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)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | October 31 |
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Date of reporting period: | April 30, 2009 |
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, 2009
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
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. | |
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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 (search for "proxy voting guidelines") 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.
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 or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today,
more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
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, 2008 to April 30, 2009).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Class A | .80% |
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Actual |
| $ 1,000.00 | $ 1,070.90 | $ 4.11 |
Hypothetical A |
| $ 1,000.00 | $ 1,020.83 | $ 4.01 |
Class T | .79% |
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Actual |
| $ 1,000.00 | $ 1,070.70 | $ 4.06 |
Hypothetical A |
| $ 1,000.00 | $ 1,020.88 | $ 3.96 |
Class B | 1.45% |
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Actual |
| $ 1,000.00 | $ 1,067.60 | $ 7.43 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.60 | $ 7.25 |
Class C | 1.55% |
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Actual |
| $ 1,000.00 | $ 1,067.60 | $ 7.95 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.11 | $ 7.75 |
Institutional Class | .55% |
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Actual |
| $ 1,000.00 | $ 1,072.50 | $ 2.83 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.07 | $ 2.76 |
A 5% return per year before expenses
* 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, 2009 | ||
| % of fund's | % of fund's net assets |
California | 14.9 | 11.1 |
New York | 12.3 | 10.2 |
Texas | 10.9 | 12.8 |
Illinois | 9.7 | 10.3 |
Washington | 6.7 | 7.0 |
Top Five Sectors as of April 30, 2009 | ||
| % of fund's | % of fund's net assets |
General Obligations | 36.0 | 34.7 |
Health Care | 17.0 | 16.9 |
Transportation | 9.1 | 10.0 |
Water & Sewer | 9.1 | 9.6 |
Electric Utilities | 8.6 | 8.2 |
Weighted Average Maturity as of April 30, 2009 | ||
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| 6 months ago |
Years | 10.7 | 14.9 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of April 30, 2009 | ||
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| 6 months ago |
Years | 8.3 | 8.0 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-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. |
Quality Diversification (% of fund's net assets) | |||||||
As of April 30, 2009 | As of October 31, 2008 | ||||||
![]() | AAA 9.0% |
| ![]() | AAA 23.5% |
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![]() | AA,A 76.3% |
| ![]() | AA,A 63.7% |
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![]() | BBB 8.3% |
| ![]() | BBB 6.1% |
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![]() | BB and Below 0.6% |
| ![]() | BB and Below 1.0% |
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![]() | Not Rated 4.2% |
| ![]() | Not Rated 2.3% |
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![]() | Short-Term |
| ![]() | Short-Term |
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We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 96.7% | ||||
| Principal Amount | Value | ||
Alabama - 0.3% | ||||
Health Care Auth. for Baptist Health Series 2009 A, 6.125%, tender 5/15/12 (d) | $ 1,500,000 | $ 1,503,855 | ||
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5.75% 9/1/22 | 1,000,000 | 997,150 | ||
| 2,501,005 | |||
Alaska - 0.2% | ||||
North Slope Borough Gen. Oblig. Series 2000 B, 0% 6/30/10 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,600,000 | 1,566,752 | ||
Arizona - 2.7% | ||||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 D, 5.5% 1/1/38 | 2,300,000 | 2,178,905 | ||
Arizona State Univ. Ctfs. of Prtn. (Research Infrastructure Proj.) 5.25% 9/1/23 | 1,000,000 | 1,025,560 | ||
Arizona Student Ln. Acquisition Auth. Student Ln. Rev. Series A1, 5.875% 5/1/18 (e) | 1,300,000 | 1,311,492 | ||
Chandler Indl. Dev. Auth. Indl. Dev. Rev. (Intel Corp. Proj.) Series 2005, 4.375%, tender 12/1/10 (d)(e) | 1,000,000 | 977,090 | ||
Glendale Indl. Dev. Auth. Hosp. Rev. (John C. Lincoln Health Network Proj.) 5% 12/1/29 | 1,575,000 | 1,254,503 | ||
Glendale Western Loop 101 Pub. Facilities Corp. Series 2008 A, 6.25% 7/1/38 | 2,200,000 | 2,257,684 | ||
Goodyear McDowell Road Commercial Corridor Impt. District 5.25% 1/1/15 (AMBAC Insured) | 1,425,000 | 1,524,707 | ||
McAllister Academic Village LLC Rev. (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2008, 5.25% 7/1/39 | 1,000,000 | 1,007,160 | ||
Phoenix Civic Impt. Board Arpt. Rev. Series B, 5% 7/1/13 (e) | 2,000,000 | 2,050,360 | ||
Phoenix Civic Impt. Corp. District Rev. (Plaza Expansion Proj.) Series 2005 B, 0% 7/1/38 (a) | 1,620,000 | 1,270,550 | ||
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Series 2005, 5% 7/1/29 | 2,000,000 | 2,025,220 | ||
Phoenix Indl. Dev. Auth. Single Family Mtg. Rev. 0% 12/1/14 (Escrowed to Maturity) (f) | 3,750,000 | 3,249,038 | ||
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2008 A, 5% 1/1/38 | 2,000,000 | 2,020,880 | ||
Salt Verde Finl. Corp. Sr. Gas Rev.: | ||||
Series 2007, 5.5% 12/1/29 | 1,000,000 | 773,700 | ||
5.25% 12/1/22 | 1,500,000 | 1,215,615 | ||
| 24,142,464 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - 13.2% | ||||
California Gen. Oblig.: | ||||
Series 2007, 5.625% 5/1/20 | $ 30,000 | $ 30,739 | ||
5% 11/1/24 | 2,400,000 | 2,382,096 | ||
5% 6/1/27 (AMBAC Insured) | 600,000 | 579,888 | ||
5% 9/1/27 | 1,410,000 | 1,370,351 | ||
5% 3/1/31 | 1,800,000 | 1,675,314 | ||
5% 9/1/31 | 1,500,000 | 1,395,210 | ||
5% 12/1/31 (Nat'l. Pub. Fin. Guar Corp. Insured) | 845,000 | 791,757 | ||
5% 9/1/32 | 1,600,000 | 1,479,856 | ||
5% 8/1/33 | 1,300,000 | 1,195,701 | ||
5% 9/1/33 | 1,800,000 | 1,655,424 | ||
5% 8/1/35 | 2,400,000 | 2,192,280 | ||
5% 9/1/35 | 2,600,000 | 2,374,762 | ||
5.125% 11/1/24 | 600,000 | 601,308 | ||
5.25% 2/1/16 | 1,000,000 | 1,068,330 | ||
5.25% 2/1/24 | 1,000,000 | 1,006,710 | ||
5.25% 2/1/27 (Nat'l. Pub. Fin. Guar Corp. Insured) | 500,000 | 500,125 | ||
5.25% 2/1/28 | 1,200,000 | 1,184,412 | ||
5.25% 2/1/33 | 2,000,000 | 1,921,180 | ||
5.25% 12/1/33 | 20,000 | 19,200 | ||
5.25% 3/1/38 | 3,100,000 | 2,945,434 | ||
5.5% 8/1/27 | 2,100,000 | 2,128,644 | ||
5.5% 8/1/29 | 2,800,000 | 2,819,908 | ||
5.5% 8/1/30 | 2,000,000 | 2,008,440 | ||
5.5% 11/1/33 | 5,400,000 | 5,364,036 | ||
6% 4/1/38 | 3,900,000 | 4,032,132 | ||
6.5% 4/1/33 | 3,800,000 | 4,087,014 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2008 L, 5.125% 7/1/22 | 1,000,000 | 988,620 | ||
Series 2009 D, 5%, tender 7/1/14 (c)(d) | 1,055,000 | 1,063,472 | ||
(Providence Health & Svcs. Proj.) Series 2008 C, 6.5% 10/1/38 | 1,400,000 | 1,482,670 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2003 A, 5%, tender 5/1/13 (d)(e) | 1,000,000 | 990,750 | ||
California Pub. Works Board Lease Rev.: | ||||
(Butterfield State Office Complex Proj.) Series 2005 A, 5.25% 6/1/30 | 2,000,000 | 1,804,560 | ||
(Dept. of Forestry & Fire Protection Proj.) Series 2007 E: | ||||
5% 11/1/19 | 1,600,000 | 1,617,632 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Pub. Works Board Lease Rev.: - continued | ||||
(Dept. of Forestry & Fire Protection Proj.) Series 2007 E: | ||||
5% 11/1/21 | $ 1,760,000 | $ 1,739,074 | ||
(Office of Emergency Svcs. Proj.) Series 2007 A, 5% 3/1/22 | 1,000,000 | 973,170 | ||
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34 | 1,700,000 | 1,716,116 | ||
(Richmond Lab. Proj.) Series 2005 K, 5% 11/1/17 | 2,300,000 | 2,386,365 | ||
(Richmond Lab., Phase III Office Bldg. Proj.) Series B, 5.25% 11/1/25 (XL Cap. Assurance, Inc. Insured) | 2,585,000 | 2,448,357 | ||
Series 2005 H, 5% 6/1/18 | 1,425,000 | 1,459,400 | ||
California State Univ. Rev. Series 2009 A, 6% 11/1/40 | 3,400,000 | 3,582,716 | ||
California Statewide Cmntys. Dev. Auth. Rev.: | ||||
(Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.85%, tender 6/1/12 (d) | 500,000 | 501,570 | ||
(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) | 1,000,000 | 934,110 | ||
Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,300,000 | 1,232,621 | ||
Fontana Unified School District Gen. Oblig. 5% 5/1/18 (Assured Guaranty Corp. Insured) | 1,170,000 | 1,267,718 | ||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series 1995 A, 5% 1/1/35 (Nat'l. Pub. Fin. Guar Corp. Insured) | 700,000 | 468,615 | ||
Series 1999: | ||||
5% 1/15/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 400,000 | 358,964 | ||
5.75% 1/15/40 | 600,000 | 439,488 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2005 A: | ||||
5% 6/1/45 | 5,650,000 | 4,432,764 | ||
5% 6/1/45 | 1,000,000 | 784,560 | ||
Series 2007 A1, 5% 6/1/33 | 400,000 | 254,760 | ||
Long Beach Unified School District Series A, 5.5% 8/1/29 (c) | 1,000,000 | 1,034,740 | ||
Los Angeles Cmnty. College District Series 2008 A, 6% 8/1/33 | 3,000,000 | 3,215,490 | ||
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series 2001 A: | ||||
5.125% 7/1/41 | 4,000,000 | 3,874,200 | ||
5.125% 7/1/41 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,300,000 | 1,259,115 | ||
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34 | 2,000,000 | 2,107,760 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Monterey County Ctfs. of Prtn. Series 2007, 5% 8/1/19 (AMBAC Insured) | $ 1,000,000 | $ 1,066,650 | ||
Northern California Power Agency Rev. (Hydroelectric Number One Proj.) Series 2008 C, 5% 7/1/14 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,094,840 | ||
Oxnard Fing. Auth. Wastewtr. Rev. (Redwood Trunk Swr. and Headworks Proj.) Series 2004 A, 5% 6/1/29 (FGIC Insured) | 1,000,000 | 974,010 | ||
Poway Unified School District (District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 | 1,000,000 | 228,210 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev. Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (d) | 2,000,000 | 1,579,600 | ||
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (FSA Insured) | 1,100,000 | 1,180,443 | ||
Santa Monica-Malibu Unified School District Series 1999, 0% 8/1/20 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 573,420 | ||
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured) | 6,300,000 | 6,466,005 | ||
Union Elementary School District Series A, 0% 9/1/20 (FGIC Insured) | 1,000,000 | 602,860 | ||
Univ. of California Revs.: | ||||
(UCLA Med. Ctr. Proj.) Series A: | ||||
5.5% 5/15/18 (AMBAC Insured) | 655,000 | 654,987 | ||
5.5% 5/15/20 (AMBAC Insured) | 740,000 | 727,990 | ||
Series 2007 K, 5% 5/15/18 (Nat'l. Pub. Fin. Guar Corp. Insured) | 2,470,000 | 2,712,381 | ||
Series 2009 O, 5.75% 5/15/30 | 5,985,000 | 6,389,047 | ||
Washington Township Health Care District Rev. Series A, 5% 7/1/15 | 1,025,000 | 1,042,856 | ||
| 116,522,927 | |||
Colorado - 1.5% | ||||
Adams & Arapahoe Counties Joint School District #28J Aurora Series 2003 A, 5.125% 12/1/21 (FSA Insured) | 1,810,000 | 1,928,501 | ||
Colorado Health Facilities Auth. Rev.: | ||||
(Longmont Hosp. Proj.) Series B, 5.25% 12/1/13 (Radian Asset Assurance, Inc. Insured) | 860,000 | 840,865 | ||
(Valley View Hosp. Proj.) Series 2008, 5.75% 5/15/36 | 2,000,000 | 1,579,840 | ||
(Volunteers of America Care Proj.): | ||||
Series 2007 A, 5.3% 7/1/37 | 300,000 | 166,449 | ||
Series A, 5% 7/1/14 | 570,000 | 481,895 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Colorado - continued | ||||
Colorado Wtr. Resources and Pwr. Dev. Auth. Wtr. Resources Rev. (Parker Wtr. and Sanitation District Proj.) Series 2004 D, 5.25% 9/1/43 (Nat'l. Pub. Fin. Guar Corp. Insured) | $ 4,600,000 | $ 4,070,034 | ||
Dawson Ridge Metropolitan District #1 Series 1992 A, 0% 10/1/17 (Escrowed to Maturity) (f) | 1,200,000 | 909,876 | ||
Denver City & County Arpt. Rev. Series 2001 A, 5.625% 11/15/12 (Nat'l. Pub. Fin. Guar Corp. Insured) (e) | 1,000,000 | 1,027,060 | ||
Denver Health & Hosp. Auth. Healthcare Rev. Series A, 5% 12/1/10 | 1,305,000 | 1,301,059 | ||
E-470 Pub. Hwy. Auth. Rev. Series 2000 B, 0% 9/1/20 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,500,000 | 668,565 | ||
| 12,974,144 | |||
Connecticut - 0.6% | ||||
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2009 1, 5% 2/1/19 | 2,000,000 | 2,249,180 | ||
Eastern Connecticut Resources Recovery Auth. Solid Waste Rev. (Wheelabrator Lisbon Proj.) Series A, 5.5% 1/1/20 (e) | 3,350,000 | 2,988,234 | ||
| 5,237,414 | |||
District Of Columbia - 1.2% | ||||
District of Columbia Gen. Oblig. Series B, 0% 6/1/12 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,200,000 | 1,108,440 | ||
District of Columbia Rev.: | ||||
(George Washington Univ. Proj.) Series 1999 A, 5.75% 9/15/20 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,490,000 | 1,514,078 | ||
(Medlantic/Helix Proj.) Series 1998 B, 5% 8/15/17 (FSA Insured) | 1,600,000 | 1,682,896 | ||
District of Columbia Wtr. & Swr. Auth. Pub. Util. Rev. Series 2007 A, 5.5% 10/1/41 | 6,400,000 | 6,546,560 | ||
| 10,851,974 | |||
Florida - 3.7% | ||||
Brevard County School Board Ctfs. of Prtn. Series 2007 B, 5% 7/1/24 (AMBAC Insured) | 1,000,000 | 971,990 | ||
Broward County School Board Ctfs. of Prtn. Series 2007 A, 5% 7/1/17 (FGIC Insured) | 1,000,000 | 1,022,790 | ||
Broward County Wtr. & Swr. Util. Rev. Series 2009 A, 5.25% 10/1/34 | 1,500,000 | 1,515,450 | ||
Escambia City Health Facilities Auth. Rev. (Ascension Health Cr. Group Proj.) Series 2002 C, 5.75% 11/15/32 | 600,000 | 600,222 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Florida Board of Ed. Series 2000 B, 5.5% 6/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | $ 1,000,000 | $ 1,085,030 | ||
Florida Correctional Privatization Communications Ctfs. of Prtn. Series 2004 A, 5% 8/1/15 (AMBAC Insured) | 1,000,000 | 1,060,360 | ||
Florida Muni. Pwr. Agcy. Rev. Series A, 6.25% 10/1/31 | 500,000 | 532,645 | ||
Halifax Hosp. Med. Ctr. Rev.: | ||||
Series 2006 A, 5% 6/1/38 | 1,000,000 | 736,340 | ||
Series 2006 B1, 5.5% 6/1/38 (FSA Insured) | 1,000,000 | 928,970 | ||
Highlands County Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2002, 3.95%, tender 9/1/12 (d) | 2,100,000 | 2,110,962 | ||
Series 2006 G: | ||||
5% 11/15/16 | 95,000 | 98,003 | ||
5% 11/15/16 (Escrowed to Maturity) (f) | 5,000 | 5,793 | ||
5.125% 11/15/18 | 965,000 | 983,991 | ||
5.125% 11/15/18 (Pre-Refunded to 11/15/16 @ 100) (f) | 35,000 | 40,850 | ||
Series B: | ||||
5% 11/15/14 | 875,000 | 911,829 | ||
5% 11/15/14 (Escrowed to Maturity) (f) | 125,000 | 143,193 | ||
(Adventist Health Sys./Sunbelt, Inc. Prog.) Series 2005 B: | ||||
5% 11/15/30 | 505,000 | 446,006 | ||
5% 11/15/30 (Pre-Refunded to 11/15/15 @ 100) (f) | 70,000 | 80,616 | ||
Hillsborough County Indl. Dev. (H Lee Moffitt Cancer Ctr. Proj.) Series A: | ||||
5% 7/1/15 | 1,335,000 | 1,326,536 | ||
5% 7/1/19 | 2,230,000 | 2,049,838 | ||
Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. (Tampa Elec. Co. Proj.) Series 2006, 5%, tender 3/15/12 (AMBAC Insured) (d) | 1,000,000 | 1,003,640 | ||
Jacksonville Elec. Auth. Elec. Sys. Rev.: | ||||
Series 2006 A, 5% 10/1/41 (FSA Insured) | 1,000,000 | 1,000,970 | ||
Series 2009 B, 5% 10/1/18 | 4,790,000 | 4,923,881 | ||
Miami-Dade County Aviation Rev. (Miami Int'l. Arpt. Proj.) Series 2004 B, 5% 10/1/37 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 896,010 | ||
Miami-Dade County School Board Ctfs. of Prtn. Series 2008 A, 5% 8/1/21 (AMBAC Insured) | 2,000,000 | 1,996,220 | ||
Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5.25% 10/1/22 (FSA Insured) | 4,000,000 | 4,253,680 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
North Brevard County Hosp. District Rev. (Parrish Med. Ctr. Proj.) Series 2008, 5.75% 10/1/38 | $ 1,200,000 | $ 1,042,416 | ||
Seminole County School Board Ctfs. of Prtn. Series A, 5% 7/1/20 (Nat'l. Pub. Fin. Guar Corp. Insured) | 500,000 | 527,015 | ||
| 32,295,246 | |||
Georgia - 3.0% | ||||
Appling County Dev. Auth. Poll. Cont. Rev. Series 2007 B, 4.75%, tender 4/1/11 (Nat'l. Pub. Fin. Guar Corp. Insured) (d) | 2,000,000 | 2,054,940 | ||
Atlanta Arpt. Rev. Series 2004 F, 5.25% 1/1/13 (FSA Insured) (e) | 1,000,000 | 1,037,590 | ||
Atlanta Wtr. & Wastewtr. Rev. Series 2004: | ||||
5% 11/1/37 | 2,400,000 | 2,346,504 | ||
5% 11/1/43 | 9,070,000 | 8,837,264 | ||
Augusta Wtr. & Swr. Rev. Series 2004, 5.25% 10/1/39 (FSA Insured) | 2,200,000 | 2,242,350 | ||
Colquitt County Dev. Auth. Rev. Series A, 0% 12/1/21 (Escrowed to Maturity) (f) | 1,100,000 | 657,140 | ||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series A, 5.5% 9/15/21 | 2,500,000 | 2,006,875 | ||
Muni. Elec. Auth. of Georgia (Gen. Resolution Proj.) Series 2008 A, 5.25% 1/1/21 | 3,090,000 | 3,283,805 | ||
Richmond County Dev. Auth. Rev. (Southern Care Corp. Facility Proj.) Series C, 0% 12/1/21 (Escrowed to Maturity) (f) | 2,415,000 | 1,442,721 | ||
Savannah Econ. Dev. Auth. Rev. (Southern Care Corp. Proj.) Series C, 0% 12/1/21 (Escrowed to Maturity) (f) | 2,500,000 | 1,493,500 | ||
Washington Wilkes Payroll Dev. Auth. Rev. Series C, 0% 12/1/21 (Escrowed to Maturity) (f) | 2,310,000 | 1,379,994 | ||
| 26,782,683 | |||
Hawaii - 0.3% | ||||
Hawaii Arpts. Sys. Rev. Series 2000 B, 8% 7/1/11 (Nat'l. Pub. Fin. Guar Corp. Insured) (e) | 1,300,000 | 1,404,585 | ||
Honolulu City & County Board of Wtr. Supply Wtr. Sys. Rev. Series B, 5.25% 7/1/17 (Nat'l. Pub. Fin. Guar Corp. Insured) (e) | 1,250,000 | 1,246,625 | ||
| 2,651,210 | |||
Idaho - 0.1% | ||||
Idaho Health Facilities Auth. Rev. (St. Luke's Health Sys. Proj.) Series 2008 A, 6.75% 11/1/37 | 1,200,000 | 1,268,664 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - 9.7% | ||||
Chicago Board of Ed. Series 1999 A: | ||||
0% 12/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | $ 1,300,000 | $ 962,442 | ||
0% 12/1/18 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 655,580 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.): | ||||
Series 1999, 0% 1/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 6,125,000 | 4,865,149 | ||
0% 1/1/24 (Nat'l. Pub. Fin. Guar Corp. Insured) | 6,110,000 | 2,958,645 | ||
Series 2001 A, 5.25% 1/1/33 (Nat'l. Pub. Fin. Guar Corp. Insured) | 310,000 | 310,434 | ||
Series 2004 A, 5% 1/1/34 (FSA Insured) | 1,630,000 | 1,616,194 | ||
Series A: | ||||
5% 1/1/42 (AMBAC Insured) | 35,000 | 32,307 | ||
5.5% 1/1/38 (Nat'l. Pub. Fin. Guar Corp. Insured) | 255,000 | 256,793 | ||
Series C, 5.5% 1/1/40 (Nat'l. Pub. Fin. Guar Corp. Insured) | 525,000 | 527,604 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2006 B, 5% 1/1/26 (Nat'l. Pub. Fin. Guar Corp. Insured) (e) | 1,405,000 | 1,203,368 | ||
Series A, 5.5% 1/1/16 (AMBAC Insured) (e) | 900,000 | 901,467 | ||
Chicago Park District Series A, 5.5% 1/1/19 (Nat'l. Pub. Fin. Guar Corp. Insured) | 155,000 | 160,468 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev. 5% 6/1/21 | 1,400,000 | 1,456,294 | ||
Cmnty. College District #525 Gen. Oblig. (Joliet Jr. College Proj.) Series 2008, 5.75% 6/1/28 | 1,000,000 | 1,066,900 | ||
Cook County Gen. Oblig.: | ||||
Series 2002 C, 5% 11/15/25 | 1,100,000 | 1,109,889 | ||
Series 2004 B, 5.25% 11/15/26 (Nat'l. Pub. Fin. Guar Corp. Insured) | 300,000 | 313,287 | ||
Series 2006 B, 5% 11/15/18 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,105,100 | ||
DuPage County Cmnty. High School District #108, Lake Park 5.6% 1/1/17 (FSA Insured) | 3,190,000 | 3,484,246 | ||
Evanston Gen. Oblig. Series C, 5.25% 1/1/20 | 290,000 | 306,295 | ||
Grundy, Kendall & Will County Cmnty. High School District #111 Gen. Oblig. Series 2006 A, 5.5% 5/1/23 | 1,150,000 | 1,238,286 | ||
Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.75% 10/1/35 | 1,600,000 | 1,411,728 | ||
Illinois Fin. Auth. Rev.: | ||||
(Advocate Heath Care Proj.) Series 2008 D, 6.5% 11/1/38 | 1,000,000 | 1,066,070 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Illinois Fin. Auth. Rev.: - continued | ||||
(Alexian Brothers Health Sys. Proj.) Series 2008, 5.5% 2/15/38 | $ 1,000,000 | $ 801,190 | ||
(Children's Memorial Hosp. Proj.) Series 2008 A, 5.25% 8/15/33 (Assured Guaranty Corp. Insured) | 1,800,000 | 1,669,266 | ||
(Edward Hosp. Obligated Group Proj.) Series 2008 A, 5.5% 2/1/40 (AMBAC Insured) | 1,000,000 | 832,710 | ||
(Newman Foundation Proj.) 5% 2/1/32 (Radian Asset Assurance, Inc. Insured) | 1,700,000 | 1,100,325 | ||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A, 5.5% 7/1/38 | 1,900,000 | 1,773,061 | ||
(Northwestern Memorial Hosp. Proj.) Series 2009 A, 6% 8/15/39 | 2,300,000 | 2,327,416 | ||
(Rush Univ. Med. Ctr. Proj.) Series B, 5.25% 11/1/35 (Nat'l. Pub. Fin. Guar Corp. Insured) | 2,000,000 | 1,669,400 | ||
(The Carle Foundation Proj.) Series 2009 A, 5.5% 2/15/17 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,111,080 | ||
Illinois Gen. Oblig.: | ||||
First Series, 5.75% 12/1/18 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,042,530 | ||
Series 2000: | ||||
5.5% 4/1/17 | 1,000,000 | 1,023,770 | ||
5.6% 4/1/21 | 1,000,000 | 1,017,360 | ||
Series 2002, 5.5% 8/1/15 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,135,140 | ||
Series 2006, 5.5% 1/1/31 | 1,000,000 | 1,049,310 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Condell Med. Ctr. Proj.) 6.5% 5/15/30 (Pre-Refunded to 5/15/10 @ 101) (f) | 3,000,000 | 3,203,460 | ||
(Decatur Memorial Hosp. Proj.) Series 2001, 5.75% 10/1/24 | 2,100,000 | 1,983,366 | ||
(Delnor Hosp. Proj.) Series D, 5.25% 5/15/32 (FSA Insured) | 2,000,000 | 1,917,480 | ||
(Lake Forest Hosp. Proj.) 6% 7/1/33 | 1,000,000 | 903,310 | ||
(Riverside Health Sys. Proj.) Series 2000, 6.8% 11/15/20 (Pre-Refunded to 11/15/10 @ 101) (f) | 1,500,000 | 1,644,405 | ||
Illinois Muni. Elec. Agcy. Pwr. Supply Series A, 5% 2/1/35 | 700,000 | 665,917 | ||
Illinois Sales Tax Rev. Series 2000, 6% 6/15/20 | 600,000 | 616,512 | ||
Joliet School District #86 Gen. Oblig. Cap. Appreciation Series 2002, 0% 11/1/19 (FSA Insured) | 2,000,000 | 1,333,780 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Kane, McHenry, Cook & DeKalb Counties Unit School District #300: | ||||
Series 2001, 0% 12/1/17 (AMBAC Insured) | $ 1,000,000 | $ 703,800 | ||
Series 2007, 6.5% 1/1/20 (AMBAC Insured) | 1,100,000 | 1,312,333 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig. Series 2002, 0% 12/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 768,370 | ||
Lake County Cmnty. High School District #117, Antioch Series 2000 B, 0% 12/1/20 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,805,000 | 1,053,199 | ||
Lake County Forest Preservation District Series 2007 A, 1.234% 12/15/13 (d) | 935,000 | 858,358 | ||
Lake County Warren Township High School District #121, Gurnee Series C, 5.5% 3/1/23 (AMBAC Insured) | 1,795,000 | 1,925,102 | ||
Metropolitan Pier & Exposition Auth. Dedicated State Tax Rev. (McCormick Place Expansion Proj.): | ||||
Series 1992 A, 0% 6/15/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 2,375,000 | 1,777,118 | ||
Series 2002 A, 5.75% 6/15/41 (Nat'l. Pub. Fin. Guar Corp. Insured) | 3,300,000 | 3,362,535 | ||
Series A: | ||||
0% 6/15/19 (Nat'l. Pub. Fin. Guar Corp. Insured) | 3,710,000 | 2,312,517 | ||
0% 6/15/22 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,140,000 | 574,184 | ||
0% 12/15/24 (Nat'l. Pub. Fin. Guar Corp. Insured) | 3,090,000 | 1,312,632 | ||
0% 6/15/36 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 181,720 | ||
Ogle, Lee & DeKalb Counties Township High School District #212 6% 12/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 60,000 | 65,011 | ||
Quincy Hosp. Rev. 5% 11/15/18 | 1,000,000 | 968,290 | ||
Schaumburg Village Gen. Oblig. Series B, 5% 12/1/38 (Nat'l. Pub. Fin. Guar Corp. Insured) | 2,000,000 | 2,002,820 | ||
Univ. of Illinois Rev.: | ||||
(Auxiliary Facilities Sys. Proj.): | ||||
Series 1991, 0% 4/1/15 (Nat'l. Pub. Fin. Guar Corp. Insured) | 3,700,000 | 3,046,136 | ||
Series 1999 A, 0% 4/1/20 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,600,000 | 1,002,832 | ||
(Auxilliary Facilities Sys. Proj.) Series 2009 A, 5.75% 4/1/38 | 2,300,000 | 2,433,354 | ||
Will County Cmnty. Unit School District #201 Series 2004, 0% 11/1/23 | 1,000,000 | 444,820 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Will County Cmnty. Unit School District #365-U, Valley View Series 2002: | ||||
0% 11/1/14 (FSA Insured) | $ 1,000,000 | $ 837,820 | ||
0% 11/1/16 (FSA Insured) | 1,000,000 | 750,470 | ||
Will County Forest Preservation District Series 1999 B, 0% 12/1/14 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 838,780 | ||
| 85,361,535 | |||
Indiana - 2.5% | ||||
Franklin Township Independent School Bldg. Corp., Marion County 5.25% 7/15/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,790,000 | 1,991,447 | ||
Hobart Bldg. Corp. Series 2006, 6.5% 1/15/29 (FGIC Insured) | 3,700,000 | 4,217,704 | ||
Indiana Health & Edl. Facilities Fing. Auth. Hosp. Rev. (Clarian Health Partners, Inc. Proj.) Series B, 5% 2/15/11 | 1,500,000 | 1,521,795 | ||
Indiana Health Facility Fing. Auth. Rev. (Ascension Health Subordinate Cr. Proj.) Series A5, 5%, tender 8/1/13 (c)(d) | 3,800,000 | 4,016,410 | ||
Indiana Trans. Fin. Auth. Hwy. Rev. Series 1993 A, 0% 6/1/17 (AMBAC Insured) | 1,000,000 | 750,340 | ||
Indianapolis Local Pub. Impt. Bond Bank (Indianapolis Arpt. Auth. Proj.) Series 2006 F, 5% 1/1/16 (AMBAC Insured) (e) | 1,000,000 | 993,790 | ||
Jasper County Indl. Poll. Ctl. Rev. (Northern Indiana Pub. Svc. Co. Proj.) Series 1988 C, 5.6% 11/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,009,120 | ||
North Adams Cmnty. Schools Renovation Bldg. Corp. 0% 1/15/17 (FSA Insured) | 1,230,000 | 948,232 | ||
Petersburg Poll. Cont. Rev. (Indianapolis Pwr. & Lt. Co. Proj.) Series 1995 C, 5.95% 12/1/29 (e) | 2,000,000 | 1,528,640 | ||
Rockport Poll. Cont. Rev. (AEP Generating Co. Proj.) Series 1995 A, 4.15%, tender 7/15/11 (AMBAC Insured) (d) | 1,000,000 | 985,740 | ||
Univ. of Southern Indiana Rev. Series J, 5.75% 10/1/28 (Assured Guaranty Corp. Insured) | 2,695,000 | 2,879,850 | ||
Wayne Township Marion County School Bldg. Corp. Series 2007, 5.5% 7/15/27 (Nat'l. Pub. Fin. Guar Corp. Insured) | 700,000 | 742,714 | ||
| 21,585,782 | |||
Iowa - 0.6% | ||||
Coralville Urban Renewal Rev. Series C: | ||||
5% 6/1/13 | 695,000 | 710,109 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Iowa - continued | ||||
Coralville Urban Renewal Rev. Series C: - continued | ||||
5.125% 6/1/39 | $ 435,000 | $ 339,431 | ||
Tobacco Settlement Auth. Tobacco Settlement Rev. Series 2001 B, 5.3% 6/1/25 (Pre-Refunded to 6/1/11 @ 101) (f) | 4,000,000 | 4,305,840 | ||
| 5,355,380 | |||
Kansas - 1.2% | ||||
Kansas Dev. Fin. Auth. Health Facilities Rev.: | ||||
(Hays Med. Ctr. Proj.) Series 2005 L: | ||||
5.25% 11/15/15 | 335,000 | 345,630 | ||
5.25% 11/15/16 | 955,000 | 980,441 | ||
(Sisters of Charity of Leavenworth Health Svcs. Corp. Proj.) Series J, 6.25% 12/1/28 | 1,500,000 | 1,539,510 | ||
Kansas Dev. Fin. Auth. Rev. (Sisters of Charity of Leavenworth Health Svcs. Corp. Proj.): | ||||
Series 1998 C, 5.25% 12/1/09 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,420,000 | 1,423,238 | ||
Series 1998, 5.25% 12/1/11 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,750,000 | 1,753,780 | ||
5% 12/1/13 (Nat'l. Pub. Fin. Guar Corp. Insured) | 2,390,000 | 2,394,374 | ||
5% 12/1/14 (Nat'l. Pub. Fin. Guar Corp. Insured) | 500,000 | 500,875 | ||
Lawrence Hosp. Rev. 5.25% 7/1/18 | 1,000,000 | 1,002,290 | ||
Olathe Health Facilities Rev. (Olathe Med. Ctr. Proj.) Series 2008 A, 4.125%, tender 3/1/13 (d) | 1,000,000 | 1,003,790 | ||
| 10,943,928 | |||
Kentucky - 0.9% | ||||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. (Baptist Healthcare Sys. Proj.) Series A, 5% 8/15/18 | 3,000,000 | 3,154,380 | ||
Kentucky Econ. Dev. Fin. Auth. Rev. (Ashland Hosp. Corp./King's Daughters Med. Ctr. Proj.) Series 2008 C, 6.125% 2/1/38 | 2,500,000 | 2,408,575 | ||
Louisville & Jefferson County Metropolitan Govt. Health Facilities Rev. (Jewish Hosp. & St. Mary's HealthCare Proj.) Series 2008, 6.125% 2/1/37 | 400,000 | 399,704 | ||
Louisville & Jefferson County Metropolitan Swr. District Swr. & Drain Sys. Rev. Series A, 5.25% 5/15/37 (Nat'l. Pub. Fin. Guar Corp. Insured) | 2,170,000 | 2,188,988 | ||
| 8,151,647 | |||
Louisiana - 0.9% | ||||
Louisiana Military Dept. Custody Receipts 5% 8/1/14 | 1,730,000 | 1,855,702 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Louisiana - continued | ||||
Louisiana Pub. Facilities Auth. Rev. (Nineteenth Judicial District Court Proj.) Series 2007: | ||||
5.375% 6/1/32 (FGIC Insured) | $ 1,600,000 | $ 1,582,208 | ||
5.5% 6/1/41 (FGIC Insured) | 1,000,000 | 993,980 | ||
New Orleans Aviation Board Rev. Series 2007 A, 5.25% 1/1/19 (FSA Insured) (e) | 1,570,000 | 1,557,000 | ||
New Orleans Gen. Oblig.: | ||||
Series 2005, 5.25% 12/1/23 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,001,610 | ||
0% 9/1/15 (AMBAC Insured) | 700,000 | 537,572 | ||
Tobacco Settlement Fing. Corp. Series 2001 B, 5.5% 5/15/30 | 420,000 | 320,972 | ||
| 7,849,044 | |||
Maine - 0.4% | ||||
Maine Health & Higher Ed. Facilities Auth. Rev. Series 2008 D, 5.75% 7/1/38 | 1,100,000 | 1,145,166 | ||
Maine Tpk. Auth. Tpk. Rev.: | ||||
Series 2004, 5.25% 7/1/30 | 1,000,000 | 1,017,070 | ||
Series 2007, 5.25% 7/1/37 (AMBAC Insured) | 1,200,000 | 1,223,832 | ||
| 3,386,068 | |||
Maryland - 0.9% | ||||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Good Samaritan Hosp. Proj.): | ||||
5.75% 7/1/13 (Escrowed to Maturity) (f) | 1,665,000 | 1,830,201 | ||
5.75% 7/1/13 (Escrowed to Maturity) (f) | 1,015,000 | 1,115,708 | ||
(Univ. of Maryland Med. Sys. Proj.) Series 2008 F, 5.25% 7/1/21 | 1,000,000 | 992,840 | ||
(Upper Chesapeake Hosp. Proj.) Series 2008 C: | ||||
5.5% 1/1/18 | 970,000 | 891,993 | ||
6% 1/1/38 | 2,800,000 | 2,379,636 | ||
(Washington County Health Sys. Proj.) Series 2008, 6% 1/1/43 | 1,000,000 | 805,450 | ||
| 8,015,828 | |||
Massachusetts - 3.2% | ||||
Massachusetts Gen. Oblig.: | ||||
Series 2007 A, 1.354% 5/1/37 (d) | 1,000,000 | 557,250 | ||
Series 2007 C: | ||||
5% 8/1/37 | 4,800,000 | 4,910,256 | ||
5.25% 8/1/24 | 2,200,000 | 2,397,714 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(CareGroup, Inc. Proj.) Series 2008 E1: | ||||
5.125% 7/1/33 | $ 1,000,000 | $ 834,180 | ||
5.125% 7/1/38 | 1,000,000 | 814,480 | ||
(New England Med. Ctr. Hosp. Proj.) Series G, 5.375% 7/1/24 (Nat'l. Pub. Fin. Guar Corp. Insured) | 245,000 | 235,051 | ||
Massachusetts Indl. Fin. Agcy. Rev. (Massachusetts Biomedical Research Corp. Proj.) Series A2, 0% 8/1/10 | 4,500,000 | 4,388,265 | ||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | ||||
Series 2005 A: | ||||
5% 8/15/23 | 5,000,000 | 5,320,550 | ||
5% 8/15/30 | 4,500,000 | 4,582,125 | ||
Series 2007 A, 5% 8/15/37 | 2,200,000 | 2,219,140 | ||
Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev. Sr. Series 1997 A, 5% 1/1/37 (Nat'l. Pub. Fin. Guar Corp. Insured) | 2,000,000 | 1,608,320 | ||
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.) Series 1998 A, 5.25% 8/1/13 | 10,000 | 10,029 | ||
| 27,877,360 | |||
Michigan - 2.6% | ||||
Allegan Pub. School District 5% 5/1/18 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,515,000 | 1,734,205 | ||
Detroit Swr. Disp. Rev.: | ||||
Series 2001 E, 5.75% 7/1/31 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 1,100,000 | 1,110,813 | ||
Series B, 5% 7/1/36 | 2,800,000 | 2,210,880 | ||
Detroit Wtr. Supply Sys. Rev.: | ||||
Series 2003 A, 5% 7/1/34 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,700,000 | 1,419,024 | ||
Series 2005 B, 5.5% 7/1/35 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 1,800,000 | 1,746,450 | ||
Series 2006 B, 7% 7/1/36 (FSA Insured) | 1,000,000 | 1,093,430 | ||
Ferris State Univ. Rev. 5% 10/1/19 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,440,000 | 1,522,224 | ||
Grand Valley Michigan State Univ. Rev. Series 2009, 5.5% 12/1/27 | 2,450,000 | 2,483,173 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2008 A, 5.5%, tender 1/15/15 (d) | 1,000,000 | 1,026,920 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Lapeer Cmnty. Schools 5.25% 5/1/26 (FSA Insured) | $ 1,100,000 | $ 1,173,843 | ||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(McLaren Health Care Corp. Proj.): | ||||
Series 1998 A, 5% 6/1/19 | 2,000,000 | 1,867,380 | ||
Series 2008 A, 5.75% 5/15/38 | 1,000,000 | 910,250 | ||
(Trinity Health Sys. Proj.) Series 2008 A, 6.5% 12/1/33 | 2,500,000 | 2,636,425 | ||
Michigan Tobacco Settlement Fin. Auth. Tobacco Settlement Asset Rev. Series A, 6% 6/1/34 | 1,000,000 | 644,910 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Proj.) Series 2009 V, 8.25% 9/1/39 | 600,000 | 665,070 | ||
Willow Run Cmnty. Schools County of Washtenaw 5% 5/1/20 (FSA Insured) | 1,000,000 | 1,065,390 | ||
| 23,310,387 | |||
Minnesota - 1.8% | ||||
Elk River Independent School District #728 Series 2002 A, 5.25% 2/1/21 (FSA Insured) (Pre-Refunded to 2/1/13 @ 100) (f) | 3,865,000 | 4,262,361 | ||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | ||||
Series 2007 A, 5% 1/1/22 | 1,000,000 | 1,048,520 | ||
Series 2008 A: | ||||
5% 1/1/11 (e) | 1,500,000 | 1,526,610 | ||
5% 1/1/14 (e) | 1,000,000 | 1,021,570 | ||
Minneapolis Health Care Sys. Rev. (Fairview Health Svcs. Proj.) Series 2008 B, 6.5% 11/15/38 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,088,060 | ||
Rochester Hsg. & Hlthcar Rev. (Madonna Towers Proj.) Series A, 5.875% 11/1/28 | 1,100,000 | 783,607 | ||
Saint Cloud Health Care Rev. (Saint Cloud Hosp. Group Oblig. Proj.) Series 2000 A, 5.875% 5/1/30 (FSA Insured) | 2,000,000 | 2,029,340 | ||
Saint Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.) Series 2008 C, 5.5% 7/1/17 | 1,000,000 | 1,044,650 | ||
Saint Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (HealthPartners Oblig. Group Proj.) 5.25% 5/15/22 | 1,000,000 | 890,440 | ||
Saint Paul Port Auth. Lease Rev.: | ||||
(HealthEast Midway Campus Proj.) Series 2003 A, 5.875% 5/1/30 | 1,400,000 | 1,013,068 | ||
Series 2003 11, 5.25% 12/1/18 | 1,000,000 | 1,095,440 | ||
| 15,803,666 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
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 | $ 781,516 | ||
Montana - 0.2% | ||||
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Proj.) Series 1998 A, 5.2%, tender 5/1/09 (d) | 1,500,000 | 1,500,000 | ||
Nebraska - 0.7% | ||||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 B, 1.345% 12/1/17 (d) | 1,100,000 | 684,948 | ||
Douglas County Hosp. Auth. #2 Rev. (Children's Hosp. Proj.) Series 2008 B, 6% 8/15/24 | 1,300,000 | 1,333,072 | ||
Douglas County Hosp. Auth. #3 Health Facilities Rev. (Nebraska Methodist Health Sys. Proj.) Series 2008, 5.75% 11/1/48 | 2,000,000 | 1,700,540 | ||
Omaha Pub. Pwr. District Elec. Rev. Series A, 5% 2/1/46 | 2,000,000 | 2,004,020 | ||
| 5,722,580 | |||
Nevada - 0.7% | ||||
Clark County Arpt. Rev. Series 2003 C, 5.375% 7/1/22 (AMBAC Insured) (e) | 1,000,000 | 919,860 | ||
Clark County Wtr. Reclamation District 5.625% 7/1/32 | 3,000,000 | 3,111,630 | ||
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig. Series 2003 B: | ||||
5.25% 6/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,062,400 | ||
5.25% 6/1/17 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,054,480 | ||
| 6,148,370 | |||
New Hampshire - 0.1% | ||||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. (United Illumination Co.) Series A, 3.65%, tender 2/1/10 (AMBAC Insured) (d)(e) | 1,000,000 | 978,220 | ||
New Jersey - 1.3% | ||||
Garden State Preservation Trust Open Space & Farmland Preservation Series 2005 A, 5.8% 11/1/19 (FSA Insured) | 700,000 | 815,682 | ||
New Jersey Ctfs. of Prtn. Series 2009 A, 5.25% 6/15/28 | 1,000,000 | 995,170 | ||
New Jersey Econ. Dev. Auth. School Facilities | ||||
Series 2005 O: | ||||
5.25% 3/1/21 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,050,510 | ||
5.25% 3/1/23 | 2,000,000 | 2,069,740 | ||
5.25% 3/1/25 | 1,500,000 | 1,540,725 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New Jersey - continued | ||||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.: - continued | ||||
Series 2005 O: | ||||
5.25% 3/1/26 | $ 915,000 | $ 937,500 | ||
Series 2009 Z, 6% 12/15/34 (Assured Guaranty Corp. Insured) | 1,600,000 | 1,747,632 | ||
New Jersey Tpk. Auth. Tpk. Rev. Series 2009 E, 5.25% 1/1/40 | 1,000,000 | 1,005,950 | ||
New Jersey Trans. Trust Fund Auth. Series B, 5.25% 12/15/22 (AMBAC Insured) | 400,000 | 428,160 | ||
Union County Impt. Auth. (Juvenile Detention Ctr. Facility Proj.) Series 2005, 5.5% 5/1/28 (FGIC Insured) | 1,000,000 | 1,006,070 | ||
| 11,597,139 | |||
New Mexico - 0.3% | ||||
Albuquerque Arpt. Rev.: | ||||
Series 1997, 6.75% 7/1/09 (AMBAC Insured) (e) | 450,000 | 452,907 | ||
6.75% 7/1/11 (AMBAC Insured) (e) | 1,805,000 | 1,901,441 | ||
| 2,354,348 | |||
New York - 12.3% | ||||
Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.): | ||||
Series 2003: | ||||
5.75% 5/1/16 | 1,500,000 | 1,656,960 | ||
5.75% 5/1/21 | 1,200,000 | 1,262,400 | ||
Series 2004: | ||||
5.75% 5/1/17 | 1,600,000 | 1,785,968 | ||
5.75% 5/1/25 (FSA Insured) | 600,000 | 632,082 | ||
Hudson Yards Infrastructure Corp. New York Rev. Series A: | ||||
5% 2/15/47 | 2,000,000 | 1,612,300 | ||
5% 2/15/47 | 1,200,000 | 977,496 | ||
Long Island Pwr. Auth. Elec. Sys. Rev. Series A, 5% 12/1/26 (XL Cap. Assurance, Inc. Insured) | 1,400,000 | 1,375,850 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 5.625% 7/1/16 (Escrowed to Maturity) (f) | 1,000,000 | 1,101,400 | ||
New York City Gen. Oblig.: | ||||
Series 2003 J, 5.5% 6/1/19 | 880,000 | 932,175 | ||
Series 2005 G, 5% 8/1/15 | 1,000,000 | 1,092,150 | ||
Series 2008 A1, 5.25% 8/15/27 | 1,500,000 | 1,527,450 | ||
Series 2008 D1, 5.125% 12/1/22 | 2,000,000 | 2,066,460 | ||
Series 2009 H1, 5% 3/1/15 (Assured Guaranty Corp. Insured) | 3,900,000 | 4,291,794 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
New York City Gen. Oblig.: - continued | ||||
Series 2009 I-1, 5.625% 4/1/29 | $ 600,000 | $ 625,650 | ||
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 (FSA Insured) (e) | 540,000 | 539,984 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 2002 A, 5.125% 6/15/34 | 500,000 | 502,465 | ||
Series 2003 A, 5.125% 6/15/34 | 2,000,000 | 2,009,860 | ||
Series 2003 E, 5% 6/15/34 | 1,600,000 | 1,605,808 | ||
Series 2005 D: | ||||
5% 6/15/37 | 400,000 | 401,652 | ||
5% 6/15/38 | 1,300,000 | 1,304,680 | ||
5% 6/15/39 | 500,000 | 500,495 | ||
Series 2009 A, 5.75% 6/15/40 | 2,300,000 | 2,478,963 | ||
Series 2009 EE, 5.25% 6/15/40 | 1,800,000 | 1,843,884 | ||
Series FF 2, 5.5% 6/15/40 | 2,800,000 | 2,946,244 | ||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | ||||
Series 2009 S1, 5.5% 7/15/31 | 1,000,000 | 1,020,890 | ||
Series 2009 S3, 5.25% 1/15/34 | 4,000,000 | 3,945,200 | ||
Series 2009 S4, 5.75% 1/15/39 | 1,600,000 | 1,644,128 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 A: | ||||
5.5% 11/1/26 (b) | 1,000,000 | 1,058,780 | ||
6% 11/1/28 (b) | 2,000,000 | 2,141,360 | ||
Series 2003 B, 5.25% 2/1/29 (b) | 2,000,000 | 2,078,020 | ||
Series 2004 B, 5% 8/1/32 | 1,300,000 | 1,302,847 | ||
Series 2004 C, 5% 2/1/33 (FGIC Insured) | 1,000,000 | 1,002,850 | ||
New York City Trust Cultural Resources Rev. (Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 | 1,000,000 | 1,013,140 | ||
New York Dorm. Auth. Personal Income Tax Rev. (Ed. Proj.) Series 2008 B, 5.75% 3/15/36 | 2,700,000 | 2,908,251 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.): | ||||
Series A, 5.75% 7/1/13 | 1,500,000 | 1,614,195 | ||
Series C, 7.5% 7/1/10 | 190,000 | 196,570 | ||
(New York Univ. Hosp. Ctr. Proj.): | ||||
Series 2007 A, 5% 7/1/14 | 1,000,000 | 954,860 | ||
Series 2007 B, 5.25% 7/1/24 | 300,000 | 246,294 | ||
Series 2002 A, 5.75% 10/1/17 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,091,420 | ||
Series 2002 B, 5.25%, tender 5/15/12 (d) | 1,100,000 | 1,165,219 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: | ||||
Series 2009 A, 5.5% 11/15/39 | $ 5,000,000 | $ 5,062,750 | ||
Series B, 5% 11/15/34 | 1,200,000 | 1,167,924 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2003 B, 5.25% 11/15/19 (FGIC Insured) | 1,900,000 | 2,020,061 | ||
Series 2008 A, 5.25% 11/15/36 | 3,700,000 | 3,584,819 | ||
Series 2008 C, 6.5% 11/15/28 | 1,000,000 | 1,103,800 | ||
New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured) | 1,500,000 | 1,575,165 | ||
New York Thruway Auth. Gen. Rev. Series 2005 G, 5.25% 1/1/27 | 1,600,000 | 1,637,024 | ||
New York Thruway Auth. Personal Income Tax Rev. Series 2007 A, 5.25% 3/15/25 | 1,500,000 | 1,593,705 | ||
Syracuse Indl. Dev. Auth. Pilot Rev. (Carousel Ctr. Co. Proj.) 5% 1/1/36 (XL Cap. Assurance, Inc. Insured) (e) | 2,700,000 | 1,997,298 | ||
Tobacco Settlement Asset Securitization Corp. Series 2002-1, 5.5% 7/15/24 (Pre-Refunded to 7/15/12 @ 100) (f) | 1,075,000 | 1,176,061 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.25% 6/1/21 (AMBAC Insured) | 1,000,000 | 1,020,130 | ||
5.25% 6/1/22 (AMBAC Insured) | 950,000 | 963,851 | ||
5.5% 6/1/14 | 1,720,000 | 1,722,700 | ||
5.5% 6/1/16 | 4,700,000 | 4,780,041 | ||
5.5% 6/1/17 | 4,000,000 | 4,088,480 | ||
Series 2003B 1C: | ||||
5.5% 6/1/14 | 400,000 | 400,628 | ||
5.5% 6/1/15 | 1,700,000 | 1,734,340 | ||
5.5% 6/1/17 | 1,600,000 | 1,635,392 | ||
5.5% 6/1/18 | 2,800,000 | 2,869,720 | ||
5.5% 6/1/19 | 1,600,000 | 1,639,728 | ||
5.5% 6/1/21 | 5,000,000 | 5,081,700 | ||
5.5% 6/1/22 | 1,500,000 | 1,514,070 | ||
Series 2003B C1, 5.5% 6/1/16 | 1,000,000 | 1,027,310 | ||
| 107,854,891 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York & New Jersey - 0.2% | ||||
Port Auth. of New York & New Jersey 124th Series, 5% 8/1/13 (FGIC Insured) (e) | $ 500,000 | $ 501,325 | ||
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. Guar Corp. Insured) (e) | 1,400,000 | 1,412,068 | ||
| 1,913,393 | |||
North Carolina - 1.2% | ||||
Charlotte Ctfs. of Prtn. (2003 Govt. Facilities Projs.) Series G, 5% 6/1/33 | 1,000,000 | 1,004,710 | ||
Dare County Ctfs. of Prtn. 5.25% 6/1/15 (AMBAC Insured) | 1,195,000 | 1,324,765 | ||
Nash Health Care Sys. Health Care Facilities Rev. 5% 11/1/30 (FSA Insured) | 1,200,000 | 1,158,612 | ||
North Carolina Cap. Facilities Fin. Agcy. Rev. (Duke Univ. Proj.) Series A, 5.125% 10/1/41 | 355,000 | 358,781 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev.: | ||||
Series 2003 A, 5.5% 1/1/11 | 1,620,000 | 1,678,612 | ||
Series D, 6.7% 1/1/19 | 1,115,000 | 1,137,412 | ||
North Carolina Infrastructure Fin. Corp. Ctfs. of Prtn. (North Carolina Correctional Facilities Proj.) Series A, 5% 2/1/18 | 1,000,000 | 1,068,080 | ||
North Carolina Med. Care Cmnty. Health (Memorial Mission Hosp. Proj.) Series 2007, 5% 10/1/20 | 1,000,000 | 1,022,680 | ||
North Carolina Med. Care Commission Retirement Facilities Rev. (Southminster Proj.) Series 2007 A, 5.75% 10/1/37 | 1,000,000 | 741,070 | ||
Union County Ctfs. of Prtn. 5% 6/1/18 (AMBAC Insured) | 1,305,000 | 1,443,891 | ||
| 10,938,613 | |||
North Dakota - 0.1% | ||||
Ward County Health Care Facility Rev. (Trinity Med. Ctr. Proj.) 5.125% 7/1/17 | 1,210,000 | 1,059,065 | ||
Ohio - 0.7% | ||||
Buckeye Tobacco Settlement Fing. Auth.: | ||||
Series 2007 A2, 5.75% 6/1/34 | 2,000,000 | 1,186,580 | ||
Series A-2: | ||||
5.875% 6/1/47 | 1,300,000 | 726,466 | ||
6.5% 6/1/47 | 2,200,000 | 1,356,982 | ||
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 2008 C, 5.75% 8/15/38 | 1,000,000 | 832,420 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Plain Local School District 6% 12/1/25 (Nat'l. Pub. Fin. Guar Corp. Insured) | $ 410,000 | $ 426,634 | ||
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008, 5.75% 12/1/35 | 1,400,000 | 1,333,696 | ||
| 5,862,778 | |||
Oklahoma - 0.9% | ||||
Oklahoma City Pub. Property Auth. Hotel Tax Rev. Series 2005, 5.5% 10/1/21 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,695,000 | 1,828,413 | ||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series C: | ||||
5.25% 8/15/29 | 1,600,000 | 1,577,648 | ||
5.5% 8/15/22 | 2,865,000 | 2,985,187 | ||
Tulsa County Indl. Auth. Health Care Rev. 5% 12/15/18 | 1,500,000 | 1,532,295 | ||
| 7,923,543 | |||
Oregon - 0.7% | ||||
Oregon Dept. Administrative Svcs. Ctfs. of Prtn. Series A, 5.375% 5/1/15 (AMBAC Insured) | 1,715,000 | 1,834,381 | ||
Oregon Gen. Oblig. (State Board of Higher Ed. Proj.) Series 2009 A: | ||||
5.75% 8/1/25 | 500,000 | 559,210 | ||
5.75% 8/1/26 | 1,000,000 | 1,110,330 | ||
5.75% 8/1/28 | 500,000 | 550,355 | ||
5.75% 8/1/29 | 500,000 | 547,175 | ||
Yamhill County School District #029J Newberg 5.5% 6/15/19 (FGIC Insured) | 1,000,000 | 1,192,540 | ||
| 5,793,991 | |||
Pennsylvania - 2.5% | ||||
Allegheny County Hosp. Dev. Auth. Rev. (Pittsburgh Med. Ctr. Proj.) Series B, 5% 6/15/16 | 850,000 | 889,262 | ||
Annville-Cleona School District 5.5% 3/1/22 (FSA Insured) | 1,250,000 | 1,369,550 | ||
Canon McMillan School District: | ||||
Series 2001 B, 5.75% 12/1/33 (FGIC Insured) | 1,000,000 | 1,009,060 | ||
Series 2002 B, 5.75% 12/1/35 (FGIC Insured) | 1,595,000 | 1,639,389 | ||
Delaware County Auth. College Rev. (Haverford College Proj.) 5.75% 11/15/29 | 3,500,000 | 3,607,555 | ||
Easton Area School District Series 2006, 7.75% 4/1/25 (FSA Insured) | 700,000 | 839,230 | ||
Mifflin County School District 7.75% 9/1/30 (XL Cap. Assurance, Inc. Insured) | 400,000 | 478,012 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series A, 6% 6/1/16 (AMBAC Insured) | $ 1,860,000 | $ 1,999,351 | ||
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev.: | ||||
(Amtrak Proj.) Series 2001 A, 6.25% 11/1/31 (e) | 2,000,000 | 1,598,980 | ||
(Shippingport Proj.) Series 2002 A, 4.35%, tender 6/1/10 (d)(e) | 500,000 | 502,955 | ||
Pennsylvania Higher Edl. Facilities Auth. Rev. (Lafayette College Proj.) 6% 5/1/30 | 2,565,000 | 2,607,502 | ||
Pennsylvania Tpk. Commission Tpk. Rev. Series 2004 A, 5.25% 12/1/32 (AMBAC Insured) | 1,500,000 | 1,525,275 | ||
Philadelphia Gas Works Rev.: | ||||
(1975 Gen. Ordinance Proj.) Seventeenth Series, 5.375% 7/1/20 (FSA Insured) | 500,000 | 523,325 | ||
(1998 Gen. Ordinance Proj.) Fifth Series A1, 5% 9/1/33 (FSA Insured) | 600,000 | 576,300 | ||
Philadelphia School District Series 2005 A, 5% 8/1/22 (AMBAC Insured) | 200,000 | 204,718 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series A, 0% 8/15/21 (Nat'l. Pub. Fin. Guar Corp. Insured) | 5,000,000 | 2,586,850 | ||
| 21,957,314 | |||
Puerto Rico - 0.8% | ||||
Puerto Rico Govt. Dev. Bank: | ||||
Series 2006 B: | ||||
5% 12/1/10 | 1,000,000 | 1,007,470 | ||
5% 12/1/12 | 2,500,000 | 2,505,575 | ||
Series 2006 C, 5.25% 1/1/15 (e) | 1,000,000 | 972,470 | ||
Puerto Rico Pub. Bldg. Auth. Rev.: | ||||
Series M2: | ||||
5.5%, tender 7/1/17 (AMBAC Insured) (d) | 600,000 | 575,970 | ||
5.75%, tender 7/1/17 (d) | 1,100,000 | 1,073,380 | ||
Series N, 5.5% 7/1/22 | 1,100,000 | 1,022,021 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series 2007 A, 0% 8/1/41 | 2,400,000 | 268,872 | ||
| 7,425,758 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Rhode Island - 0.6% | ||||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series A, 5.25% 9/15/17 (AMBAC Insured) | $ 1,000,000 | $ 1,099,180 | ||
Rhode Island Port Auth. & Econ. Dev. Corp. Arpt. Rev. Series A, 7% 7/1/14 (FSA Insured) (e) | 4,000,000 | 4,211,000 | ||
| 5,310,180 | |||
South Carolina - 1.1% | ||||
Greenville County School District Installment Purp. Rev. 5% 12/1/12 | 3,750,000 | 4,100,663 | ||
Greenwood Fifty School Facilities Installment 5% 12/1/21 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,088,590 | ||
Lexington One School Facilities Corp. Rev. (Lexington County School District No. 1 Proj.) 5% 12/1/17 | 1,015,000 | 1,107,020 | ||
South Carolina Jobs-Econ. Dev. Auth. Health Facilities Rev. (Bishop Gadsden Proj.) Series 2007, 5% 4/1/16 | 1,000,000 | 916,490 | ||
South Carolina Jobs-Econ. Dev. Auth. Hosp. Impt. Rev. (Palmetto Health Alliance Proj.) Series 2000 A, 7.375% 12/15/21 (Pre-Refunded to 12/15/10 @ 102) (f) | 1,000,000 | 1,113,020 | ||
Univ. of South Carolina Athletic Facilities Rev. Series 2008 A, 5.5% 5/1/38 | 1,000,000 | 1,048,380 | ||
| 9,374,163 | |||
Tennessee - 0.9% | ||||
Clarksville Natural Gas Acquisition Corp. Gas Rev.: | ||||
Series 2006: | ||||
5% 12/15/13 | 1,000,000 | 878,740 | ||
5% 12/15/15 | 1,500,000 | 1,258,005 | ||
5% 12/15/16 | 1,500,000 | 1,231,035 | ||
Jackson Hosp. Rev. (Jackson-Madison County Gen. Hosp. Proj.) Series 2008, 5.75% 4/1/41 | 1,000,000 | 959,110 | ||
Knox County Health Edl. & Hsg. Facilities Board Hosp. Facilities Rev. (Baptist Health Sys. of East Tennessee Proj.) Series 2002, 6.5% 4/15/31 | 1,400,000 | 1,436,232 | ||
Knox County Health Edl. & Hsg. Facilities Board Rev. (Univ. Health Sys. Proj.) Series 2007, 5% 4/1/16 | 1,805,000 | 1,705,039 | ||
| 7,468,161 | |||
Texas - 10.9% | ||||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.5% 8/1/20 | 1,000,000 | 1,128,850 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Austin Convention Enterprises, Inc. (Convention Ctr. Proj.) Series B, 5.75% 1/1/34 | $ 1,000,000 | $ 677,070 | ||
Austin Util. Sys. Rev. 0% 11/15/12 (AMBAC Insured) | 1,300,000 | 1,204,268 | ||
Bastrop Independent School District Series 2007, 5.25% 2/15/42 | 5,000,000 | 5,160,600 | ||
Beaumont Independent School District 5% 2/15/38 (Assured Guaranty Corp. Insured) (c) | 300,000 | 298,617 | ||
Boerne Independent School District Series 2004, 5.25% 2/1/35 | 900,000 | 919,818 | ||
Corpus Christi Util. Sys. Rev. 5.25% 7/15/18 (FSA Insured) | 1,000,000 | 1,119,150 | ||
Corsicana Independent School District 5.125% 2/15/28 | 1,015,000 | 1,053,164 | ||
Cypress-Fairbanks Independent School District Series A, 0% 2/15/16 | 1,400,000 | 1,137,276 | ||
Dallas Area Rapid Transit Sales Tax Rev. 5.25% 12/1/38 | 4,000,000 | 4,111,960 | ||
Dallas Fort Worth Int'l. Arpt. Rev.: | ||||
Series 2006 A, 5% 11/1/15 (XL Cap. Assurance, Inc. Insured) (e) | 1,400,000 | 1,401,918 | ||
Series 2007, 5% 11/1/19 (XL Cap. Assurance, Inc. Insured) (e) | 2,500,000 | 2,410,975 | ||
Series A, 5.25% 11/1/12 (e) | 1,000,000 | 1,027,860 | ||
Dallas Independent School District Series 2008, 6.375% 2/15/34 | 300,000 | 337,152 | ||
Denton Util. Sys. Rev. Series A, 5% 12/1/19 (FSA Insured) | 1,280,000 | 1,343,910 | ||
Garland Independent School District Series 2001, 5.5% 2/15/19 | 2,500,000 | 2,544,650 | ||
Guadalupe-Blanco River Auth. Contract Rev. (Western Canyon Reg'l. Wtr. Supply Proj.) 5.25% 4/15/20 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,075,770 | ||
Harris County Gen. Oblig.: | ||||
(Permanent Impt. Proj.) Series 1996, 0% 10/1/17 (Nat'l. Pub. Fin. Guar Corp. Insured) | 2,500,000 | 1,853,750 | ||
(Road Proj.) Series 2008 B, 5.25% 8/15/47 | 6,800,000 | 6,667,468 | ||
Series 2002, 0% 8/15/24 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 483,040 | ||
Harris County Health Facilities Dev. Corp. Hosp. Rev. (Memorial Hermann Healthcare Sys. Proj.) Series 2008 B, 7.25% 12/1/35 | 1,200,000 | 1,274,736 | ||
Hays Consolidated Independent School District Series A, 5.125% 8/15/30 | 1,000,000 | 1,031,570 | ||
Houston Arpt. Sys. Rev. Series A, 5.625% 7/1/19 (FSA Insured) (e) | 1,000,000 | 1,006,080 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Houston Independent School District 0% 8/15/13 | $ 1,300,000 | $ 1,184,339 | ||
Houston Util. Sys. Rev. Series 2005 C1, 5%, tender 5/15/11 (AMBAC Insured) (d) | 2,100,000 | 2,178,225 | ||
Humble Independent School District: | ||||
Series 2000, 0% 2/15/17 | 1,000,000 | 777,030 | ||
Series 2005 B, 5.25% 2/15/20 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,800,000 | 1,951,632 | ||
Kermit Independent School District Series 2007, 5.25% 2/15/32 | 700,000 | 732,214 | ||
Lampasas Independent School District (School Bldg. Proj.) Series 2007, 5.25% 2/15/32 | 1,000,000 | 1,038,000 | ||
Lewisville Independent School District 0% 8/15/19 | 2,340,000 | 1,597,284 | ||
Liberty Hill Independent School District (School Bldg. Proj.) Series 2006, 5.25% 8/1/35 | 1,100,000 | 1,137,081 | ||
Lower Colorado River Auth. Rev. Series 2008, 5.75% 5/15/37 | 1,000,000 | 1,016,760 | ||
Lower Colorado River Auth. Transmission Contract Rev. (LCRA Transmission Svcs. Corp. Proj.): | ||||
Series 2003 C, 5% 5/15/33 | 700,000 | 700,238 | ||
Series C, 5.25% 5/15/19 (AMBAC Insured) | 1,000,000 | 1,084,760 | ||
Mansfield Independent School District: | ||||
5.375% 2/15/26 | 145,000 | 148,629 | ||
5.5% 2/15/17 | 25,000 | 27,000 | ||
Montgomery County Muni. Util. District #46 5% 3/1/21 (FSA Insured) | 1,040,000 | 1,064,294 | ||
North Central Texas Health Facilities Dev. Corp. Rev. (Children's Med. Ctr. of Dallas Proj.) 5.5% 8/15/16 (AMBAC Insured) | 1,230,000 | 1,286,826 | ||
North Texas Tollway Auth. Dallas North Tollway Sys. Rev. Series 2003 A, 5% 1/1/28 | 1,000,000 | 977,400 | ||
North Texas Tollway Auth. Rev.: | ||||
Series 2008 A, 6% 1/1/24 | 2,000,000 | 2,136,080 | ||
Series 2008 E3, 5.75%, tender 1/1/16 (d) | 1,000,000 | 1,027,140 | ||
Series 2008 I, 0% 1/1/42 (Assured Guaranty Corp. Insured) (a) | 1,100,000 | 767,371 | ||
Northside Independent School District 5.5% 2/15/15 | 940,000 | 995,958 | ||
Northwest Texas Independent School District 5.5% 8/15/21 | 170,000 | 183,423 | ||
Prosper Independent School District: | ||||
Series 2005, 5.125% 8/15/30 | 400,000 | 412,628 | ||
5.375% 8/15/37 | 2,000,000 | 2,088,760 | ||
Sabine River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.) Series B, 5.75%, tender 11/1/11 (d)(e) | 4,645,000 | 2,773,111 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
San Antonio Arpt. Sys. Rev.: | ||||
5% 7/1/16 (FSA Insured) (e) | $ 1,635,000 | $ 1,668,403 | ||
5.25% 7/1/18 (FSA Insured) (e) | 2,505,000 | 2,521,333 | ||
San Marcos Consolidated Independent School District 5% 8/1/20 | 1,525,000 | 1,647,198 | ||
Spring Branch Independent School District Series 2001, 5.375% 2/1/18 | 345,000 | 362,002 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Baylor Health Care Sys. Proj.) Series 2009, 5.75% 11/15/24 | 1,100,000 | 1,141,338 | ||
Texas Muni. Pwr. Agcy. Rev.: | ||||
0% 9/1/11 (AMBAC Insured) | 4,700,000 | 4,401,080 | ||
0% 9/1/11 (Escrowed to Maturity) (f) | 50,000 | 48,261 | ||
0% 9/1/15 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,100,000 | 844,756 | ||
0% 9/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,800,000 | 1,305,036 | ||
Texas Pub. Fin. Auth. Bldg. Rev. (Texas Technical College Proj.) 6.25% 8/1/09 (Nat'l. Pub. Fin. Guar Corp. Insured) | 225,000 | 227,311 | ||
Texas Tpk. Auth. Central Texas Tpk. Sys. Rev. Series | ||||
5.5% 8/15/39 | 4,100,000 | 3,869,416 | ||
5.75% 8/15/38 (AMBAC Insured) | 3,775,000 | 3,680,738 | ||
Texas Wtr. Dev. Board Rev. Series 1999 A, 5.5% 7/15/21 | 1,000,000 | 1,004,740 | ||
Tyler Health Facilities Dev. Corp. Hosp. Rev. (Mother Frances Hosp. Reg'l. Health Care Ctr. Proj.) 6% 7/1/27 (Pre-Refunded to 7/1/12 @ 100) (f) | 1,000,000 | 1,127,270 | ||
Waller Independent School District: | ||||
5.5% 2/15/28 | 1,670,000 | 1,817,661 | ||
5.5% 2/15/37 | 2,100,000 | 2,216,445 | ||
White Settlement Independent School District Series 2004, 5.75% 8/15/34 | 1,440,000 | 1,506,240 | ||
Williamson County Gen. Oblig. 5.5% 2/15/19 (FSA Insured) | 35,000 | 36,552 | ||
| 95,981,615 | |||
Utah - 0.2% | ||||
Intermountain Pwr. Agcy. Pwr. Supply Rev. Series A, 6.5% 7/1/09 (AMBAC Insured) | 365,000 | 368,322 | ||
Utah Transit Auth. Sales Tax Rev. Series 2008 A, 5.25% 6/15/38 | 1,100,000 | 1,137,774 | ||
| 1,506,096 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Vermont - 0.5% | ||||
Vermont Edl. & Health Bldg. Fin. Agcy. Rev.: | ||||
(Fletcher Allen Health Care, Inc. Proj.) Series 2000 A: | ||||
5.75% 12/1/18 (AMBAC Insured) | $ 400,000 | $ 377,756 | ||
6.125% 12/1/27 (AMBAC Insured) | 1,000,000 | 888,900 | ||
(Fletcher Allen Health Care Proj.) Series 2004 B, 5.5% 12/1/28 (FSA Insured) | 2,600,000 | 2,545,010 | ||
(Middlebury College Proj.) Series 2006 A, 5% 10/31/46 | 1,000,000 | 983,350 | ||
| 4,795,016 | |||
Virginia - 0.5% | ||||
Louisa Indl. Dev. Auth. Poll. Cont. Rev. (Virginia Elec. & Pwr. Co. Proj.) Series 2008 B, 5.375%, tender 12/2/13 (d) | 4,000,000 | 4,253,520 | ||
Washington - 6.7% | ||||
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. Guar Corp. Insured) | 1,000,000 | 728,090 | ||
Grant County Pub. Util. District #2 (Priest Rapids Hydro-Elec. Proj.) Second Series B, 5.375% 1/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) (e) | 1,715,000 | 1,744,927 | ||
Grant County Pub. Util. District #2 Wanapum Hydro Elec. Rev. Series B, 5.25% 1/1/22 (Nat'l. Pub. Fin. Guar Corp. Insured) (e) | 1,950,000 | 1,963,124 | ||
Kent Spl. Events Ctr. Pub. Facilities District Rev. Series 2008, 5.25% 12/1/32 (FSA Insured) | 2,000,000 | 2,028,740 | ||
King County Gen. Oblig.: | ||||
(Pub. Trans. Proj.) Series 2004, 5.125% 6/1/34 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,017,140 | ||
(Swr. Proj.) Series 2005, 5% 1/1/26 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,032,730 | ||
5% 1/1/35 | 2,000,000 | 2,015,540 | ||
King County Swr. Rev.: | ||||
Series 2002 B, 5.125% 1/1/33 (FSA Insured) | 2,800,000 | 2,840,376 | ||
Series 2008, 5.75% 1/1/43 | 3,600,000 | 3,808,296 | ||
Port of Seattle Passenger Facilities Charge Rev. Series B, 5.25% 12/1/14 (AMBAC Insured) (e) | 3,000,000 | 3,014,220 | ||
Spokane County School District #81 5.25% 12/1/18 | 1,000,000 | 1,079,250 | ||
Spokane Gen. Oblig. 5.25% 12/1/24 (AMBAC Insured) | 1,000,000 | 1,044,580 | ||
Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev. 5.75% 12/1/24 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,085,040 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Washington - continued | ||||
Washington Gen. Oblig.: | ||||
Series 2001 C: | ||||
5.25% 1/1/16 | $ 1,000,000 | $ 1,048,450 | ||
5.25% 1/1/26 (FSA Insured) | 1,000,000 | 1,018,490 | ||
Series R 97A, 0% 7/1/19 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,200,000 | 789,144 | ||
Series S5, 0% 1/1/18 | 2,230,000 | 1,609,904 | ||
Washington Health Care Facilities Auth. Rev.: | ||||
(Catholic Heath Initiatives Proj.) Series 2008 D, 6.375% 10/1/36 | 3,000,000 | 3,236,340 | ||
(Childrens Hosp. Reg'l. Med. Ctr. Proj.) Series 2008 C, 5.5% 10/1/35 | 2,000,000 | 1,929,760 | ||
(MultiCare Health Sys. Proj.): | ||||
Series 2007 B, 5.5% 8/15/38 (FSA Insured) | 3,000,000 | 2,873,640 | ||
Series 2008 B, 6% 8/15/39 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,015,220 | ||
(Providence Health Systems Proj.): | ||||
Series 2001 A, 5.5% 10/1/13 (Nat'l. Pub. Fin. Guar Corp. Insured) | 3,000,000 | 3,118,170 | ||
Series 2006 D, 5.25% 10/1/33 | 1,000,000 | 1,014,050 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev. 5.4% 7/1/12 | 16,000,000 | 17,675,832 | ||
| 58,731,053 | |||
West Virginia - 0.4% | ||||
West Virginia Econ. Developement Auth. Solid Waste Disp. Facilities Rev. (Appalachian Pwr. Co. Proj.) Series 2008 E, 7.125%, tender 6/1/10 (d)(e) | 3,000,000 | 3,002,850 | ||
West Virginia Hosp. Fin. Auth. Hosp. Rev. (West Virginia United Health Sys. Proj.) Series 2008 E, 5.625% 6/1/35 | 1,000,000 | 917,910 | ||
| 3,920,760 | |||
Wisconsin - 0.6% | ||||
Badger Tobacco Asset Securitization Corp.: | ||||
6.125% 6/1/27 (Pre-Refunded to 6/1/12 @ 100) (f) | 730,000 | 779,786 | ||
6.375% 6/1/32 (Pre-Refunded to 6/1/12 @ 100) (f) | 400,000 | 449,212 | ||
Douglas County Gen. Oblig. 5.5% 2/1/18 (Nat'l. Pub. Fin. Guar Corp. Insured) | 335,000 | 356,664 | ||
Menasha Joint School District: | ||||
5.5% 3/1/17 (FSA Insured) | 65,000 | 69,874 | ||
5.5% 3/1/17 (Pre-Refunded to 3/1/12 @ 100) (f) | 1,095,000 | 1,197,733 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Wisconsin - continued | ||||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Marshfield Clinic Proj.): | ||||
Series A, 5.375% 2/15/34 | $ 1,000,000 | $ 719,560 | ||
Series B, 6% 2/15/25 | 1,500,000 | 1,251,180 | ||
(Wheaton Franciscan Healthcare Sys. Proj.) Series 2003 A, 5.5% 8/15/16 | 1,000,000 | 881,570 | ||
| 5,705,579 | |||
TOTAL MUNICIPAL BONDS (Cost $869,473,429) | 851,292,770 |
Municipal Notes - 1.7% | |||
|
|
|
|
California - 1.7% | |||
California Gen. Oblig. 2.95% 5/5/09 (Liquidity Facility Dexia Cr. Local de France) (Liquidity Facility Royal Bank of Canada), CP | 14,900,000 | 14,900,000 | |
TOTAL INVESTMENT PORTFOLIO - 98.4% (Cost $884,373,429) | 866,192,770 | ||
NET OTHER ASSETS - 1.6% | 13,949,192 | ||
NET ASSETS - 100% | $ 880,141,962 |
Security Type Abbreviation |
CP - COMMERCIAL PAPER |
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 initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(d) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(f) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 866,192,770 | $ - | $ 866,192,770 | $ - |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 36.0% |
Health Care | 17.0% |
Transportation | 9.1% |
Water & Sewer | 9.1% |
Electric Utilities | 8.6% |
Special Tax | 7.6% |
Others* (individually less than 5%) | 12.6% |
| 100.0% |
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $884,373,429) |
| $ 866,192,770 |
Cash | 5,802,935 | |
Receivable for investments sold | 2,591,319 | |
Receivable for fund shares sold | 4,452,240 | |
Interest receivable | 12,758,319 | |
Prepaid expenses | 4,753 | |
Receivable from investment adviser for expense reductions | 9,843 | |
Other receivables | 3,228 | |
Total assets | 891,815,407 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 2,060,944 | |
Delayed delivery | 6,397,031 | |
Payable for fund shares redeemed | 1,540,100 | |
Distributions payable | 960,168 | |
Accrued management fee | 267,215 | |
Distribution fees payable | 219,072 | |
Other affiliated payables | 205,482 | |
Other payables and accrued expenses | 23,433 | |
Total liabilities | 11,673,445 | |
|
|
|
Net Assets | $ 880,141,962 | |
Net Assets consist of: |
| |
Paid in capital | $ 898,988,077 | |
Undistributed net investment income | 330,338 | |
Accumulated undistributed net realized gain (loss) on investments | (995,794) | |
Net unrealized appreciation (depreciation) on investments | (18,180,659) | |
Net Assets | $ 880,141,962 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 12.12 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.12) | $ 12.62 | |
Class T: | $ 12.15 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.15) | $ 12.66 | |
Class B: | $ 12.09 | |
|
|
|
Class C: | $ 12.15 | |
|
|
|
Institutional Class: | $ 12.07 |
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, 2009 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 19,127,305 |
|
|
|
Expenses | ||
Management fee | $ 1,463,703 | |
Transfer agent fees | 469,496 | |
Distribution fees | 1,188,087 | |
Accounting fees and expenses | 87,204 | |
Custodian fees and expenses | 5,755 | |
Independent trustees' compensation | 1,457 | |
Registration fees | 72,595 | |
Audit | 25,155 | |
Legal | 1,408 | |
Miscellaneous | 6,371 | |
Total expenses before reductions | 3,321,231 | |
Expense reductions | (24,714) | 3,296,517 |
Net investment income | 15,830,788 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| (673,806) |
Change in net unrealized appreciation (depreciation) on investment securities | 39,374,079 | |
Net gain (loss) | 38,700,273 | |
Net increase (decrease) in net assets resulting from operations | $ 54,531,061 |
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, 2009 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 15,830,788 | $ 27,411,041 |
Net realized gain (loss) | (673,806) | 346,825 |
Change in net unrealized appreciation (depreciation) | 39,374,079 | (68,089,483) |
Net increase (decrease) in net assets resulting from operations | 54,531,061 | (40,331,617) |
Distributions to shareholders from net investment income | (15,814,699) | (27,367,600) |
Distributions to shareholders from net realized gain | - | (4,055,840) |
Total distributions | (15,814,699) | (31,423,440) |
Share transactions - net increase (decrease) | 103,611,637 | 125,828,693 |
Total increase (decrease) in net assets | 142,327,999 | 54,073,636 |
|
|
|
Net Assets | ||
Beginning of period | 737,813,963 | 683,740,327 |
End of period (including undistributed net investment income of $330,338 and undistributed net investment income of $405,287, respectively) | $ 880,141,962 | $ 737,813,963 |
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) | 2008 | 2007 | 2006 | 2005 | 2004 | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.55 | $ 12.72 | $ 13.00 | $ 12.97 | $ 13.28 | $ 13.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .240 | .476 | .488 | .504 | .521 | .533 |
Net realized and unrealized gain (loss) | .570 | (1.094) | (.185) | .193 | (.201) | .301 |
Total from investment operations | .810 | (.618) | .303 | .697 | .320 | .834 |
Distributions from net investment income | (.240) | (.477) | (.488) | (.505) | (.520) | (.532) |
Distributions from net realized gain | - | (.075) | (.095) | (.162) | (.110) | (.022) |
Total distributions | (.240) | (.552) | (.583) | (.667) | (.630) | (.554) |
Net asset value, end of period | $ 12.12 | $ 11.55 | $ 12.72 | $ 13.00 | $ 12.97 | $ 13.28 |
Total Return B, C, D | 7.09% | (5.06)% | 2.39% | 5.56% | 2.46% | 6.56% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .80% A | .78% | .73% | .68% | .69% | .69% |
Expenses net of fee waivers, if any | .80%A | .78% | .73% | .68% | .69% | .69% |
Expenses net of all reductions | .79%A | .74% | .70% | .63% | .67% | .69% |
Net investment income | 4.11%A | 3.85% | 3.82% | 3.93% | 3.96% | 4.07% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 322,853 | $ 235,466 | $ 160,903 | $ 144,183 | $ 123,844 | $ 101,763 |
Portfolio turnover rate G | 10%A | 14% | 27% | 26% | 22% | 17% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 the 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 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) | 2008 | 2007 | 2006 | 2005 | 2004 | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.58 | $ 12.75 | $ 13.02 | $ 13.00 | $ 13.31 | $ 13.03 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .241 | .480 | .484 | .493 | .509 | .522 |
Net realized and unrealized gain (loss) | .569 | (1.098) | (.177) | .181 | (.202) | .299 |
Total from investment operations | .810 | (.618) | .307 | .674 | .307 | .821 |
Distributions from net investment income | (.240) | (.477) | (.482) | (.492) | (.507) | (.519) |
Distributions from net realized gain | - | (.075) | (.095) | (.162) | (.110) | (.022) |
Total distributions | (.240) | (.552) | (.577) | (.654) | (.617) | (.541) |
Net asset value, end of period | $ 12.15 | $ 11.58 | $ 12.75 | $ 13.02 | $ 13.00 | $ 13.31 |
Total ReturnB, C, D | 7.07% | (5.05)% | 2.42% | 5.36% | 2.35% | 6.44% |
Ratios to Average Net AssetsF, H |
|
|
|
|
| |
Expenses before reductions | .79% A | .77% | .77% | .78% | .79% | .79% |
Expenses net of fee waivers, if any | .79%A | .77% | .77% | .78% | .79% | .79% |
Expenses net of all reductions | .79%A | .74% | .74% | .73% | .77% | .78% |
Net investment income | 4.12%A | 3.85% | 3.78% | 3.83% | 3.86% | 3.97% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 246,369 | $ 233,891 | $ 281,113 | $ 310,132 | $ 318,973 | $ 319,734 |
Portfolio turnover rate G | 10%A | 14% | 27% | 26% | 22% | 17% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 the 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 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) | 2008 | 2007 | 2006 | 2005 | 2004 | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.52 | $ 12.69 | $ 12.97 | $ 12.94 | $ 13.25 | $ 12.98 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .201 | .396 | .398 | .407 | .421 | .435 |
Net realized and unrealized gain (loss) | .571 | (1.096) | (.185) | .193 | (.200) | .291 |
Total from investment operations | .772 | (.700) | .213 | .600 | .221 | .726 |
Distributions from net investment income | (.202) | (.395) | (.398) | (.408) | (.421) | (.434) |
Distributions from net realized gain | - | (.075) | (.095) | (.162) | (.110) | (.022) |
Total distributions | (.202) | (.470) | (.493) | (.570) | (.531) | (.456) |
Net asset value, end of period | $ 12.09 | $ 11.52 | $ 12.69 | $ 12.97 | $ 12.94 | $ 13.25 |
Total Return B, C, D | 6.76% | (5.70)% | 1.68% | 4.78% | 1.70% | 5.70% |
Ratios to Average Net AssetsF, H |
|
|
|
|
| |
Expenses before reductions | 1.47%A | 1.44% | 1.43% | 1.44% | 1.45% | 1.44% |
Expenses net of fee waivers, if any | 1.45%A | 1.44% | 1.43% | 1.44% | 1.45% | 1.44% |
Expenses net of all reductions | 1.45%A | 1.40% | 1.40% | 1.39% | 1.42% | 1.44% |
Net investment income | 3.46%A | 3.19% | 3.12% | 3.17% | 3.21% | 3.32% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 29,206 | $ 31,611 | $ 48,172 | $ 65,114 | $ 82,084 | $ 97,487 |
Portfolio turnover rateG | 10%A | 14% | 27% | 26% | 22% | 17% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 the 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 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) | 2008 | 2007 | 2006 | 2005 | 2004 | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.57 | $ 12.74 | $ 13.02 | $ 12.99 | $ 13.30 | $ 13.02 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment incomeE | .196 | .384 | .388 | .396 | .410 | .423 |
Net realized and unrealized gain (loss) | .580 | (1.096) | (.187) | .192 | (.202) | .300 |
Total from investment operations | .776 | (.712) | .201 | .588 | .208 | .723 |
Distributions from net investment income | (.196) | (.383) | (.386) | (.396) | (.408) | (.421) |
Distributions from net realized gain | - | (.075) | (.095) | (.162) | (.110) | (.022) |
Total distributions | (.196) | (.458) | (.481) | (.558) | (.518) | (.443) |
Net asset value, end of period | $ 12.15 | $ 11.57 | $ 12.74 | $ 13.02 | $ 12.99 | $ 13.30 |
Total ReturnB, C, D | 6.76% | (5.77)% | 1.58% | 4.66% | 1.59% | 5.65% |
Ratios to Average Net AssetsF, H |
|
|
|
|
| |
Expenses before reductions | 1.55%A | 1.53% | 1.52% | 1.53% | 1.54% | 1.54% |
Expenses net of fee waivers, if any | 1.55%A | 1.53% | 1.52% | 1.53% | 1.54% | 1.54% |
Expenses net of all reductions | 1.55%A | 1.49% | 1.49% | 1.48% | 1.52% | 1.54% |
Net investment income | 3.35%A | 3.09% | 3.03% | 3.08% | 3.11% | 3.22% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 100,414 | $ 72,444 | $ 60,971 | $ 62,799 | $ 63,984 | $ 58,984 |
Portfolio turnover rateG | 10%A | 14% | 27% | 26% | 22% | 17% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 the 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 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) | 2008 | 2007 | 2006 | 2005 | 2004 | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.50 | $ 12.67 | $ 12.95 | $ 12.92 | $ 13.24 | $ 12.96 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .253 | .504 | .508 | .520 | .540 | .551 |
Net realized and unrealized gain (loss) | .571 | (1.093) | (.180) | .196 | (.208) | .304 |
Total from investment operations | .824 | (.589) | .328 | .716 | .332 | .855 |
Distributions from net investment income | (.254) | (.506) | (.513) | (.524) | (.542) | (.553) |
Distributions from net realized gain | - | (.075) | (.095) | (.162) | (.110) | (.022) |
Total distributions | (.254) | (.581) | (.608) | (.686) | (.652) | (.575) |
Net asset value, end of period | $ 12.07 | $ 11.50 | $ 12.67 | $ 12.95 | $ 12.92 | $ 13.24 |
Total Return B, C | 7.25% | (4.86)% | 2.60% | 5.73% | 2.56% | 6.75% |
Ratios to Average Net AssetsE, G |
|
|
|
|
| |
Expenses before reductions | .56%A | .54% | .53% | .54% | .53% | .54% |
Expenses net of fee waivers, if any | .55%A | .54% | .53% | .54% | .53% | .54% |
Expenses net of all reductions | .55%A | .50% | .50% | .49% | .51% | .53% |
Net investment income | 4.35%A | 4.08% | 4.02% | 4.07% | 4.13% | 4.23% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 181,300 | $ 164,402 | $ 132,581 | $ 61,573 | $ 69,857 | $ 44,164 |
Portfolio turnover rateF | 10%A | 14% | 27% | 26% | 22% | 17% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of the 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 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, 2009 (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 B, Class C, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the 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 also differ by class.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.
When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for
Semiannual Report
2. Significant Accounting Policies - continued
Security Valuation - continued
net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are 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 generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, market discount and deferred trustees compensation.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 16,805,552 |
|
Unrealized depreciation | (34,672,507) |
|
Net unrealized appreciation (depreciation) | $ (17,866,955) |
|
Cost for federal income tax purposes | $ 884,059,725 |
|
Semiannual Report
3. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell 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. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $137,401,707 and $37,702,229, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 a group fee rate that averaged .12% 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 .38% of the Fund's average net assets.
Distribution and Service Plan. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
| Distribution | Service | Paid to | Retained |
Class A | 0% | .25% | $ 342,176 | $ 56,296 |
Class T | 0% | .25% | 293,916 | 3,788 |
Class B | .65% | .25% | 134,523 | 97,966 |
Class C | .75% | .25% | 417,472 | 136,516 |
|
|
| $ 1,188,087 | $ 294,566 |
Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C,.75% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 79,271 |
Class T | 11,693 |
Class B* | 38,162 |
Class C* | 12,973 |
| $ 142,099 |
* 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 shareholder 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, dividend disbursing, and shareholder servicing agent 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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
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, each class paid the following transfer agent fees:
| Amount | % of |
Class A | $ 160,842 | .12 |
Class T | 129,359 | .11 |
Class B | 19,648 | .13 |
Class C | 48,698 | .12 |
Institutional Class | 110,949 | .14 |
| $ 469,496 |
|
* Annualized
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 based on the level of average net assets for the month.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,331 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Expense Reductions - continued
The following classes were in reimbursement during the period:
| Expense | Reimbursement |
|
|
|
Class B | 1.45% | $ 2,522 |
Class C | 1.55% | 816 |
Institutional Class | .55% | 9,335 |
|
| $ 12,673 |
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 $5,280 and $6,761, respectively.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 5,551,115 | $ 7,741,141 |
Class T | 4,790,960 | 10,058,781 |
Class B | 514,405 | 1,275,735 |
Class C | 1,374,667 | 2,142,573 |
Institutional Class | 3,583,552 | 6,149,370 |
Total | $ 15,814,699 | $ 27,367,600 |
From net realized gain |
|
|
Class A | $ - | $ 972,238 |
Class T | - | 1,623,400 |
Class B | - | 275,186 |
Class C | - | 369,234 |
Institutional Class | - | 815,782 |
Total | $ - | $ 4,055,840 |
Semiannual Report
9. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended April 30, 2009 | Year ended | Six months ended April 30, 2009 | Year ended | |
Class A |
|
|
|
|
Shares sold | 9,427,581 | 12,270,380 | $ 111,061,267 | $ 151,882,289 |
Reinvestment of distributions | 333,509 | 488,162 | 3,941,705 | 6,018,281 |
Shares redeemed | (3,522,303) | (5,021,572) | (41,253,366) | (61,313,610) |
Net increase (decrease) | 6,238,787 | 7,736,970 | $ 73,749,606 | $ 96,586,960 |
Class T |
|
|
|
|
Shares sold | 1,772,127 | 2,073,341 | $ 20,971,477 | $ 25,815,630 |
Reinvestment of distributions | 282,667 | 684,430 | 3,343,910 | 8,499,841 |
Shares redeemed | (1,988,701) | (4,608,168) | (23,229,718) | (57,202,553) |
Net increase (decrease) | 66,093 | (1,850,397) | $ 1,085,669 | $ (22,887,082) |
Class B |
|
|
|
|
Shares sold | 347,123 | 414,617 | $ 4,075,048 | $ 5,116,480 |
Reinvestment of distributions | 25,564 | 75,706 | 300,711 | 937,355 |
Shares redeemed | (701,852) | (1,543,289) | (8,222,437) | (19,141,154) |
Net increase (decrease) | (329,165) | (1,052,966) | $ (3,846,678) | $ (13,087,319) |
Class C |
|
|
|
|
Shares sold | 2,840,899 | 2,780,789 | $ 33,662,271 | $ 34,551,359 |
Reinvestment of distributions | 68,893 | 124,868 | 815,927 | 1,547,401 |
Shares redeemed | (905,101) | (1,430,175) | (10,634,613) | (17,665,135) |
Net increase (decrease) | 2,004,691 | 1,475,482 | $ 23,843,585 | $ 18,433,625 |
Institutional Class |
|
|
|
|
Shares sold | 5,194,134 | 9,421,582 | $ 60,863,964 | $ 115,587,151 |
Reinvestment of distributions | 167,141 | 340,340 | 1,964,887 | 4,184,710 |
Shares redeemed | (4,639,673) | (5,933,275) | (54,049,396) | (72,989,352) |
Net increase (decrease) | 721,602 | 3,828,647 | $ 8,779,455 | $ 46,782,509 |
10. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
HIM-USAN-0609 1.784901.106
(Fidelity Investment logo)(registered trademark)
Fidelity® Advisor
Municipal Income Fund -
Institutional Class
Semiannual Report
April 30, 2009
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
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 (search for "proxy voting guidelines") 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.
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 or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today,
more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
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, 2008 to April 30, 2009).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Class A | .80% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,070.90 | $ 4.11 |
Hypothetical A |
| $ 1,000.00 | $ 1,020.83 | $ 4.01 |
Class T | .79% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,070.70 | $ 4.06 |
Hypothetical A |
| $ 1,000.00 | $ 1,020.88 | $ 3.96 |
Class B | 1.45% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,067.60 | $ 7.43 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.60 | $ 7.25 |
Class C | 1.55% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,067.60 | $ 7.95 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.11 | $ 7.75 |
Institutional Class | .55% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,072.50 | $ 2.83 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.07 | $ 2.76 |
A 5% return per year before expenses
* 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, 2009 | ||
| % of fund's | % of fund's net assets |
California | 14.9 | 11.1 |
New York | 12.3 | 10.2 |
Texas | 10.9 | 12.8 |
Illinois | 9.7 | 10.3 |
Washington | 6.7 | 7.0 |
Top Five Sectors as of April 30, 2009 | ||
| % of fund's | % of fund's net assets |
General Obligations | 36.0 | 34.7 |
Health Care | 17.0 | 16.9 |
Transportation | 9.1 | 10.0 |
Water & Sewer | 9.1 | 9.6 |
Electric Utilities | 8.6 | 8.2 |
Weighted Average Maturity as of April 30, 2009 | ||
|
| 6 months ago |
Years | 10.7 | 14.9 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of April 30, 2009 | ||
|
| 6 months ago |
Years | 8.3 | 8.0 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-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. |
Quality Diversification (% of fund's net assets) | |||||||
As of April 30, 2009 | As of October 31, 2008 | ||||||
![]() | AAA 9.0% |
| ![]() | AAA 23.5% |
| ||
![]() | AA,A 76.3% |
| ![]() | AA,A 63.7% |
| ||
![]() | BBB 8.3% |
| ![]() | BBB 6.1% |
| ||
![]() | BB and Below 0.6% |
| ![]() | BB and Below 1.0% |
| ||
![]() | Not Rated 4.2% |
| ![]() | Not Rated 2.3% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. |
Semiannual Report
Investments April 30, 2009 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 96.7% | ||||
| Principal Amount | Value | ||
Alabama - 0.3% | ||||
Health Care Auth. for Baptist Health Series 2009 A, 6.125%, tender 5/15/12 (d) | $ 1,500,000 | $ 1,503,855 | ||
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5.75% 9/1/22 | 1,000,000 | 997,150 | ||
| 2,501,005 | |||
Alaska - 0.2% | ||||
North Slope Borough Gen. Oblig. Series 2000 B, 0% 6/30/10 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,600,000 | 1,566,752 | ||
Arizona - 2.7% | ||||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 D, 5.5% 1/1/38 | 2,300,000 | 2,178,905 | ||
Arizona State Univ. Ctfs. of Prtn. (Research Infrastructure Proj.) 5.25% 9/1/23 | 1,000,000 | 1,025,560 | ||
Arizona Student Ln. Acquisition Auth. Student Ln. Rev. Series A1, 5.875% 5/1/18 (e) | 1,300,000 | 1,311,492 | ||
Chandler Indl. Dev. Auth. Indl. Dev. Rev. (Intel Corp. Proj.) Series 2005, 4.375%, tender 12/1/10 (d)(e) | 1,000,000 | 977,090 | ||
Glendale Indl. Dev. Auth. Hosp. Rev. (John C. Lincoln Health Network Proj.) 5% 12/1/29 | 1,575,000 | 1,254,503 | ||
Glendale Western Loop 101 Pub. Facilities Corp. Series 2008 A, 6.25% 7/1/38 | 2,200,000 | 2,257,684 | ||
Goodyear McDowell Road Commercial Corridor Impt. District 5.25% 1/1/15 (AMBAC Insured) | 1,425,000 | 1,524,707 | ||
McAllister Academic Village LLC Rev. (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2008, 5.25% 7/1/39 | 1,000,000 | 1,007,160 | ||
Phoenix Civic Impt. Board Arpt. Rev. Series B, 5% 7/1/13 (e) | 2,000,000 | 2,050,360 | ||
Phoenix Civic Impt. Corp. District Rev. (Plaza Expansion Proj.) Series 2005 B, 0% 7/1/38 (a) | 1,620,000 | 1,270,550 | ||
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Series 2005, 5% 7/1/29 | 2,000,000 | 2,025,220 | ||
Phoenix Indl. Dev. Auth. Single Family Mtg. Rev. 0% 12/1/14 (Escrowed to Maturity) (f) | 3,750,000 | 3,249,038 | ||
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2008 A, 5% 1/1/38 | 2,000,000 | 2,020,880 | ||
Salt Verde Finl. Corp. Sr. Gas Rev.: | ||||
Series 2007, 5.5% 12/1/29 | 1,000,000 | 773,700 | ||
5.25% 12/1/22 | 1,500,000 | 1,215,615 | ||
| 24,142,464 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - 13.2% | ||||
California Gen. Oblig.: | ||||
Series 2007, 5.625% 5/1/20 | $ 30,000 | $ 30,739 | ||
5% 11/1/24 | 2,400,000 | 2,382,096 | ||
5% 6/1/27 (AMBAC Insured) | 600,000 | 579,888 | ||
5% 9/1/27 | 1,410,000 | 1,370,351 | ||
5% 3/1/31 | 1,800,000 | 1,675,314 | ||
5% 9/1/31 | 1,500,000 | 1,395,210 | ||
5% 12/1/31 (Nat'l. Pub. Fin. Guar Corp. Insured) | 845,000 | 791,757 | ||
5% 9/1/32 | 1,600,000 | 1,479,856 | ||
5% 8/1/33 | 1,300,000 | 1,195,701 | ||
5% 9/1/33 | 1,800,000 | 1,655,424 | ||
5% 8/1/35 | 2,400,000 | 2,192,280 | ||
5% 9/1/35 | 2,600,000 | 2,374,762 | ||
5.125% 11/1/24 | 600,000 | 601,308 | ||
5.25% 2/1/16 | 1,000,000 | 1,068,330 | ||
5.25% 2/1/24 | 1,000,000 | 1,006,710 | ||
5.25% 2/1/27 (Nat'l. Pub. Fin. Guar Corp. Insured) | 500,000 | 500,125 | ||
5.25% 2/1/28 | 1,200,000 | 1,184,412 | ||
5.25% 2/1/33 | 2,000,000 | 1,921,180 | ||
5.25% 12/1/33 | 20,000 | 19,200 | ||
5.25% 3/1/38 | 3,100,000 | 2,945,434 | ||
5.5% 8/1/27 | 2,100,000 | 2,128,644 | ||
5.5% 8/1/29 | 2,800,000 | 2,819,908 | ||
5.5% 8/1/30 | 2,000,000 | 2,008,440 | ||
5.5% 11/1/33 | 5,400,000 | 5,364,036 | ||
6% 4/1/38 | 3,900,000 | 4,032,132 | ||
6.5% 4/1/33 | 3,800,000 | 4,087,014 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2008 L, 5.125% 7/1/22 | 1,000,000 | 988,620 | ||
Series 2009 D, 5%, tender 7/1/14 (c)(d) | 1,055,000 | 1,063,472 | ||
(Providence Health & Svcs. Proj.) Series 2008 C, 6.5% 10/1/38 | 1,400,000 | 1,482,670 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2003 A, 5%, tender 5/1/13 (d)(e) | 1,000,000 | 990,750 | ||
California Pub. Works Board Lease Rev.: | ||||
(Butterfield State Office Complex Proj.) Series 2005 A, 5.25% 6/1/30 | 2,000,000 | 1,804,560 | ||
(Dept. of Forestry & Fire Protection Proj.) Series 2007 E: | ||||
5% 11/1/19 | 1,600,000 | 1,617,632 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Pub. Works Board Lease Rev.: - continued | ||||
(Dept. of Forestry & Fire Protection Proj.) Series 2007 E: | ||||
5% 11/1/21 | $ 1,760,000 | $ 1,739,074 | ||
(Office of Emergency Svcs. Proj.) Series 2007 A, 5% 3/1/22 | 1,000,000 | 973,170 | ||
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34 | 1,700,000 | 1,716,116 | ||
(Richmond Lab. Proj.) Series 2005 K, 5% 11/1/17 | 2,300,000 | 2,386,365 | ||
(Richmond Lab., Phase III Office Bldg. Proj.) Series B, 5.25% 11/1/25 (XL Cap. Assurance, Inc. Insured) | 2,585,000 | 2,448,357 | ||
Series 2005 H, 5% 6/1/18 | 1,425,000 | 1,459,400 | ||
California State Univ. Rev. Series 2009 A, 6% 11/1/40 | 3,400,000 | 3,582,716 | ||
California Statewide Cmntys. Dev. Auth. Rev.: | ||||
(Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.85%, tender 6/1/12 (d) | 500,000 | 501,570 | ||
(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) | 1,000,000 | 934,110 | ||
Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,300,000 | 1,232,621 | ||
Fontana Unified School District Gen. Oblig. 5% 5/1/18 (Assured Guaranty Corp. Insured) | 1,170,000 | 1,267,718 | ||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series 1995 A, 5% 1/1/35 (Nat'l. Pub. Fin. Guar Corp. Insured) | 700,000 | 468,615 | ||
Series 1999: | ||||
5% 1/15/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 400,000 | 358,964 | ||
5.75% 1/15/40 | 600,000 | 439,488 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2005 A: | ||||
5% 6/1/45 | 5,650,000 | 4,432,764 | ||
5% 6/1/45 | 1,000,000 | 784,560 | ||
Series 2007 A1, 5% 6/1/33 | 400,000 | 254,760 | ||
Long Beach Unified School District Series A, 5.5% 8/1/29 (c) | 1,000,000 | 1,034,740 | ||
Los Angeles Cmnty. College District Series 2008 A, 6% 8/1/33 | 3,000,000 | 3,215,490 | ||
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series 2001 A: | ||||
5.125% 7/1/41 | 4,000,000 | 3,874,200 | ||
5.125% 7/1/41 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,300,000 | 1,259,115 | ||
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34 | 2,000,000 | 2,107,760 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Monterey County Ctfs. of Prtn. Series 2007, 5% 8/1/19 (AMBAC Insured) | $ 1,000,000 | $ 1,066,650 | ||
Northern California Power Agency Rev. (Hydroelectric Number One Proj.) Series 2008 C, 5% 7/1/14 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,094,840 | ||
Oxnard Fing. Auth. Wastewtr. Rev. (Redwood Trunk Swr. and Headworks Proj.) Series 2004 A, 5% 6/1/29 (FGIC Insured) | 1,000,000 | 974,010 | ||
Poway Unified School District (District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 | 1,000,000 | 228,210 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev. Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (d) | 2,000,000 | 1,579,600 | ||
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (FSA Insured) | 1,100,000 | 1,180,443 | ||
Santa Monica-Malibu Unified School District Series 1999, 0% 8/1/20 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 573,420 | ||
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured) | 6,300,000 | 6,466,005 | ||
Union Elementary School District Series A, 0% 9/1/20 (FGIC Insured) | 1,000,000 | 602,860 | ||
Univ. of California Revs.: | ||||
(UCLA Med. Ctr. Proj.) Series A: | ||||
5.5% 5/15/18 (AMBAC Insured) | 655,000 | 654,987 | ||
5.5% 5/15/20 (AMBAC Insured) | 740,000 | 727,990 | ||
Series 2007 K, 5% 5/15/18 (Nat'l. Pub. Fin. Guar Corp. Insured) | 2,470,000 | 2,712,381 | ||
Series 2009 O, 5.75% 5/15/30 | 5,985,000 | 6,389,047 | ||
Washington Township Health Care District Rev. Series A, 5% 7/1/15 | 1,025,000 | 1,042,856 | ||
| 116,522,927 | |||
Colorado - 1.5% | ||||
Adams & Arapahoe Counties Joint School District #28J Aurora Series 2003 A, 5.125% 12/1/21 (FSA Insured) | 1,810,000 | 1,928,501 | ||
Colorado Health Facilities Auth. Rev.: | ||||
(Longmont Hosp. Proj.) Series B, 5.25% 12/1/13 (Radian Asset Assurance, Inc. Insured) | 860,000 | 840,865 | ||
(Valley View Hosp. Proj.) Series 2008, 5.75% 5/15/36 | 2,000,000 | 1,579,840 | ||
(Volunteers of America Care Proj.): | ||||
Series 2007 A, 5.3% 7/1/37 | 300,000 | 166,449 | ||
Series A, 5% 7/1/14 | 570,000 | 481,895 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Colorado - continued | ||||
Colorado Wtr. Resources and Pwr. Dev. Auth. Wtr. Resources Rev. (Parker Wtr. and Sanitation District Proj.) Series 2004 D, 5.25% 9/1/43 (Nat'l. Pub. Fin. Guar Corp. Insured) | $ 4,600,000 | $ 4,070,034 | ||
Dawson Ridge Metropolitan District #1 Series 1992 A, 0% 10/1/17 (Escrowed to Maturity) (f) | 1,200,000 | 909,876 | ||
Denver City & County Arpt. Rev. Series 2001 A, 5.625% 11/15/12 (Nat'l. Pub. Fin. Guar Corp. Insured) (e) | 1,000,000 | 1,027,060 | ||
Denver Health & Hosp. Auth. Healthcare Rev. Series A, 5% 12/1/10 | 1,305,000 | 1,301,059 | ||
E-470 Pub. Hwy. Auth. Rev. Series 2000 B, 0% 9/1/20 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,500,000 | 668,565 | ||
| 12,974,144 | |||
Connecticut - 0.6% | ||||
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2009 1, 5% 2/1/19 | 2,000,000 | 2,249,180 | ||
Eastern Connecticut Resources Recovery Auth. Solid Waste Rev. (Wheelabrator Lisbon Proj.) Series A, 5.5% 1/1/20 (e) | 3,350,000 | 2,988,234 | ||
| 5,237,414 | |||
District Of Columbia - 1.2% | ||||
District of Columbia Gen. Oblig. Series B, 0% 6/1/12 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,200,000 | 1,108,440 | ||
District of Columbia Rev.: | ||||
(George Washington Univ. Proj.) Series 1999 A, 5.75% 9/15/20 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,490,000 | 1,514,078 | ||
(Medlantic/Helix Proj.) Series 1998 B, 5% 8/15/17 (FSA Insured) | 1,600,000 | 1,682,896 | ||
District of Columbia Wtr. & Swr. Auth. Pub. Util. Rev. Series 2007 A, 5.5% 10/1/41 | 6,400,000 | 6,546,560 | ||
| 10,851,974 | |||
Florida - 3.7% | ||||
Brevard County School Board Ctfs. of Prtn. Series 2007 B, 5% 7/1/24 (AMBAC Insured) | 1,000,000 | 971,990 | ||
Broward County School Board Ctfs. of Prtn. Series 2007 A, 5% 7/1/17 (FGIC Insured) | 1,000,000 | 1,022,790 | ||
Broward County Wtr. & Swr. Util. Rev. Series 2009 A, 5.25% 10/1/34 | 1,500,000 | 1,515,450 | ||
Escambia City Health Facilities Auth. Rev. (Ascension Health Cr. Group Proj.) Series 2002 C, 5.75% 11/15/32 | 600,000 | 600,222 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Florida Board of Ed. Series 2000 B, 5.5% 6/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | $ 1,000,000 | $ 1,085,030 | ||
Florida Correctional Privatization Communications Ctfs. of Prtn. Series 2004 A, 5% 8/1/15 (AMBAC Insured) | 1,000,000 | 1,060,360 | ||
Florida Muni. Pwr. Agcy. Rev. Series A, 6.25% 10/1/31 | 500,000 | 532,645 | ||
Halifax Hosp. Med. Ctr. Rev.: | ||||
Series 2006 A, 5% 6/1/38 | 1,000,000 | 736,340 | ||
Series 2006 B1, 5.5% 6/1/38 (FSA Insured) | 1,000,000 | 928,970 | ||
Highlands County Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2002, 3.95%, tender 9/1/12 (d) | 2,100,000 | 2,110,962 | ||
Series 2006 G: | ||||
5% 11/15/16 | 95,000 | 98,003 | ||
5% 11/15/16 (Escrowed to Maturity) (f) | 5,000 | 5,793 | ||
5.125% 11/15/18 | 965,000 | 983,991 | ||
5.125% 11/15/18 (Pre-Refunded to 11/15/16 @ 100) (f) | 35,000 | 40,850 | ||
Series B: | ||||
5% 11/15/14 | 875,000 | 911,829 | ||
5% 11/15/14 (Escrowed to Maturity) (f) | 125,000 | 143,193 | ||
(Adventist Health Sys./Sunbelt, Inc. Prog.) Series 2005 B: | ||||
5% 11/15/30 | 505,000 | 446,006 | ||
5% 11/15/30 (Pre-Refunded to 11/15/15 @ 100) (f) | 70,000 | 80,616 | ||
Hillsborough County Indl. Dev. (H Lee Moffitt Cancer Ctr. Proj.) Series A: | ||||
5% 7/1/15 | 1,335,000 | 1,326,536 | ||
5% 7/1/19 | 2,230,000 | 2,049,838 | ||
Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. (Tampa Elec. Co. Proj.) Series 2006, 5%, tender 3/15/12 (AMBAC Insured) (d) | 1,000,000 | 1,003,640 | ||
Jacksonville Elec. Auth. Elec. Sys. Rev.: | ||||
Series 2006 A, 5% 10/1/41 (FSA Insured) | 1,000,000 | 1,000,970 | ||
Series 2009 B, 5% 10/1/18 | 4,790,000 | 4,923,881 | ||
Miami-Dade County Aviation Rev. (Miami Int'l. Arpt. Proj.) Series 2004 B, 5% 10/1/37 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 896,010 | ||
Miami-Dade County School Board Ctfs. of Prtn. Series 2008 A, 5% 8/1/21 (AMBAC Insured) | 2,000,000 | 1,996,220 | ||
Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5.25% 10/1/22 (FSA Insured) | 4,000,000 | 4,253,680 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
North Brevard County Hosp. District Rev. (Parrish Med. Ctr. Proj.) Series 2008, 5.75% 10/1/38 | $ 1,200,000 | $ 1,042,416 | ||
Seminole County School Board Ctfs. of Prtn. Series A, 5% 7/1/20 (Nat'l. Pub. Fin. Guar Corp. Insured) | 500,000 | 527,015 | ||
| 32,295,246 | |||
Georgia - 3.0% | ||||
Appling County Dev. Auth. Poll. Cont. Rev. Series 2007 B, 4.75%, tender 4/1/11 (Nat'l. Pub. Fin. Guar Corp. Insured) (d) | 2,000,000 | 2,054,940 | ||
Atlanta Arpt. Rev. Series 2004 F, 5.25% 1/1/13 (FSA Insured) (e) | 1,000,000 | 1,037,590 | ||
Atlanta Wtr. & Wastewtr. Rev. Series 2004: | ||||
5% 11/1/37 | 2,400,000 | 2,346,504 | ||
5% 11/1/43 | 9,070,000 | 8,837,264 | ||
Augusta Wtr. & Swr. Rev. Series 2004, 5.25% 10/1/39 (FSA Insured) | 2,200,000 | 2,242,350 | ||
Colquitt County Dev. Auth. Rev. Series A, 0% 12/1/21 (Escrowed to Maturity) (f) | 1,100,000 | 657,140 | ||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series A, 5.5% 9/15/21 | 2,500,000 | 2,006,875 | ||
Muni. Elec. Auth. of Georgia (Gen. Resolution Proj.) Series 2008 A, 5.25% 1/1/21 | 3,090,000 | 3,283,805 | ||
Richmond County Dev. Auth. Rev. (Southern Care Corp. Facility Proj.) Series C, 0% 12/1/21 (Escrowed to Maturity) (f) | 2,415,000 | 1,442,721 | ||
Savannah Econ. Dev. Auth. Rev. (Southern Care Corp. Proj.) Series C, 0% 12/1/21 (Escrowed to Maturity) (f) | 2,500,000 | 1,493,500 | ||
Washington Wilkes Payroll Dev. Auth. Rev. Series C, 0% 12/1/21 (Escrowed to Maturity) (f) | 2,310,000 | 1,379,994 | ||
| 26,782,683 | |||
Hawaii - 0.3% | ||||
Hawaii Arpts. Sys. Rev. Series 2000 B, 8% 7/1/11 (Nat'l. Pub. Fin. Guar Corp. Insured) (e) | 1,300,000 | 1,404,585 | ||
Honolulu City & County Board of Wtr. Supply Wtr. Sys. Rev. Series B, 5.25% 7/1/17 (Nat'l. Pub. Fin. Guar Corp. Insured) (e) | 1,250,000 | 1,246,625 | ||
| 2,651,210 | |||
Idaho - 0.1% | ||||
Idaho Health Facilities Auth. Rev. (St. Luke's Health Sys. Proj.) Series 2008 A, 6.75% 11/1/37 | 1,200,000 | 1,268,664 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - 9.7% | ||||
Chicago Board of Ed. Series 1999 A: | ||||
0% 12/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | $ 1,300,000 | $ 962,442 | ||
0% 12/1/18 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 655,580 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.): | ||||
Series 1999, 0% 1/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 6,125,000 | 4,865,149 | ||
0% 1/1/24 (Nat'l. Pub. Fin. Guar Corp. Insured) | 6,110,000 | 2,958,645 | ||
Series 2001 A, 5.25% 1/1/33 (Nat'l. Pub. Fin. Guar Corp. Insured) | 310,000 | 310,434 | ||
Series 2004 A, 5% 1/1/34 (FSA Insured) | 1,630,000 | 1,616,194 | ||
Series A: | ||||
5% 1/1/42 (AMBAC Insured) | 35,000 | 32,307 | ||
5.5% 1/1/38 (Nat'l. Pub. Fin. Guar Corp. Insured) | 255,000 | 256,793 | ||
Series C, 5.5% 1/1/40 (Nat'l. Pub. Fin. Guar Corp. Insured) | 525,000 | 527,604 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2006 B, 5% 1/1/26 (Nat'l. Pub. Fin. Guar Corp. Insured) (e) | 1,405,000 | 1,203,368 | ||
Series A, 5.5% 1/1/16 (AMBAC Insured) (e) | 900,000 | 901,467 | ||
Chicago Park District Series A, 5.5% 1/1/19 (Nat'l. Pub. Fin. Guar Corp. Insured) | 155,000 | 160,468 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev. 5% 6/1/21 | 1,400,000 | 1,456,294 | ||
Cmnty. College District #525 Gen. Oblig. (Joliet Jr. College Proj.) Series 2008, 5.75% 6/1/28 | 1,000,000 | 1,066,900 | ||
Cook County Gen. Oblig.: | ||||
Series 2002 C, 5% 11/15/25 | 1,100,000 | 1,109,889 | ||
Series 2004 B, 5.25% 11/15/26 (Nat'l. Pub. Fin. Guar Corp. Insured) | 300,000 | 313,287 | ||
Series 2006 B, 5% 11/15/18 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,105,100 | ||
DuPage County Cmnty. High School District #108, Lake Park 5.6% 1/1/17 (FSA Insured) | 3,190,000 | 3,484,246 | ||
Evanston Gen. Oblig. Series C, 5.25% 1/1/20 | 290,000 | 306,295 | ||
Grundy, Kendall & Will County Cmnty. High School District #111 Gen. Oblig. Series 2006 A, 5.5% 5/1/23 | 1,150,000 | 1,238,286 | ||
Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.75% 10/1/35 | 1,600,000 | 1,411,728 | ||
Illinois Fin. Auth. Rev.: | ||||
(Advocate Heath Care Proj.) Series 2008 D, 6.5% 11/1/38 | 1,000,000 | 1,066,070 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Illinois Fin. Auth. Rev.: - continued | ||||
(Alexian Brothers Health Sys. Proj.) Series 2008, 5.5% 2/15/38 | $ 1,000,000 | $ 801,190 | ||
(Children's Memorial Hosp. Proj.) Series 2008 A, 5.25% 8/15/33 (Assured Guaranty Corp. Insured) | 1,800,000 | 1,669,266 | ||
(Edward Hosp. Obligated Group Proj.) Series 2008 A, 5.5% 2/1/40 (AMBAC Insured) | 1,000,000 | 832,710 | ||
(Newman Foundation Proj.) 5% 2/1/32 (Radian Asset Assurance, Inc. Insured) | 1,700,000 | 1,100,325 | ||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A, 5.5% 7/1/38 | 1,900,000 | 1,773,061 | ||
(Northwestern Memorial Hosp. Proj.) Series 2009 A, 6% 8/15/39 | 2,300,000 | 2,327,416 | ||
(Rush Univ. Med. Ctr. Proj.) Series B, 5.25% 11/1/35 (Nat'l. Pub. Fin. Guar Corp. Insured) | 2,000,000 | 1,669,400 | ||
(The Carle Foundation Proj.) Series 2009 A, 5.5% 2/15/17 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,111,080 | ||
Illinois Gen. Oblig.: | ||||
First Series, 5.75% 12/1/18 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,042,530 | ||
Series 2000: | ||||
5.5% 4/1/17 | 1,000,000 | 1,023,770 | ||
5.6% 4/1/21 | 1,000,000 | 1,017,360 | ||
Series 2002, 5.5% 8/1/15 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,135,140 | ||
Series 2006, 5.5% 1/1/31 | 1,000,000 | 1,049,310 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Condell Med. Ctr. Proj.) 6.5% 5/15/30 (Pre-Refunded to 5/15/10 @ 101) (f) | 3,000,000 | 3,203,460 | ||
(Decatur Memorial Hosp. Proj.) Series 2001, 5.75% 10/1/24 | 2,100,000 | 1,983,366 | ||
(Delnor Hosp. Proj.) Series D, 5.25% 5/15/32 (FSA Insured) | 2,000,000 | 1,917,480 | ||
(Lake Forest Hosp. Proj.) 6% 7/1/33 | 1,000,000 | 903,310 | ||
(Riverside Health Sys. Proj.) Series 2000, 6.8% 11/15/20 (Pre-Refunded to 11/15/10 @ 101) (f) | 1,500,000 | 1,644,405 | ||
Illinois Muni. Elec. Agcy. Pwr. Supply Series A, 5% 2/1/35 | 700,000 | 665,917 | ||
Illinois Sales Tax Rev. Series 2000, 6% 6/15/20 | 600,000 | 616,512 | ||
Joliet School District #86 Gen. Oblig. Cap. Appreciation Series 2002, 0% 11/1/19 (FSA Insured) | 2,000,000 | 1,333,780 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Kane, McHenry, Cook & DeKalb Counties Unit School District #300: | ||||
Series 2001, 0% 12/1/17 (AMBAC Insured) | $ 1,000,000 | $ 703,800 | ||
Series 2007, 6.5% 1/1/20 (AMBAC Insured) | 1,100,000 | 1,312,333 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig. Series 2002, 0% 12/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 768,370 | ||
Lake County Cmnty. High School District #117, Antioch Series 2000 B, 0% 12/1/20 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,805,000 | 1,053,199 | ||
Lake County Forest Preservation District Series 2007 A, 1.234% 12/15/13 (d) | 935,000 | 858,358 | ||
Lake County Warren Township High School District #121, Gurnee Series C, 5.5% 3/1/23 (AMBAC Insured) | 1,795,000 | 1,925,102 | ||
Metropolitan Pier & Exposition Auth. Dedicated State Tax Rev. (McCormick Place Expansion Proj.): | ||||
Series 1992 A, 0% 6/15/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 2,375,000 | 1,777,118 | ||
Series 2002 A, 5.75% 6/15/41 (Nat'l. Pub. Fin. Guar Corp. Insured) | 3,300,000 | 3,362,535 | ||
Series A: | ||||
0% 6/15/19 (Nat'l. Pub. Fin. Guar Corp. Insured) | 3,710,000 | 2,312,517 | ||
0% 6/15/22 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,140,000 | 574,184 | ||
0% 12/15/24 (Nat'l. Pub. Fin. Guar Corp. Insured) | 3,090,000 | 1,312,632 | ||
0% 6/15/36 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 181,720 | ||
Ogle, Lee & DeKalb Counties Township High School District #212 6% 12/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 60,000 | 65,011 | ||
Quincy Hosp. Rev. 5% 11/15/18 | 1,000,000 | 968,290 | ||
Schaumburg Village Gen. Oblig. Series B, 5% 12/1/38 (Nat'l. Pub. Fin. Guar Corp. Insured) | 2,000,000 | 2,002,820 | ||
Univ. of Illinois Rev.: | ||||
(Auxiliary Facilities Sys. Proj.): | ||||
Series 1991, 0% 4/1/15 (Nat'l. Pub. Fin. Guar Corp. Insured) | 3,700,000 | 3,046,136 | ||
Series 1999 A, 0% 4/1/20 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,600,000 | 1,002,832 | ||
(Auxilliary Facilities Sys. Proj.) Series 2009 A, 5.75% 4/1/38 | 2,300,000 | 2,433,354 | ||
Will County Cmnty. Unit School District #201 Series 2004, 0% 11/1/23 | 1,000,000 | 444,820 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Will County Cmnty. Unit School District #365-U, Valley View Series 2002: | ||||
0% 11/1/14 (FSA Insured) | $ 1,000,000 | $ 837,820 | ||
0% 11/1/16 (FSA Insured) | 1,000,000 | 750,470 | ||
Will County Forest Preservation District Series 1999 B, 0% 12/1/14 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 838,780 | ||
| 85,361,535 | |||
Indiana - 2.5% | ||||
Franklin Township Independent School Bldg. Corp., Marion County 5.25% 7/15/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,790,000 | 1,991,447 | ||
Hobart Bldg. Corp. Series 2006, 6.5% 1/15/29 (FGIC Insured) | 3,700,000 | 4,217,704 | ||
Indiana Health & Edl. Facilities Fing. Auth. Hosp. Rev. (Clarian Health Partners, Inc. Proj.) Series B, 5% 2/15/11 | 1,500,000 | 1,521,795 | ||
Indiana Health Facility Fing. Auth. Rev. (Ascension Health Subordinate Cr. Proj.) Series A5, 5%, tender 8/1/13 (c)(d) | 3,800,000 | 4,016,410 | ||
Indiana Trans. Fin. Auth. Hwy. Rev. Series 1993 A, 0% 6/1/17 (AMBAC Insured) | 1,000,000 | 750,340 | ||
Indianapolis Local Pub. Impt. Bond Bank (Indianapolis Arpt. Auth. Proj.) Series 2006 F, 5% 1/1/16 (AMBAC Insured) (e) | 1,000,000 | 993,790 | ||
Jasper County Indl. Poll. Ctl. Rev. (Northern Indiana Pub. Svc. Co. Proj.) Series 1988 C, 5.6% 11/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,009,120 | ||
North Adams Cmnty. Schools Renovation Bldg. Corp. 0% 1/15/17 (FSA Insured) | 1,230,000 | 948,232 | ||
Petersburg Poll. Cont. Rev. (Indianapolis Pwr. & Lt. Co. Proj.) Series 1995 C, 5.95% 12/1/29 (e) | 2,000,000 | 1,528,640 | ||
Rockport Poll. Cont. Rev. (AEP Generating Co. Proj.) Series 1995 A, 4.15%, tender 7/15/11 (AMBAC Insured) (d) | 1,000,000 | 985,740 | ||
Univ. of Southern Indiana Rev. Series J, 5.75% 10/1/28 (Assured Guaranty Corp. Insured) | 2,695,000 | 2,879,850 | ||
Wayne Township Marion County School Bldg. Corp. Series 2007, 5.5% 7/15/27 (Nat'l. Pub. Fin. Guar Corp. Insured) | 700,000 | 742,714 | ||
| 21,585,782 | |||
Iowa - 0.6% | ||||
Coralville Urban Renewal Rev. Series C: | ||||
5% 6/1/13 | 695,000 | 710,109 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Iowa - continued | ||||
Coralville Urban Renewal Rev. Series C: - continued | ||||
5.125% 6/1/39 | $ 435,000 | $ 339,431 | ||
Tobacco Settlement Auth. Tobacco Settlement Rev. Series 2001 B, 5.3% 6/1/25 (Pre-Refunded to 6/1/11 @ 101) (f) | 4,000,000 | 4,305,840 | ||
| 5,355,380 | |||
Kansas - 1.2% | ||||
Kansas Dev. Fin. Auth. Health Facilities Rev.: | ||||
(Hays Med. Ctr. Proj.) Series 2005 L: | ||||
5.25% 11/15/15 | 335,000 | 345,630 | ||
5.25% 11/15/16 | 955,000 | 980,441 | ||
(Sisters of Charity of Leavenworth Health Svcs. Corp. Proj.) Series J, 6.25% 12/1/28 | 1,500,000 | 1,539,510 | ||
Kansas Dev. Fin. Auth. Rev. (Sisters of Charity of Leavenworth Health Svcs. Corp. Proj.): | ||||
Series 1998 C, 5.25% 12/1/09 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,420,000 | 1,423,238 | ||
Series 1998, 5.25% 12/1/11 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,750,000 | 1,753,780 | ||
5% 12/1/13 (Nat'l. Pub. Fin. Guar Corp. Insured) | 2,390,000 | 2,394,374 | ||
5% 12/1/14 (Nat'l. Pub. Fin. Guar Corp. Insured) | 500,000 | 500,875 | ||
Lawrence Hosp. Rev. 5.25% 7/1/18 | 1,000,000 | 1,002,290 | ||
Olathe Health Facilities Rev. (Olathe Med. Ctr. Proj.) Series 2008 A, 4.125%, tender 3/1/13 (d) | 1,000,000 | 1,003,790 | ||
| 10,943,928 | |||
Kentucky - 0.9% | ||||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. (Baptist Healthcare Sys. Proj.) Series A, 5% 8/15/18 | 3,000,000 | 3,154,380 | ||
Kentucky Econ. Dev. Fin. Auth. Rev. (Ashland Hosp. Corp./King's Daughters Med. Ctr. Proj.) Series 2008 C, 6.125% 2/1/38 | 2,500,000 | 2,408,575 | ||
Louisville & Jefferson County Metropolitan Govt. Health Facilities Rev. (Jewish Hosp. & St. Mary's HealthCare Proj.) Series 2008, 6.125% 2/1/37 | 400,000 | 399,704 | ||
Louisville & Jefferson County Metropolitan Swr. District Swr. & Drain Sys. Rev. Series A, 5.25% 5/15/37 (Nat'l. Pub. Fin. Guar Corp. Insured) | 2,170,000 | 2,188,988 | ||
| 8,151,647 | |||
Louisiana - 0.9% | ||||
Louisiana Military Dept. Custody Receipts 5% 8/1/14 | 1,730,000 | 1,855,702 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Louisiana - continued | ||||
Louisiana Pub. Facilities Auth. Rev. (Nineteenth Judicial District Court Proj.) Series 2007: | ||||
5.375% 6/1/32 (FGIC Insured) | $ 1,600,000 | $ 1,582,208 | ||
5.5% 6/1/41 (FGIC Insured) | 1,000,000 | 993,980 | ||
New Orleans Aviation Board Rev. Series 2007 A, 5.25% 1/1/19 (FSA Insured) (e) | 1,570,000 | 1,557,000 | ||
New Orleans Gen. Oblig.: | ||||
Series 2005, 5.25% 12/1/23 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,001,610 | ||
0% 9/1/15 (AMBAC Insured) | 700,000 | 537,572 | ||
Tobacco Settlement Fing. Corp. Series 2001 B, 5.5% 5/15/30 | 420,000 | 320,972 | ||
| 7,849,044 | |||
Maine - 0.4% | ||||
Maine Health & Higher Ed. Facilities Auth. Rev. Series 2008 D, 5.75% 7/1/38 | 1,100,000 | 1,145,166 | ||
Maine Tpk. Auth. Tpk. Rev.: | ||||
Series 2004, 5.25% 7/1/30 | 1,000,000 | 1,017,070 | ||
Series 2007, 5.25% 7/1/37 (AMBAC Insured) | 1,200,000 | 1,223,832 | ||
| 3,386,068 | |||
Maryland - 0.9% | ||||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Good Samaritan Hosp. Proj.): | ||||
5.75% 7/1/13 (Escrowed to Maturity) (f) | 1,665,000 | 1,830,201 | ||
5.75% 7/1/13 (Escrowed to Maturity) (f) | 1,015,000 | 1,115,708 | ||
(Univ. of Maryland Med. Sys. Proj.) Series 2008 F, 5.25% 7/1/21 | 1,000,000 | 992,840 | ||
(Upper Chesapeake Hosp. Proj.) Series 2008 C: | ||||
5.5% 1/1/18 | 970,000 | 891,993 | ||
6% 1/1/38 | 2,800,000 | 2,379,636 | ||
(Washington County Health Sys. Proj.) Series 2008, 6% 1/1/43 | 1,000,000 | 805,450 | ||
| 8,015,828 | |||
Massachusetts - 3.2% | ||||
Massachusetts Gen. Oblig.: | ||||
Series 2007 A, 1.354% 5/1/37 (d) | 1,000,000 | 557,250 | ||
Series 2007 C: | ||||
5% 8/1/37 | 4,800,000 | 4,910,256 | ||
5.25% 8/1/24 | 2,200,000 | 2,397,714 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(CareGroup, Inc. Proj.) Series 2008 E1: | ||||
5.125% 7/1/33 | $ 1,000,000 | $ 834,180 | ||
5.125% 7/1/38 | 1,000,000 | 814,480 | ||
(New England Med. Ctr. Hosp. Proj.) Series G, 5.375% 7/1/24 (Nat'l. Pub. Fin. Guar Corp. Insured) | 245,000 | 235,051 | ||
Massachusetts Indl. Fin. Agcy. Rev. (Massachusetts Biomedical Research Corp. Proj.) Series A2, 0% 8/1/10 | 4,500,000 | 4,388,265 | ||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | ||||
Series 2005 A: | ||||
5% 8/15/23 | 5,000,000 | 5,320,550 | ||
5% 8/15/30 | 4,500,000 | 4,582,125 | ||
Series 2007 A, 5% 8/15/37 | 2,200,000 | 2,219,140 | ||
Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev. Sr. Series 1997 A, 5% 1/1/37 (Nat'l. Pub. Fin. Guar Corp. Insured) | 2,000,000 | 1,608,320 | ||
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.) Series 1998 A, 5.25% 8/1/13 | 10,000 | 10,029 | ||
| 27,877,360 | |||
Michigan - 2.6% | ||||
Allegan Pub. School District 5% 5/1/18 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,515,000 | 1,734,205 | ||
Detroit Swr. Disp. Rev.: | ||||
Series 2001 E, 5.75% 7/1/31 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 1,100,000 | 1,110,813 | ||
Series B, 5% 7/1/36 | 2,800,000 | 2,210,880 | ||
Detroit Wtr. Supply Sys. Rev.: | ||||
Series 2003 A, 5% 7/1/34 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,700,000 | 1,419,024 | ||
Series 2005 B, 5.5% 7/1/35 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 1,800,000 | 1,746,450 | ||
Series 2006 B, 7% 7/1/36 (FSA Insured) | 1,000,000 | 1,093,430 | ||
Ferris State Univ. Rev. 5% 10/1/19 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,440,000 | 1,522,224 | ||
Grand Valley Michigan State Univ. Rev. Series 2009, 5.5% 12/1/27 | 2,450,000 | 2,483,173 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2008 A, 5.5%, tender 1/15/15 (d) | 1,000,000 | 1,026,920 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Lapeer Cmnty. Schools 5.25% 5/1/26 (FSA Insured) | $ 1,100,000 | $ 1,173,843 | ||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(McLaren Health Care Corp. Proj.): | ||||
Series 1998 A, 5% 6/1/19 | 2,000,000 | 1,867,380 | ||
Series 2008 A, 5.75% 5/15/38 | 1,000,000 | 910,250 | ||
(Trinity Health Sys. Proj.) Series 2008 A, 6.5% 12/1/33 | 2,500,000 | 2,636,425 | ||
Michigan Tobacco Settlement Fin. Auth. Tobacco Settlement Asset Rev. Series A, 6% 6/1/34 | 1,000,000 | 644,910 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Proj.) Series 2009 V, 8.25% 9/1/39 | 600,000 | 665,070 | ||
Willow Run Cmnty. Schools County of Washtenaw 5% 5/1/20 (FSA Insured) | 1,000,000 | 1,065,390 | ||
| 23,310,387 | |||
Minnesota - 1.8% | ||||
Elk River Independent School District #728 Series 2002 A, 5.25% 2/1/21 (FSA Insured) (Pre-Refunded to 2/1/13 @ 100) (f) | 3,865,000 | 4,262,361 | ||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | ||||
Series 2007 A, 5% 1/1/22 | 1,000,000 | 1,048,520 | ||
Series 2008 A: | ||||
5% 1/1/11 (e) | 1,500,000 | 1,526,610 | ||
5% 1/1/14 (e) | 1,000,000 | 1,021,570 | ||
Minneapolis Health Care Sys. Rev. (Fairview Health Svcs. Proj.) Series 2008 B, 6.5% 11/15/38 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,088,060 | ||
Rochester Hsg. & Hlthcar Rev. (Madonna Towers Proj.) Series A, 5.875% 11/1/28 | 1,100,000 | 783,607 | ||
Saint Cloud Health Care Rev. (Saint Cloud Hosp. Group Oblig. Proj.) Series 2000 A, 5.875% 5/1/30 (FSA Insured) | 2,000,000 | 2,029,340 | ||
Saint Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.) Series 2008 C, 5.5% 7/1/17 | 1,000,000 | 1,044,650 | ||
Saint Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (HealthPartners Oblig. Group Proj.) 5.25% 5/15/22 | 1,000,000 | 890,440 | ||
Saint Paul Port Auth. Lease Rev.: | ||||
(HealthEast Midway Campus Proj.) Series 2003 A, 5.875% 5/1/30 | 1,400,000 | 1,013,068 | ||
Series 2003 11, 5.25% 12/1/18 | 1,000,000 | 1,095,440 | ||
| 15,803,666 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
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 | $ 781,516 | ||
Montana - 0.2% | ||||
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Proj.) Series 1998 A, 5.2%, tender 5/1/09 (d) | 1,500,000 | 1,500,000 | ||
Nebraska - 0.7% | ||||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 B, 1.345% 12/1/17 (d) | 1,100,000 | 684,948 | ||
Douglas County Hosp. Auth. #2 Rev. (Children's Hosp. Proj.) Series 2008 B, 6% 8/15/24 | 1,300,000 | 1,333,072 | ||
Douglas County Hosp. Auth. #3 Health Facilities Rev. (Nebraska Methodist Health Sys. Proj.) Series 2008, 5.75% 11/1/48 | 2,000,000 | 1,700,540 | ||
Omaha Pub. Pwr. District Elec. Rev. Series A, 5% 2/1/46 | 2,000,000 | 2,004,020 | ||
| 5,722,580 | |||
Nevada - 0.7% | ||||
Clark County Arpt. Rev. Series 2003 C, 5.375% 7/1/22 (AMBAC Insured) (e) | 1,000,000 | 919,860 | ||
Clark County Wtr. Reclamation District 5.625% 7/1/32 | 3,000,000 | 3,111,630 | ||
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig. Series 2003 B: | ||||
5.25% 6/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,062,400 | ||
5.25% 6/1/17 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,054,480 | ||
| 6,148,370 | |||
New Hampshire - 0.1% | ||||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. (United Illumination Co.) Series A, 3.65%, tender 2/1/10 (AMBAC Insured) (d)(e) | 1,000,000 | 978,220 | ||
New Jersey - 1.3% | ||||
Garden State Preservation Trust Open Space & Farmland Preservation Series 2005 A, 5.8% 11/1/19 (FSA Insured) | 700,000 | 815,682 | ||
New Jersey Ctfs. of Prtn. Series 2009 A, 5.25% 6/15/28 | 1,000,000 | 995,170 | ||
New Jersey Econ. Dev. Auth. School Facilities | ||||
Series 2005 O: | ||||
5.25% 3/1/21 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,050,510 | ||
5.25% 3/1/23 | 2,000,000 | 2,069,740 | ||
5.25% 3/1/25 | 1,500,000 | 1,540,725 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New Jersey - continued | ||||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.: - continued | ||||
Series 2005 O: | ||||
5.25% 3/1/26 | $ 915,000 | $ 937,500 | ||
Series 2009 Z, 6% 12/15/34 (Assured Guaranty Corp. Insured) | 1,600,000 | 1,747,632 | ||
New Jersey Tpk. Auth. Tpk. Rev. Series 2009 E, 5.25% 1/1/40 | 1,000,000 | 1,005,950 | ||
New Jersey Trans. Trust Fund Auth. Series B, 5.25% 12/15/22 (AMBAC Insured) | 400,000 | 428,160 | ||
Union County Impt. Auth. (Juvenile Detention Ctr. Facility Proj.) Series 2005, 5.5% 5/1/28 (FGIC Insured) | 1,000,000 | 1,006,070 | ||
| 11,597,139 | |||
New Mexico - 0.3% | ||||
Albuquerque Arpt. Rev.: | ||||
Series 1997, 6.75% 7/1/09 (AMBAC Insured) (e) | 450,000 | 452,907 | ||
6.75% 7/1/11 (AMBAC Insured) (e) | 1,805,000 | 1,901,441 | ||
| 2,354,348 | |||
New York - 12.3% | ||||
Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.): | ||||
Series 2003: | ||||
5.75% 5/1/16 | 1,500,000 | 1,656,960 | ||
5.75% 5/1/21 | 1,200,000 | 1,262,400 | ||
Series 2004: | ||||
5.75% 5/1/17 | 1,600,000 | 1,785,968 | ||
5.75% 5/1/25 (FSA Insured) | 600,000 | 632,082 | ||
Hudson Yards Infrastructure Corp. New York Rev. Series A: | ||||
5% 2/15/47 | 2,000,000 | 1,612,300 | ||
5% 2/15/47 | 1,200,000 | 977,496 | ||
Long Island Pwr. Auth. Elec. Sys. Rev. Series A, 5% 12/1/26 (XL Cap. Assurance, Inc. Insured) | 1,400,000 | 1,375,850 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 5.625% 7/1/16 (Escrowed to Maturity) (f) | 1,000,000 | 1,101,400 | ||
New York City Gen. Oblig.: | ||||
Series 2003 J, 5.5% 6/1/19 | 880,000 | 932,175 | ||
Series 2005 G, 5% 8/1/15 | 1,000,000 | 1,092,150 | ||
Series 2008 A1, 5.25% 8/15/27 | 1,500,000 | 1,527,450 | ||
Series 2008 D1, 5.125% 12/1/22 | 2,000,000 | 2,066,460 | ||
Series 2009 H1, 5% 3/1/15 (Assured Guaranty Corp. Insured) | 3,900,000 | 4,291,794 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
New York City Gen. Oblig.: - continued | ||||
Series 2009 I-1, 5.625% 4/1/29 | $ 600,000 | $ 625,650 | ||
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 (FSA Insured) (e) | 540,000 | 539,984 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 2002 A, 5.125% 6/15/34 | 500,000 | 502,465 | ||
Series 2003 A, 5.125% 6/15/34 | 2,000,000 | 2,009,860 | ||
Series 2003 E, 5% 6/15/34 | 1,600,000 | 1,605,808 | ||
Series 2005 D: | ||||
5% 6/15/37 | 400,000 | 401,652 | ||
5% 6/15/38 | 1,300,000 | 1,304,680 | ||
5% 6/15/39 | 500,000 | 500,495 | ||
Series 2009 A, 5.75% 6/15/40 | 2,300,000 | 2,478,963 | ||
Series 2009 EE, 5.25% 6/15/40 | 1,800,000 | 1,843,884 | ||
Series FF 2, 5.5% 6/15/40 | 2,800,000 | 2,946,244 | ||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | ||||
Series 2009 S1, 5.5% 7/15/31 | 1,000,000 | 1,020,890 | ||
Series 2009 S3, 5.25% 1/15/34 | 4,000,000 | 3,945,200 | ||
Series 2009 S4, 5.75% 1/15/39 | 1,600,000 | 1,644,128 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 A: | ||||
5.5% 11/1/26 (b) | 1,000,000 | 1,058,780 | ||
6% 11/1/28 (b) | 2,000,000 | 2,141,360 | ||
Series 2003 B, 5.25% 2/1/29 (b) | 2,000,000 | 2,078,020 | ||
Series 2004 B, 5% 8/1/32 | 1,300,000 | 1,302,847 | ||
Series 2004 C, 5% 2/1/33 (FGIC Insured) | 1,000,000 | 1,002,850 | ||
New York City Trust Cultural Resources Rev. (Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 | 1,000,000 | 1,013,140 | ||
New York Dorm. Auth. Personal Income Tax Rev. (Ed. Proj.) Series 2008 B, 5.75% 3/15/36 | 2,700,000 | 2,908,251 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.): | ||||
Series A, 5.75% 7/1/13 | 1,500,000 | 1,614,195 | ||
Series C, 7.5% 7/1/10 | 190,000 | 196,570 | ||
(New York Univ. Hosp. Ctr. Proj.): | ||||
Series 2007 A, 5% 7/1/14 | 1,000,000 | 954,860 | ||
Series 2007 B, 5.25% 7/1/24 | 300,000 | 246,294 | ||
Series 2002 A, 5.75% 10/1/17 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,091,420 | ||
Series 2002 B, 5.25%, tender 5/15/12 (d) | 1,100,000 | 1,165,219 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: | ||||
Series 2009 A, 5.5% 11/15/39 | $ 5,000,000 | $ 5,062,750 | ||
Series B, 5% 11/15/34 | 1,200,000 | 1,167,924 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2003 B, 5.25% 11/15/19 (FGIC Insured) | 1,900,000 | 2,020,061 | ||
Series 2008 A, 5.25% 11/15/36 | 3,700,000 | 3,584,819 | ||
Series 2008 C, 6.5% 11/15/28 | 1,000,000 | 1,103,800 | ||
New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured) | 1,500,000 | 1,575,165 | ||
New York Thruway Auth. Gen. Rev. Series 2005 G, 5.25% 1/1/27 | 1,600,000 | 1,637,024 | ||
New York Thruway Auth. Personal Income Tax Rev. Series 2007 A, 5.25% 3/15/25 | 1,500,000 | 1,593,705 | ||
Syracuse Indl. Dev. Auth. Pilot Rev. (Carousel Ctr. Co. Proj.) 5% 1/1/36 (XL Cap. Assurance, Inc. Insured) (e) | 2,700,000 | 1,997,298 | ||
Tobacco Settlement Asset Securitization Corp. Series 2002-1, 5.5% 7/15/24 (Pre-Refunded to 7/15/12 @ 100) (f) | 1,075,000 | 1,176,061 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.25% 6/1/21 (AMBAC Insured) | 1,000,000 | 1,020,130 | ||
5.25% 6/1/22 (AMBAC Insured) | 950,000 | 963,851 | ||
5.5% 6/1/14 | 1,720,000 | 1,722,700 | ||
5.5% 6/1/16 | 4,700,000 | 4,780,041 | ||
5.5% 6/1/17 | 4,000,000 | 4,088,480 | ||
Series 2003B 1C: | ||||
5.5% 6/1/14 | 400,000 | 400,628 | ||
5.5% 6/1/15 | 1,700,000 | 1,734,340 | ||
5.5% 6/1/17 | 1,600,000 | 1,635,392 | ||
5.5% 6/1/18 | 2,800,000 | 2,869,720 | ||
5.5% 6/1/19 | 1,600,000 | 1,639,728 | ||
5.5% 6/1/21 | 5,000,000 | 5,081,700 | ||
5.5% 6/1/22 | 1,500,000 | 1,514,070 | ||
Series 2003B C1, 5.5% 6/1/16 | 1,000,000 | 1,027,310 | ||
| 107,854,891 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York & New Jersey - 0.2% | ||||
Port Auth. of New York & New Jersey 124th Series, 5% 8/1/13 (FGIC Insured) (e) | $ 500,000 | $ 501,325 | ||
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. Guar Corp. Insured) (e) | 1,400,000 | 1,412,068 | ||
| 1,913,393 | |||
North Carolina - 1.2% | ||||
Charlotte Ctfs. of Prtn. (2003 Govt. Facilities Projs.) Series G, 5% 6/1/33 | 1,000,000 | 1,004,710 | ||
Dare County Ctfs. of Prtn. 5.25% 6/1/15 (AMBAC Insured) | 1,195,000 | 1,324,765 | ||
Nash Health Care Sys. Health Care Facilities Rev. 5% 11/1/30 (FSA Insured) | 1,200,000 | 1,158,612 | ||
North Carolina Cap. Facilities Fin. Agcy. Rev. (Duke Univ. Proj.) Series A, 5.125% 10/1/41 | 355,000 | 358,781 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev.: | ||||
Series 2003 A, 5.5% 1/1/11 | 1,620,000 | 1,678,612 | ||
Series D, 6.7% 1/1/19 | 1,115,000 | 1,137,412 | ||
North Carolina Infrastructure Fin. Corp. Ctfs. of Prtn. (North Carolina Correctional Facilities Proj.) Series A, 5% 2/1/18 | 1,000,000 | 1,068,080 | ||
North Carolina Med. Care Cmnty. Health (Memorial Mission Hosp. Proj.) Series 2007, 5% 10/1/20 | 1,000,000 | 1,022,680 | ||
North Carolina Med. Care Commission Retirement Facilities Rev. (Southminster Proj.) Series 2007 A, 5.75% 10/1/37 | 1,000,000 | 741,070 | ||
Union County Ctfs. of Prtn. 5% 6/1/18 (AMBAC Insured) | 1,305,000 | 1,443,891 | ||
| 10,938,613 | |||
North Dakota - 0.1% | ||||
Ward County Health Care Facility Rev. (Trinity Med. Ctr. Proj.) 5.125% 7/1/17 | 1,210,000 | 1,059,065 | ||
Ohio - 0.7% | ||||
Buckeye Tobacco Settlement Fing. Auth.: | ||||
Series 2007 A2, 5.75% 6/1/34 | 2,000,000 | 1,186,580 | ||
Series A-2: | ||||
5.875% 6/1/47 | 1,300,000 | 726,466 | ||
6.5% 6/1/47 | 2,200,000 | 1,356,982 | ||
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 2008 C, 5.75% 8/15/38 | 1,000,000 | 832,420 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Plain Local School District 6% 12/1/25 (Nat'l. Pub. Fin. Guar Corp. Insured) | $ 410,000 | $ 426,634 | ||
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008, 5.75% 12/1/35 | 1,400,000 | 1,333,696 | ||
| 5,862,778 | |||
Oklahoma - 0.9% | ||||
Oklahoma City Pub. Property Auth. Hotel Tax Rev. Series 2005, 5.5% 10/1/21 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,695,000 | 1,828,413 | ||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series C: | ||||
5.25% 8/15/29 | 1,600,000 | 1,577,648 | ||
5.5% 8/15/22 | 2,865,000 | 2,985,187 | ||
Tulsa County Indl. Auth. Health Care Rev. 5% 12/15/18 | 1,500,000 | 1,532,295 | ||
| 7,923,543 | |||
Oregon - 0.7% | ||||
Oregon Dept. Administrative Svcs. Ctfs. of Prtn. Series A, 5.375% 5/1/15 (AMBAC Insured) | 1,715,000 | 1,834,381 | ||
Oregon Gen. Oblig. (State Board of Higher Ed. Proj.) Series 2009 A: | ||||
5.75% 8/1/25 | 500,000 | 559,210 | ||
5.75% 8/1/26 | 1,000,000 | 1,110,330 | ||
5.75% 8/1/28 | 500,000 | 550,355 | ||
5.75% 8/1/29 | 500,000 | 547,175 | ||
Yamhill County School District #029J Newberg 5.5% 6/15/19 (FGIC Insured) | 1,000,000 | 1,192,540 | ||
| 5,793,991 | |||
Pennsylvania - 2.5% | ||||
Allegheny County Hosp. Dev. Auth. Rev. (Pittsburgh Med. Ctr. Proj.) Series B, 5% 6/15/16 | 850,000 | 889,262 | ||
Annville-Cleona School District 5.5% 3/1/22 (FSA Insured) | 1,250,000 | 1,369,550 | ||
Canon McMillan School District: | ||||
Series 2001 B, 5.75% 12/1/33 (FGIC Insured) | 1,000,000 | 1,009,060 | ||
Series 2002 B, 5.75% 12/1/35 (FGIC Insured) | 1,595,000 | 1,639,389 | ||
Delaware County Auth. College Rev. (Haverford College Proj.) 5.75% 11/15/29 | 3,500,000 | 3,607,555 | ||
Easton Area School District Series 2006, 7.75% 4/1/25 (FSA Insured) | 700,000 | 839,230 | ||
Mifflin County School District 7.75% 9/1/30 (XL Cap. Assurance, Inc. Insured) | 400,000 | 478,012 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series A, 6% 6/1/16 (AMBAC Insured) | $ 1,860,000 | $ 1,999,351 | ||
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev.: | ||||
(Amtrak Proj.) Series 2001 A, 6.25% 11/1/31 (e) | 2,000,000 | 1,598,980 | ||
(Shippingport Proj.) Series 2002 A, 4.35%, tender 6/1/10 (d)(e) | 500,000 | 502,955 | ||
Pennsylvania Higher Edl. Facilities Auth. Rev. (Lafayette College Proj.) 6% 5/1/30 | 2,565,000 | 2,607,502 | ||
Pennsylvania Tpk. Commission Tpk. Rev. Series 2004 A, 5.25% 12/1/32 (AMBAC Insured) | 1,500,000 | 1,525,275 | ||
Philadelphia Gas Works Rev.: | ||||
(1975 Gen. Ordinance Proj.) Seventeenth Series, 5.375% 7/1/20 (FSA Insured) | 500,000 | 523,325 | ||
(1998 Gen. Ordinance Proj.) Fifth Series A1, 5% 9/1/33 (FSA Insured) | 600,000 | 576,300 | ||
Philadelphia School District Series 2005 A, 5% 8/1/22 (AMBAC Insured) | 200,000 | 204,718 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series A, 0% 8/15/21 (Nat'l. Pub. Fin. Guar Corp. Insured) | 5,000,000 | 2,586,850 | ||
| 21,957,314 | |||
Puerto Rico - 0.8% | ||||
Puerto Rico Govt. Dev. Bank: | ||||
Series 2006 B: | ||||
5% 12/1/10 | 1,000,000 | 1,007,470 | ||
5% 12/1/12 | 2,500,000 | 2,505,575 | ||
Series 2006 C, 5.25% 1/1/15 (e) | 1,000,000 | 972,470 | ||
Puerto Rico Pub. Bldg. Auth. Rev.: | ||||
Series M2: | ||||
5.5%, tender 7/1/17 (AMBAC Insured) (d) | 600,000 | 575,970 | ||
5.75%, tender 7/1/17 (d) | 1,100,000 | 1,073,380 | ||
Series N, 5.5% 7/1/22 | 1,100,000 | 1,022,021 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series 2007 A, 0% 8/1/41 | 2,400,000 | 268,872 | ||
| 7,425,758 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Rhode Island - 0.6% | ||||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series A, 5.25% 9/15/17 (AMBAC Insured) | $ 1,000,000 | $ 1,099,180 | ||
Rhode Island Port Auth. & Econ. Dev. Corp. Arpt. Rev. Series A, 7% 7/1/14 (FSA Insured) (e) | 4,000,000 | 4,211,000 | ||
| 5,310,180 | |||
South Carolina - 1.1% | ||||
Greenville County School District Installment Purp. Rev. 5% 12/1/12 | 3,750,000 | 4,100,663 | ||
Greenwood Fifty School Facilities Installment 5% 12/1/21 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,088,590 | ||
Lexington One School Facilities Corp. Rev. (Lexington County School District No. 1 Proj.) 5% 12/1/17 | 1,015,000 | 1,107,020 | ||
South Carolina Jobs-Econ. Dev. Auth. Health Facilities Rev. (Bishop Gadsden Proj.) Series 2007, 5% 4/1/16 | 1,000,000 | 916,490 | ||
South Carolina Jobs-Econ. Dev. Auth. Hosp. Impt. Rev. (Palmetto Health Alliance Proj.) Series 2000 A, 7.375% 12/15/21 (Pre-Refunded to 12/15/10 @ 102) (f) | 1,000,000 | 1,113,020 | ||
Univ. of South Carolina Athletic Facilities Rev. Series 2008 A, 5.5% 5/1/38 | 1,000,000 | 1,048,380 | ||
| 9,374,163 | |||
Tennessee - 0.9% | ||||
Clarksville Natural Gas Acquisition Corp. Gas Rev.: | ||||
Series 2006: | ||||
5% 12/15/13 | 1,000,000 | 878,740 | ||
5% 12/15/15 | 1,500,000 | 1,258,005 | ||
5% 12/15/16 | 1,500,000 | 1,231,035 | ||
Jackson Hosp. Rev. (Jackson-Madison County Gen. Hosp. Proj.) Series 2008, 5.75% 4/1/41 | 1,000,000 | 959,110 | ||
Knox County Health Edl. & Hsg. Facilities Board Hosp. Facilities Rev. (Baptist Health Sys. of East Tennessee Proj.) Series 2002, 6.5% 4/15/31 | 1,400,000 | 1,436,232 | ||
Knox County Health Edl. & Hsg. Facilities Board Rev. (Univ. Health Sys. Proj.) Series 2007, 5% 4/1/16 | 1,805,000 | 1,705,039 | ||
| 7,468,161 | |||
Texas - 10.9% | ||||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.5% 8/1/20 | 1,000,000 | 1,128,850 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Austin Convention Enterprises, Inc. (Convention Ctr. Proj.) Series B, 5.75% 1/1/34 | $ 1,000,000 | $ 677,070 | ||
Austin Util. Sys. Rev. 0% 11/15/12 (AMBAC Insured) | 1,300,000 | 1,204,268 | ||
Bastrop Independent School District Series 2007, 5.25% 2/15/42 | 5,000,000 | 5,160,600 | ||
Beaumont Independent School District 5% 2/15/38 (Assured Guaranty Corp. Insured) (c) | 300,000 | 298,617 | ||
Boerne Independent School District Series 2004, 5.25% 2/1/35 | 900,000 | 919,818 | ||
Corpus Christi Util. Sys. Rev. 5.25% 7/15/18 (FSA Insured) | 1,000,000 | 1,119,150 | ||
Corsicana Independent School District 5.125% 2/15/28 | 1,015,000 | 1,053,164 | ||
Cypress-Fairbanks Independent School District Series A, 0% 2/15/16 | 1,400,000 | 1,137,276 | ||
Dallas Area Rapid Transit Sales Tax Rev. 5.25% 12/1/38 | 4,000,000 | 4,111,960 | ||
Dallas Fort Worth Int'l. Arpt. Rev.: | ||||
Series 2006 A, 5% 11/1/15 (XL Cap. Assurance, Inc. Insured) (e) | 1,400,000 | 1,401,918 | ||
Series 2007, 5% 11/1/19 (XL Cap. Assurance, Inc. Insured) (e) | 2,500,000 | 2,410,975 | ||
Series A, 5.25% 11/1/12 (e) | 1,000,000 | 1,027,860 | ||
Dallas Independent School District Series 2008, 6.375% 2/15/34 | 300,000 | 337,152 | ||
Denton Util. Sys. Rev. Series A, 5% 12/1/19 (FSA Insured) | 1,280,000 | 1,343,910 | ||
Garland Independent School District Series 2001, 5.5% 2/15/19 | 2,500,000 | 2,544,650 | ||
Guadalupe-Blanco River Auth. Contract Rev. (Western Canyon Reg'l. Wtr. Supply Proj.) 5.25% 4/15/20 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,075,770 | ||
Harris County Gen. Oblig.: | ||||
(Permanent Impt. Proj.) Series 1996, 0% 10/1/17 (Nat'l. Pub. Fin. Guar Corp. Insured) | 2,500,000 | 1,853,750 | ||
(Road Proj.) Series 2008 B, 5.25% 8/15/47 | 6,800,000 | 6,667,468 | ||
Series 2002, 0% 8/15/24 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 483,040 | ||
Harris County Health Facilities Dev. Corp. Hosp. Rev. (Memorial Hermann Healthcare Sys. Proj.) Series 2008 B, 7.25% 12/1/35 | 1,200,000 | 1,274,736 | ||
Hays Consolidated Independent School District Series A, 5.125% 8/15/30 | 1,000,000 | 1,031,570 | ||
Houston Arpt. Sys. Rev. Series A, 5.625% 7/1/19 (FSA Insured) (e) | 1,000,000 | 1,006,080 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Houston Independent School District 0% 8/15/13 | $ 1,300,000 | $ 1,184,339 | ||
Houston Util. Sys. Rev. Series 2005 C1, 5%, tender 5/15/11 (AMBAC Insured) (d) | 2,100,000 | 2,178,225 | ||
Humble Independent School District: | ||||
Series 2000, 0% 2/15/17 | 1,000,000 | 777,030 | ||
Series 2005 B, 5.25% 2/15/20 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,800,000 | 1,951,632 | ||
Kermit Independent School District Series 2007, 5.25% 2/15/32 | 700,000 | 732,214 | ||
Lampasas Independent School District (School Bldg. Proj.) Series 2007, 5.25% 2/15/32 | 1,000,000 | 1,038,000 | ||
Lewisville Independent School District 0% 8/15/19 | 2,340,000 | 1,597,284 | ||
Liberty Hill Independent School District (School Bldg. Proj.) Series 2006, 5.25% 8/1/35 | 1,100,000 | 1,137,081 | ||
Lower Colorado River Auth. Rev. Series 2008, 5.75% 5/15/37 | 1,000,000 | 1,016,760 | ||
Lower Colorado River Auth. Transmission Contract Rev. (LCRA Transmission Svcs. Corp. Proj.): | ||||
Series 2003 C, 5% 5/15/33 | 700,000 | 700,238 | ||
Series C, 5.25% 5/15/19 (AMBAC Insured) | 1,000,000 | 1,084,760 | ||
Mansfield Independent School District: | ||||
5.375% 2/15/26 | 145,000 | 148,629 | ||
5.5% 2/15/17 | 25,000 | 27,000 | ||
Montgomery County Muni. Util. District #46 5% 3/1/21 (FSA Insured) | 1,040,000 | 1,064,294 | ||
North Central Texas Health Facilities Dev. Corp. Rev. (Children's Med. Ctr. of Dallas Proj.) 5.5% 8/15/16 (AMBAC Insured) | 1,230,000 | 1,286,826 | ||
North Texas Tollway Auth. Dallas North Tollway Sys. Rev. Series 2003 A, 5% 1/1/28 | 1,000,000 | 977,400 | ||
North Texas Tollway Auth. Rev.: | ||||
Series 2008 A, 6% 1/1/24 | 2,000,000 | 2,136,080 | ||
Series 2008 E3, 5.75%, tender 1/1/16 (d) | 1,000,000 | 1,027,140 | ||
Series 2008 I, 0% 1/1/42 (Assured Guaranty Corp. Insured) (a) | 1,100,000 | 767,371 | ||
Northside Independent School District 5.5% 2/15/15 | 940,000 | 995,958 | ||
Northwest Texas Independent School District 5.5% 8/15/21 | 170,000 | 183,423 | ||
Prosper Independent School District: | ||||
Series 2005, 5.125% 8/15/30 | 400,000 | 412,628 | ||
5.375% 8/15/37 | 2,000,000 | 2,088,760 | ||
Sabine River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.) Series B, 5.75%, tender 11/1/11 (d)(e) | 4,645,000 | 2,773,111 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
San Antonio Arpt. Sys. Rev.: | ||||
5% 7/1/16 (FSA Insured) (e) | $ 1,635,000 | $ 1,668,403 | ||
5.25% 7/1/18 (FSA Insured) (e) | 2,505,000 | 2,521,333 | ||
San Marcos Consolidated Independent School District 5% 8/1/20 | 1,525,000 | 1,647,198 | ||
Spring Branch Independent School District Series 2001, 5.375% 2/1/18 | 345,000 | 362,002 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Baylor Health Care Sys. Proj.) Series 2009, 5.75% 11/15/24 | 1,100,000 | 1,141,338 | ||
Texas Muni. Pwr. Agcy. Rev.: | ||||
0% 9/1/11 (AMBAC Insured) | 4,700,000 | 4,401,080 | ||
0% 9/1/11 (Escrowed to Maturity) (f) | 50,000 | 48,261 | ||
0% 9/1/15 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,100,000 | 844,756 | ||
0% 9/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,800,000 | 1,305,036 | ||
Texas Pub. Fin. Auth. Bldg. Rev. (Texas Technical College Proj.) 6.25% 8/1/09 (Nat'l. Pub. Fin. Guar Corp. Insured) | 225,000 | 227,311 | ||
Texas Tpk. Auth. Central Texas Tpk. Sys. Rev. Series | ||||
5.5% 8/15/39 | 4,100,000 | 3,869,416 | ||
5.75% 8/15/38 (AMBAC Insured) | 3,775,000 | 3,680,738 | ||
Texas Wtr. Dev. Board Rev. Series 1999 A, 5.5% 7/15/21 | 1,000,000 | 1,004,740 | ||
Tyler Health Facilities Dev. Corp. Hosp. Rev. (Mother Frances Hosp. Reg'l. Health Care Ctr. Proj.) 6% 7/1/27 (Pre-Refunded to 7/1/12 @ 100) (f) | 1,000,000 | 1,127,270 | ||
Waller Independent School District: | ||||
5.5% 2/15/28 | 1,670,000 | 1,817,661 | ||
5.5% 2/15/37 | 2,100,000 | 2,216,445 | ||
White Settlement Independent School District Series 2004, 5.75% 8/15/34 | 1,440,000 | 1,506,240 | ||
Williamson County Gen. Oblig. 5.5% 2/15/19 (FSA Insured) | 35,000 | 36,552 | ||
| 95,981,615 | |||
Utah - 0.2% | ||||
Intermountain Pwr. Agcy. Pwr. Supply Rev. Series A, 6.5% 7/1/09 (AMBAC Insured) | 365,000 | 368,322 | ||
Utah Transit Auth. Sales Tax Rev. Series 2008 A, 5.25% 6/15/38 | 1,100,000 | 1,137,774 | ||
| 1,506,096 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Vermont - 0.5% | ||||
Vermont Edl. & Health Bldg. Fin. Agcy. Rev.: | ||||
(Fletcher Allen Health Care, Inc. Proj.) Series 2000 A: | ||||
5.75% 12/1/18 (AMBAC Insured) | $ 400,000 | $ 377,756 | ||
6.125% 12/1/27 (AMBAC Insured) | 1,000,000 | 888,900 | ||
(Fletcher Allen Health Care Proj.) Series 2004 B, 5.5% 12/1/28 (FSA Insured) | 2,600,000 | 2,545,010 | ||
(Middlebury College Proj.) Series 2006 A, 5% 10/31/46 | 1,000,000 | 983,350 | ||
| 4,795,016 | |||
Virginia - 0.5% | ||||
Louisa Indl. Dev. Auth. Poll. Cont. Rev. (Virginia Elec. & Pwr. Co. Proj.) Series 2008 B, 5.375%, tender 12/2/13 (d) | 4,000,000 | 4,253,520 | ||
Washington - 6.7% | ||||
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. Guar Corp. Insured) | 1,000,000 | 728,090 | ||
Grant County Pub. Util. District #2 (Priest Rapids Hydro-Elec. Proj.) Second Series B, 5.375% 1/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured) (e) | 1,715,000 | 1,744,927 | ||
Grant County Pub. Util. District #2 Wanapum Hydro Elec. Rev. Series B, 5.25% 1/1/22 (Nat'l. Pub. Fin. Guar Corp. Insured) (e) | 1,950,000 | 1,963,124 | ||
Kent Spl. Events Ctr. Pub. Facilities District Rev. Series 2008, 5.25% 12/1/32 (FSA Insured) | 2,000,000 | 2,028,740 | ||
King County Gen. Oblig.: | ||||
(Pub. Trans. Proj.) Series 2004, 5.125% 6/1/34 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,017,140 | ||
(Swr. Proj.) Series 2005, 5% 1/1/26 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,032,730 | ||
5% 1/1/35 | 2,000,000 | 2,015,540 | ||
King County Swr. Rev.: | ||||
Series 2002 B, 5.125% 1/1/33 (FSA Insured) | 2,800,000 | 2,840,376 | ||
Series 2008, 5.75% 1/1/43 | 3,600,000 | 3,808,296 | ||
Port of Seattle Passenger Facilities Charge Rev. Series B, 5.25% 12/1/14 (AMBAC Insured) (e) | 3,000,000 | 3,014,220 | ||
Spokane County School District #81 5.25% 12/1/18 | 1,000,000 | 1,079,250 | ||
Spokane Gen. Oblig. 5.25% 12/1/24 (AMBAC Insured) | 1,000,000 | 1,044,580 | ||
Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev. 5.75% 12/1/24 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,000,000 | 1,085,040 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Washington - continued | ||||
Washington Gen. Oblig.: | ||||
Series 2001 C: | ||||
5.25% 1/1/16 | $ 1,000,000 | $ 1,048,450 | ||
5.25% 1/1/26 (FSA Insured) | 1,000,000 | 1,018,490 | ||
Series R 97A, 0% 7/1/19 (Nat'l. Pub. Fin. Guar Corp. Insured) | 1,200,000 | 789,144 | ||
Series S5, 0% 1/1/18 | 2,230,000 | 1,609,904 | ||
Washington Health Care Facilities Auth. Rev.: | ||||
(Catholic Heath Initiatives Proj.) Series 2008 D, 6.375% 10/1/36 | 3,000,000 | 3,236,340 | ||
(Childrens Hosp. Reg'l. Med. Ctr. Proj.) Series 2008 C, 5.5% 10/1/35 | 2,000,000 | 1,929,760 | ||
(MultiCare Health Sys. Proj.): | ||||
Series 2007 B, 5.5% 8/15/38 (FSA Insured) | 3,000,000 | 2,873,640 | ||
Series 2008 B, 6% 8/15/39 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,015,220 | ||
(Providence Health Systems Proj.): | ||||
Series 2001 A, 5.5% 10/1/13 (Nat'l. Pub. Fin. Guar Corp. Insured) | 3,000,000 | 3,118,170 | ||
Series 2006 D, 5.25% 10/1/33 | 1,000,000 | 1,014,050 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev. 5.4% 7/1/12 | 16,000,000 | 17,675,832 | ||
| 58,731,053 | |||
West Virginia - 0.4% | ||||
West Virginia Econ. Developement Auth. Solid Waste Disp. Facilities Rev. (Appalachian Pwr. Co. Proj.) Series 2008 E, 7.125%, tender 6/1/10 (d)(e) | 3,000,000 | 3,002,850 | ||
West Virginia Hosp. Fin. Auth. Hosp. Rev. (West Virginia United Health Sys. Proj.) Series 2008 E, 5.625% 6/1/35 | 1,000,000 | 917,910 | ||
| 3,920,760 | |||
Wisconsin - 0.6% | ||||
Badger Tobacco Asset Securitization Corp.: | ||||
6.125% 6/1/27 (Pre-Refunded to 6/1/12 @ 100) (f) | 730,000 | 779,786 | ||
6.375% 6/1/32 (Pre-Refunded to 6/1/12 @ 100) (f) | 400,000 | 449,212 | ||
Douglas County Gen. Oblig. 5.5% 2/1/18 (Nat'l. Pub. Fin. Guar Corp. Insured) | 335,000 | 356,664 | ||
Menasha Joint School District: | ||||
5.5% 3/1/17 (FSA Insured) | 65,000 | 69,874 | ||
5.5% 3/1/17 (Pre-Refunded to 3/1/12 @ 100) (f) | 1,095,000 | 1,197,733 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Wisconsin - continued | ||||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Marshfield Clinic Proj.): | ||||
Series A, 5.375% 2/15/34 | $ 1,000,000 | $ 719,560 | ||
Series B, 6% 2/15/25 | 1,500,000 | 1,251,180 | ||
(Wheaton Franciscan Healthcare Sys. Proj.) Series 2003 A, 5.5% 8/15/16 | 1,000,000 | 881,570 | ||
| 5,705,579 | |||
TOTAL MUNICIPAL BONDS (Cost $869,473,429) | 851,292,770 |
Municipal Notes - 1.7% | |||
|
|
|
|
California - 1.7% | |||
California Gen. Oblig. 2.95% 5/5/09 (Liquidity Facility Dexia Cr. Local de France) (Liquidity Facility Royal Bank of Canada), CP | 14,900,000 | 14,900,000 | |
TOTAL INVESTMENT PORTFOLIO - 98.4% (Cost $884,373,429) | 866,192,770 | ||
NET OTHER ASSETS - 1.6% | 13,949,192 | ||
NET ASSETS - 100% | $ 880,141,962 |
Security Type Abbreviation |
CP - COMMERCIAL PAPER |
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 initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(d) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(f) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 866,192,770 | $ - | $ 866,192,770 | $ - |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 36.0% |
Health Care | 17.0% |
Transportation | 9.1% |
Water & Sewer | 9.1% |
Electric Utilities | 8.6% |
Special Tax | 7.6% |
Others* (individually less than 5%) | 12.6% |
| 100.0% |
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| April 30, 2009 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $884,373,429) |
| $ 866,192,770 |
Cash | 5,802,935 | |
Receivable for investments sold | 2,591,319 | |
Receivable for fund shares sold | 4,452,240 | |
Interest receivable | 12,758,319 | |
Prepaid expenses | 4,753 | |
Receivable from investment adviser for expense reductions | 9,843 | |
Other receivables | 3,228 | |
Total assets | 891,815,407 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 2,060,944 | |
Delayed delivery | 6,397,031 | |
Payable for fund shares redeemed | 1,540,100 | |
Distributions payable | 960,168 | |
Accrued management fee | 267,215 | |
Distribution fees payable | 219,072 | |
Other affiliated payables | 205,482 | |
Other payables and accrued expenses | 23,433 | |
Total liabilities | 11,673,445 | |
|
|
|
Net Assets | $ 880,141,962 | |
Net Assets consist of: |
| |
Paid in capital | $ 898,988,077 | |
Undistributed net investment income | 330,338 | |
Accumulated undistributed net realized gain (loss) on investments | (995,794) | |
Net unrealized appreciation (depreciation) on investments | (18,180,659) | |
Net Assets | $ 880,141,962 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2009 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 12.12 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.12) | $ 12.62 | |
Class T: | $ 12.15 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.15) | $ 12.66 | |
Class B: | $ 12.09 | |
|
|
|
Class C: | $ 12.15 | |
|
|
|
Institutional Class: | $ 12.07 |
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, 2009 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 19,127,305 |
|
|
|
Expenses | ||
Management fee | $ 1,463,703 | |
Transfer agent fees | 469,496 | |
Distribution fees | 1,188,087 | |
Accounting fees and expenses | 87,204 | |
Custodian fees and expenses | 5,755 | |
Independent trustees' compensation | 1,457 | |
Registration fees | 72,595 | |
Audit | 25,155 | |
Legal | 1,408 | |
Miscellaneous | 6,371 | |
Total expenses before reductions | 3,321,231 | |
Expense reductions | (24,714) | 3,296,517 |
Net investment income | 15,830,788 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| (673,806) |
Change in net unrealized appreciation (depreciation) on investment securities | 39,374,079 | |
Net gain (loss) | 38,700,273 | |
Net increase (decrease) in net assets resulting from operations | $ 54,531,061 |
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, 2009 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 15,830,788 | $ 27,411,041 |
Net realized gain (loss) | (673,806) | 346,825 |
Change in net unrealized appreciation (depreciation) | 39,374,079 | (68,089,483) |
Net increase (decrease) in net assets resulting from operations | 54,531,061 | (40,331,617) |
Distributions to shareholders from net investment income | (15,814,699) | (27,367,600) |
Distributions to shareholders from net realized gain | - | (4,055,840) |
Total distributions | (15,814,699) | (31,423,440) |
Share transactions - net increase (decrease) | 103,611,637 | 125,828,693 |
Total increase (decrease) in net assets | 142,327,999 | 54,073,636 |
|
|
|
Net Assets | ||
Beginning of period | 737,813,963 | 683,740,327 |
End of period (including undistributed net investment income of $330,338 and undistributed net investment income of $405,287, respectively) | $ 880,141,962 | $ 737,813,963 |
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) | 2008 | 2007 | 2006 | 2005 | 2004 | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.55 | $ 12.72 | $ 13.00 | $ 12.97 | $ 13.28 | $ 13.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .240 | .476 | .488 | .504 | .521 | .533 |
Net realized and unrealized gain (loss) | .570 | (1.094) | (.185) | .193 | (.201) | .301 |
Total from investment operations | .810 | (.618) | .303 | .697 | .320 | .834 |
Distributions from net investment income | (.240) | (.477) | (.488) | (.505) | (.520) | (.532) |
Distributions from net realized gain | - | (.075) | (.095) | (.162) | (.110) | (.022) |
Total distributions | (.240) | (.552) | (.583) | (.667) | (.630) | (.554) |
Net asset value, end of period | $ 12.12 | $ 11.55 | $ 12.72 | $ 13.00 | $ 12.97 | $ 13.28 |
Total Return B, C, D | 7.09% | (5.06)% | 2.39% | 5.56% | 2.46% | 6.56% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .80% A | .78% | .73% | .68% | .69% | .69% |
Expenses net of fee waivers, if any | .80%A | .78% | .73% | .68% | .69% | .69% |
Expenses net of all reductions | .79%A | .74% | .70% | .63% | .67% | .69% |
Net investment income | 4.11%A | 3.85% | 3.82% | 3.93% | 3.96% | 4.07% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 322,853 | $ 235,466 | $ 160,903 | $ 144,183 | $ 123,844 | $ 101,763 |
Portfolio turnover rate G | 10%A | 14% | 27% | 26% | 22% | 17% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 the 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 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) | 2008 | 2007 | 2006 | 2005 | 2004 | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.58 | $ 12.75 | $ 13.02 | $ 13.00 | $ 13.31 | $ 13.03 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .241 | .480 | .484 | .493 | .509 | .522 |
Net realized and unrealized gain (loss) | .569 | (1.098) | (.177) | .181 | (.202) | .299 |
Total from investment operations | .810 | (.618) | .307 | .674 | .307 | .821 |
Distributions from net investment income | (.240) | (.477) | (.482) | (.492) | (.507) | (.519) |
Distributions from net realized gain | - | (.075) | (.095) | (.162) | (.110) | (.022) |
Total distributions | (.240) | (.552) | (.577) | (.654) | (.617) | (.541) |
Net asset value, end of period | $ 12.15 | $ 11.58 | $ 12.75 | $ 13.02 | $ 13.00 | $ 13.31 |
Total ReturnB, C, D | 7.07% | (5.05)% | 2.42% | 5.36% | 2.35% | 6.44% |
Ratios to Average Net AssetsF, H |
|
|
|
|
| |
Expenses before reductions | .79% A | .77% | .77% | .78% | .79% | .79% |
Expenses net of fee waivers, if any | .79%A | .77% | .77% | .78% | .79% | .79% |
Expenses net of all reductions | .79%A | .74% | .74% | .73% | .77% | .78% |
Net investment income | 4.12%A | 3.85% | 3.78% | 3.83% | 3.86% | 3.97% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 246,369 | $ 233,891 | $ 281,113 | $ 310,132 | $ 318,973 | $ 319,734 |
Portfolio turnover rate G | 10%A | 14% | 27% | 26% | 22% | 17% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 the 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 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) | 2008 | 2007 | 2006 | 2005 | 2004 | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.52 | $ 12.69 | $ 12.97 | $ 12.94 | $ 13.25 | $ 12.98 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .201 | .396 | .398 | .407 | .421 | .435 |
Net realized and unrealized gain (loss) | .571 | (1.096) | (.185) | .193 | (.200) | .291 |
Total from investment operations | .772 | (.700) | .213 | .600 | .221 | .726 |
Distributions from net investment income | (.202) | (.395) | (.398) | (.408) | (.421) | (.434) |
Distributions from net realized gain | - | (.075) | (.095) | (.162) | (.110) | (.022) |
Total distributions | (.202) | (.470) | (.493) | (.570) | (.531) | (.456) |
Net asset value, end of period | $ 12.09 | $ 11.52 | $ 12.69 | $ 12.97 | $ 12.94 | $ 13.25 |
Total Return B, C, D | 6.76% | (5.70)% | 1.68% | 4.78% | 1.70% | 5.70% |
Ratios to Average Net AssetsF, H |
|
|
|
|
| |
Expenses before reductions | 1.47%A | 1.44% | 1.43% | 1.44% | 1.45% | 1.44% |
Expenses net of fee waivers, if any | 1.45%A | 1.44% | 1.43% | 1.44% | 1.45% | 1.44% |
Expenses net of all reductions | 1.45%A | 1.40% | 1.40% | 1.39% | 1.42% | 1.44% |
Net investment income | 3.46%A | 3.19% | 3.12% | 3.17% | 3.21% | 3.32% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 29,206 | $ 31,611 | $ 48,172 | $ 65,114 | $ 82,084 | $ 97,487 |
Portfolio turnover rateG | 10%A | 14% | 27% | 26% | 22% | 17% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 the 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 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) | 2008 | 2007 | 2006 | 2005 | 2004 | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.57 | $ 12.74 | $ 13.02 | $ 12.99 | $ 13.30 | $ 13.02 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment incomeE | .196 | .384 | .388 | .396 | .410 | .423 |
Net realized and unrealized gain (loss) | .580 | (1.096) | (.187) | .192 | (.202) | .300 |
Total from investment operations | .776 | (.712) | .201 | .588 | .208 | .723 |
Distributions from net investment income | (.196) | (.383) | (.386) | (.396) | (.408) | (.421) |
Distributions from net realized gain | - | (.075) | (.095) | (.162) | (.110) | (.022) |
Total distributions | (.196) | (.458) | (.481) | (.558) | (.518) | (.443) |
Net asset value, end of period | $ 12.15 | $ 11.57 | $ 12.74 | $ 13.02 | $ 12.99 | $ 13.30 |
Total ReturnB, C, D | 6.76% | (5.77)% | 1.58% | 4.66% | 1.59% | 5.65% |
Ratios to Average Net AssetsF, H |
|
|
|
|
| |
Expenses before reductions | 1.55%A | 1.53% | 1.52% | 1.53% | 1.54% | 1.54% |
Expenses net of fee waivers, if any | 1.55%A | 1.53% | 1.52% | 1.53% | 1.54% | 1.54% |
Expenses net of all reductions | 1.55%A | 1.49% | 1.49% | 1.48% | 1.52% | 1.54% |
Net investment income | 3.35%A | 3.09% | 3.03% | 3.08% | 3.11% | 3.22% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 100,414 | $ 72,444 | $ 60,971 | $ 62,799 | $ 63,984 | $ 58,984 |
Portfolio turnover rateG | 10%A | 14% | 27% | 26% | 22% | 17% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the 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 the 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 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) | 2008 | 2007 | 2006 | 2005 | 2004 | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.50 | $ 12.67 | $ 12.95 | $ 12.92 | $ 13.24 | $ 12.96 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .253 | .504 | .508 | .520 | .540 | .551 |
Net realized and unrealized gain (loss) | .571 | (1.093) | (.180) | .196 | (.208) | .304 |
Total from investment operations | .824 | (.589) | .328 | .716 | .332 | .855 |
Distributions from net investment income | (.254) | (.506) | (.513) | (.524) | (.542) | (.553) |
Distributions from net realized gain | - | (.075) | (.095) | (.162) | (.110) | (.022) |
Total distributions | (.254) | (.581) | (.608) | (.686) | (.652) | (.575) |
Net asset value, end of period | $ 12.07 | $ 11.50 | $ 12.67 | $ 12.95 | $ 12.92 | $ 13.24 |
Total Return B, C | 7.25% | (4.86)% | 2.60% | 5.73% | 2.56% | 6.75% |
Ratios to Average Net AssetsE, G |
|
|
|
|
| |
Expenses before reductions | .56%A | .54% | .53% | .54% | .53% | .54% |
Expenses net of fee waivers, if any | .55%A | .54% | .53% | .54% | .53% | .54% |
Expenses net of all reductions | .55%A | .50% | .50% | .49% | .51% | .53% |
Net investment income | 4.35%A | 4.08% | 4.02% | 4.07% | 4.13% | 4.23% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 181,300 | $ 164,402 | $ 132,581 | $ 61,573 | $ 69,857 | $ 44,164 |
Portfolio turnover rateF | 10%A | 14% | 27% | 26% | 22% | 17% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of the 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 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, 2009 (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 B, Class C, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the 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 also differ by class.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.
When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for
Semiannual Report
2. Significant Accounting Policies - continued
Security Valuation - continued
net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of April 30, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are 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 generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, market discount and deferred trustees compensation.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 16,805,552 |
|
Unrealized depreciation | (34,672,507) |
|
Net unrealized appreciation (depreciation) | $ (17,866,955) |
|
Cost for federal income tax purposes | $ 884,059,725 |
|
Semiannual Report
3. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell 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. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $137,401,707 and $37,702,229, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 a group fee rate that averaged .12% 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 .38% of the Fund's average net assets.
Distribution and Service Plan. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
| Distribution | Service | Paid to | Retained |
Class A | 0% | .25% | $ 342,176 | $ 56,296 |
Class T | 0% | .25% | 293,916 | 3,788 |
Class B | .65% | .25% | 134,523 | 97,966 |
Class C | .75% | .25% | 417,472 | 136,516 |
|
|
| $ 1,188,087 | $ 294,566 |
Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C,.75% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 79,271 |
Class T | 11,693 |
Class B* | 38,162 |
Class C* | 12,973 |
| $ 142,099 |
* 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 shareholder 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, dividend disbursing, and shareholder servicing agent 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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
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, each class paid the following transfer agent fees:
| Amount | % of |
Class A | $ 160,842 | .12 |
Class T | 129,359 | .11 |
Class B | 19,648 | .13 |
Class C | 48,698 | .12 |
Institutional Class | 110,949 | .14 |
| $ 469,496 |
|
* Annualized
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 based on the level of average net assets for the month.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,331 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Expense Reductions - continued
The following classes were in reimbursement during the period:
| Expense | Reimbursement |
|
|
|
Class B | 1.45% | $ 2,522 |
Class C | 1.55% | 816 |
Institutional Class | .55% | 9,335 |
|
| $ 12,673 |
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 $5,280 and $6,761, respectively.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 5,551,115 | $ 7,741,141 |
Class T | 4,790,960 | 10,058,781 |
Class B | 514,405 | 1,275,735 |
Class C | 1,374,667 | 2,142,573 |
Institutional Class | 3,583,552 | 6,149,370 |
Total | $ 15,814,699 | $ 27,367,600 |
From net realized gain |
|
|
Class A | $ - | $ 972,238 |
Class T | - | 1,623,400 |
Class B | - | 275,186 |
Class C | - | 369,234 |
Institutional Class | - | 815,782 |
Total | $ - | $ 4,055,840 |
Semiannual Report
9. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended April 30, 2009 | Year ended | Six months ended April 30, 2009 | Year ended | |
Class A |
|
|
|
|
Shares sold | 9,427,581 | 12,270,380 | $ 111,061,267 | $ 151,882,289 |
Reinvestment of distributions | 333,509 | 488,162 | 3,941,705 | 6,018,281 |
Shares redeemed | (3,522,303) | (5,021,572) | (41,253,366) | (61,313,610) |
Net increase (decrease) | 6,238,787 | 7,736,970 | $ 73,749,606 | $ 96,586,960 |
Class T |
|
|
|
|
Shares sold | 1,772,127 | 2,073,341 | $ 20,971,477 | $ 25,815,630 |
Reinvestment of distributions | 282,667 | 684,430 | 3,343,910 | 8,499,841 |
Shares redeemed | (1,988,701) | (4,608,168) | (23,229,718) | (57,202,553) |
Net increase (decrease) | 66,093 | (1,850,397) | $ 1,085,669 | $ (22,887,082) |
Class B |
|
|
|
|
Shares sold | 347,123 | 414,617 | $ 4,075,048 | $ 5,116,480 |
Reinvestment of distributions | 25,564 | 75,706 | 300,711 | 937,355 |
Shares redeemed | (701,852) | (1,543,289) | (8,222,437) | (19,141,154) |
Net increase (decrease) | (329,165) | (1,052,966) | $ (3,846,678) | $ (13,087,319) |
Class C |
|
|
|
|
Shares sold | 2,840,899 | 2,780,789 | $ 33,662,271 | $ 34,551,359 |
Reinvestment of distributions | 68,893 | 124,868 | 815,927 | 1,547,401 |
Shares redeemed | (905,101) | (1,430,175) | (10,634,613) | (17,665,135) |
Net increase (decrease) | 2,004,691 | 1,475,482 | $ 23,843,585 | $ 18,433,625 |
Institutional Class |
|
|
|
|
Shares sold | 5,194,134 | 9,421,582 | $ 60,863,964 | $ 115,587,151 |
Reinvestment of distributions | 167,141 | 340,340 | 1,964,887 | 4,184,710 |
Shares redeemed | (4,639,673) | (5,933,275) | (54,049,396) | (72,989,352) |
Net increase (decrease) | 721,602 | 3,828,647 | $ 8,779,455 | $ 46,782,509 |
10. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research Company
(Hong Kong) Limited
Fidelity Management & Research Company
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
HIMI-USAN-0609 1.784902.106
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/ John R. Hebble |
| John R. Hebble |
| President and Treasurer |
|
|
Date: | June 25, 2009 |
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/ John R. Hebble |
| John R. Hebble |
| President and Treasurer |
|
|
Date: | June 25, 2009 |
By: | /s/ Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
|
|
Date: | June 25, 2009 |