. Series 2010 A, 5% 5/15/19 | 780,000 | 802,792 | |
Doylestown Hosp. Auth. Hosp. Rev. Series 2016 B, 5% 7/1/20 | 430,000 | 449,333 | |
Lycoming County Auth. College Rev. Series 2016: | |||
4% 10/1/18 | 370,000 | 372,202 | |
4% 10/1/19 | 745,000 | 765,622 | |
Monroeville Fin. Auth. UPMC Rev. Series 2014 B, 3% 2/1/19 | 145,000 | 146,212 | |
Pennsylvania Ctfs. Prtn. Series 2018 A, 5% 7/1/21 | 350,000 | 376,877 | |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Series 2014 A, 4% 2/1/19 | 130,000 | 131,832 | |
Pennsylvania Gen. Oblig.: | |||
Series 2009, 5% 7/1/19 | 5,000,000 | 5,165,050 | |
Series 2010 A: | |||
5% 5/1/19 | 700,000 | 719,418 | |
5% 5/1/20 | 575,000 | 606,642 | |
Series 2014, 5% 7/1/18 | 465,000 | 465,000 | |
Series 2016: | |||
5% 1/15/19 | 240,000 | 244,380 | |
5% 9/15/19 | 6,010,000 | 6,244,450 | |
5% 9/15/20 | 1,030,000 | 1,096,610 | |
5% 1/15/21 | 420,000 | 449,463 | |
5% 1/15/22 | 2,785,000 | 3,039,744 | |
Pennsylvania Higher Edl. Facilities Auth. Rev. Series 2010 E, 5% 5/15/19 | 825,000 | 849,107 | |
Pennsylvania Tpk. Commission Tpk. Rev.: | |||
Series 2013, SIFMA Municipal Swap Index + 1.150% 2.66% 12/1/19 (a)(c) | 1,170,000 | 1,182,145 | |
series 2015 A-2, SIFMA Municipal Swap Index + 0.650% 2.16% 12/1/18 (a)(c) | 2,110,000 | 2,110,717 | |
Series 2018 A1: | |||
SIFMA Municipal Swap Index + 0.350% 1.86% 12/1/20 (a)(c) | 5,100,000 | 5,100,000 | |
SIFMA Municipal Swap Index + 0.430% 1.94% 12/1/21 (a)(c) | 10,010,000 | 10,010,000 | |
Philadelphia Arpt. Rev.: | |||
Series 2010 D, 5% 6/15/21 (b) | 1,425,000 | 1,511,982 | |
Series 2011 A, 5% 6/15/21 (b) | 510,000 | 549,959 | |
Series 2015 A, 5% 6/15/19 (b) | 890,000 | 917,385 | |
Philadelphia Gas Works Rev.: | |||
Series 2015 13: | |||
5% 8/1/19 | 1,050,000 | 1,086,152 | |
5% 8/1/20 | 1,735,000 | 1,840,020 | |
5% 8/1/21 | 1,550,000 | 1,679,410 | |
Series 2016 14: | |||
5% 10/1/19 | 3,715,000 | 3,861,482 | |
5% 10/1/20 | 1,345,000 | 1,432,169 | |
Series 2017 15, 4% 8/1/20 | 370,000 | 384,907 | |
Philadelphia School District: | |||
Series 2016 D, 5% 9/1/18 | 560,000 | 563,052 | |
Series 2016 F, 5% 9/1/19 | 745,000 | 772,170 | |
Pittsburgh & Alleg County Parkin Series 2017: | |||
3% 12/15/18 | 460,000 | 462,746 | |
4% 12/15/19 | 245,000 | 252,642 | |
Reading School District Series 2017, 5% 3/1/21 (FSA Insured) | 150,000 | 160,794 | |
Saint Mary Hosp. Auth. Health Sys. Rev. (Catholic Health East Proj.) Series 2010B: | |||
5% 11/15/18 | 420,000 | 425,330 | |
5% 11/15/19 | 600,000 | 626,706 | |
State Pub. School Bldg. Auth. Lease Rev. (The School District of Philadelphia Proj.) Series 2016 A, 5% 6/1/19 | 280,000 | 288,212 | |
TOTAL PENNSYLVANIA | 60,008,222 | ||
Rhode Island - 0.1% | |||
Rhode Island Comm Corp. Rev. Series 2016 A, 5% 6/15/19 | 1,680,000 | 1,734,281 | |
Rhode Island Student Ln. Auth. Student Ln. Rev. Series A, 5% 12/1/21 (b) | 500,000 | 540,275 | |
TOTAL RHODE ISLAND | 2,274,556 | ||
South Carolina - 0.8% | |||
Piedmont Muni. Pwr. Agcy. Elec. Rev.: | |||
Series 2009 A, 5% 1/1/20 | 4,645,000 | 4,860,389 | |
Series 2017 A, 5% 1/1/19 | 410,000 | 416,716 | |
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015, 5% 12/1/18 | 1,170,000 | 1,185,924 | |
South Carolina Jobs-Econ. Dev. Auth. (Anmed Health Proj.) Series 2016, 5% 2/1/20 | 560,000 | 587,653 | |
South Carolina Pub. Svc. Auth. Rev.: | |||
Series 2010 B: | |||
4% 1/1/20 | 225,000 | 232,031 | |
5% 1/1/19 (Escrowed to Maturity) | 455,000 | 462,749 | |
Series 2011 B: | |||
4% 12/1/19 | 600,000 | 618,048 | |
4% 12/1/20 | 2,130,000 | 2,217,990 | |
Series 2012 D, 4% 12/1/19 | 195,000 | 200,866 | |
Series 2015 C, 5% 12/1/19 | 3,620,000 | 3,779,063 | |
TOTAL SOUTH CAROLINA | 14,561,429 | ||
Tennessee - 0.3% | |||
Knox County Health Edl. & Hsg. Facilities Series 2016 A, 3% 1/1/19 | 370,000 | 372,231 | |
Memphis-Shelby County Arpt. Auth. Arpt. Rev.: | |||
Series 2010 B, 5.5% 7/1/19 (b) | 1,950,000 | 2,019,810 | |
Series 2011 C, 5% 7/1/19 (b) | 210,000 | 216,489 | |
Nashville and Davidson County Metropolitan Govt. Health & Edl. Facilities Board Rev. Bonds Series 2001 B, 1.55%, tender 11/3/20 (a) | 2,375,000 | 2,356,641 | |
TOTAL TENNESSEE | 4,965,171 | ||
Texas - 2.3% | |||
Austin-Bergstrom Landhost Ente Series 2017: | |||
5% 10/1/19 | 395,000 | 409,828 | |
5% 10/1/20 | 675,000 | 717,984 | |
5% 10/1/21 | 810,000 | 879,296 | |
Brownsville Util. Sys. Rev. Series 2015, 5% 9/1/18 | 800,000 | 804,432 | |
Corpus Christi Util. Sys. Rev. Series 2015, 4% 7/15/19 | 500,000 | 511,830 | |
Dallas County Util. and Reclamation District Series 2016: | |||
5% 2/15/19 | 1,610,000 | 1,643,134 | |
5% 2/15/20 | 980,000 | 1,029,568 | |
5% 2/15/22 | 1,000,000 | 1,098,640 | |
Dallas Fort Worth Int'l. Arpt. Rev.: | |||
Series 2012 F, 5% 11/1/20 (b) | 600,000 | 640,722 | |
Series 2013 E, 5% 11/1/18 (b) | 7,600,000 | 7,685,424 | |
Harris County Cultural Ed. Facilities Fin. Corp. Med. Facilities Rev. (Baylor College of Medicine Proj.) Series 2016, 5% 11/15/19 | 1,350,000 | 1,408,779 | |
Harris County Cultural Ed. Facilities Fin. Corp. Rev.: | |||
Bonds: | |||
Series 2014 B, 2.09%, tender 12/1/19 (a) | 2,230,000 | 2,235,597 | |
Series 2015 3, 1 month U.S. LIBOR + 0.850% 2.274%, tender 6/1/20 (a)(c) | 1,935,000 | 1,950,751 | |
Series 2013 A, 4% 12/1/18 | 675,000 | 681,993 | |
Harris County Gen. Oblig. (Harris County Toll Road Auth.) Series 2012 A, SIFMA Municipal Swap Index + 0.780% 2.29% 8/15/18 (a)(c) | 1,860,000 | 1,861,562 | |
Houston Arpt. Sys. Rev.: | |||
(Houston TX Arpt. Sys. Rev. Subord Proj.) Series 2011 A, 5% 7/1/21 (b) | 1,325,000 | 1,432,749 | |
Series 2009A, 5% 7/1/20 | 1,585,000 | 1,589,105 | |
Series 2011 A: | |||
5% 7/1/18 (b) | 75,000 | 75,000 | |
5% 7/1/19 (b) | 805,000 | 831,412 | |
Series 2012 A, 5% 7/1/18 (b) | 210,000 | 210,000 | |
Series 2018 A, 5% 7/1/21 (b) | 525,000 | 567,693 | |
Houston Gen. Oblig. Series 2017 A, 5% 3/1/20 | 2,045,000 | 2,153,978 | |
Irving Hosp. Auth. Hosp. Rev. Series 2017 A: | |||
5% 10/15/20 | 370,000 | 393,021 | |
5% 10/15/21 | 185,000 | 200,398 | |
Los Fresnos Independent School District Series 2015, 5% 8/15/19 | 335,000 | 347,777 | |
Love Field Arpt. Modernization Rev. Series 2015: | |||
5% 11/1/18 (b) | 585,000 | 591,458 | |
5% 11/1/19 (b) | 745,000 | 776,223 | |
Lower Colorado River Auth. Rev.: | |||
Series 2010 A: | |||
5% 5/15/20 | 2,500,000 | 2,649,475 | |
5% 5/15/20 | 2,740,000 | 2,903,825 | |
Series 2010: | |||
5% 5/15/20 | 240,000 | 254,350 | |
5% 5/15/21 | 1,255,000 | 1,329,321 | |
5% 5/15/19 | 445,000 | 458,079 | |
Lubbock Health Facilities Dev. Corp. Rev. (St. Joseph Health Sys. Proj.) Series 2008 B, 5% 7/1/19 | 705,000 | 728,836 | |
Royse City Independent School District Series 2014, 0% 2/15/20 | 415,000 | 403,085 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. 5.75% 7/1/18 | 125,000 | 125,000 | |
TOTAL TEXAS | 41,580,325 | ||
Virginia - 1.1% | |||
Halifax County Indl. Dev. Auth. Bonds 2.15%, tender 9/1/20 (a) | 2,225,000 | 2,224,043 | |
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | |||
Series 2008 A, 1.75%, tender 5/16/19 (a) | 1,390,000 | 1,388,443 | |
Series 2008 B, 2.15%, tender 9/1/20 (a) | 4,170,000 | 4,168,207 | |
Lynchburg Econ. Dev. (Centra Health Proj.) Series A: | |||
5% 1/1/19 | 255,000 | 259,190 | |
5% 1/1/20 | 370,000 | 387,212 | |
Wise County Indl. Dev. Auth. Waste & Sewage Rev. Bonds: | |||
(Virginia Elec. and Pwr. Co. Proj.) Series 2010 A, 1.875%, tender 6/1/20 (a) | 8,240,000 | 8,194,680 | |
Series 2009 A, 2.15%, tender 9/1/20 (a) | 2,135,000 | 2,134,082 | |
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.875%, tender 5/16/19 (a) | 1,660,000 | 1,659,917 | |
TOTAL VIRGINIA | 20,415,774 | ||
Washington - 0.6% | |||
Chelan County Pub. Util. District #1 Rev. Series 2011 B, 5% 7/1/18 (b) | 330,000 | 330,000 | |
Port of Seattle Rev. Series 2015 C, 5% 4/1/21 (b) | 1,565,000 | 1,685,802 | |
Tobacco Settlement Auth. Rev. Series 2013, 5% 6/1/20 | 3,405,000 | 3,599,494 | |
Washington Gen. Oblig. Series 2000 S-5, 0% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 975,000 | 967,775 | |
Washington Health Care Facilities Auth. Rev.: | |||
( Multicare Med. Ctr.,Tacom,WA Proj.) Series 2015 B, 4% 8/15/18 | 745,000 | 747,190 | |
(MultiCare Health Sys. Proj.) Series 2010 A, 5.25% 8/15/19 | 950,000 | 987,772 | |
(Providence Health Systems Proj.) Series 2011 B, 5% 10/1/19 | 790,000 | 822,145 | |
Bonds Series 2012 B, 5%, tender 10/1/21 (a) | 350,000 | 382,585 | |
Series 2012 A, 5% 10/1/19 | 500,000 | 520,345 | |
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #3 Rev. Series 1993 C, 0% 7/1/18 | 500,000 | 500,000 | |
TOTAL WASHINGTON | 10,543,108 | ||
West Virginia - 1.1% | |||
Harrison County Commission Solid Waste Disp. Rev. Bonds (Monongahela Pwr. Co. Proj.) Series 2018 A, 3%, tender 10/15/21 (a)(b)(d) | 16,300,000 | 16,299,511 | |
West Virginia Econ. Dev. Auth. Poll. Cont. Rev. (Appalachian Pwr. Co. - Amos Proj.) Series 2008 D, 3.25% 5/1/19 | 185,000 | 185,494 | |
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds: | |||
(Appalachian Pwr. Co. Amos Proj.) Series 2011 A, 1.7%, tender 9/1/20 (a)(b) | 2,320,000 | 2,288,866 | |
1.9%, tender 4/1/19 (a) | 395,000 | 394,443 | |
TOTAL WEST VIRGINIA | 19,168,314 | ||
Wisconsin - 0.9% | |||
Milwaukee County Arpt. Rev. Series 2016 A: | |||
5% 12/1/18 (b) | 520,000 | 527,030 | |
5% 12/1/19 (b) | 1,810,000 | 1,889,531 | |
Wisconsin Health & Edl. Facilities: | |||
(Agnesian Healthcare Proj.) Series 2017: | |||
3% 7/1/18 | 165,000 | 165,000 | |
4% 7/1/19 | 300,000 | 306,147 | |
5% 7/1/21 | 300,000 | 323,490 | |
Bonds: | |||
(Ascension Health Cr. Group Proj.) Series 2013 B: | |||
5%, tender 6/1/20 (a) | 4,210,000 | 4,453,717 | |
5%, tender 6/1/21 (a) | 3,995,000 | 4,328,702 | |
Series 2013 B, 4%, tender 5/30/19 (a) | 3,755,000 | 3,827,697 | |
Series 2013 A, 5% 11/15/18 | 355,000 | 359,558 | |
Wisconsin Health & Edl. Facilities Auth. Rev. Series 2012 B, 5% 8/15/18 | 560,000 | 562,302 | |
TOTAL WISCONSIN | 16,743,174 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $781,598,046) | 779,683,051 | ||
Municipal Notes - 55.5% | |||
Alabama - 0.1% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.68% 7/6/18, VRDN (a)(b) | 2,158,000 | $2,158,000 | |
California - 2.1% | |||
California Muni. Fin. Auth. Rev. Participating VRDN Series Floaters XF 26 15, 1.71% 7/6/18 (Liquidity Facility Barclays Bank PLC) (a)(b)(f) | 1,700,000 | 1,700,000 | |
California Statewide Cmntys. Dev. Auth. Participating VRDN Series ZF 01 99, 1.54% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (a)(f) | 1,705,000 | 1,705,000 | |
San Francisco Calif. City & Cnty. Arpts. Commn. Int'l. Arpt. Rev. Participating VRDN Series 15 ZF 01 64, 1.71% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f) | 4,960,000 | 4,960,000 | |
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN: | |||
Series Floaters ZM 06 41, 1.71% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f) | 5,600,000 | 5,600,000 | |
Series Floaters ZM 06 44, 1.71% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f) | 7,435,000 | 7,435,000 | |
San Jose Int. Arpt. Rev. Participating VRDN Series 2017, 1.76% 7/6/18 (Liquidity Facility Citibank NA) (a)(b)(f) | 14,880,000 | 14,880,000 | |
Shafter Indl. Dev. Auth. Indl. Dev. Rev. 2.04% 7/6/18, LOC Deutsche Bank AG, VRDN (a)(b) | 920,000 | 920,000 | |
TOTAL CALIFORNIA | 37,200,000 | ||
Colorado - 0.1% | |||
Colorado Edl. & Cultural Facilities Auth. Rev. (Mesivta of Greater Los Angeles Proj.) Series 2005, 1.86% 7/6/18, LOC Deutsche Bank AG, VRDN (a) | 2,380,000 | 2,380,000 | |
Connecticut - 0.8% | |||
Derby Gen. Oblig. BAN Series 2018, 2.75% 10/25/18 | 8,500,000 | 8,527,370 | |
Reg'l. School District # 14 Woodbuty & Bethleham BAN Series 2017, 2.25% 7/25/18 | 5,815,000 | 5,816,861 | |
TOTAL CONNECTICUT | 14,344,231 | ||
Delaware - 1.2% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1994, 1.75% 7/2/18, VRDN (a)(b) | 21,900,000 | 21,900,000 | |
Florida - 2.6% | |||
Broward County Indl. Dev. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2015, 1.72% 7/2/18, VRDN (a)(b) | 12,050,000 | 12,050,000 | |
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Participating VRDN Series Floaters XL 00 51, 1.76% 7/6/18 (Liquidity Facility Citibank NA) (a)(b)(f) | 33,538,000 | 33,538,000 | |
TOTAL FLORIDA | 45,588,000 | ||
Georgia - 0.8% | |||
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.) Series 2012, 1.73% 7/2/18, VRDN (a)(b) | 9,050,000 | 9,050,000 | |
Heard County Dev. Auth. Poll. Cont. Rev. Series 2007, 1.7% 7/2/18, VRDN (a)(b) | 5,000,000 | 5,000,000 | |
Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Scherer Proj.) Series 2008, 1.69% 7/2/18, VRDN (a) | 550,000 | 550,000 | |
TOTAL GEORGIA | 14,600,000 | ||
Idaho - 0.1% | |||
Eagle Indl. Dev. Corp. Rev. (Camille Beckman Proj.) 1.71% 7/6/18, LOC Wells Fargo Bank NA, VRDN (a)(b) | 790,000 | 790,000 | |
Idaho Health Facilities Auth. Rev. Participating VRDN Series 16 XG 00 66, 1.76% 7/6/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f) | 1,116,000 | 1,116,000 | |
TOTAL IDAHO | 1,906,000 | ||
Illinois - 3.1% | |||
Centegra Health Sys. Participating VRDN Series Floaters XF 23 39, 1.69% 7/6/18 (Liquidity Facility Barclays Bank PLC) (a)(f) | 12,925,000 | 12,925,000 | |
Chicago Board of Ed. Participating VRDN Series Floaters XG 01 08, 1.69% 7/6/18 (Liquidity Facility Barclays Bank PLC) (a)(f) | 6,700,000 | 6,700,000 | |
Chicago Indl. Dev. Rev. (Var Primrose Candy Co. Proj.) Series 2001, 1.64% 7/6/18, LOC Bank of America NA, VRDN (a)(b) | 475,000 | 475,000 | |
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN Series Floaters XL 00 49, 1.76% 7/6/18 (Liquidity Facility Citibank NA) (a)(b)(f) | 8,675,000 | 8,675,000 | |
Chicago Park District Gen. Oblig. Participating VRDN Series ROC II R 11935, 2.01% 7/6/18 (Liquidity Facility Citibank NA) (a)(f) | 6,975,000 | 6,975,000 | |
Chicago Transit Auth. Rev. Bonds Participating VRDN Series XM 00 53, 1.76% 7/6/18 (Liquidity Facility Citibank NA) (a)(f) | 9,080,500 | 9,080,500 | |
Cook County Gen. Oblig. Participating VRDN Series 2015 XF0124, 1.77% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (a)(f) | 3,720,000 | 3,720,000 | |
Illinois Gen. Oblig. Participating VRDN Series 15 XF 1006, 1.76% 7/6/18 (Liquidity Facility Deutsche Bank AG) (a)(f) | 6,621,500 | 6,621,500 | |
TOTAL ILLINOIS | 55,172,000 | ||
Indiana - 0.8% | |||
Hamilton Southeastern Consolidated School Bldg. Corp. BAN Series 2018, 3% 12/15/18 | 1,600,000 | 1,608,464 | |
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 B, 1.67% 7/6/18, VRDN (a)(b) | 12,000,000 | 12,000,000 | |
TOTAL INDIANA | 13,608,464 | ||
Kentucky - 0.2% | |||
Kentucky State Property & Buildings Commission Rev. Participating VRDN Series XG 0113, 1.71% 7/6/18 (Liquidity Facility Barclays Bank PLC) (a)(f) | 4,165,000 | 4,165,000 | |
Louisiana - 6.8% | |||
New Orleans Aviation Board Rev. Participating VRDN: | |||
Series Floater ZF 24 97, 1.76% 7/6/18 (Liquidity Facility Citibank NA) (a)(b)(f) | 5,580,000 | 5,580,000 | |
Series Floaters XL 00 46, 1.76% 7/6/18 (Liquidity Facility Citibank NA) (a)(b)(f) | 19,351,500 | 19,351,500 | |
Series Floaters ZM 05 58, 1.76% 7/6/18 (Liquidity Facility Citibank NA) (a)(b)(f) | 5,580,000 | 5,580,000 | |
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 1.63% 7/6/18, VRDN (a) | 63,885,000 | 63,884,975 | |
Series 2010 B1, 1.61% 7/6/18, VRDN (a) | 26,410,000 | 26,410,000 | |
TOTAL LOUISIANA | 120,806,475 | ||
Maine - 0.0% | |||
Auburn Rev. Oblig. Secs Series 2001, 1.75% 7/6/18, LOC TD Banknorth, NA, VRDN (a)(b) | 380,000 | 380,000 | |
Maryland - 0.1% | |||
Maryland Health & Higher Edl. Facilities Auth. Rev. Series 1995, 1.74% 7/6/18 (Liquidity Facility Manufacturers & Traders Trust Co.), VRDN (a) | 2,055,000 | 2,055,000 | |
Massachusetts - 1.2% | |||
Massachusetts Dev. Fin. Agcy. Rev. Participating VRDN Series Floaters XF 23 65, 1.71% 7/6/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(f) | 4,959,000 | 4,959,000 | |
Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series Floaters XF 23 06, 1.76% 7/6/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(f) | 11,800,000 | 11,800,000 | |
Nahant BAN Series 2018 A, 3% 6/28/19 | 1,700,000 | 1,716,065 | |
Quincy Gen. Oblig. BAN Series 2018, 3% 9/28/18 | 1,300,000 | 1,304,576 | |
Webster Gen. Oblig. BAN Series 2017 B, 2.25% 10/12/18 | 893,000 | 894,357 | |
TOTAL MASSACHUSETTS | 20,673,998 | ||
Michigan - 0.2% | |||
Lowell Mich Ltd. Oblig. Indl. Dev. (Litehouse, Inc. Proj.) Series 2003, 1.91% 7/6/18, LOC Fifth Third Bank, Cincinnati, VRDN (a)(b) | 575,000 | 575,000 | |
Michigan Bldg. Auth. Rev. Participating VRDN Series Floaters XM 01 23, 1.71% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (a)(f) | 3,645,000 | 3,645,000 | |
TOTAL MICHIGAN | 4,220,000 | ||
Mississippi - 0.3% | |||
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Gulf Pwr. Co. Proj.) Series 2012, 1.65% 7/2/18, VRDN (a)(b) | 4,680,000 | 4,680,000 | |
Missouri - 0.1% | |||
Saint Louis Arpt. Rev. RAN Series 2017 B, 5% 7/1/18 (b) | 1,760,000 | 1,760,000 | |
Nebraska - 0.1% | |||
Stanton County Indl. Dev. Rev. Series 1998, 1.68% 7/6/18, VRDN (a)(b) | 900,000 | 900,000 | |
Nevada - 0.9% | |||
Clark County Arpt. Rev. Participating VRDN Series ROC II R 11823, 1.71% 7/6/18 (Liquidity Facility Citibank NA) (a)(f) | 16,250,000 | 16,250,000 | |
Sparks Econ. Dev. Rev. (RIX Industries Proj.) Series 2002, 1.71% 7/6/18, LOC Wells Fargo Bank NA, VRDN (a)(b) | 340,000 | 340,000 | |
TOTAL NEVADA | 16,590,000 | ||
New Jersey - 12.3% | |||
Bloomingdale BAN Series 2018, 3% 3/5/19 | 6,868,381 | 6,921,954 | |
Caldwell BAN Series 2018, 3% 2/20/19 | 4,843,417 | 4,879,500 | |
Carteret Gen. Oblig. BAN: | |||
Series 2017, 2.5% 10/25/18 | 1,116,000 | 1,118,790 | |
Series 2018, 2.75% 2/1/19 | 10,714,000 | 10,776,141 | |
East Brunswick Township Gen. Oblig. BAN Series 2018, 3% 3/14/19 | 8,975,000 | 9,051,916 | |
Englewood Gen. Oblig. BAN Series 2018, 3% 4/2/19 | 24,370,000 | 24,569,103 | |
Gloucester Township BAN Series 2018 B, 3% 6/20/19 | 20,094,801 | 20,307,404 | |
Highland Park Gen. Oblig. BAN Series 2018, 3% 4/16/19 | 5,300,000 | 5,351,198 | |
Holmdel Township Gen. Oblig. BAN Series 2017, 2.5% 10/26/18 | 820,000 | 822,206 | |
Howell Township Gen. Oblig. BAN Series 2017 A, 3% 10/17/18 | 2,900,000 | 2,911,542 | |
Jersey City Gen. Oblig. BAN Series 2018 A, 2.5% 1/18/19 | 4,020,000 | 4,041,467 | |
Long Beach Township Gen. Oblig. BAN Series 2018 A, 3% 3/14/19 | 6,300,000 | 6,357,078 | |
Long Branch Gen. Oblig. BAN Series 2018 B, 2.75% 2/8/19 | 23,534,415 | 23,671,150 | |
Maple Shade Township BAN: | |||
Series 2017, 2.25% 9/7/18 | 900,000 | 900,558 | |
Series 2018, 3% 6/27/19 | 5,607,877 | 5,665,077 | |
Millburn Township Gen. Oblig. BAN Series 2018, 3% 6/14/19 | 5,200,000 | 5,254,548 | |
Millstone Township Gen. Oblig. BAN Series 2017, 2.25% 9/12/18 | 893,000 | 894,143 | |
New Jersey Bldg. Auth. State Bldg. Rev. Participating VRDN Series Floaters XF 05 53, 1.71% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (a)(f) | 2,450,000 | 2,450,000 | |
New Jersey Health Care Facilities Fing. Auth. Rev. Participating VRDN Series 16 XG 00 47, 1.56% 7/6/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f) | 6,512,627 | 6,512,627 | |
New Jersey St. Trans. Trust Fund Auth. Participating VRDN Series Floaters 16 XF1059, 1.76% 7/6/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f) | 26,721,000 | 26,721,000 | |
Plainfield Gen. Oblig. BAN Series 2017, 2% 8/28/18 | 1,023,000 | 1,023,583 | |
Roselle County of Union BAN Series 2017, 2.25% 9/14/18 | 967,000 | 967,841 | |
Saddle Brook Township Gen. Oblig. BAN Series 2018, 3% 5/30/19 | 8,550,000 | 8,639,091 | |
South Brunswick Township BAN Series 2017, 2.25% 10/2/18 | 1,042,000 | 1,043,532 | |
South Orange Village Township Rev. BAN Series 2017, 3% 7/12/18 | 7,587,250 | 7,590,285 | |
Teaneck Township Gen. Oblig. BAN Series 2018, 3% 6/28/19 | 3,700,000 | 3,738,591 | |
Vineland Gen. Oblig. BAN Series 2017, 2.5% 11/15/18 | 3,274,000 | 3,283,560 | |
Wall Township Gen. Oblig. BAN Series 2018, 3% 6/28/19 | 16,856,000 | 17,033,494 | |
Wood-Ridge Gen. Oblig. BAN Series 2017, 2.25% 9/14/18 | 7,302,320 | 7,309,987 | |
TOTAL NEW JERSEY | 219,807,366 | ||
New York - 7.1% | |||
Amsterdam City School District BAN Series 2018, 3% 6/28/19 | 19,900,000 | 20,111,537 | |
Binghamton Gen. Oblig. BAN Series 2017, 2.5% 11/16/18 | 6,695,000 | 6,713,679 | |
Broome County Gen. Oblig. BAN Series 2018 A, 3% 5/3/19 | 11,400,000 | 11,523,348 | |
Canastota Central School District BAN Series 2017, 2.5% 7/20/18 | 1,115,000 | 1,115,491 | |
East Aurora Union Free School District BAN Series A, 2.25% 8/1/18 | 820,000 | 820,369 | |
Eden BAN Series 2018, 3% 3/7/19 | 5,830,000 | 5,877,398 | |
Geneva BAN Series 2018, 3% 5/8/19 | 10,500,000 | 10,603,005 | |
Gloversville School District BAN Series 2017, 2.25% 10/19/18 | 1,490,000 | 1,492,608 | |
Ithaca Gen. Oblig. BAN Series 2018 A, 2.75% 2/15/19 | 3,987,414 | 4,013,811 | |
Lansingburgh Central School District BAN Series 2017, 2.5% 7/20/18 | 1,265,000 | 1,265,557 | |
Nassau County Indl. Dev. Agcy. Indl. Dev. Rev. (Rubies Costume Co. Proj.) Series 1999, 1.67% 7/5/18, LOC Bank of America NA, VRDN (a) | 190,000 | 190,000 | |
North Tonawanda City School District BAN Series 2017, 2.2% 8/24/18 | 2,085,000 | 2,086,877 | |
Oneida County Indl. Dev. Agcy. Rev. (Champion Home Builders Co. Proj.) 1.81% 7/6/18, LOC Wells Fargo Bank NA, VRDN (a)(b) | 5,075,000 | 5,075,000 | |
Onondaga County Indl. Dev. Agcy. Indl. Dev. Rev. (Var G A Braun, Inc. Proj.) Series 2007, 1.81% 7/6/18, LOC Manufacturers & Traders Trust Co., VRDN (a)(b) | 4,250,000 | 4,250,000 | |
Penn Yan NY Central School District BAN Series 2018, 3% 7/19/19 (d) | 8,400,000 | 8,491,644 | |
Poughkeepsie Town BAN Series 2018, 3% 3/8/19 | 7,450,000 | 7,510,867 | |
Putnam County Indl. Dev. Agcy. Rev. Series 2006 A, 1.75% 7/6/18, LOC RBS Citizens NA, VRDN (a) | 2,710,000 | 2,710,000 | |
Queensbury Union Free School District BAN Series 2017, 2.5% 7/13/18 | 2,010,000 | 2,010,563 | |
Rome City School District BAN Series 2017, 2.25% 8/3/18 | 2,755,000 | 2,756,102 | |
Schoharie County BAN Series 2017, 2.5% 11/8/18 | 2,390,000 | 2,397,529 | |
South Glens Falls Central School District BAN Series 2017 A, 2.25% 7/27/18 | 2,530,000 | 2,531,063 | |
Syracuse Gen. Oblig. RAN Series B, 2.25% 7/10/18 | 4,910,000 | 4,910,589 | |
Troy Rensselaer County BAN Series 2018 A, 2.75% 2/8/19 | 8,771,733 | 8,820,592 | |
Ulster County Indl. Dev. Agcy. I (Selux Corp. Proj.) Series A: | |||
1.89% 7/6/18, LOC Manufacturers & Traders Trust Co., VRDN (a)(b) | 205,000 | 205,000 | |
1.89% 7/6/18, LOC Manufacturers & Traders Trust Co., VRDN (a)(b) | 355,000 | 355,000 | |
Whitney Point Central School District BAN Series 2017, 2.25% 8/17/18 | 7,969,014 | 7,972,919 | |
TOTAL NEW YORK | 125,810,548 | ||
North Carolina - 0.2% | |||
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. Series 2000 B, 1.66% 7/6/18, VRDN (a)(b) | 3,300,000 | 3,300,000 | |
Ohio - 2.0% | |||
Avon Lake BAN Series 2017, 2.5% 7/11/18 | 1,746,000 | 1,746,367 | |
Belmont County BAN Series 2018 A, 3% 4/18/19 | 4,200,000 | 4,239,522 | |
Lorain County Gen. Oblig. BAN Series 2017, 2% 11/7/18 | 1,300,000 | 1,301,365 | |
Lucas County Hosp. Rev. Participating VRDN Series Floaters 002, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) | 22,245,000 | 22,245,000 | |
Napoleon City Captial Facilities BAN Series 2018, 2.75% 2/27/19 | 1,600,000 | 1,608,752 | |
Newark Gen. Oblig. BAN Series 2017, 2.05% 10/30/18 | 3,685,000 | 3,689,017 | |
TOTAL OHIO | 34,830,023 | ||
Pennsylvania - 0.6% | |||
Berks County Indl. Dev. Auth. Rev. (KTB Real Estate Partnership Proj.) 1.71% 7/6/18, LOC Manufacturers & Traders Trust Co., VRDN (a)(b) | 335,000 | 335,000 | |
Deutsche Spears/Lifers Trust Participating VRDN Series Floaters XF 10 60, 1.66% 7/6/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f) | 2,150,000 | 2,150,000 | |
Montgomery County Higher Ed. & Health Auth. Rev. Series 2018 D, 1.79% 7/5/21, VRDN (a) | 5,400,000 | 5,400,000 | |
Montgomery County Indl. Dev. Auth. Rev. (Var-FXD-Big Little Assoc. Proj.) Series 1999, 1.71% 7/5/18, LOC Wells Fargo Bank NA, VRDN (a) | 100,000 | 100,000 | |
Pennsylvania Tpk. Commission Tpk. Rev. Participating VRDN Series ROC II R 11995, 1.61% 7/6/18 (Liquidity Facility Citibank NA) (a)(f) | 2,000,000 | 2,000,000 | |
TOTAL PENNSYLVANIA | 9,985,000 | ||
Pennsylvania, New Jersey - 0.2% | |||
Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev. Participating VRDN Series Floaters XF 26 11, 1.66% 7/6/18 (Liquidity Facility Citibank NA) (a)(f) | 3,200,000 | 3,200,000 | |
South Carolina - 1.8% | |||
Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.): | |||
Series 1995, 1.68% 7/6/18, VRDN (a)(b) | 11,700,000 | 11,700,000 | |
Series 1997, 1.68% 7/6/18, VRDN (a)(b) | 3,800,000 | 3,800,000 | |
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. Series 2001, 1.66% 7/6/18, LOC Wells Fargo Bank NA, VRDN (a)(b) | 500,000 | 500,000 | |
South Carolina Pub. Svc. Auth. Rev. Participating VRDN Series Floaters XM 03 84, 1.71% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (a)(f) | 14,115,000 | 14,115,000 | |
South Carolina St. Pub. Svc. Auth. Rev. Participating VRDN Series XG 0046, 1.71% 7/6/18 (Liquidity Facility Toronto-Dominion Bank) (a)(f) | 1,330,000 | 1,330,000 | |
TOTAL SOUTH CAROLINA | 31,445,000 | ||
Tennessee - 0.1% | |||
Memphis-Shelby County Indl. Dev. Board Facilities Rev. Series 2007, 1.68% 7/6/18, VRDN (a)(b) | 2,230,000 | 2,230,000 | |
Texas - 6.6% | |||
Dallas Fort Worth Int'l. Arpt. Rev. Participating VRDN Series Floaters XF 10 61, 1.73% 7/6/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(f) | 8,370,000 | 8,370,000 | |
North Texas Tollway Auth. Rev. Participating VRDN: | |||
Series Floaters XF 25 05, 1.71% 7/6/18 (Liquidity Facility Citibank NA) (a)(f) | 1,041,500 | 1,041,500 | |
Series Floaters XM 05 60, 1.76% 7/6/18 (Liquidity Facility Bank of America NA) (a)(f) | 2,010,000 | 2,010,000 | |
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
Series 2001 A, 1.78% 7/2/18, VRDN (a) | 240,000 | 240,000 | |
Series 2004, 1.85% 7/6/18, VRDN (a)(b) | 57,485,000 | 57,485,000 | |
Series 2010 B, 1.78% 7/2/18, VRDN (a) | 2,150,000 | 2,150,000 | |
Series 2010 C, 1.78% 7/2/18, VRDN (a) | 19,990,000 | 19,990,000 | |
Series 2010 D: | |||
1.78% 7/2/18, VRDN (a) | 19,765,000 | 19,765,000 | |
1.78% 7/2/18, VRDN (a) | 7,350,000 | 7,350,000 | |
TOTAL TEXAS | 118,401,500 | ||
Utah - 2.4% | |||
Salt Lake City Arpt. Rev. Participating VRDN: | |||
Series 17 XM 0493, 1.76% 7/6/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(f) | 15,252,000 | 15,252,000 | |
Series Floaters XM 05 06, 1.76% 7/6/18 (Liquidity Facility Cr. Suisse AG) (a)(b)(f) | 22,623,000 | 22,623,000 | |
Series Floaters ZM 05 51, 1.76% 7/6/18 (Liquidity Facility Citibank NA) (a)(b)(f) | 5,580,000 | 5,580,000 | |
TOTAL UTAH | 43,455,000 | ||
Washington - 0.3% | |||
Catholic Health Initiatives Participating VRDN Series XF 1017, 1.68% 7/6/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f) | 470,000 | 470,000 | |
Seattle Hsg. Auth. Rev. (Douglas Apts. Proj.) 1.66% 7/6/18, LOC KeyBank NA, VRDN (a) | 545,000 | 545,000 | |
Washington Econ. Dev. Fin. Auth. Rev. Participating VRDN Series Floaters 005, 1.86% 8/10/18 (Liquidity Facility Barclays Bank PLC) (a)(b)(f)(g) | 5,020,000 | 5,020,000 | |
TOTAL WASHINGTON | 6,035,000 | ||
Wisconsin - 0.3% | |||
River Falls Indl. Dev. Rev. 1.75% 7/6/18, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 345,000 | 345,000 | |
Wisconsin Health & Edl. Facilities Participating VRDN Series 2017 ZF 2412, 1.76% 7/6/18 (Liquidity Facility Citibank NA) (a)(f) | 5,580,000 | 5,580,000 | |
TOTAL WISCONSIN | 5,925,000 | ||
TOTAL MUNICIPAL NOTES | |||
(Cost $989,595,427) | 989,511,605 | ||
Shares | Value | ||
Money Market Funds - 0.9% | |||
Fidelity Municipal Cash Central Fund, 1.59% (h)(i) | |||
(Cost $15,917,000) | 15,915,408 | 15,917,000 | |
TOTAL INVESTMENT IN SECURITIES - 100.2% | |||
(Cost $1,787,110,473) | 1,785,111,656 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (3,136,740) | ||
NET ASSETS - 100% | $1,781,974,916 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
RAN – REVENUE 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) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(e) A portion of the security sold on a delayed delivery basis.
(f) Provides evidence of ownership in one or more underlying municipal bonds.
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $27,265,000 or 1.5% of net assets.
(h) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(i) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Lucas County Hosp. Rev. Participating VRDN Series Floaters 002, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) | 1/11/18 | $22,245,000 |
Washington Econ. Dev. Fin. Auth. Rev. Participating VRDN Series Floaters 005, 1.86% 8/10/18 (Liquidity Facility Barclays Bank PLC) | 3/1/18 | $5,020,000 |
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 | $136,641 |
Total | $136,641 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2018, 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 |
Investments in Securities: | ||||
Municipal Securities | $1,769,194,656 | $-- | $1,769,194,656 | $-- |
Money Market Funds | 15,917,000 | 15,917,000 | -- | -- |
Total Investments in Securities: | $1,785,111,656 | $15,917,000 | $1,769,194,656 | $-- |
Other Information
The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):
General Obligations | 32.4% |
Synthetics | 19.5% |
Industrial Development | 13.5% |
Electric Utilities | 12.0% |
Transportation | 7.5% |
Health Care | 7.1% |
Others* (Individually Less Than 5%) | 8.0% |
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
June 30, 2018 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $1,771,193,473) | $1,769,194,656 | |
Fidelity Central Funds (cost $15,917,000) | 15,917,000 | |
Total Investment in Securities (cost $1,787,110,473) | $1,785,111,656 | |
Cash | 2,764,082 | |
Receivable for securities sold on a delayed delivery basis | 103,495 | |
Receivable for fund shares sold | 9,349,854 | |
Interest receivable | 11,896,415 | |
Distributions receivable from Fidelity Central Funds | 58,034 | |
Receivable from investment adviser for expense reductions | 141,387 | |
Other receivables | 402 | |
Total assets | 1,809,425,325 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $16,587,199 | |
Delayed delivery | 8,905,252 | |
Payable for fund shares redeemed | 832,629 | |
Distributions payable | 606,477 | |
Accrued management fee | 436,100 | |
Other affiliated payables | 82,752 | |
Total liabilities | 27,450,409 | |
Net Assets | $1,781,974,916 | |
Net Assets consist of: | ||
Paid in capital | $1,784,951,733 | |
Undistributed net investment income | 25,838 | |
Accumulated undistributed net realized gain (loss) on investments | (1,003,838) | |
Net unrealized appreciation (depreciation) on investments | (1,998,817) | |
Net Assets | $1,781,974,916 | |
Conservative Income Municipal Bond: | ||
Net Asset Value, offering price and redemption price per share ($242,158,630 ÷ 24,173,597 shares) | $10.02 | |
Institutional Class: | ||
Net Asset Value, offering price and redemption price per share ($1,539,816,286 ÷ 153,705,311 shares) | $10.02 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2018 (Unaudited) | ||
Investment Income | ||
Interest | $13,060,697 | |
Income from Fidelity Central Funds | 136,641 | |
Total income | 13,197,338 | |
Expenses | ||
Management fee | $2,560,648 | |
Transfer agent fees | 487,544 | |
Independent trustees' fees and expenses | 3,763 | |
Miscellaneous | 2,618 | |
Total expenses before reductions | 3,054,573 | |
Expense reductions | (806,783) | |
Total expenses after reductions | 2,247,790 | |
Net investment income (loss) | 10,949,548 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (75,567) | |
Redemptions in-kind with affiliated entities | (778,563) | |
Total net realized gain (loss) | (854,130) | |
Change in net unrealized appreciation (depreciation) on investment securities | 2,487,515 | |
Net gain (loss) | 1,633,385 | |
Net increase (decrease) in net assets resulting from operations | $12,582,933 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2018 (Unaudited) | Year ended December 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $10,949,548 | $15,744,485 |
Net realized gain (loss) | (854,130) | 38,043 |
Change in net unrealized appreciation (depreciation) | 2,487,515 | (930,541) |
Net increase (decrease) in net assets resulting from operations | 12,582,933 | 14,851,987 |
Distributions to shareholders from net investment income | (10,946,492) | (15,720,425) |
Distributions to shareholders from net realized gain | – | (379,460) |
Total distributions | (10,946,492) | (16,099,885) |
Share transactions - net increase (decrease) | (143,494,873) | 916,349,984 |
Total increase (decrease) in net assets | (141,858,432) | 915,102,086 |
Net Assets | ||
Beginning of period | 1,923,833,348 | 1,008,731,262 |
End of period | $1,781,974,916 | $1,923,833,348 |
Other Information | ||
Undistributed net investment income end of period | $25,838 | $22,782 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Conservative Income Municipal Bond Fund
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 A | |
Selected Per��Share Data | ||||||
Net asset value, beginning of period | $10.01 | $10.00 | $10.04 | $10.04 | $10.02 | $10.00 |
Income from Investment Operations | ||||||
Net investment income (loss)B | .060 | .090 | .062 | .032 | .015 | .002 |
Net realized and unrealized gain (loss) | .010 | .010 | (.041) | –C | .021 | .020 |
Total from investment operations | .070 | .100 | .021 | .032 | .036 | .022 |
Distributions from net investment income | (.060) | (.088) | (.059) | (.031) | (.015) | (.002) |
Distributions from net realized gain | – | (.002) | (.002) | (.001) | (.001) | – |
Total distributions | (.060) | (.090) | (.061) | (.032) | (.016) | (.002) |
Net asset value, end of period | $10.02 | $10.01 | $10.00 | $10.04 | $10.04 | $10.02 |
Total ReturnD,E | .70% | 1.00% | .21% | .32% | .36% | .22% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .40%H | .40% | .40% | .40% | .40% | .40%H |
Expenses net of fee waivers, if any | .35%H | .35% | .35% | .39% | .40% | .40%H |
Expenses net of all reductions | .35%H | .35% | .35% | .39% | .40% | .40%H |
Net investment income (loss) | 1.20%H | .90% | .62% | .32% | .15% | .11%H |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $242,159 | $234,599 | $164,586 | $73,914 | $45,107 | $22,205 |
Portfolio turnover rateI | 47%H,J | 33% | 36% | 32% | 51% | - %K,L |
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 Portfolio turnover rate excludes securities received or delivered in-kind.
K Amount represents less than 1%.
L Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Conservative Income Municipal Bond Fund Institutional Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 A | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.01 | $10.00 | $10.04 | $10.04 | $10.02 | $10.00 |
Income from Investment Operations | ||||||
Net investment income (loss)B | .065 | .099 | .071 | .042 | .025 | .004 |
Net realized and unrealized gain (loss) | .010 | .011 | (.040) | –C | .021 | .020 |
Total from investment operations | .075 | .110 | .031 | .042 | .046 | .024 |
Distributions from net investment income | (.065) | (.098) | (.069) | (.041) | (.025) | (.004) |
Distributions from net realized gain | – | (.002) | (.002) | (.001) | (.001) | – |
Total distributions | (.065) | (.100) | (.071) | (.042) | (.026) | (.004) |
Net asset value, end of period | $10.02 | $10.01 | $10.00 | $10.04 | $10.04 | $10.02 |
Total ReturnD,E | .75% | 1.11% | .31% | .42% | .46% | .24% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .35%H | .35% | .35% | .35% | .35% | .35%H |
Expenses net of fee waivers, if any | .25%H | .25% | .25% | .29% | .30% | .30%H |
Expenses net of all reductions | .25%H | .25% | .25% | .29% | .30% | .30%H |
Net investment income (loss) | 1.30%H | 1.00% | .72% | .42% | .25% | .22%H |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,539,816 | $1,689,234 | $844,145 | $290,823 | $143,491 | $27,963 |
Portfolio turnover rateI | 47%H,J | 33% | 36% | 32% | 51% | - %K,L |
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 Portfolio turnover rate excludes securities received or delivered in-kind.
K Amount represents less than 1%.
L Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
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. 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 are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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.
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.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions 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 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 short-term gain distributions from the Underlying Funds, market discount, 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.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $769,921 |
Gross unrealized depreciation | (2,761,469) |
Net unrealized appreciation (depreciation) | $(1,991,548) |
Tax cost | $1,787,103,204 |
The fund elected to defer to its next fiscal year $147,380 of capital losses recognized during the period November 1, 2017 to December 31, 2017.
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.
New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, excluding in-kind transactions, aggregated $496,957,145 and $222,144,959, 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 that is based on an annual rate of .30% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees.
Transfer Agent Fees. 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 | $121,538 |
Institutional Class | 366,006 |
$487,544 |
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.
Redemptions In-Kind. During the period, 55,039,919 shares of the Fund held by an affiliated entity were redeemed in-kind for investments, including accrued interest, with a value of $551,499,983. The net realized loss of $(778,563) on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
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 $2,618 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.
The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2019. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
Expense Limitations | Reimbursement | |
Conservative Income Municipal Bond | .35% | $63,515 |
Institutional Class | .25% | 742,626 |
$806,141 |
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 $642.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended June 30, 2018 | Year ended December 31, 2017 | |
From net investment income | ||
Conservative Income Municipal Bond | $1,456,080 | $1,835,306 |
Institutional Class | 9,490,412 | 13,885,119 |
Total | $10,946,492 | $15,720,425 |
From net realized gain | ||
Conservative Income Municipal Bond | $– | $48,134 |
Institutional Class | – | 331,326 |
Total | $– | $379,460 |
9. 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 | |
Six months ended June 30, 2018 | Year ended December 31, 2017 | Six months ended June 30, 2018 | Year ended December 31, 2017 | |
Conservative Income Municipal Bond | ||||
Shares sold | 7,516,340 | 21,955,447 | $75,252,559 | $220,293,518 |
Reinvestment of distributions | 118,128 | 147,067 | 1,182,785 | 1,475,009 |
Shares redeemed | (6,896,007) | (15,119,985) | (69,028,127) | (151,688,958) |
Net increase (decrease) | 738,461 | 6,982,529 | $7,407,217 | $70,079,569 |
Institutional Class | ||||
Shares sold | 126,366,463 | 150,371,751 | $1,265,184,363 | $1,508,502,028 |
Reinvestment of distributions | 653,102 | 917,401 | 6,539,413 | 9,201,705 |
Shares redeemed | (142,054,967)(a) | (66,929,721) | (1,422,625,866)(a) | (671,433,318) |
Net increase (decrease) | (15,035,402) | 84,359,431 | $(150,902,090) | $846,270,415 |
(a) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).
10. 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.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2018 to June 30, 2018).
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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. 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.
Annualized Expense Ratio-A | Beginning Account Value January 1, 2018 | Ending Account Value June 30, 2018 | Expenses Paid During Period-B January 1, 2018 to June 30, 2018 | |
Conservative Income Municipal Bond | .35% | |||
Actual | $1,000.00 | $1,007.00 | $1.74 | |
Hypothetical-C | $1,000.00 | $1,023.06 | $1.76 | |
Institutional Class | .25% | |||
Actual | $1,000.00 | $1,007.50 | $1.24 | |
Hypothetical-C | $1,000.00 | $1,023.55 | $1.25 |
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 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
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Fidelity Flex℠ Funds Fidelity Flex℠ Conservative Income Municipal Bond Fund Semi-Annual Report June 30, 2018 |
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Contents
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 1-800-835-5092 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. © 2018 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.institutional.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.
Investment Summary (Unaudited)
Maturity Diversification as of June 30, 2018
% of fund's investments | |
1 - 7 | 46.8 |
8 - 30 | 0.7 |
31 - 60 | 1.4 |
61 - 90 | 0.6 |
91 - 180 | 8.3 |
> 180 | 42.2 |
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 June 30, 2018
% of fund's net assets | |
Illinois | 20.9 |
New Jersey | 13.1 |
South Carolina | 6.4 |
Michigan | 6.4 |
Utah | 5.8 |
Top Five Sectors as of June 30, 2018
% of fund's net assets | |
Synthetics | 32.1 |
General Obligations | 23.4 |
Electric Utilities | 10.6 |
Health Care | 9.9 |
Industrial Development | 8.6 |
Quality Diversification (% of fund's net assets)
As of June 30, 2018 | ||
AAA | 2.9% | |
AA,A | 36.7% | |
BBB | 3.8% | |
Not Rated | 1.9% | |
Short-Term Investments and Net Other Assets | 54.7% |
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.
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 45.2% | |||
Principal Amount | Value | ||
Arizona - 0.5% | |||
Arizona Board of Regents Ctfs. of Prtn. (Univ. of Arizona Projs.) Series 2015 A, 5% 6/1/19 | 60,000 | 61,826 | |
Coconino County Poll. Cont. Corp. Rev. Bonds (Nevada Pwr. Co. Projs.) Series 2017 A, 1.8%, tender 5/21/20 (a)(b) | 50,000 | 49,642 | |
Univ. Med. Ctr. Corp. Hosp. Rev. Series 2009, 6.5% 7/1/39 (Pre-Refunded to 7/1/19 @ 100) | 60,000 | 62,870 | |
TOTAL ARIZONA | 174,338 | ||
Colorado - 1.1% | |||
Colorado Univ. Co. Hosp. Auth. Rev. Bonds Series 2017C-1, 4%, tender 3/1/20 (a) | 200,000 | 204,914 | |
E-470 Pub. Hwy. Auth. Rev.: | |||
Series 1997 B, 0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $100,000 | $99,734 | |
Series 2015 A, 5% 9/1/20 | 50,000 | 53,145 | |
TOTAL COLORADO | 357,793 | ||
Connecticut - 2.9% | |||
Connecticut Gen. Oblig.: | |||
Series 2010 C, 5% 12/1/18 | 215,000 | 218,051 | |
Series 2012 A, SIFMA Municipal Swap Index + 1.250% 2.76% 4/15/20 (a)(c) | 100,000 | 101,316 | |
Series 2015 F, 5% 11/15/18 | 50,000 | 50,640 | |
Series 2016 B, 4% 5/15/20 | 200,000 | 206,768 | |
Series 2017 B, 5% 4/15/19 | 50,000 | 51,254 | |
Series A, 5% 2/15/21 | 75,000 | 76,436 | |
Connecticut Health & Edl. Facilities Auth. Rev. Series 2017 I1, 5% 7/1/18 | 100,000 | 100,000 | |
Connecticut Higher Ed. Supplemental Ln. Auth. Rev. (Chesla Ln. Prog.) Series 2017 A, 4% 11/15/18 (b) | 175,000 | 176,248 | |
TOTAL CONNECTICUT | 980,713 | ||
Florida - 2.9% | |||
Broward County School Board Ctfs. of Prtn.: | |||
Series 2011 A, 5% 7/1/18 | 305,000 | 305,000 | |
Series 2015 A, 5% 7/1/19 | 50,000 | 51,696 | |
Miami-Dade County School Board Ctfs. of Prtn. Series 2014 D, 5% 11/1/19 | 90,000 | 93,881 | |
Orange County Health Facilities Auth. ( Orlando Health Proj.) Series 2009, 5% 10/1/18 | 275,000 | 277,305 | |
Pasco County School District Sales Tax Rev. Series 2013: | |||
5% 10/1/18 | 145,000 | 146,233 | |
5% 10/1/19 | 75,000 | 78,043 | |
TOTAL FLORIDA | 952,158 | ||
Georgia - 1.3% | |||
Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
(Gen. Resolution Projs.) Series 2009 B, 5% 1/1/20 | 200,000 | 208,850 | |
Series 2009 B, 5% 1/1/20 | 220,000 | 229,735 | |
TOTAL GEORGIA | 438,585 | ||
Illinois - 7.3% | |||
Chicago Metropolitan Wtr. Reclamation District of Greater Chicago: | |||
Series 2011 B, 5% 12/1/19 | 65,000 | 67,968 | |
Series 2014 D, 5% 12/1/19 | 50,000 | 52,283 | |
Chicago Midway Arpt. Rev. Series 2014 B, 5% 1/1/19 | 300,000 | 305,064 | |
Chicago O'Hare Int'l. Arpt. Rev. Series 2011 B, 5% 1/1/19 | 150,000 | 152,532 | |
Chicago Wastewtr. Transmission Rev. Series 2012, 5% 1/1/19 | 380,000 | 385,901 | |
Cook County Gen. Oblig. Series 2011 A, 5% 11/15/19 | 200,000 | 208,100 | |
Illinois Edl. Facilities Auth. Rev. Bonds (Univ. of Chicago Proj.) Series B2, 1.55%, tender 2/13/20 (a) | 250,000 | 248,380 | |
Illinois Fin. Auth. Rev. Bonds (Advocate Health Care Network Proj.) Series 2008 A2, 5%, tender 2/12/20 (a) | 345,000 | 361,912 | |
Illinois Gen. Oblig.: | |||
Series 2001, 5.5% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 75,000 | 75,194 | |
Series 2006, 5% 1/1/19 | 75,000 | 75,964 | |
Series 2018 A, 5% 5/1/19 | 300,000 | 306,072 | |
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A, 5% 2/1/21 | 170,000 | 182,704 | |
TOTAL ILLINOIS | 2,422,074 | ||
Kentucky - 4.7% | |||
Kentucky State Property & Buildings Commission Rev.: | |||
(Kentucky St Proj.) Series 2010, 5% 8/1/20 | 575,000 | 609,322 | |
(Proj. No. 106) Series 2013 A, 5% 10/1/18 | 200,000 | 201,726 | |
(Proj. No. 112) Series 2016 B, 5% 11/1/18 | 250,000 | 252,853 | |
(Proj. No. 83) Series 2004, 5% 10/1/19 (AMBAC Insured) | 200,000 | 207,734 | |
Series 2009 A, 5% 8/1/18 | 50,000 | 50,139 | |
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.) Series 2001 B, 2.55%, tender 5/3/21 (a) | 250,000 | 250,133 | |
TOTAL KENTUCKY | 1,571,907 | ||
Louisiana - 0.5% | |||
Louisiana Citizens Property Ins. Corp. Assessment Rev. Series 2015, 5% 6/1/19 | 150,000 | 154,482 | |
Michigan - 4.9% | |||
Grand Traverse County Hosp. Fin. Auth. Series 2011 A, 5% 7/1/20 | 115,000 | 121,991 | |
Michigan Fin. Auth. Rev.: | |||
(Beaumont Health Proj.) Series 2012, 5% 11/1/18 | 530,000 | 535,835 | |
Series 2015 A: | |||
4% 8/1/19 | 400,000 | 409,564 | |
5% 5/15/20 | 125,000 | 132,308 | |
Michigan Hosp. Fin. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series F5, 1.9%, tender 4/1/21 (a) | 180,000 | 179,473 | |
Wayne County Arpt. Auth. Rev. Series 2011 A, 5% 12/1/19 (b) | 225,000 | 234,792 | |
TOTAL MICHIGAN | 1,613,963 | ||
Minnesota - 0.8% | |||
Rochester Health Care Facilities Rev. Bonds (Mayo Clinic Proj.) Series 2011, 4%, tender 11/15/18 (a) | 105,000 | 105,896 | |
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) | 150,000 | 148,692 | |
TOTAL MINNESOTA | 254,588 | ||
Nebraska - 1.4% | |||
Nebraska Pub. Pwr. District Rev.: | |||
Series 2013 A, 5% 1/1/19 | 200,000 | 203,436 | |
Series 2014, 5% 1/1/19 | 70,000 | 71,203 | |
Series 2016, 5% 1/1/19 | 200,000 | 203,436 | |
TOTAL NEBRASKA | 478,075 | ||
Nevada - 0.6% | |||
Clark County Arpt. Rev. (Sub Lien Proj.) Series 2017 A-1, 5% 7/1/20 (b) | 200,000 | 211,674 | |
New Jersey - 6.6% | |||
New Jersey Econ. Dev. Auth. Rev.: | |||
Series 2013, 5% 3/1/20 | 10,000 | 10,429 | |
Series 2015 XX, 5% 6/15/20 | 145,000 | 151,799 | |
New Jersey Edl. Facilities Auth. Rev. Series 2012 A, 5% 7/1/19 | 50,000 | 51,620 | |
New Jersey Gen. Oblig. Series 2010 Q, 5% 8/15/18 | 200,000 | 200,814 | |
New Jersey Health Care Facilities Fing. Auth. Rev. Series 2016 A, 4% 7/1/19 | 200,000 | 204,358 | |
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | |||
Series 2012 1A, 4% 12/1/19 (b) | 210,000 | 215,842 | |
Series 2015 1A, 5% 12/1/21 (b) | 600,000 | 650,376 | |
Series 2018 B, 5% 12/1/20 (b) | 100,000 | 106,563 | |
New Jersey Tobacco Settlement Fing. Corp. Series 2018 A, 5% 6/1/19 | 100,000 | 102,813 | |
New Jersey Trans. Trust Fund Auth.: | |||
Series 2003 B. 5.25% 12/15/19 | 90,000 | 94,040 | |
Series 2012 AA, 5% 6/15/19 | 50,000 | 51,395 | |
Series 2016 A, 5% 6/15/20 | 115,000 | 120,706 | |
New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A, 5% 9/15/21 | 220,000 | 235,055 | |
TOTAL NEW JERSEY | 2,195,810 | ||
Ohio - 0.7% | |||
Ohio Higher Edl. Facility Commission Rev. (Univ. of Dayton Proj.) Series 2013, 3% 12/1/18 | 220,000 | 221,373 | |
Oklahoma - 0.7% | |||
Oklahoma Pwr. Auth. Pwr. Supply Sys. Rev. Series 2014 A, 5% 1/1/19 | 235,000 | 238,838 | |
Pennsylvania - 2.8% | |||
Allegheny County Arpt. Auth. Rev. Series 2006 B, 5% 1/1/19 (b) | 50,000 | 50,777 | |
Monroeville Fin. Auth. UPMC Rev. (UPMC Health Sys. Proj.) Series 2013 B, 5% 7/1/18 | 250,000 | 250,000 | |
Pennsylvania Gen. Oblig.: | |||
Series 2011, 5% 11/15/20 | 60,000 | 64,154 | |
Series 2016, 5% 1/15/22 | 140,000 | 152,806 | |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
(Thomas Jefferson Univ. Proj.) Series 2012, 5% 3/1/20 | 50,000 | 52,589 | |
First Series 2012, 5% 4/1/21 | 50,000 | 53,902 | |
Pennsylvania Tpk. Commission Tpk. Rev. Series 2018 A1: | |||
SIFMA Municipal Swap Index + 0.350% 1.86% 12/1/20 (a)(c) | 100,000 | 100,000 | |
SIFMA Municipal Swap Index + 0.430% 1.94% 12/1/21 (a)(c) | 200,000 | 200,000 | |
TOTAL PENNSYLVANIA | 924,228 | ||
South Carolina - 0.4% | |||
South Carolina Pub. Svc. Auth. Rev. Series 2015 C, 5% 12/1/18 (Escrowed to Maturity) | 120,000 | 121,728 | |
Texas - 1.4% | |||
Corpus Christi Util. Sys. Rev. Series 2015 C, 4% 7/15/18 | 200,000 | 200,164 | |
Lower Colorado River Auth. Rev. Series 2012 B, 5% 5/15/21 | 245,000 | 266,016 | |
TOTAL TEXAS | 466,180 | ||
Utah - 1.0% | |||
Intermountain Pwr. Agcy. Pwr. Supply Rev. Series 2013 A: | |||
5% 7/1/21 | 155,000 | 155,000 | |
5% 7/1/22 | 170,000 | 170,000 | |
TOTAL UTAH | 325,000 | ||
Virginia - 0.7% | |||
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds Series 2008 B, 2.15%, tender 9/1/20 (a) | 150,000 | 149,936 | |
Wise County Indl. Dev. Auth. Waste & Sewage Rev. Bonds: | |||
(Virginia Elec. and Pwr. Co. Proj.) Series 2010 A, 1.875%, tender 6/1/20 (a) | 25,000 | 24,863 | |
Series 2009 A, 2.15%, tender 9/1/20 (a) | 50,000 | 49,979 | |
TOTAL VIRGINIA | 224,778 | ||
West Virginia - 0.9% | |||
Harrison County Commission Solid Waste Disp. Rev. Bonds (Monongahela Pwr. Co. Proj.) Series 2018 A, 3%, tender 10/15/21 (a)(b) | 300,000 | 300,000 | |
Wisconsin - 1.1% | |||
Wisconsin Health & Edl. Facilities Auth. (Unitypoint Health Proj.) Series 2014 A, 5% 12/1/19 | 100,000 | 104,309 | |
Wisconsin Health & Edl. Facilities Auth. Rev. Series 2009 A, 5.5% 12/15/20 | 250,000 | 262,883 | |
TOTAL WISCONSIN | 367,192 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $14,986,667) | 14,995,477 | ||
Municipal Notes - 55.7% | |||
Alabama - 0.3% | |||
Columbia Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.) 1.59% 7/2/18, VRDN (a)(b) | 100,000 | $100,000 | |
Colorado - 0.5% | |||
Colorado Hsg. & Fin. Auth. Econ. Dev. (Pacific Instruments Proj.) Series 2000, 1.71% 7/6/18, LOC Wells Fargo Bank NA, VRDN (a)(b) | 165,000 | 165,000 | |
Connecticut - 0.8% | |||
Derby Gen. Oblig. BAN Series 2018, 2.75% 10/25/18 | 200,000 | 200,644 | |
Reg'l. School District # 14 Woodbuty & Bethleham BAN Series 2017, 2.25% 7/25/18 | 50,000 | 50,016 | |
TOTAL CONNECTICUT | 250,660 | ||
Delaware - 1.2% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1994, 1.75% 7/2/18, VRDN (a)(b) | 400,000 | 400,000 | |
Florida - 0.9% | |||
Collier County Indl. Dev. Auth. Rev. (Var March Proj.) Series 2004, 1.66% 7/6/18, LOC Wells Fargo Bank NA, VRDN (a)(b) | 310,000 | 310,000 | |
Illinois - 13.6% | |||
Centegra Health Sys. Participating VRDN Series Floaters XF 23 39, 1.69% 7/6/18 (Liquidity Facility Barclays Bank PLC) (a)(d) | 1,500,000 | 1,500,000 | |
Chicago Board of Ed. Participating VRDN Series Floaters XG 01 08, 1.69% 7/6/18 (Liquidity Facility Barclays Bank PLC) (a)(d) | 3,000,000 | 2,999,989 | |
TOTAL ILLINOIS | 4,499,989 | ||
Indiana - 0.3% | |||
Hamilton Southeastern Consolidated School Bldg. Corp. BAN Series 2018, 3% 12/15/18 | 100,000 | 100,529 | |
Massachusetts - 1.2% | |||
Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series Floaters XF 23 06, 1.76% 7/6/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d) | 200,000 | 200,000 | |
Nahant BAN Series 2018 A, 3% 6/28/19 | 100,000 | 100,945 | |
Quincy Gen. Oblig. BAN Series 2018, 3% 9/28/18 | 100,000 | 100,352 | |
TOTAL MASSACHUSETTS | 401,297 | ||
Michigan - 1.5% | |||
Michigan Bldg. Auth. Rev. Participating VRDN Series Floaters XM 01 23, 1.71% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 500,000 | 500,000 | |
Mississippi - 1.5% | |||
Mississippi Bus. Fin. Corp. Rev. (Utils. Optimization LLC Proj.) Series 2002 A, 1.71% 7/6/18, LOC Cap. One Bank, VRDN (a)(b) | 400,000 | 400,000 | |
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Gulf Pwr. Co. Proj.) Series 2012, 1.65% 7/2/18, VRDN (a)(b) | 100,000 | 100,000 | |
TOTAL MISSISSIPPI | 500,000 | ||
Nevada - 3.0% | |||
Clark County Arpt. Rev. Participating VRDN Series ROC II R 11823, 1.71% 7/6/18 (Liquidity Facility Citibank NA) (a)(d) | 1,000,000 | 1,000,000 | |
New Jersey - 6.5% | |||
Caldwell BAN Series 2018, 3% 2/20/19 | 100,000 | 100,745 | |
Carteret Gen. Oblig. BAN Series 2017, 2.5% 10/25/18 | 50,000 | 50,125 | |
Gloucester Township BAN Series 2018 B, 3% 6/20/19 | 600,000 | 606,348 | |
Holmdel Township Gen. Oblig. BAN Series 2017, 2.5% 10/26/18 | 50,000 | 50,135 | |
Maple Shade Township BAN Series 2018, 3% 6/27/19 | 200,000 | 202,040 | |
Millburn Township Gen. Oblig. BAN Series 2018, 3% 6/14/19 | 100,000 | 101,049 | |
New Jersey Bldg. Auth. State Bldg. Rev. Participating VRDN Series Floaters XF 05 53, 1.71% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 100,000 | 100,000 | |
New Jersey St. Trans. Trust Fund Auth. Participating VRDN Series Floaters 16 XF1059, 1.76% 7/6/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d) | 225,000 | 225,000 | |
Saddle Brook Township Gen. Oblig. BAN Series 2018, 3% 5/30/19 | 300,000 | 303,126 | |
Teaneck Township Gen. Oblig. BAN Series 2018, 3% 6/28/19 | 100,000 | 101,043 | |
Wall Township Gen. Oblig. BAN Series 2018, 3% 6/28/19 | 300,000 | 303,159 | |
TOTAL NEW JERSEY | 2,142,770 | ||
New York - 3.5% | |||
Amsterdam City School District BAN Series 2018, 3% 6/28/19 | 400,000 | 404,252 | |
Geneva BAN Series 2018, 3% 5/8/19 | 400,000 | 403,924 | |
North Tonawanda City School District BAN Series 2017, 2.2% 8/24/18 | 50,000 | 50,045 | |
Penn Yan NY Central School District BAN Series 2018, 3% 7/19/19 (e) | 200,000 | 202,182 | |
Putnam County Indl. Dev. Agcy. Rev. Series 2006 A, 1.75% 7/6/18, LOC RBS Citizens NA, VRDN (a) | 100,000 | 100,000 | |
TOTAL NEW YORK | 1,160,403 | ||
North Carolina - 0.6% | |||
Alamance County Idnl Facilities Poll Fing. Auth. Series 2001, 1.66% 7/6/18, LOC Wells Fargo Bank NA, VRDN (a)(b) | 200,000 | 200,000 | |
Ohio - 0.8% | |||
Belmont County BAN Series 2018 A, 3% 4/18/19 | 100,000 | 100,941 | |
Lucas County Hosp. Rev. Participating VRDN Series Floaters 002, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) (a)(d)(f) | 100,000 | 100,000 | |
Newark Gen. Oblig. BAN Series 2017, 2.05% 10/30/18 | 50,000 | 50,055 | |
TOTAL OHIO | 250,996 | ||
Pennsylvania - 0.3% | |||
Montgomery County Higher Ed. & Health Auth. Rev. Series 2018 D, 1.79% 7/5/21, VRDN (a) | 100,000 | 100,000 | |
Rhode Island - 1.4% | |||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series 2005 A, 1.71% 7/2/18, LOC RBS Citizens NA, VRDN (a) | 460,000 | 460,000 | |
South Carolina - 6.0% | |||
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. Series 2001, 1.66% 7/6/18, LOC Wells Fargo Bank NA, VRDN (a)(b) | 500,000 | 500,000 | |
South Carolina Pub. Svc. Auth. Rev. Participating VRDN Series Floaters XM 02 91, 1.66% 7/6/18 (Liquidity Facility Royal Bank of Canada) (a)(d) | 1,500,000 | 1,500,000 | |
TOTAL SOUTH CAROLINA | 2,000,000 | ||
Texas - 4.2% | |||
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
Series 2001 A, 1.78% 7/2/18, VRDN (a) | 380,000 | 380,000 | |
Series 2004, 1.85% 7/6/18, VRDN (a)(b) | 900,000 | 900,000 | |
Series 2010 D, 1.78% 7/2/18, VRDN (a) | 100,000 | 100,000 | |
TOTAL TEXAS | 1,380,000 | ||
Utah - 4.8% | |||
Salt Lake City Arpt. Rev. Participating VRDN Series 17 ZF 0540, 1.69% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 1,600,000 | 1,600,000 | |
Washington - 2.8% | |||
Catholic Health Initiatives Participating VRDN Series XF 1017, 1.68% 7/6/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d) | 930,000 | 930,000 | |
TOTAL MUNICIPAL NOTES | |||
(Cost $18,451,261) | 18,451,644 | ||
TOTAL INVESTMENT IN SECURITIES - 100.9% | |||
(Cost $33,437,928) | 33,447,121 | ||
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (296,399) | ||
NET ASSETS - 100% | $33,150,722 |
Security Type Abbreviations
BAN – BOND 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) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(d) Provides evidence of ownership in one or more underlying municipal bonds.
(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(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 $100,000 or 0.3% of net assets.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Lucas County Hosp. Rev. Participating VRDN Series Floaters 002, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) | 1/11/18 | $100,000 |
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 | $6,447 |
Total | $6,447 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
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):
Synthetics | 32.1% |
General Obligations | 23.4% |
Electric Utilities | 10.6% |
Health Care | 9.9% |
Industrial Development | 8.6% |
Education | 7.1% |
Transportation | 5.3% |
Others* (Individually Less Than 5%) | 3.0% |
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
June 30, 2018 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $33,437,928) | $33,447,121 | |
Receivable for fund shares sold | 29,734 | |
Interest receivable | 255,717 | |
Distributions receivable from Fidelity Central Funds | 16 | |
Other receivables | 10 | |
Total assets | 33,732,598 | |
Liabilities | ||
Payable to custodian bank | $16,689 | |
Payable for investments purchased | ||
Regular delivery | 300,000 | |
Delayed delivery | 202,172 | |
Payable for fund shares redeemed | 33,410 | |
Distributions payable | 29,605 | |
Total liabilities | 581,876 | |
Net Assets | $33,150,722 | |
Net Assets consist of: | ||
Paid in capital | $33,140,549 | |
Undistributed net investment income | 41 | |
Accumulated undistributed net realized gain (loss) on investments | 939 | |
Net unrealized appreciation (depreciation) on investments | 9,193 | |
Net Assets, for 3,320,947 shares outstanding | $33,150,722 | |
Net Asset Value, offering price and redemption price per share ($33,150,722 ÷ 3,320,947 shares) | $9.98 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2018 (Unaudited) | ||
Investment Income | ||
Interest | $148,478 | |
Income from Fidelity Central Funds | 6,447 | |
Total income | 154,925 | |
Expenses | ||
Independent trustees' fees and expenses | $31 | |
Miscellaneous | 2 | |
Total expenses before reductions | 33 | |
Expense reductions | (10) | |
Total expenses after reductions | 23 | |
Net investment income (loss) | 154,902 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 1,061 | |
Total net realized gain (loss) | 1,061 | |
Change in net unrealized appreciation (depreciation) on investment securities | 26,635 | |
Net gain (loss) | 27,696 | |
Net increase (decrease) in net assets resulting from operations | $182,598 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2018 (Unaudited) | For the period October 12, 2017 (commencement of operations) to December 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $154,902 | $28,132 |
Net realized gain (loss) | 1,061 | (122) |
Change in net unrealized appreciation (depreciation) | 26,635 | (17,442) |
Net increase (decrease) in net assets resulting from operations | 182,598 | 10,568 |
Distributions to shareholders from net investment income | (154,900) | (28,094) |
Share transactions | ||
Proceeds from sales of shares | 25,689,236 | 10,010,000 |
Reinvestment of distributions | 78,509 | 28,097 |
Cost of shares redeemed | (2,665,292) | – |
Net increase (decrease) in net assets resulting from share transactions | 23,102,453 | 10,038,097 |
Total increase (decrease) in net assets | 23,130,151 | 10,020,571 |
Net Assets | ||
Beginning of period | 10,020,571 | – |
End of period | $33,150,722 | $10,020,571 |
Other Information | ||
Undistributed net investment income end of period | $41 | $39 |
Shares | ||
Sold | 2,576,473 | 1,001,000 |
Issued in reinvestment of distributions | 7,868 | 2,814 |
Redeemed | (267,208) | – |
Net increase (decrease) | 2,317,133 | 1,003,814 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Conservative Income Municipal Bond Fund
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |
2018 | 2017 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $9.98 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .078 | .028 |
Net realized and unrealized gain (loss) | –C | (.020) |
Total from investment operations | .078 | .008 |
Distributions from net investment income | (.078) | (.028) |
Total distributions | (.078) | (.028) |
Net asset value, end of period | $9.98 | $9.98 |
Total ReturnD,E | .78% | .08% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductionsH,I | -% | -% |
Expenses net of fee waivers, if anyH,I | -% | -% |
Expenses net of all reductionsH,I | -% | -% |
Net investment income (loss)H | 1.61% | 1.27% |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $33,151 | $10,021 |
Portfolio turnover rateJ | 9%H | - %K |
A For the period October 12, 2017 (commencement of operations) to December 31, 2017.
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 Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
H Annualized
I Amount represents less than .005%.
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
1. Organization.
Fidelity Flex 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. 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 is available only to certain fee-based accounts offered by Fidelity.
2. Investments in Fidelity Central Funds.
The Fund 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 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 are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds and capital loss carryforwards.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $23,447 |
Gross unrealized depreciation | (14,252) |
Net unrealized appreciation (depreciation) | $9,195 |
Tax cost | $33,437,926 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $(149) |
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.
New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $10,449,144 and $275,000, 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 and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
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 $2 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 expenses by $10.
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.
At the end of the period, the investment adviser or its affiliates were the owners of record of approximately 30% of the total outstanding shares of the Fund.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2018 to June 30, 2018).
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. 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. 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.
Annualized Expense Ratio-A | Beginning Account Value January 1, 2018 | Ending Account Value June 30, 2018 | Expenses Paid During Period-B January 1, 2018 to June 30, 2018 | |
Actual | - %-C | $1,000.00 | $1,007.80 | $- |
Hypothetical-D | $1,000.00 | $1,024.79 | $- |
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 181/365 (to reflect the one-half year period).
C Amount represents less than .005%.
D 5% return per year before expenses
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Fidelity Flex℠ Funds Fidelity Flex℠ Municipal Income Fund Semi-Annual Report June 30, 2018 |
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Contents
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 1-800-835-5092 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. © 2018 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.institutional.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.
Investment Summary (Unaudited)
Top Five States as of June 30, 2018
% of fund's net assets | |
Illinois | 19.7 |
Texas | 12.7 |
Ohio | 9.6 |
New York | 7.8 |
Florida | 5.2 |
Top Five Sectors as of June 30, 2018
% of fund's net assets | |
Health Care | 24.9 |
General Obligations | 21.6 |
Education | 14.4 |
Transportation | 12.6 |
Special Tax | 5.1 |
Quality Diversification (% of fund's net assets)
As of June 30, 2018 | ||
AAA | 2.2% | |
AA,A | 72.9% | |
BBB | 12.2% | |
BB and Below | 1.5% | |
Not Rated | 0.7% | |
Short-Term Investments and Net Other Assets | 10.5% |
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.
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 89.5% | |||
Principal Amount | Value | ||
Alabama - 0.2% | |||
Jefferson County Gen. Oblig. Series 2018 A: | |||
5% 4/1/25 | $100,000 | $114,489 | |
5% 4/1/26 | 100,000 | 115,443 | |
TOTAL ALABAMA | 229,932 | ||
Alaska - 0.0% | |||
Alaska Int'l. Arpts. Revs. Series 2010 A, 5% 10/1/23 (a) | 30,000 | 31,863 | |
Arizona - 0.5% | |||
Arizona Board of Regents Arizona State Univ. Rev. Series 2012 A, 5% 7/1/32 (Pre-Refunded to 7/1/22 @ 100) | 10,000 | 11,110 | |
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2015 A, 5% 1/1/21 | 25,000 | 26,854 | |
Glendale Indl. Dev. Auth. (Terraces of Phoenix Proj.) Series 2018 A: | |||
5% 7/1/38 | 10,000 | 10,541 | |
5% 7/1/48 | 10,000 | 10,464 | |
Phoenix Civic Impt. Board Arpt. Rev. Series 2017 A, 5% 7/1/31 (a) | 400,000 | 456,560 | |
Univ. of Arizona Univ. Revs. Series 2015 A, 5% 6/1/22 | 10,000 | 11,135 | |
TOTAL ARIZONA | 526,664 | ||
Colorado - 0.6% | |||
Arkansas River Pwr. Auth. Rev. Series 2018 A: | |||
5% 10/1/38 (b) | 40,000 | 44,362 | |
5% 10/1/43 (b) | 50,000 | 54,961 | |
Colorado Health Facilities Auth. (Parkview Med. Ctr., Inc. Proj.) Series 2016, 4% 9/1/35 | 35,000 | 35,757 | |
Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.) 0% 7/15/22 (Escrowed to Maturity) | 380,000 | 347,347 | |
Denver City & County Arpt. Rev. Series 2017 A: | |||
5% 11/15/23 (a) | 25,000 | 28,268 | |
5% 11/15/26 (a) | 50,000 | 57,669 | |
TOTAL COLORADO | 568,364 | ||
Connecticut - 0.4% | |||
Connecticut Health & Edl. Facilities Auth. Rev.: | |||
(Sacred Heart Univ., CT Proj.) Series 2017 I-1, 5% 7/1/42 | 135,000 | 151,729 | |
Series 2012 J, 4% 7/1/19 | 100,000 | 101,969 | |
Series A, 5% 7/1/26 | 105,000 | 112,874 | |
TOTAL CONNECTICUT | 366,572 | ||
District Of Columbia - 0.4% | |||
Washington Convention & Sports Auth. Series 2018 A: | |||
5% 10/1/23 | 100,000 | 113,476 | |
5% 10/1/24 | 100,000 | 114,928 | |
5% 10/1/25 | 100,000 | 116,109 | |
TOTAL DISTRICT OF COLUMBIA | 344,513 | ||
Florida - 5.2% | |||
Broward County Arpt. Sys. Rev.: | |||
Series 2012 Q1, 5% 10/1/21 | 250,000 | 273,605 | |
Series 2017: | |||
5% 10/1/28 (a) | 430,000 | 500,094 | |
5% 10/1/42 (a) | 1,365,000 | 1,539,242 | |
Broward County School Board Ctfs. of Prtn. Series 2015 A, 5% 7/1/23 | 50,000 | 56,562 | |
Florida Higher Edl. Facilities Fing. Auth. (Jacksonville Univ. Proj.) Series 2018 A1, 5% 6/1/48 (c) | 100,000 | 104,937 | |
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Series 2017 A, 5% 10/1/31 (a) | 125,000 | 143,416 | |
Jacksonville Elec. Auth. Elec. Sys. Rev. Series 2013 D, 5% 10/1/20 | 1,480,000 | 1,583,008 | |
Lee County Arpt. Rev. Series 2011 A, 5.375% 10/1/32 (a) | 25,000 | 27,048 | |
Miami-Dade County Aviation Rev. Series 2015 A, 5% 10/1/27 (a) | 200,000 | 227,396 | |
Miami-Dade County Expressway Auth. Series 2014 A, 5% 7/1/25 | 395,000 | 451,311 | |
Miami-Dade County School Board Ctfs. of Prtn.: | |||
Bonds Series 2014 A, 5%, tender 5/1/24 (d) | 100,000 | 114,058 | |
Series 2015 D, 5% 2/1/26 | 10,000 | 11,611 | |
South Miami Health Facilities Auth. Hosp. Rev. (Baptist Med. Ctr., FL. Proj.) Series 2017, 5% 8/15/26 | 100,000 | 115,871 | |
Tampa Hosp. Rev. (H Lee Moffitt Cancer Ctr. Proj.) Series 2016 B, 5% 7/1/29 | 25,000 | 28,152 | |
TOTAL FLORIDA | 5,176,311 | ||
Georgia - 3.9% | |||
Atlanta Arpt. Rev. Series 2014 C, 5% 1/1/27 (a) | 3,000,000 | 3,379,530 | |
Glynn-Brunswick Memorial Hosp. Auth. Rev.: | |||
(Southeast Health Sys. Proj.) Series 2017: | |||
4% 8/1/43 | 5,000 | 5,000 | |
5% 8/1/39 | 5,000 | 5,450 | |
(Southeast GA. Health Sys. Proj.) Series 2017, 5% 8/1/43 | 5,000 | 5,505 | |
Main Street Natural Gas, Inc. Bonds Series 2018 C, 4%, tender 12/1/23 (d) | 500,000 | 535,090 | |
TOTAL GEORGIA | 3,930,575 | ||
Illinois - 19.7% | |||
Chicago Board of Ed.: | |||
Series 2012 A, 5% 12/1/42 | 500,000 | 499,980 | |
Series 2018 A: | |||
5% 12/1/29 | 350,000 | 362,933 | |
5% 12/1/31 | 150,000 | 154,788 | |
Chicago Midway Arpt. Rev.: | |||
Series 2014 B, 5% 1/1/26 | 100,000 | 111,726 | |
Series 2016 B: | |||
4% 1/1/35 | 200,000 | 205,876 | |
5% 1/1/46 | 2,000,000 | 2,208,740 | |
Chicago O'Hare Int'l. Arpt. Rev. Series 2017 B, 5% 1/1/37 | 50,000 | 56,252 | |
Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev. Series 2018: | |||
5% 7/1/38 (a) | 50,000 | 55,522 | |
5% 7/1/48 (a) | 400,000 | 439,956 | |
Cook County Gen. Oblig.: | |||
Series 2011 A, 5.25% 11/15/23 | 50,000 | 54,513 | |
Series 2016 A: | |||
5% 11/15/23 | 10,000 | 11,323 | |
5% 11/15/31 | 500,000 | 561,295 | |
Grundy & Will Counties Cmnty. School Gen. Obligan Series 2017, 5% 2/1/27 | 1,955,000 | 2,205,514 | |
Illinois Fin. Auth. Rev.: | |||
( Bradley Univ. Proj.) Series 2017 C, 5% 8/1/30 | 615,000 | 694,360 | |
(Depaul Univ., IL Proj.): | |||
Series 2016 A, 5% 10/1/28 | 10,000 | 11,514 | |
Series 2016, 5% 10/1/29 | 30,000 | 34,400 | |
(Presence Health Proj.) Series 2016 C, 5% 2/15/36 | 15,000 | 17,079 | |
(Silver Cross Health Sys. II Proj.) Series 2015C, 4.125% 8/15/37 | 60,000 | 60,385 | |
(Silver Cross Health Sys. IL Proj.) Series 2015 C, 5% 8/15/26 | 35,000 | 39,074 | |
Bonds Series E, 2.25%, tender 4/29/22 (d) | 3,695,000 | 3,709,780 | |
Series 2011 IL, 4% 12/1/20 | 100,000 | 105,022 | |
Series 2011 L, 5% 12/1/22 (Pre-Refunded to 12/1/21 @ 100) | 5,000 | 5,489 | |
Series 2012 A, 5% 5/15/41 | 695,000 | 737,791 | |
Series 2013, 5% 11/15/24 | 65,000 | 71,822 | |
Series 2014, 5% 8/1/38 | 10,000 | 11,057 | |
Series 2015 A: | |||
5% 11/15/20 | 760,000 | 811,520 | |
5% 11/15/23 | 10,000 | 11,221 | |
5% 11/15/25 | 150,000 | 170,861 | |
5% 11/15/45 | 300,000 | 326,142 | |
Series 2016 A: | |||
5% 8/15/24 | 65,000 | 72,060 | |
5% 7/1/33 | 10,000 | 11,031 | |
Series 2016 C: | |||
4% 2/15/41 | 40,000 | 41,295 | |
5% 2/15/34 | 50,000 | 57,175 | |
Series 2016: | |||
5% 12/1/23 | 155,000 | 173,163 | |
5% 5/15/29 | 10,000 | 11,332 | |
5% 12/1/33 | 485,000 | 535,231 | |
5% 12/1/46 | 95,000 | 103,197 | |
Series 2017 A, 5% 7/15/42 | 1,000,000 | 1,139,830 | |
Illinois Gen. Oblig.: | |||
Serie 2014, 5% 4/1/24 | 100,000 | 106,241 | |
Series 2013, 5% 7/1/23 | 10,000 | 10,593 | |
Series 2016: | |||
5% 2/1/21 | 30,000 | 31,212 | |
5% 2/1/27 | 1,000,000 | 1,064,500 | |
5% 11/1/29 | 1,400,000 | 1,473,920 | |
Series 2017 D: | |||
5% 11/1/24 | 595,000 | 633,074 | |
5% 11/1/27 | 250,000 | 266,483 | |
Series 2017, 4% 2/1/24 | 15,000 | 15,097 | |
Kendall, Kane & Will Counties Cmnty. Unit School District #308 Series 2011, 5.5% 2/1/22 | 100,000 | 110,566 | |
Metropolitan Pier & Exposition: | |||
(McCormick Place Expansion Proj.) Series 2010 B1, 0% 6/15/43 (FSA Insured) | 10,000 | 3,223 | |
Series 1994 A, 0% 6/15/25 | 25,000 | 18,946 | |
Series 2012 B, 5% 6/15/23 | 10,000 | 10,674 | |
Univ. of Illinois Board of Trustees Ctfs. of Prtn. (Univ. of Illinois Rev. Proj.) Series 2014 A, 5% 10/1/26 | 15,000 | 16,669 | |
TOTAL ILLINOIS | 19,651,447 | ||
Indiana - 0.1% | |||
Indiana Fin. Auth. Rev.: | |||
Series 2012, 5% 3/1/23 | 35,000 | 38,312 | |
Series 2016: | |||
5% 9/1/24 | 20,000 | 22,777 | |
5% 9/1/30 | 50,000 | 56,995 | |
TOTAL INDIANA | 118,084 | ||
Kentucky - 0.9% | |||
Ashland Med. Ctr. Rev. (King's Daugthers Med. Ctr. Proj.) Series 2010 B, 4.5% 2/1/25 | 25,000 | 25,453 | |
Kentucky State Property & Buildings Commission Rev.: | |||
(Proj. No. 118) Series 2018, 5% 4/1/25 | 175,000 | 199,082 | |
(Proj. No. 119) Series 2018: | |||
5% 5/1/26 | 60,000 | 68,269 | |
5% 5/1/29 | 85,000 | 97,118 | |
5% 5/1/32 | 20,000 | 22,887 | |
5% 5/1/33 | 15,000 | 17,098 | |
5% 5/1/34 | 20,000 | 22,689 | |
5% 5/1/35 | 10,000 | 11,211 | |
5% 5/1/36 | 10,000 | 11,185 | |
Louisville & Jefferson County Series 2016 A, 5% 10/1/32 | 70,000 | 79,335 | |
Louisville/Jefferson County Metropolitan Gov. Series 2012, 5% 12/1/35 | 125,000 | 131,654 | |
Pikeville Hosp. Rev. Series 2011, 6% 3/1/20 | 25,000 | 26,490 | |
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.) Series 2001 B, 2.55%, tender 5/3/21 (d) | 200,000 | 200,106 | |
TOTAL KENTUCKY | 912,577 | ||
Louisiana - 0.2% | |||
Louisiana Pub. Facilities Auth. Rev. (Tulane Univ. of Louisiana Proj.): | |||
Series 2016 A, 5% 12/15/28 | 15,000 | 17,261 | |
Series 2017 A, 5% 12/15/32 | 165,000 | 189,197 | |
TOTAL LOUISIANA | 206,458 | ||
Maine - 0.7% | |||
Maine Health & Higher Edl. Facilities Auth. Rev.: | |||
(Univ. of New England) Series 2017 A, 4% 7/1/22 | 20,000 | 21,362 | |
Series 2014, 5% 7/1/30 | 585,000 | 647,402 | |
Series 2016 A, 4% 7/1/46 | 5,000 | 4,545 | |
Series 2017 B, 5% 7/1/29 | 10,000 | 11,490 | |
TOTAL MAINE | 684,799 | ||
Maryland - 0.2% | |||
Maryland Health & Higher Edl. Facilities Auth. Rev. (Medstar Health, Inc. Proj.) Series 2017 A, 5% 5/15/45 | 150,000 | 167,868 | |
Massachusetts - 4.5% | |||
Massachusetts Dev. Fin. Agcy. Rev.: | |||
(Lawrence Gen. Hosp.): | |||
Series 2014 A, 5.25% 7/1/34 | 40,000 | 43,306 | |
Series 2017: | |||
5% 7/1/19 | 100,000 | 102,590 | |
5% 7/1/20 | 100,000 | 104,834 | |
5% 7/1/21 | 100,000 | 106,633 | |
5% 7/1/47 | 100,000 | 106,172 | |
Series 2016 A, 5% 1/1/31 | 40,000 | 44,813 | |
Series 2017 A, 5% 1/1/37 | 1,050,000 | 1,170,015 | |
Series 2017 B, 5% 9/1/42 | 2,500,000 | 2,839,900 | |
TOTAL MASSACHUSETTS | 4,518,263 | ||
Michigan - 1.8% | |||
Great Lakes Wtr. Auth. Mich Wtr. Series 2016 D, 5% 7/1/27 | 100,000 | 113,818 | |
Michigan Fin. Auth. Rev.: | |||
Series 2015 A, 5% 5/15/24 | 1,150,000 | 1,316,072 | |
Series 2016, 5% 11/15/41 | 30,000 | 33,215 | |
Michigan Hosp. Fin. Auth. Rev. (Trinity Health Proj.) Series 2008 C, 5% 12/1/32 | 10,000 | 11,620 | |
Wayne County Arpt. Auth. Rev.: | |||
Series 2011 A, 5% 12/1/19 (a) | 100,000 | 104,352 | |
Series 2017 A, 5% 12/1/29 | 45,000 | 52,371 | |
Series 2017 B, 5% 12/1/42 (a) | 150,000 | 167,268 | |
TOTAL MICHIGAN | 1,798,716 | ||
Minnesota - 0.0% | |||
Maple Grove Health Care Sys. Rev. ( North Memorial Med. Ctr., Proj.) Series 2015, 4% 9/1/21 | 25,000 | 26,249 | |
Missouri - 1.1% | |||
Missouri Health & Edl. Facilities Rev. Series 2018 A, 5% 11/15/43 | 1,000,000 | 1,129,540 | |
Montana - 0.0% | |||
Montana Facility Fin. Auth. Rev. (Benefis Health Sys. Proj.) Series 2016, 5% 2/15/32 | 30,000 | 33,821 | |
New Hampshire - 0.9% | |||
New Hampshire Health & Ed. Facilities Auth. (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A: | |||
5% 8/1/23 | 200,000 | 225,634 | |
5% 8/1/26 | 105,000 | 121,430 | |
5% 8/1/37 | 100,000 | 112,984 | |
New Hampshire Health & Ed. Facilities Auth. Rev.: | |||
(Covenant Health Sys., Inc. Proj.) Series 2012, 5% 7/1/42 | 310,000 | 328,619 | |
(Southern NH Med. Ctr. Proj.) Series 2016, 3% 10/1/21 | 50,000 | 50,962 | |
TOTAL NEW HAMPSHIRE | 839,629 | ||
New Jersey - 4.8% | |||
New Jersey Econ. Dev. Auth. Rev.: | |||
(New Jersey Gen. Oblig. Proj.) Series 2017 B, 5% 11/1/23 | 25,000 | 27,290 | |
Series 2013 NN, 5% 3/1/29 | 1,000,000 | 1,054,700 | |
Series 2013: | |||
5% 3/1/23 | 25,000 | 27,046 | |
5% 3/1/24 | 70,000 | 75,571 | |
Series 2017 DDD, 5% 6/15/30 | 1,000,000 | 1,092,680 | |
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | |||
Series 2018 B: | |||
5% 12/1/27 (a) | 850,000 | 968,278 | |
5% 12/1/28 (a) | 750,000 | 852,938 | |
Series 2018 C, 4% 12/1/48 (a) | 35,000 | 34,574 | |
New Jersey Trans. Trust Fund Auth.: | |||
Series 2003 B, 5.25% 12/15/19 | 250,000 | 261,223 | |
Series 2009 A, 0% 12/15/36 | 160,000 | 69,261 | |
Series 2014 AA, 5% 6/15/25 | 100,000 | 108,608 | |
Series 2016 A, 5% 6/15/27 | 160,000 | 176,411 | |
TOTAL NEW JERSEY | 4,748,580 | ||
New York - 7.8% | |||
Buffalo and Erie County Indl. Land Rev. (Catholic Health Sys., Inc. Proj.) Series 2015, 5% 7/1/25 | 400,000 | 458,280 | |
Hudson Yards Infrastructure Corp. New York Rev. Series 2017 A, 5% 2/15/37 | 2,420,000 | 2,777,119 | |
New York City Gen. Oblig.: | |||
Series 2017 B, 5% 12/1/37 | 1,500,000 | 1,719,120 | |
Series 2018 A, 5% 8/1/24 | 100,000 | 115,661 | |
New York City Transitional Fin. Auth. Rev. Series 2016 E, 5% 2/1/37 | 1,000,000 | 1,133,190 | |
New York Dorm. Auth. Personal Income Tax Rev. (New York State Pit Proj.) Series 2012 D, 5% 2/15/22 (Escrowed to Maturity) | 10,000 | 11,027 | |
New York Metropolitan Trans. Auth. Rev.: | |||
Series 2016 A, 5% 11/15/31 | 100,000 | 114,220 | |
Series 2016 B, 5% 11/15/22 | 1,000,000 | 1,119,930 | |
Onondaga Civic Dev. Corp. (Le Moyne College Proj.) Series 2015, 5% 7/1/27 | 295,000 | 330,987 | |
TOTAL NEW YORK | 7,779,534 | ||
Ohio - 9.6% | |||
Allen County Hosp. Facilities Rev.: | |||
(Mercy Health) Series 2017 A: | |||
5% 8/1/25 | 10,000 | 11,424 | |
5% 8/1/26 | 290,000 | 332,671 | |
5% 8/1/27 | 10,000 | 11,570 | |
5% 8/1/28 | 10,000 | 11,618 | |
5% 8/1/29 | 10,000 | 11,546 | |
5% 8/1/30 | 10,000 | 11,510 | |
Bonds Series 2017 B, 5%, tender 5/5/22 (d) | 10,000 | 11,060 | |
American Muni. Pwr., Inc. Rev. Series 2017 A, 5% 2/15/21 | 30,000 | 32,243 | |
Hamilton County HealthCare Facilities Rev. (The Christ Hosp. Proj.) Series 2012, 5.25% 6/1/24 | 2,900,000 | 3,210,155 | |
Lucas County Hosp. Rev. Series 2011, 5% 11/15/23 (Pre-Refunded to 11/15/21 @ 100) | 20,000 | 21,999 | |
Ohio Hosp. Rev. Series 2013 A, 5% 1/15/28 | 3,560,000 | 3,880,151 | |
Steubenville Hosp. Rev. (Trinity Health Proj.) Series 2010, 4.125% 10/1/21 (Pre-Refunded to 2/1/20 @ 100) | 15,000 | 15,557 | |
Univ. of Toledo Gen. Receipts Series 2018 A: | |||
5% 6/1/20 | 645,000 | 683,345 | |
5% 6/1/21 | 865,000 | 937,253 | |
5% 6/1/22 | 330,000 | 364,832 | |
Wood County Hosp. Facilities Rev. (Wood County Hosp. Assoc. Proj.) Series 2012, 5% 12/1/32 | 15,000 | 15,675 | |
TOTAL OHIO | 9,562,609 | ||
Oklahoma - 0.2% | |||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (OU Medicine Proj.) Series 2018 B, 5% 8/15/23 | 200,000 | 220,532 | |
Pennsylvania - 4.2% | |||
Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.) Series 2018 A: | |||
5% 11/15/22 | 100,000 | 110,890 | |
5% 11/15/25 | 100,000 | 114,121 | |
Doylestown Hosp. Auth. Hosp. Rev. Series 2016 A, 5% 7/1/46 | 20,000 | 21,371 | |
Dubois Hosp. Auth. Hosp. Rev. (Penn Highlands Healthcare Proj.) Series 2018: | |||
4% 7/15/37 | 40,000 | 40,411 | |
5% 7/15/36 | 500,000 | 562,500 | |
Lehigh County Gen. Purp. Auth. Rev. (Muhlenberg College Proj.) Series 2017, 5% 2/1/39 | 60,000 | 67,469 | |
Northampton County Gen. Purp. Auth. Hosp. Rev.: | |||
(St. Luke's Univ. Health Network Proj.) Series 2018 A, 4% 8/15/48 | 195,000 | 194,653 | |
Series 2016 A, 5% 8/15/46 | 50,000 | 55,183 | |
Pennsylvania Ctfs. Prtn. Series 2018 A: | |||
5% 7/1/23 | 250,000 | 278,305 | |
5% 7/1/24 | 300,000 | 337,422 | |
5% 7/1/25 | 300,000 | 338,409 | |
5% 7/1/26 | 455,000 | 515,456 | |
5% 7/1/27 | 500,000 | 570,280 | |
5% 7/1/34 | 450,000 | 504,113 | |
Pennsylvania Higher Edl. Facilities Auth. Rev. (Drexel Univ.) Series 2017, 5% 5/1/35 | 10,000 | 11,338 | |
Philadelphia Gas Works Rev. Series 2015 13, 5% 8/1/21 | 100,000 | 108,349 | |
Philadelphia School District: | |||
Series 2018 A, 5% 9/1/25 | 50,000 | 56,606 | |
Series 2018 B, 5% 9/1/43 | 50,000 | 55,686 | |
Southcentral Pennsylvania Gen. Auth. Rev. (Hanover Hosp., Inc. PA Proj.) Series 2015, 5% 12/1/28 | 45,000 | 51,003 | |
Union County Hosp. Auth. Rev. Series 2018 B, 5% 8/1/43 | 185,000 | 206,105 | |
TOTAL PENNSYLVANIA | 4,199,670 | ||
Rhode Island - 0.8% | |||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series 2016: | |||
5% 5/15/21 | 25,000 | 26,833 | |
5% 5/15/39 | 50,000 | 54,222 | |
Rhode Island Student Ln. Auth. Student Ln. Rev. Series A, 5% 12/1/23 (a) | 625,000 | 694,244 | |
TOTAL RHODE ISLAND | 775,299 | ||
South Carolina - 2.3% | |||
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. (Bon Secours Health Sys. Proj.) Series 2013, 5% 11/1/28 | 175,000 | 193,592 | |
South Carolina Pub. Svc. Auth. Rev.: | |||
Series 2010 B, 5% 1/1/21 | 5,000 | 5,252 | |
Series 2014 A: | |||
5% 12/1/49 | 40,000 | 42,410 | |
5.5% 12/1/54 | 140,000 | 152,258 | |
Series 2014 C, 5% 12/1/46 | 20,000 | 21,342 | |
Series 2015 A, 5% 12/1/50 | 75,000 | 80,141 | |
Series 2015 E, 5.25% 12/1/55 | 25,000 | 27,170 | |
Series 2016 A: | |||
5% 12/1/26 | 140,000 | 156,967 | |
5% 12/1/33 | 15,000 | 16,499 | |
5% 12/1/38 | 75,000 | 81,578 | |
Series 2016 B: | |||
5% 12/1/31 | 105,000 | 116,548 | |
5% 12/1/35 | 120,000 | 131,821 | |
5% 12/1/41 | 175,000 | 190,517 | |
South Carolina Trans. Infrastructure Bank Rev. Series 2016 A, 5% 10/1/25 | 500,000 | 581,620 | |
Spartanburg County Reg'l. Health Series 2017 A: | |||
4% 4/15/43 | 30,000 | 30,119 | |
4% 4/15/48 | 20,000 | 19,861 | |
5% 4/15/48 | 415,000 | 461,447 | |
TOTAL SOUTH CAROLINA | 2,309,142 | ||
Tennessee - 0.3% | |||
Greeneville Health & Edl. Facilities Board Series 2018 A: | |||
5% 7/1/23 | 15,000 | 16,803 | |
5% 7/1/24 | 20,000 | 22,304 | |
5% 7/1/25 | 20,000 | 22,136 | |
Tennessee Engy Acq Corp. Bonds (Gas Rev. Proj.) Series A, 4%, tender 5/1/23 (d) | 250,000 | 266,245 | |
TOTAL TENNESSEE | 327,488 | ||
Texas - 12.7% | |||
Arlington Spl. Tax Rev. Series 2018 C, 5% 2/15/45 | 50,000 | 52,794 | |
Austin Cmnty. College District Rev. (Highland Campus Parking Garage Proj.) Series 2018 C: | |||
5% 8/1/25 | 200,000 | 230,146 | |
5% 8/1/26 | 200,000 | 232,078 | |
Austin Elec. Util. Sys. Rev. Series 2017, 5% 11/15/35 | 1,480,000 | 1,705,818 | |
Austin Wtr. & Wastewtr. Sys. Rev. Series 2017: | |||
5% 11/15/36 | 2,175,000 | 2,522,065 | |
5% 11/15/37 | 2,000,000 | 2,317,380 | |
Austin-Bergstrom Landhost Ente Series 2017, 5% 10/1/22 | 115,000 | 127,043 | |
Dallas Fort Worth Int'l. Arpt. Rev. Series 2014 B, 5% 11/1/22 (a) | 115,000 | 127,567 | |
Dallas Gen. Oblig. Series 2014, 5% 2/15/24 | 1,500,000 | 1,712,220 | |
Grand Parkway Trans. Corp. Series 2013 B, 5.25% 10/1/51 | 30,000 | 33,545 | |
Houston Gen. Oblig. Series 2017 A: | |||
5% 3/1/25 | 500,000 | 578,240 | |
5% 3/1/32 | 25,000 | 28,995 | |
New Hope Cultural Ed. Facilities Finc (Childrens Med. Ctr. of Dallas) Series 2017 A: | |||
5% 8/15/27 | 10,000 | 11,910 | |
5% 8/15/47 | 10,000 | 11,270 | |
North Central Texas Health Facilities Dev. Corp. (Childrens Med. Ctr. of Dallas Proj.) Series 2012, 5% 8/15/32 (Pre-Refunded to 8/15/22 @ 100) | 100,000 | 111,797 | |
San Antonio Elec. & Gas Sys. Rev. Series 2017, 5% 2/1/33 | 5,000 | 5,800 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Scott & White Healthcare Proj.) Series 2013 A, 5% 8/15/21 | 60,000 | 65,392 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. Series 2017 A, 5% 2/15/24 | 265,000 | 302,193 | |
Univ. of Houston Univ. Revs. Series 2017 A: | |||
5% 2/15/29 | 1,000,000 | 1,155,130 | |
5% 2/15/30 | 690,000 | 794,990 | |
Waco Gen. Oblig. Series 2015, 5% 2/1/25 | 500,000 | 568,880 | |
TOTAL TEXAS | 12,695,253 | ||
Utah - 0.0% | |||
Salt Lake City Arpt. Rev. Series 2017 A, 5% 7/1/24 (a) | 10,000 | 11,420 | |
Virginia - 1.8% | |||
Roanoke Econ. Dev. Auth. Edl. Facilities Series 2018 A: | |||
5% 9/1/23 | 360,000 | 399,078 | |
5% 9/1/24 | 315,000 | 352,441 | |
5% 9/1/27 | 875,000 | 997,675 | |
Winchester Econ. Dev. Auth. (Valley Health Proj.) Series 2015, 5% 1/1/22 | 50,000 | 54,879 | |
TOTAL VIRGINIA | 1,804,073 | ||
Washington - 3.1% | |||
Port of Seattle Rev. Series 2015 C, 5% 4/1/24 (a) | 50,000 | 56,506 | |
Washington Gen. Oblig.: | |||
Series 2013 A, 5% 7/1/23 | 5,000 | 5,571 | |
Series 2017 A, 5% 8/1/35 | 2,500,000 | 2,867,850 | |
Washington Health Care Facilities Auth. Rev.: | |||
(Catholic Health Initiatives Proj.) Series 2008 D, 6.375% 10/1/36 | 5,000 | 5,051 | |
(Overlake Hosp. Med. Ctr., WA. Proj.) Series 2017 B: | |||
5% 7/1/25 | 5,000 | 5,684 | |
5% 7/1/30 | 5,000 | 5,750 | |
5% 7/1/31 | 10,000 | 11,429 | |
Washington Hsg. Fin. Commission Nonprofit Hsg. Rev. (Judson Park Proj.) Series 2018, 5% 7/1/38 (c) | 100,000 | 104,947 | |
TOTAL WASHINGTON | 3,062,788 | ||
Wisconsin - 0.6% | |||
Pub. Fin. Auth. Rev.: | |||
(Denver Great Hall LLC. Proj.) Series 2017, 5% 9/30/49 (a) | 75,000 | 82,384 | |
(Denver Int. Arpt. Great Hall Proj.) Series 2017, 5% 9/30/24 (a) | 10,000 | 11,196 | |
Pub. Fin. Auth. Sr Liv Rev. (Mary's Woods At Marylhurst, Inc. Proj.) Series 2017 B-1 3.95% 11/15/24 (c) | 5,000 | 5,083 | |
Pub. Fin. Auth. Wisconsin Retirement Facility Rev. Series 2018: | |||
5% 10/1/43 (b)(c) | 15,000 | 15,999 | |
5% 10/1/48 (b)(c) | 15,000 | 15,935 | |
5% 10/1/53 (b)(c) | 30,000 | 31,692 | |
Wisconsin Health & Edl. Facilities (Ascension Sr. Cr. Group) Series 2016 A, 5% 11/15/39 | 280,000 | 315,834 | |
Wisconsin Health & Edl. Facilities Auth. Rev. (Mercy Alliance, Inc. Proj.) Series 2012, 5% 6/1/19 | 100,000 | 102,868 | |
TOTAL WISCONSIN | 580,991 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $89,149,070) | 89,339,624 | ||
Shares | Value | ||
Money Market Funds - 5.0% | |||
Fidelity Municipal Cash Central Fund, 1.59% (e)(f) | |||
(Cost $5,000,002) | 4,999,500 | 4,999,984 | |
TOTAL INVESTMENT IN SECURITIES - 94.5% | |||
(Cost $94,149,072) | 94,339,608 | ||
NET OTHER ASSETS (LIABILITIES) - 5.5% | 5,535,343 | ||
NET ASSETS - 100% | $99,874,951 |
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) 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 $278,593 or 0.3% of net assets.
(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(e) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(f) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
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 | $10,678 |
Total | $10,678 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2018, 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 |
Investments in Securities: | ||||
Municipal Securities | $89,339,624 | $-- | $89,339,624 | $-- |
Money Market Funds | 4,999,984 | 4,999,984 | -- | -- |
Total Investments in Securities: | $94,339,608 | $4,999,984 | $89,339,624 | $-- |
Other Information
The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):
Health Care | 24.9% |
General Obligations | 21.6% |
Education | 14.4% |
Transportation | 12.6% |
Special Tax | 5.1% |
Money Market Funds | 5.0% |
Others* (Individually Less Than 5%) | 16.4% |
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
June 30, 2018 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $89,149,070) | $89,339,624 | |
Fidelity Central Funds (cost $5,000,002) | 4,999,984 | |
Total Investment in Securities (cost $94,149,072) | $94,339,608 | |
Cash | 4,908,002 | |
Receivable for fund shares sold | 100,175 | |
Interest receivable | 1,020,648 | |
Distributions receivable from Fidelity Central Funds | 4,707 | |
Other receivables | 770 | |
Total assets | 100,373,910 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $162,351 | |
Payable for fund shares redeemed | 120,589 | |
Distributions payable | 216,019 | |
Total liabilities | 498,959 | |
Net Assets | $99,874,951 | |
Net Assets consist of: | ||
Paid in capital | $99,727,596 | |
Distributions in excess of net investment income | (629) | |
Accumulated undistributed net realized gain (loss) on investments | (42,552) | |
Net unrealized appreciation (depreciation) on investments | 190,536 | |
Net Assets, for 10,137,525 shares outstanding | $99,874,951 | |
Net Asset Value, offering price and redemption price per share ($99,874,951 ÷ 10,137,525 shares) | $9.85 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2018 (Unaudited) | ||
Investment Income | ||
Interest | $543,310 | |
Income from Fidelity Central Funds | 10,678 | |
Total income | 553,988 | |
Expenses | ||
Independent trustees' fees and expenses | $57 | |
Miscellaneous | 2 | |
Total expenses | 59 | |
Net investment income (loss) | 553,929 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (40,208) | |
Total net realized gain (loss) | (40,208) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 150,170 | |
Fidelity Central Funds | (11) | |
Total change in net unrealized appreciation (depreciation) | 150,159 | |
Net gain (loss) | 109,951 | |
Net increase (decrease) in net assets resulting from operations | $663,880 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2018 (Unaudited) | For the period October 12, 2017 (commencement of operations) to December 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $553,929 | $40,386 |
Net realized gain (loss) | (40,208) | (2,264) |
Change in net unrealized appreciation (depreciation) | 150,159 | 40,377 |
Net increase (decrease) in net assets resulting from operations | 663,880 | 78,499 |
Distributions to shareholders from net investment income | (553,709) | (40,309) |
Distributions to shareholders from net realized gain | – | (1,007) |
Total distributions | (553,709) | (41,316) |
Share transactions | ||
Proceeds from sales of shares | 107,330,652 | 10,050,000 |
Reinvestment of distributions | 70,991 | 41,115 |
Cost of shares redeemed | (17,765,161) | – |
Net increase (decrease) in net assets resulting from share transactions | 89,636,482 | 10,091,115 |
Total increase (decrease) in net assets | 89,746,653 | 10,128,298 |
Net Assets | ||
Beginning of period | 10,128,298 | – |
End of period | $99,874,951 | $10,128,298 |
Other Information | ||
Distributions in excess of net investment income end of period | $(629) | $(849) |
Shares | ||
Sold | 10,930,652 | 1,004,995 |
Issued in reinvestment of distributions | 7,222 | 4,113 |
Redeemed | (1,809,457) | – |
Net increase (decrease) | 9,128,417 | 1,009,108 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Municipal Income Fund
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |
2018 | 2017 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $10.04 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .114 | .040 |
Net realized and unrealized gain (loss) | (.184)C | .041 |
Total from investment operations | (.070) | .081 |
Distributions from net investment income | (.120) | (.040) |
Distributions from net realized gain | – | (.001) |
Total distributions | (.120) | (.041) |
Net asset value, end of period | $9.85 | $10.04 |
Total ReturnD | (.69)% | .81% |
Ratios to Average Net AssetsE,F | ||
Expenses before reductionsG,H | -% | -% |
Expenses net of fee waivers, if anyG,H | -% | -% |
Expenses net of all reductionsG,H | -% | -% |
Net investment income (loss)G | 2.43% | 1.81% |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $99,875 | $10,128 |
Portfolio turnover rateI | 113%G | 35%J |
A For the period October 12, 2017 (commencement of operations) to December 31, 2017.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D Total returns for periods of less than one year are not annualized.
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 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.
G Annualized
H Amount represents less than .005%.
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
1. Organization.
Fidelity Flex 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. The Fund is available only to certain fee-based accounts offered by Fidelity.
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 are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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 June 30, 2018 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. 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, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds and capital loss carryforwards.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $371,527 |
Gross unrealized depreciation | (180,910) |
Net unrealized appreciation (depreciation) | $190,617 |
Tax cost | $94,148,991 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $(2,344) |
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.
New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $104,662,424 and $23,148,741, 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 and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
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 $2 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. 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.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2018 to June 30, 2018).
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. 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. 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.
Annualized Expense Ratio-A | Beginning Account Value January 1, 2018 | Ending Account Value June 30, 2018 | Expenses Paid During Period-B January 1, 2018 to June 30, 2018 | |
Actual | - %-C | $1,000.00 | $993.10 | $--D |
Hypothetical-E | $1,000.00 | $1,024.79 | $--D |
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 181/365 (to reflect the one-half year period).
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
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Fidelity Advisor® Limited Term Municipal Income Fund - Semi-Annual Report June 30, 2018 Class A, Class M, Class C and Class I are classes of Fidelity® Limited Term Municipal Income Fund |
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Contents
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. © 2018 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.institutional.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.
Investment Summary (Unaudited)
Top Five States as of June 30, 2018
% of fund's net assets | |
Illinois | 12.6 |
New York | 11.3 |
Florida | 10.5 |
Texas | 8.5 |
New Jersey | 8.1 |
Top Five Sectors as of June 30, 2018
% of fund's net assets | |
General Obligations | 41.7 |
Transportation | 18.5 |
Health Care | 10.5 |
Electric Utilities | 7.7 |
Escrowed/Pre-Refunded | 5.1 |
Quality Diversification (% of fund's net assets)
As of June 30, 2018 | ||
AAA | 10.3% | |
AA,A | 58.5% | |
BBB | 16.0% | |
BB and Below | 1.0% | |
Not Rated | 5.8% | |
Short-Term Investments and Net Other Assets | 8.4% |
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.
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 91.6% | |||
Principal Amount (000s) | Value (000s) | ||
Alabama - 0.7% | |||
Mobile County Board of School Commissioners: | |||
Series 2016 A: | $ | $ | |
5% 3/1/22 | 585 | 637 | |
5% 3/1/23 | 830 | 920 | |
5% 3/1/24 | 1,225 | 1,374 | |
5% 3/1/25 | 1,225 | 1,385 | |
Series 2016 B: | |||
5% 3/1/22 | 980 | 1,068 | |
5% 3/1/24 | 980 | 1,099 | |
Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds Series 2009 E, 1.85%, tender 3/24/20 (a) | 4,410 | 4,377 | |
Montgomery Med. Clinic Facilities Series 2015: | |||
5% 3/1/20 | 2,825 | 2,944 | |
5% 3/1/21 | 490 | 521 | |
5% 3/1/22 | 3,145 | 3,406 | |
5% 3/1/25 | 1,465 | 1,638 | |
TOTAL ALABAMA | 19,369 | ||
Alaska - 0.8% | |||
Anchorage Gen. Oblig.: | |||
Series A: | |||
5% 9/1/20 | 1,065 | 1,139 | |
5% 9/1/22 | 1,175 | 1,317 | |
Series B: | |||
5% 9/1/18 | 3,605 | 3,626 | |
5% 9/1/20 | 1,955 | 2,090 | |
5% 9/1/22 | 1,395 | 1,563 | |
Series C: | |||
5% 9/1/18 | 980 | 986 | |
5% 9/1/19 | 2,105 | 2,188 | |
5% 9/1/20 | 1,230 | 1,315 | |
5% 9/1/22 | 980 | 1,098 | |
Series D: | |||
5% 9/1/19 | 3,810 | 3,960 | |
5% 9/1/20 | 1,955 | 2,090 | |
North Slope Borough Gen. Oblig. Series 2017 A, 5% 6/30/21 (Pre-Refunded to 6/30/20 @ 100) | 850 | 904 | |
TOTAL ALASKA | 22,276 | ||
Arizona - 2.7% | |||
Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A: | |||
5% 12/1/18 | 490 | 497 | |
5% 12/1/19 | 600 | 627 | |
5% 12/1/20 | 800 | 857 | |
5% 12/1/21 | 1,080 | 1,181 | |
5% 12/1/22 | 785 | 875 | |
5% 12/1/23 | 980 | 1,109 | |
5% 12/1/24 | 1,465 | 1,677 | |
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series 2009 A: | |||
5% 10/1/18 (Escrowed to Maturity) | 980 | 989 | |
5% 10/1/20 (Pre-Refunded to 10/1/19 @ 100) | 5,065 | 5,279 | |
Glendale Gen. Oblig.: | |||
Series 2015: | |||
4% 7/1/19 (FSA Insured) | 585 | 599 | |
5% 7/1/22 (FSA Insured) | 980 | 1,090 | |
Series 2017: | |||
5% 7/1/21 | 2,900 | 3,153 | |
5% 7/1/22 | 3,320 | 3,686 | |
Glendale Trans. Excise Tax Rev.: | |||
5% 7/1/21 (FSA Insured) | 735 | 799 | |
5% 7/1/22 (FSA Insured) | 1,145 | 1,271 | |
5% 7/1/23 (FSA Insured) | 1,365 | 1,544 | |
Maricopa County Indl. Dev. Auth. Rev. Series 2016 A: | |||
5% 1/1/25 | 4,675 | 5,399 | |
5% 1/1/26 | 10,485 | 12,243 | |
Maricopa County Mesa Unified School District # 4 Series 2016, 4% 7/1/18 | 1,295 | 1,295 | |
Maricopa County School District #28 Kyrene Elementary Series 2010 B: | |||
4% 7/1/19 | 880 | 901 | |
4% 7/1/20 | 1,330 | 1,390 | |
Phoenix Indl. Solid Waste Disp. Rev. Bonds (Republic Svc., Inc. Proj.) Series 2013, 2.05%, tender 8/1/18 (a)(b) | 15,430 | 15,434 | |
Pima County Ctfs. of Prtn. Series 2014: | |||
5% 12/1/21 | 2,160 | 2,370 | |
5% 12/1/22 | 2,415 | 2,704 | |
5% 12/1/23 | 3,350 | 3,817 | |
Pima County Swr. Sys. Rev.: | |||
Series 2011 B, 5% 7/1/19 | 3,155 | 3,262 | |
Series 2012 A: | |||
5% 7/1/18 | 805 | 805 | |
5% 7/1/19 | 1,515 | 1,566 | |
Tempe Indl. Dev. Auth. Rev. (Mirabella At Asu, Inc. Proj.) Series 2017 B, 4% 10/1/23 (c) | 3,915 | 3,936 | |
TOTAL ARIZONA | 80,355 | ||
California - 3.6% | |||
Alameda Corridor Trans. Auth. Rev.: | |||
Series 2004: | |||
0% 10/1/19 | 260 | 252 | |
0% 10/1/19 (Escrowed to Maturity) | 3,260 | 3,200 | |
Series 2013 A, 5% 10/1/22 | 2,140 | 2,415 | |
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Bonds: | |||
Series A, 2.95%, tender 4/1/26 (a) | 5,075 | 5,212 | |
Series B, 2.85%, tender 4/1/25 (a) | 4,150 | 4,253 | |
Series C, 2.1%, tender 4/1/22 (a) | 3,875 | 3,902 | |
California Gen. Oblig.: | |||
Bonds 3%, tender 12/1/19 (a) | 15,260 | 15,452 | |
5.25% 9/1/22 | 1,535 | 1,746 | |
California Muni. Fin. Auth. Rev. (LINXS APM Proj.) Series 2018 A: | |||
5% 12/31/23 (b) | 860 | 970 | |
5% 6/30/24 (b) | 665 | 753 | |
5% 12/31/24 (b) | 800 | 909 | |
5% 6/30/25 (b) | 1,000 | 1,139 | |
5% 12/31/25 (b) | 1,760 | 2,012 | |
5% 6/30/26 (b) | 1,360 | 1,558 | |
5% 12/31/26 (b) | 2,570 | 2,961 | |
5% 6/30/27 (b) | 1,910 | 2,204 | |
5% 12/31/27 (b) | 3,000 | 3,479 | |
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2010 A, 2.05%, tender 8/1/18 (a)(b)(c) | 2,300 | 2,301 | |
California Pub. Works Board Lease Rev.: | |||
(Dept. of Corrections & Rehab. Proj.) Series 2011 C, 5% 10/1/18 | 1,710 | 1,726 | |
(Riverside Campus Proj.) Series 2012 H, 5% 4/1/22 | 980 | 1,092 | |
(Univ. Proj.) Series 2011 B, 5% 10/1/19 (Escrowed to Maturity) | 1,455 | 1,519 | |
(Various Cap. Projs.): | |||
Series 2011 A: | |||
5% 10/1/19 | 4,890 | 5,106 | |
5% 10/1/20 | 2,470 | 2,654 | |
Series 2012 A, 5% 4/1/21 | 3,175 | 3,454 | |
Series 2012 G, 5% 11/1/22 | 1,225 | 1,384 | |
(Various Judicial Council Projs.) Series 2011 D, 5% 12/1/19 | 4,010 | 4,209 | |
Series 2012 C, 5% 6/1/21 | 1,780 | 1,945 | |
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | |||
Series 2013 A, 4% 6/1/21 | 3,425 | 3,624 | |
Series 2017 A1: | |||
5% 6/1/21 | 1,205 | 1,303 | |
5% 6/1/22 | 1,685 | 1,858 | |
5% 6/1/23 | 1,925 | 2,156 | |
5% 6/1/24 | 1,085 | 1,231 | |
Series A, 0% 6/1/24 (AMBAC Insured) | 3,390 | 2,918 | |
Northern California Pwr. Agcy. Rev. (Hydroelectric #1 Proj.) Series 2010 A, 5% 7/1/18 | 1,955 | 1,955 | |
Oakland Unified School District Alameda County Series 2013, 5.5% 8/1/23 | 980 | 1,125 | |
Palomar Health Rev. Series 2016: | |||
5% 11/1/23 | 1,955 | 2,152 | |
5% 11/1/24 | 1,955 | 2,170 | |
Port of Oakland Rev. Series 2012 P, 5% 5/1/21 (b) | 2,445 | 2,644 | |
Rancho Cucamonga Redev. Agcy. (Rancho Redev. Proj.): | |||
5% 9/1/23 (FSA Insured) | 1,320 | 1,518 | |
5% 9/1/24 (FSA Insured) | 2,250 | 2,629 | |
San Pablo Redev. Agcy. Series 2014 A, 5% 6/15/24 (FSA Insured) | 1,350 | 1,556 | |
Stockton Unified School District Gen. Oblig. 5% 7/1/18 (FSA Insured) | 1,010 | 1,010 | |
TOTAL CALIFORNIA | 107,656 | ||
Colorado - 1.1% | |||
Colorado Health Facilities Auth. Rev. Bonds Series 2008 D3, 5%, tender 11/12/21 (a) | 5,170 | 5,594 | |
Colorado Reg'l. Trans. District Ctfs. of Prtn.: | |||
Series 2013 A, 5% 6/1/23 | 4,400 | 4,970 | |
Series 2014 A, 5% 6/1/23 | 3,775 | 4,264 | |
Denver City & County Arpt. Rev. Series 2017 A, 5% 11/15/19 (b) | 2,520 | 2,625 | |
E-470 Pub. Hwy. Auth. Rev.: | |||
Series 2000 B: | |||
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,390 | 1,386 | |
0% 9/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 8,140 | 7,967 | |
0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,775 | 2,655 | |
Series 2015 A: | |||
5% 9/1/19 | 980 | 1,016 | |
5% 9/1/20 | 980 | 1,042 | |
TOTAL COLORADO | 31,519 | ||
Connecticut - 3.1% | |||
Connecticut Gen. Oblig.: | |||
Series 2012 C, 5% 6/1/21 | 22,910 | 24,601 | |
Series 2016 A, 5% 3/15/26 | 1,925 | 2,167 | |
Connecticut Health & Edl. Facilities Auth. Rev.: | |||
Bonds: | |||
Series 2010 A, 1.8%, tender 2/9/21 (a) | 16,680 | 16,621 | |
Series 2015 A, 2.05%, tender 7/21/21 (a)(d) | 16,315 | 16,320 | |
Series X2, 1.8%, tender 2/9/21 (a) | 12,000 | 11,958 | |
Series 2018 S: | |||
5% 7/1/23 | 1,455 | 1,639 | |
5% 7/1/24 | 1,000 | 1,138 | |
Connecticut Hsg. Fin. Auth. Series 2013 B2, 4% 11/15/32 | 4,450 | 4,586 | |
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2011 A, 5% 12/1/18 | 5,455 | 5,533 | |
Hbr. Point Infra Impt. District Series 2010 A, 7.875% 4/1/39 (Pre-Refunded to 4/1/20 @ 100) | 6,281 | 6,938 | |
New Haven Gen. Oblig. Series 2016 A: | |||
5% 8/15/23 (FSA Insured) | 880 | 973 | |
5% 8/15/25 (FSA Insured) | 980 | 1,102 | |
TOTAL CONNECTICUT | 93,576 | ||
Delaware, New Jersey - 0.2% | |||
Delaware River & Bay Auth. Rev. Series 2014 C: | |||
5% 1/1/20 | 2,445 | 2,561 | |
5% 1/1/21 | 1,955 | 2,097 | |
TOTAL DELAWARE, NEW JERSEY | 4,658 | ||
District Of Columbia - 1.0% | |||
Metropolitan Washington DC Arpts. Auth. Sys. Rev.: | |||
Series 2012 A, 5% 10/1/22 (b) | 6,185 | 6,891 | |
Series 2014 A, 5% 10/1/23 (b) | 435 | 492 | |
Series 2017 A: | |||
5% 10/1/26 (b) | 6,555 | 7,647 | |
5% 10/1/27 (b) | 4,890 | 5,765 | |
Series 2018 A, 5% 10/1/21 (b)(d) | 3,595 | 3,924 | |
Washington Convention & Sports Auth. Series 2018 A, 5% 10/1/21 | 5,000 | 5,466 | |
TOTAL DISTRICT OF COLUMBIA | 30,185 | ||
Florida - 10.5% | |||
Brevard County School Board Ctfs. of Prtn.: | |||
Series 2014, 5% 7/1/21 | 980 | 1,065 | |
Series 2015 C: | |||
5% 7/1/21 | 635 | 690 | |
5% 7/1/22 | 3,645 | 4,044 | |
5% 7/1/23 | 2,935 | 3,322 | |
Broward County Arpt. Sys. Rev.: | |||
Series 2012 Q1, 5% 10/1/21 | 980 | 1,073 | |
Series A: | |||
5% 10/1/22 (b) | 2,935 | 3,266 | |
5% 10/1/23 (b) | 3,930 | 4,441 | |
Broward County School Board Ctfs. of Prtn.: | |||
(Broward County School District Proj.) Series 2017 C, 5% 7/1/22 | 3,180 | 3,530 | |
Series 2012 A, 5% 7/1/19 | 6,845 | 7,077 | |
Series 2015 A: | |||
5% 7/1/19 | 2,055 | 2,125 | |
5% 7/1/20 | 3,915 | 4,159 | |
5% 7/1/21 | 4,400 | 4,784 | |
5% 7/1/22 | 3,425 | 3,802 | |
5% 7/1/23 | 2,690 | 3,043 | |
5% 7/1/24 | 1,290 | 1,482 | |
Series 2015 B: | |||
5% 7/1/19 | 1,955 | 2,021 | |
5% 7/1/20 | 2,935 | 3,118 | |
5% 7/1/21 | 6,120 | 6,655 | |
5% 7/1/22 | 4,490 | 4,985 | |
5% 7/1/23 | 2,690 | 3,043 | |
5% 7/1/24 | 1,120 | 1,286 | |
Citizens Property Ins. Corp. (Citizens Pla Proj.) Series 2012 A-1, 5% 6/1/20 | 5,155 | 5,459 | |
Clearwater Wtr. and Swr. Rev. Series 2011: | |||
5% 12/1/18 | 670 | 680 | |
5% 12/1/19 | 1,780 | 1,865 | |
5% 12/1/20 | 980 | 1,055 | |
Florida Board of Ed. Lottery Rev. Series 2016 B, 5% 7/1/24 | 9,801 | 11,346 | |
Florida Dev. Fin. Corp. Healthcare Facility Rev. (Univ. Health Proj.) Series 2013 A: | |||
5% 2/1/19 | 1,420 | 1,437 | |
5% 2/1/20 | 1,980 | 2,043 | |
Florida Mid-Bay Bridge Auth. Rev. Series 2015 A: | |||
5% 10/1/21 | 1,010 | 1,103 | |
5% 10/1/22 | 1,955 | 2,176 | |
5% 10/1/23 | 1,240 | 1,396 | |
5% 10/1/24 | 1,955 | 2,226 | |
5% 10/1/25 | 1,710 | 1,966 | |
5% 10/1/26 | 1,955 | 2,230 | |
Florida Muni. Pwr. Agcy. Rev. (Stanton II Proj.) Series 2012 A, 5% 10/1/18 | 2,790 | 2,815 | |
Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | |||
Series 2011 C: | |||
5% 10/1/19 | 1,670 | 1,742 | |
5% 10/1/20 | 980 | 1,048 | |
Series 2017 A: | |||
5% 10/1/25 (b) | 980 | 1,123 | |
5% 10/1/26 (b) | 1,955 | 2,262 | |
Halifax Hosp. Med. Ctr. Rev. Series 2015, 5% 6/1/23 | 1,295 | 1,452 | |
Hillsborough County School District Sales Tax Rev. Series 2015 B, 5% 10/1/22 (FSA Insured) | 1,975 | 2,206 | |
Indian River County School Board Ctfs. of Prtn. Series 2014: | |||
5% 7/1/20 | 915 | 971 | |
5% 7/1/22 | 1,955 | 2,163 | |
5% 7/1/23 | 1,955 | 2,201 | |
JEA Wtr. & Swr. Sys. Rev. Series 2010 D: | |||
5% 10/1/21 | 640 | 676 | |
5% 10/1/21 (Pre-Refunded to 4/1/20 @ 100) | 1,260 | 1,330 | |
Manatee County Rev. Series 2013: | |||
5% 10/1/19 | 1,225 | 1,277 | |
5% 10/1/20 | 1,955 | 2,091 | |
5% 10/1/21 | 1,955 | 2,140 | |
5% 10/1/22 | 980 | 1,096 | |
Manatee County School District Series 2017, 5% 10/1/24 (FSA Insured) | 1,270 | 1,468 | |
Miami-Dade County Aviation Rev.: | |||
Series 2010, 5% 10/1/22 | 1,700 | 1,810 | |
Series 2017 B, 5% 10/1/20 (b) | 2,075 | 2,212 | |
Miami-Dade County Expressway Auth.: | |||
(Waste Mgmt., Inc. of Florida Proj.): | |||
Series 2013, 5% 7/1/19 | 1,955 | 2,019 | |
5% 7/1/20 | 980 | 1,041 | |
5% 7/1/21 | 1,955 | 2,125 | |
5% 7/1/22 | 1,955 | 2,170 | |
5% 7/1/23 | 1,955 | 2,166 | |
Series 2014 A, 5% 7/1/24 | 610 | 699 | |
Series 2014 B: | |||
5% 7/1/22 | 1,465 | 1,626 | |
5% 7/1/23 | 3,180 | 3,601 | |
Miami-Dade County Gen. Oblig. (Parks Prog.) Series 2015 A, 5% 11/1/22 | 3,795 | 4,260 | |
Miami-Dade County School Board Ctfs. of Prtn.: | |||
Bonds Series 2014 A, 5%, tender 5/1/24 (a) | 8,010 | 9,136 | |
Series 2014 D: | |||
5% 11/1/20 | 4,770 | 5,105 | |
5% 11/1/21 | 6,140 | 6,715 | |
5% 11/1/22 | 2,850 | 3,178 | |
5% 11/1/23 | 7,485 | 8,473 | |
Series 2015 A: | |||
5% 5/1/19 | 980 | 1,007 | |
5% 5/1/20 | 2,050 | 2,164 | |
5% 5/1/21 | 3,915 | 4,233 | |
5% 5/1/22 | 3,640 | 4,019 | |
5% 5/1/23 | 6,360 | 7,140 | |
Series 2015 B, 5% 5/1/24 | 28,915 | 32,929 | |
Series 2016 A, 5% 8/1/27 | 5,440 | 6,283 | |
Miami-Dade County Transit Sales Surtax Rev. Series 2012, 5% 7/1/19 | 1,225 | 1,266 | |
Orange County Health Facilities Auth. Series 2009, 5.25% 10/1/19 | 1,220 | 1,272 | |
Orange County School Board Ctfs. of Prtn. Series 2015 C, 5% 8/1/18 | 1,465 | 1,469 | |
Orlando & Orange County Expressway Auth. Rev. Series 2012, 5% 7/1/19 | 980 | 1,013 | |
Orlando Utils. Commission Util. Sys. Rev. Series 2011 B: | |||
5% 10/1/18 | 2,200 | 2,219 | |
5% 10/1/19 | 2,275 | 2,371 | |
Palm Beach County Health Facilities Auth. Hosp. Rev. Series 2014: | |||
4% 12/1/19 | 980 | 1,004 | |
5% 12/1/20 | 1,395 | 1,484 | |
5% 12/1/21 | 1,465 | 1,589 | |
5% 12/1/23 | 190 | 211 | |
5% 12/1/24 | 380 | 427 | |
Palm Beach County School Board Ctfs. of Prtn.: | |||
Series 2014 B: | |||
4% 8/1/19 | 4,525 | 4,642 | |
4% 8/1/21 | 3,950 | 4,187 | |
5% 8/1/19 | 2,935 | 3,042 | |
5% 8/1/21 | 5,185 | 5,650 | |
5% 8/1/22 | 980 | 1,090 | |
Series 2015 B: | |||
5% 8/1/19 | 2,675 | 2,773 | |
5% 8/1/20 | 1,710 | 1,821 | |
Pasco County School District Sales Tax Rev. Series 2013: | |||
5% 10/1/18 | 1,225 | 1,235 | |
5% 10/1/19 | 1,075 | 1,119 | |
5% 10/1/20 | 980 | 1,047 | |
5% 10/1/21 | 980 | 1,069 | |
5% 10/1/22 | 980 | 1,090 | |
Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev.: | |||
Series 2011, 5% 10/1/19 (b) | 1,980 | 2,060 | |
5% 10/1/18 (b) | 2,685 | 2,708 | |
Seminole County School Board Ctfs. of Prtn. Series 2016 C: | |||
5% 7/1/25 | 980 | 1,131 | |
5% 7/1/26 | 1,115 | 1,300 | |
Tallahassee Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc. Proj.) Series 2016 A, 5% 12/1/21 | 1,135 | 1,231 | |
Tampa Bay Wtr. Reg'l. Wtr. Supply Auth. Util. Sys. Rev.: | |||
Series 2005, 5.5% 10/1/22 (FGIC Insured) | 1,340 | 1,534 | |
Series 2011 B: | |||
5% 10/1/18 (Escrowed to Maturity) | 2,385 | 2,406 | |
5% 10/1/18 (Escrowed to Maturity) | 2,210 | 2,229 | |
Series 2011, 5% 10/1/19 | 5,470 | 5,701 | |
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A, 5% 9/1/20 | 1,760 | 1,874 | |
Volusia County School Board Ctfs. of Prtn. (Master Lease Prog.) Series 2014 B: | |||
5% 8/1/18 | 490 | 491 | |
5% 8/1/19 | 305 | 316 | |
TOTAL FLORIDA | 312,236 | ||
Georgia - 2.3% | |||
Atlanta Arpt. Rev.: | |||
5% 1/1/22 | 980 | 1,080 | |
5% 1/1/23 | 980 | 1,102 | |
5% 1/1/24 | 1,125 | 1,285 | |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2013 A, 2.4%, tender 4/1/20 (a) | 9,780 | 9,796 | |
Fulton County Wtr. & Swr. Rev. Series 2011, 5% 1/1/19 | 3,915 | 3,983 | |
Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
(Combined Cycle Proj.) Series A, 5% 11/1/18 | 1,955 | 1,976 | |
(Prerefunded Proj.) Series 2008 D, 5.75% 1/1/20 (Pre-Refunded to 7/1/18 @ 100) | 2,575 | 2,575 | |
(Unrefunded Balance Proj.) Series 2008: | |||
5.75% 1/1/19 | 3,785 | 3,794 | |
5.75% 1/1/20 | 905 | 907 | |
Series GG: | |||
5% 1/1/20 | 660 | 690 | |
5% 1/1/21 | 1,635 | 1,749 | |
Georgia Muni. Gas Auth. Rev. (Gas Portfolio III Proj.): | |||
Series 2014 U: | |||
5% 10/1/19 | 1,465 | 1,524 | |
5% 10/1/22 | 980 | 1,083 | |
5% 10/1/23 | 2,365 | 2,654 | |
Series R, 5% 10/1/21 | 4,890 | 5,312 | |
Main Street Natural Gas, Inc. Bonds Series 2018 C, 4%, tender 12/1/23 (a) | 13,910 | 14,886 | |
Monroe County Dev. Auth. Poll. Cont. Rev. Bonds: | |||
(Georgia Pwr. Co. Plant Scherer Proj.) Series 2009, 2.35%, tender 12/11/20 (a) | 4,610 | 4,631 | |
(Gulf Pwr. Co. Plant Scherer Proj.) Series 2002 1, 2%, tender 6/25/20 (a) | 6,000 | 5,963 | |
Private Colleges & Univs. Auth. Rev. (The Savannah College of Arts and Design Projs.) Series 2014, 5% 4/1/21 | 3,260 | 3,507 | |
TOTAL GEORGIA | 68,497 | ||
Hawaii - 0.6% | |||
Hawaii Arpts. Sys. Rev. Series 2011, 5% 7/1/19 (b) | 3,915 | 4,039 | |
Honolulu City & County Gen. Oblig. Series 2017 D: | |||
5% 9/1/24 | 1,200 | 1,393 | |
5% 9/1/25 | 2,935 | 3,445 | |
State of Hawaii Dept. of Trans. Series 2013: | |||
5% 8/1/19 (b) | 1,370 | 1,417 | |
5% 8/1/20 (b) | 2,985 | 3,167 | |
5% 8/1/21 (b) | 540 | 584 | |
5% 8/1/22 (b) | 2,030 | 2,236 | |
5% 8/1/23 (b) | 1,440 | 1,607 | |
TOTAL HAWAII | 17,888 | ||
Illinois - 12.1% | |||
Chicago Board of Ed.: | |||
Series 1998 B1, 0% 12/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,780 | 8,642 | |
Series 2008 C: | |||
5.25% 12/1/23 | 7,500 | 7,536 | |
5.25% 12/1/24 | 935 | 939 | |
Series 2009 D, 5% 12/1/18 (Escrowed to Maturity) | 2,285 | 2,318 | |
Series 2010 F, 5% 12/1/20 | 745 | 768 | |
Series 2017 C: | |||
5% 12/1/26 | 485 | 506 | |
5% 12/1/27 | 2,830 | 2,955 | |
Chicago Gen. Oblig. (City Colleges Proj.) Series 1999: | |||
0% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,590 | 9,479 | |
0% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 14,435 | 13,847 | |
Chicago Midway Arpt. Rev.: | |||
Series 2014 B: | |||
5% 1/1/20 | 610 | 638 | |
5% 1/1/21 | 390 | 418 | |
5% 1/1/23 | 2,445 | 2,721 | |
5% 1/1/22 | 4,890 | 5,345 | |
5% 1/1/23 | 5,770 | 6,421 | |
Chicago Motor Fuel Tax Rev. Series 2013: | |||
5% 1/1/19 | 245 | 247 | |
5% 1/1/20 | 295 | 302 | |
5% 1/1/21 | 390 | 403 | |
5% 1/1/22 | 295 | 308 | |
5% 1/1/23 | 525 | 553 | |
Chicago O'Hare Int'l. Arpt. Rev.: | |||
Series 2012 A, 5% 1/1/21 | 1,370 | 1,467 | |
Series 2012 B, 5% 1/1/21 (b) | 4,505 | 4,813 | |
Series 2013 B, 5% 1/1/22 | 3,915 | 4,304 | |
Series 2013 D, 5% 1/1/22 | 3,150 | 3,463 | |
Series 2017 D, 5% 1/1/27 (b) | 1,470 | 1,693 | |
Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2017: | |||
4% 6/1/19 | 2,755 | 2,807 | |
5% 6/1/20 | 2,430 | 2,566 | |
5% 6/1/21 | 2,305 | 2,479 | |
5% 6/1/25 | 1,225 | 1,381 | |
Chicago Wastewtr. Transmission Rev. Series 2012: | |||
5% 1/1/19 | 1,280 | 1,300 | |
5% 1/1/23 | 1,175 | 1,273 | |
Cook County Gen. Oblig.: | |||
Series 2009 C, 5% 11/15/21 | 8,390 | 8,711 | |
Series 2010 A, 5.25% 11/15/22 | 4,850 | 5,182 | |
Series 2011 A, 5.25% 11/15/22 | 980 | 1,071 | |
Series 2012 C: | |||
5% 11/15/19 | 3,130 | 3,257 | |
5% 11/15/20 | 7,055 | 7,525 | |
5% 11/15/21 | 5,465 | 5,953 | |
5% 11/15/22 | 1,260 | 1,400 | |
Series 2014 A: | |||
5% 11/15/20 | 980 | 1,045 | |
5% 11/15/21 | 490 | 534 | |
5% 11/15/22 | 1,325 | 1,472 | |
Illinois Edl. Facilities Auth. Rev. Bonds (Univ. of Chicago Proj.) Series B2, 1.55%, tender 2/13/20 (a) | 9,780 | 9,717 | |
Illinois Fin. Auth. Rev.: | |||
( Bradley Univ. Proj.) Series 2017 C, 5% 8/1/26 | 1,650 | 1,871 | |
(Provena Health Proj.) Series 2010 A, 5.75% 5/1/19 (Escrowed to Maturity) | 2,590 | 2,679 | |
(Southern Illinois Healthcare Enterprises, Inc. Proj.) Series 2005, 5.25% 3/1/30 (Pre-Refunded to 3/1/20 @ 100) | 4,650 | 4,919 | |
Bonds: | |||
Series 2017 B, 5%, tender 12/15/22 (a) | 2,825 | 3,160 | |
Series E, 2.25%, tender 4/29/22 (a) | 22,430 | 22,520 | |
Series 2008 D, 6.25% 11/1/28 (Pre-Refunded to 11/1/18 @ 100) | 2,020 | 2,051 | |
Series 2011 L, 5% 12/1/22 (Pre-Refunded to 12/1/21 @ 100) | 1,110 | 1,218 | |
Series 2012 A, 5% 5/15/23 | 1,270 | 1,392 | |
Series 2012: | |||
5% 9/1/18 | 1,135 | 1,140 | |
5% 9/1/19 | 1,090 | 1,119 | |
5% 9/1/20 | 1,440 | 1,506 | |
5% 9/1/21 | 2,000 | 2,123 | |
5% 9/1/22 | 3,455 | 3,719 | |
Series 2015 A: | |||
5% 11/15/22 | 490 | 545 | |
5% 11/15/24 | 1,490 | 1,686 | |
5% 11/15/25 | 1,905 | 2,170 | |
5% 11/15/26 | 1,955 | 2,208 | |
Series 2015 B: | |||
5% 11/15/20 | 1,615 | 1,729 | |
5% 11/15/24 | 1,910 | 2,182 | |
Series 2016 A: | |||
5% 8/15/20 | 490 | 515 | |
5% 2/15/21 | 735 | 789 | |
5% 8/15/21 | 685 | 732 | |
5% 2/15/23 | 980 | 1,089 | |
5% 8/15/23 | 1,465 | 1,610 | |
5% 8/15/24 | 2,135 | 2,367 | |
Series 2016 C: | |||
5% 2/15/20 | 4,970 | 5,196 | |
5% 2/15/22 | 3,335 | 3,675 | |
5% 2/15/23 | 4,470 | 5,021 | |
5% 2/15/24 | 5,220 | 5,956 | |
Series 2016: | |||
5% 7/1/22 | 2,895 | 3,222 | |
5% 5/15/25 | 490 | 559 | |
5% 5/15/26 | 980 | 1,125 | |
5% 5/15/27 | 1,225 | 1,399 | |
Series 2017: | |||
5% 1/1/23 | 1,465 | 1,646 | |
5% 1/1/25 | 2,260 | 2,613 | |
5% 1/1/27 | 1,955 | 2,315 | |
Illinois Gen. Oblig.: | |||
Series 2010, 5% 1/1/21 (FSA Insured) | 1,565 | 1,622 | |
Series 2012 A, 4% 1/1/23 | 1,245 | 1,259 | |
Series 2012: | |||
5% 3/1/19 | 5,380 | 5,470 | |
5% 8/1/19 | 2,600 | 2,667 | |
5% 8/1/20 | 6,750 | 6,987 | |
5% 8/1/21 | 2,360 | 2,469 | |
5% 8/1/22 | 5,675 | 5,987 | |
Series 2013: | |||
5% 7/1/21 | 6,360 | 6,647 | |
5% 7/1/22 | 10,740 | 11,319 | |
Series 2014: | |||
5% 2/1/22 | 2,935 | 3,081 | |
5% 4/1/23 | 2,165 | 2,289 | |
5% 2/1/25 | 2,275 | 2,399 | |
Series 2016: | |||
5% 11/1/20 | 2,310 | 2,399 | |
5% 1/1/26 | 2,150 | 2,285 | |
5% 2/1/26 | 10,525 | 11,186 | |
Series 2017 B, 5% 11/1/19 | 7,875 | 8,122 | |
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A, 5% 2/1/23 | 1,180 | 1,316 | |
Illinois Reg'l. Trans. Auth. Series 2017 A: | |||
5% 7/1/20 | 1,320 | 1,399 | |
5% 7/1/21 | 1,320 | 1,432 | |
McHenry County Cmnty. School District #200 Series 2006 B: | |||
0% 1/15/24 | 4,715 | 3,994 | |
0% 1/15/25 | 4,915 | 4,007 | |
0% 1/15/26 | 3,695 | 2,898 | |
McHenry County Conservation District Gen. Oblig. Series 2014: | |||
5% 2/1/19 | 2,235 | 2,279 | |
5% 2/1/20 | 2,225 | 2,336 | |
5% 2/1/23 | 2,175 | 2,442 | |
Railsplitter Tobacco Settlement Auth. Rev.: | |||
Series 2010: | |||
5.5% 6/1/23 (Pre-Refunded to 6/1/21 @ 100) | 8,275 | 9,120 | |
6% 6/1/28 (Pre-Refunded to 6/1/21 @ 100) | 5,480 | 6,117 | |
Series 2017, 5% 6/1/22 | 9,780 | 10,743 | |
TOTAL ILLINOIS | 361,796 | ||
Indiana - 2.2% | |||
Indiana Fin. Auth. Econ. Dev. Rev. Bonds (Republic Svcs., Inc. Proj.) Series A, 1.75%, tender 9/4/18 (a)(b) | 2,400 | 2,401 | |
Indiana Fin. Auth. Hosp. Rev. Series 2013: | |||
5% 8/15/22 | 685 | 762 | |
5% 8/15/23 | 980 | 1,108 | |
Indiana Fin. Auth. Rev. Series 2012: | |||
5% 3/1/20 | 635 | 668 | |
5% 3/1/21 | 1,200 | 1,287 | |
Indiana Fin. Auth. Wastewtr. Util. Rev. (CWA Auth. Proj.): | |||
Series 2012 A: | |||
5% 10/1/20 | 805 | 861 | |
5% 10/1/22 | 1,565 | 1,745 | |
Series 2014 A: | |||
5% 10/1/20 | 365 | 390 | |
5% 10/1/21 | 370 | 405 | |
5% 10/1/22 | 660 | 736 | |
Series 2015 A: | |||
5% 10/1/24 | 1,460 | 1,666 | |
5% 10/1/25 | 1,590 | 1,837 | |
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2011 A: | |||
5% 1/1/19 | 1,440 | 1,465 | |
5% 1/1/20 | 1,225 | 1,286 | |
Indianapolis Local Pub. Impt. Series 2016: | |||
5% 1/1/21 (b) | 2,690 | 2,889 | |
5% 1/1/23 (b) | 1,940 | 2,160 | |
5% 1/1/24 (b) | 2,715 | 3,055 | |
5% 1/1/25 (b) | 2,845 | 3,234 | |
Lake Central Multi-District School Bldg. Corp. Series 2012 B: | |||
4% 1/15/19 | 980 | 992 | |
4% 1/15/20 | 1,315 | 1,358 | |
4% 1/15/21 | 1,225 | 1,285 | |
5% 7/15/19 | 1,645 | 1,699 | |
5% 7/15/20 | 1,145 | 1,216 | |
5% 7/15/21 | 980 | 1,064 | |
Purdue Univ. Rev. Series Z-1, 5% 7/1/18 | 1,465 | 1,465 | |
Whiting Envir. Facilities Rev.: | |||
(BP Products North America, Inc. Proj.) Series 2009, 5.25% 1/1/21 | 4,160 | 4,482 | |
Bonds (BP Products North America, Inc. Proj.) Series 2015, 5%, tender 11/1/22 (a)(b) | 21,505 | 23,883 | |
TOTAL INDIANA | 65,399 | ||
Kansas - 0.4% | |||
Desoto Usd # 232 Series 2015 A, 5% 9/1/22 | 1,525 | 1,704 | |
Johnson County Unified School District # 233 Series 2016 B, 5% 9/1/23 | 1,430 | 1,634 | |
Wichita Hosp. Facilities Rev. Series 2011 IV A: | |||
5% 11/15/18 (Escrowed to Maturity) | 2,200 | 2,228 | |
5% 11/15/20 (Escrowed to Maturity) | 2,685 | 2,881 | |
Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev. Series 2016 A: | |||
5% 9/1/22 | 490 | 545 | |
5% 9/1/23 | 710 | 803 | |
5% 9/1/25 | 785 | 905 | |
TOTAL KANSAS | 10,700 | ||
Kentucky - 0.8% | |||
Ashland Med. Ctr. Rev.: | |||
(Ashland Hosp. Corp. D/B/A King's Daughters Med. Ctr. Proj.) Series 2016 A, 5% 2/1/24 | 1,330 | 1,451 | |
(Ashland Hosp. Corp. D/B/A Kings Daughters Med. Ctr. Proj.) Series 2016 A, 5% 2/1/25 | 980 | 1,074 | |
Kentucky Econ. Dev. Fin. Auth. Bonds Series 2009 B, 2.7%, tender 11/10/21 (a) | 8,805 | 8,878 | |
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. Series 2015 A: | |||
5% 6/1/20 | 1,380 | 1,437 | |
5% 6/1/22 | 1,525 | 1,645 | |
5% 6/1/24 | 1,655 | 1,820 | |
Kentucky State Property & Buildings Commission Rev. (Kentucky St Proj.) Series D, 5% 5/1/21 | 980 | 1,055 | |
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2003 A, 1.5%, tender 4/1/19 (a) | 7,345 | 7,326 | |
TOTAL KENTUCKY | 24,686 | ||
Louisiana - 2.3% | |||
Louisiana Citizens Property Ins. Corp. Assessment Rev. Series 2015: | |||
5% 6/1/19 | 9,145 | 9,418 | |
5% 6/1/21 (FSA Insured) | 4,890 | 5,303 | |
Louisiana Gen. Oblig.: | |||
Series 2012 A, 5% 8/1/22 | 1,480 | 1,646 | |
Series 2014 D1, 5% 12/1/22 | 1,275 | 1,428 | |
Series 2016 B: | |||
5% 8/1/22 | 13,785 | 15,334 | |
5% 8/1/23 | 6,115 | 6,940 | |
Series 2016 D: | |||
5% 9/1/22 | 6,220 | 6,930 | |
5% 9/1/24 | 6,875 | 7,897 | |
Louisiana Stadium and Exposition District Series 2013 A: | |||
5% 7/1/21 | 1,465 | 1,592 | |
5% 7/1/22 | 980 | 1,088 | |
New Orleans Aviation Board Rev.: | |||
(North Term. Proj.) Series 2017 B: | |||
5% 1/1/23 (b) | 300 | 333 | |
5% 1/1/24 (b) | 195 | 219 | |
5% 1/1/25 (b) | 195 | 221 | |
5% 1/1/26 (b) | 490 | 560 | |
Series 2017 D2: | |||
5% 1/1/23 (b) | 390 | 432 | |
5% 1/1/24 (b) | 735 | 825 | |
5% 1/1/25 (b) | 490 | 555 | |
New Orleans Gen. Oblig. Series 2012, 5% 12/1/20 | 2,740 | 2,937 | |
Tobacco Settlement Fing. Corp. Series 2013 A, 5% 5/15/23 | 4,400 | 4,899 | |
TOTAL LOUISIANA | 68,557 | ||
Maine - 0.2% | |||
Maine Tpk. Auth. Tpk. Rev. Series 2015: | |||
5% 7/1/21 | 2,350 | 2,562 | |
5% 7/1/22 | 1,810 | 2,018 | |
5% 7/1/24 | 2,300 | 2,657 | |
TOTAL MAINE | 7,237 | ||
Maryland - 2.7% | |||
Baltimore Proj. Rev. Series 2017 D: | |||
5% 7/1/24 | 3,220 | 3,704 | |
5% 7/1/25 | 3,380 | 3,933 | |
Maryland Econ. Dev. Auth. Rev. (Ports America Chesapeake LLC. Proj.) Series 2017 A: | |||
4% 6/1/19 | 2,400 | 2,445 | |
4% 6/1/20 | 2,960 | 3,061 | |
5% 6/1/21 | 1,640 | 1,761 | |
5% 6/1/22 | 1,750 | 1,907 | |
Maryland Gen. Oblig. Series 2017 B, 5% 8/1/25 | 32,300 | 37,966 | |
Maryland Health & Higher Edl. Facilities Auth. Rev. Series 2015: | |||
5% 7/1/19 | 390 | 401 | |
5% 7/1/22 | 880 | 965 | |
5% 7/1/23 | 980 | 1,090 | |
5% 7/1/24 | 1,955 | 2,202 | |
5% 7/1/25 | 1,730 | 1,962 | |
Montgomery County Gen. Oblig. Series 2011 A, 5% 7/1/20 (Pre-Refunded to 7/1/19 @ 100) | 15,650 | 16,184 | |
Rockville Mayor & Council Econ. Dev. (Rfdg.-Ingleside King Farm Proj.) Series 2017: | |||
2.5% 11/1/24 | 850 | 838 | |
3% 11/1/25 | 625 | 622 | |
TOTAL MARYLAND | 79,041 | ||
Massachusetts - 2.0% | |||
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2006 B, 5.25% 7/1/18 | 2,250 | 2,250 | |
Massachusetts Dev. Fin. Agcy. Rev.: | |||
Series 2012, 5% 7/1/31 (Pre-Refunded to 7/1/21 @ 100) | 1,035 | 1,129 | |
Series 2016 A, 5% 7/15/22 | 1,240 | 1,390 | |
Series 2016 I: | |||
5% 7/1/21 | 490 | 529 | |
5% 7/1/22 | 585 | 644 | |
5% 7/1/23 | 660 | 738 | |
5% 7/1/24 | 1,075 | 1,216 | |
5% 7/1/25 | 980 | 1,121 | |
5% 7/1/26 | 980 | 1,131 | |
Massachusetts Edl. Fing. Auth. Rev. Series 2013, 5% 7/1/19 (b) | 4,620 | 4,759 | |
Massachusetts Gen. Oblig.: | |||
Bonds Series 2014 D1, 1.05%, tender 7/1/20 (a) | 31,300 | 30,830 | |
Series 2016 B, 5% 7/1/22 | 1,685 | 1,880 | |
Series C, 5.5% 12/1/22 | 4,160 | 4,770 | |
Massachusetts Port Auth. Rev. Series 2017 A: | |||
5% 7/1/24 (b) | 3,005 | 3,419 | |
5% 7/1/25 (b) | 1,115 | 1,277 | |
Medford Gen. Oblig. Series 2011 B, 4% 3/1/19 | 3,490 | 3,547 | |
TOTAL MASSACHUSETTS | 60,630 | ||
Michigan - 3.5% | |||
Clarkston Cmnty. Schools 5% 5/1/22 | 1,635 | 1,810 | |
Detroit Swr. Disp. Rev. Series 2006 D, 3 month U.S. LIBOR + 0.600% 2.149% 7/1/32 (a)(e) | 3,980 | 3,800 | |
Grand Blanc Cmnty. Schools Series 2013: | |||
5% 5/1/19 | 1,200 | 1,233 | |
5% 5/1/20 | 2,575 | 2,721 | |
5% 5/1/21 | 2,105 | 2,280 | |
5% 5/1/22 | 1,810 | 2,004 | |
Grand Rapids Pub. Schools 5% 5/1/23 (FSA Insured) | 1,275 | 1,436 | |
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016: | |||
5% 5/15/22 | 980 | 1,074 | |
5% 5/15/24 | 540 | 608 | |
5% 5/15/25 | 635 | 720 | |
5% 5/15/26 | 610 | 697 | |
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2011 A: | |||
5% 11/15/18 | 1,225 | 1,241 | |
5% 11/15/19 | 980 | 1,024 | |
Michigan Bldg. Auth. Rev. (Facilities Prog.) Series 2016 I: | |||
5% 4/15/22 | 980 | 1,085 | |
5% 4/15/23 | 1,320 | 1,491 | |
5% 4/15/24 | 1,450 | 1,663 | |
Michigan Fin. Auth. Rev.: | |||
Bonds 1.1%, tender 8/15/19 (a) | 4,155 | 4,120 | |
Series 2015 A: | |||
5% 8/1/22 | 2,350 | 2,612 | |
5% 8/1/23 | 3,715 | 4,203 | |
Michigan Gen. Oblig. Series 2016: | |||
5% 3/15/20 | 3,255 | 3,428 | |
5% 3/15/21 | 980 | 1,059 | |
5% 3/15/22 | 2,280 | 2,515 | |
5% 3/15/23 | 3,915 | 4,406 | |
Michigan Hosp. Fin. Auth. Rev. Bonds: | |||
(Ascension Health Cr. Group Proj.) Series F5, 2.4%, tender 3/15/23 (a) | 3,535 | 3,555 | |
Series 2005 A4, 1.625%, tender 11/1/19 (a) | 7,245 | 7,220 | |
Series 2010 F4, 1.95%, tender 4/1/20 (a) | 6,400 | 6,398 | |
Michigan Strategic Fund Ltd. Oblig. Rev. Bonds Series CC, 1.45%, tender 9/1/21 (a) | 7,040 | 6,773 | |
Portage Pub. Schools Series 2016: | |||
5% 5/1/23 | 1,990 | 2,242 | |
5% 11/1/23 | 1,335 | 1,518 | |
5% 5/1/24 | 1,880 | 2,149 | |
5% 11/1/24 | 1,955 | 2,248 | |
5% 5/1/25 | 1,100 | 1,269 | |
5% 11/1/25 | 1,195 | 1,386 | |
5% 5/1/26 | 1,665 | 1,939 | |
5% 11/1/26 | 1,155 | 1,341 | |
5% 11/1/28 | 985 | 1,135 | |
Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D: | |||
5% 9/1/21 | 1,465 | 1,597 | |
5% 9/1/23 | 490 | 555 | |
Spring Lake Pub. Schools: | |||
Series 2014, 5% 5/1/19 | 2,250 | 2,312 | |
5% 11/1/19 | 2,715 | 2,832 | |
5% 5/1/20 | 3,550 | 3,751 | |
5% 11/1/20 | 1,705 | 1,828 | |
5% 5/1/21 | 4,020 | 4,358 | |
TOTAL MICHIGAN | 103,636 | ||
Minnesota - 0.6% | |||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | |||
Series 2014 A: | |||
5% 1/1/22 | 980 | 1,080 | |
5% 1/1/23 | 980 | 1,104 | |
Series 2014 B: | |||
5% 1/1/21 (b) | 2,240 | 2,402 | |
5% 1/1/22 (b) | 1,955 | 2,138 | |
5% 1/1/23 (b) | 980 | 1,090 | |
Moorhead Edl. Facilities Rev. (The Concordia College Corp. Proj.) Series 2016, 5% 12/1/25 | 2,950 | 3,327 | |
Northern Muni. Pwr. Agcy. Elec. Sys. Rev. Series 2017: | |||
5% 1/1/22 | 1,160 | 1,274 | |
5% 1/1/23 | 1,115 | 1,246 | |
5% 1/1/24 | 1,560 | 1,769 | |
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev. Series 2014 A: | |||
5% 1/1/22 | 980 | 1,079 | |
5% 1/1/23 | 1,465 | 1,644 | |
5% 1/1/24 | 980 | 1,120 | |
TOTAL MINNESOTA | 19,273 | ||
Missouri - 0.2% | |||
Cape Girardeau County Indl. Dev. Auth. (Southeast Hosp. Proj.) Series 2017 A: | |||
5% 3/1/19 | 295 | 300 | |
5% 3/1/20 | 320 | 334 | |
5% 3/1/21 | 390 | 413 | |
5% 3/1/22 | 585 | 629 | |
5% 3/1/23 | 980 | 1,067 | |
5% 3/1/24 | 685 | 752 | |
5% 3/1/25 | 710 | 786 | |
5% 3/1/26 | 980 | 1,089 | |
Saint Louis Arpt. Rev. Series 2013, 5% 7/1/18 | 750 | 750 | |
TOTAL MISSOURI | 6,120 | ||
Nevada - 1.9% | |||
Clark County Arpt. Rev.: | |||
(Sub Lien Proj.) Series 2017 A-1, 5% 7/1/22 (b) | 3,915 | 4,316 | |
Series 2017 C, 5% 7/1/21 (b) | 7,785 | 8,404 | |
Clark County School District: | |||
Series 2016 A: | |||
5% 6/15/21 | 1,470 | 1,593 | |
5% 6/15/23 | 1,285 | 1,446 | |
Series 2017 C, 5% 6/15/21 | 9,030 | 9,786 | |
Humboldt County Nev Poll. Cont. Rev. Bonds (Seirra Pacific Pwr. Co. Projs.) Series 2016 A, 1.25%, tender 6/3/19 (a) | 1,955 | 1,943 | |
Nevada Gen. Oblig.: | |||
Series 2010 C, 5% 6/1/19 | 11,875 | 12,243 | |
Series 2012 B, 5% 8/1/20 | 2,180 | 2,325 | |
Series 2013 D1, 5% 3/1/24 | 2,640 | 2,978 | |
Washoe County Gas & Wtr. Facilities Bonds (Seirra Pacific Pwr. Co. Projs.) Series 2016 B, 3%, tender 6/1/22 (a) | 5,185 | 5,295 | |
Washoe County Gas Facilities Rev. Bonds (Seirra Pacific Pwr. Co. Projs.) Series 2016 A, 1.5%, tender 6/3/19 (a)(b) | 5,990 | 5,966 | |
TOTAL NEVADA | 56,295 | ||
New Hampshire - 0.6% | |||
New Hampshire Health & Ed. Facilities Auth.: | |||
Series 2017 B, 4.125% 7/1/24 (c) | 1,010 | 1,016 | |
Series 2017 C, 3.5% 7/1/22 (c) | 335 | 336 | |
New Hampshire Health & Ed. Facilities Auth. Rev.: | |||
(Dartmouth-Hitchcock Obligated Group Proj.) Series 2010, 5% 8/1/40 (Pre-Refunded to 8/1/20 @ 100) | 6,000 | 6,391 | |
(Southern NH Med. Ctr. Proj.) Series 2016, 3% 10/1/21 | 1,375 | 1,401 | |
Series 2012: | |||
4% 7/1/20 | 2,645 | 2,739 | |
4% 7/1/21 | 1,485 | 1,558 | |
Series 2016: | |||
5% 10/1/21 | 1,225 | 1,321 | |
5% 10/1/23 | 1,640 | 1,816 | |
TOTAL NEW HAMPSHIRE | 16,578 | ||
New Jersey - 6.8% | |||
Camden County Impt. Auth. Health Care Redev. Rev. Series 2014 A: | |||
5% 2/15/20 | 3,030 | 3,168 | |
5% 2/15/21 | 2,445 | 2,615 | |
5% 2/15/22 | 2,445 | 2,667 | |
5% 2/15/23 | 2,770 | 3,069 | |
New Jersey Econ. Dev. Auth. Rev.: | |||
(Provident Montclair Proj.) Series 2017: | |||
4% 6/1/22 (FSA Insured) | 980 | 1,037 | |
5% 6/1/23 (FSA Insured) | 1,230 | 1,368 | |
5% 6/1/24 (FSA Insured) | 980 | 1,102 | |
Series 2005 K, 5.5% 12/15/19 | 7,855 | 8,235 | |
Series 2011 EE: | |||
5% 9/1/20 | 1,320 | 1,387 | |
5% 9/1/20 (Escrowed to Maturity) | 3,570 | 3,810 | |
Series 2012 II: | |||
5% 3/1/21 | 6,650 | 7,040 | |
5% 3/1/22 | 6,155 | 6,592 | |
Series 2013 NN, 5% 3/1/19 (Escrowed to Maturity) | 7,985 | 8,165 | |
Series 2013, 5% 3/1/23 | 5,870 | 6,350 | |
Series 2014 PP, 5% 6/15/19 | 16,630 | 17,094 | |
New Jersey Econ. Dev. Auth. Spl. Facilities Rev. (Port Newark Container Term. LLC. Proj.) Series 2017 5% 10/1/26 (b) | 2,130 | 2,370 | |
New Jersey Edl. Facility: | |||
Series 2014: | |||
5% 6/15/20 | 10,760 | 11,273 | |
5% 6/15/21 | 10,760 | 11,448 | |
Series 2016 A: | |||
4% 7/1/18 | 3,505 | 3,505 | |
5% 7/1/21 | 2,150 | 2,296 | |
5% 7/1/22 | 6,160 | 6,691 | |
5% 7/1/23 | 3,315 | 3,653 | |
5% 7/1/24 | 7,740 | 8,597 | |
New Jersey Health Care Facilities Fing. Auth. Rev. Series 2016 A: | |||
5% 7/1/19 | 1,465 | 1,505 | |
5% 7/1/21 | 170 | 183 | |
5% 7/1/22 | 170 | 186 | |
5% 7/1/23 | 595 | 661 | |
5% 7/1/24 | 985 | 1,104 | |
5% 7/1/24 | 475 | 533 | |
5% 7/1/24 | 1,200 | 1,377 | |
5% 7/1/25 | 515 | 581 | |
5% 7/1/26 | 170 | 193 | |
5% 7/1/27 | 255 | 288 | |
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | |||
Series 2011, 5% 12/1/18 (b) | 2,630 | 2,664 | |
Series 2013: | |||
5% 12/1/18 (b) | 5,870 | 5,946 | |
5% 12/1/19 (b) | 3,765 | 3,922 | |
Series 2017 1A: | |||
5% 12/1/22 (b) | 750 | 825 | |
5% 12/1/23 (b) | 1,930 | 2,144 | |
Series 2017 1B, 5% 12/1/21 (b) | 795 | 862 | |
New Jersey Tpk. Auth. Tpk. Rev.: | |||
Bonds Series 2017 C, 1 month U.S. LIBOR + 0.460% 1.848%, tender 1/1/21 (a)(e) | 10,485 | 10,528 | |
Series 2013 A: | |||
5% 1/1/24 (Pre-Refunded to 7/1/22 @ 100) | 3,895 | 4,351 | |
5% 1/1/24 (Pre-Refunded to 7/1/22 @ 100) | 355 | 397 | |
Series 2017 C1, 1 month U.S. LIBOR + 0.340% 1.728% 1/1/21 (a)(e) | 1,170 | 1,171 | |
New Jersey Trans. Trust Fund Auth.: | |||
Series 2003 B, 5.25% 12/15/19 | 3,785 | 3,955 | |
Series 2012 AA, 5% 6/15/19 | 1,465 | 1,506 | |
Series 2013 A: | |||
5% 12/15/19 | 6,315 | 6,576 | |
5% 6/15/20 | 17,605 | 18,479 | |
Series 2016 A, 5% 6/15/27 | 3,960 | 4,366 | |
New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A, 5% 9/15/21 | 4,795 | 5,123 | |
TOTAL NEW JERSEY | 202,958 | ||
New Mexico - 0.6% | |||
Farmington Poll. Cont. Rev. Bonds (Southern California Edison Co. Four Corners Proj.): | |||
Series 2005 B, 1.875%, tender 4/1/20 (a) | 10,785 | 10,714 | |
Series 2011, 1.875%, tender 4/1/20 (a) | 6,155 | 6,115 | |
TOTAL NEW MEXICO | 16,829 | ||
New York - 7.1% | |||
Dorm. Auth. New York Univ. Rev. Series 2016 A: | |||
5% 7/1/22 | 490 | 543 | |
5% 7/1/24 | 1,810 | 2,068 | |
Dutchess County Local Dev. Corp. Rev. (Health Quest Systems, Inc. Proj.) Series 2010 A: | |||
5% 7/1/18 (Assured Guaranty Corp. Insured) (FSA Insured) | 1,075 | 1,075 | |
5% 7/1/19 (Assured Guaranty Corp. Insured) (FSA Insured) | 625 | 645 | |
Long Island Pwr. Auth. Elec. Sys. Rev. Series 2016 B: | |||
5% 9/1/25 | 2,740 | 3,188 | |
5% 9/1/26 | 1,220 | 1,436 | |
New York City Gen. Oblig. Series 2015 C, 5% 8/1/25 | 1,665 | 1,931 | |
New York City Transitional Fin. Auth. Rev.: | |||
Series 2012 A, 5% 11/1/20 | 4,400 | 4,737 | |
Series B: | |||
5% 11/1/20 | 4,160 | 4,348 | |
5% 11/1/20 (Pre-Refunded to 11/1/19 @ 100) | 1,660 | 1,732 | |
New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev. Series 2012 A, 4% 5/15/20 | 7,825 | 8,169 | |
New York Metropolitan Trans. Auth. Rev.: | |||
Bonds Series 2018 A, 5%, tender 11/15/20 (a) | 20,000 | 21,361 | |
Series 2003 B, 5.25% 11/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,085 | 5,336 | |
Series 2008 B2: | |||
5% 11/15/19 | 6,050 | 6,329 | |
5% 11/15/20 | 5,380 | 5,787 | |
5% 11/15/21 | 3,915 | 4,306 | |
Series 2012 B, 5% 11/15/22 | 1,955 | 2,189 | |
Series 2012 D, 5% 11/15/18 | 2,460 | 2,492 | |
Series 2012 E: | |||
4% 11/15/19 | 1,710 | 1,766 | |
4% 11/15/19 (Escrowed to Maturity) | 2,200 | 2,273 | |
5% 11/15/21 | 2,380 | 2,618 | |
Series 2012 F, 5% 11/15/19 | 4,890 | 5,115 | |
Series 2014 C, 5% 11/15/21 | 2,740 | 3,014 | |
Series 2016 B, 5% 11/15/21 | 2,150 | 2,365 | |
Series 2017 C: | |||
4% 2/15/19 | 22,755 | 23,100 | |
4% 2/15/19 | 53,095 | 53,894 | |
New York State Envir. Facilities Corp. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2012, 1.95%, tender 8/1/18 (a)(b) | 3,000 | 3,000 | |
New York Thruway Auth. Gen. Rev. Series 2013 A, 5% 5/1/19 | 32,280 | 33,203 | |
New York Urban Dev. Corp. Rev. Series 2017 A, 5% 3/15/22 | 1,265 | 1,405 | |
Yonkers Gen. Oblig. Series 2017 C, 5% 10/1/22 (Build America Mutual Assurance Insured) | 2,490 | 2,776 | |
TOTAL NEW YORK | 212,201 | ||
North Carolina - 0.8% | |||
Dare County Ctfs. of Prtn. Series 2012 B: | |||
4% 6/1/20 | 980 | 1,022 | |
5% 6/1/19 | 1,275 | 1,315 | |
North Carolina Cap. Facilities Fin. Agcy. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2013, 1.85%, tender 9/17/18 (a)(b) | 1,750 | 1,750 | |
North Carolina Grant Anticipation Rev. Series 2017: | |||
5% 3/1/21 | 4,890 | 5,281 | |
5% 3/1/22 | 3,580 | 3,957 | |
5% 3/1/23 | 3,580 | 4,034 | |
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series 2015 E: | |||
5% 1/1/22 | 4,890 | 5,376 | |
5% 1/1/23 | 1,465 | 1,644 | |
TOTAL NORTH CAROLINA | 24,379 | ||
Ohio - 3.3% | |||
Akron Bath Copley Hosp. District Rev. Series 2016, 5% 11/15/24 | 1,955 | 2,182 | |
Allen County Hosp. Facilities Rev. Bonds Series 2017 B, 5%, tender 5/5/22 (a) | 5,280 | 5,840 | |
American Muni. Pwr., Inc. Rev. Bonds Series B, 5%, tender 8/15/20 (a) | 38,935 | 40,779 | |
Cincinnati City School District 5.25% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,475 | 3,529 | |
Cleveland Arpt. Sys. Rev.: | |||
Series 2016 A, 5% 1/1/26 (FSA Insured) | 490 | 553 | |
5% 1/1/20 (FSA Insured) | 415 | 434 | |
5% 1/1/22 (FSA Insured) | 1,295 | 1,416 | |
5% 1/1/24 (FSA Insured) | 1,175 | 1,324 | |
5% 1/1/25 (FSA Insured) | 1,225 | 1,392 | |
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013: | |||
5% 6/15/22 | 2,100 | 2,278 | |
5% 6/15/23 | 1,815 | 1,990 | |
Franklin County Hosp. Facilities Rev. Series 2016 C, 5% 11/1/23 | 2,800 | 3,195 | |
Hamilton County Convention Facilities Auth. Rev. Series 2014: | |||
5% 12/1/19 | 1,870 | 1,954 | |
5% 12/1/20 | 2,155 | 2,301 | |
5% 12/1/21 | 2,000 | 2,177 | |
Ohio Gen. Oblig. Series 2012 C, 5% 9/15/21 | 4,255 | 4,663 | |
Ohio Hosp. Facilities Rev. Series 2017 A: | |||
4% 1/1/20 | 2,365 | 2,444 | |
5% 1/1/21 | 2,640 | 2,842 | |
5% 1/1/22 | 1,665 | 1,835 | |
5% 1/1/23 | 1,955 | 2,197 | |
5% 1/1/24 | 1,690 | 1,932 | |
5% 1/1/25 | 2,035 | 2,357 | |
Scioto County Hosp. Facilities Rev. Series 2016: | |||
5% 2/15/21 | 635 | 681 | |
5% 2/15/22 | 1,075 | 1,176 | |
5% 2/15/23 | 2,075 | 2,308 | |
5% 2/15/24 | 1,605 | 1,810 | |
5% 2/15/25 | 1,675 | 1,907 | |
5% 2/15/26 | 1,225 | 1,407 | |
TOTAL OHIO | 98,903 | ||
Oklahoma - 0.4% | |||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (OU Medicine Proj.) Series 2018 B: | |||
5% 8/15/24 | 500 | 556 | |
5% 8/15/25 | 500 | 559 | |
5% 8/15/26 | 800 | 899 | |
Oklahoma Dev. Fin. Auth. Rev.: | |||
(Saint John Health Sys. Proj.) Series 2012, 5% 2/15/23 (Pre-Refunded to 2/15/22 @ 100) | 2,545 | 2,811 | |
Series 2004 A, 2.375% 12/1/21 (a) | 1,320 | 1,321 | |
Series 2012, 5% 2/15/21 (Escrowed to Maturity) | 1,565 | 1,691 | |
Tulsa County Indl. Auth. Edl. Facilities Lease Rev. (Jenks Pub. Schools Proj.) Series 2009, 5.5% 9/1/18 | 5,100 | 5,134 | |
TOTAL OKLAHOMA | 12,971 | ||
Oregon - 0.0% | |||
Clackamas County Hosp. Facility Auth. (Willamette View Proj.) Series 2017 B, 3% 11/15/22 | 390 | 392 | |
Pennsylvania - 1.5% | |||
Lehigh County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | |||
(PPL Elec. Utils. Corp. Proj.) Series 2016 A, 1.8%, tender 9/1/22 (a) | 2,445 | 2,391 | |
Series B, 1.8%, tender 8/15/22 (a) | 3,245 | 3,187 | |
Montgomery County Higher Ed. & Health Auth. Rev. Series 2014 A: | |||
4% 10/1/18 | 980 | 985 | |
4% 10/1/19 | 645 | 659 | |
5% 10/1/20 | 1,230 | 1,299 | |
5% 10/1/23 | 190 | 210 | |
Pennsylvania Econ. Dev. Auth. Governmental Lease (Forum Place Proj.) Series 2012: | |||
5% 3/1/19 | 2,260 | 2,310 | |
5% 3/1/20 | 2,095 | 2,203 | |
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2017 A, 1.7%, tender 8/3/20 (a)(b) | 3,220 | 3,166 | |
Pennsylvania Gen. Oblig. Series 2011, 5% 7/1/21 | 1,860 | 2,010 | |
Pennsylvania Higher Edl. Facilities Auth. Rev. Series 2014: | |||
5% 12/1/19 | 335 | 351 | |
5% 12/1/21 | 270 | 298 | |
5% 12/1/22 | 835 | 938 | |
Pennsylvania Indl. Dev. Auth. Rev. Series 2012, 5% 7/1/21 | 1,140 | 1,239 | |
Pennsylvania Pub. School Bldg. Auth. School Rev. (The School District of Harrisburg Proj.) Series 2016 A, 5% 12/1/21 (FSA Insured) | 4,890 | 5,319 | |
Philadelphia Arpt. Rev.: | |||
Series 2017 A, 5% 7/1/24 | 490 | 560 | |
Series 2017 B, 5% 7/1/24 (b) | 2,445 | 2,779 | |
Philadelphia Gas Works Rev. Series 15, 5% 8/1/21 | 1,225 | 1,327 | |
Philadelphia Gen. Oblig. Series 2011, 5.25% 8/1/18 | 5,395 | 5,411 | |
Philadelphia Muni. Auth. Rev. Series 2013 A, 5% 11/15/18 | 3,355 | 3,397 | |
Philadelphia School District Series 2018 A: | |||
5% 9/1/24 | 1,000 | 1,123 | |
5% 9/1/25 | 700 | 792 | |
5% 9/1/26 | 750 | 856 | |
Reading School District Series 2017: | |||
5% 3/1/25 (FSA Insured) | 320 | 364 | |
5% 3/1/26 (FSA Insured) | 260 | 298 | |
5% 3/1/27 (FSA Insured) | 250 | 289 | |
5% 3/1/28 (FSA Insured) | 245 | 283 | |
Southeastern Pennsylvania Trans. Auth. Rev. Series 2011, 5% 6/1/19 | 195 | 201 | |
Unionville-Chadds Ford School District Gen. Oblig. Series 2009, 5% 6/1/20 | 1,165 | 1,201 | |
TOTAL PENNSYLVANIA | 45,446 | ||
Rhode Island - 1.1% | |||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev.: | |||
Series 2013 A, 5% 5/15/19 | 1,465 | 1,508 | |
Series 2016: | |||
5% 5/15/20 | 645 | 678 | |
5% 5/15/21 | 1,475 | 1,583 | |
5% 5/15/22 | 1,955 | 2,138 | |
5% 5/15/23 | 1,180 | 1,310 | |
5% 5/15/24 | 2,300 | 2,584 | |
5% 5/15/25 | 5,385 | 6,099 | |
Rhode Island Health & Edl. Bldg. Corp. Pub. Schools Rev.: | |||
(Providence Proj.) Series 2015 A, 3% 5/15/19 (FSA Insured) | 6,275 | 6,352 | |
Series 2015, 5% 5/15/25 (FSA Insured) | 5,910 | 6,757 | |
Tobacco Setlement Fing. Corp. Series 2015 A: | |||
5% 6/1/26 | 3,425 | 3,870 | |
5% 6/1/27 | 980 | 1,101 | |
TOTAL RHODE ISLAND | 33,980 | ||
South Carolina - 1.2% | |||
Lancaster County School District ( South Carolina Gen. Oblig. Proj.) Series 2017, 5% 3/1/22 | 2,020 | 2,238 | |
Lexington County Health Svcs. District, Inc. Hosp. Rev. Series 2011, 5% 11/1/19 | 1,165 | 1,213 | |
Richland County School District #2 Gen. Oblig. (South Carolina Gen. Oblig. Proj.) Series 2015 A, 5% 2/1/23 | 2,565 | 2,895 | |
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015: | |||
5% 12/1/23 | 4,345 | 4,896 | |
5% 12/1/26 | 1,075 | 1,216 | |
South Carolina Pub. Svc. Auth. Rev.: | |||
Series 2012 B, 5% 12/1/20 | 980 | 1,043 | |
Series 2014 C: | |||
5% 12/1/22 | 1,075 | 1,183 | |
5% 12/1/23 | 4,890 | 5,453 | |
Series 2015 C, 5% 12/1/18 (Escrowed to Maturity) | 14,670 | 14,881 | |
TOTAL SOUTH CAROLINA | 35,018 | ||
South Dakota - 0.2% | |||
South Dakota Health & Edl. Facilities Auth. Rev.: | |||
Series 2011: | |||
5% 9/1/18 (Escrowed to Maturity) | 1,175 | 1,182 | |
5% 9/1/19 (Escrowed to Maturity) | 1,230 | 1,276 | |
Series 2014 B: | |||
4% 11/1/19 | 390 | 402 | |
4% 11/1/20 | 610 | 639 | |
4% 11/1/21 | 490 | 521 | |
5% 11/1/22 | 365 | 408 | |
TOTAL SOUTH DAKOTA | 4,428 | ||
Tennessee - 0.1% | |||
Knox County Health Edl. & Hsg. Facilities Board Rev. Series 2016: | |||
5% 9/1/25 | 1,635 | 1,847 | |
5% 9/1/26 | 1,795 | 2,043 | |
TOTAL TENNESSEE | 3,890 | ||
Texas - 8.5% | |||
Aledo Independent School District Series 2015, 0% 2/15/24 | 1,195 | 1,043 | |
Carroll Independent School District Series 2009 C, 5.25% 2/15/19 | 980 | 1,003 | |
Central Reg'l. Mobility Auth. Series 2016: | |||
5% 1/1/21 | 490 | 522 | |
5% 1/1/22 | 1,465 | 1,591 | |
5% 1/1/23 | 2,395 | 2,646 | |
5% 1/1/24 | 3,295 | 3,690 | |
5% 1/1/26 | 2,800 | 3,200 | |
Cypress-Fairbanks Independent School District Bonds: | |||
Series 2014 B2, 1.4%, tender 8/17/20 (a) | 3,220 | 3,181 | |
Series 2014 B3, 1.4%, tender 8/17/20 (a) | 3,485 | 3,443 | |
Series 2017 A1, 2%, tender 8/15/18(a) | 10,565 | 10,570 | |
Dallas County Gen. Oblig. Series 2016 5% 8/15/22 | 3,445 | 3,854 | |
Dallas Fort Worth Int'l. Arpt. Rev.: | |||
Series 2013 F: | |||
5% 11/1/19 | 1,955 | 2,041 | |
5% 11/1/20 | 1,465 | 1,570 | |
5% 11/1/21 | 2,935 | 3,214 | |
5% 11/1/22 | 4,890 | 5,467 | |
Series 2014 D, 5% 11/1/23 (b) | 1,905 | 2,141 | |
Dallas Independent School District Bonds: | |||
Series 2016 B3, 5%, tender 2/15/19 (a) | 5,870 | 5,986 | |
Series 2016 B4, 5%, tender 2/15/20 (a) | 6,845 | 7,186 | |
Series 2016 B5, 5%, tender 2/15/21 (a) | 7,825 | 8,422 | |
Series 2016: | |||
5%, tender 2/15/22 (a) | 150 | 166 | |
5%, tender 2/15/22 (a) | 9,630 | 10,587 | |
Dallas Wtrwks. & Swr. Sys. Rev. Series 2011, 5% 10/1/18 | 1,565 | 1,579 | |
Denton Independent School District Series 2016, 0% 8/15/25 | 1,610 | 1,326 | |
El Paso Gen. Oblig. Series 2014, 5% 8/15/18 | 2,635 | 2,646 | |
Fort Bend Independent School District Bonds: | |||
Series C, 1.35%, tender 8/1/20 (a) | 1,775 | 1,751 | |
Series D, 1.5%, tender 8/1/21 (a) | 3,200 | 3,137 | |
Fort Worth Gen. Oblig. Series 2015 A, 5% 3/1/23 | 1,670 | 1,882 | |
Fort Worth Independent School District Series 2015, 5% 2/15/22 | 1,580 | 1,745 | |
Houston Arpt. Sys. Rev.: | |||
Series 2012 A, 5% 7/1/23 (b) | 1,955 | 2,145 | |
Series 2018 A: | |||
5% 7/1/23 (b) | 750 | 840 | |
5% 7/1/25 (b) | 1,550 | 1,763 | |
Houston Gen. Oblig. Series 2013 A, 5% 3/1/22 | 5,520 | 6,098 | |
Houston Independent School District Bonds: | |||
Series 2012, 2.4%, tender 6/1/21 (a) | 12,235 | 12,321 | |
Series 2013 B, 2.4%, tender 6/1/21 (a) | 5,880 | 5,926 | |
Humble Independent School District Series 2016 B, 5% 2/15/22 | 3,970 | 4,389 | |
Leander Independent School District Series 2013 A, 0% 8/15/21 | 1,870 | 1,752 | |
Lubbock Health Facilities Dev. Corp. Rev. (St. Joseph Health Sys. Proj.) Series 2008 B, 5% 7/1/18 | 2,965 | 2,965 | |
Mansfield Independent School District Series 2016, 5% 2/15/24 | 4,185 | 4,791 | |
Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2008 A, 1.85%, tender 8/1/18 (a)(b) | 6,000 | 6,001 | |
Newark Higher Ed. Fin. Corp. (Abilene Christian Univ. Proj.) Series 2016 A, 5% 4/1/26 | 2,425 | 2,756 | |
North East Texas Independent School District Bonds Series 2013 B, 1.42%, tender 8/1/21 (a) | 2,785 | 2,737 | |
North Harris County Reg'l. Wtr. Auth. Series 2013, 4% 12/15/22 | 1,545 | 1,666 | |
North Texas Tollway Auth. Rev. Bonds Series 2012 C, 1.95%, tender 1/1/19 (a) | 8,315 | 8,313 | |
Northside Independent School District Bonds: | |||
Series 2011 A, 2%, tender 6/1/19 (a) | 5,795 | 5,808 | |
2%, tender 6/1/21 (a) | 11,865 | 11,822 | |
Plano Independent School District Series 2016 A, 5% 2/15/22 | 7,270 | 8,041 | |
Sam Rayburn Muni. Pwr. Agcy. Series 2012, 5% 10/1/20 | 980 | 1,040 | |
San Antonio Elec. & Gas Sys. Rev. Bonds Series 2015 B, 2%, tender 12/1/21 (a) | 3,965 | 3,951 | |
San Antonio Pub. Facilities Corp. and Rfdg. Lease (Convention Ctr. Proj.) Series 2012: | |||
5% 9/15/20 | 980 | 1,045 | |
5% 9/15/21 | 980 | 1,068 | |
5% 9/15/22 | 3,365 | 3,738 | |
San Antonio Wtr. Sys. Rev.: | |||
Bonds Series 2013 F, 2%, tender 11/1/21 (a) | 7,420 | 7,363 | |
Series 2012, 4% 5/15/19 | 1,465 | 1,497 | |
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2016 A: | |||
5% 10/1/20 | 3,405 | 3,643 | |
5% 10/1/21 | 2,935 | 3,207 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | |||
(Scott & White Healthcare Proj.) Series 2013 A: | |||
5% 8/15/21 | 735 | 801 | |
5% 8/15/23 | 980 | 1,108 | |
Series 2013: | |||
4% 9/1/18 | 390 | 392 | |
5% 9/1/19 | 640 | 664 | |
5% 9/1/20 | 895 | 951 | |
5.75% 11/15/24 (Pre-Refunded to 11/15/18 @ 100) | 2,335 | 2,372 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Retirement Facility Rev. (Mrc Crestview Proj.) Series 2010, 8.125% 11/15/44 (Pre-Refunded to 11/15/20 @ 100) | 2,875 | 3,286 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev.: | |||
Series 2016 A, 5% 2/15/26 | 1,465 | 1,705 | |
Series 2017 A, 5% 2/15/24 | 1,955 | 2,229 | |
5.75% 7/1/18 | 925 | 925 | |
Texas Trans. Commission Central Texas Tpk. Sys. Rev. Bonds Series 2015 A, 5%, tender 4/1/20 (a) | 17,160 | 18,020 | |
Trinity River Auth. Reg'l. Wastewtr. Sys. Rev. Series 2016, 5% 8/1/23 | 1,550 | 1,760 | |
Univ. of Texas Board of Regents Sys. Rev.: | |||
Series 2010 B, 5% 8/15/21 | 1,760 | 1,928 | |
Series 2010, 5% 8/15/22 | 2,670 | 2,991 | |
Series 2016 E, 5% 8/15/22 | 1,495 | 1,675 | |
TOTAL TEXAS | 253,082 | ||
Utah - 0.5% | |||
Intermountain Pwr. Agcy. Pwr. Supply Rev. Series 2018 A, 5% 7/1/21 | 12,655 | 13,765 | |
Virginia - 1.4% | |||
Chesapeake Trans. Sys. Toll Road Rev. Series 2012 A: | |||
4% 7/15/20 | 590 | 607 | |
5% 7/15/21 | 390 | 416 | |
Commonwealth Trans. Board Grant Anticipation Rev. Series 2012 A, 5% 9/15/22 (Pre-Refunded to 3/15/22 @ 100) | 2,150 | 2,386 | |
Fairfax County Gen. Oblig. 5% 10/1/21 | 2,935 | 3,231 | |
Fredericksburg Econ. Dev. Auth. Rev. Series 2014, 5% 6/15/24 | 2,290 | 2,586 | |
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds Series 2008 B, 2.15%, tender 9/1/20 (a) | 2,605 | 2,604 | |
Stafford County Econ. Dev. Auth. Hosp. Facilities Rev. Series 2016: | |||
5% 6/15/24 | 1,185 | 1,330 | |
5% 6/15/25 | 980 | 1,108 | |
5% 6/15/26 | 1,680 | 1,908 | |
Virginia Pub. Bldg. Auth. Pub. Facilities Rev.: | |||
Series 2013 A, 5% 8/1/22 | 3,695 | 4,132 | |
Series 2016 A, 5% 8/1/22 | 5,230 | 5,848 | |
Virginia Pub. School Auth. School Fing. Series 2015 A, 5% 8/1/22 | 11,525 | 12,892 | |
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.875%, tender 5/16/19 (a) | 2,445 | 2,445 | |
TOTAL VIRGINIA | 41,493 | ||
Washington - 1.2% | |||
Grant County Pub. Util. District #2 Series 2012 A: | |||
5% 1/1/20 | 1,345 | 1,410 | |
5% 1/1/21 | 1,825 | 1,962 | |
Port of Seattle Rev. Series 2016 B: | |||
5% 10/1/20 (b) | 2,870 | 3,065 | |
5% 10/1/21 (b) | 2,720 | 2,963 | |
5% 10/1/22 (b) | 2,445 | 2,713 | |
5% 10/1/23 (b) | 2,965 | 3,346 | |
Tacoma Elec. Sys. Rev.: | |||
Series 2013 A: | |||
4% 1/1/21 | 195 | 205 | |
4% 1/1/21 (Escrowed to Maturity) | 1,760 | 1,851 | |
5% 1/1/21 | 1,730 | 1,860 | |
Series 2017: | |||
5% 1/1/22 | 785 | 865 | |
5% 1/1/25 | 660 | 765 | |
5% 1/1/26 | 390 | 457 | |
Washington Health Care Facilities Auth. Rev.: | |||
(Virginia Mason Med. Ctr. Proj.) Series 2017: | |||
5% 8/15/25 | 980 | 1,109 | |
5% 8/15/26 | 1,955 | 2,226 | |
5% 8/15/27 | 2,125 | 2,436 | |
Series 2012, 5% 12/1/42 (Pre-Refunded to 12/1/21 @ 100) | 8,390 | 9,225 | |
TOTAL WASHINGTON | 36,458 | ||
West Virginia - 0.4% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds: | |||
(Appalachian Pwr. Co. Amos Proj.) Series 2011 A, 1.7%, tender 9/1/20 (a)(b) | 6,610 | 6,521 | |
1.9%, tender 4/1/19 (a) | 6,150 | 6,141 | |
TOTAL WEST VIRGINIA | 12,662 | ||
Wisconsin - 0.4% | |||
Madison Gen. Oblig. Series 2014 A, 5% 10/1/21 | 3,145 | 3,458 | |
Milwaukee County Arpt. Rev. Series 2013 A: | |||
5% 12/1/20 (b) | 1,300 | 1,391 | |
5% 12/1/22 (b) | 1,440 | 1,595 | |
5.25% 12/1/23 (b) | 1,505 | 1,708 | |
Pub. Fin. Auth. Sr Liv Rev.: | |||
( Mary's Woods At Marylhurst, Inc. Proj.) Series 2017 A, 5% 5/15/19 (c) | 340 | 348 | |
(Mary's Woods At Marylhurst, Inc. Proj.): | |||
Series 2017 A, 5% 5/15/23 (c) | 365 | 398 | |
Series 2017 B-1 3.95% 11/15/24 (c) | 210 | 213 | |
Series 2017 B-2, 3.5% 11/15/23 (c) | 275 | 277 | |
Series 2017 B-3, 3% 11/15/22 (c) | 370 | 371 | |
Wisconsin Health & Edl. Facilities Series 2014: | |||
4% 5/1/19 | 280 | 284 | |
5% 5/1/20 | 400 | 418 | |
5% 5/1/21 | 625 | 666 | |
Wisconsin Health & Edl. Facilities Auth. Rev. Series 2012, 5% 10/1/21 | 1,370 | 1,494 | |
TOTAL WISCONSIN | 12,621 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $2,737,461) | 2,729,639 | ||
Municipal Notes - 7.0% | |||
Connecticut - 0.5% | |||
Reg'l. School District # 14 Woodbuty & Bethleham BAN Series 2017, 2.25% 7/25/18 | 13,890 | $13,894 | |
Illinois - 0.5% | |||
Chicago Board of Ed. Participating VRDN Series Floaters XG 01 08, 1.69% 7/6/18 (Liquidity Facility Barclays Bank PLC) (a)(f) | 13,990 | 13,990 | |
Massachusetts - 0.1% | |||
Webster Gen. Oblig. BAN Series 2017 B, 2.25% 10/12/18 | 2,250 | 2,253 | |
New Jersey - 1.3% | |||
Carteret Gen. Oblig. BAN Series 2017, 2.5% 10/25/18 | 2,800 | 2,807 | |
Holmdel Township Gen. Oblig. BAN Series 2017, 2.5% 10/26/18 | 2,100 | 2,106 | |
Howell Township Gen. Oblig. BAN Series 2017 A, 3% 10/17/18 | 6,945 | 6,973 | |
Jersey City Gen. Oblig. BAN Series 2018 A, 2.5% 1/18/19 | 9,129 | 9,178 | |
Maple Shade Township BAN Series 2017, 2.25% 9/7/18 | 2,200 | 2,201 | |
Millstone Township Gen. Oblig. BAN Series 2017, 2.25% 9/12/18 | 2,300 | 2,303 | |
Plainfield Gen. Oblig. BAN Series 2017, 2% 8/28/18 | 2,054 | 2,055 | |
Roselle County of Union BAN Series 2017, 2.25% 9/14/18 | 2,500 | 2,502 | |
South Brunswick Township BAN Series 2017, 2.25% 10/2/18 | 2,479 | 2,483 | |
Vineland Gen. Oblig. BAN Series 2017, 2.5% 11/15/18 | 7,923 | 7,946 | |
TOTAL NEW JERSEY | 40,554 | ||
New York - 4.2% | |||
Binghamton Gen. Oblig. BAN Series 2017, 2.5% 11/16/18 | 16,130 | 16,175 | |
Canastota Central School District BAN Series 2017, 2.5% 7/20/18 | 3,130 | 3,131 | |
East Aurora Union Free School District BAN Series A, 2.25% 8/1/18 | 2,055 | 2,056 | |
Gloversville School District BAN Series 2017, 2.25% 10/19/18 | 3,620 | 3,626 | |
Ithaca Gen. Oblig. BAN Series 2018 A, 2.75% 2/15/19 | 8,400 | 8,456 | |
Lansingburgh Central School District BAN Series 2017, 2.5% 7/20/18 | 3,425 | 3,427 | |
North Tonawanda City School District BAN Series 2017, 2.2% 8/24/18 | 5,072 | 5,077 | |
Queensbury Union Free School District BAN Series 2017, 2.5% 7/13/18 | 5,480 | 5,482 | |
Rome City School District BAN Series 2017, 2.25% 8/3/18 | 7,140 | 7,143 | |
Schoharie County BAN Series 2017, 2.5% 11/8/18 | 5,870 | 5,888 | |
South Glens Falls Central School District BAN Series 2017 A, 2.25% 7/27/18 | 6,465 | 6,468 | |
Suffolk County Gen. Oblig. TAN: | |||
Series 2017 I, 2.25% 9/27/18 | 29,735 | 29,782 | |
Series 2017, 2.5% 7/25/18 | 15,260 | 15,269 | |
Syracuse Gen. Oblig. RAN Series B, 2.25% 7/10/18 | 12,030 | 12,031 | |
TOTAL NEW YORK | 124,011 | ||
Ohio - 0.2% | |||
Avon Lake BAN Series 2017, 2.5% 7/11/18 | 4,800 | 4,801 | |
South Carolina - 0.2% | |||
South Carolina Pub. Svc. Auth. Rev. Participating VRDN Series Floaters XM 02 91, 1.66% 7/6/18 (Liquidity Facility Royal Bank of Canada) (a)(f) | 7,355 | 7,355 | |
TOTAL MUNICIPAL NOTES | |||
(Cost $206,998) | 206,858 | ||
TOTAL INVESTMENT IN SECURITIES - 98.6% | |||
(Cost $2,944,459) | 2,936,497 | ||
NET OTHER ASSETS (LIABILITIES) - 1.4% | 42,869 | ||
NET ASSETS - 100% | $2,979,366 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
RAN – REVENUE 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) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(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 $9,196,000 or 0.3% of net assets.
(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(f) Provides evidence of ownership in one or more underlying municipal bonds.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Municipal Cash Central Fund | $24 |
Total | $24 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
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 | 41.7% |
Transportation | 18.5% |
Health Care | 10.5% |
Electric Utilities | 7.7% |
Escrowed/Pre-Refunded | 5.1% |
Others* (Individually Less Than 5%) | 16.5% |
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
Amounts in thousands (except per-share amounts) | June 30, 2018 (Unaudited) | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $2,944,459) | $2,936,497 | |
Cash | 36,015 | |
Receivable for fund shares sold | 1,178 | |
Interest receivable | 34,282 | |
Other receivables | 9 | |
Total assets | 3,007,981 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $20,232 | |
Payable for fund shares redeemed | 6,233 | |
Distributions payable | 863 | |
Accrued management fee | 890 | |
Distribution and service plan fees payable | 71 | |
Other affiliated payables | 286 | |
Other payables and accrued expenses | 40 | |
Total liabilities | 28,615 | |
Net Assets | $2,979,366 | |
Net Assets consist of: | ||
Paid in capital | $2,988,383 | |
Undistributed net investment income | 25 | |
Accumulated undistributed net realized gain (loss) on investments | (1,080) | |
Net unrealized appreciation (depreciation) on investments | (7,962) | |
Net Assets | $2,979,366 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($181,917 ÷ 17,372 shares) | $10.47 | |
Maximum offering price per share (100/97.25 of $10.47) | $10.77 | |
Class M: | ||
Net Asset Value and redemption price per share ($15,779 ÷ 1,510 shares) | $10.45 | |
Maximum offering price per share (100/97.25 of $10.45) | $10.75 | |
Class C: | ||
Net Asset Value and offering price per share ($34,775 ÷ 3,327 shares)(a) | $10.45 | |
Limited Term Municipal Income: | ||
Net Asset Value, offering price and redemption price per share ($2,439,806 ÷ 233,398 shares) | $10.45 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($307,089 ÷ 29,362 shares) | $10.46 |
(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 | Six months ended June 30, 2018 (Unaudited) | |
Investment Income | ||
Interest | $31,809 | |
Income from Fidelity Central Funds | 24 | |
Total income | 31,833 | |
Expenses | ||
Management fee | $5,598 | |
Transfer agent fees | 1,511 | |
Distribution and service plan fees | 461 | |
Accounting fees and expenses | 271 | |
Custodian fees and expenses | 12 | |
Independent trustees' fees and expenses | 7 | |
Registration fees | 106 | |
Audit | 31 | |
Legal | 3 | |
Miscellaneous | 13 | |
Total expenses before reductions | 8,013 | |
Expense reductions | (22) | |
Total expenses after reductions | 7,991 | |
Net investment income (loss) | 23,842 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Redemptions in-kind with affiliated entities | 220 | |
Unaffiliated issuers | (1,113) | |
Total net realized gain (loss) | (893) | |
Change in net unrealized appreciation (depreciation) on investment securities | (16,273) | |
Net gain (loss) | (17,166) | |
Net increase (decrease) in net assets resulting from operations | $6,676 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended June 30, 2018 (Unaudited) | Year ended December 31, 2017 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $23,842 | $49,838 |
Net realized gain (loss) | (893) | 3,266 |
Change in net unrealized appreciation (depreciation) | (16,273) | 24,605 |
Net increase (decrease) in net assets resulting from operations | 6,676 | 77,709 |
Distributions to shareholders from net investment income | (23,829) | (49,775) |
Distributions to shareholders from net realized gain | (619) | (2,284) |
Total distributions | (24,448) | (52,059) |
Share transactions - net increase (decrease) | (360,248) | (133,264) |
Total increase (decrease) in net assets | (378,020) | (107,614) |
Net Assets | ||
Beginning of period | 3,357,386 | 3,465,000 |
End of period | $2,979,366 | $3,357,386 |
Other Information | ||
Undistributed net investment income end of period | $25 | $12 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Limited Term Municipal Income Fund Class A
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.53 | $10.45 | $10.64 | $10.71 | $10.68 | $10.86 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .064 | .122 | .118 | .129 | .153 | .158 |
Net realized and unrealized gain (loss) | (.058) | .086 | (.188) | (.048) | .046 | (.170) |
Total from investment operations | .006 | .208 | (.070) | .081 | .199 | (.012) |
Distributions from net investment income | (.064) | (.121) | (.118) | (.130) | (.153) | (.158) |
Distributions from net realized gain | (.002) | (.007) | (.002) | (.021) | (.016) | (.010) |
Total distributions | (.066) | (.128) | (.120) | (.151) | (.169) | (.168) |
Redemption fees added to paid in capitalA | – | – | –B | –B | –B | –B |
Net asset value, end of period | $10.47 | $10.53 | $10.45 | $10.64 | $10.71 | $10.68 |
Total ReturnC,D,E | .06% | 2.00% | (.68)% | .76% | 1.87% | (.11)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .81%H | .81% | .80% | .81% | .79% | .78% |
Expenses net of fee waivers, if any | .81%H | .81% | .80% | .81% | .79% | .78% |
Expenses net of all reductions | .81%H | .81% | .80% | .81% | .79% | .78% |
Net investment income (loss) | 1.23%H | 1.15% | 1.10% | 1.21% | 1.42% | 1.47% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $182 | $234 | $317 | $377 | $397 | $318 |
Portfolio turnover rateI | 25%H,J | 33% | 31% | 30% | 21% | 20% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
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. 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 Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Limited Term Municipal Income Fund Class M
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.51 | $10.43 | $10.62 | $10.69 | $10.66 | $10.85 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .066 | .126 | .121 | .134 | .157 | .162 |
Net realized and unrealized gain (loss) | (.058) | .087 | (.188) | (.049) | .046 | (.180) |
Total from investment operations | .008 | .213 | (.067) | .085 | .203 | (.018) |
Distributions from net investment income | (.066) | (.126) | (.121) | (.134) | (.157) | (.162) |
Distributions from net realized gain | (.002) | (.007) | (.002) | (.021) | (.016) | (.010) |
Total distributions | (.068) | (.133) | (.123) | (.155) | (.173) | (.172) |
Redemption fees added to paid in capitalA | – | – | –B | –B | –B | –B |
Net asset value, end of period | $10.45 | $10.51 | $10.43 | $10.62 | $10.69 | $10.66 |
Total ReturnC,D,E | .08% | 2.04% | (.65)% | .80% | 1.91% | (.17)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .77%H | .77% | .77% | .77% | .76% | .75% |
Expenses net of fee waivers, if any | .77%H | .76% | .77% | .77% | .76% | .75% |
Expenses net of all reductions | .77%H | .76% | .77% | .77% | .75% | .75% |
Net investment income (loss) | 1.27%H | 1.19% | 1.14% | 1.25% | 1.46% | 1.50% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $16 | $17 | $20 | $22 | $25 | $24 |
Portfolio turnover rateI | 25%H,J | 33% | 31% | 30% | 21% | 20% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
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. 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 Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Limited Term Municipal Income Fund Class C
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.51 | $10.43 | $10.62 | $10.69 | $10.66 | $10.84 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .025 | .043 | .038 | .050 | .072 | .077 |
Net realized and unrealized gain (loss) | (.058) | .087 | (.188) | (.049) | .046 | (.169) |
Total from investment operations | (.033) | .130 | (.150) | .001 | .118 | (.092) |
Distributions from net investment income | (.025) | (.043) | (.038) | (.050) | (.072) | (.078) |
Distributions from net realized gain | (.002) | (.007) | (.002) | (.021) | (.016) | (.010) |
Total distributions | (.027) | (.050) | (.040) | (.071) | (.088) | (.088) |
Redemption fees added to paid in capitalA | – | – | –B | –B | –B | –B |
Net asset value, end of period | $10.45 | $10.51 | $10.43 | $10.62 | $10.69 | $10.66 |
Total ReturnC,D,E | (.32)% | 1.24% | (1.42)% | .01% | 1.11% | (.86)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.56%H | 1.55% | 1.55% | 1.55% | 1.54% | 1.54% |
Expenses net of fee waivers, if any | 1.56%H | 1.55% | 1.55% | 1.55% | 1.54% | 1.54% |
Expenses net of all reductions | 1.56%H | 1.55% | 1.55% | 1.55% | 1.54% | 1.53% |
Net investment income (loss) | .48%H | .41% | .35% | .47% | .67% | .72% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $35 | $40 | $53 | $63 | $65 | $71 |
Portfolio turnover rateI | 25%H,J | 33% | 31% | 30% | 21% | 20% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
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. 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 Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Limited Term Municipal Income Fund
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.51 | $10.43 | $10.63 | $10.69 | $10.66 | $10.85 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .082 | .157 | .152 | .164 | .186 | .191 |
Net realized and unrealized gain (loss) | (.059) | .087 | (.198) | (.039) | .046 | (.180) |
Total from investment operations | .023 | .244 | (.046) | .125 | .232 | .011 |
Distributions from net investment income | (.081) | (.157) | (.152) | (.164) | (.186) | (.191) |
Distributions from net realized gain | (.002) | (.007) | (.002) | (.021) | (.016) | (.010) |
Total distributions | (.083) | (.164) | (.154) | (.185) | (.202) | (.201) |
Redemption fees added to paid in capitalA | – | – | –B | –B | –B | –B |
Net asset value, end of period | $10.45 | $10.51 | $10.43 | $10.63 | $10.69 | $10.66 |
Total ReturnC,D | .23% | 2.35% | (.45)% | 1.18% | 2.19% | .10% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .47%G | .47% | .48% | .48% | .48% | .48% |
Expenses net of fee waivers, if any | .47%G | .47% | .48% | .48% | .48% | .48% |
Expenses net of all reductions | .47%G | .47% | .48% | .48% | .48% | .48% |
Net investment income (loss) | 1.57%G | 1.49% | 1.43% | 1.54% | 1.73% | 1.78% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $2,440 | $2,740 | $2,779 | $3,058 | $3,225 | $3,168 |
Portfolio turnover rateH | 25%G,I | 33% | 31% | 30% | 21% | 20% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 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 expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Limited Term Municipal Income Fund Class I
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.51 | $10.44 | $10.63 | $10.70 | $10.67 | $10.85 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .077 | .149 | .145 | .156 | .179 | .184 |
Net realized and unrealized gain (loss) | (.048) | .077 | (.188) | (.048) | .046 | (.169) |
Total from investment operations | .029 | .226 | (.043) | .108 | .225 | .015 |
Distributions from net investment income | (.077) | (.149) | (.145) | (.157) | (.179) | (.185) |
Distributions from net realized gain | (.002) | (.007) | (.002) | (.021) | (.016) | (.010) |
Total distributions | (.079) | (.156) | (.147) | (.178) | (.195) | (.195) |
Redemption fees added to paid in capitalA | – | – | –B | –B | –B | –B |
Net asset value, end of period | $10.46 | $10.51 | $10.44 | $10.63 | $10.70 | $10.67 |
Total ReturnC,D | .28% | 2.17% | (.42)% | 1.02% | 2.12% | .14% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .55%G | .54% | .55% | .55% | .55% | .54% |
Expenses net of fee waivers, if any | .55%G | .54% | .55% | .55% | .55% | .54% |
Expenses net of all reductions | .55%G | .54% | .54% | .55% | .54% | .54% |
Net investment income (loss) | 1.49%G | 1.42% | 1.36% | 1.47% | 1.67% | 1.71% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $307 | $327 | $297 | $276 | $263 | $207 |
Portfolio turnover rateH | 25%G,I | 33% | 31% | 30% | 21% | 20% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 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 expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
(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 M, Class C, Limited Term Municipal Income and Class I 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. 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 are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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.
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.
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. 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. 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.
Distributions 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 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 the short-term gain distributions from the Fidelity Central Funds, 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.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $14,417 |
Gross unrealized depreciation | (22,236) |
Net unrealized appreciation (depreciation) | $(7,819) |
Tax cost | $2,944,316 |
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.
New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $352,453 and $387,533, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.
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% | $255 | $24 |
Class M | -% | .25% | 21 | –(a) |
Class C | .75% | .25% | 185 | 11 |
$461 | $ 35 |
(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 M 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 M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, .75% or .50% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class M | 8 |
Class C(a) | 2 |
$10 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. 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(a) | |
Class A | $178 | .18 |
Class M | 11 | .13 |
Class C | 31 | .17 |
Limited Term Municipal Income | 1,029 | .08 |
Class I | 262 | .16 |
$1,511 |
(a) Annualized
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. For the period, the fees were equivalent to an annualized rate of .02%.
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.
Redemptions In-Kind. During the period, 6,984 shares of the Fund held by an affiliated entity were redeemed in-kind for investments and cash, including accrued interest, with a value of $73,334. The net realized gain of $220 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $5 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $12.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $10.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended June 30, 2018 | Year ended December 31, 2017 | |
From net investment income | ||
Class A | $1,241 | $3,137 |
Class M | 104 | 217 |
Class C | 88 | 188 |
Limited Term Municipal Income | 19,991 | 41,725 |
Class I | 2,405 | 4,508 |
Total | $23,829 | $49,775 |
From net realized gain | ||
Class A | $42 | $164 |
Class M | 3 | 12 |
Class C | 7 | 28 |
Limited Term Municipal Income | 503 | 1,861 |
Class I | 64 | 219 |
Total | $619 | $2,284 |
9. 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 | |
Six months ended June 30, 2018 | Year ended December 31, 2017 | Six months ended June 30, 2018 | Year ended December 31, 2017 | |
Class A | ||||
Shares sold | 1,767 | 6,469 | $18,510 | $68,276 |
Reinvestment of distributions | 116 | 291 | 1,214 | 3,075 |
Shares redeemed | (6,737) | (14,837) | (70,537) | (156,574) |
Net increase (decrease) | (4,854) | (8,077) | $(50,813) | $(85,223) |
Class M | ||||
Shares sold | 390 | 265 | $4,087 | $2,798 |
Reinvestment of distributions | 10 | 21 | 102 | 219 |
Shares redeemed | (512) | (553) | (5,359) | (5,829) |
Net increase (decrease) | (112) | (267) | $(1,170) | $(2,812) |
Class C | ||||
Shares sold | 162 | 368 | $1,693 | $3,894 |
Reinvestment of distributions | 8 | 18 | 83 | 187 |
Shares redeemed | (650) | (1,645) | (6,798) | (17,354) |
Net increase (decrease) | (480) | (1,259) | $(5,022) | $(13,273) |
Limited Term Municipal Income | ||||
Shares sold | 32,443 | 69,026 | $339,557 | $727,315 |
Reinvestment of distributions | 1,472 | 3,031 | 15,373 | 31,978 |
Shares redeemed | (61,212)(a) | (77,778) | (640,315)(a) | (819,524) |
Net increase (decrease) | (27,297) | (5,721) | $(285,385) | $(60,231) |
Class I | ||||
Shares sold | 5,688 | 15,546 | $59,521 | $164,081 |
Reinvestment of distributions | 205 | 383 | 2,145 | 4,047 |
Shares redeemed | (7,614) | (13,255) | (79,524) | (139,853) |
Net increase (decrease) | (1,721) | 2,674 | $(17,858) | $28,275 |
(a) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details)
10. 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.
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, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2018 to June 30, 2018).
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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. 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 January 1, 2018 | Ending Account Value June 30, 2018 | Expenses Paid During Period-B January 1, 2018 to June 30, 2018 | |
Class A | .81% | |||
Actual | $1,000.00 | $1,000.60 | $4.02 | |
Hypothetical-C | $1,000.00 | $1,020.78 | $4.06 | |
Class M | .77% | |||
Actual | $1,000.00 | $1,000.80 | $3.82 | |
Hypothetical-C | $1,000.00 | $1,020.98 | $3.86 | |
Class C | 1.56% | |||
Actual | $1,000.00 | $996.80 | $7.72 | |
Hypothetical-C | $1,000.00 | $1,017.06 | $7.80 | |
Limited Term Municipal Income | .47% | |||
Actual | $1,000.00 | $1,002.30 | $2.33 | |
Hypothetical-C | $1,000.00 | $1,022.46 | $2.36 | |
Class I | .55% | |||
Actual | $1,000.00 | $1,002.80 | $2.73 | |
Hypothetical-C | $1,000.00 | $1,022.07 | $2.76 |
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 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
ASTM-SANN-0818
1.803548.114
Fidelity® Limited Term Municipal Income Fund Semi-Annual Report June 30, 2018 |
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Contents
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. © 2018 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.institutional.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.
Investment Summary (Unaudited)
Top Five States as of June 30, 2018
% of fund's net assets | |
Illinois | 12.6 |
New York | 11.3 |
Florida | 10.5 |
Texas | 8.5 |
New Jersey | 8.1 |
Top Five Sectors as of June 30, 2018
% of fund's net assets | |
General Obligations | 41.7 |
Transportation | 18.5 |
Health Care | 10.5 |
Electric Utilities | 7.7 |
Escrowed/Pre-Refunded | 5.1 |
Quality Diversification (% of fund's net assets)
As of June 30, 2018 | ||
AAA | 10.3% | |
AA,A | 58.5% | |
BBB | 16.0% | |
BB and Below | 1.0% | |
Not Rated | 5.8% | |
Short-Term Investments and Net Other Assets | 8.4% |
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.
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 91.6% | |||
Principal Amount (000s) | Value (000s) | ||
Alabama - 0.7% | |||
Mobile County Board of School Commissioners: | |||
Series 2016 A: | $ | $ | |
5% 3/1/22 | 585 | 637 | |
5% 3/1/23 | 830 | 920 | |
5% 3/1/24 | 1,225 | 1,374 | |
5% 3/1/25 | 1,225 | 1,385 | |
Series 2016 B: | |||
5% 3/1/22 | 980 | 1,068 | |
5% 3/1/24 | 980 | 1,099 | |
Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds Series 2009 E, 1.85%, tender 3/24/20 (a) | 4,410 | 4,377 | |
Montgomery Med. Clinic Facilities Series 2015: | |||
5% 3/1/20 | 2,825 | 2,944 | |
5% 3/1/21 | 490 | 521 | |
5% 3/1/22 | 3,145 | 3,406 | |
5% 3/1/25 | 1,465 | 1,638 | |
TOTAL ALABAMA | 19,369 | ||
Alaska - 0.8% | |||
Anchorage Gen. Oblig.: | |||
Series A: | |||
5% 9/1/20 | 1,065 | 1,139 | |
5% 9/1/22 | 1,175 | 1,317 | |
Series B: | |||
5% 9/1/18 | 3,605 | 3,626 | |
5% 9/1/20 | 1,955 | 2,090 | |
5% 9/1/22 | 1,395 | 1,563 | |
Series C: | |||
5% 9/1/18 | 980 | 986 | |
5% 9/1/19 | 2,105 | 2,188 | |
5% 9/1/20 | 1,230 | 1,315 | |
5% 9/1/22 | 980 | 1,098 | |
Series D: | |||
5% 9/1/19 | 3,810 | 3,960 | |
5% 9/1/20 | 1,955 | 2,090 | |
North Slope Borough Gen. Oblig. Series 2017 A, 5% 6/30/21 (Pre-Refunded to 6/30/20 @ 100) | 850 | 904 | |
TOTAL ALASKA | 22,276 | ||
Arizona - 2.7% | |||
Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A: | |||
5% 12/1/18 | 490 | 497 | |
5% 12/1/19 | 600 | 627 | |
5% 12/1/20 | 800 | 857 | |
5% 12/1/21 | 1,080 | 1,181 | |
5% 12/1/22 | 785 | 875 | |
5% 12/1/23 | 980 | 1,109 | |
5% 12/1/24 | 1,465 | 1,677 | |
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series 2009 A: | |||
5% 10/1/18 (Escrowed to Maturity) | 980 | 989 | |
5% 10/1/20 (Pre-Refunded to 10/1/19 @ 100) | 5,065 | 5,279 | |
Glendale Gen. Oblig.: | |||
Series 2015: | |||
4% 7/1/19 (FSA Insured) | 585 | 599 | |
5% 7/1/22 (FSA Insured) | 980 | 1,090 | |
Series 2017: | |||
5% 7/1/21 | 2,900 | 3,153 | |
5% 7/1/22 | 3,320 | 3,686 | |
Glendale Trans. Excise Tax Rev.: | |||
5% 7/1/21 (FSA Insured) | 735 | 799 | |
5% 7/1/22 (FSA Insured) | 1,145 | 1,271 | |
5% 7/1/23 (FSA Insured) | 1,365 | 1,544 | |
Maricopa County Indl. Dev. Auth. Rev. Series 2016 A: | |||
5% 1/1/25 | 4,675 | 5,399 | |
5% 1/1/26 | 10,485 | 12,243 | |
Maricopa County Mesa Unified School District # 4 Series 2016, 4% 7/1/18 | 1,295 | 1,295 | |
Maricopa County School District #28 Kyrene Elementary Series 2010 B: | |||
4% 7/1/19 | 880 | 901 | |
4% 7/1/20 | 1,330 | 1,390 | |
Phoenix Indl. Solid Waste Disp. Rev. Bonds (Republic Svc., Inc. Proj.) Series 2013, 2.05%, tender 8/1/18 (a)(b) | 15,430 | 15,434 | |
Pima County Ctfs. of Prtn. Series 2014: | |||
5% 12/1/21 | 2,160 | 2,370 | |
5% 12/1/22 | 2,415 | 2,704 | |
5% 12/1/23 | 3,350 | 3,817 | |
Pima County Swr. Sys. Rev.: | |||
Series 2011 B, 5% 7/1/19 | 3,155 | 3,262 | |
Series 2012 A: | |||
5% 7/1/18 | 805 | 805 | |
5% 7/1/19 | 1,515 | 1,566 | |
Tempe Indl. Dev. Auth. Rev. (Mirabella At Asu, Inc. Proj.) Series 2017 B, 4% 10/1/23 (c) | 3,915 | 3,936 | |
TOTAL ARIZONA | 80,355 | ||
California - 3.6% | |||
Alameda Corridor Trans. Auth. Rev.: | |||
Series 2004: | |||
0% 10/1/19 | 260 | 252 | |
0% 10/1/19 (Escrowed to Maturity) | 3,260 | 3,200 | |
Series 2013 A, 5% 10/1/22 | 2,140 | 2,415 | |
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Bonds: | |||
Series A, 2.95%, tender 4/1/26 (a) | 5,075 | 5,212 | |
Series B, 2.85%, tender 4/1/25 (a) | 4,150 | 4,253 | |
Series C, 2.1%, tender 4/1/22 (a) | 3,875 | 3,902 | |
California Gen. Oblig.: | |||
Bonds 3%, tender 12/1/19 (a) | 15,260 | 15,452 | |
5.25% 9/1/22 | 1,535 | 1,746 | |
California Muni. Fin. Auth. Rev. (LINXS APM Proj.) Series 2018 A: | |||
5% 12/31/23 (b) | 860 | 970 | |
5% 6/30/24 (b) | 665 | 753 | |
5% 12/31/24 (b) | 800 | 909 | |
5% 6/30/25 (b) | 1,000 | 1,139 | |
5% 12/31/25 (b) | 1,760 | 2,012 | |
5% 6/30/26 (b) | 1,360 | 1,558 | |
5% 12/31/26 (b) | 2,570 | 2,961 | |
5% 6/30/27 (b) | 1,910 | 2,204 | |
5% 12/31/27 (b) | 3,000 | 3,479 | |
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2010 A, 2.05%, tender 8/1/18 (a)(b)(c) | 2,300 | 2,301 | |
California Pub. Works Board Lease Rev.: | |||
(Dept. of Corrections & Rehab. Proj.) Series 2011 C, 5% 10/1/18 | 1,710 | 1,726 | |
(Riverside Campus Proj.) Series 2012 H, 5% 4/1/22 | 980 | 1,092 | |
(Univ. Proj.) Series 2011 B, 5% 10/1/19 (Escrowed to Maturity) | 1,455 | 1,519 | |
(Various Cap. Projs.): | |||
Series 2011 A: | |||
5% 10/1/19 | 4,890 | 5,106 | |
5% 10/1/20 | 2,470 | 2,654 | |
Series 2012 A, 5% 4/1/21 | 3,175 | 3,454 | |
Series 2012 G, 5% 11/1/22 | 1,225 | 1,384 | |
(Various Judicial Council Projs.) Series 2011 D, 5% 12/1/19 | 4,010 | 4,209 | |
Series 2012 C, 5% 6/1/21 | 1,780 | 1,945 | |
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | |||
Series 2013 A, 4% 6/1/21 | 3,425 | 3,624 | |
Series 2017 A1: | |||
5% 6/1/21 | 1,205 | 1,303 | |
5% 6/1/22 | 1,685 | 1,858 | |
5% 6/1/23 | 1,925 | 2,156 | |
5% 6/1/24 | 1,085 | 1,231 | |
Series A, 0% 6/1/24 (AMBAC Insured) | 3,390 | 2,918 | |
Northern California Pwr. Agcy. Rev. (Hydroelectric #1 Proj.) Series 2010 A, 5% 7/1/18 | 1,955 | 1,955 | |
Oakland Unified School District Alameda County Series 2013, 5.5% 8/1/23 | 980 | 1,125 | |
Palomar Health Rev. Series 2016: | |||
5% 11/1/23 | 1,955 | 2,152 | |
5% 11/1/24 | 1,955 | 2,170 | |
Port of Oakland Rev. Series 2012 P, 5% 5/1/21 (b) | 2,445 | 2,644 | |
Rancho Cucamonga Redev. Agcy. (Rancho Redev. Proj.): | |||
5% 9/1/23 (FSA Insured) | 1,320 | 1,518 | |
5% 9/1/24 (FSA Insured) | 2,250 | 2,629 | |
San Pablo Redev. Agcy. Series 2014 A, 5% 6/15/24 (FSA Insured) | 1,350 | 1,556 | |
Stockton Unified School District Gen. Oblig. 5% 7/1/18 (FSA Insured) | 1,010 | 1,010 | |
TOTAL CALIFORNIA | 107,656 | ||
Colorado - 1.1% | |||
Colorado Health Facilities Auth. Rev. Bonds Series 2008 D3, 5%, tender 11/12/21 (a) | 5,170 | 5,594 | |
Colorado Reg'l. Trans. District Ctfs. of Prtn.: | |||
Series 2013 A, 5% 6/1/23 | 4,400 | 4,970 | |
Series 2014 A, 5% 6/1/23 | 3,775 | 4,264 | |
Denver City & County Arpt. Rev. Series 2017 A, 5% 11/15/19 (b) | 2,520 | 2,625 | |
E-470 Pub. Hwy. Auth. Rev.: | |||
Series 2000 B: | |||
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,390 | 1,386 | |
0% 9/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 8,140 | 7,967 | |
0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,775 | 2,655 | |
Series 2015 A: | |||
5% 9/1/19 | 980 | 1,016 | |
5% 9/1/20 | 980 | 1,042 | |
TOTAL COLORADO | 31,519 | ||
Connecticut - 3.1% | |||
Connecticut Gen. Oblig.: | |||
Series 2012 C, 5% 6/1/21 | 22,910 | 24,601 | |
Series 2016 A, 5% 3/15/26 | 1,925 | 2,167 | |
Connecticut Health & Edl. Facilities Auth. Rev.: | |||
Bonds: | |||
Series 2010 A, 1.8%, tender 2/9/21 (a) | 16,680 | 16,621 | |
Series 2015 A, 2.05%, tender 7/21/21 (a)(d) | 16,315 | 16,320 | |
Series X2, 1.8%, tender 2/9/21 (a) | 12,000 | 11,958 | |
Series 2018 S: | |||
5% 7/1/23 | 1,455 | 1,639 | |
5% 7/1/24 | 1,000 | 1,138 | |
Connecticut Hsg. Fin. Auth. Series 2013 B2, 4% 11/15/32 | 4,450 | 4,586 | |
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2011 A, 5% 12/1/18 | 5,455 | 5,533 | |
Hbr. Point Infra Impt. District Series 2010 A, 7.875% 4/1/39 (Pre-Refunded to 4/1/20 @ 100) | 6,281 | 6,938 | |
New Haven Gen. Oblig. Series 2016 A: | |||
5% 8/15/23 (FSA Insured) | 880 | 973 | |
5% 8/15/25 (FSA Insured) | 980 | 1,102 | |
TOTAL CONNECTICUT | 93,576 | ||
Delaware, New Jersey - 0.2% | |||
Delaware River & Bay Auth. Rev. Series 2014 C: | |||
5% 1/1/20 | 2,445 | 2,561 | |
5% 1/1/21 | 1,955 | 2,097 | |
TOTAL DELAWARE, NEW JERSEY | 4,658 | ||
District Of Columbia - 1.0% | |||
Metropolitan Washington DC Arpts. Auth. Sys. Rev.: | |||
Series 2012 A, 5% 10/1/22 (b) | 6,185 | 6,891 | |
Series 2014 A, 5% 10/1/23 (b) | 435 | 492 | |
Series 2017 A: | |||
5% 10/1/26 (b) | 6,555 | 7,647 | |
5% 10/1/27 (b) | 4,890 | 5,765 | |
Series 2018 A, 5% 10/1/21 (b)(d) | 3,595 | 3,924 | |
Washington Convention & Sports Auth. Series 2018 A, 5% 10/1/21 | 5,000 | 5,466 | |
TOTAL DISTRICT OF COLUMBIA | 30,185 | ||
Florida - 10.5% | |||
Brevard County School Board Ctfs. of Prtn.: | |||
Series 2014, 5% 7/1/21 | 980 | 1,065 | |
Series 2015 C: | |||
5% 7/1/21 | 635 | 690 | |
5% 7/1/22 | 3,645 | 4,044 | |
5% 7/1/23 | 2,935 | 3,322 | |
Broward County Arpt. Sys. Rev.: | |||
Series 2012 Q1, 5% 10/1/21 | 980 | 1,073 | |
Series A: | |||
5% 10/1/22 (b) | 2,935 | 3,266 | |
5% 10/1/23 (b) | 3,930 | 4,441 | |
Broward County School Board Ctfs. of Prtn.: | |||
(Broward County School District Proj.) Series 2017 C, 5% 7/1/22 | 3,180 | 3,530 | |
Series 2012 A, 5% 7/1/19 | 6,845 | 7,077 | |
Series 2015 A: | |||
5% 7/1/19 | 2,055 | 2,125 | |
5% 7/1/20 | 3,915 | 4,159 | |
5% 7/1/21 | 4,400 | 4,784 | |
5% 7/1/22 | 3,425 | 3,802 | |
5% 7/1/23 | 2,690 | 3,043 | |
5% 7/1/24 | 1,290 | 1,482 | |
Series 2015 B: | |||
5% 7/1/19 | 1,955 | 2,021 | |
5% 7/1/20 | 2,935 | 3,118 | |
5% 7/1/21 | 6,120 | 6,655 | |
5% 7/1/22 | 4,490 | 4,985 | |
5% 7/1/23 | 2,690 | 3,043 | |
5% 7/1/24 | 1,120 | 1,286 | |
Citizens Property Ins. Corp. (Citizens Pla Proj.) Series 2012 A-1, 5% 6/1/20 | 5,155 | 5,459 | |
Clearwater Wtr. and Swr. Rev. Series 2011: | |||
5% 12/1/18 | 670 | 680 | |
5% 12/1/19 | 1,780 | 1,865 | |
5% 12/1/20 | 980 | 1,055 | |
Florida Board of Ed. Lottery Rev. Series 2016 B, 5% 7/1/24 | 9,801 | 11,346 | |
Florida Dev. Fin. Corp. Healthcare Facility Rev. (Univ. Health Proj.) Series 2013 A: | |||
5% 2/1/19 | 1,420 | 1,437 | |
5% 2/1/20 | 1,980 | 2,043 | |
Florida Mid-Bay Bridge Auth. Rev. Series 2015 A: | |||
5% 10/1/21 | 1,010 | 1,103 | |
5% 10/1/22 | 1,955 | 2,176 | |
5% 10/1/23 | 1,240 | 1,396 | |
5% 10/1/24 | 1,955 | 2,226 | |
5% 10/1/25 | 1,710 | 1,966 | |
5% 10/1/26 | 1,955 | 2,230 | |
Florida Muni. Pwr. Agcy. Rev. (Stanton II Proj.) Series 2012 A, 5% 10/1/18 | 2,790 | 2,815 | |
Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | |||
Series 2011 C: | |||
5% 10/1/19 | 1,670 | 1,742 | |
5% 10/1/20 | 980 | 1,048 | |
Series 2017 A: | |||
5% 10/1/25 (b) | 980 | 1,123 | |
5% 10/1/26 (b) | 1,955 | 2,262 | |
Halifax Hosp. Med. Ctr. Rev. Series 2015, 5% 6/1/23 | 1,295 | 1,452 | |
Hillsborough County School District Sales Tax Rev. Series 2015 B, 5% 10/1/22 (FSA Insured) | 1,975 | 2,206 | |
Indian River County School Board Ctfs. of Prtn. Series 2014: | |||
5% 7/1/20 | 915 | 971 | |
5% 7/1/22 | 1,955 | 2,163 | |
5% 7/1/23 | 1,955 | 2,201 | |
JEA Wtr. & Swr. Sys. Rev. Series 2010 D: | |||
5% 10/1/21 | 640 | 676 | |
5% 10/1/21 (Pre-Refunded to 4/1/20 @ 100) | 1,260 | 1,330 | |
Manatee County Rev. Series 2013: | |||
5% 10/1/19 | 1,225 | 1,277 | |
5% 10/1/20 | 1,955 | 2,091 | |
5% 10/1/21 | 1,955 | 2,140 | |
5% 10/1/22 | 980 | 1,096 | |
Manatee County School District Series 2017, 5% 10/1/24 (FSA Insured) | 1,270 | 1,468 | |
Miami-Dade County Aviation Rev.: | |||
Series 2010, 5% 10/1/22 | 1,700 | 1,810 | |
Series 2017 B, 5% 10/1/20 (b) | 2,075 | 2,212 | |
Miami-Dade County Expressway Auth.: | |||
(Waste Mgmt., Inc. of Florida Proj.): | |||
Series 2013, 5% 7/1/19 | 1,955 | 2,019 | |
5% 7/1/20 | 980 | 1,041 | |
5% 7/1/21 | 1,955 | 2,125 | |
5% 7/1/22 | 1,955 | 2,170 | |
5% 7/1/23 | 1,955 | 2,166 | |
Series 2014 A, 5% 7/1/24 | 610 | 699 | |
Series 2014 B: | |||
5% 7/1/22 | 1,465 | 1,626 | |
5% 7/1/23 | 3,180 | 3,601 | |
Miami-Dade County Gen. Oblig. (Parks Prog.) Series 2015 A, 5% 11/1/22 | 3,795 | 4,260 | |
Miami-Dade County School Board Ctfs. of Prtn.: | |||
Bonds Series 2014 A, 5%, tender 5/1/24 (a) | 8,010 | 9,136 | |
Series 2014 D: | |||
5% 11/1/20 | 4,770 | 5,105 | |
5% 11/1/21 | 6,140 | 6,715 | |
5% 11/1/22 | 2,850 | 3,178 | |
5% 11/1/23 | 7,485 | 8,473 | |
Series 2015 A: | |||
5% 5/1/19 | 980 | 1,007 | |
5% 5/1/20 | 2,050 | 2,164 | |
5% 5/1/21 | 3,915 | 4,233 | |
5% 5/1/22 | 3,640 | 4,019 | |
5% 5/1/23 | 6,360 | 7,140 | |
Series 2015 B, 5% 5/1/24 | 28,915 | 32,929 | |
Series 2016 A, 5% 8/1/27 | 5,440 | 6,283 | |
Miami-Dade County Transit Sales Surtax Rev. Series 2012, 5% 7/1/19 | 1,225 | 1,266 | |
Orange County Health Facilities Auth. Series 2009, 5.25% 10/1/19 | 1,220 | 1,272 | |
Orange County School Board Ctfs. of Prtn. Series 2015 C, 5% 8/1/18 | 1,465 | 1,469 | |
Orlando & Orange County Expressway Auth. Rev. Series 2012, 5% 7/1/19 | 980 | 1,013 | |
Orlando Utils. Commission Util. Sys. Rev. Series 2011 B: | |||
5% 10/1/18 | 2,200 | 2,219 | |
5% 10/1/19 | 2,275 | 2,371 | |
Palm Beach County Health Facilities Auth. Hosp. Rev. Series 2014: | |||
4% 12/1/19 | 980 | 1,004 | |
5% 12/1/20 | 1,395 | 1,484 | |
5% 12/1/21 | 1,465 | 1,589 | |
5% 12/1/23 | 190 | 211 | |
5% 12/1/24 | 380 | 427 | |
Palm Beach County School Board Ctfs. of Prtn.: | |||
Series 2014 B: | |||
4% 8/1/19 | 4,525 | 4,642 | |
4% 8/1/21 | 3,950 | 4,187 | |
5% 8/1/19 | 2,935 | 3,042 | |
5% 8/1/21 | 5,185 | 5,650 | |
5% 8/1/22 | 980 | 1,090 | |
Series 2015 B: | |||
5% 8/1/19 | 2,675 | 2,773 | |
5% 8/1/20 | 1,710 | 1,821 | |
Pasco County School District Sales Tax Rev. Series 2013: | |||
5% 10/1/18 | 1,225 | 1,235 | |
5% 10/1/19 | 1,075 | 1,119 | |
5% 10/1/20 | 980 | 1,047 | |
5% 10/1/21 | 980 | 1,069 | |
5% 10/1/22 | 980 | 1,090 | |
Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev.: | |||
Series 2011, 5% 10/1/19 (b) | 1,980 | 2,060 | |
5% 10/1/18 (b) | 2,685 | 2,708 | |
Seminole County School Board Ctfs. of Prtn. Series 2016 C: | |||
5% 7/1/25 | 980 | 1,131 | |
5% 7/1/26 | 1,115 | 1,300 | |
Tallahassee Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc. Proj.) Series 2016 A, 5% 12/1/21 | 1,135 | 1,231 | |
Tampa Bay Wtr. Reg'l. Wtr. Supply Auth. Util. Sys. Rev.: | |||
Series 2005, 5.5% 10/1/22 (FGIC Insured) | 1,340 | 1,534 | |
Series 2011 B: | |||
5% 10/1/18 (Escrowed to Maturity) | 2,385 | 2,406 | |
5% 10/1/18 (Escrowed to Maturity) | 2,210 | 2,229 | |
Series 2011, 5% 10/1/19 | 5,470 | 5,701 | |
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A, 5% 9/1/20 | 1,760 | 1,874 | |
Volusia County School Board Ctfs. of Prtn. (Master Lease Prog.) Series 2014 B: | |||
5% 8/1/18 | 490 | 491 | |
5% 8/1/19 | 305 | 316 | |
TOTAL FLORIDA | 312,236 | ||
Georgia - 2.3% | |||
Atlanta Arpt. Rev.: | |||
5% 1/1/22 | 980 | 1,080 | |
5% 1/1/23 | 980 | 1,102 | |
5% 1/1/24 | 1,125 | 1,285 | |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2013 A, 2.4%, tender 4/1/20 (a) | 9,780 | 9,796 | |
Fulton County Wtr. & Swr. Rev. Series 2011, 5% 1/1/19 | 3,915 | 3,983 | |
Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
(Combined Cycle Proj.) Series A, 5% 11/1/18 | 1,955 | 1,976 | |
(Prerefunded Proj.) Series 2008 D, 5.75% 1/1/20 (Pre-Refunded to 7/1/18 @ 100) | 2,575 | 2,575 | |
(Unrefunded Balance Proj.) Series 2008: | |||
5.75% 1/1/19 | 3,785 | 3,794 | |
5.75% 1/1/20 | 905 | 907 | |
Series GG: | |||
5% 1/1/20 | 660 | 690 | |
5% 1/1/21 | 1,635 | 1,749 | |
Georgia Muni. Gas Auth. Rev. (Gas Portfolio III Proj.): | |||
Series 2014 U: | |||
5% 10/1/19 | 1,465 | 1,524 | |
5% 10/1/22 | 980 | 1,083 | |
5% 10/1/23 | 2,365 | 2,654 | |
Series R, 5% 10/1/21 | 4,890 | 5,312 | |
Main Street Natural Gas, Inc. Bonds Series 2018 C, 4%, tender 12/1/23 (a) | 13,910 | 14,886 | |
Monroe County Dev. Auth. Poll. Cont. Rev. Bonds: | |||
(Georgia Pwr. Co. Plant Scherer Proj.) Series 2009, 2.35%, tender 12/11/20 (a) | 4,610 | 4,631 | |
(Gulf Pwr. Co. Plant Scherer Proj.) Series 2002 1, 2%, tender 6/25/20 (a) | 6,000 | 5,963 | |
Private Colleges & Univs. Auth. Rev. (The Savannah College of Arts and Design Projs.) Series 2014, 5% 4/1/21 | 3,260 | 3,507 | |
TOTAL GEORGIA | 68,497 | ||
Hawaii - 0.6% | |||
Hawaii Arpts. Sys. Rev. Series 2011, 5% 7/1/19 (b) | 3,915 | 4,039 | |
Honolulu City & County Gen. Oblig. Series 2017 D: | |||
5% 9/1/24 | 1,200 | 1,393 | |
5% 9/1/25 | 2,935 | 3,445 | |
State of Hawaii Dept. of Trans. Series 2013: | |||
5% 8/1/19 (b) | 1,370 | 1,417 | |
5% 8/1/20 (b) | 2,985 | 3,167 | |
5% 8/1/21 (b) | 540 | 584 | |
5% 8/1/22 (b) | 2,030 | 2,236 | |
5% 8/1/23 (b) | 1,440 | 1,607 | |
TOTAL HAWAII | 17,888 | ||
Illinois - 12.1% | |||
Chicago Board of Ed.: | |||
Series 1998 B1, 0% 12/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,780 | 8,642 | |
Series 2008 C: | |||
5.25% 12/1/23 | 7,500 | 7,536 | |
5.25% 12/1/24 | 935 | 939 | |
Series 2009 D, 5% 12/1/18 (Escrowed to Maturity) | 2,285 | 2,318 | |
Series 2010 F, 5% 12/1/20 | 745 | 768 | |
Series 2017 C: | |||
5% 12/1/26 | 485 | 506 | |
5% 12/1/27 | 2,830 | 2,955 | |
Chicago Gen. Oblig. (City Colleges Proj.) Series 1999: | |||
0% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,590 | 9,479 | |
0% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 14,435 | 13,847 | |
Chicago Midway Arpt. Rev.: | |||
Series 2014 B: | |||
5% 1/1/20 | 610 | 638 | |
5% 1/1/21 | 390 | 418 | |
5% 1/1/23 | 2,445 | 2,721 | |
5% 1/1/22 | 4,890 | 5,345 | |
5% 1/1/23 | 5,770 | 6,421 | |
Chicago Motor Fuel Tax Rev. Series 2013: | |||
5% 1/1/19 | 245 | 247 | |
5% 1/1/20 | 295 | 302 | |
5% 1/1/21 | 390 | 403 | |
5% 1/1/22 | 295 | 308 | |
5% 1/1/23 | 525 | 553 | |
Chicago O'Hare Int'l. Arpt. Rev.: | |||
Series 2012 A, 5% 1/1/21 | 1,370 | 1,467 | |
Series 2012 B, 5% 1/1/21 (b) | 4,505 | 4,813 | |
Series 2013 B, 5% 1/1/22 | 3,915 | 4,304 | |
Series 2013 D, 5% 1/1/22 | 3,150 | 3,463 | |
Series 2017 D, 5% 1/1/27 (b) | 1,470 | 1,693 | |
Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2017: | |||
4% 6/1/19 | 2,755 | 2,807 | |
5% 6/1/20 | 2,430 | 2,566 | |
5% 6/1/21 | 2,305 | 2,479 | |
5% 6/1/25 | 1,225 | 1,381 | |
Chicago Wastewtr. Transmission Rev. Series 2012: | |||
5% 1/1/19 | 1,280 | 1,300 | |
5% 1/1/23 | 1,175 | 1,273 | |
Cook County Gen. Oblig.: | |||
Series 2009 C, 5% 11/15/21 | 8,390 | 8,711 | |
Series 2010 A, 5.25% 11/15/22 | 4,850 | 5,182 | |
Series 2011 A, 5.25% 11/15/22 | 980 | 1,071 | |
Series 2012 C: | |||
5% 11/15/19 | 3,130 | 3,257 | |
5% 11/15/20 | 7,055 | 7,525 | |
5% 11/15/21 | 5,465 | 5,953 | |
5% 11/15/22 | 1,260 | 1,400 | |
Series 2014 A: | |||
5% 11/15/20 | 980 | 1,045 | |
5% 11/15/21 | 490 | 534 | |
5% 11/15/22 | 1,325 | 1,472 | |
Illinois Edl. Facilities Auth. Rev. Bonds (Univ. of Chicago Proj.) Series B2, 1.55%, tender 2/13/20 (a) | 9,780 | 9,717 | |
Illinois Fin. Auth. Rev.: | |||
( Bradley Univ. Proj.) Series 2017 C, 5% 8/1/26 | 1,650 | 1,871 | |
(Provena Health Proj.) Series 2010 A, 5.75% 5/1/19 (Escrowed to Maturity) | 2,590 | 2,679 | |
(Southern Illinois Healthcare Enterprises, Inc. Proj.) Series 2005, 5.25% 3/1/30 (Pre-Refunded to 3/1/20 @ 100) | 4,650 | 4,919 | |
Bonds: | |||
Series 2017 B, 5%, tender 12/15/22 (a) | 2,825 | 3,160 | |
Series E, 2.25%, tender 4/29/22 (a) | 22,430 | 22,520 | |
Series 2008 D, 6.25% 11/1/28 (Pre-Refunded to 11/1/18 @ 100) | 2,020 | 2,051 | |
Series 2011 L, 5% 12/1/22 (Pre-Refunded to 12/1/21 @ 100) | 1,110 | 1,218 | |
Series 2012 A, 5% 5/15/23 | 1,270 | 1,392 | |
Series 2012: | |||
5% 9/1/18 | 1,135 | 1,140 | |
5% 9/1/19 | 1,090 | 1,119 | |
5% 9/1/20 | 1,440 | 1,506 | |
5% 9/1/21 | 2,000 | 2,123 | |
5% 9/1/22 | 3,455 | 3,719 | |
Series 2015 A: | |||
5% 11/15/22 | 490 | 545 | |
5% 11/15/24 | 1,490 | 1,686 | |
5% 11/15/25 | 1,905 | 2,170 | |
5% 11/15/26 | 1,955 | 2,208 | |
Series 2015 B: | |||
5% 11/15/20 | 1,615 | 1,729 | |
5% 11/15/24 | 1,910 | 2,182 | |
Series 2016 A: | |||
5% 8/15/20 | 490 | 515 | |
5% 2/15/21 | 735 | 789 | |
5% 8/15/21 | 685 | 732 | |
5% 2/15/23 | 980 | 1,089 | |
5% 8/15/23 | 1,465 | 1,610 | |
5% 8/15/24 | 2,135 | 2,367 | |
Series 2016 C: | |||
5% 2/15/20 | 4,970 | 5,196 | |
5% 2/15/22 | 3,335 | 3,675 | |
5% 2/15/23 | 4,470 | 5,021 | |
5% 2/15/24 | 5,220 | 5,956 | |
Series 2016: | |||
5% 7/1/22 | 2,895 | 3,222 | |
5% 5/15/25 | 490 | 559 | |
5% 5/15/26 | 980 | 1,125 | |
5% 5/15/27 | 1,225 | 1,399 | |
Series 2017: | |||
5% 1/1/23 | 1,465 | 1,646 | |
5% 1/1/25 | 2,260 | 2,613 | |
5% 1/1/27 | 1,955 | 2,315 | |
Illinois Gen. Oblig.: | |||
Series 2010, 5% 1/1/21 (FSA Insured) | 1,565 | 1,622 | |
Series 2012 A, 4% 1/1/23 | 1,245 | 1,259 | |
Series 2012: | |||
5% 3/1/19 | 5,380 | 5,470 | |
5% 8/1/19 | 2,600 | 2,667 | |
5% 8/1/20 | 6,750 | 6,987 | |
5% 8/1/21 | 2,360 | 2,469 | |
5% 8/1/22 | 5,675 | 5,987 | |
Series 2013: | |||
5% 7/1/21 | 6,360 | 6,647 | |
5% 7/1/22 | 10,740 | 11,319 | |
Series 2014: | |||
5% 2/1/22 | 2,935 | 3,081 | |
5% 4/1/23 | 2,165 | 2,289 | |
5% 2/1/25 | 2,275 | 2,399 | |
Series 2016: | |||
5% 11/1/20 | 2,310 | 2,399 | |
5% 1/1/26 | 2,150 | 2,285 | |
5% 2/1/26 | 10,525 | 11,186 | |
Series 2017 B, 5% 11/1/19 | 7,875 | 8,122 | |
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A, 5% 2/1/23 | 1,180 | 1,316 | |
Illinois Reg'l. Trans. Auth. Series 2017 A: | |||
5% 7/1/20 | 1,320 | 1,399 | |
5% 7/1/21 | 1,320 | 1,432 | |
McHenry County Cmnty. School District #200 Series 2006 B: | |||
0% 1/15/24 | 4,715 | 3,994 | |
0% 1/15/25 | 4,915 | 4,007 | |
0% 1/15/26 | 3,695 | 2,898 | |
McHenry County Conservation District Gen. Oblig. Series 2014: | |||
5% 2/1/19 | 2,235 | 2,279 | |
5% 2/1/20 | 2,225 | 2,336 | |
5% 2/1/23 | 2,175 | 2,442 | |
Railsplitter Tobacco Settlement Auth. Rev.: | |||
Series 2010: | |||
5.5% 6/1/23 (Pre-Refunded to 6/1/21 @ 100) | 8,275 | 9,120 | |
6% 6/1/28 (Pre-Refunded to 6/1/21 @ 100) | 5,480 | 6,117 | |
Series 2017, 5% 6/1/22 | 9,780 | 10,743 | |
TOTAL ILLINOIS | 361,796 | ||
Indiana - 2.2% | |||
Indiana Fin. Auth. Econ. Dev. Rev. Bonds (Republic Svcs., Inc. Proj.) Series A, 1.75%, tender 9/4/18 (a)(b) | 2,400 | 2,401 | |
Indiana Fin. Auth. Hosp. Rev. Series 2013: | |||
5% 8/15/22 | 685 | 762 | |
5% 8/15/23 | 980 | 1,108 | |
Indiana Fin. Auth. Rev. Series 2012: | |||
5% 3/1/20 | 635 | 668 | |
5% 3/1/21 | 1,200 | 1,287 | |
Indiana Fin. Auth. Wastewtr. Util. Rev. (CWA Auth. Proj.): | |||
Series 2012 A: | |||
5% 10/1/20 | 805 | 861 | |
5% 10/1/22 | 1,565 | 1,745 | |
Series 2014 A: | |||
5% 10/1/20 | 365 | 390 | |
5% 10/1/21 | 370 | 405 | |
5% 10/1/22 | 660 | 736 | |
Series 2015 A: | |||
5% 10/1/24 | 1,460 | 1,666 | |
5% 10/1/25 | 1,590 | 1,837 | |
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2011 A: | |||
5% 1/1/19 | 1,440 | 1,465 | |
5% 1/1/20 | 1,225 | 1,286 | |
Indianapolis Local Pub. Impt. Series 2016: | |||
5% 1/1/21 (b) | 2,690 | 2,889 | |
5% 1/1/23 (b) | 1,940 | 2,160 | |
5% 1/1/24 (b) | 2,715 | 3,055 | |
5% 1/1/25 (b) | 2,845 | 3,234 | |
Lake Central Multi-District School Bldg. Corp. Series 2012 B: | |||
4% 1/15/19 | 980 | 992 | |
4% 1/15/20 | 1,315 | 1,358 | |
4% 1/15/21 | 1,225 | 1,285 | |
5% 7/15/19 | 1,645 | 1,699 | |
5% 7/15/20 | 1,145 | 1,216 | |
5% 7/15/21 | 980 | 1,064 | |
Purdue Univ. Rev. Series Z-1, 5% 7/1/18 | 1,465 | 1,465 | |
Whiting Envir. Facilities Rev.: | |||
(BP Products North America, Inc. Proj.) Series 2009, 5.25% 1/1/21 | 4,160 | 4,482 | |
Bonds (BP Products North America, Inc. Proj.) Series 2015, 5%, tender 11/1/22 (a)(b) | 21,505 | 23,883 | |
TOTAL INDIANA | 65,399 | ||
Kansas - 0.4% | |||
Desoto Usd # 232 Series 2015 A, 5% 9/1/22 | 1,525 | 1,704 | |
Johnson County Unified School District # 233 Series 2016 B, 5% 9/1/23 | 1,430 | 1,634 | |
Wichita Hosp. Facilities Rev. Series 2011 IV A: | |||
5% 11/15/18 (Escrowed to Maturity) | 2,200 | 2,228 | |
5% 11/15/20 (Escrowed to Maturity) | 2,685 | 2,881 | |
Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev. Series 2016 A: | |||
5% 9/1/22 | 490 | 545 | |
5% 9/1/23 | 710 | 803 | |
5% 9/1/25 | 785 | 905 | |
TOTAL KANSAS | 10,700 | ||
Kentucky - 0.8% | |||
Ashland Med. Ctr. Rev.: | |||
(Ashland Hosp. Corp. D/B/A King's Daughters Med. Ctr. Proj.) Series 2016 A, 5% 2/1/24 | 1,330 | 1,451 | |
(Ashland Hosp. Corp. D/B/A Kings Daughters Med. Ctr. Proj.) Series 2016 A, 5% 2/1/25 | 980 | 1,074 | |
Kentucky Econ. Dev. Fin. Auth. Bonds Series 2009 B, 2.7%, tender 11/10/21 (a) | 8,805 | 8,878 | |
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. Series 2015 A: | |||
5% 6/1/20 | 1,380 | 1,437 | |
5% 6/1/22 | 1,525 | 1,645 | |
5% 6/1/24 | 1,655 | 1,820 | |
Kentucky State Property & Buildings Commission Rev. (Kentucky St Proj.) Series D, 5% 5/1/21 | 980 | 1,055 | |
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2003 A, 1.5%, tender 4/1/19 (a) | 7,345 | 7,326 | |
TOTAL KENTUCKY | 24,686 | ||
Louisiana - 2.3% | |||
Louisiana Citizens Property Ins. Corp. Assessment Rev. Series 2015: | |||
5% 6/1/19 | 9,145 | 9,418 | |
5% 6/1/21 (FSA Insured) | 4,890 | 5,303 | |
Louisiana Gen. Oblig.: | |||
Series 2012 A, 5% 8/1/22 | 1,480 | 1,646 | |
Series 2014 D1, 5% 12/1/22 | 1,275 | 1,428 | |
Series 2016 B: | |||
5% 8/1/22 | 13,785 | 15,334 | |
5% 8/1/23 | 6,115 | 6,940 | |
Series 2016 D: | |||
5% 9/1/22 | 6,220 | 6,930 | |
5% 9/1/24 | 6,875 | 7,897 | |
Louisiana Stadium and Exposition District Series 2013 A: | |||
5% 7/1/21 | 1,465 | 1,592 | |
5% 7/1/22 | 980 | 1,088 | |
New Orleans Aviation Board Rev.: | |||
(North Term. Proj.) Series 2017 B: | |||
5% 1/1/23 (b) | 300 | 333 | |
5% 1/1/24 (b) | 195 | 219 | |
5% 1/1/25 (b) | 195 | 221 | |
5% 1/1/26 (b) | 490 | 560 | |
Series 2017 D2: | |||
5% 1/1/23 (b) | 390 | 432 | |
5% 1/1/24 (b) | 735 | 825 | |
5% 1/1/25 (b) | 490 | 555 | |
New Orleans Gen. Oblig. Series 2012, 5% 12/1/20 | 2,740 | 2,937 | |
Tobacco Settlement Fing. Corp. Series 2013 A, 5% 5/15/23 | 4,400 | 4,899 | |
TOTAL LOUISIANA | 68,557 | ||
Maine - 0.2% | |||
Maine Tpk. Auth. Tpk. Rev. Series 2015: | |||
5% 7/1/21 | 2,350 | 2,562 | |
5% 7/1/22 | 1,810 | 2,018 | |
5% 7/1/24 | 2,300 | 2,657 | |
TOTAL MAINE | 7,237 | ||
Maryland - 2.7% | |||
Baltimore Proj. Rev. Series 2017 D: | |||
5% 7/1/24 | 3,220 | 3,704 | |
5% 7/1/25 | 3,380 | 3,933 | |
Maryland Econ. Dev. Auth. Rev. (Ports America Chesapeake LLC. Proj.) Series 2017 A: | |||
4% 6/1/19 | 2,400 | 2,445 | |
4% 6/1/20 | 2,960 | 3,061 | |
5% 6/1/21 | 1,640 | 1,761 | |
5% 6/1/22 | 1,750 | 1,907 | |
Maryland Gen. Oblig. Series 2017 B, 5% 8/1/25 | 32,300 | 37,966 | |
Maryland Health & Higher Edl. Facilities Auth. Rev. Series 2015: | |||
5% 7/1/19 | 390 | 401 | |
5% 7/1/22 | 880 | 965 | |
5% 7/1/23 | 980 | 1,090 | |
5% 7/1/24 | 1,955 | 2,202 | |
5% 7/1/25 | 1,730 | 1,962 | |
Montgomery County Gen. Oblig. Series 2011 A, 5% 7/1/20 (Pre-Refunded to 7/1/19 @ 100) | 15,650 | 16,184 | |
Rockville Mayor & Council Econ. Dev. (Rfdg.-Ingleside King Farm Proj.) Series 2017: | |||
2.5% 11/1/24 | 850 | 838 | |
3% 11/1/25 | 625 | 622 | |
TOTAL MARYLAND | 79,041 | ||
Massachusetts - 2.0% | |||
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2006 B, 5.25% 7/1/18 | 2,250 | 2,250 | |
Massachusetts Dev. Fin. Agcy. Rev.: | |||
Series 2012, 5% 7/1/31 (Pre-Refunded to 7/1/21 @ 100) | 1,035 | 1,129 | |
Series 2016 A, 5% 7/15/22 | 1,240 | 1,390 | |
Series 2016 I: | |||
5% 7/1/21 | 490 | 529 | |
5% 7/1/22 | 585 | 644 | |
5% 7/1/23 | 660 | 738 | |
5% 7/1/24 | 1,075 | 1,216 | |
5% 7/1/25 | 980 | 1,121 | |
5% 7/1/26 | 980 | 1,131 | |
Massachusetts Edl. Fing. Auth. Rev. Series 2013, 5% 7/1/19 (b) | 4,620 | 4,759 | |
Massachusetts Gen. Oblig.: | |||
Bonds Series 2014 D1, 1.05%, tender 7/1/20 (a) | 31,300 | 30,830 | |
Series 2016 B, 5% 7/1/22 | 1,685 | 1,880 | |
Series C, 5.5% 12/1/22 | 4,160 | 4,770 | |
Massachusetts Port Auth. Rev. Series 2017 A: | |||
5% 7/1/24 (b) | 3,005 | 3,419 | |
5% 7/1/25 (b) | 1,115 | 1,277 | |
Medford Gen. Oblig. Series 2011 B, 4% 3/1/19 | 3,490 | 3,547 | |
TOTAL MASSACHUSETTS | 60,630 | ||
Michigan - 3.5% | |||
Clarkston Cmnty. Schools 5% 5/1/22 | 1,635 | 1,810 | |
Detroit Swr. Disp. Rev. Series 2006 D, 3 month U.S. LIBOR + 0.600% 2.149% 7/1/32 (a)(e) | 3,980 | 3,800 | |
Grand Blanc Cmnty. Schools Series 2013: | |||
5% 5/1/19 | 1,200 | 1,233 | |
5% 5/1/20 | 2,575 | 2,721 | |
5% 5/1/21 | 2,105 | 2,280 | |
5% 5/1/22 | 1,810 | 2,004 | |
Grand Rapids Pub. Schools 5% 5/1/23 (FSA Insured) | 1,275 | 1,436 | |
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016: | |||
5% 5/15/22 | 980 | 1,074 | |
5% 5/15/24 | 540 | 608 | |
5% 5/15/25 | 635 | 720 | |
5% 5/15/26 | 610 | 697 | |
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2011 A: | |||
5% 11/15/18 | 1,225 | 1,241 | |
5% 11/15/19 | 980 | 1,024 | |
Michigan Bldg. Auth. Rev. (Facilities Prog.) Series 2016 I: | |||
5% 4/15/22 | 980 | 1,085 | |
5% 4/15/23 | 1,320 | 1,491 | |
5% 4/15/24 | 1,450 | 1,663 | |
Michigan Fin. Auth. Rev.: | |||
Bonds 1.1%, tender 8/15/19 (a) | 4,155 | 4,120 | |
Series 2015 A: | |||
5% 8/1/22 | 2,350 | 2,612 | |
5% 8/1/23 | 3,715 | 4,203 | |
Michigan Gen. Oblig. Series 2016: | |||
5% 3/15/20 | 3,255 | 3,428 | |
5% 3/15/21 | 980 | 1,059 | |
5% 3/15/22 | 2,280 | 2,515 | |
5% 3/15/23 | 3,915 | 4,406 | |
Michigan Hosp. Fin. Auth. Rev. Bonds: | |||
(Ascension Health Cr. Group Proj.) Series F5, 2.4%, tender 3/15/23 (a) | 3,535 | 3,555 | |
Series 2005 A4, 1.625%, tender 11/1/19 (a) | 7,245 | 7,220 | |
Series 2010 F4, 1.95%, tender 4/1/20 (a) | 6,400 | 6,398 | |
Michigan Strategic Fund Ltd. Oblig. Rev. Bonds Series CC, 1.45%, tender 9/1/21 (a) | 7,040 | 6,773 | |
Portage Pub. Schools Series 2016: | |||
5% 5/1/23 | 1,990 | 2,242 | |
5% 11/1/23 | 1,335 | 1,518 | |
5% 5/1/24 | 1,880 | 2,149 | |
5% 11/1/24 | 1,955 | 2,248 | |
5% 5/1/25 | 1,100 | 1,269 | |
5% 11/1/25 | 1,195 | 1,386 | |
5% 5/1/26 | 1,665 | 1,939 | |
5% 11/1/26 | 1,155 | 1,341 | |
5% 11/1/28 | 985 | 1,135 | |
Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D: | |||
5% 9/1/21 | 1,465 | 1,597 | |
5% 9/1/23 | 490 | 555 | |
Spring Lake Pub. Schools: | |||
Series 2014, 5% 5/1/19 | 2,250 | 2,312 | |
5% 11/1/19 | 2,715 | 2,832 | |
5% 5/1/20 | 3,550 | 3,751 | |
5% 11/1/20 | 1,705 | 1,828 | |
5% 5/1/21 | 4,020 | 4,358 | |
TOTAL MICHIGAN | 103,636 | ||
Minnesota - 0.6% | |||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | |||
Series 2014 A: | |||
5% 1/1/22 | 980 | 1,080 | |
5% 1/1/23 | 980 | 1,104 | |
Series 2014 B: | |||
5% 1/1/21 (b) | 2,240 | 2,402 | |
5% 1/1/22 (b) | 1,955 | 2,138 | |
5% 1/1/23 (b) | 980 | 1,090 | |
Moorhead Edl. Facilities Rev. (The Concordia College Corp. Proj.) Series 2016, 5% 12/1/25 | 2,950 | 3,327 | |
Northern Muni. Pwr. Agcy. Elec. Sys. Rev. Series 2017: | |||
5% 1/1/22 | 1,160 | 1,274 | |
5% 1/1/23 | 1,115 | 1,246 | |
5% 1/1/24 | 1,560 | 1,769 | |
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev. Series 2014 A: | |||
5% 1/1/22 | 980 | 1,079 | |
5% 1/1/23 | 1,465 | 1,644 | |
5% 1/1/24 | 980 | 1,120 | |
TOTAL MINNESOTA | 19,273 | ||
Missouri - 0.2% | |||
Cape Girardeau County Indl. Dev. Auth. (Southeast Hosp. Proj.) Series 2017 A: | |||
5% 3/1/19 | 295 | 300 | |
5% 3/1/20 | 320 | 334 | |
5% 3/1/21 | 390 | 413 | |
5% 3/1/22 | 585 | 629 | |
5% 3/1/23 | 980 | 1,067 | |
5% 3/1/24 | 685 | 752 | |
5% 3/1/25 | 710 | 786 | |
5% 3/1/26 | 980 | 1,089 | |
Saint Louis Arpt. Rev. Series 2013, 5% 7/1/18 | 750 | 750 | |
TOTAL MISSOURI | 6,120 | ||
Nevada - 1.9% | |||
Clark County Arpt. Rev.: | |||
(Sub Lien Proj.) Series 2017 A-1, 5% 7/1/22 (b) | 3,915 | 4,316 | |
Series 2017 C, 5% 7/1/21 (b) | 7,785 | 8,404 | |
Clark County School District: | |||
Series 2016 A: | |||
5% 6/15/21 | 1,470 | 1,593 | |
5% 6/15/23 | 1,285 | 1,446 | |
Series 2017 C, 5% 6/15/21 | 9,030 | 9,786 | |
Humboldt County Nev Poll. Cont. Rev. Bonds (Seirra Pacific Pwr. Co. Projs.) Series 2016 A, 1.25%, tender 6/3/19 (a) | 1,955 | 1,943 | |
Nevada Gen. Oblig.: | |||
Series 2010 C, 5% 6/1/19 | 11,875 | 12,243 | |
Series 2012 B, 5% 8/1/20 | 2,180 | 2,325 | |
Series 2013 D1, 5% 3/1/24 | 2,640 | 2,978 | |
Washoe County Gas & Wtr. Facilities Bonds (Seirra Pacific Pwr. Co. Projs.) Series 2016 B, 3%, tender 6/1/22 (a) | 5,185 | 5,295 | |
Washoe County Gas Facilities Rev. Bonds (Seirra Pacific Pwr. Co. Projs.) Series 2016 A, 1.5%, tender 6/3/19 (a)(b) | 5,990 | 5,966 | |
TOTAL NEVADA | 56,295 | ||
New Hampshire - 0.6% | |||
New Hampshire Health & Ed. Facilities Auth.: | |||
Series 2017 B, 4.125% 7/1/24 (c) | 1,010 | 1,016 | |
Series 2017 C, 3.5% 7/1/22 (c) | 335 | 336 | |
New Hampshire Health & Ed. Facilities Auth. Rev.: | |||
(Dartmouth-Hitchcock Obligated Group Proj.) Series 2010, 5% 8/1/40 (Pre-Refunded to 8/1/20 @ 100) | 6,000 | 6,391 | |
(Southern NH Med. Ctr. Proj.) Series 2016, 3% 10/1/21 | 1,375 | 1,401 | |
Series 2012: | |||
4% 7/1/20 | 2,645 | 2,739 | |
4% 7/1/21 | 1,485 | 1,558 | |
Series 2016: | |||
5% 10/1/21 | 1,225 | 1,321 | |
5% 10/1/23 | 1,640 | 1,816 | |
TOTAL NEW HAMPSHIRE | 16,578 | ||
New Jersey - 6.8% | |||
Camden County Impt. Auth. Health Care Redev. Rev. Series 2014 A: | |||
5% 2/15/20 | 3,030 | 3,168 | |
5% 2/15/21 | 2,445 | 2,615 | |
5% 2/15/22 | 2,445 | 2,667 | |
5% 2/15/23 | 2,770 | 3,069 | |
New Jersey Econ. Dev. Auth. Rev.: | |||
(Provident Montclair Proj.) Series 2017: | |||
4% 6/1/22 (FSA Insured) | 980 | 1,037 | |
5% 6/1/23 (FSA Insured) | 1,230 | 1,368 | |
5% 6/1/24 (FSA Insured) | 980 | 1,102 | |
Series 2005 K, 5.5% 12/15/19 | 7,855 | 8,235 | |
Series 2011 EE: | |||
5% 9/1/20 | 1,320 | 1,387 | |
5% 9/1/20 (Escrowed to Maturity) | 3,570 | 3,810 | |
Series 2012 II: | |||
5% 3/1/21 | 6,650 | 7,040 | |
5% 3/1/22 | 6,155 | 6,592 | |
Series 2013 NN, 5% 3/1/19 (Escrowed to Maturity) | 7,985 | 8,165 | |
Series 2013, 5% 3/1/23 | 5,870 | 6,350 | |
Series 2014 PP, 5% 6/15/19 | 16,630 | 17,094 | |
New Jersey Econ. Dev. Auth. Spl. Facilities Rev. (Port Newark Container Term. LLC. Proj.) Series 2017 5% 10/1/26 (b) | 2,130 | 2,370 | |
New Jersey Edl. Facility: | |||
Series 2014: | |||
5% 6/15/20 | 10,760 | 11,273 | |
5% 6/15/21 | 10,760 | 11,448 | |
Series 2016 A: | |||
4% 7/1/18 | 3,505 | 3,505 | |
5% 7/1/21 | 2,150 | 2,296 | |
5% 7/1/22 | 6,160 | 6,691 | |
5% 7/1/23 | 3,315 | 3,653 | |
5% 7/1/24 | 7,740 | 8,597 | |
New Jersey Health Care Facilities Fing. Auth. Rev. Series 2016 A: | |||
5% 7/1/19 | 1,465 | 1,505 | |
5% 7/1/21 | 170 | 183 | |
5% 7/1/22 | 170 | 186 | |
5% 7/1/23 | 595 | 661 | |
5% 7/1/24 | 985 | 1,104 | |
5% 7/1/24 | 475 | 533 | |
5% 7/1/24 | 1,200 | 1,377 | |
5% 7/1/25 | 515 | 581 | |
5% 7/1/26 | 170 | 193 | |
5% 7/1/27 | 255 | 288 | |
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | |||
Series 2011, 5% 12/1/18 (b) | 2,630 | 2,664 | |
Series 2013: | |||
5% 12/1/18 (b) | 5,870 | 5,946 | |
5% 12/1/19 (b) | 3,765 | 3,922 | |
Series 2017 1A: | |||
5% 12/1/22 (b) | 750 | 825 | |
5% 12/1/23 (b) | 1,930 | 2,144 | |
Series 2017 1B, 5% 12/1/21 (b) | 795 | 862 | |
New Jersey Tpk. Auth. Tpk. Rev.: | |||
Bonds Series 2017 C, 1 month U.S. LIBOR + 0.460% 1.848%, tender 1/1/21 (a)(e) | 10,485 | 10,528 | |
Series 2013 A: | |||
5% 1/1/24 (Pre-Refunded to 7/1/22 @ 100) | 3,895 | 4,351 | |
5% 1/1/24 (Pre-Refunded to 7/1/22 @ 100) | 355 | 397 | |
Series 2017 C1, 1 month U.S. LIBOR + 0.340% 1.728% 1/1/21 (a)(e) | 1,170 | 1,171 | |
New Jersey Trans. Trust Fund Auth.: | |||
Series 2003 B, 5.25% 12/15/19 | 3,785 | 3,955 | |
Series 2012 AA, 5% 6/15/19 | 1,465 | 1,506 | |
Series 2013 A: | |||
5% 12/15/19 | 6,315 | 6,576 | |
5% 6/15/20 | 17,605 | 18,479 | |
Series 2016 A, 5% 6/15/27 | 3,960 | 4,366 | |
New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A, 5% 9/15/21 | 4,795 | 5,123 | |
TOTAL NEW JERSEY | 202,958 | ||
New Mexico - 0.6% | |||
Farmington Poll. Cont. Rev. Bonds (Southern California Edison Co. Four Corners Proj.): | |||
Series 2005 B, 1.875%, tender 4/1/20 (a) | 10,785 | 10,714 | |
Series 2011, 1.875%, tender 4/1/20 (a) | 6,155 | 6,115 | |
TOTAL NEW MEXICO | 16,829 | ||
New York - 7.1% | |||
Dorm. Auth. New York Univ. Rev. Series 2016 A: | |||
5% 7/1/22 | 490 | 543 | |
5% 7/1/24 | 1,810 | 2,068 | |
Dutchess County Local Dev. Corp. Rev. (Health Quest Systems, Inc. Proj.) Series 2010 A: | |||
5% 7/1/18 (Assured Guaranty Corp. Insured) (FSA Insured) | 1,075 | 1,075 | |
5% 7/1/19 (Assured Guaranty Corp. Insured) (FSA Insured) | 625 | 645 | |
Long Island Pwr. Auth. Elec. Sys. Rev. Series 2016 B: | |||
5% 9/1/25 | 2,740 | 3,188 | |
5% 9/1/26 | 1,220 | 1,436 | |
New York City Gen. Oblig. Series 2015 C, 5% 8/1/25 | 1,665 | 1,931 | |
New York City Transitional Fin. Auth. Rev.: | |||
Series 2012 A, 5% 11/1/20 | 4,400 | 4,737 | |
Series B: | |||
5% 11/1/20 | 4,160 | 4,348 | |
5% 11/1/20 (Pre-Refunded to 11/1/19 @ 100) | 1,660 | 1,732 | |
New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev. Series 2012 A, 4% 5/15/20 | 7,825 | 8,169 | |
New York Metropolitan Trans. Auth. Rev.: | |||
Bonds Series 2018 A, 5%, tender 11/15/20 (a) | 20,000 | 21,361 | |
Series 2003 B, 5.25% 11/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,085 | 5,336 | |
Series 2008 B2: | |||
5% 11/15/19 | 6,050 | 6,329 | |
5% 11/15/20 | 5,380 | 5,787 | |
5% 11/15/21 | 3,915 | 4,306 | |
Series 2012 B, 5% 11/15/22 | 1,955 | 2,189 | |
Series 2012 D, 5% 11/15/18 | 2,460 | 2,492 | |
Series 2012 E: | |||
4% 11/15/19 | 1,710 | 1,766 | |
4% 11/15/19 (Escrowed to Maturity) | 2,200 | 2,273 | |
5% 11/15/21 | 2,380 | 2,618 | |
Series 2012 F, 5% 11/15/19 | 4,890 | 5,115 | |
Series 2014 C, 5% 11/15/21 | 2,740 | 3,014 | |
Series 2016 B, 5% 11/15/21 | 2,150 | 2,365 | |
Series 2017 C: | |||
4% 2/15/19 | 22,755 | 23,100 | |
4% 2/15/19 | 53,095 | 53,894 | |
New York State Envir. Facilities Corp. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2012, 1.95%, tender 8/1/18 (a)(b) | 3,000 | 3,000 | |
New York Thruway Auth. Gen. Rev. Series 2013 A, 5% 5/1/19 | 32,280 | 33,203 | |
New York Urban Dev. Corp. Rev. Series 2017 A, 5% 3/15/22 | 1,265 | 1,405 | |
Yonkers Gen. Oblig. Series 2017 C, 5% 10/1/22 (Build America Mutual Assurance Insured) | 2,490 | 2,776 | |
TOTAL NEW YORK | 212,201 | ||
North Carolina - 0.8% | |||
Dare County Ctfs. of Prtn. Series 2012 B: | |||
4% 6/1/20 | 980 | 1,022 | |
5% 6/1/19 | 1,275 | 1,315 | |
North Carolina Cap. Facilities Fin. Agcy. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2013, 1.85%, tender 9/17/18 (a)(b) | 1,750 | 1,750 | |
North Carolina Grant Anticipation Rev. Series 2017: | |||
5% 3/1/21 | 4,890 | 5,281 | |
5% 3/1/22 | 3,580 | 3,957 | |
5% 3/1/23 | 3,580 | 4,034 | |
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series 2015 E: | |||
5% 1/1/22 | 4,890 | 5,376 | |
5% 1/1/23 | 1,465 | 1,644 | |
TOTAL NORTH CAROLINA | 24,379 | ||
Ohio - 3.3% | |||
Akron Bath Copley Hosp. District Rev. Series 2016, 5% 11/15/24 | 1,955 | 2,182 | |
Allen County Hosp. Facilities Rev. Bonds Series 2017 B, 5%, tender 5/5/22 (a) | 5,280 | 5,840 | |
American Muni. Pwr., Inc. Rev. Bonds Series B, 5%, tender 8/15/20 (a) | 38,935 | 40,779 | |
Cincinnati City School District 5.25% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,475 | 3,529 | |
Cleveland Arpt. Sys. Rev.: | |||
Series 2016 A, 5% 1/1/26 (FSA Insured) | 490 | 553 | |
5% 1/1/20 (FSA Insured) | 415 | 434 | |
5% 1/1/22 (FSA Insured) | 1,295 | 1,416 | |
5% 1/1/24 (FSA Insured) | 1,175 | 1,324 | |
5% 1/1/25 (FSA Insured) | 1,225 | 1,392 | |
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013: | |||
5% 6/15/22 | 2,100 | 2,278 | |
5% 6/15/23 | 1,815 | 1,990 | |
Franklin County Hosp. Facilities Rev. Series 2016 C, 5% 11/1/23 | 2,800 | 3,195 | |
Hamilton County Convention Facilities Auth. Rev. Series 2014: | |||
5% 12/1/19 | 1,870 | 1,954 | |
5% 12/1/20 | 2,155 | 2,301 | |
5% 12/1/21 | 2,000 | 2,177 | |
Ohio Gen. Oblig. Series 2012 C, 5% 9/15/21 | 4,255 | 4,663 | |
Ohio Hosp. Facilities Rev. Series 2017 A: | |||
4% 1/1/20 | 2,365 | 2,444 | |
5% 1/1/21 | 2,640 | 2,842 | |
5% 1/1/22 | 1,665 | 1,835 | |
5% 1/1/23 | 1,955 | 2,197 | |
5% 1/1/24 | 1,690 | 1,932 | |
5% 1/1/25 | 2,035 | 2,357 | |
Scioto County Hosp. Facilities Rev. Series 2016: | |||
5% 2/15/21 | 635 | 681 | |
5% 2/15/22 | 1,075 | 1,176 | |
5% 2/15/23 | 2,075 | 2,308 | |
5% 2/15/24 | 1,605 | 1,810 | |
5% 2/15/25 | 1,675 | 1,907 | |
5% 2/15/26 | 1,225 | 1,407 | |
TOTAL OHIO | 98,903 | ||
Oklahoma - 0.4% | |||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (OU Medicine Proj.) Series 2018 B: | |||
5% 8/15/24 | 500 | 556 | |
5% 8/15/25 | 500 | 559 | |
5% 8/15/26 | 800 | 899 | |
Oklahoma Dev. Fin. Auth. Rev.: | |||
(Saint John Health Sys. Proj.) Series 2012, 5% 2/15/23 (Pre-Refunded to 2/15/22 @ 100) | 2,545 | 2,811 | |
Series 2004 A, 2.375% 12/1/21 (a) | 1,320 | 1,321 | |
Series 2012, 5% 2/15/21 (Escrowed to Maturity) | 1,565 | 1,691 | |
Tulsa County Indl. Auth. Edl. Facilities Lease Rev. (Jenks Pub. Schools Proj.) Series 2009, 5.5% 9/1/18 | 5,100 | 5,134 | |
TOTAL OKLAHOMA | 12,971 | ||
Oregon - 0.0% | |||
Clackamas County Hosp. Facility Auth. (Willamette View Proj.) Series 2017 B, 3% 11/15/22 | 390 | 392 | |
Pennsylvania - 1.5% | |||
Lehigh County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | |||
(PPL Elec. Utils. Corp. Proj.) Series 2016 A, 1.8%, tender 9/1/22 (a) | 2,445 | 2,391 | |
Series B, 1.8%, tender 8/15/22 (a) | 3,245 | 3,187 | |
Montgomery County Higher Ed. & Health Auth. Rev. Series 2014 A: | |||
4% 10/1/18 | 980 | 985 | |
4% 10/1/19 | 645 | 659 | |
5% 10/1/20 | 1,230 | 1,299 | |
5% 10/1/23 | 190 | 210 | |
Pennsylvania Econ. Dev. Auth. Governmental Lease (Forum Place Proj.) Series 2012: | |||
5% 3/1/19 | 2,260 | 2,310 | |
5% 3/1/20 | 2,095 | 2,203 | |
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2017 A, 1.7%, tender 8/3/20 (a)(b) | 3,220 | 3,166 | |
Pennsylvania Gen. Oblig. Series 2011, 5% 7/1/21 | 1,860 | 2,010 | |
Pennsylvania Higher Edl. Facilities Auth. Rev. Series 2014: | |||
5% 12/1/19 | 335 | 351 | |
5% 12/1/21 | 270 | 298 | |
5% 12/1/22 | 835 | 938 | |
Pennsylvania Indl. Dev. Auth. Rev. Series 2012, 5% 7/1/21 | 1,140 | 1,239 | |
Pennsylvania Pub. School Bldg. Auth. School Rev. (The School District of Harrisburg Proj.) Series 2016 A, 5% 12/1/21 (FSA Insured) | 4,890 | 5,319 | |
Philadelphia Arpt. Rev.: | |||
Series 2017 A, 5% 7/1/24 | 490 | 560 | |
Series 2017 B, 5% 7/1/24 (b) | 2,445 | 2,779 | |
Philadelphia Gas Works Rev. Series 15, 5% 8/1/21 | 1,225 | 1,327 | |
Philadelphia Gen. Oblig. Series 2011, 5.25% 8/1/18 | 5,395 | 5,411 | |
Philadelphia Muni. Auth. Rev. Series 2013 A, 5% 11/15/18 | 3,355 | 3,397 | |
Philadelphia School District Series 2018 A: | |||
5% 9/1/24 | 1,000 | 1,123 | |
5% 9/1/25 | 700 | 792 | |
5% 9/1/26 | 750 | 856 | |
Reading School District Series 2017: | |||
5% 3/1/25 (FSA Insured) | 320 | 364 | |
5% 3/1/26 (FSA Insured) | 260 | 298 | |
5% 3/1/27 (FSA Insured) | 250 | 289 | |
5% 3/1/28 (FSA Insured) | 245 | 283 | |
Southeastern Pennsylvania Trans. Auth. Rev. Series 2011, 5% 6/1/19 | 195 | 201 | |
Unionville-Chadds Ford School District Gen. Oblig. Series 2009, 5% 6/1/20 | 1,165 | 1,201 | |
TOTAL PENNSYLVANIA | 45,446 | ||
Rhode Island - 1.1% | |||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev.: | |||
Series 2013 A, 5% 5/15/19 | 1,465 | 1,508 | |
Series 2016: | |||
5% 5/15/20 | 645 | 678 | |
5% 5/15/21 | 1,475 | 1,583 | |
5% 5/15/22 | 1,955 | 2,138 | |
5% 5/15/23 | 1,180 | 1,310 | |
5% 5/15/24 | 2,300 | 2,584 | |
5% 5/15/25 | 5,385 | 6,099 | |
Rhode Island Health & Edl. Bldg. Corp. Pub. Schools Rev.: | |||
(Providence Proj.) Series 2015 A, 3% 5/15/19 (FSA Insured) | 6,275 | 6,352 | |
Series 2015, 5% 5/15/25 (FSA Insured) | 5,910 | 6,757 | |
Tobacco Setlement Fing. Corp. Series 2015 A: | |||
5% 6/1/26 | 3,425 | 3,870 | |
5% 6/1/27 | 980 | 1,101 | |
TOTAL RHODE ISLAND | 33,980 | ||
South Carolina - 1.2% | |||
Lancaster County School District ( South Carolina Gen. Oblig. Proj.) Series 2017, 5% 3/1/22 | 2,020 | 2,238 | |
Lexington County Health Svcs. District, Inc. Hosp. Rev. Series 2011, 5% 11/1/19 | 1,165 | 1,213 | |
Richland County School District #2 Gen. Oblig. (South Carolina Gen. Oblig. Proj.) Series 2015 A, 5% 2/1/23 | 2,565 | 2,895 | |
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015: | |||
5% 12/1/23 | 4,345 | 4,896 | |
5% 12/1/26 | 1,075 | 1,216 | |
South Carolina Pub. Svc. Auth. Rev.: | |||
Series 2012 B, 5% 12/1/20 | 980 | 1,043 | |
Series 2014 C: | |||
5% 12/1/22 | 1,075 | 1,183 | |
5% 12/1/23 | 4,890 | 5,453 | |
Series 2015 C, 5% 12/1/18 (Escrowed to Maturity) | 14,670 | 14,881 | |
TOTAL SOUTH CAROLINA | 35,018 | ||
South Dakota - 0.2% | |||
South Dakota Health & Edl. Facilities Auth. Rev.: | |||
Series 2011: | |||
5% 9/1/18 (Escrowed to Maturity) | 1,175 | 1,182 | |
5% 9/1/19 (Escrowed to Maturity) | 1,230 | 1,276 | |
Series 2014 B: | |||
4% 11/1/19 | 390 | 402 | |
4% 11/1/20 | 610 | 639 | |
4% 11/1/21 | 490 | 521 | |
5% 11/1/22 | 365 | 408 | |
TOTAL SOUTH DAKOTA | 4,428 | ||
Tennessee - 0.1% | |||
Knox County Health Edl. & Hsg. Facilities Board Rev. Series 2016: | |||
5% 9/1/25 | 1,635 | 1,847 | |
5% 9/1/26 | 1,795 | 2,043 | |
TOTAL TENNESSEE | 3,890 | ||
Texas - 8.5% | |||
Aledo Independent School District Series 2015, 0% 2/15/24 | 1,195 | 1,043 | |
Carroll Independent School District Series 2009 C, 5.25% 2/15/19 | 980 | 1,003 | |
Central Reg'l. Mobility Auth. Series 2016: | |||
5% 1/1/21 | 490 | 522 | |
5% 1/1/22 | 1,465 | 1,591 | |
5% 1/1/23 | 2,395 | 2,646 | |
5% 1/1/24 | 3,295 | 3,690 | |
5% 1/1/26 | 2,800 | 3,200 | |
Cypress-Fairbanks Independent School District Bonds: | |||
Series 2014 B2, 1.4%, tender 8/17/20 (a) | 3,220 | 3,181 | |
Series 2014 B3, 1.4%, tender 8/17/20 (a) | 3,485 | 3,443 | |
Series 2017 A1, 2%, tender 8/15/18(a) | 10,565 | 10,570 | |
Dallas County Gen. Oblig. Series 2016 5% 8/15/22 | 3,445 | 3,854 | |
Dallas Fort Worth Int'l. Arpt. Rev.: | |||
Series 2013 F: | |||
5% 11/1/19 | 1,955 | 2,041 | |
5% 11/1/20 | 1,465 | 1,570 | |
5% 11/1/21 | 2,935 | 3,214 | |
5% 11/1/22 | 4,890 | 5,467 | |
Series 2014 D, 5% 11/1/23 (b) | 1,905 | 2,141 | |
Dallas Independent School District Bonds: | |||
Series 2016 B3, 5%, tender 2/15/19 (a) | 5,870 | 5,986 | |
Series 2016 B4, 5%, tender 2/15/20 (a) | 6,845 | 7,186 | |
Series 2016 B5, 5%, tender 2/15/21 (a) | 7,825 | 8,422 | |
Series 2016: | |||
5%, tender 2/15/22 (a) | 150 | 166 | |
5%, tender 2/15/22 (a) | 9,630 | 10,587 | |
Dallas Wtrwks. & Swr. Sys. Rev. Series 2011, 5% 10/1/18 | 1,565 | 1,579 | |
Denton Independent School District Series 2016, 0% 8/15/25 | 1,610 | 1,326 | |
El Paso Gen. Oblig. Series 2014, 5% 8/15/18 | 2,635 | 2,646 | |
Fort Bend Independent School District Bonds: | |||
Series C, 1.35%, tender 8/1/20 (a) | 1,775 | 1,751 | |
Series D, 1.5%, tender 8/1/21 (a) | 3,200 | 3,137 | |
Fort Worth Gen. Oblig. Series 2015 A, 5% 3/1/23 | 1,670 | 1,882 | |
Fort Worth Independent School District Series 2015, 5% 2/15/22 | 1,580 | 1,745 | |
Houston Arpt. Sys. Rev.: | |||
Series 2012 A, 5% 7/1/23 (b) | 1,955 | 2,145 | |
Series 2018 A: | |||
5% 7/1/23 (b) | 750 | 840 | |
5% 7/1/25 (b) | 1,550 | 1,763 | |
Houston Gen. Oblig. Series 2013 A, 5% 3/1/22 | 5,520 | 6,098 | |
Houston Independent School District Bonds: | |||
Series 2012, 2.4%, tender 6/1/21 (a) | 12,235 | 12,321 | |
Series 2013 B, 2.4%, tender 6/1/21 (a) | 5,880 | 5,926 | |
Humble Independent School District Series 2016 B, 5% 2/15/22 | 3,970 | 4,389 | |
Leander Independent School District Series 2013 A, 0% 8/15/21 | 1,870 | 1,752 | |
Lubbock Health Facilities Dev. Corp. Rev. (St. Joseph Health Sys. Proj.) Series 2008 B, 5% 7/1/18 | 2,965 | 2,965 | |
Mansfield Independent School District Series 2016, 5% 2/15/24 | 4,185 | 4,791 | |
Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2008 A, 1.85%, tender 8/1/18 (a)(b) | 6,000 | 6,001 | |
Newark Higher Ed. Fin. Corp. (Abilene Christian Univ. Proj.) Series 2016 A, 5% 4/1/26 | 2,425 | 2,756 | |
North East Texas Independent School District Bonds Series 2013 B, 1.42%, tender 8/1/21 (a) | 2,785 | 2,737 | |
North Harris County Reg'l. Wtr. Auth. Series 2013, 4% 12/15/22 | 1,545 | 1,666 | |
North Texas Tollway Auth. Rev. Bonds Series 2012 C, 1.95%, tender 1/1/19 (a) | 8,315 | 8,313 | |
Northside Independent School District Bonds: | |||
Series 2011 A, 2%, tender 6/1/19 (a) | 5,795 | 5,808 | |
2%, tender 6/1/21 (a) | 11,865 | 11,822 | |
Plano Independent School District Series 2016 A, 5% 2/15/22 | 7,270 | 8,041 | |
Sam Rayburn Muni. Pwr. Agcy. Series 2012, 5% 10/1/20 | 980 | 1,040 | |
San Antonio Elec. & Gas Sys. Rev. Bonds Series 2015 B, 2%, tender 12/1/21 (a) | 3,965 | 3,951 | |
San Antonio Pub. Facilities Corp. and Rfdg. Lease (Convention Ctr. Proj.) Series 2012: | |||
5% 9/15/20 | 980 | 1,045 | |
5% 9/15/21 | 980 | 1,068 | |
5% 9/15/22 | 3,365 | 3,738 | |
San Antonio Wtr. Sys. Rev.: | |||
Bonds Series 2013 F, 2%, tender 11/1/21 (a) | 7,420 | 7,363 | |
Series 2012, 4% 5/15/19 | 1,465 | 1,497 | |
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2016 A: | |||
5% 10/1/20 | 3,405 | 3,643 | |
5% 10/1/21 | 2,935 | 3,207 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | |||
(Scott & White Healthcare Proj.) Series 2013 A: | |||
5% 8/15/21 | 735 | 801 | |
5% 8/15/23 | 980 | 1,108 | |
Series 2013: | |||
4% 9/1/18 | 390 | 392 | |
5% 9/1/19 | 640 | 664 | |
5% 9/1/20 | 895 | 951 | |
5.75% 11/15/24 (Pre-Refunded to 11/15/18 @ 100) | 2,335 | 2,372 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Retirement Facility Rev. (Mrc Crestview Proj.) Series 2010, 8.125% 11/15/44 (Pre-Refunded to 11/15/20 @ 100) | 2,875 | 3,286 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev.: | |||
Series 2016 A, 5% 2/15/26 | 1,465 | 1,705 | |
Series 2017 A, 5% 2/15/24 | 1,955 | 2,229 | |
5.75% 7/1/18 | 925 | 925 | |
Texas Trans. Commission Central Texas Tpk. Sys. Rev. Bonds Series 2015 A, 5%, tender 4/1/20 (a) | 17,160 | 18,020 | |
Trinity River Auth. Reg'l. Wastewtr. Sys. Rev. Series 2016, 5% 8/1/23 | 1,550 | 1,760 | |
Univ. of Texas Board of Regents Sys. Rev.: | |||
Series 2010 B, 5% 8/15/21 | 1,760 | 1,928 | |
Series 2010, 5% 8/15/22 | 2,670 | 2,991 | |
Series 2016 E, 5% 8/15/22 | 1,495 | 1,675 | |
TOTAL TEXAS | 253,082 | ||
Utah - 0.5% | |||
Intermountain Pwr. Agcy. Pwr. Supply Rev. Series 2018 A, 5% 7/1/21 | 12,655 | 13,765 | |
Virginia - 1.4% | |||
Chesapeake Trans. Sys. Toll Road Rev. Series 2012 A: | |||
4% 7/15/20 | 590 | 607 | |
5% 7/15/21 | 390 | 416 | |
Commonwealth Trans. Board Grant Anticipation Rev. Series 2012 A, 5% 9/15/22 (Pre-Refunded to 3/15/22 @ 100) | 2,150 | 2,386 | |
Fairfax County Gen. Oblig. 5% 10/1/21 | 2,935 | 3,231 | |
Fredericksburg Econ. Dev. Auth. Rev. Series 2014, 5% 6/15/24 | 2,290 | 2,586 | |
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds Series 2008 B, 2.15%, tender 9/1/20 (a) | 2,605 | 2,604 | |
Stafford County Econ. Dev. Auth. Hosp. Facilities Rev. Series 2016: | |||
5% 6/15/24 | 1,185 | 1,330 | |
5% 6/15/25 | 980 | 1,108 | |
5% 6/15/26 | 1,680 | 1,908 | |
Virginia Pub. Bldg. Auth. Pub. Facilities Rev.: | |||
Series 2013 A, 5% 8/1/22 | 3,695 | 4,132 | |
Series 2016 A, 5% 8/1/22 | 5,230 | 5,848 | |
Virginia Pub. School Auth. School Fing. Series 2015 A, 5% 8/1/22 | 11,525 | 12,892 | |
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.875%, tender 5/16/19 (a) | 2,445 | 2,445 | |
TOTAL VIRGINIA | 41,493 | ||
Washington - 1.2% | |||
Grant County Pub. Util. District #2 Series 2012 A: | |||
5% 1/1/20 | 1,345 | 1,410 | |
5% 1/1/21 | 1,825 | 1,962 | |
Port of Seattle Rev. Series 2016 B: | |||
5% 10/1/20 (b) | 2,870 | 3,065 | |
5% 10/1/21 (b) | 2,720 | 2,963 | |
5% 10/1/22 (b) | 2,445 | 2,713 | |
5% 10/1/23 (b) | 2,965 | 3,346 | |
Tacoma Elec. Sys. Rev.: | |||
Series 2013 A: | |||
4% 1/1/21 | 195 | 205 | |
4% 1/1/21 (Escrowed to Maturity) | 1,760 | 1,851 | |
5% 1/1/21 | 1,730 | 1,860 | |
Series 2017: | |||
5% 1/1/22 | 785 | 865 | |
5% 1/1/25 | 660 | 765 | |
5% 1/1/26 | 390 | 457 | |
Washington Health Care Facilities Auth. Rev.: | |||
(Virginia Mason Med. Ctr. Proj.) Series 2017: | |||
5% 8/15/25 | 980 | 1,109 | |
5% 8/15/26 | 1,955 | 2,226 | |
5% 8/15/27 | 2,125 | 2,436 | |
Series 2012, 5% 12/1/42 (Pre-Refunded to 12/1/21 @ 100) | 8,390 | 9,225 | |
TOTAL WASHINGTON | 36,458 | ||
West Virginia - 0.4% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds: | |||
(Appalachian Pwr. Co. Amos Proj.) Series 2011 A, 1.7%, tender 9/1/20 (a)(b) | 6,610 | 6,521 | |
1.9%, tender 4/1/19 (a) | 6,150 | 6,141 | |
TOTAL WEST VIRGINIA | 12,662 | ||
Wisconsin - 0.4% | |||
Madison Gen. Oblig. Series 2014 A, 5% 10/1/21 | 3,145 | 3,458 | |
Milwaukee County Arpt. Rev. Series 2013 A: | |||
5% 12/1/20 (b) | 1,300 | 1,391 | |
5% 12/1/22 (b) | 1,440 | 1,595 | |
5.25% 12/1/23 (b) | 1,505 | 1,708 | |
Pub. Fin. Auth. Sr Liv Rev.: | |||
( Mary's Woods At Marylhurst, Inc. Proj.) Series 2017 A, 5% 5/15/19 (c) | 340 | 348 | |
(Mary's Woods At Marylhurst, Inc. Proj.): | |||
Series 2017 A, 5% 5/15/23 (c) | 365 | 398 | |
Series 2017 B-1 3.95% 11/15/24 (c) | 210 | 213 | |
Series 2017 B-2, 3.5% 11/15/23 (c) | 275 | 277 | |
Series 2017 B-3, 3% 11/15/22 (c) | 370 | 371 | |
Wisconsin Health & Edl. Facilities Series 2014: | |||
4% 5/1/19 | 280 | 284 | |
5% 5/1/20 | 400 | 418 | |
5% 5/1/21 | 625 | 666 | |
Wisconsin Health & Edl. Facilities Auth. Rev. Series 2012, 5% 10/1/21 | 1,370 | 1,494 | |
TOTAL WISCONSIN | 12,621 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $2,737,461) | 2,729,639 | ||
Municipal Notes - 7.0% | |||
Connecticut - 0.5% | |||
Reg'l. School District # 14 Woodbuty & Bethleham BAN Series 2017, 2.25% 7/25/18 | 13,890 | $13,894 | |
Illinois - 0.5% | |||
Chicago Board of Ed. Participating VRDN Series Floaters XG 01 08, 1.69% 7/6/18 (Liquidity Facility Barclays Bank PLC) (a)(f) | 13,990 | 13,990 | |
Massachusetts - 0.1% | |||
Webster Gen. Oblig. BAN Series 2017 B, 2.25% 10/12/18 | 2,250 | 2,253 | |
New Jersey - 1.3% | |||
Carteret Gen. Oblig. BAN Series 2017, 2.5% 10/25/18 | 2,800 | 2,807 | |
Holmdel Township Gen. Oblig. BAN Series 2017, 2.5% 10/26/18 | 2,100 | 2,106 | |
Howell Township Gen. Oblig. BAN Series 2017 A, 3% 10/17/18 | 6,945 | 6,973 | |
Jersey City Gen. Oblig. BAN Series 2018 A, 2.5% 1/18/19 | 9,129 | 9,178 | |
Maple Shade Township BAN Series 2017, 2.25% 9/7/18 | 2,200 | 2,201 | |
Millstone Township Gen. Oblig. BAN Series 2017, 2.25% 9/12/18 | 2,300 | 2,303 | |
Plainfield Gen. Oblig. BAN Series 2017, 2% 8/28/18 | 2,054 | 2,055 | |
Roselle County of Union BAN Series 2017, 2.25% 9/14/18 | 2,500 | 2,502 | |
South Brunswick Township BAN Series 2017, 2.25% 10/2/18 | 2,479 | 2,483 | |
Vineland Gen. Oblig. BAN Series 2017, 2.5% 11/15/18 | 7,923 | 7,946 | |
TOTAL NEW JERSEY | 40,554 | ||
New York - 4.2% | |||
Binghamton Gen. Oblig. BAN Series 2017, 2.5% 11/16/18 | 16,130 | 16,175 | |
Canastota Central School District BAN Series 2017, 2.5% 7/20/18 | 3,130 | 3,131 | |
East Aurora Union Free School District BAN Series A, 2.25% 8/1/18 | 2,055 | 2,056 | |
Gloversville School District BAN Series 2017, 2.25% 10/19/18 | 3,620 | 3,626 | |
Ithaca Gen. Oblig. BAN Series 2018 A, 2.75% 2/15/19 | 8,400 | 8,456 | |
Lansingburgh Central School District BAN Series 2017, 2.5% 7/20/18 | 3,425 | 3,427 | |
North Tonawanda City School District BAN Series 2017, 2.2% 8/24/18 | 5,072 | 5,077 | |
Queensbury Union Free School District BAN Series 2017, 2.5% 7/13/18 | 5,480 | 5,482 | |
Rome City School District BAN Series 2017, 2.25% 8/3/18 | 7,140 | 7,143 | |
Schoharie County BAN Series 2017, 2.5% 11/8/18 | 5,870 | 5,888 | |
South Glens Falls Central School District BAN Series 2017 A, 2.25% 7/27/18 | 6,465 | 6,468 | |
Suffolk County Gen. Oblig. TAN: | |||
Series 2017 I, 2.25% 9/27/18 | 29,735 | 29,782 | |
Series 2017, 2.5% 7/25/18 | 15,260 | 15,269 | |
Syracuse Gen. Oblig. RAN Series B, 2.25% 7/10/18 | 12,030 | 12,031 | |
TOTAL NEW YORK | 124,011 | ||
Ohio - 0.2% | |||
Avon Lake BAN Series 2017, 2.5% 7/11/18 | 4,800 | 4,801 | |
South Carolina - 0.2% | |||
South Carolina Pub. Svc. Auth. Rev. Participating VRDN Series Floaters XM 02 91, 1.66% 7/6/18 (Liquidity Facility Royal Bank of Canada) (a)(f) | 7,355 | 7,355 | |
TOTAL MUNICIPAL NOTES | |||
(Cost $206,998) | 206,858 | ||
TOTAL INVESTMENT IN SECURITIES - 98.6% | |||
(Cost $2,944,459) | 2,936,497 | ||
NET OTHER ASSETS (LIABILITIES) - 1.4% | 42,869 | ||
NET ASSETS - 100% | $2,979,366 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
RAN – REVENUE 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) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(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 $9,196,000 or 0.3% of net assets.
(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(f) Provides evidence of ownership in one or more underlying municipal bonds.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Municipal Cash Central Fund | $24 |
Total | $24 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
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 | 41.7% |
Transportation | 18.5% |
Health Care | 10.5% |
Electric Utilities | 7.7% |
Escrowed/Pre-Refunded | 5.1% |
Others* (Individually Less Than 5%) | 16.5% |
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
Amounts in thousands (except per-share amounts) | June 30, 2018 (Unaudited) | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $2,944,459) | $2,936,497 | |
Cash | 36,015 | |
Receivable for fund shares sold | 1,178 | |
Interest receivable | 34,282 | |
Other receivables | 9 | |
Total assets | 3,007,981 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $20,232 | |
Payable for fund shares redeemed | 6,233 | |
Distributions payable | 863 | |
Accrued management fee | 890 | |
Distribution and service plan fees payable | 71 | |
Other affiliated payables | 286 | |
Other payables and accrued expenses | 40 | |
Total liabilities | 28,615 | |
Net Assets | $2,979,366 | |
Net Assets consist of: | ||
Paid in capital | $2,988,383 | |
Undistributed net investment income | 25 | |
Accumulated undistributed net realized gain (loss) on investments | (1,080) | |
Net unrealized appreciation (depreciation) on investments | (7,962) | |
Net Assets | $2,979,366 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($181,917 ÷ 17,372 shares) | $10.47 | |
Maximum offering price per share (100/97.25 of $10.47) | $10.77 | |
Class M: | ||
Net Asset Value and redemption price per share ($15,779 ÷ 1,510 shares) | $10.45 | |
Maximum offering price per share (100/97.25 of $10.45) | $10.75 | |
Class C: | ||
Net Asset Value and offering price per share ($34,775 ÷ 3,327 shares)(a) | $10.45 | |
Limited Term Municipal Income: | ||
Net Asset Value, offering price and redemption price per share ($2,439,806 ÷ 233,398 shares) | $10.45 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($307,089 ÷ 29,362 shares) | $10.46 |
(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 | Six months ended June 30, 2018 (Unaudited) | |
Investment Income | ||
Interest | $31,809 | |
Income from Fidelity Central Funds | 24 | |
Total income | 31,833 | |
Expenses | ||
Management fee | $5,598 | |
Transfer agent fees | 1,511 | |
Distribution and service plan fees | 461 | |
Accounting fees and expenses | 271 | |
Custodian fees and expenses | 12 | |
Independent trustees' fees and expenses | 7 | |
Registration fees | 106 | |
Audit | 31 | |
Legal | 3 | |
Miscellaneous | 13 | |
Total expenses before reductions | 8,013 | |
Expense reductions | (22) | |
Total expenses after reductions | 7,991 | |
Net investment income (loss) | 23,842 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Redemptions in-kind with affiliated entities | 220 | |
Unaffiliated issuers | (1,113) | |
Total net realized gain (loss) | (893) | |
Change in net unrealized appreciation (depreciation) on investment securities | (16,273) | |
Net gain (loss) | (17,166) | |
Net increase (decrease) in net assets resulting from operations | $6,676 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended June 30, 2018 (Unaudited) | Year ended December 31, 2017 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $23,842 | $49,838 |
Net realized gain (loss) | (893) | 3,266 |
Change in net unrealized appreciation (depreciation) | (16,273) | 24,605 |
Net increase (decrease) in net assets resulting from operations | 6,676 | 77,709 |
Distributions to shareholders from net investment income | (23,829) | (49,775) |
Distributions to shareholders from net realized gain | (619) | (2,284) |
Total distributions | (24,448) | (52,059) |
Share transactions - net increase (decrease) | (360,248) | (133,264) |
Total increase (decrease) in net assets | (378,020) | (107,614) |
Net Assets | ||
Beginning of period | 3,357,386 | 3,465,000 |
End of period | $2,979,366 | $3,357,386 |
Other Information | ||
Undistributed net investment income end of period | $25 | $12 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Limited Term Municipal Income Fund Class A
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.53 | $10.45 | $10.64 | $10.71 | $10.68 | $10.86 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .064 | .122 | .118 | .129 | .153 | .158 |
Net realized and unrealized gain (loss) | (.058) | .086 | (.188) | (.048) | .046 | (.170) |
Total from investment operations | .006 | .208 | (.070) | .081 | .199 | (.012) |
Distributions from net investment income | (.064) | (.121) | (.118) | (.130) | (.153) | (.158) |
Distributions from net realized gain | (.002) | (.007) | (.002) | (.021) | (.016) | (.010) |
Total distributions | (.066) | (.128) | (.120) | (.151) | (.169) | (.168) |
Redemption fees added to paid in capitalA | – | – | –B | –B | –B | –B |
Net asset value, end of period | $10.47 | $10.53 | $10.45 | $10.64 | $10.71 | $10.68 |
Total ReturnC,D,E | .06% | 2.00% | (.68)% | .76% | 1.87% | (.11)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .81%H | .81% | .80% | .81% | .79% | .78% |
Expenses net of fee waivers, if any | .81%H | .81% | .80% | .81% | .79% | .78% |
Expenses net of all reductions | .81%H | .81% | .80% | .81% | .79% | .78% |
Net investment income (loss) | 1.23%H | 1.15% | 1.10% | 1.21% | 1.42% | 1.47% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $182 | $234 | $317 | $377 | $397 | $318 |
Portfolio turnover rateI | 25%H,J | 33% | 31% | 30% | 21% | 20% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
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. 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 Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Limited Term Municipal Income Fund Class M
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.51 | $10.43 | $10.62 | $10.69 | $10.66 | $10.85 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .066 | .126 | .121 | .134 | .157 | .162 |
Net realized and unrealized gain (loss) | (.058) | .087 | (.188) | (.049) | .046 | (.180) |
Total from investment operations | .008 | .213 | (.067) | .085 | .203 | (.018) |
Distributions from net investment income | (.066) | (.126) | (.121) | (.134) | (.157) | (.162) |
Distributions from net realized gain | (.002) | (.007) | (.002) | (.021) | (.016) | (.010) |
Total distributions | (.068) | (.133) | (.123) | (.155) | (.173) | (.172) |
Redemption fees added to paid in capitalA | – | – | –B | –B | –B | –B |
Net asset value, end of period | $10.45 | $10.51 | $10.43 | $10.62 | $10.69 | $10.66 |
Total ReturnC,D,E | .08% | 2.04% | (.65)% | .80% | 1.91% | (.17)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .77%H | .77% | .77% | .77% | .76% | .75% |
Expenses net of fee waivers, if any | .77%H | .76% | .77% | .77% | .76% | .75% |
Expenses net of all reductions | .77%H | .76% | .77% | .77% | .75% | .75% |
Net investment income (loss) | 1.27%H | 1.19% | 1.14% | 1.25% | 1.46% | 1.50% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $16 | $17 | $20 | $22 | $25 | $24 |
Portfolio turnover rateI | 25%H,J | 33% | 31% | 30% | 21% | 20% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
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. 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 Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Limited Term Municipal Income Fund Class C
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.51 | $10.43 | $10.62 | $10.69 | $10.66 | $10.84 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .025 | .043 | .038 | .050 | .072 | .077 |
Net realized and unrealized gain (loss) | (.058) | .087 | (.188) | (.049) | .046 | (.169) |
Total from investment operations | (.033) | .130 | (.150) | .001 | .118 | (.092) |
Distributions from net investment income | (.025) | (.043) | (.038) | (.050) | (.072) | (.078) |
Distributions from net realized gain | (.002) | (.007) | (.002) | (.021) | (.016) | (.010) |
Total distributions | (.027) | (.050) | (.040) | (.071) | (.088) | (.088) |
Redemption fees added to paid in capitalA | – | – | –B | –B | –B | –B |
Net asset value, end of period | $10.45 | $10.51 | $10.43 | $10.62 | $10.69 | $10.66 |
Total ReturnC,D,E | (.32)% | 1.24% | (1.42)% | .01% | 1.11% | (.86)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.56%H | 1.55% | 1.55% | 1.55% | 1.54% | 1.54% |
Expenses net of fee waivers, if any | 1.56%H | 1.55% | 1.55% | 1.55% | 1.54% | 1.54% |
Expenses net of all reductions | 1.56%H | 1.55% | 1.55% | 1.55% | 1.54% | 1.53% |
Net investment income (loss) | .48%H | .41% | .35% | .47% | .67% | .72% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $35 | $40 | $53 | $63 | $65 | $71 |
Portfolio turnover rateI | 25%H,J | 33% | 31% | 30% | 21% | 20% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
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. 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 Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Limited Term Municipal Income Fund
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.51 | $10.43 | $10.63 | $10.69 | $10.66 | $10.85 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .082 | .157 | .152 | .164 | .186 | .191 |
Net realized and unrealized gain (loss) | (.059) | .087 | (.198) | (.039) | .046 | (.180) |
Total from investment operations | .023 | .244 | (.046) | .125 | .232 | .011 |
Distributions from net investment income | (.081) | (.157) | (.152) | (.164) | (.186) | (.191) |
Distributions from net realized gain | (.002) | (.007) | (.002) | (.021) | (.016) | (.010) |
Total distributions | (.083) | (.164) | (.154) | (.185) | (.202) | (.201) |
Redemption fees added to paid in capitalA | – | – | –B | –B | –B | –B |
Net asset value, end of period | $10.45 | $10.51 | $10.43 | $10.63 | $10.69 | $10.66 |
Total ReturnC,D | .23% | 2.35% | (.45)% | 1.18% | 2.19% | .10% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .47%G | .47% | .48% | .48% | .48% | .48% |
Expenses net of fee waivers, if any | .47%G | .47% | .48% | .48% | .48% | .48% |
Expenses net of all reductions | .47%G | .47% | .48% | .48% | .48% | .48% |
Net investment income (loss) | 1.57%G | 1.49% | 1.43% | 1.54% | 1.73% | 1.78% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $2,440 | $2,740 | $2,779 | $3,058 | $3,225 | $3,168 |
Portfolio turnover rateH | 25%G,I | 33% | 31% | 30% | 21% | 20% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 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 expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Limited Term Municipal Income Fund Class I
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.51 | $10.44 | $10.63 | $10.70 | $10.67 | $10.85 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .077 | .149 | .145 | .156 | .179 | .184 |
Net realized and unrealized gain (loss) | (.048) | .077 | (.188) | (.048) | .046 | (.169) |
Total from investment operations | .029 | .226 | (.043) | .108 | .225 | .015 |
Distributions from net investment income | (.077) | (.149) | (.145) | (.157) | (.179) | (.185) |
Distributions from net realized gain | (.002) | (.007) | (.002) | (.021) | (.016) | (.010) |
Total distributions | (.079) | (.156) | (.147) | (.178) | (.195) | (.195) |
Redemption fees added to paid in capitalA | – | – | –B | –B | –B | –B |
Net asset value, end of period | $10.46 | $10.51 | $10.44 | $10.63 | $10.70 | $10.67 |
Total ReturnC,D | .28% | 2.17% | (.42)% | 1.02% | 2.12% | .14% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .55%G | .54% | .55% | .55% | .55% | .54% |
Expenses net of fee waivers, if any | .55%G | .54% | .55% | .55% | .55% | .54% |
Expenses net of all reductions | .55%G | .54% | .54% | .55% | .54% | .54% |
Net investment income (loss) | 1.49%G | 1.42% | 1.36% | 1.47% | 1.67% | 1.71% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $307 | $327 | $297 | $276 | $263 | $207 |
Portfolio turnover rateH | 25%G,I | 33% | 31% | 30% | 21% | 20% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 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 expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
(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 M, Class C, Limited Term Municipal Income and Class I 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. 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 are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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.
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.
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. 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. 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.
Distributions 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 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 the short-term gain distributions from the Fidelity Central Funds, 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.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $14,417 |
Gross unrealized depreciation | (22,236) |
Net unrealized appreciation (depreciation) | $(7,819) |
Tax cost | $2,944,316 |
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.
New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $352,453 and $387,533, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.
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% | $255 | $24 |
Class M | -% | .25% | 21 | –(a) |
Class C | .75% | .25% | 185 | 11 |
$461 | $ 35 |
(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 M 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 M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, .75% or .50% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class M | 8 |
Class C(a) | 2 |
$10 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. 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(a) | |
Class A | $178 | .18 |
Class M | 11 | .13 |
Class C | 31 | .17 |
Limited Term Municipal Income | 1,029 | .08 |
Class I | 262 | .16 |
$1,511 |
(a) Annualized
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. For the period, the fees were equivalent to an annualized rate of .02%.
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.
Redemptions In-Kind. During the period, 6,984 shares of the Fund held by an affiliated entity were redeemed in-kind for investments and cash, including accrued interest, with a value of $73,334. The net realized gain of $220 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $5 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $12.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $10.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended June 30, 2018 | Year ended December 31, 2017 | |
From net investment income | ||
Class A | $1,241 | $3,137 |
Class M | 104 | 217 |
Class C | 88 | 188 |
Limited Term Municipal Income | 19,991 | 41,725 |
Class I | 2,405 | 4,508 |
Total | $23,829 | $49,775 |
From net realized gain | ||
Class A | $42 | $164 |
Class M | 3 | 12 |
Class C | 7 | 28 |
Limited Term Municipal Income | 503 | 1,861 |
Class I | 64 | 219 |
Total | $619 | $2,284 |
9. 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 | |
Six months ended June 30, 2018 | Year ended December 31, 2017 | Six months ended June 30, 2018 | Year ended December 31, 2017 | |
Class A | ||||
Shares sold | 1,767 | 6,469 | $18,510 | $68,276 |
Reinvestment of distributions | 116 | 291 | 1,214 | 3,075 |
Shares redeemed | (6,737) | (14,837) | (70,537) | (156,574) |
Net increase (decrease) | (4,854) | (8,077) | $(50,813) | $(85,223) |
Class M | ||||
Shares sold | 390 | 265 | $4,087 | $2,798 |
Reinvestment of distributions | 10 | 21 | 102 | 219 |
Shares redeemed | (512) | (553) | (5,359) | (5,829) |
Net increase (decrease) | (112) | (267) | $(1,170) | $(2,812) |
Class C | ||||
Shares sold | 162 | 368 | $1,693 | $3,894 |
Reinvestment of distributions | 8 | 18 | 83 | 187 |
Shares redeemed | (650) | (1,645) | (6,798) | (17,354) |
Net increase (decrease) | (480) | (1,259) | $(5,022) | $(13,273) |
Limited Term Municipal Income | ||||
Shares sold | 32,443 | 69,026 | $339,557 | $727,315 |
Reinvestment of distributions | 1,472 | 3,031 | 15,373 | 31,978 |
Shares redeemed | (61,212)(a) | (77,778) | (640,315)(a) | (819,524) |
Net increase (decrease) | (27,297) | (5,721) | $(285,385) | $(60,231) |
Class I | ||||
Shares sold | 5,688 | 15,546 | $59,521 | $164,081 |
Reinvestment of distributions | 205 | 383 | 2,145 | 4,047 |
Shares redeemed | (7,614) | (13,255) | (79,524) | (139,853) |
Net increase (decrease) | (1,721) | 2,674 | $(17,858) | $28,275 |
(a) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details)
10. 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.
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, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2018 to June 30, 2018).
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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. 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 January 1, 2018 | Ending Account Value June 30, 2018 | Expenses Paid During Period-B January 1, 2018 to June 30, 2018 | |
Class A | .81% | |||
Actual | $1,000.00 | $1,000.60 | $4.02 | |
Hypothetical-C | $1,000.00 | $1,020.78 | $4.06 | |
Class M | .77% | |||
Actual | $1,000.00 | $1,000.80 | $3.82 | |
Hypothetical-C | $1,000.00 | $1,020.98 | $3.86 | |
Class C | 1.56% | |||
Actual | $1,000.00 | $996.80 | $7.72 | |
Hypothetical-C | $1,000.00 | $1,017.06 | $7.80 | |
Limited Term Municipal Income | .47% | |||
Actual | $1,000.00 | $1,002.30 | $2.33 | |
Hypothetical-C | $1,000.00 | $1,022.46 | $2.36 | |
Class I | .55% | |||
Actual | $1,000.00 | $1,002.80 | $2.73 | |
Hypothetical-C | $1,000.00 | $1,022.07 | $2.76 |
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 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
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Fidelity® Michigan Municipal Income Fund Fidelity® Michigan Municipal Money Market Fund Semi-Annual Report June 30, 2018 |
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Contents
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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.
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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.institutional.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® Michigan Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of June 30, 2018
% of fund's net assets | |
General Obligations | 35.0 |
Health Care | 26.2 |
Transportation | 10.7 |
Education | 9.2 |
Water & Sewer | 6.3 |
Quality Diversification (% of fund's net assets)
As of June 30, 2018 | ||
AAA | 3.4% | |
AA,A | 88.1% | |
BBB | 2.6% | |
Not Rated | 2.0% | |
Short-Term Investments and Net Other Assets | 3.9% |
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
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 97.0% | |||
Principal Amount | Value | ||
Guam - 0.9% | |||
Guam Int'l. Arpt. Auth. Rev.: | |||
Series 2013 C, 6.25% 10/1/34 (a) | $1,000,000 | $1,113,940 | |
Series C, 5% 10/1/21 (a) | 2,920,000 | 3,047,575 | |
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/23 (FSA Insured) | 1,175,000 | 1,294,603 | |
TOTAL GUAM | 5,456,118 | ||
Michigan - 96.1% | |||
Ann Arbor Econ. Dev. Corp. Ltd. Oblig. Rev. (Glacier Hills, Inc. Proj.) 8.375% 1/15/19 (Escrowed to Maturity) | 386,000 | 399,807 | |
Battle Creek School District Series 2016: | |||
5% 5/1/35 | 2,240,000 | 2,523,763 | |
5% 5/1/36 | 1,500,000 | 1,685,580 | |
5% 5/1/37 | 1,175,000 | 1,319,513 | |
Bay City School District Rev.: | |||
5% 11/1/25 | 1,000,000 | 1,137,090 | |
5% 11/1/26 | 1,000,000 | 1,133,020 | |
5% 11/1/27 | 700,000 | 793,114 | |
5% 11/1/28 | 250,000 | 282,678 | |
Brandon School District Series 2016 A: | |||
5% 5/1/28 | 2,515,000 | 2,883,523 | |
5% 5/1/29 | 1,250,000 | 1,428,125 | |
5% 5/1/30 | 1,250,000 | 1,424,788 | |
5% 5/1/34 | 2,475,000 | 2,784,969 | |
Charter Township of Commerce Gen. Oblig. Series 2009 B, 5.125% 12/1/38 (Pre-Refunded to 12/1/18 @ 100) | 970,000 | 984,463 | |
Chippewa Valley Schools: | |||
Series 2016 A: | |||
5% 5/1/32 | 1,000,000 | 1,136,280 | |
5% 5/1/33 | 1,000,000 | 1,132,760 | |
5% 5/1/34 | 1,075,000 | 1,213,181 | |
5% 5/1/35 | 775,000 | 871,914 | |
Series 2016, 5% 5/1/25 | 1,420,000 | 1,649,245 | |
Clarkston Cmnty. Schools: | |||
Series 2016, 5% 5/1/29 | 1,500,000 | 1,698,750 | |
5% 5/1/28 | 1,745,000 | 1,984,344 | |
Detroit City School District Series 2005 A, 5.25% 5/1/30 (FSA Insured) | 5,000,000 | 5,932,000 | |
Detroit School District School Bldg. and Site Impt. Series 2012 A, 5% 5/1/24 | 5,000,000 | 5,499,500 | |
Detroit Swr. Disp. Rev.: | |||
Series 2001 E, 5.75% 7/1/31 (Pre-Refunded to 7/1/18 @ 100) | 1,400,000 | 1,400,000 | |
Series 2006, 5% 7/1/36 | 10,000 | 10,023 | |
Detroit Wtr. Supply Sys. Rev. Series 2006 B, 7% 7/1/36 (Pre-Refunded to 7/1/19 @ 100) | 2,700,000 | 2,842,452 | |
Detroit/Wayne Co. Stadium Auth. Series 2012: | |||
5% 10/1/21 (FSA Insured) | 2,000,000 | 2,137,400 | |
5% 10/1/22 (FSA Insured) | 2,645,000 | 2,872,920 | |
5% 10/1/26 (FSA Insured) | 4,850,000 | 5,205,651 | |
Farmington Pub. School District Gen. Oblig.: | |||
5% 5/1/25 (FSA Insured) | 2,140,000 | 2,452,140 | |
5% 5/1/26 (FSA Insured) | 1,385,000 | 1,586,088 | |
5% 5/1/27 (FSA Insured) | 1,425,000 | 1,626,153 | |
Ferris State Univ. Rev. Series 2016, 5% 10/1/41 | 2,000,000 | 2,249,720 | |
Forest Hills Pub. Schools: | |||
5% 5/1/19 | 1,375,000 | 1,414,421 | |
5% 5/1/20 | 1,575,000 | 1,667,815 | |
5% 5/1/21 | 1,575,000 | 1,707,410 | |
Fraser Pub. School District Series 2006 B, 5% 5/1/29 | 1,455,000 | 1,647,788 | |
Grand Rapids Pub. Schools 5% 5/1/29 (FSA Insured) | 480,000 | 556,776 | |
Grand Rapids San. Swr. Sys. Rev.: | |||
Series 2018: | |||
5% 1/1/31 | 475,000 | 559,859 | |
5% 1/1/32 | 235,000 | 275,916 | |
5% 1/1/33 | 250,000 | 292,395 | |
5% 1/1/34 | 550,000 | 640,299 | |
5% 1/1/35 | 400,000 | 464,596 | |
5% 1/1/38 | 655,000 | 757,848 | |
5% 1/1/43 | 2,100,000 | 2,416,680 | |
5% 1/1/48 | 1,000,000 | 1,147,260 | |
Series 2012, 5% 1/1/37 | 1,250,000 | 1,387,688 | |
Series 2014: | |||
5% 1/1/27 | 1,300,000 | 1,489,592 | |
5% 1/1/29 | 800,000 | 913,552 | |
5% 1/1/30 | 2,000,000 | 2,278,320 | |
Series 2016, 5% 1/1/37 | 1,250,000 | 1,415,775 | |
Grand Rapids Wtr. Supply Sys. Series 2016: | |||
5% 1/1/31 | 250,000 | 287,133 | |
5% 1/1/32 | 320,000 | 365,206 | |
5% 1/1/33 | 550,000 | 628,095 | |
5% 1/1/34 | 500,000 | 568,830 | |
5% 1/1/35 | 920,000 | 1,044,660 | |
5% 1/1/36 | 385,000 | 436,336 | |
5% 1/1/41 | 2,190,000 | 2,461,691 | |
5% 1/1/46 | 800,000 | 892,456 | |
Grand Traverse County Hosp. Fin. Auth.: | |||
Series 2011 A, 5.375% 7/1/35 | 2,000,000 | 2,192,800 | |
Series 2014 A, 5% 7/1/47 | 1,400,000 | 1,507,954 | |
Grand Valley Michigan State Univ. Rev. Series 2014 B: | |||
5% 12/1/25 | 500,000 | 568,220 | |
5% 12/1/26 | 1,900,000 | 2,171,263 | |
5% 12/1/28 | 1,800,000 | 2,043,306 | |
Great Lakes Wtr. Auth. Sew Disp. Sys.: | |||
Series 2016 B, 5% 7/1/30 | 2,000,000 | 2,285,500 | |
Series 2016 C, 5% 7/1/31 | 7,000,000 | 7,861,560 | |
Hudsonville Pub. Schools: | |||
Series 2017: | |||
5% 5/1/29 | 625,000 | 726,550 | |
5% 5/1/30 | 1,000,000 | 1,158,260 | |
5% 5/1/31 | 430,000 | 496,968 | |
5% 5/1/32 | 1,200,000 | 1,380,852 | |
5% 5/1/34 | 1,000,000 | 1,141,560 | |
5% 5/1/35 | 1,000,000 | 1,139,080 | |
4% 5/1/24 | 1,220,000 | 1,314,221 | |
4% 5/1/25 | 500,000 | 533,660 | |
5% 5/1/20 | 1,000,000 | 1,056,520 | |
5% 5/1/22 | 600,000 | 664,128 | |
5.25% 5/1/41 (Pre-Refunded to 5/1/21 @ 100) | 1,750,000 | 1,914,675 | |
Ingham, Eaton and Clinton Counties Lansing School District 5% 5/1/22 | 1,730,000 | 1,914,902 | |
Jackson County Hosp. Fin. Auth. Hosp. Rev. (Allegiance Health Proj.) Series 2010 A, 5% 6/1/37 (Pre-Refunded to 6/1/20 @ 100) | 2,250,000 | 2,387,700 | |
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016: | |||
5% 5/15/28 | 780,000 | 879,824 | |
5% 5/15/29 | 2,500,000 | 2,808,825 | |
5% 5/15/30 | 7,380,000 | 8,264,419 | |
Kent County Gen. Oblig. Series 2015: | |||
5% 1/1/28 | 4,655,000 | 5,369,729 | |
5% 1/1/29 | 4,390,000 | 5,049,817 | |
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2011 A, 5.5% 11/15/25 | 5,000,000 | 5,513,650 | |
Kentwood Pub. Schools Series 2012: | |||
4% 5/1/21 | 1,000,000 | 1,052,440 | |
4% 5/1/22 | 1,000,000 | 1,066,470 | |
L'Anse Creuse Pub. Schools Series 2012, 5% 5/1/23 | 1,500,000 | 1,620,060 | |
Lake Orion Cmnty. School District: | |||
5% 5/1/23 | 1,915,000 | 2,157,382 | |
5% 5/1/25 | 3,275,000 | 3,776,992 | |
Lansing Board of Wtr. & Lt. Util. Rev. 5.5% 7/1/41 | 5,000,000 | 5,477,150 | |
Lansing Cmnty. College: | |||
Series 2012: | |||
5% 5/1/25 | 350,000 | 387,272 | |
5% 5/1/25 (Pre-Refunded to 5/1/22 @ 100) | 1,190,000 | 1,321,816 | |
5% 5/1/23 | 1,135,000 | 1,259,839 | |
Lenawee Co. Hosp. Fin. Auth. Hosp. Rev. (ProMedica Heathcare Oblig. Group Proj.) Series 2011 B, 6% 11/15/35 (Pre-Refunded to 11/15/21 @ 100) | 3,030,000 | 3,420,506 | |
Lincoln Consolidated School District Series 2016 A: | |||
5% 5/1/28 | 2,025,000 | 2,345,375 | |
5% 5/1/29 | 1,430,000 | 1,647,546 | |
5% 5/1/31 | 500,000 | 572,660 | |
5% 5/1/32 | 1,000,000 | 1,141,570 | |
Macomb Interceptor Drain Drainage District Series 2017 A: | |||
5% 5/1/28 | 1,200,000 | 1,424,784 | |
5% 5/1/29 | 1,000,000 | 1,180,410 | |
5% 5/1/30 | 2,000,000 | 2,353,940 | |
5% 5/1/31 | 1,000,000 | 1,174,400 | |
5% 5/1/32 | 1,500,000 | 1,757,745 | |
5% 5/1/33 | 2,100,000 | 2,451,897 | |
5% 5/1/34 | 1,750,000 | 2,034,340 | |
Marquette Board Lt. & Pwr. Elec. Util. Sys. Rev. Series 2016 A: | |||
5% 7/1/29 | 780,000 | 885,409 | |
5% 7/1/30 | 900,000 | 1,018,899 | |
5% 7/1/31 | 780,000 | 881,283 | |
5% 7/1/32 | 1,000,000 | 1,127,590 | |
5% 7/1/33 | 705,000 | 792,300 | |
Michigan Bldg. Auth. Rev.: | |||
(Facilities Prog.) Series 2015 1, 5% 10/15/50 | 7,250,000 | 8,056,708 | |
Series 2009 I, 5.25% 10/15/25 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,088,920 | |
Series 2016: | |||
6% 10/15/38 | 165,000 | 167,076 | |
6% 10/15/38 (Pre-Refunded to 10/15/18 @ 100) | 1,805,000 | 1,828,609 | |
Series IA, 5.375% 10/15/41 | 3,000,000 | 3,299,010 | |
5% 4/15/33 | 5,000,000 | 5,667,150 | |
5% 4/15/38 | 3,000,000 | 3,371,010 | |
6% 10/15/38 (Pre-Refunded to 10/15/18 @ 100) | 3,030,000 | 3,069,632 | |
Michigan Fin. Auth. Rev.: | |||
(Henry Ford Health Sys. Proj.) Series 2016: | |||
5% 11/15/24 | 2,940,000 | 3,342,221 | |
5% 11/15/27 | 2,530,000 | 2,920,075 | |
(Holland Cmnty. Hosp. Proj.) Series 2013 A: | |||
5% 1/1/33 | 1,250,000 | 1,350,563 | |
5% 1/1/40 | 3,000,000 | 3,219,180 | |
(Kalamazoo College Proj.) Series 2018: | |||
5% 12/1/29 (b) | 1,005,000 | 1,172,493 | |
5% 12/1/34 (b) | 735,000 | 842,031 | |
5% 12/1/38 (b) | 735,000 | 833,733 | |
(Local Govt. Ln. Prog.) Series 2014 D, 5% 7/1/37 (FSA Insured) | 1,000,000 | 1,105,510 | |
(Mid-Michigan Health Sys. Proj.) Series 2014, 5% 6/1/39 | 540,000 | 595,318 | |
(Trinity Health Proj.) Series 2017: | |||
5% 12/1/29 | 500,000 | 585,925 | |
5% 12/1/30 | 710,000 | 830,104 | |
5% 12/1/37 | 5,000,000 | 5,726,250 | |
(Trinity Health Proj.) Series 2015, 5% 12/1/33 | 1,220,000 | 1,332,948 | |
Series 2012 A, 5% 6/1/27 (Pre-Refunded to 6/1/22 @ 100) | 125,000 | 138,343 | |
Series 2012: | |||
5% 11/15/24 | 660,000 | 733,907 | |
5% 11/15/25 | 1,000,000 | 1,108,900 | |
5% 11/1/26 | 6,425,000 | 7,118,772 | |
5% 11/15/26 | 800,000 | 885,720 | |
5% 11/15/36 | 6,220,000 | 6,813,388 | |
5% 11/1/42 | 2,000,000 | 2,166,200 | |
5% 11/15/42 | 3,120,000 | 3,385,481 | |
Series 2013: | |||
5% 10/1/25 | 1,255,000 | 1,408,524 | |
5% 8/15/30 | 4,105,000 | 4,528,472 | |
Series 2014 H1: | |||
5% 10/1/22 | 1,000,000 | 1,083,260 | |
5% 10/1/25 | 2,250,000 | 2,527,583 | |
5% 10/1/39 | 4,725,000 | 5,262,091 | |
Series 2014: | |||
5% 6/1/25 | 1,000,000 | 1,134,800 | |
5% 6/1/26 | 700,000 | 792,715 | |
5% 6/1/27 | 700,000 | 790,671 | |
Series 2015 C: | |||
5% 7/1/26 | 570,000 | 638,394 | |
5% 7/1/27 | 1,215,000 | 1,353,498 | |
5% 7/1/28 | 1,500,000 | 1,667,010 | |
5% 7/1/35 | 1,000,000 | 1,095,600 | |
Series 2015 D1: | |||
5% 7/1/34 | 1,250,000 | 1,381,763 | |
5% 7/1/35 | 500,000 | 551,720 | |
Series 2015: | |||
5% 11/15/26 | 2,250,000 | 2,570,783 | |
5% 11/15/27 | 3,500,000 | 3,984,890 | |
5% 11/15/28 | 1,855,000 | 2,104,553 | |
Series 2016 A, 5% 11/1/44 | 6,190,000 | 6,806,276 | |
Series 2016: | |||
5% 11/15/23 | 4,500,000 | 5,061,600 | |
5% 11/15/26 | 1,010,000 | 1,170,600 | |
5% 1/1/29 | 1,000,000 | 1,125,480 | |
5% 11/15/29 | 2,950,000 | 3,376,541 | |
5% 1/1/30 | 1,000,000 | 1,119,100 | |
5% 1/1/31 | 1,170,000 | 1,306,048 | |
5% 1/1/32 | 1,895,000 | 2,104,701 | |
5% 1/1/33 | 1,915,000 | 2,116,209 | |
5% 1/1/34 | 1,385,000 | 1,525,702 | |
5% 11/15/41 | 11,710,000 | 12,965,078 | |
5.25% 12/1/41 | 4,000,000 | 4,566,000 | |
5% 12/1/27 | 1,090,000 | 1,169,243 | |
5% 12/1/27 (Pre-Refunded to 12/1/20 @ 100) | 10,000 | 10,766 | |
Michigan Hosp. Fin. Auth. Rev.: | |||
(MidMichigan Obligated Group Proj.) Series 2009 A, 6.125% 6/1/39 (Pre-Refunded to 6/1/19 @ 100) | 3,740,000 | 3,893,116 | |
(Trinity Health Proj.) Series 2008 C: | |||
5% 12/1/29 | 1,150,000 | 1,347,628 | |
5% 12/1/30 | 1,700,000 | 1,987,572 | |
5% 12/1/31 | 3,000,000 | 3,499,410 | |
Bonds Series 2010 F4, 1.95%, tender 4/1/20 (c) | 5,530,000 | 5,528,065 | |
Series 2008 A1, 6.5% 12/1/33 (Pre-Refunded to 12/1/18 @ 100) | 3,965,000 | 4,047,194 | |
Series 2016: | |||
5% 11/15/46 | 3,500,000 | 3,953,635 | |
5% 11/15/47 | 18,000,000 | 20,318,745 | |
6.5% 12/1/33 (Pre-Refunded to 12/1/18 @ 100) | 165,000 | 168,462 | |
Michigan Muni. Bond Auth. Rev. Series 2005, 5% 10/1/23 (Pre-Refunded to 10/1/19 @ 100) | 385,000 | 401,251 | |
Michigan State Univ. Revs. Series 2013 A, 5% 8/15/41 | 1,125,000 | 1,250,123 | |
Michigan Strategic Fund Ltd. Oblig. Rev. (Cadillac Place Office Bldg. Proj.) Series 2011, 5.25% 10/15/26 | 3,585,000 | 3,952,176 | |
Oakland Univ. Rev.: | |||
Series 2012: | |||
5% 3/1/24 | 1,170,000 | 1,285,900 | |
5% 3/1/25 | 1,225,000 | 1,342,269 | |
5% 3/1/26 | 1,290,000 | 1,409,209 | |
5% 3/1/37 | 4,000,000 | 4,325,800 | |
Series 2013 A: | |||
5% 3/1/25 | 995,000 | 1,110,271 | |
5% 3/1/26 | 1,620,000 | 1,796,337 | |
5% 3/1/27 | 815,000 | 902,205 | |
5% 3/1/38 | 2,900,000 | 3,176,863 | |
Series 2014: | |||
5% 3/1/28 | 335,000 | 374,627 | |
5% 3/1/29 | 525,000 | 585,349 | |
5% 3/1/39 | 3,000,000 | 3,308,490 | |
Series 2016: | |||
5% 3/1/28 | 1,150,000 | 1,322,466 | |
5% 3/1/41 | 3,475,000 | 3,881,853 | |
5% 3/1/47 | 5,000,000 | 5,563,900 | |
Portage Pub. Schools Series 2016: | |||
5% 11/1/32 | 2,500,000 | 2,853,925 | |
5% 11/1/34 | 1,250,000 | 1,415,750 | |
5% 11/1/35 | 1,300,000 | 1,466,595 | |
5% 11/1/39 | 755,000 | 845,638 | |
Rochester Cmnty. School District: | |||
4% 5/1/19 | 1,375,000 | 1,403,380 | |
5% 5/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 740,000 | 761,023 | |
5% 5/1/29 | 1,625,000 | 1,858,708 | |
5% 5/1/30 | 1,700,000 | 1,938,119 | |
5% 5/1/31 | 1,500,000 | 1,711,230 | |
Roseville Cmnty. Schools: | |||
Series 2014: | |||
5% 5/1/24 | 780,000 | 890,113 | |
5% 5/1/25 | 1,000,000 | 1,153,280 | |
5% 5/1/26 | 1,385,000 | 1,585,146 | |
5% 5/1/24 | 570,000 | 651,464 | |
5% 5/1/25 | 1,640,000 | 1,891,379 | |
5% 5/1/26 | 1,715,000 | 1,962,835 | |
5% 5/1/27 | 1,795,000 | 2,047,180 | |
5% 5/1/28 | 1,885,000 | 2,143,547 | |
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) | 3,425,000 | 3,462,401 | |
Series 2014 D: | |||
5% 9/1/26 | 1,000,000 | 1,124,990 | |
5% 9/1/27 | 1,175,000 | 1,317,257 | |
5% 9/1/28 | 1,870,000 | 2,089,108 | |
Saginaw Hosp. Fin. Auth. Hosp. Rev. (Covenant Med. Ctr., Inc.) Series 2010 H, 5% 7/1/30 | 5,000,000 | 5,265,700 | |
Saint Clair County Gen. Oblig. 5% 4/1/26 | 1,495,000 | 1,648,013 | |
South Haven Gen. Oblig. Series 2009, 5.125% 12/1/33 (Pre-Refunded to 12/1/19 @ 100) | 1,000,000 | 1,048,980 | |
South Lyon Cmnty. Schools Series 2016: | |||
5% 5/1/23 | 1,575,000 | 1,776,663 | |
5% 5/1/24 | 3,200,000 | 3,657,344 | |
5% 5/1/25 | 2,355,000 | 2,720,755 | |
Univ. of Michigan Rev. Series 2017 A, 5% 4/1/42 | 5,000,000 | 5,797,300 | |
Warren Consolidated School District: | |||
Series 2016 B, 5% 5/1/26 | 5,365,000 | 6,201,564 | |
Series 2016: | |||
5% 5/1/23 | 810,000 | 912,522 | |
5% 5/1/33 | 5,410,000 | 6,063,420 | |
5% 5/1/34 | 5,630,000 | 6,285,276 | |
Series 2017: | |||
4% 5/1/23 (FSA Insured) | 750,000 | 804,728 | |
4% 5/1/24 (FSA Insured) | 750,000 | 808,103 | |
4% 5/1/25 (FSA Insured) | 500,000 | 539,295 | |
Series 2018: | |||
5% 5/1/29 | 415,000 | 478,682 | |
5% 5/1/30 | 550,000 | 630,894 | |
5% 5/1/32 | 1,100,000 | 1,257,806 | |
5% 5/1/34 | 1,175,000 | 1,334,048 | |
5% 5/1/35 | 1,200,000 | 1,356,000 | |
5% 5/1/36 | 1,000,000 | 1,128,220 | |
5% 5/1/37 | 1,300,000 | 1,465,529 | |
5% 5/1/38 | 800,000 | 900,440 | |
Wayne County Arpt. Auth. Rev.: | |||
(Detroit Metropolitan Wayne County Arpt. Proj.) Series 2012 A: | |||
5% 12/1/24 | 2,875,000 | 3,203,900 | |
5% 12/1/25 | 5,120,000 | 5,682,995 | |
Series 2010 A, 5% 12/1/18 (a) | 1,500,000 | 1,520,100 | |
Series 2011 A: | |||
5% 12/1/21 (a) | 5,000,000 | 5,464,450 | |
5% 12/1/22 (a) | 5,260,000 | 5,708,836 | |
Series 2012 A: | |||
5% 12/1/22 | 2,220,000 | 2,479,918 | |
5% 12/1/23 | 2,300,000 | 2,575,448 | |
Series 2014 C: | |||
5% 12/1/29 (a) | 720,000 | 802,512 | |
5% 12/1/31 (a) | 860,000 | 952,742 | |
5% 12/1/34 (a) | 1,655,000 | 1,821,361 | |
Series 2015 D, 5% 12/1/40 (FSA Insured) | 8,165,000 | 9,156,231 | |
Series 2015 F: | |||
5% 12/1/25 (a) | 2,735,000 | 3,137,100 | |
5% 12/1/27 (a) | 4,810,000 | 5,455,117 | |
Series 2015 G: | |||
5% 12/1/35 | 5,435,000 | 6,102,472 | |
5% 12/1/36 | 5,760,000 | 6,455,232 | |
Series 2017 A: | |||
5% 12/1/37 | 545,000 | 618,940 | |
5% 12/1/42 | 1,455,000 | 1,651,149 | |
Series 2017 B, 5% 12/1/47 (a) | 450,000 | 499,901 | |
West Ottawa Pub. School District: | |||
Series 2012 A: | |||
5% 5/1/25 | 2,640,000 | 2,849,062 | |
5% 5/1/25 (Pre-Refunded to 5/1/21 @ 100) | 1,670,000 | 1,810,865 | |
5% 5/1/26 | 1,225,000 | 1,319,546 | |
5% 5/1/26 (Pre-Refunded to 5/1/21 @ 100) | 775,000 | 840,371 | |
Series 2014 1: | |||
5% 5/1/30 | 725,000 | 816,836 | |
5% 5/1/32 | 500,000 | 559,320 | |
5% 5/1/34 | 900,000 | 1,001,655 | |
5% 5/1/35 | 250,000 | 277,955 | |
Western Michigan Univ. Rev.: | |||
Series 2014: | |||
5% 11/15/25 | 320,000 | 367,418 | |
5% 11/15/26 | 400,000 | 459,016 | |
5% 11/15/28 | 650,000 | 740,155 | |
5% 11/15/29 | 750,000 | 850,733 | |
5% 11/15/30 | 855,000 | 968,766 | |
5% 11/15/31 | 700,000 | 791,392 | |
Series 2015 A: | |||
5% 11/15/26 | 1,000,000 | 1,144,590 | |
5% 11/15/28 | 2,505,000 | 2,847,008 | |
Woodhaven-Brownstown School District County of Wayne: | |||
5% 5/1/36 | 2,835,000 | 3,221,496 | |
5% 5/1/38 | 5,670,000 | 6,421,842 | |
Ypsilanti School District Series A: | |||
5% 5/1/29 | 1,305,000 | 1,468,386 | |
5% 5/1/30 | 1,550,000 | 1,738,356 | |
5% 5/1/32 | 1,750,000 | 1,954,960 | |
Zeeland Pub. Schools: | |||
5% 5/1/27 (FSA Insured) | 1,000,000 | 1,141,160 | |
5% 5/1/28 (FSA Insured) | 500,000 | 568,580 | |
5% 5/1/29 (FSA Insured) | 1,000,000 | 1,133,830 | |
5% 5/1/30 (FSA Insured) | 1,000,000 | 1,131,180 | |
TOTAL MICHIGAN | 614,830,365 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $613,331,825) | 620,286,483 | ||
Municipal Notes - 1.9% | |||
Michigan - 1.9% | |||
Michigan Strategic Fund Ltd. Oblig. Rev. (Air Products and Chemicals, Inc. Proj.) Series 2007 V1, 1.61% 7/2/18, VRDN (c) | 9,000,000 | $9,000,000 | |
Univ. of Michigan Rev. Series 2012 D1, 1.4% 7/2/18, VRDN (c) | 3,500,000 | 3,500,000 | |
TOTAL MICHIGAN | |||
(Cost $12,500,000) | 12,500,000 | ||
TOTAL INVESTMENT IN SECURITIES - 98.9% | |||
(Cost $625,831,825) | 632,786,483 | ||
NET OTHER ASSETS (LIABILITIES) - 1.1% | 6,746,283 | ||
NET ASSETS - 100% | $639,532,766 |
Security Type Abbreviations
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
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 | 35.0% |
Health Care | 26.2% |
Transportation | 10.7% |
Education | 9.2% |
Water & Sewer | 6.3% |
Escrowed/Pre-Refunded | 5.3% |
Others* (Individually Less Than 5%) | 7.3% |
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
June 30, 2018 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $625,831,825) | $632,786,483 | |
Cash | 4,589,175 | |
Receivable for fund shares sold | 335,890 | |
Interest receivable | 5,775,492 | |
Other receivables | 2,012 | |
Total assets | 643,489,052 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $2,847,840 | |
Payable for fund shares redeemed | 437,245 | |
Distributions payable | 392,103 | |
Accrued management fee | 189,823 | |
Other affiliated payables | 61,698 | |
Other payables and accrued expenses | 27,577 | |
Total liabilities | 3,956,286 | |
Net Assets | $639,532,766 | |
Net Assets consist of: | ||
Paid in capital | $631,600,217 | |
Undistributed net investment income | 36,729 | |
Accumulated undistributed net realized gain (loss) on investments | 941,162 | |
Net unrealized appreciation (depreciation) on investments | 6,954,658 | |
Net Assets, for 53,419,473 shares outstanding | $639,532,766 | |
Net Asset Value, offering price and redemption price per share ($639,532,766 ÷ 53,419,473 shares) | $11.97 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2018 (Unaudited) | ||
Investment Income | ||
Interest | $10,337,393 | |
Expenses | ||
Management fee | $1,161,498 | |
Transfer agent fees | 294,292 | |
Accounting fees and expenses | 76,698 | |
Custodian fees and expenses | 2,515 | |
Independent trustees' fees and expenses | 1,421 | |
Registration fees | 20,447 | |
Audit | 26,981 | |
Legal | 4,624 | |
Miscellaneous | 2,708 | |
Total expenses before reductions | 1,591,184 | |
Expense reductions | (4,539) | |
Total expenses after reductions | 1,586,645 | |
Net investment income (loss) | 8,750,748 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 983,780 | |
Total net realized gain (loss) | 983,780 | |
Change in net unrealized appreciation (depreciation) on investment securities | (14,413,057) | |
Net gain (loss) | (13,429,277) | |
Net increase (decrease) in net assets resulting from operations | $(4,678,529) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2018 (Unaudited) | Year ended December 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $8,750,748 | $18,255,773 |
Net realized gain (loss) | 983,780 | 3,506,039 |
Change in net unrealized appreciation (depreciation) | (14,413,057) | 13,813,180 |
Net increase (decrease) in net assets resulting from operations | (4,678,529) | 35,574,992 |
Distributions to shareholders from net investment income | (8,750,332) | (18,249,642) |
Distributions to shareholders from net realized gain | (276,896) | (2,430,358) |
Total distributions | (9,027,228) | (20,680,000) |
Share transactions | ||
Proceeds from sales of shares | 41,535,529 | 118,463,304 |
Reinvestment of distributions | 6,447,794 | 14,106,104 |
Cost of shares redeemed | (75,127,396) | (118,716,731) |
Net increase (decrease) in net assets resulting from share transactions | (27,144,073) | 13,852,677 |
Total increase (decrease) in net assets | (40,849,830) | 28,747,669 |
Net Assets | ||
Beginning of period | 680,382,596 | 651,634,927 |
End of period | $639,532,766 | $680,382,596 |
Other Information | ||
Undistributed net investment income end of period | $36,729 | $36,313 |
Shares | ||
Sold | 3,460,748 | 9,760,527 |
Issued in reinvestment of distributions | 538,975 | 1,162,710 |
Redeemed | (6,269,600) | (9,797,566) |
Net increase (decrease) | (2,269,877) | 1,125,671 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Michigan Municipal Income Fund
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $12.22 | $11.94 | $12.38 | $12.33 | $11.70 | $12.54 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .161 | .333 | .352 | .387 | .422 | .437 |
Net realized and unrealized gain (loss) | (.246) | .324 | (.364) | .050 | .642 | (.777) |
Total from investment operations | (.085) | .657 | (.012) | .437 | 1.064 | (.340) |
Distributions from net investment income | (.160) | (.333) | (.353) | (.387) | (.421) | (.436) |
Distributions from net realized gain | (.005) | (.044) | (.075) | – | (.013) | (.064) |
Total distributions | (.165) | (.377) | (.428) | (.387) | (.434) | (.500) |
Redemption fees added to paid in capitalA | – | – | –B | –B | –B | –B |
Net asset value, end of period | $11.97 | $12.22 | $11.94 | $12.38 | $12.33 | $11.70 |
Total ReturnC,D | (.68)% | 5.57% | (.16)% | 3.61% | 9.23% | (2.75)% |
Ratios to Average Net AssetsE | ||||||
Expenses before reductions | .49%F | .49% | .49% | .49% | .48% | .48% |
Expenses net of fee waivers, if any | .49%F | .48% | .49% | .49% | .48% | .48% |
Expenses net of all reductions | .49%F | .48% | .48% | .49% | .48% | .48% |
Net investment income (loss) | 2.70%F | 2.74% | 2.83% | 3.15% | 3.49% | 3.59% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $639,533 | $680,383 | $651,635 | $634,206 | $569,796 | $528,289 |
Portfolio turnover rate | 14%F | 12% | 25% | 11% | 12% | 8% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 Annualized
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 6/30/18 |
1 - 7 | 82.5 |
8 - 30 | 1.5 |
31 - 60 | 2.7 |
61 - 90 | 1.4 |
91 - 180 | 3.2 |
>180 | 8.7 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
As of June 30, 2018 | ||
Variable Rate Demand Notes (VRDNs) | 47.3% | |
Tender Option Bond | 28.6% | |
Other Municipal Security | 16.4% | |
Investment Companies | 7.7% |
Current 7-Day Yields
6/30/18 | |
Fidelity® Michigan Municipal Money Market Fund | 1.00% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.
Fidelity® Michigan Municipal Money Market Fund
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 47.3% | |||
Principal Amount | Value | ||
Alabama - 0.3% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.68% 7/6/18, VRDN (a)(b) | $1,100,000 | $1,100,000 | |
Arkansas - 0.1% | |||
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 1.66% 7/6/18, VRDN (a)(b) | 300,000 | 300,000 | |
Louisiana - 0.0% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 1.61% 7/6/18, VRDN (b) | 200,000 | 200,000 | |
Michigan - 46.3% | |||
Central Michigan Univ. Rev. Series 2008 A, 1.53% 7/6/18, LOC JPMorgan Chase Bank, VRDN (b) | 3,975,000 | 3,975,000 | |
Grand Traverse County Hosp. Fin. Auth. Series 2011 B, 1.55% 7/6/18, LOC JPMorgan Chase Bank, VRDN (b)(c) | 18,325,000 | 18,325,000 | |
Grand Valley Michigan State Univ. Rev. Series 2008 B, 1.5% 7/6/18, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 17,740,000 | 17,740,000 | |
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2008 C, 1.51% 7/6/18, LOC Bank of New York, New York, VRDN (b) | 600,000 | 600,000 | |
Michigan Fin. Auth. Rev.: | |||
(Healthcare Equip. Ln. Prog.) Series 2015 C, 1.63% 7/6/18, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 1,500,000 | 1,500,000 | |
(Hosp. Proj.) Series 2016 E2, 1.58% 7/6/18, VRDN (b) | 19,100,000 | 19,100,000 | |
Michigan Hsg. Dev. Ltd. Oblig. Rev. (JAS Non-Profit Hsg. Corp. VI Proj.) Series 2000, 1.55% 7/6/18, LOC JPMorgan Chase Bank, VRDN (b) | 7,800,000 | 7,800,000 | |
Michigan State Univ. Revs. Series 2000 A, 1.51% 7/6/18 (Liquidity Facility Northern Trust Co.), VRDN (b) | 14,795,000 | 14,795,000 | |
Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
(Air Products and Chemicals, Inc. Proj.) Series 2007 V1, 1.61% 7/2/18, VRDN (b) | 13,700,000 | 13,700,000 | |
(Consumers Energy Co. Proj.) 1.52% 7/6/18, LOC JPMorgan Chase Bank, VRDN (a)(b) | 18,200,000 | 18,200,000 | |
(Henry Ford Museum & Greenfield Village Proj.) Series 2002, 1.58% 7/2/18, LOC Comerica Bank, VRDN (b) | 15,200,000 | 15,200,000 | |
(The Kroger Co. Recovery Zone Facilities Bond Proj.) Series 2010, 1.55% 7/6/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b) | 18,500,000 | 18,500,000 | |
Oakland County Econ. Dev. Corp. Ltd. Oblig. Rev. (Osmic, Inc. Proj.) Series 2001 A, 1.6% 7/6/18, LOC JPMorgan Chase Bank, VRDN (a)(b) | 1,800,000 | 1,800,000 | |
FHLMC Livonia Econ. Dev. Corp. (Madonna Univ. Proj.) Series 2009, 1.52% 7/6/18, LOC Fed. Home Ln. Bank Chicago, VRDN (b) | 20,375,000 | 20,375,000 | |
171,610,000 | |||
Nebraska - 0.2% | |||
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.68% 7/6/18, VRDN (a)(b) | 600,000 | 600,000 | |
North Carolina - 0.1% | |||
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.66% 7/6/18, VRDN (a)(b) | 200,000 | 200,000 | |
West Virginia - 0.3% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
(Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.65% 7/6/18, VRDN (a)(b) | 800,000 | 800,000 | |
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.65% 7/6/18, VRDN (a)(b) | 500,000 | 500,000 | |
1,300,000 | |||
TOTAL VARIABLE RATE DEMAND NOTE | |||
(Cost $175,310,000) | 175,310,000 | ||
Tender Option Bond - 28.6% | |||
California - 0.6% | |||
California Health Facilities Fing. Auth. Participating VRDN Series 16 XG 00 49, 1.61% 7/6/18 (Liquidity Facility Deutsche Bank AG New York Branch)(b)(d) | 2,200,000 | 2,200,000 | |
Connecticut - 0.3% | |||
Connecticut Gen. Oblig. Participating VRDN Series Floaters 014, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 900,000 | 900,000 | |
Florida - 0.7% | |||
Central Fla Expwy Auth. Rev.: | |||
Bonds Series Floaters E 62, SIFMA Municipal Swap Index + 0.170% 1.68%, tender 7/2/18 (Liquidity Facility Royal Bank of Canada) (b)(d)(e)(f) | 1,100,000 | 1,100,000 | |
Participating VRDN Series Floaters 004, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,600,000 | 1,600,000 | |
2,700,000 | |||
Illinois - 0.8% | |||
Chicago Board of Ed. Participating VRDN: | |||
Series Floaters 003, 1.76% 8/10/18 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 2,100,000 | 2,100,000 | |
Series Floaters 006, 1.76% 8/10/18 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 900,000 | 900,000 | |
3,000,000 | |||
Michigan - 25.4% | |||
Eastern Michigan Univ. Revs. Participating VRDN Series Floaters 009, 1.55% 7/6/18 (Liquidity Facility Barclays Bank PLC) (b)(d) | 6,700,000 | 6,700,000 | |
Grand Rapids San. Swr. Sys. Rev. Participating VRDN Series Floaters XF 26 12, 1.54% 7/6/18 (Liquidity Facility Citibank NA) (b)(d) | 4,000,000 | 4,000,000 | |
Michigan Bldg. Auth. Rev. Participating VRDN: | |||
Series Floaters XF 26 09, 1.55% 7/6/18 (Liquidity Facility Citibank NA) (b)(d) | 800,000 | 800,000 | |
Series Floaters XM 03 92, 1.54% 7/6/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d) | 7,600,000 | 7,600,000 | |
Series Floaters XM 04 65, 1.54% 7/6/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d) | 5,800,000 | 5,800,000 | |
Michigan Fin. Auth. Rev. Participating VRDN: | |||
Series 15 XF0126, 1.56% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 5,000,000 | 5,000,000 | |
Series 16 XM0223, 1.54% 7/6/18 (Liquidity Facility Citibank NA) (b)(d) | 1,010,000 | 1,010,000 | |
Series 16 ZM0166, 1.54% 7/6/18 (Liquidity Facility Royal Bank of Canada) (b)(d) | 8,500,000 | 8,500,000 | |
Series RBC 2016 XM0132, 1.54% 7/6/18 (Liquidity Facility Royal Bank of Canada) (b)(d) | 13,165,000 | 13,165,000 | |
Series RBC 2016 ZM0131, 1.54% 7/6/18 (Liquidity Facility Royal Bank of Canada) (b)(d) | 4,000,000 | 4,000,000 | |
Series XM 04 72, 1.54% 7/6/18 (Liquidity Facility Citibank NA) (b)(d) | 3,750,000 | 3,750,000 | |
Series XX 1043, 1.54% 7/6/18 (Liquidity Facility Barclays Bank PLC) (b)(d) | 1,600,000 | 1,600,000 | |
Michigan Hosp. Fin. Auth. Rev. Participating VRDN Series Floaters XM 04 08, 1.54% 7/6/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d) | 4,475,000 | 4,475,000 | |
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Participating VRDN Series ZF 06 55, 1.54% 7/6/18 (Liquidity Facility Bank of America NA) (b)(d) | 3,800,000 | 3,800,000 | |
Michigan St Hsg. Dev. Auth. Singl Participating VRDN Series Floaters 017, 1.54% 7/6/18 (Liquidity Facility Barclays Bank PLC) (b)(d) | 4,400,000 | 4,400,000 | |
RIB Floater Trust Various States Participating VRDN Series Floaters 008, 1.54% 7/6/18 (Liquidity Facility Barclays Bank PLC) (b)(d) | 3,900,000 | 3,900,000 | |
Univ. of Michigan Rev. Participating VRDN: | |||
Series 15 XF2199, 1.54% 7/6/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d) | 5,977,000 | 5,977,000 | |
Series 15 XF2205, 1.54% 7/6/18 (Liquidity Facility Citibank NA) (b)(d) | 5,300,000 | 5,300,000 | |
Series Floaters ZF 05 90, 1.54% 7/6/18 (Liquidity Facility Toronto-Dominion Bank) (b)(d) | 4,300,000 | 4,300,000 | |
94,077,000 | |||
Montana - 0.4% | |||
Missoula Mont Wtr. Sys. Rev. Participating VRDN Series Floaters 011, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,600,000 | 1,600,000 | |
Ohio - 0.1% | |||
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 295,000 | 295,000 | |
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 200,000 | 200,000 | |
495,000 | |||
Pennsylvania - 0.2% | |||
Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 500,000 | 500,000 | |
Texas - 0.1% | |||
Dallas Fort Worth Int'l. Arpt. Rev. Participating VRDN Series Floaters 011, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) (b)(d) | 100,000 | 100,000 | |
Harris County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series Floaters 010, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 400,000 | 400,000 | |
500,000 | |||
TOTAL TENDER OPTION BOND | |||
(Cost $105,972,000) | 105,972,000 | ||
Other Municipal Security - 16.4% | |||
Kentucky - 0.0% | |||
Jefferson County Poll. Cont. Rev. Bonds Series 01A, 1.7% tender 7/17/18, CP mode | 200,000 | 200,000 | |
Massachusetts - 0.1% | |||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds: | |||
(New England Pwr. Co. Proj.) Series 1992, 1.6% tender 8/10/18, CP mode | 300,000 | 300,000 | |
Series 92, 1.5% tender 7/9/18, CP mode | 200,000 | 200,000 | |
500,000 | |||
Michigan - 15.8% | |||
Grand Rapids San. Swr. Sys. Rev. Bonds Series 2018, 5% 1/1/19 | 1,125,000 | 1,143,589 | |
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 1.76%, tender 1/25/19 (b)(f) | 17,915,000 | 17,915,000 | |
Michigan Bldg. Auth. Rev.: | |||
Bonds: | |||
Series 2013 A, 5% 4/15/19 | 1,250,000 | 1,281,422 | |
Series 2016, 6% 10/15/18 (Pre-Refunded to 10/15/18 @ 100) | 3,800,000 | 3,848,949 | |
6% 10/15/18 (Pre-Refunded to 10/15/18 @ 100) | 3,700,000 | 3,747,665 | |
Series 7, 1.65% 9/13/18, LOC State Street Bank & Trust Co., Boston, LOC U.S. Bank NA, Cincinnati, CP | 3,000,000 | 3,000,000 | |
Michigan Fin. Auth. Rev. Bonds: | |||
(Unemployment Comp Oblg Asmt Proj.) Series 2012 A: | |||
5% 7/1/18 | 1,900,000 | 1,900,000 | |
5% 7/1/19 | 300,000 | 309,894 | |
Series 2015 A, 5% 5/15/19 | 1,000,000 | 1,026,448 | |
Michigan State Univ. Revs. Bonds: | |||
Series 2013 A, 5% 8/15/18 | 1,005,000 | 1,009,102 | |
Series 2015 A, 5% 8/15/18 | 1,000,000 | 1,004,081 | |
Michigan Trunk Line Fund Rev. Bonds Series 2014, 5% 11/15/18 | 4,000,000 | 4,052,775 | |
Royal Oak Hosp. Fin. Auth. Hosp. Rev. Bonds (William Beaumont Hosp. Proj.) Series 2009 V, 8% 9/1/18 (Pre-Refunded to 9/1/18 @ 100) | 2,200,000 | 2,223,799 | |
Univ. of Michigan Rev.: | |||
Bonds Series B, 1.63% tender 8/6/18, CP mode | 1,500,000 | 1,500,000 | |
Series K1, 1.62% 7/9/18, CP | 3,900,000 | 3,900,000 | |
Series K2: | |||
1.29% 2/26/19, CP | 3,800,000 | 3,800,000 | |
1.61% 12/28/18, CP | 3,000,000 | 3,000,000 | |
1.66% 1/28/19, CP | 3,800,000 | 3,800,000 | |
58,462,724 | |||
New Hampshire - 0.5% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds: | |||
(New England Pwr. Co. Proj.) Series 1990 B, 1.65% tender 8/9/18, CP mode | 500,000 | 500,000 | |
Series 90 A, 1.55% tender 7/9/18, CP mode (a) | 400,000 | 400,000 | |
Series A1, 1.35% tender 7/12/18, CP mode (a) | 1,000,000 | 1,000,000 | |
1,900,000 | |||
TOTAL OTHER MUNICIPAL SECURITY | |||
(Cost $61,062,724) | 61,062,724 | ||
Shares | Value | ||
Investment Company - 7.7% | |||
Fidelity Municipal Cash Central Fund, 1.15% (g)(h) | |||
(Cost $28,450,898) | 28,450,713 | 28,450,898 | |
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $370,795,622) | 370,795,622 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 49,868 | ||
NET ASSETS - 100% | $370,845,490 |
Security Type Abbreviations
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
CP – COMMERCIAL PAPER
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) A portion of the security sold on a delayed delivery basis.
(d) Provides evidence of ownership in one or more underlying municipal bonds.
(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 $9,595,000 or 2.6% of net assets.
(f) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(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 are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Cost |
Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) | 1/18/18 | $500,000 |
Central Fla Expwy Auth. Rev. Bonds Series Floaters E 62, SIFMA Municipal Swap Index + 0.170% 1.68%, tender 7/2/18 (Liquidity Facility Royal Bank of Canada) | 2/14/18 | $1,100,000 |
Central Fla Expwy Auth. Rev. Participating VRDN Series Floaters 004, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) | 1/18/18 | $1,600,000 |
Chicago Board of Ed. Participating VRDN Series Floaters 003, 1.76% 8/10/18 (Liquidity Facility Barclays Bank PLC) | 2/1/18 - 4/20/18 | $2,100,000 |
Chicago Board of Ed. Participating VRDN Series Floaters 006, 1.76% 8/10/18 (Liquidity Facility Barclays Bank PLC) | 3/1/18 - 6/14/18 | $900,000 |
Connecticut Gen. Oblig. Participating VRDN Series Floaters 014, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) | 6/29/17 | $900,000 |
Harris County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series Floaters 010, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) | 5/31/18 | $400,000 |
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) | 9/14/17 | $295,000 |
Missoula Mont Wtr. Sys. Rev. Participating VRDN Series Floaters 011, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) | 7/20/17 - 11/3/17 | $1,600,000 |
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) | 3/9/17 | $200,000 |
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 | $308,562 |
Total | $308,562 |
Amounts in the income column in the above table exclude any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
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
June 30, 2018 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $342,344,724) | $342,344,724 | |
Fidelity Central Funds (cost $28,450,898) | 28,450,898 | |
Total Investment in Securities (cost $370,795,622) | $370,795,622 | |
Cash | 11,486 | |
Receivable for securities sold on a delayed delivery basis | 300,000 | |
Receivable for fund shares sold | 79,551 | |
Interest receivable | 767,071 | |
Distributions receivable from Fidelity Central Funds | 35,962 | |
Other receivables | 309 | |
Total assets | 371,990,001 | |
Liabilities | ||
Payable for fund shares redeemed | $951,037 | |
Distributions payable | 7,548 | |
Accrued management fee | 112,632 | |
Other affiliated payables | 52,782 | |
Other payables and accrued expenses | 20,512 | |
Total liabilities | 1,144,511 | |
Net Assets | $370,845,490 | |
Net Assets consist of: | ||
Paid in capital | $371,155,735 | |
Distributions in excess of net investment income | (1,903) | |
Accumulated undistributed net realized gain (loss) on investments | (308,342) | |
Net Assets, for 370,489,319 shares outstanding | $370,845,490 | |
Net Asset Value, offering price and redemption price per share ($370,845,490 ÷ 370,489,319 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2018 (Unaudited) | ||
Investment Income | ||
Interest | $2,353,603 | |
Income from Fidelity Central Funds | 308,562 | |
Total income | 2,662,165 | |
Expenses | ||
Management fee | $693,744 | |
Transfer agent fees | 297,121 | |
Accounting fees and expenses | 30,431 | |
Custodian fees and expenses | 1,635 | |
Independent trustees' fees and expenses | 854 | |
Registration fees | 17,212 | |
Audit | 19,698 | |
Legal | 3,220 | |
Miscellaneous | 940 | |
Total expenses before reductions | 1,064,855 | |
Expense reductions | (1,403) | |
Total expenses after reductions | 1,063,452 | |
Net investment income (loss) | 1,598,713 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 8,977 | |
Fidelity Central Funds | 2,311 | |
Total net realized gain (loss) | 11,288 | |
Net increase in net assets resulting from operations | $1,610,001 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2018 (Unaudited) | Year ended December 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,598,713 | $1,722,891 |
Net realized gain (loss) | 11,288 | 3,760 |
Net increase in net assets resulting from operations | 1,610,001 | 1,726,651 |
Distributions to shareholders from net investment income | (1,598,963) | (1,722,434) |
Distributions to shareholders from net realized gain | (319,098) | (4,294) |
Total distributions | (1,918,061) | (1,726,728) |
Share transactions at net asset value of $1.00 per share | ||
Proceeds from sales of shares | 20,683,231 | 35,302,513 |
Reinvestment of distributions | 1,857,077 | 1,674,103 |
Cost of shares redeemed | (72,206,917) | (190,525,240) |
Net increase (decrease) in net assets and shares resulting from share transactions | (49,666,609) | (153,548,624) |
Total increase (decrease) in net assets | (49,974,669) | (153,548,701) |
Net Assets | ||
Beginning of period | 420,820,159 | 574,368,860 |
End of period | $370,845,490 | $420,820,159 |
Other Information | ||
Distributions in excess of net investment income end of period | $(1,903) | $(1,653) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Michigan Municipal Money Market Fund
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | ||||||
Net investment income (loss) | .004 | .004 | .001 | –A | –A | –A |
Net realized and unrealized gain (loss) | .001 | –A | .001 | –A | –A | –A |
Total from investment operations | .005 | .004 | .002 | –A | –A | –A |
Distributions from net investment income | (.004) | (.004) | (.001) | –A | –A | –A |
Distributions from net realized gain | (.001) | –A | (.001) | –A | –A | –A |
Total distributions | (.005) | (.004) | (.002) | –A | –A | –A |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnB,C | .50% | .37% | .16% | .01% | .01% | .02% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | .55%F | .53% | .52% | .53% | .53% | .54% |
Expenses net of fee waivers, if any | .55%F | .53% | .35% | .06% | .07% | .11% |
Expenses net of all reductions | .55%F | .53% | .35% | .06% | .07% | .11% |
Net investment income (loss) | .83%F | .35% | .06% | .01% | .01% | .01% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $370,845 | $420,820 | $574,369 | $993,737 | $1,044,226 | $1,077,691 |
A Amount represents less than $.0005 per share.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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.
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 Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
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. Shares of the Money Market Fund are only available for purchase by retail shareholders. 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 does 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.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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 Fair Value Committee (the Committee) established by the Income Fund's investment adviser. 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.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to short-term gain distributions from the Fidelity Central Funds, market discount, deferred trustees compensation and losses deferred due to excise tax regulations.
The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Michigan Municipal Income Fund | $625,825,601 | $12,047,289 | $(5,086,407) | $6,960,882 |
Fidelity Michigan Municipal Money Market Fund | 370,795,622 | – | – | – |
Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2017 to December 31, 2017. Loss deferrals were as follows:
Capital losses | |
Fidelity Michigan Municipal Money Market Fund | $(532) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain 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. Certain Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.
New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $43,500,705 and $71,071,411, 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 annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
Individual Rate | Group Rate | Total | |
Fidelity Michigan Municipal Income Fund | .25% | .11% | .36% |
Fidelity Michigan Municipal Money Market Fund | .25% | .11% | .36% |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Funds. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Fidelity Michigan Municipal Income Fund | .09% |
Fidelity Michigan Municipal Money Market Fund | .15% |
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. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Michigan Municipal Income Fund | .02 |
Fidelity Michigan Municipal Money Market Fund | .02 |
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 | $957 |
During the period, the Income Fund did not borrow on this line of credit.
7. Expense Reductions.
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 | $2,511 |
Fidelity Michigan Municipal Money Market Fund | 127 |
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 | $2,028 |
Fidelity Michigan Municipal Money Market Fund | 1,276 |
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.
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2018 to June 30, 2018).
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.
Annualized Expense Ratio-A | Beginning Account Value January 1, 2018 | Ending Account Value June 30, 2018 | Expenses Paid During Period-B January 1, 2018 to June 30, 2018 | |
Fidelity Michigan Municipal Income Fund | .49% | |||
Actual | $1,000.00 | $993.20 | $2.42 | |
Hypothetical-C | $1,000.00 | $1,022.36 | $2.46 | |
Fidelity Michigan Municipal Money Market Fund | .55% | |||
Actual | $1,000.00 | $1,005.00 | $2.73 | |
Hypothetical-C | $1,000.00 | $1,022.07 | $2.76 |
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 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
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Fidelity® Minnesota Municipal Income Fund Semi-Annual Report June 30, 2018 |
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Contents
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. © 2018 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.institutional.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.
Investment Summary (Unaudited)
Top Five Sectors as of June 30, 2018
% of fund's net assets | |
General Obligations | 37.6 |
Health Care | 21.4 |
Electric Utilities | 17.2 |
Education | 8.8 |
Transportation | 6.9 |
Quality Diversification (% of fund's net assets)
As of June 30, 2018 | ||
AAA | 5.1% | |
AA,A | 86.8% | |
BBB | 5.2% | |
Not Rated | 1.3% | |
Short-Term Investments and Net Other Assets | 1.6% |
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.
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.4% | |||
Principal Amount | Value | ||
Guam - 0.4% | |||
Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.25% 10/1/34 (a) | 850,000 | 946,849 | |
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/21 (FSA Insured) | 1,100,000 | 1,193,742 | |
TOTAL GUAM | 2,140,591 | ||
Minnesota - 98.0% | |||
Anoka-Hennepin Independent School District 11 Series 2014 A: | |||
5% 2/1/23 | $805,000 | $897,800 | |
5% 2/1/24 | 1,110,000 | 1,256,709 | |
5% 2/1/25 | 1,015,000 | 1,144,078 | |
5% 2/1/26 | 1,220,000 | 1,371,085 | |
5% 2/1/27 | 1,285,000 | 1,442,014 | |
5% 2/1/28 | 1,345,000 | 1,506,373 | |
5% 2/1/29 | 1,415,000 | 1,581,673 | |
5% 2/1/34 | 1,800,000 | 1,999,224 | |
Breckenridge Gen. Oblig. (Catholic Health Initiatives Proj.) Series 2004 A, 5% 5/1/30 | 3,910,000 | 3,941,632 | |
Chaska Elec. Rev.: | |||
Series 2015 A: | |||
5% 10/1/27 | 1,665,000 | 1,900,081 | |
5% 10/1/29 | 785,000 | 889,790 | |
5% 10/1/26 | 1,000,000 | 1,144,720 | |
Chaska Independent School District #112 Gen. Oblig.: | |||
(Cr. Enhancement Prog.) Series 2012 A, 5% 2/1/22 | 4,975,000 | 5,495,037 | |
(Minnesota School District Cr. Enhancement Prog.) Series 2016 A: | |||
5% 2/1/30 | 1,400,000 | 1,622,418 | |
5% 2/1/31 | 3,600,000 | 4,163,904 | |
Cloquet Independent School District #94 Series 2015 B: | |||
5% 2/1/28 | 3,030,000 | 3,502,680 | |
5% 2/1/31 | 1,245,000 | 1,423,757 | |
Ctr. City Health Care Facilities (Hazelden Betty Ford Foundation Proj.) Series 2014: | |||
5% 11/1/23 | 775,000 | 881,834 | |
5% 11/1/25 | 250,000 | 286,518 | |
5% 11/1/26 | 500,000 | 568,645 | |
5% 11/1/27 | 420,000 | 474,785 | |
Duluth Gen. Oblig. Series 2016 A: | |||
5% 2/1/28 | 1,660,000 | 1,938,598 | |
5% 2/1/30 | 1,235,000 | 1,432,118 | |
5% 2/1/31 | 1,495,000 | 1,730,283 | |
5% 2/1/32 | 2,130,000 | 2,457,338 | |
Hennepin County Gen. Oblig.: | |||
Series 2016 A: | |||
5% 12/1/39 | 5,250,000 | 6,114,360 | |
5% 12/1/40 | 7,200,000 | 8,379,576 | |
Series 2016 B, 5% 12/1/31 | 1,135,000 | 1,344,294 | |
Jordan Ind. School District: | |||
Series 2014 A: | |||
5% 2/1/28 | 960,000 | 1,076,429 | |
5% 2/1/29 (Pre-Refunded to 2/1/29 @ 100) | 1,000,000 | 1,109,770 | |
5% 2/1/30 (Pre-Refunded to 2/1/30 @ 100) | 1,245,000 | 1,381,664 | |
Series A, 5% 2/1/28 (Pre-Refunded to 2/1/28 @ 100) | 40,000 | 44,391 | |
Lakeville Independent School District #194 Series 2012 D, 5% 2/1/20 | 1,570,000 | 1,651,562 | |
Maple Grove Health Care Sys. Rev.: | |||
Series 2015: | |||
4% 9/1/35 | 1,250,000 | 1,270,988 | |
5% 9/1/28 | 695,000 | 775,884 | |
5% 9/1/30 | 1,500,000 | 1,663,410 | |
5% 9/1/31 | 1,300,000 | 1,438,996 | |
5% 9/1/32 | 1,000,000 | 1,104,910 | |
Series 2017: | |||
5% 5/1/26 | 1,355,000 | 1,561,136 | |
5% 5/1/27 | 1,400,000 | 1,625,106 | |
5% 5/1/28 | 2,000,000 | 2,301,420 | |
5% 5/1/29 | 1,000,000 | 1,145,710 | |
5% 5/1/30 | 850,000 | 971,032 | |
5% 5/1/31 | 510,000 | 580,089 | |
5% 5/1/32 | 500,000 | 566,660 | |
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev.: | |||
(Allina Health Sys. Proj.) Series 2017 A: | |||
5% 11/15/27 | 1,250,000 | 1,472,075 | |
5% 11/15/28 | 2,730,000 | 3,200,925 | |
5% 11/15/29 | 1,040,000 | 1,208,761 | |
(Children's Health Care Proj.): | |||
Series 1995 B, 5% 8/15/25 (FSA Insured) | 3,000,000 | 3,178,500 | |
Series 2010 A, 5.25% 8/15/25 | 1,000,000 | 1,066,360 | |
(Children's Hospitals and Clinics Proj.) Series 2004 A1, 5% 8/15/34 (FSA Insured) | 500,000 | 528,255 | |
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | |||
Series 2012 B: | |||
5% 1/1/26 | 1,250,000 | 1,367,100 | |
5% 1/1/27 | 1,500,000 | 1,639,470 | |
Series 2014 A: | |||
5% 1/1/26 | 3,015,000 | 3,414,608 | |
5% 1/1/28 | 4,000,000 | 4,501,640 | |
5% 1/1/29 | 2,150,000 | 2,412,601 | |
5% 1/1/30 | 2,000,000 | 2,237,760 | |
5% 1/1/31 | 6,020,000 | 6,712,842 | |
Series 2016 A: | |||
5% 1/1/30 | 4,000,000 | 4,690,880 | |
5% 1/1/31 | 2,350,000 | 2,750,064 | |
5% 1/1/32 | 2,900,000 | 3,386,504 | |
Series 2016 D: | |||
5% 1/1/23 (a) | 670,000 | 745,308 | |
5% 1/1/27 (a) | 350,000 | 404,131 | |
5% 1/1/28 (a) | 430,000 | 494,414 | |
5% 1/1/29 (a) | 225,000 | 257,434 | |
5% 1/1/30 (a) | 475,000 | 541,567 | |
5% 1/1/31 (a) | 200,000 | 227,708 | |
5% 1/1/32 (a) | 200,000 | 227,068 | |
5% 1/1/33 (a) | 220,000 | 248,901 | |
5% 1/1/34 (a) | 225,000 | 253,667 | |
5% 1/1/35 (a) | 225,000 | 253,134 | |
5% 1/1/36 (a) | 220,000 | 247,335 | |
5% 1/1/37 (a) | 250,000 | 280,473 | |
5% 1/1/41 (a) | 725,000 | 809,963 | |
Minneapolis Health Care Sys. Rev.: | |||
Series 2015 A: | |||
5% 11/15/27 (FSA Insured) | 850,000 | 981,011 | |
5% 11/15/28 | 1,380,000 | 1,585,730 | |
5% 11/15/29 | 1,000,000 | 1,138,360 | |
5% 11/15/30 | 1,000,000 | 1,142,630 | |
5% 11/15/31 | 3,665,000 | 4,179,896 | |
5% 11/15/32 | 2,200,000 | 2,505,954 | |
6.5% 11/15/38 | 2,960,000 | 3,015,174 | |
6.5% 11/15/38 (Pre-Refunded to 11/15/18 @ 100) | 540,000 | 550,066 | |
Minneapolis Spl. School District: | |||
(MN SD Cr. Enhancement Prog.): | |||
Series 2017 A, 5% 2/1/29 | 1,095,000 | 1,311,394 | |
Series 2017 B, 5% 2/1/29 | 2,590,000 | 3,101,836 | |
Series 2017 A, 4% 2/1/33 | 1,415,000 | 1,524,677 | |
Series 2017 B: | |||
4% 2/1/33 | 2,595,000 | 2,796,138 | |
4% 2/1/34 | 2,595,000 | 2,782,748 | |
Series B, 5% 2/1/28 | 1,100,000 | 1,306,437 | |
Minneapolis Spl. School District #1 Ctfs. of Prtn. Series 2016 C, 5% 2/1/31 | 1,915,000 | 2,226,322 | |
Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C1: | |||
5% 2/15/30 (Assured Guaranty Corp. Insured) | 3,750,000 | 3,936,600 | |
5.25% 2/15/23 (Assured Guaranty Corp. Insured) | 1,660,000 | 1,756,280 | |
5.5% 2/15/25 (Assured Guaranty Corp. Insured) | 2,500,000 | 2,647,925 | |
Minnesota Ctfs. Prtn. (Minnesota Gen. Oblig. Proj.) Series 2014, 5% 6/1/39 | 2,445,000 | 2,746,028 | |
Minnesota Gen. Oblig.: | |||
Series 2010 D: | |||
5% 8/1/21 | 985,000 | 1,052,118 | |
5% 8/1/21 (Pre-Refunded to 8/1/20 @ 100) | 15,000 | 15,978 | |
5% 8/1/22 | 4,930,000 | 5,262,775 | |
5% 8/1/22 (Pre-Refunded to 8/1/20 @ 100) | 70,000 | 74,562 | |
5% 8/1/23 | 9,855,000 | 10,516,073 | |
5% 8/1/23 (Pre-Refunded to 8/1/20 @ 100) | 145,000 | 154,450 | |
Series 2011 B: | |||
5% 10/1/24 | 2,500,000 | 2,738,525 | |
5% 10/1/30 | 3,000,000 | 3,272,370 | |
Series 2013 A, 5% 8/1/25 | 3,780,000 | 4,305,307 | |
Series 2013 D, 5% 10/1/23 | 1,100,000 | 1,261,722 | |
Series 2015 A, 5% 8/1/33 | 1,900,000 | 2,195,678 | |
Series 2017 A, 5% 10/1/31 | 5,000,000 | 5,957,600 | |
Series 2017A, 5% 10/1/33 | 3,335,000 | 3,952,675 | |
5% 8/1/24 | 4,780,000 | 5,326,880 | |
5% 8/1/24 (Pre-Refunded to 8/1/22 @ 100) | 220,000 | 245,260 | |
Minnesota Higher Ed. Facilities Auth. Rev.: | |||
(College of St. Scholastica, Inc. Proj.) Series Seven-H, 5.25% 12/1/35 | 1,000,000 | 1,033,920 | |
(Gustovus Adolphus College Proj.) Series Seven-B: | |||
5% 10/1/22 (Pre-Refunded to 10/1/19 @ 100) | 2,250,000 | 2,342,115 | |
5% 10/1/23 (Pre-Refunded to 10/1/19 @ 100) | 1,000,000 | 1,040,940 | |
(Macalester College, MN Proj.) Series 2017: | |||
5% 3/1/28 | 400,000 | 470,616 | |
5% 3/1/30 | 500,000 | 584,060 | |
(Univ. of St Thomas) Series 2017 A: | |||
5% 10/1/27 | 500,000 | 590,815 | |
5% 10/1/28 | 735,000 | 863,250 | |
5% 10/1/29 | 750,000 | 874,898 | |
5% 10/1/30 | 655,000 | 761,772 | |
(Univ. of St. Thomas Proj.) Series Seven-A, 5% 10/1/39 (Pre-Refunded to 10/1/19 @ 100) | 1,650,000 | 1,717,551 | |
Series 2015 8J, 5% 3/1/24 | 1,000,000 | 1,146,520 | |
Series 2017 A, 4% 10/1/35 | 800,000 | 837,768 | |
Series 2017: | |||
5% 3/1/28 | 2,000,000 | 2,380,280 | |
5% 3/1/31 | 1,000,000 | 1,176,540 | |
5% 10/1/31 | 590,000 | 681,533 | |
5% 3/1/34 | 530,000 | 615,569 | |
5% 10/1/34 | 440,000 | 502,172 | |
5% 10/1/35 | 555,000 | 631,041 | |
Series 8 L: | |||
5% 4/1/28 | 920,000 | 1,059,306 | |
5% 4/1/29 | 1,005,000 | 1,151,157 | |
5% 4/1/35 | 500,000 | 563,105 | |
Series Eight J, 5% 3/1/26 | 1,015,000 | 1,167,088 | |
Series G8, 5% 12/1/31 | 1,000,000 | 1,147,020 | |
Series Seven-Q: | |||
5% 10/1/18 | 400,000 | 403,292 | |
5% 10/1/19 | 780,000 | 809,383 | |
5% 10/1/20 | 1,140,000 | 1,211,296 | |
5% 3/1/27 | 500,000 | 572,945 | |
Minnesota Hsg. Fin. Agcy. Series 2015 A: | |||
5% 8/1/29 | 1,000,000 | 1,140,130 | |
5% 8/1/30 | 1,000,000 | 1,137,720 | |
5% 8/1/31 | 1,000,000 | 1,135,910 | |
5% 8/1/32 | 1,000,000 | 1,134,700 | |
5% 8/1/33 | 1,000,000 | 1,132,900 | |
Minnesota Muni. Pwr. Agcy. Elec. Rev.: | |||
Series 2014 A: | |||
5% 10/1/25 | 200,000 | 229,856 | |
5% 10/1/26 | 830,000 | 950,275 | |
Series 2014: | |||
5% 10/1/26 | 630,000 | 721,293 | |
5% 10/1/27 | 750,000 | 856,358 | |
5% 10/1/30 | 1,000,000 | 1,139,330 | |
Series 2016: | |||
4% 10/1/41 | 1,000,000 | 1,042,780 | |
5% 10/1/32 | 1,500,000 | 1,719,975 | |
5% 10/1/33 | 400,000 | 457,088 | |
5% 10/1/35 | 400,000 | 454,276 | |
5% 10/1/36 | 1,000,000 | 1,133,360 | |
5% 10/1/47 | 2,000,000 | 2,248,180 | |
Minnesota Pub. Facilities Auth. Rev.: | |||
Series 2016 A, 5% 3/1/29 | 5,000,000 | 5,870,250 | |
5% 3/1/30 | 5,150,000 | 6,030,702 | |
Minnesota State Colleges & Univs. Board of Trustees Rev.: | |||
Series 2009 A: | |||
4% 10/1/19 | 1,550,000 | 1,597,570 | |
4% 10/1/20 | 1,580,000 | 1,625,709 | |
Series 2011 A, 5% 10/1/30 | 1,495,000 | 1,631,224 | |
Minnesota State Gen. Fdg. Rev.: | |||
Series 2012 B: | |||
5% 3/1/27 | 12,840,000 | 14,126,168 | |
5% 3/1/28 | 4,275,000 | 4,701,645 | |
5% 3/1/29 | 2,250,000 | 2,473,718 | |
5% 6/1/27 | 5,000,000 | 5,618,500 | |
5% 6/1/38 | 5,000,000 | 5,569,300 | |
Moorhead Edl. Facilities Rev. (The Concordia College Corp. Proj.) Series 2016, 5% 12/1/25 | 2,500,000 | 2,819,850 | |
Mounds View Independent School District #621 Series 2018 A, 5% 2/1/29 | 6,840,000 | 8,054,442 | |
North Branch Independent School District #138 Series 2017 A, 4% 2/1/30 | 2,050,000 | 2,216,891 | |
Northern Muni. Pwr. Agcy. Elec. Sys. Rev.: | |||
Series 2010 A1: | |||
5% 1/1/19 | 3,010,000 | 3,060,357 | |
5% 1/1/20 | 2,100,000 | 2,199,603 | |
Series 2013 A: | |||
5% 1/1/23 | 850,000 | 949,773 | |
5% 1/1/24 | 650,000 | 718,387 | |
5% 1/1/25 | 975,000 | 1,077,580 | |
5% 1/1/31 | 1,740,000 | 1,893,694 | |
Series 2016: | |||
5% 1/1/28 | 500,000 | 570,635 | |
5% 1/1/29 | 620,000 | 703,117 | |
5% 1/1/30 | 520,000 | 586,732 | |
5% 1/1/31 | 350,000 | 393,918 | |
Series 2017: | |||
5% 1/1/29 | 460,000 | 528,908 | |
5% 1/1/31 | 400,000 | 456,056 | |
5% 1/1/33 | 475,000 | 537,401 | |
5% 1/1/35 | 520,000 | 585,432 | |
Rochester Elec. Util. Rev.: | |||
Series 2013 B: | |||
5% 12/1/26 | 570,000 | 647,873 | |
5% 12/1/27 | 275,000 | 312,120 | |
5% 12/1/28 | 275,000 | 310,926 | |
5% 12/1/43 | 1,000,000 | 1,109,730 | |
Series 2017 A: | |||
5% 12/1/42 | 1,100,000 | 1,258,928 | |
5% 12/1/47 | 1,000,000 | 1,140,500 | |
Rochester Health Care Facilities Rev.: | |||
(Mayo Clinic Proj.) Series 2008 E, 5% 11/15/38 | 4,000,000 | 4,240,680 | |
(Olmsted Med. Ctr. Proj.) Series 2013: | |||
5% 7/1/18 | 685,000 | 685,000 | |
5% 7/1/21 | 790,000 | 855,436 | |
5% 7/1/22 | 350,000 | 387,702 | |
5% 7/1/24 | 300,000 | 337,107 | |
5% 7/1/27 | 245,000 | 272,131 | |
5% 7/1/28 | 225,000 | 249,361 | |
5% 7/1/33 | 1,225,000 | 1,339,048 | |
Bonds (Mayo Foundation Proj.) Series C, 4.5%, tender 11/15/21 (b) | 1,100,000 | 1,190,200 | |
Series 2016 B, 5% 11/15/35 | 4,000,000 | 4,996,120 | |
Roseville Independent School District #623: | |||
(Minnesota Gen. Oblig.) Series 2018 A, 5% 2/1/31 | 5,000,000 | 5,771,700 | |
(MN School District Cr. Enhancement Prog.) Series 2018 A: | |||
5% 2/1/26 | 2,400,000 | 2,788,440 | |
5% 2/1/29 | 5,180,000 | 6,022,113 | |
Saint Cloud Health Care Rev.: | |||
(Centracare Health Sys. Proj.) Series 2014 B, 5% 5/1/24 | 1,510,000 | 1,725,809 | |
Series 2014 B, 5% 5/1/22 | 1,950,000 | 2,157,656 | |
Series 2016 A: | |||
5% 5/1/29 | 1,000,000 | 1,151,370 | |
5% 5/1/30 | 1,000,000 | 1,144,570 | |
5% 5/1/31 | 1,000,000 | 1,141,570 | |
5% 5/1/46 | 5,000,000 | 5,563,700 | |
5.125% 5/1/30 | 310,000 | 327,868 | |
Saint Paul Hsg. & Redev. Auth. Hosp. Rev. (HealthEast Care Sys. Proj.) Series 2015 A: | |||
5% 11/15/27 (Pre-Refunded to 11/15/25 @ 100) | 2,515,000 | 2,952,182 | |
5% 11/15/29 (Pre-Refunded to 11/15/25 @ 100) | 1,750,000 | 2,054,203 | |
5% 11/15/30 (Pre-Refunded to 11/15/25 @ 100) | 1,585,000 | 1,860,521 | |
Saint Paul Port Auth. Lease Rev. Series 2013, 5% 12/1/21 | 4,900,000 | 5,377,211 | |
Saint Paul Sales Tax Rev. Series 2014 G: | |||
5% 11/1/26 | 1,000,000 | 1,144,180 | |
5% 11/1/28 | 1,000,000 | 1,137,290 | |
Sartell Independent School District 748: | |||
Series 2016 A, 5% 2/1/27 | 1,825,000 | 2,112,109 | |
Series 2016 B, 5% 2/1/26 | 1,500,000 | 1,739,940 | |
Shakopee Health Care Facilities Rev. Series 2014: | |||
5% 9/1/23 | 1,895,000 | 2,115,218 | |
5% 9/1/24 | 1,000,000 | 1,127,290 | |
5% 9/1/25 | 1,345,000 | 1,508,095 | |
5% 9/1/26 | 1,575,000 | 1,754,676 | |
5% 9/1/28 | 1,000,000 | 1,107,550 | |
5% 9/1/34 | 1,065,000 | 1,161,425 | |
Shakopee Independent School District #720 Series 2012, 5% 2/1/21 | 1,000,000 | 1,077,870 | |
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 | 6,155,849 | |
0% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 14,670,000 | 13,907,894 | |
0% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,165,000 | 2,545,071 | |
Series 2009 A, 5.5% 1/1/24 (Pre-Refunded to 1/1/19 @ 100) | 500,000 | 509,990 | |
Series 2015 A: | |||
5% 1/1/28 | 1,000,000 | 1,156,580 | |
5% 1/1/34 | 1,695,000 | 1,919,791 | |
5% 1/1/36 | 1,000,000 | 1,128,330 | |
5% 1/1/41 | 1,000,000 | 1,123,350 | |
St. Paul Hsg. & Redev. Auth. Health Care Facilities Rev.: | |||
(Fairview Hsp & Hltcare Srv Sys. Proj.) 5% 11/15/47 | 6,000,000 | 6,759,180 | |
Series 2009 A1: | |||
5.25% 11/15/29 | 1,475,000 | 1,554,886 | |
5.25% 11/15/29 (Pre-Refunded to 11/15/19 @ 100) | 1,525,000 | 1,598,215 | |
Series 2009 A2: | |||
5.5% 11/15/24 | 990,000 | 1,041,272 | |
5.5% 11/15/24 (Pre-Refunded to 11/15/19 @ 100) | 1,010,000 | 1,061,894 | |
Series 2015 A: | |||
5% 7/1/29 | 5,000,000 | 5,704,550 | |
5% 7/1/30 | 5,000,000 | 5,690,950 | |
Series 2017 A: | |||
5% 11/15/30 | 650,000 | 754,293 | |
5% 11/15/31 | 845,000 | 976,854 | |
5% 11/15/33 | 800,000 | 918,512 | |
5% 11/15/34 | 665,000 | 760,035 | |
Univ. of Minnesota Gen. Oblig.: | |||
Series 2009 A, 5% 4/1/23 (Pre-Refunded to 4/1/19 @ 100) | 200,000 | 205,204 | |
Series 2011 D: | |||
5% 12/1/23 (Pre-Refunded to 12/1/21 @ 100) | 1,180,000 | 1,301,481 | |
5% 12/1/26 (Pre-Refunded to 12/1/21 @ 100) | 1,020,000 | 1,125,009 | |
5% 12/1/36 (Pre-Refunded to 12/1/21 @ 100) | 2,085,000 | 2,299,651 | |
Series 2016: | |||
5% 4/1/37 | 2,125,000 | 2,435,633 | |
5% 4/1/41 | 6,000,000 | 6,832,440 | |
Series 2017 A, 5% 9/1/33 | 5,025,000 | 5,943,872 | |
Series 2017A, 5% 9/1/37 | 3,880,000 | 4,538,048 | |
Series 2017B, 5% 12/1/32 | 2,000,000 | 2,383,660 | |
Univ. of Minnesota Spl. Purp. Rev.: | |||
(Biomedical Science Research Facilities Fdg. Prog.) Series 2013 C, 5% 8/1/38 | 5,275,000 | 5,886,795 | |
(State Supported Biomedical Science Research Facilities Fdg. Prog.) Series 2011 B, 5% 8/1/25 | 2,095,000 | 2,284,954 | |
West Saint Paul Independent School District #197 Series 2012 A, 4% 2/1/24 | 3,530,000 | 3,751,190 | |
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev.: | |||
Series 2012 A: | |||
5% 1/1/26 | 5,000,000 | 5,582,350 | |
5% 1/1/27 | 2,150,000 | 2,392,628 | |
5% 1/1/30 | 1,000,000 | 1,106,100 | |
Series 2014 A: | |||
5% 1/1/31 | 1,750,000 | 1,971,393 | |
5% 1/1/35 | 1,595,000 | 1,788,952 | |
5% 1/1/40 | 1,500,000 | 1,674,255 | |
5% 1/1/46 | 11,270,000 | 12,567,064 | |
Series 2015 A, 5% 1/1/31 | 1,820,000 | 2,091,653 | |
Series 2018 A, 5% 1/1/49 (c) | 2,000,000 | 2,312,660 | |
TOTAL MINNESOTA | 538,154,659 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $534,069,648) | 540,295,250 | ||
TOTAL INVESTMENT IN SECURITIES - 98.4% | |||
(Cost $534,069,648) | 540,295,250 | ||
NET OTHER ASSETS (LIABILITIES) - 1.6% | 8,878,740 | ||
NET ASSETS - 100% | $549,173,990 |
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 or a portion of the security purchased on a delayed delivery or when-issued basis.
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 | 37.6% |
Health Care | 21.4% |
Electric Utilities | 17.2% |
Education | 8.8% |
Transportation | 6.9% |
Others* (Individually Less Than 5%) | 8.1% |
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
June 30, 2018 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $534,069,648) | $540,295,250 | |
Cash | 4,335,468 | |
Receivable for fund shares sold | 222,156 | |
Interest receivable | 7,370,986 | |
Other receivables | 1,677 | |
Total assets | 552,225,537 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $2,299,720 | |
Payable for fund shares redeemed | 163,650 | |
Distributions payable | 343,973 | |
Accrued management fee | 162,363 | |
Other affiliated payables | 54,079 | |
Other payables and accrued expenses | 27,762 | |
Total liabilities | 3,051,547 | |
Net Assets | $549,173,990 | |
Net Assets consist of: | ||
Paid in capital | $542,881,764 | |
Undistributed net investment income | 96,581 | |
Accumulated undistributed net realized gain (loss) on investments | (29,957) | |
Net unrealized appreciation (depreciation) on investments | 6,225,602 | |
Net Assets, for 48,186,143 shares outstanding | $549,173,990 | |
Net Asset Value, offering price and redemption price per share ($549,173,990 ÷ 48,186,143 shares) | $11.40 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2018 (Unaudited) | ||
Investment Income | ||
Interest | $8,067,134 | |
Expenses | ||
Management fee | $975,583 | |
Transfer agent fees | 254,942 | |
Accounting fees and expenses | 68,542 | |
Custodian fees and expenses | 2,071 | |
Independent trustees' fees and expenses | 1,181 | |
Registration fees | 36,787 | |
Audit | 26,981 | |
Legal | 8,833 | |
Miscellaneous | 2,089 | |
Total expenses before reductions | 1,377,009 | |
Expense reductions | (3,721) | |
Total expenses after reductions | 1,373,288 | |
Net investment income (loss) | 6,693,846 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 11,018 | |
Change in net unrealized appreciation (depreciation) on investment securities | (10,841,660) | |
Net gain (loss) | (10,830,642) | |
Net increase (decrease) in net assets resulting from operations | $(4,136,796) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2018 (Unaudited) | Year ended December 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $6,693,846 | $13,220,804 |
Net realized gain (loss) | 11,018 | 935,893 |
Change in net unrealized appreciation (depreciation) | (10,841,660) | 9,763,276 |
Net increase (decrease) in net assets resulting from operations | (4,136,796) | 23,919,973 |
Distributions to shareholders from net investment income | (6,693,667) | (13,220,102) |
Distributions to shareholders from net realized gain | (769,724) | (413,808) |
Total distributions | (7,463,391) | (13,633,910) |
Share transactions | ||
Proceeds from sales of shares | 50,056,750 | 78,973,080 |
Reinvestment of distributions | 5,175,312 | 9,555,900 |
Cost of shares redeemed | (44,376,450) | (70,449,782) |
Net increase (decrease) in net assets resulting from share transactions | 10,855,612 | 18,079,198 |
Total increase (decrease) in net assets | (744,575) | 28,365,261 |
Net Assets | ||
Beginning of period | 549,918,565 | 521,553,304 |
End of period | $549,173,990 | $549,918,565 |
Other Information | ||
Undistributed net investment income end of period | $96,581 | $96,402 |
Shares | ||
Sold | 4,372,440 | 6,819,066 |
Issued in reinvestment of distributions | 453,875 | 824,946 |
Redeemed | (3,884,479) | (6,087,150) |
Net increase (decrease) | 941,836 | 1,556,862 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Minnesota Municipal Income Fund
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $11.64 | $11.42 | $11.75 | $11.77 | $11.39 | $11.99 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .139 | .285 | .300 | .317 | .329 | .333 |
Net realized and unrealized gain (loss) | (.224) | .229 | (.286) | .030 | .443 | (.559) |
Total from investment operations | (.085) | .514 | .014 | .347 | .772 | (.226) |
Distributions from net investment income | (.139) | (.285) | (.300) | (.317) | (.329) | (.333) |
Distributions from net realized gain | (.016) | (.009) | (.044) | (.050) | (.063) | (.041) |
Total distributions | (.155) | (.294) | (.344) | (.367) | (.392) | (.374) |
Redemption fees added to paid in capitalA | – | – | –B | –B | –B | –B |
Net asset value, end of period | $11.40 | $11.64 | $11.42 | $11.75 | $11.77 | $11.39 |
Total ReturnC,D | (.72)% | 4.55% | .08% | 3.00% | 6.85% | (1.91)% |
Ratios to Average Net AssetsE | ||||||
Expenses before reductions | .51%F | .49% | .50% | .50% | .49% | .50% |
Expenses net of fee waivers, if any | .51%F | .49% | .50% | .49% | .49% | .50% |
Expenses net of all reductions | .50%F | .49% | .50% | .49% | .49% | .49% |
Net investment income (loss) | 2.46%F | 2.46% | 2.54% | 2.71% | 2.82% | 2.85% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $549,174 | $549,919 | $521,553 | $505,992 | $506,314 | $481,013 |
Portfolio turnover rate | 10%F | 11% | 13% | 13% | 15% | 14% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount and deferred trustees compensation.
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.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $10,581,921 |
Gross unrealized depreciation | (4,356,319) |
Net unrealized appreciation (depreciation) | $6,225,602 |
Tax cost | $534,069,648 |
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. 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.
New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $37,839,581 and $27,509,634, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to an annualized rate of .09% of average net assets.
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. For the period, the fees were equivalent to an annualized rate of .03%.
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 $783 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 $2,071.
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $1,650.
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.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2018 to June 30, 2018).
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.
Annualized Expense Ratio-A | Beginning Account Value January 1, 2018 | Ending Account Value June 30, 2018 | Expenses Paid During Period-B January 1, 2018 to June 30, 2018 | |
Actual | .51% | $1,000.00 | $992.80 | $2.52 |
Hypothetical-C | $1,000.00 | $1,022.27 | $2.56 |
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 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
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www.fidelity.com
MNF-SANN-0818
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Fidelity Advisor® Municipal Income Fund - Semi-Annual Report June 30, 2018 Class A, Class M, Class C and Class I are classes of Fidelity® Municipal Income Fund |
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Contents
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. © 2018 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.institutional.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.
Investment Summary (Unaudited)
Top Five States as of June 30, 2018
% of fund's net assets | |
Illinois | 21.9 |
Florida | 13.1 |
Texas | 9.0 |
Pennsylvania | 6.5 |
New Jersey | 6.0 |
Top Five Sectors as of June 30, 2018
% of fund's net assets | |
General Obligations | 28.5 |
Transportation | 25.9 |
Health Care | 23.0 |
Electric Utilities | 5.5 |
Education | 5.3 |
Quality Diversification (% of fund's net assets)
As of June 30, 2018 | ||
AAA | 1.8% | |
AA,A | 70.6% | |
BBB | 19.7% | |
BB and Below | 3.9% | |
Not Rated | 2.8% | |
Short-Term Investments and Net Other Assets | 1.2% |
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.
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.8% | |||
Principal Amount (000s) | Value (000s) | ||
Alabama - 0.3% | |||
Birmingham Gen. Oblig. Series 2013 A, 5% 3/1/32 | 3,500 | 3,863 | |
Jefferson County Gen. Oblig. Series 2018 A: | |||
5% 4/1/25 | $3,080 | $3,526 | |
5% 4/1/26 | 2,900 | 3,348 | |
Montgomery Med. Clinic Facilities: | |||
4% 3/1/36 | 500 | 499 | |
5% 3/1/33 | 5,000 | 5,426 | |
TOTAL ALABAMA | 16,662 | ||
Alaska - 0.3% | |||
Alaska Int'l. Arpts. Revs. Series 2016 B, 5% 10/1/35 | 13,400 | 15,133 | |
North Slope Borough Gen. Oblig. Series 2017 A, 5% 6/30/21 (Pre-Refunded to 6/30/20 @ 100) | 1,755 | 1,867 | |
TOTAL ALASKA | 17,000 | ||
Arizona - 1.5% | |||
Arizona Ctfs. of Prtn. Series 2010 A: | |||
5.25% 10/1/26 (FSA Insured) | 3,070 | 3,198 | |
5.25% 10/1/28 (FSA Insured) | 9,945 | 10,360 | |
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2007 B, 3 month U.S. LIBOR + 0.810% 2.359%, tender 1/1/37 (a)(b) | 3,000 | 2,836 | |
Glendale Gen. Oblig. Series 2017: | |||
5% 7/1/30 | 2,515 | 2,926 | |
5% 7/1/31 | 3,750 | 4,353 | |
Glendale Indl. Dev. Auth. (Terraces of Phoenix Proj.) Series 2018 A: | |||
5% 7/1/38 | 285 | 300 | |
5% 7/1/48 | 355 | 371 | |
Maricopa County Indl. Dev. Auth. Rev. Series 2016 A: | |||
5% 1/1/32 | 10,000 | 11,547 | |
5% 1/1/33 | 6,000 | 6,899 | |
Maricopa County Indl. Dev. Auth. Sr. Living Facilities Series 2016: | |||
5.75% 1/1/36 (c) | 895 | 908 | |
6% 1/1/48 (c) | 5,485 | 5,609 | |
Phoenix Civic Impt. Board Arpt. Rev.: | |||
Series 2013, 5% 7/1/22 (d) | 1,000 | 1,105 | |
Series 2017 A 5% 7/1/36 (d) | 1,750 | 1,977 | |
Series 2017 A: | |||
5% 7/1/31 (d) | 2,050 | 2,340 | |
5% 7/1/33 (d) | 1,100 | 1,248 | |
5% 7/1/37 (d) | 1,300 | 1,466 | |
Series 2017 B: | |||
5% 7/1/29 | 2,500 | 2,935 | |
5% 7/1/33 | 3,500 | 4,060 | |
5% 7/1/36 | 4,000 | 4,620 | |
5% 7/1/37 | 2,500 | 2,883 | |
Phoenix Civic Impt. Corp. Excise Tax Rev. Series 2011 C, 5% 7/1/23 | 2,000 | 2,178 | |
Pima County Swr. Sys. Rev. Series 2012 A, 5% 7/1/26 | 1,000 | 1,106 | |
Salt Verde Finl. Corp. Sr. Gas Rev.: | |||
Series 2007: | |||
5.25% 12/1/21 | 3,500 | 3,838 | |
5.5% 12/1/29 | 8,900 | 10,665 | |
5.25% 12/1/22 | 1,500 | 1,672 | |
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.) Series 2006 C, 5% 9/1/35 (FSA Insured) | 1,050 | 1,112 | |
Tempe Indl. Dev. Auth. Rev. (Mirabella At Asu, Inc. Proj.): | |||
Series 2017 A: | |||
6.125% 10/1/47 (c) | 530 | 568 | |
6.125% 10/1/52 (c) | 530 | 566 | |
Series 2017 B, 6% 10/1/37 (c) | 265 | 282 | |
TOTAL ARIZONA | 93,928 | ||
California - 4.3% | |||
ABC Unified School District Series 1997 C, 0% 8/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,925 | 2,850 | |
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Bonds: | |||
Series A, 2.95%, tender 4/1/26 (a) | 10,100 | 10,372 | |
Series B, 2.85%, tender 4/1/25 (a) | 8,260 | 8,465 | |
Cabrillo Unified School District Series A, 0% 8/1/20 (AMBAC Insured) | 4,275 | 4,115 | |
California Edl. Facilities Auth. Rev. (Loyola Marymount Univ. Proj.) Series 2001 A, 0% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 4,551 | |
California Gen. Oblig.: | |||
Series 2007, 5.625% 5/1/20 | 120 | 120 | |
Series 2009, 6% 4/1/38 | 7,815 | 8,067 | |
Series 2016, 5% 9/1/29 | 2,210 | 2,616 | |
5% 8/1/19 | 10 | 10 | |
5% 8/1/20 | 10 | 10 | |
5.25% 12/1/33 | 180 | 181 | |
5.25% 4/1/35 | 14,200 | 15,721 | |
5.5% 4/1/28 | 10 | 10 | |
5.5% 4/1/30 | 5 | 5 | |
5.5% 8/1/30 | 2,000 | 2,006 | |
5.5% 3/1/40 | 6,900 | 7,326 | |
5.6% 3/1/36 | 2,950 | 3,138 | |
California Health Facilities Fing. Auth. Rev.: | |||
(Catholic Healthcare West Proj.) Series 2009 E, 5.625% 7/1/25 | 9,000 | 9,335 | |
(Providence Health and Svcs. Proj.) Series C, 6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) | 25 | 25 | |
California Pub. Works Board Lease Rev.: | |||
(Coalinga State Hosp. Proj.) Series 2013 E: | |||
5% 6/1/26 | 2,400 | 2,718 | |
5% 6/1/27 | 6,730 | 7,606 | |
5% 6/1/28 | 6,175 | 6,966 | |
(Various Cap. Projs.) Series 2011 A, 5.25% 10/1/26 | 5,000 | 5,515 | |
(Various Judicial Council Projs.) Series 2011 D, 5% 12/1/22 | 4,100 | 4,535 | |
California Statewide Cmntys. Dev. Auth. Series 2016: | |||
5% 5/15/29 | 1,250 | 1,429 | |
5% 5/15/30 | 1,000 | 1,136 | |
Folsom Cordova Union School District No. 4 Series A, 0% 10/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,835 | 1,163 | |
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev. Series 2017 A1: | |||
5% 6/1/22 | 3,320 | 3,660 | |
5% 6/1/23 | 3,795 | 4,251 | |
5% 6/1/24 | 2,135 | 2,422 | |
Kern Cmnty. College District Gen. Oblig. Series 2006: | |||
0% 11/1/28 (FSA Insured) | 4,950 | 3,632 | |
0% 11/1/30 (FSA Insured) | 5,000 | 3,372 | |
Long Beach Unified School District Series 2009, 5.5% 8/1/29 | 185 | 193 | |
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 | 2,551 | |
Los Angeles Dept. Arpt. Rev. Series 2016 B: | |||
5% 5/15/28(d) | 1,175 | 1,353 | |
5% 5/15/29 (d) | 1,000 | 1,147 | |
5% 5/15/30 (d) | 1,000 | 1,144 | |
5% 5/15/31 (d) | 1,100 | 1,256 | |
5% 5/15/32 (d) | 1,830 | 2,085 | |
5% 5/15/33 (d) | 1,620 | 1,841 | |
5% 5/15/34 (d) | 1,750 | 1,980 | |
5% 5/15/35 (d) | 1,750 | 1,977 | |
5% 5/15/36 (d) | 2,000 | 2,256 | |
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2012 C: | |||
5% 3/1/25 | 1,455 | 1,614 | |
5% 3/1/27 | 2,000 | 2,212 | |
Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36 | 4,000 | 4,211 | |
Monrovia Unified School District Series B, 0% 8/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,525 | 3,125 | |
Oakland Gen. Oblig. Series 2012: | |||
5% 1/15/26 | 4,535 | 4,888 | |
5% 1/15/28 | 4,345 | 4,681 | |
5% 1/15/29 | 5,370 | 5,784 | |
Oakland Unified School District Alameda County Series 2015 A, 5% 8/1/29 | 1,750 | 2,047 | |
Oakland-Alameda County Coliseum Auth. (Oakland Coliseum Proj.) Series 2012 A, 5% 2/1/24 | 8,200 | 9,018 | |
Poway Unified School District: | |||
(District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 | 5,900 | 3,630 | |
Series 2011, 0% 8/1/46 | 1,150 | 358 | |
Series B: | |||
0% 8/1/37 | 7,800 | 3,789 | |
0% 8/1/39 | 23,800 | 10,566 | |
Poway Unified School District Pub. Fing.: | |||
5% 9/1/24 | 1,000 | 1,137 | |
5% 9/1/26 | 1,275 | 1,445 | |
5% 9/1/29 | 2,645 | 2,938 | |
5% 9/1/31 | 1,195 | 1,319 | |
Sacramento City Fing. Auth. Rev. Series A, 0% 12/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 3,809 | |
Sacramento Muni. Util. District Elec. Rev. Series 2012 Y, 5% 8/15/28 | 2,200 | 2,472 | |
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26 | 3,800 | 3,944 | |
San Diego Unified School District: | |||
Series 2008 C: | |||
0% 7/1/34 | 3,600 | 2,035 | |
0% 7/1/47 | 1,830 | 599 | |
Series 2008 E, 0% 7/1/47 (e) | 8,700 | 5,971 | |
San Jose Fing. Auth. Lease Rev. (Civic Ctr. Proj.) Series 2013 A: | |||
5% 6/1/27 | 4,610 | 5,224 | |
5% 6/1/31 | 5,785 | 6,515 | |
San Marcos Unified School District Series 2010 B, 0% 8/1/47 | 21,300 | 6,651 | |
San Mateo County Cmnty. College District Series A, 0% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,430 | 4,441 | |
Union Elementary School District Series B, 0% 9/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500 | 1,376 | |
Univ. of California Regents Med. Ctr. Pool Rev. Series 2013 J, 5% 5/15/48 | 3,000 | 3,307 | |
Washington Township Health Care District Gen. Oblig.: | |||
Series 2013 A, 5.5% 8/1/38 | 4,500 | 5,235 | |
Series 2013 B, 5.5% 8/1/38 | 1,000 | 1,163 | |
Washington Township Health Care District Rev.: | |||
Series 2009 A, 5.75% 7/1/24 | 1,750 | 1,803 | |
Series 2010 A: | |||
5.25% 7/1/30 | 1,100 | 1,157 | |
5.5% 7/1/38 | 3,815 | 4,024 | |
West Contra Costa Unified School District Series 2012, 5% 8/1/26 | 2,000 | 2,235 | |
TOTAL CALIFORNIA | 270,837 | ||
Colorado - 0.9% | |||
Arkansas River Pwr. Auth. Rev. Series 2018 A: | |||
5% 10/1/38 (f) | 2,510 | 2,784 | |
5% 10/1/43 (f) | 3,140 | 3,452 | |
Colorado Health Facilities Auth. (Parkview Med. Ctr., Inc. Proj.) Series 2016: | |||
4% 9/1/35 | 1,650 | 1,686 | |
4% 9/1/36 | 1,300 | 1,325 | |
5% 9/1/46 | 7,300 | 8,006 | |
Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.) Series B, 0% 7/15/20 (Escrowed to Maturity) | 7,000 | 6,718 | |
Colorado Univ. Co. Hosp. Auth. Rev. Bonds Series 2017C-2, 5%, tender 3/1/22 (a) | 8,255 | 8,957 | |
Denver City & County Arpt. Rev. Series 2017 A: | |||
5% 11/15/23 (d) | 2,275 | 2,572 | |
5% 11/15/26 (d) | 3,450 | 3,979 | |
5% 11/15/27 (d) | 2,945 | 3,415 | |
E-470 Pub. Hwy. Auth. Rev.: | |||
Series 2000 B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 13,575 | 12,990 | |
Series 2010 C: | |||
5.25% 9/1/25 | 1,000 | 1,067 | |
5.375% 9/1/26 | 1,000 | 1,066 | |
TOTAL COLORADO | 58,017 | ||
Connecticut - 0.8% | |||
Connecticut Gen. Oblig. Series 2014 C, 5% 6/15/25 | 1,680 | 1,884 | |
Connecticut Health & Edl. Facilities Auth. Rev.: | |||
(Sacred Heart Univ., CT Proj.) Series 2017 I-1, 5% 7/1/42 | 6,050 | 6,800 | |
(Sacred Heart Univ., CT. Proj.) Series 2017 I-1: | |||
5% 7/1/26 | 500 | 577 | |
5% 7/1/27 | 350 | 407 | |
5% 7/1/28 | 635 | 737 | |
5% 7/1/29 | 400 | 462 | |
Series 2016 K, 4% 7/1/46 | 8,835 | 8,574 | |
Series K1: | |||
5% 7/1/27 | 500 | 566 | |
5% 7/1/29 | 1,280 | 1,447 | |
5% 7/1/30 | 1,000 | 1,126 | |
5% 7/1/33 | 1,600 | 1,785 | |
5% 7/1/34 | 750 | 833 | |
Connecticut State Revolving Fund Gen. Rev. Series 2017 A: | |||
5% 5/1/33 | 5,100 | 6,007 | |
5% 5/1/35 | 3,790 | 4,428 | |
Eastern Connecticut Resources Recovery Auth. Solid Waste Rev. (Wheelabrator Lisbon Proj.) Series A, 5.5% 1/1/20 (d) | 1,525 | 1,548 | |
Hbr. Point Infra Impt. District Series 2017: | |||
5% 4/1/30 (c) | 4,570 | 5,003 | |
5% 4/1/39 (c) | 5,875 | 6,273 | |
New Britain Gen. Oblig. Series 2017 C, 5% 3/1/29 (FSA Insured) | 1,070 | 1,230 | |
New Haven Gen. Oblig. Series 2016 A: | |||
5% 8/15/18 (Escrowed to Maturity) | 255 | 256 | |
5% 8/15/18 (FSA Insured) | 2,585 | 2,595 | |
TOTAL CONNECTICUT | 52,538 | ||
District Of Columbia - 0.8% | |||
District of Columbia Rev. Series B, 4.75% 6/1/32 | 2,700 | 2,822 | |
Metropolitan Washington DC Arpts. Auth. Sys. Rev.: | |||
Series 2014 A, 5% 10/1/24 (d) | 7,000 | 8,014 | |
Series 2017 A: | |||
5% 10/1/28 (d) | 6,650 | 7,799 | |
5% 10/1/29 (d) | 8,080 | 9,447 | |
5% 10/1/30 (d) | 8,250 | 9,588 | |
5% 10/1/31 (d) | 1,450 | 1,680 | |
5% 10/1/32 (d) | 2,240 | 2,589 | |
5% 10/1/33 (d) | 1,100 | 1,267 | |
5% 10/1/35 (d) | 2,500 | 2,866 | |
5% 10/1/42 (d) | 5,000 | 5,681 | |
TOTAL DISTRICT OF COLUMBIA | 51,753 | ||
Florida - 13.1% | |||
Brevard County School Board Ctfs. of Prtn. Series 2015 C: | |||
5% 7/1/25 | 2,000 | 2,323 | |
5% 7/1/26 | 1,750 | 2,011 | |
5% 7/1/28 | 1,745 | 1,992 | |
Broward County Arpt. Sys. Rev.: | |||
Series 2012 P-1, 5% 10/1/22 (d) | 965 | 1,074 | |
Series 2012 Q1, 5% 10/1/25 | 5,215 | 5,790 | |
Series 2017: | |||
5% 10/1/25 (d) | 250 | 288 | |
5% 10/1/26 (d) | 1,000 | 1,160 | |
5% 10/1/27 (d) | 1,000 | 1,169 | |
5% 10/1/28 (d) | 1,000 | 1,163 | |
5% 10/1/29 (d) | 2,660 | 3,080 | |
5% 10/1/30 (d) | 735 | 847 | |
5% 10/1/32 (d) | 3,500 | 4,013 | |
5% 10/1/33 (d) | 1,305 | 1,491 | |
5% 10/1/34 (d) | 1,275 | 1,451 | |
5% 10/1/35 (d) | 1,500 | 1,703 | |
5% 10/1/36 (d) | 2,000 | 2,267 | |
5% 10/1/37 (d) | 2,250 | 2,547 | |
5% 10/1/42 (d) | 4,250 | 4,793 | |
5% 10/1/47 (d) | 6,000 | 6,741 | |
Series A: | |||
5% 10/1/23 (d) | 1,425 | 1,610 | |
5% 10/1/28 (d) | 3,000 | 3,398 | |
5% 10/1/30 (d) | 3,500 | 3,936 | |
5% 10/1/31 (d) | 3,000 | 3,363 | |
5% 10/1/32 (d) | 2,800 | 3,131 | |
Broward County School Board Ctfs. of Prtn.: | |||
(Broward County School District Proj.) Series 2016 A, 5% 7/1/28 | 670 | 779 | |
(Broward County School District) Series 2012 A, 5% 7/1/24 | 2,170 | 2,395 | |
Series 2012 A: | |||
5% 7/1/24 (Pre-Refunded to 7/1/22 @ 100) | 2,230 | 2,482 | |
5% 7/1/27 | 5,695 | 6,231 | |
Series 2015 A: | |||
5% 7/1/24 | 2,240 | 2,573 | |
5% 7/1/26 | 7,200 | 8,309 | |
5% 7/1/27 | 1,000 | 1,150 | |
Series 2015 B: | |||
5% 7/1/24 | 2,755 | 3,164 | |
5% 7/1/25 | 2,355 | 2,731 | |
Series 2016, 5% 7/1/32 | 2,200 | 2,521 | |
Citizens Property Ins. Corp. Series 2011 A1, 5% 6/1/19 | 1,715 | 1,766 | |
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011, 6.25% 10/1/39 | 27,010 | 29,747 | |
Duval County School Board Ctfs. of Prtn.: | |||
Series 2015 B: | |||
5% 7/1/28 | 2,060 | 2,352 | |
5% 7/1/32 | 12,225 | 13,798 | |
Series 2016 A, 5% 7/1/33 | 1,340 | 1,532 | |
Florida Board of Ed. Pub. Ed. Cap. Outlay: | |||
Series 2011 E, 5% 6/1/24 | 6,600 | 7,169 | |
Series 2011 F, 5% 6/1/23 | 6,070 | 6,600 | |
Florida Dept. of Trans. Rev. Series 2005 A, 5% 7/1/18 | 3,320 | 3,320 | |
Florida Higher Edl. Facilities Fing. Auth. (Jacksonville Univ. Proj.) Series 2018 A1, 5% 6/1/48 (c) | 2,900 | 3,043 | |
Florida Mid-Bay Bridge Auth. Rev.: | |||
Series 2015 A, 5% 10/1/35 | 6,400 | 7,070 | |
Series 2015 C: | |||
5% 10/1/30 | 3,270 | 3,625 | |
5% 10/1/40 | 2,000 | 2,176 | |
Florida Muni. Pwr. Agcy. Rev.: | |||
(Requirements Pwr. Supply Proj.) Series 2016 A: | |||
5% 10/1/30 | 2,185 | 2,535 | |
5% 10/1/31 | 2,385 | 2,754 | |
(St. Lucie Proj.) Series 2012 A, 5% 10/1/26 | 3,700 | 4,073 | |
Series 2015 B: | |||
5% 10/1/28 | 1,000 | 1,149 | |
5% 10/1/30 | 1,800 | 2,052 | |
Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | |||
Series 2016: | |||
5% 10/1/20 (d) | 200 | 213 | |
5% 10/1/21 (d) | 1,545 | 1,682 | |
5% 10/1/22 (d) | 1,000 | 1,109 | |
5% 10/1/23 (d) | 2,545 | 2,861 | |
5% 10/1/24 (d) | 3,000 | 3,409 | |
5% 10/1/25 (d) | 3,225 | 3,696 | |
5% 10/1/26 (d) | 1,700 | 1,967 | |
5% 10/1/27 (d) | 1,000 | 1,166 | |
Series 2016A, 5% 10/1/46 (d) | 1,000 | 1,116 | |
Series 2017 A: | |||
5% 10/1/24 (d) | 2,325 | 2,642 | |
5% 10/1/25 (d) | 1,000 | 1,146 | |
5% 10/1/27 (d) | 2,000 | 2,331 | |
5% 10/1/29 (d) | 3,000 | 3,463 | |
5% 10/1/30 (d) | 3,220 | 3,703 | |
5% 10/1/31 (d) | 8,625 | 9,896 | |
5% 10/1/32 (d) | 6,755 | 7,727 | |
5% 10/1/33 (d) | 10,000 | 11,404 | |
5% 10/1/34 (d) | 6,000 | 6,822 | |
5% 10/1/35 (d) | 7,930 | 8,996 | |
5% 10/1/36 (d) | 7,500 | 8,502 | |
5% 10/1/37 (d) | 6,250 | 7,074 | |
Halifax Hosp. Med. Ctr. Rev.: | |||
4% 6/1/27 | 1,405 | 1,462 | |
5% 6/1/24 | 275 | 312 | |
5% 6/1/25 | 1,285 | 1,470 | |
5% 6/1/26 | 1,625 | 1,835 | |
5% 6/1/46 | 2,935 | 3,155 | |
Highlands County Health Facilities Auth. Rev. Series 2008: | |||
6% 11/15/37 | 12,970 | 13,793 | |
6% 11/15/37 (Pre-Refunded to 11/15/19 @ 100) | 30 | 32 | |
Jacksonville Sales Tax Rev. Series 2012: | |||
5% 10/1/24 | 5,500 | 6,116 | |
5% 10/1/25 | 1,000 | 1,110 | |
Lake County School Board Ctfs. of Prtn. Series 2014 A: | |||
5% 6/1/27 (FSA Insured) | 1,000 | 1,121 | |
5% 6/1/28 (FSA Insured) | 1,000 | 1,117 | |
5% 6/1/30 (FSA Insured) | 2,250 | 2,498 | |
Lee County Arpt. Rev. Series 2011 A, 5.375% 10/1/32 (d) | 6,310 | 6,827 | |
Miami-Dade County Aviation Rev.: | |||
Series 2010 A, 5.375% 10/1/41 | 7,300 | 7,825 | |
Series 2010, 5.5% 10/1/30 | 3,035 | 3,270 | |
Series 2012 A: | |||
5% 10/1/21 (d) | 1,900 | 2,070 | |
5% 10/1/22 (d) | 1,000 | 1,110 | |
5% 10/1/23 (d) | 7,700 | 8,529 | |
5% 10/1/24 (d) | 9,050 | 9,986 | |
5% 10/1/30 (d) | 7,015 | 7,661 | |
5% 10/1/31 (d) | 4,000 | 4,361 | |
Series 2014 A: | |||
5% 10/1/28 (d) | 5,000 | 5,657 | |
5% 10/1/33 (d) | 8,385 | 9,353 | |
5% 10/1/36 (d) | 15,855 | 17,600 | |
5% 10/1/37 | 12,925 | 14,433 | |
Series 2015 A: | |||
5% 10/1/29 (d) | 1,585 | 1,778 | |
5% 10/1/31 (d) | 1,330 | 1,482 | |
5% 10/1/35 (d) | 5,500 | 6,115 | |
Series 2016 A: | |||
5% 10/1/29 | 1,450 | 1,684 | |
5% 10/1/31 | 1,750 | 2,022 | |
Series 2017 B, 5% 10/1/40 (d) | 13,000 | 14,692 | |
Miami-Dade County Cap. Asset Acquisition Series 2012 A, 5% 10/1/26 | 3,750 | 4,149 | |
Miami-Dade County Expressway Auth.: | |||
Series 2014 A, 5% 7/1/44 | 3,500 | 3,853 | |
Series 2014 B: | |||
5% 7/1/26 | 2,500 | 2,847 | |
5% 7/1/27 | 1,750 | 1,988 | |
5% 7/1/28 | 1,000 | 1,132 | |
Series A: | |||
5% 7/1/32 | 4,300 | 4,920 | |
5% 7/1/33 | 3,650 | 4,163 | |
Miami-Dade County School Board Ctfs. of Prtn.: | |||
Series 2008 A, 5% 8/1/22 (AMBAC Insured) | 3,325 | 3,334 | |
Series 2011 B, 5.625% 5/1/31 | 6,600 | 7,195 | |
Series 2015 A: | |||
5% 5/1/26 | 5,500 | 6,287 | |
5% 5/1/27 (FSA Insured) | 780 | 887 | |
5% 5/1/28 | 17,710 | 19,998 | |
5% 5/1/29 | 4,075 | 4,583 | |
Series 2015 B: | |||
5% 5/1/26 | 8,500 | 9,717 | |
5% 5/1/27 | 22,130 | 25,165 | |
5% 5/1/28 | 16,995 | 19,191 | |
Series 2016 A: | |||
5% 5/1/30 | 7,520 | 8,523 | |
5% 5/1/32 | 16,860 | 19,046 | |
Series 2016 B, 5% 8/1/26 | 10,825 | 12,647 | |
Miami-Dade County Transit Sales Surtax Rev. Series 2012, 5% 7/1/42 | 2,200 | 2,386 | |
Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5.25% 10/1/22 (FSA Insured) | 4,000 | 4,523 | |
North Brevard County Hosp. District Rev. 5.75% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) | 600 | 606 | |
Orange County Health Facilities Auth. Series 2012 A, 5% 10/1/42 | 12,050 | 13,044 | |
Orange County School Board Ctfs. of Prtn.: | |||
Series 2015 C, 5% 8/1/30 | 10,000 | 11,431 | |
Series 2016 C, 5% 8/1/33 | 3,770 | 4,331 | |
Orlando Utils. Commission Util. Sys. Rev.: | |||
Series 2009 B, 5% 10/1/33 | 2,115 | 2,167 | |
Series 2012 A: | |||
5% 10/1/23 | 2,300 | 2,631 | |
5% 10/1/25 | 1,100 | 1,291 | |
Palm Beach County Arpt. Sys. Rev. Series 2016: | |||
5% 10/1/21 (d) | 1,200 | 1,308 | |
5% 10/1/23 (d) | 1,325 | 1,492 | |
5% 10/1/24 (d) | 1,375 | 1,563 | |
5% 10/1/25 (d) | 2,915 | 3,339 | |
5% 10/1/26 (d) | 2,060 | 2,378 | |
5% 10/1/27 (d) | 1,000 | 1,158 | |
5% 10/1/29 (d) | 1,040 | 1,188 | |
5% 10/1/30 (d) | 1,850 | 2,105 | |
5% 10/1/31 (d) | 1,300 | 1,475 | |
5% 10/1/32 (d) | 2,000 | 2,264 | |
5% 10/1/33 (d) | 4,295 | 4,845 | |
5% 10/1/34 (d) | 4,505 | 5,061 | |
5% 10/1/35 (d) | 4,745 | 5,323 | |
Palm Beach County Health Facilities Auth. Hosp. Rev. Series 2014: | |||
5% 12/1/22 | 670 | 739 | |
5% 12/1/23 | 1,395 | 1,553 | |
5% 12/1/24 | 1,530 | 1,719 | |
5% 12/1/25 | 540 | 600 | |
5% 12/1/31 | 500 | 545 | |
Palm Beach County School Board Ctfs. of Prtn. Series 2015 D: | |||
5% 8/1/28 | 4,715 | 5,429 | |
5% 8/1/29 | 5,995 | 6,882 | |
5% 8/1/30 | 16,510 | 18,804 | |
5% 8/1/31 | 16,580 | 18,850 | |
South Florida Wtr. Mgmt. District Ctfs. of Prtn. Series 2015: | |||
5% 10/1/29 | 5,000 | 5,765 | |
5% 10/1/32 | 6,270 | 7,187 | |
South Lake County Hosp. District (South Lake Hosp., Inc.): | |||
Series 2009 A: | |||
6% 4/1/29 | 1,400 | 1,436 | |
6.25% 4/1/39 | 3,300 | 3,388 | |
Series 2010, 5.25% 10/1/34 | 3,500 | 3,683 | |
South Miami Health Facilities Auth. Hosp. Rev. (Baptist Med. Ctr., FL. Proj.) Series 2017: | |||
4% 8/15/33 | 2,500 | 2,597 | |
5% 8/15/26 | 3,400 | 3,940 | |
5% 8/15/27 | 2,250 | 2,630 | |
5% 8/15/28 | 1,500 | 1,745 | |
5% 8/15/30 | 3,245 | 3,742 | |
5% 8/15/31 | 3,130 | 3,604 | |
5% 8/15/32 | 2,330 | 2,677 | |
5% 8/15/34 | 6,475 | 7,379 | |
5% 8/15/35 | 4,295 | 4,884 | |
5% 8/15/42 | 6,600 | 7,444 | |
5% 8/15/47 | 9,800 | 11,004 | |
Tallahassee Health Facilities Rev.: | |||
(Tallahassee Memorial Healthcare, Inc. Proj.) Series 2016 A, 5% 12/1/41 | 1,100 | 1,193 | |
Series 2015 A, 5% 12/1/40 | 2,200 | 2,377 | |
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A: | |||
5% 9/1/22 | 2,300 | 2,554 | |
5% 9/1/25 | 410 | 453 | |
Volusia County School Board Ctfs. of Prtn.: | |||
(Florida Master Lease Prog.) Series 2016 A: | |||
5% 8/1/29 (Build America Mutual Assurance Insured) | 1,000 | 1,137 | |
5% 8/1/32 (Build America Mutual Assurance Insured) | 5,000 | 5,652 | |
(Master Lease Prog.) Series 2014 B: | |||
5% 8/1/25 | 1,775 | 2,030 | |
5% 8/1/26 | 340 | 388 | |
TOTAL FLORIDA | 819,382 | ||
Georgia - 2.4% | |||
Atlanta Wtr. & Wastewtr. Rev. 5% 11/1/27 | 1,000 | 1,153 | |
Bartow County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Bowen Proj.) Series 1997 1, 2.05%, tender 11/19/21 (a) | 2,000 | 1,972 | |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | |||
(Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2013 A, 2.4%, tender 4/1/20 (a) | 7,600 | 7,613 | |
2.2%, tender 4/2/19 (a) | 3,000 | 3,006 | |
2.2%, tender 4/2/19 (a) | 6,500 | 6,513 | |
2.2%, tender 4/2/19 (a) | 4,100 | 4,108 | |
DeKalb County Hosp. Auth. Rev. (DeKalb Med. Ctr., Inc. Proj.) Series 2010: | |||
6% 9/1/30 | 9,145 | 9,776 | |
6.125% 9/1/40 | 14,920 | 15,885 | |
DeKalb County Wtr. & Swr. Rev. Series 2011 A: | |||
5.25% 10/1/36 | 3,000 | 3,277 | |
5.25% 10/1/41 | 5,600 | 6,113 | |
Fulton County Wtr. & Swr. Rev. Series 2011, 5% 1/1/24 | 6,500 | 6,994 | |
Georgia Muni. Gas Auth. Rev. (Gas Portfolio III Proj.) Series S: | |||
5% 10/1/22 | 3,425 | 3,785 | |
5% 10/1/23 | 4,000 | 4,450 | |
Glynn-Brunswick Memorial Hosp. Auth. Rev.: | |||
(Southeast Health Sys. Proj.) Series 2017: | |||
4% 8/1/43 | 2,245 | 2,245 | |
5% 8/1/39 | 2,060 | 2,245 | |
(Southeast GA. Health Sys. Proj.) Series 2017, 5% 8/1/43 | 2,745 | 3,022 | |
Main Street Natural Gas, Inc. Bonds Series 2018 C, 4%, tender 12/1/23 (a) | 50,645 | 54,199 | |
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series A, 5.25% 9/15/19 | 1,915 | 1,989 | |
Private Colleges & Univs. Auth. Rev. (The Savannah College of Art and Design Projs.) Series 2014: | |||
5% 4/1/25 | 3,500 | 3,918 | |
5% 4/1/30 | 2,000 | 2,195 | |
5% 4/1/44 | 3,815 | 4,114 | |
Valdosta & Lowndes County Hosp. (South Georgia Med. Ctr. Proj.) 5% 10/1/20 | 1,570 | 1,575 | |
TOTAL GEORGIA | 150,147 | ||
Hawaii - 0.6% | |||
Hawaii Arpts. Sys. Rev. Series 2015 A: | |||
5% 7/1/41 (d) | 7,500 | 8,325 | |
5% 7/1/45 (d) | 19,875 | 22,009 | |
State of Hawaii Dept. of Trans. Series 2013: | |||
5% 8/1/22 (d) | 1,575 | 1,735 | |
5.25% 8/1/24 (d) | 2,000 | 2,253 | |
5.25% 8/1/25 (d) | 2,500 | 2,796 | |
TOTAL HAWAII | 37,118 | ||
Idaho - 0.2% | |||
Idaho Health Facilities Auth. Rev.: | |||
(St. Luke's Health Sys. Proj.) Series 2008 A: | |||
6.5% 11/1/28 | 4,355 | 4,424 | |
6.75% 11/1/37 | 5,500 | 5,591 | |
Series 2015 ID, 5% 12/1/25 | 2,750 | 3,173 | |
TOTAL IDAHO | 13,188 | ||
Illinois - 21.9% | |||
Boone & Winnebago County Cmnty. Unit School District 200: | |||
0% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,810 | 1,687 | |
0% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,950 | 1,757 | |
Chicago Board of Ed.: | |||
Series 1999 A: | |||
0% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 990 | |
5.25% 12/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,385 | 2,554 | |
Series 2008 C: | |||
5.25% 12/1/23 | 2,410 | 2,421 | |
5.25% 12/1/24 | 1,630 | 1,637 | |
Series 2010 F, 5% 12/1/20 | 1,295 | 1,335 | |
Series 2011 A: | |||
5% 12/1/41 | 5,785 | 5,804 | |
5.25% 12/1/41 | 3,580 | 3,620 | |
5.5% 12/1/39 | 7,900 | 8,054 | |
Series 2012 A, 5% 12/1/42 | 9,215 | 9,215 | |
Series 2015 C, 5.25% 12/1/39 | 1,700 | 1,725 | |
Series 2016 B, 6.5% 12/1/46 | 800 | 916 | |
Series 2017 A, 7% 12/1/46 (c) | 2,800 | 3,351 | |
Series 2017 C: | |||
5% 12/1/22 | 2,630 | 2,743 | |
5% 12/1/23 | 2,270 | 2,373 | |
5% 12/1/24 | 5,760 | 6,020 | |
5% 12/1/25 | 3,290 | 3,439 | |
5% 12/1/26 | 965 | 1,007 | |
5% 12/1/30 | 2,545 | 2,658 | |
Series 2017 D: | |||
5% 12/1/23 | 2,970 | 3,104 | |
5% 12/1/24 | 1,245 | 1,301 | |
5% 12/1/31 | 3,000 | 3,123 | |
Series 2018 A: | |||
5% 12/1/25 | 1,000 | 1,045 | |
5% 12/1/26 | 1,000 | 1,043 | |
5% 12/1/28 | 4,730 | 4,925 | |
5% 12/1/30 | 2,000 | 2,067 | |
5% 12/1/32 | 1,150 | 1,185 | |
5% 12/1/35 | 1,000 | 1,021 | |
Chicago Midway Arpt. Rev.: | |||
Series 2014 A: | |||
5% 1/1/27 (d) | 10,330 | 11,397 | |
5% 1/1/28 (d) | 19,150 | 21,067 | |
5% 1/1/33 (d) | 5,375 | 5,850 | |
5% 1/1/34 (d) | 2,600 | 2,826 | |
Series 2016 A, 5% 1/1/28 (d) | 2,000 | 2,244 | |
Series 2016 B: | |||
4% 1/1/35 | 1,575 | 1,621 | |
5% 1/1/36 | 2,000 | 2,230 | |
5% 1/1/37 | 2,700 | 3,004 | |
5% 1/1/46 | 7,085 | 7,824 | |
Chicago O'Hare Int'l. Arpt. Rev.: | |||
Series 2012 A, 5% 1/1/22 (d) | 6,715 | 7,320 | |
Series 2013 B, 5% 1/1/27 | 11,275 | 12,426 | |
Series 2013 D, 5% 1/1/27 | 3,200 | 3,527 | |
Series 2015 A: | |||
5% 1/1/25 (d) | 5,335 | 6,065 | |
5% 1/1/31 (d) | 6,040 | 6,654 | |
5% 1/1/32 (d) | 12,200 | 13,411 | |
Series 2015 C: | |||
5% 1/1/24 (d) | 1,435 | 1,616 | |
5% 1/1/46 (d) | 2,395 | 2,589 | |
Series 2016 B, 5% 1/1/34 | 6,100 | 6,831 | |
Series 2016 C: | |||
5% 1/1/33 | 2,725 | 3,061 | |
5% 1/1/34 | 3,155 | 3,533 | |
Series 2016 G: | |||
5% 1/1/37 (d) | 2,000 | 2,197 | |
5% 1/1/42 (d) | 2,000 | 2,183 | |
5.25% 1/1/29 (d) | 350 | 409 | |
5.25% 1/1/31 (d) | 400 | 463 | |
Series 2017 A, 5% 1/1/31 | 3,535 | 4,047 | |
Series 2017 B: | |||
5% 1/1/35 | 2,100 | 2,376 | |
5% 1/1/37 | 8,550 | 9,619 | |
Series 2017 C: | |||
5% 1/1/30 | 600 | 688 | |
5% 1/1/31 | 600 | 687 | |
5% 1/1/32 | 650 | 743 | |
Series 2017 D: | |||
5% 1/1/28 (d) | 2,990 | 3,411 | |
5% 1/1/29 (d) | 2,500 | 2,828 | |
5% 1/1/32 (d) | 2,700 | 3,012 | |
5% 1/1/34 (d) | 4,060 | 4,488 | |
5% 1/1/35 (d) | 3,000 | 3,310 | |
5% 1/1/36 (d) | 3,730 | 4,104 | |
5% 1/1/37 (d) | 2,000 | 2,197 | |
Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev. Series 2018: | |||
5% 7/1/38 (d) | 2,640 | 2,932 | |
5% 7/1/48 (d) | 10,905 | 11,994 | |
Chicago Transit Auth.: | |||
Series 2014, 5.25% 12/1/49 | 18,000 | 19,914 | |
Series 2017, 5% 12/1/46 | 4,100 | 4,427 | |
Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2017: | |||
5% 6/1/22 | 2,020 | 2,216 | |
5% 6/1/23 | 1,815 | 2,024 | |
5% 6/1/24 | 305 | 342 | |
5% 6/1/25 | 305 | 344 | |
5% 6/1/26 | 245 | 278 | |
Cmnty. College District #525 Gen. Oblig. 5.75% 6/1/28 | 625 | 626 | |
Cook County Forest Preservation District: | |||
(Ltd. Tax Proj.) Series 2012 B, 5% 12/15/37 | 2,500 | 2,640 | |
Series 2012 A, 5% 11/15/22 | 2,000 | 2,181 | |
Series 2012 C: | |||
5% 12/15/21 | 1,000 | 1,076 | |
5% 12/15/37 | 1,000 | 1,056 | |
Cook County Gen. Oblig.: | |||
Series 2010 A: | |||
5.25% 11/15/22 | 690 | 737 | |
5.25% 11/15/33 | 23,025 | 24,221 | |
Series 2010 G, 5% 11/15/25 | 3,400 | 3,588 | |
Series 2012 C, 5% 11/15/24 | 11,100 | 12,212 | |
Series 2016 A: | |||
5% 11/15/26 | 5,340 | 6,125 | |
5% 11/15/27 | 2,800 | 3,194 | |
5% 11/15/28 | 3,650 | 4,146 | |
5% 11/15/29 | 4,540 | 5,132 | |
5% 11/15/30 | 5,000 | 5,629 | |
Grundy & Will Counties Cmnty. School Gen. Obligan Series 2017, 5% 2/1/25 | 900 | 1,018 | |
Illinois Dedicated Tax Rev. Series B, 0% 12/15/18 (AMBAC Insured) | 4,500 | 4,439 | |
Illinois Fin. Auth. Rev.: | |||
( Bradley Univ. Proj.) Series 2017 C, 5% 8/1/29 | 650 | 736 | |
( Bradley Univ. Proj.) Series 2017 C, 5% 8/1/30 | 915 | 1,033 | |
(Bradley Univ. Proj.) Series 2017 C, 5% 8/1/32 | 1,225 | 1,378 | |
(Depaul Univ. Proj.) Series 2016 A: | |||
4% 10/1/34 | 1,000 | 1,030 | |
5% 10/1/29 | 1,000 | 1,147 | |
5% 10/1/30 | 1,000 | 1,144 | |
5% 10/1/35 | 2,000 | 2,254 | |
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | |||
5.375% 5/15/25 | 30,230 | 32,004 | |
5.375% 5/15/30 | 7,270 | 7,645 | |
(Presence Health Proj.) Series 2016 C: | |||
3.625% 2/15/32 | 1,150 | 1,155 | |
4% 2/15/33 | 270 | 283 | |
5% 2/15/25 | 230 | 265 | |
5% 2/15/26 | 3,050 | 3,560 | |
5% 2/15/29 | 6,170 | 7,172 | |
5% 2/15/36 | 1,400 | 1,594 | |
(Rosalind Franklin Unversity Research Bldg. Proj.) Series 2017 C, 5% 8/1/46 | 1,000 | 1,087 | |
(Rush Univ. Med. Ctr. Proj.) Series 2015 A, 5% 11/15/34 | 500 | 555 | |
(Silver Cross Health Sys. II Proj.) Series 2015C, 4.125% 8/15/37 | 865 | 871 | |
(Silver Cross Hosp. and Med. Ctr. Proj.) Series 2008 A, 5.5% 8/15/30 | 1,995 | 2,001 | |
Bonds (Ascension Health Cr. Group Proj.) Series 2012 E2, 1.75%, tender 4/1/21 (a) | 2,215 | 2,200 | |
Series 2009, 5% 8/15/23 (Pre-Refunded to 8/15/20 @ 100) | 1,865 | 1,987 | |
Series 2010, 5.25% 5/1/25 | 7,000 | 7,428 | |
Series 2012 A: | |||
5% 5/15/20 | 500 | 527 | |
5% 5/15/22 | 2,180 | 2,402 | |
5% 5/15/23 | 300 | 329 | |
Series 2012: | |||
4% 9/1/32 | 8,775 | 8,579 | |
5% 9/1/32 | 1,900 | 2,007 | |
5% 9/1/38 | 26,250 | 27,543 | |
5% 11/15/43 | 5,215 | 5,486 | |
Series 2013: | |||
5% 11/15/24 | 500 | 552 | |
5% 11/15/27 | 100 | 110 | |
5% 11/15/28 | 2,875 | 3,151 | |
5% 11/15/29 | 1,400 | 1,532 | |
5% 5/15/43 | 11,805 | 12,387 | |
Series 2014, 5% 8/1/38 | 13,350 | 14,761 | |
Series 2015 A: | |||
5% 11/15/21 | 600 | 656 | |
5% 11/15/45 | 3,225 | 3,506 | |
Series 2015 B, 5% 11/15/27 | 3,160 | 3,585 | |
Series 2015 C: | |||
5% 8/15/35 | 7,460 | 8,120 | |
5% 8/15/44 | 36,450 | 39,177 | |
Series 2016 A: | |||
5% 8/15/22 | 1,000 | 1,085 | |
5% 7/1/24 | 1,395 | 1,575 | |
5% 8/15/25 | 2,380 | 2,655 | |
5% 8/15/26 | 3,180 | 3,569 | |
5% 7/1/28 | 1,230 | 1,382 | |
5% 2/15/29 | 5,140 | 5,739 | |
5% 2/15/30 | 5,425 | 6,038 | |
5% 7/1/30 | 710 | 789 | |
5% 2/15/31 | 4,375 | 4,857 | |
5% 7/1/31 | 1,255 | 1,392 | |
5% 2/15/32 | 4,250 | 4,706 | |
5% 7/1/33 | 650 | 717 | |
5% 7/1/34 | 5,000 | 5,493 | |
5% 8/15/34 | 645 | 702 | |
5% 8/15/35 | 510 | 554 | |
5% 8/15/36 | 2,035 | 2,206 | |
5.25% 8/15/27 | 2,255 | 2,561 | |
5.25% 8/15/28 | 2,895 | 3,274 | |
5.25% 8/15/30 | 2,225 | 2,500 | |
5.25% 8/15/31 | 600 | 673 | |
Series 2016 B: | |||
5% 8/15/31 | 7,365 | 8,374 | |
5% 8/15/32 | 6,040 | 6,838 | |
5% 8/15/34 | 7,515 | 8,406 | |
5% 8/15/36 | 10,485 | 11,662 | |
Series 2016 C: | |||
3.75% 2/15/34 | 1,465 | 1,468 | |
4% 2/15/36 | 6,230 | 6,464 | |
4% 2/15/41 | 17,890 | 18,469 | |
5% 2/15/22 | 1,320 | 1,455 | |
5% 2/15/24 | 670 | 764 | |
5% 2/15/30 | 7,760 | 8,994 | |
5% 2/15/31 | 13,500 | 15,614 | |
5% 2/15/32 | 4,420 | 5,094 | |
5% 2/15/34 | 3,525 | 4,031 | |
5% 2/15/41 | 10,685 | 12,140 | |
Series 2016: | |||
5% 5/15/29 | 1,255 | 1,422 | |
5% 5/15/30 | 2,655 | 3,001 | |
5% 12/1/46 | 4,585 | 4,981 | |
Series 2017 A, 5% 8/1/42 | 880 | 959 | |
Series 2017: | |||
5% 7/1/26 | 1,750 | 2,061 | |
5% 1/1/29 | 3,350 | 3,912 | |
5% 7/1/32 | 8,495 | 9,823 | |
5% 7/1/33 | 6,815 | 7,852 | |
5% 7/1/34 | 5,605 | 6,418 | |
5% 7/1/35 | 4,710 | 5,374 | |
Illinois Gen. Oblig.: | |||
Series 2006: | |||
5% 1/1/19 | 5,200 | 5,267 | |
5.5% 1/1/31 | 6,040 | 6,594 | |
Series 2010: | |||
5% 1/1/21 (FSA Insured) | 3,100 | 3,213 | |
5% 1/1/23 (FSA Insured) | 7,900 | 8,150 | |
Series 2012 A, 4% 1/1/23 | 2,525 | 2,554 | |
Series 2012: | |||
5% 8/1/19 | 2,965 | 3,042 | |
5% 8/1/21 | 2,400 | 2,511 | |
5% 3/1/23 | 5,150 | 5,393 | |
5% 8/1/23 | 4,600 | 4,874 | |
5% 3/1/28 | 220 | 227 | |
Series 2013: | |||
5% 1/1/22 | 2,925 | 2,995 | |
5.5% 7/1/24 | 1,000 | 1,076 | |
5.5% 7/1/25 | 5,215 | 5,583 | |
Series 2014: | |||
5% 2/1/22 | 1,060 | 1,113 | |
5% 2/1/23 | 4,425 | 4,673 | |
5% 2/1/25 | 3,630 | 3,828 | |
5% 2/1/26 | 2,740 | 2,874 | |
5% 4/1/28 | 2,290 | 2,390 | |
5% 5/1/28 | 2,150 | 2,244 | |
5% 5/1/32 | 9,300 | 9,627 | |
5.25% 2/1/30 | 9,200 | 9,676 | |
5.25% 2/1/31 | 435 | 457 | |
Series 2016: | |||
5% 11/1/20 | 4,680 | 4,861 | |
5% 2/1/23 | 1,810 | 1,911 | |
5% 2/1/24 | 10,010 | 10,624 | |
5% 6/1/25 | 8,810 | 9,370 | |
5% 11/1/25 | 3,000 | 3,193 | |
5% 6/1/26 | 1,200 | 1,276 | |
5% 2/1/27 | 8,525 | 9,075 | |
5% 2/1/28 | 6,860 | 7,277 | |
5% 2/1/29 | 6,445 | 6,813 | |
Series 2017 D: | |||
5% 11/1/22 | 23,880 | 25,247 | |
5% 11/1/23 | 25,000 | 26,533 | |
5% 11/1/24 | 35,000 | 37,240 | |
5% 11/1/25 | 35,000 | 37,248 | |
5% 11/1/26 | 25,000 | 26,609 | |
5% 11/1/27 | 3,500 | 3,731 | |
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A: | |||
5% 2/1/25 | 8,110 | 9,253 | |
5% 2/1/26 | 10,370 | 11,854 | |
5% 2/1/31 | 4,070 | 4,574 | |
Illinois Toll Hwy. Auth. Toll Hwy. Rev.: | |||
Series 2015 A: | |||
5% 1/1/37 | 3,650 | 4,061 | |
5% 1/1/40 | 15,600 | 17,306 | |
Series 2015 B, 5% 1/1/40 | 8,700 | 9,724 | |
Series 2016 A: | |||
5% 12/1/31 | 7,035 | 8,034 | |
5% 12/1/32 | 10,300 | 11,748 | |
Joliet School District #86 Gen. Oblig. Series 2002, 0% 11/1/19 (FSA Insured) | 2,000 | 1,943 | |
Kane, McHenry, Cook & DeKalb Counties Unit School District #300: | |||
0% 12/1/21 (AMBAC Insured) | 3,095 | 2,833 | |
0% 12/1/21 (Escrowed to Maturity) | 1,905 | 1,778 | |
6.5% 1/1/20 (AMBAC Insured) | 3,140 | 3,354 | |
Kendall, Kane & Will Counties Cmnty. Unit School District #308 Series 2016: | |||
5% 2/1/34 | 7,000 | 7,792 | |
5% 2/1/35 | 5,000 | 5,559 | |
5% 2/1/36 | 8,600 | 9,542 | |
Lake County Cmnty. High School District #117, Antioch: | |||
Series 2000 B, 0% 12/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,805 | 1,694 | |
Series B, 0% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,240 | 7,181 | |
McHenry & Kane Counties Cmnty. Consolidated School District #158: | |||
Series 2003: | |||
0% 1/1/19 | 2,770 | 2,738 | |
0% 1/1/19 (Escrowed to Maturity) | 185 | 184 | |
Series 2004, 0% 1/1/24 (FSA Insured) | 5,100 | 4,279 | |
0% 1/1/19 (Escrowed to Maturity) | 45 | 45 | |
Metropolitan Pier & Exposition: | |||
(McCormick Place Expansion Proj.): | |||
Series 1992 A, 0% 6/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,610 | 3,399 | |
Series 1994 A, 0% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,645 | 6,463 | |
Series 1996 A, 0% 6/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,300 | 5,249 | |
Series 2010 B1: | |||
0% 6/15/43 (FSA Insured) | 50,715 | 16,345 | |
0% 6/15/44 (FSA Insured) | 58,500 | 17,972 | |
0% 6/15/45 (FSA Insured) | 30,500 | 8,907 | |
0% 6/15/47 (FSA Insured) | 3,625 | 955 | |
Series 2012 B, 0% 12/15/51 | 13,100 | 2,411 | |
Series A: | |||
0% 6/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,265 | 1,101 | |
0% 12/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,090 | 2,399 | |
Series 1993: | |||
0% 6/15/19 | 2,780 | 2,704 | |
0% 6/15/19 (Escrowed to Maturity) | 565 | 556 | |
Series 1996 A, 0% 6/15/24 | 3,060 | 2,432 | |
Series 2002, 5.5% 6/15/20 | 265 | 267 | |
Series 2017 B: | |||
5% 12/15/25 | 1,000 | 1,089 | |
5% 12/15/26 | 3,325 | 3,624 | |
5% 12/15/27 | 355 | 388 | |
5% 12/15/31 | 675 | 733 | |
5% 12/15/34 | 400 | 430 | |
Series A, 0% 12/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,155 | 2,064 | |
Railsplitter Tobacco Settlement Auth. Rev. Series 2017: | |||
5% 6/1/27 | 5,000 | 5,692 | |
5% 6/1/28 | 2,750 | 3,110 | |
Univ. of Illinois Rev.: | |||
(Auxiliary Facilities Sys. Proj.): | |||
Series 1991, 0% 4/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 8,000 | 7,674 | |
Series 1999 A: | |||
0% 4/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,600 | 1,535 | |
0% 4/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,965 | 4,626 | |
Series 2010 A: | |||
5% 4/1/25 | 6,125 | 6,420 | |
5.25% 4/1/30 | 4,200 | 4,408 | |
Series 2013: | |||
6% 10/1/42 | 5,500 | 6,198 | |
6.25% 10/1/38 | 5,430 | 6,201 | |
Will County Cmnty. Unit School District #365-U: | |||
Series 2007 B, 0% 11/1/26 (FSA Insured) | 6,155 | 4,660 | |
Series 2012, 0% 11/1/25 | 790 | 622 | |
0% 11/1/19 (Escrowed to Maturity) | 1,465 | 1,429 | |
0% 11/1/19 (FSA Insured) | 9,410 | 9,145 | |
Will County Illinois Series 2016: | |||
5% 11/15/31 | 1,620 | 1,813 | |
5% 11/15/32 | 1,235 | 1,380 | |
5% 11/15/33 | 1,500 | 1,671 | |
5% 11/15/34 | 1,500 | 1,667 | |
TOTAL ILLINOIS | 1,370,035 | ||
Indiana - 2.0% | |||
Crown Point Multi-School Bldg. Corp. 0% 1/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,480 | 7,100 | |
Indiana Fin. Auth. Rev.: | |||
Series 2012: | |||
5% 3/1/30 | 4,575 | 4,961 | |
5% 3/1/41 | 8,360 | 8,944 | |
Series 2015 A, 5.25% 2/1/32 | 7,060 | 8,183 | |
Series 2016: | |||
4% 9/1/21 | 400 | 422 | |
5% 9/1/22 | 300 | 332 | |
5% 9/1/23 | 450 | 506 | |
5% 9/1/24 | 675 | 769 | |
5% 9/1/26 | 1,300 | 1,507 | |
5% 9/1/27 | 650 | 750 | |
5% 9/1/28 | 3,065 | 3,522 | |
5% 9/1/29 | 1,500 | 1,716 | |
5% 9/1/30 | 1,400 | 1,596 | |
Indiana Fin. Auth. Wastewtr. Util. Rev.: | |||
(CWA Auth. Proj.): | |||
Series 2012 A: | |||
5% 10/1/24 | 400 | 446 | |
5% 10/1/26 | 2,545 | 2,825 | |
Series 2015 A: | |||
5% 10/1/30 | 4,820 | 5,495 | |
5% 10/1/45 | 27,300 | 30,751 | |
Series 2011 A, 5.25% 10/1/25 | 1,750 | 1,922 | |
Indianapolis Local Pub. Impt. Series 2016: | |||
4% 1/1/32 (d) | 1,000 | 1,035 | |
4% 1/1/33 (d) | 1,000 | 1,031 | |
4% 1/1/34 (d) | 1,000 | 1,028 | |
4% 1/1/35 (d) | 2,780 | 2,849 | |
5% 1/1/21 (d) | 4,755 | 5,108 | |
5% 1/1/22 (d) | 8,590 | 9,410 | |
5% 1/1/23 (d) | 3,470 | 3,863 | |
5% 1/1/26 (d) | 1,055 | 1,208 | |
Lake Central Multi-District School Bldg. Corp. Series 2012 B: | |||
4% 7/15/18 | 400 | 400 | |
5% 1/15/30 | 12,040 | 13,339 | |
Zionsville Cmnty. Schools Bldg. Series 2005, 5% 7/15/20 (FSA Insured) | 1,945 | 2,056 | |
TOTAL INDIANA | 123,074 | ||
Kansas - 0.5% | |||
Kansas Dev. Fin. Agcy. Series 2009: | |||
5.75% 11/15/38 (Pre-Refunded to 11/15/19 @ 100) | 275 | 289 | |
5.75% 11/15/38 (Pre-Refunded to 11/15/19 @ 100) | 12,225 | 12,903 | |
Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev.: | |||
Series 2012 A: | |||
5% 9/1/23 | 1,860 | 2,058 | |
5% 9/1/25 | 4,000 | 4,426 | |
5% 9/1/26 | 1,950 | 2,154 | |
Series 2016 A: | |||
5% 9/1/40 | 4,515 | 5,025 | |
5% 9/1/45 | 6,800 | 7,545 | |
TOTAL KANSAS | 34,400 | ||
Kentucky - 0.8% | |||
Kenton County Arpt. Board Arpt. Rev. Series 2016: | |||
5% 1/1/21 | 650 | 695 | |
5% 1/1/22 | 725 | 792 | |
5% 1/1/23 | 425 | 471 | |
5% 1/1/28 | 1,585 | 1,781 | |
5% 1/1/31 | 1,500 | 1,673 | |
5% 1/1/32 | 1,500 | 1,668 | |
Kentucky Econ. Dev. Fin. Auth. Rev. Louisville Arena Auth., Inc. Series 2017A, 5% 12/1/47 (FSA Insured) | 1,620 | 1,762 | |
Kentucky State Property & Buildings Commission Rev. (Proj. No. 119) Series 2018: | |||
5% 5/1/26 | 1,005 | 1,144 | |
5% 5/1/27 | 2,940 | 3,359 | |
5% 5/1/29 | 5,445 | 6,221 | |
5% 5/1/32 | 1,430 | 1,636 | |
5% 5/1/33 | 1,105 | 1,260 | |
5% 5/1/34 | 1,260 | 1,429 | |
5% 5/1/35 | 745 | 835 | |
5% 5/1/36 | 630 | 705 | |
Louisville & Jefferson County Series 2013 A: | |||
5.5% 10/1/33 | 3,400 | 3,820 | |
5.75% 10/1/38 | 8,765 | 9,940 | |
Louisville/Jefferson County Metropolitan Gov. Series 2012 A: | |||
5% 12/1/28 | 745 | 794 | |
5% 12/1/30 | 725 | 770 | |
Pikeville Hosp. Rev. (Pikeville Med. Ctr., Inc. Proj.) Series 2011, 6.5% 3/1/41 | 3,000 | 3,257 | |
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.) Series 2001 B, 2.55%, tender 5/3/21 (a) | 8,130 | 8,134 | |
TOTAL KENTUCKY | 52,146 | ||
Louisiana - 0.8% | |||
Louisiana Pub. Facilities Auth. Rev. (Tulane Univ. of Louisiana Proj.) Series 2016 A: | |||
5% 12/15/24 | 1,500 | 1,715 | |
5% 12/15/25 | 3,120 | 3,613 | |
5% 12/15/26 | 1,260 | 1,463 | |
5% 12/15/28 | 2,000 | 2,301 | |
5% 12/15/29 | 1,420 | 1,624 | |
5% 12/15/30 | 2,800 | 3,195 | |
New Orleans Aviation Board Rev.: | |||
(North Term. Proj.): | |||
Series 2015 B: | |||
5% 1/1/27 (d) | 1,400 | 1,575 | |
5% 1/1/29 (d) | 5,190 | 5,798 | |
5% 1/1/30 (d) | 7,000 | 7,790 | |
5% 1/1/31 (d) | 2,500 | 2,770 | |
5% 1/1/40 (d) | 8,285 | 9,021 | |
Series 2017 B: | |||
5% 1/1/27 (d) | 400 | 460 | |
5% 1/1/28 (d) | 245 | 280 | |
5% 1/1/32 (d) | 400 | 451 | |
5% 1/1/33 (d) | 700 | 785 | |
5% 1/1/34 (d) | 215 | 240 | |
5% 1/1/35 (d) | 400 | 446 | |
Series 2017 D2: | |||
5% 1/1/27 (d) | 500 | 575 | |
5% 1/1/28 (d) | 720 | 824 | |
5% 1/1/31 (d) | 640 | 724 | |
5% 1/1/33 (d) | 1,025 | 1,150 | |
5% 1/1/34 (d) | 1,230 | 1,375 | |
5% 1/1/36 (d) | 935 | 1,041 | |
5% 1/1/37 (d) | 1,540 | 1,713 | |
TOTAL LOUISIANA | 50,929 | ||
Maine - 1.0% | |||
Maine Health & Higher Edl. Facilities Auth. Rev.: | |||
(Eastern Maine Healthcare Systems Proj.) Series 2013, 5% 7/1/43 | 3,790 | 3,934 | |
Series 2008 D, 5.75% 7/1/38 (Pre-Refunded to 7/1/18 @ 100) | 330 | 330 | |
Series 2013, 5% 7/1/25 | 1,730 | 1,856 | |
Series 2016 A: | |||
4% 7/1/41 | 2,310 | 2,127 | |
4% 7/1/46 | 3,225 | 2,932 | |
5% 7/1/41 | 10,410 | 10,927 | |
5% 7/1/46 | 27,715 | 29,054 | |
Series 2017 B: | |||
4% 7/1/25 | 450 | 486 | |
4% 7/1/31 | 700 | 730 | |
4% 7/1/32 | 500 | 519 | |
4% 7/1/34 | 1,010 | 1,040 | |
5% 7/1/26 | 325 | 375 | |
5% 7/1/28 | 510 | 590 | |
5% 7/1/29 | 400 | 460 | |
5% 7/1/33 | 1,000 | 1,134 | |
5% 7/1/35 | 760 | 857 | |
Series 2017 D, 5.75% 7/1/38 | 165 | 166 | |
Maine Tpk. Auth. Tpk. Rev. Series 2015: | |||
5% 7/1/32 | 1,050 | 1,195 | |
5% 7/1/36 | 2,600 | 2,929 | |
5% 7/1/38 | 670 | 754 | |
TOTAL MAINE | 62,395 | ||
Maryland - 0.6% | |||
Baltimore Proj. Rev. (Wtr. Projs.) Series 2009 A: | |||
5.375% 7/1/34 (Pre-Refunded to 7/1/19 @ 100) | 185 | 192 | |
5.375% 7/1/34 (Pre-Refunded to 7/1/19 @ 100) | 315 | 327 | |
City of Westminster Series 2016: | |||
5% 11/1/27 | 2,595 | 2,892 | |
5% 11/1/28 | 2,750 | 3,050 | |
5% 11/1/29 | 2,910 | 3,203 | |
5% 11/1/30 | 3,085 | 3,384 | |
5% 11/1/31 | 1,245 | 1,359 | |
Maryland Econ. Dev. Auth. Rev. (Ports America Chesapeake LLC. Proj.) Series 2017 A: | |||
5% 6/1/30 | 1,250 | 1,416 | |
5% 6/1/35 | 2,000 | 2,240 | |
Maryland Econ. Dev. Corp. (Purple Line Lt. Rail Proj.) Series 2016 D: | |||
5% 3/31/41 (d) | 1,815 | 1,988 | |
5% 3/31/46 (d) | 3,000 | 3,275 | |
Maryland Health & Higher Edl. Facilities Auth. Rev.: | |||
(Medstar Health, Inc. Proj.) Series 2017 A, 5% 5/15/45 | 3,195 | 3,576 | |
(Univ. of Maryland Med. Sys. Proj.) Series 2008 F, 5.25% 7/1/21 | 1,000 | 1,001 | |
Series 2010, 5.625% 7/1/30 (Pre-Refunded to 7/1/20 @ 100) | 3,365 | 3,617 | |
Series 2015, 5% 7/1/24 | 755 | 851 | |
Series 2016 A: | |||
4% 7/1/42 | 1,725 | 1,720 | |
5% 7/1/35 | 695 | 763 | |
Rockville Mayor & Council Econ. Dev. (Rfdg.-Ingleside King Farm Proj.) Series 2017: | |||
2.5% 11/1/24 | 1,760 | 1,735 | |
3% 11/1/25 | 1,290 | 1,283 | |
5% 11/1/30 | 455 | 502 | |
TOTAL MARYLAND | 38,374 | ||
Massachusetts - 2.6% | |||
Massachusetts Dev. Fin. Agcy. Rev.: | |||
( Lawrence Gen. Hosp. MA. Proj.) Series 2017: | |||
5% 7/1/30 | 760 | 828 | |
5% 7/1/37 | 1,000 | 1,069 | |
(Lawrence Gen. Hosp. MA. Proj.) Series 2017: | |||
5% 7/1/25 | 170 | 187 | |
5% 7/1/29 | 715 | 780 | |
5% 7/1/31 | 805 | 875 | |
5% 7/1/32 | 1,000 | 1,084 | |
5% 7/1/34 | 1,000 | 1,075 | |
5% 7/1/42 | 900 | 959 | |
(Lawrence Gen. Hosp.) Series 2017: | |||
5% 7/1/19 | 230 | 236 | |
5% 7/1/20 | 370 | 388 | |
5% 7/1/21 | 380 | 405 | |
5% 7/1/47 | 1,400 | 1,486 | |
(Lesley Univ. Proj.) Series 2016, 5% 7/1/39 | 1,645 | 1,840 | |
(Newbridge On The Charles Proj.) Series 2017: | |||
4% 10/1/32 (c) | 3,000 | 2,993 | |
4.125% 10/1/42 (c) | 3,600 | 3,592 | |
(Partners Healthcare Sys., Inc. Proj.): | |||
Series 2017 S: | |||
5% 7/1/30 | 3,880 | 4,577 | |
5% 7/1/32 | 14,340 | 16,811 | |
5% 7/1/34 | 4,225 | 4,896 | |
Series 2017, 4% 7/1/41 | 10,000 | 10,238 | |
(Tufts Med. Ctr. Proj.) Series 2011, 6.75% 1/1/36 | 1,585 | 1,761 | |
(Univ. of Massachusetts Health Cr., Inc. Proj.) Series 2017 L, 4% 7/1/44 | 1,000 | 995 | |
(Wentworth Institute of Technology Proj.) Series 2017: | |||
5% 10/1/27 | 1,005 | 1,130 | |
5% 10/1/28 | 1,055 | 1,181 | |
5% 10/1/29 | 1,110 | 1,237 | |
5% 10/1/31 | 1,225 | 1,357 | |
5% 10/1/32 | 1,285 | 1,421 | |
Series 2016: | |||
5% 10/1/29 | 1,000 | 1,161 | |
5% 10/1/30 | 1,500 | 1,737 | |
5% 7/1/31 | 1,675 | 1,876 | |
5% 10/1/31 | 1,620 | 1,870 | |
5% 7/1/46 | 1,390 | 1,519 | |
Series 2017, 5% 7/1/27 | 645 | 705 | |
Series BB1, 5% 10/1/46 | 415 | 471 | |
Massachusetts Edl. Fing. Auth. Rev. Series 2017 B, 4.25% 7/1/46 (d) | 10,000 | 10,197 | |
Massachusetts Gen. Oblig.: | |||
Series 2016 B, 5% 7/1/31 | 2,420 | 2,808 | |
Series 2017 A: | |||
5% 4/1/36 | 2,115 | 2,442 | |
5% 4/1/42 | 8,010 | 9,168 | |
Series 2017 D: | |||
5% 2/1/33 | 5,390 | 6,262 | |
5% 2/1/34 | 12,295 | 14,223 | |
5% 2/1/35 | 4,710 | 5,437 | |
Series 2017 F, 5% 11/1/46 | 4,000 | 4,597 | |
Massachusetts Health & Edl. Facilities Auth. Rev. (Blood Research Institute Proj.) Series A, 6.5% 2/1/22 (g) | 1,355 | 1,360 | |
Massachusetts Port Auth. Rev.: | |||
Series 2016 A: | |||
5% 7/1/33 | 2,100 | 2,434 | |
5% 7/1/34 | 1,080 | 1,247 | |
5% 7/1/38 | 1,570 | 1,804 | |
Series 2016 B, 5% 7/1/43 (d) | 18,590 | 20,795 | |
Series 2017 A: | |||
5% 7/1/24 (d) | 4,865 | 5,535 | |
5% 7/1/25 (d) | 1,810 | 2,074 | |
TOTAL MASSACHUSETTS | 163,123 | ||
Michigan - 1.7% | |||
Detroit School District School Bldg. and Site Impt. Series 2012 A, 5% 5/1/23 | 4,000 | 4,398 | |
Detroit Swr. Disp. Rev. Series 2001 E, 5.75% 7/1/31 (Pre-Refunded to 7/1/18 @ 100) | 385 | 385 | |
Grand Rapids Pub. Schools Series 2016, 5% 5/1/26 (FSA Insured) | 3,065 | 3,566 | |
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016, 5% 5/15/28 | 2,360 | 2,662 | |
Lansing Board of Wtr. & Lt. Util. Rev. 5.5% 7/1/41 | 3,000 | 3,286 | |
Michigan Bldg. Auth. Rev.: | |||
(Facilities Prog.): | |||
Series 2015 I, 5% 4/15/30 | 5,000 | 5,720 | |
Series 2016 I, 5% 4/15/24 | 295 | 338 | |
5% 4/15/33 | 2,500 | 2,834 | |
Michigan Fin. Auth. Rev.: | |||
(Trinity Health Proj.) Series 2017: | |||
5% 12/1/34 | 5,000 | 5,757 | |
5% 12/1/35 | 1,915 | 2,200 | |
5% 12/1/42 | 2,585 | 2,933 | |
Series 2012 A: | |||
5% 6/1/20 (Escrowed to Maturity) | 2,050 | 2,169 | |
5% 6/1/21 (Escrowed to Maturity) | 350 | 379 | |
5% 6/1/27 (Pre-Refunded to 6/1/22 @ 100) | 3,500 | 3,874 | |
Series 2012, 5% 11/15/42 | 10,380 | 11,263 | |
Series 2015 MI, 5% 12/1/24 | 4,445 | 5,119 | |
Series 2016, 5% 11/15/41 | 1,885 | 2,087 | |
Series MI, 5.5% 12/1/27 | 4,750 | 5,606 | |
Michigan Hosp. Fin. Auth. Rev.: | |||
(Trinity Health Proj.) Series 2008 C, 5% 12/1/32 | 1,495 | 1,737 | |
Series 2012 A, 5% 6/1/26 | 2,000 | 2,195 | |
6.5% 12/1/33 (Pre-Refunded to 12/1/18 @ 100) | 210 | 214 | |
Portage Pub. Schools Series 2016: | |||
5% 11/1/30 | 2,855 | 3,270 | |
5% 11/1/31 | 2,525 | 2,886 | |
5% 11/1/36 | 250 | 281 | |
Wayne County Arpt. Auth. Rev.: | |||
Series 2015 F, 5% 12/1/27 (d) | 6,995 | 7,933 | |
Series 2015 G, 5% 12/1/28 (d) | 5,500 | 6,210 | |
Series 2017 A: | |||
4% 12/1/33 (FSA Insured) | 1,485 | 1,567 | |
4% 12/1/34 (FSA Insured) | 1,230 | 1,292 | |
4% 12/1/35 (FSA Insured) | 1,200 | 1,253 | |
4% 12/1/36 (FSA Insured) | 1,250 | 1,301 | |
5% 12/1/31 | 375 | 432 | |
5% 12/1/32 | 380 | 436 | |
5% 12/1/34 | 700 | 800 | |
5% 12/1/35 | 650 | 741 | |
5% 12/1/37 | 430 | 488 | |
Series 2017 B: | |||
5% 12/1/29 (d) | 600 | 685 | |
5% 12/1/30 (d) | 700 | 796 | |
5% 12/1/31 (d) | 800 | 908 | |
5% 12/1/32 (d) | 510 | 580 | |
5% 12/1/32 (d) | 650 | 737 | |
5% 12/1/34 (d) | 600 | 676 | |
5% 12/1/35 (d) | 650 | 731 | |
5% 12/1/37 (d) | 850 | 952 | |
5% 12/1/42 (d) | 1,000 | 1,115 | |
TOTAL MICHIGAN | 104,792 | ||
Minnesota - 0.1% | |||
Maple Grove Health Care Sys. Rev.: | |||
Series 2015, 5% 9/1/29 | 2,830 | 3,146 | |
Series 2017: | |||
4% 5/1/21 | 500 | 524 | |
5% 5/1/25 | 800 | 913 | |
Minneapolis Health Care Sys. Rev.: | |||
6.5% 11/15/38 | 845 | 861 | |
6.5% 11/15/38 (Pre-Refunded to 11/15/18 @ 100) | 155 | 158 | |
Moorhead Edl. Facilities Rev. (The Concordia College Corp. Proj.) Series 2016, 5% 12/1/25 | 1,195 | 1,348 | |
Saint Paul Hsg. & Redev. Auth. Hosp. Rev. (HealthEast Care Sys. Proj.) Series 2015 A, 5% 11/15/44 (Pre-Refunded to 11/15/25 @ 100) | 1,515 | 1,778 | |
TOTAL MINNESOTA | 8,728 | ||
Missouri - 0.4% | |||
Cape Girardeau County Indl. Dev. Auth. (Southeast Hosp. Proj.) Series 2017 A: | |||
5% 3/1/30 | 700 | 773 | |
5% 3/1/31 | 750 | 826 | |
5% 3/1/36 | 1,500 | 1,614 | |
Kansas City Spl. Oblig.: | |||
5% 9/1/26 | 1,185 | 1,228 | |
5% 9/1/27 | 490 | 508 | |
5% 9/1/28 | 1,000 | 1,036 | |
5% 9/1/29 | 1,000 | 1,036 | |
5% 9/1/30 | 1,390 | 1,439 | |
Missouri Dev. Fin. Board Infrastructure Facilities Rev. (City of Branson-Branson Landing Proj.) Series 2005 A, 6% 6/1/20 | 855 | 892 | |
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Series 2015 B: | |||
3.125% 2/1/27 | 1,000 | 1,009 | |
3.25% 2/1/28 | 1,000 | 1,015 | |
4% 2/1/40 | 800 | 816 | |
5% 2/1/29 | 1,240 | 1,406 | |
5% 2/1/31 | 2,595 | 2,924 | |
5% 2/1/33 | 2,870 | 3,220 | |
5% 2/1/36 | 2,700 | 3,007 | |
TOTAL MISSOURI | 22,749 | ||
Nebraska - 0.3% | |||
Douglas County Neb Edl. Facilities Rev. (Creighton Univ. Proj.) Series 2017: | |||
4% 7/1/34 | 1,000 | 1,064 | |
5% 7/1/36 | 690 | 789 | |
Nebraska Pub. Pwr. District Rev. Series 2016 B: | |||
5% 1/1/37 | 2,475 | 2,796 | |
5% 1/1/40 | 1,130 | 1,271 | |
Omaha Arpt. Auth. Arpt. Rev.: | |||
Series 2017 A: | |||
5% 12/15/22 (d) | 750 | 837 | |
5% 12/15/23 (d) | 750 | 849 | |
5% 12/15/25 (d) | 400 | 461 | |
5% 12/15/26 (d) | 1,440 | 1,671 | |
5% 12/15/27 (d) | 1,000 | 1,156 | |
5% 12/15/30 (d) | 1,500 | 1,713 | |
5% 12/15/31 (d) | 785 | 894 | |
5% 12/15/33 (d) | 800 | 905 | |
5% 12/15/35 (d) | 2,000 | 2,250 | |
5% 12/15/36 (d) | 505 | 567 | |
Series 2017 C, 5% 12/15/21 (d) | 410 | 449 | |
Series 2017A, 4% 12/15/18 (d) | 325 | 329 | |
TOTAL NEBRASKA | 18,001 | ||
Nevada - 0.4% | |||
Clark County Arpt. Rev. (Sub Lien Proj.) Series 2017 A-1, 5% 7/1/21 (d) | 6,970 | 7,535 | |
Clark County McCarran Int'l. Arpt. Passenger Facility Charge Rev. (Clark County Arpt. Rev. Proj.) Series 2017 B: | |||
5% 7/1/20 (d) | 1,960 | 2,074 | |
5% 7/1/22 (d) | 2,250 | 2,481 | |
5% 7/1/23 (d) | 4,000 | 4,481 | |
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig.: | |||
Series 2011 C, 5% 6/1/24 | 5,415 | 5,864 | |
Series 2016 B, 5% 6/1/36 | 4,530 | 5,164 | |
TOTAL NEVADA | 27,599 | ||
New Hampshire - 1.7% | |||
New Hampshire Health & Ed. Facilities Auth.: | |||
(Concord Hosp.) Series 2017, 5% 10/1/42 | 3,000 | 3,338 | |
(Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A: | |||
5% 8/1/28 | 500 | 582 | |
5% 8/1/30 | 1,000 | 1,151 | |
(Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A, 5% 8/1/29 | 850 | 984 | |
(Partners Healthcare Sys., Inc. Proj.): | |||
Series 2017: | |||
5% 7/1/29 | 4,275 | 5,050 | |
5% 7/1/34 | 5,335 | 6,182 | |
Series 2017: | |||
5% 7/1/28 | 4,025 | 4,774 | |
5% 7/1/30 | 2,565 | 3,021 | |
5% 7/1/31 | 5,750 | 6,762 | |
5% 7/1/32 | 3,845 | 4,504 | |
5% 7/1/33 | 3,500 | 4,084 | |
5% 7/1/35 | 5,600 | 6,439 | |
5% 7/1/36 | 5,885 | 6,752 | |
5% 7/1/37 | 5,180 | 5,938 | |
Series 2017 B, 4.125% 7/1/24 (c) | 2,115 | 2,128 | |
Series 2017 C, 3.5% 7/1/22 (c) | 665 | 667 | |
New Hampshire Health & Ed. Facilities Auth. Rev.: | |||
(Covenant Health Sys., Inc. Proj.) Series 2012, 5% 7/1/42 | 375 | 398 | |
Series 2012: | |||
4% 7/1/32 | 2,770 | 2,837 | |
5% 7/1/24 | 1,000 | 1,093 | |
5% 7/1/25 | 1,185 | 1,290 | |
5% 7/1/27 | 500 | 540 | |
Series 2016: | |||
3% 10/1/20 | 560 | 570 | |
4% 10/1/38 | 2,425 | 2,425 | |
5% 10/1/22 | 1,070 | 1,173 | |
5% 10/1/24 | 2,120 | 2,366 | |
5% 10/1/25 | 2,100 | 2,358 | |
5% 10/1/29 | 6,675 | 7,442 | |
5% 10/1/31 | 5,210 | 5,781 | |
5% 10/1/33 | 4,050 | 4,463 | |
5% 10/1/38 | 7,470 | 8,121 | |
New Hampshire Tpk. Sys. Rev. Series 2012 B, 5% 2/1/24 | 1,775 | 1,947 | |
TOTAL NEW HAMPSHIRE | 105,160 | ||
New Jersey - 6.0% | |||
Atlantic County Impt. Auth. (Atlantic City Campus Proj.) Series 2016 A: | |||
5% 7/1/28 (FSA Insured) | 1,040 | 1,188 | |
5% 7/1/30 (FSA Insured) | 2,540 | 2,895 | |
5% 7/1/32 (FSA Insured) | 1,250 | 1,419 | |
5% 7/1/33 (FSA Insured) | 1,300 | 1,471 | |
New Jersey Econ. Dev. Auth. Rev.: | |||
(New Jersey Gen. Oblig. Proj.): | |||
Series 2015 XX, 5% 6/15/25 | 13,170 | 14,473 | |
Series 2017 B: | |||
5% 11/1/23 | 18,000 | 19,648 | |
5% 11/1/24 | 7,000 | 7,678 | |
Series 2009 AA, 5.5% 12/15/29 | 1,665 | 1,712 | |
Series 2013 NN: | |||
5% 3/1/27 | 81,510 | 86,384 | |
5% 3/1/29 | 2,485 | 2,621 | |
Series 2013: | |||
5% 3/1/23 | 19,875 | 21,501 | |
5% 3/1/24 | 20,000 | 21,592 | |
5% 3/1/25 | 2,200 | 2,358 | |
Series 2015 XX: | |||
5% 6/15/22 | 3,285 | 3,533 | |
5% 6/15/23 | 5,000 | 5,428 | |
5.25% 6/15/27 | 17,000 | 18,755 | |
Series 2016 AAA: | |||
5.5% 6/15/31 | 2,000 | 2,267 | |
5.5% 6/15/32 | 5,000 | 5,656 | |
Series 2016 BBB: | |||
5% 6/15/21 | 4,000 | 4,256 | |
5% 6/15/22 | 6,470 | 6,959 | |
5% 6/15/23 | 10,410 | 11,301 | |
6% 12/15/34 (Pre-Refunded to 12/15/18 @ 100) | 25 | 26 | |
New Jersey Econ. Dev. Auth. Spl. Facilities Rev. (Port Newark Container Term. LLC. Proj.) Series 2017: | |||
5% 10/1/21 (d) | 1,500 | 1,612 | |
5% 10/1/22 (d) | 945 | 1,028 | |
5% 10/1/23 (d) | 1,500 | 1,648 | |
5% 10/1/37 (d) | 5,545 | 6,014 | |
5% 10/1/47 (d) | 9,000 | 9,704 | |
New Jersey Edl. Facility Series 2016 A: | |||
5% 7/1/31 | 2,100 | 2,318 | |
5% 7/1/32 | 4,000 | 4,406 | |
New Jersey Health Care Facilities Fing. Auth. Rev. Series 2016 A: | |||
5% 7/1/20 | 500 | 527 | |
5% 7/1/21 | 335 | 360 | |
5% 7/1/22 | 335 | 367 | |
5% 7/1/23 | 1,170 | 1,301 | |
5% 7/1/24 | 1,930 | 2,164 | |
5% 7/1/25 | 2,005 | 2,262 | |
5% 7/1/26 | 1,105 | 1,252 | |
5% 7/1/26 | 335 | 380 | |
5% 7/1/27 | 505 | 570 | |
5% 7/1/27 | 750 | 876 | |
5% 7/1/28 | 365 | 424 | |
5% 7/1/29 | 700 | 782 | |
5% 7/1/29 | 500 | 559 | |
5% 7/1/30 | 835 | 929 | |
5% 7/1/30 | 1,000 | 1,155 | |
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | |||
Series 2017 1A: | |||
5% 12/1/22 (d) | 1,210 | 1,331 | |
5% 12/1/23 (d) | 2,025 | 2,249 | |
5% 12/1/26 (d) | 1,000 | 1,134 | |
Series 2017 1B, 5% 12/1/21 (d) | 1,280 | 1,387 | |
Series 2018 B: | |||
5% 12/1/25 (d) | 2,970 | 3,343 | |
5% 12/1/26 (d) | 1,250 | 1,418 | |
Series 2018 C, 4% 12/1/48 (d) | 2,215 | 2,188 | |
New Jersey Trans. Trust Fund Auth.: | |||
Series 2001 A, 6% 6/15/35 | 3,900 | 4,249 | |
Series 2005 B, 5.25% 12/15/22 (AMBAC Insured) | 400 | 443 | |
Series 2010 D, 5.25% 12/15/23 | 6,305 | 6,970 | |
Series 2014 AA: | |||
5% 6/15/23 | 25,895 | 28,161 | |
5% 6/15/24 | 10,000 | 10,945 | |
Series 2016 A: | |||
5% 6/15/27 | 2,715 | 2,993 | |
5% 6/15/28 | 11,055 | 12,141 | |
5% 6/15/29 | 2,250 | 2,461 | |
Series 2016 A-2, 5% 6/15/23 | 5,380 | 5,851 | |
South Jersey Port Corp. Rev.: | |||
(New Jersey Gen. Oblig. Proj.) Series 2017 B: | |||
5% 1/1/42 (d) | 3,000 | 3,270 | |
5% 1/1/48 (d) | 2,000 | 2,173 | |
(New Jersey Gen. Oblig. Proj.) Series 2017 B, 5% 1/1/37 (d) | 1,000 | 1,094 | |
TOTAL NEW JERSEY | 377,560 | ||
New York - 4.8% | |||
Dorm. Auth. New York Univ. Rev.: | |||
(Fordham Univ. Proj.) Series 2017: | |||
4% 7/1/33 | 1,250 | 1,316 | |
4% 7/1/34 | 1,250 | 1,308 | |
Series 2017 4% 12/1/20 (c) | 1,000 | 1,035 | |
Series 2017: | |||
4% 12/1/21 (c) | 1,100 | 1,149 | |
5% 12/1/22 (c) | 1,700 | 1,859 | |
5% 12/1/23 (c) | 1,400 | 1,551 | |
5% 12/1/24 (c) | 1,300 | 1,453 | |
5% 12/1/25 (c) | 1,400 | 1,577 | |
Hudson Yards Infrastructure Corp. New York Rev. Series 2012 A: | |||
5.75% 2/15/47 | 6,580 | 7,143 | |
5.75% 2/15/47 (Pre-Refunded to 2/15/21 @ 100) | 300 | 330 | |
Long Island Pwr. Auth. Elec. Sys. Rev. Series 2012 A, 5% 9/1/42 | 13,000 | 14,212 | |
MTA Hudson Rail Yards Trust Oblig. Series 2016 A, 5% 11/15/56 | 19,200 | 20,743 | |
New York City Gen. Oblig.: | |||
Series 2003 A, 5.5% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5 | 5 | |
Series 2009, 5.625% 4/1/29 | 145 | 149 | |
Series 2012 A1, 5% 8/1/24 | 7,400 | 8,069 | |
Series 2012 E, 5% 8/1/24 | 5,000 | 5,494 | |
Series 2015 C, 5% 8/1/27 | 700 | 806 | |
Series 2016 C and D, 5% 8/1/28 | 2,625 | 3,060 | |
Series 2016 E, 5% 8/1/28 | 4,400 | 5,172 | |
New York City Indl. Dev. Agcy. Rev.: | |||
(Queens Baseball Stadium Proj.) 5% 1/1/19 (AMBAC Insured) | 3,735 | 3,783 | |
(Yankee Stadium Proj.) Series 2006, 5% 3/1/31 | 4,725 | 4,758 | |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | |||
Series 2011 EE, 5.375% 6/15/43 | 38,860 | 42,146 | |
Series 2012 EE, 5.25% 6/15/30 | 7,200 | 8,038 | |
Series 2013 2, 5% 6/15/47 | 2,115 | 2,329 | |
Series 2013 BB, 5% 6/15/47 | 8,985 | 9,803 | |
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | |||
Series 2009 S1, 5.625% 7/15/38 | 2,825 | 2,834 | |
Series 2009 S3, 5.25% 1/15/34 | 17,800 | 18,140 | |
Series 2015 S1, 5% 7/15/43 | 5,000 | 5,577 | |
Series 2015 S2, 5% 7/15/35 | 1,770 | 2,000 | |
New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev. Series 2012 A, 5% 5/15/23 | 5,600 | 6,233 | |
New York Dorm. Auth. Personal Income Tax Rev. Series 2014 A, 5% 2/15/39 (Pre-Refunded to 2/15/19 @ 100) | 5 | 5 | |
New York Dorm. Auth. Revs. Series 2010 A, 5% 7/1/26 | 4,000 | 4,236 | |
New York Dorm. Auth. Sales Tax Rev. Series 2016 A: | |||
5% 3/15/31 | 7,600 | 8,860 | |
5% 3/15/34 | 6,800 | 7,835 | |
New York Metropolitan Trans. Auth. Rev.: | |||
Series 2012 D, 5% 11/15/25 | 30,500 | 34,050 | |
Series 2012 F, 5% 11/15/24 | 12,400 | 13,860 | |
Series 2014 B, 5% 11/15/44 | 10,000 | 10,961 | |
Series 2015 A1, 5% 11/15/45 | 7,450 | 8,232 | |
New York State Dorm. Auth. Series A: | |||
5% 2/15/34 | 55 | 56 | |
5% 2/15/39 | 225 | 229 | |
New York Trans. Dev. Corp. (Laguardia Arpt. Term. Redev. Proj.) Series 2016 A, 5% 7/1/41 (d) | 4,300 | 4,648 | |
New York Urban Dev. Corp. Rev.: | |||
(New York State Gen. Oblig. Proj.) Series 2017 A, 5% 3/15/34 | 6,300 | 7,263 | |
Gen. Oblig. (New York State Gen. Oblig. Proj.) Series 2017 A, 5% 3/15/32 | 5,400 | 6,284 | |
Onondaga Civic Dev. Corp. (Le Moyne College Proj.) Series 2018, 5% 1/1/43 | 1,000 | 1,109 | |
Rockland County Gen. Oblig. Series 2014 A: | |||
4% 3/1/23 (FSA Insured) | 1,125 | 1,215 | |
4% 3/1/24 (FSA Insured) | 1,375 | 1,498 | |
Triborough Bridge & Tunnel Auth. Revs. Series 2015 A, 5.25% 11/15/45 | 5,000 | 5,730 | |
TOTAL NEW YORK | 298,143 | ||
North Carolina - 0.6% | |||
Charlotte Int'l. Arpt. Rev.: | |||
Series 2017 A: | |||
5% 7/1/30 | 1,530 | 1,804 | |
5% 7/1/33 | 1,255 | 1,467 | |
5% 7/1/37 | 3,515 | 4,072 | |
Series 2017 B: | |||
5% 7/1/20 (d) | 200 | 212 | |
5% 7/1/21 (d) | 210 | 228 | |
5% 7/1/22 (d) | 150 | 166 | |
5% 7/1/23 (d) | 165 | 186 | |
5% 7/1/24 (d) | 190 | 217 | |
5% 7/1/25 (d) | 100 | 115 | |
5% 7/1/26 (d) | 100 | 117 | |
5% 7/1/27 (d) | 195 | 229 | |
5% 7/1/28 (d) | 165 | 193 | |
5% 7/1/29 (d) | 235 | 274 | |
5% 7/1/30 (d) | 255 | 296 | |
5% 7/1/31 (d) | 480 | 556 | |
5% 7/1/32 (d) | 505 | 584 | |
5% 7/1/33 (d) | 530 | 610 | |
5% 7/1/34 (d) | 555 | 636 | |
5% 7/1/35 (d) | 380 | 434 | |
5% 7/1/36 (d) | 310 | 353 | |
5% 7/1/37 (d) | 365 | 416 | |
5% 7/1/42 (d) | 1,180 | 1,337 | |
Series 2017 C, 4% 7/1/32 | 1,440 | 1,545 | |
Nash Health Care Sys. Health Care Facilities Rev.: | |||
Series 2012, 5% 11/1/41 | 5,425 | 5,732 | |
5% 11/1/30 (FSA Insured) | 1,275 | 1,286 | |
North Carolina Med. Care Cmnty. Health: | |||
Series 2012 A, 5% 11/15/26 | 1,295 | 1,408 | |
Series 2017, 5% 10/1/31 | 1,700 | 1,765 | |
North Carolina Med. Care Commission Health Care Facilities Rev. (Rex Healthcare Proj.) Series 2010 A, 5% 7/1/30 | 9,430 | 9,920 | |
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series 2009 A, 5% 1/1/30 | 955 | 970 | |
TOTAL NORTH CAROLINA | 37,128 | ||
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) | 5,350 | 5,583 | |
McLean County Solid Waste Facilities Rev. (Great River Energy Projs.) Series 2010 B, 5.15% 7/1/40 | 2,300 | 2,408 | |
TOTAL NORTH DAKOTA | 7,991 | ||
Ohio - 1.8% | |||
Akron Bath Copley Hosp. District Rev. Series 2016, 5.25% 11/15/46 | 8,800 | 9,621 | |
Allen County Hosp. Facilities Rev.: | |||
(Mercy Health) Series 2017 A: | |||
5% 8/1/25 | 2,990 | 3,416 | |
5% 8/1/26 | 1,990 | 2,283 | |
5% 8/1/27 | 2,490 | 2,881 | |
5% 8/1/28 | 2,490 | 2,893 | |
5% 8/1/29 | 4,990 | 5,761 | |
5% 8/1/30 | 4,250 | 4,892 | |
Bonds Series 2017 B, 5%, tender 5/5/22 (a) | 3,660 | 4,048 | |
American Muni. Pwr., Inc. Rev.: | |||
(Prairie State Energy Campus Proj.) Series 2015, 5% 2/15/28 | 14,100 | 15,756 | |
Series 2012 B: | |||
5% 2/15/42 | 1,950 | 2,098 | |
5% 2/15/42 (Pre-Refunded to 2/15/22 @ 100) | 555 | 611 | |
Cleveland Parking Facilities Rev. 5.25% 9/15/18 (FSA Insured) | 1,360 | 1,370 | |
Columbus City School District 5% 12/1/29 | 2,100 | 2,439 | |
Franklin County Hosp. Facilities Rev. (Ohiohealth Corp. Proj.) Series 2015, 5% 5/15/40 | 6,675 | 7,463 | |
Hamilton County Convention Facilities Auth. Rev. Series 2014: | |||
5% 12/1/25 | 3,595 | 4,009 | |
5% 12/1/26 | 670 | 744 | |
Lake County Hosp. Facilities Rev.: | |||
Series 2015: | |||
5% 8/15/29 | 1,400 | 1,556 | |
5% 8/15/30 | 1,505 | 1,668 | |
5.75% 8/15/38 | 165 | 166 | |
6% 8/15/43 | 800 | 804 | |
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013: | |||
5% 2/15/33 | 4,450 | 4,697 | |
5% 2/15/44 | 1,300 | 1,359 | |
5% 2/15/48 | 13,600 | 14,197 | |
Ohio Tpk. Commission Tpk. Rev. (Infastructure Proj.) Series 2005 A, 0% 2/15/42 | 2,600 | 1,032 | |
Scioto County Hosp. Facilities Rev. Series 2016: | |||
5% 2/15/29 | 2,195 | 2,478 | |
5% 2/15/34 | 445 | 491 | |
Univ. of Akron Gen. Receipts Series 2016 A, 5% 1/1/35 | 9,500 | 10,676 | |
Wood County Hosp. Facilities Rev. (Wood County Hosp. Assoc. Proj.) Series 2012: | |||
5% 12/1/32 | 750 | 784 | |
5% 12/1/42 | 995 | 1,029 | |
TOTAL OHIO | 111,222 | ||
Oklahoma - 0.4% | |||
Canadian Cny Edl. Facilities Auth. (Mustang Pub. Schools Proj.) Series 2017: | |||
5% 9/1/26 | 2,785 | 3,251 | |
5% 9/1/28 | 1,460 | 1,691 | |
Oklahoma City Pub. Property Auth. Hotel Tax Rev. Series 2015: | |||
5% 10/1/28 | 1,270 | 1,460 | |
5% 10/1/29 | 1,400 | 1,604 | |
5% 10/1/36 | 1,000 | 1,125 | |
5% 10/1/39 | 2,000 | 2,242 | |
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (OU Medicine Proj.) Series 2018 B: | |||
5% 8/15/22 | 500 | 545 | |
5% 8/15/23 | 260 | 287 | |
5% 8/15/33 | 1,100 | 1,233 | |
5% 8/15/38 | 3,200 | 3,560 | |
5.25% 8/15/43 | 3,200 | 3,612 | |
Oklahoma Pwr. Auth. Pwr. Supply Sys. Rev. Series 2014 A, 5% 1/1/38 | 1,295 | 1,456 | |
TOTAL OKLAHOMA | 22,066 | ||
Oregon - 0.1% | |||
Clackamas County Hosp. Facility Auth.: | |||
(Willamette View Proj.) Series 2017 B, 3% 11/15/22 | 800 | 804 | |
(Williamette View, Inc.) Series 2017 A: | |||
5% 11/15/47 (c) | 605 | 664 | |
5% 11/15/52 (c) | 605 | 662 | |
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A, 5% 3/15/30 | 1,000 | 1,045 | |
Oregon State Dept. of Administrative Svcs. Lottery Rev. Series 2011 A, 5.25% 4/1/31 | 780 | 846 | |
TOTAL OREGON | 4,021 | ||
Pennsylvania - 6.5% | |||
Allegheny County Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A, 5.625% 8/15/39 | 7,325 | 7,625 | |
Cap. Region Wtr. Wtr. Rev. Series 2018: | |||
5% 7/15/27 | 1,000 | 1,163 | |
5% 7/15/29 | 1,560 | 1,821 | |
5% 7/15/32 | 1,000 | 1,156 | |
Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.): | |||
Series 2011, 7% 11/15/46 (Pre-Refunded to 11/15/21 @ 100) | 3,100 | 3,611 | |
Series 2018 A, 5% 11/15/23 | 1,300 | 1,460 | |
Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2016 A: | |||
5% 6/1/21 | 350 | 378 | |
5% 6/1/23 | 500 | 560 | |
5% 6/1/28 | 1,070 | 1,227 | |
5% 6/1/29 | 1,170 | 1,336 | |
Delaware County Auth. Rev. (Cabrini College) Series 2017, 5% 7/1/47 | 4,000 | 4,269 | |
Doylestown Hosp. Auth. Hosp. Rev. Series 2016 A, 5% 7/1/46 | 1,455 | 1,555 | |
Dubois Hosp. Auth. Hosp. Rev. (Penn Highlands Healthcare Proj.) Series 2018: | |||
4% 7/15/33 | 2,500 | 2,562 | |
4% 7/15/35 | 2,580 | 2,617 | |
4% 7/15/37 | 5,000 | 5,051 | |
5% 7/15/25 | 400 | 457 | |
5% 7/15/26 | 1,250 | 1,438 | |
5% 7/15/27 | 2,110 | 2,442 | |
5% 7/15/28 | 1,555 | 1,799 | |
5% 7/15/29 | 1,670 | 1,920 | |
5% 7/15/30 | 2,195 | 2,514 | |
5% 7/15/31 | 1,500 | 1,715 | |
5% 7/15/32 | 1,575 | 1,795 | |
5% 7/15/34 | 1,700 | 1,923 | |
5% 7/15/36 | 5,015 | 5,642 | |
5% 7/15/38 | 6,025 | 6,752 | |
5% 7/15/43 | 7,000 | 7,797 | |
Lehigh County Gen. Purp. Auth. Rev. (Muhlenberg College Proj.) Series 2017, 5% 2/1/39 | 2,585 | 2,907 | |
Lehigh County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | |||
(PPL Elec. Utils. Corp. Proj.) Series 2016 A, 1.8%, tender 9/1/22 (a) | 5,005 | 4,894 | |
Series B, 1.8%, tender 8/15/22 (a) | 6,660 | 6,540 | |
Monroe County Hosp. Auth. Rev. Series 2016: | |||
5% 7/1/26 | 1,000 | 1,138 | |
5% 7/1/27 | 1,000 | 1,141 | |
5% 7/1/28 | 1,000 | 1,137 | |
5% 7/1/34 | 3,680 | 4,108 | |
5% 7/1/36 | 2,000 | 2,224 | |
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.): | |||
Series 1993 A, 6% 6/1/22 (AMBAC Insured) | 2,000 | 2,104 | |
Series 2012 A, 5% 6/1/27 (Pre-Refunded to 6/1/22 @ 100) | 4,105 | 4,559 | |
Montgomery County Higher Ed. & Health Auth. Rev.: | |||
Series 2014 A: | |||
5% 10/1/21 | 1,320 | 1,420 | |
5% 10/1/22 | 1,380 | 1,507 | |
5% 10/1/23 | 395 | 436 | |
5% 10/1/24 | 1,165 | 1,295 | |
5% 10/1/25 | 1,045 | 1,143 | |
5% 10/1/27 | 500 | 541 | |
Series 2016 A: | |||
5% 10/1/28 | 1,515 | 1,702 | |
5% 10/1/29 | 2,600 | 2,907 | |
5% 10/1/31 | 4,575 | 5,083 | |
5% 10/1/36 | 8,200 | 8,939 | |
5% 10/1/40 | 4,010 | 4,336 | |
Northampton County Gen. Purp. Auth. Hosp. Rev.: | |||
(St Lukes Hosp. & Health Ntw Proj.) Series 2016 A, 5% 8/15/36 | 745 | 829 | |
(St. Luke's Univ. Health Network Proj.) Series 2018 A, 4% 8/15/48 | 12,735 | 12,712 | |
Series 2016 A, 5% 8/15/46 | 30,000 | 33,110 | |
Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Series 2012 B, 5% 7/1/21 | 4,210 | 4,248 | |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
(Drexel Univ.) Series 2017: | |||
5% 5/1/35 | 1,240 | 1,406 | |
5% 5/1/37 | 1,565 | 1,769 | |
5% 5/1/41 | 7,080 | 7,967 | |
Series 2016: | |||
5% 5/1/28 | 500 | 570 | |
5% 5/1/32 | 1,255 | 1,415 | |
5% 5/1/33 | 1,700 | 1,910 | |
5% 5/1/35 | 2,745 | 3,066 | |
Philadelphia Arpt. Rev.: | |||
Series 2017 A: | |||
5% 7/1/25 | 1,000 | 1,156 | |
5% 7/1/26 | 1,000 | 1,160 | |
5% 7/1/27 | 800 | 938 | |
Series 2017 B: | |||
5% 7/1/22 (d) | 2,200 | 2,436 | |
5% 7/1/22 | 290 | 321 | |
5% 7/1/23 (d) | 1,500 | 1,687 | |
5% 7/1/23 | 500 | 564 | |
5% 7/1/25 (d) | 3,500 | 4,010 | |
5% 7/1/26 (d) | 3,000 | 3,456 | |
5% 7/1/27 (d) | 2,500 | 2,909 | |
5% 7/1/28 (d) | 3,000 | 3,472 | |
5% 7/1/29 (d) | 2,250 | 2,593 | |
5% 7/1/32 (d) | 3,000 | 3,429 | |
5% 7/1/33 (d) | 2,250 | 2,564 | |
5% 7/1/34 (d) | 4,000 | 4,545 | |
5% 7/1/37 (d) | 4,500 | 5,084 | |
5% 7/1/42 (d) | 13,500 | 15,206 | |
5% 7/1/47 (d) | 19,000 | 21,323 | |
Philadelphia Gas Works Rev. Series 9, 5.25% 8/1/40 | 2,785 | 2,949 | |
Philadelphia School District: | |||
Series 2016 D: | |||
5% 9/1/25 | 8,790 | 9,951 | |
5% 9/1/26 | 9,180 | 10,471 | |
5% 9/1/27 | 9,690 | 11,023 | |
5% 9/1/28 | 8,100 | 9,189 | |
Series 2016 F: | |||
5% 9/1/28 | 14,010 | 15,894 | |
5% 9/1/29 | 26,200 | 29,623 | |
Series 2018 A: | |||
5% 9/1/36 | 1,900 | 2,144 | |
5% 9/1/37 | 1,100 | 1,238 | |
5% 9/1/38 | 1,750 | 1,970 | |
Series 2018 B, 5% 9/1/43 | 2,555 | 2,846 | |
Series F: | |||
5% 9/1/30 | 6,795 | 7,657 | |
5% 9/1/30 (Pre-Refunded to 9/1/26 @ 100) | 20 | 24 | |
Scranton-Lackawanna Health & Welfare Auth. Rev. (Marywood Univ. Proj.) Series 2016: | |||
5% 6/1/36 | 4,000 | 4,116 | |
5% 6/1/46 | 4,000 | 4,076 | |
State Pub. School Bldg. Auth. Lease Rev. (Philadelphia School District Proj.) Series 2015 A, 5% 6/1/26 | 1,275 | 1,431 | |
Union County Hosp. Auth. Rev. Series 2018 B: | |||
5% 8/1/43 | 5,565 | 6,200 | |
5% 8/1/48 | 6,445 | 7,159 | |
TOTAL PENNSYLVANIA | 406,462 | ||
Rhode Island - 0.3% | |||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev.: | |||
Series 2016 B: | |||
5% 9/1/31 | 790 | 845 | |
5% 9/1/36 | 7,020 | 7,389 | |
Series 2016, 5% 5/15/39 | 6,300 | 6,832 | |
Rhode Island Student Ln. Auth. Student Ln. Rev. Series A, 3.5% 12/1/34 (d) | 3,735 | 3,742 | |
TOTAL RHODE ISLAND | 18,808 | ||
South Carolina - 3.2% | |||
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015: | |||
5% 12/1/25 | 2,745 | 3,126 | |
5% 12/1/26 | 1,400 | 1,584 | |
5% 12/1/28 | 5,665 | 6,390 | |
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. Series 2013, 5% 11/1/27 | 9,100 | 10,071 | |
South Carolina Ports Auth. Ports Rev.: | |||
Series 2015 (AMT), 5% 7/1/45 (d) | 5,215 | 5,761 | |
Series 2015, 5.25% 7/1/55 (d) | 6,375 | 7,108 | |
South Carolina Pub. Svc. Auth. Rev.: | |||
Series 2013 E, 5.5% 12/1/53 | 40,480 | 43,754 | |
Series 2014 A: | |||
5% 12/1/49 | 3,640 | 3,859 | |
5.5% 12/1/54 | 15,685 | 17,058 | |
Series 2014 C, 5% 12/1/46 | 4,705 | 5,021 | |
Series 2015 A, 5% 12/1/50 | 6,255 | 6,684 | |
Series 2015 C, 5% 12/1/22 | 8,440 | 9,290 | |
Series 2015 E, 5.25% 12/1/55 | 7,485 | 8,135 | |
Series 2016 A, 5% 12/1/38 | 300 | 326 | |
Series 2016 B: | |||
5% 12/1/31 | 1,100 | 1,221 | |
5% 12/1/41 | 15,115 | 16,455 | |
South Carolina Trans. Infrastructure Bank Rev. Series 2015 A, 5% 10/1/23 | 3,070 | 3,484 | |
Spartanburg County Reg'l. Health Series 2017 A: | |||
4% 4/15/43 | 18,735 | 18,810 | |
4% 4/15/48 | 13,065 | 12,974 | |
5% 4/15/48 | 15,300 | 17,012 | |
TOTAL SOUTH CAROLINA | 198,123 | ||
South Dakota - 0.0% | |||
South Dakota Health & Edl. Facilities Auth. Rev.: | |||
( Avera Health Proj.) Series 2017, 5% 7/1/31 | 655 | 753 | |
Series 2017: | |||
5% 7/1/26 | 300 | 349 | |
5% 7/1/28 | 300 | 349 | |
5% 7/1/29 | 570 | 659 | |
TOTAL SOUTH DAKOTA | 2,110 | ||
Tennessee - 0.5% | |||
Greeneville Health & Edl. Facilities Board Series 2018 A: | |||
5% 7/1/23 | 985 | 1,103 | |
5% 7/1/24 | 1,480 | 1,650 | |
5% 7/1/25 | 1,480 | 1,638 | |
Jackson Hosp. Rev. 5.75% 4/1/41 | 2,055 | 2,062 | |
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B: | |||
5.75% 7/1/23 (d) | 5,820 | 6,235 | |
5.75% 7/1/24 (d) | 4,000 | 4,287 | |
Tennessee Engy Acq Corp. Bonds (Gas Rev. Proj.) Series A, 4%, tender 5/1/23 (a) | 12,875 | 13,712 | |
TOTAL TENNESSEE | 30,687 | ||
Texas - 9.0% | |||
Argyle Independent School District 5.25% 8/15/40 (FSA Insured) | 125 | 125 | |
Arlington Spl. Tax Rev. Series 2018 C, 5% 2/15/45 | 3,100 | 3,273 | |
Austin Arpt. Sys. Rev.: | |||
Series 2014: | |||
5% 11/15/26 (d) | 1,000 | 1,127 | |
5% 11/15/27 (d) | 1,250 | 1,402 | |
5% 11/15/28 (d) | 1,500 | 1,675 | |
5% 11/15/39 (d) | 11,400 | 12,477 | |
5% 11/15/44 (d) | 27,860 | 30,408 | |
Series 2017 B: | |||
5% 11/15/28 (d) | 1,000 | 1,144 | |
5% 11/15/30 (d) | 1,540 | 1,753 | |
5% 11/15/32 (d) | 1,215 | 1,378 | |
5% 11/15/35 (d) | 1,250 | 1,406 | |
5% 11/15/37 (d) | 1,410 | 1,582 | |
5% 11/15/41 (d) | 5,705 | 6,373 | |
Austin Cmnty. College District Rev. (Convention Ctr. Proj.) Series 2002, 0% 2/1/22 (AMBAC Insured) | 2,900 | 2,679 | |
Central Reg'l. Mobility Auth.: | |||
Series 2015 A: | |||
5% 1/1/28 | 1,300 | 1,463 | |
5% 1/1/30 | 1,650 | 1,844 | |
5% 1/1/31 | 475 | 529 | |
5% 1/1/32 | 1,000 | 1,111 | |
5% 1/1/45 | 7,000 | 7,637 | |
Series 2016: | |||
5% 1/1/40 | 1,000 | 1,097 | |
5% 1/1/46 | 685 | 749 | |
Coppell Independent School District 0% 8/15/20 | 2,000 | 1,925 | |
Corpus Christi Util. Sys. Rev.: | |||
5% 7/15/23 | 1,600 | 1,769 | |
5% 7/15/24 | 2,255 | 2,491 | |
Cypress-Fairbanks Independent School District Series 2014 C, 5% 2/15/44 | 4,400 | 4,873 | |
Dallas Area Rapid Transit Sales Tax Rev. Series 2016 A, 5% 12/1/33 | 2,600 | 2,978 | |
Dallas Fort Worth Int'l. Arpt. Rev.: | |||
Series 2012 D, 5% 11/1/42 (d) | 2,770 | 2,946 | |
Series 2012 H, 5% 11/1/42 (d) | 3,740 | 3,977 | |
Series 2014 D, 5% 11/1/23 (d) | 3,370 | 3,788 | |
Dallas Gen. Oblig. Series 2017: | |||
5% 2/15/29 | 6,580 | 7,643 | |
5% 2/15/30 | 9,485 | 10,970 | |
DeSoto Independent School District 0% 8/15/20 | 3,335 | 3,204 | |
Grand Parkway Trans. Corp. Series 2013 B: | |||
5% 4/1/53 | 1,510 | 1,653 | |
5.25% 10/1/51 | 62,100 | 69,438 | |
5.5% 4/1/53 | 6,440 | 7,206 | |
Harris County Cultural Ed. Facilities Fin. Corp. Med. Facilities Rev. (Baylor College of Medicine Proj.) Series 2012 A, 5% 11/15/37 | 10,450 | 11,299 | |
Harris County Cultural Ed. Facilities Fin. Corp. Rev. (Texas Childrens Hosp., Proj.) Series 2015-1 5% 10/1/29 | 1,345 | 1,540 | |
Harris County Gen. Oblig. Series 2002: | |||
0% 8/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 862 | |
0% 8/15/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 2,489 | |
0% 8/15/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 3,737 | |
Houston Arpt. Sys. Rev.: | |||
Series 2011 A: | |||
5% 7/1/23 (d) | 3,000 | 3,239 | |
5% 7/1/24 (d) | 1,250 | 1,347 | |
5% 7/1/25 (d) | 1,500 | 1,612 | |
Series 2012 A: | |||
5% 7/1/21 (d) | 3,785 | 4,093 | |
5% 7/1/23 (d) | 600 | 658 | |
Houston Gen. Oblig. Series 2017 A: | |||
5% 3/1/29 | 3,805 | 4,438 | |
5% 3/1/30 | 5,000 | 5,824 | |
5% 3/1/31 | 4,635 | 5,391 | |
5% 3/1/32 | 1,975 | 2,291 | |
Houston Independent School District Series 2017, 5% 2/15/35 | 3,400 | 3,932 | |
Houston Util. Sys. Rev.: | |||
Series 2014 C, 5% 5/15/28 | 3,005 | 3,423 | |
Series 2016 B, 5% 11/15/33 | 2,800 | 3,232 | |
Irving Hosp. Auth. Hosp. Rev. Series 2017 A: | |||
5% 10/15/28 | 470 | 531 | |
5% 10/15/30 | 1,895 | 2,118 | |
5% 10/15/32 | 1,000 | 1,110 | |
5% 10/15/36 | 660 | 721 | |
5% 10/15/37 | 1,125 | 1,229 | |
5% 10/15/38 | 1,600 | 1,746 | |
5% 10/15/44 | 1,580 | 1,718 | |
Love Field Arpt. Modernization Rev.: | |||
Series 2015: | |||
5% 11/1/26 (d) | 1,000 | 1,136 | |
5% 11/1/27 (d) | 2,150 | 2,438 | |
5% 11/1/28 (d) | 3,325 | 3,752 | |
5% 11/1/29 (d) | 2,000 | 2,249 | |
5% 11/1/32 (d) | 3,690 | 4,118 | |
Series 2017: | |||
5% 11/1/22 (d) | 750 | 832 | |
5% 11/1/23 (d) | 1,100 | 1,236 | |
5% 11/1/24 (d) | 1,000 | 1,134 | |
5% 11/1/25 (d) | 1,000 | 1,141 | |
5% 11/1/26 (d) | 1,000 | 1,150 | |
5% 11/1/27 (d) | 1,000 | 1,146 | |
5% 11/1/28 (d) | 1,750 | 1,998 | |
5% 11/1/29 (d) | 1,250 | 1,421 | |
5% 11/1/30 (d) | 1,000 | 1,135 | |
5% 11/1/31 (d) | 1,500 | 1,704 | |
5% 11/1/32 (d) | 1,580 | 1,793 | |
5% 11/1/33 (d) | 1,000 | 1,130 | |
5% 11/1/34 (d) | 1,000 | 1,125 | |
5% 11/1/36 (d) | 1,000 | 1,121 | |
Lower Colorado River Auth. Rev. Series 2015 D: | |||
5% 5/15/28 | 2,200 | 2,496 | |
5% 5/15/30 | 5,000 | 5,613 | |
Midway Independent School District Series 2000, 0% 8/15/19 | 3,600 | 3,535 | |
New Hope Cultural Ed. Facilities Finc (Childrens Med. Ctr. of Dallas) Series 2017 A: | |||
5% 8/15/27 | 755 | 899 | |
5% 8/15/29 | 2,000 | 2,334 | |
5% 8/15/47 | 2,285 | 2,575 | |
Newark Higher Ed. Fin. Corp. (Abilene Christian Univ. Proj.) Series 2016 A: | |||
5% 4/1/27 | 720 | 814 | |
5% 4/1/30 | 3,415 | 3,819 | |
North Texas Tollway Auth. Rev.: | |||
(Sr. Lien Proj.) Series 2017 A, 5% 1/1/35 | 2,200 | 2,508 | |
(Sr. Lien Proj.) Series 2017 A: | |||
5% 1/1/31 | 1,000 | 1,143 | |
5% 1/1/33 | 1,180 | 1,358 | |
5% 1/1/34 | 1,500 | 1,716 | |
5% 1/1/34 | 3,000 | 3,619 | |
5% 1/1/36 | 6,000 | 6,826 | |
5% 1/1/37 | 8,000 | 9,083 | |
5% 1/1/38 | 3,250 | 3,543 | |
(Sub Lien Proj.) Series 2017 B: | |||
5% 1/1/26 | 895 | 994 | |
5% 1/1/30 | 425 | 485 | |
5% 1/1/31 | 595 | 678 | |
Series 2008 I, 6.2% 1/1/42 (Assured Guaranty Corp. Insured) | 8,300 | 9,905 | |
Series 2009, 6.25% 1/1/39 | 2,245 | 2,293 | |
Series 2014 A: | |||
5% 1/1/23 | 2,040 | 2,289 | |
5% 1/1/25 | 6,000 | 6,828 | |
Series 2015 A, 5% 1/1/32 | 3,350 | 3,757 | |
Series 2015 B, 5% 1/1/40 | 10,000 | 10,883 | |
Series 2016 A: | |||
5% 1/1/31 | 7,720 | 8,827 | |
5% 1/1/36 | 1,250 | 1,406 | |
Series 2017 A: | |||
5% 1/1/39 | 9,400 | 10,759 | |
5% 1/1/43 | 11,950 | 13,615 | |
Northside Independent School District Bonds 2%, tender 6/1/21 (a) | 2,035 | 2,028 | |
San Antonio Arpt. Sys. Rev.: | |||
Series 2007 (AMT), 5.25% 7/1/20 (FSA Insured) (d) | 3,215 | 3,224 | |
Series 2007 (AMT-SUB LIEN), 5.25% 7/1/20 (FSA Insured) (d) | 2,775 | 2,783 | |
5.25% 7/1/18 (FSA Insured) (d) | 2,505 | 2,505 | |
San Antonio Independent School District Series 2016, 5% 8/15/31 | 4,335 | 5,050 | |
Southwest Higher Ed. Auth. Rev.: | |||
( Southern Methodist Univ., TX Proj.) Series 2017, 5% 10/1/39 | 1,245 | 1,434 | |
(Southern Methodist Univ. Proj.) Series 2016 A: | |||
5% 10/1/25 | 5,000 | 5,834 | |
5% 10/1/27 | 5,000 | 5,869 | |
5% 10/1/28 | 5,000 | 5,841 | |
5% 10/1/29 | 5,000 | 5,817 | |
(Southern Methodist Univ., TX. Proj.) Series 2017, 5% 10/1/29 | 450 | 531 | |
(Southern Methodist Univ., TX. Proj.): | |||
Series 2017: | |||
5% 10/1/30 | 700 | 823 | |
5% 10/1/40 | 1,000 | 1,151 | |
5% 10/1/31 | 630 | 739 | |
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 | 1,852 | |
5.25% 9/1/27 (Assured Guaranty Corp. Insured) | 2,375 | 2,464 | |
5.25% 9/1/28 (Assured Guaranty Corp. Insured) | 1,235 | 1,281 | |
(Scott & White Healthcare Proj.) Series 2013 A, 5% 8/15/43 | 4,000 | 4,377 | |
5.75% 11/15/24 (Pre-Refunded to 11/15/18 @ 100) | 480 | 488 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. Series 2016 A: | |||
4% 2/15/35 | 5,000 | 5,204 | |
5% 2/15/25 | 855 | 986 | |
Texas Private Activity Bond Surface Trans. Corp.: | |||
(LBJ Infrastructure Group LLC IH-635 Managed Lanes Proj.) Series 2010, 7% 6/30/40 | 6,400 | 6,941 | |
Series 2013, 6.75% 6/30/43 (d) | 15,000 | 17,530 | |
Texas State Univ. Sys. Fing. Rev. Series 2017 A: | |||
5% 3/15/29 | 4,265 | 5,003 | |
5% 3/15/31 | 3,250 | 3,790 | |
Univ. of Houston Univ. Revs. Series 2017 A: | |||
5% 2/15/32 | 6,180 | 7,079 | |
5% 2/15/33 | 4,000 | 4,567 | |
5% 2/15/34 | 5,000 | 5,687 | |
5% 2/15/35 | 5,000 | 5,673 | |
5% 2/15/36 | 3,000 | 3,395 | |
Univ. of North Texas Univ. Rev. Series 2017 A, 5% 4/15/32 | 2,100 | 2,456 | |
Univ. of Texas Permanent Univ. Fund Rev. Series 2016 B, 5% 7/1/29 | 2,035 | 2,379 | |
Weatherford Independent School District 0% 2/15/33 | 6,985 | 4,219 | |
TOTAL TEXAS | 560,032 | ||
Utah - 1.5% | |||
Salt Lake City Arpt. Rev. Series 2017 A: | |||
5% 7/1/22 (d) | 2,000 | 2,209 | |
5% 7/1/24 (d) | 1,750 | 1,998 | |
5% 7/1/25 (d) | 2,000 | 2,302 | |
5% 7/1/27 (d) | 4,230 | 4,943 | |
5% 7/1/29 (d) | 3,730 | 4,302 | |
5% 7/1/30 (d) | 2,750 | 3,162 | |
5% 7/1/31 (d) | 5,250 | 6,023 | |
5% 7/1/32 (d) | 5,750 | 6,582 | |
5% 7/1/33 (d) | 4,000 | 4,566 | |
5% 7/1/34 (d) | 9,455 | 10,768 | |
5% 7/1/35 (d) | 4,000 | 4,542 | |
5% 7/1/36 (d) | 5,400 | 6,118 | |
5% 7/1/37 (d) | 4,250 | 4,801 | |
5% 7/1/42 (d) | 24,510 | 27,628 | |
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) 5% 9/1/22 | 3,180 | 3,536 | |
TOTAL UTAH | 93,480 | ||
Vermont - 0.2% | |||
Vermont Edl. & Health Bldg. Fin. Agcy. Rev. (Champlain College Proj.) Series 2016 A: | |||
5% 10/15/41 | 4,600 | 4,996 | |
5% 10/15/46 | 5,700 | 6,169 | |
TOTAL VERMONT | 11,165 | ||
Virginia - 0.5% | |||
Fredericksburg Econ. Dev. Auth. Rev. Series 2014: | |||
5% 6/15/25 | 4,665 | 5,216 | |
5% 6/15/30 | 1,250 | 1,381 | |
Stafford County Econ. Dev. Auth. Hosp. Facilities Rev.: | |||
(Mary Washington Hosp. Proj.) Series 2016, 3% 6/15/29 | 635 | 616 | |
Series 2016: | |||
4% 6/15/37 | 720 | 723 | |
5% 6/15/27 | 1,500 | 1,699 | |
5% 6/15/30 | 650 | 725 | |
5% 6/15/33 | 425 | 471 | |
5% 6/15/34 | 805 | 888 | |
5% 6/15/35 | 2,200 | 2,422 | |
Virginia College Bldg. Auth. Edl. Facilities Rev. Series 2015 A: | |||
5% 1/1/35 | 1,000 | 1,129 | |
5% 1/1/40 | 2,250 | 2,524 | |
Virginia Commonwealth Trans. Board Rev. (Virginia Gen. Oblig. Proj.) Series 2017 A, 5% 5/15/32 | 875 | 1,034 | |
Virginia Small Bus. Fing. Auth. (95 Express Lane LLC Proj.) Series 2012: | |||
5% 7/1/34 (d) | 6,000 | 6,373 | |
5% 1/1/40 (d) | 1,200 | 1,268 | |
Winchester Econ. Dev. Auth. Series 2015: | |||
5% 1/1/31 | 2,500 | 2,833 | |
5% 1/1/34 | 1,500 | 1,679 | |
5% 1/1/35 | 1,500 | 1,677 | |
5% 1/1/44 | 1,000 | 1,096 | |
TOTAL VIRGINIA | 33,754 | ||
Washington - 1.4% | |||
Clark County School District #37, Vancouver Series 2001 C, 0% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,030 | 1,979 | |
Port of Seattle Rev. Series 2016 B: | |||
5% 10/1/28 (d) | 3,500 | 3,986 | |
5% 10/1/30 (d) | 2,000 | 2,263 | |
Port of Seattle Spl. Facility Rev. Series 2013: | |||
5% 6/1/21 (d) | 1,340 | 1,445 | |
5% 6/1/22 (d) | 1,000 | 1,098 | |
5% 6/1/24 (d) | 1,560 | 1,726 | |
Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev. Series 2013 B: | |||
5% 12/1/25 | 5,600 | 6,273 | |
5% 12/1/27 | 4,125 | 4,599 | |
Washington Gen. Oblig.: | |||
Series 2015 C: | |||
5% 2/1/33 | 3,370 | 3,823 | |
5% 2/1/34 | 4,165 | 4,709 | |
Series 2017 A, 5% 8/1/35 | 750 | 860 | |
Series 2017 D, 5% 2/1/33 | 3,555 | 4,130 | |
Series R-2017 A, 5% 8/1/30 | 2,035 | 2,368 | |
Washington Health Care Facilities Auth. Rev.: | |||
(Catholic Health Initiatives Proj.) Series 2008 D, 6.375% 10/1/36 | 8,000 | 8,082 | |
(Overlake Hosp. Med. Ctr., WA. Proj.) Series 2017 B: | |||
5% 7/1/25 | 815 | 927 | |
5% 7/1/27 | 1,550 | 1,789 | |
5% 7/1/28 | 1,895 | 2,206 | |
5% 7/1/29 | 740 | 854 | |
5% 7/1/30 | 885 | 1,018 | |
5% 7/1/31 | 1,050 | 1,200 | |
5% 7/1/32 | 2,000 | 2,280 | |
5% 7/1/33 | 2,835 | 3,220 | |
5% 7/1/34 | 655 | 739 | |
(Providence Health Systems Proj.) Series 2012 A, 5% 10/1/25 | 5,130 | 5,744 | |
Series 2015: | |||
5% 1/1/25 | 2,000 | 2,270 | |
5% 1/1/27 | 2,310 | 2,621 | |
Washington Higher Ed. Facilities Auth. Rev. (Whitworth Univ. Proj.) Series 2016 A: | |||
5% 10/1/27 | 2,140 | 2,394 | |
5% 10/1/28 | 2,205 | 2,457 | |
5% 10/1/35 | 2,270 | 2,478 | |
5% 10/1/36 | 3,435 | 3,742 | |
5% 10/1/40 | 3,375 | 3,657 | |
Washington Hsg. Fin. Commission Nonprofit Hsg. Rev. (Judson Park Proj.) Series 2018: | |||
4% 7/1/28 (c) | 100 | 100 | |
5% 7/1/33 (c) | 125 | 133 | |
5% 7/1/38 (c) | 100 | 105 | |
5% 7/1/48 (c) | 400 | 416 | |
TOTAL WASHINGTON | 87,691 | ||
West Virginia - 0.3% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds: | |||
(Appalachian Pwr. Co. Amos Proj.) Series 2011 A, 1.7%, tender 9/1/20 (a)(d) | 3,110 | 3,068 | |
1.9%, tender 4/1/19 (a) | 9,125 | 9,112 | |
West Virginia Univ. Revs. (West Virginia Univ. Projs.) Series 2014 A, 5% 10/1/44 | 7,600 | 8,423 | |
TOTAL WEST VIRGINIA | 20,603 | ||
Wisconsin - 1.4% | |||
Pub. Fin. Auth. Rev. (Denver Great Hall LLC. Proj.): | |||
Series 2017 5% 9/30/37 (d) | 2,500 | 2,773 | |
Series 2017, 5% 9/30/49 (d) | 12,425 | 13,648 | |
Pub. Fin. Auth. Sr Liv Rev. (Mary's Woods At Marylhurst, Inc. Proj.): | |||
Series 2017 A: | |||
5% 5/15/21 (c) | 300 | 319 | |
5% 5/15/25 (c) | 1,110 | 1,226 | |
5% 5/15/28 (c) | 1,325 | 1,459 | |
5.25% 5/15/37 (c) | 405 | 444 | |
5.25% 5/15/42 (c) | 500 | 546 | |
5.25% 5/15/47 (c) | 495 | 539 | |
5.25% 5/15/52 (c) | 935 | 1,015 | |
Series 2017 B-1 3.95% 11/15/24 (c) | 420 | 427 | |
Series 2017 B-2, 3.5% 11/15/23 (c) | 540 | 544 | |
Series 2017 B-3, 3% 11/15/22 (c) | 750 | 752 | |
Pub. Fin. Auth. Wis Edl. Facilities Series 2016: | |||
5% 1/1/37 | 6,435 | 6,773 | |
5% 1/1/42 | 5,165 | 5,407 | |
Pub. Fin. Auth. Wisconsin Retirement Facility Rev. Series 2018: | |||
5% 10/1/43 (c)(f) | 885 | 944 | |
5% 10/1/48 (c)(f) | 1,060 | 1,126 | |
5% 10/1/53 (c)(f) | 1,810 | 1,912 | |
Wisconsin Health & Edl. Facilities: | |||
(Ascension Health Cr. Group Proj.) Series 2016 A, 5% 11/15/36 | 5,000 | 5,659 | |
Series 2010: | |||
5.75% 7/1/30 (Pre-Refunded to 7/1/20 @ 100) | 1,170 | 1,261 | |
5.75% 7/1/30 (Pre-Refunded to 7/1/20 @ 100) | 1,985 | 2,139 | |
Series 2014: | |||
4% 5/1/33 | 3,525 | 3,545 | |
5% 5/1/22 | 795 | 862 | |
Series 2016 A: | |||
5% 2/15/28 | 2,375 | 2,664 | |
5% 2/15/29 | 3,080 | 3,441 | |
5% 2/15/30 | 3,390 | 3,778 | |
Series 2016: | |||
4% 2/15/38 (Pre-Refunded to 8/15/25 @ 100) | 1,205 | 1,323 | |
5% 2/15/29 (Pre-Refunded to 8/15/25 @ 100) | 435 | 506 | |
Series 2017 A: | |||
5% 9/1/31 | 1,000 | 1,107 | |
5% 9/1/33 | 1,720 | 1,890 | |
5% 9/1/35 | 1,900 | 2,075 | |
Wisconsin Health & Edl. Facilities Auth. Rev.: | |||
(Agnesian HealthCare, Inc. Proj.): | |||
Series 2010, 5.5% 7/1/40 (Pre-Refunded to 7/1/20 @ 100) | 2,875 | 3,084 | |
Series 2013 B: | |||
5% 7/1/27 (Pre-Refunded to 7/1/23 @ 100) | 1,205 | 1,367 | |
5% 7/1/36 (Pre-Refunded to 7/1/23 @ 100) | 5,925 | 6,724 | |
(Mercy Alliance, Inc. Proj.) Series 2012, 5% 6/1/19 | 700 | 720 | |
Series 2012: | |||
4% 10/1/23 | 2,500 | 2,659 | |
5% 6/1/27 | 2,225 | 2,403 | |
TOTAL WISCONSIN | 87,061 | ||
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 | 10,300 | 10,701 | |
TOTAL MUNICIPAL BONDS | |||
(Cost $6,070,510) | 6,180,883 | ||
Shares | Value (000s) | ||
Money Market Funds - 0.0% | |||
Fidelity Municipal Cash Central Fund, 1.59% (h)(i) | |||
(Cost $100) | 99,990 | 100 | |
TOTAL INVESTMENT IN SECURITIES - 98.8% | |||
(Cost $6,070,610) | 6,180,983 | ||
NET OTHER ASSETS (LIABILITIES) - 1.2% | 74,875 | ||
NET ASSETS - 100% | $6,255,858 |
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(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 $56,940,000 or 0.9% of net assets.
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(e) 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.
(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,360,000 or 0.0% of net assets.
(h) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(i) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
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 | $1,334 |
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 | $161 |
Total | $161 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2018, 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 | $6,180,883 | $-- | $6,180,883 | $-- |
Money Market Funds | 100 | 100 | -- | -- |
Total Investments in Securities: | $6,180,983 | $100 | $6,180,883 | $-- |
Other Information
The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):
General Obligations | 28.5% |
Transportation | 25.9% |
Health Care | 23.0% |
Electric Utilities | 5.5% |
Education | 5.3% |
Others* (Individually Less Than 5%) | 11.8% |
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) | June 30, 2018 (Unaudited) | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $6,070,510) | $6,180,883 | |
Fidelity Central Funds (cost $100) | 100 | |
Total Investment in Securities (cost $6,070,610) | $6,180,983 | |
Cash | 19,107 | |
Receivable for fund shares sold | 2,065 | |
Interest receivable | 78,644 | |
Distributions receivable from Fidelity Central Funds | 15 | |
Other receivables | 21 | |
Total assets | 6,280,835 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $542 | |
Delayed delivery | 10,180 | |
Payable for fund shares redeemed | 6,872 | |
Distributions payable | 4,728 | |
Accrued management fee | 1,871 | |
Distribution and service plan fees payable | 149 | |
Other affiliated payables | 575 | |
Other payables and accrued expenses | 60 | |
Total liabilities | 24,977 | |
Net Assets | $6,255,858 | |
Net Assets consist of: | ||
Paid in capital | $6,139,023 | |
Undistributed net investment income | 333 | |
Accumulated undistributed net realized gain (loss) on investments | 6,129 | |
Net unrealized appreciation (depreciation) on investments | 110,373 | |
Net Assets | $6,255,858 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($216,710 ÷ 16,983 shares) | $12.76 | |
Maximum offering price per share (100/96.00 of $12.76) | $13.29 | |
Class M: | ||
Net Asset Value and redemption price per share ($125,675 ÷ 9,841 shares) | $12.77 | |
Maximum offering price per share (100/96.00 of $12.77) | $13.30 | |
Class C: | ||
Net Asset Value and offering price per share ($92,461 ÷ 7,246 shares)(a) | $12.76 | |
Fidelity Municipal Income Fund: | ||
Net Asset Value, offering price and redemption price per share ($5,192,980 ÷ 406,705 shares) | $12.77 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($628,032 ÷ 49,217 shares) | $12.76 |
(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 | Six months ended June 30, 2018 (Unaudited) | |
Investment Income | ||
Interest | $104,148 | |
Income from Fidelity Central Funds | 161 | |
Total income | 104,309 | |
Expenses | ||
Management fee | $10,839 | |
Transfer agent fees | 2,852 | |
Distribution and service plan fees | 586 | |
Accounting fees and expenses | 351 | |
Custodian fees and expenses | 22 | |
Independent trustees' fees and expenses | 14 | |
Registration fees | 50 | |
Audit | 31 | |
Legal | 11 | |
Miscellaneous | 23 | |
Total expenses before reductions | 14,779 | |
Expense reductions | (39) | |
Total expenses after reductions | 14,740 | |
Net investment income (loss) | 89,569 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 6,502 | |
Total net realized gain (loss) | 6,502 | |
Change in net unrealized appreciation (depreciation) on investment securities | (121,461) | |
Net gain (loss) | (114,959) | |
Net increase (decrease) in net assets resulting from operations | $(25,390) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended June 30, 2018 (Unaudited) | Year ended December 31, 2017 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $89,569 | $168,028 |
Net realized gain (loss) | 6,502 | 106,764 |
Change in net unrealized appreciation (depreciation) | (121,461) | 80,672 |
Net increase (decrease) in net assets resulting from operations | (25,390) | 355,464 |
Distributions to shareholders from net investment income | (89,498) | (167,561) |
Distributions to shareholders from net realized gain | (33,346) | (78,395) |
Total distributions | (122,844) | (245,956) |
Share transactions - net increase (decrease) | 786,872 | 30,512 |
Total increase (decrease) in net assets | 638,638 | 140,020 |
Net Assets | ||
Beginning of period | 5,617,220 | 5,477,200 |
End of period | $6,255,858 | $5,617,220 |
Other Information | ||
Undistributed net investment income end of period | $333 | $262 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Municipal Income Fund Class A
Six months ended (Unaudited) June 30, | |
2018 A | |
Selected Per–Share Data | |
Net asset value, beginning of period | $12.73 |
Income from Investment Operations | |
Net investment income (loss)B | .111 |
Net realized and unrealized gain (loss) | .032C |
Total from investment operations | .143 |
Distributions from net investment income | (.113) |
Distributions from net realized gain | – |
Total distributions | (.113) |
Net asset value, end of period | $12.76 |
Total ReturnD,E,F | 1.12% |
Ratios to Average Net AssetsG,H | |
Expenses before reductions | .79%I |
Expenses net of fee waivers, if any | .79%I |
Expenses net of all reductions | .78%I |
Net investment income (loss) | 2.66%I |
Supplemental Data | |
Net assets, end of period (in millions) | $217 |
Portfolio turnover rateJ | 15%I,K |
A For the period March 1, 2018 (commencement of sale of shares) to June 30, 2018.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 Total returns do not include the effect of the sales charges.
G 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.
H 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.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Municipal Income Fund Class M
Six months ended (Unaudited) June 30, | |
2018 A | |
Selected Per–Share Data | |
Net asset value, beginning of period | $12.73 |
Income from Investment Operations | |
Net investment income (loss)B | .111 |
Net realized and unrealized gain (loss) | .043C |
Total from investment operations | .154 |
Distributions from net investment income | (.114) |
Distributions from net realized gain | – |
Total distributions | (.114) |
Net asset value, end of period | $12.77 |
Total ReturnD,E,F | 1.21% |
Ratios to Average Net AssetsG,H | |
Expenses before reductions | .77%I |
Expenses net of fee waivers, if any | .77%I |
Expenses net of all reductions | .77%I |
Net investment income (loss) | 2.68%I |
Supplemental Data | |
Net assets, end of period (in millions) | $126 |
Portfolio turnover rateJ | 15%I,K |
A For the period March 1, 2018 (commencement of sale of shares) to June 30, 2018.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 Total returns do not include the effect of the sales charges.
G 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.
H 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.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Municipal Income Fund Class C
Six months ended (Unaudited) June 30, | |
2018 A | |
Selected Per–Share Data | |
Net asset value, beginning of period | $12.73 |
Income from Investment Operations | |
Net investment income (loss)B | .080 |
Net realized and unrealized gain (loss) | .034C |
Total from investment operations | .114 |
Distributions from net investment income | (.084) |
Distributions from net realized gain | – |
Total distributions | (.084) |
Net asset value, end of period | $12.76 |
Total ReturnD,E,F | .89% |
Ratios to Average Net AssetsG,H | |
Expenses before reductions | 1.53%I |
Expenses net of fee waivers, if any | 1.53%I |
Expenses net of all reductions | 1.53%I |
Net investment income (loss) | 1.92%I |
Supplemental Data | |
Net assets, end of period (in millions) | $92 |
Portfolio turnover rateJ | 15%I,K |
A For the period March 1, 2018 (commencement of sale of shares) to June 30, 2018.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 Total returns do not include the effect of the contingent deferred sales charge.
G 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.
H 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.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Municipal Income Fund
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $13.12 | $12.86 | $13.44 | $13.53 | $12.68 | $13.57 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .190 | .399 | .437 | .460 | .475 | .479 |
Net realized and unrealized gain (loss) | (.274) | .444 | (.428) | (.021) | .851 | (.873) |
Total from investment operations | (.084) | .843 | .009 | .439 | 1.326 | (.394) |
Distributions from net investment income | (.189) | (.398) | (.437) | (.462) | (.476) | (.478) |
Distributions from net realized gain | (.077) | (.185) | (.152) | (.067) | – | (.018) |
Total distributions | (.266) | (.583) | (.589) | (.529) | (.476) | (.496) |
Redemption fees added to paid in capitalA | – | –B | –B | –B | –B | –B |
Net asset value, end of period | $12.77 | $13.12 | $12.86 | $13.44 | $13.53 | $12.68 |
Total ReturnC,D | (.62)% | 6.67% | (.01)% | 3.31% | 10.59% | (2.94)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .46%G | .46% | .46% | .48% | .47% | .46% |
Expenses net of fee waivers, if any | .46%G | .46% | .46% | .48% | .47% | .46% |
Expenses net of all reductions | .46%G | .46% | .46% | .48% | .47% | .46% |
Net investment income (loss) | 2.99%G | 3.05% | 3.22% | 3.42% | 3.58% | 3.65% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $5,193 | $5,617 | $5,477 | $5,770 | $5,745 | $5,337 |
Portfolio turnover rateH | 15%G,I | 37% | 25% | 14% | 9% | 10% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 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 expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Municipal Income Fund Class I
Six months ended (Unaudited) June 30, | |
2018 A | |
Selected Per–Share Data | |
Net asset value, beginning of period | $12.73 |
Income from Investment Operations | |
Net investment income (loss)B | .121 |
Net realized and unrealized gain (loss) | .032C |
Total from investment operations | .153 |
Distributions from net investment income | (.123) |
Distributions from net realized gain | – |
Total distributions | (.123) |
Net asset value, end of period | $12.76 |
Total ReturnD,E | 1.20% |
Ratios to Average Net AssetsF,G | |
Expenses before reductions | .53%H |
Expenses net of fee waivers, if any | .53%H |
Expenses net of all reductions | .53%H |
Net investment income (loss) | 2.91%H |
Supplemental Data | |
Net assets, end of period (in millions) | $628 |
Portfolio turnover rateI | 15%H,J |
A For the period March 1, 2018 (commencement of sale of shares) to June 30, 2018.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
(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. 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 commenced sale of Class A, Class M, Class C and Class I shares on March 1, 2018. The Fund offers Class A, Class M, Class C, Fidelity Municipal Income Fund and Class I 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. 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 are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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 June 30, 2018 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. 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. 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.
Distributions 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 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 the short-term gain distributions from the Fidelity Central Funds, market discount, deferred trustees compensation 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.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $159,062 |
Gross unrealized depreciation | (48,147) |
Net unrealized appreciation (depreciation) | $110,915 |
Tax cost | $6,070,068 |
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.
New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and securities acquired in the merger, aggregated $414,811 and $689,251, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.
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% | $178 | $1 |
Class M | -% | .25% | 104 | – |
Class C | .75% | .25% | 304 | 7 |
$586 | $8 |
Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M 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 M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, .75% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class M | $1 |
Class C(a) | 2 |
$3 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. 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(a) | |
Class A | $115 | .16 |
Class M | 60 | .15 |
Class C | 49 | .16 |
Fidelity Municipal Income Fund | 2,301 | .09 |
Class I | 327 | .16 |
$2,852 |
(a) Annualized
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. For the period, the fees were equivalent to an annualized rate of .01%.
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 $22.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $17.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended June 30, 2018(a) | Year ended December 31, 2017 | |
From net investment income | ||
Class A | $1,906 | $– |
Class M | 1,117 | – |
Class C | 590 | – |
Fidelity Municipal Income Fund | 79,891 | 167,561 |
Class I | 5,994 | – |
Total | $89,498 | $167,561 |
From net realized gain | ||
Fidelity Municipal Income Fund | $33,346 | $78,395 |
Total | $33,346 | $78,395 |
(a) Distributions for Class A, Class M, Class C and Class I are for the period March 1, 2018 (commencement of sale of shares) to June 30, 2018.
9. 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 | |
Six months ended June 30, 2018 (a) | Year ended December 31, 2017 | Six months ended June 30, 2018 (a) | Year ended December 31, 2017 | |
Class A | ||||
Shares sold | 725 | – | $9,214 | $– |
Issued in exchange for the shares of Fidelity Advisor Municipal Income Fund | 17,474 | – | 222,273 | – |
Reinvestment of distributions | 134 | – | 1,700 | – |
Shares redeemed | (1,350) | – | (17,148) | – |
Net increase (decrease) | 16,983 | – | $216,039 | $– |
Class M | ||||
Shares sold | 73 | – | $928 | $– |
Issued in exchange for the shares of Fidelity Advisor Municipal Income Fund | 10,358 | – | 131,854 | – |
Reinvestment of distributions | 78 | – | 997 | – |
Shares redeemed | (668) | – | (8,489) | – |
Net increase (decrease) | 9,841 | – | $125,290 | $– |
Class C | ||||
Shares sold | 172 | – | $2,191 | $– |
Issued in exchange for the shares of Fidelity Advisor Municipal Income Fund | 7,653 | – | 97,341 | – |
Reinvestment of distributions | 40 | – | 515 | – |
Shares redeemed | (619) | – | (7,864) | – |
Net increase (decrease) | 7,246 | – | $92,183 | $– |
Fidelity Municipal Income Fund | ||||
Shares sold | 36,197 | 56,029 | $464,274 | $733,214 |
Reinvestment of distributions | 6,104 | 12,884 | 77,894 | 168,072 |
Shares redeemed | (63,856) | (66,718) | (814,808) | (870,774) |
Net increase (decrease) | (21,555) | 2,195 | $(272,640) | $30,512 |
Class I | ||||
Shares sold | 4,664 | – | $59,235 | $– |
Issued in exchange for the shares of Fidelity Advisor Municipal Income Fund | 50,530 | – | 642,743 | – |
Reinvestment of distributions | 259 | – | 3,298 | – |
Shares redeemed | (6,236) | – | (79,276) | – |
Net increase (decrease) | 49,217 | – | $626,000 | $– |
(a) Share transactions for Class A, Class M, Class C and Class I are for the period March 1, 2018 (commencement of sale of shares) to June 30, 2018.
10. 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.
11. Merger Information.
On March 2, 2018, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Municipal Income Fund ("Target Fund") pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board"). The acquisition was accomplished by an exchange of shares of each class of the Fund for corresponding shares then outstanding of the Target Fund at its net asset value on the acquisition date. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on March 1, 2018. The reorganization provides shareholders of the Target Fund access to a larger portfolio with a similar investment objective. The Target Fund's net assets of $1,094,211 including securities of $1,078,064 and unrealized appreciation of $12,741 was combined with the Fund's net assets of $5,490,715 for total net assets after the acquisition of $6,584,926.
Pro forma results of operations of the combined entity for the entire period ended June 30, 2018, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
Net investment income (loss) | $94,726 |
Total net realized gain (loss) | 7,247 |
Total change in net unrealized appreciation (depreciation) | (149,306) |
Net increase (decrease) in net assets resulting from operations | $(47,333) |
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund's accompanying Statement of Operations since March 2, 2018.
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, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2018 to June 30, 2018) for the Fidelity Municipal Income Fund and for the period (March 1, 2018 to June 30, 2018) for Class A, Class M, Class C and Class I.
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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. 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 | Ending Account Value June 30, 2018 | Expenses Paid During Period | |
Class A | .79% | |||
Actual | $1,000.00 | $1,011.20 | $2.66-B | |
Hypothetical-C | $1,000.00 | $1,020.88 | $3.96-D | |
Class M | .77% | |||
Actual | $1,000.00 | $1,012.10 | $2.59-B | |
Hypothetical-C | $1,000.00 | $1,020.98 | $3.86-D | |
Class C | 1.53% | |||
Actual | $1,000.00 | $1,008.90 | $5.14-B | |
Hypothetical-C | $1,000.00 | $1,017.21 | $7.65-D | |
Fidelity Municipal Income Fund | .46% | |||
Actual | $1,000.00 | $993.80 | $2.27-B | |
Hypothetical-C | $1,000.00 | $1,022.51 | $2.31-D | |
Class I | .53% | |||
Actual | $1,000.00 | $1,012.00 | $1.78-B | |
Hypothetical-C | $1,000.00 | $1,022.17 | $2.66-D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period) for Fidelity Municipal Income Fund, and multiplied by 121/365 (to reflect the period March 1, 2018 to June 30, 2018) for Class A, Class M, Class C and Class I.
C 5% return per year before expenses
D Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/366 (to reflect the one-half year period).
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Municipal Income Fund (The "Target 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:
Pay Date | Record Date | Capital Gains | |
Fidelity Advisor Municipal Income Fund | |||
Class A | 02/28/18 | 02/27/18 | $0.071 |
Class M | 02/28/18 | 02/27/18 | $0.071 |
Class C | 02/28/18 | 02/27/18 | $0.071 |
Class I | 02/28/18 | 02/27/18 | $0.071 |
The Target Fund hereby designates as a capital gain dividend with respect to the taxable year ended March 2, 2018, $4,902,442, or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended March 2, 2018, 100% of the fund's income dividends was free from federal income tax, and 19.29% of the Target Fund's income dividends was subject to the federal alternative minimum tax.
The Target Fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
AHIY-SANN-0818
1.9886977.100
Fidelity® Municipal Income Fund Semi-Annual Report June 30, 2018 |
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Contents
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. © 2018 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.institutional.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.
Investment Summary (Unaudited)
Top Five States as of June 30, 2018
% of fund's net assets | |
Illinois | 21.9 |
Florida | 13.1 |
Texas | 9.0 |
Pennsylvania | 6.5 |
New Jersey | 6.0 |
Top Five Sectors as of June 30, 2018
% of fund's net assets | |
General Obligations | 28.5 |
Transportation | 25.9 |
Health Care | 23.0 |
Electric Utilities | 5.5 |
Education | 5.3 |
Quality Diversification (% of fund's net assets)
As of June 30, 2018 | ||
AAA | 1.8% | |
AA,A | 70.6% | |
BBB | 19.7% | |
BB and Below | 3.9% | |
Not Rated | 2.8% | |
Short-Term Investments and Net Other Assets | 1.2% |
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.
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.8% | |||
Principal Amount (000s) | Value (000s) | ||
Alabama - 0.3% | |||
Birmingham Gen. Oblig. Series 2013 A, 5% 3/1/32 | 3,500 | 3,863 | |
Jefferson County Gen. Oblig. Series 2018 A: | |||
5% 4/1/25 | $3,080 | $3,526 | |
5% 4/1/26 | 2,900 | 3,348 | |
Montgomery Med. Clinic Facilities: | |||
4% 3/1/36 | 500 | 499 | |
5% 3/1/33 | 5,000 | 5,426 | |
TOTAL ALABAMA | 16,662 | ||
Alaska - 0.3% | |||
Alaska Int'l. Arpts. Revs. Series 2016 B, 5% 10/1/35 | 13,400 | 15,133 | |
North Slope Borough Gen. Oblig. Series 2017 A, 5% 6/30/21 (Pre-Refunded to 6/30/20 @ 100) | 1,755 | 1,867 | |
TOTAL ALASKA | 17,000 | ||
Arizona - 1.5% | |||
Arizona Ctfs. of Prtn. Series 2010 A: | |||
5.25% 10/1/26 (FSA Insured) | 3,070 | 3,198 | |
5.25% 10/1/28 (FSA Insured) | 9,945 | 10,360 | |
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2007 B, 3 month U.S. LIBOR + 0.810% 2.359%, tender 1/1/37 (a)(b) | 3,000 | 2,836 | |
Glendale Gen. Oblig. Series 2017: | |||
5% 7/1/30 | 2,515 | 2,926 | |
5% 7/1/31 | 3,750 | 4,353 | |
Glendale Indl. Dev. Auth. (Terraces of Phoenix Proj.) Series 2018 A: | |||
5% 7/1/38 | 285 | 300 | |
5% 7/1/48 | 355 | 371 | |
Maricopa County Indl. Dev. Auth. Rev. Series 2016 A: | |||
5% 1/1/32 | 10,000 | 11,547 | |
5% 1/1/33 | 6,000 | 6,899 | |
Maricopa County Indl. Dev. Auth. Sr. Living Facilities Series 2016: | |||
5.75% 1/1/36 (c) | 895 | 908 | |
6% 1/1/48 (c) | 5,485 | 5,609 | |
Phoenix Civic Impt. Board Arpt. Rev.: | |||
Series 2013, 5% 7/1/22 (d) | 1,000 | 1,105 | |
Series 2017 A 5% 7/1/36 (d) | 1,750 | 1,977 | |
Series 2017 A: | |||
5% 7/1/31 (d) | 2,050 | 2,340 | |
5% 7/1/33 (d) | 1,100 | 1,248 | |
5% 7/1/37 (d) | 1,300 | 1,466 | |
Series 2017 B: | |||
5% 7/1/29 | 2,500 | 2,935 | |
5% 7/1/33 | 3,500 | 4,060 | |
5% 7/1/36 | 4,000 | 4,620 | |
5% 7/1/37 | 2,500 | 2,883 | |
Phoenix Civic Impt. Corp. Excise Tax Rev. Series 2011 C, 5% 7/1/23 | 2,000 | 2,178 | |
Pima County Swr. Sys. Rev. Series 2012 A, 5% 7/1/26 | 1,000 | 1,106 | |
Salt Verde Finl. Corp. Sr. Gas Rev.: | |||
Series 2007: | |||
5.25% 12/1/21 | 3,500 | 3,838 | |
5.5% 12/1/29 | 8,900 | 10,665 | |
5.25% 12/1/22 | 1,500 | 1,672 | |
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.) Series 2006 C, 5% 9/1/35 (FSA Insured) | 1,050 | 1,112 | |
Tempe Indl. Dev. Auth. Rev. (Mirabella At Asu, Inc. Proj.): | |||
Series 2017 A: | |||
6.125% 10/1/47 (c) | 530 | 568 | |
6.125% 10/1/52 (c) | 530 | 566 | |
Series 2017 B, 6% 10/1/37 (c) | 265 | 282 | |
TOTAL ARIZONA | 93,928 | ||
California - 4.3% | |||
ABC Unified School District Series 1997 C, 0% 8/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,925 | 2,850 | |
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Bonds: | |||
Series A, 2.95%, tender 4/1/26 (a) | 10,100 | 10,372 | |
Series B, 2.85%, tender 4/1/25 (a) | 8,260 | 8,465 | |
Cabrillo Unified School District Series A, 0% 8/1/20 (AMBAC Insured) | 4,275 | 4,115 | |
California Edl. Facilities Auth. Rev. (Loyola Marymount Univ. Proj.) Series 2001 A, 0% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 4,551 | |
California Gen. Oblig.: | |||
Series 2007, 5.625% 5/1/20 | 120 | 120 | |
Series 2009, 6% 4/1/38 | 7,815 | 8,067 | |
Series 2016, 5% 9/1/29 | 2,210 | 2,616 | |
5% 8/1/19 | 10 | 10 | |
5% 8/1/20 | 10 | 10 | |
5.25% 12/1/33 | 180 | 181 | |
5.25% 4/1/35 | 14,200 | 15,721 | |
5.5% 4/1/28 | 10 | 10 | |
5.5% 4/1/30 | 5 | 5 | |
5.5% 8/1/30 | 2,000 | 2,006 | |
5.5% 3/1/40 | 6,900 | 7,326 | |
5.6% 3/1/36 | 2,950 | 3,138 | |
California Health Facilities Fing. Auth. Rev.: | |||
(Catholic Healthcare West Proj.) Series 2009 E, 5.625% 7/1/25 | 9,000 | 9,335 | |
(Providence Health and Svcs. Proj.) Series C, 6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) | 25 | 25 | |
California Pub. Works Board Lease Rev.: | |||
(Coalinga State Hosp. Proj.) Series 2013 E: | |||
5% 6/1/26 | 2,400 | 2,718 | |
5% 6/1/27 | 6,730 | 7,606 | |
5% 6/1/28 | 6,175 | 6,966 | |
(Various Cap. Projs.) Series 2011 A, 5.25% 10/1/26 | 5,000 | 5,515 | |
(Various Judicial Council Projs.) Series 2011 D, 5% 12/1/22 | 4,100 | 4,535 | |
California Statewide Cmntys. Dev. Auth. Series 2016: | |||
5% 5/15/29 | 1,250 | 1,429 | |
5% 5/15/30 | 1,000 | 1,136 | |
Folsom Cordova Union School District No. 4 Series A, 0% 10/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,835 | 1,163 | |
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev. Series 2017 A1: | |||
5% 6/1/22 | 3,320 | 3,660 | |
5% 6/1/23 | 3,795 | 4,251 | |
5% 6/1/24 | 2,135 | 2,422 | |
Kern Cmnty. College District Gen. Oblig. Series 2006: | |||
0% 11/1/28 (FSA Insured) | 4,950 | 3,632 | |
0% 11/1/30 (FSA Insured) | 5,000 | 3,372 | |
Long Beach Unified School District Series 2009, 5.5% 8/1/29 | 185 | 193 | |
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 | 2,551 | |
Los Angeles Dept. Arpt. Rev. Series 2016 B: | |||
5% 5/15/28(d) | 1,175 | 1,353 | |
5% 5/15/29 (d) | 1,000 | 1,147 | |
5% 5/15/30 (d) | 1,000 | 1,144 | |
5% 5/15/31 (d) | 1,100 | 1,256 | |
5% 5/15/32 (d) | 1,830 | 2,085 | |
5% 5/15/33 (d) | 1,620 | 1,841 | |
5% 5/15/34 (d) | 1,750 | 1,980 | |
5% 5/15/35 (d) | 1,750 | 1,977 | |
5% 5/15/36 (d) | 2,000 | 2,256 | |
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2012 C: | |||
5% 3/1/25 | 1,455 | 1,614 | |
5% 3/1/27 | 2,000 | 2,212 | |
Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36 | 4,000 | 4,211 | |
Monrovia Unified School District Series B, 0% 8/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,525 | 3,125 | |
Oakland Gen. Oblig. Series 2012: | |||
5% 1/15/26 | 4,535 | 4,888 | |
5% 1/15/28 | 4,345 | 4,681 | |
5% 1/15/29 | 5,370 | 5,784 | |
Oakland Unified School District Alameda County Series 2015 A, 5% 8/1/29 | 1,750 | 2,047 | |
Oakland-Alameda County Coliseum Auth. (Oakland Coliseum Proj.) Series 2012 A, 5% 2/1/24 | 8,200 | 9,018 | |
Poway Unified School District: | |||
(District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 | 5,900 | 3,630 | |
Series 2011, 0% 8/1/46 | 1,150 | 358 | |
Series B: | |||
0% 8/1/37 | 7,800 | 3,789 | |
0% 8/1/39 | 23,800 | 10,566 | |
Poway Unified School District Pub. Fing.: | |||
5% 9/1/24 | 1,000 | 1,137 | |
5% 9/1/26 | 1,275 | 1,445 | |
5% 9/1/29 | 2,645 | 2,938 | |
5% 9/1/31 | 1,195 | 1,319 | |
Sacramento City Fing. Auth. Rev. Series A, 0% 12/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 3,809 | |
Sacramento Muni. Util. District Elec. Rev. Series 2012 Y, 5% 8/15/28 | 2,200 | 2,472 | |
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26 | 3,800 | 3,944 | |
San Diego Unified School District: | |||
Series 2008 C: | |||
0% 7/1/34 | 3,600 | 2,035 | |
0% 7/1/47 | 1,830 | 599 | |
Series 2008 E, 0% 7/1/47 (e) | 8,700 | 5,971 | |
San Jose Fing. Auth. Lease Rev. (Civic Ctr. Proj.) Series 2013 A: | |||
5% 6/1/27 | 4,610 | 5,224 | |
5% 6/1/31 | 5,785 | 6,515 | |
San Marcos Unified School District Series 2010 B, 0% 8/1/47 | 21,300 | 6,651 | |
San Mateo County Cmnty. College District Series A, 0% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,430 | 4,441 | |
Union Elementary School District Series B, 0% 9/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500 | 1,376 | |
Univ. of California Regents Med. Ctr. Pool Rev. Series 2013 J, 5% 5/15/48 | 3,000 | 3,307 | |
Washington Township Health Care District Gen. Oblig.: | |||
Series 2013 A, 5.5% 8/1/38 | 4,500 | 5,235 | |
Series 2013 B, 5.5% 8/1/38 | 1,000 | 1,163 | |
Washington Township Health Care District Rev.: | |||
Series 2009 A, 5.75% 7/1/24 | 1,750 | 1,803 | |
Series 2010 A: | |||
5.25% 7/1/30 | 1,100 | 1,157 | |
5.5% 7/1/38 | 3,815 | 4,024 | |
West Contra Costa Unified School District Series 2012, 5% 8/1/26 | 2,000 | 2,235 | |
TOTAL CALIFORNIA | 270,837 | ||
Colorado - 0.9% | |||
Arkansas River Pwr. Auth. Rev. Series 2018 A: | |||
5% 10/1/38 (f) | 2,510 | 2,784 | |
5% 10/1/43 (f) | 3,140 | 3,452 | |
Colorado Health Facilities Auth. (Parkview Med. Ctr., Inc. Proj.) Series 2016: | |||
4% 9/1/35 | 1,650 | 1,686 | |
4% 9/1/36 | 1,300 | 1,325 | |
5% 9/1/46 | 7,300 | 8,006 | |
Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.) Series B, 0% 7/15/20 (Escrowed to Maturity) | 7,000 | 6,718 | |
Colorado Univ. Co. Hosp. Auth. Rev. Bonds Series 2017C-2, 5%, tender 3/1/22 (a) | 8,255 | 8,957 | |
Denver City & County Arpt. Rev. Series 2017 A: | |||
5% 11/15/23 (d) | 2,275 | 2,572 | |
5% 11/15/26 (d) | 3,450 | 3,979 | |
5% 11/15/27 (d) | 2,945 | 3,415 | |
E-470 Pub. Hwy. Auth. Rev.: | |||
Series 2000 B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 13,575 | 12,990 | |
Series 2010 C: | |||
5.25% 9/1/25 | 1,000 | 1,067 | |
5.375% 9/1/26 | 1,000 | 1,066 | |
TOTAL COLORADO | 58,017 | ||
Connecticut - 0.8% | |||
Connecticut Gen. Oblig. Series 2014 C, 5% 6/15/25 | 1,680 | 1,884 | |
Connecticut Health & Edl. Facilities Auth. Rev.: | |||
(Sacred Heart Univ., CT Proj.) Series 2017 I-1, 5% 7/1/42 | 6,050 | 6,800 | |
(Sacred Heart Univ., CT. Proj.) Series 2017 I-1: | |||
5% 7/1/26 | 500 | 577 | |
5% 7/1/27 | 350 | 407 | |
5% 7/1/28 | 635 | 737 | |
5% 7/1/29 | 400 | 462 | |
Series 2016 K, 4% 7/1/46 | 8,835 | 8,574 | |
Series K1: | |||
5% 7/1/27 | 500 | 566 | |
5% 7/1/29 | 1,280 | 1,447 | |
5% 7/1/30 | 1,000 | 1,126 | |
5% 7/1/33 | 1,600 | 1,785 | |
5% 7/1/34 | 750 | 833 | |
Connecticut State Revolving Fund Gen. Rev. Series 2017 A: | |||
5% 5/1/33 | 5,100 | 6,007 | |
5% 5/1/35 | 3,790 | 4,428 | |
Eastern Connecticut Resources Recovery Auth. Solid Waste Rev. (Wheelabrator Lisbon Proj.) Series A, 5.5% 1/1/20 (d) | 1,525 | 1,548 | |
Hbr. Point Infra Impt. District Series 2017: | |||
5% 4/1/30 (c) | 4,570 | 5,003 | |
5% 4/1/39 (c) | 5,875 | 6,273 | |
New Britain Gen. Oblig. Series 2017 C, 5% 3/1/29 (FSA Insured) | 1,070 | 1,230 | |
New Haven Gen. Oblig. Series 2016 A: | |||
5% 8/15/18 (Escrowed to Maturity) | 255 | 256 | |
5% 8/15/18 (FSA Insured) | 2,585 | 2,595 | |
TOTAL CONNECTICUT | 52,538 | ||
District Of Columbia - 0.8% | |||
District of Columbia Rev. Series B, 4.75% 6/1/32 | 2,700 | 2,822 | |
Metropolitan Washington DC Arpts. Auth. Sys. Rev.: | |||
Series 2014 A, 5% 10/1/24 (d) | 7,000 | 8,014 | |
Series 2017 A: | |||
5% 10/1/28 (d) | 6,650 | 7,799 | |
5% 10/1/29 (d) | 8,080 | 9,447 | |
5% 10/1/30 (d) | 8,250 | 9,588 | |
5% 10/1/31 (d) | 1,450 | 1,680 | |
5% 10/1/32 (d) | 2,240 | 2,589 | |
5% 10/1/33 (d) | 1,100 | 1,267 | |
5% 10/1/35 (d) | 2,500 | 2,866 | |
5% 10/1/42 (d) | 5,000 | 5,681 | |
TOTAL DISTRICT OF COLUMBIA | 51,753 | ||
Florida - 13.1% | |||
Brevard County School Board Ctfs. of Prtn. Series 2015 C: | |||
5% 7/1/25 | 2,000 | 2,323 | |
5% 7/1/26 | 1,750 | 2,011 | |
5% 7/1/28 | 1,745 | 1,992 | |
Broward County Arpt. Sys. Rev.: | |||
Series 2012 P-1, 5% 10/1/22 (d) | 965 | 1,074 | |
Series 2012 Q1, 5% 10/1/25 | 5,215 | 5,790 | |
Series 2017: | |||
5% 10/1/25 (d) | 250 | 288 | |
5% 10/1/26 (d) | 1,000 | 1,160 | |
5% 10/1/27 (d) | 1,000 | 1,169 | |
5% 10/1/28 (d) | 1,000 | 1,163 | |
5% 10/1/29 (d) | 2,660 | 3,080 | |
5% 10/1/30 (d) | 735 | 847 | |
5% 10/1/32 (d) | 3,500 | 4,013 | |
5% 10/1/33 (d) | 1,305 | 1,491 | |
5% 10/1/34 (d) | 1,275 | 1,451 | |
5% 10/1/35 (d) | 1,500 | 1,703 | |
5% 10/1/36 (d) | 2,000 | 2,267 | |
5% 10/1/37 (d) | 2,250 | 2,547 | |
5% 10/1/42 (d) | 4,250 | 4,793 | |
5% 10/1/47 (d) | 6,000 | 6,741 | |
Series A: | |||
5% 10/1/23 (d) | 1,425 | 1,610 | |
5% 10/1/28 (d) | 3,000 | 3,398 | |
5% 10/1/30 (d) | 3,500 | 3,936 | |
5% 10/1/31 (d) | 3,000 | 3,363 | |
5% 10/1/32 (d) | 2,800 | 3,131 | |
Broward County School Board Ctfs. of Prtn.: | |||
(Broward County School District Proj.) Series 2016 A, 5% 7/1/28 | 670 | 779 | |
(Broward County School District) Series 2012 A, 5% 7/1/24 | 2,170 | 2,395 | |
Series 2012 A: | |||
5% 7/1/24 (Pre-Refunded to 7/1/22 @ 100) | 2,230 | 2,482 | |
5% 7/1/27 | 5,695 | 6,231 | |
Series 2015 A: | |||
5% 7/1/24 | 2,240 | 2,573 | |
5% 7/1/26 | 7,200 | 8,309 | |
5% 7/1/27 | 1,000 | 1,150 | |
Series 2015 B: | |||
5% 7/1/24 | 2,755 | 3,164 | |
5% 7/1/25 | 2,355 | 2,731 | |
Series 2016, 5% 7/1/32 | 2,200 | 2,521 | |
Citizens Property Ins. Corp. Series 2011 A1, 5% 6/1/19 | 1,715 | 1,766 | |
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011, 6.25% 10/1/39 | 27,010 | 29,747 | |
Duval County School Board Ctfs. of Prtn.: | |||
Series 2015 B: | |||
5% 7/1/28 | 2,060 | 2,352 | |
5% 7/1/32 | 12,225 | 13,798 | |
Series 2016 A, 5% 7/1/33 | 1,340 | 1,532 | |
Florida Board of Ed. Pub. Ed. Cap. Outlay: | |||
Series 2011 E, 5% 6/1/24 | 6,600 | 7,169 | |
Series 2011 F, 5% 6/1/23 | 6,070 | 6,600 | |
Florida Dept. of Trans. Rev. Series 2005 A, 5% 7/1/18 | 3,320 | 3,320 | |
Florida Higher Edl. Facilities Fing. Auth. (Jacksonville Univ. Proj.) Series 2018 A1, 5% 6/1/48 (c) | 2,900 | 3,043 | |
Florida Mid-Bay Bridge Auth. Rev.: | |||
Series 2015 A, 5% 10/1/35 | 6,400 | 7,070 | |
Series 2015 C: | |||
5% 10/1/30 | 3,270 | 3,625 | |
5% 10/1/40 | 2,000 | 2,176 | |
Florida Muni. Pwr. Agcy. Rev.: | |||
(Requirements Pwr. Supply Proj.) Series 2016 A: | |||
5% 10/1/30 | 2,185 | 2,535 | |
5% 10/1/31 | 2,385 | 2,754 | |
(St. Lucie Proj.) Series 2012 A, 5% 10/1/26 | 3,700 | 4,073 | |
Series 2015 B: | |||
5% 10/1/28 | 1,000 | 1,149 | |
5% 10/1/30 | 1,800 | 2,052 | |
Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | |||
Series 2016: | |||
5% 10/1/20 (d) | 200 | 213 | |
5% 10/1/21 (d) | 1,545 | 1,682 | |
5% 10/1/22 (d) | 1,000 | 1,109 | |
5% 10/1/23 (d) | 2,545 | 2,861 | |
5% 10/1/24 (d) | 3,000 | 3,409 | |
5% 10/1/25 (d) | 3,225 | 3,696 | |
5% 10/1/26 (d) | 1,700 | 1,967 | |
5% 10/1/27 (d) | 1,000 | 1,166 | |
Series 2016A, 5% 10/1/46 (d) | 1,000 | 1,116 | |
Series 2017 A: | |||
5% 10/1/24 (d) | 2,325 | 2,642 | |
5% 10/1/25 (d) | 1,000 | 1,146 | |
5% 10/1/27 (d) | 2,000 | 2,331 | |
5% 10/1/29 (d) | 3,000 | 3,463 | |
5% 10/1/30 (d) | 3,220 | 3,703 | |
5% 10/1/31 (d) | 8,625 | 9,896 | |
5% 10/1/32 (d) | 6,755 | 7,727 | |
5% 10/1/33 (d) | 10,000 | 11,404 | |
5% 10/1/34 (d) | 6,000 | 6,822 | |
5% 10/1/35 (d) | 7,930 | 8,996 | |
5% 10/1/36 (d) | 7,500 | 8,502 | |
5% 10/1/37 (d) | 6,250 | 7,074 | |
Halifax Hosp. Med. Ctr. Rev.: | |||
4% 6/1/27 | 1,405 | 1,462 | |
5% 6/1/24 | 275 | 312 | |
5% 6/1/25 | 1,285 | 1,470 | |
5% 6/1/26 | 1,625 | 1,835 | |
5% 6/1/46 | 2,935 | 3,155 | |
Highlands County Health Facilities Auth. Rev. Series 2008: | |||
6% 11/15/37 | 12,970 | 13,793 | |
6% 11/15/37 (Pre-Refunded to 11/15/19 @ 100) | 30 | 32 | |
Jacksonville Sales Tax Rev. Series 2012: | |||
5% 10/1/24 | 5,500 | 6,116 | |
5% 10/1/25 | 1,000 | 1,110 | |
Lake County School Board Ctfs. of Prtn. Series 2014 A: | |||
5% 6/1/27 (FSA Insured) | 1,000 | 1,121 | |
5% 6/1/28 (FSA Insured) | 1,000 | 1,117 | |
5% 6/1/30 (FSA Insured) | 2,250 | 2,498 | |
Lee County Arpt. Rev. Series 2011 A, 5.375% 10/1/32 (d) | 6,310 | 6,827 | |
Miami-Dade County Aviation Rev.: | |||
Series 2010 A, 5.375% 10/1/41 | 7,300 | 7,825 | |
Series 2010, 5.5% 10/1/30 | 3,035 | 3,270 | |
Series 2012 A: | |||
5% 10/1/21 (d) | 1,900 | 2,070 | |
5% 10/1/22 (d) | 1,000 | 1,110 | |
5% 10/1/23 (d) | 7,700 | 8,529 | |
5% 10/1/24 (d) | 9,050 | 9,986 | |
5% 10/1/30 (d) | 7,015 | 7,661 | |
5% 10/1/31 (d) | 4,000 | 4,361 | |
Series 2014 A: | |||
5% 10/1/28 (d) | 5,000 | 5,657 | |
5% 10/1/33 (d) | 8,385 | 9,353 | |
5% 10/1/36 (d) | 15,855 | 17,600 | |
5% 10/1/37 | 12,925 | 14,433 | |
Series 2015 A: | |||
5% 10/1/29 (d) | 1,585 | 1,778 | |
5% 10/1/31 (d) | 1,330 | 1,482 | |
5% 10/1/35 (d) | 5,500 | 6,115 | |
Series 2016 A: | |||
5% 10/1/29 | 1,450 | 1,684 | |
5% 10/1/31 | 1,750 | 2,022 | |
Series 2017 B, 5% 10/1/40 (d) | 13,000 | 14,692 | |
Miami-Dade County Cap. Asset Acquisition Series 2012 A, 5% 10/1/26 | 3,750 | 4,149 | |
Miami-Dade County Expressway Auth.: | |||
Series 2014 A, 5% 7/1/44 | 3,500 | 3,853 | |
Series 2014 B: | |||
5% 7/1/26 | 2,500 | 2,847 | |
5% 7/1/27 | 1,750 | 1,988 | |
5% 7/1/28 | 1,000 | 1,132 | |
Series A: | |||
5% 7/1/32 | 4,300 | 4,920 | |
5% 7/1/33 | 3,650 | 4,163 | |
Miami-Dade County School Board Ctfs. of Prtn.: | |||
Series 2008 A, 5% 8/1/22 (AMBAC Insured) | 3,325 | 3,334 | |
Series 2011 B, 5.625% 5/1/31 | 6,600 | 7,195 | |
Series 2015 A: | |||
5% 5/1/26 | 5,500 | 6,287 | |
5% 5/1/27 (FSA Insured) | 780 | 887 | |
5% 5/1/28 | 17,710 | 19,998 | |
5% 5/1/29 | 4,075 | 4,583 | |
Series 2015 B: | |||
5% 5/1/26 | 8,500 | 9,717 | |
5% 5/1/27 | 22,130 | 25,165 | |
5% 5/1/28 | 16,995 | 19,191 | |
Series 2016 A: | |||
5% 5/1/30 | 7,520 | 8,523 | |
5% 5/1/32 | 16,860 | 19,046 | |
Series 2016 B, 5% 8/1/26 | 10,825 | 12,647 | |
Miami-Dade County Transit Sales Surtax Rev. Series 2012, 5% 7/1/42 | 2,200 | 2,386 | |
Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5.25% 10/1/22 (FSA Insured) | 4,000 | 4,523 | |
North Brevard County Hosp. District Rev. 5.75% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) | 600 | 606 | |
Orange County Health Facilities Auth. Series 2012 A, 5% 10/1/42 | 12,050 | 13,044 | |
Orange County School Board Ctfs. of Prtn.: | |||
Series 2015 C, 5% 8/1/30 | 10,000 | 11,431 | |
Series 2016 C, 5% 8/1/33 | 3,770 | 4,331 | |
Orlando Utils. Commission Util. Sys. Rev.: | |||
Series 2009 B, 5% 10/1/33 | 2,115 | 2,167 | |
Series 2012 A: | |||
5% 10/1/23 | 2,300 | 2,631 | |
5% 10/1/25 | 1,100 | 1,291 | |
Palm Beach County Arpt. Sys. Rev. Series 2016: | |||
5% 10/1/21 (d) | 1,200 | 1,308 | |
5% 10/1/23 (d) | 1,325 | 1,492 | |
5% 10/1/24 (d) | 1,375 | 1,563 | |
5% 10/1/25 (d) | 2,915 | 3,339 | |
5% 10/1/26 (d) | 2,060 | 2,378 | |
5% 10/1/27 (d) | 1,000 | 1,158 | |
5% 10/1/29 (d) | 1,040 | 1,188 | |
5% 10/1/30 (d) | 1,850 | 2,105 | |
5% 10/1/31 (d) | 1,300 | 1,475 | |
5% 10/1/32 (d) | 2,000 | 2,264 | |
5% 10/1/33 (d) | 4,295 | 4,845 | |
5% 10/1/34 (d) | 4,505 | 5,061 | |
5% 10/1/35 (d) | 4,745 | 5,323 | |
Palm Beach County Health Facilities Auth. Hosp. Rev. Series 2014: | |||
5% 12/1/22 | 670 | 739 | |
5% 12/1/23 | 1,395 | 1,553 | |
5% 12/1/24 | 1,530 | 1,719 | |
5% 12/1/25 | 540 | 600 | |
5% 12/1/31 | 500 | 545 | |
Palm Beach County School Board Ctfs. of Prtn. Series 2015 D: | |||
5% 8/1/28 | 4,715 | 5,429 | |
5% 8/1/29 | 5,995 | 6,882 | |
5% 8/1/30 | 16,510 | 18,804 | |
5% 8/1/31 | 16,580 | 18,850 | |
South Florida Wtr. Mgmt. District Ctfs. of Prtn. Series 2015: | |||
5% 10/1/29 | 5,000 | 5,765 | |
5% 10/1/32 | 6,270 | 7,187 | |
South Lake County Hosp. District (South Lake Hosp., Inc.): | |||
Series 2009 A: | |||
6% 4/1/29 | 1,400 | 1,436 | |
6.25% 4/1/39 | 3,300 | 3,388 | |
Series 2010, 5.25% 10/1/34 | 3,500 | 3,683 | |
South Miami Health Facilities Auth. Hosp. Rev. (Baptist Med. Ctr., FL. Proj.) Series 2017: | |||
4% 8/15/33 | 2,500 | 2,597 | |
5% 8/15/26 | 3,400 | 3,940 | |
5% 8/15/27 | 2,250 | 2,630 | |
5% 8/15/28 | 1,500 | 1,745 | |
5% 8/15/30 | 3,245 | 3,742 | |
5% 8/15/31 | 3,130 | 3,604 | |
5% 8/15/32 | 2,330 | 2,677 | |
5% 8/15/34 | 6,475 | 7,379 | |
5% 8/15/35 | 4,295 | 4,884 | |
5% 8/15/42 | 6,600 | 7,444 | |
5% 8/15/47 | 9,800 | 11,004 | |
Tallahassee Health Facilities Rev.: | |||
(Tallahassee Memorial Healthcare, Inc. Proj.) Series 2016 A, 5% 12/1/41 | 1,100 | 1,193 | |
Series 2015 A, 5% 12/1/40 | 2,200 | 2,377 | |
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A: | |||
5% 9/1/22 | 2,300 | 2,554 | |
5% 9/1/25 | 410 | 453 | |
Volusia County School Board Ctfs. of Prtn.: | |||
(Florida Master Lease Prog.) Series 2016 A: | |||
5% 8/1/29 (Build America Mutual Assurance Insured) | 1,000 | 1,137 | |
5% 8/1/32 (Build America Mutual Assurance Insured) | 5,000 | 5,652 | |
(Master Lease Prog.) Series 2014 B: | |||
5% 8/1/25 | 1,775 | 2,030 | |
5% 8/1/26 | 340�� | 388 | |
TOTAL FLORIDA | 819,382 | ||
Georgia - 2.4% | |||
Atlanta Wtr. & Wastewtr. Rev. 5% 11/1/27 | 1,000 | 1,153 | |
Bartow County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Bowen Proj.) Series 1997 1, 2.05%, tender 11/19/21 (a) | 2,000 | 1,972 | |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | |||
(Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2013 A, 2.4%, tender 4/1/20 (a) | 7,600 | 7,613 | |
2.2%, tender 4/2/19 (a) | 3,000 | 3,006 | |
2.2%, tender 4/2/19 (a) | 6,500 | 6,513 | |
2.2%, tender 4/2/19 (a) | 4,100 | 4,108 | |
DeKalb County Hosp. Auth. Rev. (DeKalb Med. Ctr., Inc. Proj.) Series 2010: | |||
6% 9/1/30 | 9,145 | 9,776 | |
6.125% 9/1/40 | 14,920 | 15,885 | |
DeKalb County Wtr. & Swr. Rev. Series 2011 A: | |||
5.25% 10/1/36 | 3,000 | 3,277 | |
5.25% 10/1/41 | 5,600 | 6,113 | |
Fulton County Wtr. & Swr. Rev. Series 2011, 5% 1/1/24 | 6,500 | 6,994 | |
Georgia Muni. Gas Auth. Rev. (Gas Portfolio III Proj.) Series S: | |||
5% 10/1/22 | 3,425 | 3,785 | |
5% 10/1/23 | 4,000 | 4,450 | |
Glynn-Brunswick Memorial Hosp. Auth. Rev.: | |||
(Southeast Health Sys. Proj.) Series 2017: | |||
4% 8/1/43 | 2,245 | 2,245 | |
5% 8/1/39 | 2,060 | 2,245 | |
(Southeast GA. Health Sys. Proj.) Series 2017, 5% 8/1/43 | 2,745 | 3,022 | |
Main Street Natural Gas, Inc. Bonds Series 2018 C, 4%, tender 12/1/23 (a) | 50,645 | 54,199 | |
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series A, 5.25% 9/15/19 | 1,915 | 1,989 | |
Private Colleges & Univs. Auth. Rev. (The Savannah College of Art and Design Projs.) Series 2014: | |||
5% 4/1/25 | 3,500 | 3,918 | |
5% 4/1/30 | 2,000 | 2,195 | |
5% 4/1/44 | 3,815 | 4,114 | |
Valdosta & Lowndes County Hosp. (South Georgia Med. Ctr. Proj.) 5% 10/1/20 | 1,570 | 1,575 | |
TOTAL GEORGIA | 150,147 | ||
Hawaii - 0.6% | |||
Hawaii Arpts. Sys. Rev. Series 2015 A: | |||
5% 7/1/41 (d) | 7,500 | 8,325 | |
5% 7/1/45 (d) | 19,875 | 22,009 | |
State of Hawaii Dept. of Trans. Series 2013: | |||
5% 8/1/22 (d) | 1,575 | 1,735 | |
5.25% 8/1/24 (d) | 2,000 | 2,253 | |
5.25% 8/1/25 (d) | 2,500 | 2,796 | |
TOTAL HAWAII | 37,118 | ||
Idaho - 0.2% | |||
Idaho Health Facilities Auth. Rev.: | |||
(St. Luke's Health Sys. Proj.) Series 2008 A: | |||
6.5% 11/1/28 | 4,355 | 4,424 | |
6.75% 11/1/37 | 5,500 | 5,591 | |
Series 2015 ID, 5% 12/1/25 | 2,750 | 3,173 | |
TOTAL IDAHO | 13,188 | ||
Illinois - 21.9% | |||
Boone & Winnebago County Cmnty. Unit School District 200: | |||
0% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,810 | 1,687 | |
0% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,950 | 1,757 | |
Chicago Board of Ed.: | |||
Series 1999 A: | |||
0% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 990 | |
5.25% 12/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,385 | 2,554 | |
Series 2008 C: | |||
5.25% 12/1/23 | 2,410 | 2,421 | |
5.25% 12/1/24 | 1,630 | 1,637 | |
Series 2010 F, 5% 12/1/20 | 1,295 | 1,335 | |
Series 2011 A: | |||
5% 12/1/41 | 5,785 | 5,804 | |
5.25% 12/1/41 | 3,580 | 3,620 | |
5.5% 12/1/39 | 7,900 | 8,054 | |
Series 2012 A, 5% 12/1/42 | 9,215 | 9,215 | |
Series 2015 C, 5.25% 12/1/39 | 1,700 | 1,725 | |
Series 2016 B, 6.5% 12/1/46 | 800 | 916 | |
Series 2017 A, 7% 12/1/46 (c) | 2,800 | 3,351 | |
Series 2017 C: | |||
5% 12/1/22 | 2,630 | 2,743 | |
5% 12/1/23 | 2,270 | 2,373 | |
5% 12/1/24 | 5,760 | 6,020 | |
5% 12/1/25 | 3,290 | 3,439 | |
5% 12/1/26 | 965 | 1,007 | |
5% 12/1/30 | 2,545 | 2,658 | |
Series 2017 D: | |||
5% 12/1/23 | 2,970 | 3,104 | |
5% 12/1/24 | 1,245 | 1,301 | |
5% 12/1/31 | 3,000 | 3,123 | |
Series 2018 A: | |||
5% 12/1/25 | 1,000 | 1,045 | |
5% 12/1/26 | 1,000 | 1,043 | |
5% 12/1/28 | 4,730 | 4,925 | |
5% 12/1/30 | 2,000 | 2,067 | |
5% 12/1/32 | 1,150 | 1,185 | |
5% 12/1/35 | 1,000 | 1,021 | |
Chicago Midway Arpt. Rev.: | |||
Series 2014 A: | |||
5% 1/1/27 (d) | 10,330 | 11,397 | |
5% 1/1/28 (d) | 19,150 | 21,067 | |
5% 1/1/33 (d) | 5,375 | 5,850 | |
5% 1/1/34 (d) | 2,600 | 2,826 | |
Series 2016 A, 5% 1/1/28 (d) | 2,000 | 2,244 | |
Series 2016 B: | |||
4% 1/1/35 | 1,575 | 1,621 | |
5% 1/1/36 | 2,000 | 2,230 | |
5% 1/1/37 | 2,700 | 3,004 | |
5% 1/1/46 | 7,085 | 7,824 | |
Chicago O'Hare Int'l. Arpt. Rev.: | |||
Series 2012 A, 5% 1/1/22 (d) | 6,715 | 7,320 | |
Series 2013 B, 5% 1/1/27 | 11,275 | 12,426 | |
Series 2013 D, 5% 1/1/27 | 3,200 | 3,527 | |
Series 2015 A: | |||
5% 1/1/25 (d) | 5,335 | 6,065 | |
5% 1/1/31 (d) | 6,040 | 6,654 | |
5% 1/1/32 (d) | 12,200 | 13,411 | |
Series 2015 C: | |||
5% 1/1/24 (d) | 1,435 | 1,616 | |
5% 1/1/46 (d) | 2,395 | 2,589 | |
Series 2016 B, 5% 1/1/34 | 6,100 | 6,831 | |
Series 2016 C: | |||
5% 1/1/33 | 2,725 | 3,061 | |
5% 1/1/34 | 3,155 | 3,533 | |
Series 2016 G: | |||
5% 1/1/37 (d) | 2,000 | 2,197 | |
5% 1/1/42 (d) | 2,000 | 2,183 | |
5.25% 1/1/29 (d) | 350 | 409 | |
5.25% 1/1/31 (d) | 400 | 463 | |
Series 2017 A, 5% 1/1/31 | 3,535 | 4,047 | |
Series 2017 B: | |||
5% 1/1/35 | 2,100 | 2,376 | |
5% 1/1/37 | 8,550 | 9,619 | |
Series 2017 C: | |||
5% 1/1/30 | 600 | 688 | |
5% 1/1/31 | 600 | 687 | |
5% 1/1/32 | 650 | 743 | |
Series 2017 D: | |||
5% 1/1/28 (d) | 2,990 | 3,411 | |
5% 1/1/29 (d) | 2,500 | 2,828 | |
5% 1/1/32 (d) | 2,700 | 3,012 | |
5% 1/1/34 (d) | 4,060 | 4,488 | |
5% 1/1/35 (d) | 3,000 | 3,310 | |
5% 1/1/36 (d) | 3,730 | 4,104 | |
5% 1/1/37 (d) | 2,000 | 2,197 | |
Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev. Series 2018: | |||
5% 7/1/38 (d) | 2,640 | 2,932 | |
5% 7/1/48 (d) | 10,905 | 11,994 | |
Chicago Transit Auth.: | |||
Series 2014, 5.25% 12/1/49 | 18,000 | 19,914 | |
Series 2017, 5% 12/1/46 | 4,100 | 4,427 | |
Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2017: | |||
5% 6/1/22 | 2,020 | 2,216 | |
5% 6/1/23 | 1,815 | 2,024 | |
5% 6/1/24 | 305 | 342 | |
5% 6/1/25 | 305 | 344 | |
5% 6/1/26 | 245 | 278 | |
Cmnty. College District #525 Gen. Oblig. 5.75% 6/1/28 | 625 | 626 | |
Cook County Forest Preservation District: | |||
(Ltd. Tax Proj.) Series 2012 B, 5% 12/15/37 | 2,500 | 2,640 | |
Series 2012 A, 5% 11/15/22 | 2,000 | 2,181 | |
Series 2012 C: | |||
5% 12/15/21 | 1,000 | 1,076 | |
5% 12/15/37 | 1,000 | 1,056 | |
Cook County Gen. Oblig.: | |||
Series 2010 A: | |||
5.25% 11/15/22 | 690 | 737 | |
5.25% 11/15/33 | 23,025 | 24,221 | |
Series 2010 G, 5% 11/15/25 | 3,400 | 3,588 | |
Series 2012 C, 5% 11/15/24 | 11,100 | 12,212 | |
Series 2016 A: | |||
5% 11/15/26 | 5,340 | 6,125 | |
5% 11/15/27 | 2,800 | 3,194 | |
5% 11/15/28 | 3,650 | 4,146 | |
5% 11/15/29 | 4,540 | 5,132 | |
5% 11/15/30 | 5,000 | 5,629 | |
Grundy & Will Counties Cmnty. School Gen. Obligan Series 2017, 5% 2/1/25 | 900 | 1,018 | |
Illinois Dedicated Tax Rev. Series B, 0% 12/15/18 (AMBAC Insured) | 4,500 | 4,439 | |
Illinois Fin. Auth. Rev.: | |||
( Bradley Univ. Proj.) Series 2017 C, 5% 8/1/29 | 650 | 736 | |
( Bradley Univ. Proj.) Series 2017 C, 5% 8/1/30 | 915 | 1,033 | |
(Bradley Univ. Proj.) Series 2017 C, 5% 8/1/32 | 1,225 | 1,378 | |
(Depaul Univ. Proj.) Series 2016 A: | |||
4% 10/1/34 | 1,000 | 1,030 | |
5% 10/1/29 | 1,000 | 1,147 | |
5% 10/1/30 | 1,000 | 1,144 | |
5% 10/1/35 | 2,000 | 2,254 | |
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | |||
5.375% 5/15/25 | 30,230 | 32,004 | |
5.375% 5/15/30 | 7,270 | 7,645 | |
(Presence Health Proj.) Series 2016 C: | |||
3.625% 2/15/32 | 1,150 | 1,155 | |
4% 2/15/33 | 270 | 283 | |
5% 2/15/25 | 230 | 265 | |
5% 2/15/26 | 3,050 | 3,560 | |
5% 2/15/29 | 6,170 | 7,172 | |
5% 2/15/36 | 1,400 | 1,594 | |
(Rosalind Franklin Unversity Research Bldg. Proj.) Series 2017 C, 5% 8/1/46 | 1,000 | 1,087 | |
(Rush Univ. Med. Ctr. Proj.) Series 2015 A, 5% 11/15/34 | 500 | 555 | |
(Silver Cross Health Sys. II Proj.) Series 2015C, 4.125% 8/15/37 | 865 | 871 | |
(Silver Cross Hosp. and Med. Ctr. Proj.) Series 2008 A, 5.5% 8/15/30 | 1,995 | 2,001 | |
Bonds (Ascension Health Cr. Group Proj.) Series 2012 E2, 1.75%, tender 4/1/21 (a) | 2,215 | 2,200 | |
Series 2009, 5% 8/15/23 (Pre-Refunded to 8/15/20 @ 100) | 1,865 | 1,987 | |
Series 2010, 5.25% 5/1/25 | 7,000 | 7,428 | |
Series 2012 A: | |||
5% 5/15/20 | 500 | 527 | |
5% 5/15/22 | 2,180 | 2,402 | |
5% 5/15/23 | 300 | 329 | |
Series 2012: | |||
4% 9/1/32 | 8,775 | 8,579 | |
5% 9/1/32 | 1,900 | 2,007 | |
5% 9/1/38 | 26,250 | 27,543 | |
5% 11/15/43 | 5,215 | 5,486 | |
Series 2013: | |||
5% 11/15/24 | 500 | 552 | |
5% 11/15/27 | 100 | 110 | |
5% 11/15/28 | 2,875 | 3,151 | |
5% 11/15/29 | 1,400 | 1,532 | |
5% 5/15/43 | 11,805 | 12,387 | |
Series 2014, 5% 8/1/38 | 13,350 | 14,761 | |
Series 2015 A: | |||
5% 11/15/21 | 600 | 656 | |
5% 11/15/45 | 3,225 | 3,506 | |
Series 2015 B, 5% 11/15/27 | 3,160 | 3,585 | |
Series 2015 C: | |||
5% 8/15/35 | 7,460 | 8,120 | |
5% 8/15/44 | 36,450 | 39,177 | |
Series 2016 A: | |||
5% 8/15/22 | 1,000 | 1,085 | |
5% 7/1/24 | 1,395 | 1,575 | |
5% 8/15/25 | 2,380 | 2,655 | |
5% 8/15/26 | 3,180 | 3,569 | |
5% 7/1/28 | 1,230 | 1,382 | |
5% 2/15/29 | 5,140 | 5,739 | |
5% 2/15/30 | 5,425 | 6,038 | |
5% 7/1/30 | 710 | 789 | |
5% 2/15/31 | 4,375 | 4,857 | |
5% 7/1/31 | 1,255 | 1,392 | |
5% 2/15/32 | 4,250 | 4,706 | |
5% 7/1/33 | 650 | 717 | |
5% 7/1/34 | 5,000 | 5,493 | |
5% 8/15/34 | 645 | 702 | |
5% 8/15/35 | 510 | 554 | |
5% 8/15/36 | 2,035 | 2,206 | |
5.25% 8/15/27 | 2,255 | 2,561 | |
5.25% 8/15/28 | 2,895 | 3,274 | |
5.25% 8/15/30 | 2,225 | 2,500 | |
5.25% 8/15/31 | 600 | 673 | |
Series 2016 B: | |||
5% 8/15/31 | 7,365 | 8,374 | |
5% 8/15/32 | 6,040 | 6,838 | |
5% 8/15/34 | 7,515 | 8,406 | |
5% 8/15/36 | 10,485 | 11,662 | |
Series 2016 C: | |||
3.75% 2/15/34 | 1,465 | 1,468 | |
4% 2/15/36 | 6,230 | 6,464 | |
4% 2/15/41 | 17,890 | 18,469 | |
5% 2/15/22 | 1,320 | 1,455 | |
5% 2/15/24 | 670 | 764 | |
5% 2/15/30 | 7,760 | 8,994 | |
5% 2/15/31 | 13,500 | 15,614 | |
5% 2/15/32 | 4,420 | 5,094 | |
5% 2/15/34 | 3,525 | 4,031 | |
5% 2/15/41 | 10,685 | 12,140 | |
Series 2016: | |||
5% 5/15/29 | 1,255 | 1,422 | |
5% 5/15/30 | 2,655 | 3,001 | |
5% 12/1/46 | 4,585 | 4,981 | |
Series 2017 A, 5% 8/1/42 | 880 | 959 | |
Series 2017: | |||
5% 7/1/26 | 1,750 | 2,061 | |
5% 1/1/29 | 3,350 | 3,912 | |
5% 7/1/32 | 8,495 | 9,823 | |
5% 7/1/33 | 6,815 | 7,852 | |
5% 7/1/34 | 5,605 | 6,418 | |
5% 7/1/35 | 4,710 | 5,374 | |
Illinois Gen. Oblig.: | |||
Series 2006: | |||
5% 1/1/19 | 5,200 | 5,267 | |
5.5% 1/1/31 | 6,040 | 6,594 | |
Series 2010: | |||
5% 1/1/21 (FSA Insured) | 3,100 | 3,213 | |
5% 1/1/23 (FSA Insured) | 7,900 | 8,150 | |
Series 2012 A, 4% 1/1/23 | 2,525 | 2,554 | |
Series 2012: | |||
5% 8/1/19 | 2,965 | 3,042 | |
5% 8/1/21 | 2,400 | 2,511 | |
5% 3/1/23 | 5,150 | 5,393 | |
5% 8/1/23 | 4,600 | 4,874 | |
5% 3/1/28 | 220 | 227 | |
Series 2013: | |||
5% 1/1/22 | 2,925 | 2,995 | |
5.5% 7/1/24 | 1,000 | 1,076 | |
5.5% 7/1/25 | 5,215 | 5,583 | |
Series 2014: | |||
5% 2/1/22 | 1,060 | 1,113 | |
5% 2/1/23 | 4,425 | 4,673 | |
5% 2/1/25 | 3,630 | 3,828 | |
5% 2/1/26 | 2,740 | 2,874 | |
5% 4/1/28 | 2,290 | 2,390 | |
5% 5/1/28 | 2,150 | 2,244 | |
5% 5/1/32 | 9,300 | 9,627 | |
5.25% 2/1/30 | 9,200 | 9,676 | |
5.25% 2/1/31 | 435 | 457 | |
Series 2016: | |||
5% 11/1/20 | 4,680 | 4,861 | |
5% 2/1/23 | 1,810 | 1,911 | |
5% 2/1/24 | 10,010 | 10,624 | |
5% 6/1/25 | 8,810 | 9,370 | |
5% 11/1/25 | 3,000 | 3,193 | |
5% 6/1/26 | 1,200 | 1,276 | |
5% 2/1/27 | 8,525 | 9,075 | |
5% 2/1/28 | 6,860 | 7,277 | |
5% 2/1/29 | 6,445 | 6,813 | |
Series 2017 D: | |||
5% 11/1/22 | 23,880 | 25,247 | |
5% 11/1/23 | 25,000 | 26,533 | |
5% 11/1/24 | 35,000 | 37,240 | |
5% 11/1/25 | 35,000 | 37,248 | |
5% 11/1/26 | 25,000 | 26,609 | |
5% 11/1/27 | 3,500 | 3,731 | |
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A: | |||
5% 2/1/25 | 8,110 | 9,253 | |
5% 2/1/26 | 10,370 | 11,854 | |
5% 2/1/31 | 4,070 | 4,574 | |
Illinois Toll Hwy. Auth. Toll Hwy. Rev.: | |||
Series 2015 A: | |||
5% 1/1/37 | 3,650 | 4,061 | |
5% 1/1/40 | 15,600 | 17,306 | |
Series 2015 B, 5% 1/1/40 | 8,700 | 9,724 | |
Series 2016 A: | |||
5% 12/1/31 | 7,035 | 8,034 | |
5% 12/1/32 | 10,300 | 11,748 | |
Joliet School District #86 Gen. Oblig. Series 2002, 0% 11/1/19 (FSA Insured) | 2,000 | 1,943 | |
Kane, McHenry, Cook & DeKalb Counties Unit School District #300: | |||
0% 12/1/21 (AMBAC Insured) | 3,095 | 2,833 | |
0% 12/1/21 (Escrowed to Maturity) | 1,905 | 1,778 | |
6.5% 1/1/20 (AMBAC Insured) | 3,140 | 3,354 | |
Kendall, Kane & Will Counties Cmnty. Unit School District #308 Series 2016: | |||
5% 2/1/34 | 7,000 | 7,792 | |
5% 2/1/35 | 5,000 | 5,559 | |
5% 2/1/36 | 8,600 | 9,542 | |
Lake County Cmnty. High School District #117, Antioch: | |||
Series 2000 B, 0% 12/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,805 | 1,694 | |
Series B, 0% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,240 | 7,181 | |
McHenry & Kane Counties Cmnty. Consolidated School District #158: | |||
Series 2003: | |||
0% 1/1/19 | 2,770 | 2,738 | |
0% 1/1/19 (Escrowed to Maturity) | 185 | 184 | |
Series 2004, 0% 1/1/24 (FSA Insured) | 5,100 | 4,279 | |
0% 1/1/19 (Escrowed to Maturity) | 45 | 45 | |
Metropolitan Pier & Exposition: | |||
(McCormick Place Expansion Proj.): | |||
Series 1992 A, 0% 6/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,610 | 3,399 | |
Series 1994 A, 0% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,645 | 6,463 | |
Series 1996 A, 0% 6/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,300 | 5,249 | |
Series 2010 B1: | |||
0% 6/15/43 (FSA Insured) | 50,715 | 16,345 | |
0% 6/15/44 (FSA Insured) | 58,500 | 17,972 | |
0% 6/15/45 (FSA Insured) | 30,500 | 8,907 | |
0% 6/15/47 (FSA Insured) | 3,625 | 955 | |
Series 2012 B, 0% 12/15/51 | 13,100 | 2,411 | |
Series A: | |||
0% 6/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,265 | 1,101 | |
0% 12/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,090 | 2,399 | |
Series 1993: | |||
0% 6/15/19 | 2,780 | 2,704 | |
0% 6/15/19 (Escrowed to Maturity) | 565 | 556 | |
Series 1996 A, 0% 6/15/24 | 3,060 | 2,432 | |
Series 2002, 5.5% 6/15/20 | 265 | 267 | |
Series 2017 B: | |||
5% 12/15/25 | 1,000 | 1,089 | |
5% 12/15/26 | 3,325 | 3,624 | |
5% 12/15/27 | 355 | 388 | |
5% 12/15/31 | 675 | 733 | |
5% 12/15/34 | 400 | 430 | |
Series A, 0% 12/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,155 | 2,064 | |
Railsplitter Tobacco Settlement Auth. Rev. Series 2017: | |||
5% 6/1/27 | 5,000 | 5,692 | |
5% 6/1/28 | 2,750 | 3,110 | |
Univ. of Illinois Rev.: | |||
(Auxiliary Facilities Sys. Proj.): | |||
Series 1991, 0% 4/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 8,000 | 7,674 | |
Series 1999 A: | |||
0% 4/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,600 | 1,535 | |
0% 4/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,965 | 4,626 | |
Series 2010 A: | |||
5% 4/1/25 | 6,125 | 6,420 | |
5.25% 4/1/30 | 4,200 | 4,408 | |
Series 2013: | |||
6% 10/1/42 | 5,500 | 6,198 | |
6.25% 10/1/38 | 5,430 | 6,201 | |
Will County Cmnty. Unit School District #365-U: | |||
Series 2007 B, 0% 11/1/26 (FSA Insured) | 6,155 | 4,660 | |
Series 2012, 0% 11/1/25 | 790 | 622 | |
0% 11/1/19 (Escrowed to Maturity) | 1,465 | 1,429 | |
0% 11/1/19 (FSA Insured) | 9,410 | 9,145 | |
Will County Illinois Series 2016: | |||
5% 11/15/31 | 1,620 | 1,813 | |
5% 11/15/32 | 1,235 | 1,380 | |
5% 11/15/33 | 1,500 | 1,671 | |
5% 11/15/34 | 1,500 | 1,667 | |
TOTAL ILLINOIS | 1,370,035 | ||
Indiana - 2.0% | |||
Crown Point Multi-School Bldg. Corp. 0% 1/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,480 | 7,100 | |
Indiana Fin. Auth. Rev.: | |||
Series 2012: | |||
5% 3/1/30 | 4,575 | 4,961 | |
5% 3/1/41 | 8,360 | 8,944 | |
Series 2015 A, 5.25% 2/1/32 | 7,060 | 8,183 | |
Series 2016: | |||
4% 9/1/21 | 400 | 422 | |
5% 9/1/22 | 300 | 332 | |
5% 9/1/23 | 450 | 506 | |
5% 9/1/24 | 675 | 769 | |
5% 9/1/26 | 1,300 | 1,507 | |
5% 9/1/27 | 650 | 750 | |
5% 9/1/28 | 3,065 | 3,522 | |
5% 9/1/29 | 1,500 | 1,716 | |
5% 9/1/30 | 1,400 | 1,596 | |
Indiana Fin. Auth. Wastewtr. Util. Rev.: | |||
(CWA Auth. Proj.): | |||
Series 2012 A: | |||
5% 10/1/24 | 400 | 446 | |
5% 10/1/26 | 2,545 | 2,825 | |
Series 2015 A: | |||
5% 10/1/30 | 4,820 | 5,495 | |
5% 10/1/45 | 27,300 | 30,751 | |
Series 2011 A, 5.25% 10/1/25 | 1,750 | 1,922 | |
Indianapolis Local Pub. Impt. Series 2016: | |||
4% 1/1/32 (d) | 1,000 | 1,035 | |
4% 1/1/33 (d) | 1,000 | 1,031 | |
4% 1/1/34 (d) | 1,000 | 1,028 | |
4% 1/1/35 (d) | 2,780 | 2,849 | |
5% 1/1/21 (d) | 4,755 | 5,108 | |
5% 1/1/22 (d) | 8,590 | 9,410 | |
5% 1/1/23 (d) | 3,470 | 3,863 | |
5% 1/1/26 (d) | 1,055 | 1,208 | |
Lake Central Multi-District School Bldg. Corp. Series 2012 B: | |||
4% 7/15/18 | 400 | 400 | |
5% 1/15/30 | 12,040 | 13,339 | |
Zionsville Cmnty. Schools Bldg. Series 2005, 5% 7/15/20 (FSA Insured) | 1,945 | 2,056 | |
TOTAL INDIANA | 123,074 | ||
Kansas - 0.5% | |||
Kansas Dev. Fin. Agcy. Series 2009: | |||
5.75% 11/15/38 (Pre-Refunded to 11/15/19 @ 100) | 275 | 289 | |
5.75% 11/15/38 (Pre-Refunded to 11/15/19 @ 100) | 12,225 | 12,903 | |
Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev.: | |||
Series 2012 A: | |||
5% 9/1/23 | 1,860 | 2,058 | |
5% 9/1/25 | 4,000 | 4,426 | |
5% 9/1/26 | 1,950 | 2,154 | |
Series 2016 A: | |||
5% 9/1/40 | 4,515 | 5,025 | |
5% 9/1/45 | 6,800 | 7,545 | |
TOTAL KANSAS | 34,400 | ||
Kentucky - 0.8% | |||
Kenton County Arpt. Board Arpt. Rev. Series 2016: | |||
5% 1/1/21 | 650 | 695 | |
5% 1/1/22 | 725 | 792 | |
5% 1/1/23 | 425 | 471 | |
5% 1/1/28 | 1,585 | 1,781 | |
5% 1/1/31 | 1,500 | 1,673 | |
5% 1/1/32 | 1,500 | 1,668 | |
Kentucky Econ. Dev. Fin. Auth. Rev. Louisville Arena Auth., Inc. Series 2017A, 5% 12/1/47 (FSA Insured) | 1,620 | 1,762 | |
Kentucky State Property & Buildings Commission Rev. (Proj. No. 119) Series 2018: | |||
5% 5/1/26 | 1,005 | 1,144 | |
5% 5/1/27 | 2,940 | 3,359 | |
5% 5/1/29 | 5,445 | 6,221 | |
5% 5/1/32 | 1,430 | 1,636 | |
5% 5/1/33 | 1,105 | 1,260 | |
5% 5/1/34 | 1,260 | 1,429 | |
5% 5/1/35 | 745 | 835 | |
5% 5/1/36 | 630 | 705 | |
Louisville & Jefferson County Series 2013 A: | |||
5.5% 10/1/33 | 3,400 | 3,820 | |
5.75% 10/1/38 | 8,765 | 9,940 | |
Louisville/Jefferson County Metropolitan Gov. Series 2012 A: | |||
5% 12/1/28 | 745 | 794 | |
5% 12/1/30 | 725 | 770 | |
Pikeville Hosp. Rev. (Pikeville Med. Ctr., Inc. Proj.) Series 2011, 6.5% 3/1/41 | 3,000 | 3,257 | |
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.) Series 2001 B, 2.55%, tender 5/3/21 (a) | 8,130 | 8,134 | |
TOTAL KENTUCKY | 52,146 | ||
Louisiana - 0.8% | |||
Louisiana Pub. Facilities Auth. Rev. (Tulane Univ. of Louisiana Proj.) Series 2016 A: | |||
5% 12/15/24 | 1,500 | 1,715 | |
5% 12/15/25 | 3,120 | 3,613 | |
5% 12/15/26 | 1,260 | 1,463 | |
5% 12/15/28 | 2,000 | 2,301 | |
5% 12/15/29 | 1,420 | 1,624 | |
5% 12/15/30 | 2,800 | 3,195 | |
New Orleans Aviation Board Rev.: | |||
(North Term. Proj.): | |||
Series 2015 B: | |||
5% 1/1/27 (d) | 1,400 | 1,575 | |
5% 1/1/29 (d) | 5,190 | 5,798 | |
5% 1/1/30 (d) | 7,000 | 7,790 | |
5% 1/1/31 (d) | 2,500 | 2,770 | |
5% 1/1/40 (d) | 8,285 | 9,021 | |
Series 2017 B: | |||
5% 1/1/27 (d) | 400 | 460 | |
5% 1/1/28 (d) | 245 | 280 | |
5% 1/1/32 (d) | 400 | 451 | |
5% 1/1/33 (d) | 700 | 785 | |
5% 1/1/34 (d) | 215 | 240 | |
5% 1/1/35 (d) | 400 | 446 | |
Series 2017 D2: | |||
5% 1/1/27 (d) | 500 | 575 | |
5% 1/1/28 (d) | 720 | 824 | |
5% 1/1/31 (d) | 640 | 724 | |
5% 1/1/33 (d) | 1,025 | 1,150 | |
5% 1/1/34 (d) | 1,230 | 1,375 | |
5% 1/1/36 (d) | 935 | 1,041 | |
5% 1/1/37 (d) | 1,540 | 1,713 | |
TOTAL LOUISIANA | 50,929 | ||
Maine - 1.0% | |||
Maine Health & Higher Edl. Facilities Auth. Rev.: | |||
(Eastern Maine Healthcare Systems Proj.) Series 2013, 5% 7/1/43 | 3,790 | 3,934 | |
Series 2008 D, 5.75% 7/1/38 (Pre-Refunded to 7/1/18 @ 100) | 330 | 330 | |
Series 2013, 5% 7/1/25 | 1,730 | 1,856 | |
Series 2016 A: | |||
4% 7/1/41 | 2,310 | 2,127 | |
4% 7/1/46 | 3,225 | 2,932 | |
5% 7/1/41 | 10,410 | 10,927 | |
5% 7/1/46 | 27,715 | 29,054 | |
Series 2017 B: | |||
4% 7/1/25 | 450 | 486 | |
4% 7/1/31 | 700 | 730 | |
4% 7/1/32 | 500 | 519 | |
4% 7/1/34 | 1,010 | 1,040 | |
5% 7/1/26 | 325 | 375 | |
5% 7/1/28 | 510 | 590 | |
5% 7/1/29 | 400 | 460 | |
5% 7/1/33 | 1,000 | 1,134 | |
5% 7/1/35 | 760 | 857 | |
Series 2017 D, 5.75% 7/1/38 | 165 | 166 | |
Maine Tpk. Auth. Tpk. Rev. Series 2015: | |||
5% 7/1/32 | 1,050 | 1,195 | |
5% 7/1/36 | 2,600 | 2,929 | |
5% 7/1/38 | 670 | 754 | |
TOTAL MAINE | 62,395 | ||
Maryland - 0.6% | |||
Baltimore Proj. Rev. (Wtr. Projs.) Series 2009 A: | |||
5.375% 7/1/34 (Pre-Refunded to 7/1/19 @ 100) | 185 | 192 | |
5.375% 7/1/34 (Pre-Refunded to 7/1/19 @ 100) | 315 | 327 | |
City of Westminster Series 2016: | |||
5% 11/1/27 | 2,595 | 2,892 | |
5% 11/1/28 | 2,750 | 3,050 | |
5% 11/1/29 | 2,910 | 3,203 | |
5% 11/1/30 | 3,085 | 3,384 | |
5% 11/1/31 | 1,245 | 1,359 | |
Maryland Econ. Dev. Auth. Rev. (Ports America Chesapeake LLC. Proj.) Series 2017 A: | |||
5% 6/1/30 | 1,250 | 1,416 | |
5% 6/1/35 | 2,000 | 2,240 | |
Maryland Econ. Dev. Corp. (Purple Line Lt. Rail Proj.) Series 2016 D: | |||
5% 3/31/41 (d) | 1,815 | 1,988 | |
5% 3/31/46 (d) | 3,000 | 3,275 | |
Maryland Health & Higher Edl. Facilities Auth. Rev.: | |||
(Medstar Health, Inc. Proj.) Series 2017 A, 5% 5/15/45 | 3,195 | 3,576 | |
(Univ. of Maryland Med. Sys. Proj.) Series 2008 F, 5.25% 7/1/21 | 1,000 | 1,001 | |
Series 2010, 5.625% 7/1/30 (Pre-Refunded to 7/1/20 @ 100) | 3,365 | 3,617 | |
Series 2015, 5% 7/1/24 | 755 | 851 | |
Series 2016 A: | |||
4% 7/1/42 | 1,725 | 1,720 | |
5% 7/1/35 | 695 | 763 | |
Rockville Mayor & Council Econ. Dev. (Rfdg.-Ingleside King Farm Proj.) Series 2017: | |||
2.5% 11/1/24 | 1,760 | 1,735 | |
3% 11/1/25 | 1,290 | 1,283 | |
5% 11/1/30 | 455 | 502 | |
TOTAL MARYLAND | 38,374 | ||
Massachusetts - 2.6% | |||
Massachusetts Dev. Fin. Agcy. Rev.: | |||
( Lawrence Gen. Hosp. MA. Proj.) Series 2017: | |||
5% 7/1/30 | 760 | 828 | |
5% 7/1/37 | 1,000 | 1,069 | |
(Lawrence Gen. Hosp. MA. Proj.) Series 2017: | |||
5% 7/1/25 | 170 | 187 | |
5% 7/1/29 | 715 | 780 | |
5% 7/1/31 | 805 | 875 | |
5% 7/1/32 | 1,000 | 1,084 | |
5% 7/1/34 | 1,000 | 1,075 | |
5% 7/1/42 | 900 | 959 | |
(Lawrence Gen. Hosp.) Series 2017: | |||
5% 7/1/19 | 230 | 236 | |
5% 7/1/20 | 370 | 388 | |
5% 7/1/21 | 380 | 405 | |
5% 7/1/47 | 1,400 | 1,486 | |
(Lesley Univ. Proj.) Series 2016, 5% 7/1/39 | 1,645 | 1,840 | |
(Newbridge On The Charles Proj.) Series 2017: | |||
4% 10/1/32 (c) | 3,000 | 2,993 | |
4.125% 10/1/42 (c) | 3,600 | 3,592 | |
(Partners Healthcare Sys., Inc. Proj.): | |||
Series 2017 S: | |||
5% 7/1/30 | 3,880 | 4,577 | |
5% 7/1/32 | 14,340 | 16,811 | |
5% 7/1/34 | 4,225 | 4,896 | |
Series 2017, 4% 7/1/41 | 10,000 | 10,238 | |
(Tufts Med. Ctr. Proj.) Series 2011, 6.75% 1/1/36 | 1,585 | 1,761 | |
(Univ. of Massachusetts Health Cr., Inc. Proj.) Series 2017 L, 4% 7/1/44 | 1,000 | 995 | |
(Wentworth Institute of Technology Proj.) Series 2017: | |||
5% 10/1/27 | 1,005 | 1,130 | |
5% 10/1/28 | 1,055 | 1,181 | |
5% 10/1/29 | 1,110 | 1,237 | |
5% 10/1/31 | 1,225 | 1,357 | |
5% 10/1/32 | 1,285 | 1,421 | |
Series 2016: | |||
5% 10/1/29 | 1,000 | 1,161 | |
5% 10/1/30 | 1,500 | 1,737 | |
5% 7/1/31 | 1,675 | 1,876 | |
5% 10/1/31 | 1,620 | 1,870 | |
5% 7/1/46 | 1,390 | 1,519 | |
Series 2017, 5% 7/1/27 | 645 | 705 | |
Series BB1, 5% 10/1/46 | 415 | 471 | |
Massachusetts Edl. Fing. Auth. Rev. Series 2017 B, 4.25% 7/1/46 (d) | 10,000 | 10,197 | |
Massachusetts Gen. Oblig.: | |||
Series 2016 B, 5% 7/1/31 | 2,420 | 2,808 | |
Series 2017 A: | |||
5% 4/1/36 | 2,115 | 2,442 | |
5% 4/1/42 | 8,010 | 9,168 | |
Series 2017 D: | |||
5% 2/1/33 | 5,390 | 6,262 | |
5% 2/1/34 | 12,295 | 14,223 | |
5% 2/1/35 | 4,710 | 5,437 | |
Series 2017 F, 5% 11/1/46 | 4,000 | 4,597 | |
Massachusetts Health & Edl. Facilities Auth. Rev. (Blood Research Institute Proj.) Series A, 6.5% 2/1/22 (g) | 1,355 | 1,360 | |
Massachusetts Port Auth. Rev.: | |||
Series 2016 A: | |||
5% 7/1/33 | 2,100 | 2,434 | |
5% 7/1/34 | 1,080 | 1,247 | |
5% 7/1/38 | 1,570 | 1,804 | |
Series 2016 B, 5% 7/1/43 (d) | 18,590 | 20,795 | |
Series 2017 A: | |||
5% 7/1/24 (d) | 4,865 | 5,535 | |
5% 7/1/25 (d) | 1,810 | 2,074 | |
TOTAL MASSACHUSETTS | 163,123 | ||
Michigan - 1.7% | |||
Detroit School District School Bldg. and Site Impt. Series 2012 A, 5% 5/1/23 | 4,000 | 4,398 | |
Detroit Swr. Disp. Rev. Series 2001 E, 5.75% 7/1/31 (Pre-Refunded to 7/1/18 @ 100) | 385 | 385 | |
Grand Rapids Pub. Schools Series 2016, 5% 5/1/26 (FSA Insured) | 3,065 | 3,566 | |
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016, 5% 5/15/28 | 2,360 | 2,662 | |
Lansing Board of Wtr. & Lt. Util. Rev. 5.5% 7/1/41 | 3,000 | 3,286 | |
Michigan Bldg. Auth. Rev.: | |||
(Facilities Prog.): | |||
Series 2015 I, 5% 4/15/30 | 5,000 | 5,720 | |
Series 2016 I, 5% 4/15/24 | 295 | 338 | |
5% 4/15/33 | 2,500 | 2,834 | |
Michigan Fin. Auth. Rev.: | |||
(Trinity Health Proj.) Series 2017: | |||
5% 12/1/34 | 5,000 | 5,757 | |
5% 12/1/35 | 1,915 | 2,200 | |
5% 12/1/42 | 2,585 | 2,933 | |
Series 2012 A: | |||
5% 6/1/20 (Escrowed to Maturity) | 2,050 | 2,169 | |
5% 6/1/21 (Escrowed to Maturity) | 350 | 379 | |
5% 6/1/27 (Pre-Refunded to 6/1/22 @ 100) | 3,500 | 3,874 | |
Series 2012, 5% 11/15/42 | 10,380 | 11,263 | |
Series 2015 MI, 5% 12/1/24 | 4,445 | 5,119 | |
Series 2016, 5% 11/15/41 | 1,885 | 2,087 | |
Series MI, 5.5% 12/1/27 | 4,750 | 5,606 | |
Michigan Hosp. Fin. Auth. Rev.: | |||
(Trinity Health Proj.) Series 2008 C, 5% 12/1/32 | 1,495 | 1,737 | |
Series 2012 A, 5% 6/1/26 | 2,000 | 2,195 | |
6.5% 12/1/33 (Pre-Refunded to 12/1/18 @ 100) | 210 | 214 | |
Portage Pub. Schools Series 2016: | |||
5% 11/1/30 | 2,855 | 3,270 | |
5% 11/1/31 | 2,525 | 2,886 | |
5% 11/1/36 | 250 | 281 | |
Wayne County Arpt. Auth. Rev.: | |||
Series 2015 F, 5% 12/1/27 (d) | 6,995 | 7,933 | |
Series 2015 G, 5% 12/1/28 (d) | 5,500 | 6,210 | |
Series 2017 A: | |||
4% 12/1/33 (FSA Insured) | 1,485 | 1,567 | |
4% 12/1/34 (FSA Insured) | 1,230 | 1,292 | |
4% 12/1/35 (FSA Insured) | 1,200 | 1,253 | |
4% 12/1/36 (FSA Insured) | 1,250 | 1,301 | |
5% 12/1/31 | 375 | 432 | |
5% 12/1/32 | 380 | 436 | |
5% 12/1/34 | 700 | 800 | |
5% 12/1/35 | 650 | 741 | |
5% 12/1/37 | 430 | 488 | |
Series 2017 B: | |||
5% 12/1/29 (d) | 600 | 685 | |
5% 12/1/30 (d) | 700 | 796 | |
5% 12/1/31 (d) | 800 | 908 | |
5% 12/1/32 (d) | 510 | 580 | |
5% 12/1/32 (d) | 650 | 737 | |
5% 12/1/34 (d) | 600 | 676 | |
5% 12/1/35 (d) | 650 | 731 | |
5% 12/1/37 (d) | 850 | 952 | |
5% 12/1/42 (d) | 1,000 | 1,115 | |
TOTAL MICHIGAN | 104,792 | ||
Minnesota - 0.1% | |||
Maple Grove Health Care Sys. Rev.: | |||
Series 2015, 5% 9/1/29 | 2,830 | 3,146 | |
Series 2017: | |||
4% 5/1/21 | 500 | 524 | |
5% 5/1/25 | 800 | 913 | |
Minneapolis Health Care Sys. Rev.: | |||
6.5% 11/15/38 | 845 | 861 | |
6.5% 11/15/38 (Pre-Refunded to 11/15/18 @ 100) | 155 | 158 | |
Moorhead Edl. Facilities Rev. (The Concordia College Corp. Proj.) Series 2016, 5% 12/1/25 | 1,195 | 1,348 | |
Saint Paul Hsg. & Redev. Auth. Hosp. Rev. (HealthEast Care Sys. Proj.) Series 2015 A, 5% 11/15/44 (Pre-Refunded to 11/15/25 @ 100) | 1,515 | 1,778 | |
TOTAL MINNESOTA | 8,728 | ||
Missouri - 0.4% | |||
Cape Girardeau County Indl. Dev. Auth. (Southeast Hosp. Proj.) Series 2017 A: | |||
5% 3/1/30 | 700 | 773 | |
5% 3/1/31 | 750 | 826 | |
5% 3/1/36 | 1,500 | 1,614 | |
Kansas City Spl. Oblig.: | |||
5% 9/1/26 | 1,185 | 1,228 | |
5% 9/1/27 | 490 | 508 | |
5% 9/1/28 | 1,000 | 1,036 | |
5% 9/1/29 | 1,000 | 1,036 | |
5% 9/1/30 | 1,390 | 1,439 | |
Missouri Dev. Fin. Board Infrastructure Facilities Rev. (City of Branson-Branson Landing Proj.) Series 2005 A, 6% 6/1/20 | 855 | 892 | |
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Series 2015 B: | |||
3.125% 2/1/27 | 1,000 | 1,009 | |
3.25% 2/1/28 | 1,000 | 1,015 | |
4% 2/1/40 | 800 | 816 | |
5% 2/1/29 | 1,240 | 1,406 | |
5% 2/1/31 | 2,595 | 2,924 | |
5% 2/1/33 | 2,870 | 3,220 | |
5% 2/1/36 | 2,700 | 3,007 | |
TOTAL MISSOURI | 22,749 | ||
Nebraska - 0.3% | |||
Douglas County Neb Edl. Facilities Rev. (Creighton Univ. Proj.) Series 2017: | |||
4% 7/1/34 | 1,000 | 1,064 | |
5% 7/1/36 | 690 | 789 | |
Nebraska Pub. Pwr. District Rev. Series 2016 B: | |||
5% 1/1/37 | 2,475 | 2,796 | |
5% 1/1/40 | 1,130 | 1,271 | |
Omaha Arpt. Auth. Arpt. Rev.: | |||
Series 2017 A: | |||
5% 12/15/22 (d) | 750 | 837 | |
5% 12/15/23 (d) | 750 | 849 | |
5% 12/15/25 (d) | 400 | 461 | |
5% 12/15/26 (d) | 1,440 | 1,671 | |
5% 12/15/27 (d) | 1,000 | 1,156 | |
5% 12/15/30 (d) | 1,500 | 1,713 | |
5% 12/15/31 (d) | 785 | 894 | |
5% 12/15/33 (d) | 800 | 905 | |
5% 12/15/35 (d) | 2,000 | 2,250 | |
5% 12/15/36 (d) | 505 | 567 | |
Series 2017 C, 5% 12/15/21 (d) | 410 | 449 | |
Series 2017A, 4% 12/15/18 (d) | 325 | 329 | |
TOTAL NEBRASKA | 18,001 | ||
Nevada - 0.4% | |||
Clark County Arpt. Rev. (Sub Lien Proj.) Series 2017 A-1, 5% 7/1/21 (d) | 6,970 | 7,535 | |
Clark County McCarran Int'l. Arpt. Passenger Facility Charge Rev. (Clark County Arpt. Rev. Proj.) Series 2017 B: | |||
5% 7/1/20 (d) | 1,960 | 2,074 | |
5% 7/1/22 (d) | 2,250 | 2,481 | |
5% 7/1/23 (d) | 4,000 | 4,481 | |
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig.: | |||
Series 2011 C, 5% 6/1/24 | 5,415 | 5,864 | |
Series 2016 B, 5% 6/1/36 | 4,530 | 5,164 | |
TOTAL NEVADA | 27,599 | ||
New Hampshire - 1.7% | |||
New Hampshire Health & Ed. Facilities Auth.: | |||
(Concord Hosp.) Series 2017, 5% 10/1/42 | 3,000 | 3,338 | |
(Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A: | |||
5% 8/1/28 | 500 | 582 | |
5% 8/1/30 | 1,000 | 1,151 | |
(Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A, 5% 8/1/29 | 850 | 984 | |
(Partners Healthcare Sys., Inc. Proj.): | |||
Series 2017: | |||
5% 7/1/29 | 4,275 | 5,050 | |
5% 7/1/34 | 5,335 | 6,182 | |
Series 2017: | |||
5% 7/1/28 | 4,025 | 4,774 | |
5% 7/1/30 | 2,565 | 3,021 | |
5% 7/1/31 | 5,750 | 6,762 | |
5% 7/1/32 | 3,845 | 4,504 | |
5% 7/1/33 | 3,500 | 4,084 | |
5% 7/1/35 | 5,600 | 6,439 | |
5% 7/1/36 | 5,885 | 6,752 | |
5% 7/1/37 | 5,180 | 5,938 | |
Series 2017 B, 4.125% 7/1/24 (c) | 2,115 | 2,128 | |
Series 2017 C, 3.5% 7/1/22 (c) | 665 | 667 | |
New Hampshire Health & Ed. Facilities Auth. Rev.: | |||
(Covenant Health Sys., Inc. Proj.) Series 2012, 5% 7/1/42 | 375 | 398 | |
Series 2012: | |||
4% 7/1/32 | 2,770 | 2,837 | |
5% 7/1/24 | 1,000 | 1,093 | |
5% 7/1/25 | 1,185 | 1,290 | |
5% 7/1/27 | 500 | 540 | |
Series 2016: | |||
3% 10/1/20 | 560 | 570 | |
4% 10/1/38 | 2,425 | 2,425 | |
5% 10/1/22 | 1,070 | 1,173 | |
5% 10/1/24 | 2,120 | 2,366 | |
5% 10/1/25 | 2,100 | 2,358 | |
5% 10/1/29 | 6,675 | 7,442 | |
5% 10/1/31 | 5,210 | 5,781 | |
5% 10/1/33 | 4,050 | 4,463 | |
5% 10/1/38 | 7,470 | 8,121 | |
New Hampshire Tpk. Sys. Rev. Series 2012 B, 5% 2/1/24 | 1,775 | 1,947 | |
TOTAL NEW HAMPSHIRE | 105,160 | ||
New Jersey - 6.0% | |||
Atlantic County Impt. Auth. (Atlantic City Campus Proj.) Series 2016 A: | |||
5% 7/1/28 (FSA Insured) | 1,040 | 1,188 | |
5% 7/1/30 (FSA Insured) | 2,540 | 2,895 | |
5% 7/1/32 (FSA Insured) | 1,250 | 1,419 | |
5% 7/1/33 (FSA Insured) | 1,300 | 1,471 | |
New Jersey Econ. Dev. Auth. Rev.: | |||
(New Jersey Gen. Oblig. Proj.): | |||
Series 2015 XX, 5% 6/15/25 | 13,170 | 14,473 | |
Series 2017 B: | |||
5% 11/1/23 | 18,000 | 19,648 | |
5% 11/1/24 | 7,000 | 7,678 | |
Series 2009 AA, 5.5% 12/15/29 | 1,665 | 1,712 | |
Series 2013 NN: | |||
5% 3/1/27 | 81,510 | 86,384 | |
5% 3/1/29 | 2,485 | 2,621 | |
Series 2013: | |||
5% 3/1/23 | 19,875 | 21,501 | |
5% 3/1/24 | 20,000 | 21,592 | |
5% 3/1/25 | 2,200 | 2,358 | |
Series 2015 XX: | |||
5% 6/15/22 | 3,285 | 3,533 | |
5% 6/15/23 | 5,000 | 5,428 | |
5.25% 6/15/27 | 17,000 | 18,755 | |
Series 2016 AAA: | |||
5.5% 6/15/31 | 2,000 | 2,267 | |
5.5% 6/15/32 | 5,000 | 5,656 | |
Series 2016 BBB: | |||
5% 6/15/21 | 4,000 | 4,256 | |
5% 6/15/22 | 6,470 | 6,959 | |
5% 6/15/23 | 10,410 | 11,301 | |
6% 12/15/34 (Pre-Refunded to 12/15/18 @ 100) | 25 | 26 | |
New Jersey Econ. Dev. Auth. Spl. Facilities Rev. (Port Newark Container Term. LLC. Proj.) Series 2017: | |||
5% 10/1/21 (d) | 1,500 | 1,612 | |
5% 10/1/22 (d) | 945 | 1,028 | |
5% 10/1/23 (d) | 1,500 | 1,648 | |
5% 10/1/37 (d) | 5,545 | 6,014 | |
5% 10/1/47 (d) | 9,000 | 9,704 | |
New Jersey Edl. Facility Series 2016 A: | |||
5% 7/1/31 | 2,100 | 2,318 | |
5% 7/1/32 | 4,000 | 4,406 | |
New Jersey Health Care Facilities Fing. Auth. Rev. Series 2016 A: | |||
5% 7/1/20 | 500 | 527 | |
5% 7/1/21 | 335 | 360 | |
5% 7/1/22 | 335 | 367 | |
5% 7/1/23 | 1,170 | 1,301 | |
5% 7/1/24 | 1,930 | 2,164 | |
5% 7/1/25 | 2,005 | 2,262 | |
5% 7/1/26 | 1,105 | 1,252 | |
5% 7/1/26 | 335 | 380 | |
5% 7/1/27 | 505 | 570 | |
5% 7/1/27 | 750 | 876 | |
5% 7/1/28 | 365 | 424 | |
5% 7/1/29 | 700 | 782 | |
5% 7/1/29 | 500 | 559 | |
5% 7/1/30 | 835 | 929 | |
5% 7/1/30 | 1,000 | 1,155 | |
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | |||
Series 2017 1A: | |||
5% 12/1/22 (d) | 1,210 | 1,331 | |
5% 12/1/23 (d) | 2,025 | 2,249 | |
5% 12/1/26 (d) | 1,000 | 1,134 | |
Series 2017 1B, 5% 12/1/21 (d) | 1,280 | 1,387 | |
Series 2018 B: | |||
5% 12/1/25 (d) | 2,970 | 3,343 | |
5% 12/1/26 (d) | 1,250 | 1,418 | |
Series 2018 C, 4% 12/1/48 (d) | 2,215 | 2,188 | |
New Jersey Trans. Trust Fund Auth.: | |||
Series 2001 A, 6% 6/15/35 | 3,900 | 4,249 | |
Series 2005 B, 5.25% 12/15/22 (AMBAC Insured) | 400 | 443 | |
Series 2010 D, 5.25% 12/15/23 | 6,305 | 6,970 | |
Series 2014 AA: | |||
5% 6/15/23 | 25,895 | 28,161 | |
5% 6/15/24 | 10,000 | 10,945 | |
Series 2016 A: | |||
5% 6/15/27 | 2,715 | 2,993 | |
5% 6/15/28 | 11,055 | 12,141 | |
5% 6/15/29 | 2,250 | 2,461 | |
Series 2016 A-2, 5% 6/15/23 | 5,380 | 5,851 | |
South Jersey Port Corp. Rev.: | |||
(New Jersey Gen. Oblig. Proj.) Series 2017 B: | |||
5% 1/1/42 (d) | 3,000 | 3,270 | |
5% 1/1/48 (d) | 2,000 | 2,173 | |
(New Jersey Gen. Oblig. Proj.) Series 2017 B, 5% 1/1/37 (d) | 1,000 | 1,094 | |
TOTAL NEW JERSEY | 377,560 | ||
New York - 4.8% | |||
Dorm. Auth. New York Univ. Rev.: | |||
(Fordham Univ. Proj.) Series 2017: | |||
4% 7/1/33 | 1,250 | 1,316 | |
4% 7/1/34 | 1,250 | 1,308 | |
Series 2017 4% 12/1/20 (c) | 1,000 | 1,035 | |
Series 2017: | |||
4% 12/1/21 (c) | 1,100 | 1,149 | |
5% 12/1/22 (c) | 1,700 | 1,859 | |
5% 12/1/23 (c) | 1,400 | 1,551 | |
5% 12/1/24 (c) | 1,300 | 1,453 | |
5% 12/1/25 (c) | 1,400 | 1,577 | |
Hudson Yards Infrastructure Corp. New York Rev. Series 2012 A: | |||
5.75% 2/15/47 | 6,580 | 7,143 | |
5.75% 2/15/47 (Pre-Refunded to 2/15/21 @ 100) | 300 | 330 | |
Long Island Pwr. Auth. Elec. Sys. Rev. Series 2012 A, 5% 9/1/42 | 13,000 | 14,212 | |
MTA Hudson Rail Yards Trust Oblig. Series 2016 A, 5% 11/15/56 | 19,200 | 20,743 | |
New York City Gen. Oblig.: | |||
Series 2003 A, 5.5% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5 | 5 | |
Series 2009, 5.625% 4/1/29 | 145 | 149 | |
Series 2012 A1, 5% 8/1/24 | 7,400 | 8,069 | |
Series 2012 E, 5% 8/1/24 | 5,000 | 5,494 | |
Series 2015 C, 5% 8/1/27 | 700 | 806 | |
Series 2016 C and D, 5% 8/1/28 | 2,625 | 3,060 | |
Series 2016 E, 5% 8/1/28 | 4,400 | 5,172 | |
New York City Indl. Dev. Agcy. Rev.: | |||
(Queens Baseball Stadium Proj.) 5% 1/1/19 (AMBAC Insured) | 3,735 | 3,783 | |
(Yankee Stadium Proj.) Series 2006, 5% 3/1/31 | 4,725 | 4,758 | |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | |||
Series 2011 EE, 5.375% 6/15/43 | 38,860 | 42,146 | |
Series 2012 EE, 5.25% 6/15/30 | 7,200 | 8,038 | |
Series 2013 2, 5% 6/15/47 | 2,115 | 2,329 | |
Series 2013 BB, 5% 6/15/47 | 8,985 | 9,803 | |
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | |||
Series 2009 S1, 5.625% 7/15/38 | 2,825 | 2,834 | |
Series 2009 S3, 5.25% 1/15/34 | 17,800 | 18,140 | |
Series 2015 S1, 5% 7/15/43 | 5,000 | 5,577 | |
Series 2015 S2, 5% 7/15/35 | 1,770 | 2,000 | |
New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev. Series 2012 A, 5% 5/15/23 | 5,600 | 6,233 | |
New York Dorm. Auth. Personal Income Tax Rev. Series 2014 A, 5% 2/15/39 (Pre-Refunded to 2/15/19 @ 100) | 5 | 5 | |
New York Dorm. Auth. Revs. Series 2010 A, 5% 7/1/26 | 4,000 | 4,236 | |
New York Dorm. Auth. Sales Tax Rev. Series 2016 A: | |||
5% 3/15/31 | 7,600 | 8,860 | |
5% 3/15/34 | 6,800 | 7,835 | |
New York Metropolitan Trans. Auth. Rev.: | |||
Series 2012 D, 5% 11/15/25 | 30,500 | 34,050 | |
Series 2012 F, 5% 11/15/24 | 12,400 | 13,860 | |
Series 2014 B, 5% 11/15/44 | 10,000 | 10,961 | |
Series 2015 A1, 5% 11/15/45 | 7,450 | 8,232 | |
New York State Dorm. Auth. Series A: | |||
5% 2/15/34 | 55 | 56 | |
5% 2/15/39 | 225 | 229 | |
New York Trans. Dev. Corp. (Laguardia Arpt. Term. Redev. Proj.) Series 2016 A, 5% 7/1/41 (d) | 4,300 | 4,648 | |
New York Urban Dev. Corp. Rev.: | |||
(New York State Gen. Oblig. Proj.) Series 2017 A, 5% 3/15/34 | 6,300 | 7,263 | |
Gen. Oblig. (New York State Gen. Oblig. Proj.) Series 2017 A, 5% 3/15/32 | 5,400 | 6,284 | |
Onondaga Civic Dev. Corp. (Le Moyne College Proj.) Series 2018, 5% 1/1/43 | 1,000 | 1,109 | |
Rockland County Gen. Oblig. Series 2014 A: | |||
4% 3/1/23 (FSA Insured) | 1,125 | 1,215 | |
4% 3/1/24 (FSA Insured) | 1,375 | 1,498 | |
Triborough Bridge & Tunnel Auth. Revs. Series 2015 A, 5.25% 11/15/45 | 5,000 | 5,730 | |
TOTAL NEW YORK | 298,143 | ||
North Carolina - 0.6% | |||
Charlotte Int'l. Arpt. Rev.: | |||
Series 2017 A: | |||
5% 7/1/30 | 1,530 | 1,804 | |
5% 7/1/33 | 1,255 | 1,467 | |
5% 7/1/37 | 3,515 | 4,072 | |
Series 2017 B: | |||
5% 7/1/20 (d) | 200 | 212 | |
5% 7/1/21 (d) | 210 | 228 | |
5% 7/1/22 (d) | 150 | 166 | |
5% 7/1/23 (d) | 165 | 186 | |
5% 7/1/24 (d) | 190 | 217 | |
5% 7/1/25 (d) | 100 | 115 | |
5% 7/1/26 (d) | 100 | 117 | |
5% 7/1/27 (d) | 195 | 229 | |
5% 7/1/28 (d) | 165 | 193 | |
5% 7/1/29 (d) | 235 | 274 | |
5% 7/1/30 (d) | 255 | 296 | |
5% 7/1/31 (d) | 480 | 556 | |
5% 7/1/32 (d) | 505 | 584 | |
5% 7/1/33 (d) | 530 | 610 | |
5% 7/1/34 (d) | 555 | 636 | |
5% 7/1/35 (d) | 380 | 434 | |
5% 7/1/36 (d) | 310 | 353 | |
5% 7/1/37 (d) | 365 | 416 | |
5% 7/1/42 (d) | 1,180 | 1,337 | |
Series 2017 C, 4% 7/1/32 | 1,440 | 1,545 | |
Nash Health Care Sys. Health Care Facilities Rev.: | |||
Series 2012, 5% 11/1/41 | 5,425 | 5,732 | |
5% 11/1/30 (FSA Insured) | 1,275 | 1,286 | |
North Carolina Med. Care Cmnty. Health: | |||
Series 2012 A, 5% 11/15/26 | 1,295 | 1,408 | |
Series 2017, 5% 10/1/31 | 1,700 | 1,765 | |
North Carolina Med. Care Commission Health Care Facilities Rev. (Rex Healthcare Proj.) Series 2010 A, 5% 7/1/30 | 9,430 | 9,920 | |
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series 2009 A, 5% 1/1/30 | 955 | 970 | |
TOTAL NORTH CAROLINA | 37,128 | ||
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) | 5,350 | 5,583 | |
McLean County Solid Waste Facilities Rev. (Great River Energy Projs.) Series 2010 B, 5.15% 7/1/40 | 2,300 | 2,408 | |
TOTAL NORTH DAKOTA | 7,991 | ||
Ohio - 1.8% | |||
Akron Bath Copley Hosp. District Rev. Series 2016, 5.25% 11/15/46 | 8,800 | 9,621 | |
Allen County Hosp. Facilities Rev.: | |||
(Mercy Health) Series 2017 A: | |||
5% 8/1/25 | 2,990 | 3,416 | |
5% 8/1/26 | 1,990 | 2,283 | |
5% 8/1/27 | 2,490 | 2,881 | |
5% 8/1/28 | 2,490 | 2,893 | |
5% 8/1/29 | 4,990 | 5,761 | |
5% 8/1/30 | 4,250 | 4,892 | |
Bonds Series 2017 B, 5%, tender 5/5/22 (a) | 3,660 | 4,048 | |
American Muni. Pwr., Inc. Rev.: | |||
(Prairie State Energy Campus Proj.) Series 2015, 5% 2/15/28 | 14,100 | 15,756 | |
Series 2012 B: | |||
5% 2/15/42 | 1,950 | 2,098 | |
5% 2/15/42 (Pre-Refunded to 2/15/22 @ 100) | 555 | 611 | |
Cleveland Parking Facilities Rev. 5.25% 9/15/18 (FSA Insured) | 1,360 | 1,370 | |
Columbus City School District 5% 12/1/29 | 2,100 | 2,439 | |
Franklin County Hosp. Facilities Rev. (Ohiohealth Corp. Proj.) Series 2015, 5% 5/15/40 | 6,675 | 7,463 | |
Hamilton County Convention Facilities Auth. Rev. Series 2014: | |||
5% 12/1/25 | 3,595 | 4,009 | |
5% 12/1/26 | 670 | 744 | |
Lake County Hosp. Facilities Rev.: | |||
Series 2015: | |||
5% 8/15/29 | 1,400 | 1,556 | |
5% 8/15/30 | 1,505 | 1,668 | |
5.75% 8/15/38 | 165 | 166 | |
6% 8/15/43 | 800 | 804 | |
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013: | |||
5% 2/15/33 | 4,450 | 4,697 | |
5% 2/15/44 | 1,300 | 1,359 | |
5% 2/15/48 | 13,600 | 14,197 | |
Ohio Tpk. Commission Tpk. Rev. (Infastructure Proj.) Series 2005 A, 0% 2/15/42 | 2,600 | 1,032 | |
Scioto County Hosp. Facilities Rev. Series 2016: | |||
5% 2/15/29 | 2,195 | 2,478 | |
5% 2/15/34 | 445 | 491 | |
Univ. of Akron Gen. Receipts Series 2016 A, 5% 1/1/35 | 9,500 | 10,676 | |
Wood County Hosp. Facilities Rev. (Wood County Hosp. Assoc. Proj.) Series 2012: | |||
5% 12/1/32 | 750 | 784 | |
5% 12/1/42 | 995 | 1,029 | |
TOTAL OHIO | 111,222 | ||
Oklahoma - 0.4% | |||
Canadian Cny Edl. Facilities Auth. (Mustang Pub. Schools Proj.) Series 2017: | |||
5% 9/1/26 | 2,785 | 3,251 | |
5% 9/1/28 | 1,460 | 1,691 | |
Oklahoma City Pub. Property Auth. Hotel Tax Rev. Series 2015: | |||
5% 10/1/28 | 1,270 | 1,460 | |
5% 10/1/29 | 1,400 | 1,604 | |
5% 10/1/36 | 1,000 | 1,125 | |
5% 10/1/39 | 2,000 | 2,242 | |
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (OU Medicine Proj.) Series 2018 B: | |||
5% 8/15/22 | 500 | 545 | |
5% 8/15/23 | 260 | 287 | |
5% 8/15/33 | 1,100 | 1,233 | |
5% 8/15/38 | 3,200 | 3,560 | |
5.25% 8/15/43 | 3,200 | 3,612 | |
Oklahoma Pwr. Auth. Pwr. Supply Sys. Rev. Series 2014 A, 5% 1/1/38 | 1,295 | 1,456 | |
TOTAL OKLAHOMA | 22,066 | ||
Oregon - 0.1% | |||
Clackamas County Hosp. Facility Auth.: | |||
(Willamette View Proj.) Series 2017 B, 3% 11/15/22 | 800 | 804 | |
(Williamette View, Inc.) Series 2017 A: | |||
5% 11/15/47 (c) | 605 | 664 | |
5% 11/15/52 (c) | 605 | 662 | |
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A, 5% 3/15/30 | 1,000 | 1,045 | |
Oregon State Dept. of Administrative Svcs. Lottery Rev. Series 2011 A, 5.25% 4/1/31 | 780 | 846 | |
TOTAL OREGON | 4,021 | ||
Pennsylvania - 6.5% | |||
Allegheny County Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A, 5.625% 8/15/39 | 7,325 | 7,625 | |
Cap. Region Wtr. Wtr. Rev. Series 2018: | |||
5% 7/15/27 | 1,000 | 1,163 | |
5% 7/15/29 | 1,560 | 1,821 | |
5% 7/15/32 | 1,000 | 1,156 | |
Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.): | |||
Series 2011, 7% 11/15/46 (Pre-Refunded to 11/15/21 @ 100) | 3,100 | 3,611 | |
Series 2018 A, 5% 11/15/23 | 1,300 | 1,460 | |
Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2016 A: | |||
5% 6/1/21 | 350 | 378 | |
5% 6/1/23 | 500 | 560 | |
5% 6/1/28 | 1,070 | 1,227 | |
5% 6/1/29 | 1,170 | 1,336 | |
Delaware County Auth. Rev. (Cabrini College) Series 2017, 5% 7/1/47 | 4,000 | 4,269 | |
Doylestown Hosp. Auth. Hosp. Rev. Series 2016 A, 5% 7/1/46 | 1,455 | 1,555 | |
Dubois Hosp. Auth. Hosp. Rev. (Penn Highlands Healthcare Proj.) Series 2018: | |||
4% 7/15/33 | 2,500 | 2,562 | |
4% 7/15/35 | 2,580 | 2,617 | |
4% 7/15/37 | 5,000 | 5,051 | |
5% 7/15/25 | 400 | 457 | |
5% 7/15/26 | 1,250 | 1,438 | |
5% 7/15/27 | 2,110 | 2,442 | |
5% 7/15/28 | 1,555 | 1,799 | |
5% 7/15/29 | 1,670 | 1,920 | |
5% 7/15/30 | 2,195 | 2,514 | |
5% 7/15/31 | 1,500 | 1,715 | |
5% 7/15/32 | 1,575 | 1,795 | |
5% 7/15/34 | 1,700 | 1,923 | |
5% 7/15/36 | 5,015 | 5,642 | |
5% 7/15/38 | 6,025 | 6,752 | |
5% 7/15/43 | 7,000 | 7,797 | |
Lehigh County Gen. Purp. Auth. Rev. (Muhlenberg College Proj.) Series 2017, 5% 2/1/39 | 2,585 | 2,907 | |
Lehigh County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | |||
(PPL Elec. Utils. Corp. Proj.) Series 2016 A, 1.8%, tender 9/1/22 (a) | 5,005 | 4,894 | |
Series B, 1.8%, tender 8/15/22 (a) | 6,660 | 6,540 | |
Monroe County Hosp. Auth. Rev. Series 2016: | |||
5% 7/1/26 | 1,000 | 1,138 | |
5% 7/1/27 | 1,000 | 1,141 | |
5% 7/1/28 | 1,000 | 1,137 | |
5% 7/1/34 | 3,680 | 4,108 | |
5% 7/1/36 | 2,000 | 2,224 | |
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.): | |||
Series 1993 A, 6% 6/1/22 (AMBAC Insured) | 2,000 | 2,104 | |
Series 2012 A, 5% 6/1/27 (Pre-Refunded to 6/1/22 @ 100) | 4,105 | 4,559 | |
Montgomery County Higher Ed. & Health Auth. Rev.: | |||
Series 2014 A: | |||
5% 10/1/21 | 1,320 | 1,420 | |
5% 10/1/22 | 1,380 | 1,507 | |
5% 10/1/23 | 395 | 436 | |
5% 10/1/24 | 1,165 | 1,295 | |
5% 10/1/25 | 1,045 | 1,143 | |
5% 10/1/27 | 500 | 541 | |
Series 2016 A: | |||
5% 10/1/28 | 1,515 | 1,702 | |
5% 10/1/29 | 2,600 | 2,907 | |
5% 10/1/31 | 4,575 | 5,083 | |
5% 10/1/36 | 8,200 | 8,939 | |
5% 10/1/40 | 4,010 | 4,336 | |
Northampton County Gen. Purp. Auth. Hosp. Rev.: | |||
(St Lukes Hosp. & Health Ntw Proj.) Series 2016 A, 5% 8/15/36 | 745 | 829 | |
(St. Luke's Univ. Health Network Proj.) Series 2018 A, 4% 8/15/48 | 12,735 | 12,712 | |
Series 2016 A, 5% 8/15/46 | 30,000 | 33,110 | |
Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Series 2012 B, 5% 7/1/21 | 4,210 | 4,248 | |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
(Drexel Univ.) Series 2017: | |||
5% 5/1/35 | 1,240 | 1,406 | |
5% 5/1/37 | 1,565 | 1,769 | |
5% 5/1/41 | 7,080 | 7,967 | |
Series 2016: | |||
5% 5/1/28 | 500 | 570 | |
5% 5/1/32 | 1,255 | 1,415 | |
5% 5/1/33 | 1,700 | 1,910 | |
5% 5/1/35 | 2,745 | 3,066 | |
Philadelphia Arpt. Rev.: | |||
Series 2017 A: | |||
5% 7/1/25 | 1,000 | 1,156 | |
5% 7/1/26 | 1,000 | 1,160 | |
5% 7/1/27 | 800 | 938 | |
Series 2017 B: | |||
5% 7/1/22 (d) | 2,200 | 2,436 | |
5% 7/1/22 | 290 | 321 | |
5% 7/1/23 (d) | 1,500 | 1,687 | |
5% 7/1/23 | 500 | 564 | |
5% 7/1/25 (d) | 3,500 | 4,010 | |
5% 7/1/26 (d) | 3,000 | 3,456 | |
5% 7/1/27 (d) | 2,500 | 2,909 | |
5% 7/1/28 (d) | 3,000 | 3,472 | |
5% 7/1/29 (d) | 2,250 | 2,593 | |
5% 7/1/32 (d) | 3,000 | 3,429 | |
5% 7/1/33 (d) | 2,250 | 2,564 | |
5% 7/1/34 (d) | 4,000 | 4,545 | |
5% 7/1/37 (d) | 4,500 | 5,084 | |
5% 7/1/42 (d) | 13,500 | 15,206 | |
5% 7/1/47 (d) | 19,000 | 21,323 | |
Philadelphia Gas Works Rev. Series 9, 5.25% 8/1/40 | 2,785 | 2,949 | |
Philadelphia School District: | |||
Series 2016 D: | |||
5% 9/1/25 | 8,790 | 9,951 | |
5% 9/1/26 | 9,180 | 10,471 | |
5% 9/1/27 | 9,690 | 11,023 | |
5% 9/1/28 | 8,100 | 9,189 | |
Series 2016 F: | |||
5% 9/1/28 | 14,010 | 15,894 | |
5% 9/1/29 | 26,200 | 29,623 | |
Series 2018 A: | |||
5% 9/1/36 | 1,900 | 2,144 | |
5% 9/1/37 | 1,100 | 1,238 | |
5% 9/1/38 | 1,750 | 1,970 | |
Series 2018 B, 5% 9/1/43 | 2,555 | 2,846 | |
Series F: | |||
5% 9/1/30 | 6,795 | 7,657 | |
5% 9/1/30 (Pre-Refunded to 9/1/26 @ 100) | 20 | 24 | |
Scranton-Lackawanna Health & Welfare Auth. Rev. (Marywood Univ. Proj.) Series 2016: | |||
5% 6/1/36 | 4,000 | 4,116 | |
5% 6/1/46 | 4,000 | 4,076 | |
State Pub. School Bldg. Auth. Lease Rev. (Philadelphia School District Proj.) Series 2015 A, 5% 6/1/26 | 1,275 | 1,431 | |
Union County Hosp. Auth. Rev. Series 2018 B: | |||
5% 8/1/43 | 5,565 | 6,200 | |
5% 8/1/48 | 6,445 | 7,159 | |
TOTAL PENNSYLVANIA | 406,462 | ||
Rhode Island - 0.3% | |||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev.: | |||
Series 2016 B: | |||
5% 9/1/31 | 790 | 845 | |
5% 9/1/36 | 7,020 | 7,389 | |
Series 2016, 5% 5/15/39 | 6,300 | 6,832 | |
Rhode Island Student Ln. Auth. Student Ln. Rev. Series A, 3.5% 12/1/34 (d) | 3,735 | 3,742 | |
TOTAL RHODE ISLAND | 18,808 | ||
South Carolina - 3.2% | |||
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015: | |||
5% 12/1/25 | 2,745 | 3,126 | |
5% 12/1/26 | 1,400 | 1,584 | |
5% 12/1/28 | 5,665 | 6,390 | |
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. Series 2013, 5% 11/1/27 | 9,100 | 10,071 | |
South Carolina Ports Auth. Ports Rev.: | |||
Series 2015 (AMT), 5% 7/1/45 (d) | 5,215 | 5,761 | |
Series 2015, 5.25% 7/1/55 (d) | 6,375 | 7,108 | |
South Carolina Pub. Svc. Auth. Rev.: | |||
Series 2013 E, 5.5% 12/1/53 | 40,480 | 43,754 | |
Series 2014 A: | |||
5% 12/1/49 | 3,640 | 3,859 | |
5.5% 12/1/54 | 15,685 | 17,058 | |
Series 2014 C, 5% 12/1/46 | 4,705 | 5,021 | |
Series 2015 A, 5% 12/1/50 | 6,255 | 6,684 | |
Series 2015 C, 5% 12/1/22 | 8,440 | 9,290 | |
Series 2015 E, 5.25% 12/1/55 | 7,485 | 8,135 | |
Series 2016 A, 5% 12/1/38 | 300 | 326 | |
Series 2016 B: | |||
5% 12/1/31 | 1,100 | 1,221 | |
5% 12/1/41 | 15,115 | 16,455 | |
South Carolina Trans. Infrastructure Bank Rev. Series 2015 A, 5% 10/1/23 | 3,070 | 3,484 | |
Spartanburg County Reg'l. Health Series 2017 A: | |||
4% 4/15/43 | 18,735 | 18,810 | |
4% 4/15/48 | 13,065 | 12,974 | |
5% 4/15/48 | 15,300 | 17,012 | |
TOTAL SOUTH CAROLINA | 198,123 | ||
South Dakota - 0.0% | |||
South Dakota Health & Edl. Facilities Auth. Rev.: | |||
( Avera Health Proj.) Series 2017, 5% 7/1/31 | 655 | 753 | |
Series 2017: | |||
5% 7/1/26 | 300 | 349 | |
5% 7/1/28 | 300 | 349 | |
5% 7/1/29 | 570 | 659 | |
TOTAL SOUTH DAKOTA | 2,110 | ||
Tennessee - 0.5% | |||
Greeneville Health & Edl. Facilities Board Series 2018 A: | |||
5% 7/1/23 | 985 | 1,103 | |
5% 7/1/24 | 1,480 | 1,650 | |
5% 7/1/25 | 1,480 | 1,638 | |
Jackson Hosp. Rev. 5.75% 4/1/41 | 2,055 | 2,062 | |
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B: | |||
5.75% 7/1/23 (d) | 5,820 | 6,235 | |
5.75% 7/1/24 (d) | 4,000 | 4,287 | |
Tennessee Engy Acq Corp. Bonds (Gas Rev. Proj.) Series A, 4%, tender 5/1/23 (a) | 12,875 | 13,712 | |
TOTAL TENNESSEE | 30,687 | ||
Texas - 9.0% | |||
Argyle Independent School District 5.25% 8/15/40 (FSA Insured) | 125 | 125 | |
Arlington Spl. Tax Rev. Series 2018 C, 5% 2/15/45 | 3,100 | 3,273 | |
Austin Arpt. Sys. Rev.: | |||
Series 2014: | |||
5% 11/15/26 (d) | 1,000 | 1,127 | |
5% 11/15/27 (d) | 1,250 | 1,402 | |
5% 11/15/28 (d) | 1,500 | 1,675 | |
5% 11/15/39 (d) | 11,400 | 12,477 | |
5% 11/15/44 (d) | 27,860 | 30,408 | |
Series 2017 B: | |||
5% 11/15/28 (d) | 1,000 | 1,144 | |
5% 11/15/30 (d) | 1,540 | 1,753 | |
5% 11/15/32 (d) | 1,215 | 1,378 | |
5% 11/15/35 (d) | 1,250 | 1,406 | |
5% 11/15/37 (d) | 1,410 | 1,582 | |
5% 11/15/41 (d) | 5,705 | 6,373 | |
Austin Cmnty. College District Rev. (Convention Ctr. Proj.) Series 2002, 0% 2/1/22 (AMBAC Insured) | 2,900 | 2,679 | |
Central Reg'l. Mobility Auth.: | |||
Series 2015 A: | |||
5% 1/1/28 | 1,300 | 1,463 | |
5% 1/1/30 | 1,650 | 1,844 | |
5% 1/1/31 | 475 | 529 | |
5% 1/1/32 | 1,000 | 1,111 | |
5% 1/1/45 | 7,000 | 7,637 | |
Series 2016: | |||
5% 1/1/40 | 1,000 | 1,097 | |
5% 1/1/46 | 685 | 749 | |
Coppell Independent School District 0% 8/15/20 | 2,000 | 1,925 | |
Corpus Christi Util. Sys. Rev.: | |||
5% 7/15/23 | 1,600 | 1,769 | |
5% 7/15/24 | 2,255 | 2,491 | |
Cypress-Fairbanks Independent School District Series 2014 C, 5% 2/15/44 | 4,400 | 4,873 | |
Dallas Area Rapid Transit Sales Tax Rev. Series 2016 A, 5% 12/1/33 | 2,600 | 2,978 | |
Dallas Fort Worth Int'l. Arpt. Rev.: | |||
Series 2012 D, 5% 11/1/42 (d) | 2,770 | 2,946 | |
Series 2012 H, 5% 11/1/42 (d) | 3,740 | 3,977 | |
Series 2014 D, 5% 11/1/23 (d) | 3,370 | 3,788 | |
Dallas Gen. Oblig. Series 2017: | |||
5% 2/15/29 | 6,580 | 7,643 | |
5% 2/15/30 | 9,485 | 10,970 | |
DeSoto Independent School District 0% 8/15/20 | 3,335 | 3,204 | |
Grand Parkway Trans. Corp. Series 2013 B: | |||
5% 4/1/53 | 1,510 | 1,653 | |
5.25% 10/1/51 | 62,100 | 69,438 | |
5.5% 4/1/53 | 6,440 | 7,206 | |
Harris County Cultural Ed. Facilities Fin. Corp. Med. Facilities Rev. (Baylor College of Medicine Proj.) Series 2012 A, 5% 11/15/37 | 10,450 | 11,299 | |
Harris County Cultural Ed. Facilities Fin. Corp. Rev. (Texas Childrens Hosp., Proj.) Series 2015-1 5% 10/1/29 | 1,345 | 1,540 | |
Harris County Gen. Oblig. Series 2002: | |||
0% 8/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 862 | |
0% 8/15/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 2,489 | |
0% 8/15/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 3,737 | |
Houston Arpt. Sys. Rev.: | |||
Series 2011 A: | |||
5% 7/1/23 (d) | 3,000 | 3,239 | |
5% 7/1/24 (d) | 1,250 | 1,347 | |
5% 7/1/25 (d) | 1,500 | 1,612 | |
Series 2012 A: | |||
5% 7/1/21 (d) | 3,785 | 4,093 | |
5% 7/1/23 (d) | 600 | 658 | |
Houston Gen. Oblig. Series 2017 A: | |||
5% 3/1/29 | 3,805 | 4,438 | |
5% 3/1/30 | 5,000 | 5,824 | |
5% 3/1/31 | 4,635 | 5,391 | |
5% 3/1/32 | 1,975 | 2,291 | |
Houston Independent School District Series 2017, 5% 2/15/35 | 3,400 | 3,932 | |
Houston Util. Sys. Rev.: | |||
Series 2014 C, 5% 5/15/28 | 3,005 | 3,423 | |
Series 2016 B, 5% 11/15/33 | 2,800 | 3,232 | |
Irving Hosp. Auth. Hosp. Rev. Series 2017 A: | |||
5% 10/15/28 | 470 | 531 | |
5% 10/15/30 | 1,895 | 2,118 | |
5% 10/15/32 | 1,000 | 1,110 | |
5% 10/15/36 | 660 | 721 | |
5% 10/15/37 | 1,125 | 1,229 | |
5% 10/15/38 | 1,600 | 1,746 | |
5% 10/15/44 | 1,580 | 1,718 | |
Love Field Arpt. Modernization Rev.: | |||
Series 2015: | |||
5% 11/1/26 (d) | 1,000 | 1,136 | |
5% 11/1/27 (d) | 2,150 | 2,438 | |
5% 11/1/28 (d) | 3,325 | 3,752 | |
5% 11/1/29 (d) | 2,000 | 2,249 | |
5% 11/1/32 (d) | 3,690 | 4,118 | |
Series 2017: | |||
5% 11/1/22 (d) | 750 | 832 | |
5% 11/1/23 (d) | 1,100 | 1,236 | |
5% 11/1/24 (d) | 1,000 | 1,134 | |
5% 11/1/25 (d) | 1,000 | 1,141 | |
5% 11/1/26 (d) | 1,000 | 1,150 | |
5% 11/1/27 (d) | 1,000 | 1,146 | |
5% 11/1/28 (d) | 1,750 | 1,998 | |
5% 11/1/29 (d) | 1,250 | 1,421 | |
5% 11/1/30 (d) | 1,000 | 1,135 | |
5% 11/1/31 (d) | 1,500 | 1,704 | |
5% 11/1/32 (d) | 1,580 | 1,793 | |
5% 11/1/33 (d) | 1,000 | 1,130 | |
5% 11/1/34 (d) | 1,000 | 1,125 | |
5% 11/1/36 (d) | 1,000 | 1,121 | |
Lower Colorado River Auth. Rev. Series 2015 D: | |||
5% 5/15/28 | 2,200 | 2,496 | |
5% 5/15/30 | 5,000 | 5,613 | |
Midway Independent School District Series 2000, 0% 8/15/19 | 3,600 | 3,535 | |
New Hope Cultural Ed. Facilities Finc (Childrens Med. Ctr. of Dallas) Series 2017 A: | |||
5% 8/15/27 | 755 | 899 | |
5% 8/15/29 | 2,000 | 2,334 | |
5% 8/15/47 | 2,285 | 2,575 | |
Newark Higher Ed. Fin. Corp. (Abilene Christian Univ. Proj.) Series 2016 A: | |||
5% 4/1/27 | 720 | 814 | |
5% 4/1/30 | 3,415 | 3,819 | |
North Texas Tollway Auth. Rev.: | |||
(Sr. Lien Proj.) Series 2017 A, 5% 1/1/35 | 2,200 | 2,508 | |
(Sr. Lien Proj.) Series 2017 A: | |||
5% 1/1/31 | 1,000 | 1,143 | |
5% 1/1/33 | 1,180 | 1,358 | |
5% 1/1/34 | 1,500 | 1,716 | |
5% 1/1/34 | 3,000 | 3,619 | |
5% 1/1/36 | 6,000 | 6,826 | |
5% 1/1/37 | 8,000 | 9,083 | |
5% 1/1/38 | 3,250 | 3,543 | |
(Sub Lien Proj.) Series 2017 B: | |||
5% 1/1/26 | 895 | 994 | |
5% 1/1/30 | 425 | 485 | |
5% 1/1/31 | 595 | 678 | |
Series 2008 I, 6.2% 1/1/42 (Assured Guaranty Corp. Insured) | 8,300 | 9,905 | |
Series 2009, 6.25% 1/1/39 | 2,245 | 2,293 | |
Series 2014 A: | |||
5% 1/1/23 | 2,040 | 2,289 | |
5% 1/1/25 | 6,000 | 6,828 | |
Series 2015 A, 5% 1/1/32 | 3,350 | 3,757 | |
Series 2015 B, 5% 1/1/40 | 10,000 | 10,883 | |
Series 2016 A: | |||
5% 1/1/31 | 7,720 | 8,827 | |
5% 1/1/36 | 1,250 | 1,406 | |
Series 2017 A: | |||
5% 1/1/39 | 9,400 | 10,759 | |
5% 1/1/43 | 11,950 | 13,615 | |
Northside Independent School District Bonds 2%, tender 6/1/21 (a) | 2,035 | 2,028 | |
San Antonio Arpt. Sys. Rev.: | |||
Series 2007 (AMT), 5.25% 7/1/20 (FSA Insured) (d) | 3,215 | 3,224 | |
Series 2007 (AMT-SUB LIEN), 5.25% 7/1/20 (FSA Insured) (d) | 2,775 | 2,783 | |
5.25% 7/1/18 (FSA Insured) (d) | 2,505 | 2,505 | |
San Antonio Independent School District Series 2016, 5% 8/15/31 | 4,335 | 5,050 | |
Southwest Higher Ed. Auth. Rev.: | |||
( Southern Methodist Univ., TX Proj.) Series 2017, 5% 10/1/39 | 1,245 | 1,434 | |
(Southern Methodist Univ. Proj.) Series 2016 A: | |||
5% 10/1/25 | 5,000 | 5,834 | |
5% 10/1/27 | 5,000 | 5,869 | |
5% 10/1/28 | 5,000 | 5,841 | |
5% 10/1/29 | 5,000 | 5,817 | |
(Southern Methodist Univ., TX. Proj.) Series 2017, 5% 10/1/29 | 450 | 531 | |
(Southern Methodist Univ., TX. Proj.): | |||
Series 2017: | |||
5% 10/1/30 | 700 | 823 | |
5% 10/1/40 | 1,000 | 1,151 | |
5% 10/1/31 | 630 | 739 | |
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 | 1,852 | |
5.25% 9/1/27 (Assured Guaranty Corp. Insured) | 2,375 | 2,464 | |
5.25% 9/1/28 (Assured Guaranty Corp. Insured) | 1,235 | 1,281 | |
(Scott & White Healthcare Proj.) Series 2013 A, 5% 8/15/43 | 4,000 | 4,377 | |
5.75% 11/15/24 (Pre-Refunded to 11/15/18 @ 100) | 480 | 488 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. Series 2016 A: | |||
4% 2/15/35 | 5,000 | 5,204 | |
5% 2/15/25 | 855 | 986 | |
Texas Private Activity Bond Surface Trans. Corp.: | |||
(LBJ Infrastructure Group LLC IH-635 Managed Lanes Proj.) Series 2010, 7% 6/30/40 | 6,400 | 6,941 | |
Series 2013, 6.75% 6/30/43 (d) | 15,000 | 17,530 | |
Texas State Univ. Sys. Fing. Rev. Series 2017 A: | |||
5% 3/15/29 | 4,265 | 5,003 | |
5% 3/15/31 | 3,250 | 3,790 | |
Univ. of Houston Univ. Revs. Series 2017 A: | |||
5% 2/15/32 | 6,180 | 7,079 | |
5% 2/15/33 | 4,000 | 4,567 | |
5% 2/15/34 | 5,000 | 5,687 | |
5% 2/15/35 | 5,000 | 5,673 | |
5% 2/15/36 | 3,000 | 3,395 | |
Univ. of North Texas Univ. Rev. Series 2017 A, 5% 4/15/32 | 2,100 | 2,456 | |
Univ. of Texas Permanent Univ. Fund Rev. Series 2016 B, 5% 7/1/29 | 2,035 | 2,379 | |
Weatherford Independent School District 0% 2/15/33 | 6,985 | 4,219 | |
TOTAL TEXAS | 560,032 | ||
Utah - 1.5% | |||
Salt Lake City Arpt. Rev. Series 2017 A: | |||
5% 7/1/22 (d) | 2,000 | 2,209 | |
5% 7/1/24 (d) | 1,750 | 1,998 | |
5% 7/1/25 (d) | 2,000 | 2,302 | |
5% 7/1/27 (d) | 4,230 | 4,943 | |
5% 7/1/29 (d) | 3,730 | 4,302 | |
5% 7/1/30 (d) | 2,750 | 3,162 | |
5% 7/1/31 (d) | 5,250 | 6,023 | |
5% 7/1/32 (d) | 5,750 | 6,582 | |
5% 7/1/33 (d) | 4,000 | 4,566 | |
5% 7/1/34 (d) | 9,455 | 10,768 | |
5% 7/1/35 (d) | 4,000 | 4,542 | |
5% 7/1/36 (d) | 5,400 | 6,118 | |
5% 7/1/37 (d) | 4,250 | 4,801 | |
5% 7/1/42 (d) | 24,510 | 27,628 | |
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) 5% 9/1/22 | 3,180 | 3,536 | |
TOTAL UTAH | 93,480 | ||
Vermont - 0.2% | |||
Vermont Edl. & Health Bldg. Fin. Agcy. Rev. (Champlain College Proj.) Series 2016 A: | |||
5% 10/15/41 | 4,600 | 4,996 | |
5% 10/15/46 | 5,700 | 6,169 | |
TOTAL VERMONT | 11,165 | ||
Virginia - 0.5% | |||
Fredericksburg Econ. Dev. Auth. Rev. Series 2014: | |||
5% 6/15/25 | 4,665 | 5,216 | |
5% 6/15/30 | 1,250 | 1,381 | |
Stafford County Econ. Dev. Auth. Hosp. Facilities Rev.: | |||
(Mary Washington Hosp. Proj.) Series 2016, 3% 6/15/29 | 635 | 616 | |
Series 2016: | |||
4% 6/15/37 | 720 | 723 | |
5% 6/15/27 | 1,500 | 1,699 | |
5% 6/15/30 | 650 | 725 | |
5% 6/15/33 | 425 | 471 | |
5% 6/15/34 | 805 | 888 | |
5% 6/15/35 | 2,200 | 2,422 | |
Virginia College Bldg. Auth. Edl. Facilities Rev. Series 2015 A: | |||
5% 1/1/35 | 1,000 | 1,129 | |
5% 1/1/40 | 2,250 | 2,524 | |
Virginia Commonwealth Trans. Board Rev. (Virginia Gen. Oblig. Proj.) Series 2017 A, 5% 5/15/32 | 875 | 1,034 | |
Virginia Small Bus. Fing. Auth. (95 Express Lane LLC Proj.) Series 2012: | |||
5% 7/1/34 (d) | 6,000 | 6,373 | |
5% 1/1/40 (d) | 1,200 | 1,268 | |
Winchester Econ. Dev. Auth. Series 2015: | |||
5% 1/1/31 | 2,500 | 2,833 | |
5% 1/1/34 | 1,500 | 1,679 | |
5% 1/1/35 | 1,500 | 1,677 | |
5% 1/1/44 | 1,000 | 1,096 | |
TOTAL VIRGINIA | 33,754 | ||
Washington - 1.4% | |||
Clark County School District #37, Vancouver Series 2001 C, 0% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,030 | 1,979 | |
Port of Seattle Rev. Series 2016 B: | |||
5% 10/1/28 (d) | 3,500 | 3,986 | |
5% 10/1/30 (d) | 2,000 | 2,263 | |
Port of Seattle Spl. Facility Rev. Series 2013: | |||
5% 6/1/21 (d) | 1,340 | 1,445 | |
5% 6/1/22 (d) | 1,000 | 1,098 | |
5% 6/1/24 (d) | 1,560 | 1,726 | |
Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev. Series 2013 B: | |||
5% 12/1/25 | 5,600 | 6,273 | |
5% 12/1/27 | 4,125 | 4,599 | |
Washington Gen. Oblig.: | |||
Series 2015 C: | |||
5% 2/1/33 | 3,370 | 3,823 | |
5% 2/1/34 | 4,165 | 4,709 | |
Series 2017 A, 5% 8/1/35 | 750 | 860 | |
Series 2017 D, 5% 2/1/33 | 3,555 | 4,130 | |
Series R-2017 A, 5% 8/1/30 | 2,035 | 2,368 | |
Washington Health Care Facilities Auth. Rev.: | |||
(Catholic Health Initiatives Proj.) Series 2008 D, 6.375% 10/1/36 | 8,000 | 8,082 | |
(Overlake Hosp. Med. Ctr., WA. Proj.) Series 2017 B: | |||
5% 7/1/25 | 815 | 927 | |
5% 7/1/27 | 1,550 | 1,789 | |
5% 7/1/28 | 1,895 | 2,206 | |
5% 7/1/29 | 740 | 854 | |
5% 7/1/30 | 885 | 1,018 | |
5% 7/1/31 | 1,050 | 1,200 | |
5% 7/1/32 | 2,000 | 2,280 | |
5% 7/1/33 | 2,835 | 3,220 | |
5% 7/1/34 | 655 | 739 | |
(Providence Health Systems Proj.) Series 2012 A, 5% 10/1/25 | 5,130 | 5,744 | |
Series 2015: | |||
5% 1/1/25 | 2,000 | 2,270 | |
5% 1/1/27 | 2,310 | 2,621 | |
Washington Higher Ed. Facilities Auth. Rev. (Whitworth Univ. Proj.) Series 2016 A: | |||
5% 10/1/27 | 2,140 | 2,394 | |
5% 10/1/28 | 2,205 | 2,457 | |
5% 10/1/35 | 2,270 | 2,478 | |
5% 10/1/36 | 3,435 | 3,742 | |
5% 10/1/40 | 3,375 | 3,657 | |
Washington Hsg. Fin. Commission Nonprofit Hsg. Rev. (Judson Park Proj.) Series 2018: | |||
4% 7/1/28 (c) | 100 | 100 | |
5% 7/1/33 (c) | 125 | 133 | |
5% 7/1/38 (c) | 100 | 105 | |
5% 7/1/48 (c) | 400 | 416 | |
TOTAL WASHINGTON | 87,691 | ||
West Virginia - 0.3% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds: | |||
(Appalachian Pwr. Co. Amos Proj.) Series 2011 A, 1.7%, tender 9/1/20 (a)(d) | 3,110 | 3,068 | |
1.9%, tender 4/1/19 (a) | 9,125 | 9,112 | |
West Virginia Univ. Revs. (West Virginia Univ. Projs.) Series 2014 A, 5% 10/1/44 | 7,600 | 8,423 | |
TOTAL WEST VIRGINIA | 20,603 | ||
Wisconsin - 1.4% | |||
Pub. Fin. Auth. Rev. (Denver Great Hall LLC. Proj.): | |||
Series 2017 5% 9/30/37 (d) | 2,500 | 2,773 | |
Series 2017, 5% 9/30/49 (d) | 12,425 | 13,648 | |
Pub. Fin. Auth. Sr Liv Rev. (Mary's Woods At Marylhurst, Inc. Proj.): | |||
Series 2017 A: | |||
5% 5/15/21 (c) | 300 | 319 | |
5% 5/15/25 (c) | 1,110 | 1,226 | |
5% 5/15/28 (c) | 1,325 | 1,459 | |
5.25% 5/15/37 (c) | 405 | 444 | |
5.25% 5/15/42 (c) | 500 | 546 | |
5.25% 5/15/47 (c) | 495 | 539 | |
5.25% 5/15/52 (c) | 935 | 1,015 | |
Series 2017 B-1 3.95% 11/15/24 (c) | 420 | 427 | |
Series 2017 B-2, 3.5% 11/15/23 (c) | 540 | 544 | |
Series 2017 B-3, 3% 11/15/22 (c) | 750 | 752 | |
Pub. Fin. Auth. Wis Edl. Facilities Series 2016: | |||
5% 1/1/37 | 6,435 | 6,773 | |
5% 1/1/42 | 5,165 | 5,407 | |
Pub. Fin. Auth. Wisconsin Retirement Facility Rev. Series 2018: | |||
5% 10/1/43 (c)(f) | 885 | 944 | |
5% 10/1/48 (c)(f) | 1,060 | 1,126 | |
5% 10/1/53 (c)(f) | 1,810 | 1,912 | |
Wisconsin Health & Edl. Facilities: | |||
(Ascension Health Cr. Group Proj.) Series 2016 A, 5% 11/15/36 | 5,000 | 5,659 | |
Series 2010: | |||
5.75% 7/1/30 (Pre-Refunded to 7/1/20 @ 100) | 1,170 | 1,261 | |
5.75% 7/1/30 (Pre-Refunded to 7/1/20 @ 100) | 1,985 | 2,139 | |
Series 2014: | |||
4% 5/1/33 | 3,525 | 3,545 | |
5% 5/1/22 | 795 | 862 | |
Series 2016 A: | |||
5% 2/15/28 | 2,375 | 2,664 | |
5% 2/15/29 | 3,080 | 3,441 | |
5% 2/15/30 | 3,390 | 3,778 | |
Series 2016: | |||
4% 2/15/38 (Pre-Refunded to 8/15/25 @ 100) | 1,205 | 1,323 | |
5% 2/15/29 (Pre-Refunded to 8/15/25 @ 100) | 435 | 506 | |
Series 2017 A: | |||
5% 9/1/31 | 1,000 | 1,107 | |
5% 9/1/33 | 1,720 | 1,890 | |
5% 9/1/35 | 1,900 | 2,075 | |
Wisconsin Health & Edl. Facilities Auth. Rev.: | |||
(Agnesian HealthCare, Inc. Proj.): | |||
Series 2010, 5.5% 7/1/40 (Pre-Refunded to 7/1/20 @ 100) | 2,875 | 3,084 | |
Series 2013 B: | |||
5% 7/1/27 (Pre-Refunded to 7/1/23 @ 100) | 1,205 | 1,367 | |
5% 7/1/36 (Pre-Refunded to 7/1/23 @ 100) | 5,925 | 6,724 | |
(Mercy Alliance, Inc. Proj.) Series 2012, 5% 6/1/19 | 700 | 720 | |
Series 2012: | |||
4% 10/1/23 | 2,500 | 2,659 | |
5% 6/1/27 | 2,225 | 2,403 | |
TOTAL WISCONSIN | 87,061 | ||
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 | 10,300 | 10,701 | |
TOTAL MUNICIPAL BONDS | |||
(Cost $6,070,510) | 6,180,883 | ||
Shares | Value (000s) | ||
Money Market Funds - 0.0% | |||
Fidelity Municipal Cash Central Fund, 1.59% (h)(i) | |||
(Cost $100) | 99,990 | 100 | |
TOTAL INVESTMENT IN SECURITIES - 98.8% | |||
(Cost $6,070,610) | 6,180,983 | ||
NET OTHER ASSETS (LIABILITIES) - 1.2% | 74,875 | ||
NET ASSETS - 100% | $6,255,858 |
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(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 $56,940,000 or 0.9% of net assets.
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(e) 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.
(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,360,000 or 0.0% of net assets.
(h) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(i) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
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 | $1,334 |
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 | $161 |
Total | $161 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2018, 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 | $6,180,883 | $-- | $6,180,883 | $-- |
Money Market Funds | 100 | 100 | -- | -- |
Total Investments in Securities: | $6,180,983 | $100 | $6,180,883 | $-- |
Other Information
The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):
General Obligations | 28.5% |
Transportation | 25.9% |
Health Care | 23.0% |
Electric Utilities | 5.5% |
Education | 5.3% |
Others* (Individually Less Than 5%) | 11.8% |
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) | June 30, 2018 (Unaudited) | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $6,070,510) | $6,180,883 | |
Fidelity Central Funds (cost $100) | 100 | |
Total Investment in Securities (cost $6,070,610) | $6,180,983 | |
Cash | 19,107 | |
Receivable for fund shares sold | 2,065 | |
Interest receivable | 78,644 | |
Distributions receivable from Fidelity Central Funds | 15 | |
Other receivables | 21 | |
Total assets | 6,280,835 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $542 | |
Delayed delivery | 10,180 | |
Payable for fund shares redeemed | 6,872 | |
Distributions payable | 4,728 | |
Accrued management fee | 1,871 | |
Distribution and service plan fees payable | 149 | |
Other affiliated payables | 575 | |
Other payables and accrued expenses | 60 | |
Total liabilities | 24,977 | |
Net Assets | $6,255,858 | |
Net Assets consist of: | ||
Paid in capital | $6,139,023 | |
Undistributed net investment income | 333 | |
Accumulated undistributed net realized gain (loss) on investments | 6,129 | |
Net unrealized appreciation (depreciation) on investments | 110,373 | |
Net Assets | $6,255,858 | |
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($216,710 ÷ 16,983 shares) | $12.76 | |
Maximum offering price per share (100/96.00 of $12.76) | $13.29 | |
Class M: | ||
Net Asset Value and redemption price per share ($125,675 ÷ 9,841 shares) | $12.77 | |
Maximum offering price per share (100/96.00 of $12.77) | $13.30 | |
Class C: | ||
Net Asset Value and offering price per share ($92,461 ÷ 7,246 shares)(a) | $12.76 | |
Fidelity Municipal Income Fund: | ||
Net Asset Value, offering price and redemption price per share ($5,192,980 ÷ 406,705 shares) | $12.77 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($628,032 ÷ 49,217 shares) | $12.76 |
(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 | Six months ended June 30, 2018 (Unaudited) | |
Investment Income | ||
Interest | $104,148 | |
Income from Fidelity Central Funds | 161 | |
Total income | 104,309 | |
Expenses | ||
Management fee | $10,839 | |
Transfer agent fees | 2,852 | |
Distribution and service plan fees | 586 | |
Accounting fees and expenses | 351 | |
Custodian fees and expenses | 22 | |
Independent trustees' fees and expenses | 14 | |
Registration fees | 50 | |
Audit | 31 | |
Legal | 11 | |
Miscellaneous | 23 | |
Total expenses before reductions | 14,779 | |
Expense reductions | (39) | |
Total expenses after reductions | 14,740 | |
Net investment income (loss) | 89,569 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 6,502 | |
Total net realized gain (loss) | 6,502 | |
Change in net unrealized appreciation (depreciation) on investment securities | (121,461) | |
Net gain (loss) | (114,959) | |
Net increase (decrease) in net assets resulting from operations | $(25,390) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended June 30, 2018 (Unaudited) | Year ended December 31, 2017 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $89,569 | $168,028 |
Net realized gain (loss) | 6,502 | 106,764 |
Change in net unrealized appreciation (depreciation) | (121,461) | 80,672 |
Net increase (decrease) in net assets resulting from operations | (25,390) | 355,464 |
Distributions to shareholders from net investment income | (89,498) | (167,561) |
Distributions to shareholders from net realized gain | (33,346) | (78,395) |
Total distributions | (122,844) | (245,956) |
Share transactions - net increase (decrease) | 786,872 | 30,512 |
Total increase (decrease) in net assets | 638,638 | 140,020 |
Net Assets | ||
Beginning of period | 5,617,220 | 5,477,200 |
End of period | $6,255,858 | $5,617,220 |
Other Information | ||
Undistributed net investment income end of period | $333 | $262 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Municipal Income Fund Class A
Six months ended (Unaudited) June 30, | |
2018 A | |
Selected Per–Share Data | |
Net asset value, beginning of period | $12.73 |
Income from Investment Operations | |
Net investment income (loss)B | .111 |
Net realized and unrealized gain (loss) | .032C |
Total from investment operations | .143 |
Distributions from net investment income | (.113) |
Distributions from net realized gain | – |
Total distributions | (.113) |
Net asset value, end of period | $12.76 |
Total ReturnD,E,F | 1.12% |
Ratios to Average Net AssetsG,H | |
Expenses before reductions | .79%I |
Expenses net of fee waivers, if any | .79%I |
Expenses net of all reductions | .78%I |
Net investment income (loss) | 2.66%I |
Supplemental Data | |
Net assets, end of period (in millions) | $217 |
Portfolio turnover rateJ | 15%I,K |
A For the period March 1, 2018 (commencement of sale of shares) to June 30, 2018.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 Total returns do not include the effect of the sales charges.
G 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.
H 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.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Municipal Income Fund Class M
Six months ended (Unaudited) June 30, | |
2018 A | |
Selected Per–Share Data | |
Net asset value, beginning of period | $12.73 |
Income from Investment Operations | |
Net investment income (loss)B | .111 |
Net realized and unrealized gain (loss) | .043C |
Total from investment operations | .154 |
Distributions from net investment income | (.114) |
Distributions from net realized gain | – |
Total distributions | (.114) |
Net asset value, end of period | $12.77 |
Total ReturnD,E,F | 1.21% |
Ratios to Average Net AssetsG,H | |
Expenses before reductions | .77%I |
Expenses net of fee waivers, if any | .77%I |
Expenses net of all reductions | .77%I |
Net investment income (loss) | 2.68%I |
Supplemental Data | |
Net assets, end of period (in millions) | $126 |
Portfolio turnover rateJ | 15%I,K |
A For the period March 1, 2018 (commencement of sale of shares) to June 30, 2018.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 Total returns do not include the effect of the sales charges.
G 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.
H 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.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Municipal Income Fund Class C
Six months ended (Unaudited) June 30, | |
2018 A | |
Selected Per–Share Data | |
Net asset value, beginning of period | $12.73 |
Income from Investment Operations | |
Net investment income (loss)B | .080 |
Net realized and unrealized gain (loss) | .034C |
Total from investment operations | .114 |
Distributions from net investment income | (.084) |
Distributions from net realized gain | – |
Total distributions | (.084) |
Net asset value, end of period | $12.76 |
Total ReturnD,E,F | .89% |
Ratios to Average Net AssetsG,H | |
Expenses before reductions | 1.53%I |
Expenses net of fee waivers, if any | 1.53%I |
Expenses net of all reductions | 1.53%I |
Net investment income (loss) | 1.92%I |
Supplemental Data | |
Net assets, end of period (in millions) | $92 |
Portfolio turnover rateJ | 15%I,K |
A For the period March 1, 2018 (commencement of sale of shares) to June 30, 2018.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 Total returns do not include the effect of the contingent deferred sales charge.
G 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.
H 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.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Municipal Income Fund
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $13.12 | $12.86 | $13.44 | $13.53 | $12.68 | $13.57 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .190 | .399 | .437 | .460 | .475 | .479 |
Net realized and unrealized gain (loss) | (.274) | .444 | (.428) | (.021) | .851 | (.873) |
Total from investment operations | (.084) | .843 | .009 | .439 | 1.326 | (.394) |
Distributions from net investment income | (.189) | (.398) | (.437) | (.462) | (.476) | (.478) |
Distributions from net realized gain | (.077) | (.185) | (.152) | (.067) | – | (.018) |
Total distributions | (.266) | (.583) | (.589) | (.529) | (.476) | (.496) |
Redemption fees added to paid in capitalA | – | –B | –B | –B | –B | –B |
Net asset value, end of period | $12.77 | $13.12 | $12.86 | $13.44 | $13.53 | $12.68 |
Total ReturnC,D | (.62)% | 6.67% | (.01)% | 3.31% | 10.59% | (2.94)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .46%G | .46% | .46% | .48% | .47% | .46% |
Expenses net of fee waivers, if any | .46%G | .46% | .46% | .48% | .47% | .46% |
Expenses net of all reductions | .46%G | .46% | .46% | .48% | .47% | .46% |
Net investment income (loss) | 2.99%G | 3.05% | 3.22% | 3.42% | 3.58% | 3.65% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $5,193 | $5,617 | $5,477 | $5,770 | $5,745 | $5,337 |
Portfolio turnover rateH | 15%G,I | 37% | 25% | 14% | 9% | 10% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 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 expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Municipal Income Fund Class I
Six months ended (Unaudited) June 30, | |
2018 A | |
Selected Per–Share Data | |
Net asset value, beginning of period | $12.73 |
Income from Investment Operations | |
Net investment income (loss)B | .121 |
Net realized and unrealized gain (loss) | .032C |
Total from investment operations | .153 |
Distributions from net investment income | (.123) |
Distributions from net realized gain | – |
Total distributions | (.123) |
Net asset value, end of period | $12.76 |
Total ReturnD,E | 1.20% |
Ratios to Average Net AssetsF,G | |
Expenses before reductions | .53%H |
Expenses net of fee waivers, if any | .53%H |
Expenses net of all reductions | .53%H |
Net investment income (loss) | 2.91%H |
Supplemental Data | |
Net assets, end of period (in millions) | $628 |
Portfolio turnover rateI | 15%H,J |
A For the period March 1, 2018 (commencement of sale of shares) to June 30, 2018.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
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 The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
(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. 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 commenced sale of Class A, Class M, Class C and Class I shares on March 1, 2018. The Fund offers Class A, Class M, Class C, Fidelity Municipal Income Fund and Class I 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. 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 are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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 June 30, 2018 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. 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. 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.
Distributions 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 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 the short-term gain distributions from the Fidelity Central Funds, market discount, deferred trustees compensation 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.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $159,062 |
Gross unrealized depreciation | (48,147) |
Net unrealized appreciation (depreciation) | $110,915 |
Tax cost | $6,070,068 |
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.
New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and securities acquired in the merger, aggregated $414,811 and $689,251, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.
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% | $178 | $1 |
Class M | -% | .25% | 104 | – |
Class C | .75% | .25% | 304 | 7 |
$586 | $8 |
Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M 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 M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, .75% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class M | $1 |
Class C(a) | 2 |
$3 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. 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(a) | |
Class A | $115 | .16 |
Class M | 60 | .15 |
Class C | 49 | .16 |
Fidelity Municipal Income Fund | 2,301 | .09 |
Class I | 327 | .16 |
$2,852 |
(a) Annualized
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. For the period, the fees were equivalent to an annualized rate of .01%.
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 $22.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $17.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended June 30, 2018(a) | Year ended December 31, 2017 | |
From net investment income | ||
Class A | $1,906 | $– |
Class M | 1,117 | – |
Class C | 590 | – |
Fidelity Municipal Income Fund | 79,891 | 167,561 |
Class I | 5,994 | – |
Total | $89,498 | $167,561 |
From net realized gain | ||
Fidelity Municipal Income Fund | $33,346 | $78,395 |
Total | $33,346 | $78,395 |
(a) Distributions for Class A, Class M, Class C and Class I are for the period March 1, 2018 (commencement of sale of shares) to June 30, 2018.
9. 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 | |
Six months ended June 30, 2018 (a) | Year ended December 31, 2017 | Six months ended June 30, 2018 (a) | Year ended December 31, 2017 | |
Class A | ||||
Shares sold | 725 | – | $9,214 | $– |
Issued in exchange for the shares of Fidelity Advisor Municipal Income Fund | 17,474 | – | 222,273 | – |
Reinvestment of distributions | 134 | – | 1,700 | – |
Shares redeemed | (1,350) | – | (17,148) | – |
Net increase (decrease) | 16,983 | – | $216,039 | $– |
Class M | ||||
Shares sold | 73 | – | $928 | $– |
Issued in exchange for the shares of Fidelity Advisor Municipal Income Fund | 10,358 | – | 131,854 | – |
Reinvestment of distributions | 78 | – | 997 | – |
Shares redeemed | (668) | – | (8,489) | – |
Net increase (decrease) | 9,841 | – | $125,290 | $– |
Class C | ||||
Shares sold | 172 | – | $2,191 | $– |
Issued in exchange for the shares of Fidelity Advisor Municipal Income Fund | 7,653 | – | 97,341 | – |
Reinvestment of distributions | 40 | – | 515 | – |
Shares redeemed | (619) | – | (7,864) | – |
Net increase (decrease) | 7,246 | – | $92,183 | $– |
Fidelity Municipal Income Fund | ||||
Shares sold | 36,197 | 56,029 | $464,274 | $733,214 |
Reinvestment of distributions | 6,104 | 12,884 | 77,894 | 168,072 |
Shares redeemed | (63,856) | (66,718) | (814,808) | (870,774) |
Net increase (decrease) | (21,555) | 2,195 | $(272,640) | $30,512 |
Class I | ||||
Shares sold | 4,664 | – | $59,235 | $– |
Issued in exchange for the shares of Fidelity Advisor Municipal Income Fund | 50,530 | – | 642,743 | – |
Reinvestment of distributions | 259 | – | 3,298 | – |
Shares redeemed | (6,236) | – | (79,276) | – |
Net increase (decrease) | 49,217 | – | $626,000 | $– |
(a) Share transactions for Class A, Class M, Class C and Class I are for the period March 1, 2018 (commencement of sale of shares) to June 30, 2018.
10. 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.
11. Merger Information.
On March 2, 2018, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Municipal Income Fund ("Target Fund") pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board"). The acquisition was accomplished by an exchange of shares of each class of the Fund for corresponding shares then outstanding of the Target Fund at its net asset value on the acquisition date. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on March 1, 2018. The reorganization provides shareholders of the Target Fund access to a larger portfolio with a similar investment objective. The Target Fund's net assets of $1,094,211 including securities of $1,078,064 and unrealized appreciation of $12,741 was combined with the Fund's net assets of $5,490,715 for total net assets after the acquisition of $6,584,926.
Pro forma results of operations of the combined entity for the entire period ended June 30, 2018, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
Net investment income (loss) | $94,726 |
Total net realized gain (loss) | 7,247 |
Total change in net unrealized appreciation (depreciation) | (149,306) |
Net increase (decrease) in net assets resulting from operations | $(47,333) |
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund's accompanying Statement of Operations since March 2, 2018.
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, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2018 to June 30, 2018) for the Fidelity Municipal Income Fund and for the period (March 1, 2018 to June 30, 2018) for Class A, Class M, Class C and Class I.
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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. 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 | Ending Account Value June 30, 2018 | Expenses Paid During Period | |
Class A | .79% | |||
Actual | $1,000.00 | $1,011.20 | $2.66-B | |
Hypothetical-C | $1,000.00 | $1,020.88 | $3.96-D | |
Class M | .77% | |||
Actual | $1,000.00 | $1,012.10 | $2.59-B | |
Hypothetical-C | $1,000.00 | $1,020.98 | $3.86-D | |
Class C | 1.53% | |||
Actual | $1,000.00 | $1,008.90 | $5.14-B | |
Hypothetical-C | $1,000.00 | $1,017.21 | $7.65-D | |
Fidelity Municipal Income Fund | .46% | |||
Actual | $1,000.00 | $993.80 | $2.27-B | |
Hypothetical-C | $1,000.00 | $1,022.51 | $2.31-D | |
Class I | .53% | |||
Actual | $1,000.00 | $1,012.00 | $1.78-B | |
Hypothetical-C | $1,000.00 | $1,022.17 | $2.66-D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period) for Fidelity Municipal Income Fund, and multiplied by 121/365 (to reflect the period March 1, 2018 to June 30, 2018) for Class A, Class M, Class C and Class I.
C 5% return per year before expenses
D Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/366 (to reflect the one-half year period).
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Municipal Income Fund (The "Target 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:
Pay Date | Record Date | Capital Gains | |
Fidelity Advisor Municipal Income Fund | |||
Class A | 02/28/18 | 02/27/18 | $0.071 |
Class M | 02/28/18 | 02/27/18 | $0.071 |
Class C | 02/28/18 | 02/27/18 | $0.071 |
Class I | 02/28/18 | 02/27/18 | $0.071 |
The Target Fund hereby designates as a capital gain dividend with respect to the taxable year ended March 2, 2018, $4,902,442, or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended March 2, 2018, 100% of the fund's income dividends was free from federal income tax, and 19.29% of the Target Fund's income dividends was subject to the federal alternative minimum tax.
The Target Fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
HIY-SANN-0818
1.704645.120
Fidelity® Ohio Municipal Income Fund Fidelity® Ohio Municipal Money Market Fund Semi-Annual Report June 30, 2018 |
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Contents
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. © 2018 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.institutional.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
Investment Summary (Unaudited)
Top Five Sectors as of June 30, 2018
% of fund's net assets | |
Health Care | 30.2 |
General Obligations | 26.3 |
Education | 24.0 |
Escrowed/Pre-Refunded | 5.4 |
Water & Sewer | 5.1 |
Quality Diversification (% of fund's net assets)
As of June 30, 2018 | ||
AAA | 3.8% | |
AA,A | 84.1% | |
BBB | 8.5% | |
BB and Below | 2.1% | |
Not Rated | 1.4% | |
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
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.9% | |||
Principal Amount | Value | ||
Guam - 0.5% | |||
Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | |||
5% 10/1/18 (a) | $950,000 | $956,451 | |
6.25% 10/1/34 (a) | 900,000 | 1,002,546 | |
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/23 (FSA Insured) | 1,000,000 | 1,101,790 | |
TOTAL GUAM | 3,060,787 | ||
Ohio - 99.4% | |||
Akron Bath Copley Hosp. District Rev.: | |||
(Children's Hosp. Med. Ctr. Proj.) Series 2012: | |||
5% 11/15/22 | 1,000,000 | 1,102,050 | |
5% 11/15/23 | 3,245,000 | 3,564,762 | |
Series 2016: | |||
5% 11/15/22 | 1,020,000 | 1,119,960 | |
5.25% 11/15/34 | 1,500,000 | 1,667,055 | |
5.25% 11/15/41 | 10,295,000 | 11,332,633 | |
Allen County Hosp. Facilities Rev.: | |||
(Mercy Health) Series 2017 A: | |||
4% 8/1/36 | 5,000,000 | 5,124,000 | |
5% 8/1/42 | 4,175,000 | 4,648,445 | |
Bonds Series 2017 B, 5%, tender 5/5/22 (b) | 3,000,000 | 3,318,000 | |
American Muni. Pwr., Inc. Rev.: | |||
(AMP Freemont Energy Ctr. Proj.) Series 2012 B, 5.25% 2/15/26 (Pre-Refunded to 2/15/22 @ 100) | 6,875,000 | 7,627,813 | |
(Greenup Hydroelectric Proj.) Series 2016 A, 5% 2/15/41 | 3,005,000 | 3,361,483 | |
(Prairie State Energy Campus Proj.) Series 2015: | |||
5% 2/15/28 | 3,995,000 | 4,464,133 | |
5% 2/15/42 | 3,000,000 | 3,280,320 | |
Beavercreek City School District Series 2015: | |||
5% 12/1/28 | 1,500,000 | 1,734,300 | |
5% 12/1/29 | 1,500,000 | 1,727,550 | |
Bowling Green Univ. Gen. Receipts Series 2016 A: | |||
5% 6/1/42 | 1,000,000 | 1,122,100 | |
5% 6/1/44 | 6,080,000 | 6,813,856 | |
Butler County Hosp. Facilities Rev.: | |||
(Kettering Health Network Obligated Group Proj.) Series 2011, 6.375% 4/1/36 | 5,030,000 | 5,576,157 | |
Series 2016 X: | |||
5% 5/15/31 | 3,225,000 | 3,909,184 | |
5% 5/15/32 | 3,950,000 | 4,815,524 | |
Cincinnati City School District Ctfs. of Prtn. (Cincinnati City School District School Impt. Proj.) 5% 12/15/26 | 4,000,000 | 4,551,360 | |
Cincinnati Gen. Oblig. Series 2015, 5.25% 12/1/29 | 4,285,000 | 5,013,750 | |
Cincinnati Wtr. Sys. Rev. Series 2015 A, 5% 12/1/40 | 3,260,000 | 3,729,896 | |
Cleveland Gen. Oblig.: | |||
Series 2012, 5% 12/1/25 | 2,350,000 | 2,634,585 | |
Series 2015: | |||
5% 12/1/26 | 1,500,000 | 1,725,945 | |
5% 12/1/27 | 2,000,000 | 2,294,040 | |
5% 12/1/29 | 1,250,000 | 1,419,438 | |
Series C, 5.25% 11/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,885,000 | 2,169,315 | |
Cleveland Heights & Univ. Heights County School District Series 2014, 4.5% 12/1/47 | 3,000,000 | 3,170,280 | |
Cleveland Muni. School District: | |||
Series 2013, 5% 12/1/24 | 1,255,000 | 1,405,851 | |
Series 2015 A: | |||
5% 12/1/24 | 3,725,000 | 4,202,396 | |
5% 12/1/27 | 1,750,000 | 1,963,885 | |
Cleveland Ohio Wtr. Poll. Ctl. Rev. Series 2016: | |||
5% 11/15/34 | 1,190,000 | 1,344,533 | |
5% 11/15/35 | 1,245,000 | 1,404,049 | |
5% 11/15/36 | 450,000 | 506,538 | |
5% 11/15/45 | 2,000,000 | 2,234,520 | |
Cleveland Pub. Pwr. Sys. Rev.: | |||
Series 2016 A, 5% 11/15/22 (FSA Insured) | 3,970,000 | 4,430,282 | |
Series 2018: | |||
5% 11/15/23 (FSA Insured) | 360,000 | 407,635 | |
5% 11/15/24 (FSA Insured) | 475,000 | 543,277 | |
5% 11/15/25 (FSA Insured) | 200,000 | 230,392 | |
5% 11/15/26 (FSA Insured) | 265,000 | 307,564 | |
5% 11/15/27 (FSA Insured) | 220,000 | 257,453 | |
5% 11/15/28 (FSA Insured) | 150,000 | 175,872 | |
5% 11/15/29 (FSA Insured) | 210,000 | 245,242 | |
5% 11/15/30 (FSA Insured) | 530,000 | 616,978 | |
5% 11/15/32 (FSA Insured) | 365,000 | 422,542 | |
5% 11/15/34 (FSA Insured) | 785,000 | 902,279 | |
5% 11/15/36 (FSA Insured) | 1,000,000 | 1,143,950 | |
5% 11/15/38 (FSA Insured) | 830,000 | 946,474 | |
Cleveland State Univ. Gen. Receipts Series 2012: | |||
5% 6/1/24 | 1,920,000 | 2,100,346 | |
5% 6/1/25 | 2,500,000 | 2,732,225 | |
5% 6/1/26 | 3,075,000 | 3,354,272 | |
Cleveland Wtr. Rev.: | |||
Series 2012 X, 5% 1/1/42 | 5,465,000 | 5,919,469 | |
Series 2015 Y: | |||
4% 1/1/28 | 650,000 | 691,509 | |
4% 1/1/29 | 1,040,000 | 1,102,598 | |
Cleveland-Cuyahoga County Port Auth. Dev. Lease Rev. (Administrative Headquarters Proj.) Series 2013, 5% 7/1/37 | 3,000,000 | 3,582,780 | |
Columbus City School District: | |||
5% 12/1/30 | 8,255,000 | 9,567,297 | |
5% 12/1/31 | 5,000,000 | 5,783,300 | |
Columbus Gen. Oblig. Series 2014 A, 4% 2/15/28 | 5,000,000 | 5,398,800 | |
Columbus Metropolitan Library Facility Series 2012 1, 5% 12/1/23 (Pre-Refunded to 12/1/20 @ 100) | 530,000 | 570,614 | |
Cuyahoga County Gen. Oblig. Series 2012 A, 4% 12/1/27 | 1,575,000 | 1,640,063 | |
Cuyahoga County Hosp. Rev. Series 2017: | |||
5% 2/15/26 | 1,750,000 | 1,929,025 | |
5% 2/15/27 | 1,700,000 | 1,881,543 | |
5% 2/15/28 | 2,385,000 | 2,635,974 | |
5% 2/15/30 | 3,000,000 | 3,294,690 | |
5% 2/15/31 | 1,500,000 | 1,643,850 | |
5% 2/15/32 | 1,450,000 | 1,583,458 | |
Dayton Gen. Oblig.: | |||
4% 12/1/22 | 750,000 | 786,938 | |
4% 12/1/25 | 1,540,000 | 1,607,313 | |
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013, 5.25% 6/15/43 | 5,000,000 | 5,312,650 | |
Fairview Park Gen. Oblig. Series 2012: | |||
4% 12/1/23 | 1,395,000 | 1,501,201 | |
4% 12/1/24 | 1,490,000 | 1,595,656 | |
Forest Hills Local School District Series 2015, 5% 12/1/46 | 5,000,000 | 5,576,050 | |
Franklin County Convention Facilities Auth. Tax & Lease Rev. Series 2014: | |||
5% 12/1/25 | 1,250,000 | 1,434,825 | |
5% 12/1/26 | 3,045,000 | 3,483,602 | |
5% 12/1/32 | 5,920,000 | 6,712,747 | |
Franklin County Hosp. Facilities Rev.: | |||
(Ohiohealth Corp. Proj.) Series 2015, 5% 5/15/40 | 3,600,000 | 4,024,728 | |
Series 2016 C: | |||
4% 11/1/40 | 3,000,000 | 3,078,510 | |
5% 11/1/33 | 2,610,000 | 3,007,738 | |
5% 11/1/34 | 2,155,000 | 2,470,794 | |
Franklin County Rev. (Trinity Health Proj.) Series 2017, 5% 12/1/47 | 3,750,000 | 4,239,338 | |
Granville Exempted Village School District: | |||
5% 12/1/26 | 1,720,000 | 2,004,161 | |
5% 12/1/27 | 1,165,000 | 1,353,194 | |
5% 12/1/30 | 1,130,000 | 1,303,489 | |
5% 12/1/31 | 600,000 | 691,248 | |
Greater Cleveland Reg'l. Transit Auth. Series 2012, 5% 12/1/23 | 660,000 | 724,733 | |
Hamilton City School District Series 2015: | |||
3.5% 12/1/31 | 1,500,000 | 1,521,510 | |
5% 12/1/26 | 1,500,000 | 1,717,005 | |
5% 12/1/28 | 1,550,000 | 1,768,333 | |
Hamilton County Convention Facilities Auth. Rev. Series 2014: | |||
5% 12/1/26 | 1,000,000 | 1,110,790 | |
5% 12/1/27 | 3,825,000 | 4,234,581 | |
Hamilton County HealthCare Facilities Rev. (The Christ Hosp. Proj.) Series 2012: | |||
5.25% 6/1/24 | 3,000,000 | 3,320,850 | |
5.25% 6/1/27 | 3,000,000 | 3,301,980 | |
Hamilton County Healthcare Rev. (Life Enriching Cmntys. Proj.) Series 2016: | |||
5% 1/1/31 | 1,350,000 | 1,478,750 | |
5% 1/1/36 | 3,450,000 | 3,736,523 | |
Hamilton County Hosp. Facilities Rev. (Children's Hosp. Med. Ctr. Proj.) Series 2014 S, 5% 5/15/26 | 5,000,000 | 5,680,950 | |
Hamilton County Student Hsg. Rev. (Stratford Heights Proj.) Series 2010, 5% 6/1/30 (FSA Insured) | 2,500,000 | 2,631,700 | |
Hancock County Hosp. Facilities Rev. (Blanchard Valley Reg'l. Health Ctr. Proj.) Series 2011 A, 6.25% 12/1/34 (Pre-Refunded to 6/1/21 @ 100) | 4,100,000 | 4,598,970 | |
Kent State Univ. Revs.: | |||
Series 2009 B: | |||
5% 5/1/26 | 335,000 | 344,099 | |
5% 5/1/28 | 415,000 | 426,130 | |
5% 5/1/29 | 85,000 | 87,265 | |
5% 5/1/30 | 95,000 | 97,366 | |
Series 2012 A: | |||
5% 5/1/24 | 1,385,000 | 1,529,788 | |
5% 5/1/25 | 1,500,000 | 1,654,485 | |
5% 5/1/26 | 2,220,000 | 2,445,219 | |
Series 2016: | |||
5% 5/1/29 | 2,000,000 | 2,305,780 | |
5% 5/1/30 | 1,125,000 | 1,292,738 | |
Kettering City School District Series 2017, 5% 12/1/25 | 1,080,000 | 1,266,386 | |
Lake County Hosp. Facilities Rev. Series 2015: | |||
5% 8/15/27 | 770,000 | 866,951 | |
5% 8/15/45 | 11,000,000 | 11,915,738 | |
Lakewood City School District Series 2014 C: | |||
5% 12/1/25 | 1,300,000 | 1,504,737 | |
5% 12/1/27 | 3,215,000 | 3,694,485 | |
Lancaster City School District Series 2012: | |||
5% 10/1/37 (Pre-Refunded to 10/1/22 @ 100) | 2,000,000 | 2,246,400 | |
5% 10/1/49 | 2,860,000 | 3,098,095 | |
5% 10/1/49 (Pre-Refunded to 10/1/22 @ 100) | 140,000 | 156,642 | |
Lucas County Hosp. Rev. Series 2011, 5% 11/15/25 (Pre-Refunded to 11/15/21 @ 100) | 1,780,000 | 1,957,875 | |
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 | 7,721,010 | |
Miami Univ. Series 2012, 4% 9/1/28 | 2,195,000 | 2,306,528 | |
Miamisburg City School District Series 2016: | |||
5% 12/1/28 | 500,000 | 579,310 | |
5% 12/1/29 | 300,000 | 346,275 | |
Middleburg Heights Hosp. Rev.: | |||
Series 2011, 5.25% 8/1/41 | 3,000,000 | 3,264,270 | |
Series 2012 A, 5% 8/1/47 | 5,725,000 | 6,220,842 | |
Milford Exempt Village School District Series 2015: | |||
3.5% 12/1/31 | 500,000 | 505,200 | |
5% 12/1/28 | 1,400,000 | 1,608,404 | |
Montgomery County Rev. (Catholic Health Initiatives Proj.) Series 2008 D, 6.25% 10/1/33 | 2,500,000 | 2,529,600 | |
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013: | |||
5% 2/15/44 | 3,755,000 | 3,926,190 | |
5% 2/15/48 | 3,495,000 | 3,648,326 | |
North Olmsted City School District Series 2015 A: | |||
5% 12/1/26 (Pre-Refunded to 12/1/23 @ 100) | 665,000 | 763,879 | |
5% 12/1/27 (Pre-Refunded to 12/1/23 @ 100) | 220,000 | 252,712 | |
5% 12/1/28 (Pre-Refunded to 12/1/23 @ 100) | 365,000 | 419,272 | |
5% 12/1/29 (Pre-Refunded to 12/1/23 @ 100) | 500,000 | 574,345 | |
5% 12/1/30 (Pre-Refunded to 12/1/23 @ 100) | 750,000 | 861,518 | |
Northeast Ohio Reg'l. Swr. District Wastewtr. Rev.: | |||
Series 2014, 5% 11/15/44 | 8,815,000 | 9,883,819 | |
Series 2017, 4% 11/15/34 | 4,275,000 | 4,558,561 | |
Northwest Local School District Series 2015, 5% 12/1/45 | 2,980,000 | 3,319,660 | |
Ohio Bldg. Auth. (Adult Correctional Bldg. Fund Proj.) Series 2010 A, 5% 10/1/24 | 6,030,000 | 6,434,553 | |
Ohio Cap. Facilities Lease (Ohio Gen. Oblig. Proj.) Series 2017 A: | |||
5% 10/1/31 | 1,860,000 | 2,186,207 | |
5% 10/1/32 | 1,625,000 | 1,904,224 | |
5% 10/1/33 | 1,500,000 | 1,751,115 | |
5% 10/1/34 | 3,100,000 | 3,605,331 | |
5% 10/1/35 | 1,450,000 | 1,682,551 | |
5% 10/1/36 | 1,250,000 | 1,447,188 | |
5% 10/1/37 | 1,430,000 | 1,653,094 | |
Ohio Gen. Oblig.: | |||
Series 2014 C, 4% 3/1/25 | 5,000,000 | 5,368,950 | |
Series 2015 C, 5% 11/1/28 | 5,955,000 | 6,875,881 | |
Series 2016 A, 5% 2/1/31 | 4,255,000 | 4,908,908 | |
Ohio Higher Edl. Facility Commission Rev.: | |||
(Case Western Reserve Univ. Proj.): | |||
Series 1990 B, 6.5% 10/1/20 | 1,265,000 | 1,330,932 | |
Series 2016: | |||
5% 12/1/23 | 1,895,000 | 2,166,326 | |
5% 12/1/40 | 2,000,000 | 2,273,060 | |
(Denison Univ. 2015 Proj.): | |||
5% 11/1/28 | 1,465,000 | 1,678,685 | |
5% 11/1/29 | 1,325,000 | 1,514,700 | |
5% 11/1/30 | 2,285,000 | 2,592,333 | |
(Denison Univ., Proj.) Series 2017 B, 5% 11/1/26 | 1,505,000 | 1,768,917 | |
(Kenyon College 2010 Proj.) Series 2010, 5.25% 7/1/44 | 875,000 | 920,133 | |
(Kenyon College 2015 Proj.) 5% 7/1/41 | 5,100,000 | 5,640,906 | |
(Kenyon College 2016 Proj.) Series 2016, 5% 7/1/42 | 4,000,000 | 4,450,640 | |
(Kenyon College, Oh. Proj.) Series 2017: | |||
4% 7/1/36 | 400,000 | 415,320 | |
4% 7/1/37 | 450,000 | 466,880 | |
5% 7/1/28 | 400,000 | 464,708 | |
5% 7/1/29 | 735,000 | 850,130 | |
5% 7/1/30 | 300,000 | 345,969 | |
5% 7/1/31 | 400,000 | 460,952 | |
5% 7/1/33 | 650,000 | 740,818 | |
5% 7/1/35 | 700,000 | 793,709 | |
5% 7/1/42 | 1,400,000 | 1,572,326 | |
(Univ. Hosp. Health Sys. Proj.) Series 2010 A, 5.25% 1/15/23 | 2,500,000 | 2,624,025 | |
(Univ. of Dayton Proj.): | |||
Series 2009, 5.5% 12/1/36 | 5,000,000 | 5,082,200 | |
Series 2013: | |||
5% 12/1/23 | 540,000 | 601,295 | |
5% 12/1/24 | 585,000 | 650,362 | |
5% 12/1/25 | 1,000,000 | 1,110,400 | |
5% 12/1/26 | 1,195,000 | 1,325,351 | |
5% 12/1/27 | 2,300,000 | 2,547,825 | |
Series 2018 B: | |||
4% 12/1/33 (c) | 1,155,000 | 1,213,974 | |
5% 12/1/19 (c) | 1,000,000 | 1,036,450 | |
5% 12/1/21 (c) | 1,000,000 | 1,094,670 | |
5% 12/1/23 (c) | 1,000,000 | 1,136,280 | |
5% 12/1/25 (c) | 1,065,000 | 1,237,264 | |
5% 12/1/27 (c) | 1,000,000 | 1,175,340 | |
5% 12/1/29 (c) | 1,310,000 | 1,509,513 | |
5% 12/1/31 (c) | 1,130,000 | 1,295,974 | |
5% 12/1/35 (c) | 1,000,000 | 1,132,570 | |
5% 12/1/36 (c) | 1,000,000 | 1,129,920 | |
(Xavier Univ. Proj.) Series 2015 C: | |||
5% 5/1/26 | 1,000,000 | 1,121,950 | |
5% 5/1/28 | 1,000,000 | 1,113,470 | |
5% 5/1/29 | 855,000 | 948,682 | |
5% 5/1/31 | 1,005,000 | 1,112,525 | |
Ohio Hosp. Facilities Rev.: | |||
Series 2011 A, 5% 1/1/32 | 3,500,000 | 3,749,830 | |
Series 2017 A: | |||
5% 1/1/32 | 2,000,000 | 2,355,480 | |
5% 1/1/33 | 5,000,000 | 5,856,950 | |
Ohio Hosp. Rev.: | |||
Series 2013 A, 5% 1/15/27 | 5,000,000 | 5,471,900 | |
5% 1/15/41 | 5,000,000 | 5,437,600 | |
Ohio Spl. Oblig.: | |||
( Ohio Gen. Oblig. Proj.) Series 2017 A, 5% 4/1/32 | 1,115,000 | 1,293,723 | |
( Ohio Gen. Oblig. Proj.P Series 2017 A, 5% 4/1/34 | 1,000,000 | 1,149,470 | |
(Ohio Gen. Oblig. Proj.) Series 2017 A: | |||
5% 4/1/28 | 1,750,000 | 2,057,090 | |
5% 4/1/29 | 2,535,000 | 2,966,939 | |
5% 4/1/30 | 2,250,000 | 2,625,773 | |
5% 4/1/31 | 2,000,000 | 2,328,980 | |
5% 4/1/33 | 1,850,000 | 2,135,733 | |
5% 4/1/35 | 2,395,000 | 2,747,017 | |
Ohio State Univ. Gen. Receipts: | |||
Series 2010 D, 5% 12/1/31 | 1,365,000 | 1,688,450 | |
Series 2013 A: | |||
5% 6/1/28 | 2,000,000 | 2,252,340 | |
5% 6/1/38 | 3,500,000 | 3,878,035 | |
Ohio Tpk. Commission Tpk. Rev.: | |||
(Infastructure Proj.) Series 2005 A, 0% 2/15/43 | 10,000,000 | 3,808,700 | |
(Infrastructure Projs.) Series 2018 A, 5% 2/15/32 | 6,000,000 | 7,017,660 | |
Series 2017 A: | |||
5% 2/15/26 | 3,250,000 | 3,805,328 | |
5% 2/15/28 | 3,000,000 | 3,534,780 | |
5% 2/15/29 | 1,300,000 | 1,525,186 | |
5% 2/15/30 | 1,000,000 | 1,169,870 | |
5% 2/15/31 | 1,000,000 | 1,167,370 | |
Ohio Univ. Gen. Receipts Athens Series 2013, 5% 12/1/24 | 5,075,000 | 5,669,181 | |
Ohio Wtr. Dev. Auth. Rev.: | |||
(Fresh Wtr. Impt. Proj.) Series 2009 B, 5% 12/1/24 | 1,025,000 | 1,180,739 | |
Series 2016, 5% 12/1/35 | 5,500,000 | 6,378,735 | |
Olentangy Local School District 5% 12/1/32 | 1,275,000 | 1,469,820 | |
Princeton City School District Series 2014: | |||
0% 12/1/40 | 4,000,000 | 1,683,160 | |
0% 12/1/41 | 4,000,000 | 1,611,960 | |
5% 12/1/39 | 2,750,000 | 3,080,468 | |
Reynoldsburg City School District 4% 12/1/30 | 2,375,000 | 2,532,890 | |
Scioto County Hosp. Facilities Rev. Series 2016: | |||
5% 2/15/24 | 970,000 | 1,093,607 | |
5% 2/15/28 | 5,030,000 | 5,710,308 | |
5% 2/15/30 | 2,145,000 | 2,410,251 | |
5% 2/15/32 | 1,625,000 | 1,813,126 | |
5% 2/15/33 | 1,460,000 | 1,620,717 | |
5% 2/15/34 | 3,005,000 | 3,316,649 | |
South-Western City School District Franklin & Pickway County: | |||
(Intercept) Series 2012, 5% 12/1/36 | 400,000 | 438,284 | |
Series 2012, 5% 12/1/36 (Pre-Refunded to 6/1/22 @ 100) | 1,600,000 | 1,780,320 | |
Toledo Gen. Oblig. Series 2012 A, 5% 12/1/20 | 1,635,000 | 1,741,112 | |
Univ. of Akron Gen. Receipts Series 2016 A: | |||
5% 1/1/23 | 460,000 | 513,369 | |
5% 1/1/24 | 955,000 | 1,083,151 | |
5% 1/1/25 | 1,025,000 | 1,173,769 | |
5% 1/1/33 | 5,000,000 | 5,645,450 | |
5% 1/1/37 | 6,000,000 | 6,716,100 | |
Univ. of Cincinnati Gen. Receipts: | |||
Series 2010 F, 5% 6/1/32 | 2,000,000 | 2,133,200 | |
Series 2012 C: | |||
4% 6/1/28 | 2,000,000 | 2,112,520 | |
5% 6/1/24 | 1,230,000 | 1,377,305 | |
Series 2013 A: | |||
5% 6/1/33 | 4,085,000 | 4,534,187 | |
5% 6/1/34 | 5,130,000 | 5,684,091 | |
Series 2016 A: | |||
5% 6/1/32 | 745,000 | 856,579 | |
5% 6/1/33 | 800,000 | 916,768 | |
5% 6/1/34 | 585,000 | 667,725 | |
Series 2016 C, 5% 6/1/41 | 2,585,000 | 2,925,238 | |
Univ. of Toledo Gen. Receipts: | |||
Series 2017 B: | |||
5% 6/1/30 | 4,115,000 | 4,902,200 | |
5% 6/1/31 | 2,470,000 | 2,951,601 | |
Series 2018 A: | |||
5% 6/1/26 | 600,000 | 698,160 | |
5% 6/1/27 | 350,000 | 411,250 | |
Village of Bluffton Hosp. Facilities Blanchard Valley Reg Health Ctr. Series 2017: | |||
4% 12/1/32 | 1,500,000 | 1,537,845 | |
5% 12/1/25 | 1,500,000 | 1,714,050 | |
5% 12/1/26 | 1,890,000 | 2,167,603 | |
5% 12/1/27 | 1,340,000 | 1,547,593 | |
5% 12/1/28 | 1,400,000 | 1,603,350 | |
5% 12/1/29 | 825,000 | 939,799 | |
5% 12/1/30 | 1,700,000 | 1,933,597 | |
5% 12/1/31 | 750,000 | 851,108 | |
Willoughby-Eastlake City School District Series 2016, 5% 12/1/46 | 4,000,000 | 4,474,400 | |
Wood County Hosp. Facilities Rev.: | |||
(Hosp. Proj.) Series 2012, 5% 12/1/27 | 3,500,000 | 3,692,255 | |
(Wood County Hosp. Assoc. Proj.) Series 2012: | |||
5% 12/1/32 | 2,000,000 | 2,089,940 | |
5% 12/1/42 | 125,000 | 129,239 | |
Wright State Univ. Gen. Receipts Series 2011 A: | |||
5% 5/1/20 | 1,650,000 | 1,729,547 | |
5% 5/1/21 | 1,080,000 | 1,153,537 | |
5% 5/1/23 | 2,665,000 | 2,828,471 | |
TOTAL OHIO | 644,028,230 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $636,213,139) | 647,089,017 | ||
Municipal Notes - 0.9% | |||
Ohio - 0.9% | |||
Montgomery County Hosp. Rev. Series 2016 F, 1.6% 7/2/18, LOC Barclays Bank PLC, VRDN (b) | |||
(Cost $6,000,000) | 6,000,000 | 6,000,000 | |
TOTAL INVESTMENT IN SECURITIES - 100.8% | |||
(Cost $642,213,139) | 653,089,017 | ||
NET OTHER ASSETS (LIABILITIES) - (0.8)% | (5,468,296) | ||
NET ASSETS - 100% | $647,620,721 |
Security Type Abbreviations
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
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 or a portion of the security purchased on a delayed delivery or when-issued basis.
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):
Health Care | 30.2% |
General Obligations | 26.3% |
Education | 24.0% |
Escrowed/Pre-Refunded | 5.4% |
Water & Sewer | 5.1% |
Others* (Individually Less Than 5%) | 9.0% |
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
June 30, 2018 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $642,213,139) | $653,089,017 | |
Cash | 1,160,206 | |
Receivable for fund shares sold | 277,816 | |
Interest receivable | 6,008,358 | |
Other receivables | 1,958 | |
Total assets | 660,537,355 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $11,850,881 | |
Payable for fund shares redeemed | 277,564 | |
Distributions payable | 508,241 | |
Accrued management fee | 191,776 | |
Other affiliated payables | 59,784 | |
Other payables and accrued expenses | 28,388 | |
Total liabilities | 12,916,634 | |
Net Assets | $647,620,721 | |
Net Assets consist of: | ||
Paid in capital | $635,556,611 | |
Undistributed net investment income | 87,469 | |
Accumulated undistributed net realized gain (loss) on investments | 1,100,763 | |
Net unrealized appreciation (depreciation) on investments | 10,875,878 | |
Net Assets, for 54,460,485 shares outstanding | $647,620,721 | |
Net Asset Value, offering price and redemption price per share ($647,620,721 ÷ 54,460,485 shares) | $11.89 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2018 (Unaudited) | ||
Investment Income | ||
Interest | $10,492,194 | |
Expenses | ||
Management fee | $1,165,532 | |
Transfer agent fees | 285,085 | |
Accounting fees and expenses | 76,875 | |
Custodian fees and expenses | 2,469 | |
Independent trustees' fees and expenses | 1,424 | |
Registration fees | 17,676 | |
Audit | 26,981 | |
Legal | 534 | |
Miscellaneous | 2,701 | |
Total expenses before reductions | 1,579,277 | |
Expense reductions | (4,424) | |
Total expenses after reductions | 1,574,853 | |
Net investment income (loss) | 8,917,341 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 1,192,696 | |
Total net realized gain (loss) | 1,192,696 | |
Change in net unrealized appreciation (depreciation) on investment securities | (16,974,612) | |
Net gain (loss) | (15,781,916) | |
Net increase (decrease) in net assets resulting from operations | $(6,864,575) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2018 (Unaudited) | Year ended December 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $8,917,341 | $18,088,000 |
Net realized gain (loss) | 1,192,696 | 5,264,402 |
Change in net unrealized appreciation (depreciation) | (16,974,612) | 15,306,731 |
Net increase (decrease) in net assets resulting from operations | (6,864,575) | 38,659,133 |
Distributions to shareholders from net investment income | (8,917,478) | (18,087,879) |
Distributions to shareholders from net realized gain | (1,669,407) | (4,790,838) |
Total distributions | (10,586,885) | (22,878,717) |
Share transactions | ||
Proceeds from sales of shares | 41,359,183 | 83,569,244 |
Reinvestment of distributions | 6,844,416 | 14,264,227 |
Cost of shares redeemed | (60,490,177) | (93,359,800) |
Net increase (decrease) in net assets resulting from share transactions | (12,286,578) | 4,473,671 |
Total increase (decrease) in net assets | (29,738,038) | 20,254,087 |
Net Assets | ||
Beginning of period | 677,358,759 | 657,104,672 |
End of period | $647,620,721 | $677,358,759 |
Other Information | ||
Undistributed net investment income end of period | $87,469 | $87,606 |
Shares | ||
Sold | 3,461,653 | 6,896,568 |
Issued in reinvestment of distributions | 575,518 | 1,179,587 |
Redeemed | (5,081,376) | (7,726,040) |
Net increase (decrease) | (1,044,205) | 350,115 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Ohio Municipal Income Fund
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $12.20 | $11.91 | $12.29 | $12.26 | $11.48 | $12.39 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .162 | .330 | .339 | .363 | .384 | .392 |
Net realized and unrealized gain (loss) | (.280) | .377 | (.308) | .147 | .780 | (.779) |
Total from investment operations | (.118) | .707 | .031 | .510 | 1.164 | (.387) |
Distributions from net investment income | (.162) | (.330) | (.339) | (.363) | (.384) | (.392) |
Distributions from net realized gain | (.030) | (.087) | (.072) | (.117) | – | (.131) |
Total distributions | (.192) | (.417) | (.411) | (.480) | (.384) | (.523) |
Redemption fees added to paid in capitalA | – | – | –B | –B | –B | –B |
Net asset value, end of period | $11.89 | $12.20 | $11.91 | $12.29 | $12.26 | $11.48 |
Total ReturnC,D | (.96)% | 6.03% | .19% | 4.24% | 10.26% | (3.16)% |
Ratios to Average Net AssetsE | ||||||
Expenses before reductions | .49%F | .48% | .48% | .48% | .48% | .48% |
Expenses net of fee waivers, if any | .49%F | .48% | .48% | .48% | .48% | .48% |
Expenses net of all reductions | .48%F | .48% | .48% | .48% | .48% | .48% |
Net investment income (loss) | 2.74%F | 2.73% | 2.72% | 2.97% | 3.20% | 3.28% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $647,621 | $677,359 | $657,105 | $636,261 | $598,694 | $535,347 |
Portfolio turnover rate | 12%F | 24% | 17% | 17% | 7% | 17% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 Annualized
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 as of June 30, 2018
Days | % of fund's investments 6/30/18 |
1 - 7 | 67.7 |
8 - 30 | 3.6 |
31 - 60 | 9.1 |
61 - 90 | 4.2 |
91 - 180 | 6.8 |
> 180 | 8.6 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
As of June 30, 2018 | ||
Variable Rate Demand Notes (VRDNs) | 37.2% | |
Tender Option Bond | 30.7% | |
Other Municipal Security | 28.7% | |
Investment Companies | 3.2% | |
Net Other Assets (Liabilities) | 0.2% |
Current 7-Day Yields
6/30/18 | |
Fidelity® Ohio Municipal Money Market Fund | 1.04% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending June 30, 2018, the most recent period shown in the table, would have been 1.03%.
Fidelity® Ohio Municipal Money Market Fund
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 37.2% | |||
Principal Amount | Value | ||
Alabama - 0.5% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.68% 7/6/18, VRDN (a)(b) | $1,260,000 | $1,260,000 | |
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 1.66% 7/6/18, VRDN (b) | 400,000 | 400,000 | |
1,660,000 | |||
Arkansas - 1.1% | |||
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.): | |||
Series 1998, 1.68% 7/6/18, VRDN (a)(b) | 400,000 | 400,000 | |
Series 2002, 1.66% 7/6/18, VRDN (a)(b) | 2,700,000 | 2,700,000 | |
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 1.59% 7/6/18, LOC Royal Bank of Scotland PLC, VRDN (a)(b) | 900,000 | 900,000 | |
4,000,000 | |||
Indiana - 0.4% | |||
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.): | |||
Series 2003 A, 1.6% 7/6/18, VRDN (a)(b) | 600,000 | 600,000 | |
Series 2003 B, 1.67% 7/6/18, VRDN (a)(b) | 400,000 | 400,000 | |
Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.): | |||
Series H, 1.61% 7/6/18, VRDN (b) | 300,000 | 300,000 | |
Series I, 1.61% 7/6/18, VRDN (b) | 100,000 | 100,000 | |
1,400,000 | |||
Louisiana - 0.1% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 1.63% 7/6/18, VRDN (b) | 100,000 | 100,000 | |
Series 2010 B1, 1.61% 7/6/18, VRDN (b) | 100,000 | 100,000 | |
200,000 | |||
Nebraska - 0.2% | |||
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.68% 7/6/18, VRDN (a)(b) | 700,000 | 700,000 | |
Nevada - 0.0% | |||
Washoe County Gas Facilities Rev. Series 2016 C, 1.61% 7/6/18, VRDN (a)(b) | 100,000 | 100,000 | |
North Carolina - 0.0% | |||
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.66% 7/6/18, VRDN (a)(b) | 200,000 | 200,000 | |
Ohio - 34.2% | |||
Allen County Hosp. Facilities Rev. Series 2012 B, 1.48% 7/6/18, VRDN (b) | 27,800,000 | 27,800,000 | |
Cuyahoga County Health Care Facilities Rev. (The A.M. McGregor Home Proj.) Series 2014, 1.56% 7/6/18, LOC Northern Trust Co., VRDN (b) | 15,665,000 | 15,665,000 | |
Lake County Indl. Dev. Rev. (Norshar Co. Proj.) 1.61% 7/6/18, LOC JPMorgan Chase Bank, VRDN (a)(b) | 1,105,000 | 1,105,000 | |
Montgomery County Hosp. Rev.: | |||
(Miami Valley Hosp. Proj.) Series 2016 D, 1.6% 7/2/18, LOC Barclays Bank PLC, VRDN (b) | 5,200,000 | 5,200,000 | |
Series 2016 C, 1.6% 7/2/18, LOC Barclays Bank PLC, VRDN (b) | 1,500,000 | 1,500,000 | |
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.: | |||
Series 2016 G, 1.59% 7/6/18 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 17,590,000 | 17,590,000 | |
Series 2016 H, 1.59% 7/6/18 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 19,200,000 | 19,200,000 | |
Series 2016 I, 1.59% 7/6/18 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 3,450,000 | 3,450,000 | |
Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 1.55% 7/6/18, LOC Bank of America NA, VRDN (a)(b) | 15,000,000 | 15,000,000 | |
FHLMC Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev. (Wingate at Belle Meadows Proj.) 1.57% 7/6/18, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (a)(b) | 8,435,000 | 8,435,000 | |
FNMA Franklin County Multi-family Rev. Series 2002, 1.57% 7/6/18, LOC Fannie Mae, VRDN (a)(b) | 5,050,000 | 5,050,000 | |
119,995,000 | |||
Texas - 0.1% | |||
Port Arthur Navigation District Jefferson County Rev. Series 2000 B, 1.67% 7/6/18 (Total SA Guaranteed), VRDN (a)(b) | 200,000 | 200,000 | |
West Virginia - 0.6% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
(Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.65% 7/6/18, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.65% 7/6/18, VRDN (a)(b) | 1,100,000 | 1,100,000 | |
2,100,000 | |||
Wyoming - 0.0% | |||
Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1992 B, 1.6% 7/6/18, VRDN (b) | 100,000 | 100,000 | |
TOTAL VARIABLE RATE DEMAND NOTE | |||
(Cost $130,655,000) | 130,655,000 | ||
Tender Option Bond - 30.7% | |||
Ohio - 30.7% | |||
Allen County Hosp. Facilities Rev. Participating VRDN Series Floaters XF 25 16, 1.61% 7/6/18 (Liquidity Facility Citibank NA) (b)(c) | 4,340,000 | 4,340,000 | |
Cincinnati Wtr. Sys. Rev. Participating VRDN Series MS 3280, 1.54% 7/6/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c) | 3,750,000 | 3,750,000 | |
Cleveland Wtr. Rev. Participating VRDN Series Floaters E 119, 1.54% 7/6/18 (Liquidity Facility Royal Bank of Canada) (b)(c) | 3,600,000 | 3,600,000 | |
Franklin County Hosp. Facilities Rev. Participating VRDN: | |||
Series 15 XF0244, 1.55% 7/6/18 (Liquidity Facility Toronto-Dominion Bank) (b)(c) | 4,000,000 | 4,000,000 | |
Series 16 XL0004, 1.55% 7/6/18 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4,480,000 | 4,480,000 | |
Franklin County Rev. Participating VRDN Series Floaters XF 25 90, 1.54% 7/6/18 (Liquidity Facility Citibank NA) (b)(c) | 2,000,000 | 2,000,000 | |
Hamilton County HealthCare Facilities Rev. Participating VRDN Series XF 10 50, 1.61% 7/6/18 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c) | 4,000,000 | 4,000,000 | |
Lakewood City School District Bonds Series Solar 0067, 1.66%, tender 8/23/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(c) | 4,195,000 | 4,195,000 | |
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 6,420,000 | 6,420,000 | |
Northeast Ohio Reg'l. Swr. District Wastewtr. Rev. Participating VRDN Series Floaters ZF 05 85, 1.54% 7/6/18 (Liquidity Facility Toronto-Dominion Bank) (b)(c) | 3,170,000 | 3,170,000 | |
Ohio Higher Edl. Facility Commission Rev. Participating VRDN: | |||
Series 2017, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 10,800,000 | 10,800,000 | |
Series XG 00 69, 1.61% 7/6/18 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c) | 3,000,000 | 3,000,000 | |
Ohio Hosp. Facilities Rev. Participating VRDN: | |||
Series 16 ZF0354, 1.54% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 1,000,000 | 1,000,000 | |
Series 2015 XF0105, 1.54% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 16,035,000 | 16,035,000 | |
Series 2016 ZF0355, 1.54% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 4,605,000 | 4,605,000 | |
Series XL 00 31, 1.54% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 3,930,000 | 3,930,000 | |
Series XM 05 20, 1.54% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 6,750,000 | 6,750,000 | |
Ohio Wtr. Dev. Auth. Rev. Participating VRDN Series Floaters E 104, 1.54% 7/6/18 (Liquidity Facility Royal Bank of Canada) (b)(c) | 11,000,000 | 11,000,000 | |
the Cleveland Clinic Foundation Participating VRDN Series Floaters XF 05 73, 1.54% 7/6/18 (Liquidity Facility Toronto-Dominion Bank) (b)(c) | 1,445,000 | 1,445,000 | |
Univ. of Cincinnati Gen. Receipts Participating VRDN: | |||
Series Floaters XF 24 38, 1.54% 7/6/18 (Liquidity Facility Citibank NA) (b)(c) | 2,000,000 | 2,000,000 | |
Series Floaters ZM 06 46, 1.54% 7/6/18 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 3,600,000 | 3,600,000 | |
Upper Arlington City School District Participating VRDN Series Floaters XF 25 92, 1.59% 7/6/18 (Liquidity Facility Citibank NA) (b)(c) | 3,500,000 | 3,500,000 | |
TOTAL TENDER OPTION BOND | |||
(Cost $107,620,000) | 107,620,000 | ||
Other Municipal Security - 28.7% | |||
Kentucky - 0.1% | |||
Jefferson County Poll. Cont. Rev. Bonds Series 01A, 1.7% tender 7/17/18, CP mode | 200,000 | 200,000 | |
Massachusetts - 0.1% | |||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds: | |||
(New England Pwr. Co. Proj.) Series 1992, 1.6% tender 8/10/18, CP mode | 300,000 | 300,000 | |
Series 92, 1.5% tender 7/9/18, CP mode | 200,000 | 200,000 | |
500,000 | |||
New Hampshire - 0.9% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds: | |||
(New England Pwr. Co. Proj.) Series 1990 B, 1.65% tender 8/9/18, CP mode | 500,000 | 500,000 | |
Series 90 A, 1.55% tender 7/9/18, CP mode (a) | 400,000 | 400,000 | |
Series 90A, 1.68% tender 7/2/18, CP mode (a) | 1,200,000 | 1,200,000 | |
Series A1, 1.35% tender 7/12/18, CP mode (a) | 1,000,000 | 1,000,000 | |
3,100,000 | |||
Ohio - 27.6% | |||
American Muni. Pwr. BAN (City of Wapakoneta Proj.) Series 2018, 3% 6/27/19 (Ohio Gen. Oblig. Guaranteed) | 1,000,000 | 1,010,820 | |
Avon Gen. Oblig. BAN: | |||
Series 2017, 2% 9/6/18 | 1,850,000 | 1,851,487 | |
Series 2018, 2.375% 1/23/19 | 2,400,000 | 2,408,980 | |
Belmont County BAN Series 2017: | |||
2% 8/30/18 | 3,000,000 | 3,003,916 | |
2% 8/30/18 | 2,500,000 | 2,502,848 | |
Canal Fulton BAN Series 2018, 2.5% 11/1/18 (Ohio Gen. Oblig. Guaranteed) | 1,730,000 | 1,735,308 | |
Elyria Gen. Oblig. BAN Series 2017, 3% 12/12/18 (Ohio Gen. Oblig. Guaranteed) | 3,000,000 | 3,019,638 | |
Euclid Gen. Oblig. BAN Series 2018, 2.75% 5/2/19 (Ohio Gen. Oblig. Guaranteed) | 1,001,000 | 1,007,148 | |
Fairborn Gen. Oblig. BAN Series 2017 B, 1.75% 9/7/18 | 100,000 | 100,000 | |
Forest Park Gen. Oblig. BAN Series 2017, 1.75% 8/22/18 (Ohio Gen. Oblig. Guaranteed) | 100,000 | 100,000 | |
Franklin County Gen. Oblig. BAN Series 2017, 2.125% 11/20/18 | 3,300,000 | 3,310,453 | |
Franklin County Rev. Bonds Series 2013 OH, 1.8%, tender 8/1/18 (b) | 3,700,000 | 3,700,000 | |
Hudson City Gen. Oblig. BAN Series 2017 2, 3% 12/28/18 | 4,300,000 | 4,329,836 | |
Independence Gen. Oblig. BAN Series 2017, 2% 12/5/18 | 4,300,000 | 4,310,931 | |
Lake County Gen. Oblig. BAN Series 2017, 2% 10/18/18 | 2,252,000 | 2,257,847 | |
Licking County BAN Series 2018, 3% 5/9/19 | 2,100,000 | 2,117,592 | |
Logan County Gen. Oblig. BAN: | |||
Series 2017, 2% 12/19/18 | 200,000 | 200,225 | |
Series 2018 A, 3% 12/19/18 | 3,500,000 | 3,519,372 | |
Lucas County Gen. Oblig. BAN Series 2017, 2% 7/11/18 | 5,050,000 | 5,050,508 | |
Marysville Gen. Oblig. BAN Series 2017, 1.75% 8/23/18 | 100,000 | 100,000 | |
Mason Gen. Oblig. BAN Series 2018, 3% 5/16/19 | 2,000,000 | 2,017,124 | |
Mayfield Heights Gen. Oblig. BAN Series 2018, 2.5% 4/4/19 (Ohio Gen. Oblig. Guaranteed) | 3,300,000 | 3,317,205 | |
North Ridgeville Gen. Oblig. BAN Series 2018, 3% 6/13/19 | 1,100,000 | 1,111,178 | |
Ohio Gen. Oblig. Bonds Series 2013 A, 5% 8/1/18 | 3,600,000 | 3,610,206 | |
Ohio Higher Edl. Facility Commission Rev. Bonds: | |||
Series B5: | |||
1.56% tender 9/5/18, CP mode | 3,500,000 | 3,500,000 | |
1.68% tender 7/5/18, CP mode | 3,800,000 | 3,800,000 | |
1.75% tender 7/12/18, CP mode | 3,800,000 | 3,800,000 | |
Series B6, 1.68% tender 7/5/18, CP mode | 3,800,000 | 3,800,000 | |
Ohio Hosp. Facilities Rev. Bonds Series 2009 B: | |||
4.75% 1/1/19 (Pre-Refunded to 1/1/19 @ 100) | 1,000,000 | 1,014,603 | |
5.5% 1/1/19 (Pre-Refunded to 1/1/19 @ 100) | 500,000 | 509,208 | |
Oxford Gen. Oblig. BAN Series 2018, 3% 6/11/19 (Ohio Gen. Oblig. Guaranteed) | 1,600,000 | 1,617,076 | |
Perrysburg Gen. Oblig. BAN Series 2018, 3% 6/4/19 | 1,000,000 | 1,009,072 | |
Pickerington Gen. Oblig. BAN Series 2018, 2.375% 2/7/19 | 2,000,000 | 2,008,029 | |
Powell Gen. Oblig. BAN Series 2017, 2.5% 8/8/18 | 2,265,000 | 2,267,933 | |
Shaker Heights City School District BAN Series 2017, 3% 7/12/18 | 2,100,000 | 2,101,008 | |
Southwest Local School District: | |||
BAN Series 2017, 2.5% 11/14/18 | 4,500,000 | 4,514,501 | |
Bonds Series 2018 B, 3% 1/15/19 | 1,000,000 | 1,006,383 | |
Springfield Gen. Oblig. BAN Series 2018, 2.5% 3/28/19 (Ohio Gen. Oblig. Guaranteed) | 3,800,000 | 3,822,662 | |
Uhrichsville Recreational Facilities BAN Series 2018, 3% 6/26/19 (Ohio Gen. Oblig. Guaranteed) | 1,750,000 | 1,769,488 | |
Vandalia Gen. Oblig. BAN Series 2017, 2% 9/6/18 | 3,691,000 | 3,696,354 | |
Walton Hills BD Anticipation BAN Series 2017, 2% 11/28/18 (Ohio Gen. Oblig. Guaranteed) | 860,000 | 862,615 | |
96,791,554 | |||
TOTAL OTHER MUNICIPAL SECURITY | |||
(Cost $100,591,554) | 100,591,554 | ||
Shares | Value | ||
Investment Company - 3.2% | |||
Fidelity Municipal Cash Central Fund, 1.15% (e)(f) | |||
(Cost $11,346,752) | 11,346,752 | 11,346,752 | |
TOTAL INVESTMENT IN SECURITIES - 99.8% | |||
(Cost $350,213,306) | 350,213,306 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 805,368 | ||
NET ASSETS - 100% | $351,018,674 |
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) 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 $17,220,000 or 4.9% 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 are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Cost |
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) | 9/14/17 - 1/3/18 | $6,420,000 |
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) | 3/9/17 - 3/2/18 | $10,800,000 |
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 | $198,794 |
Total | $198,794 |
Amounts in the income column in the above table exclude any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
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
June 30, 2018 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $338,866,554) | $338,866,554 | |
Fidelity Central Funds (cost $11,346,752) | 11,346,752 | |
Total Investment in Securities (cost $350,213,306) | $350,213,306 | |
Cash | 9,917 | |
Receivable for investments sold | 115 | |
Receivable for fund shares sold | 27,019 | |
Interest receivable | 1,715,202 | |
Distributions receivable from Fidelity Central Funds | 19,473 | |
Other receivables | 10 | |
Total assets | 351,985,042 | |
Liabilities | ||
Payable for fund shares redeemed | 788,943 | |
Distributions payable | 7,001 | |
Accrued management fee | 104,933 | |
Other affiliated payables | 45,015 | |
Other payables and accrued expenses | 20,476 | |
Total liabilities | 966,368 | |
Net Assets | $351,018,674 | |
Net Assets consist of: | ||
Paid in capital | $351,048,890 | |
Distributions in excess of net investment income | (351) | |
Accumulated undistributed net realized gain (loss) on investments | (29,865) | |
Net Assets, for 350,498,470 shares outstanding | $351,018,674 | |
Net Asset Value, offering price and redemption price per share ($351,018,674 ÷ 350,498,470 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2018 (Unaudited) | ||
Investment Income | ||
Interest | $2,456,608 | |
Income from Fidelity Central Funds | 198,794 | |
Total income | 2,655,402 | |
Expenses | ||
Management fee | $677,378 | |
Transfer agent fees | 261,264 | |
Accounting fees and expenses | 29,713 | |
Custodian fees and expenses | 1,672 | |
Independent trustees' fees and expenses | 840 | |
Registration fees | 19,462 | |
Audit | 19,698 | |
Legal | 4,317 | |
Miscellaneous | 948 | |
Total expenses before reductions | 1,015,292 | |
Expense reductions | (1,342) | |
Total expenses after reductions | 1,013,950 | |
Net investment income (loss) | 1,641,452 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (4,524) | |
Fidelity Central Funds | 3,071 | |
Total net realized gain (loss) | (1,453) | |
Net increase in net assets resulting from operations | $1,639,999 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2018 (Unaudited) | Year ended December 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,641,452 | $1,967,233 |
Net realized gain (loss) | (1,453) | (28,447) |
Net increase in net assets resulting from operations | 1,639,999 | 1,938,786 |
Distributions to shareholders from net investment income | (1,641,803) | (1,966,726) |
Distributions to shareholders from net realized gain | – | (56,345) |
Total distributions | (1,641,803) | (2,023,071) |
Share transactions at net asset value of $1.00 per share | ||
Proceeds from sales of shares | 33,387,133 | 31,134,506 |
Reinvestment of distributions | 1,593,371 | 1,960,003 |
Cost of shares redeemed | (103,069,588) | (199,538,120) |
Net increase (decrease) in net assets and shares resulting from share transactions | (68,089,084) | (166,443,611) |
Total increase (decrease) in net assets | (68,090,888) | (166,527,896) |
Net Assets | ||
Beginning of period | 419,109,562 | 585,637,458 |
End of period | $351,018,674 | $419,109,562 |
Other Information | ||
Distributions in excess of net investment income end of period | $(351) | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Ohio Municipal Money Market Fund
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | ||||||
Net investment income (loss) | .004 | .004 | .001 | –A | –A | –A |
Net realized and unrealized gain (loss)A | – | – | – | – | – | – |
Total from investment operations | .004 | .004 | .001 | –A | –A | –A |
Distributions from net investment income | (.004) | (.004) | (.001) | –A | –A | –A |
Distributions from net realized gain | – | –A | –A | –A | –A | – |
Total distributions | (.004) | (.004) | (.001) | –A | –A | –A |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnB,C | .43% | .42% | .09% | .01% | .02% | .01% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | .54%F | .53% | .52% | .52% | .51% | .52% |
Expenses net of fee waivers, if any | .54%F | .52% | .37% | .07% | .08% | .12% |
Expenses net of all reductions | .54%F | .52% | .36% | .07% | .08% | .12% |
Net investment income (loss) | .87%F | .40% | .07% | .01% | .01% | .01% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $351,019 | $419,110 | $585,637 | $1,250,546 | $1,336,936 | $1,332,321 |
A Amount represents less than $.0005 per share.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
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. Shares of the Money Market Fund are only available for purchase by retail shareholders. 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 are available on the SEC website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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 Fair Value Committee (the Committee) established by the Income Fund's investment adviser. 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. 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.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation and losses deferred due to futures transactions.
The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Ohio Municipal Income Fund | $642,213,120 | $14,907,554 | $(4,031,657) | $10,875,897 |
Fidelity Ohio Municipal Money Market Fund | 350,213,306 | – | – | – |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | |
Fidelity Ohio Municipal Money Market Fund | $(29,695) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain 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. Certain Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.
New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $39,013,220 and $43,660,367, 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 annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
Individual Rate | Group Rate | Total | |
Fidelity Ohio Municipal Income Fund | .25% | .11% | .36% |
Fidelity Ohio Municipal Money Market Fund | .25% | .11% | .36% |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Funds. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Fidelity Ohio Municipal Income Fund | .09% |
Fidelity Ohio Municipal Money Market Fund | .14% |
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. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Ohio Municipal Income Fund | .02 |
Fidelity Ohio Municipal Money Market Fund | .02 |
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 | $953 |
During the period, the Income Fund did not borrow on this line of credit.
7. Expense Reductions.
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 | $2,400 |
Fidelity Ohio Municipal Money Market Fund | 63 |
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 | $2,024 |
Fidelity Ohio Municipal Money Market Fund | 1,279 |
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.
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2018 to June 30, 2018).
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.
Annualized Expense Ratio-A | Beginning Account Value January 1, 2018 | Ending Account Value June 30, 2018 | Expenses Paid During Period-B January 1, 2018 to June 30, 2018 | |
Fidelity Ohio Municipal Income Fund | .49% | |||
Actual | $1,000.00 | $990.40 | $2.42 | |
Hypothetical-C | $1,000.00 | $1,022.36 | $2.46 | |
Fidelity Ohio Municipal Money Market Fund | .54% | |||
Actual | $1,000.00 | $1,004.30 | $2.68 | |
Hypothetical-C | $1,000.00 | $1,022.12 | $2.71 |
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 181/ 365 (to reflect the one-half year period).
C 5% return per year before expenses
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Fidelity® Pennsylvania Municipal Income Fund Fidelity® Pennsylvania Municipal Money Market Fund Semi-Annual Report June 30, 2018 |
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Contents
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. © 2018 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.institutional.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
Investment Summary (Unaudited)
Top Five Sectors as of June 30, 2018
% of fund's net assets | |
Health Care | 27.9 |
General Obligations | 22.9 |
Education | 14.4 |
Transportation | 11.9 |
Water & Sewer | 10.5 |
Quality Diversification (% of fund's net assets)
As of June 30, 2018 | ||
AA,A | 87.6% | |
BBB | 6.9% | |
BB and Below | 0.5% | |
Not Rated | 0.7% | |
Short-Term Investments and Net Other Assets | 4.3% |
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. Securities rated BB or below were rated investment grade at the time of acquisition.
Fidelity® Pennsylvania Municipal Income Fund
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 95.8% | |||
Principal Amount | Value | ||
Guam - 0.2% | |||
Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.25% 10/1/34 (a) | 700,000 | 779,758 | |
Pennsylvania - 94.4% | |||
Adams County Indl. Dev. Auth. Rev. (Gettysburg College Proj.) Series 2010, 5% 8/15/24 | 1,000,000 | 1,061,640 | |
Allegheny County Series C: | |||
5% 12/1/28 | $1,000,000 | $1,132,660 | |
5% 12/1/30 | 1,365,000 | 1,535,816 | |
Allegheny County Arpt. Auth. Rev. Series 2006 B: | |||
5% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a) | 3,190,000 | 3,410,461 | |
5% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a) | 1,650,000 | 1,797,032 | |
Allegheny County Higher Ed. Bldg. Auth. Univ. Rev. Series 2018: | |||
5% 3/1/33 | 1,570,000 | 1,814,496 | |
5% 3/1/34 | 2,250,000 | 2,588,243 | |
Allegheny County Sanitation Auth. Swr. Rev.: | |||
Series 2010, 5% 6/1/40 (FSA Insured) | 6,690,000 | 7,107,924 | |
5% 12/1/29 (Build America Mutual Assurance Insured) | 3,905,000 | 4,476,262 | |
Berks County Muni. Auth. Rev. Series 2012 A, 5% 11/1/40 | 3,590,000 | 3,836,956 | |
Bethlehem Wtr. Auth. Rev. Series 2014, 5% 11/15/20 (Build America Mutual Assurance Insured) | 1,000,000 | 1,069,470 | |
Butler County Hosp. Auth. Hosp. Rev. (Butler Health Sys. Proj.) Series 2015 A: | |||
5% 7/1/26 | 500,000 | 557,660 | |
5% 7/1/27 | 490,000 | 545,208 | |
5% 7/1/28 | 540,000 | 601,198 | |
5% 7/1/29 | 710,000 | 789,527 | |
5% 7/1/30 | 685,000 | 759,912 | |
5% 7/1/35 | 1,885,000 | 2,066,431 | |
5% 7/1/39 | 6,675,000 | 7,269,809 | |
Cap. Region Wtr. Wtr. Rev. Series 2018: | |||
5% 7/15/28 | 1,300,000 | 1,522,586 | |
5% 7/15/30 | 1,500,000 | 1,744,125 | |
5% 7/15/31 | 1,250,000 | 1,448,763 | |
Central Bradford Prog. Auth. Rev. Series 2011, 5.375% 12/1/41 | 2,000,000 | 2,190,960 | |
Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.): | |||
Series 2011, 7% 11/15/46 (Pre-Refunded to 11/15/21 @ 100) | 2,000,000 | 2,329,640 | |
Series 2016 A: | |||
4% 11/15/32 | 350,000 | 361,725 | |
4% 11/15/34 | 250,000 | 256,575 | |
4% 11/15/35 | 200,000 | 205,000 | |
5% 11/15/28 | 840,000 | 955,030 | |
5% 11/15/29 | 1,625,000 | 1,840,621 | |
5% 11/15/30 | 685,000 | 773,475 | |
5% 11/15/46 | 6,605,000 | 7,261,207 | |
Series 2016 B: | |||
4% 11/15/40 | 600,000 | 609,168 | |
4% 11/15/47 | 3,605,000 | 3,632,362 | |
Series 2018 A: | |||
5% 11/15/26 | 1,140,000 | 1,307,557 | |
5% 11/15/27 | 225,000 | 259,911 | |
5% 11/15/28 | 200,000 | 229,978 | |
5% 11/15/29 | 200,000 | 228,930 | |
Commonwealth Fing. Auth. Rev. Series 2013 A2: | |||
5% 6/1/24 | 800,000 | 872,504 | |
5% 6/1/25 | 1,175,000 | 1,279,199 | |
5% 6/1/26 | 1,250,000 | 1,360,363 | |
5% 6/1/42 | 12,000,000 | 12,888,351 | |
Cumberland County Muni. Auth. Rev. (Dickinson College Proj.): | |||
Series 2012: | |||
5% 11/1/37 | 1,520,000 | 1,654,049 | |
5% 11/1/42 | 3,000,000 | 3,254,400 | |
Series 2016: | |||
5% 5/1/30 | 1,000,000 | 1,144,570 | |
5% 5/1/31 | 500,000 | 571,160 | |
5% 5/1/32 | 750,000 | 855,053 | |
5% 5/1/33 | 2,210,000 | 2,511,289 | |
5% 5/1/34 | 1,000,000 | 1,131,860 | |
Dauphin County Gen. Auth.: | |||
(Pinnacle Health Sys. Proj.) Series 2016 A: | |||
5% 6/1/34 | 1,275,000 | 1,436,147 | |
5% 6/1/35 | 1,000,000 | 1,124,160 | |
5% 6/1/36 | 500,000 | 560,965 | |
5% 6/1/42 | 7,410,000 | 7,972,715 | |
Delaware County Auth. Univ. Rev. Series 2012: | |||
5% 8/1/21 | 350,000 | 380,748 | |
5% 8/1/22 | 300,000 | 333,453 | |
Doylestown Hosp. Auth. Hosp. Rev.: | |||
Series 2013 A, 5% 7/1/27 | 2,500,000 | 2,679,950 | |
Series 2016 A, 5% 7/1/46 | 3,500,000 | 3,739,925 | |
Erie County Hosp. Auth. Rev. (Saint Vincent Health Ctr. Proj.) Series 2010 A, 7% 7/1/27 (Pre-Refunded to 7/1/20 @ 100) | 2,750,000 | 3,030,060 | |
Fox Chapel Area School District Series 2013: | |||
4% 8/1/22 | 500,000 | 537,745 | |
5% 8/1/31 | 3,080,000 | 3,443,594 | |
5% 8/1/34 | 1,000,000 | 1,111,150 | |
Franklin County Indl. Dev. Auth. (The Chambersburg Hosp. Proj.) Series 2010: | |||
5.3% 7/1/30 | 1,770,000 | 1,878,271 | |
5.375% 7/1/42 | 2,130,000 | 2,256,969 | |
Geisinger Auth. Health Sys. Rev.: | |||
Series 2014 A, 4% 6/1/41 | 2,000,000 | 2,041,140 | |
Series 2017 A2, 5% 2/15/39 | 1,880,000 | 2,116,429 | |
Indiana County Hosp. Auth. Series 2014 A: | |||
5% 6/1/20 | 650,000 | 673,706 | |
6% 6/1/39 | 1,625,000 | 1,760,265 | |
Lackawanna County Indl. Dev. Auth. Rev. (Univ. of Scranton Proj.) Series 2017: | |||
5% 11/1/24 | 590,000 | 664,405 | |
5% 11/1/25�� | 665,000 | 753,751 | |
5% 11/1/27 | 1,105,000 | 1,269,070 | |
Lancaster County Hosp. Auth. Health Ctr. Rev. Series 2016: | |||
5% 8/15/31 | 1,000,000 | 1,154,780 | |
5% 8/15/33 | 1,000,000 | 1,148,540 | |
5% 8/15/34 | 1,000,000 | 1,143,880 | |
5% 8/15/36 | 1,000,000 | 1,139,240 | |
Lehigh County Gen. Purp. Auth. Rev. (Muhlenberg College Proj.) Series 2017, 5% 2/1/39 | 4,000,000 | 4,497,960 | |
Lower Paxton Township Series 2014: | |||
5% 4/1/40 | 3,420,000 | 3,797,363 | |
5% 4/1/44 | 1,295,000 | 1,434,277 | |
Luzerne County Indl. Dev. Auth. Wtr. Facilities Rev. (Pennsylvania-American Wtr. Co. Proj.) Series 2009, 5.5% 12/1/39 | 2,500,000 | 2,626,475 | |
Lycoming County Auth. Health Sys. Rev. (Susquehanna Health Sys.) Series 2009 A, 5.5% 7/1/21 | 3,500,000 | 3,630,585 | |
Monroe County Hosp. Auth. Rev. Series 2016, 5% 7/1/33 | 3,675,000 | 4,119,087 | |
Monroeville Fin. Auth. UPMC Rev. Series 2012, 5% 2/15/26 | 1,500,000 | 1,743,885 | |
Montgomery County Higher Ed. & Health Auth. Rev.: | |||
Series 2014 A: | |||
4% 10/1/19 | 185,000 | 188,924 | |
5% 10/1/20 | 215,000 | 227,137 | |
5% 10/1/21 | 245,000 | 263,647 | |
5% 10/1/22 | 275,000 | 300,308 | |
5% 10/1/23 | 1,305,000 | 1,441,399 | |
5% 10/1/24 | 335,000 | 372,275 | |
5% 10/1/25 | 750,000 | 820,493 | |
5% 10/1/26 | 1,000,000 | 1,086,940 | |
5% 10/1/27 | 1,000,000 | 1,082,270 | |
Series 2016 A, 5% 10/1/40 | 4,000,000 | 4,325,000 | |
Series 2018 A, 5% 9/1/26 | 1,500,000 | 1,730,940 | |
Montgomery County Indl. Dev. Auth. Series 2017: | |||
5% 12/1/33 | 2,150,000 | 2,502,256 | |
5% 12/1/35 | 1,000,000 | 1,157,040 | |
5% 12/1/36 | 2,660,000 | 3,070,970 | |
5% 12/1/37 | 1,515,000 | 1,747,795 | |
Montour School District Series 2015 A: | |||
5% 4/1/41 | 1,000,000 | 1,121,700 | |
5% 4/1/42 | 1,000,000 | 1,121,010 | |
Northampton County Gen. Purp. Auth. Hosp. Rev. (St. Luke's Univ. Health Network Proj.) Series 2018 A: | |||
4% 8/15/48 | 4,500,000 | 4,491,990 | |
5% 8/15/43 | 2,000,000 | 2,239,180 | |
5% 8/15/48 | 2,500,000 | 2,789,975 | |
Pennsylvania Ctfs. Prtn. Series 2018 A: | |||
5% 7/1/28 | 400,000 | 457,192 | |
5% 7/1/29 | 300,000 | 341,307 | |
5% 7/1/30 | 375,000 | 425,318 | |
5% 7/1/31 | 425,000 | 480,909 | |
Pennsylvania Econ. Dev. Auth. Governmental Lease (Forum Place Proj.) Series 2012: | |||
5% 3/1/24 | 1,745,000 | 1,889,661 | |
5% 3/1/25 | 3,255,000 | 3,515,367 | |
Pennsylvania Gen. Oblig.: | |||
Series 2012, 5% 6/1/25 (Pre-Refunded to 6/1/22 @ 100) | 5,000,000 | 5,573,500 | |
Series 2013, 5% 10/15/27 | 2,255,000 | 2,511,033 | |
Series 2015 1, 5% 3/15/31 | 7,000,000 | 7,839,230 | |
Series 2015, 5% 3/15/33 | 2,880,000 | 3,208,637 | |
Series 2017, 5% 1/1/28 | 7,000,000 | 8,025,990 | |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
(Thomas Jefferson Univ. Proj.) Series 2012: | |||
5% 3/1/20 | 300,000 | 315,534 | |
5% 3/1/22 | 275,000 | 301,835 | |
5% 3/1/23 | 585,000 | 646,092 | |
First Series 2012: | |||
5% 4/1/20 | 750,000 | 792,608 | |
5% 4/1/21 | 500,000 | 539,015 | |
5% 4/1/22 | 600,000 | 659,820 | |
5% 4/1/23 | 800,000 | 879,456 | |
5% 4/1/24 | 1,100,000 | 1,206,348 | |
Series 2010 E, 5% 5/15/31 | 2,500,000 | 2,636,225 | |
Series 2016: | |||
5% 5/1/33 | 4,300,000 | 4,831,996 | |
5% 5/1/34 | 2,500,000 | 2,798,300 | |
5% 5/1/35 | 2,000,000 | 2,234,240 | |
Series AT-1 5% 6/15/31 | 10,000,000 | 11,405,100 | |
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 | 1,419,750 | |
5% 12/1/25 (Build America Mutual Assurance Insured) | 1,250,000 | 1,410,338 | |
5% 12/1/26 (Build America Mutual Assurance Insured) | 1,250,000 | 1,404,088 | |
5% 12/1/27 (Build America Mutual Assurance Insured) | 1,010,000 | 1,131,372 | |
Series 2016 A, 5% 12/1/28 (FSA Insured) | 5,690,000 | 6,525,747 | |
Pennsylvania State Univ.: | |||
Series 2010, 5% 3/1/40 | 4,385,000 | 4,595,831 | |
Series 2015 A: | |||
5% 9/1/30 | 1,100,000 | 1,271,446 | |
5% 9/1/31 | 1,415,000 | 1,631,552 | |
Pennsylvania Tpk. Commission Tpk. Rev.: | |||
(Sub Lien Proj.) Series 2017 B-1, 5% 6/1/34 | 5,000,000 | 5,577,850 | |
Series 2013 A2, 0% 12/1/38 (b) | 2,500,000 | 2,725,825 | |
Series 2014 A, 5% 12/1/31 | 865,000 | 974,872 | |
Series 2014 A2, 0% 12/1/40 (b) | 5,500,000 | 4,618,790 | |
Series 2016 A1, 5% 12/1/46 | 5,000,000 | 5,547,050 | |
Series 2017 A1: | |||
5% 12/1/30 | 3,500,000 | 4,057,725 | |
5% 12/1/31 | 2,000,000 | 2,311,600 | |
5% 12/1/33 | 1,500,000 | 1,720,500 | |
Philadelphia Arpt. Rev. Series 2017 B: | |||
5% 7/1/31 (a) | 1,000,000 | 1,145,610 | |
5% 7/1/37 (a) | 1,480,000 | 1,671,971 | |
5% 7/1/42 (a) | 4,000,000 | 4,505,600 | |
Philadelphia Gas Works Rev.: | |||
Series 9, 5.25% 8/1/40 | 5,300,000 | 5,612,011 | |
5% 8/1/29 | 2,000,000 | 2,260,120 | |
5% 8/1/30 | 1,500,000 | 1,691,010 | |
5% 8/1/31 | 1,100,000 | 1,237,830 | |
5% 10/1/33 | 1,500,000 | 1,694,235 | |
5% 10/1/34 | 500,000 | 562,430 | |
Philadelphia Gen. Oblig. Series 2017 A, 5% 8/1/30 | 1,500,000 | 1,706,160 | |
Philadelphia Hospitals & Higher Ed. Facilities Auth. Hosp. Rev. (Children's Hosp. of Philadelphia Proj.) Series 2011 D, 5% 7/1/32 | 2,500,000 | 2,705,550 | |
Philadelphia Redev. Auth. Rev.: | |||
Series 2012: | |||
5% 4/15/21 | 1,000,000 | 1,069,840 | |
5% 4/15/25 | 2,230,000 | 2,405,702 | |
Series 2015 A, 5% 4/15/29 | 3,000,000 | 3,297,990 | |
Philadelphia School District: | |||
Series 2010 C, 5% 9/1/21 | 4,000,000 | 4,225,440 | |
Series 2016 F, 5% 9/1/34 | 4,000,000 | 4,458,640 | |
Series 2018 A: | |||
5% 9/1/29 | 1,250,000 | 1,439,125 | |
5% 9/1/30 | 1,000,000 | 1,148,500 | |
5% 9/1/33 | 1,000,000 | 1,137,370 | |
Philadelphia Wtr. & Wastewtr. Rev.: | |||
Series 2010 C, 5% 8/1/40 (Pre-Refunded to 8/1/20 @ 100) | 4,000,000 | 4,211,160 | |
Series 2011 A, 5% 1/1/41 | 2,715,000 | 2,870,705 | |
Series 2015 B, 5% 7/1/30 | 3,500,000 | 3,997,980 | |
Series 2017 B: | |||
5% 11/1/29 | 3,000,000 | 3,516,870 | |
5% 11/1/30 | 3,700,000 | 4,324,301 | |
Pittsburgh & Alleg County Parkin Series 2017: | |||
5% 12/15/23 | 500,000 | 562,770 | |
5% 12/15/24 | 440,000 | 500,091 | |
5% 12/15/31 | 1,000,000 | 1,132,690 | |
5% 12/15/32 | 500,000 | 565,480 | |
5% 12/15/33 | 500,000 | 563,325 | |
Pittsburgh & Allegheny County Sports & Exhibition Auth. Series 2012, 5% 2/1/25 (FSA Insured) | 2,250,000 | 2,475,923 | |
Pittsburgh Gen. Oblig.: | |||
Series 2012 A, 5% 9/1/22 | 2,000,000 | 2,221,460 | |
Series 2014: | |||
5% 9/1/23 (Build America Mutual Assurance Insured) | 575,000 | 647,444 | |
5% 9/1/28 (Build America Mutual Assurance Insured) | 1,300,000 | 1,470,989 | |
5% 9/1/29 (Build America Mutual Assurance Insured) | 1,015,000 | 1,143,580 | |
5% 9/1/31 (Build America Mutual Assurance Insured) | 1,165,000 | 1,307,666 | |
5% 9/1/32 (Build America Mutual Assurance Insured) | 1,000,000 | 1,127,890 | |
Pittsburgh School District: | |||
Series 2014 A, 5% 9/1/23 | 1,000,000 | 1,113,680 | |
Series 2015: | |||
5% 9/1/21 (FSA Insured) | 730,000 | 797,445 | |
5% 9/1/22 (FSA Insured) | 885,000 | 987,102 | |
5% 9/1/23 (FSA Insured) | 1,085,000 | 1,230,726 | |
Reading School District Series 2017: | |||
5% 3/1/35 (FSA Insured) | 1,000,000 | 1,127,120 | |
5% 3/1/36 (FSA Insured) | 1,050,000 | 1,180,946 | |
5% 3/1/37 (FSA Insured) | 1,600,000 | 1,796,976 | |
Saint Mary Hosp. Auth. Health Sys. Rev. (Trinity Health Proj.) Series 2012 B: | |||
5% 11/15/24 | 500,000 | 574,405 | |
5% 11/15/26 | 1,500,000 | 1,753,110 | |
5% 11/15/27 | 1,500,000 | 1,764,780 | |
5% 11/15/28 | 4,170,000 | 4,872,437 | |
Southcentral Pennsylvania Gen. Auth. Rev. Series 2015: | |||
4% 12/1/30 | 1,040,000 | 1,075,724 | |
5% 12/1/20 | 30,000 | 32,035 | |
5% 12/1/21 | 145,000 | 158,069 | |
5% 12/1/22 | 30,000 | 33,326 | |
5% 12/1/25 | 1,285,000 | 1,483,211 | |
5% 12/1/27 | 1,480,000 | 1,685,898 | |
5% 12/1/29 | 1,000,000 | 1,127,740 | |
Southeastern Pennsylvania Trans. Auth. Rev. Series 2017: | |||
5% 6/1/27 | 1,400,000 | 1,654,702 | |
5% 6/1/29 | 3,500,000 | 4,091,430 | |
Susquehanna Area Reg'l. Arp Auth. Series 2017: | |||
5% 1/1/35 (a) | 1,000,000 | 1,107,500 | |
5% 1/1/38 (a) | 1,125,000 | 1,239,300 | |
West Mifflin Area School District Series 2016: | |||
5% 4/1/24 (FSA Insured) | 1,250,000 | 1,380,963 | |
5% 4/1/26 (FSA Insured) | 1,000,000 | 1,115,290 | |
5% 4/1/28 (FSA Insured) | 1,390,000 | 1,545,485 | |
West Shore Area Auth. Hosp. Rev. Series 2011 B, 5.75% 1/1/41 | 1,500,000 | 1,678,695 | |
Westmoreland County Indl. Dev. Auth. Rev. (Excela Health Proj.) Series 2010 A: | |||
5% 7/1/19 | 1,000,000 | 1,031,900 | |
5% 7/1/25 | 4,465,000 | 4,693,340 | |
5.25% 7/1/20 | 1,000,000 | 1,065,060 | |
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series 2001 A: | |||
0% 8/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000,000 | 4,884,150 | |
0% 8/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500,000 | 2,385,850 | |
0% 8/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,550,000 | 5,894,018 | |
TOTAL PENNSYLVANIA | 438,999,975 | ||
Pennsylvania, New Jersey - 1.2% | |||
Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev. Series 2012 A: | |||
5% 7/1/22 | 500,000 | 556,090 | |
5% 7/1/23 | 1,000,000 | 1,105,700 | |
Delaware River Port Auth. Pennsylvania & New Jersey Rev. Series 2010 D, 5% 1/1/30 | 3,500,000 | 3,655,435 | |
TOTAL PENNSYLVANIA, NEW JERSEY | 5,317,225 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $438,806,438) | 445,096,958 | ||
TOTAL INVESTMENT IN SECURITIES - 95.8% | |||
(Cost $438,806,438) | 445,096,958 | ||
NET OTHER ASSETS (LIABILITIES) - 4.2% | 19,741,848 | ||
NET ASSETS - 100% | $464,838,806 |
Legend
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) 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):
Health Care | 27.9% |
General Obligations | 22.9% |
Education | 14.4% |
Transportation | 11.9% |
Water & Sewer | 10.5% |
Others* (Individually Less Than 5%) | 12.4% |
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
June 30, 2018 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $438,806,438) | $445,096,958 | |
Cash | 15,431,095 | |
Receivable for fund shares sold | 274,034 | |
Interest receivable | 4,770,982 | |
Other receivables | 1,464 | |
Total assets | 465,574,533 | |
Liabilities | ||
Payable for fund shares redeemed | $129,250 | |
Distributions payable | 401,664 | |
Accrued management fee | 137,255 | |
Other affiliated payables | 40,462 | |
Other payables and accrued expenses | 27,096 | |
Total liabilities | 735,727 | |
Net Assets | $464,838,806 | |
Net Assets consist of: | ||
Paid in capital | $456,982,771 | |
Distributions in excess of net investment income | (8,463) | |
Accumulated undistributed net realized gain (loss) on investments | 1,573,978 | |
Net unrealized appreciation (depreciation) on investments | 6,290,520 | |
Net Assets, for 42,474,470 shares outstanding | $464,838,806 | |
Net Asset Value, offering price and redemption price per share ($464,838,806 ÷ 42,474,470 shares) | $10.94 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2018 (Unaudited) | ||
Investment Income | ||
Interest | $7,673,157 | |
Expenses | ||
Management fee | $834,039 | |
Transfer agent fees | 184,895 | |
Accounting fees and expenses | 60,739 | |
Custodian fees and expenses | 1,769 | |
Independent trustees' fees and expenses | 1,019 | |
Registration fees | 20,065 | |
Audit | 26,981 | |
Legal | 4,492 | |
Miscellaneous | 1,555 | |
Total expenses before reductions | 1,135,554 | |
Expense reductions | (3,205) | |
Total expenses after reductions | 1,132,349 | |
Net investment income (loss) | 6,540,808 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 1,611,442 | |
Change in net unrealized appreciation (depreciation) on investment securities | (10,705,097) | |
Net gain (loss) | (9,093,655) | |
Net increase (decrease) in net assets resulting from operations | $(2,552,847) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2018 (Unaudited) | Year ended December 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $6,540,808 | $13,746,398 |
Net realized gain (loss) | 1,611,442 | 1,971,622 |
Change in net unrealized appreciation (depreciation) | (10,705,097) | 8,488,786 |
Net increase (decrease) in net assets resulting from operations | (2,552,847) | 24,206,806 |
Distributions to shareholders from net investment income | (6,539,137) | (13,738,825) |
Distributions to shareholders from net realized gain | (1,034,482) | (1,974,339) |
Total distributions | (7,573,619) | (15,713,164) |
Share transactions | ||
Proceeds from sales of shares | 38,882,386 | 75,219,672 |
Reinvestment of distributions | 4,855,042 | 10,400,543 |
Cost of shares redeemed | (49,177,019) | (66,225,341) |
Net increase (decrease) in net assets resulting from share transactions | (5,439,591) | 19,394,874 |
Total increase (decrease) in net assets | (15,566,057) | 27,888,516 |
Net Assets | ||
Beginning of period | 480,404,863 | 452,516,347 |
End of period | $464,838,806 | $480,404,863 |
Other Information | ||
Distributions in excess of net investment income end of period | $(8,463) | $(10,134) |
Shares | ||
Sold | 3,540,127 | 6,763,475 |
Issued in reinvestment of distributions | 443,455 | 936,558 |
Redeemed | (4,486,224) | (5,964,420) |
Net increase (decrease) | (502,642) | 1,735,613 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Pennsylvania Municipal Income Fund
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $11.18 | $10.97 | $11.31 | $11.34 | $10.77 | $11.47 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .153 | .328 | .336 | .358 | .373 | .370 |
Net realized and unrealized gain (loss) | (.216) | .257 | (.291) | .013 | .615 | (.654) |
Total from investment operations | (.063) | .585 | .045 | .371 | .988 | (.284) |
Distributions from net investment income | (.153) | (.328) | (.336) | (.358) | (.373) | (.370) |
Distributions from net realized gain | (.024) | (.047) | (.049) | (.043) | (.045) | (.046) |
Total distributions | (.177) | (.375) | (.385) | (.401) | (.418) | (.416) |
Redemption fees added to paid in capitalA | – | – | –B | –B | –B | –B |
Net asset value, end of period | $10.94 | $11.18 | $10.97 | $11.31 | $11.34 | $10.77 |
Total ReturnC,D | (.56)% | 5.41% | .34% | 3.33% | 9.30% | (2.50)% |
Ratios to Average Net AssetsE | ||||||
Expenses before reductions | .49%F | .48% | .49% | .49% | .49% | .49% |
Expenses net of fee waivers, if any | .49%F | .48% | .49% | .49% | .49% | .49% |
Expenses net of all reductions | .49%F | .48% | .49% | .49% | .49% | .49% |
Net investment income (loss) | 2.81%F | 2.95% | 2.95% | 3.17% | 3.35% | 3.33% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $464,839 | $480,405 | $452,516 | $468,086 | $452,845 | $404,493 |
Portfolio turnover rate | 15%F | 12% | 18% | 17% | 12% | 9% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 Annualized
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 as of June 30, 2018
Days | % of fund's investments 6/30/18 |
1 - 7 | 84.8 |
8 - 30 | 2.8 |
31 - 60 | 8.4 |
61 - 90 | 1.8 |
91 - 180 | 1.5 |
>180 | 0.7 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
As of June 30, 2018 | ||
Variable Rate Demand Notes (VRDNs) | 23.8% | |
Tender Option Bond | 49.9% | |
Other Municipal Security | 15.9% | |
Investment Companies | 10.0% | |
Net Other Assets (Liabilities) | 0.4% |
Current 7-Day Yield
6/30/18 | |
Fidelity® Pennsylvania Municipal Money Market Fund | 1.03% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.
Fidelity® Pennsylvania Municipal Money Market Fund
Schedule of Investments June 30, 2018 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 23.8% | |||
Principal Amount | Value | ||
Alabama - 0.6% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.68% 7/6/18, VRDN (a)(b) | $800,000 | $800,000 | |
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 1.66% 7/6/18, VRDN (b) | 300,000 | 300,000 | |
West Jefferson Indl. Dev. Series 2008, 1.66% 7/6/18, VRDN (b) | 500,000 | 500,000 | |
1,600,000 | |||
Arkansas - 0.9% | |||
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.): | |||
Series 1998, 1.68% 7/6/18, VRDN (a)(b) | 200,000 | 200,000 | |
Series 2002, 1.66% 7/6/18, VRDN (a)(b) | 100,000 | 100,000 | |
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 1.59% 7/6/18, LOC Royal Bank of Scotland PLC, VRDN (a)(b) | 2,000,000 | 2,000,000 | |
2,300,000 | |||
Delaware - 0.0% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 B, 1.58% 7/6/18, VRDN (a)(b) | 100,000 | 100,000 | |
Indiana - 0.4% | |||
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.): | |||
Series 2003 A, 1.6% 7/6/18, VRDN (a)(b) | 400,000 | 400,000 | |
Series 2003 B, 1.67% 7/6/18, VRDN (a)(b) | 200,000 | 200,000 | |
Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.): | |||
Series H, 1.61% 7/6/18, VRDN (b) | 200,000 | 200,000 | |
Series I, 1.61% 7/6/18, VRDN (b) | 100,000 | 100,000 | |
900,000 | |||
Louisiana - 0.3% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 1.63% 7/6/18, VRDN (b) | 800,000 | 800,000 | |
Series 2010 B1, 1.61% 7/6/18, VRDN (b) | 100,000 | 100,000 | |
900,000 | |||
Nebraska - 0.2% | |||
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.68% 7/6/18, VRDN (a)(b) | 400,000 | 400,000 | |
North Carolina - 0.0% | |||
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.66% 7/6/18, VRDN (a)(b) | 100,000 | 100,000 | |
Pennsylvania - 20.9% | |||
Allegheny County Indl. Dev. Auth. Rev. (Union Elec. Steel Co. Proj.) Series 1996 A, 1.55% 7/6/18, LOC PNC Bank NA, VRDN (a)(b) | 4,120,000 | 4,120,000 | |
Bucks County Indl. Dev. Auth. Rev. (Snowball Real Estate LP Proj.) 1.71% 7/6/18, LOC Wells Fargo Bank NA, VRDN (a)(b) | 780,000 | 780,000 | |
Chester County Health & Ed. Auth. Rev. 1.56% 7/6/18, LOC Manufacturers & Traders Trust Co., VRDN (b) | 3,235,000 | 3,235,000 | |
Lancaster Indl. Dev. Auth. Rev.: | |||
(Mennonite Home Proj.) 1.61% 7/6/18, LOC Manufacturers & Traders Trust Co., VRDN (b) | 2,600,000 | 2,600,000 | |
(Willow Valley Retirement Proj.) Series 2009 B, 1.51% 7/6/18, LOC PNC Bank NA, VRDN (b) | 8,340,000 | 8,340,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev.: | |||
(Leidy's, Inc. Proj.) Series 1995 D7, 1.57% 7/6/18, LOC PNC Bank NA, VRDN (a)(b) | 400,000 | 400,000 | |
Series 2004 B, 1.59% 7/6/18, LOC PNC Bank NA, VRDN (b) | 200,000 | 200,000 | |
Pennsylvania Higher Edl. Facilities Auth. Rev. (Keystone College Proj.) Series 2001 H5, 1.51% 7/6/18, LOC PNC Bank NA, VRDN (b) | 4,275,000 | 4,275,000 | |
Philadelphia Arpt. Rev.: | |||
Series 2005 C1, 1.54% 7/6/18, LOC TD Banknorth, NA, VRDN (a)(b) | 4,665,000 | 4,665,000 | |
Series 2005 C2, 1.52% 7/6/18, LOC Royal Bank of Canada, VRDN (a)(b) | 2,060,000 | 2,060,000 | |
Philadelphia Auth. for Indl. Dev. Rev.: | |||
(Spl. People in Northeast, Inc. Proj.) Series 2006, 1.58% 7/6/18, LOC Citizens Bank of Pennsylvania, VRDN (b) | 1,155,000 | 1,155,000 | |
(The Franklin Institute Proj.) Series 2006, 1.55% 7/6/18, LOC Bank of America NA, VRDN (b) | 2,950,000 | 2,950,000 | |
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.) Fifth Series A2, 1.48% 7/6/18, LOC TD Banknorth, NA, VRDN (b) | 4,100,000 | 4,100,000 | |
Washington County Hosp. Auth. Rev. (Monongahela Valley Hosp. Proj.) Series 2018 C, 1.61% 7/6/18, LOC Citizens Bank of Pennsylvania, VRDN (b) | 2,700,000 | 2,700,000 | |
FNMA Montgomery County Redev. Auth. Multi-family Hsg. Rev. (Kingswood Apts. Proj.) Series 2001 A, 1.56% 7/6/18, LOC Fannie Mae, VRDN (b) | 12,675,000 | 12,675,000 | |
54,255,000 | |||
West Virginia - 0.5% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
(Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.65% 7/6/18, VRDN (a)(b) | 600,000 | 600,000 | |
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.65% 7/6/18, VRDN (a)(b) | 700,000 | 700,000 | |
1,300,000 | |||
TOTAL VARIABLE RATE DEMAND NOTE | |||
(Cost $61,855,000) | 61,855,000 | ||
Tender Option Bond - 49.9% | |||
Pennsylvania - 49.9% | |||
Allegheny County Participating VRDN Series Floaters XM 06 63, 1.61% 7/6/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c) | 2,600,000 | 2,600,000 | |
Allegheny County Sanitation Auth. Swr. Rev. Participating VRDN Series Floaters XM 00 82, 1.54% 7/6/18 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2,165,000 | 2,165,000 | |
Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 2,800,000 | 2,800,000 | |
Geisinger Auth. Health Sys. Rev. Participating VRDN: | |||
Series Floaters XF 05 43, 1.54% 7/6/18 (Liquidity Facility Royal Bank of Canada) (b)(c) | 4,000,000 | 4,000,000 | |
Series Floaters XF 06 02, 1.54% 7/6/18 (Liquidity Facility Toronto-Dominion Bank) (b)(c) | 4,695,000 | 4,695,000 | |
Series Floaters XM 06 13, 1.54% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 2,700,000 | 2,700,000 | |
Series Putters 0047, 1.54% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 4,605,000 | 4,605,000 | |
Lancaster County Hosp. Auth. Health Ctr. Rev. Participating VRDN Series 16 ZF0383, 1.55% 7/6/18 (Liquidity Facility Toronto-Dominion Bank) (b)(c) | 3,750,000 | 3,750,000 | |
Northampton County Gen. Purp. College Rev. Participating VRDN: | |||
Series Floaters XL 00 48, 1.54% 7/6/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c) | 3,400,000 | 3,400,000 | |
Series Floaters ZM 05 17, SIFMA Municipal Swap Index + 0.030% 1.54% 7/6/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(e) | 7,500,000 | 7,500,000 | |
Pennsylvania Econ. Dev. Participating VRDN Series XM 0048, 1.61% 7/6/18 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c) | 5,153,500 | 5,153,500 | |
Pennsylvania Econ. Dev. Fing. Auth. Rev. Participating VRDN Series Floaters 16 YX1028, 1.56% 7/6/18 (Liquidity Facility Barclays Bank PLC) (b)(c) | 6,405,000 | 6,405,000 | |
Pennsylvania Gen. Oblig. Participating VRDN: | |||
Series 16 ZF0424, 1.54% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 2,770,000 | 2,770,000 | |
Series Floaters XF 24 54, 1.54% 7/6/18 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5,200,000 | 5,200,000 | |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
Bonds: | |||
Series 2016 E75, SIFMA Municipal Swap Index + 0.170% 1.68%, tender 10/1/18 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 4,000,000 | 4,000,000 | |
Series WF 11 26C, SIFMA Municipal Swap Index + 0.280% 1.79%, tender 7/26/18 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(d)(e) | 5,900,000 | 5,900,000 | |
Participating VRDN: | |||
Series Floaters XF 25 53, 1.52% 7/6/18 (Liquidity Facility Citibank NA) (b)(c) | 2,740,000 | 2,740,000 | |
Series Floaters XG 01 06, 1.53% 7/6/18 (Liquidity Facility Bank of America NA) (b)(c) | 4,095,000 | 4,095,000 | |
Series MS 3252, 1.54% 7/6/18 (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, 1.54% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 5,035,000 | 5,035,000 | |
Pennsylvania Tpk. Commission Tpk. Rev. Participating VRDN: | |||
Series Floaters E 101, 1.54% 7/6/18 (Liquidity Facility Royal Bank of Canada) (b)(c) | 6,200,000 | 6,200,000 | |
Series XX 10 44, 1.54% 7/6/18 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3,000,000 | 3,000,000 | |
Philadelphia Auth. For Indl. Dev. Participating VRDN Series Putters 14 XM0005, 1.54% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f) | 4,625,000 | 4,625,000 | |
Philadelphia Hospitals & Higher Ed. Facilities Auth. Hosp. Rev. Participating VRDN Series 15 F0114, 1.54% 7/6/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) | 5,330,000 | 5,330,000 | |
Philadelphia Wtr. & Wastewtr. Rev. Participating VRDN Series 2017, 1.54% 7/6/18 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3,160,000 | 3,160,000 | |
Univ. of Pittsburgh Med. Ctr. Bonds Series RBC E53, SIFMA Municipal Swap Index + 0.200% 1.54%, tender 7/6/18 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) | 18,880,000 | 18,880,000 | |
Westmoreland County Muni. Auth. Muni. Svc. Rev. Participating VRDN Series Floaters YX 10 75, 1.54% 7/6/18 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2,800,000 | 2,800,000 | |
TOTAL TENDER OPTION BOND | |||
(Cost $129,348,500) | 129,348,500 | ||
Other Municipal Security - 15.9% | |||
Georgia - 0.7% | |||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A1, SIFMA Municipal Swap Index + 0.100% 1.61%, tender 10/1/18 (Liquidity Facility Royal Bank of Canada) (b)(e) | 1,865,000 | 1,865,000 | |
Kentucky - 0.1% | |||
Jefferson County Poll. Cont. Rev. Bonds Series 01A, 1.7% tender 7/17/18, CP mode | 200,000 | 200,000 | |
Massachusetts - 0.5% | |||
Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds Series 05, 1.68% tender 7/2/18 (Massachusetts Elec. Co. Guaranteed), CP mode (a) | 900,000 | 900,000 | |
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds: | |||
(New England Pwr. Co. Proj.) Series 1992, 1.6% tender 8/10/18, CP mode | 200,000 | 200,000 | |
Series 92, 1.5% tender 7/9/18, CP mode | 100,000 | 100,000 | |
1,200,000 | |||
New Hampshire - 0.5% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds: | |||
(New England Pwr. Co. Proj.) Series 1990 B, 1.65% tender 8/9/18, CP mode | 300,000 | 300,000 | |
Series 90 A, 1.55% tender 7/9/18, CP mode (a) | 300,000 | 300,000 | |
Series A1, 1.35% tender 7/12/18, CP mode (a) | 700,000 | 700,000 | |
1,300,000 | |||
Pennsylvania - 14.1% | |||
Northampton County Gen. Purp. Auth. Hosp. Rev. Bonds (St Lukes Hosp. & Health Ntw Proj.) Series 2008 A: | |||
5.375% 8/15/18 (Pre-Refunded to 8/15/18 @ 100) | 2,830,000 | 2,843,275 | |
5.5% 8/15/18 (Pre-Refunded to 8/15/18 @ 100) | 5,460,000 | 5,487,607 | |
5.5% 8/15/18 (Pre-Refunded to 8/15/18 @ 100) | 7,450,000 | 7,486,103 | |
Pennsylvania Gen. Oblig. Bonds: | |||
Series 2009: | |||
5% 7/1/18 | 6,095,000 | 6,095,000 | |
5% 4/15/19 | 1,690,000 | 1,733,263 | |
Series 2012, 5% 7/1/18 | 4,400,000 | 4,400,000 | |
Series 2014, 5% 7/1/18 | 1,300,000 | 1,300,000 | |
Series 2016, 5% 9/15/18 | 4,500,000 | 4,532,725 | |
Philadelphia Arpt. Rev. Series B2, 1.75% 8/2/18, LOC PNC Bank NA, CP (a) | 2,700,000 | 2,700,000 | |
36,577,973 | |||
TOTAL OTHER MUNICIPAL SECURITY | |||
(Cost $41,142,973) | 41,142,973 | ||
Shares | Value | ||
Investment Company - 10.0% | |||
Fidelity Municipal Cash Central Fund, 1.15%(g)(h) | |||
(Cost $26,008,477) | 26,006,587 | 26,008,477 | |
TOTAL INVESTMENT IN SECURITIES - 99.6% | |||
(Cost $258,354,950) | 258,354,950 | ||
NET OTHER ASSETS (LIABILITIES) - 0.4% | 920,377 | ||
NET ASSETS - 100% | $259,275,327 |
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 $12,700,000 or 4.9% of net assets.
(e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(f) 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 $4,625,000 or 1.8% 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 are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Cost |
Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 1.69% 8/10/18 (Liquidity Facility Barclays Bank PLC) | 1/18/18 | $2,800,000 |
Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, SIFMA Municipal Swap Index + 0.170% 1.68%, tender 10/1/18 (Liquidity Facility Royal Bank of Canada) | 7/1/16 | $4,000,000 |
Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series WF 11 26C, SIFMA Municipal Swap Index + 0.280% 1.79%, tender 7/26/18 (Liquidity Facility Wells Fargo Bank NA) | 8/11/16 | $5,900,000 |
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 | $153,730 |
Total | $153,730 |
Amounts in the income column in the above table exclude any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
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
June 30, 2018 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $232,346,473) | $232,346,473 | |
Fidelity Central Funds (cost $26,008,477) | 26,008,477 | |
Total Investment in Securities (cost $258,354,950) | $258,354,950 | |
Receivable for investments sold | 81 | |
Receivable for fund shares sold | 35,630 | |
Interest receivable | 1,232,210 | |
Distributions receivable from Fidelity Central Funds | 26,087 | |
Other receivables | 26 | |
Total assets | 259,648,984 | |
Liabilities | ||
Payable to custodian bank | $3,902 | |
Payable for fund shares redeemed | 250,097 | |
Distributions payable | 10,551 | |
Accrued management fee | 109,107 | |
Total liabilities | 373,657 | |
Net Assets | $259,275,327 | |
Net Assets consist of: | ||
Paid in capital | $259,285,509 | |
Undistributed net investment income | 272 | |
Accumulated undistributed net realized gain (loss) on investments | (10,454) | |
Net Assets, for 259,032,611 shares outstanding | $259,275,327 | |
Net Asset Value, offering price and redemption price per share ($259,275,327 ÷ 259,032,611 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2018 (Unaudited) | ||
Investment Income | ||
Interest | $1,696,740 | |
Income from Fidelity Central Funds | 153,730 | |
Total income | 1,850,470 | |
Expenses | ||
Management fee | $676,940 | |
Independent trustees' fees and expenses | 589 | |
Total expenses before reductions | 677,529 | |
Expense reductions | (23) | |
Total expenses after reductions | 677,506 | |
Net investment income (loss) | 1,172,964 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (15,163) | |
Fidelity Central Funds | 1,126 | |
Total net realized gain (loss) | (14,037) | |
Net increase in net assets resulting from operations | $1,158,927 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2018 (Unaudited) | Year ended December 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,172,964 | $1,276,381 |
Net realized gain (loss) | (14,037) | 33,574 |
Net increase in net assets resulting from operations | 1,158,927 | 1,309,955 |
Distributions to shareholders from net investment income | (1,172,693) | (1,276,467) |
Distributions to shareholders from net realized gain | – | (28,975) |
Total distributions | (1,172,693) | (1,305,442) |
Share transactions at net asset value of $1.00 per share | ||
Proceeds from sales of shares | 20,027,024 | 36,618,519 |
Reinvestment of distributions | 1,108,471 | 1,243,608 |
Cost of shares redeemed | (46,840,512) | (158,398,364) |
Net increase (decrease) in net assets and shares resulting from share transactions | (25,705,017) | (120,536,237) |
Total increase (decrease) in net assets | (25,718,783) | (120,531,724) |
Net Assets | ||
Beginning of period | 284,994,110 | 405,525,834 |
End of period | $259,275,327 | $284,994,110 |
Other Information | ||
Undistributed net investment income end of period | $272 | $1 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Pennsylvania Municipal Money Market Fund
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | ||||||
Net investment income (loss) | .004 | .004 | .001 | –A | –A | –A |
Net realized and unrealized gain (loss)A | – | – | – | – | – | – |
Total from investment operations | .004 | .004 | .001 | –A | –A | –A |
Distributions from net investment income | (.004) | (.004) | (.001) | –A | –A | –A |
Distributions from net realized gain | – | –A | –A | –A | – | – |
Total distributions | (.004) | (.004) | (.001) | –A | –A | –A |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnB,C | .43% | .40% | .09% | .01% | .01% | .01% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | .50%F | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50%F | .50% | .35% | .06% | .07% | .11% |
Expenses net of all reductions | .50%F | .50% | .35% | .06% | .07% | .11% |
Net investment income (loss) | .87%F | .38% | .07% | .01% | .01% | .01% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $259,275 | $284,994 | $405,526 | $731,701 | $760,467 | $789,696 |
A Amount represents less than $.0005 per share.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2018
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. Shares of the Money Market Fund are only available for purchase by retail shareholders. 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 are available on the SEC website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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 Fair Value Committee (the Committee) established by the Income Fund's investment adviser. 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. 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.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount 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.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Pennsylvania Municipal Income Fund | $438,793,679 | $10,084,506 | $(3,781,227) | $6,303,279 |
Fidelity Pennsylvania Municipal Money Market Fund | 258,354,950 | – | – | – |
Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.
New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $33,679,256 and $56,799,834, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Income Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.
Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Money Market Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .50% of the Fund's average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as 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. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Funds. Under the terms of the management fee contract, the investment adviser pays transfer agent fees on behalf of the Money Market Fund. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the Income Fund's transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Fidelity Pennsylvania Municipal Income Fund | .08% |
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. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Pennsylvania Municipal Income Fund | .03 |
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 | $679 |
During the period, the Income Fund did not borrow on this line of credit.
7. Expense Reductions.
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 | $1,769 |
In addition, through an arrangement with the Money Market Fund's custodian, $23 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 | $1,436 |
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.
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2018 to June 30, 2018).
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.
Annualized Expense Ratio-A | Beginning Account Value January 1, 2018 | Ending Account Value June 30, 2018 | Expenses Paid During Period-B January 1, 2018 to June 30, 2018 | |
Fidelity Pennsylvania Municipal Income Fund | .49% | |||
Actual | $1,000.00 | $994.40 | $2.42 | |
Hypothetical-C | $1,000.00 | $1,022.36 | $2.46 | |
Fidelity Pennsylvania Municipal Money Market Fund | .50% | |||
Actual | $1,000.00 | $1,004.30 | $2.48 | |
Hypothetical-C | $1,000.00 | $1,022.32 | $2.51 |
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 181/ 365 (to reflect the one-half year period).
C 5% return per year before expenses
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
PFR-SANN-0818
1.705577.120
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Municipal Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Municipal Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable
assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the 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.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Municipal Trust
By: | /s/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | August 23, 2018 |
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/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | August 23, 2018 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | August 23, 2018 |