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, 2013 |
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, 2013
(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, | |
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. © 2013 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, 2012 to April 30, 2013).
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 | .78% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,021.60 | $ 3.91 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.93 | $ 3.91 |
Class T | .77% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,022.30 | $ 3.86 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.98 | $ 3.86 |
| Annualized | Beginning | Ending | Expenses Paid |
Class B | 1.45% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,019.00 | $ 7.26 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.60 | $ 7.25 |
Class C | 1.55% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,017.70 | $ 7.75 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.11 | $ 7.75 |
Institutional Class | .54% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,022.90 | $ 2.71 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.12 | $ 2.71 |
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, 2013 | ||
| % of fund's | % of fund's net assets |
California | 17.3 | 17.8 |
Illinois | 13.0 | 12.2 |
Texas | 11.2 | 11.7 |
New York | 10.9 | 11.4 |
Florida | 8.0 | 7.1 |
Top Five Sectors as of April 30, 2013 | ||
| % of fund's | % of fund's net assets |
General Obligations | 35.1 | 33.1 |
Health Care | 21.1 | 19.4 |
Transportation | 9.3 | 9.3 |
Water & Sewer | 9.2 | 9.5 |
Electric Utilities | 7.8 | 7.6 |
Weighted Average Maturity as of April 30, 2013 | ||
|
| 6 months ago |
Years | 6.1 | 5.8 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Duration as of April 30, 2013 | ||
|
| 6 months ago |
Years | 7.3 | 7.1 |
Duration estimates how much a bond fund's price will change with a change in comparable interest rates. If rates rise 1%, for example, a fund with a 5-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. Duration takes into account any call or put option embedded in the bonds. |
Quality Diversification (% of fund's net assets) | |||||||
As of April 30, 2013 | As of October 31, 2012 | ||||||
![]() | AAA 7.5% |
| ![]() | AAA 8.5% |
| ||
![]() | AA,A 81.2% |
| ![]() | AA,A 80.0% |
| ||
![]() | BBB 7.8% |
| ![]() | BBB 8.6% |
| ||
![]() | BB and Below 0.7% |
| ![]() | BB and Below 0.2% |
| ||
![]() | Not Rated 2.2% |
| ![]() | Not Rated 1.9% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Investments April 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.4% | ||||
| Principal Amount | Value | ||
Alabama - 0.1% | ||||
Birmingham Gen. Oblig. Series 2013 A, 0% 3/1/43 (a) | $ 600,000 | $ 547,242 | ||
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5.75% 9/1/22 | 1,000,000 | 1,186,920 | ||
| 1,734,162 | |||
Arizona - 2.1% | ||||
Arizona Ctfs. of Partnership Series 2010 A: | ||||
5% 10/1/18 (FSA Insured) | 1,000,000 | 1,181,810 | ||
5.25% 10/1/20 (FSA Insured) | 1,600,000 | 1,917,792 | ||
5.25% 10/1/21 (FSA Insured) | 850,000 | 1,015,436 | ||
5.25% 10/1/26 (FSA Insured) | 500,000 | 582,585 | ||
5.25% 10/1/28 (FSA Insured) | 1,600,000 | 1,843,760 | ||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 D, 5.5% 1/1/38 | 2,300,000 | 2,574,850 | ||
Arizona State Lottery Rev. Series 2010 A, 5% 7/1/21 (FSA Insured) | 1,200,000 | 1,419,336 | ||
Arizona State Univ. Ctfs. of Partnership (Research Infrastructure Proj.) 5.25% 9/1/23 | 1,000,000 | 1,052,630 | ||
Glendale Indl. Dev. Auth. Hosp. Rev. (John C. Lincoln Health Network Proj.) 5% 12/1/29 | 1,575,000 | 1,620,171 | ||
Goodyear McDowell Road Commercial Corridor Impt. District 5.25% 1/1/15 (AMBAC Insured) | 1,425,000 | 1,511,583 | ||
Maricopa County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 5% 6/1/35 | 700,000 | 776,881 | ||
McAllister Academic Village LLC Rev. (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2008, 5.25% 7/1/39 | 1,000,000 | 1,124,610 | ||
Phoenix Civic Impt. Corp. District Rev. (Plaza Expansion Proj.) Series 2005 B, 0% 7/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a) | 1,620,000 | 2,027,965 | ||
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Series 2005, 5% 7/1/29 | 2,000,000 | 2,164,760 | ||
Pima County Swr. Sys. Rev. Series 2012 A, 5% 7/1/26 | 500,000 | 595,000 | ||
Salt Verde Finl. Corp. Sr. Gas Rev.: | ||||
Series 2007, 5.5% 12/1/29 | 1,000,000 | 1,198,050 | ||
5.25% 12/1/22 | 1,500,000 | 1,760,010 | ||
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.) Series 2006 C, 5% 9/1/35 (FSA Insured) | 205,000 | 225,410 | ||
| 24,592,639 | |||
California - 17.3% | ||||
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2009 F1, 5.625% 4/1/44 | 1,600,000 | 1,852,176 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Dept. of Wtr. Resources (Central Valley Proj.) Series AL, 5% 12/1/19 | $ 2,500,000 | $ 3,111,650 | ||
California Dept. of Wtr. Resources Pwr. Supply Rev. Series 2010 L, 5% 5/1/21 | 5,000,000 | 6,210,400 | ||
California Econ. Recovery Series A, 5% 7/1/18 | 1,400,000 | 1,683,332 | ||
California Gen. Oblig.: | ||||
Series 2007, 5.625% 5/1/20 | 30,000 | 30,121 | ||
Series 2013: | ||||
5.25% 2/1/16 | 220,000 | 222,614 | ||
5.25% 2/1/24 (Pre-Refunded to 8/1/13 @ 100) | 70,000 | 70,874 | ||
5.25% 2/1/28 | 610,000 | 616,332 | ||
5.25% 2/1/28 (Pre-Refunded to 8/1/13 @ 100) | 145,000 | 146,810 | ||
5% 11/1/24 | 2,400,000 | 2,762,640 | ||
5% 6/1/27 (AMBAC Insured) | 600,000 | 638,544 | ||
5% 9/1/27 | 1,410,000 | 1,575,435 | ||
5% 3/1/31 | 1,800,000 | 1,965,366 | ||
5% 9/1/31 | 1,500,000 | 1,661,520 | ||
5% 12/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 845,000 | 881,512 | ||
5% 9/1/32 | 1,600,000 | 1,766,800 | ||
5% 9/1/33 | 1,800,000 | 1,987,038 | ||
5% 9/1/35 | 580,000 | 636,127 | ||
5.125% 11/1/24 (Pre-Refunded to 11/1/13 @ 100) | 600,000 | 614,778 | ||
5.25% 2/1/24 | 240,000 | 242,522 | ||
5.25% 12/1/33 | 20,000 | 20,900 | ||
5.25% 4/1/35 | 2,200,000 | 2,552,770 | ||
5.25% 3/1/38 | 3,900,000 | 4,367,805 | ||
5.25% 11/1/40 | 700,000 | 799,960 | ||
5.5% 8/1/27 | 2,100,000 | 2,495,241 | ||
5.5% 8/1/29 | 2,800,000 | 3,306,940 | ||
5.5% 8/1/30 | 2,000,000 | 2,339,200 | ||
5.5% 11/1/33 | 4,205,000 | 4,289,226 | ||
5.5% 11/1/33 (Pre-Refunded to 11/1/13 @ 100) | 1,195,000 | 1,226,644 | ||
5.5% 3/1/40 | 1,000,000 | 1,183,750 | ||
5.6% 3/1/36 | 400,000 | 479,596 | ||
6% 3/1/33 | 4,250,000 | 5,283,770 | ||
6% 4/1/38 | 5,300,000 | 6,332,599 | ||
6% 11/1/39 | 11,700,000 | 14,164,137 | ||
6.5% 4/1/33 | 3,850,000 | 4,779,737 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2008 L, 5.125% 7/1/22 | 750,000 | 808,253 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Health Facilities Fing. Auth. Rev.: - continued | ||||
(Catholic Healthcare West Proj.): - continued | ||||
Series 2009 E, 5.625% 7/1/25 | $ 2,000,000 | $ 2,352,260 | ||
(Kaiser Permanente Health Sys. Proj.) Series 2006 A, 5.25% 4/1/39 | 1,025,000 | 1,117,824 | ||
(Providence Health and Svcs. Proj.): | ||||
Series C, 6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) | 25,000 | 32,485 | ||
6.5% 10/1/38 | 1,375,000 | 1,660,216 | ||
(St. Joseph Health Sys. Proj.) Series 2009 A, 5.75% 7/1/39 | 1,220,000 | 1,429,852 | ||
(Stanford Hosp. & Clinics Proj.) Series 2010 B, 5.75% 11/15/31 | 2,500,000 | 3,010,925 | ||
Bonds (Catholic Healthcare West Proj.): | ||||
Series 2009 D, 5%, tender 7/1/14 (c) | 1,055,000 | 1,109,638 | ||
Series 2009 F, 5%, tender 7/1/14 (c) | 1,000,000 | 1,051,700 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2003 A, 5%, tender 5/1/13 (c)(d) | 1,000,000 | 1,000,000 | ||
California Pub. Works Board Lease Rev.: | ||||
(Butterfield State Office Complex Proj.) Series 2005 A, 5.25% 6/1/30 | 2,000,000 | 2,113,980 | ||
(Coalinga State Hosp. Proj.) Series 2013 E, 5% 6/1/26 | 2,400,000 | 2,805,624 | ||
(Dept. of Forestry & Fire Protection Proj.) Series 2007 E: | ||||
5% 11/1/19 | 1,600,000 | 1,875,200 | ||
5% 11/1/21 | 1,760,000 | 2,024,282 | ||
(Dept. of Health Svcs. Proj.) Series 2005 K, 5% 11/1/23 | 1,000,000 | 1,084,610 | ||
(Office of Emergency Svcs. Proj.) Series 2007 A, 5% 3/1/22 | 1,000,000 | 1,121,770 | ||
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34 | 1,700,000 | 2,064,922 | ||
(Richmond Lab. Proj.) Series 2005 K, 5% 11/1/17 | 2,300,000 | 2,544,743 | ||
(Richmond Lab., Phase III Office Bldg. Proj.) Series B, 5.25% 11/1/25 (XL Cap. Assurance, Inc. Insured) | 2,585,000 | 2,813,488 | ||
(Univ. Proj.) Series 2011 B, 5.25% 10/1/27 | 3,500,000 | 4,058,915 | ||
(Various Cap. Proj.) Series 2012 G, 5% 11/1/24 | 650,000 | 776,276 | ||
(Various Cap. Projs.) Series 2012 A, 5% 4/1/24 | 3,190,000 | 3,800,981 | ||
Series 2005 H, 5% 6/1/18 | 1,425,000 | 1,550,543 | ||
Series 2009 G1, 5.75% 10/1/30 | 600,000 | 707,826 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Pub. Works Board Lease Rev.: - continued | ||||
Series 2009 I: | ||||
6.125% 11/1/29 | $ 400,000 | $ 497,540 | ||
6.375% 11/1/34 | 1,000,000 | 1,241,800 | ||
Series 2010 A, 5.75% 3/1/30 | 1,000,000 | 1,173,310 | ||
California State Univ. Rev. Series 2009 A, 6% 11/1/40 | 3,400,000 | 4,023,322 | ||
California Statewide Cmntys. Dev. Auth. Rev. (St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) | 1,000,000 | 1,137,200 | ||
Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,325,324 | ||
Fontana Unified School District Gen. Oblig. 5% 5/1/18 (Assured Guaranty Corp. Insured) | 1,170,000 | 1,383,034 | ||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev. Series 1999: | ||||
5% 1/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 400,000 | 400,828 | ||
5.75% 1/15/40 | 600,000 | 600,546 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2005 A: | ||||
5% 6/1/45 | 5,150,000 | 5,370,678 | ||
5% 6/1/45 | 1,000,000 | 1,042,850 | ||
5% 6/1/45 (FSA Insured) | 105,000 | 109,738 | ||
Long Beach Unified School District Series A, 5.5% 8/1/29 | 1,000,000 | 1,216,920 | ||
Los Angeles Cmnty. College District Series 2008 A, 6% 8/1/33 | 3,000,000 | 3,683,250 | ||
Los Angeles Dept. of Wtr. & Pwr. Rev. Series A2, 5% 7/1/25 (FSA Insured) | 300,000 | 326,061 | ||
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2012 C, 5% 3/1/25 | 1,455,000 | 1,691,408 | ||
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34 | 2,000,000 | 2,428,460 | ||
Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36 | 1,000,000 | 1,088,690 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. Series 2007, 5% 8/1/19 (AMBAC Insured) | 1,000,000 | 1,121,900 | ||
Northern California Power Agency Rev. (Hydroelectric #1 Proj.) Series 2008 C, 5% 7/1/14 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,051,190 | ||
Oakland Gen. Oblig. Series 2012, 5% 1/15/24 | 2,500,000 | 2,969,875 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Oakland Unified School District Alameda County Series 2009 A, 6.25% 8/1/18 | $ 1,815,000 | $ 2,103,948 | ||
Poway Unified School District: | ||||
(District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 | 1,000,000 | 434,390 | ||
Series B, 0% 8/1/39 | 3,700,000 | 1,087,615 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev. Bonds Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (c) | 1,995,000 | 1,963,539 | ||
Sacramento City Fing. Auth. Rev. Series A, 0% 12/1/26 (FGIC Insured) | 800,000 | 425,176 | ||
Sacramento Muni. Util. District Elec. Rev. Series 2012 Y, 5% 8/15/28 | 2,200,000 | 2,601,060 | ||
San Bernardino Cmnty. College District Series A: | ||||
6.25% 8/1/33 (Pre-Refunded to 8/1/18 @ 100) | 400,000 | 511,028 | ||
6.5% 8/1/27 (Pre-Refunded to 8/1/18 @ 100) | 1,000,000 | 1,290,380 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26 | 1,000,000 | 1,080,450 | ||
San Diego Convention Ctr. Expansion Series 2012 A, 5% 4/15/24 | 2,200,000 | 2,548,700 | ||
San Diego Unified School District: | ||||
Series 2008 C, 0% 7/1/39 | 4,700,000 | 1,411,974 | ||
Series 2008 E: | ||||
0% 7/1/47 (a) | 1,300,000 | 572,767 | ||
0% 7/1/49 | 4,600,000 | 833,520 | ||
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (FSA Insured) | 1,100,000 | 1,287,363 | ||
San Marcos Unified School District: | ||||
Series 2010 B, 0% 8/1/47 | 1,900,000 | 364,515 | ||
Series A, 5% 8/1/38 | 1,000,000 | 1,113,380 | ||
Santa Monica-Malibu Unified School District Series 1999, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 871,970 | ||
Sonoma County Jr. College District Rev. Series 2002 B, 5% 8/1/28 (FSA Insured) | 400,000 | 431,884 | ||
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured) | 6,300,000 | 7,015,806 | ||
Turlock Health Facilities Rev. Ctfs. Series 2004 A, 5.375% 10/15/34 | 300,000 | 311,244 | ||
Union Elementary School District Series A, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 856,820 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Univ. of California Revs.: | ||||
(UCLA Med. Ctr. Proj.) Series A: | ||||
5.5% 5/15/18 (AMBAC Insured) | $ 655,000 | $ 656,683 | ||
5.5% 5/15/20 (AMBAC Insured) | 740,000 | 741,613 | ||
Series 2007 K: | ||||
5% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,330,000 | 2,564,911 | ||
5% 5/15/18 (Pre-Refunded to 5/15/15 @ 101) | 140,000 | 154,568 | ||
Series 2009 O: | ||||
5.25% 5/15/39 | 500,000 | 583,565 | ||
5.75% 5/15/30 | 5,985,000 | 7,213,062 | ||
Ventura County Cmnty. College District Series C, 5.5% 8/1/33 | 1,000,000 | 1,178,860 | ||
Washington Township Health Care District Rev.: | ||||
Series 2010 A, 5.25% 7/1/30 | 1,100,000 | 1,217,282 | ||
Series A, 5% 7/1/15 | 1,025,000 | 1,104,407 | ||
West Contra Costa Unified School District: | ||||
(Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured) | 700,000 | 799,834 | ||
Series 2012, 5% 8/1/26 | 2,000,000 | 2,340,120 | ||
| 206,771,537 | |||
Colorado - 1.0% | ||||
Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.): | ||||
Series B, 0% 7/15/20 (Escrowed to Maturity) | 1,200,000 | 1,062,300 | ||
0% 7/15/22 (Escrowed to Maturity) | 2,800,000 | 2,304,120 | ||
Colorado Health Facilities Auth. Rev.: | ||||
(Longmont Hosp. Proj.) Series B, 5.25% 12/1/13 (Radian Asset Assurance, Inc. Insured) | 860,000 | 875,162 | ||
(Valley View Hosp. Proj.) Series 2008, 5.75% 5/15/36 | 2,000,000 | 2,148,680 | ||
(Volunteers of America Care Proj.) Series A, 5% 7/1/14 | 520,000 | 527,883 | ||
Colorado Springs Utils. Rev. Series 2012 C2, 5% 11/15/42 | 600,000 | 691,860 | ||
Dawson Ridge Metropolitan District #1 Series 1992 A, 0% 10/1/17 (Escrowed to Maturity) | 1,200,000 | 1,149,348 | ||
E-470 Pub. Hwy. Auth. Rev.: | ||||
Series 2000 B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500,000 | 1,174,185 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Colorado - continued | ||||
E-470 Pub. Hwy. Auth. Rev.: - continued | ||||
Series 2010 A, 0% 9/1/41 | $ 2,000,000 | $ 449,460 | ||
Series 2010 C, 5.25% 9/1/25 | 1,000,000 | 1,119,060 | ||
| 11,502,058 | |||
Connecticut - 0.5% | ||||
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2009 1, 5% 2/1/19 | 2,000,000 | 2,419,380 | ||
Eastern Connecticut Resources Recovery Auth. Solid Waste Rev. (Wheelabrator Lisbon Proj.) Series A, 5.5% 1/1/20 (d) | 3,350,000 | 3,363,166 | ||
| 5,782,546 | |||
District Of Columbia - 1.7% | ||||
District of Columbia Hosp. Rev. (Sibley Memorial Hosp. Proj.) Series 2009, 6.375% 10/1/39 | 1,860,000 | 2,140,451 | ||
District of Columbia Rev.: | ||||
(Medlantic/Helix Proj.) Series 1998 B, 5% 8/15/17 (FSA Insured) | 1,600,000 | 1,793,264 | ||
Series B, 4.75% 6/1/32 | 500,000 | 538,870 | ||
District of Columbia Wtr. & Swr. Auth. Pub. Util. Rev. Series 2007 A, 5.5% 10/1/41 | 6,400,000 | 7,405,632 | ||
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Series 2009 B: | ||||
0% 10/1/28 (Assured Guaranty Corp. Insured) | 2,000,000 | 1,013,460 | ||
0% 10/1/32 (Assured Guaranty Corp. Insured) | 5,080,000 | 2,050,034 | ||
0% 10/1/33 (Assured Guaranty Corp. Insured) | 5,000,000 | 1,906,500 | ||
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2010 A, 5% 10/1/39 | 700,000 | 797,881 | ||
Washington D.C. Metropolitan Transit Auth. Rev. Series 2009 A, 5.25% 7/1/29 | 1,750,000 | 2,008,090 | ||
| 19,654,182 | |||
Florida - 8.0% | ||||
Brevard County School Board Ctfs. of Prtn. Series 2007 B, 5% 7/1/24 (AMBAC Insured) | 1,000,000 | 1,129,430 | ||
Broward County School Board Ctfs. of Prtn.: | ||||
Series 2007 A, 5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,152,010 | ||
Series 2012 A, 5% 7/1/24 | 4,400,000 | 5,239,960 | ||
Broward County Wtr. & Swr. Util. Rev. Series 2009 A, 5.25% 10/1/34 | 1,500,000 | 1,760,580 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Citizens Property Ins. Corp.: | ||||
Series 2010 A1: | ||||
5% 6/1/16 (FSA Insured) | $ 1,500,000 | $ 1,684,320 | ||
5% 6/1/17 (FSA Insured) | 1,000,000 | 1,158,560 | ||
Series 2011 A1, 5% 6/1/20 | 1,000,000 | 1,208,790 | ||
Series 2012 A1, 5% 6/1/21 | 1,500,000 | 1,822,860 | ||
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011, 6.25% 10/1/39 | 2,540,000 | 3,030,576 | ||
Escambia City Health Facilities Auth. Rev. (Ascension Health Cr. Group Proj.) Series 2002 C, 5.75% 11/15/32 | 600,000 | 608,232 | ||
Florida Board of Ed. Lottery Rev. Series 2011 A, 5% 7/1/20 | 2,405,000 | 2,968,948 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay: | ||||
Series 2006 C, 5% 6/1/29 | 800,000 | 918,904 | ||
Series 2006 D, 5% 6/1/37 | 1,790,000 | 2,031,614 | ||
Series 2006 E, 5% 6/1/35 | 700,000 | 806,134 | ||
Series 2011 E, 5% 6/1/27 | 1,200,000 | 1,431,732 | ||
Series A, 5.5% 6/1/38 | 400,000 | 475,804 | ||
Florida Correctional Privatization Communications Ctfs. of Prtn. Series 2004 A, 5% 8/1/15 (AMBAC Insured) | 1,000,000 | 1,056,520 | ||
Florida Gen. Oblig.: | ||||
Series 2011 B, 5% 7/1/23 | 1,800,000 | 2,224,548 | ||
Series 2012 A, 5% 7/1/25 | 1,600,000 | 1,953,008 | ||
Florida Muni. Pwr. Agcy. Rev.: | ||||
(St. Lucie Proj.) Series 2012 A, 5% 10/1/26 | 600,000 | 713,994 | ||
Series A, 6.25% 10/1/31 | 500,000 | 607,445 | ||
Halifax Hosp. Med. Ctr. Rev.: | ||||
Series 2006 A, 5% 6/1/38 | 800,000 | 838,752 | ||
Series 2006 B1, 5.5% 6/1/38 (FSA Insured) | 710,000 | 763,207 | ||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2005 B: | ||||
5% 11/15/30 | 505,000 | 531,351 | ||
5% 11/15/30 (Pre-Refunded to 11/15/15 @ 100) | 70,000 | 77,976 | ||
Series 2006 G: | ||||
5% 11/15/16 | 95,000 | 108,837 | ||
5% 11/15/16 (Escrowed to Maturity) | 5,000 | 5,749 | ||
5.125% 11/15/18 | 965,000 | 1,097,803 | ||
5.125% 11/15/18 (Pre-Refunded to 11/15/16 @ 100) | 35,000 | 40,396 | ||
Series 2008 B, 6% 11/15/37 | 2,000,000 | 2,354,860 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.): - continued | ||||
Series B: | ||||
5% 11/15/14 | $ 875,000 | $ 936,329 | ||
5% 11/15/14 (Escrowed to Maturity) | 125,000 | 133,821 | ||
Hillsborough County Indl. Dev.: | ||||
(Gen. Hosp. Proj.) Series 2006, 5% 10/1/36 | 1,015,000 | 1,071,546 | ||
(H Lee Moffitt Cancer Ctr. Proj.) Series A: | ||||
5% 7/1/15 | 1,335,000 | 1,444,670 | ||
5% 7/1/19 | 2,230,000 | 2,463,816 | ||
(Tampa Gen. Hosp. Proj.) Series 2006, 5.25% 10/1/41 | 900,000 | 957,645 | ||
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 | 1,416,640 | ||
(Univ. Cmnty. Hosp. Proj.) Series 2008 A, 5.625% 8/15/29 (Pre-Refunded to 8/15/18 @ 100) | 535,000 | 666,391 | ||
Jacksonville Elec. Auth. Elec. Sys. Rev.: | ||||
Series 2006 A, 5% 10/1/41 (FSA Insured) | 1,000,000 | 1,063,340 | ||
Series 2009 B, 5% 10/1/18 | 4,790,000 | 4,977,624 | ||
Series Three 2010 D, 5% 10/1/38 | 1,600,000 | 1,784,608 | ||
Jacksonville Sales Tax Rev. Series 2012, 5% 10/1/25 | 1,000,000 | 1,196,420 | ||
Lee County Arpt. Rev. Series 2011 A, 5.375% 10/1/32 (d) | 1,050,000 | 1,182,405 | ||
Miami-Dade County Aviation Rev.: | ||||
Series 2010 A, 5.375% 10/1/41 | 1,500,000 | 1,713,690 | ||
Series 2010 A1, 5.5% 10/1/30 | 1,000,000 | 1,183,950 | ||
Series 2010 B, 5% 10/1/35 (FSA Insured) | 2,300,000 | 2,593,802 | ||
Series 2012 A: | ||||
5% 10/1/21 (d) | 1,900,000 | 2,296,701 | ||
5% 10/1/22 (d) | 1,000,000 | 1,213,150 | ||
5% 10/1/31 (d) | 1,500,000 | 1,666,335 | ||
Miami-Dade County Cap. Asset Acquisition Series 2012 A, 5% 10/1/23 | 750,000 | 889,073 | ||
Miami-Dade County Expressway Auth. Series 2010 A, 5% 7/1/40 | 2,000,000 | 2,176,580 | ||
Miami-Dade County School Board Ctfs. of Prtn. Series 2008 A, 5% 8/1/21 (AMBAC Insured) | 2,000,000 | 2,311,280 | ||
Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5.25% 10/1/22 (FSA Insured) | 4,000,000 | 5,059,120 | ||
North Brevard County Hosp. District Rev. (Parrish Med. Ctr. Proj.) Series 2008, 5.75% 10/1/38 | 2,100,000 | 2,288,874 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Orange County Health Facilities Auth. (Orlando Health, Inc.) Series 2009, 5.125% 10/1/26 | $ 1,000,000 | $ 1,147,560 | ||
Orlando & Orange County Expressway Auth. Rev. Series 2012, 5% 7/1/23 | 500,000 | 606,785 | ||
Orlando Utils. Commission Util. Sys. Rev.: | ||||
Series 2009 B, 5% 10/1/33 | 1,100,000 | 1,275,780 | ||
Series 2012 A, 5% 10/1/24 | 700,000 | 895,202 | ||
Series 2013 A: | ||||
5% 10/1/24 | 1,100,000 | 1,406,746 | ||
5% 10/1/25 | 900,000 | 1,150,965 | ||
Seminole County School Board Ctfs. of Prtn. Series A, 5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 500,000 | 543,095 | ||
South Lake County Hosp. District (South Lake Hosp., Inc.) Series 2009 A, 6% 4/1/29 | 1,400,000 | 1,605,492 | ||
Tampa Bay Wtr. Reg'l. Wtr. Supply Auth. Util. Sys. Rev. Series 2011 B, 5% 10/1/18 | 1,400,000 | 1,700,006 | ||
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A, 5% 9/1/25 | 410,000 | 478,085 | ||
Winter Park Wtr. and Swr. Impt. Rev. Series 2009, 5% 12/1/34 | 2,250,000 | 2,529,630 | ||
| 95,830,056 | |||
Georgia - 2.8% | ||||
Atlanta Wtr. & Wastewtr. Rev. Series 2009 A: | ||||
6% 11/1/25 | 3,000,000 | 3,746,070 | ||
6.25% 11/1/39 | 3,500,000 | 4,320,085 | ||
Augusta Wtr. & Swr. Rev. Series 2004, 5.25% 10/1/39 (FSA Insured) | 2,200,000 | 2,328,436 | ||
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 | 1,413,356 | ||
Colquitt County Dev. Auth. Rev.: | ||||
Series A, 0% 12/1/21 (Escrowed to Maturity) | 1,100,000 | 932,118 | ||
Series C, 0% 12/1/21 (Escrowed to Maturity) | 1,800,000 | 1,525,284 | ||
DeKalb County Hosp. Auth. Rev. (DeKalb Med. Ctr., Inc. Proj.) Series 2010: | ||||
6% 9/1/30 | 1,400,000 | 1,642,200 | ||
6.125% 9/1/40 | 1,305,000 | 1,526,498 | ||
Georgia Muni. Elec. Auth. Pwr. Rev.: | ||||
(Gen. Resolution Proj.) Series 2008 A, 5.25% 1/1/21 | 3,090,000 | 3,852,149 | ||
Series C, 5% 1/1/22 | 1,400,000 | 1,718,696 | ||
Series GG, 5% 1/1/23 | 800,000 | 994,768 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Georgia - continued | ||||
Greene County Dev. Auth. Health Sys. Rev. Series 2012, 5% 11/15/37 | $ 300,000 | $ 328,311 | ||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series A, 5.5% 9/15/21 | 930,000 | 1,106,170 | ||
Metropolitan Atlanta Rapid Transit Auth. Sales Tax Rev. Third Series 2009 A, 5.25% 7/1/36 | 2,500,000 | 2,924,450 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009, 5.5% 1/1/36 | 2,600,000 | 2,887,378 | ||
Washington Wilkes Payroll Dev. Auth. Rev. Series C, 0% 12/1/21 (Escrowed to Maturity) | 2,310,000 | 1,957,448 | ||
| 33,203,417 | |||
Hawaii - 0.1% | ||||
Honolulu City & County Board of Wtr. Supply Wtr. Sys. Rev. Series B, 5.25% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) | 1,250,000 | 1,402,000 | ||
Idaho - 0.3% | ||||
Idaho Bond Bank Auth. Rev. Series 2008 C, 5.625% 9/15/26 | 1,415,000 | 1,708,372 | ||
Idaho Health Facilities Auth. Rev.: | ||||
(St. Luke's Health Sys. Proj.) Series 2008 A, 6.75% 11/1/37 | 1,200,000 | 1,411,104 | ||
(Trinity Health Group Proj.) 2008 B, 6.25% 12/1/33 | 400,000 | 474,200 | ||
| 3,593,676 | |||
Illinois - 13.0% | ||||
Chicago Board of Ed.: | ||||
Series 1999 A: | ||||
0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,238,458 | ||
0% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 895,930 | ||
Series 2012 A, 5% 12/1/42 | 3,400,000 | 3,699,268 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.): | ||||
Series 1999, 0% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,125,000 | 5,915,831 | ||
0% 1/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,110,000 | 4,176,796 | ||
Series A, 5% 1/1/42 (AMBAC Insured) | 15,000 | 15,039 | ||
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 | 1,112,160 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Chicago O'Hare Int'l. Arpt. Rev.: - continued | ||||
Series 2006 B, 5% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) | $ 1,405,000 | $ 1,535,876 | ||
Series 2011 C, 6.5% 1/1/41 | 2,300,000 | 2,959,962 | ||
Chicago Park District Gen. Oblig. Series 2010 C, 5.25% 1/1/37 | 1,300,000 | 1,499,784 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev. (Fed. Transit Administration Section 5307 Proj.) Series 2006 A, 5% 6/1/21 | 1,400,000 | 1,562,274 | ||
Cmnty. College District #525 Gen. Oblig.: | ||||
5.75% 6/1/28 | 625,000 | 733,663 | ||
5.75% 6/1/28 (Pre-Refunded to 6/1/18 @ 100) | 375,000 | 465,915 | ||
Cook County Forest Preservation District Series 2012 C, 5% 12/15/21 | 1,000,000 | 1,237,240 | ||
Cook County Gen. Oblig.: | ||||
Series 2004 B, 5.25% 11/15/26 (Pre-Refunded to 11/15/14 @ 100) | 300,000 | 322,797 | ||
Series 2006 B, 5% 11/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,160,450 | ||
Series 2010 A, 5.25% 11/15/33 | 3,250,000 | 3,664,993 | ||
Series 2012 C: | ||||
5% 11/15/24 | 1,700,000 | 2,034,594 | ||
5% 11/15/25 | 2,600,000 | 3,082,846 | ||
Grundy, Kendall & Will County Cmnty. High School District #111 Gen. Oblig. Series 2006 A, 5.5% 5/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,150,000 | 1,281,698 | ||
Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.75% 10/1/35 | 1,600,000 | 1,749,616 | ||
Illinois Fin. Auth. Rev.: | ||||
(Advocate Health Care Proj.) Series 2008 D, 6.5% 11/1/38 | 1,000,000 | 1,188,340 | ||
(Central DuPage Health Proj.) Series 2009 B, 5.375% 11/1/39 | 1,200,000 | 1,323,108 | ||
(Children's Memorial Hosp. Proj.) Series 2008 A, 5.25% 8/15/33 (Assured Guaranty Corp. Insured) | 1,300,000 | 1,436,513 | ||
(Edward Hosp. Obligated Group Proj.) Series 2008 A, 5.5% 2/1/40 (AMBAC Insured) | 1,430,000 | 1,572,314 | ||
(Newman Foundation Proj.) 5% 2/1/32 (Radian Asset Assurance, Inc. Insured) | 1,700,000 | 1,708,517 | ||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A, 5.5% 7/1/38 | 1,930,000 | 2,104,067 | ||
(Northwestern Memorial Hosp. Proj.) Series 2009 A, 6% 8/15/39 | 2,300,000 | 2,724,166 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Illinois Fin. Auth. Rev.: - continued | ||||
(Palos Cmnty. Hosp. Proj.) Series 2010 C, 5.375% 5/15/25 | $ 5,000,000 | $ 5,932,450 | ||
(Provena Health Proj.) Series 2010 A, 6% 5/1/28 | 2,700,000 | 3,131,919 | ||
(Rush Univ. Med. Ctr. Proj.): | ||||
Series 2009 C, 6.625% 11/1/39 | 1,500,000 | 1,799,940 | ||
Series 2009 D, 6.625% 11/1/39 | 1,445,000 | 1,733,942 | ||
Series B, 5.25% 11/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,184,020 | ||
(Sherman Health Systems Proj.) Series 2007 A, 5.5% 8/1/37 | 3,215,000 | 3,522,193 | ||
(Southern Illinois Healthcare Enterprises, Inc. Proj.) Series 2005, 5.25% 3/1/30 | 1,100,000 | 1,208,251 | ||
(The Carle Foundation Proj.) Series 2009 A, 5.5% 2/15/17 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,317,920 | ||
(The Univ. of Chicago Med. Ctr. Proj.) Series 2009 B, 5% 8/15/23 | 1,100,000 | 1,270,159 | ||
Series 2008 A, 5.625% 1/1/37 | 4,810,000 | 5,355,214 | ||
Series 2009 A, 7.25% 11/1/38 | 230,000 | 282,974 | ||
Series 2009: | ||||
6.875% 8/15/38 | 80,000 | 95,554 | ||
7% 8/15/44 | 285,000 | 340,629 | ||
Series 2010 A: | ||||
5.5% 8/15/24 | 540,000 | 620,849 | ||
5.75% 8/15/29 | 360,000 | 412,254 | ||
Series 2010, 5.25% 8/15/36 | 1,335,000 | 1,446,499 | ||
Series 2012 A: | ||||
5% 5/15/20 | 500,000 | 576,325 | ||
5% 5/15/23 | 300,000 | 344,352 | ||
Series 2012: | ||||
4% 9/1/32 | 900,000 | 892,773 | ||
5% 9/1/32 | 1,900,000 | 2,093,249 | ||
5% 9/1/38 | 300,000 | 322,905 | ||
5% 11/15/43 | 820,000 | 878,409 | ||
Series 2013, 5% 5/15/43 | 1,300,000 | 1,375,491 | ||
Illinois Gen. Oblig.: | ||||
Series 2002, 5.5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,099,140 | ||
Series 2006: | ||||
5% 1/1/19 | 1,000,000 | 1,157,470 | ||
5.5% 1/1/31 | 1,000,000 | 1,201,370 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Illinois Gen. Oblig.: - continued | ||||
Series 2010: | ||||
5% 1/1/21 (FSA Insured) | $ 500,000 | $ 566,730 | ||
5% 1/1/23 (FSA Insured) | 1,300,000 | 1,443,442 | ||
Series 2012 A, 5% 1/1/33 | 800,000 | 860,456 | ||
Series 2012: | ||||
5% 8/1/19 | 465,000 | 542,334 | ||
5% 8/1/21 | 400,000 | 470,160 | ||
5% 3/1/23 | 1,000,000 | 1,146,540 | ||
5% 3/1/36 | 1,000,000 | 1,065,280 | ||
Series 2013, 5% 1/1/22 | 2,175,000 | 2,441,372 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Delnor-Cmnty. Hosp. Proj.): | ||||
Series 2002 D, 5.25% 5/15/32 (FSA Insured) | 2,000,000 | 2,153,520 | ||
5.25% 5/15/32 (FSA Insured) | 360,000 | 387,634 | ||
(Sherman Hosp. Proj.) 5.25% 8/1/27 (AMBAC Insured) | 600,000 | 601,056 | ||
Illinois Unemployment Ins. Fund Bldg. Receipts Series 2012 A, 5% 6/15/19 | 700,000 | 767,172 | ||
Joliet School District #86 Gen. Oblig. Series 2002, 0% 11/1/19 (FSA Insured) | 2,000,000 | 1,718,440 | ||
Kane, McHenry, Cook & DeKalb Counties Unit School District #300: | ||||
Series 2001, 0% 12/1/17 (AMBAC Insured) | 1,000,000 | 938,980 | ||
Series 2007, 6.5% 1/1/20 (AMBAC Insured) | 1,100,000 | 1,438,437 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/16 (Escrowed to Maturity) | 235,000 | 229,280 | ||
0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 765,000 | 719,024 | ||
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 | 1,432,881 | ||
Lake County Forest Preservation District Series 2007 A, 0.538% 12/15/13 (c) | 440,000 | 440,431 | ||
McHenry & Kane Counties Cmnty. Consolidated School District #158 Series 2004, 0% 1/1/24 (FSA Insured) | 800,000 | 557,288 | ||
Metropolitan Pier & Exposition: | ||||
(McCormick Place Expansion Proj.): | ||||
Series 1996 A, 0% 6/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 738,420 | ||
Series 2010 B1, 0% 6/15/44 (FSA Insured) | 3,900,000 | 864,708 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Metropolitan Pier & Exposition: - continued | ||||
(McCormick Place Expansion Proj.): - continued | ||||
Series 2012 B: | ||||
0% 12/15/51 | $ 2,900,000 | $ 430,679 | ||
5% 6/15/52 | 3,500,000 | 3,832,220 | ||
Series A: | ||||
0% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,710,000 | 3,330,912 | ||
0% 6/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,205,000 | 936,863 | ||
0% 12/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,090,000 | 2,144,306 | ||
0% 6/15/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,080,000 | 379,998 | ||
Series 2002 A, 0% 12/15/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,900,000 | 2,827,162 | ||
Series 2010 B1: | ||||
0% 6/15/43 (FSA Insured) | 5,310,000 | 1,235,743 | ||
0% 6/15/45 (FSA Insured) | 2,600,000 | 549,224 | ||
0% 6/15/46 (FSA Insured) | 1,115,000 | 223,680 | ||
0% 6/15/47 (FSA Insured) | 890,000 | 170,088 | ||
0% 6/15/16 (Escrowed to Maturity) | 795,000 | 779,084 | ||
0% 6/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,880,000 | 1,805,590 | ||
Quincy Hosp. Rev. 5% 11/15/18 | 1,000,000 | 1,132,640 | ||
Univ. of Illinois Board of Trustees Ctfs. of Prtn. Series 2009 A, 5% 10/1/18 | 1,000,000 | 1,156,250 | ||
Univ. of Illinois Rev.: | ||||
(Auxiliary Facilities Sys. Proj.): | ||||
Series 1991, 0% 4/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,700,000 | 3,610,867 | ||
Series 1999 A, 0% 4/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,600,000 | 1,336,576 | ||
Series 2009 A, 5.75% 4/1/38 | 2,940,000 | 3,307,059 | ||
Series 2010 A: | ||||
5% 4/1/25 | 1,000,000 | 1,142,740 | ||
5.25% 4/1/30 | 1,000,000 | 1,130,810 | ||
Will County Cmnty. Unit School District #365-U: | ||||
0% 11/1/14 (Escrowed to Maturity) | 540,000 | 537,343 | ||
0% 11/1/14 (FSA Insured) | 460,000 | 455,359 | ||
0% 11/1/16 (Escrowed to Maturity) | 275,000 | 269,302 | ||
0% 11/1/16 (FSA Insured) | 825,000 | 788,477 | ||
0% 11/1/19 (Escrowed to Maturity) | 790,000 | 724,367 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Will County Cmnty. Unit School District #365-U: - continued | ||||
0% 11/1/19 (FSA Insured) | $ 5,085,000 | $ 4,422,780 | ||
Will County Forest Preservation District Series 1999 B, 0% 12/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 989,500 | ||
| 155,171,670 | |||
Indiana - 2.6% | ||||
Hobart Bldg. Corp. Series 2006, 6.5% 1/15/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,700,000 | 4,641,354 | ||
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 | 1,129,990 | ||
Indiana Fin. Auth. Rev.: | ||||
(Trinity Health Cr. Group Proj.) Series 2009 A, 5.25% 12/1/38 | 2,000,000 | 2,271,880 | ||
Series 2012: | ||||
5% 3/1/30 | 675,000 | 749,129 | ||
5% 3/1/41 | 1,290,000 | 1,399,070 | ||
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (c) | 2,000,000 | 2,227,340 | ||
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 2001 A2, 1.6%, tender 2/1/17 (c) | 1,400,000 | 1,431,304 | ||
Indiana State Fin. Auth. Wastewtr. (CWA Auth. Proj.) Series 2012 A: | ||||
5% 10/1/24 | 400,000 | 490,536 | ||
5% 10/1/37 | 800,000 | 916,200 | ||
Indiana Trans. Fin. Auth. Hwy. Rev. Series 1993 A, 0% 6/1/17 (AMBAC Insured) | 1,000,000 | 952,000 | ||
Indianapolis Local Pub. Impt. Bond Bank (Indianapolis Arpt. Auth. Proj.) Series 2006 F, 5% 1/1/16 (AMBAC Insured) (d) | 1,000,000 | 1,104,210 | ||
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 | 1,113,040 | ||
Lake Central Multi-District School Bldg. Corp. Series 2012 B, 5% 7/15/26 | 4,900,000 | 5,906,999 | ||
North Adams Cmnty. Schools Renovation Bldg. Corp. 0% 1/15/17 (FSA Insured) | 1,230,000 | 1,134,761 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Indiana - continued | ||||
Purdue Univ. Rev. (Student Facilities Sys. Proj.) Series 2009 B: | ||||
5% 7/1/28 | $ 660,000 | $ 783,050 | ||
5% 7/1/35 | 500,000 | 578,990 | ||
Univ. of Southern Indiana Rev. Series J, 5.75% 10/1/28 (Assured Guaranty Corp. Insured) | 2,695,000 | 3,292,967 | ||
Wayne Township Marion County School Bldg. Corp. Series 2007, 5.5% 7/15/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 700,000 | 769,321 | ||
| 30,892,141 | |||
Iowa - 0.1% | ||||
Coralville Urban Renewal Rev. Series C, 5.125% 6/1/39 | 70,000 | 70,857 | ||
Iowa Fin. Auth. Health Facilities Rev. Series 2008 A, 5.625% 8/15/37 (Assured Guaranty Corp. Insured) | 1,200,000 | 1,361,460 | ||
| 1,432,317 | |||
Kansas - 0.7% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 C, 5.75% 11/15/38 | 1,900,000 | 2,195,697 | ||
Kansas Dev. Fin. Auth. Health Facilities Rev. (Hays Med. Ctr. Proj.) Series 2005 L: | ||||
5.25% 11/15/15 | 335,000 | 370,795 | ||
5.25% 11/15/16 | 955,000 | 1,051,216 | ||
Lawrence Hosp. Rev. 5.25% 7/1/18 | 1,000,000 | 1,106,830 | ||
Overland Park Sales Tax Spl. Oblig. Rev. Series 2012, 4.375% 12/15/23 | 900,000 | 903,474 | ||
Wichita Hosp. Facilities Rev. (Via Christi Health Sys., Inc. Proj.) Series 2009 X: | ||||
4% 11/15/18 | 300,000 | 335,619 | ||
5% 11/15/17 | 500,000 | 577,840 | ||
Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev. Series 2012 A, 5% 9/1/26 | 1,950,000 | 2,303,477 | ||
| 8,844,948 | |||
Kentucky - 1.5% | ||||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev.: | ||||
(Baptist Healthcare Sys. Proj.) Series A, 5% 8/15/18 | 3,000,000 | 3,449,010 | ||
(St. Elizabeth Med. Ctr., Inc. Proj.) Series 2009 A, 5.5% 5/1/39 | 1,000,000 | 1,128,620 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Kentucky - continued | ||||
Kentucky Econ. Dev. Fin. Auth. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.): | ||||
Series 2008 C, 6.125% 2/1/38 | $ 2,500,000 | $ 2,832,325 | ||
Series 2010 A, 5% 2/1/30 | 1,000,000 | 1,086,240 | ||
Louisville & Jefferson County Metropolitan Govt. Health Facilities Rev. (Jewish Hosp. & St. Mary's HealthCare Proj.) Series 2008, 6.125% 2/1/37 (Pre-Refunded to 2/1/18 @ 100) | 6,150,000 | 7,694,388 | ||
Louisville & Jefferson County Metropolitan Swr. District Swr. & Drain Sys. Rev. Series A, 5.25% 5/15/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,170,000 | 2,266,674 | ||
| 18,457,257 | |||
Louisiana - 0.9% | ||||
Louisiana Military Dept. Custody Receipts 5% 8/1/14 | 1,730,000 | 1,796,899 | ||
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 | 1,726,928 | ||
5.5% 6/1/41 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,073,000 | ||
New Orleans Aviation Board Rev. Series 2007 A, 5.25% 1/1/19 (FSA Insured) (d) | 1,570,000 | 1,788,450 | ||
New Orleans Gen. Oblig.: | ||||
Series 2005, 5.25% 12/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,072,370 | ||
Series 2012, 5% 12/1/23 | 2,250,000 | 2,636,460 | ||
0% 9/1/15 (AMBAC Insured) | 700,000 | 654,927 | ||
Tobacco Settlement Fing. Corp. Series 2001 B, 5.5% 5/15/30 | 245,000 | 249,099 | ||
| 10,998,133 | |||
Maine - 0.2% | ||||
Maine Health & Higher Ed. Facilities Auth. Rev. Series 2008 D, 5.75% 7/1/38 | 1,100,000 | 1,264,582 | ||
Maine Tpk. Auth. Tpk. Rev. Series 2007, 5.25% 7/1/37 (AMBAC Insured) | 1,300,000 | 1,429,597 | ||
| 2,694,179 | |||
Maryland - 0.7% | ||||
Baltimore Proj. Rev. (Wtr. Proj.) Series 2009 A, 5.375% 7/1/34 | 500,000 | 577,885 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Maryland - continued | ||||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Doctors Cmnty. Hosp. Proj.) Series 2010, 5.75% 7/1/38 | $ 450,000 | $ 504,540 | ||
(Univ. of Maryland Med. Sys. Proj.): | ||||
Series 2008 F, 5.25% 7/1/21 | 1,000,000 | 1,170,900 | ||
Series 2010, 5.125% 7/1/39 | 900,000 | 991,908 | ||
(Upper Chesapeake Hosp. Proj.) Series 2008 C: | ||||
5.5% 1/1/18 | 595,000 | 637,227 | ||
6% 1/1/38 | 2,800,000 | 3,139,416 | ||
(Washington County Health Sys. Proj.) Series 2008, 6% 1/1/43 | 1,000,000 | 1,085,550 | ||
| 8,107,426 | |||
Massachusetts - 0.9% | ||||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||
(Boston Univ. Proj.) Series U4, 5.7% 10/1/40 | 1,400,000 | 1,665,650 | ||
Bonds (Dominion Energy Brayton Point Proj.) Series 2010 A, 2.25%, tender 9/1/16 (c) | 400,000 | 413,524 | ||
Series I, 6.75% 1/1/36 | 1,000,000 | 1,198,100 | ||
Massachusetts Gen. Oblig. Series 2007 C, 5.25% 8/1/24 | 2,200,000 | 2,584,560 | ||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(CareGroup, Inc. Proj.) Series 2008 E1: | ||||
5.125% 7/1/33 | 1,000,000 | 1,116,570 | ||
5.125% 7/1/38 | 1,000,000 | 1,113,510 | ||
Bonds (Baystate Health Sys. Proj.) Series 2009 K, 5%, tender 7/1/13 (c) | 1,000,000 | 1,005,890 | ||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | ||||
Series 2005 A, 5% 8/15/30 (Pre-Refunded to 8/15/15 @ 100) | 580,000 | 641,700 | ||
Series 2007 A, 5% 8/15/22 (AMBAC Insured) | 600,000 | 696,540 | ||
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.) Series 1998 A, 5.25% 8/1/13 | 10,000 | 10,039 | ||
| 10,446,083 | |||
Michigan - 2.6% | ||||
Allegan Pub. School District 5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,515,000 | 1,769,232 | ||
Detroit Swr. Disp. Rev.: | ||||
Series 2001 E, 5.75% 7/1/31 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 1,100,000 | 1,226,324 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Detroit Swr. Disp. Rev.: - continued | ||||
Series 2003 B, 7.5% 7/1/33 (FSA Insured) | $ 1,000,000 | $ 1,262,280 | ||
Series 2006, 5% 7/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,800,000 | 2,856,364 | ||
Detroit Wtr. Supply Sys. Rev.: | ||||
Series 2003 A, 5% 7/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,700,000 | 1,700,425 | ||
Series 2005 B, 5.5% 7/1/35 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 1,800,000 | 1,990,026 | ||
Series 2006 B, 7% 7/1/36 (FSA Insured) | 1,000,000 | 1,196,690 | ||
Ferris State Univ. Rev. 5% 10/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,440,000 | 1,506,370 | ||
Grand Valley Michigan State Univ. Rev. Series 2009, 5.5% 12/1/27 | 2,450,000 | 2,761,787 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2008 A, 5.5%, tender 1/15/15 (c) | 1,000,000 | 1,082,390 | ||
Lansing Board Wtr. & Lt. Rev. 5.5% 7/1/41 | 500,000 | 587,890 | ||
Lapeer Cmnty. Schools 5.25% 5/1/26 (FSA Insured) | 1,100,000 | 1,246,729 | ||
Michigan Fin. Auth. Rev.: | ||||
Series 2012 A: | ||||
4.125% 6/1/32 | 1,100,000 | 1,121,274 | ||
5% 6/1/21 | 350,000 | 407,516 | ||
5% 6/1/27 | 500,000 | 555,010 | ||
5% 6/1/39 | 925,000 | 989,713 | ||
Series 2012 B, 5% 7/1/22 | 700,000 | 792,050 | ||
Series 2012, 5% 11/15/42 | 2,175,000 | 2,360,332 | ||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(McLaren Health Care Corp. Proj.) Series 2008 A, 5.75% 5/15/38 | 1,000,000 | 1,141,120 | ||
(Trinity Health Sys. Proj.) Series 2008 A, 6.5% 12/1/33 | 2,500,000 | 2,997,400 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Proj.) Series 2009 V, 8.25% 9/1/39 | 600,000 | 765,204 | ||
Willow Run Cmnty. Schools County of Washtenaw 5% 5/1/20 (FSA Insured) | 1,000,000 | 1,072,410 | ||
| 31,388,536 | |||
Minnesota - 1.0% | ||||
Duluth Independent School District #709 Ctfs. of Prtn. Series 2009 B, 4% 3/1/20 | 1,620,000 | 1,706,864 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Minneapolis Health Care Sys. Rev. (Fairview Health Svcs. Proj.) Series 2008 B, 6.5% 11/15/38 (Assured Guaranty Corp. Insured) | $ 1,000,000 | $ 1,200,920 | ||
Minnesota Gen. Oblig. 5% 8/1/22 | 1,100,000 | 1,289,387 | ||
Rochester Hsg. & Healthcare Rev. (Madonna Towers Proj.) Series A, 5.875% 11/1/28 | 1,100,000 | 1,141,899 | ||
Saint Paul Port Auth. Lease Rev.: | ||||
(HealthEast Midway Campus Proj.) Series 2003 A, 5.875% 5/1/30 | 1,400,000 | 1,483,496 | ||
Series 2003 11, 5.25% 12/1/18 | 1,000,000 | 1,028,610 | ||
St. Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.): | ||||
Series 2008 C, 5.5% 7/1/17 | 1,000,000 | 1,160,750 | ||
Series 2009, 5.75% 7/1/39 | 1,600,000 | 1,802,608 | ||
St. Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (HealthPartners Oblig. Group Proj.) 5.25% 5/15/22 | 1,000,000 | 1,103,850 | ||
| 11,918,384 | |||
Missouri - 0.1% | ||||
Saint Louis County Indl. Dev. Auth. Sr. Living Facilities Rev. (Friendship Village West County Proj.) Series A, 5.125% 9/1/14 | 850,000 | 873,307 | ||
Montana - 0.2% | ||||
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Proj.) Series 1998 A, 5% 5/1/33 | 1,800,000 | 2,032,866 | ||
Nebraska - 0.3% | ||||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 B, 0.692% 12/1/17 (c) | 1,100,000 | 1,017,742 | ||
Douglas County Hosp. Auth. #2 Health Facilities Rev. (Children's Hosp. Proj.) Series 2008 B, 6% 8/15/24 | 1,300,000 | 1,460,602 | ||
Nebraska Pub. Pwr. District Rev. Series 2012 C, 5% 1/1/26 | 1,225,000 | 1,391,257 | ||
| 3,869,601 | |||
Nevada - 0.4% | ||||
Clark County Wtr. Reclamation District: | ||||
Series 2009 A, 5.25% 7/1/29 (Berkshire Hathaway Assurance Corp. Insured) | 1,000,000 | 1,185,570 | ||
5.625% 7/1/32 | 3,000,000 | 3,546,810 | ||
| 4,732,380 | |||
New Hampshire - 0.7% | ||||
New Hampshire Bus. Fin. Auth. Rev. Series 2009 A, 6.125% 10/1/39 | 1,800,000 | 2,031,714 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New Hampshire - continued | ||||
New Hampshire Health & Ed. Facilities Auth. Rev.: | ||||
(Dartmouth College Proj.) Series 2009, 5.25% 6/1/39 | $ 1,000,000 | $ 1,175,100 | ||
(Dartmouth-Hitchcock Obligated Group Proj.) Series 2010, 5% 8/1/40 | 1,000,000 | 1,089,860 | ||
Series 2007 A, 5% 10/1/37 | 1,100,000 | 1,170,576 | ||
Series 2012: | ||||
4% 7/1/32 | 400,000 | 396,280 | ||
5% 7/1/27 | 500,000 | 557,910 | ||
New Hampshire Tpk. Sys. Rev.: | ||||
Series 2012 B, 5% 2/1/20 | 700,000 | 849,079 | ||
5% 4/1/20 | 1,325,000 | 1,611,849 | ||
| 8,882,368 | |||
New Jersey - 3.1% | ||||
Garden State Preservation Trust Open Space & Farmland Preservation Series 2005 A, 5.8% 11/1/19 (Pre-Refunded to 11/1/15 @ 100) | 700,000 | 793,352 | ||
New Jersey Ctfs. of Prtn. Series 2009 A, 5.25% 6/15/28 | 1,000,000 | 1,132,610 | ||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.: | ||||
Series 2009 AA, 5.5% 12/15/29 | 1,000,000 | 1,169,150 | ||
Series 2012, 5% 6/15/21 | 800,000 | 952,552 | ||
Series 2013 NN, 5% 3/1/27 | 16,810,000 | 19,919,832 | ||
Series 2013: | ||||
5% 3/1/23 | 2,200,000 | 2,735,084 | ||
5% 3/1/24 | 3,000,000 | 3,664,470 | ||
5% 3/1/25 | 300,000 | 359,202 | ||
6% 12/15/34 | 1,075,000 | 1,292,838 | ||
6% 12/15/34 (Pre-Refunded to 12/15/18 @ 100) | 525,000 | 671,654 | ||
New Jersey Health Care Facilities Fing. Auth. Rev. Series 2008, 6.625% 7/1/38 | 1,700,000 | 1,960,032 | ||
New Jersey Tpk. Auth. Tpk. Rev. Series 2009 E, 5.25% 1/1/40 | 1,000,000 | 1,119,070 | ||
New Jersey Trans. Trust Fund Auth. Series 2005 B, 5.25% 12/15/22 (AMBAC Insured) | 400,000 | 500,880 | ||
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 | 1,046,070 | ||
| 37,316,796 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New Mexico - 0.2% | ||||
New Mexico Edl. Assistance Foundation Series 2010 A1, 5% 12/1/19 | $ 2,000,000 | $ 2,424,320 | ||
New York - 10.9% | ||||
Hudson Yards Infrastructure Corp. New York Rev.: | ||||
Series 2012 A, 5.75% 2/15/47 | 2,700,000 | 3,170,907 | ||
Series A: | ||||
5% 2/15/47 | 2,000,000 | 2,127,220 | ||
5% 2/15/47 | 1,200,000 | 1,276,332 | ||
Long Island Pwr. Auth. Elec. Sys. Rev. Series 2012 A, 5% 9/1/42 | 2,300,000 | 2,564,684 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 5.625% 7/1/16 (Escrowed to Maturity) | 180,000 | 190,645 | ||
New York City Gen. Oblig.: | ||||
Series 2008 A1, 5.25% 8/15/27 | 1,500,000 | 1,782,135 | ||
Series 2008 D1, 5.125% 12/1/22 | 2,000,000 | 2,382,080 | ||
Series 2009 I1, 5.625% 4/1/29 | 600,000 | 732,654 | ||
Series 2012 A, 5% 8/1/24 | 1,300,000 | 1,578,512 | ||
Series 2012 E, 5% 8/1/24 | 5,000,000 | 6,130,300 | ||
Series 2012 G1: | ||||
5% 4/1/25 | 2,500,000 | 3,047,775 | ||
5% 4/1/27 | 3,500,000 | 4,173,435 | ||
Series 2013 D, 5% 8/1/23 | 3,400,000 | 4,268,088 | ||
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 | 653,208 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 2005 D: | ||||
5% 6/15/37 | 400,000 | 429,664 | ||
5% 6/15/38 | 1,300,000 | 1,390,480 | ||
5% 6/15/39 | 500,000 | 533,830 | ||
Series 2009 A, 5.75% 6/15/40 | 2,300,000 | 2,721,130 | ||
Series 2009 CC, 5% 6/15/34 | 2,100,000 | 2,371,089 | ||
Series 2009 EE, 5.25% 6/15/40 | 2,100,000 | 2,417,898 | ||
Series 2009 FF 2, 5.5% 6/15/40 | 3,000,000 | 3,550,410 | ||
Series 2011 EE, 5.375% 6/15/43 | 4,000,000 | 4,693,000 | ||
Series 2012 AA, 5% 6/15/44 | 1,800,000 | 2,009,484 | ||
Series 2012 CC, 5% 6/15/45 | 1,400,000 | 1,571,598 | ||
Series 2012 EE, 5.25% 6/15/30 | 5,100,000 | 6,213,687 | ||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | ||||
Series 2009 S1, 5.5% 7/15/31 | 1,000,000 | 1,171,470 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: - continued | ||||
Series 2009 S3: | ||||
5.25% 1/15/34 | $ 4,000,000 | $ 4,671,080 | ||
5.25% 1/15/39 | 1,000,000 | 1,164,850 | ||
Series 2009 S4: | ||||
5.5% 1/15/39 | 850,000 | 1,001,462 | ||
5.75% 1/15/39 | 1,600,000 | 1,906,448 | ||
Series S1, 5% 7/15/25 | 1,900,000 | 2,307,322 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.): | ||||
Series 2007 A, 5% 3/15/32 | 2,400,000 | 2,684,616 | ||
Series 2008 B, 5.75% 3/15/36 | 3,400,000 | 4,100,298 | ||
Series 2009 A, 5% 2/15/34 | 1,100,000 | 1,272,194 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.) Series A, 5.75% 7/1/13 | 410,000 | 413,624 | ||
(New York Univ. Hosp. Ctr. Proj.) Series 2007 B, 5.25% 7/1/24 | 200,000 | 218,004 | ||
Series 2002 A, 5.75% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 10,000 | 10,041 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: | ||||
Series 2009 A, 5.5% 11/15/39 | 5,000,000 | 5,824,000 | ||
Series 2009 B, 5% 11/15/34 | 1,200,000 | 1,355,844 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2003 B, 5.25% 11/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,900,000 | 2,343,156 | ||
Series 2008 A, 5.25% 11/15/36 | 3,700,000 | 4,098,342 | ||
Series 2008 C, 6.5% 11/15/28 | 1,000,000 | 1,257,880 | ||
Series 2010 D, 5.25% 11/15/40 | 1,400,000 | 1,577,772 | ||
Series 2012 D, 5% 11/15/25 | 4,600,000 | 5,492,538 | ||
New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured) | 1,500,000 | 1,600,320 | ||
New York Thruway Auth. Gen. Rev. Series 2005 G, 5.25% 1/1/27 | 1,600,000 | 1,740,320 | ||
New York Thruway Auth. Personal Income Tax Rev. Series 2007 A, 5.25% 3/15/25 | 1,500,000 | 1,759,065 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series 2007 A, 5% 4/1/21 | 1,100,000 | 1,272,018 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.25% 6/1/21 (AMBAC Insured) | 1,000,000 | 1,003,920 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
Tobacco Settlement Fing. Corp.: - continued | ||||
Series 2003 A1: | ||||
5.25% 6/1/22 (AMBAC Insured) | $ 2,360,000 | $ 2,369,204 | ||
Series 2003 B, 5.5% 6/1/18 | 305,000 | 306,257 | ||
Series 2003 B-1C: |
|
| ||
5.5% 6/1/19 | 1,600,000 | 1,606,608 | ||
5.5% 6/1/21 | 5,000,000 | 5,020,550 | ||
5.5% 6/1/22 | 1,500,000 | 1,506,135 | ||
Series 2011: | ||||
5% 6/1/17 | 2,300,000 | 2,684,767 | ||
5% 6/1/17 | 2,200,000 | 2,568,038 | ||
Triborough Bridge & Tunnel Auth. Revs. Series 2012 B, 5% 11/15/23 | 1,000,000 | 1,254,270 | ||
| 129,542,658 | |||
New York & New Jersey - 0.1% | ||||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) | 1,400,000 | 1,434,720 | ||
North Carolina - 1.1% | ||||
Charlotte Int'l. Arpt. Rev. (Charlotte Douglas Int'l. Arpt. Proj.) Series 2010 B, 5.5% 7/1/24 (d) | 1,000,000 | 1,179,740 | ||
Nash Health Care Sys. Health Care Facilities Rev.: | ||||
Series 2012, 5% 11/1/41 | 800,000 | 869,384 | ||
5% 11/1/30 (FSA Insured) | 1,275,000 | 1,382,444 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2009 B, 5% 1/1/26 | 2,100,000 | 2,395,701 | ||
North Carolina Med. Care Cmnty. Health (Memorial Mission Hosp. Proj.) Series 2007, 5% 10/1/20 | 1,000,000 | 1,138,740 | ||
North Carolina Med. Care Commission Health Care Facilities Rev. (Rex Healthcare Proj.) Series 2010 A, 5% 7/1/30 | 1,600,000 | 1,799,280 | ||
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev.: | ||||
Series 2009 A, 5% 1/1/30 | 1,000,000 | 1,127,790 | ||
Series 2010 B, 5% 1/1/20 | 1,300,000 | 1,589,224 | ||
Union County Ctfs. of Prtn. 5% 6/1/18 (Pre-Refunded to 6/1/16 @ 100) | 1,305,000 | 1,484,137 | ||
| 12,966,440 | |||
North Dakota - 0.4% | ||||
Cass County Health Care Facilities Rev. (Essentia Health Obligated Group Proj.) Series 2008, 5.125% 2/15/37 (Assured Guaranty Corp. Insured) | 750,000 | 828,225 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
North Dakota - continued | ||||
Mclean County Solid Waste Facilities Rev. (Great River Energy Projects) Series 2010 B, 5.15% 7/1/40 | $ 2,300,000 | $ 2,498,973 | ||
Ward County Health Care Facility Rev. (Trinity Med. Ctr. Proj.) 5.125% 7/1/17 | 1,210,000 | 1,310,140 | ||
| 4,637,338 | |||
Ohio - 0.9% | ||||
Buckeye Tobacco Settlement Fing. Auth. Series 2007 A1: | ||||
5% 6/1/16 | 800,000 | 885,944 | ||
5% 6/1/17 | 925,000 | 1,049,450 | ||
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 2008 C, 5.75% 8/15/38 | 1,000,000 | 1,110,670 | ||
Lucas County Hosp. Rev. (ProMedica Heathcare Oblig. Group Proj.) Series 2011 A, 6.5% 11/15/37 | 1,200,000 | 1,499,760 | ||
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013, 5% 2/15/48 (b) | 2,000,000 | 1,977,080 | ||
Ohio Air Quality Dev. Auth. Rev. Series 2009 C, 5.625% 6/1/18 | 400,000 | 463,388 | ||
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 | 1,684,110 | ||
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008, 5.75% 12/1/35 | 1,400,000 | 1,596,350 | ||
| 10,266,752 | |||
Oklahoma - 1.0% | ||||
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 | 1,856,635 | ||
Oklahoma City Wtr. Utils. Trust Wtr. and Swr. Rev. Series 2009 A, 5% 7/1/34 | 1,000,000 | 1,162,980 | ||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series C, 5.5% 8/15/22 | 2,865,000 | 3,320,077 | ||
Oklahoma Dev. Fin. Auth. Rev. (Saint John Health Sys. Proj.) 5% 2/15/42 | 1,775,000 | 1,967,659 | ||
Oklahoma Wtr. Resources Board Student Ln. Prog. Rev. Series 2013 D, 5% 10/1/33 | 1,100,000 | 1,294,370 | ||
Tulsa County Indl. Auth. Health Care Rev. 5% 12/15/18 | 1,500,000 | 1,699,425 | ||
| 11,301,146 | |||
Oregon - 0.5% | ||||
Forest Grove Campus Impt. Rev. (Pacific Univ. Proj.) Series 2009, 6.375% 5/1/39 | 1,200,000 | 1,231,416 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Oregon - continued | ||||
Oregon Facilities Auth. Rev. (PeaceHealth Proj.) Seroes 2009 A, 5% 11/1/39 | $ 740,000 | $ 810,737 | ||
Oregon Gen. Oblig. (State Board of Higher Ed. Proj.) Series 2009 A: | ||||
5.75% 8/1/25 (Pre-Refunded to 8/1/18 @ 100) | 500,000 | 626,565 | ||
5.75% 8/1/26 (Pre-Refunded to 8/1/18 @ 100) | 1,000,000 | 1,253,130 | ||
5.75% 8/1/28 (Pre-Refunded to 8/1/18 @ 100) | 500,000 | 626,565 | ||
5.75% 8/1/29 (Pre-Refunded to 8/1/18 @ 100) | 500,000 | 626,565 | ||
Yamhill County School District #029J Newberg 5.5% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,240,850 | ||
| 6,415,828 | |||
Pennsylvania - 1.6% | ||||
Allegheny County Hosp. Dev. Auth. Rev.: | ||||
(Pittsburgh Med. Ctr. Proj.) Series B, 5% 6/15/16 | 850,000 | 959,106 | ||
(Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A, 5.625% 8/15/39 | 1,100,000 | 1,233,397 | ||
Annville-Cleona School District 5.5% 3/1/22 (FSA Insured) | 1,250,000 | 1,358,288 | ||
Centre County Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.) Series 2011, 7% 11/15/46 | 500,000 | 634,470 | ||
Easton Area School District Series 2006: | ||||
7.75% 4/1/25 (FSA Insured) | 315,000 | 372,850 | ||
7.75% 4/1/25 (FSA Insured) (Pre-Refunded to 4/1/16 @ 100) | 385,000 | 466,066 | ||
Mifflin County School District Series 2007, 7.75% 9/1/30 (XL Cap. Assurance, Inc. Insured) | 400,000 | 490,404 | ||
Monroeville Fin. Auth. UPMC Rev. Series 2012, 5% 2/15/27 | 800,000 | 974,440 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.): | ||||
Series 2012 A, 5% 6/1/24 | 600,000 | 708,312 | ||
Series A, 6% 6/1/16 (AMBAC Insured) | 1,860,000 | 2,123,488 | ||
Pennsylvania Tpk. Commission Tpk. Rev. Series 2009 D, 5.5% 12/1/41 | 2,400,000 | 2,690,256 | ||
Philadelphia Gas Works Rev.: | ||||
(1975 Gen. Ordinance Proj.) Seventeenth Series, 5.375% 7/1/20 (FSA Insured) | 500,000 | 503,035 | ||
(1998 Gen. Ordinance Proj.): | ||||
Fifth Series A1, 5% 9/1/33 (FSA Insured) | 150,000 | 153,771 | ||
Ninth Series, 5.25% 8/1/40 | 800,000 | 859,704 | ||
Philadelphia Gen. Oblig. Series 2008 B, 7.125% 7/15/38 (Assured Guaranty Corp. Insured) | 600,000 | 699,306 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Philadelphia School District Series 2005 A, 5% 8/1/22 (AMBAC Insured) | $ 200,000 | $ 213,600 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series A, 0% 8/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000,000 | 4,086,650 | ||
| 18,527,143 | |||
Puerto Rico - 0.5% | ||||
Puerto Rico Govt. Dev. Bank Series 2006 C, 5.25% 1/1/15 (d) | 1,000,000 | 1,020,650 | ||
Puerto Rico Pub. Bldg. Auth. Rev.: | ||||
Bonds Series M2: | ||||
5.5%, tender 7/1/17 (AMBAC Insured) (c) | 600,000 | 636,036 | ||
5.75%, tender 7/1/17 (c) | 1,100,000 | 1,176,527 | ||
Series N, 5.5% 7/1/22 | 1,100,000 | 1,123,254 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | ||||
Series 2007 A, 0% 8/1/41 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 209,000 | ||
Series 2009 A, 6% 8/1/42 | 1,400,000 | 1,529,822 | ||
| 5,695,289 | |||
Rhode Island - 0.2% | ||||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series A, 5.25% 9/15/17 (AMBAC Insured) | 1,000,000 | 1,063,330 | ||
Rhode Island Port Auth. & Econ. Dev. Corp. Arpt. Rev. Series A, 7% 7/1/14 (FSA Insured) (d) | 1,515,000 | 1,562,147 | ||
| 2,625,477 | |||
South Carolina - 1.7% | ||||
Greenwood Fifty School Facilities Installment 5% 12/1/21 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,175,110 | ||
Lexington One School Facilities Corp. Rev. (Lexington County School District No. 1 Proj.) 5% 12/1/17 | 1,015,000 | 1,166,996 | ||
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. Series 2013, 5% 11/1/27 | 1,400,000 | 1,608,642 | ||
South Carolina Jobs-Econ. Dev. Auth. Health Facilities Rev. (Bishop Gadsden Proj.) Series 2007, 5% 4/1/16 | 1,000,000 | 1,075,290 | ||
South Carolina Pub. Svc. Auth. (Santee Cooper) Rev. Oblig.: | ||||
Series 2012 B, 5% 12/1/20 | 2,500,000 | 3,128,575 | ||
Series 2012 C, 5% 12/1/18 | 1,000,000 | 1,212,840 | ||
Series 2012 D, 5% 12/1/43 | 3,300,000 | 3,709,332 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
South Carolina - continued | ||||
South Carolina Pub. Svc. Auth. Rev. (Santee Cooper Proj.): - continued Series 2009 B, 5.25% 1/1/39 | $ 5,000,000 | $ 5,830,600 | ||
Univ. of South Carolina Athletic Facilities Rev. Series 2008 A, 5.5% 5/1/38 | 995,000 | 1,126,340 | ||
| 20,033,725 | |||
South Dakota - 0.1% | ||||
South Dakota Health & Edl. Facilities Auth. Rev. Series 2012 E, 5% 11/1/42 | 1,500,000 | 1,665,060 | ||
Tennessee - 0.8% | ||||
Clarksville Natural Gas Acquisition Corp. Gas Rev.: | ||||
Series 2006: | ||||
5% 12/15/13 | 1,000,000 | 1,026,220 | ||
5% 12/15/15 | 1,500,000 | 1,641,090 | ||
5% 12/15/16 | 1,500,000 | 1,667,310 | ||
Jackson Hosp. Rev. (Jackson-Madison County Gen. Hosp. Proj.) Series 2008, 5.75% 4/1/41 | 1,000,000 | 1,105,910 | ||
Knox County Health Edl. & Hsg. Facilities Board Rev. (Univ. Health Sys. Proj.) Series 2007, 5% 4/1/16 | 1,805,000 | 1,980,482 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5.75% 7/1/24 (d) | 1,600,000 | 1,947,152 | ||
| 9,368,164 | |||
Texas - 11.2% | ||||
Aledo Independent School District (School Bldg. Proj.) Series 2006 A, 5% 2/15/43 | 1,200,000 | 1,336,140 | ||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.5% 8/1/20 | 1,000,000 | 1,208,850 | ||
Bastrop Independent School District Series 2007, 5.25% 2/15/42 | 5,000,000 | 5,571,700 | ||
Beaumont Independent School District 5% 2/15/38 (Assured Guaranty Corp. Insured) | 300,000 | 331,935 | ||
Comal Independent School District: | ||||
Series 2007, 5% 2/1/36 | 2,500,000 | 2,732,225 | ||
Series 2008A, 5.25% 2/1/23 | 2,240,000 | 2,663,965 | ||
Corpus Christi Util. Sys. Rev.: | ||||
5% 7/15/23 | 1,600,000 | 1,950,384 | ||
5.25% 7/15/18 (FSA Insured) | 1,000,000 | 1,169,860 | ||
Corsicana Independent School District 5.125% 2/15/28 (Pre-Refunded to 2/15/15 @ 100) | 1,015,000 | 1,102,412 | ||
Cypress-Fairbanks Independent School District Series A, 0% 2/15/16 | 1,400,000 | 1,372,266 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Dallas Area Rapid Transit Sales Tax Rev. Series 2008, 5.25% 12/1/43 | $ 3,785,000 | $ 4,368,458 | ||
Dallas Fort Worth Int'l. Arpt. Rev.: | ||||
Series 2007, 5% 11/1/19 (XL Cap. Assurance, Inc. Insured) (d) | 2,500,000 | 2,647,575 | ||
Series 2009 A, 5% 11/1/24 | 1,000,000 | 1,126,730 | ||
Series A, 5% 11/1/42 | 3,000,000 | 3,331,980 | ||
Dallas Independent School District Series 2008, 6.375% 2/15/34 | 300,000 | 371,166 | ||
Eagle Mountain & Saginaw Independent School District Series 2008, 5% 8/15/38 | 1,480,000 | 1,677,684 | ||
Frisco Independent School District Series 2008 A, 6% 8/15/33 | 1,200,000 | 1,472,592 | ||
Guadalupe-Blanco River Auth. Contract Rev. (Western Canyon Reg'l. Wtr. Supply Proj.) 5.25% 4/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,003,210 | ||
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt. of Texas, Inc. Denton County Proj.) Series 2003 B, 3.5%, tender 5/1/13 (c)(d) | 1,500,000 | 1,500,000 | ||
Harris County Cultural Ed. Facilities Fin. Corp. Med. Facilities Rev. (Baylor College of Medicine Proj.) Series 2012 A, 5% 11/15/37 | 2,500,000 | 2,790,975 | ||
Harris County Gen. Oblig.: | ||||
(Permanent Impt. Proj.) Series 1996, 0% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500,000 | 2,394,475 | ||
(Road Proj.) Series 2008 B, 5.25% 8/15/47 | 8,000,000 | 9,035,680 | ||
Series 2002, 0% 8/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 774,290 | ||
Harris County Health Facilities Dev. Corp. Hosp. Rev. (Memorial Hermann Healthcare Sys. Proj.) Series 2008 B, 7.25% 12/1/35 (Pre-Refunded to 12/1/18 @ 100) | 1,200,000 | 1,606,656 | ||
Hays Consolidated Independent School District Series A, 5.125% 8/15/30 | 1,000,000 | 1,090,260 | ||
Houston Arpt. Sys. Rev.: | ||||
Series 2011 A, 5% 7/1/24 (d) | 1,250,000 | 1,443,425 | ||
Series 2012 A, 5% 7/1/23 (d) | 600,000 | 711,318 | ||
Houston Cmnty. College Sys. Rev. Series 2013, 5% 2/15/37 | 400,000 | 445,824 | ||
Houston Independent School District Series 2005 A, 0% 2/15/16 | 1,700,000 | 1,666,323 | ||
Humble Independent School District: | ||||
Series 2000, 0% 2/15/17 | 1,000,000 | 965,510 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Humble Independent School District: - continued | ||||
Series 2005 B, 5.25% 2/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,800,000 | $ 1,943,874 | ||
Irving Gen. Oblig. Series 2009, 5% 9/15/19 | 1,690,000 | 2,081,320 | ||
Judson Independent School District Series 2005 B, 5% 2/1/24 (FSA Insured) | 950,000 | 978,747 | ||
Kermit Independent School District Series 2007, 5.25% 2/15/32 | 700,000 | 783,020 | ||
Lampasas Independent School District: | ||||
5.25% 2/15/32 (Pre-Refunded to 2/15/16 @ 100) | 550,000 | 621,951 | ||
5.25% 2/15/32 (Pre-Refunded to 2/15/16 @ 100) | 450,000 | 510,210 | ||
Lewisville Independent School District 0% 8/15/19 | 2,340,000 | 2,124,977 | ||
Liberty Hill Independent School District (School Bldg. Proj.) Series 2006, 5.25% 8/1/35 | 1,100,000 | 1,197,438 | ||
Longview Independent School District 5% 2/15/37 | 1,000,000 | 1,145,750 | ||
Lower Colorado River Auth. Rev.: | ||||
5.75% 5/15/37 | 205,000 | 219,561 | ||
5.75% 5/15/37 (Pre-Refunded to 5/15/15 @ 100) | 25,000 | 27,744 | ||
Mansfield Independent School District 5.5% 2/15/17 | 25,000 | 25,103 | ||
North Texas Tollway Auth. Rev.: | ||||
Bonds Series 2008 E3, 5.75%, tender 1/1/16 (c) | 1,000,000 | 1,129,780 | ||
Series 2008 A, 6% 1/1/24 | 2,000,000 | 2,367,980 | ||
Series 2008 I, 0% 1/1/42 (Assured Guaranty Corp. Insured) (a) | 1,100,000 | 1,224,289 | ||
Series 2009 A, 6.25% 1/1/39 | 1,800,000 | 2,089,188 | ||
Series 2011 A: | ||||
5.5% 9/1/41 | 500,000 | 592,700 | ||
6% 9/1/41 | 1,200,000 | 1,486,440 | ||
Series 2011 D, 5% 9/1/28 | 2,300,000 | 2,705,214 | ||
Northwest Texas Independent School District 5.5% 8/15/21 | 170,000 | 170,330 | ||
Prosper Independent School District: | ||||
Series 2005, 5.125% 8/15/30 | 400,000 | 433,736 | ||
5.375% 8/15/37 | 2,000,000 | 2,266,900 | ||
San Antonio Arpt. Sys. Rev.: | ||||
5% 7/1/16 (FSA Insured) (d) | 1,635,000 | 1,836,350 | ||
5.25% 7/1/18 (FSA Insured) (d) | 2,505,000 | 2,893,475 | ||
San Antonio Elec. & Gas Sys. Rev.: | ||||
Series 2008, 5% 2/1/24 | 1,000,000 | 1,170,190 | ||
Series 2012, 5.25% 2/1/25 | 800,000 | 1,043,568 | ||
San Antonio Wtr. Sys. Rev. Series 2012, 5% 5/15/23 | 5,000,000 | 6,266,850 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
San Jacinto Cmnty. College District Series 2009, 5% 2/15/39 | $ 2,300,000 | $ 2,665,470 | ||
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2010, 5% 10/1/35 | 400,000 | 466,964 | ||
Spring Branch Independent School District Series 2008, 5.25% 2/1/38 | 3,145,000 | 3,542,182 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | ||||
(Baylor Health Care Sys. Proj.) Series 2009, 5.75% 11/15/24 | 1,100,000 | 1,315,050 | ||
(Hendrick Med. Ctr. Proj.) Series 2009 B, 5.25% 9/1/28 (Assured Guaranty Corp. Insured) | 1,235,000 | 1,372,950 | ||
(Scott & White Healthcare Proj.) Series 2013 A: | ||||
4% 8/15/43 | 500,000 | 506,720 | ||
5% 8/15/36 | 1,000,000 | 1,126,710 | ||
Texas Gen. Oblig.: | ||||
(Trans. Commission Mobility Fund Proj.) Series 2005 A, 4.75% 4/1/35 | 1,500,000 | 1,592,955 | ||
Series 2006 A, 5% 4/1/29 | 560,000 | 641,754 | ||
Series 2006, 5% 4/1/27 | 1,000,000 | 1,115,390 | ||
Series 2008, 5% 4/1/25 | 800,000 | 941,208 | ||
Texas Muni. Pwr. Agy. Rev.: | ||||
0% 9/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,100,000 | 1,076,999 | ||
0% 9/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,800,000 | 1,735,470 | ||
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 | 1,468,944 | ||
(NTE Mobility Partners LLC North Tarrant Express Managed Lanes Proj.) Series 2009, 6.875% 12/31/39 | 2,100,000 | 2,526,027 | ||
Texas Trans. Commission Central Texas Tpk. Sys. Rev. Bonds Series 2012 B, 1.25%, tender 2/15/15 (c) | 600,000 | 604,662 | ||
Texas Trans. Commission State Hwy. Fund Rev. Series 2007: | ||||
5% 4/1/21 | 1,000,000 | 1,156,380 | ||
5% 4/1/23 | 1,500,000 | 1,730,805 | ||
5% 4/1/25 | 600,000 | 690,828 | ||
5% 4/1/26 | 800,000 | 919,440 | ||
Texas Wtr. Dev. Board Rev. Series 2008 B, 5.25% 7/15/23 | 1,600,000 | 1,856,048 | ||
Univ. of Texas Board of Regents Sys. Rev. Series 2007 F, 4.75% 8/15/27 | 1,000,000 | 1,114,780 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Waller Independent School District: | ||||
5.5% 2/15/28 | $ 1,670,000 | $ 1,951,929 | ||
5.5% 2/15/37 | 2,100,000 | 2,415,000 | ||
| 133,735,218 | |||
Utah - 0.3% | ||||
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) 5% 9/1/20 | 850,000 | 1,014,042 | ||
Utah State Board of Regents Rev. Series 2011 B, 5% 8/1/27 | 1,000,000 | 1,141,900 | ||
Utah Transit Auth. Sales Tax Rev. Series 2008 A, 5.25% 6/15/38 | 1,200,000 | 1,384,332 | ||
| 3,540,274 | |||
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 | 2,914,366 | ||
(Middlebury College Proj.) Series 2006 A, 5% 10/31/46 | 1,000,000 | 1,096,160 | ||
| 4,010,526 | |||
Virginia - 0.5% | ||||
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 2008 B, 5.375%, tender 12/2/13 (c) | 4,000,000 | 4,113,120 | ||
Virginia Small Bus. Fing. Auth. (95 Express Lane LLC Proj.) Series 2012, 5% 1/1/40 (d) | 1,800,000 | 1,850,850 | ||
| 5,963,970 | |||
Washington - 3.4% | ||||
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 | 925,410 | ||
Energy Northwest Elec. Rev. Series 2012 A, 5% 7/1/21 | 4,000,000 | 5,043,520 | ||
Grant County Pub. Util. District #2 Wanapum Hydro Elec. Rev. Series B, 5.25% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) | 1,950,000 | 2,052,317 | ||
Kent Spl. Events Ctr. Pub. Facilities District Rev. Series 2008, 5.25% 12/1/32 (FSA Insured) | 2,000,000 | 2,220,380 | ||
King County Swr. Rev.: | ||||
Series 2008, 5.75% 1/1/43 | 3,600,000 | 4,225,896 | ||
Series 2009, 5.25% 1/1/42 | 1,000,000 | 1,156,870 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Washington - continued | ||||
King County Swr. Rev.: - continued | ||||
Series 2010, 5% 1/1/50 | $ 1,300,000 | $ 1,438,996 | ||
Spokane Gen. Oblig. 5.25% 12/1/24 (AMBAC Insured) | 1,000,000 | 1,069,620 | ||
Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev.: | ||||
Series 2013 B, 5% 12/1/27 | 1,500,000 | 1,739,115 | ||
5.75% 12/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,027,290 | ||
Washington Gen. Oblig.: | ||||
Series R 97A, 0% 7/1/19 (Escrowed to Maturity) | 1,200,000 | 1,108,596 | ||
Series S5, 0% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,230,000 | 2,127,710 | ||
Washington Health Care Facilities Auth. Rev.: | ||||
(Catholic Health Initiatives Proj.) Series 2008 D, 6.375% 10/1/36 | 3,000,000 | 3,680,250 | ||
(MultiCare Health Sys. Proj.): | ||||
Series 2008 B, 6% 8/15/39 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,155,100 | ||
Series 2010 A, 5% 8/15/18 | 2,295,000 | 2,619,949 | ||
(Providence Health Systems Proj.): | ||||
Series 2006 D, 5.25% 10/1/33 | 1,000,000 | 1,126,700 | ||
Series 2012 A, 5% 10/1/24 | 3,300,000 | 4,034,415 | ||
(Seattle Children's Hosp. Proj.) Series 2009, 5.625% 10/1/38 | 1,400,000 | 1,600,564 | ||
5.7% 7/1/38 | 2,270,000 | 2,491,802 | ||
| 40,844,500 | |||
West Virginia - 0.1% | ||||
West Virginia Hosp. Fin. Auth. Hosp. Rev. (West Virginia United Health Sys. Proj.) Series 2008 E, 5.625% 6/1/35 | 1,000,000 | 1,112,150 | ||
Wisconsin - 0.5% | ||||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Agnesian HealthCare, Inc. Proj.): | ||||
Series 2010: | ||||
5.5% 7/1/40 | 500,000 | 557,135 | ||
5.75% 7/1/30 | 500,000 | 577,195 | ||
Series 2013 B, 5% 7/1/36 | 800,000 | 892,408 | ||
(Marshfield Clinic Proj.) Series A, 5.375% 2/15/34 | 1,000,000 | 1,062,640 | ||
(Wheaton Franciscan Healthcare Sys. Proj.) Series 2003 A, 5.5% 8/15/16 | 795,000 | 805,653 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Wisconsin - continued | ||||
Wisconsin Health & Edl. Facilities Auth. Rev.: - continued | ||||
Series 2012, 5% 6/1/39 | $ 190,000 | $ 206,298 | ||
Series 2013, 5% 8/15/25 | 1,300,000 | 1,516,008 | ||
| 5,617,337 | |||
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 | 1,962,616 |
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $1,075,055,630) | 1,185,815,316 | ||
NET OTHER ASSETS (LIABILITIES) - 0.6% | 7,424,266 | ||
NET ASSETS - 100% | $ 1,193,239,582 |
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 | 35.1% |
Health Care | 21.1% |
Transportation | 9.3% |
Water & Sewer | 9.2% |
Electric Utilities | 7.8% |
Special Tax | 7.8% |
Others* (Individually Less Than 5%) | 9.7% |
| 100.0% |
* Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| April 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,075,055,630) |
| $ 1,185,815,316 |
Cash |
| 2,823,364 |
Receivable for fund shares sold | 1,173,364 | |
Interest receivable | 15,131,765 | |
Prepaid expenses | 912 | |
Receivable from investment adviser for expense reductions | 178 | |
Other receivables | 1,892 | |
Total assets | 1,204,946,791 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 5,863,261 | |
Delayed delivery | 1,935,820 | |
Payable for fund shares redeemed | 1,802,384 | |
Distributions payable | 1,000,136 | |
Accrued management fee | 360,767 | |
Distribution and service plan fees payable | 274,922 | |
Other affiliated payables | 443,353 | |
Other payables and accrued expenses | 26,566 | |
Total liabilities | 11,707,209 | |
|
|
|
Net Assets | $ 1,193,239,582 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,077,832,358 | |
Undistributed net investment income | 600,565 | |
Accumulated undistributed net realized gain (loss) on investments | 4,046,973 | |
Net unrealized appreciation (depreciation) on investments | 110,759,686 | |
Net Assets | $ 1,193,239,582 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2013 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 13.81 | |
|
|
|
Maximum offering price per share (100/96.00 of $13.81) | $ 14.39 | |
Class T: | $ 13.85 | |
|
|
|
Maximum offering price per share (100/96.00 of $13.85) | $ 14.43 | |
Class B: | $ 13.77 | |
|
|
|
Class C: | $ 13.84 | |
|
|
|
Institutional Class: | $ 13.74 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2013 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 24,206,340 |
|
|
|
Expenses | ||
Management fee | $ 2,209,460 | |
Transfer agent fees | 769,284 | |
Distribution and service plan fees | 1,677,034 | |
Accounting fees and expenses | 120,388 | |
Custodian fees and expenses | 7,884 | |
Independent trustees' compensation | 2,274 | |
Registration fees | 57,482 | |
Audit | 27,039 | |
Legal | 2,271 | |
Miscellaneous | 4,667 | |
Total expenses before reductions | 4,877,783 | |
Expense reductions | (5,932) | 4,871,851 |
Net investment income (loss) | 19,334,489 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 4,137,667 |
Change in net unrealized appreciation (depreciation) on investment securities | 2,013,464 | |
Net gain (loss) | 6,151,131 | |
Net increase (decrease) in net assets resulting from operations | $ 25,485,620 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2013 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 19,334,489 | $ 38,407,738 |
Net realized gain (loss) | 4,137,667 | 1,175,916 |
Change in net unrealized appreciation (depreciation) | 2,013,464 | 63,718,880 |
Net increase (decrease) in net assets resulting | 25,485,620 | 103,302,534 |
Distributions to shareholders from net investment income | (19,275,558) | (38,200,799) |
Distributions to shareholders from net realized gain | (355,650) | (162,406) |
Total distributions | (19,631,208) | (38,363,205) |
Share transactions - net increase (decrease) | (20,076,417) | 98,354,483 |
Total increase (decrease) in net assets | (14,222,005) | 163,293,812 |
|
|
|
Net Assets | ||
Beginning of period | 1,207,461,587 | 1,044,167,775 |
End of period (including undistributed net investment income of $600,565 and undistributed net investment income of $541,634, respectively) | $ 1,193,239,582 | $ 1,207,461,587 |
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) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.74 | $ 12.95 | $ 12.99 | $ 12.54 | $ 11.55 | $ 12.72 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .222 | .460 | .479 | .465 | .479 | .476 |
Net realized and unrealized gain (loss) | .073 | .789 | (.041) | .450 | .991 | (1.094) |
Total from investment operations | .295 | 1.249 | .438 | .915 | 1.470 | (.618) |
Distributions from net investment income | (.221) | (.457) | (.478) | (.465) | (.480) | (.477) |
Distributions from net realized gain | (.004) | (.002) | - | - | - | (.075) |
Total distributions | (.225) | (.459) | (.478) | (.465) | (.480) | (.552) |
Net asset value, end of period | $ 13.81 | $ 13.74 | $ 12.95 | $ 12.99 | $ 12.54 | $ 11.55 |
Total Return B, C, D | 2.16% | 9.77% | 3.53% | 7.42% | 12.96% | (5.06)% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .78% A | .77% | .77% | .78% | .79% | .78% |
Expenses net of fee waivers, if any | .78% A | .77% | .77% | .78% | .79% | .78% |
Expenses net of all reductions | .78% A | .77% | .77% | .78% | .79% | .74% |
Net investment income (loss) | 3.25% A | 3.42% | 3.80% | 3.64% | 3.96% | 3.85% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 424,824 | $ 430,231 | $ 368,789 | $ 448,794 | $ 403,580 | $ 235,466 |
Portfolio turnover rate G | 17% A | 6% | 8% | 7% | 6% | 14% |
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) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.77 | $ 12.99 | $ 13.02 | $ 12.57 | $ 11.58 | $ 12.75 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .223 | .462 | .481 | .467 | .481 | .480 |
Net realized and unrealized gain (loss) | .082 | .778 | (.032) | .449 | .990 | (1.098) |
Total from investment operations | .305 | 1.240 | .449 | .916 | 1.471 | (.618) |
Distributions from net investment income | (.221) | (.458) | (.479) | (.466) | (.481) | (.477) |
Distributions from net realized gain | (.004) | (.002) | - | - | - | (.075) |
Total distributions | (.225) | (.460) | (.479) | (.466) | (.481) | (.552) |
Net asset value, end of period | $ 13.85 | $ 13.77 | $ 12.99 | $ 13.02 | $ 12.57 | $ 11.58 |
Total Return B, C, D | 2.23% | 9.67% | 3.61% | 7.41% | 12.94% | (5.05)% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .77% A | .76% | .76% | .77% | .78% | .77% |
Expenses net of fee waivers, if any | .77% A | .76% | .76% | .77% | .78% | .77% |
Expenses net of all reductions | .77% A | .76% | .76% | .77% | .78% | .74% |
Net investment income (loss) | 3.25% A | 3.42% | 3.80% | 3.65% | 3.97% | 3.85% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 245,673 | $ 247,622 | $ 225,908 | $ 253,136 | $ 256,358 | $ 233,891 |
Portfolio turnover rate G | 17% A | 6% | 8% | 7% | 6% | 14% |
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) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.69 | $ 12.92 | $ 12.96 | $ 12.51 | $ 11.52 | $ 12.69 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .176 | .367 | .393 | .379 | .397 | .396 |
Net realized and unrealized gain (loss) | .083 | .772 | (.040) | .451 | .993 | (1.096) |
Total from investment operations | .259 | 1.139 | .353 | .830 | 1.390 | (.700) |
Distributions from net investment income | (.175) | (.367) | (.393) | (.380) | (.400) | (.395) |
Distributions from net realized gain | (.004) | (.002) | - | - | - | (.075) |
Total distributions | (.179) | (.369) | (.393) | (.380) | (.400) | (.470) |
Net asset value, end of period | $ 13.77 | $ 13.69 | $ 12.92 | $ 12.96 | $ 12.51 | $ 11.52 |
Total Return B, C, D | 1.90% | 8.90% | 2.85% | 6.73% | 12.26% | (5.70)% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.46% A | 1.45% | 1.46% | 1.45% | 1.45% | 1.44% |
Expenses net of fee waivers, if any | 1.45% A | 1.45% | 1.45% | 1.45% | 1.45% | 1.44% |
Expenses net of all reductions | 1.45% A | 1.45% | 1.45% | 1.44% | 1.45% | 1.40% |
Net investment income (loss) | 2.58% A | 2.74% | 3.12% | 2.98% | 3.30% | 3.19% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 9,307 | $ 11,187 | $ 12,983 | $ 19,838 | $ 26,607 | $ 31,611 |
Portfolio turnover rate G | 17% A | 6% | 8% | 7% | 6% | 14% |
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) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.77 | $ 12.98 | $ 13.02 | $ 12.57 | $ 11.57 | $ 12.74 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .170 | .358 | .383 | .370 | .390 | .384 |
Net realized and unrealized gain (loss) | .072 | .788 | (.042) | .448 | .999 | (1.096) |
Total from investment operations | .242 | 1.146 | .341 | .818 | 1.389 | (.712) |
Distributions from net investment income | (.168) | (.354) | (.381) | (.368) | (.389) | (.383) |
Distributions from net realized gain | (.004) | (.002) | - | - | - | (.075) |
Total distributions | (.172) | (.356) | (.381) | (.368) | (.389) | (.458) |
Net asset value, end of period | $ 13.84 | $ 13.77 | $ 12.98 | $ 13.02 | $ 12.57 | $ 11.57 |
Total Return B, C, D | 1.77% | 8.92% | 2.74% | 6.60% | 12.19% | (5.77)% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.55% A | 1.54% | 1.54% | 1.54% | 1.53% | 1.53% |
Expenses net of fee waivers, if any | 1.55% A | 1.54% | 1.54% | 1.54% | 1.53% | 1.53% |
Expenses net of all reductions | 1.55% A | 1.53% | 1.54% | 1.53% | 1.53% | 1.49% |
Net investment income (loss) | 2.48% A | 2.65% | 3.03% | 2.89% | 3.22% | 3.09% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 154,712 | $ 155,834 | $ 130,949 | $ 151,847 | $ 133,834 | $ 72,444 |
Portfolio turnover rate G | 17% A | 6% | 8% | 7% | 6% | 14% |
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) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.67 | $ 12.89 | $ 12.93 | $ 12.49 | $ 11.50 | $ 12.67 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .237 | .490 | .505 | .492 | .506 | .504 |
Net realized and unrealized gain (loss) | .074 | .782 | (.039) | .443 | .993 | (1.093) |
Total from investment operations | .311 | 1.272 | .466 | .935 | 1.499 | (.589) |
Distributions from net investment income | (.237) | (.490) | (.506) | (.495) | (.509) | (.506) |
Distributions from net realized gain | (.004) | (.002) | - | - | - | (.075) |
Total distributions | (.241) | (.492) | (.506) | (.495) | (.509) | (.581) |
Net asset value, end of period | $ 13.74 | $ 13.67 | $ 12.89 | $ 12.93 | $ 12.49 | $ 11.50 |
Total Return B, C | 2.29% | 10.00% | 3.79% | 7.62% | 13.29% | (4.86)% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .54% A | .53% | .54% | .55% | .55% | .54% |
Expenses net of fee waivers, if any | .54% A | .53% | .54% | .55% | .55% | .54% |
Expenses net of all reductions | .54% A | .53% | .54% | .55% | .55% | .50% |
Net investment income (loss) | 3.48% A | 3.66% | 4.02% | 3.87% | 4.20% | 4.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 358,723 | $ 362,588 | $ 305,538 | $ 399,826 | $ 244,761 | $ 164,402 |
Portfolio turnover rate F | 17% A | 6% | 8% | 7% | 6% | 14% |
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, 2013 (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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Semiannual Report
2. Significant Accounting Policies - continued
Investment Valuation - continued
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For municipal securities, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
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 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. 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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation and capital loss carryforwards.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 111,620,854 |
Gross unrealized depreciation | (429,721) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 111,191,133 |
|
|
Tax cost | $ 1,074,624,183 |
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
Semiannual Report
2. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $102,827,351 and $120,244,308, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and 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 FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .37% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 540,398 | $ 17,737 |
Class T | -% | .25% | 308,986 | 783 |
Class B | .65% | .25% | 46,139 | 33,395 |
Class C | .75% | .25% | 781,511 | 139,792 |
|
|
| $ 1,677,034 | $ 191,707 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates - continued
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.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 35,792 |
Class T | 6,037 |
Class B* | 8,551 |
Class C* | 7,361 |
| $ 57,741 |
* 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 FMR, with respect to all classes of the Fund to perform the transfer agency, dividend disbursing, and shareholder servicing functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 262,201 | .12 |
Class T | 143,273 | .12 |
Class B | 7,724 | .15 |
Class C | 105,871 | .14 |
Institutional Class | 250,215 | .14 |
| $ 769,284 |
|
* Annualized
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is paid to Citibank and is based on the level of average net assets for each month.
5. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $1,588 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
6. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense | Reimbursement |
|
|
|
Class B | 1.45% | $ 694 |
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and accounting expenses by $5,232 and $6, respectively.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 6,937,565 | $ 13,646,644 |
Class T | 3,957,856 | 8,115,639 |
Class B | 131,118 | 340,660 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Distributions to Shareholders - continued
Six months ended | Year ended | |
From net investment income |
|
|
Class C | $ 1,904,440 | $ 3,775,325 |
Institutional Class | 6,344,579 | 12,322,531 |
Total | $ 19,275,558 | $ 38,200,799 |
From net realized gain |
|
|
Class A | $ 127,081 | $ 58,057 |
Class T | 72,168 | 34,962 |
Class B | 3,137 | 2,005 |
Class C | 45,636 | 20,220 |
Institutional Class | 107,628 | 47,162 |
Total | $ 355,650 | $ 162,406 |
8. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended April 30, 2013 | Year ended | Six months ended April 30, 2013 | Year ended | |
Class A |
|
|
|
|
Shares sold | 2,941,089 | 7,218,621 | $ 40,562,713 | $ 97,171,715 |
Reinvestment of distributions | 351,746 | 680,401 | 4,849,011 | 9,177,511 |
Shares redeemed | (3,847,470) | (5,044,908) | (52,893,706) | (67,932,371) |
Net increase (decrease) | (554,635) | 2,854,114 | $ (7,481,982) | $ 38,416,855 |
Class T |
|
|
|
|
Shares sold | 957,397 | 2,121,366 | $ 13,250,741 | $ 28,613,263 |
Reinvestment of distributions | 213,695 | 432,014 | 2,954,037 | 5,841,731 |
Shares redeemed | (1,406,451) | (1,967,781) | (19,417,368) | (26,583,449) |
Net increase (decrease) | (235,359) | 585,599 | $ (3,212,590) | $ 7,871,545 |
Class B |
|
|
|
|
Shares sold | 29,406 | 63,948 | $ 404,977 | $ 852,907 |
Reinvestment of distributions | 6,273 | 15,986 | 86,231 | 214,675 |
Shares redeemed | (176,407) | (268,192) | (2,424,818) | (3,607,903) |
Net increase (decrease) | (140,728) | (188,258) | $ (1,933,610) | $ (2,540,321) |
Semiannual Report
8. Share Transactions - continued
| Shares | Dollars | ||
Six months ended April 30, 2013 | Year ended | Six months ended April 30, 2013 | Year ended | |
Class C |
|
|
|
|
Shares sold | 1,052,209 | 2,537,829 | $ 14,541,797 | $ 34,233,722 |
Reinvestment of distributions | 95,111 | 185,320 | 1,314,115 | 2,505,463 |
Shares redeemed | (1,287,776) | (1,489,924) | (17,773,222) | (20,047,596) |
Net increase (decrease) | (140,456) | 1,233,225 | $ (1,917,310) | $ 16,691,589 |
Institutional Class |
|
|
|
|
Shares sold | 4,408,347 | 8,176,603 | $ 60,453,539 | $ 109,365,273 |
Reinvestment of distributions | 290,622 | 516,418 | 3,985,726 | 6,932,866 |
Shares redeemed | (5,116,116) | (5,862,866) | (69,970,190) | (78,383,324) |
Net increase (decrease) | (417,147) | 2,830,155 | $ (5,530,925) | $ 37,914,815 |
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) Inc.
Fidelity Management & Research
(U.K.) Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
(Fidelity Investment logo)(registered trademark)
HIM-USAN-0613 1.784901.110
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Municipal Income Fund -
Institutional Class
Semiannual Report
April 30, 2013
(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, | |
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. © 2013 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, 2012 to April 30, 2013).
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 | .78% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,021.60 | $ 3.91 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.93 | $ 3.91 |
Class T | .77% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,022.30 | $ 3.86 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.98 | $ 3.86 |
| Annualized | Beginning | Ending | Expenses Paid |
Class B | 1.45% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,019.00 | $ 7.26 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.60 | $ 7.25 |
Class C | 1.55% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,017.70 | $ 7.75 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.11 | $ 7.75 |
Institutional Class | .54% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,022.90 | $ 2.71 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.12 | $ 2.71 |
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, 2013 | ||
| % of fund's | % of fund's net assets |
California | 17.3 | 17.8 |
Illinois | 13.0 | 12.2 |
Texas | 11.2 | 11.7 |
New York | 10.9 | 11.4 |
Florida | 8.0 | 7.1 |
Top Five Sectors as of April 30, 2013 | ||
| % of fund's | % of fund's net assets |
General Obligations | 35.1 | 33.1 |
Health Care | 21.1 | 19.4 |
Transportation | 9.3 | 9.3 |
Water & Sewer | 9.2 | 9.5 |
Electric Utilities | 7.8 | 7.6 |
Weighted Average Maturity as of April 30, 2013 | ||
|
| 6 months ago |
Years | 6.1 | 5.8 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Duration as of April 30, 2013 | ||
|
| 6 months ago |
Years | 7.3 | 7.1 |
Duration estimates how much a bond fund's price will change with a change in comparable interest rates. If rates rise 1%, for example, a fund with a 5-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. Duration takes into account any call or put option embedded in the bonds. |
Quality Diversification (% of fund's net assets) | |||||||
As of April 30, 2013 | As of October 31, 2012 | ||||||
![]() | AAA 7.5% |
| ![]() | AAA 8.5% |
| ||
![]() | AA,A 81.2% |
| ![]() | AA,A 80.0% |
| ||
![]() | BBB 7.8% |
| ![]() | BBB 8.6% |
| ||
![]() | BB and Below 0.7% |
| ![]() | BB and Below 0.2% |
| ||
![]() | Not Rated 2.2% |
| ![]() | Not Rated 1.9% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Investments April 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.4% | ||||
| Principal Amount | Value | ||
Alabama - 0.1% | ||||
Birmingham Gen. Oblig. Series 2013 A, 0% 3/1/43 (a) | $ 600,000 | $ 547,242 | ||
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5.75% 9/1/22 | 1,000,000 | 1,186,920 | ||
| 1,734,162 | |||
Arizona - 2.1% | ||||
Arizona Ctfs. of Partnership Series 2010 A: | ||||
5% 10/1/18 (FSA Insured) | 1,000,000 | 1,181,810 | ||
5.25% 10/1/20 (FSA Insured) | 1,600,000 | 1,917,792 | ||
5.25% 10/1/21 (FSA Insured) | 850,000 | 1,015,436 | ||
5.25% 10/1/26 (FSA Insured) | 500,000 | 582,585 | ||
5.25% 10/1/28 (FSA Insured) | 1,600,000 | 1,843,760 | ||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 D, 5.5% 1/1/38 | 2,300,000 | 2,574,850 | ||
Arizona State Lottery Rev. Series 2010 A, 5% 7/1/21 (FSA Insured) | 1,200,000 | 1,419,336 | ||
Arizona State Univ. Ctfs. of Partnership (Research Infrastructure Proj.) 5.25% 9/1/23 | 1,000,000 | 1,052,630 | ||
Glendale Indl. Dev. Auth. Hosp. Rev. (John C. Lincoln Health Network Proj.) 5% 12/1/29 | 1,575,000 | 1,620,171 | ||
Goodyear McDowell Road Commercial Corridor Impt. District 5.25% 1/1/15 (AMBAC Insured) | 1,425,000 | 1,511,583 | ||
Maricopa County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 5% 6/1/35 | 700,000 | 776,881 | ||
McAllister Academic Village LLC Rev. (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2008, 5.25% 7/1/39 | 1,000,000 | 1,124,610 | ||
Phoenix Civic Impt. Corp. District Rev. (Plaza Expansion Proj.) Series 2005 B, 0% 7/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a) | 1,620,000 | 2,027,965 | ||
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Series 2005, 5% 7/1/29 | 2,000,000 | 2,164,760 | ||
Pima County Swr. Sys. Rev. Series 2012 A, 5% 7/1/26 | 500,000 | 595,000 | ||
Salt Verde Finl. Corp. Sr. Gas Rev.: | ||||
Series 2007, 5.5% 12/1/29 | 1,000,000 | 1,198,050 | ||
5.25% 12/1/22 | 1,500,000 | 1,760,010 | ||
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.) Series 2006 C, 5% 9/1/35 (FSA Insured) | 205,000 | 225,410 | ||
| 24,592,639 | |||
California - 17.3% | ||||
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2009 F1, 5.625% 4/1/44 | 1,600,000 | 1,852,176 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Dept. of Wtr. Resources (Central Valley Proj.) Series AL, 5% 12/1/19 | $ 2,500,000 | $ 3,111,650 | ||
California Dept. of Wtr. Resources Pwr. Supply Rev. Series 2010 L, 5% 5/1/21 | 5,000,000 | 6,210,400 | ||
California Econ. Recovery Series A, 5% 7/1/18 | 1,400,000 | 1,683,332 | ||
California Gen. Oblig.: | ||||
Series 2007, 5.625% 5/1/20 | 30,000 | 30,121 | ||
Series 2013: | ||||
5.25% 2/1/16 | 220,000 | 222,614 | ||
5.25% 2/1/24 (Pre-Refunded to 8/1/13 @ 100) | 70,000 | 70,874 | ||
5.25% 2/1/28 | 610,000 | 616,332 | ||
5.25% 2/1/28 (Pre-Refunded to 8/1/13 @ 100) | 145,000 | 146,810 | ||
5% 11/1/24 | 2,400,000 | 2,762,640 | ||
5% 6/1/27 (AMBAC Insured) | 600,000 | 638,544 | ||
5% 9/1/27 | 1,410,000 | 1,575,435 | ||
5% 3/1/31 | 1,800,000 | 1,965,366 | ||
5% 9/1/31 | 1,500,000 | 1,661,520 | ||
5% 12/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 845,000 | 881,512 | ||
5% 9/1/32 | 1,600,000 | 1,766,800 | ||
5% 9/1/33 | 1,800,000 | 1,987,038 | ||
5% 9/1/35 | 580,000 | 636,127 | ||
5.125% 11/1/24 (Pre-Refunded to 11/1/13 @ 100) | 600,000 | 614,778 | ||
5.25% 2/1/24 | 240,000 | 242,522 | ||
5.25% 12/1/33 | 20,000 | 20,900 | ||
5.25% 4/1/35 | 2,200,000 | 2,552,770 | ||
5.25% 3/1/38 | 3,900,000 | 4,367,805 | ||
5.25% 11/1/40 | 700,000 | 799,960 | ||
5.5% 8/1/27 | 2,100,000 | 2,495,241 | ||
5.5% 8/1/29 | 2,800,000 | 3,306,940 | ||
5.5% 8/1/30 | 2,000,000 | 2,339,200 | ||
5.5% 11/1/33 | 4,205,000 | 4,289,226 | ||
5.5% 11/1/33 (Pre-Refunded to 11/1/13 @ 100) | 1,195,000 | 1,226,644 | ||
5.5% 3/1/40 | 1,000,000 | 1,183,750 | ||
5.6% 3/1/36 | 400,000 | 479,596 | ||
6% 3/1/33 | 4,250,000 | 5,283,770 | ||
6% 4/1/38 | 5,300,000 | 6,332,599 | ||
6% 11/1/39 | 11,700,000 | 14,164,137 | ||
6.5% 4/1/33 | 3,850,000 | 4,779,737 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2008 L, 5.125% 7/1/22 | 750,000 | 808,253 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Health Facilities Fing. Auth. Rev.: - continued | ||||
(Catholic Healthcare West Proj.): - continued | ||||
Series 2009 E, 5.625% 7/1/25 | $ 2,000,000 | $ 2,352,260 | ||
(Kaiser Permanente Health Sys. Proj.) Series 2006 A, 5.25% 4/1/39 | 1,025,000 | 1,117,824 | ||
(Providence Health and Svcs. Proj.): | ||||
Series C, 6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) | 25,000 | 32,485 | ||
6.5% 10/1/38 | 1,375,000 | 1,660,216 | ||
(St. Joseph Health Sys. Proj.) Series 2009 A, 5.75% 7/1/39 | 1,220,000 | 1,429,852 | ||
(Stanford Hosp. & Clinics Proj.) Series 2010 B, 5.75% 11/15/31 | 2,500,000 | 3,010,925 | ||
Bonds (Catholic Healthcare West Proj.): | ||||
Series 2009 D, 5%, tender 7/1/14 (c) | 1,055,000 | 1,109,638 | ||
Series 2009 F, 5%, tender 7/1/14 (c) | 1,000,000 | 1,051,700 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2003 A, 5%, tender 5/1/13 (c)(d) | 1,000,000 | 1,000,000 | ||
California Pub. Works Board Lease Rev.: | ||||
(Butterfield State Office Complex Proj.) Series 2005 A, 5.25% 6/1/30 | 2,000,000 | 2,113,980 | ||
(Coalinga State Hosp. Proj.) Series 2013 E, 5% 6/1/26 | 2,400,000 | 2,805,624 | ||
(Dept. of Forestry & Fire Protection Proj.) Series 2007 E: | ||||
5% 11/1/19 | 1,600,000 | 1,875,200 | ||
5% 11/1/21 | 1,760,000 | 2,024,282 | ||
(Dept. of Health Svcs. Proj.) Series 2005 K, 5% 11/1/23 | 1,000,000 | 1,084,610 | ||
(Office of Emergency Svcs. Proj.) Series 2007 A, 5% 3/1/22 | 1,000,000 | 1,121,770 | ||
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34 | 1,700,000 | 2,064,922 | ||
(Richmond Lab. Proj.) Series 2005 K, 5% 11/1/17 | 2,300,000 | 2,544,743 | ||
(Richmond Lab., Phase III Office Bldg. Proj.) Series B, 5.25% 11/1/25 (XL Cap. Assurance, Inc. Insured) | 2,585,000 | 2,813,488 | ||
(Univ. Proj.) Series 2011 B, 5.25% 10/1/27 | 3,500,000 | 4,058,915 | ||
(Various Cap. Proj.) Series 2012 G, 5% 11/1/24 | 650,000 | 776,276 | ||
(Various Cap. Projs.) Series 2012 A, 5% 4/1/24 | 3,190,000 | 3,800,981 | ||
Series 2005 H, 5% 6/1/18 | 1,425,000 | 1,550,543 | ||
Series 2009 G1, 5.75% 10/1/30 | 600,000 | 707,826 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Pub. Works Board Lease Rev.: - continued | ||||
Series 2009 I: | ||||
6.125% 11/1/29 | $ 400,000 | $ 497,540 | ||
6.375% 11/1/34 | 1,000,000 | 1,241,800 | ||
Series 2010 A, 5.75% 3/1/30 | 1,000,000 | 1,173,310 | ||
California State Univ. Rev. Series 2009 A, 6% 11/1/40 | 3,400,000 | 4,023,322 | ||
California Statewide Cmntys. Dev. Auth. Rev. (St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) | 1,000,000 | 1,137,200 | ||
Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,325,324 | ||
Fontana Unified School District Gen. Oblig. 5% 5/1/18 (Assured Guaranty Corp. Insured) | 1,170,000 | 1,383,034 | ||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev. Series 1999: | ||||
5% 1/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 400,000 | 400,828 | ||
5.75% 1/15/40 | 600,000 | 600,546 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2005 A: | ||||
5% 6/1/45 | 5,150,000 | 5,370,678 | ||
5% 6/1/45 | 1,000,000 | 1,042,850 | ||
5% 6/1/45 (FSA Insured) | 105,000 | 109,738 | ||
Long Beach Unified School District Series A, 5.5% 8/1/29 | 1,000,000 | 1,216,920 | ||
Los Angeles Cmnty. College District Series 2008 A, 6% 8/1/33 | 3,000,000 | 3,683,250 | ||
Los Angeles Dept. of Wtr. & Pwr. Rev. Series A2, 5% 7/1/25 (FSA Insured) | 300,000 | 326,061 | ||
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2012 C, 5% 3/1/25 | 1,455,000 | 1,691,408 | ||
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34 | 2,000,000 | 2,428,460 | ||
Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36 | 1,000,000 | 1,088,690 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. Series 2007, 5% 8/1/19 (AMBAC Insured) | 1,000,000 | 1,121,900 | ||
Northern California Power Agency Rev. (Hydroelectric #1 Proj.) Series 2008 C, 5% 7/1/14 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,051,190 | ||
Oakland Gen. Oblig. Series 2012, 5% 1/15/24 | 2,500,000 | 2,969,875 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Oakland Unified School District Alameda County Series 2009 A, 6.25% 8/1/18 | $ 1,815,000 | $ 2,103,948 | ||
Poway Unified School District: | ||||
(District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 | 1,000,000 | 434,390 | ||
Series B, 0% 8/1/39 | 3,700,000 | 1,087,615 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev. Bonds Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (c) | 1,995,000 | 1,963,539 | ||
Sacramento City Fing. Auth. Rev. Series A, 0% 12/1/26 (FGIC Insured) | 800,000 | 425,176 | ||
Sacramento Muni. Util. District Elec. Rev. Series 2012 Y, 5% 8/15/28 | 2,200,000 | 2,601,060 | ||
San Bernardino Cmnty. College District Series A: | ||||
6.25% 8/1/33 (Pre-Refunded to 8/1/18 @ 100) | 400,000 | 511,028 | ||
6.5% 8/1/27 (Pre-Refunded to 8/1/18 @ 100) | 1,000,000 | 1,290,380 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26 | 1,000,000 | 1,080,450 | ||
San Diego Convention Ctr. Expansion Series 2012 A, 5% 4/15/24 | 2,200,000 | 2,548,700 | ||
San Diego Unified School District: | ||||
Series 2008 C, 0% 7/1/39 | 4,700,000 | 1,411,974 | ||
Series 2008 E: | ||||
0% 7/1/47 (a) | 1,300,000 | 572,767 | ||
0% 7/1/49 | 4,600,000 | 833,520 | ||
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (FSA Insured) | 1,100,000 | 1,287,363 | ||
San Marcos Unified School District: | ||||
Series 2010 B, 0% 8/1/47 | 1,900,000 | 364,515 | ||
Series A, 5% 8/1/38 | 1,000,000 | 1,113,380 | ||
Santa Monica-Malibu Unified School District Series 1999, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 871,970 | ||
Sonoma County Jr. College District Rev. Series 2002 B, 5% 8/1/28 (FSA Insured) | 400,000 | 431,884 | ||
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured) | 6,300,000 | 7,015,806 | ||
Turlock Health Facilities Rev. Ctfs. Series 2004 A, 5.375% 10/15/34 | 300,000 | 311,244 | ||
Union Elementary School District Series A, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 856,820 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Univ. of California Revs.: | ||||
(UCLA Med. Ctr. Proj.) Series A: | ||||
5.5% 5/15/18 (AMBAC Insured) | $ 655,000 | $ 656,683 | ||
5.5% 5/15/20 (AMBAC Insured) | 740,000 | 741,613 | ||
Series 2007 K: | ||||
5% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,330,000 | 2,564,911 | ||
5% 5/15/18 (Pre-Refunded to 5/15/15 @ 101) | 140,000 | 154,568 | ||
Series 2009 O: | ||||
5.25% 5/15/39 | 500,000 | 583,565 | ||
5.75% 5/15/30 | 5,985,000 | 7,213,062 | ||
Ventura County Cmnty. College District Series C, 5.5% 8/1/33 | 1,000,000 | 1,178,860 | ||
Washington Township Health Care District Rev.: | ||||
Series 2010 A, 5.25% 7/1/30 | 1,100,000 | 1,217,282 | ||
Series A, 5% 7/1/15 | 1,025,000 | 1,104,407 | ||
West Contra Costa Unified School District: | ||||
(Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured) | 700,000 | 799,834 | ||
Series 2012, 5% 8/1/26 | 2,000,000 | 2,340,120 | ||
| 206,771,537 | |||
Colorado - 1.0% | ||||
Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.): | ||||
Series B, 0% 7/15/20 (Escrowed to Maturity) | 1,200,000 | 1,062,300 | ||
0% 7/15/22 (Escrowed to Maturity) | 2,800,000 | 2,304,120 | ||
Colorado Health Facilities Auth. Rev.: | ||||
(Longmont Hosp. Proj.) Series B, 5.25% 12/1/13 (Radian Asset Assurance, Inc. Insured) | 860,000 | 875,162 | ||
(Valley View Hosp. Proj.) Series 2008, 5.75% 5/15/36 | 2,000,000 | 2,148,680 | ||
(Volunteers of America Care Proj.) Series A, 5% 7/1/14 | 520,000 | 527,883 | ||
Colorado Springs Utils. Rev. Series 2012 C2, 5% 11/15/42 | 600,000 | 691,860 | ||
Dawson Ridge Metropolitan District #1 Series 1992 A, 0% 10/1/17 (Escrowed to Maturity) | 1,200,000 | 1,149,348 | ||
E-470 Pub. Hwy. Auth. Rev.: | ||||
Series 2000 B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500,000 | 1,174,185 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Colorado - continued | ||||
E-470 Pub. Hwy. Auth. Rev.: - continued | ||||
Series 2010 A, 0% 9/1/41 | $ 2,000,000 | $ 449,460 | ||
Series 2010 C, 5.25% 9/1/25 | 1,000,000 | 1,119,060 | ||
| 11,502,058 | |||
Connecticut - 0.5% | ||||
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2009 1, 5% 2/1/19 | 2,000,000 | 2,419,380 | ||
Eastern Connecticut Resources Recovery Auth. Solid Waste Rev. (Wheelabrator Lisbon Proj.) Series A, 5.5% 1/1/20 (d) | 3,350,000 | 3,363,166 | ||
| 5,782,546 | |||
District Of Columbia - 1.7% | ||||
District of Columbia Hosp. Rev. (Sibley Memorial Hosp. Proj.) Series 2009, 6.375% 10/1/39 | 1,860,000 | 2,140,451 | ||
District of Columbia Rev.: | ||||
(Medlantic/Helix Proj.) Series 1998 B, 5% 8/15/17 (FSA Insured) | 1,600,000 | 1,793,264 | ||
Series B, 4.75% 6/1/32 | 500,000 | 538,870 | ||
District of Columbia Wtr. & Swr. Auth. Pub. Util. Rev. Series 2007 A, 5.5% 10/1/41 | 6,400,000 | 7,405,632 | ||
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Series 2009 B: | ||||
0% 10/1/28 (Assured Guaranty Corp. Insured) | 2,000,000 | 1,013,460 | ||
0% 10/1/32 (Assured Guaranty Corp. Insured) | 5,080,000 | 2,050,034 | ||
0% 10/1/33 (Assured Guaranty Corp. Insured) | 5,000,000 | 1,906,500 | ||
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2010 A, 5% 10/1/39 | 700,000 | 797,881 | ||
Washington D.C. Metropolitan Transit Auth. Rev. Series 2009 A, 5.25% 7/1/29 | 1,750,000 | 2,008,090 | ||
| 19,654,182 | |||
Florida - 8.0% | ||||
Brevard County School Board Ctfs. of Prtn. Series 2007 B, 5% 7/1/24 (AMBAC Insured) | 1,000,000 | 1,129,430 | ||
Broward County School Board Ctfs. of Prtn.: | ||||
Series 2007 A, 5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,152,010 | ||
Series 2012 A, 5% 7/1/24 | 4,400,000 | 5,239,960 | ||
Broward County Wtr. & Swr. Util. Rev. Series 2009 A, 5.25% 10/1/34 | 1,500,000 | 1,760,580 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Citizens Property Ins. Corp.: | ||||
Series 2010 A1: | ||||
5% 6/1/16 (FSA Insured) | $ 1,500,000 | $ 1,684,320 | ||
5% 6/1/17 (FSA Insured) | 1,000,000 | 1,158,560 | ||
Series 2011 A1, 5% 6/1/20 | 1,000,000 | 1,208,790 | ||
Series 2012 A1, 5% 6/1/21 | 1,500,000 | 1,822,860 | ||
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011, 6.25% 10/1/39 | 2,540,000 | 3,030,576 | ||
Escambia City Health Facilities Auth. Rev. (Ascension Health Cr. Group Proj.) Series 2002 C, 5.75% 11/15/32 | 600,000 | 608,232 | ||
Florida Board of Ed. Lottery Rev. Series 2011 A, 5% 7/1/20 | 2,405,000 | 2,968,948 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay: | ||||
Series 2006 C, 5% 6/1/29 | 800,000 | 918,904 | ||
Series 2006 D, 5% 6/1/37 | 1,790,000 | 2,031,614 | ||
Series 2006 E, 5% 6/1/35 | 700,000 | 806,134 | ||
Series 2011 E, 5% 6/1/27 | 1,200,000 | 1,431,732 | ||
Series A, 5.5% 6/1/38 | 400,000 | 475,804 | ||
Florida Correctional Privatization Communications Ctfs. of Prtn. Series 2004 A, 5% 8/1/15 (AMBAC Insured) | 1,000,000 | 1,056,520 | ||
Florida Gen. Oblig.: | ||||
Series 2011 B, 5% 7/1/23 | 1,800,000 | 2,224,548 | ||
Series 2012 A, 5% 7/1/25 | 1,600,000 | 1,953,008 | ||
Florida Muni. Pwr. Agcy. Rev.: | ||||
(St. Lucie Proj.) Series 2012 A, 5% 10/1/26 | 600,000 | 713,994 | ||
Series A, 6.25% 10/1/31 | 500,000 | 607,445 | ||
Halifax Hosp. Med. Ctr. Rev.: | ||||
Series 2006 A, 5% 6/1/38 | 800,000 | 838,752 | ||
Series 2006 B1, 5.5% 6/1/38 (FSA Insured) | 710,000 | 763,207 | ||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2005 B: | ||||
5% 11/15/30 | 505,000 | 531,351 | ||
5% 11/15/30 (Pre-Refunded to 11/15/15 @ 100) | 70,000 | 77,976 | ||
Series 2006 G: | ||||
5% 11/15/16 | 95,000 | 108,837 | ||
5% 11/15/16 (Escrowed to Maturity) | 5,000 | 5,749 | ||
5.125% 11/15/18 | 965,000 | 1,097,803 | ||
5.125% 11/15/18 (Pre-Refunded to 11/15/16 @ 100) | 35,000 | 40,396 | ||
Series 2008 B, 6% 11/15/37 | 2,000,000 | 2,354,860 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.): - continued | ||||
Series B: | ||||
5% 11/15/14 | $ 875,000 | $ 936,329 | ||
5% 11/15/14 (Escrowed to Maturity) | 125,000 | 133,821 | ||
Hillsborough County Indl. Dev.: | ||||
(Gen. Hosp. Proj.) Series 2006, 5% 10/1/36 | 1,015,000 | 1,071,546 | ||
(H Lee Moffitt Cancer Ctr. Proj.) Series A: | ||||
5% 7/1/15 | 1,335,000 | 1,444,670 | ||
5% 7/1/19 | 2,230,000 | 2,463,816 | ||
(Tampa Gen. Hosp. Proj.) Series 2006, 5.25% 10/1/41 | 900,000 | 957,645 | ||
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 | 1,416,640 | ||
(Univ. Cmnty. Hosp. Proj.) Series 2008 A, 5.625% 8/15/29 (Pre-Refunded to 8/15/18 @ 100) | 535,000 | 666,391 | ||
Jacksonville Elec. Auth. Elec. Sys. Rev.: | ||||
Series 2006 A, 5% 10/1/41 (FSA Insured) | 1,000,000 | 1,063,340 | ||
Series 2009 B, 5% 10/1/18 | 4,790,000 | 4,977,624 | ||
Series Three 2010 D, 5% 10/1/38 | 1,600,000 | 1,784,608 | ||
Jacksonville Sales Tax Rev. Series 2012, 5% 10/1/25 | 1,000,000 | 1,196,420 | ||
Lee County Arpt. Rev. Series 2011 A, 5.375% 10/1/32 (d) | 1,050,000 | 1,182,405 | ||
Miami-Dade County Aviation Rev.: | ||||
Series 2010 A, 5.375% 10/1/41 | 1,500,000 | 1,713,690 | ||
Series 2010 A1, 5.5% 10/1/30 | 1,000,000 | 1,183,950 | ||
Series 2010 B, 5% 10/1/35 (FSA Insured) | 2,300,000 | 2,593,802 | ||
Series 2012 A: | ||||
5% 10/1/21 (d) | 1,900,000 | 2,296,701 | ||
5% 10/1/22 (d) | 1,000,000 | 1,213,150 | ||
5% 10/1/31 (d) | 1,500,000 | 1,666,335 | ||
Miami-Dade County Cap. Asset Acquisition Series 2012 A, 5% 10/1/23 | 750,000 | 889,073 | ||
Miami-Dade County Expressway Auth. Series 2010 A, 5% 7/1/40 | 2,000,000 | 2,176,580 | ||
Miami-Dade County School Board Ctfs. of Prtn. Series 2008 A, 5% 8/1/21 (AMBAC Insured) | 2,000,000 | 2,311,280 | ||
Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5.25% 10/1/22 (FSA Insured) | 4,000,000 | 5,059,120 | ||
North Brevard County Hosp. District Rev. (Parrish Med. Ctr. Proj.) Series 2008, 5.75% 10/1/38 | 2,100,000 | 2,288,874 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Orange County Health Facilities Auth. (Orlando Health, Inc.) Series 2009, 5.125% 10/1/26 | $ 1,000,000 | $ 1,147,560 | ||
Orlando & Orange County Expressway Auth. Rev. Series 2012, 5% 7/1/23 | 500,000 | 606,785 | ||
Orlando Utils. Commission Util. Sys. Rev.: | ||||
Series 2009 B, 5% 10/1/33 | 1,100,000 | 1,275,780 | ||
Series 2012 A, 5% 10/1/24 | 700,000 | 895,202 | ||
Series 2013 A: | ||||
5% 10/1/24 | 1,100,000 | 1,406,746 | ||
5% 10/1/25 | 900,000 | 1,150,965 | ||
Seminole County School Board Ctfs. of Prtn. Series A, 5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 500,000 | 543,095 | ||
South Lake County Hosp. District (South Lake Hosp., Inc.) Series 2009 A, 6% 4/1/29 | 1,400,000 | 1,605,492 | ||
Tampa Bay Wtr. Reg'l. Wtr. Supply Auth. Util. Sys. Rev. Series 2011 B, 5% 10/1/18 | 1,400,000 | 1,700,006 | ||
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A, 5% 9/1/25 | 410,000 | 478,085 | ||
Winter Park Wtr. and Swr. Impt. Rev. Series 2009, 5% 12/1/34 | 2,250,000 | 2,529,630 | ||
| 95,830,056 | |||
Georgia - 2.8% | ||||
Atlanta Wtr. & Wastewtr. Rev. Series 2009 A: | ||||
6% 11/1/25 | 3,000,000 | 3,746,070 | ||
6.25% 11/1/39 | 3,500,000 | 4,320,085 | ||
Augusta Wtr. & Swr. Rev. Series 2004, 5.25% 10/1/39 (FSA Insured) | 2,200,000 | 2,328,436 | ||
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 | 1,413,356 | ||
Colquitt County Dev. Auth. Rev.: | ||||
Series A, 0% 12/1/21 (Escrowed to Maturity) | 1,100,000 | 932,118 | ||
Series C, 0% 12/1/21 (Escrowed to Maturity) | 1,800,000 | 1,525,284 | ||
DeKalb County Hosp. Auth. Rev. (DeKalb Med. Ctr., Inc. Proj.) Series 2010: | ||||
6% 9/1/30 | 1,400,000 | 1,642,200 | ||
6.125% 9/1/40 | 1,305,000 | 1,526,498 | ||
Georgia Muni. Elec. Auth. Pwr. Rev.: | ||||
(Gen. Resolution Proj.) Series 2008 A, 5.25% 1/1/21 | 3,090,000 | 3,852,149 | ||
Series C, 5% 1/1/22 | 1,400,000 | 1,718,696 | ||
Series GG, 5% 1/1/23 | 800,000 | 994,768 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Georgia - continued | ||||
Greene County Dev. Auth. Health Sys. Rev. Series 2012, 5% 11/15/37 | $ 300,000 | $ 328,311 | ||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series A, 5.5% 9/15/21 | 930,000 | 1,106,170 | ||
Metropolitan Atlanta Rapid Transit Auth. Sales Tax Rev. Third Series 2009 A, 5.25% 7/1/36 | 2,500,000 | 2,924,450 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009, 5.5% 1/1/36 | 2,600,000 | 2,887,378 | ||
Washington Wilkes Payroll Dev. Auth. Rev. Series C, 0% 12/1/21 (Escrowed to Maturity) | 2,310,000 | 1,957,448 | ||
| 33,203,417 | |||
Hawaii - 0.1% | ||||
Honolulu City & County Board of Wtr. Supply Wtr. Sys. Rev. Series B, 5.25% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) | 1,250,000 | 1,402,000 | ||
Idaho - 0.3% | ||||
Idaho Bond Bank Auth. Rev. Series 2008 C, 5.625% 9/15/26 | 1,415,000 | 1,708,372 | ||
Idaho Health Facilities Auth. Rev.: | ||||
(St. Luke's Health Sys. Proj.) Series 2008 A, 6.75% 11/1/37 | 1,200,000 | 1,411,104 | ||
(Trinity Health Group Proj.) 2008 B, 6.25% 12/1/33 | 400,000 | 474,200 | ||
| 3,593,676 | |||
Illinois - 13.0% | ||||
Chicago Board of Ed.: | ||||
Series 1999 A: | ||||
0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,238,458 | ||
0% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 895,930 | ||
Series 2012 A, 5% 12/1/42 | 3,400,000 | 3,699,268 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.): | ||||
Series 1999, 0% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,125,000 | 5,915,831 | ||
0% 1/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,110,000 | 4,176,796 | ||
Series A, 5% 1/1/42 (AMBAC Insured) | 15,000 | 15,039 | ||
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 | 1,112,160 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Chicago O'Hare Int'l. Arpt. Rev.: - continued | ||||
Series 2006 B, 5% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) | $ 1,405,000 | $ 1,535,876 | ||
Series 2011 C, 6.5% 1/1/41 | 2,300,000 | 2,959,962 | ||
Chicago Park District Gen. Oblig. Series 2010 C, 5.25% 1/1/37 | 1,300,000 | 1,499,784 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev. (Fed. Transit Administration Section 5307 Proj.) Series 2006 A, 5% 6/1/21 | 1,400,000 | 1,562,274 | ||
Cmnty. College District #525 Gen. Oblig.: | ||||
5.75% 6/1/28 | 625,000 | 733,663 | ||
5.75% 6/1/28 (Pre-Refunded to 6/1/18 @ 100) | 375,000 | 465,915 | ||
Cook County Forest Preservation District Series 2012 C, 5% 12/15/21 | 1,000,000 | 1,237,240 | ||
Cook County Gen. Oblig.: | ||||
Series 2004 B, 5.25% 11/15/26 (Pre-Refunded to 11/15/14 @ 100) | 300,000 | 322,797 | ||
Series 2006 B, 5% 11/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,160,450 | ||
Series 2010 A, 5.25% 11/15/33 | 3,250,000 | 3,664,993 | ||
Series 2012 C: | ||||
5% 11/15/24 | 1,700,000 | 2,034,594 | ||
5% 11/15/25 | 2,600,000 | 3,082,846 | ||
Grundy, Kendall & Will County Cmnty. High School District #111 Gen. Oblig. Series 2006 A, 5.5% 5/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,150,000 | 1,281,698 | ||
Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.75% 10/1/35 | 1,600,000 | 1,749,616 | ||
Illinois Fin. Auth. Rev.: | ||||
(Advocate Health Care Proj.) Series 2008 D, 6.5% 11/1/38 | 1,000,000 | 1,188,340 | ||
(Central DuPage Health Proj.) Series 2009 B, 5.375% 11/1/39 | 1,200,000 | 1,323,108 | ||
(Children's Memorial Hosp. Proj.) Series 2008 A, 5.25% 8/15/33 (Assured Guaranty Corp. Insured) | 1,300,000 | 1,436,513 | ||
(Edward Hosp. Obligated Group Proj.) Series 2008 A, 5.5% 2/1/40 (AMBAC Insured) | 1,430,000 | 1,572,314 | ||
(Newman Foundation Proj.) 5% 2/1/32 (Radian Asset Assurance, Inc. Insured) | 1,700,000 | 1,708,517 | ||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A, 5.5% 7/1/38 | 1,930,000 | 2,104,067 | ||
(Northwestern Memorial Hosp. Proj.) Series 2009 A, 6% 8/15/39 | 2,300,000 | 2,724,166 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Illinois Fin. Auth. Rev.: - continued | ||||
(Palos Cmnty. Hosp. Proj.) Series 2010 C, 5.375% 5/15/25 | $ 5,000,000 | $ 5,932,450 | ||
(Provena Health Proj.) Series 2010 A, 6% 5/1/28 | 2,700,000 | 3,131,919 | ||
(Rush Univ. Med. Ctr. Proj.): | ||||
Series 2009 C, 6.625% 11/1/39 | 1,500,000 | 1,799,940 | ||
Series 2009 D, 6.625% 11/1/39 | 1,445,000 | 1,733,942 | ||
Series B, 5.25% 11/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,184,020 | ||
(Sherman Health Systems Proj.) Series 2007 A, 5.5% 8/1/37 | 3,215,000 | 3,522,193 | ||
(Southern Illinois Healthcare Enterprises, Inc. Proj.) Series 2005, 5.25% 3/1/30 | 1,100,000 | 1,208,251 | ||
(The Carle Foundation Proj.) Series 2009 A, 5.5% 2/15/17 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,317,920 | ||
(The Univ. of Chicago Med. Ctr. Proj.) Series 2009 B, 5% 8/15/23 | 1,100,000 | 1,270,159 | ||
Series 2008 A, 5.625% 1/1/37 | 4,810,000 | 5,355,214 | ||
Series 2009 A, 7.25% 11/1/38 | 230,000 | 282,974 | ||
Series 2009: | ||||
6.875% 8/15/38 | 80,000 | 95,554 | ||
7% 8/15/44 | 285,000 | 340,629 | ||
Series 2010 A: | ||||
5.5% 8/15/24 | 540,000 | 620,849 | ||
5.75% 8/15/29 | 360,000 | 412,254 | ||
Series 2010, 5.25% 8/15/36 | 1,335,000 | 1,446,499 | ||
Series 2012 A: | ||||
5% 5/15/20 | 500,000 | 576,325 | ||
5% 5/15/23 | 300,000 | 344,352 | ||
Series 2012: | ||||
4% 9/1/32 | 900,000 | 892,773 | ||
5% 9/1/32 | 1,900,000 | 2,093,249 | ||
5% 9/1/38 | 300,000 | 322,905 | ||
5% 11/15/43 | 820,000 | 878,409 | ||
Series 2013, 5% 5/15/43 | 1,300,000 | 1,375,491 | ||
Illinois Gen. Oblig.: | ||||
Series 2002, 5.5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,099,140 | ||
Series 2006: | ||||
5% 1/1/19 | 1,000,000 | 1,157,470 | ||
5.5% 1/1/31 | 1,000,000 | 1,201,370 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Illinois Gen. Oblig.: - continued | ||||
Series 2010: | ||||
5% 1/1/21 (FSA Insured) | $ 500,000 | $ 566,730 | ||
5% 1/1/23 (FSA Insured) | 1,300,000 | 1,443,442 | ||
Series 2012 A, 5% 1/1/33 | 800,000 | 860,456 | ||
Series 2012: | ||||
5% 8/1/19 | 465,000 | 542,334 | ||
5% 8/1/21 | 400,000 | 470,160 | ||
5% 3/1/23 | 1,000,000 | 1,146,540 | ||
5% 3/1/36 | 1,000,000 | 1,065,280 | ||
Series 2013, 5% 1/1/22 | 2,175,000 | 2,441,372 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Delnor-Cmnty. Hosp. Proj.): | ||||
Series 2002 D, 5.25% 5/15/32 (FSA Insured) | 2,000,000 | 2,153,520 | ||
5.25% 5/15/32 (FSA Insured) | 360,000 | 387,634 | ||
(Sherman Hosp. Proj.) 5.25% 8/1/27 (AMBAC Insured) | 600,000 | 601,056 | ||
Illinois Unemployment Ins. Fund Bldg. Receipts Series 2012 A, 5% 6/15/19 | 700,000 | 767,172 | ||
Joliet School District #86 Gen. Oblig. Series 2002, 0% 11/1/19 (FSA Insured) | 2,000,000 | 1,718,440 | ||
Kane, McHenry, Cook & DeKalb Counties Unit School District #300: | ||||
Series 2001, 0% 12/1/17 (AMBAC Insured) | 1,000,000 | 938,980 | ||
Series 2007, 6.5% 1/1/20 (AMBAC Insured) | 1,100,000 | 1,438,437 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/16 (Escrowed to Maturity) | 235,000 | 229,280 | ||
0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 765,000 | 719,024 | ||
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 | 1,432,881 | ||
Lake County Forest Preservation District Series 2007 A, 0.538% 12/15/13 (c) | 440,000 | 440,431 | ||
McHenry & Kane Counties Cmnty. Consolidated School District #158 Series 2004, 0% 1/1/24 (FSA Insured) | 800,000 | 557,288 | ||
Metropolitan Pier & Exposition: | ||||
(McCormick Place Expansion Proj.): | ||||
Series 1996 A, 0% 6/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 738,420 | ||
Series 2010 B1, 0% 6/15/44 (FSA Insured) | 3,900,000 | 864,708 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Metropolitan Pier & Exposition: - continued | ||||
(McCormick Place Expansion Proj.): - continued | ||||
Series 2012 B: | ||||
0% 12/15/51 | $ 2,900,000 | $ 430,679 | ||
5% 6/15/52 | 3,500,000 | 3,832,220 | ||
Series A: | ||||
0% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,710,000 | 3,330,912 | ||
0% 6/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,205,000 | 936,863 | ||
0% 12/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,090,000 | 2,144,306 | ||
0% 6/15/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,080,000 | 379,998 | ||
Series 2002 A, 0% 12/15/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,900,000 | 2,827,162 | ||
Series 2010 B1: | ||||
0% 6/15/43 (FSA Insured) | 5,310,000 | 1,235,743 | ||
0% 6/15/45 (FSA Insured) | 2,600,000 | 549,224 | ||
0% 6/15/46 (FSA Insured) | 1,115,000 | 223,680 | ||
0% 6/15/47 (FSA Insured) | 890,000 | 170,088 | ||
0% 6/15/16 (Escrowed to Maturity) | 795,000 | 779,084 | ||
0% 6/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,880,000 | 1,805,590 | ||
Quincy Hosp. Rev. 5% 11/15/18 | 1,000,000 | 1,132,640 | ||
Univ. of Illinois Board of Trustees Ctfs. of Prtn. Series 2009 A, 5% 10/1/18 | 1,000,000 | 1,156,250 | ||
Univ. of Illinois Rev.: | ||||
(Auxiliary Facilities Sys. Proj.): | ||||
Series 1991, 0% 4/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,700,000 | 3,610,867 | ||
Series 1999 A, 0% 4/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,600,000 | 1,336,576 | ||
Series 2009 A, 5.75% 4/1/38 | 2,940,000 | 3,307,059 | ||
Series 2010 A: | ||||
5% 4/1/25 | 1,000,000 | 1,142,740 | ||
5.25% 4/1/30 | 1,000,000 | 1,130,810 | ||
Will County Cmnty. Unit School District #365-U: | ||||
0% 11/1/14 (Escrowed to Maturity) | 540,000 | 537,343 | ||
0% 11/1/14 (FSA Insured) | 460,000 | 455,359 | ||
0% 11/1/16 (Escrowed to Maturity) | 275,000 | 269,302 | ||
0% 11/1/16 (FSA Insured) | 825,000 | 788,477 | ||
0% 11/1/19 (Escrowed to Maturity) | 790,000 | 724,367 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Will County Cmnty. Unit School District #365-U: - continued | ||||
0% 11/1/19 (FSA Insured) | $ 5,085,000 | $ 4,422,780 | ||
Will County Forest Preservation District Series 1999 B, 0% 12/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 989,500 | ||
| 155,171,670 | |||
Indiana - 2.6% | ||||
Hobart Bldg. Corp. Series 2006, 6.5% 1/15/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,700,000 | 4,641,354 | ||
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 | 1,129,990 | ||
Indiana Fin. Auth. Rev.: | ||||
(Trinity Health Cr. Group Proj.) Series 2009 A, 5.25% 12/1/38 | 2,000,000 | 2,271,880 | ||
Series 2012: | ||||
5% 3/1/30 | 675,000 | 749,129 | ||
5% 3/1/41 | 1,290,000 | 1,399,070 | ||
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (c) | 2,000,000 | 2,227,340 | ||
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 2001 A2, 1.6%, tender 2/1/17 (c) | 1,400,000 | 1,431,304 | ||
Indiana State Fin. Auth. Wastewtr. (CWA Auth. Proj.) Series 2012 A: | ||||
5% 10/1/24 | 400,000 | 490,536 | ||
5% 10/1/37 | 800,000 | 916,200 | ||
Indiana Trans. Fin. Auth. Hwy. Rev. Series 1993 A, 0% 6/1/17 (AMBAC Insured) | 1,000,000 | 952,000 | ||
Indianapolis Local Pub. Impt. Bond Bank (Indianapolis Arpt. Auth. Proj.) Series 2006 F, 5% 1/1/16 (AMBAC Insured) (d) | 1,000,000 | 1,104,210 | ||
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 | 1,113,040 | ||
Lake Central Multi-District School Bldg. Corp. Series 2012 B, 5% 7/15/26 | 4,900,000 | 5,906,999 | ||
North Adams Cmnty. Schools Renovation Bldg. Corp. 0% 1/15/17 (FSA Insured) | 1,230,000 | 1,134,761 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Indiana - continued | ||||
Purdue Univ. Rev. (Student Facilities Sys. Proj.) Series 2009 B: | ||||
5% 7/1/28 | $ 660,000 | $ 783,050 | ||
5% 7/1/35 | 500,000 | 578,990 | ||
Univ. of Southern Indiana Rev. Series J, 5.75% 10/1/28 (Assured Guaranty Corp. Insured) | 2,695,000 | 3,292,967 | ||
Wayne Township Marion County School Bldg. Corp. Series 2007, 5.5% 7/15/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 700,000 | 769,321 | ||
| 30,892,141 | |||
Iowa - 0.1% | ||||
Coralville Urban Renewal Rev. Series C, 5.125% 6/1/39 | 70,000 | 70,857 | ||
Iowa Fin. Auth. Health Facilities Rev. Series 2008 A, 5.625% 8/15/37 (Assured Guaranty Corp. Insured) | 1,200,000 | 1,361,460 | ||
| 1,432,317 | |||
Kansas - 0.7% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 C, 5.75% 11/15/38 | 1,900,000 | 2,195,697 | ||
Kansas Dev. Fin. Auth. Health Facilities Rev. (Hays Med. Ctr. Proj.) Series 2005 L: | ||||
5.25% 11/15/15 | 335,000 | 370,795 | ||
5.25% 11/15/16 | 955,000 | 1,051,216 | ||
Lawrence Hosp. Rev. 5.25% 7/1/18 | 1,000,000 | 1,106,830 | ||
Overland Park Sales Tax Spl. Oblig. Rev. Series 2012, 4.375% 12/15/23 | 900,000 | 903,474 | ||
Wichita Hosp. Facilities Rev. (Via Christi Health Sys., Inc. Proj.) Series 2009 X: | ||||
4% 11/15/18 | 300,000 | 335,619 | ||
5% 11/15/17 | 500,000 | 577,840 | ||
Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev. Series 2012 A, 5% 9/1/26 | 1,950,000 | 2,303,477 | ||
| 8,844,948 | |||
Kentucky - 1.5% | ||||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev.: | ||||
(Baptist Healthcare Sys. Proj.) Series A, 5% 8/15/18 | 3,000,000 | 3,449,010 | ||
(St. Elizabeth Med. Ctr., Inc. Proj.) Series 2009 A, 5.5% 5/1/39 | 1,000,000 | 1,128,620 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Kentucky - continued | ||||
Kentucky Econ. Dev. Fin. Auth. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.): | ||||
Series 2008 C, 6.125% 2/1/38 | $ 2,500,000 | $ 2,832,325 | ||
Series 2010 A, 5% 2/1/30 | 1,000,000 | 1,086,240 | ||
Louisville & Jefferson County Metropolitan Govt. Health Facilities Rev. (Jewish Hosp. & St. Mary's HealthCare Proj.) Series 2008, 6.125% 2/1/37 (Pre-Refunded to 2/1/18 @ 100) | 6,150,000 | 7,694,388 | ||
Louisville & Jefferson County Metropolitan Swr. District Swr. & Drain Sys. Rev. Series A, 5.25% 5/15/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,170,000 | 2,266,674 | ||
| 18,457,257 | |||
Louisiana - 0.9% | ||||
Louisiana Military Dept. Custody Receipts 5% 8/1/14 | 1,730,000 | 1,796,899 | ||
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 | 1,726,928 | ||
5.5% 6/1/41 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,073,000 | ||
New Orleans Aviation Board Rev. Series 2007 A, 5.25% 1/1/19 (FSA Insured) (d) | 1,570,000 | 1,788,450 | ||
New Orleans Gen. Oblig.: | ||||
Series 2005, 5.25% 12/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,072,370 | ||
Series 2012, 5% 12/1/23 | 2,250,000 | 2,636,460 | ||
0% 9/1/15 (AMBAC Insured) | 700,000 | 654,927 | ||
Tobacco Settlement Fing. Corp. Series 2001 B, 5.5% 5/15/30 | 245,000 | 249,099 | ||
| 10,998,133 | |||
Maine - 0.2% | ||||
Maine Health & Higher Ed. Facilities Auth. Rev. Series 2008 D, 5.75% 7/1/38 | 1,100,000 | 1,264,582 | ||
Maine Tpk. Auth. Tpk. Rev. Series 2007, 5.25% 7/1/37 (AMBAC Insured) | 1,300,000 | 1,429,597 | ||
| 2,694,179 | |||
Maryland - 0.7% | ||||
Baltimore Proj. Rev. (Wtr. Proj.) Series 2009 A, 5.375% 7/1/34 | 500,000 | 577,885 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Maryland - continued | ||||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Doctors Cmnty. Hosp. Proj.) Series 2010, 5.75% 7/1/38 | $ 450,000 | $ 504,540 | ||
(Univ. of Maryland Med. Sys. Proj.): | ||||
Series 2008 F, 5.25% 7/1/21 | 1,000,000 | 1,170,900 | ||
Series 2010, 5.125% 7/1/39 | 900,000 | 991,908 | ||
(Upper Chesapeake Hosp. Proj.) Series 2008 C: | ||||
5.5% 1/1/18 | 595,000 | 637,227 | ||
6% 1/1/38 | 2,800,000 | 3,139,416 | ||
(Washington County Health Sys. Proj.) Series 2008, 6% 1/1/43 | 1,000,000 | 1,085,550 | ||
| 8,107,426 | |||
Massachusetts - 0.9% | ||||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||
(Boston Univ. Proj.) Series U4, 5.7% 10/1/40 | 1,400,000 | 1,665,650 | ||
Bonds (Dominion Energy Brayton Point Proj.) Series 2010 A, 2.25%, tender 9/1/16 (c) | 400,000 | 413,524 | ||
Series I, 6.75% 1/1/36 | 1,000,000 | 1,198,100 | ||
Massachusetts Gen. Oblig. Series 2007 C, 5.25% 8/1/24 | 2,200,000 | 2,584,560 | ||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(CareGroup, Inc. Proj.) Series 2008 E1: | ||||
5.125% 7/1/33 | 1,000,000 | 1,116,570 | ||
5.125% 7/1/38 | 1,000,000 | 1,113,510 | ||
Bonds (Baystate Health Sys. Proj.) Series 2009 K, 5%, tender 7/1/13 (c) | 1,000,000 | 1,005,890 | ||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | ||||
Series 2005 A, 5% 8/15/30 (Pre-Refunded to 8/15/15 @ 100) | 580,000 | 641,700 | ||
Series 2007 A, 5% 8/15/22 (AMBAC Insured) | 600,000 | 696,540 | ||
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.) Series 1998 A, 5.25% 8/1/13 | 10,000 | 10,039 | ||
| 10,446,083 | |||
Michigan - 2.6% | ||||
Allegan Pub. School District 5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,515,000 | 1,769,232 | ||
Detroit Swr. Disp. Rev.: | ||||
Series 2001 E, 5.75% 7/1/31 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 1,100,000 | 1,226,324 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Detroit Swr. Disp. Rev.: - continued | ||||
Series 2003 B, 7.5% 7/1/33 (FSA Insured) | $ 1,000,000 | $ 1,262,280 | ||
Series 2006, 5% 7/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,800,000 | 2,856,364 | ||
Detroit Wtr. Supply Sys. Rev.: | ||||
Series 2003 A, 5% 7/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,700,000 | 1,700,425 | ||
Series 2005 B, 5.5% 7/1/35 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 1,800,000 | 1,990,026 | ||
Series 2006 B, 7% 7/1/36 (FSA Insured) | 1,000,000 | 1,196,690 | ||
Ferris State Univ. Rev. 5% 10/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,440,000 | 1,506,370 | ||
Grand Valley Michigan State Univ. Rev. Series 2009, 5.5% 12/1/27 | 2,450,000 | 2,761,787 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2008 A, 5.5%, tender 1/15/15 (c) | 1,000,000 | 1,082,390 | ||
Lansing Board Wtr. & Lt. Rev. 5.5% 7/1/41 | 500,000 | 587,890 | ||
Lapeer Cmnty. Schools 5.25% 5/1/26 (FSA Insured) | 1,100,000 | 1,246,729 | ||
Michigan Fin. Auth. Rev.: | ||||
Series 2012 A: | ||||
4.125% 6/1/32 | 1,100,000 | 1,121,274 | ||
5% 6/1/21 | 350,000 | 407,516 | ||
5% 6/1/27 | 500,000 | 555,010 | ||
5% 6/1/39 | 925,000 | 989,713 | ||
Series 2012 B, 5% 7/1/22 | 700,000 | 792,050 | ||
Series 2012, 5% 11/15/42 | 2,175,000 | 2,360,332 | ||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(McLaren Health Care Corp. Proj.) Series 2008 A, 5.75% 5/15/38 | 1,000,000 | 1,141,120 | ||
(Trinity Health Sys. Proj.) Series 2008 A, 6.5% 12/1/33 | 2,500,000 | 2,997,400 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Proj.) Series 2009 V, 8.25% 9/1/39 | 600,000 | 765,204 | ||
Willow Run Cmnty. Schools County of Washtenaw 5% 5/1/20 (FSA Insured) | 1,000,000 | 1,072,410 | ||
| 31,388,536 | |||
Minnesota - 1.0% | ||||
Duluth Independent School District #709 Ctfs. of Prtn. Series 2009 B, 4% 3/1/20 | 1,620,000 | 1,706,864 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Minneapolis Health Care Sys. Rev. (Fairview Health Svcs. Proj.) Series 2008 B, 6.5% 11/15/38 (Assured Guaranty Corp. Insured) | $ 1,000,000 | $ 1,200,920 | ||
Minnesota Gen. Oblig. 5% 8/1/22 | 1,100,000 | 1,289,387 | ||
Rochester Hsg. & Healthcare Rev. (Madonna Towers Proj.) Series A, 5.875% 11/1/28 | 1,100,000 | 1,141,899 | ||
Saint Paul Port Auth. Lease Rev.: | ||||
(HealthEast Midway Campus Proj.) Series 2003 A, 5.875% 5/1/30 | 1,400,000 | 1,483,496 | ||
Series 2003 11, 5.25% 12/1/18 | 1,000,000 | 1,028,610 | ||
St. Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.): | ||||
Series 2008 C, 5.5% 7/1/17 | 1,000,000 | 1,160,750 | ||
Series 2009, 5.75% 7/1/39 | 1,600,000 | 1,802,608 | ||
St. Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (HealthPartners Oblig. Group Proj.) 5.25% 5/15/22 | 1,000,000 | 1,103,850 | ||
| 11,918,384 | |||
Missouri - 0.1% | ||||
Saint Louis County Indl. Dev. Auth. Sr. Living Facilities Rev. (Friendship Village West County Proj.) Series A, 5.125% 9/1/14 | 850,000 | 873,307 | ||
Montana - 0.2% | ||||
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Proj.) Series 1998 A, 5% 5/1/33 | 1,800,000 | 2,032,866 | ||
Nebraska - 0.3% | ||||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 B, 0.692% 12/1/17 (c) | 1,100,000 | 1,017,742 | ||
Douglas County Hosp. Auth. #2 Health Facilities Rev. (Children's Hosp. Proj.) Series 2008 B, 6% 8/15/24 | 1,300,000 | 1,460,602 | ||
Nebraska Pub. Pwr. District Rev. Series 2012 C, 5% 1/1/26 | 1,225,000 | 1,391,257 | ||
| 3,869,601 | |||
Nevada - 0.4% | ||||
Clark County Wtr. Reclamation District: | ||||
Series 2009 A, 5.25% 7/1/29 (Berkshire Hathaway Assurance Corp. Insured) | 1,000,000 | 1,185,570 | ||
5.625% 7/1/32 | 3,000,000 | 3,546,810 | ||
| 4,732,380 | |||
New Hampshire - 0.7% | ||||
New Hampshire Bus. Fin. Auth. Rev. Series 2009 A, 6.125% 10/1/39 | 1,800,000 | 2,031,714 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New Hampshire - continued | ||||
New Hampshire Health & Ed. Facilities Auth. Rev.: | ||||
(Dartmouth College Proj.) Series 2009, 5.25% 6/1/39 | $ 1,000,000 | $ 1,175,100 | ||
(Dartmouth-Hitchcock Obligated Group Proj.) Series 2010, 5% 8/1/40 | 1,000,000 | 1,089,860 | ||
Series 2007 A, 5% 10/1/37 | 1,100,000 | 1,170,576 | ||
Series 2012: | ||||
4% 7/1/32 | 400,000 | 396,280 | ||
5% 7/1/27 | 500,000 | 557,910 | ||
New Hampshire Tpk. Sys. Rev.: | ||||
Series 2012 B, 5% 2/1/20 | 700,000 | 849,079 | ||
5% 4/1/20 | 1,325,000 | 1,611,849 | ||
| 8,882,368 | |||
New Jersey - 3.1% | ||||
Garden State Preservation Trust Open Space & Farmland Preservation Series 2005 A, 5.8% 11/1/19 (Pre-Refunded to 11/1/15 @ 100) | 700,000 | 793,352 | ||
New Jersey Ctfs. of Prtn. Series 2009 A, 5.25% 6/15/28 | 1,000,000 | 1,132,610 | ||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.: | ||||
Series 2009 AA, 5.5% 12/15/29 | 1,000,000 | 1,169,150 | ||
Series 2012, 5% 6/15/21 | 800,000 | 952,552 | ||
Series 2013 NN, 5% 3/1/27 | 16,810,000 | 19,919,832 | ||
Series 2013: | ||||
5% 3/1/23 | 2,200,000 | 2,735,084 | ||
5% 3/1/24 | 3,000,000 | 3,664,470 | ||
5% 3/1/25 | 300,000 | 359,202 | ||
6% 12/15/34 | 1,075,000 | 1,292,838 | ||
6% 12/15/34 (Pre-Refunded to 12/15/18 @ 100) | 525,000 | 671,654 | ||
New Jersey Health Care Facilities Fing. Auth. Rev. Series 2008, 6.625% 7/1/38 | 1,700,000 | 1,960,032 | ||
New Jersey Tpk. Auth. Tpk. Rev. Series 2009 E, 5.25% 1/1/40 | 1,000,000 | 1,119,070 | ||
New Jersey Trans. Trust Fund Auth. Series 2005 B, 5.25% 12/15/22 (AMBAC Insured) | 400,000 | 500,880 | ||
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 | 1,046,070 | ||
| 37,316,796 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New Mexico - 0.2% | ||||
New Mexico Edl. Assistance Foundation Series 2010 A1, 5% 12/1/19 | $ 2,000,000 | $ 2,424,320 | ||
New York - 10.9% | ||||
Hudson Yards Infrastructure Corp. New York Rev.: | ||||
Series 2012 A, 5.75% 2/15/47 | 2,700,000 | 3,170,907 | ||
Series A: | ||||
5% 2/15/47 | 2,000,000 | 2,127,220 | ||
5% 2/15/47 | 1,200,000 | 1,276,332 | ||
Long Island Pwr. Auth. Elec. Sys. Rev. Series 2012 A, 5% 9/1/42 | 2,300,000 | 2,564,684 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 5.625% 7/1/16 (Escrowed to Maturity) | 180,000 | 190,645 | ||
New York City Gen. Oblig.: | ||||
Series 2008 A1, 5.25% 8/15/27 | 1,500,000 | 1,782,135 | ||
Series 2008 D1, 5.125% 12/1/22 | 2,000,000 | 2,382,080 | ||
Series 2009 I1, 5.625% 4/1/29 | 600,000 | 732,654 | ||
Series 2012 A, 5% 8/1/24 | 1,300,000 | 1,578,512 | ||
Series 2012 E, 5% 8/1/24 | 5,000,000 | 6,130,300 | ||
Series 2012 G1: | ||||
5% 4/1/25 | 2,500,000 | 3,047,775 | ||
5% 4/1/27 | 3,500,000 | 4,173,435 | ||
Series 2013 D, 5% 8/1/23 | 3,400,000 | 4,268,088 | ||
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 | 653,208 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 2005 D: | ||||
5% 6/15/37 | 400,000 | 429,664 | ||
5% 6/15/38 | 1,300,000 | 1,390,480 | ||
5% 6/15/39 | 500,000 | 533,830 | ||
Series 2009 A, 5.75% 6/15/40 | 2,300,000 | 2,721,130 | ||
Series 2009 CC, 5% 6/15/34 | 2,100,000 | 2,371,089 | ||
Series 2009 EE, 5.25% 6/15/40 | 2,100,000 | 2,417,898 | ||
Series 2009 FF 2, 5.5% 6/15/40 | 3,000,000 | 3,550,410 | ||
Series 2011 EE, 5.375% 6/15/43 | 4,000,000 | 4,693,000 | ||
Series 2012 AA, 5% 6/15/44 | 1,800,000 | 2,009,484 | ||
Series 2012 CC, 5% 6/15/45 | 1,400,000 | 1,571,598 | ||
Series 2012 EE, 5.25% 6/15/30 | 5,100,000 | 6,213,687 | ||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | ||||
Series 2009 S1, 5.5% 7/15/31 | 1,000,000 | 1,171,470 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: - continued | ||||
Series 2009 S3: | ||||
5.25% 1/15/34 | $ 4,000,000 | $ 4,671,080 | ||
5.25% 1/15/39 | 1,000,000 | 1,164,850 | ||
Series 2009 S4: | ||||
5.5% 1/15/39 | 850,000 | 1,001,462 | ||
5.75% 1/15/39 | 1,600,000 | 1,906,448 | ||
Series S1, 5% 7/15/25 | 1,900,000 | 2,307,322 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.): | ||||
Series 2007 A, 5% 3/15/32 | 2,400,000 | 2,684,616 | ||
Series 2008 B, 5.75% 3/15/36 | 3,400,000 | 4,100,298 | ||
Series 2009 A, 5% 2/15/34 | 1,100,000 | 1,272,194 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.) Series A, 5.75% 7/1/13 | 410,000 | 413,624 | ||
(New York Univ. Hosp. Ctr. Proj.) Series 2007 B, 5.25% 7/1/24 | 200,000 | 218,004 | ||
Series 2002 A, 5.75% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 10,000 | 10,041 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: | ||||
Series 2009 A, 5.5% 11/15/39 | 5,000,000 | 5,824,000 | ||
Series 2009 B, 5% 11/15/34 | 1,200,000 | 1,355,844 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2003 B, 5.25% 11/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,900,000 | 2,343,156 | ||
Series 2008 A, 5.25% 11/15/36 | 3,700,000 | 4,098,342 | ||
Series 2008 C, 6.5% 11/15/28 | 1,000,000 | 1,257,880 | ||
Series 2010 D, 5.25% 11/15/40 | 1,400,000 | 1,577,772 | ||
Series 2012 D, 5% 11/15/25 | 4,600,000 | 5,492,538 | ||
New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured) | 1,500,000 | 1,600,320 | ||
New York Thruway Auth. Gen. Rev. Series 2005 G, 5.25% 1/1/27 | 1,600,000 | 1,740,320 | ||
New York Thruway Auth. Personal Income Tax Rev. Series 2007 A, 5.25% 3/15/25 | 1,500,000 | 1,759,065 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series 2007 A, 5% 4/1/21 | 1,100,000 | 1,272,018 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.25% 6/1/21 (AMBAC Insured) | 1,000,000 | 1,003,920 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
Tobacco Settlement Fing. Corp.: - continued | ||||
Series 2003 A1: | ||||
5.25% 6/1/22 (AMBAC Insured) | $ 2,360,000 | $ 2,369,204 | ||
Series 2003 B, 5.5% 6/1/18 | 305,000 | 306,257 | ||
Series 2003 B-1C: |
|
| ||
5.5% 6/1/19 | 1,600,000 | 1,606,608 | ||
5.5% 6/1/21 | 5,000,000 | 5,020,550 | ||
5.5% 6/1/22 | 1,500,000 | 1,506,135 | ||
Series 2011: | ||||
5% 6/1/17 | 2,300,000 | 2,684,767 | ||
5% 6/1/17 | 2,200,000 | 2,568,038 | ||
Triborough Bridge & Tunnel Auth. Revs. Series 2012 B, 5% 11/15/23 | 1,000,000 | 1,254,270 | ||
| 129,542,658 | |||
New York & New Jersey - 0.1% | ||||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) | 1,400,000 | 1,434,720 | ||
North Carolina - 1.1% | ||||
Charlotte Int'l. Arpt. Rev. (Charlotte Douglas Int'l. Arpt. Proj.) Series 2010 B, 5.5% 7/1/24 (d) | 1,000,000 | 1,179,740 | ||
Nash Health Care Sys. Health Care Facilities Rev.: | ||||
Series 2012, 5% 11/1/41 | 800,000 | 869,384 | ||
5% 11/1/30 (FSA Insured) | 1,275,000 | 1,382,444 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2009 B, 5% 1/1/26 | 2,100,000 | 2,395,701 | ||
North Carolina Med. Care Cmnty. Health (Memorial Mission Hosp. Proj.) Series 2007, 5% 10/1/20 | 1,000,000 | 1,138,740 | ||
North Carolina Med. Care Commission Health Care Facilities Rev. (Rex Healthcare Proj.) Series 2010 A, 5% 7/1/30 | 1,600,000 | 1,799,280 | ||
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev.: | ||||
Series 2009 A, 5% 1/1/30 | 1,000,000 | 1,127,790 | ||
Series 2010 B, 5% 1/1/20 | 1,300,000 | 1,589,224 | ||
Union County Ctfs. of Prtn. 5% 6/1/18 (Pre-Refunded to 6/1/16 @ 100) | 1,305,000 | 1,484,137 | ||
| 12,966,440 | |||
North Dakota - 0.4% | ||||
Cass County Health Care Facilities Rev. (Essentia Health Obligated Group Proj.) Series 2008, 5.125% 2/15/37 (Assured Guaranty Corp. Insured) | 750,000 | 828,225 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
North Dakota - continued | ||||
Mclean County Solid Waste Facilities Rev. (Great River Energy Projects) Series 2010 B, 5.15% 7/1/40 | $ 2,300,000 | $ 2,498,973 | ||
Ward County Health Care Facility Rev. (Trinity Med. Ctr. Proj.) 5.125% 7/1/17 | 1,210,000 | 1,310,140 | ||
| 4,637,338 | |||
Ohio - 0.9% | ||||
Buckeye Tobacco Settlement Fing. Auth. Series 2007 A1: | ||||
5% 6/1/16 | 800,000 | 885,944 | ||
5% 6/1/17 | 925,000 | 1,049,450 | ||
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 2008 C, 5.75% 8/15/38 | 1,000,000 | 1,110,670 | ||
Lucas County Hosp. Rev. (ProMedica Heathcare Oblig. Group Proj.) Series 2011 A, 6.5% 11/15/37 | 1,200,000 | 1,499,760 | ||
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013, 5% 2/15/48 (b) | 2,000,000 | 1,977,080 | ||
Ohio Air Quality Dev. Auth. Rev. Series 2009 C, 5.625% 6/1/18 | 400,000 | 463,388 | ||
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 | 1,684,110 | ||
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008, 5.75% 12/1/35 | 1,400,000 | 1,596,350 | ||
| 10,266,752 | |||
Oklahoma - 1.0% | ||||
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 | 1,856,635 | ||
Oklahoma City Wtr. Utils. Trust Wtr. and Swr. Rev. Series 2009 A, 5% 7/1/34 | 1,000,000 | 1,162,980 | ||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series C, 5.5% 8/15/22 | 2,865,000 | 3,320,077 | ||
Oklahoma Dev. Fin. Auth. Rev. (Saint John Health Sys. Proj.) 5% 2/15/42 | 1,775,000 | 1,967,659 | ||
Oklahoma Wtr. Resources Board Student Ln. Prog. Rev. Series 2013 D, 5% 10/1/33 | 1,100,000 | 1,294,370 | ||
Tulsa County Indl. Auth. Health Care Rev. 5% 12/15/18 | 1,500,000 | 1,699,425 | ||
| 11,301,146 | |||
Oregon - 0.5% | ||||
Forest Grove Campus Impt. Rev. (Pacific Univ. Proj.) Series 2009, 6.375% 5/1/39 | 1,200,000 | 1,231,416 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Oregon - continued | ||||
Oregon Facilities Auth. Rev. (PeaceHealth Proj.) Seroes 2009 A, 5% 11/1/39 | $ 740,000 | $ 810,737 | ||
Oregon Gen. Oblig. (State Board of Higher Ed. Proj.) Series 2009 A: | ||||
5.75% 8/1/25 (Pre-Refunded to 8/1/18 @ 100) | 500,000 | 626,565 | ||
5.75% 8/1/26 (Pre-Refunded to 8/1/18 @ 100) | 1,000,000 | 1,253,130 | ||
5.75% 8/1/28 (Pre-Refunded to 8/1/18 @ 100) | 500,000 | 626,565 | ||
5.75% 8/1/29 (Pre-Refunded to 8/1/18 @ 100) | 500,000 | 626,565 | ||
Yamhill County School District #029J Newberg 5.5% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,240,850 | ||
| 6,415,828 | |||
Pennsylvania - 1.6% | ||||
Allegheny County Hosp. Dev. Auth. Rev.: | ||||
(Pittsburgh Med. Ctr. Proj.) Series B, 5% 6/15/16 | 850,000 | 959,106 | ||
(Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A, 5.625% 8/15/39 | 1,100,000 | 1,233,397 | ||
Annville-Cleona School District 5.5% 3/1/22 (FSA Insured) | 1,250,000 | 1,358,288 | ||
Centre County Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.) Series 2011, 7% 11/15/46 | 500,000 | 634,470 | ||
Easton Area School District Series 2006: | ||||
7.75% 4/1/25 (FSA Insured) | 315,000 | 372,850 | ||
7.75% 4/1/25 (FSA Insured) (Pre-Refunded to 4/1/16 @ 100) | 385,000 | 466,066 | ||
Mifflin County School District Series 2007, 7.75% 9/1/30 (XL Cap. Assurance, Inc. Insured) | 400,000 | 490,404 | ||
Monroeville Fin. Auth. UPMC Rev. Series 2012, 5% 2/15/27 | 800,000 | 974,440 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.): | ||||
Series 2012 A, 5% 6/1/24 | 600,000 | 708,312 | ||
Series A, 6% 6/1/16 (AMBAC Insured) | 1,860,000 | 2,123,488 | ||
Pennsylvania Tpk. Commission Tpk. Rev. Series 2009 D, 5.5% 12/1/41 | 2,400,000 | 2,690,256 | ||
Philadelphia Gas Works Rev.: | ||||
(1975 Gen. Ordinance Proj.) Seventeenth Series, 5.375% 7/1/20 (FSA Insured) | 500,000 | 503,035 | ||
(1998 Gen. Ordinance Proj.): | ||||
Fifth Series A1, 5% 9/1/33 (FSA Insured) | 150,000 | 153,771 | ||
Ninth Series, 5.25% 8/1/40 | 800,000 | 859,704 | ||
Philadelphia Gen. Oblig. Series 2008 B, 7.125% 7/15/38 (Assured Guaranty Corp. Insured) | 600,000 | 699,306 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Philadelphia School District Series 2005 A, 5% 8/1/22 (AMBAC Insured) | $ 200,000 | $ 213,600 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series A, 0% 8/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000,000 | 4,086,650 | ||
| 18,527,143 | |||
Puerto Rico - 0.5% | ||||
Puerto Rico Govt. Dev. Bank Series 2006 C, 5.25% 1/1/15 (d) | 1,000,000 | 1,020,650 | ||
Puerto Rico Pub. Bldg. Auth. Rev.: | ||||
Bonds Series M2: | ||||
5.5%, tender 7/1/17 (AMBAC Insured) (c) | 600,000 | 636,036 | ||
5.75%, tender 7/1/17 (c) | 1,100,000 | 1,176,527 | ||
Series N, 5.5% 7/1/22 | 1,100,000 | 1,123,254 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | ||||
Series 2007 A, 0% 8/1/41 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 209,000 | ||
Series 2009 A, 6% 8/1/42 | 1,400,000 | 1,529,822 | ||
| 5,695,289 | |||
Rhode Island - 0.2% | ||||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series A, 5.25% 9/15/17 (AMBAC Insured) | 1,000,000 | 1,063,330 | ||
Rhode Island Port Auth. & Econ. Dev. Corp. Arpt. Rev. Series A, 7% 7/1/14 (FSA Insured) (d) | 1,515,000 | 1,562,147 | ||
| 2,625,477 | |||
South Carolina - 1.7% | ||||
Greenwood Fifty School Facilities Installment 5% 12/1/21 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,175,110 | ||
Lexington One School Facilities Corp. Rev. (Lexington County School District No. 1 Proj.) 5% 12/1/17 | 1,015,000 | 1,166,996 | ||
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. Series 2013, 5% 11/1/27 | 1,400,000 | 1,608,642 | ||
South Carolina Jobs-Econ. Dev. Auth. Health Facilities Rev. (Bishop Gadsden Proj.) Series 2007, 5% 4/1/16 | 1,000,000 | 1,075,290 | ||
South Carolina Pub. Svc. Auth. (Santee Cooper) Rev. Oblig.: | ||||
Series 2012 B, 5% 12/1/20 | 2,500,000 | 3,128,575 | ||
Series 2012 C, 5% 12/1/18 | 1,000,000 | 1,212,840 | ||
Series 2012 D, 5% 12/1/43 | 3,300,000 | 3,709,332 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
South Carolina - continued | ||||
South Carolina Pub. Svc. Auth. Rev. (Santee Cooper Proj.): - continued Series 2009 B, 5.25% 1/1/39 | $ 5,000,000 | $ 5,830,600 | ||
Univ. of South Carolina Athletic Facilities Rev. Series 2008 A, 5.5% 5/1/38 | 995,000 | 1,126,340 | ||
| 20,033,725 | |||
South Dakota - 0.1% | ||||
South Dakota Health & Edl. Facilities Auth. Rev. Series 2012 E, 5% 11/1/42 | 1,500,000 | 1,665,060 | ||
Tennessee - 0.8% | ||||
Clarksville Natural Gas Acquisition Corp. Gas Rev.: | ||||
Series 2006: | ||||
5% 12/15/13 | 1,000,000 | 1,026,220 | ||
5% 12/15/15 | 1,500,000 | 1,641,090 | ||
5% 12/15/16 | 1,500,000 | 1,667,310 | ||
Jackson Hosp. Rev. (Jackson-Madison County Gen. Hosp. Proj.) Series 2008, 5.75% 4/1/41 | 1,000,000 | 1,105,910 | ||
Knox County Health Edl. & Hsg. Facilities Board Rev. (Univ. Health Sys. Proj.) Series 2007, 5% 4/1/16 | 1,805,000 | 1,980,482 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5.75% 7/1/24 (d) | 1,600,000 | 1,947,152 | ||
| 9,368,164 | |||
Texas - 11.2% | ||||
Aledo Independent School District (School Bldg. Proj.) Series 2006 A, 5% 2/15/43 | 1,200,000 | 1,336,140 | ||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.5% 8/1/20 | 1,000,000 | 1,208,850 | ||
Bastrop Independent School District Series 2007, 5.25% 2/15/42 | 5,000,000 | 5,571,700 | ||
Beaumont Independent School District 5% 2/15/38 (Assured Guaranty Corp. Insured) | 300,000 | 331,935 | ||
Comal Independent School District: | ||||
Series 2007, 5% 2/1/36 | 2,500,000 | 2,732,225 | ||
Series 2008A, 5.25% 2/1/23 | 2,240,000 | 2,663,965 | ||
Corpus Christi Util. Sys. Rev.: | ||||
5% 7/15/23 | 1,600,000 | 1,950,384 | ||
5.25% 7/15/18 (FSA Insured) | 1,000,000 | 1,169,860 | ||
Corsicana Independent School District 5.125% 2/15/28 (Pre-Refunded to 2/15/15 @ 100) | 1,015,000 | 1,102,412 | ||
Cypress-Fairbanks Independent School District Series A, 0% 2/15/16 | 1,400,000 | 1,372,266 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Dallas Area Rapid Transit Sales Tax Rev. Series 2008, 5.25% 12/1/43 | $ 3,785,000 | $ 4,368,458 | ||
Dallas Fort Worth Int'l. Arpt. Rev.: | ||||
Series 2007, 5% 11/1/19 (XL Cap. Assurance, Inc. Insured) (d) | 2,500,000 | 2,647,575 | ||
Series 2009 A, 5% 11/1/24 | 1,000,000 | 1,126,730 | ||
Series A, 5% 11/1/42 | 3,000,000 | 3,331,980 | ||
Dallas Independent School District Series 2008, 6.375% 2/15/34 | 300,000 | 371,166 | ||
Eagle Mountain & Saginaw Independent School District Series 2008, 5% 8/15/38 | 1,480,000 | 1,677,684 | ||
Frisco Independent School District Series 2008 A, 6% 8/15/33 | 1,200,000 | 1,472,592 | ||
Guadalupe-Blanco River Auth. Contract Rev. (Western Canyon Reg'l. Wtr. Supply Proj.) 5.25% 4/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,003,210 | ||
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt. of Texas, Inc. Denton County Proj.) Series 2003 B, 3.5%, tender 5/1/13 (c)(d) | 1,500,000 | 1,500,000 | ||
Harris County Cultural Ed. Facilities Fin. Corp. Med. Facilities Rev. (Baylor College of Medicine Proj.) Series 2012 A, 5% 11/15/37 | 2,500,000 | 2,790,975 | ||
Harris County Gen. Oblig.: | ||||
(Permanent Impt. Proj.) Series 1996, 0% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500,000 | 2,394,475 | ||
(Road Proj.) Series 2008 B, 5.25% 8/15/47 | 8,000,000 | 9,035,680 | ||
Series 2002, 0% 8/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 774,290 | ||
Harris County Health Facilities Dev. Corp. Hosp. Rev. (Memorial Hermann Healthcare Sys. Proj.) Series 2008 B, 7.25% 12/1/35 (Pre-Refunded to 12/1/18 @ 100) | 1,200,000 | 1,606,656 | ||
Hays Consolidated Independent School District Series A, 5.125% 8/15/30 | 1,000,000 | 1,090,260 | ||
Houston Arpt. Sys. Rev.: | ||||
Series 2011 A, 5% 7/1/24 (d) | 1,250,000 | 1,443,425 | ||
Series 2012 A, 5% 7/1/23 (d) | 600,000 | 711,318 | ||
Houston Cmnty. College Sys. Rev. Series 2013, 5% 2/15/37 | 400,000 | 445,824 | ||
Houston Independent School District Series 2005 A, 0% 2/15/16 | 1,700,000 | 1,666,323 | ||
Humble Independent School District: | ||||
Series 2000, 0% 2/15/17 | 1,000,000 | 965,510 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Humble Independent School District: - continued | ||||
Series 2005 B, 5.25% 2/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,800,000 | $ 1,943,874 | ||
Irving Gen. Oblig. Series 2009, 5% 9/15/19 | 1,690,000 | 2,081,320 | ||
Judson Independent School District Series 2005 B, 5% 2/1/24 (FSA Insured) | 950,000 | 978,747 | ||
Kermit Independent School District Series 2007, 5.25% 2/15/32 | 700,000 | 783,020 | ||
Lampasas Independent School District: | ||||
5.25% 2/15/32 (Pre-Refunded to 2/15/16 @ 100) | 550,000 | 621,951 | ||
5.25% 2/15/32 (Pre-Refunded to 2/15/16 @ 100) | 450,000 | 510,210 | ||
Lewisville Independent School District 0% 8/15/19 | 2,340,000 | 2,124,977 | ||
Liberty Hill Independent School District (School Bldg. Proj.) Series 2006, 5.25% 8/1/35 | 1,100,000 | 1,197,438 | ||
Longview Independent School District 5% 2/15/37 | 1,000,000 | 1,145,750 | ||
Lower Colorado River Auth. Rev.: | ||||
5.75% 5/15/37 | 205,000 | 219,561 | ||
5.75% 5/15/37 (Pre-Refunded to 5/15/15 @ 100) | 25,000 | 27,744 | ||
Mansfield Independent School District 5.5% 2/15/17 | 25,000 | 25,103 | ||
North Texas Tollway Auth. Rev.: | ||||
Bonds Series 2008 E3, 5.75%, tender 1/1/16 (c) | 1,000,000 | 1,129,780 | ||
Series 2008 A, 6% 1/1/24 | 2,000,000 | 2,367,980 | ||
Series 2008 I, 0% 1/1/42 (Assured Guaranty Corp. Insured) (a) | 1,100,000 | 1,224,289 | ||
Series 2009 A, 6.25% 1/1/39 | 1,800,000 | 2,089,188 | ||
Series 2011 A: | ||||
5.5% 9/1/41 | 500,000 | 592,700 | ||
6% 9/1/41 | 1,200,000 | 1,486,440 | ||
Series 2011 D, 5% 9/1/28 | 2,300,000 | 2,705,214 | ||
Northwest Texas Independent School District 5.5% 8/15/21 | 170,000 | 170,330 | ||
Prosper Independent School District: | ||||
Series 2005, 5.125% 8/15/30 | 400,000 | 433,736 | ||
5.375% 8/15/37 | 2,000,000 | 2,266,900 | ||
San Antonio Arpt. Sys. Rev.: | ||||
5% 7/1/16 (FSA Insured) (d) | 1,635,000 | 1,836,350 | ||
5.25% 7/1/18 (FSA Insured) (d) | 2,505,000 | 2,893,475 | ||
San Antonio Elec. & Gas Sys. Rev.: | ||||
Series 2008, 5% 2/1/24 | 1,000,000 | 1,170,190 | ||
Series 2012, 5.25% 2/1/25 | 800,000 | 1,043,568 | ||
San Antonio Wtr. Sys. Rev. Series 2012, 5% 5/15/23 | 5,000,000 | 6,266,850 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
San Jacinto Cmnty. College District Series 2009, 5% 2/15/39 | $ 2,300,000 | $ 2,665,470 | ||
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2010, 5% 10/1/35 | 400,000 | 466,964 | ||
Spring Branch Independent School District Series 2008, 5.25% 2/1/38 | 3,145,000 | 3,542,182 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | ||||
(Baylor Health Care Sys. Proj.) Series 2009, 5.75% 11/15/24 | 1,100,000 | 1,315,050 | ||
(Hendrick Med. Ctr. Proj.) Series 2009 B, 5.25% 9/1/28 (Assured Guaranty Corp. Insured) | 1,235,000 | 1,372,950 | ||
(Scott & White Healthcare Proj.) Series 2013 A: | ||||
4% 8/15/43 | 500,000 | 506,720 | ||
5% 8/15/36 | 1,000,000 | 1,126,710 | ||
Texas Gen. Oblig.: | ||||
(Trans. Commission Mobility Fund Proj.) Series 2005 A, 4.75% 4/1/35 | 1,500,000 | 1,592,955 | ||
Series 2006 A, 5% 4/1/29 | 560,000 | 641,754 | ||
Series 2006, 5% 4/1/27 | 1,000,000 | 1,115,390 | ||
Series 2008, 5% 4/1/25 | 800,000 | 941,208 | ||
Texas Muni. Pwr. Agy. Rev.: | ||||
0% 9/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,100,000 | 1,076,999 | ||
0% 9/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,800,000 | 1,735,470 | ||
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 | 1,468,944 | ||
(NTE Mobility Partners LLC North Tarrant Express Managed Lanes Proj.) Series 2009, 6.875% 12/31/39 | 2,100,000 | 2,526,027 | ||
Texas Trans. Commission Central Texas Tpk. Sys. Rev. Bonds Series 2012 B, 1.25%, tender 2/15/15 (c) | 600,000 | 604,662 | ||
Texas Trans. Commission State Hwy. Fund Rev. Series 2007: | ||||
5% 4/1/21 | 1,000,000 | 1,156,380 | ||
5% 4/1/23 | 1,500,000 | 1,730,805 | ||
5% 4/1/25 | 600,000 | 690,828 | ||
5% 4/1/26 | 800,000 | 919,440 | ||
Texas Wtr. Dev. Board Rev. Series 2008 B, 5.25% 7/15/23 | 1,600,000 | 1,856,048 | ||
Univ. of Texas Board of Regents Sys. Rev. Series 2007 F, 4.75% 8/15/27 | 1,000,000 | 1,114,780 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Waller Independent School District: | ||||
5.5% 2/15/28 | $ 1,670,000 | $ 1,951,929 | ||
5.5% 2/15/37 | 2,100,000 | 2,415,000 | ||
| 133,735,218 | |||
Utah - 0.3% | ||||
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) 5% 9/1/20 | 850,000 | 1,014,042 | ||
Utah State Board of Regents Rev. Series 2011 B, 5% 8/1/27 | 1,000,000 | 1,141,900 | ||
Utah Transit Auth. Sales Tax Rev. Series 2008 A, 5.25% 6/15/38 | 1,200,000 | 1,384,332 | ||
| 3,540,274 | |||
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 | 2,914,366 | ||
(Middlebury College Proj.) Series 2006 A, 5% 10/31/46 | 1,000,000 | 1,096,160 | ||
| 4,010,526 | |||
Virginia - 0.5% | ||||
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 2008 B, 5.375%, tender 12/2/13 (c) | 4,000,000 | 4,113,120 | ||
Virginia Small Bus. Fing. Auth. (95 Express Lane LLC Proj.) Series 2012, 5% 1/1/40 (d) | 1,800,000 | 1,850,850 | ||
| 5,963,970 | |||
Washington - 3.4% | ||||
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 | 925,410 | ||
Energy Northwest Elec. Rev. Series 2012 A, 5% 7/1/21 | 4,000,000 | 5,043,520 | ||
Grant County Pub. Util. District #2 Wanapum Hydro Elec. Rev. Series B, 5.25% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) | 1,950,000 | 2,052,317 | ||
Kent Spl. Events Ctr. Pub. Facilities District Rev. Series 2008, 5.25% 12/1/32 (FSA Insured) | 2,000,000 | 2,220,380 | ||
King County Swr. Rev.: | ||||
Series 2008, 5.75% 1/1/43 | 3,600,000 | 4,225,896 | ||
Series 2009, 5.25% 1/1/42 | 1,000,000 | 1,156,870 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Washington - continued | ||||
King County Swr. Rev.: - continued | ||||
Series 2010, 5% 1/1/50 | $ 1,300,000 | $ 1,438,996 | ||
Spokane Gen. Oblig. 5.25% 12/1/24 (AMBAC Insured) | 1,000,000 | 1,069,620 | ||
Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev.: | ||||
Series 2013 B, 5% 12/1/27 | 1,500,000 | 1,739,115 | ||
5.75% 12/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,027,290 | ||
Washington Gen. Oblig.: | ||||
Series R 97A, 0% 7/1/19 (Escrowed to Maturity) | 1,200,000 | 1,108,596 | ||
Series S5, 0% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,230,000 | 2,127,710 | ||
Washington Health Care Facilities Auth. Rev.: | ||||
(Catholic Health Initiatives Proj.) Series 2008 D, 6.375% 10/1/36 | 3,000,000 | 3,680,250 | ||
(MultiCare Health Sys. Proj.): | ||||
Series 2008 B, 6% 8/15/39 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,155,100 | ||
Series 2010 A, 5% 8/15/18 | 2,295,000 | 2,619,949 | ||
(Providence Health Systems Proj.): | ||||
Series 2006 D, 5.25% 10/1/33 | 1,000,000 | 1,126,700 | ||
Series 2012 A, 5% 10/1/24 | 3,300,000 | 4,034,415 | ||
(Seattle Children's Hosp. Proj.) Series 2009, 5.625% 10/1/38 | 1,400,000 | 1,600,564 | ||
5.7% 7/1/38 | 2,270,000 | 2,491,802 | ||
| 40,844,500 | |||
West Virginia - 0.1% | ||||
West Virginia Hosp. Fin. Auth. Hosp. Rev. (West Virginia United Health Sys. Proj.) Series 2008 E, 5.625% 6/1/35 | 1,000,000 | 1,112,150 | ||
Wisconsin - 0.5% | ||||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Agnesian HealthCare, Inc. Proj.): | ||||
Series 2010: | ||||
5.5% 7/1/40 | 500,000 | 557,135 | ||
5.75% 7/1/30 | 500,000 | 577,195 | ||
Series 2013 B, 5% 7/1/36 | 800,000 | 892,408 | ||
(Marshfield Clinic Proj.) Series A, 5.375% 2/15/34 | 1,000,000 | 1,062,640 | ||
(Wheaton Franciscan Healthcare Sys. Proj.) Series 2003 A, 5.5% 8/15/16 | 795,000 | 805,653 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Wisconsin - continued | ||||
Wisconsin Health & Edl. Facilities Auth. Rev.: - continued | ||||
Series 2012, 5% 6/1/39 | $ 190,000 | $ 206,298 | ||
Series 2013, 5% 8/15/25 | 1,300,000 | 1,516,008 | ||
| 5,617,337 | |||
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 | 1,962,616 |
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $1,075,055,630) | 1,185,815,316 | ||
NET OTHER ASSETS (LIABILITIES) - 0.6% | 7,424,266 | ||
NET ASSETS - 100% | $ 1,193,239,582 |
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 | 35.1% |
Health Care | 21.1% |
Transportation | 9.3% |
Water & Sewer | 9.2% |
Electric Utilities | 7.8% |
Special Tax | 7.8% |
Others* (Individually Less Than 5%) | 9.7% |
| 100.0% |
* Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| April 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,075,055,630) |
| $ 1,185,815,316 |
Cash |
| 2,823,364 |
Receivable for fund shares sold | 1,173,364 | |
Interest receivable | 15,131,765 | |
Prepaid expenses | 912 | |
Receivable from investment adviser for expense reductions | 178 | |
Other receivables | 1,892 | |
Total assets | 1,204,946,791 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 5,863,261 | |
Delayed delivery | 1,935,820 | |
Payable for fund shares redeemed | 1,802,384 | |
Distributions payable | 1,000,136 | |
Accrued management fee | 360,767 | |
Distribution and service plan fees payable | 274,922 | |
Other affiliated payables | 443,353 | |
Other payables and accrued expenses | 26,566 | |
Total liabilities | 11,707,209 | |
|
|
|
Net Assets | $ 1,193,239,582 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,077,832,358 | |
Undistributed net investment income | 600,565 | |
Accumulated undistributed net realized gain (loss) on investments | 4,046,973 | |
Net unrealized appreciation (depreciation) on investments | 110,759,686 | |
Net Assets | $ 1,193,239,582 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2013 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 13.81 | |
|
|
|
Maximum offering price per share (100/96.00 of $13.81) | $ 14.39 | |
Class T: | $ 13.85 | |
|
|
|
Maximum offering price per share (100/96.00 of $13.85) | $ 14.43 | |
Class B: | $ 13.77 | |
|
|
|
Class C: | $ 13.84 | |
|
|
|
Institutional Class: | $ 13.74 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2013 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 24,206,340 |
|
|
|
Expenses | ||
Management fee | $ 2,209,460 | |
Transfer agent fees | 769,284 | |
Distribution and service plan fees | 1,677,034 | |
Accounting fees and expenses | 120,388 | |
Custodian fees and expenses | 7,884 | |
Independent trustees' compensation | 2,274 | |
Registration fees | 57,482 | |
Audit | 27,039 | |
Legal | 2,271 | |
Miscellaneous | 4,667 | |
Total expenses before reductions | 4,877,783 | |
Expense reductions | (5,932) | 4,871,851 |
Net investment income (loss) | 19,334,489 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 4,137,667 |
Change in net unrealized appreciation (depreciation) on investment securities | 2,013,464 | |
Net gain (loss) | 6,151,131 | |
Net increase (decrease) in net assets resulting from operations | $ 25,485,620 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2013 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 19,334,489 | $ 38,407,738 |
Net realized gain (loss) | 4,137,667 | 1,175,916 |
Change in net unrealized appreciation (depreciation) | 2,013,464 | 63,718,880 |
Net increase (decrease) in net assets resulting | 25,485,620 | 103,302,534 |
Distributions to shareholders from net investment income | (19,275,558) | (38,200,799) |
Distributions to shareholders from net realized gain | (355,650) | (162,406) |
Total distributions | (19,631,208) | (38,363,205) |
Share transactions - net increase (decrease) | (20,076,417) | 98,354,483 |
Total increase (decrease) in net assets | (14,222,005) | 163,293,812 |
|
|
|
Net Assets | ||
Beginning of period | 1,207,461,587 | 1,044,167,775 |
End of period (including undistributed net investment income of $600,565 and undistributed net investment income of $541,634, respectively) | $ 1,193,239,582 | $ 1,207,461,587 |
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) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.74 | $ 12.95 | $ 12.99 | $ 12.54 | $ 11.55 | $ 12.72 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .222 | .460 | .479 | .465 | .479 | .476 |
Net realized and unrealized gain (loss) | .073 | .789 | (.041) | .450 | .991 | (1.094) |
Total from investment operations | .295 | 1.249 | .438 | .915 | 1.470 | (.618) |
Distributions from net investment income | (.221) | (.457) | (.478) | (.465) | (.480) | (.477) |
Distributions from net realized gain | (.004) | (.002) | - | - | - | (.075) |
Total distributions | (.225) | (.459) | (.478) | (.465) | (.480) | (.552) |
Net asset value, end of period | $ 13.81 | $ 13.74 | $ 12.95 | $ 12.99 | $ 12.54 | $ 11.55 |
Total Return B, C, D | 2.16% | 9.77% | 3.53% | 7.42% | 12.96% | (5.06)% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .78% A | .77% | .77% | .78% | .79% | .78% |
Expenses net of fee waivers, if any | .78% A | .77% | .77% | .78% | .79% | .78% |
Expenses net of all reductions | .78% A | .77% | .77% | .78% | .79% | .74% |
Net investment income (loss) | 3.25% A | 3.42% | 3.80% | 3.64% | 3.96% | 3.85% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 424,824 | $ 430,231 | $ 368,789 | $ 448,794 | $ 403,580 | $ 235,466 |
Portfolio turnover rate G | 17% A | 6% | 8% | 7% | 6% | 14% |
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) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.77 | $ 12.99 | $ 13.02 | $ 12.57 | $ 11.58 | $ 12.75 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .223 | .462 | .481 | .467 | .481 | .480 |
Net realized and unrealized gain (loss) | .082 | .778 | (.032) | .449 | .990 | (1.098) |
Total from investment operations | .305 | 1.240 | .449 | .916 | 1.471 | (.618) |
Distributions from net investment income | (.221) | (.458) | (.479) | (.466) | (.481) | (.477) |
Distributions from net realized gain | (.004) | (.002) | - | - | - | (.075) |
Total distributions | (.225) | (.460) | (.479) | (.466) | (.481) | (.552) |
Net asset value, end of period | $ 13.85 | $ 13.77 | $ 12.99 | $ 13.02 | $ 12.57 | $ 11.58 |
Total Return B, C, D | 2.23% | 9.67% | 3.61% | 7.41% | 12.94% | (5.05)% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .77% A | .76% | .76% | .77% | .78% | .77% |
Expenses net of fee waivers, if any | .77% A | .76% | .76% | .77% | .78% | .77% |
Expenses net of all reductions | .77% A | .76% | .76% | .77% | .78% | .74% |
Net investment income (loss) | 3.25% A | 3.42% | 3.80% | 3.65% | 3.97% | 3.85% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 245,673 | $ 247,622 | $ 225,908 | $ 253,136 | $ 256,358 | $ 233,891 |
Portfolio turnover rate G | 17% A | 6% | 8% | 7% | 6% | 14% |
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) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.69 | $ 12.92 | $ 12.96 | $ 12.51 | $ 11.52 | $ 12.69 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .176 | .367 | .393 | .379 | .397 | .396 |
Net realized and unrealized gain (loss) | .083 | .772 | (.040) | .451 | .993 | (1.096) |
Total from investment operations | .259 | 1.139 | .353 | .830 | 1.390 | (.700) |
Distributions from net investment income | (.175) | (.367) | (.393) | (.380) | (.400) | (.395) |
Distributions from net realized gain | (.004) | (.002) | - | - | - | (.075) |
Total distributions | (.179) | (.369) | (.393) | (.380) | (.400) | (.470) |
Net asset value, end of period | $ 13.77 | $ 13.69 | $ 12.92 | $ 12.96 | $ 12.51 | $ 11.52 |
Total Return B, C, D | 1.90% | 8.90% | 2.85% | 6.73% | 12.26% | (5.70)% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.46% A | 1.45% | 1.46% | 1.45% | 1.45% | 1.44% |
Expenses net of fee waivers, if any | 1.45% A | 1.45% | 1.45% | 1.45% | 1.45% | 1.44% |
Expenses net of all reductions | 1.45% A | 1.45% | 1.45% | 1.44% | 1.45% | 1.40% |
Net investment income (loss) | 2.58% A | 2.74% | 3.12% | 2.98% | 3.30% | 3.19% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 9,307 | $ 11,187 | $ 12,983 | $ 19,838 | $ 26,607 | $ 31,611 |
Portfolio turnover rate G | 17% A | 6% | 8% | 7% | 6% | 14% |
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) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.77 | $ 12.98 | $ 13.02 | $ 12.57 | $ 11.57 | $ 12.74 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .170 | .358 | .383 | .370 | .390 | .384 |
Net realized and unrealized gain (loss) | .072 | .788 | (.042) | .448 | .999 | (1.096) |
Total from investment operations | .242 | 1.146 | .341 | .818 | 1.389 | (.712) |
Distributions from net investment income | (.168) | (.354) | (.381) | (.368) | (.389) | (.383) |
Distributions from net realized gain | (.004) | (.002) | - | - | - | (.075) |
Total distributions | (.172) | (.356) | (.381) | (.368) | (.389) | (.458) |
Net asset value, end of period | $ 13.84 | $ 13.77 | $ 12.98 | $ 13.02 | $ 12.57 | $ 11.57 |
Total Return B, C, D | 1.77% | 8.92% | 2.74% | 6.60% | 12.19% | (5.77)% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.55% A | 1.54% | 1.54% | 1.54% | 1.53% | 1.53% |
Expenses net of fee waivers, if any | 1.55% A | 1.54% | 1.54% | 1.54% | 1.53% | 1.53% |
Expenses net of all reductions | 1.55% A | 1.53% | 1.54% | 1.53% | 1.53% | 1.49% |
Net investment income (loss) | 2.48% A | 2.65% | 3.03% | 2.89% | 3.22% | 3.09% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 154,712 | $ 155,834 | $ 130,949 | $ 151,847 | $ 133,834 | $ 72,444 |
Portfolio turnover rate G | 17% A | 6% | 8% | 7% | 6% | 14% |
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) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.67 | $ 12.89 | $ 12.93 | $ 12.49 | $ 11.50 | $ 12.67 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .237 | .490 | .505 | .492 | .506 | .504 |
Net realized and unrealized gain (loss) | .074 | .782 | (.039) | .443 | .993 | (1.093) |
Total from investment operations | .311 | 1.272 | .466 | .935 | 1.499 | (.589) |
Distributions from net investment income | (.237) | (.490) | (.506) | (.495) | (.509) | (.506) |
Distributions from net realized gain | (.004) | (.002) | - | - | - | (.075) |
Total distributions | (.241) | (.492) | (.506) | (.495) | (.509) | (.581) |
Net asset value, end of period | $ 13.74 | $ 13.67 | $ 12.89 | $ 12.93 | $ 12.49 | $ 11.50 |
Total Return B, C | 2.29% | 10.00% | 3.79% | 7.62% | 13.29% | (4.86)% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .54% A | .53% | .54% | .55% | .55% | .54% |
Expenses net of fee waivers, if any | .54% A | .53% | .54% | .55% | .55% | .54% |
Expenses net of all reductions | .54% A | .53% | .54% | .55% | .55% | .50% |
Net investment income (loss) | 3.48% A | 3.66% | 4.02% | 3.87% | 4.20% | 4.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 358,723 | $ 362,588 | $ 305,538 | $ 399,826 | $ 244,761 | $ 164,402 |
Portfolio turnover rate F | 17% A | 6% | 8% | 7% | 6% | 14% |
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, 2013 (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. In accordance with valuation policies and procedures approved by the Board of Trustees (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 Fidelity Management & Research Company (FMR) Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Semiannual Report
2. Significant Accounting Policies - continued
Investment Valuation - continued
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For municipal securities, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as 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. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
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 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. 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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation and capital loss carryforwards.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 111,620,854 |
Gross unrealized depreciation | (429,721) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 111,191,133 |
|
|
Tax cost | $ 1,074,624,183 |
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
Semiannual Report
2. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $102,827,351 and $120,244,308, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and 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 FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .37% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 540,398 | $ 17,737 |
Class T | -% | .25% | 308,986 | 783 |
Class B | .65% | .25% | 46,139 | 33,395 |
Class C | .75% | .25% | 781,511 | 139,792 |
|
|
| $ 1,677,034 | $ 191,707 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates - continued
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.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 35,792 |
Class T | 6,037 |
Class B* | 8,551 |
Class C* | 7,361 |
| $ 57,741 |
* 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 FMR, with respect to all classes of the Fund to perform the transfer agency, dividend disbursing, and shareholder servicing functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 262,201 | .12 |
Class T | 143,273 | .12 |
Class B | 7,724 | .15 |
Class C | 105,871 | .14 |
Institutional Class | 250,215 | .14 |
| $ 769,284 |
|
* Annualized
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is paid to Citibank and is based on the level of average net assets for each month.
5. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $1,588 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
6. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense | Reimbursement |
|
|
|
Class B | 1.45% | $ 694 |
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and accounting expenses by $5,232 and $6, respectively.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 6,937,565 | $ 13,646,644 |
Class T | 3,957,856 | 8,115,639 |
Class B | 131,118 | 340,660 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Distributions to Shareholders - continued
Six months ended | Year ended | |
From net investment income |
|
|
Class C | $ 1,904,440 | $ 3,775,325 |
Institutional Class | 6,344,579 | 12,322,531 |
Total | $ 19,275,558 | $ 38,200,799 |
From net realized gain |
|
|
Class A | $ 127,081 | $ 58,057 |
Class T | 72,168 | 34,962 |
Class B | 3,137 | 2,005 |
Class C | 45,636 | 20,220 |
Institutional Class | 107,628 | 47,162 |
Total | $ 355,650 | $ 162,406 |
8. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended April 30, 2013 | Year ended | Six months ended April 30, 2013 | Year ended | |
Class A |
|
|
|
|
Shares sold | 2,941,089 | 7,218,621 | $ 40,562,713 | $ 97,171,715 |
Reinvestment of distributions | 351,746 | 680,401 | 4,849,011 | 9,177,511 |
Shares redeemed | (3,847,470) | (5,044,908) | (52,893,706) | (67,932,371) |
Net increase (decrease) | (554,635) | 2,854,114 | $ (7,481,982) | $ 38,416,855 |
Class T |
|
|
|
|
Shares sold | 957,397 | 2,121,366 | $ 13,250,741 | $ 28,613,263 |
Reinvestment of distributions | 213,695 | 432,014 | 2,954,037 | 5,841,731 |
Shares redeemed | (1,406,451) | (1,967,781) | (19,417,368) | (26,583,449) |
Net increase (decrease) | (235,359) | 585,599 | $ (3,212,590) | $ 7,871,545 |
Class B |
|
|
|
|
Shares sold | 29,406 | 63,948 | $ 404,977 | $ 852,907 |
Reinvestment of distributions | 6,273 | 15,986 | 86,231 | 214,675 |
Shares redeemed | (176,407) | (268,192) | (2,424,818) | (3,607,903) |
Net increase (decrease) | (140,728) | (188,258) | $ (1,933,610) | $ (2,540,321) |
Semiannual Report
8. Share Transactions - continued
| Shares | Dollars | ||
Six months ended April 30, 2013 | Year ended | Six months ended April 30, 2013 | Year ended | |
Class C |
|
|
|
|
Shares sold | 1,052,209 | 2,537,829 | $ 14,541,797 | $ 34,233,722 |
Reinvestment of distributions | 95,111 | 185,320 | 1,314,115 | 2,505,463 |
Shares redeemed | (1,287,776) | (1,489,924) | (17,773,222) | (20,047,596) |
Net increase (decrease) | (140,456) | 1,233,225 | $ (1,917,310) | $ 16,691,589 |
Institutional Class |
|
|
|
|
Shares sold | 4,408,347 | 8,176,603 | $ 60,453,539 | $ 109,365,273 |
Reinvestment of distributions | 290,622 | 516,418 | 3,985,726 | 6,932,866 |
Shares redeemed | (5,116,116) | (5,862,866) | (69,970,190) | (78,383,324) |
Net increase (decrease) | (417,147) | 2,830,155 | $ (5,530,925) | $ 37,914,815 |
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) Inc.
Fidelity Management & Research
(U.K.) Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
(Fidelity Investment logo)(registered trademark)
HIMI-USAN-0613 1.784902.110
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 21, 2013 |
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 21, 2013 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
|
|
Date: | June 21, 2013 |