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 811-4707
Fidelity Advisor Series II
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | October 31 |
|
|
Date of reporting period: | April 30, 2015 |
Item 1. Reports to Stockholders
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Municipal Income Fund -
Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, 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 (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
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.
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 | Beginning | Ending | Expenses Paid |
Class A | .80% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,013.60 | $ 3.99 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.83 | $ 4.01 |
Class T | .80% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,013.60 | $ 3.99 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.83 | $ 4.01 |
Class B | 1.41% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,011.30 | $ 7.03 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.80 | $ 7.05 |
| Annualized | Beginning | Ending | Expenses Paid |
Class C | 1.55% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,010.60 | $ 7.73 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.11 | $ 7.75 |
Institutional Class | .55% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,015.60 | $ 2.75 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.07 | $ 2.76 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Five States as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Illinois | 20.6 | 19.5 |
California | 15.7 | 18.1 |
Florida | 9.9 | 6.6 |
Texas | 8.6 | 9.5 |
New York | 7.8 | 8.4 |
Top Five Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
General Obligations | 33.8 | 34.4 |
Health Care | 19.3 | 21.8 |
Transportation | 11.8 | 11.7 |
Electric Utilities | 10.0 | 6.4 |
Escrowed/Pre-Refunded | 7.7 | 3.3 |
Weighted Average Maturity as of April 30, 2015 | ||
|
| 6 months ago |
Years | 5.9 | 5.7 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Duration as of April 30, 2015 | ||
|
| 6 months ago |
Years | 6.5 | 6.8 |
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. |
Quality Diversification (% of fund's net assets) | |||||||
As of April 30, 2015 | As of October 31, 2014 | ||||||
![]() | AAA 4.6% |
| ![]() | AAA 4.9% |
| ||
![]() | AA,A 82.0% |
| ![]() | AA,A 81.2% |
| ||
![]() | BBB 8.9% |
| ![]() | BBB 9.9% |
| ||
![]() | BB and Below 0.4% |
| ![]() | BB and Below 0.4% |
| ||
![]() | Not Rated 4.3% |
| ![]() | Not Rated 2.3% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
* Short-Term Investments and Net Other Assets are not included in the pie chart |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 100.1% | ||||
| Principal Amount | Value | ||
Alabama - 0.2% | ||||
Birmingham Gen. Oblig. Series 2013 A, 0% 3/1/43 (a) | $ 600,000 | $ 593,916 | ||
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5.75% 9/1/22 | 1,000,000 | 1,140,000 | ||
| 1,733,916 | |||
Arizona - 1.8% | ||||
Arizona Ctfs. of Prtn. Series 2010 A: | ||||
5% 10/1/18 (FSA Insured) | 1,000,000 | 1,123,920 | ||
5.25% 10/1/20 (FSA Insured) | 1,600,000 | 1,832,032 | ||
5.25% 10/1/21 (FSA Insured) | 850,000 | 972,876 | ||
5.25% 10/1/26 (FSA Insured) | 500,000 | 571,140 | ||
5.25% 10/1/28 (FSA Insured) | 1,600,000 | 1,816,768 | ||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 D, 5.5% 1/1/38 | 2,300,000 | 2,504,631 | ||
Arizona State Lottery Rev. Series 2010 A, 5% 7/1/21 (FSA Insured) | 1,200,000 | 1,389,324 | ||
Glendale Gen. Oblig. Series 2015, 4% 7/1/20 (FSA Insured) | 400,000 | 439,820 | ||
Maricopa County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 5% 6/1/35 | 700,000 | 781,809 | ||
McAllister Academic Village LLC Rev. (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2008, 5.25% 7/1/39 | 1,000,000 | 1,100,490 | ||
Phoenix Civic Impt. Corp. District Rev. (Plaza Expansion Proj.) Series 2005 B, 5.5% 7/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,620,000 | 2,041,524 | ||
Pima County Swr. Sys. Rev. Series 2012 A, 5% 7/1/26 | 500,000 | 585,710 | ||
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2009 A, 5% 1/1/26 | 110,000 | 124,356 | ||
Salt Verde Finl. Corp. Sr. Gas Rev.: | ||||
Series 2007, 5.5% 12/1/29 | 1,000,000 | 1,211,410 | ||
5.25% 12/1/22 | 1,500,000 | 1,784,070 | ||
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.) Series 2006 C, 5% 9/1/35 (FSA Insured) | 205,000 | 226,722 | ||
| 18,506,602 | |||
California - 15.7% | ||||
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2009 F1, 5.625% 4/1/44 (Pre-Refunded to 4/1/19 @ 100) | 1,600,000 | 1,872,000 | ||
California Edl. Facilities Auth. Rev. Series U6, 5% 5/1/45 | 3,400,000 | 4,471,782 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Gen. Oblig.: | ||||
Bonds 3%, tender 12/1/19 (c) | $ 3,800,000 | $ 4,050,724 | ||
Series 2007, 5.625% 5/1/20 | 20,000 | 20,080 | ||
5% 11/1/24 | 2,400,000 | 2,645,400 | ||
5% 9/1/27 | 1,410,000 | 1,490,412 | ||
5% 3/1/31 (Pre-Refunded to 3/1/16 @ 100) | 1,800,000 | 1,870,632 | ||
5% 9/1/31 | 1,500,000 | 1,583,085 | ||
5% 9/1/32 | 1,600,000 | 1,687,536 | ||
5% 9/1/33 | 1,800,000 | 1,897,254 | ||
5% 9/1/35 | 580,000 | 610,943 | ||
5.25% 12/1/33 | 20,000 | 20,071 | ||
5.25% 4/1/35 | 2,200,000 | 2,530,286 | ||
5.25% 3/1/38 | 3,900,000 | 4,313,985 | ||
5.25% 11/1/40 | 700,000 | 813,750 | ||
5.5% 8/1/27 | 2,100,000 | 2,396,772 | ||
5.5% 8/1/29 | 2,800,000 | 3,190,908 | ||
5.5% 8/1/30 | 2,000,000 | 2,275,780 | ||
5.5% 3/1/40 | 1,000,000 | 1,170,140 | ||
5.6% 3/1/36 | 400,000 | 471,920 | ||
6% 3/1/33 | 4,250,000 | 5,160,648 | ||
6% 4/1/38 | 5,300,000 | 6,256,597 | ||
6% 11/1/39 | 11,700,000 | 14,113,008 | ||
6.5% 4/1/33 | 3,850,000 | 4,627,854 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2008 L, 5.125% 7/1/22 (Pre-Refunded to 7/1/15 @ 100) | 525,000 | 529,095 | ||
Series 2009 E, 5.625% 7/1/25 | 2,000,000 | 2,307,540 | ||
(Kaiser Permanente Health Sys. Proj.) Series 2006 A, 5.25% 4/1/39 | 1,025,000 | 1,058,200 | ||
(Providence Health and Svcs. Proj.): | ||||
Series C, 6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) | 25,000 | 29,629 | ||
6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) | 1,375,000 | 1,632,153 | ||
(St. Joseph Health Sys. Proj.) Series 2009 A, 5.75% 7/1/39 | 1,280,000 | 1,466,598 | ||
(Stanford Hosp. & Clinics Proj.) Series 2010 B, 5.75% 11/15/31 | 2,500,000 | 2,955,250 | ||
California Pub. Works Board Lease Rev.: | ||||
(Coalinga State Hosp. Proj.) Series 2013 E, 5% 6/1/26 | 2,400,000 | 2,818,848 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Pub. Works Board Lease Rev.: - continued | ||||
(Dept. of Forestry & Fire Protection Proj.) Series 2007 E: | ||||
5% 11/1/19 | $ 1,600,000 | $ 1,768,192 | ||
5% 11/1/21 | 1,760,000 | 1,945,011 | ||
(Dept. of Health Svcs. Proj.) Series 2005 K, 5% 11/1/23 | 1,000,000 | 1,021,550 | ||
(Office of Emergency Svcs. Proj.) Series 2007 A, 5% 3/1/22 | 1,000,000 | 1,077,520 | ||
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34 | 1,700,000 | 2,007,309 | ||
(Richmond Lab., Phase III Office Bldg. Proj.) Series B, 5.25% 11/1/25 (XL Cap. Assurance, Inc. Insured) | 2,585,000 | 2,642,826 | ||
(Univ. Proj.) Series 2011 B, 5.25% 10/1/27 | 3,500,000 | 4,129,895 | ||
(Various Cap. Proj.) Series 2012 G, 5% 11/1/24 | 650,000 | 772,070 | ||
(Various Cap. Proj.) Series 2012 A, 5% 4/1/24 | 3,190,000 | 3,757,054 | ||
Series 2009 G1, 5.75% 10/1/30 | 600,000 | 705,786 | ||
Series 2009 I: | ||||
6.125% 11/1/29 | 400,000 | 479,828 | ||
6.375% 11/1/34 | 1,000,000 | 1,207,000 | ||
Series 2010 A, 5.75% 3/1/30 | 1,000,000 | 1,177,080 | ||
California State Univ. Rev. Series 2009 A, 6% 11/1/40 | 3,400,000 | 4,001,800 | ||
California Statewide Cmntys. Dev. Auth. Rev. (St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) | 1,000,000 | 1,115,390 | ||
Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,310,959 | ||
Long Beach Unified School District Series A, 5.5% 8/1/29 | 1,000,000 | 1,175,820 | ||
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2012 C, 5% 3/1/25 | 1,455,000 | 1,680,816 | ||
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34 | 2,000,000 | 2,351,860 | ||
Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36 | 1,000,000 | 1,119,130 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. Series 2007, 5% 8/1/19 (AMBAC Insured) | 1,000,000 | 1,096,520 | ||
Oakland Gen. Oblig. Series 2012, 5% 1/15/24 | 2,500,000 | 2,897,325 | ||
Oakland Unified School District Alameda County Series 2009 A, 6.25% 8/1/18 | 1,815,000 | 2,084,019 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Poway Unified School District: | ||||
(District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 | $ 1,000,000 | $ 497,600 | ||
Series B, 0% 8/1/39 | 3,700,000 | 1,285,343 | ||
Poway Unified School District Pub. Fing. 5% 9/1/24 | 1,000,000 | 1,189,310 | ||
Sacramento City Fing. Auth. Rev. Series A, 0% 12/1/26 (FGIC Insured) | 800,000 | 512,232 | ||
Sacramento Muni. Util. District Elec. Rev. Series 2012 Y, 5% 8/15/28 | 2,200,000 | 2,576,596 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26 | 1,000,000 | 1,131,860 | ||
San Diego Convention Ctr. Expansion Series 2012 A, 5% 4/15/24 | 2,200,000 | 2,566,916 | ||
San Diego Unified School District: | ||||
Series 2008 C, 0% 7/1/39 | 4,700,000 | 1,611,771 | ||
Series 2008 E: | ||||
0% 7/1/47 (a) | 1,300,000 | 657,813 | ||
0% 7/1/49 | 4,600,000 | 953,442 | ||
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Series 2014 A, 5% 5/1/44 (d) | 2,200,000 | 2,401,168 | ||
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (FSA Insured) | 1,100,000 | 1,267,948 | ||
San Marcos Unified School District Series 2010 B, 0% 8/1/47 | 1,900,000 | 439,945 | ||
Santa Monica-Malibu Unified School District Series 1999, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 908,500 | ||
Sonoma County Jr. College District Rev. Series 2002, 5% 8/1/28 (FSA Insured) | 90,000 | 90,954 | ||
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured) | 6,300,000 | 6,885,963 | ||
Union Elementary School District Series A, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 890,540 | ||
Univ. of California Revs. Series O: | ||||
5.25% 5/15/39 | 420,000 | 476,225 | ||
5.25% 5/15/39 (Pre-Refunded to 5/15/19 @ 100) | 80,000 | 92,668 | ||
Ventura County Cmnty. College District Series C, 5.5% 8/1/33 (Pre-Refunded to 8/1/18 @ 100) | 1,000,000 | 1,146,150 | ||
Washington Township Health Care District Gen. Oblig. Series 2013 B, 5.5% 8/1/38 | 1,000,000 | 1,167,840 | ||
Washington Township Health Care District Rev.: | ||||
Series 2010 A, 5.25% 7/1/30 | 1,100,000 | 1,183,589 | ||
Series A, 5% 7/1/15 | 1,025,000 | 1,031,868 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
West Contra Costa Unified School District: | ||||
(Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured) | $ 700,000 | $ 796,180 | ||
Series 2012, 5% 8/1/26 | 2,000,000 | 2,346,480 | ||
| 157,972,541 | |||
Colorado - 0.8% | ||||
Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.): | ||||
Series B, 0% 7/15/20 (Escrowed to Maturity) | 1,200,000 | 1,100,124 | ||
0% 7/15/22 (Escrowed to Maturity) | 1,385,000 | 1,183,275 | ||
Colorado Health Facilities Auth. Rev. (Valley View Hosp. Proj.) Series 2008, 5.75% 5/15/36 | 2,000,000 | 2,217,400 | ||
E-470 Pub. Hwy. Auth. Rev.: | ||||
Series 2000 B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500,000 | 1,314,210 | ||
Series 2010 A, 0% 9/1/41 | 2,000,000 | 669,700 | ||
Series 2010 C, 5.25% 9/1/25 | 1,000,000 | 1,145,330 | ||
| 7,630,039 | |||
Connecticut - 0.3% | ||||
Eastern Connecticut Resources Recovery Auth. Solid Waste Rev. (Wheelabrator Lisbon Proj.) Series A, 5.5% 1/1/20 (d) | 3,350,000 | 3,398,341 | ||
District Of Columbia - 1.1% | ||||
District of Columbia Hosp. Rev. (Sibley Memorial Hosp. Proj.) Series 2009, 6.375% 10/1/39 | 1,860,000 | 2,199,766 | ||
District of Columbia Rev. Series B, 4.75% 6/1/32 | 500,000 | 541,365 | ||
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Series 2009 B: | ||||
0% 10/1/28 (Assured Guaranty Corp. Insured) | 2,000,000 | 1,165,340 | ||
0% 10/1/32 (Assured Guaranty Corp. Insured) | 5,080,000 | 2,397,862 | ||
0% 10/1/33 (Assured Guaranty Corp. Insured) | 5,000,000 | 2,244,250 | ||
Washington D.C. Metropolitan Transit Auth. Rev. Series 2009 A, 5.25% 7/1/29 | 1,750,000 | 1,991,413 | ||
| 10,539,996 | |||
Florida - 9.9% | ||||
Brevard County School Board Ctfs. of Prtn.: | ||||
Series 2007 B, 5% 7/1/24 (Pre-Refunded to 7/1/17 @ 100) | 1,000,000 | 1,093,410 | ||
Series 2015 C, 5% 7/1/26 | 750,000 | 896,408 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Broward County School Board Ctfs. of Prtn.: | ||||
Series 2007 A, 5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,000,000 | $ 1,089,120 | ||
Series 2012 A, 5% 7/1/24 | 4,400,000 | 5,119,620 | ||
Series 2015 A: | ||||
5% 7/1/24 | 325,000 | 385,265 | ||
5% 7/1/26 | 1,200,000 | 1,411,020 | ||
5% 7/1/27 | 1,000,000 | 1,162,520 | ||
Series 2015 B, 5% 7/1/24 | 815,000 | 966,125 | ||
Broward County Wtr. & Swr. Util. Rev. Series 2009 A, 5.25% 10/1/34 | 1,500,000 | 1,689,780 | ||
Citizens Property Ins. Corp.: | ||||
Series 2010 A1, 5% 6/1/17 (FSA Insured) | 1,000,000 | 1,082,900 | ||
Series 2011 A1, 5% 6/1/20 | 1,000,000 | 1,156,020 | ||
Series 2012 A1, 5% 6/1/21 | 1,500,000 | 1,760,775 | ||
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011, 6.25% 10/1/39 | 2,560,000 | 3,025,357 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay: | ||||
Series 2006 C, 5% 6/1/29 | 800,000 | 872,432 | ||
Series A, 5.5% 6/1/38 | 400,000 | 449,488 | ||
Florida Dev. Fin. Corp. Healthcare Facility Rev. 6% 2/1/33 | 1,000,000 | 1,136,130 | ||
Florida Muni. Pwr. Agcy. Rev.: | ||||
(St. Lucie Proj.) Series 2012 A, 5% 10/1/26 | 600,000 | 702,588 | ||
Series 2009 A, 6.25% 10/1/31 | 500,000 | 598,985 | ||
Halifax Hosp. Med. Ctr. Rev.: | ||||
4% 6/1/27 | 205,000 | 214,166 | ||
5% 6/1/24 | 275,000 | 319,580 | ||
5% 6/1/26 | 250,000 | 285,933 | ||
5% 6/1/46 | 425,000 | 457,381 | ||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2005 B, 5% 11/15/30 (Pre-Refunded to 11/15/15 @ 100) | 70,000 | 71,805 | ||
Series 2006 G: | ||||
5% 11/15/16 | 95,000 | 101,408 | ||
5.125% 11/15/18 | 965,000 | 1,030,234 | ||
Series 2008 B, 6% 11/15/37 | 2,000,000 | 2,336,140 | ||
Hillsborough County Indl. Dev.: | ||||
(Gen. Hosp. Proj.) Series 2006, 5% 10/1/36 | 1,015,000 | 1,060,584 | ||
(H Lee Moffitt Cancer Ctr. Proj.) Series A, 5% 7/1/19 | 2,230,000 | 2,413,730 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Hillsborough County Indl. Dev.: - continued | ||||
(Tampa Gen. Hosp. Proj.) Series 2006, 5.25% 10/1/41 | $ 900,000 | $ 943,020 | ||
Hillsborough County Indl. Dev. Auth. Indl. Dev. Rev. (Health Facilities/Univ. Cmnty. Hosp. Proj.) Series 2008 B, 8% 8/15/32 (Pre-Refunded to 8/15/19 @ 101) | 1,000,000 | 1,285,400 | ||
Jacksonville Sales Tax Rev. Series 2012, 5% 10/1/25 | 1,000,000 | 1,179,880 | ||
Lake County School Board Ctfs. of Prtn. Series 2014 A, 5% 6/1/30 (FSA Insured) | 600,000 | 676,884 | ||
Lee County Arpt. Rev. Series 2011 A, 5.375% 10/1/32 (d) | 1,050,000 | 1,170,687 | ||
Miami-Dade County Aviation Rev.: | ||||
Series 2010 A: | ||||
5.375% 10/1/41 | 1,500,000 | 1,670,175 | ||
5.5% 10/1/30 | 1,000,000 | 1,165,080 | ||
Series 2012 A: | ||||
5% 10/1/21 (d) | 1,900,000 | 2,219,903 | ||
5% 10/1/22 (d) | 1,000,000 | 1,174,680 | ||
5% 10/1/31 (d) | 1,500,000 | 1,648,695 | ||
Series 2014 A: | ||||
5% 10/1/28 (d) | 1,000,000 | 1,139,940 | ||
5% 10/1/36 (d) | 3,000,000 | 3,307,320 | ||
5% 10/1/37 | 1,825,000 | 2,038,069 | ||
Miami-Dade County Cap. Asset Acquisition Series 2012 A, 5% 10/1/23 | 750,000 | 888,833 | ||
Miami-Dade County Expressway Auth.: | ||||
Series 2014 A, 5% 7/1/44 | 300,000 | 328,575 | ||
Series 2014 B, 5% 7/1/28 | 1,000,000 | 1,151,260 | ||
Miami-Dade County School Board Ctfs. of Prtn.: | ||||
Series 2008 A, 5% 8/1/21 (AMBAC Insured) | 2,000,000 | 2,219,100 | ||
Series 2015 A: | ||||
5% 5/1/27 (FSA Insured) | 780,000 | 914,519 | ||
5% 5/1/29 | 4,075,000 | 4,667,872 | ||
Series 2016 A, 5% 5/1/30 (b) | 3,620,000 | 3,931,139 | ||
Series 2016 B, 5% 8/1/26 (b) | 1,595,000 | 1,791,695 | ||
Miami-Dade County Transit Sales Surtax Rev. Series 2012, 5% 7/1/42 | 300,000 | 330,447 | ||
Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5.25% 10/1/22 (FSA Insured) | 4,000,000 | 4,853,800 | ||
North Brevard County Hosp. District Rev.: | ||||
5.75% 10/1/38 | 600,000 | 671,604 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
North Brevard County Hosp. District Rev.: - continued | ||||
5.75% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) | $ 1,500,000 | $ 1,737,420 | ||
Orange County Health Facilities Auth.: | ||||
(Orlando Health, Inc.) Series 2009, 5.125% 10/1/26 | 1,005,000 | 1,139,972 | ||
Series 2012 A, 5% 10/1/42 | 2,350,000 | 2,506,557 | ||
Series 2012 B, 5% 10/1/42 | 1,000,000 | 1,066,620 | ||
Orange County School Board Ctfs. of Prtn. Series 2015 C, 5% 8/1/30 | 1,500,000 | 1,741,185 | ||
Orlando & Orange County Expressway Auth. Rev. Series 2012, 5% 7/1/23 | 500,000 | 597,325 | ||
Palm Beach County Health Facilities Auth. Hosp. Rev. Series 2014, 5% 12/1/31 | 500,000 | 562,275 | ||
Palm Beach County School Board Ctfs. of Prtn.: | ||||
Series 2014 B: | ||||
5% 8/1/22 | 2,000,000 | 2,387,560 | ||
5% 8/1/25 | 800,000 | 966,792 | ||
Series 2015 D: | ||||
5% 8/1/28 | 680,000 | 791,928 | ||
5% 8/1/29 | 2,330,000 | 2,698,000 | ||
5% 8/1/30 | 2,405,000 | 2,768,949 | ||
5% 8/1/31 | 2,415,000 | 2,766,866 | ||
Seminole County School Board Ctfs. of Prtn. Series 2005 A, 5% 7/1/20 | 500,000 | 503,800 | ||
South Lake County Hosp. District (South Lake Hosp., Inc.) Series 2009 A, 6% 4/1/29 | 1,400,000 | 1,578,990 | ||
Tallahassee Health Facilities Rev. Series 2015 A: | ||||
4% 12/1/35 (b) | 600,000 | 584,982 | ||
5% 12/1/40 (b) | 300,000 | 320,712 | ||
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A, 5% 9/1/25 | 410,000 | 475,206 | ||
Volusia County School Board Ctfs. of Prtn. (Master Lease Prog.) Series 2014 B, 5% 8/1/26 | 340,000 | 398,694 | ||
| 99,851,314 | |||
Georgia - 2.9% | ||||
Atlanta Wtr. & Wastewtr. Rev.: | ||||
Series 2009 A: | ||||
6% 11/1/25 (Pre-Refunded to 11/1/19 @ 100) | 3,000,000 | 3,621,630 | ||
6.25% 11/1/39 (Pre-Refunded to 11/1/19 @ 100) | 3,500,000 | 4,263,315 | ||
5% 11/1/28 | 1,000,000 | 1,181,940 | ||
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2013 A, 2.4%, tender 4/1/20 (c) | 1,400,000 | 1,418,816 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Georgia - continued | ||||
Colquitt County Dev. Auth. Rev.: | ||||
Series A, 0% 12/1/21 (Escrowed to Maturity) | $ 1,100,000 | $ 980,980 | ||
Series C, 0% 12/1/21 (Escrowed to Maturity) | 1,800,000 | 1,605,240 | ||
DeKalb County Hosp. Auth. Rev. (DeKalb Med. Ctr., Inc. Proj.) Series 2010: | ||||
6% 9/1/30 | 1,400,000 | 1,562,778 | ||
6.125% 9/1/40 | 1,605,000 | 1,762,097 | ||
Georgia Muni. Elec. Auth. Pwr. Rev.: | ||||
Series C, 5% 1/1/22 | 1,400,000 | 1,655,682 | ||
Series GG, 5% 1/1/23 | 800,000 | 958,256 | ||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series A, 5.5% 9/15/21 | 930,000 | 1,093,113 | ||
Metropolitan Atlanta Rapid Transit Auth. Sales Tax Rev. Third Series 2009 A, 5.25% 7/1/36 | 2,500,000 | 2,841,650 | ||
Private Colleges & Univs. Auth. Rev. (The Savannah College of Arts and Design Projs.) Series 2014, 5% 4/1/30 | 800,000 | 879,544 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009, 5.5% 1/1/36 | 2,600,000 | 2,900,664 | ||
Washington Wilkes Payroll Dev. Auth. Rev. Series C, 0% 12/1/21 (Escrowed to Maturity) | 2,310,000 | 2,053,359 | ||
| 28,779,064 | |||
Idaho - 0.7% | ||||
Idaho Bond Bank Auth. Rev. Series 2008 C, 5.625% 9/15/26 | 1,415,000 | 1,622,651 | ||
Idaho Health Facilities Auth. Rev.: | ||||
(St. Luke's Health Sys. Proj.) Series 2008 A, 6.75% 11/1/37 | 1,200,000 | 1,388,964 | ||
(Trinity Health Group Proj.) 2008 B, 6.25% 12/1/33 (Pre-Refunded to 12/1/18 @ 100) | 400,000 | 472,116 | ||
Series 2015 ID, 5.5% 12/1/26 | 1,540,000 | 1,902,701 | ||
5% 12/1/24 | 1,000,000 | 1,204,080 | ||
| 6,590,512 | |||
Illinois - 20.6% | ||||
Chicago Board of Ed.: | ||||
Series 1999 A: | ||||
0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,255,254 | ||
0% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 895,930 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Chicago Board of Ed.: - continued | ||||
Series 2009 D, 4% 12/1/16 (Assured Guaranty Corp. Insured) | $ 235,000 | $ 242,015 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.): | ||||
Series 1999, 0% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,125,000 | 6,061,729 | ||
0% 1/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,110,000 | 4,296,430 | ||
Series 2008 A, 5.25% 1/1/21 | 1,160,000 | 1,216,712 | ||
Series 2008 C, 5% 1/1/34 | 300,000 | 291,126 | ||
Series 2009 A, 5% 1/1/22 | 600,000 | 633,048 | ||
Series 2012 A: | ||||
5% 1/1/33 | 875,000 | 853,895 | ||
5% 1/1/34 | 455,000 | 441,541 | ||
Series 2012 C, 5% 1/1/23 | 770,000 | 817,802 | ||
Series A, 5% 1/1/42 (AMBAC Insured) | 15,000 | 15,004 | ||
5% 1/1/34 | 2,000,000 | 1,940,840 | ||
5% 1/1/35 | 1,650,000 | 1,591,838 | ||
Chicago Midway Arpt. Rev. Series 2014 A, 5% 1/1/28 (d) | 4,200,000 | 4,683,378 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2005 A, 5.25% 1/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,030,440 | ||
Series 2006 B, 5% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) | 1,405,000 | 1,475,391 | ||
Series 2011 C, 6.5% 1/1/41 | 2,335,000 | 2,798,754 | ||
Series 2013 D, 5% 1/1/27 | 2,200,000 | 2,531,342 | ||
Chicago Park District Gen. Oblig.: | ||||
Series 2010 C, 5.25% 1/1/37 | 1,300,000 | 1,401,920 | ||
Series 2013 A: | ||||
5.5% 1/1/33 | 500,000 | 557,875 | ||
5.75% 1/1/38 | 1,000,000 | 1,124,580 | ||
Series 2014 C, 5% 1/1/25 | 1,740,000 | 1,952,715 | ||
Chicago Transit Auth. Series 2014, 5.25% 12/1/49 | 5,000,000 | 5,667,200 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev. (Fed. Transit Administration Section 5307 Proj.) Series 2006 A, 5% 6/1/21 | 1,400,000 | 1,478,764 | ||
Cmnty. College District #525 Gen. Oblig.: | ||||
5.75% 6/1/28 | 625,000 | 710,519 | ||
5.75% 6/1/28 (Pre-Refunded to 6/1/18 @ 100) | 375,000 | 428,633 | ||
Cook County Forest Preservation District Series 2012 C, 5% 12/15/21 | 1,000,000 | 1,162,030 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Cook County Gen. Oblig.: | ||||
Series 2006 B, 5% 11/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,000,000 | $ 1,090,140 | ||
Series 2010 A, 5.25% 11/15/33 | 3,250,000 | 3,578,153 | ||
Series 2012 C: | ||||
5% 11/15/24 | 1,700,000 | 1,938,629 | ||
5% 11/15/25 | 2,600,000 | 2,955,550 | ||
Grundy, Kendall & Will County Cmnty. High School District #111 Gen. Oblig.: | ||||
Series 2006 A, 5.5% 5/1/23 (Pre-Refunded to 5/1/16 @ 100) | 165,000 | 173,550 | ||
Series 2006, 5.5% 5/1/23 | 985,000 | 1,028,704 | ||
Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.75% 10/1/35 | 1,600,000 | 1,798,800 | ||
Illinois Fin. Auth. Rev.: | ||||
(Advocate Health Care Proj.) Series 2008 D, 6.5% 11/1/38 (Pre-Refunded to 11/1/18 @ 100) | 1,000,000 | 1,183,950 | ||
(Central DuPage Health Proj.) Series 2009 B, 5.375% 11/1/39 | 1,200,000 | 1,354,884 | ||
(Children's Memorial Hosp. Proj.) Series 2008 A, 5.25% 8/15/33 (Assured Guaranty Corp. Insured) | 1,300,000 | 1,426,412 | ||
(Edward Hosp. Obligated Group Proj.) Series 2008 A, 5.5% 2/1/40 (AMBAC Insured) | 1,485,000 | 1,616,987 | ||
(Newman Foundation Proj.) 5% 2/1/32 (Radian Asset Assurance, Inc. Insured) | 1,700,000 | 1,727,608 | ||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A, 5.5% 7/1/38 | 1,930,000 | 2,128,655 | ||
(Northwestern Memorial Hosp. Proj.) Series 2009 A, 6% 8/15/39 | 2,310,000 | 2,690,041 | ||
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | ||||
5.375% 5/15/25 | 5,000,000 | 5,818,950 | ||
5.375% 5/15/30 | 1,110,000 | 1,269,474 | ||
(Provena Health Proj.) Series 2010 A, 6% 5/1/28 | 2,700,000 | 3,072,708 | ||
(Rush Univ. Med. Ctr. Proj.): | ||||
Series 2009 C, 6.625% 11/1/39 (Pre-Refunded to 5/1/19 @ 100) | 1,500,000 | 1,812,105 | ||
Series 2009 D, 6.625% 11/1/39 (Pre-Refunded to 5/1/19 @ 100) | 1,445,000 | 1,745,661 | ||
Series B, 5.25% 11/1/35 (Pre-Refunded to 11/1/18 @ 100) | 2,905,000 | 3,310,102 | ||
(Sherman Health Systems Proj.) Series 2007 A, 5.5% 8/1/37 (Pre-Refunded to 8/1/17 @ 100) | 3,815,000 | 4,213,820 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Illinois Fin. Auth. Rev.: - continued | ||||
(Silver Cross Hosp. and Med. Ctr. Proj.) Series 2008 A, 5.5% 8/15/30 | $ 350,000 | $ 382,372 | ||
(Southern Illinois Healthcare Enterprises, Inc. Proj.) Series 2005, 5.25% 3/1/30 | 1,100,000 | 1,238,182 | ||
(The Carle Foundation Proj.) Series 2009 A, 5.5% 2/15/17 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,161,120 | ||
Series 2008 A: | ||||
5.625% 1/1/37 | 5,115,000 | 5,538,113 | ||
6.25% 2/1/33 (AMBAC Insured) | 150,000 | 167,159 | ||
Series 2009 A, 7.25% 11/1/38 (Pre-Refunded to 11/1/18 @ 100) | 1,330,000 | 1,611,255 | ||
Series 2009: | ||||
6.875% 8/15/38 (Pre-Refunded to 8/15/19 @ 100) | 80,000 | 98,723 | ||
7% 8/15/44 (Pre-Refunded to 8/15/19 @ 100) | 2,850,000 | 3,531,806 | ||
Series 2010 A: | ||||
5.5% 8/15/24 | 545,000 | 616,864 | ||
5.75% 8/15/29 | 360,000 | 404,255 | ||
Series 2010, 5.25% 8/15/36 | 1,510,000 | 1,600,872 | ||
Series 2012 A: | ||||
5% 5/15/20 | 500,000 | 570,890 | ||
5% 5/15/23 | 300,000 | 345,765 | ||
Series 2012: | ||||
4% 9/1/32 | 1,315,000 | 1,244,003 | ||
5% 9/1/32 | 1,900,000 | 2,046,965 | ||
5% 9/1/38 | 2,300,000 | 2,447,614 | ||
5% 11/15/43 | 820,000 | 876,687 | ||
Series 2013: | ||||
5% 11/15/24 | 500,000 | 581,190 | ||
5% 11/15/27 | 100,000 | 114,255 | ||
5% 5/15/43 | 1,700,000 | 1,797,903 | ||
5% 11/15/21 | 600,000 | 705,624 | ||
5% 8/15/35 | 300,000 | 327,972 | ||
5% 8/15/44 | 2,600,000 | 2,814,916 | ||
Illinois Gen. Oblig.: | ||||
Series 2002, 5.5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,011,940 | ||
Series 2006: | ||||
5% 1/1/19 | 1,000,000 | 1,097,430 | ||
5.5% 1/1/31 | 1,000,000 | 1,128,310 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Illinois Gen. Oblig.: - continued | ||||
Series 2010: | ||||
5% 1/1/21 (FSA Insured) | $ 500,000 | $ 554,135 | ||
5% 1/1/23 (FSA Insured) | 1,300,000 | 1,422,187 | ||
Series 2012 A, 5% 1/1/33 | 800,000 | 829,256 | ||
Series 2012: | ||||
5% 8/1/19 | 465,000 | 515,020 | ||
5% 8/1/21 | 400,000 | 446,640 | ||
5% 3/1/23 | 1,000,000 | 1,101,120 | ||
5% 8/1/23 | 700,000 | 785,736 | ||
5% 3/1/36 | 1,000,000 | 1,032,590 | ||
Series 2013, 5% 1/1/22 | 2,175,000 | 2,402,418 | ||
Series 2014: | ||||
5% 2/1/22 | 1,000,000 | 1,119,220 | ||
5.25% 2/1/29 | 1,600,000 | 1,759,808 | ||
Illinois Health Facilities Auth. Rev. (Delnor-Cmnty. Hosp. Proj.): | ||||
Series 2002 D, 5.25% 5/15/32 (FSA Insured) | 2,000,000 | 2,188,800 | ||
5.25% 5/15/32 (FSA Insured) | 360,000 | 393,984 | ||
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A, 5% 2/1/26 | 17,545,000 | 20,719,749 | ||
Illinois Unemployment Ins. Fund Bldg. Receipts Series 2012 A, 5% 6/15/19 | 700,000 | 703,493 | ||
Joliet School District #86 Gen. Oblig. Series 2002, 0% 11/1/19 (FSA Insured) | 2,000,000 | 1,777,860 | ||
Kane, McHenry, Cook & DeKalb Counties Unit School District #300: | ||||
0% 12/1/17 (AMBAC Insured) | 905,000 | 871,099 | ||
0% 12/1/17 (Escrowed to Maturity) | 95,000 | 92,499 | ||
6.5% 1/1/20 (AMBAC Insured) | 385,000 | 469,107 | ||
6.5% 1/1/20 (Escrowed to Maturity) | 650,000 | 797,245 | ||
6.5% 1/1/20 (Escrowed to Maturity) | 65,000 | 79,724 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/16 (Escrowed to Maturity) | 235,000 | 232,906 | ||
0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 765,000 | 752,393 | ||
Lake County Cmnty. High School District #117, Antioch Series 2000 B, 0% 12/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,805,000 | 1,557,011 | ||
McHenry & Kane Counties Cmnty. Consolidated School District #158 Series 2004, 0% 1/1/24 (FSA Insured) | 800,000 | 591,960 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Metropolitan Pier & Exposition: | ||||
(McCormick Place Expansion Proj.): | ||||
Series 1994 A, 0% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 3,710,000 | $ 3,453,528 | ||
Series 1996 A, 0% 6/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 793,630 | ||
Series 2002 A: | ||||
0% 12/15/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,900,000 | 3,078,797 | ||
0% 6/15/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,080,000 | 408,391 | ||
Series 2010 B1: | ||||
0% 6/15/43 (FSA Insured) | 5,310,000 | 1,403,486 | ||
0% 6/15/44 (FSA Insured) | 4,700,000 | 1,178,102 | ||
0% 6/15/45 (FSA Insured) | 2,600,000 | 617,812 | ||
0% 6/15/47 (FSA Insured) | 2,040,000 | 429,706 | ||
Series 2012 B, 0% 12/15/51 | 2,900,000 | 453,357 | ||
Series A: | ||||
0% 6/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,265,000 | 1,050,507 | ||
0% 12/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,090,000 | 2,253,877 | ||
0% 6/15/16 (Escrowed to Maturity) | 795,000 | 791,915 | ||
0% 6/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,880,000 | 1,861,538 | ||
Quincy Hosp. Rev. Series 2007, 5% 11/15/18 | 1,000,000 | 1,095,380 | ||
Univ. of Illinois Board of Trustees Ctfs. of Prtn. Series 2009 A: | ||||
5% 10/1/18 | 425,000 | 467,122 | ||
5% 10/1/18 (Pre-Refunded to 10/1/17 @ 100) | 575,000 | 634,162 | ||
Univ. of Illinois Rev.: | ||||
(Auxiliary Facilities Sys. Proj.): | ||||
Series 1999 A, 0% 4/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,600,000 | 1,420,528 | ||
Series 2009 A, 5.75% 4/1/38 (Pre-Refunded to 4/1/19 @ 100) | 2,940,000 | 3,453,794 | ||
Series 2010 A: | ||||
5% 4/1/25 | 1,000,000 | 1,141,510 | ||
5.25% 4/1/30 | 1,000,000 | 1,142,070 | ||
Series 2013: | ||||
6% 10/1/42 | 900,000 | 1,044,099 | ||
6.25% 10/1/38 | 900,000 | 1,028,808 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Will County Cmnty. Unit School District #365-U: | ||||
0% 11/1/16 (Escrowed to Maturity) | $ 275,000 | $ 273,369 | ||
0% 11/1/16 (FSA Insured) | 825,000 | 812,114 | ||
0% 11/1/19 (Escrowed to Maturity) | 790,000 | 744,030 | ||
0% 11/1/19 (FSA Insured) | 5,085,000 | 4,664,928 | ||
| 206,846,293 | |||
Indiana - 3.0% | ||||
Delaware County Ind. Hosp. Auth. Series 2006, 5.125% 8/1/29 (Pre-Refunded to 8/1/16 @ 100) | 400,000 | 423,588 | ||
Hobart Bldg. Corp. Series 2006, 6.5% 1/15/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,700,000 | 4,529,836 | ||
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2009 A, 5.25% 11/1/39 | 1,000,000 | 1,121,500 | ||
Indiana Fin. Auth. Rev.: | ||||
(Trinity Health Cr. Group Proj.) Series 2009 A, 5.25% 12/1/38 | 2,000,000 | 2,240,800 | ||
Series 2012: | ||||
5% 3/1/30 | 675,000 | 747,164 | ||
5% 3/1/41 | 1,290,000 | 1,388,621 | ||
Indiana Fin. Auth. Wastewtr. Util. Rev. (CWA Auth. Proj.): | ||||
Series 2012 A, 5% 10/1/24 | 400,000 | 473,144 | ||
Series 2015 A: | ||||
5% 10/1/28 | 1,000,000 | 1,165,490 | ||
5% 10/1/45 | 4,340,000 | 4,835,671 | ||
Indiana Trans. Fin. Auth. Hwy. Rev. Series 1993 A, 0% 6/1/17 (AMBAC Insured) | 1,000,000 | 978,940 | ||
Jasper County Indl. Poll. Ctl. Rev. (Northern Indiana Pub. Svc. Co. Proj.) Series 1988 C, 5.6% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,066,120 | ||
Lake Central Multi-District School Bldg. Corp. Series 2012 B, 5% 7/15/26 | 4,900,000 | 5,667,046 | ||
North Adams Cmnty. Schools Renovation Bldg. Corp. 0% 1/15/17 (FSA Insured) | 1,230,000 | 1,182,067 | ||
Purdue Univ. Rev. (Student Facilities Sys. Proj.) Series 2009 B, 5% 7/1/28 | 660,000 | 753,001 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Indiana - continued | ||||
Univ. of Southern Indiana Rev. Series J, 5.75% 10/1/28 (Assured Guaranty Corp. Insured) | $ 2,695,000 | $ 3,163,876 | ||
Wayne Township Marion County School Bldg. Corp. Series 2007, 5.5% 7/15/27 (Pre-Refunded to 1/15/17 @ 100) | 700,000 | 757,981 | ||
| 30,494,845 | |||
Iowa - 0.1% | ||||
Iowa Fin. Auth. Health Facilities Rev. Series 2008 A, 5.625% 8/15/37 (Assured Guaranty Corp. Insured) | 1,200,000 | 1,368,456 | ||
Kansas - 0.9% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 C, 5.75% 11/15/38 | 1,900,000 | 2,197,141 | ||
Kansas Dev. Fin. Auth. Health Facilities Rev. (Hays Med. Ctr. Proj.) Series 2005 L: | ||||
5.25% 11/15/15 | 335,000 | 343,737 | ||
5.25% 11/15/16 | 955,000 | 979,343 | ||
Lawrence Hosp. Rev. 5.25% 7/1/18 | 1,000,000 | 1,052,620 | ||
Overland Park Sales Tax Spl. Oblig. Rev. Series 2012, 4.375% 12/15/23 | 870,000 | 877,821 | ||
Wichita Hosp. Facilities Rev. (Via Christi Health Sys., Inc. Proj.) Series 2009 X: | ||||
4% 11/15/18 (Escrowed to Maturity) | 300,000 | 331,008 | ||
5% 11/15/17 (Escrowed to Maturity) | 500,000 | 554,040 | ||
Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev. Series 2012 A, 5% 9/1/26 | 1,950,000 | 2,237,723 | ||
| 8,573,433 | |||
Kentucky - 0.4% | ||||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. (St. Elizabeth Med. Ctr., Inc. Proj.) Series 2009 A, 5.5% 5/1/39 | 1,000,000 | 1,128,630 | ||
Kentucky Econ. Dev. Fin. Auth. Rev. (Ashland Hosp. Corp. d/b/a King's Daughters Med. Ctr. Proj.) Series 2010 A, 5% 2/1/30 | 1,000,000 | 1,087,690 | ||
Louisville & Jefferson County Series 2013 A: | ||||
5.5% 10/1/33 | 500,000 | 576,585 | ||
5.75% 10/1/38 | 1,355,000 | 1,591,475 | ||
| 4,384,380 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Louisiana - 1.2% | ||||
Louisiana Pub. Facilities Auth. Hosp. Rev. (Franciscan Missionaries of Our Lady Health Sys. Proj.) Series 2009, 6.75% 7/1/39 (Pre-Refunded to 7/1/19 @ 100) | $ 400,000 | $ 485,368 | ||
Louisiana Pub. Facilities Auth. Rev. (Nineteenth Judicial District Court Proj.) Series 2007: | ||||
5.375% 6/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,600,000 | 1,725,680 | ||
5.5% 6/1/41 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,080,870 | ||
New Orleans Aviation Board Rev.: | ||||
(North Term. Proj.) Series 2015 B, 5% 1/1/30 (d) | 1,000,000 | 1,121,090 | ||
Series 2007 A, 5.25% 1/1/19 (FSA Insured) (d) | 1,570,000 | 1,702,555 | ||
New Orleans Gen. Oblig.: | ||||
Series 2005, 5.25% 12/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,027,220 | ||
Series 2012, 5% 12/1/23 | 2,250,000 | 2,546,235 | ||
0% 9/1/15 (AMBAC Insured) | 700,000 | 696,948 | ||
Tobacco Settlement Fing. Corp. Series 2013 A, 5% 5/15/23 | 1,200,000 | 1,415,064 | ||
| 11,801,030 | |||
Maine - 0.3% | ||||
Maine Health & Higher Ed. Facilities Auth. Rev. Series 2008 D, 5.75% 7/1/38 | 1,100,000 | 1,225,862 | ||
Maine Tpk. Auth. Tpk. Rev.: | ||||
Series 2007, 5.25% 7/1/37 (Pre-Refunded to 7/1/17 @ 100) | 1,300,000 | 1,428,375 | ||
Series 2015, 5% 7/1/38 | 670,000 | 767,579 | ||
| 3,421,816 | |||
Maryland - 0.9% | ||||
Baltimore Proj. Rev. (Wtr. Projs.) Series 2009 A: | ||||
5.375% 7/1/34 | 315,000 | 362,067 | ||
5.375% 7/1/34 (Pre-Refunded to 7/1/19 @ 100) | 185,000 | 215,888 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Doctors Cmnty. Hosp. Proj.) Series 2010, 5.75% 7/1/38 | 1,010,000 | 1,081,346 | ||
(Univ. of Maryland Med. Sys. Proj.): | ||||
Series 2008 F, 5.25% 7/1/21 | 1,000,000 | 1,116,120 | ||
Series 2010, 5.125% 7/1/39 | 900,000 | 986,697 | ||
(Upper Chesapeake Hosp. Proj.) Series 2008 C: | ||||
5.5% 1/1/18 | 375,000 | 400,466 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Maryland - continued | ||||
Maryland Health & Higher Edl. Facilities Auth. Rev.: - continued | ||||
(Upper Chesapeake Hosp. Proj.) Series 2008 C: | ||||
6% 1/1/38 | $ 2,800,000 | $ 3,086,636 | ||
(Washington County Health Sys. Proj.) Series 2008, 6% 1/1/43 | 1,000,000 | 1,080,240 | ||
Series 2010, 5.625% 7/1/30 | 500,000 | 540,870 | ||
| 8,870,330 | |||
Massachusetts - 0.6% | ||||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||
(Boston Univ. Proj.) Series U4, 5.7% 10/1/40 | 1,400,000 | 1,620,584 | ||
Series 2011 I, 6.75% 1/1/36 | 1,000,000 | 1,187,960 | ||
Series 2015 D, 5% 7/1/44 | 890,000 | 953,653 | ||
Massachusetts Health & Edl. Facilities Auth. Rev. (CareGroup, Inc. Proj.) Series 2008 E1, 5.125% 7/1/33 | 1,000,000 | 1,084,210 | ||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Series 2007 A, 5% 8/15/22 (AMBAC Insured) | 600,000 | 656,472 | ||
| 5,502,879 | |||
Michigan - 1.8% | ||||
Detroit Swr. Disp. Rev.: | ||||
Series 2001 E, 5.75% 7/1/31 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 500,000 | 544,865 | ||
Series 2006 B, 5% 7/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,800,000 | 2,828,336 | ||
Detroit Wtr. Supply Sys. Rev. Series 2006 B, 7% 7/1/36 (FSA Insured) | 1,000,000 | 1,112,240 | ||
Lansing Board of Wtr. & Lt. Util. Rev. 5.5% 7/1/41 | 500,000 | 584,450 | ||
Lapeer Cmnty. Schools 5.25% 5/1/26 (FSA Insured) | 1,100,000 | 1,228,348 | ||
Michigan Fin. Auth. Rev.: | ||||
Series 2012 A: | ||||
4.125% 6/1/32 | 1,150,000 | 1,146,481 | ||
5% 6/1/21 | 350,000 | 396,477 | ||
5% 6/1/27 | 500,000 | 551,225 | ||
5% 6/1/39 | 1,100,000 | 1,181,862 | ||
Series 2012, 5% 11/15/42 | 2,175,000 | 2,326,815 | ||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(McLaren Health Care Corp. Proj.) Series 2008 A, 5.75% 5/15/38 (Pre-Refunded to 5/15/18 @ 100) | 1,000,000 | 1,143,570 | ||
Series 2008 A1: | ||||
6.5% 12/1/33 | 515,000 | 597,596 | ||
6.5% 12/1/33 (Pre-Refunded to 12/1/18 @ 100) | 1,985,000 | 2,356,374 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
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) | $ 600,000 | $ 741,558 | ||
Willow Run Cmnty. Schools County of Washtenaw 5% 5/1/20 (FSA Insured) | 1,000,000 | 1,003,370 | ||
| 17,743,567 | |||
Minnesota - 0.9% | ||||
Duluth Independent School District #709 Ctfs. of Prtn. Series 2009 B, 4% 3/1/20 | 1,620,000 | 1,686,371 | ||
Minneapolis Health Care Sys. Rev. (Fairview Health Svcs. Proj.) Series 2008 B, 6.5% 11/15/38 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,149,960 | ||
Minnesota Gen. Oblig.: | ||||
5% 8/1/22 | 1,075,000 | 1,176,233 | ||
5% 8/1/22 (Pre-Refunded to 8/1/17 @ 100) | 25,000 | 27,396 | ||
Rochester Hsg. & Healthcare Rev. (Madonna Towers Proj.) Series A, 5.875% 11/1/28 | 1,100,000 | 1,127,126 | ||
Saint Paul Port Auth. Lease Rev. (HealthEast Midway Campus Proj.) Series 2003 A, 5.875% 5/1/30 | 1,400,000 | 1,404,242 | ||
St. Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.) Series 2009, 5.75% 7/1/39 | 1,600,000 | 1,823,040 | ||
St. Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (HealthPartners Oblig. Group Proj.) 5.25% 5/15/22 | 1,000,000 | 1,069,180 | ||
| 9,463,548 | |||
Nebraska - 0.4% | ||||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 B, 0.675% 12/1/17 (c) | 1,100,000 | 1,077,439 | ||
Douglas County Hosp. Auth. #2 Health Facilities Rev.: | ||||
6% 8/15/24 | 740,000 | 819,913 | ||
6% 8/15/24 (Pre-Refunded to 8/15/17 @ 100) | 560,000 | 627,217 | ||
Nebraska Pub. Pwr. District Rev. Series 2012 C, 5% 1/1/26 | 1,225,000 | 1,340,211 | ||
| 3,864,780 | |||
Nevada - 0.5% | ||||
Clark County Wtr. Reclamation District: | ||||
Series 2009 A, 5.25% 7/1/29 (Berkshire Hathaway Assurance Corp. Insured) | 1,000,000 | 1,148,330 | ||
5.625% 7/1/32 | 3,000,000 | 3,403,800 | ||
| 4,552,130 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New Hampshire - 0.4% | ||||
New Hampshire Bus. Fin. Auth. Rev. Series 2009 A, 6.125% 10/1/39 | $ 1,830,000 | $ 2,057,872 | ||
New Hampshire Health & Ed. Facilities Auth. Rev.: | ||||
Series 2007 A, 5% 10/1/37 | 1,100,000 | 1,171,225 | ||
Series 2012: | ||||
4% 7/1/32 | 400,000 | 398,508 | ||
5% 7/1/27 | 500,000 | 551,415 | ||
| 4,179,020 | |||
New Jersey - 3.0% | ||||
New Jersey Ctfs. of Prtn. Series 2009 A, 5.25% 6/15/28 | 1,000,000 | 1,092,050 | ||
New Jersey Econ. Dev. Auth. Rev.: | ||||
Series 2009 AA, 5.5% 12/15/29 | 1,000,000 | 1,088,710 | ||
Series 2013 NN, 5% 3/1/27 | 11,810,000 | 12,686,184 | ||
Series 2013: | ||||
5% 3/1/23 | 2,200,000 | 2,444,684 | ||
5% 3/1/24 | 3,000,000 | 3,288,240 | ||
5% 3/1/25 | 300,000 | 327,543 | ||
6% 12/15/34 (Pre-Refunded to 12/15/34 @ 100) | 25,000 | 28,271 | ||
New Jersey Health Care Facilities Fing. Auth. Rev. Series 2008, 6.625% 7/1/38 | 1,700,000 | 1,901,552 | ||
New Jersey Trans. Trust Fund Auth.: | ||||
Series 2005 B, 5.25% 12/15/22 (AMBAC Insured) | 400,000 | 452,968 | ||
Series 2014 AA, 5% 6/15/23 | 5,250,000 | 5,840,940 | ||
Union County Impt. Auth. (Juvenile Detention Ctr. Facility Proj.) Series 2005, 5.5% 5/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,000,000 | ||
| 30,151,142 | |||
New Mexico - 0.2% | ||||
New Mexico Edl. Assistance Foundation Series 2010 A1, 5% 12/1/19 | 2,000,000 | 2,293,880 | ||
New York - 7.8% | ||||
Hudson Yards Infrastructure Corp. New York Rev. Series 2012 A, 5.75% 2/15/47 | 2,700,000 | 3,071,088 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 5.625% 7/1/16 (Escrowed to Maturity) | 180,000 | 182,495 | ||
New York City Gen. Oblig.: | ||||
Series 2008 A1, 5.25% 8/15/27 | 1,500,000 | 1,688,985 | ||
Series 2008 D1, 5.125% 12/1/22 | 2,000,000 | 2,220,860 | ||
Series 2009 I1, 5.625% 4/1/29 | 600,000 | 693,288 | ||
Series 2012 A1, 5% 8/1/24 | 1,300,000 | 1,530,984 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
New York City Gen. Oblig.: - continued | ||||
Series 2012 E, 5% 8/1/24 | $ 5,000,000 | $ 5,892,800 | ||
Series 2012 G1, 5% 4/1/25 | 2,500,000 | 2,940,875 | ||
New York City Indl. Dev. Agcy. Civic Facility Rev. (Polytechnic Univ. NY Proj.) 5.25% 11/1/27 (ACA Finl. Guaranty Corp. Insured) | 600,000 | 663,156 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 2009 A, 5.75% 6/15/40 | 2,300,000 | 2,617,078 | ||
Series 2009 CC, 5% 6/15/34 | 2,100,000 | 2,315,817 | ||
Series 2009 FF 2, 5.5% 6/15/40 | 3,000,000 | 3,437,910 | ||
Series 2011 EE, 5.375% 6/15/43 | 4,000,000 | 4,676,040 | ||
Series 2013 CC, 5% 6/15/47 | 4,000,000 | 4,450,240 | ||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | ||||
Series 2009 S1, 5.5% 7/15/31 | 1,000,000 | 1,133,340 | ||
Series 2009 S3: | ||||
5.25% 1/15/34 | 2,500,000 | 2,818,350 | ||
5.25% 1/15/39 | 1,000,000 | 1,121,990 | ||
Series 2009 S4: | ||||
5.5% 1/15/39 | 850,000 | 969,757 | ||
5.75% 1/15/39 | 1,600,000 | 1,845,952 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.): | ||||
Series 2007 A, 5% 3/15/32 | 2,400,000 | 2,569,152 | ||
Series 2008 B, 5.75% 3/15/36 | 3,400,000 | 3,919,316 | ||
5% 2/15/34 | 1,100,000 | 1,233,540 | ||
New York Dorm. Auth. Revs. (New York Univ. Hosp. Ctr. Proj.) Series 2007 B, 5.25% 7/1/24 (Pre-Refunded to 7/1/17 @ 100) | 100,000 | 107,710 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: | ||||
Series 2009 A, 5.5% 11/15/39 | 5,000,000 | 5,675,450 | ||
Series 2009 B, 5% 11/15/34 | 1,200,000 | 1,369,608 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2003 B, 5.25% 11/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,900,000 | 2,218,022 | ||
Series 2008 A, 5.25% 11/15/36 | 3,700,000 | 4,029,374 | ||
Series 2008 C, 6.5% 11/15/28 | 1,000,000 | 1,170,800 | ||
Series 2010 D, 5.25% 11/15/40 | 1,400,000 | 1,569,190 | ||
Series 2012 D, 5% 11/15/25 | 4,600,000 | 5,401,872 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series 2007 A, 5% 4/1/21 | 1,100,000 | 1,189,804 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
Rockland County Gen. Oblig. Series 2014 A, 4% 3/1/23 (FSA Insured) | $ 1,125,000 | $ 1,227,476 | ||
Tobacco Settlement Fing. Corp. Series 2013 B: | ||||
5% 6/1/20 | 1,900,000 | 1,993,404 | ||
5% 6/1/21 | 800,000 | 839,064 | ||
| 78,784,787 | |||
North Carolina - 1.0% | ||||
Charlotte Int'l. Arpt. Rev. (Charlotte Douglas Int'l. Arpt. Proj.) Series 2010 B, 5.5% 7/1/24 (d) | 1,000,000 | 1,149,450 | ||
Nash Health Care Sys. Health Care Facilities Rev.: | ||||
Series 2012, 5% 11/1/41 | 800,000 | 863,584 | ||
5% 11/1/30 (FSA Insured) | 1,275,000 | 1,417,392 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2009 B, 5% 1/1/26 | 2,200,000 | 2,450,426 | ||
North Carolina Med. Care Commission Health Care Facilities Rev. (Rex Healthcare Proj.) Series 2010 A, 5% 7/1/30 | 1,600,000 | 1,807,184 | ||
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev.: | ||||
Series 2009 A, 5% 1/1/30 | 1,000,000 | 1,119,860 | ||
Series 2010 B, 5% 1/1/20 | 1,300,000 | 1,497,509 | ||
| 10,305,405 | |||
North Dakota - 0.5% | ||||
Cass County Health Care Facilities Rev. (Essentia Health Obligated Group Proj.) Series 2008, 5.125% 2/15/37 (Assured Guaranty Corp. Insured) | 750,000 | 799,410 | ||
McLean County Solid Waste Facilities Rev. (Great River Energy Projects) Series 2010 B, 5.15% 7/1/40 | 2,300,000 | 2,517,235 | ||
Ward County Health Care Facility Rev. (Trinity Med. Ctr. Proj.) 5.125% 7/1/17 | 1,210,000 | 1,256,767 | ||
| 4,573,412 | |||
Ohio - 1.4% | ||||
American Muni. Pwr., Inc. Rev. (Prairie State Energy Campus Proj.) Series 2015, 5% 2/15/28 | 2,000,000 | 2,311,600 | ||
Buckeye Tobacco Settlement Fing. Auth. Series 2007 A1: | ||||
5% 6/1/16 | 800,000 | 836,592 | ||
5% 6/1/17 | 925,000 | 1,000,693 | ||
Hamilton County Convention Facilities Auth. Rev. Series 2014, 5% 12/1/26 | 670,000 | 764,088 | ||
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 2008 C, 5.75% 8/15/38 | 1,000,000 | 1,116,010 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Lucas County Hosp. Rev. (ProMedica Healthcare Oblig. Group Proj.) Series 2011 A, 6.5% 11/15/37 | $ 1,200,000 | $ 1,485,804 | ||
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013, 5% 2/15/48 | 2,000,000 | 2,051,680 | ||
Ohio Air Quality Dev. Auth. Rev. Series 2009 C, 5.625% 6/1/18 | 400,000 | 441,984 | ||
Ohio Tpk. Commission Tpk. Rev. (Infastructure Proj.) Series 2005 A, 0% 2/15/42 | 2,600,000 | 793,832 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (c) | 1,500,000 | 1,575,300 | ||
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008, 5.75% 12/1/35 | 1,400,000 | 1,579,592 | ||
| 13,957,175 | |||
Oklahoma - 1.1% | ||||
Oklahoma City Pub. Property Auth. Hotel Tax Rev. Series 2005, 5.5% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,695,000 | 1,729,917 | ||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series C, 5.5% 8/15/22 (Pre-Refunded to 8/15/18 @ 100) | 2,865,000 | 3,283,662 | ||
Oklahoma Dev. Fin. Auth. Rev.: | ||||
(Saint John Health Sys. Proj.) Series 2012, 5% 2/15/42 | 1,775,000 | 1,938,797 | ||
Series 2012, 5% 2/15/21 | 400,000 | 466,344 | ||
Oklahoma Pwr. Auth. Pwr. Supply Sys. Rev. Series 2014 A, 5% 1/1/38 | 1,295,000 | 1,467,688 | ||
Tulsa County Indl. Auth. Health Care Rev. 5% 12/15/18 | 1,500,000 | 1,607,925 | ||
| 10,494,333 | |||
Oregon - 0.1% | ||||
Yamhill County School District #029J Newberg 5.5% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,168,460 | ||
Pennsylvania - 2.1% | ||||
Allegheny County Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A, 5.625% 8/15/39 | 1,100,000 | 1,254,418 | ||
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (FirstEnergy Nuclear Generation Corp. Proj.) Series 2005 A, 3.375%, tender 7/1/15 (c) | 1,400,000 | 1,405,558 | ||
Centre County Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.) Series 2011, 7% 11/15/46 | 500,000 | 588,565 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Mifflin County School District Series 2007, 7.75% 9/1/30 (XL Cap. Assurance, Inc. Insured) | $ 400,000 | $ 456,436 | ||
Monroeville Fin. Auth. UPMC Rev. Series 2012, 5% 2/15/27 | 800,000 | 953,344 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.): | ||||
Series 2012 A, 5% 6/1/24 | 600,000 | 692,046 | ||
Series A, 6% 6/1/16 (AMBAC Insured) | 1,860,000 | 1,968,010 | ||
Montgomery County Higher Ed. & Health Auth. Rev. Series 2014 A, 5% 10/1/25 | 1,045,000 | 1,176,806 | ||
Pennsylvania Gen. Oblig.: | ||||
Series 2015 1, 5% 3/15/29 | 2,780,000 | 3,233,418 | ||
Series 2015, 5% 3/15/33 | 850,000 | 968,448 | ||
Pennsylvania Tpk. Commission Tpk. Rev. Series 2009 D, 5.5% 12/1/41 | 2,400,000 | 2,697,072 | ||
Philadelphia Gas Works Rev.: | ||||
(1975 Gen. Ordinance Proj.) Seventeenth Series, 5.375% 7/1/20 (FSA Insured) | 500,000 | 501,615 | ||
(1998 Gen. Ordinance Proj.): | ||||
Fifth Series A1, 5% 9/1/33 (FSA Insured) | 150,000 | 150,360 | ||
Ninth Series, 5.25% 8/1/40 | 800,000 | 887,856 | ||
Philadelphia School District: | ||||
5% 8/1/22 | 190,000 | 192,219 | ||
5% 8/1/22 (Pre-Refunded to 8/1/15 @ 100) | 10,000 | 10,117 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series A, 0% 8/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000,000 | 4,220,000 | ||
| 21,356,288 | |||
South Carolina - 4.5% | ||||
Greenwood Fifty School Facilities Installment 5% 12/1/21 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,103,740 | ||
Lexington One School Facilities Corp. Rev. (Lexington County School District No. 1 Proj.) 5% 12/1/17 (Pre-Refunded to 12/1/16 @ 100) | 1,015,000 | 1,084,446 | ||
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. Series 2013, 5% 11/1/27 | 1,400,000 | 1,588,566 | ||
South Carolina Jobs-Econ. Dev. Auth. Health Facilities Rev. (Bishop Gadsden Proj.) Series 2007, 5% 4/1/16 | 1,000,000 | 1,022,770 | ||
South Carolina Pub. Svc. Auth. Rev.: | ||||
(Santee Cooper Proj.) Series 2009 B, 5.25% 1/1/39 | 5,000,000 | 5,560,600 | ||
Series 2012 B, 5% 12/1/20 | 2,500,000 | 2,932,450 | ||
Series 2013 E, 5.5% 12/1/53 | 6,100,000 | 6,880,983 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
South Carolina - continued | ||||
South Carolina Pub. Svc. Auth. Rev.: - continued | ||||
Series 2014 A: | ||||
5% 12/1/49 | $ 3,640,000 | $ 3,984,126 | ||
5.5% 12/1/54 | 2,400,000 | 2,738,232 | ||
Series 2014 C, 5% 12/1/46 | 700,000 | 770,399 | ||
Series 2015 A, 5% 12/1/50 | 7,245,000 | 7,865,607 | ||
Series 2015 C, 5% 12/1/19 (b) | 8,000,000 | 8,999,280 | ||
Univ. of South Carolina Athletic Facilities Rev. Series 2008 A, 5.5% 5/1/38 | 995,000 | 1,115,564 | ||
| 45,646,763 | |||
Tennessee - 0.8% | ||||
Clarksville Natural Gas Acquisition Corp. Gas Rev. Series 2006: | ||||
5% 12/15/15 | 1,500,000 | 1,539,630 | ||
5% 12/15/16 | 1,500,000 | 1,598,880 | ||
Jackson Hosp. Rev.: | ||||
5.75% 4/1/41 | 270,000 | 298,115 | ||
5.75% 4/1/41 (Pre-Refunded to 4/1/18 @ 100) | 730,000 | 829,499 | ||
Knox County Health Edl. & Hsg. Facilities Board Rev. (Univ. Health Sys. Proj.) Series 2007, 5% 4/1/16 | 1,805,000 | 1,864,403 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5.75% 7/1/24 (d) | 1,600,000 | 1,857,568 | ||
Sullivan County Health, Ed. and Hsg. Board (Wellmont Health Sys. Proj.) Series 2006 C, 5.25% 9/1/36 | 400,000 | 416,280 | ||
| 8,404,375 | |||
Texas - 8.6% | ||||
Austin Arpt. Sys. Rev. Series 2014: | ||||
5% 11/15/28 (d) | 500,000 | 570,760 | ||
5% 11/15/39 (d) | 1,700,000 | 1,863,200 | ||
5% 11/15/44 (d) | 2,690,000 | 2,936,996 | ||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.5% 8/1/20 | 1,000,000 | 1,135,150 | ||
Comal Independent School District Series 2008A, 5.25% 2/1/23 | 2,240,000 | 2,504,298 | ||
Corpus Christi Util. Sys. Rev.: | ||||
5% 7/15/23 | 1,600,000 | 1,882,576 | ||
5.25% 7/15/18 (FSA Insured) | 1,000,000 | 1,096,370 | ||
Dallas Fort Worth Int'l. Arpt. Rev.: | ||||
Series 2009 A, 5% 11/1/24 | 1,000,000 | 1,064,040 | ||
Series 2012 D, 5% 11/1/42 (d) | 400,000 | 427,848 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Dallas Fort Worth Int'l. Arpt. Rev.: - continued | ||||
Series 2012 H, 5% 11/1/42 (d) | $ 1,000,000 | $ 1,069,620 | ||
Dallas Independent School District Series 2008, 6.375% 2/15/34 (Pre-Refunded to 2/15/18 @ 100) | 300,000 | 345,132 | ||
Frisco Independent School District Series 2008 A, 6% 8/15/33 | 1,200,000 | 1,375,380 | ||
Grand Parkway Trans. Corp. Series 2013 B: | ||||
5% 4/1/53 | 220,000 | 239,001 | ||
5.25% 10/1/51 | 8,300,000 | 9,323,805 | ||
5.5% 4/1/53 | 1,000,000 | 1,115,210 | ||
Harris County Gen. Oblig.: | ||||
(Road Proj.) Series 2008 B, 5.25% 8/15/47 | 8,000,000 | 8,695,840 | ||
Series 2002, 0% 8/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 780,430 | ||
Houston Arpt. Sys. Rev.: | ||||
Series 2011 A, 5% 7/1/24 (d) | 1,250,000 | 1,422,638 | ||
Series 2012 A, 5% 7/1/23 (d) | 600,000 | 696,000 | ||
Humble Independent School District Series 2005 B, 5.25% 2/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,800,000 | 1,806,264 | ||
Kermit Independent School District Series 2007, 5.25% 2/15/32 (Pre-Refunded to 2/15/17 @ 100) | 700,000 | 757,729 | ||
Lewisville Independent School District 0% 8/15/19 | 2,340,000 | 2,206,316 | ||
Lower Colorado River Auth. Rev.: | ||||
5.75% 5/15/37 | 25,000 | 25,039 | ||
5.75% 5/15/37 | 30,000 | 30,047 | ||
5.75% 5/15/37 | 175,000 | 175,583 | ||
Mansfield Independent School District 5.5% 2/15/17 | 25,000 | 25,096 | ||
North Texas Tollway Auth. Rev.: | ||||
Series 2008 I, 6.2% 1/1/42 (Assured Guaranty Corp. Insured) | 1,100,000 | 1,331,462 | ||
Series 2009 A, 6.25% 1/1/39 | 1,800,000 | 2,088,342 | ||
Series 2011 A: | ||||
5.5% 9/1/41 | 2,300,000 | 2,711,424 | ||
6% 9/1/41 | 1,200,000 | 1,457,460 | ||
Series 2011 D, 5% 9/1/28 | 2,300,000 | 2,682,536 | ||
Series 2014 A, 5% 1/1/25 | 1,000,000 | 1,181,510 | ||
6% 1/1/24 | 230,000 | 257,161 | ||
6% 1/1/24 (Pre-Refunded to 1/1/18 @ 100) | 1,770,000 | 1,999,835 | ||
San Antonio Arpt. Sys. Rev. 5.25% 7/1/18 (FSA Insured) (d) | 2,505,000 | 2,705,701 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
San Antonio Elec. & Gas Sys. Rev.: | ||||
Series 2008, 5% 2/1/24 | $ 1,000,000 | $ 1,103,780 | ||
Series 2012, 5.25% 2/1/25 | 800,000 | 1,000,872 | ||
Spring Branch Independent School District Series 2008, 5.25% 2/1/38 | 3,145,000 | 3,360,087 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | ||||
(Hendrick Med. Ctr. Proj.) Series 2009 B, 5.25% 9/1/28 (Assured Guaranty Corp. Insured) | 1,235,000 | 1,397,081 | ||
(Scott & White Healthcare Proj.) Series 2013 A, 4% 8/15/43 | 500,000 | 492,720 | ||
5.75% 11/15/24 | 620,000 | 711,822 | ||
5.75% 11/15/24 (Pre-Refunded to 11/15/18 @ 100) | 480,000 | 558,653 | ||
Texas Gen. Oblig.: | ||||
Series 2006 A, 5% 4/1/29 (Pre-Refunded to 4/1/17 @ 100) | 560,000 | 605,718 | ||
5% 4/1/25 | 725,000 | 806,512 | ||
5% 4/1/25 (Pre-Refunded to 4/1/18 @ 100) | 75,000 | 83,615 | ||
Texas Muni. Pwr. Agcy. Rev. 0% 9/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,800,000 | 1,783,206 | ||
Texas Private Activity Bond Surface Trans. Corp.: | ||||
(LBJ Infrastructure Group LLC IH-635 Managed Lanes Proj.) Series 2010, 7% 6/30/40 | 1,200,000 | 1,447,896 | ||
Series 2013, 6.75% 6/30/43 (d) | 2,400,000 | 2,914,296 | ||
Texas Trans. Commission State Hwy. Fund Rev. Series 2007: | ||||
5% 4/1/23 | 1,500,000 | 1,621,875 | ||
5% 4/1/25 | 600,000 | 648,150 | ||
5% 4/1/26 | 810,000 | 874,201 | ||
Texas Wtr. Dev. Board Rev. Series 2008 B, 5.25% 7/15/23 | 1,600,000 | 1,751,984 | ||
Univ. of Texas Board of Regents Sys. Rev.: | ||||
Series 2007 F, 4.75% 8/15/27 (Pre-Refunded to 2/15/17 @ 100) | 410,000 | 439,811 | ||
4.75% 8/15/27 | 590,000 | 628,775 | ||
Waller Independent School District: | ||||
5.5% 2/15/28 | 1,670,000 | 1,854,418 | ||
5.5% 2/15/37 | 2,100,000 | 2,311,344 | ||
| 86,382,615 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Utah - 0.2% | ||||
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) 5% 9/1/20 | $ 850,000 | $ 986,969 | ||
Utah Transit Auth. Sales Tax Rev. Series 2008 A, 5.25% 6/15/38 (Pre-Refunded to 6/15/18 @ 100) | 1,200,000 | 1,357,404 | ||
| 2,344,373 | |||
Vermont - 0.3% | ||||
Vermont Edl. & Health Bldg. Fin. Agcy. Rev. (Fletcher Allen Health Care Proj.) Series 2004 B, 5.5% 12/1/28 (FSA Insured) | 2,600,000 | 2,885,402 | ||
Virginia - 0.3% | ||||
Fredericksburg Econ. Dev. Auth. Rev. Series 2014, 5% 6/15/30 | 1,250,000 | 1,398,250 | ||
Univ. of Virginia Gen. Rev. Series 2015 A, 5% 4/1/45 | 1,000,000 | 1,162,810 | ||
Virginia College Bldg. Auth. Edl. Facilities Rev. Series 2015 A, 5% 1/1/40 | 500,000 | 571,995 | ||
| 3,133,055 | |||
Washington - 1.9% | ||||
Chelan County Pub. Util. District #1 Columbia River-Rock Island Hydro-Elec. Sys. Rev. Series 1997 A, 0% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 980,960 | ||
Kent Spl. Events Ctr. Pub. Facilities District Rev. Series 2008, 5.25% 12/1/32 (FSA Insured) | 2,000,000 | 2,205,940 | ||
King County Swr. Rev. Series 2009, 5.25% 1/1/42 | 1,000,000 | 1,116,610 | ||
Port of Seattle Spl. Facility Rev. Series 2013, 5% 6/1/24 (d) | 560,000 | 655,508 | ||
Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev. Series 2013 B, 5% 12/1/27 | 1,500,000 | 1,710,165 | ||
Washington Gen. Oblig.: | ||||
Series R 97A, 0% 7/1/19 (Escrowed to Maturity) | 1,200,000 | 1,135,212 | ||
Series S5, 0% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,230,000 | 2,165,397 | ||
Washington Health Care Facilities Auth. Rev.: | ||||
(Catholic Health Initiatives Proj.) Series 2008 D, 6.375% 10/1/36 | 3,000,000 | 3,442,770 | ||
(MultiCare Health Sys. Proj.) Series 2008 B, 6% 8/15/39 (Pre-Refunded to 8/15/19 @ 100) | 1,000,000 | 1,200,010 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Washington - continued | ||||
Washington Health Care Facilities Auth. Rev.: - continued | ||||
(Overlake Hosp. Med. Ctr.) Series 2010, 5.7% 7/1/38 | $ 2,270,000 | $ 2,628,774 | ||
(Seattle Children's Hosp. Proj.) Series 2009, 5.625% 10/1/38 (Pre-Refunded to 10/1/19 @ 100) | 1,400,000 | 1,659,084 | ||
| 18,900,430 | |||
West Virginia - 0.2% | ||||
West Virginia Hosp. Fin. Auth. Hosp. Rev. (West Virginia United Health Sys. Proj.) Series 2008 E, 5.625% 6/1/35 | 1,000,000 | 1,123,620 | ||
West Virginia Univ. Revs. (West Virginia Univ. Projs.) Series 2014 A, 5% 10/1/44 | 1,100,000 | 1,235,916 | ||
| 2,359,536 | |||
Wisconsin - 0.5% | ||||
Wisconsin Health & Edl. Facilities Series 2014, 4% 5/1/33 | 510,000 | 501,004 | ||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Agnesian HealthCare, Inc. Proj.): | ||||
Series 2010: | ||||
5.5% 7/1/40 | 500,000 | 568,230 | ||
5.75% 7/1/30 | 500,000 | 580,490 | ||
Series 2013 B, 5% 7/1/36 | 925,000 | 997,465 | ||
(Marshfield Clinic Proj.) Series A, 5.375% 2/15/34 | 1,000,000 | 1,029,510 | ||
Series 2012: | ||||
5% 6/1/27 | 300,000 | 341,454 | ||
5% 6/1/39 | 490,000 | 536,001 | ||
| 4,554,154 | |||
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 | 1,700,000 | 1,977,542 | ||
TOTAL MUNICIPAL BONDS (Cost $931,999,857) |
|
Municipal Notes - 0.1% | |||
Principal Amount | Value | ||
Kentucky - 0.1% | |||
Kentucky Pub. Trans. BAN Series 2013 A, 5% 7/1/17 | $ 1,500,000 | $ 1,626,945 | |
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $933,590,719) | 1,007,368,904 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (2,284,035) | ||
NET ASSETS - 100% | $ 1,005,084,869 |
Security Type Abbreviations | ||
BAN | - | BOND ANTICIPATION NOTE |
Legend |
(a) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
General Obligations | 33.8% |
Health Care | 19.3% |
Transportation | 11.8% |
Electric Utilities | 10.0% |
Escrowed/Pre-Refunded | 7.7% |
Special Tax | 7.0% |
Water & Sewer | 5.5% |
Others* (Individually Less Than 5%) | 4.9% |
| 100.0% |
* Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $933,590,719) |
| $ 1,007,368,904 |
Cash |
| 3,638,194 |
Receivable for investments sold | 2,207,040 | |
Receivable for fund shares sold | 1,617,543 | |
Interest receivable | 11,976,061 | |
Prepaid expenses | 690 | |
Receivable from investment adviser for expense reductions | 12,687 | |
Other receivables | 1,389 | |
Total assets | 1,026,822,508 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 3,374,097 | |
Delayed delivery | 15,708,265 | |
Payable for fund shares redeemed | 1,069,132 | |
Distributions payable | 461,539 | |
Accrued management fee | 299,071 | |
Distribution and service plan fees payable | 216,268 | |
Other affiliated payables | 581,152 | |
Other payables and accrued expenses | 28,115 | |
Total liabilities | 21,737,639 | |
|
|
|
Net Assets | $ 1,005,084,869 | |
Net Assets consist of: |
| |
Paid in capital | $ 926,950,649 | |
Undistributed net investment income | 481,661 | |
Accumulated undistributed net realized gain (loss) on investments | 3,874,374 | |
Net unrealized appreciation (depreciation) on investments | 73,778,185 | |
Net Assets | $ 1,005,084,869 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price | $ 13.51 | |
|
|
|
Maximum offering price per share (100/96.00 of $13.51) | $ 14.07 | |
Class T: | $ 13.55 | |
|
|
|
Maximum offering price per share (100/96.00 of $13.55) | $ 14.11 | |
Class B: | $ 13.47 | |
|
|
|
Class C: | $ 13.55 | |
|
|
|
Institutional Class: | $ 13.44 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 19,887,381 |
|
|
|
Expenses | ||
Management fee | $ 1,774,093 | |
Transfer agent fees | 778,857 | |
Distribution and service plan fees | 1,295,270 | |
Accounting fees and expenses | 102,491 | |
Custodian fees and expenses | 5,969 | |
Independent trustees' compensation | 2,058 | |
Registration fees | 58,020 | |
Audit | 27,649 | |
Legal | 9,315 | |
Miscellaneous | 2,395 | |
Total expenses before reductions | 4,056,117 | |
Expense reductions | (94,171) | 3,961,946 |
Net investment income (loss) | 15,925,435 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 4,009,680 |
Change in net unrealized appreciation (depreciation) on investment securities | (6,453,742) | |
Net gain (loss) | (2,444,062) | |
Net increase (decrease) in net assets resulting from operations | $ 13,481,373 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 15,925,435 | $ 32,476,757 |
Net realized gain (loss) | 4,009,680 | 3,220,004 |
Change in net unrealized appreciation (depreciation) | (6,453,742) | 44,401,983 |
Net increase (decrease) in net assets resulting | 13,481,373 | 80,098,744 |
Distributions to shareholders from net investment income | (15,906,104) | (32,459,524) |
Distributions to shareholders from net realized gain | (3,075,920) | (6,709,660) |
Total distributions | (18,982,024) | (39,169,184) |
Share transactions - net increase (decrease) | 45,382,422 | (39,024,324) |
Total increase (decrease) in net assets | 39,881,771 | 1,905,236 |
|
|
|
Net Assets | ||
Beginning of period | 965,203,098 | 963,297,862 |
End of period (including undistributed net investment income of $481,661 and undistributed net investment income of $462,330, respectively) | $ 1,005,084,869 | $ 965,203,098 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.59 | $ 13.00 | $ 13.74 | $ 12.95 | $ 12.99 | $ 12.54 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .221 | .462 | .453 | .460 | .479 | .465 |
Net realized and unrealized gain (loss) | (.037) | .682 | (.738) | .789 | (.041) | .450 |
Total from investment operations | .184 | 1.144 | (.285) | 1.249 | .438 | .915 |
Distributions from net investment income | (.221) | (.461) | (.451) | (.457) | (.478) | (.465) |
Distributions from net realized gain | (.043) | (.093) | (.004) | (.002) | - | - |
Total distributions | (.264) | (.554) | (.455) | (.459) | (.478) | (.465) |
Net asset value, end of period | $ 13.51 | $ 13.59 | $ 13.00 | $ 13.74 | $ 12.95 | $ 12.99 |
Total ReturnB, C, D | 1.36% | 9.02% | (2.12)% | 9.77% | 3.53% | 7.42% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .82%A | .79% | .77% | .77% | .77% | .78% |
Expenses net of fee waivers, if any | .80%A | .79% | .77% | .77% | .77% | .78% |
Expenses net of all reductions | .80%A | .79% | .77% | .77% | .77% | .78% |
Net investment income (loss) | 3.28%A | 3.49% | 3.36% | 3.42% | 3.80% | 3.64% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 337,910 | $ 325,539 | $ 335,492 | $ 430,231 | $ 368,789 | $ 448,794 |
Portfolio turnover rateG | 13% A | 10% | 12% | 6% | 8% | 7% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.63 | $ 13.03 | $ 13.77 | $ 12.99 | $ 13.02 | $ 12.57 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .222 | .466 | .454 | .462 | .481 | .467 |
Net realized and unrealized gain (loss) | (.037) | .691 | (.739) | .778 | (.032) | .449 |
Total from investment operations | .185 | 1.157 | (.285) | 1.240 | .449 | .916 |
Distributions from net investment income | (.222) | (.464) | (.451) | (.458) | (.479) | (.466) |
Distributions from net realized gain | (.043) | (.093) | (.004) | (.002) | - | - |
Total distributions | (.265) | (.557) | (.455) | (.460) | (.479) | (.466) |
Net asset value, end of period | $ 13.55 | $ 13.63 | $ 13.03 | $ 13.77 | $ 12.99 | $ 13.02 |
Total ReturnB, C, D | 1.36% | 9.10% | (2.12)% | 9.67% | 3.61% | 7.41% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .80%A | .78% | .77% | .76% | .76% | .77% |
Expenses net of fee waivers, if any | .80%A | .78% | .77% | .76% | .76% | .77% |
Expenses net of all reductions | .80%A | .78% | .77% | .76% | .76% | .77% |
Net investment income (loss) | 3.28%A | 3.51% | 3.37% | 3.42% | 3.80% | 3.65% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 204,554 | $ 204,607 | $ 207,208 | $ 247,622 | $ 225,908 | $ 253,136 |
Portfolio turnover rateG | 13% A | 10% | 12% | 6% | 8% | 7% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.54 | $ 12.96 | $ 13.69 | $ 12.92 | $ 12.96 | $ 12.51 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .181 | .375 | .361 | .367 | .393 | .379 |
Net realized and unrealized gain (loss) | (.028) | .673 | (.727) | .772 | (.040) | .451 |
Total from investment operations | .153 | 1.048 | (.366) | 1.139 | .353 | .830 |
Distributions from net investment income | (.180) | (.375) | (.360) | (.367) | (.393) | (.380) |
Distributions from net realized gain | (.043) | (.093) | (.004) | (.002) | - | - |
Total distributions | (.223) | (.468) | (.364) | (.369) | (.393) | (.380) |
Net asset value, end of period | $ 13.47 | $ 13.54 | $ 12.96 | $ 13.69 | $ 12.92 | $ 12.96 |
Total ReturnB, C, D | 1.13% | 8.26% | (2.72)% | 8.90% | 2.85% | 6.73% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.41%A | 1.45% | 1.45% | 1.45% | 1.46% | 1.45% |
Expenses net of fee waivers, if any | 1.41%A | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
Expenses net of all reductions | 1.41%A | 1.45% | 1.45% | 1.45% | 1.45% | 1.44% |
Net investment income (loss) | 2.67%A | 2.84% | 2.68% | 2.74% | 3.12% | 2.98% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 4,004 | $ 4,932 | $ 6,951 | $ 11,187 | $ 12,983 | $ 19,838 |
Portfolio turnover rateG | 13% A | 10% | 12% | 6% | 8% | 7% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.62 | $ 13.03 | $ 13.77 | $ 12.98 | $ 13.02 | $ 12.57 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .171 | .363 | .351 | .358 | .383 | .370 |
Net realized and unrealized gain (loss) | (.027) | .681 | (.739) | .788 | (.042) | .448 |
Total from investment operations | .144 | 1.044 | (.388) | 1.146 | .341 | .818 |
Distributions from net investment income | (.171) | (.361) | (.348) | (.354) | (.381) | (.368) |
Distributions from net realized gain | (.043) | (.093) | (.004) | (.002) | - | - |
Total distributions | (.214) | (.454) | (.352) | (.356) | (.381) | (.368) |
Net asset value, end of period | $ 13.55 | $ 13.62 | $ 13.03 | $ 13.77 | $ 12.98 | $ 13.02 |
Total ReturnB, C, D | 1.06% | 8.19% | (2.86)% | 8.92% | 2.74% | 6.60% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.58%A | 1.55% | 1.54% | 1.54% | 1.54% | 1.54% |
Expenses net of fee waivers, if any | 1.55%A | 1.55% | 1.54% | 1.54% | 1.54% | 1.54% |
Expenses net of all reductions | 1.55%A | 1.55% | 1.54% | 1.53% | 1.54% | 1.53% |
Net investment income (loss) | 2.53%A | 2.74% | 2.60% | 2.65% | 3.03% | 2.89% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 119,441 | $ 118,088 | $ 123,530 | $ 155,834 | $ 130,949 | $ 151,847 |
Portfolio turnover rateG | 13% A | 10% | 12% | 6% | 8% | 7% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.51 | $ 12.93 | $ 13.67 | $ 12.89 | $ 12.93 | $ 12.49 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .237 | .493 | .481 | .490 | .505 | .492 |
Net realized and unrealized gain (loss) | (.027) | .674 | (.735) | .782 | (.039) | .443 |
Total from investment operations | .210 | 1.167 | (.254) | 1.272 | .466 | .935 |
Distributions from net investment income | (.237) | (.494) | (.482) | (.490) | (.506) | (.495) |
Distributions from net realized gain | (.043) | (.093) | (.004) | (.002) | - | - |
Total distributions | (.280) | (.587) | (.486) | (.492) | (.506) | (.495) |
Net asset value, end of period | $ 13.44 | $ 13.51 | $ 12.93 | $ 13.67 | $ 12.89 | $ 12.93 |
Total ReturnB, C | 1.56% | 9.27% | (1.90)% | 10.00% | 3.79% | 7.62% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .57%A | .54% | .54% | .53% | .54% | .55% |
Expenses net of fee waivers, if any | .55%A | .54% | .54% | .53% | .54% | .55% |
Expenses net of all reductions | .55%A | .54% | .54% | .53% | .54% | .55% |
Net investment income (loss) | 3.53%A | 3.75% | 3.60% | 3.66% | 4.02% | 3.87% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 339,176 | $ 312,038 | $ 290,117 | $ 362,588 | $ 305,538 | $ 399,826 |
Portfolio turnover rateF | 13% A | 10% | 12% | 6% | 8% | 7% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity Advisor® Municipal Income Fund (the Fund) is a fund of Fidelity Advisor Series II (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
Semiannual Report
2. Significant Accounting Policies - continued
Investment Valuation - continued
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and net asset value (NAV) include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Class Allocations and Expenses - continued
and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount 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.
Semiannual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 77,488,483 |
Gross unrealized depreciation | (3,261,692) |
Net unrealized appreciation (depreciation) on securities | $ 74,226,791 |
|
|
Tax cost | $ 933,142,113 |
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.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $120,597,923 and $62,857,516, 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 416,132 | $ 14,415 |
Class T | -% | .25% | 257,476 | 3,722 |
Class B | .65% | .25% | 20,571 | 14,905 |
Class C | .75% | .25% | 601,091 | 67,813 |
|
|
| $ 1,295,270 | $ 100,855 |
Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, .75% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 16,099 |
Class T | 4,157 |
Class B* | 3,100 |
Class C* | 5,198 |
| $ 28,554 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and servicing agent for each class of the Fund. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, with respect to all classes of the Fund to perform the transfer agency, dividend disbursing, and shareholder servicing functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 270,031 | .16 |
Class T | 142,016 | .14 |
Class B | 2,105 | .09 |
Class C | 97,598 | .16 |
Institutional Class | 267,107 | .17 |
| $ 778,857 |
|
* Annualized
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, under which FSC maintains the Fund's accounting records. The fee is paid to Citibank and is based on the level of average net assets for each month.
Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, FIIOC was named as the transfer, dividend disbursing and shareholder servicing agent for the Fund. In addition, effective May 8, 2015, JP Morgan Chase Bank was approved as the custodian for the Fund.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $776 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
6. Expense Reductions.
The investment adviser voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense | Reimbursement |
Class A | .80% | $ 36,304 |
Class C | 1.55% | 17,027 |
Institutional Class | .55% | 38,884 |
|
| $ 92,215 |
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1,956.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 5,400,489 | $ 11,330,075 |
Class T | 3,345,830 | 7,089,994 |
Class B | 60,693 | 167,211 |
Class C | 1,504,364 | 3,190,951 |
Institutional Class | 5,594,728 | 10,681,293 |
Total | $ 15,906,104 | $ 32,459,524 |
Semiannual Report
7. Distributions to Shareholders - continued
Six months ended | Year ended | |
From net realized gain |
|
|
Class A | $ 1,040,888 | $ 2,345,937 |
Class T | 645,322 | 1,463,693 |
Class B | 15,321 | 48,806 |
Class C | 375,706 | 862,580 |
Institutional Class | 998,683 | 1,988,644 |
Total | $ 3,075,920 | $ 6,709,660 |
8. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 2,441,740 | 3,505,545 | $ 33,274,184 | $ 46,452,566 |
Reinvestment of distributions | 416,314 | 826,195 | 5,669,381 | 10,887,594 |
Shares redeemed | (1,814,595) | (6,185,804) | (24,703,073) | (81,584,528) |
Net increase (decrease) | 1,043,459 | (1,854,064) | $ 14,240,492 | $ (24,244,368) |
Class T |
|
|
|
|
Shares sold | 577,022 | 1,002,254 | $ 7,896,714 | $ 13,321,199 |
Reinvestment of distributions | 246,558 | 517,415 | 3,367,537 | 6,831,091 |
Shares redeemed | (747,341) | (2,402,910) | (10,214,255) | (31,723,275) |
Net increase (decrease) | 76,239 | (883,241) | $ 1,049,996 | $ (11,570,985) |
Class B |
|
|
|
|
Shares sold | 4,455 | 3,673 | $ 60,184 | $ 48,057 |
Reinvestment of distributions | 3,960 | 10,760 | 53,742 | 140,754 |
Shares redeemed | (75,328) | (186,742) | (1,023,621) | (2,454,298) |
Net increase (decrease) | (66,913) | (172,309) | $ (909,695) | $ (2,265,487) |
Class C |
|
|
|
|
Shares sold | 841,198 | 1,231,173 | $ 11,507,094 | $ 16,418,632 |
Reinvestment of distributions | 110,930 | 228,050 | 1,513,841 | 3,005,267 |
Shares redeemed | (805,899) | (2,271,570) | (11,013,588) | (29,957,134) |
Net increase (decrease) | 146,229 | (812,347) | $ 2,007,347 | $ (10,533,235) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Share Transactions - continued
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Institutional Class |
|
|
|
|
Shares sold | 4,432,055 | 8,701,375 | $ 60,106,032 | $ 114,634,619 |
Reinvestment of distributions | 374,825 | 633,458 | 5,078,369 | 8,301,472 |
Shares redeemed | (2,664,205) | (8,683,609) | (36,190,119) | (113,346,340) |
Net increase (decrease) | 2,142,675 | 651,224 | $ 28,994,282 | $ 9,589,751 |
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FMR Investment Management
(U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
(Fidelity Investment logo)(registered trademark)
HIM-USAN-0615 1.784901.112
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Municipal Income Fund -
Institutional Class
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, 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 (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
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.
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 | Beginning | Ending | Expenses Paid |
Class A | .80% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,013.60 | $ 3.99 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.83 | $ 4.01 |
Class T | .80% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,013.60 | $ 3.99 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.83 | $ 4.01 |
Class B | 1.41% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,011.30 | $ 7.03 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.80 | $ 7.05 |
| Annualized | Beginning | Ending | Expenses Paid |
Class C | 1.55% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,010.60 | $ 7.73 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.11 | $ 7.75 |
Institutional Class | .55% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,015.60 | $ 2.75 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.07 | $ 2.76 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Five States as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Illinois | 20.6 | 19.5 |
California | 15.7 | 18.1 |
Florida | 9.9 | 6.6 |
Texas | 8.6 | 9.5 |
New York | 7.8 | 8.4 |
Top Five Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
General Obligations | 33.8 | 34.4 |
Health Care | 19.3 | 21.8 |
Transportation | 11.8 | 11.7 |
Electric Utilities | 10.0 | 6.4 |
Escrowed/Pre-Refunded | 7.7 | 3.3 |
Weighted Average Maturity as of April 30, 2015 | ||
|
| 6 months ago |
Years | 5.9 | 5.7 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Duration as of April 30, 2015 | ||
|
| 6 months ago |
Years | 6.5 | 6.8 |
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. |
Quality Diversification (% of fund's net assets) | |||||||
As of April 30, 2015 | As of October 31, 2014 | ||||||
![]() | AAA 4.6% |
| ![]() | AAA 4.9% |
| ||
![]() | AA,A 82.0% |
| ![]() | AA,A 81.2% |
| ||
![]() | BBB 8.9% |
| ![]() | BBB 9.9% |
| ||
![]() | BB and Below 0.4% |
| ![]() | BB and Below 0.4% |
| ||
![]() | Not Rated 4.3% |
| ![]() | Not Rated 2.3% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
* Short-Term Investments and Net Other Assets are not included in the pie chart |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 100.1% | ||||
| Principal Amount | Value | ||
Alabama - 0.2% | ||||
Birmingham Gen. Oblig. Series 2013 A, 0% 3/1/43 (a) | $ 600,000 | $ 593,916 | ||
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5.75% 9/1/22 | 1,000,000 | 1,140,000 | ||
| 1,733,916 | |||
Arizona - 1.8% | ||||
Arizona Ctfs. of Prtn. Series 2010 A: | ||||
5% 10/1/18 (FSA Insured) | 1,000,000 | 1,123,920 | ||
5.25% 10/1/20 (FSA Insured) | 1,600,000 | 1,832,032 | ||
5.25% 10/1/21 (FSA Insured) | 850,000 | 972,876 | ||
5.25% 10/1/26 (FSA Insured) | 500,000 | 571,140 | ||
5.25% 10/1/28 (FSA Insured) | 1,600,000 | 1,816,768 | ||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 D, 5.5% 1/1/38 | 2,300,000 | 2,504,631 | ||
Arizona State Lottery Rev. Series 2010 A, 5% 7/1/21 (FSA Insured) | 1,200,000 | 1,389,324 | ||
Glendale Gen. Oblig. Series 2015, 4% 7/1/20 (FSA Insured) | 400,000 | 439,820 | ||
Maricopa County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 5% 6/1/35 | 700,000 | 781,809 | ||
McAllister Academic Village LLC Rev. (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2008, 5.25% 7/1/39 | 1,000,000 | 1,100,490 | ||
Phoenix Civic Impt. Corp. District Rev. (Plaza Expansion Proj.) Series 2005 B, 5.5% 7/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,620,000 | 2,041,524 | ||
Pima County Swr. Sys. Rev. Series 2012 A, 5% 7/1/26 | 500,000 | 585,710 | ||
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2009 A, 5% 1/1/26 | 110,000 | 124,356 | ||
Salt Verde Finl. Corp. Sr. Gas Rev.: | ||||
Series 2007, 5.5% 12/1/29 | 1,000,000 | 1,211,410 | ||
5.25% 12/1/22 | 1,500,000 | 1,784,070 | ||
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.) Series 2006 C, 5% 9/1/35 (FSA Insured) | 205,000 | 226,722 | ||
| 18,506,602 | |||
California - 15.7% | ||||
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2009 F1, 5.625% 4/1/44 (Pre-Refunded to 4/1/19 @ 100) | 1,600,000 | 1,872,000 | ||
California Edl. Facilities Auth. Rev. Series U6, 5% 5/1/45 | 3,400,000 | 4,471,782 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Gen. Oblig.: | ||||
Bonds 3%, tender 12/1/19 (c) | $ 3,800,000 | $ 4,050,724 | ||
Series 2007, 5.625% 5/1/20 | 20,000 | 20,080 | ||
5% 11/1/24 | 2,400,000 | 2,645,400 | ||
5% 9/1/27 | 1,410,000 | 1,490,412 | ||
5% 3/1/31 (Pre-Refunded to 3/1/16 @ 100) | 1,800,000 | 1,870,632 | ||
5% 9/1/31 | 1,500,000 | 1,583,085 | ||
5% 9/1/32 | 1,600,000 | 1,687,536 | ||
5% 9/1/33 | 1,800,000 | 1,897,254 | ||
5% 9/1/35 | 580,000 | 610,943 | ||
5.25% 12/1/33 | 20,000 | 20,071 | ||
5.25% 4/1/35 | 2,200,000 | 2,530,286 | ||
5.25% 3/1/38 | 3,900,000 | 4,313,985 | ||
5.25% 11/1/40 | 700,000 | 813,750 | ||
5.5% 8/1/27 | 2,100,000 | 2,396,772 | ||
5.5% 8/1/29 | 2,800,000 | 3,190,908 | ||
5.5% 8/1/30 | 2,000,000 | 2,275,780 | ||
5.5% 3/1/40 | 1,000,000 | 1,170,140 | ||
5.6% 3/1/36 | 400,000 | 471,920 | ||
6% 3/1/33 | 4,250,000 | 5,160,648 | ||
6% 4/1/38 | 5,300,000 | 6,256,597 | ||
6% 11/1/39 | 11,700,000 | 14,113,008 | ||
6.5% 4/1/33 | 3,850,000 | 4,627,854 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2008 L, 5.125% 7/1/22 (Pre-Refunded to 7/1/15 @ 100) | 525,000 | 529,095 | ||
Series 2009 E, 5.625% 7/1/25 | 2,000,000 | 2,307,540 | ||
(Kaiser Permanente Health Sys. Proj.) Series 2006 A, 5.25% 4/1/39 | 1,025,000 | 1,058,200 | ||
(Providence Health and Svcs. Proj.): | ||||
Series C, 6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) | 25,000 | 29,629 | ||
6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) | 1,375,000 | 1,632,153 | ||
(St. Joseph Health Sys. Proj.) Series 2009 A, 5.75% 7/1/39 | 1,280,000 | 1,466,598 | ||
(Stanford Hosp. & Clinics Proj.) Series 2010 B, 5.75% 11/15/31 | 2,500,000 | 2,955,250 | ||
California Pub. Works Board Lease Rev.: | ||||
(Coalinga State Hosp. Proj.) Series 2013 E, 5% 6/1/26 | 2,400,000 | 2,818,848 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Pub. Works Board Lease Rev.: - continued | ||||
(Dept. of Forestry & Fire Protection Proj.) Series 2007 E: | ||||
5% 11/1/19 | $ 1,600,000 | $ 1,768,192 | ||
5% 11/1/21 | 1,760,000 | 1,945,011 | ||
(Dept. of Health Svcs. Proj.) Series 2005 K, 5% 11/1/23 | 1,000,000 | 1,021,550 | ||
(Office of Emergency Svcs. Proj.) Series 2007 A, 5% 3/1/22 | 1,000,000 | 1,077,520 | ||
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34 | 1,700,000 | 2,007,309 | ||
(Richmond Lab., Phase III Office Bldg. Proj.) Series B, 5.25% 11/1/25 (XL Cap. Assurance, Inc. Insured) | 2,585,000 | 2,642,826 | ||
(Univ. Proj.) Series 2011 B, 5.25% 10/1/27 | 3,500,000 | 4,129,895 | ||
(Various Cap. Proj.) Series 2012 G, 5% 11/1/24 | 650,000 | 772,070 | ||
(Various Cap. Proj.) Series 2012 A, 5% 4/1/24 | 3,190,000 | 3,757,054 | ||
Series 2009 G1, 5.75% 10/1/30 | 600,000 | 705,786 | ||
Series 2009 I: | ||||
6.125% 11/1/29 | 400,000 | 479,828 | ||
6.375% 11/1/34 | 1,000,000 | 1,207,000 | ||
Series 2010 A, 5.75% 3/1/30 | 1,000,000 | 1,177,080 | ||
California State Univ. Rev. Series 2009 A, 6% 11/1/40 | 3,400,000 | 4,001,800 | ||
California Statewide Cmntys. Dev. Auth. Rev. (St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) | 1,000,000 | 1,115,390 | ||
Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,310,959 | ||
Long Beach Unified School District Series A, 5.5% 8/1/29 | 1,000,000 | 1,175,820 | ||
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2012 C, 5% 3/1/25 | 1,455,000 | 1,680,816 | ||
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34 | 2,000,000 | 2,351,860 | ||
Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36 | 1,000,000 | 1,119,130 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. Series 2007, 5% 8/1/19 (AMBAC Insured) | 1,000,000 | 1,096,520 | ||
Oakland Gen. Oblig. Series 2012, 5% 1/15/24 | 2,500,000 | 2,897,325 | ||
Oakland Unified School District Alameda County Series 2009 A, 6.25% 8/1/18 | 1,815,000 | 2,084,019 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Poway Unified School District: | ||||
(District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 | $ 1,000,000 | $ 497,600 | ||
Series B, 0% 8/1/39 | 3,700,000 | 1,285,343 | ||
Poway Unified School District Pub. Fing. 5% 9/1/24 | 1,000,000 | 1,189,310 | ||
Sacramento City Fing. Auth. Rev. Series A, 0% 12/1/26 (FGIC Insured) | 800,000 | 512,232 | ||
Sacramento Muni. Util. District Elec. Rev. Series 2012 Y, 5% 8/15/28 | 2,200,000 | 2,576,596 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26 | 1,000,000 | 1,131,860 | ||
San Diego Convention Ctr. Expansion Series 2012 A, 5% 4/15/24 | 2,200,000 | 2,566,916 | ||
San Diego Unified School District: | ||||
Series 2008 C, 0% 7/1/39 | 4,700,000 | 1,611,771 | ||
Series 2008 E: | ||||
0% 7/1/47 (a) | 1,300,000 | 657,813 | ||
0% 7/1/49 | 4,600,000 | 953,442 | ||
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Series 2014 A, 5% 5/1/44 (d) | 2,200,000 | 2,401,168 | ||
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (FSA Insured) | 1,100,000 | 1,267,948 | ||
San Marcos Unified School District Series 2010 B, 0% 8/1/47 | 1,900,000 | 439,945 | ||
Santa Monica-Malibu Unified School District Series 1999, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 908,500 | ||
Sonoma County Jr. College District Rev. Series 2002, 5% 8/1/28 (FSA Insured) | 90,000 | 90,954 | ||
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured) | 6,300,000 | 6,885,963 | ||
Union Elementary School District Series A, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 890,540 | ||
Univ. of California Revs. Series O: | ||||
5.25% 5/15/39 | 420,000 | 476,225 | ||
5.25% 5/15/39 (Pre-Refunded to 5/15/19 @ 100) | 80,000 | 92,668 | ||
Ventura County Cmnty. College District Series C, 5.5% 8/1/33 (Pre-Refunded to 8/1/18 @ 100) | 1,000,000 | 1,146,150 | ||
Washington Township Health Care District Gen. Oblig. Series 2013 B, 5.5% 8/1/38 | 1,000,000 | 1,167,840 | ||
Washington Township Health Care District Rev.: | ||||
Series 2010 A, 5.25% 7/1/30 | 1,100,000 | 1,183,589 | ||
Series A, 5% 7/1/15 | 1,025,000 | 1,031,868 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
West Contra Costa Unified School District: | ||||
(Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured) | $ 700,000 | $ 796,180 | ||
Series 2012, 5% 8/1/26 | 2,000,000 | 2,346,480 | ||
| 157,972,541 | |||
Colorado - 0.8% | ||||
Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.): | ||||
Series B, 0% 7/15/20 (Escrowed to Maturity) | 1,200,000 | 1,100,124 | ||
0% 7/15/22 (Escrowed to Maturity) | 1,385,000 | 1,183,275 | ||
Colorado Health Facilities Auth. Rev. (Valley View Hosp. Proj.) Series 2008, 5.75% 5/15/36 | 2,000,000 | 2,217,400 | ||
E-470 Pub. Hwy. Auth. Rev.: | ||||
Series 2000 B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500,000 | 1,314,210 | ||
Series 2010 A, 0% 9/1/41 | 2,000,000 | 669,700 | ||
Series 2010 C, 5.25% 9/1/25 | 1,000,000 | 1,145,330 | ||
| 7,630,039 | |||
Connecticut - 0.3% | ||||
Eastern Connecticut Resources Recovery Auth. Solid Waste Rev. (Wheelabrator Lisbon Proj.) Series A, 5.5% 1/1/20 (d) | 3,350,000 | 3,398,341 | ||
District Of Columbia - 1.1% | ||||
District of Columbia Hosp. Rev. (Sibley Memorial Hosp. Proj.) Series 2009, 6.375% 10/1/39 | 1,860,000 | 2,199,766 | ||
District of Columbia Rev. Series B, 4.75% 6/1/32 | 500,000 | 541,365 | ||
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Series 2009 B: | ||||
0% 10/1/28 (Assured Guaranty Corp. Insured) | 2,000,000 | 1,165,340 | ||
0% 10/1/32 (Assured Guaranty Corp. Insured) | 5,080,000 | 2,397,862 | ||
0% 10/1/33 (Assured Guaranty Corp. Insured) | 5,000,000 | 2,244,250 | ||
Washington D.C. Metropolitan Transit Auth. Rev. Series 2009 A, 5.25% 7/1/29 | 1,750,000 | 1,991,413 | ||
| 10,539,996 | |||
Florida - 9.9% | ||||
Brevard County School Board Ctfs. of Prtn.: | ||||
Series 2007 B, 5% 7/1/24 (Pre-Refunded to 7/1/17 @ 100) | 1,000,000 | 1,093,410 | ||
Series 2015 C, 5% 7/1/26 | 750,000 | 896,408 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Broward County School Board Ctfs. of Prtn.: | ||||
Series 2007 A, 5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,000,000 | $ 1,089,120 | ||
Series 2012 A, 5% 7/1/24 | 4,400,000 | 5,119,620 | ||
Series 2015 A: | ||||
5% 7/1/24 | 325,000 | 385,265 | ||
5% 7/1/26 | 1,200,000 | 1,411,020 | ||
5% 7/1/27 | 1,000,000 | 1,162,520 | ||
Series 2015 B, 5% 7/1/24 | 815,000 | 966,125 | ||
Broward County Wtr. & Swr. Util. Rev. Series 2009 A, 5.25% 10/1/34 | 1,500,000 | 1,689,780 | ||
Citizens Property Ins. Corp.: | ||||
Series 2010 A1, 5% 6/1/17 (FSA Insured) | 1,000,000 | 1,082,900 | ||
Series 2011 A1, 5% 6/1/20 | 1,000,000 | 1,156,020 | ||
Series 2012 A1, 5% 6/1/21 | 1,500,000 | 1,760,775 | ||
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011, 6.25% 10/1/39 | 2,560,000 | 3,025,357 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay: | ||||
Series 2006 C, 5% 6/1/29 | 800,000 | 872,432 | ||
Series A, 5.5% 6/1/38 | 400,000 | 449,488 | ||
Florida Dev. Fin. Corp. Healthcare Facility Rev. 6% 2/1/33 | 1,000,000 | 1,136,130 | ||
Florida Muni. Pwr. Agcy. Rev.: | ||||
(St. Lucie Proj.) Series 2012 A, 5% 10/1/26 | 600,000 | 702,588 | ||
Series 2009 A, 6.25% 10/1/31 | 500,000 | 598,985 | ||
Halifax Hosp. Med. Ctr. Rev.: | ||||
4% 6/1/27 | 205,000 | 214,166 | ||
5% 6/1/24 | 275,000 | 319,580 | ||
5% 6/1/26 | 250,000 | 285,933 | ||
5% 6/1/46 | 425,000 | 457,381 | ||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2005 B, 5% 11/15/30 (Pre-Refunded to 11/15/15 @ 100) | 70,000 | 71,805 | ||
Series 2006 G: | ||||
5% 11/15/16 | 95,000 | 101,408 | ||
5.125% 11/15/18 | 965,000 | 1,030,234 | ||
Series 2008 B, 6% 11/15/37 | 2,000,000 | 2,336,140 | ||
Hillsborough County Indl. Dev.: | ||||
(Gen. Hosp. Proj.) Series 2006, 5% 10/1/36 | 1,015,000 | 1,060,584 | ||
(H Lee Moffitt Cancer Ctr. Proj.) Series A, 5% 7/1/19 | 2,230,000 | 2,413,730 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Hillsborough County Indl. Dev.: - continued | ||||
(Tampa Gen. Hosp. Proj.) Series 2006, 5.25% 10/1/41 | $ 900,000 | $ 943,020 | ||
Hillsborough County Indl. Dev. Auth. Indl. Dev. Rev. (Health Facilities/Univ. Cmnty. Hosp. Proj.) Series 2008 B, 8% 8/15/32 (Pre-Refunded to 8/15/19 @ 101) | 1,000,000 | 1,285,400 | ||
Jacksonville Sales Tax Rev. Series 2012, 5% 10/1/25 | 1,000,000 | 1,179,880 | ||
Lake County School Board Ctfs. of Prtn. Series 2014 A, 5% 6/1/30 (FSA Insured) | 600,000 | 676,884 | ||
Lee County Arpt. Rev. Series 2011 A, 5.375% 10/1/32 (d) | 1,050,000 | 1,170,687 | ||
Miami-Dade County Aviation Rev.: | ||||
Series 2010 A: | ||||
5.375% 10/1/41 | 1,500,000 | 1,670,175 | ||
5.5% 10/1/30 | 1,000,000 | 1,165,080 | ||
Series 2012 A: | ||||
5% 10/1/21 (d) | 1,900,000 | 2,219,903 | ||
5% 10/1/22 (d) | 1,000,000 | 1,174,680 | ||
5% 10/1/31 (d) | 1,500,000 | 1,648,695 | ||
Series 2014 A: | ||||
5% 10/1/28 (d) | 1,000,000 | 1,139,940 | ||
5% 10/1/36 (d) | 3,000,000 | 3,307,320 | ||
5% 10/1/37 | 1,825,000 | 2,038,069 | ||
Miami-Dade County Cap. Asset Acquisition Series 2012 A, 5% 10/1/23 | 750,000 | 888,833 | ||
Miami-Dade County Expressway Auth.: | ||||
Series 2014 A, 5% 7/1/44 | 300,000 | 328,575 | ||
Series 2014 B, 5% 7/1/28 | 1,000,000 | 1,151,260 | ||
Miami-Dade County School Board Ctfs. of Prtn.: | ||||
Series 2008 A, 5% 8/1/21 (AMBAC Insured) | 2,000,000 | 2,219,100 | ||
Series 2015 A: | ||||
5% 5/1/27 (FSA Insured) | 780,000 | 914,519 | ||
5% 5/1/29 | 4,075,000 | 4,667,872 | ||
Series 2016 A, 5% 5/1/30 (b) | 3,620,000 | 3,931,139 | ||
Series 2016 B, 5% 8/1/26 (b) | 1,595,000 | 1,791,695 | ||
Miami-Dade County Transit Sales Surtax Rev. Series 2012, 5% 7/1/42 | 300,000 | 330,447 | ||
Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5.25% 10/1/22 (FSA Insured) | 4,000,000 | 4,853,800 | ||
North Brevard County Hosp. District Rev.: | ||||
5.75% 10/1/38 | 600,000 | 671,604 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
North Brevard County Hosp. District Rev.: - continued | ||||
5.75% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) | $ 1,500,000 | $ 1,737,420 | ||
Orange County Health Facilities Auth.: | ||||
(Orlando Health, Inc.) Series 2009, 5.125% 10/1/26 | 1,005,000 | 1,139,972 | ||
Series 2012 A, 5% 10/1/42 | 2,350,000 | 2,506,557 | ||
Series 2012 B, 5% 10/1/42 | 1,000,000 | 1,066,620 | ||
Orange County School Board Ctfs. of Prtn. Series 2015 C, 5% 8/1/30 | 1,500,000 | 1,741,185 | ||
Orlando & Orange County Expressway Auth. Rev. Series 2012, 5% 7/1/23 | 500,000 | 597,325 | ||
Palm Beach County Health Facilities Auth. Hosp. Rev. Series 2014, 5% 12/1/31 | 500,000 | 562,275 | ||
Palm Beach County School Board Ctfs. of Prtn.: | ||||
Series 2014 B: | ||||
5% 8/1/22 | 2,000,000 | 2,387,560 | ||
5% 8/1/25 | 800,000 | 966,792 | ||
Series 2015 D: | ||||
5% 8/1/28 | 680,000 | 791,928 | ||
5% 8/1/29 | 2,330,000 | 2,698,000 | ||
5% 8/1/30 | 2,405,000 | 2,768,949 | ||
5% 8/1/31 | 2,415,000 | 2,766,866 | ||
Seminole County School Board Ctfs. of Prtn. Series 2005 A, 5% 7/1/20 | 500,000 | 503,800 | ||
South Lake County Hosp. District (South Lake Hosp., Inc.) Series 2009 A, 6% 4/1/29 | 1,400,000 | 1,578,990 | ||
Tallahassee Health Facilities Rev. Series 2015 A: | ||||
4% 12/1/35 (b) | 600,000 | 584,982 | ||
5% 12/1/40 (b) | 300,000 | 320,712 | ||
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A, 5% 9/1/25 | 410,000 | 475,206 | ||
Volusia County School Board Ctfs. of Prtn. (Master Lease Prog.) Series 2014 B, 5% 8/1/26 | 340,000 | 398,694 | ||
| 99,851,314 | |||
Georgia - 2.9% | ||||
Atlanta Wtr. & Wastewtr. Rev.: | ||||
Series 2009 A: | ||||
6% 11/1/25 (Pre-Refunded to 11/1/19 @ 100) | 3,000,000 | 3,621,630 | ||
6.25% 11/1/39 (Pre-Refunded to 11/1/19 @ 100) | 3,500,000 | 4,263,315 | ||
5% 11/1/28 | 1,000,000 | 1,181,940 | ||
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2013 A, 2.4%, tender 4/1/20 (c) | 1,400,000 | 1,418,816 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Georgia - continued | ||||
Colquitt County Dev. Auth. Rev.: | ||||
Series A, 0% 12/1/21 (Escrowed to Maturity) | $ 1,100,000 | $ 980,980 | ||
Series C, 0% 12/1/21 (Escrowed to Maturity) | 1,800,000 | 1,605,240 | ||
DeKalb County Hosp. Auth. Rev. (DeKalb Med. Ctr., Inc. Proj.) Series 2010: | ||||
6% 9/1/30 | 1,400,000 | 1,562,778 | ||
6.125% 9/1/40 | 1,605,000 | 1,762,097 | ||
Georgia Muni. Elec. Auth. Pwr. Rev.: | ||||
Series C, 5% 1/1/22 | 1,400,000 | 1,655,682 | ||
Series GG, 5% 1/1/23 | 800,000 | 958,256 | ||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series A, 5.5% 9/15/21 | 930,000 | 1,093,113 | ||
Metropolitan Atlanta Rapid Transit Auth. Sales Tax Rev. Third Series 2009 A, 5.25% 7/1/36 | 2,500,000 | 2,841,650 | ||
Private Colleges & Univs. Auth. Rev. (The Savannah College of Arts and Design Projs.) Series 2014, 5% 4/1/30 | 800,000 | 879,544 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009, 5.5% 1/1/36 | 2,600,000 | 2,900,664 | ||
Washington Wilkes Payroll Dev. Auth. Rev. Series C, 0% 12/1/21 (Escrowed to Maturity) | 2,310,000 | 2,053,359 | ||
| 28,779,064 | |||
Idaho - 0.7% | ||||
Idaho Bond Bank Auth. Rev. Series 2008 C, 5.625% 9/15/26 | 1,415,000 | 1,622,651 | ||
Idaho Health Facilities Auth. Rev.: | ||||
(St. Luke's Health Sys. Proj.) Series 2008 A, 6.75% 11/1/37 | 1,200,000 | 1,388,964 | ||
(Trinity Health Group Proj.) 2008 B, 6.25% 12/1/33 (Pre-Refunded to 12/1/18 @ 100) | 400,000 | 472,116 | ||
Series 2015 ID, 5.5% 12/1/26 | 1,540,000 | 1,902,701 | ||
5% 12/1/24 | 1,000,000 | 1,204,080 | ||
| 6,590,512 | |||
Illinois - 20.6% | ||||
Chicago Board of Ed.: | ||||
Series 1999 A: | ||||
0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,255,254 | ||
0% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 895,930 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Chicago Board of Ed.: - continued | ||||
Series 2009 D, 4% 12/1/16 (Assured Guaranty Corp. Insured) | $ 235,000 | $ 242,015 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.): | ||||
Series 1999, 0% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,125,000 | 6,061,729 | ||
0% 1/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,110,000 | 4,296,430 | ||
Series 2008 A, 5.25% 1/1/21 | 1,160,000 | 1,216,712 | ||
Series 2008 C, 5% 1/1/34 | 300,000 | 291,126 | ||
Series 2009 A, 5% 1/1/22 | 600,000 | 633,048 | ||
Series 2012 A: | ||||
5% 1/1/33 | 875,000 | 853,895 | ||
5% 1/1/34 | 455,000 | 441,541 | ||
Series 2012 C, 5% 1/1/23 | 770,000 | 817,802 | ||
Series A, 5% 1/1/42 (AMBAC Insured) | 15,000 | 15,004 | ||
5% 1/1/34 | 2,000,000 | 1,940,840 | ||
5% 1/1/35 | 1,650,000 | 1,591,838 | ||
Chicago Midway Arpt. Rev. Series 2014 A, 5% 1/1/28 (d) | 4,200,000 | 4,683,378 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2005 A, 5.25% 1/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,030,440 | ||
Series 2006 B, 5% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) | 1,405,000 | 1,475,391 | ||
Series 2011 C, 6.5% 1/1/41 | 2,335,000 | 2,798,754 | ||
Series 2013 D, 5% 1/1/27 | 2,200,000 | 2,531,342 | ||
Chicago Park District Gen. Oblig.: | ||||
Series 2010 C, 5.25% 1/1/37 | 1,300,000 | 1,401,920 | ||
Series 2013 A: | ||||
5.5% 1/1/33 | 500,000 | 557,875 | ||
5.75% 1/1/38 | 1,000,000 | 1,124,580 | ||
Series 2014 C, 5% 1/1/25 | 1,740,000 | 1,952,715 | ||
Chicago Transit Auth. Series 2014, 5.25% 12/1/49 | 5,000,000 | 5,667,200 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev. (Fed. Transit Administration Section 5307 Proj.) Series 2006 A, 5% 6/1/21 | 1,400,000 | 1,478,764 | ||
Cmnty. College District #525 Gen. Oblig.: | ||||
5.75% 6/1/28 | 625,000 | 710,519 | ||
5.75% 6/1/28 (Pre-Refunded to 6/1/18 @ 100) | 375,000 | 428,633 | ||
Cook County Forest Preservation District Series 2012 C, 5% 12/15/21 | 1,000,000 | 1,162,030 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Cook County Gen. Oblig.: | ||||
Series 2006 B, 5% 11/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,000,000 | $ 1,090,140 | ||
Series 2010 A, 5.25% 11/15/33 | 3,250,000 | 3,578,153 | ||
Series 2012 C: | ||||
5% 11/15/24 | 1,700,000 | 1,938,629 | ||
5% 11/15/25 | 2,600,000 | 2,955,550 | ||
Grundy, Kendall & Will County Cmnty. High School District #111 Gen. Oblig.: | ||||
Series 2006 A, 5.5% 5/1/23 (Pre-Refunded to 5/1/16 @ 100) | 165,000 | 173,550 | ||
Series 2006, 5.5% 5/1/23 | 985,000 | 1,028,704 | ||
Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.75% 10/1/35 | 1,600,000 | 1,798,800 | ||
Illinois Fin. Auth. Rev.: | ||||
(Advocate Health Care Proj.) Series 2008 D, 6.5% 11/1/38 (Pre-Refunded to 11/1/18 @ 100) | 1,000,000 | 1,183,950 | ||
(Central DuPage Health Proj.) Series 2009 B, 5.375% 11/1/39 | 1,200,000 | 1,354,884 | ||
(Children's Memorial Hosp. Proj.) Series 2008 A, 5.25% 8/15/33 (Assured Guaranty Corp. Insured) | 1,300,000 | 1,426,412 | ||
(Edward Hosp. Obligated Group Proj.) Series 2008 A, 5.5% 2/1/40 (AMBAC Insured) | 1,485,000 | 1,616,987 | ||
(Newman Foundation Proj.) 5% 2/1/32 (Radian Asset Assurance, Inc. Insured) | 1,700,000 | 1,727,608 | ||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A, 5.5% 7/1/38 | 1,930,000 | 2,128,655 | ||
(Northwestern Memorial Hosp. Proj.) Series 2009 A, 6% 8/15/39 | 2,310,000 | 2,690,041 | ||
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | ||||
5.375% 5/15/25 | 5,000,000 | 5,818,950 | ||
5.375% 5/15/30 | 1,110,000 | 1,269,474 | ||
(Provena Health Proj.) Series 2010 A, 6% 5/1/28 | 2,700,000 | 3,072,708 | ||
(Rush Univ. Med. Ctr. Proj.): | ||||
Series 2009 C, 6.625% 11/1/39 (Pre-Refunded to 5/1/19 @ 100) | 1,500,000 | 1,812,105 | ||
Series 2009 D, 6.625% 11/1/39 (Pre-Refunded to 5/1/19 @ 100) | 1,445,000 | 1,745,661 | ||
Series B, 5.25% 11/1/35 (Pre-Refunded to 11/1/18 @ 100) | 2,905,000 | 3,310,102 | ||
(Sherman Health Systems Proj.) Series 2007 A, 5.5% 8/1/37 (Pre-Refunded to 8/1/17 @ 100) | 3,815,000 | 4,213,820 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Illinois Fin. Auth. Rev.: - continued | ||||
(Silver Cross Hosp. and Med. Ctr. Proj.) Series 2008 A, 5.5% 8/15/30 | $ 350,000 | $ 382,372 | ||
(Southern Illinois Healthcare Enterprises, Inc. Proj.) Series 2005, 5.25% 3/1/30 | 1,100,000 | 1,238,182 | ||
(The Carle Foundation Proj.) Series 2009 A, 5.5% 2/15/17 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,161,120 | ||
Series 2008 A: | ||||
5.625% 1/1/37 | 5,115,000 | 5,538,113 | ||
6.25% 2/1/33 (AMBAC Insured) | 150,000 | 167,159 | ||
Series 2009 A, 7.25% 11/1/38 (Pre-Refunded to 11/1/18 @ 100) | 1,330,000 | 1,611,255 | ||
Series 2009: | ||||
6.875% 8/15/38 (Pre-Refunded to 8/15/19 @ 100) | 80,000 | 98,723 | ||
7% 8/15/44 (Pre-Refunded to 8/15/19 @ 100) | 2,850,000 | 3,531,806 | ||
Series 2010 A: | ||||
5.5% 8/15/24 | 545,000 | 616,864 | ||
5.75% 8/15/29 | 360,000 | 404,255 | ||
Series 2010, 5.25% 8/15/36 | 1,510,000 | 1,600,872 | ||
Series 2012 A: | ||||
5% 5/15/20 | 500,000 | 570,890 | ||
5% 5/15/23 | 300,000 | 345,765 | ||
Series 2012: | ||||
4% 9/1/32 | 1,315,000 | 1,244,003 | ||
5% 9/1/32 | 1,900,000 | 2,046,965 | ||
5% 9/1/38 | 2,300,000 | 2,447,614 | ||
5% 11/15/43 | 820,000 | 876,687 | ||
Series 2013: | ||||
5% 11/15/24 | 500,000 | 581,190 | ||
5% 11/15/27 | 100,000 | 114,255 | ||
5% 5/15/43 | 1,700,000 | 1,797,903 | ||
5% 11/15/21 | 600,000 | 705,624 | ||
5% 8/15/35 | 300,000 | 327,972 | ||
5% 8/15/44 | 2,600,000 | 2,814,916 | ||
Illinois Gen. Oblig.: | ||||
Series 2002, 5.5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,011,940 | ||
Series 2006: | ||||
5% 1/1/19 | 1,000,000 | 1,097,430 | ||
5.5% 1/1/31 | 1,000,000 | 1,128,310 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Illinois Gen. Oblig.: - continued | ||||
Series 2010: | ||||
5% 1/1/21 (FSA Insured) | $ 500,000 | $ 554,135 | ||
5% 1/1/23 (FSA Insured) | 1,300,000 | 1,422,187 | ||
Series 2012 A, 5% 1/1/33 | 800,000 | 829,256 | ||
Series 2012: | ||||
5% 8/1/19 | 465,000 | 515,020 | ||
5% 8/1/21 | 400,000 | 446,640 | ||
5% 3/1/23 | 1,000,000 | 1,101,120 | ||
5% 8/1/23 | 700,000 | 785,736 | ||
5% 3/1/36 | 1,000,000 | 1,032,590 | ||
Series 2013, 5% 1/1/22 | 2,175,000 | 2,402,418 | ||
Series 2014: | ||||
5% 2/1/22 | 1,000,000 | 1,119,220 | ||
5.25% 2/1/29 | 1,600,000 | 1,759,808 | ||
Illinois Health Facilities Auth. Rev. (Delnor-Cmnty. Hosp. Proj.): | ||||
Series 2002 D, 5.25% 5/15/32 (FSA Insured) | 2,000,000 | 2,188,800 | ||
5.25% 5/15/32 (FSA Insured) | 360,000 | 393,984 | ||
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A, 5% 2/1/26 | 17,545,000 | 20,719,749 | ||
Illinois Unemployment Ins. Fund Bldg. Receipts Series 2012 A, 5% 6/15/19 | 700,000 | 703,493 | ||
Joliet School District #86 Gen. Oblig. Series 2002, 0% 11/1/19 (FSA Insured) | 2,000,000 | 1,777,860 | ||
Kane, McHenry, Cook & DeKalb Counties Unit School District #300: | ||||
0% 12/1/17 (AMBAC Insured) | 905,000 | 871,099 | ||
0% 12/1/17 (Escrowed to Maturity) | 95,000 | 92,499 | ||
6.5% 1/1/20 (AMBAC Insured) | 385,000 | 469,107 | ||
6.5% 1/1/20 (Escrowed to Maturity) | 650,000 | 797,245 | ||
6.5% 1/1/20 (Escrowed to Maturity) | 65,000 | 79,724 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/16 (Escrowed to Maturity) | 235,000 | 232,906 | ||
0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 765,000 | 752,393 | ||
Lake County Cmnty. High School District #117, Antioch Series 2000 B, 0% 12/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,805,000 | 1,557,011 | ||
McHenry & Kane Counties Cmnty. Consolidated School District #158 Series 2004, 0% 1/1/24 (FSA Insured) | 800,000 | 591,960 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Metropolitan Pier & Exposition: | ||||
(McCormick Place Expansion Proj.): | ||||
Series 1994 A, 0% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 3,710,000 | $ 3,453,528 | ||
Series 1996 A, 0% 6/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 793,630 | ||
Series 2002 A: | ||||
0% 12/15/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,900,000 | 3,078,797 | ||
0% 6/15/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,080,000 | 408,391 | ||
Series 2010 B1: | ||||
0% 6/15/43 (FSA Insured) | 5,310,000 | 1,403,486 | ||
0% 6/15/44 (FSA Insured) | 4,700,000 | 1,178,102 | ||
0% 6/15/45 (FSA Insured) | 2,600,000 | 617,812 | ||
0% 6/15/47 (FSA Insured) | 2,040,000 | 429,706 | ||
Series 2012 B, 0% 12/15/51 | 2,900,000 | 453,357 | ||
Series A: | ||||
0% 6/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,265,000 | 1,050,507 | ||
0% 12/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,090,000 | 2,253,877 | ||
0% 6/15/16 (Escrowed to Maturity) | 795,000 | 791,915 | ||
0% 6/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,880,000 | 1,861,538 | ||
Quincy Hosp. Rev. Series 2007, 5% 11/15/18 | 1,000,000 | 1,095,380 | ||
Univ. of Illinois Board of Trustees Ctfs. of Prtn. Series 2009 A: | ||||
5% 10/1/18 | 425,000 | 467,122 | ||
5% 10/1/18 (Pre-Refunded to 10/1/17 @ 100) | 575,000 | 634,162 | ||
Univ. of Illinois Rev.: | ||||
(Auxiliary Facilities Sys. Proj.): | ||||
Series 1999 A, 0% 4/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,600,000 | 1,420,528 | ||
Series 2009 A, 5.75% 4/1/38 (Pre-Refunded to 4/1/19 @ 100) | 2,940,000 | 3,453,794 | ||
Series 2010 A: | ||||
5% 4/1/25 | 1,000,000 | 1,141,510 | ||
5.25% 4/1/30 | 1,000,000 | 1,142,070 | ||
Series 2013: | ||||
6% 10/1/42 | 900,000 | 1,044,099 | ||
6.25% 10/1/38 | 900,000 | 1,028,808 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Will County Cmnty. Unit School District #365-U: | ||||
0% 11/1/16 (Escrowed to Maturity) | $ 275,000 | $ 273,369 | ||
0% 11/1/16 (FSA Insured) | 825,000 | 812,114 | ||
0% 11/1/19 (Escrowed to Maturity) | 790,000 | 744,030 | ||
0% 11/1/19 (FSA Insured) | 5,085,000 | 4,664,928 | ||
| 206,846,293 | |||
Indiana - 3.0% | ||||
Delaware County Ind. Hosp. Auth. Series 2006, 5.125% 8/1/29 (Pre-Refunded to 8/1/16 @ 100) | 400,000 | 423,588 | ||
Hobart Bldg. Corp. Series 2006, 6.5% 1/15/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,700,000 | 4,529,836 | ||
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2009 A, 5.25% 11/1/39 | 1,000,000 | 1,121,500 | ||
Indiana Fin. Auth. Rev.: | ||||
(Trinity Health Cr. Group Proj.) Series 2009 A, 5.25% 12/1/38 | 2,000,000 | 2,240,800 | ||
Series 2012: | ||||
5% 3/1/30 | 675,000 | 747,164 | ||
5% 3/1/41 | 1,290,000 | 1,388,621 | ||
Indiana Fin. Auth. Wastewtr. Util. Rev. (CWA Auth. Proj.): | ||||
Series 2012 A, 5% 10/1/24 | 400,000 | 473,144 | ||
Series 2015 A: | ||||
5% 10/1/28 | 1,000,000 | 1,165,490 | ||
5% 10/1/45 | 4,340,000 | 4,835,671 | ||
Indiana Trans. Fin. Auth. Hwy. Rev. Series 1993 A, 0% 6/1/17 (AMBAC Insured) | 1,000,000 | 978,940 | ||
Jasper County Indl. Poll. Ctl. Rev. (Northern Indiana Pub. Svc. Co. Proj.) Series 1988 C, 5.6% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,066,120 | ||
Lake Central Multi-District School Bldg. Corp. Series 2012 B, 5% 7/15/26 | 4,900,000 | 5,667,046 | ||
North Adams Cmnty. Schools Renovation Bldg. Corp. 0% 1/15/17 (FSA Insured) | 1,230,000 | 1,182,067 | ||
Purdue Univ. Rev. (Student Facilities Sys. Proj.) Series 2009 B, 5% 7/1/28 | 660,000 | 753,001 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Indiana - continued | ||||
Univ. of Southern Indiana Rev. Series J, 5.75% 10/1/28 (Assured Guaranty Corp. Insured) | $ 2,695,000 | $ 3,163,876 | ||
Wayne Township Marion County School Bldg. Corp. Series 2007, 5.5% 7/15/27 (Pre-Refunded to 1/15/17 @ 100) | 700,000 | 757,981 | ||
| 30,494,845 | |||
Iowa - 0.1% | ||||
Iowa Fin. Auth. Health Facilities Rev. Series 2008 A, 5.625% 8/15/37 (Assured Guaranty Corp. Insured) | 1,200,000 | 1,368,456 | ||
Kansas - 0.9% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 C, 5.75% 11/15/38 | 1,900,000 | 2,197,141 | ||
Kansas Dev. Fin. Auth. Health Facilities Rev. (Hays Med. Ctr. Proj.) Series 2005 L: | ||||
5.25% 11/15/15 | 335,000 | 343,737 | ||
5.25% 11/15/16 | 955,000 | 979,343 | ||
Lawrence Hosp. Rev. 5.25% 7/1/18 | 1,000,000 | 1,052,620 | ||
Overland Park Sales Tax Spl. Oblig. Rev. Series 2012, 4.375% 12/15/23 | 870,000 | 877,821 | ||
Wichita Hosp. Facilities Rev. (Via Christi Health Sys., Inc. Proj.) Series 2009 X: | ||||
4% 11/15/18 (Escrowed to Maturity) | 300,000 | 331,008 | ||
5% 11/15/17 (Escrowed to Maturity) | 500,000 | 554,040 | ||
Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev. Series 2012 A, 5% 9/1/26 | 1,950,000 | 2,237,723 | ||
| 8,573,433 | |||
Kentucky - 0.4% | ||||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. (St. Elizabeth Med. Ctr., Inc. Proj.) Series 2009 A, 5.5% 5/1/39 | 1,000,000 | 1,128,630 | ||
Kentucky Econ. Dev. Fin. Auth. Rev. (Ashland Hosp. Corp. d/b/a King's Daughters Med. Ctr. Proj.) Series 2010 A, 5% 2/1/30 | 1,000,000 | 1,087,690 | ||
Louisville & Jefferson County Series 2013 A: | ||||
5.5% 10/1/33 | 500,000 | 576,585 | ||
5.75% 10/1/38 | 1,355,000 | 1,591,475 | ||
| 4,384,380 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Louisiana - 1.2% | ||||
Louisiana Pub. Facilities Auth. Hosp. Rev. (Franciscan Missionaries of Our Lady Health Sys. Proj.) Series 2009, 6.75% 7/1/39 (Pre-Refunded to 7/1/19 @ 100) | $ 400,000 | $ 485,368 | ||
Louisiana Pub. Facilities Auth. Rev. (Nineteenth Judicial District Court Proj.) Series 2007: | ||||
5.375% 6/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,600,000 | 1,725,680 | ||
5.5% 6/1/41 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,080,870 | ||
New Orleans Aviation Board Rev.: | ||||
(North Term. Proj.) Series 2015 B, 5% 1/1/30 (d) | 1,000,000 | 1,121,090 | ||
Series 2007 A, 5.25% 1/1/19 (FSA Insured) (d) | 1,570,000 | 1,702,555 | ||
New Orleans Gen. Oblig.: | ||||
Series 2005, 5.25% 12/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,027,220 | ||
Series 2012, 5% 12/1/23 | 2,250,000 | 2,546,235 | ||
0% 9/1/15 (AMBAC Insured) | 700,000 | 696,948 | ||
Tobacco Settlement Fing. Corp. Series 2013 A, 5% 5/15/23 | 1,200,000 | 1,415,064 | ||
| 11,801,030 | |||
Maine - 0.3% | ||||
Maine Health & Higher Ed. Facilities Auth. Rev. Series 2008 D, 5.75% 7/1/38 | 1,100,000 | 1,225,862 | ||
Maine Tpk. Auth. Tpk. Rev.: | ||||
Series 2007, 5.25% 7/1/37 (Pre-Refunded to 7/1/17 @ 100) | 1,300,000 | 1,428,375 | ||
Series 2015, 5% 7/1/38 | 670,000 | 767,579 | ||
| 3,421,816 | |||
Maryland - 0.9% | ||||
Baltimore Proj. Rev. (Wtr. Projs.) Series 2009 A: | ||||
5.375% 7/1/34 | 315,000 | 362,067 | ||
5.375% 7/1/34 (Pre-Refunded to 7/1/19 @ 100) | 185,000 | 215,888 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Doctors Cmnty. Hosp. Proj.) Series 2010, 5.75% 7/1/38 | 1,010,000 | 1,081,346 | ||
(Univ. of Maryland Med. Sys. Proj.): | ||||
Series 2008 F, 5.25% 7/1/21 | 1,000,000 | 1,116,120 | ||
Series 2010, 5.125% 7/1/39 | 900,000 | 986,697 | ||
(Upper Chesapeake Hosp. Proj.) Series 2008 C: | ||||
5.5% 1/1/18 | 375,000 | 400,466 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Maryland - continued | ||||
Maryland Health & Higher Edl. Facilities Auth. Rev.: - continued | ||||
(Upper Chesapeake Hosp. Proj.) Series 2008 C: | ||||
6% 1/1/38 | $ 2,800,000 | $ 3,086,636 | ||
(Washington County Health Sys. Proj.) Series 2008, 6% 1/1/43 | 1,000,000 | 1,080,240 | ||
Series 2010, 5.625% 7/1/30 | 500,000 | 540,870 | ||
| 8,870,330 | |||
Massachusetts - 0.6% | ||||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||
(Boston Univ. Proj.) Series U4, 5.7% 10/1/40 | 1,400,000 | 1,620,584 | ||
Series 2011 I, 6.75% 1/1/36 | 1,000,000 | 1,187,960 | ||
Series 2015 D, 5% 7/1/44 | 890,000 | 953,653 | ||
Massachusetts Health & Edl. Facilities Auth. Rev. (CareGroup, Inc. Proj.) Series 2008 E1, 5.125% 7/1/33 | 1,000,000 | 1,084,210 | ||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Series 2007 A, 5% 8/15/22 (AMBAC Insured) | 600,000 | 656,472 | ||
| 5,502,879 | |||
Michigan - 1.8% | ||||
Detroit Swr. Disp. Rev.: | ||||
Series 2001 E, 5.75% 7/1/31 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 500,000 | 544,865 | ||
Series 2006 B, 5% 7/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,800,000 | 2,828,336 | ||
Detroit Wtr. Supply Sys. Rev. Series 2006 B, 7% 7/1/36 (FSA Insured) | 1,000,000 | 1,112,240 | ||
Lansing Board of Wtr. & Lt. Util. Rev. 5.5% 7/1/41 | 500,000 | 584,450 | ||
Lapeer Cmnty. Schools 5.25% 5/1/26 (FSA Insured) | 1,100,000 | 1,228,348 | ||
Michigan Fin. Auth. Rev.: | ||||
Series 2012 A: | ||||
4.125% 6/1/32 | 1,150,000 | 1,146,481 | ||
5% 6/1/21 | 350,000 | 396,477 | ||
5% 6/1/27 | 500,000 | 551,225 | ||
5% 6/1/39 | 1,100,000 | 1,181,862 | ||
Series 2012, 5% 11/15/42 | 2,175,000 | 2,326,815 | ||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(McLaren Health Care Corp. Proj.) Series 2008 A, 5.75% 5/15/38 (Pre-Refunded to 5/15/18 @ 100) | 1,000,000 | 1,143,570 | ||
Series 2008 A1: | ||||
6.5% 12/1/33 | 515,000 | 597,596 | ||
6.5% 12/1/33 (Pre-Refunded to 12/1/18 @ 100) | 1,985,000 | 2,356,374 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
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) | $ 600,000 | $ 741,558 | ||
Willow Run Cmnty. Schools County of Washtenaw 5% 5/1/20 (FSA Insured) | 1,000,000 | 1,003,370 | ||
| 17,743,567 | |||
Minnesota - 0.9% | ||||
Duluth Independent School District #709 Ctfs. of Prtn. Series 2009 B, 4% 3/1/20 | 1,620,000 | 1,686,371 | ||
Minneapolis Health Care Sys. Rev. (Fairview Health Svcs. Proj.) Series 2008 B, 6.5% 11/15/38 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,149,960 | ||
Minnesota Gen. Oblig.: | ||||
5% 8/1/22 | 1,075,000 | 1,176,233 | ||
5% 8/1/22 (Pre-Refunded to 8/1/17 @ 100) | 25,000 | 27,396 | ||
Rochester Hsg. & Healthcare Rev. (Madonna Towers Proj.) Series A, 5.875% 11/1/28 | 1,100,000 | 1,127,126 | ||
Saint Paul Port Auth. Lease Rev. (HealthEast Midway Campus Proj.) Series 2003 A, 5.875% 5/1/30 | 1,400,000 | 1,404,242 | ||
St. Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.) Series 2009, 5.75% 7/1/39 | 1,600,000 | 1,823,040 | ||
St. Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (HealthPartners Oblig. Group Proj.) 5.25% 5/15/22 | 1,000,000 | 1,069,180 | ||
| 9,463,548 | |||
Nebraska - 0.4% | ||||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 B, 0.675% 12/1/17 (c) | 1,100,000 | 1,077,439 | ||
Douglas County Hosp. Auth. #2 Health Facilities Rev.: | ||||
6% 8/15/24 | 740,000 | 819,913 | ||
6% 8/15/24 (Pre-Refunded to 8/15/17 @ 100) | 560,000 | 627,217 | ||
Nebraska Pub. Pwr. District Rev. Series 2012 C, 5% 1/1/26 | 1,225,000 | 1,340,211 | ||
| 3,864,780 | |||
Nevada - 0.5% | ||||
Clark County Wtr. Reclamation District: | ||||
Series 2009 A, 5.25% 7/1/29 (Berkshire Hathaway Assurance Corp. Insured) | 1,000,000 | 1,148,330 | ||
5.625% 7/1/32 | 3,000,000 | 3,403,800 | ||
| 4,552,130 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New Hampshire - 0.4% | ||||
New Hampshire Bus. Fin. Auth. Rev. Series 2009 A, 6.125% 10/1/39 | $ 1,830,000 | $ 2,057,872 | ||
New Hampshire Health & Ed. Facilities Auth. Rev.: | ||||
Series 2007 A, 5% 10/1/37 | 1,100,000 | 1,171,225 | ||
Series 2012: | ||||
4% 7/1/32 | 400,000 | 398,508 | ||
5% 7/1/27 | 500,000 | 551,415 | ||
| 4,179,020 | |||
New Jersey - 3.0% | ||||
New Jersey Ctfs. of Prtn. Series 2009 A, 5.25% 6/15/28 | 1,000,000 | 1,092,050 | ||
New Jersey Econ. Dev. Auth. Rev.: | ||||
Series 2009 AA, 5.5% 12/15/29 | 1,000,000 | 1,088,710 | ||
Series 2013 NN, 5% 3/1/27 | 11,810,000 | 12,686,184 | ||
Series 2013: | ||||
5% 3/1/23 | 2,200,000 | 2,444,684 | ||
5% 3/1/24 | 3,000,000 | 3,288,240 | ||
5% 3/1/25 | 300,000 | 327,543 | ||
6% 12/15/34 (Pre-Refunded to 12/15/34 @ 100) | 25,000 | 28,271 | ||
New Jersey Health Care Facilities Fing. Auth. Rev. Series 2008, 6.625% 7/1/38 | 1,700,000 | 1,901,552 | ||
New Jersey Trans. Trust Fund Auth.: | ||||
Series 2005 B, 5.25% 12/15/22 (AMBAC Insured) | 400,000 | 452,968 | ||
Series 2014 AA, 5% 6/15/23 | 5,250,000 | 5,840,940 | ||
Union County Impt. Auth. (Juvenile Detention Ctr. Facility Proj.) Series 2005, 5.5% 5/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,000,000 | ||
| 30,151,142 | |||
New Mexico - 0.2% | ||||
New Mexico Edl. Assistance Foundation Series 2010 A1, 5% 12/1/19 | 2,000,000 | 2,293,880 | ||
New York - 7.8% | ||||
Hudson Yards Infrastructure Corp. New York Rev. Series 2012 A, 5.75% 2/15/47 | 2,700,000 | 3,071,088 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 5.625% 7/1/16 (Escrowed to Maturity) | 180,000 | 182,495 | ||
New York City Gen. Oblig.: | ||||
Series 2008 A1, 5.25% 8/15/27 | 1,500,000 | 1,688,985 | ||
Series 2008 D1, 5.125% 12/1/22 | 2,000,000 | 2,220,860 | ||
Series 2009 I1, 5.625% 4/1/29 | 600,000 | 693,288 | ||
Series 2012 A1, 5% 8/1/24 | 1,300,000 | 1,530,984 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
New York City Gen. Oblig.: - continued | ||||
Series 2012 E, 5% 8/1/24 | $ 5,000,000 | $ 5,892,800 | ||
Series 2012 G1, 5% 4/1/25 | 2,500,000 | 2,940,875 | ||
New York City Indl. Dev. Agcy. Civic Facility Rev. (Polytechnic Univ. NY Proj.) 5.25% 11/1/27 (ACA Finl. Guaranty Corp. Insured) | 600,000 | 663,156 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 2009 A, 5.75% 6/15/40 | 2,300,000 | 2,617,078 | ||
Series 2009 CC, 5% 6/15/34 | 2,100,000 | 2,315,817 | ||
Series 2009 FF 2, 5.5% 6/15/40 | 3,000,000 | 3,437,910 | ||
Series 2011 EE, 5.375% 6/15/43 | 4,000,000 | 4,676,040 | ||
Series 2013 CC, 5% 6/15/47 | 4,000,000 | 4,450,240 | ||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | ||||
Series 2009 S1, 5.5% 7/15/31 | 1,000,000 | 1,133,340 | ||
Series 2009 S3: | ||||
5.25% 1/15/34 | 2,500,000 | 2,818,350 | ||
5.25% 1/15/39 | 1,000,000 | 1,121,990 | ||
Series 2009 S4: | ||||
5.5% 1/15/39 | 850,000 | 969,757 | ||
5.75% 1/15/39 | 1,600,000 | 1,845,952 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.): | ||||
Series 2007 A, 5% 3/15/32 | 2,400,000 | 2,569,152 | ||
Series 2008 B, 5.75% 3/15/36 | 3,400,000 | 3,919,316 | ||
5% 2/15/34 | 1,100,000 | 1,233,540 | ||
New York Dorm. Auth. Revs. (New York Univ. Hosp. Ctr. Proj.) Series 2007 B, 5.25% 7/1/24 (Pre-Refunded to 7/1/17 @ 100) | 100,000 | 107,710 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: | ||||
Series 2009 A, 5.5% 11/15/39 | 5,000,000 | 5,675,450 | ||
Series 2009 B, 5% 11/15/34 | 1,200,000 | 1,369,608 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2003 B, 5.25% 11/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,900,000 | 2,218,022 | ||
Series 2008 A, 5.25% 11/15/36 | 3,700,000 | 4,029,374 | ||
Series 2008 C, 6.5% 11/15/28 | 1,000,000 | 1,170,800 | ||
Series 2010 D, 5.25% 11/15/40 | 1,400,000 | 1,569,190 | ||
Series 2012 D, 5% 11/15/25 | 4,600,000 | 5,401,872 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series 2007 A, 5% 4/1/21 | 1,100,000 | 1,189,804 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
Rockland County Gen. Oblig. Series 2014 A, 4% 3/1/23 (FSA Insured) | $ 1,125,000 | $ 1,227,476 | ||
Tobacco Settlement Fing. Corp. Series 2013 B: | ||||
5% 6/1/20 | 1,900,000 | 1,993,404 | ||
5% 6/1/21 | 800,000 | 839,064 | ||
| 78,784,787 | |||
North Carolina - 1.0% | ||||
Charlotte Int'l. Arpt. Rev. (Charlotte Douglas Int'l. Arpt. Proj.) Series 2010 B, 5.5% 7/1/24 (d) | 1,000,000 | 1,149,450 | ||
Nash Health Care Sys. Health Care Facilities Rev.: | ||||
Series 2012, 5% 11/1/41 | 800,000 | 863,584 | ||
5% 11/1/30 (FSA Insured) | 1,275,000 | 1,417,392 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2009 B, 5% 1/1/26 | 2,200,000 | 2,450,426 | ||
North Carolina Med. Care Commission Health Care Facilities Rev. (Rex Healthcare Proj.) Series 2010 A, 5% 7/1/30 | 1,600,000 | 1,807,184 | ||
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev.: | ||||
Series 2009 A, 5% 1/1/30 | 1,000,000 | 1,119,860 | ||
Series 2010 B, 5% 1/1/20 | 1,300,000 | 1,497,509 | ||
| 10,305,405 | |||
North Dakota - 0.5% | ||||
Cass County Health Care Facilities Rev. (Essentia Health Obligated Group Proj.) Series 2008, 5.125% 2/15/37 (Assured Guaranty Corp. Insured) | 750,000 | 799,410 | ||
McLean County Solid Waste Facilities Rev. (Great River Energy Projects) Series 2010 B, 5.15% 7/1/40 | 2,300,000 | 2,517,235 | ||
Ward County Health Care Facility Rev. (Trinity Med. Ctr. Proj.) 5.125% 7/1/17 | 1,210,000 | 1,256,767 | ||
| 4,573,412 | |||
Ohio - 1.4% | ||||
American Muni. Pwr., Inc. Rev. (Prairie State Energy Campus Proj.) Series 2015, 5% 2/15/28 | 2,000,000 | 2,311,600 | ||
Buckeye Tobacco Settlement Fing. Auth. Series 2007 A1: | ||||
5% 6/1/16 | 800,000 | 836,592 | ||
5% 6/1/17 | 925,000 | 1,000,693 | ||
Hamilton County Convention Facilities Auth. Rev. Series 2014, 5% 12/1/26 | 670,000 | 764,088 | ||
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 2008 C, 5.75% 8/15/38 | 1,000,000 | 1,116,010 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Lucas County Hosp. Rev. (ProMedica Healthcare Oblig. Group Proj.) Series 2011 A, 6.5% 11/15/37 | $ 1,200,000 | $ 1,485,804 | ||
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013, 5% 2/15/48 | 2,000,000 | 2,051,680 | ||
Ohio Air Quality Dev. Auth. Rev. Series 2009 C, 5.625% 6/1/18 | 400,000 | 441,984 | ||
Ohio Tpk. Commission Tpk. Rev. (Infastructure Proj.) Series 2005 A, 0% 2/15/42 | 2,600,000 | 793,832 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (c) | 1,500,000 | 1,575,300 | ||
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008, 5.75% 12/1/35 | 1,400,000 | 1,579,592 | ||
| 13,957,175 | |||
Oklahoma - 1.1% | ||||
Oklahoma City Pub. Property Auth. Hotel Tax Rev. Series 2005, 5.5% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,695,000 | 1,729,917 | ||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series C, 5.5% 8/15/22 (Pre-Refunded to 8/15/18 @ 100) | 2,865,000 | 3,283,662 | ||
Oklahoma Dev. Fin. Auth. Rev.: | ||||
(Saint John Health Sys. Proj.) Series 2012, 5% 2/15/42 | 1,775,000 | 1,938,797 | ||
Series 2012, 5% 2/15/21 | 400,000 | 466,344 | ||
Oklahoma Pwr. Auth. Pwr. Supply Sys. Rev. Series 2014 A, 5% 1/1/38 | 1,295,000 | 1,467,688 | ||
Tulsa County Indl. Auth. Health Care Rev. 5% 12/15/18 | 1,500,000 | 1,607,925 | ||
| 10,494,333 | |||
Oregon - 0.1% | ||||
Yamhill County School District #029J Newberg 5.5% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,168,460 | ||
Pennsylvania - 2.1% | ||||
Allegheny County Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A, 5.625% 8/15/39 | 1,100,000 | 1,254,418 | ||
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (FirstEnergy Nuclear Generation Corp. Proj.) Series 2005 A, 3.375%, tender 7/1/15 (c) | 1,400,000 | 1,405,558 | ||
Centre County Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.) Series 2011, 7% 11/15/46 | 500,000 | 588,565 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Mifflin County School District Series 2007, 7.75% 9/1/30 (XL Cap. Assurance, Inc. Insured) | $ 400,000 | $ 456,436 | ||
Monroeville Fin. Auth. UPMC Rev. Series 2012, 5% 2/15/27 | 800,000 | 953,344 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.): | ||||
Series 2012 A, 5% 6/1/24 | 600,000 | 692,046 | ||
Series A, 6% 6/1/16 (AMBAC Insured) | 1,860,000 | 1,968,010 | ||
Montgomery County Higher Ed. & Health Auth. Rev. Series 2014 A, 5% 10/1/25 | 1,045,000 | 1,176,806 | ||
Pennsylvania Gen. Oblig.: | ||||
Series 2015 1, 5% 3/15/29 | 2,780,000 | 3,233,418 | ||
Series 2015, 5% 3/15/33 | 850,000 | 968,448 | ||
Pennsylvania Tpk. Commission Tpk. Rev. Series 2009 D, 5.5% 12/1/41 | 2,400,000 | 2,697,072 | ||
Philadelphia Gas Works Rev.: | ||||
(1975 Gen. Ordinance Proj.) Seventeenth Series, 5.375% 7/1/20 (FSA Insured) | 500,000 | 501,615 | ||
(1998 Gen. Ordinance Proj.): | ||||
Fifth Series A1, 5% 9/1/33 (FSA Insured) | 150,000 | 150,360 | ||
Ninth Series, 5.25% 8/1/40 | 800,000 | 887,856 | ||
Philadelphia School District: | ||||
5% 8/1/22 | 190,000 | 192,219 | ||
5% 8/1/22 (Pre-Refunded to 8/1/15 @ 100) | 10,000 | 10,117 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series A, 0% 8/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000,000 | 4,220,000 | ||
| 21,356,288 | |||
South Carolina - 4.5% | ||||
Greenwood Fifty School Facilities Installment 5% 12/1/21 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,103,740 | ||
Lexington One School Facilities Corp. Rev. (Lexington County School District No. 1 Proj.) 5% 12/1/17 (Pre-Refunded to 12/1/16 @ 100) | 1,015,000 | 1,084,446 | ||
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. Series 2013, 5% 11/1/27 | 1,400,000 | 1,588,566 | ||
South Carolina Jobs-Econ. Dev. Auth. Health Facilities Rev. (Bishop Gadsden Proj.) Series 2007, 5% 4/1/16 | 1,000,000 | 1,022,770 | ||
South Carolina Pub. Svc. Auth. Rev.: | ||||
(Santee Cooper Proj.) Series 2009 B, 5.25% 1/1/39 | 5,000,000 | 5,560,600 | ||
Series 2012 B, 5% 12/1/20 | 2,500,000 | 2,932,450 | ||
Series 2013 E, 5.5% 12/1/53 | 6,100,000 | 6,880,983 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
South Carolina - continued | ||||
South Carolina Pub. Svc. Auth. Rev.: - continued | ||||
Series 2014 A: | ||||
5% 12/1/49 | $ 3,640,000 | $ 3,984,126 | ||
5.5% 12/1/54 | 2,400,000 | 2,738,232 | ||
Series 2014 C, 5% 12/1/46 | 700,000 | 770,399 | ||
Series 2015 A, 5% 12/1/50 | 7,245,000 | 7,865,607 | ||
Series 2015 C, 5% 12/1/19 (b) | 8,000,000 | 8,999,280 | ||
Univ. of South Carolina Athletic Facilities Rev. Series 2008 A, 5.5% 5/1/38 | 995,000 | 1,115,564 | ||
| 45,646,763 | |||
Tennessee - 0.8% | ||||
Clarksville Natural Gas Acquisition Corp. Gas Rev. Series 2006: | ||||
5% 12/15/15 | 1,500,000 | 1,539,630 | ||
5% 12/15/16 | 1,500,000 | 1,598,880 | ||
Jackson Hosp. Rev.: | ||||
5.75% 4/1/41 | 270,000 | 298,115 | ||
5.75% 4/1/41 (Pre-Refunded to 4/1/18 @ 100) | 730,000 | 829,499 | ||
Knox County Health Edl. & Hsg. Facilities Board Rev. (Univ. Health Sys. Proj.) Series 2007, 5% 4/1/16 | 1,805,000 | 1,864,403 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5.75% 7/1/24 (d) | 1,600,000 | 1,857,568 | ||
Sullivan County Health, Ed. and Hsg. Board (Wellmont Health Sys. Proj.) Series 2006 C, 5.25% 9/1/36 | 400,000 | 416,280 | ||
| 8,404,375 | |||
Texas - 8.6% | ||||
Austin Arpt. Sys. Rev. Series 2014: | ||||
5% 11/15/28 (d) | 500,000 | 570,760 | ||
5% 11/15/39 (d) | 1,700,000 | 1,863,200 | ||
5% 11/15/44 (d) | 2,690,000 | 2,936,996 | ||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.5% 8/1/20 | 1,000,000 | 1,135,150 | ||
Comal Independent School District Series 2008A, 5.25% 2/1/23 | 2,240,000 | 2,504,298 | ||
Corpus Christi Util. Sys. Rev.: | ||||
5% 7/15/23 | 1,600,000 | 1,882,576 | ||
5.25% 7/15/18 (FSA Insured) | 1,000,000 | 1,096,370 | ||
Dallas Fort Worth Int'l. Arpt. Rev.: | ||||
Series 2009 A, 5% 11/1/24 | 1,000,000 | 1,064,040 | ||
Series 2012 D, 5% 11/1/42 (d) | 400,000 | 427,848 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Dallas Fort Worth Int'l. Arpt. Rev.: - continued | ||||
Series 2012 H, 5% 11/1/42 (d) | $ 1,000,000 | $ 1,069,620 | ||
Dallas Independent School District Series 2008, 6.375% 2/15/34 (Pre-Refunded to 2/15/18 @ 100) | 300,000 | 345,132 | ||
Frisco Independent School District Series 2008 A, 6% 8/15/33 | 1,200,000 | 1,375,380 | ||
Grand Parkway Trans. Corp. Series 2013 B: | ||||
5% 4/1/53 | 220,000 | 239,001 | ||
5.25% 10/1/51 | 8,300,000 | 9,323,805 | ||
5.5% 4/1/53 | 1,000,000 | 1,115,210 | ||
Harris County Gen. Oblig.: | ||||
(Road Proj.) Series 2008 B, 5.25% 8/15/47 | 8,000,000 | 8,695,840 | ||
Series 2002, 0% 8/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 780,430 | ||
Houston Arpt. Sys. Rev.: | ||||
Series 2011 A, 5% 7/1/24 (d) | 1,250,000 | 1,422,638 | ||
Series 2012 A, 5% 7/1/23 (d) | 600,000 | 696,000 | ||
Humble Independent School District Series 2005 B, 5.25% 2/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,800,000 | 1,806,264 | ||
Kermit Independent School District Series 2007, 5.25% 2/15/32 (Pre-Refunded to 2/15/17 @ 100) | 700,000 | 757,729 | ||
Lewisville Independent School District 0% 8/15/19 | 2,340,000 | 2,206,316 | ||
Lower Colorado River Auth. Rev.: | ||||
5.75% 5/15/37 | 25,000 | 25,039 | ||
5.75% 5/15/37 | 30,000 | 30,047 | ||
5.75% 5/15/37 | 175,000 | 175,583 | ||
Mansfield Independent School District 5.5% 2/15/17 | 25,000 | 25,096 | ||
North Texas Tollway Auth. Rev.: | ||||
Series 2008 I, 6.2% 1/1/42 (Assured Guaranty Corp. Insured) | 1,100,000 | 1,331,462 | ||
Series 2009 A, 6.25% 1/1/39 | 1,800,000 | 2,088,342 | ||
Series 2011 A: | ||||
5.5% 9/1/41 | 2,300,000 | 2,711,424 | ||
6% 9/1/41 | 1,200,000 | 1,457,460 | ||
Series 2011 D, 5% 9/1/28 | 2,300,000 | 2,682,536 | ||
Series 2014 A, 5% 1/1/25 | 1,000,000 | 1,181,510 | ||
6% 1/1/24 | 230,000 | 257,161 | ||
6% 1/1/24 (Pre-Refunded to 1/1/18 @ 100) | 1,770,000 | 1,999,835 | ||
San Antonio Arpt. Sys. Rev. 5.25% 7/1/18 (FSA Insured) (d) | 2,505,000 | 2,705,701 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
San Antonio Elec. & Gas Sys. Rev.: | ||||
Series 2008, 5% 2/1/24 | $ 1,000,000 | $ 1,103,780 | ||
Series 2012, 5.25% 2/1/25 | 800,000 | 1,000,872 | ||
Spring Branch Independent School District Series 2008, 5.25% 2/1/38 | 3,145,000 | 3,360,087 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | ||||
(Hendrick Med. Ctr. Proj.) Series 2009 B, 5.25% 9/1/28 (Assured Guaranty Corp. Insured) | 1,235,000 | 1,397,081 | ||
(Scott & White Healthcare Proj.) Series 2013 A, 4% 8/15/43 | 500,000 | 492,720 | ||
5.75% 11/15/24 | 620,000 | 711,822 | ||
5.75% 11/15/24 (Pre-Refunded to 11/15/18 @ 100) | 480,000 | 558,653 | ||
Texas Gen. Oblig.: | ||||
Series 2006 A, 5% 4/1/29 (Pre-Refunded to 4/1/17 @ 100) | 560,000 | 605,718 | ||
5% 4/1/25 | 725,000 | 806,512 | ||
5% 4/1/25 (Pre-Refunded to 4/1/18 @ 100) | 75,000 | 83,615 | ||
Texas Muni. Pwr. Agcy. Rev. 0% 9/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,800,000 | 1,783,206 | ||
Texas Private Activity Bond Surface Trans. Corp.: | ||||
(LBJ Infrastructure Group LLC IH-635 Managed Lanes Proj.) Series 2010, 7% 6/30/40 | 1,200,000 | 1,447,896 | ||
Series 2013, 6.75% 6/30/43 (d) | 2,400,000 | 2,914,296 | ||
Texas Trans. Commission State Hwy. Fund Rev. Series 2007: | ||||
5% 4/1/23 | 1,500,000 | 1,621,875 | ||
5% 4/1/25 | 600,000 | 648,150 | ||
5% 4/1/26 | 810,000 | 874,201 | ||
Texas Wtr. Dev. Board Rev. Series 2008 B, 5.25% 7/15/23 | 1,600,000 | 1,751,984 | ||
Univ. of Texas Board of Regents Sys. Rev.: | ||||
Series 2007 F, 4.75% 8/15/27 (Pre-Refunded to 2/15/17 @ 100) | 410,000 | 439,811 | ||
4.75% 8/15/27 | 590,000 | 628,775 | ||
Waller Independent School District: | ||||
5.5% 2/15/28 | 1,670,000 | 1,854,418 | ||
5.5% 2/15/37 | 2,100,000 | 2,311,344 | ||
| 86,382,615 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Utah - 0.2% | ||||
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) 5% 9/1/20 | $ 850,000 | $ 986,969 | ||
Utah Transit Auth. Sales Tax Rev. Series 2008 A, 5.25% 6/15/38 (Pre-Refunded to 6/15/18 @ 100) | 1,200,000 | 1,357,404 | ||
| 2,344,373 | |||
Vermont - 0.3% | ||||
Vermont Edl. & Health Bldg. Fin. Agcy. Rev. (Fletcher Allen Health Care Proj.) Series 2004 B, 5.5% 12/1/28 (FSA Insured) | 2,600,000 | 2,885,402 | ||
Virginia - 0.3% | ||||
Fredericksburg Econ. Dev. Auth. Rev. Series 2014, 5% 6/15/30 | 1,250,000 | 1,398,250 | ||
Univ. of Virginia Gen. Rev. Series 2015 A, 5% 4/1/45 | 1,000,000 | 1,162,810 | ||
Virginia College Bldg. Auth. Edl. Facilities Rev. Series 2015 A, 5% 1/1/40 | 500,000 | 571,995 | ||
| 3,133,055 | |||
Washington - 1.9% | ||||
Chelan County Pub. Util. District #1 Columbia River-Rock Island Hydro-Elec. Sys. Rev. Series 1997 A, 0% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 980,960 | ||
Kent Spl. Events Ctr. Pub. Facilities District Rev. Series 2008, 5.25% 12/1/32 (FSA Insured) | 2,000,000 | 2,205,940 | ||
King County Swr. Rev. Series 2009, 5.25% 1/1/42 | 1,000,000 | 1,116,610 | ||
Port of Seattle Spl. Facility Rev. Series 2013, 5% 6/1/24 (d) | 560,000 | 655,508 | ||
Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev. Series 2013 B, 5% 12/1/27 | 1,500,000 | 1,710,165 | ||
Washington Gen. Oblig.: | ||||
Series R 97A, 0% 7/1/19 (Escrowed to Maturity) | 1,200,000 | 1,135,212 | ||
Series S5, 0% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,230,000 | 2,165,397 | ||
Washington Health Care Facilities Auth. Rev.: | ||||
(Catholic Health Initiatives Proj.) Series 2008 D, 6.375% 10/1/36 | 3,000,000 | 3,442,770 | ||
(MultiCare Health Sys. Proj.) Series 2008 B, 6% 8/15/39 (Pre-Refunded to 8/15/19 @ 100) | 1,000,000 | 1,200,010 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Washington - continued | ||||
Washington Health Care Facilities Auth. Rev.: - continued | ||||
(Overlake Hosp. Med. Ctr.) Series 2010, 5.7% 7/1/38 | $ 2,270,000 | $ 2,628,774 | ||
(Seattle Children's Hosp. Proj.) Series 2009, 5.625% 10/1/38 (Pre-Refunded to 10/1/19 @ 100) | 1,400,000 | 1,659,084 | ||
| 18,900,430 | |||
West Virginia - 0.2% | ||||
West Virginia Hosp. Fin. Auth. Hosp. Rev. (West Virginia United Health Sys. Proj.) Series 2008 E, 5.625% 6/1/35 | 1,000,000 | 1,123,620 | ||
West Virginia Univ. Revs. (West Virginia Univ. Projs.) Series 2014 A, 5% 10/1/44 | 1,100,000 | 1,235,916 | ||
| 2,359,536 | |||
Wisconsin - 0.5% | ||||
Wisconsin Health & Edl. Facilities Series 2014, 4% 5/1/33 | 510,000 | 501,004 | ||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Agnesian HealthCare, Inc. Proj.): | ||||
Series 2010: | ||||
5.5% 7/1/40 | 500,000 | 568,230 | ||
5.75% 7/1/30 | 500,000 | 580,490 | ||
Series 2013 B, 5% 7/1/36 | 925,000 | 997,465 | ||
(Marshfield Clinic Proj.) Series A, 5.375% 2/15/34 | 1,000,000 | 1,029,510 | ||
Series 2012: | ||||
5% 6/1/27 | 300,000 | 341,454 | ||
5% 6/1/39 | 490,000 | 536,001 | ||
| 4,554,154 | |||
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 | 1,700,000 | 1,977,542 | ||
TOTAL MUNICIPAL BONDS (Cost $931,999,857) |
|
Municipal Notes - 0.1% | |||
Principal Amount | Value | ||
Kentucky - 0.1% | |||
Kentucky Pub. Trans. BAN Series 2013 A, 5% 7/1/17 | $ 1,500,000 | $ 1,626,945 | |
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $933,590,719) | 1,007,368,904 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (2,284,035) | ||
NET ASSETS - 100% | $ 1,005,084,869 |
Security Type Abbreviations | ||
BAN | - | BOND ANTICIPATION NOTE |
Legend |
(a) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
General Obligations | 33.8% |
Health Care | 19.3% |
Transportation | 11.8% |
Electric Utilities | 10.0% |
Escrowed/Pre-Refunded | 7.7% |
Special Tax | 7.0% |
Water & Sewer | 5.5% |
Others* (Individually Less Than 5%) | 4.9% |
| 100.0% |
* Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $933,590,719) |
| $ 1,007,368,904 |
Cash |
| 3,638,194 |
Receivable for investments sold | 2,207,040 | |
Receivable for fund shares sold | 1,617,543 | |
Interest receivable | 11,976,061 | |
Prepaid expenses | 690 | |
Receivable from investment adviser for expense reductions | 12,687 | |
Other receivables | 1,389 | |
Total assets | 1,026,822,508 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 3,374,097 | |
Delayed delivery | 15,708,265 | |
Payable for fund shares redeemed | 1,069,132 | |
Distributions payable | 461,539 | |
Accrued management fee | 299,071 | |
Distribution and service plan fees payable | 216,268 | |
Other affiliated payables | 581,152 | |
Other payables and accrued expenses | 28,115 | |
Total liabilities | 21,737,639 | |
|
|
|
Net Assets | $ 1,005,084,869 | |
Net Assets consist of: |
| |
Paid in capital | $ 926,950,649 | |
Undistributed net investment income | 481,661 | |
Accumulated undistributed net realized gain (loss) on investments | 3,874,374 | |
Net unrealized appreciation (depreciation) on investments | 73,778,185 | |
Net Assets | $ 1,005,084,869 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price | $ 13.51 | |
|
|
|
Maximum offering price per share (100/96.00 of $13.51) | $ 14.07 | |
Class T: | $ 13.55 | |
|
|
|
Maximum offering price per share (100/96.00 of $13.55) | $ 14.11 | |
Class B: | $ 13.47 | |
|
|
|
Class C: | $ 13.55 | |
|
|
|
Institutional Class: | $ 13.44 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 19,887,381 |
|
|
|
Expenses | ||
Management fee | $ 1,774,093 | |
Transfer agent fees | 778,857 | |
Distribution and service plan fees | 1,295,270 | |
Accounting fees and expenses | 102,491 | |
Custodian fees and expenses | 5,969 | |
Independent trustees' compensation | 2,058 | |
Registration fees | 58,020 | |
Audit | 27,649 | |
Legal | 9,315 | |
Miscellaneous | 2,395 | |
Total expenses before reductions | 4,056,117 | |
Expense reductions | (94,171) | 3,961,946 |
Net investment income (loss) | 15,925,435 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 4,009,680 |
Change in net unrealized appreciation (depreciation) on investment securities | (6,453,742) | |
Net gain (loss) | (2,444,062) | |
Net increase (decrease) in net assets resulting from operations | $ 13,481,373 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 15,925,435 | $ 32,476,757 |
Net realized gain (loss) | 4,009,680 | 3,220,004 |
Change in net unrealized appreciation (depreciation) | (6,453,742) | 44,401,983 |
Net increase (decrease) in net assets resulting | 13,481,373 | 80,098,744 |
Distributions to shareholders from net investment income | (15,906,104) | (32,459,524) |
Distributions to shareholders from net realized gain | (3,075,920) | (6,709,660) |
Total distributions | (18,982,024) | (39,169,184) |
Share transactions - net increase (decrease) | 45,382,422 | (39,024,324) |
Total increase (decrease) in net assets | 39,881,771 | 1,905,236 |
|
|
|
Net Assets | ||
Beginning of period | 965,203,098 | 963,297,862 |
End of period (including undistributed net investment income of $481,661 and undistributed net investment income of $462,330, respectively) | $ 1,005,084,869 | $ 965,203,098 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.59 | $ 13.00 | $ 13.74 | $ 12.95 | $ 12.99 | $ 12.54 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .221 | .462 | .453 | .460 | .479 | .465 |
Net realized and unrealized gain (loss) | (.037) | .682 | (.738) | .789 | (.041) | .450 |
Total from investment operations | .184 | 1.144 | (.285) | 1.249 | .438 | .915 |
Distributions from net investment income | (.221) | (.461) | (.451) | (.457) | (.478) | (.465) |
Distributions from net realized gain | (.043) | (.093) | (.004) | (.002) | - | - |
Total distributions | (.264) | (.554) | (.455) | (.459) | (.478) | (.465) |
Net asset value, end of period | $ 13.51 | $ 13.59 | $ 13.00 | $ 13.74 | $ 12.95 | $ 12.99 |
Total ReturnB, C, D | 1.36% | 9.02% | (2.12)% | 9.77% | 3.53% | 7.42% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .82%A | .79% | .77% | .77% | .77% | .78% |
Expenses net of fee waivers, if any | .80%A | .79% | .77% | .77% | .77% | .78% |
Expenses net of all reductions | .80%A | .79% | .77% | .77% | .77% | .78% |
Net investment income (loss) | 3.28%A | 3.49% | 3.36% | 3.42% | 3.80% | 3.64% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 337,910 | $ 325,539 | $ 335,492 | $ 430,231 | $ 368,789 | $ 448,794 |
Portfolio turnover rateG | 13% A | 10% | 12% | 6% | 8% | 7% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.63 | $ 13.03 | $ 13.77 | $ 12.99 | $ 13.02 | $ 12.57 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .222 | .466 | .454 | .462 | .481 | .467 |
Net realized and unrealized gain (loss) | (.037) | .691 | (.739) | .778 | (.032) | .449 |
Total from investment operations | .185 | 1.157 | (.285) | 1.240 | .449 | .916 |
Distributions from net investment income | (.222) | (.464) | (.451) | (.458) | (.479) | (.466) |
Distributions from net realized gain | (.043) | (.093) | (.004) | (.002) | - | - |
Total distributions | (.265) | (.557) | (.455) | (.460) | (.479) | (.466) |
Net asset value, end of period | $ 13.55 | $ 13.63 | $ 13.03 | $ 13.77 | $ 12.99 | $ 13.02 |
Total ReturnB, C, D | 1.36% | 9.10% | (2.12)% | 9.67% | 3.61% | 7.41% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .80%A | .78% | .77% | .76% | .76% | .77% |
Expenses net of fee waivers, if any | .80%A | .78% | .77% | .76% | .76% | .77% |
Expenses net of all reductions | .80%A | .78% | .77% | .76% | .76% | .77% |
Net investment income (loss) | 3.28%A | 3.51% | 3.37% | 3.42% | 3.80% | 3.65% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 204,554 | $ 204,607 | $ 207,208 | $ 247,622 | $ 225,908 | $ 253,136 |
Portfolio turnover rateG | 13% A | 10% | 12% | 6% | 8% | 7% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.54 | $ 12.96 | $ 13.69 | $ 12.92 | $ 12.96 | $ 12.51 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .181 | .375 | .361 | .367 | .393 | .379 |
Net realized and unrealized gain (loss) | (.028) | .673 | (.727) | .772 | (.040) | .451 |
Total from investment operations | .153 | 1.048 | (.366) | 1.139 | .353 | .830 |
Distributions from net investment income | (.180) | (.375) | (.360) | (.367) | (.393) | (.380) |
Distributions from net realized gain | (.043) | (.093) | (.004) | (.002) | - | - |
Total distributions | (.223) | (.468) | (.364) | (.369) | (.393) | (.380) |
Net asset value, end of period | $ 13.47 | $ 13.54 | $ 12.96 | $ 13.69 | $ 12.92 | $ 12.96 |
Total ReturnB, C, D | 1.13% | 8.26% | (2.72)% | 8.90% | 2.85% | 6.73% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.41%A | 1.45% | 1.45% | 1.45% | 1.46% | 1.45% |
Expenses net of fee waivers, if any | 1.41%A | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
Expenses net of all reductions | 1.41%A | 1.45% | 1.45% | 1.45% | 1.45% | 1.44% |
Net investment income (loss) | 2.67%A | 2.84% | 2.68% | 2.74% | 3.12% | 2.98% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 4,004 | $ 4,932 | $ 6,951 | $ 11,187 | $ 12,983 | $ 19,838 |
Portfolio turnover rateG | 13% A | 10% | 12% | 6% | 8% | 7% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.62 | $ 13.03 | $ 13.77 | $ 12.98 | $ 13.02 | $ 12.57 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .171 | .363 | .351 | .358 | .383 | .370 |
Net realized and unrealized gain (loss) | (.027) | .681 | (.739) | .788 | (.042) | .448 |
Total from investment operations | .144 | 1.044 | (.388) | 1.146 | .341 | .818 |
Distributions from net investment income | (.171) | (.361) | (.348) | (.354) | (.381) | (.368) |
Distributions from net realized gain | (.043) | (.093) | (.004) | (.002) | - | - |
Total distributions | (.214) | (.454) | (.352) | (.356) | (.381) | (.368) |
Net asset value, end of period | $ 13.55 | $ 13.62 | $ 13.03 | $ 13.77 | $ 12.98 | $ 13.02 |
Total ReturnB, C, D | 1.06% | 8.19% | (2.86)% | 8.92% | 2.74% | 6.60% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.58%A | 1.55% | 1.54% | 1.54% | 1.54% | 1.54% |
Expenses net of fee waivers, if any | 1.55%A | 1.55% | 1.54% | 1.54% | 1.54% | 1.54% |
Expenses net of all reductions | 1.55%A | 1.55% | 1.54% | 1.53% | 1.54% | 1.53% |
Net investment income (loss) | 2.53%A | 2.74% | 2.60% | 2.65% | 3.03% | 2.89% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 119,441 | $ 118,088 | $ 123,530 | $ 155,834 | $ 130,949 | $ 151,847 |
Portfolio turnover rateG | 13% A | 10% | 12% | 6% | 8% | 7% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.51 | $ 12.93 | $ 13.67 | $ 12.89 | $ 12.93 | $ 12.49 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .237 | .493 | .481 | .490 | .505 | .492 |
Net realized and unrealized gain (loss) | (.027) | .674 | (.735) | .782 | (.039) | .443 |
Total from investment operations | .210 | 1.167 | (.254) | 1.272 | .466 | .935 |
Distributions from net investment income | (.237) | (.494) | (.482) | (.490) | (.506) | (.495) |
Distributions from net realized gain | (.043) | (.093) | (.004) | (.002) | - | - |
Total distributions | (.280) | (.587) | (.486) | (.492) | (.506) | (.495) |
Net asset value, end of period | $ 13.44 | $ 13.51 | $ 12.93 | $ 13.67 | $ 12.89 | $ 12.93 |
Total ReturnB, C | 1.56% | 9.27% | (1.90)% | 10.00% | 3.79% | 7.62% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .57%A | .54% | .54% | .53% | .54% | .55% |
Expenses net of fee waivers, if any | .55%A | .54% | .54% | .53% | .54% | .55% |
Expenses net of all reductions | .55%A | .54% | .54% | .53% | .54% | .55% |
Net investment income (loss) | 3.53%A | 3.75% | 3.60% | 3.66% | 4.02% | 3.87% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 339,176 | $ 312,038 | $ 290,117 | $ 362,588 | $ 305,538 | $ 399,826 |
Portfolio turnover rateF | 13% A | 10% | 12% | 6% | 8% | 7% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity Advisor® Municipal Income Fund (the Fund) is a fund of Fidelity Advisor Series II (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
Semiannual Report
2. Significant Accounting Policies - continued
Investment Valuation - continued
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and net asset value (NAV) include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Class Allocations and Expenses - continued
and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount 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.
Semiannual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 77,488,483 |
Gross unrealized depreciation | (3,261,692) |
Net unrealized appreciation (depreciation) on securities | $ 74,226,791 |
|
|
Tax cost | $ 933,142,113 |
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.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $120,597,923 and $62,857,516, 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 416,132 | $ 14,415 |
Class T | -% | .25% | 257,476 | 3,722 |
Class B | .65% | .25% | 20,571 | 14,905 |
Class C | .75% | .25% | 601,091 | 67,813 |
|
|
| $ 1,295,270 | $ 100,855 |
Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, .75% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 16,099 |
Class T | 4,157 |
Class B* | 3,100 |
Class C* | 5,198 |
| $ 28,554 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and servicing agent for each class of the Fund. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, with respect to all classes of the Fund to perform the transfer agency, dividend disbursing, and shareholder servicing functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 270,031 | .16 |
Class T | 142,016 | .14 |
Class B | 2,105 | .09 |
Class C | 97,598 | .16 |
Institutional Class | 267,107 | .17 |
| $ 778,857 |
|
* Annualized
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, under which FSC maintains the Fund's accounting records. The fee is paid to Citibank and is based on the level of average net assets for each month.
Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, FIIOC was named as the transfer, dividend disbursing and shareholder servicing agent for the Fund. In addition, effective May 8, 2015, JP Morgan Chase Bank was approved as the custodian for the Fund.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $776 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
6. Expense Reductions.
The investment adviser voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense | Reimbursement |
Class A | .80% | $ 36,304 |
Class C | 1.55% | 17,027 |
Institutional Class | .55% | 38,884 |
|
| $ 92,215 |
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1,956.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 5,400,489 | $ 11,330,075 |
Class T | 3,345,830 | 7,089,994 |
Class B | 60,693 | 167,211 |
Class C | 1,504,364 | 3,190,951 |
Institutional Class | 5,594,728 | 10,681,293 |
Total | $ 15,906,104 | $ 32,459,524 |
Semiannual Report
7. Distributions to Shareholders - continued
Six months ended | Year ended | |
From net realized gain |
|
|
Class A | $ 1,040,888 | $ 2,345,937 |
Class T | 645,322 | 1,463,693 |
Class B | 15,321 | 48,806 |
Class C | 375,706 | 862,580 |
Institutional Class | 998,683 | 1,988,644 |
Total | $ 3,075,920 | $ 6,709,660 |
8. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 2,441,740 | 3,505,545 | $ 33,274,184 | $ 46,452,566 |
Reinvestment of distributions | 416,314 | 826,195 | 5,669,381 | 10,887,594 |
Shares redeemed | (1,814,595) | (6,185,804) | (24,703,073) | (81,584,528) |
Net increase (decrease) | 1,043,459 | (1,854,064) | $ 14,240,492 | $ (24,244,368) |
Class T |
|
|
|
|
Shares sold | 577,022 | 1,002,254 | $ 7,896,714 | $ 13,321,199 |
Reinvestment of distributions | 246,558 | 517,415 | 3,367,537 | 6,831,091 |
Shares redeemed | (747,341) | (2,402,910) | (10,214,255) | (31,723,275) |
Net increase (decrease) | 76,239 | (883,241) | $ 1,049,996 | $ (11,570,985) |
Class B |
|
|
|
|
Shares sold | 4,455 | 3,673 | $ 60,184 | $ 48,057 |
Reinvestment of distributions | 3,960 | 10,760 | 53,742 | 140,754 |
Shares redeemed | (75,328) | (186,742) | (1,023,621) | (2,454,298) |
Net increase (decrease) | (66,913) | (172,309) | $ (909,695) | $ (2,265,487) |
Class C |
|
|
|
|
Shares sold | 841,198 | 1,231,173 | $ 11,507,094 | $ 16,418,632 |
Reinvestment of distributions | 110,930 | 228,050 | 1,513,841 | 3,005,267 |
Shares redeemed | (805,899) | (2,271,570) | (11,013,588) | (29,957,134) |
Net increase (decrease) | 146,229 | (812,347) | $ 2,007,347 | $ (10,533,235) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Share Transactions - continued
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Institutional Class |
|
|
|
|
Shares sold | 4,432,055 | 8,701,375 | $ 60,106,032 | $ 114,634,619 |
Reinvestment of distributions | 374,825 | 633,458 | 5,078,369 | 8,301,472 |
Shares redeemed | (2,664,205) | (8,683,609) | (36,190,119) | (113,346,340) |
Net increase (decrease) | 2,142,675 | 651,224 | $ 28,994,282 | $ 9,589,751 |
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FMR Investment Management
(U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
(Fidelity Investment logo)(registered trademark)
HIMI-USAN-0615 1.784902.112
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 Advisor Series II'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 Advisor Series II's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Advisor Series II
By: | /s/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
|
|
Date: | June 26, 2015 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
|
|
Date: | June 26, 2015 |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
|
|
Date: | June 26, 2015 |