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 |
|
|
Date of reporting period: | April 30, 2011 |
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, 2011
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman'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/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
Amid indications the U.S. economy had turned a corner, U.S. equities continued their generally upward trend in early 2011, overcoming bouts of short-term volatility following unrest in North Africa and the disaster in Japan. Still, questions remained about the longer-term outlook, most notably persistently high unemployment. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the 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,
(The chairman's signature appears here.)
Abigail P. Johnson
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, 2010 to April 30, 2011).
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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Class A | .78% |
|
|
|
Actual |
| $ 1,000.00 | $ 978.50 | $ 3.83 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.93 | $ 3.91 |
Class T | .78% |
|
|
|
Actual |
| $ 1,000.00 | $ 979.30 | $ 3.83 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.93 | $ 3.91 |
Class B | 1.45% |
|
|
|
Actual |
| $ 1,000.00 | $ 975.20 | $ 7.10 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.60 | $ 7.25 |
Class C | 1.55% |
|
|
|
Actual |
| $ 1,000.00 | $ 974.80 | $ 7.59 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.11 | $ 7.75 |
Institutional Class | .55% |
|
|
|
Actual |
| $ 1,000.00 | $ 980.30 | $ 2.70 |
HypotheticalA |
| $ 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, 2011 | ||
| % of fund's | % of fund's net assets |
California | 16.1 | 14.3 |
Texas | 13.3 | 12.7 |
New York | 10.4 | 9.5 |
Illinois | 10.3 | 9.9 |
Florida | 6.1 | 4.8 |
Top Five Sectors as of April 30, 2011 | ||
| % of fund's | % of fund's net assets |
General Obligations | 36.5 | 32.1 |
Health Care | 18.9 | 19.2 |
Water & Sewer | 9.0 | 9.1 |
Transportation | 8.8 | 8.8 |
Special Tax | 8.2 | 7.7 |
Weighted Average Maturity as of April 30, 2011 | ||
|
| 6 months ago |
Years | 8.9 | 6.8 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Duration as of April 30, 2011 | ||
|
| 6 months ago |
Years | 8.6 | 8.0 |
Duration estimates how much a bond fund's price will change with a change in comparable interest rates. If rates rise 1%, for example, a fund with a 5-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. Duration takes into account any call or put option embedded in the bonds. |
Quality Diversification (% of fund's net assets) | |||||||
As of April 30, 2011 | As of October 31, 2010 | ||||||
![]() | AAA 10.8% |
| ![]() | AAA 11.4% |
| ||
![]() | AA,A 79.5% |
| ![]() | AA,A 74.5% |
| ||
![]() | BBB 6.4% |
| ![]() | BBB 6.5% |
| ||
![]() | BB and Below 0.3% |
| ![]() | BB and Below 0.2% |
| ||
![]() | Not Rated 1.8% |
| ![]() | Not Rated 1.8% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent changes. |
Semiannual Report
Investments April 30, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.7% | ||||
| Principal Amount | Value | ||
Alabama - 0.2% | ||||
Health Care Auth. for Baptist Health Bonds Series 2009 A, 6.125%, tender 5/15/12 (d) | $ 1,500,000 | $ 1,538,475 | ||
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5.75% 9/1/22 | 1,000,000 | 1,063,730 | ||
| 2,602,205 | |||
Arizona - 3.1% | ||||
Arizona Ctfs. of Prtn. Series 2010 A: | ||||
5% 10/1/18 (FSA Insured) | 1,000,000 | 1,086,910 | ||
5.25% 10/1/20 (FSA Insured) | 1,600,000 | 1,720,256 | ||
5.25% 10/1/21 (FSA Insured) | 850,000 | 902,683 | ||
5.25% 10/1/26 (FSA Insured) | 500,000 | 514,350 | ||
5.25% 10/1/28 (FSA Insured) | 1,600,000 | 1,639,248 | ||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 D, 5.5% 1/1/38 | 2,300,000 | 2,221,869 | ||
Arizona State Lottery Rev. Series 2010 A, 5% 7/1/21 | 1,200,000 | 1,286,124 | ||
Arizona State Univ. Ctfs. of Prtn. (Research Infrastructure Proj.) 5.25% 9/1/23 | 1,000,000 | 1,024,720 | ||
Glendale Indl. Dev. Auth. Hosp. Rev. (John C. Lincoln Health Network Proj.) 5% 12/1/29 | 1,575,000 | 1,340,341 | ||
Glendale Western Loop 101 Pub. Facilities Corp. Series 2008 A, 6.25% 7/1/38 | 2,200,000 | 2,242,262 | ||
Goodyear McDowell Road Commercial Corridor Impt. District 5.25% 1/1/15 (AMBAC Insured) | 1,425,000 | 1,548,647 | ||
Maricopa County Cmnty. College District Series 2004, 5% 7/1/12 | 3,000,000 | 3,156,780 | ||
Maricopa County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 5% 6/1/35 | 1,700,000 | 1,646,739 | ||
McAllister Academic Village LLC Rev. (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2008, 5.25% 7/1/39 | 1,000,000 | 961,570 | ||
Phoenix Civic Impt. Board Arpt. Rev. Series B, 5% 7/1/13 (e) | 2,000,000 | 2,123,020 | ||
Phoenix Civic Impt. Corp. District Rev. (Plaza Expansion Proj.) Series 2005 B, 0% 7/1/38 (a) | 1,620,000 | 1,405,609 | ||
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Series 2005, 5% 7/1/29 | 2,000,000 | 2,049,620 | ||
Phoenix Indl. Dev. Auth. Single Family Mtg. Rev. 0% 12/1/14 (Escrowed to Maturity) (f) | 3,750,000 | 3,565,013 | ||
Salt Verde Finl. Corp. Sr. Gas Rev.: | ||||
Series 2007, 5.5% 12/1/29 | 1,000,000 | 933,900 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Arizona - continued | ||||
Salt Verde Finl. Corp. Sr. Gas Rev.: - continued | ||||
5.25% 12/1/22 | $ 1,500,000 | $ 1,444,935 | ||
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.) Series 2006 C, 5% 9/1/35 (FSA Insured) | 820,000 | 783,289 | ||
| 33,597,885 | |||
California - 16.1% | ||||
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2009 F1, 5.625% 4/1/44 | 1,600,000 | 1,645,632 | ||
California Dept. of Wtr. Resources Central Valley Proj. Rev. Series AI, 5% 12/1/16 (c) | 3,400,000 | 3,860,870 | ||
California Dept. of Wtr. Resources Pwr. Supply Rev. Series 2010 L, 5% 5/1/21 | 5,000,000 | 5,631,800 | ||
California Econ. Recovery: | ||||
Series 2009 A, 5.25% 7/1/14 | 585,000 | 652,217 | ||
Series A, 5% 7/1/18 | 1,400,000 | 1,591,674 | ||
California Gen. Oblig.: | ||||
Series 2007, 5.625% 5/1/20 | 30,000 | 30,071 | ||
5% 11/1/24 | 2,400,000 | 2,490,144 | ||
5% 6/1/27 (AMBAC Insured) | 600,000 | 605,448 | ||
5% 9/1/27 | 1,410,000 | 1,428,302 | ||
5% 3/1/31 | 1,800,000 | 1,779,786 | ||
5% 9/1/31 | 1,500,000 | 1,482,915 | ||
5% 12/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 845,000 | 835,333 | ||
5% 9/1/32 | 1,600,000 | 1,552,912 | ||
5% 8/1/33 | 900,000 | 862,632 | ||
5% 9/1/33 | 1,800,000 | 1,725,120 | ||
5% 9/1/35 | 1,600,000 | 1,507,600 | ||
5.125% 11/1/24 | 600,000 | 611,862 | ||
5.25% 2/1/16 | 1,000,000 | 1,078,880 | ||
5.25% 2/1/24 | 1,000,000 | 1,021,530 | ||
5.25% 2/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 500,000 | 504,345 | ||
5.25% 2/1/28 | 1,200,000 | 1,211,004 | ||
5.25% 2/1/33 | 2,000,000 | 1,981,920 | ||
5.25% 12/1/33 | 20,000 | 19,816 | ||
5.25% 3/1/38 | 2,600,000 | 2,505,646 | ||
5.25% 11/1/40 | 700,000 | 672,630 | ||
5.5% 8/1/27 | 2,100,000 | 2,199,330 | ||
5.5% 8/1/29 | 2,800,000 | 2,902,872 | ||
5.5% 8/1/30 | 2,000,000 | 2,053,860 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5.5% 11/1/33 | $ 5,400,000 | $ 5,422,356 | ||
5.5% 3/1/40 | 1,000,000 | 1,007,560 | ||
6% 3/1/33 | 2,550,000 | 2,726,205 | ||
6% 4/1/38 | 5,300,000 | 5,543,800 | ||
6% 11/1/39 | 11,700,000 | 12,262,302 | ||
6.5% 4/1/33 | 3,850,000 | 4,223,219 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2008 L, 5.125% 7/1/22 | 1,000,000 | 1,022,640 | ||
Series 2009 E, 5.625% 7/1/25 | 2,000,000 | 2,058,460 | ||
(Kaiser Permanente Health Sys. Proj.) Series 2006 A, 5.25% 4/1/39 | 1,025,000 | 894,231 | ||
(St. Joseph Health Sys. Proj.) Series 2009 A, 5.75% 7/1/39 | 1,200,000 | 1,125,372 | ||
(Stanford Hosp. & Clinics Proj.) Series 2010 B, 5.75% 11/15/31 | 2,500,000 | 2,560,725 | ||
Bonds (Catholic Healthcare West Proj.): | ||||
Series 2009 D, 5%, tender 7/1/14 (d) | 1,055,000 | 1,135,919 | ||
Series 2009 F, 5%, tender 7/1/14 (d) | 1,000,000 | 1,073,540 | ||
Series C, 6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) (f) | 25,000 | 32,630 | ||
6.5% 10/1/38 | 1,375,000 | 1,474,935 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2003 A, 5%, tender 5/1/13 (d)(e) | 1,000,000 | 1,052,670 | ||
California Pub. Works Board Lease Rev.: | ||||
(Butterfield State Office Complex Proj.) Series 2005 A, 5.25% 6/1/30 | 2,000,000 | 1,943,600 | ||
(Dept. of Forestry & Fire Protection Proj.) Series 2007 E: | ||||
5% 11/1/19 | 1,600,000 | 1,654,608 | ||
5% 11/1/21 | 1,760,000 | 1,798,122 | ||
(Dept. of Health Svcs. Proj.) Series 2005 K, 5% 11/1/23 | 1,000,000 | 1,005,580 | ||
(Office of Emergency Svcs. Proj.) Series 2007 A, 5% 3/1/22 | 1,000,000 | 1,013,540 | ||
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34 | 1,700,000 | 1,751,119 | ||
(Richmond Lab. Proj.) Series 2005 K, 5% 11/1/17 | 2,300,000 | 2,438,322 | ||
(Richmond Lab., Phase III Office Bldg. Proj.) Series B, 5.25% 11/1/25 (XL Cap. Assurance, Inc. Insured) | 2,585,000 | 2,610,695 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Pub. Works Board Lease Rev.: - continued | ||||
Series 2005 H, 5% 6/1/18 | $ 1,425,000 | $ 1,490,593 | ||
Series 2009 G1, 5.75% 10/1/30 | 600,000 | 601,944 | ||
Series 2009 I: | ||||
6.125% 11/1/29 | 400,000 | 422,048 | ||
6.375% 11/1/34 | 1,000,000 | 1,036,770 | ||
Series 2010 A, 5.75% 3/1/30 | 1,000,000 | 1,003,340 | ||
California State Univ. Rev. Series 2009 A, 6% 11/1/40 | 3,400,000 | 3,473,474 | ||
California Statewide Cmntys. Dev. Auth. Rev.: | ||||
(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) | 1,000,000 | 928,550 | ||
(State of California Proposition 1A Receivables Prog.) Series 2009, 5% 6/15/13 | 6,900,000 | 7,369,200 | ||
Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,208,220 | ||
Fontana Unified School District Gen. Oblig. 5% 5/1/18 (Assured Guaranty Corp. Insured) | 1,170,000 | 1,300,993 | ||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series 1995 A, 5% 1/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 700,000 | 531,979 | ||
Series 1999: | ||||
5% 1/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 400,000 | 400,488 | ||
5.75% 1/15/40 | 600,000 | 499,350 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2005 A: | ||||
5% 6/1/45 | 5,150,000 | 4,174,848 | ||
5% 6/1/45 | 1,000,000 | 810,650 | ||
Series 2007 A1, 5% 6/1/33 | 400,000 | 262,068 | ||
5% 6/1/45 (FSA Insured) | 105,000 | 89,091 | ||
Long Beach Unified School District Series A, 5.5% 8/1/29 | 1,000,000 | 1,066,020 | ||
Los Angeles Cmnty. College District Series 2008 A, 6% 8/1/33 | 3,000,000 | 3,214,980 | ||
Los Angeles Dept. of Wtr. & Pwr. Rev. Series A2, 5% 7/1/25 (FSA Insured) | 300,000 | 313,008 | ||
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series 2001 A: | ||||
5.125% 7/1/41 | 4,000,000 | 3,999,480 | ||
5.125% 7/1/41 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,294,956 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34 | $ 2,000,000 | $ 2,114,900 | ||
Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36 | 1,000,000 | 898,880 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. Series 2007, 5% 8/1/19 (AMBAC Insured) | 1,000,000 | 1,052,430 | ||
Newport Beach Rev. Bonds (Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 E, 5%, tender 2/7/13 (d) | 1,000,000 | 1,067,900 | ||
Northern California Power Agency Rev. (Hydroelectric #1 Proj.) Series 2008 C, 5% 7/1/14 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,101,690 | ||
Oakland Unified School District Alameda County Series 2009 A, 6.25% 8/1/18 | 1,815,000 | 2,047,538 | ||
Oxnard Fing. Auth. Wastewtr. Rev. (Redwood Trunk Swr. and Headworks Proj.) Series 2004 A, 5% 6/1/29 (FGIC Insured) | 1,000,000 | 1,011,880 | ||
Poway Unified School District (District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 | 1,000,000 | 239,640 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev. Bonds Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (d) | 1,995,000 | 1,813,236 | ||
San Bernardino Cmnty. College District Series A: | ||||
6.25% 8/1/33 | 400,000 | 433,820 | ||
6.5% 8/1/27 | 1,000,000 | 1,135,570 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26 | 1,000,000 | 982,430 | ||
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (FSA Insured) | 1,100,000 | 1,177,066 | ||
Santa Monica-Malibu Unified School District Series 1999, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 638,150 | ||
Sonoma County Jr. College District Rev. Series 2002 B, 5% 8/1/28 (FSA Insured) | 400,000 | 404,844 | ||
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured) | 6,300,000 | 6,413,652 | ||
Union Elementary School District Series A, 0% 9/1/20 (FGIC Insured) | 1,000,000 | 629,240 | ||
Univ. of California Revs.: | ||||
(UCLA Med. Ctr. Proj.) Series A: | ||||
5.5% 5/15/18 (AMBAC Insured) | 655,000 | 664,773 | ||
5.5% 5/15/20 (AMBAC Insured) | 740,000 | 743,219 | ||
Series 2007 K, 5% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,470,000 | 2,716,679 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Univ. of California Revs.: - continued | ||||
Series 2009 O: | ||||
5.25% 5/15/39 | $ 500,000 | $ 500,640 | ||
5.75% 5/15/30 | 5,985,000 | 6,463,501 | ||
Ventura County Cmnty. College District Series C, 5.5% 8/1/33 | 1,000,000 | 1,028,150 | ||
Washington Township Health Care District Rev.: | ||||
Series 2010 A, 5.25% 7/1/30 | 1,100,000 | 1,007,457 | ||
Series A, 5% 7/1/15 | 1,025,000 | 1,086,008 | ||
West Contra Costa Unified School District (Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured) | 700,000 | 718,550 | ||
| 175,862,194 | |||
Colorado - 1.4% | ||||
Adams & Arapahoe Counties Joint School District #28J Aurora Series 2003 A, 5.125% 12/1/21 (Pre-Refunded to 12/1/13 @ 100) (f) | 1,810,000 | 2,013,535 | ||
Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.): | ||||
Series B, 0% 7/15/20 (Escrowed to Maturity) (f) | 1,200,000 | 890,484 | ||
0% 7/15/22 (Escrowed to Maturity) (f) | 2,800,000 | 1,871,632 | ||
Colorado Health Facilities Auth. Rev.: | ||||
(Longmont Hosp. Proj.) Series B, 5.25% 12/1/13 (Radian Asset Assurance, Inc. Insured) | 860,000 | 883,693 | ||
(Valley View Hosp. Proj.) Series 2008, 5.75% 5/15/36 | 2,000,000 | 1,779,680 | ||
(Volunteers of America Care Proj.): | ||||
Series 2007 A, 5.3% 7/1/37 | 300,000 | 220,476 | ||
Series A, 5% 7/1/14 | 570,000 | 557,289 | ||
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. Guarantee Corp. Insured) | 4,600,000 | 4,238,394 | ||
Dawson Ridge Metropolitan District #1 Series 1992 A, 0% 10/1/17 (Escrowed to Maturity) (f) | 1,200,000 | 1,021,440 | ||
E-470 Pub. Hwy. Auth. Rev.: | ||||
Series 2000 B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500,000 | 803,325 | ||
Series 2010 A, 0% 9/1/41 | 2,000,000 | 173,820 | ||
Series 2010 C, 5.25% 9/1/25 | 1,000,000 | 908,810 | ||
| 15,362,578 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Connecticut - 0.5% | ||||
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2009 1, 5% 2/1/19 | $ 2,000,000 | $ 2,293,760 | ||
Eastern Connecticut Resources Recovery Auth. Solid Waste Rev. (Wheelabrator Lisbon Proj.) Series A, 5.5% 1/1/20 (e) | 3,350,000 | 3,270,940 | ||
| 5,564,700 | |||
District Of Columbia - 1.6% | ||||
District of Columbia Gen. Oblig. Series B, 0% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,200,000 | 1,183,272 | ||
District of Columbia Hosp. Rev. (Sibley Memorial Hosp. Proj.) Series 2009, 6.375% 10/1/39 | 1,860,000 | 1,896,791 | ||
District of Columbia Rev.: | ||||
(Medlantic/Helix Proj.) Series 1998 B, 5% 8/15/17 (FSA Insured) | 1,600,000 | 1,723,888 | ||
Series B, 4.75% 6/1/32 | 500,000 | 444,850 | ||
District of Columbia Wtr. & Swr. Auth. Pub. Util. Rev. Series 2007 A, 5.5% 10/1/41 | 6,400,000 | 6,548,672 | ||
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Series 2009 B: | ||||
0% 10/1/28 (Assured Guaranty Corp. Insured) | 2,000,000 | 696,740 | ||
0% 10/1/32 (Assured Guaranty Corp. Insured) | 5,080,000 | 1,280,973 | ||
0% 10/1/33 (Assured Guaranty Corp. Insured) | 5,000,000 | 1,159,350 | ||
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2010 A, 5% 10/1/39 | 700,000 | 687,463 | ||
Washington DC Metropolitan Transit Auth. Rev. Series 2009 A, 5.25% 7/1/29 | 1,750,000 | 1,842,348 | ||
| 17,464,347 | |||
Florida - 6.0% | ||||
Brevard County School Board Ctfs. of Prtn. Series 2007 B, 5% 7/1/24 (AMBAC Insured) | 1,000,000 | 1,007,310 | ||
Broward County School Board Ctfs. of Prtn. Series 2007 A, 5% 7/1/17 (FGIC Insured) | 1,000,000 | 1,089,340 | ||
Broward County Wtr. & Swr. Util. Rev. Series 2009 A, 5.25% 10/1/34 | 1,500,000 | 1,530,345 | ||
Citizens Property Ins. Corp. Series 2010 A1: | ||||
5% 6/1/16 (FSA Insured) | 1,500,000 | 1,603,755 | ||
5% 6/1/17 (FSA Insured) | 1,000,000 | 1,058,960 | ||
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011, 6.25% 10/1/39 | 2,500,000 | 2,512,650 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Escambia City Health Facilities Auth. Rev. (Ascension Health Cr. Group Proj.) Series 2002 C, 5.75% 11/15/32 | $ 600,000 | $ 607,434 | ||
Florida Board of Ed. Series 2000 B, 5.5% 6/1/16 (Pre-Refunded to 6/1/12 @ 101) (f) | 1,000,000 | 1,065,850 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay: | ||||
Series 2006 D, 5% 6/1/37 | 1,790,000 | 1,814,416 | ||
Series 2006 E, 5% 6/1/35 | 700,000 | 709,254 | ||
Series 2010 B, 5.125% 6/1/40 | 7,500,000 | 7,682,850 | ||
Series A, 5.5% 6/1/38 | 400,000 | 419,636 | ||
Florida Correctional Privatization Communications Ctfs. of Prtn. Series 2004 A, 5% 8/1/15 (AMBAC Insured) | 1,000,000 | 1,085,470 | ||
Florida Muni. Pwr. Agcy. Rev. Series A, 6.25% 10/1/31 | 500,000 | 542,805 | ||
Halifax Hosp. Med. Ctr. Rev.: | ||||
Series 2006 A, 5% 6/1/38 | 1,400,000 | 1,177,624 | ||
Series 2006 B1, 5.5% 6/1/38 (FSA Insured) | 1,000,000 | 971,180 | ||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2005 B: | ||||
5% 11/15/30 | 505,000 | 486,103 | ||
5% 11/15/30 (Pre-Refunded to 11/15/15 @ 100) (f) | 70,000 | 80,692 | ||
Series 2006 G: | ||||
5% 11/15/16 | 95,000 | 104,718 | ||
5% 11/15/16 (Escrowed to Maturity) (f) | 5,000 | 5,856 | ||
5.125% 11/15/18 | 965,000 | 1,034,191 | ||
5.125% 11/15/18 (Pre-Refunded to 11/15/16 @ 100) (f) | 35,000 | 41,221 | ||
Series 2008 B, 6% 11/15/37 | 2,000,000 | 2,038,700 | ||
Series B: | ||||
5% 11/15/14 | 875,000 | 950,329 | ||
5% 11/15/14 (Escrowed to Maturity) (f) | 125,000 | 141,604 | ||
Hillsborough County Indl. Dev. (H Lee Moffitt Cancer Ctr. Proj.) Series A: | ||||
5% 7/1/15 | 1,335,000 | 1,444,577 | ||
5% 7/1/19 | 2,230,000 | 2,318,442 | ||
Hillsborough County Indl. Dev. Auth. Indl. Dev. Rev.: | ||||
(Health Facilities/Univ. Cmnty. Hosp. Proj.) Series 2008 B, 8% 8/15/32 (Pre-Refunded to 8/15/19 @ 101) (f) | 1,000,000 | 1,377,280 | ||
(Univ. Cmnty. Hosp. Proj.) Series 2008 A, 5.625% 8/15/29 (Pre-Refunded to 8/15/18 @ 100) (f) | 535,000 | 656,017 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Tampa Elec. Co. Proj.) Series 2006, 5%, tender 3/15/12 (AMBAC Insured) (d) | $ 1,000,000 | $ 1,025,460 | ||
Jacksonville Elec. Auth. Elec. Sys. Rev.: | ||||
Series 2006 A, 5% 10/1/41 (FSA Insured) | 1,000,000 | 990,690 | ||
Series 2009 B, 5% 10/1/18 | 4,790,000 | 5,102,979 | ||
Series Three 2010 D, 5% 10/1/38 | 1,600,000 | 1,576,448 | ||
Miami-Dade County Aviation Rev.: | ||||
Series 2010 A, 5.375% 10/1/41 | 1,500,000 | 1,421,595 | ||
Series 2010 B, 5% 10/1/35 (FSA Insured) | 2,700,000 | 2,578,986 | ||
Miami-Dade County Expressway Auth. Series 2010 A, 5% 7/1/40 | 2,000,000 | 1,847,240 | ||
Miami-Dade County School Board Ctfs. of Prtn. Series 2008 A, 5% 8/1/21 (AMBAC Insured) | 2,000,000 | 2,109,100 | ||
Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5.25% 10/1/22 (FSA Insured) | 4,000,000 | 4,596,720 | ||
North Brevard County Hosp. District Rev. (Parrish Med. Ctr. Proj.) Series 2008, 5.75% 10/1/38 | 2,100,000 | 2,002,581 | ||
Orange County Health Facilities Auth. (Orlando Health, Inc.) Series 2009, 5.125% 10/1/26 | 1,000,000 | 958,310 | ||
Orlando Utils. Commission Util. Sys. Rev. Series 2009 B, 5% 10/1/33 | 1,100,000 | 1,118,634 | ||
Seminole County School Board Ctfs. of Prtn. Series A, 5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 500,000 | 524,620 | ||
South Lake County Hosp. District (South Lake Hosp., Inc.) Series 2009 A, 6% 4/1/29 | 1,400,000 | 1,339,282 | ||
Winter Park Wtr. and Swr. Impt. Rev. Series 2009, 5% 12/1/34 | 2,250,000 | 2,257,695 | ||
| 65,008,949 | |||
Georgia - 3.0% | ||||
Atlanta Arpt. Rev. Series 2004 F, 5.25% 1/1/13 (FSA Insured) (e) | 1,000,000 | 1,056,770 | ||
Atlanta Wtr. & Wastewtr. Rev.: | ||||
Series 2004, 5% 11/1/43 | 8,970,000 | 8,307,117 | ||
Series 2009 A: | ||||
6% 11/1/25 | 3,000,000 | 3,257,340 | ||
6.25% 11/1/39 | 3,500,000 | 3,620,995 | ||
Augusta Wtr. & Swr. Rev. Series 2004, 5.25% 10/1/39 (FSA Insured) | 2,200,000 | 2,212,826 | ||
Colquitt County Dev. Auth. Rev.: | ||||
Series A, 0% 12/1/21 (Escrowed to Maturity) (f) | 1,100,000 | 768,515 | ||
Series C, 0% 12/1/21 (Escrowed to Maturity) (f) | 1,800,000 | 1,257,570 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Georgia - continued | ||||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series A, 5.5% 9/15/21 | $ 930,000 | $ 930,660 | ||
Metropolitan Atlanta Rapid Transit Auth. Sales Tax Rev. Third Series 2009 A, 5.25% 7/1/36 | 2,500,000 | 2,559,775 | ||
Muni. Elec. Auth. of Georgia (Gen. Resolution Proj.) Series 2008 A, 5.25% 1/1/21 | 3,090,000 | 3,378,637 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009, 5.5% 1/1/36 | 2,600,000 | 2,427,204 | ||
Savannah Econ. Dev. Auth. Rev. (Southern Care Corp. Proj.) Series C, 0% 12/1/21 (Escrowed to Maturity) (f) | 2,700,000 | 1,906,065 | ||
Washington Wilkes Payroll Dev. Auth. Rev. Series C, 0% 12/1/21 (Escrowed to Maturity) (f) | 2,310,000 | 1,597,180 | ||
| 33,280,654 | |||
Hawaii - 0.1% | ||||
Honolulu City & County Board of Wtr. Supply Wtr. Sys. Rev. Series B, 5.25% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (e) | 1,250,000 | 1,371,525 | ||
Idaho - 0.3% | ||||
Idaho Bond Bank Auth. Rev. Series 2008 C, 5.625% 9/15/26 | 1,415,000 | 1,581,376 | ||
Idaho Health Facilities Auth. Rev. (St. Luke's Health Sys. Proj.) Series 2008 A, 6.75% 11/1/37 | 1,200,000 | 1,269,960 | ||
| 2,851,336 | |||
Illinois - 10.3% | ||||
Chicago Board of Ed. Series 1999 A: | ||||
0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,064,921 | ||
0% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 712,260 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.): | ||||
Series 1999, 0% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,125,000 | 5,222,788 | ||
0% 1/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,110,000 | 2,923,146 | ||
Series 2001 A, 5.25% 1/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 310,000 | 301,001 | ||
Series 2004 A, 5% 1/1/34 (FSA Insured) | 1,630,000 | 1,478,703 | ||
Series A: | ||||
5% 1/1/42 (AMBAC Insured) | 25,000 | 21,696 | ||
5.5% 1/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 255,000 | 243,002 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Chicago Gen. Oblig.: - continued | ||||
Series C, 5.5% 1/1/40 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 525,000 | $ 496,088 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2005 A, 5.25% 1/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,031,560 | ||
Series 2006 B, 5% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (e) | 1,405,000 | 1,309,277 | ||
Series A, 5.5% 1/1/16 (AMBAC Insured) (e) | 305,000 | 305,769 | ||
Chicago Park District Gen. Oblig.: | ||||
Series 2010 C, 5.25% 1/1/37 | 1,300,000 | 1,300,884 | ||
Series A, 5.5% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 155,000 | 155,352 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev. 5% 6/1/21 | 1,400,000 | 1,420,342 | ||
Cmnty. College District #525 Gen. Oblig. (Joliet Jr. College Proj.) Series 2008, 5.75% 6/1/28 | 1,000,000 | 1,088,250 | ||
Cook County Gen. Oblig.: | ||||
Series 2002 C, 5% 11/15/25 | 1,100,000 | 1,131,999 | ||
Series 2004 B, 5.25% 11/15/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 300,000 | 304,332 | ||
Series 2006 B, 5% 11/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,074,200 | ||
Series 2010 A, 5.25% 11/15/33 | 3,250,000 | 3,254,778 | ||
DuPage County Cmnty. High School District #108, Lake Park 5.6% 1/1/17 (FSA Insured) | 3,190,000 | 3,402,805 | ||
Evanston Gen. Oblig. Series C, 5.25% 1/1/20 | 290,000 | 295,684 | ||
Grundy, Kendall & Will County Cmnty. High School District #111 Gen. Oblig. Series 2006 A, 5.5% 5/1/23 | 1,150,000 | 1,222,013 | ||
Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.75% 10/1/35 | 1,600,000 | 1,506,112 | ||
Illinois Fin. Auth. Rev.: | ||||
(Advocate Heath Care Proj.) Series 2008 D, 6.5% 11/1/38 | 1,000,000 | 1,059,460 | ||
(Alexian Brothers Health Sys. Proj.): | ||||
Series 2008, 5.5% 2/15/38 | 1,000,000 | 904,990 | ||
Series 2010: | ||||
5% 2/15/22 | 1,000,000 | 969,930 | ||
5.25% 2/15/30 | 2,600,000 | 2,377,752 | ||
(Central DuPage Health Proj.) Series 2009 B, 5.375% 11/1/39 | 1,200,000 | 1,153,524 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Illinois Fin. Auth. Rev.: - continued | ||||
(Children's Memorial Hosp. Proj.) Series 2008 A, 5.25% 8/15/33 (Assured Guaranty Corp. Insured) | $ 1,300,000 | $ 1,239,186 | ||
(Edward Hosp. Obligated Group Proj.) Series 2008 A, 5.5% 2/1/40 (AMBAC Insured) | 1,300,000 | 1,189,812 | ||
(Newman Foundation Proj.) 5% 2/1/32 (Radian Asset Assurance, Inc. Insured) | 1,700,000 | 1,357,450 | ||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A, 5.5% 7/1/38 | 1,900,000 | 1,723,870 | ||
(Northwestern Memorial Hosp. Proj.) Series 2009 A, 6% 8/15/39 | 2,300,000 | 2,375,440 | ||
(Palos Cmnty. Hosp. Proj.) Series 2010 C, 5.375% 5/15/25 | 5,000,000 | 5,044,400 | ||
(Provena Health Proj.) Series 2010 A, 6% 5/1/28 | 2,600,000 | 2,488,018 | ||
(Rush Univ. Med. Ctr. Proj.): | ||||
Series 2009 C, 6.625% 11/1/39 | 1,500,000 | 1,537,800 | ||
Series 2009 D, 6.625% 11/1/39 | 1,445,000 | 1,487,815 | ||
Series B, 5.25% 11/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 1,805,200 | ||
(Southern Illinois Healthcare Enterprises, Inc. Proj.) Series 2005, 5.25% 3/1/30 | 1,100,000 | 1,097,305 | ||
(The Carle Foundation Proj.) Series 2009 A, 5.5% 2/15/17 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,190,040 | ||
(The Univ. of Chicago Med. Ctr. Proj.) Series 2009 B, 5% 8/15/23 | 1,100,000 | 1,123,683 | ||
Illinois Gen. Oblig.: | ||||
Series 2002, 5.5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,095,490 | ||
Series 2006, 5.5% 1/1/31 | 1,000,000 | 989,260 | ||
Series 2010, 5% 1/1/23 (FSA Insured) | 1,300,000 | 1,311,739 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Decatur Memorial Hosp. Proj.) Series 2001, 5.75% 10/1/24 | 2,100,000 | 2,101,764 | ||
(Delnor-Cmnty. Hosp. Proj.): | ||||
Series 2002 D, 5.25% 5/15/32 (FSA Insured) | 2,000,000 | 1,859,580 | ||
5.25% 5/15/32 (FSA Insured) | 360,000 | 330,181 | ||
(Lake Forest Hosp. Proj.) 6% 7/1/33 | 1,000,000 | 1,033,370 | ||
(Sherman Hosp. Proj.) 5.25% 8/1/27 (AMBAC Insured) | 600,000 | 529,770 | ||
Illinois Sales Tax Rev. Series 2010, 5% 6/15/15 | 2,700,000 | 2,937,978 | ||
Joliet School District #86 Gen. Oblig. Series 2002, 0% 11/1/19 (FSA Insured) | 2,000,000 | 1,340,240 | ||
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 | $ 767,760 | ||
Series 2007, 6.5% 1/1/20 (AMBAC Insured) | 1,100,000 | 1,291,587 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/16 (Escrowed to Maturity) (f) | 235,000 | 210,090 | ||
0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 765,000 | 623,246 | ||
Lake County Cmnty. High School District #117, Antioch Series 2000 B, 0% 12/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,805,000 | 1,092,819 | ||
Lake County Forest Preservation District Series 2007 A, 0.557% 12/15/13 (d) | 885,000 | 867,433 | ||
Lake County Warren Township High School District #121, Gurnee Series C, 5.5% 3/1/23 (AMBAC Insured) | 1,795,000 | 1,918,460 | ||
Metropolitan Pier & Exposition (McCormick Place Expansion Proj.): | ||||
Series 1992 A, 0% 6/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,675,000 | 2,203,264 | ||
Series 1996 A, 0% 6/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 505,000 | ||
Series 2002 A, 5.75% 6/15/41 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,300,000 | 3,365,439 | ||
Series 2010 B1, 0% 6/15/44 | 3,900,000 | 438,438 | ||
Series A: | ||||
0% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,710,000 | 2,548,956 | ||
0% 6/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,140,000 | 629,189 | ||
0% 12/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,090,000 | 1,392,756 | ||
0% 6/15/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 193,890 | ||
Ogle, Lee & DeKalb Counties Township High School District #212 6% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 60,000 | 61,451 | ||
Quincy Hosp. Rev. 5% 11/15/18 | 1,000,000 | 995,650 | ||
Univ. of Illinois Board of Trustees Ctfs. of Prtn. Series 2009 A, 5% 10/1/18 | 1,000,000 | 1,058,320 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Univ. of Illinois Rev.: | ||||
(Auxiliary Facilities Sys. Proj.): | ||||
Series 1991, 0% 4/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 3,700,000 | $ 3,342,099 | ||
Series 1999 A, 0% 4/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,600,000 | 1,030,528 | ||
Series 2009 A, 5.75% 4/1/38 | 2,940,000 | 2,962,109 | ||
Series 2010 A: | ||||
5% 4/1/25 | 1,000,000 | 1,006,390 | ||
5.25% 4/1/30 | 1,000,000 | 995,200 | ||
Will County Cmnty. Unit School District #365-U: | ||||
(Valley View Proj.) Series 2002, 0% 11/1/19 (FSA Insured) | 5,875,000 | 3,940,245 | ||
Series 2002: | ||||
0% 11/1/14 (FSA Insured) | 1,000,000 | 902,800 | ||
0% 11/1/16 (FSA Insured) | 1,100,000 | 905,729 | ||
Will County Forest Preservation District Series 1999 B, 0% 12/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 902,190 | ||
| 112,073,047 | |||
Indiana - 2.5% | ||||
Franklin Township Independent School Bldg. Corp., Marion County 5.25% 7/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,790,000 | 1,958,743 | ||
Hobart Bldg. Corp. Series 2006, 6.5% 1/15/29 (FGIC Insured) | 3,700,000 | 4,299,733 | ||
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2009 A, 5.25% 11/1/39 | 1,000,000 | 929,010 | ||
Indiana Fin. Auth. Rev. (Trinity Health Cr. Group Proj.) Series 2009 A, 5.25% 12/1/38 | 2,000,000 | 1,852,040 | ||
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (d) | 2,000,000 | 2,129,520 | ||
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Subordinate Cr. Proj.) Series A5, 5%, tender 8/1/13 (d) | 3,800,000 | 4,071,092 | ||
Indiana Trans. Fin. Auth. Hwy. Rev. Series 1993 A, 0% 6/1/17 (AMBAC Insured) | 1,000,000 | 822,630 | ||
Indianapolis Local Pub. Impt. Bond Bank (Indianapolis Arpt. Auth. Proj.) Series 2006 F, 5% 1/1/16 (AMBAC Insured) (e) | 1,000,000 | 1,067,910 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Indiana - continued | ||||
Jasper County Indl. Poll. Ctl. Rev. (Northern Indiana Pub. Svc. Co. Proj.) Series 1988 C, 5.6% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,000,000 | $ 1,081,250 | ||
North Adams Cmnty. Schools Renovation Bldg. Corp. 0% 1/15/17 (FSA Insured) | 1,230,000 | 1,014,479 | ||
Petersburg Poll. Cont. Rev. (Indianapolis Pwr. & Lt. Co. Proj.) Series 1995 C, 5.95% 12/1/29 (e) | 2,000,000 | 2,007,200 | ||
Purdue Univ. Rev. (Student Facilities Sys. Proj.) Series 2009 B: | ||||
5% 7/1/28 | 660,000 | 704,101 | ||
5% 7/1/35 | 500,000 | 512,080 | ||
Rockport Poll. Cont. Rev. Bonds (AEP Generating Co. Proj.) Series 1995 A, 4.15%, tender 7/15/11 (AMBAC Insured) (d) | 1,000,000 | 1,004,490 | ||
Univ. of Southern Indiana Rev. Series J, 5.75% 10/1/28 (Assured Guaranty Corp. Insured) | 2,695,000 | 2,881,817 | ||
Wayne Township Marion County School Bldg. Corp. Series 2007, 5.5% 7/15/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 700,000 | 744,177 | ||
| 27,080,272 | |||
Iowa - 0.4% | ||||
Coralville Urban Renewal Rev. Series C: | ||||
5% 6/1/13 | 55,000 | 57,626 | ||
5.125% 6/1/39 | 70,000 | 63,757 | ||
Iowa Fin. Auth. Health Facilities Rev. Series 2008 A, 5.625% 8/15/37 (Assured Guaranty Corp. Insured) | 1,200,000 | 1,211,352 | ||
Tobacco Settlement Auth. Tobacco Settlement Rev. Series 2001 B, 5.3% 6/1/25 (Pre-Refunded to 6/1/11 @ 101) (f) | 3,380,000 | 3,426,576 | ||
| 4,759,311 | |||
Kansas - 0.7% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 C, 5.75% 11/15/38 | 1,900,000 | 1,983,201 | ||
Kansas Dev. Fin. Auth. Health Facilities Rev. (Hays Med. Ctr. Proj.) Series 2005 L: | ||||
5.25% 11/15/15 | 335,000 | 369,093 | ||
5.25% 11/15/16 | 955,000 | 1,041,580 | ||
Lawrence Hosp. Rev. 5.25% 7/1/18 | 1,000,000 | 1,052,450 | ||
Olathe Health Facilities Rev.: | ||||
(Olathe Med. Ctr. Proj.) Series 2010 A, 5% 9/1/30 | 1,000,000 | 916,410 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Kansas - continued | ||||
Olathe Health Facilities Rev.: - continued | ||||
Bonds (Olathe Med. Ctr. Proj.) Series 2008 A, 4.125%, tender 3/1/13 (d) | $ 1,000,000 | $ 1,014,140 | ||
Wichita Hosp. Facilities Rev. (Via Christi Health Sys., Inc. Proj.) Series 2009 X: | ||||
4% 11/15/18 | 300,000 | 300,966 | ||
5% 11/15/17 | 500,000 | 539,805 | ||
| 7,217,645 | |||
Kentucky - 1.2% | ||||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev.: | ||||
(Baptist Healthcare Sys. Proj.) Series A, 5% 8/15/18 | 3,000,000 | 3,203,310 | ||
(St. Elizabeth Med. Ctr., Inc. Proj.) Series 2009 A, 5.5% 5/1/39 | 1,000,000 | 999,990 | ||
Kentucky Econ. Dev. Fin. Auth. Rev.: | ||||
(Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 A, 5% 2/1/30 | 1,000,000 | 952,000 | ||
(Ashland Hosp. Corp./King's Daughters Med. Ctr. Proj.) Series 2008 C, 6.125% 2/1/38 | 2,500,000 | 2,569,775 | ||
Louisville & Jefferson County Metropolitan Govt. Health Facilities Rev. (Jewish Hosp. & St. Mary's HealthCare Proj.) Series 2008, 6.125% 2/1/37 | 3,505,000 | 3,383,727 | ||
Louisville & Jefferson County Metropolitan Swr. District Swr. & Drain Sys. Rev. Series A, 5.25% 5/15/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,170,000 | 2,208,301 | ||
| 13,317,103 | |||
Louisiana - 0.7% | ||||
Louisiana Military Dept. Custody Receipts 5% 8/1/14 | 1,730,000 | 1,868,296 | ||
Louisiana Pub. Facilities Auth. Rev. (Nineteenth Judicial District Court Proj.) Series 2007: | ||||
5.375% 6/1/32 (FGIC Insured) | 1,600,000 | 1,616,848 | ||
5.5% 6/1/41 (FGIC Insured) | 1,000,000 | 1,007,130 | ||
New Orleans Aviation Board Rev. Series 2007 A, 5.25% 1/1/19 (FSA Insured) (e) | 1,570,000 | 1,655,471 | ||
New Orleans Gen. Oblig.: | ||||
Series 2005, 5.25% 12/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,009,260 | ||
0% 9/1/15 (AMBAC Insured) | 700,000 | 580,384 | ||
Tobacco Settlement Fing. Corp. Series 2001 B, 5.5% 5/15/30 | 385,000 | 376,557 | ||
| 8,113,946 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Maine - 0.3% | ||||
Maine Health & Higher Ed. Facilities Auth. Rev. Series 2008 D, 5.75% 7/1/38 | $ 1,100,000 | $ 1,149,720 | ||
Maine Tpk. Auth. Tpk. Rev.: | ||||
Series 2004, 5.25% 7/1/30 | 1,000,000 | 1,024,160 | ||
Series 2007, 5.25% 7/1/37 (AMBAC Insured) | 1,300,000 | 1,321,775 | ||
| 3,495,655 | |||
Maryland - 0.9% | ||||
Baltimore Proj. Rev. (Wtr. Proj.) Series 2009 A, 5.375% 7/1/34 | 500,000 | 509,715 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Doctors Cmnty. Hosp. Proj.) Series 2010, 5.75% 7/1/38 | 400,000 | 327,140 | ||
(Good Samaritan Hosp. Proj.) Series 1993: | ||||
5.75% 7/1/13 (Escrowed to Maturity) (f) | 1,665,000 | 1,752,296 | ||
5.75% 7/1/13 (Escrowed to Maturity) (f) | 405,000 | 426,234 | ||
(Univ. of Maryland Med. Sys. Proj.): | ||||
Series 2008 F, 5.25% 7/1/21 | 1,000,000 | 1,059,840 | ||
Series 2010, 5.125% 7/1/39 | 900,000 | 834,912 | ||
(Upper Chesapeake Hosp. Proj.) Series 2008 C: | ||||
5.5% 1/1/18 | 790,000 | 833,569 | ||
6% 1/1/38 | 2,800,000 | 2,847,292 | ||
(Washington County Health Sys. Proj.) Series 2008, 6% 1/1/43 | 1,000,000 | 916,920 | ||
| 9,507,918 | |||
Massachusetts - 2.6% | ||||
Massachusetts Dev. Fin. Agcy. Rev. (Boston Univ. Proj.) Series U4, 5.7% 10/1/40 | 1,400,000 | 1,430,856 | ||
Massachusetts Gen. Oblig.: | ||||
Series 2007 A, 0.774% 5/1/37 (d) | 1,000,000 | 763,090 | ||
Series 2007 C: | ||||
5% 8/1/37 | 4,800,000 | 4,832,880 | ||
5.25% 8/1/24 | 2,200,000 | 2,424,444 | ||
Series 2009 C, 5% 7/1/21 | 4,135,000 | 4,690,951 | ||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(CareGroup, Inc. Proj.) Series 2008 E1: | ||||
5.125% 7/1/33 | 1,000,000 | 892,310 | ||
5.125% 7/1/38 | 1,000,000 | 864,240 | ||
Bonds (Baystate Health Sys. Proj.) Series 2009 K, 5%, tender 7/1/13 (d) | 1,000,000 | 1,073,370 | ||
Series G, 5.375% 7/1/24 | 245,000 | 245,103 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | ||||
Series 2005 A: | ||||
5% 8/15/23 | $ 5,000,000 | $ 5,330,300 | ||
5% 8/15/30 | 4,500,000 | 4,628,745 | ||
Series 2007 A, 5% 8/15/22 (AMBAC Insured) | 600,000 | 656,688 | ||
Massachusetts St Dev. Fin. Ag Series I, 6.75% 1/1/36 | 1,000,000 | 985,710 | ||
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.) Series 1998 A, 5.25% 8/1/13 | 10,000 | 10,008 | ||
| 28,828,695 | |||
Michigan - 2.3% | ||||
Allegan Pub. School District 5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,515,000 | 1,734,614 | ||
Detroit Swr. Disp. Rev.: | ||||
Series 2001 E, 5.75% 7/1/31 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 1,100,000 | 1,126,455 | ||
Series 2003 B, 7.5% 7/1/33 (FSA Insured) | 1,000,000 | 1,136,990 | ||
Series 2006, 5% 7/1/36 | 2,800,000 | 2,346,428 | ||
Detroit Wtr. Supply Sys. Rev.: | ||||
Series 2003 A, 5% 7/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,700,000 | 1,454,554 | ||
Series 2005 B, 5.5% 7/1/35 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 1,800,000 | 1,734,660 | ||
Series 2006 B, 7% 7/1/36 (FSA Insured) | 1,000,000 | 1,090,580 | ||
Ferris State Univ. Rev. 5% 10/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,440,000 | 1,502,194 | ||
Grand Valley Michigan State Univ. Rev. Series 2009, 5.5% 12/1/27 | 2,450,000 | 2,557,261 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2008 A, 5.5%, tender 1/15/15 (d) | 1,000,000 | 1,121,070 | ||
Lapeer Cmnty. Schools 5.25% 5/1/26 (FSA Insured) | 1,100,000 | 1,150,358 | ||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(McLaren Health Care Corp. Proj.): | ||||
Series 1998 A, 5% 6/1/19 | 2,000,000 | 2,003,860 | ||
Series 2008 A, 5.75% 5/15/38 | 1,000,000 | 1,000,550 | ||
(Trinity Health Sys. Proj.) Series 2008 A, 6.5% 12/1/33 | 2,500,000 | 2,651,450 | ||
Michigan Tobacco Settlement Fin. Auth. Tobacco Settlement Asset Rev. Series 2007, 6% 6/1/34 | 1,000,000 | 711,780 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Proj.) Series 2009 V, 8.25% 9/1/39 | $ 600,000 | $ 681,660 | ||
Willow Run Cmnty. Schools County of Washtenaw 5% 5/1/20 (FSA Insured) | 1,000,000 | 1,053,520 | ||
| 25,057,984 | |||
Minnesota - 1.5% | ||||
Duluth Independent School District #709 Ctfs. of Prtn. Series 2009 B, 4% 3/1/20 | 1,620,000 | 1,686,226 | ||
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 | 4,117,307 | ||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2008 A, 5% 1/1/14 (e) | 1,000,000 | 1,077,530 | ||
Minneapolis Health Care Sys. Rev. (Fairview Health Svcs. Proj.) Series 2008 B, 6.5% 11/15/38 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,069,220 | ||
Minnesota Gen. Oblig. 5% 8/1/22 | 1,100,000 | 1,223,662 | ||
Rochester Hsg. & Hlthcar Rev. (Madonna Towers Proj.) Series A, 5.875% 11/1/28 | 1,100,000 | 969,210 | ||
Saint Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (HealthPartners Oblig. Group Proj.) 5.25% 5/15/22 | 1,000,000 | 989,270 | ||
Saint Paul Port Auth. Lease Rev.: | ||||
(HealthEast Midway Campus Proj.) Series 2003 A, 5.875% 5/1/30 | 1,400,000 | 1,222,648 | ||
Series 2003 11, 5.25% 12/1/18 | 1,000,000 | 1,075,670 | ||
St. Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.): | ||||
Series 2008 C, 5.5% 7/1/17 | 1,000,000 | 1,103,480 | ||
Series 2009, 5.75% 7/1/39 | 1,600,000 | 1,498,480 | ||
| 16,032,703 | |||
Missouri - 0.2% | ||||
Missouri Health & Edl. Facilities Auth. Health Facilities Rev. (SSM Health Care Sys. Proj.) Series 2010 B, 4.75% 6/1/34 | 1,200,000 | 1,089,948 | ||
Saint Louis County Indl. Dev. Auth. Sr. Living Facilities Rev. (Friendship Village West County Proj.) Series A, 5.125% 9/1/14 | 850,000 | 854,446 | ||
| 1,944,394 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Montana - 0.2% | ||||
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Proj.) Series 1998 A, 5% 5/1/33 | $ 1,800,000 | $ 1,792,854 | ||
Nebraska - 0.3% | ||||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 B, 0.708% 12/1/17 (d) | 1,100,000 | 904,002 | ||
Douglas County Hosp. Auth. #2 Health Facilities Rev.: | ||||
(Children's Hosp. Proj.) Series 2008 B, 6% 8/15/24 | 1,300,000 | 1,376,388 | ||
(Immanuel Med. Ctr. Proj.) Series 2010, 5.5% 1/1/30 | 1,000,000 | 973,770 | ||
| 3,254,160 | |||
Nevada - 0.7% | ||||
Clark County Arpt. Rev. Series 2003 C, 5.375% 7/1/22 (AMBAC Insured) (e) | 1,000,000 | 1,008,120 | ||
Clark County Wtr. Reclamation District: | ||||
Series 2009 A, 5.25% 7/1/29 (Berkshire Hathaway Assurance Corp. Insured) | 1,000,000 | 1,061,900 | ||
5.625% 7/1/32 | 3,000,000 | 3,159,360 | ||
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig. Series 2003 B: | ||||
5.25% 6/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,061,860 | ||
5.25% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,059,760 | ||
| 7,351,000 | |||
New Hampshire - 0.3% | ||||
New Hampshire Bus. Fin. Auth. Rev. Series 2009 A, 6.125% 10/1/39 | 1,800,000 | 1,730,898 | ||
New Hampshire Health & Ed. Facilities Auth. Hosp. Rev. (Catholic Med. Ctr. Proj.) Series 2002 A, 5.75% 7/1/22 | 100,000 | 100,191 | ||
New Hampshire Health & Ed. Facilities Auth. Rev.: | ||||
(Dartmouth College Proj.) Series 2009, 5.25% 6/1/39 | 1,000,000 | 1,032,490 | ||
(Dartmouth-Hitchcock Obligated Group Proj.) Series 2010, 5% 8/1/40 | 1,000,000 | 947,060 | ||
| 3,810,639 | |||
New Jersey - 1.1% | ||||
Garden State Preservation Trust Open Space & Farmland Preservation Series 2005 A, 5.8% 11/1/19 (FSA Insured) | 700,000 | 796,929 | ||
New Jersey Ctfs. of Prtn. Series 2009 A, 5.25% 6/15/28 | 1,000,000 | 1,023,820 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New Jersey - continued | ||||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.: | ||||
Series 2005 O: | ||||
5.25% 3/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,000,000 | $ 1,038,840 | ||
5.25% 3/1/23 | 2,000,000 | 2,049,920 | ||
5.25% 3/1/25 | 1,500,000 | 1,526,370 | ||
5.25% 3/1/26 | 915,000 | 929,484 | ||
Series 2009 AA, 5.5% 12/15/29 | 1,000,000 | 1,039,040 | ||
Series 2009 Z, 6% 12/15/34 (Assured Guaranty Corp. Insured) | 1,600,000 | 1,702,272 | ||
New Jersey Tpk. Auth. Tpk. Rev. Series 2009 E, 5.25% 1/1/40 | 1,000,000 | 998,450 | ||
New Jersey Trans. Trust Fund Auth. Series B, 5.25% 12/15/22 (AMBAC Insured) | 400,000 | 425,768 | ||
Union County Impt. Auth. (Juvenile Detention Ctr. Facility Proj.) Series 2005, 5.5% 5/1/28 (FGIC Insured) | 1,000,000 | 1,022,600 | ||
| 12,553,493 | |||
New Mexico - 0.4% | ||||
Albuquerque Arpt. Rev. 6.75% 7/1/11 (AMBAC Insured) (e) | 1,805,000 | 1,818,899 | ||
New Mexico Edl. Assistance Foundation Series 2010 A1, 5% 12/1/19 | 2,000,000 | 2,204,940 | ||
| 4,023,839 | |||
New York - 10.4% | ||||
Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.): | ||||
Series 2003: | ||||
5.75% 5/1/16 (FSA Insured) | 1,500,000 | 1,612,950 | ||
5.75% 5/1/21 (FSA Insured) | 1,200,000 | 1,241,316 | ||
Series 2004: | ||||
5.75% 5/1/17 (FSA Insured) | 1,600,000 | 1,755,776 | ||
5.75% 5/1/25 (FSA Insured) | 600,000 | 629,154 | ||
Hudson Yards Infrastructure Corp. New York Rev. Series A: | ||||
5% 2/15/47 | 2,000,000 | 1,673,640 | ||
5% 2/15/47 | 1,200,000 | 1,004,184 | ||
Long Island Pwr. Auth. Elec. Sys. Rev. Series A, 5% 12/1/26 (XL Cap. Assurance, Inc. Insured) | 1,400,000 | 1,429,484 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 5.625% 7/1/16 (Escrowed to Maturity) (f) | 1,000,000 | 1,067,360 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
New York City Gen. Oblig.: | ||||
Series 2003 J, 5.5% 6/1/19 (Pre-Refunded to 6/1/13 @ 100) (f) | $ 880,000 | $ 970,130 | ||
Series 2005 G, 5% 8/1/15 | 1,000,000 | 1,132,280 | ||
Series 2008 A1, 5.25% 8/15/27 | 1,500,000 | 1,584,330 | ||
Series 2008 D1, 5.125% 12/1/22 | 2,000,000 | 2,202,920 | ||
Series 2009 H1, 5% 3/1/15 (Assured Guaranty Corp. Insured) | 3,900,000 | 4,383,834 | ||
Series 2009 I-1, 5.625% 4/1/29 | 600,000 | 644,886 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 2002 A, 5.125% 6/15/34 | 500,000 | 501,930 | ||
Series 2003 A, 5.125% 6/15/34 | 2,000,000 | 2,007,720 | ||
Series 2003 E, 5% 6/15/34 | 1,600,000 | 1,607,552 | ||
Series 2005 D: | ||||
5% 6/15/37 | 400,000 | 402,192 | ||
5% 6/15/38 | 1,300,000 | 1,306,643 | ||
5% 6/15/39 | 500,000 | 498,475 | ||
Series 2007 DD, 4.75% 6/15/35 | 1,400,000 | 1,364,608 | ||
Series 2009 A, 5.75% 6/15/40 | 2,300,000 | 2,468,889 | ||
Series 2009 CC, 5% 6/15/34 | 2,100,000 | 2,121,168 | ||
Series 2009 EE, 5.25% 6/15/40 | 1,800,000 | 1,833,210 | ||
Series FF 2, 5.5% 6/15/40 | 3,000,000 | 3,102,900 | ||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | ||||
Series 2009 S1, 5.5% 7/15/31 | 1,000,000 | 1,045,810 | ||
Series 2009 S3, 5.25% 1/15/34 | 4,000,000 | 4,075,720 | ||
Series 2009 S4: | ||||
5.5% 1/15/39 | 850,000 | 872,984 | ||
5.75% 1/15/39 | 1,600,000 | 1,673,680 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 A: | ||||
5.5% 11/1/26 (b) | 1,000,000 | 1,023,370 | ||
6% 11/1/28 (b) | 2,000,000 | 2,051,640 | ||
Series 2004 B, 5% 8/1/32 | 1,300,000 | 1,312,519 | ||
Series 2004 C, 5% 2/1/33 (FGIC Insured) | 1,000,000 | 1,009,350 | ||
New York City Trust Cultural Resources Rev. (Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 | 1,000,000 | 1,005,790 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.) Series 2008 B, 5.75% 3/15/36 | 3,400,000 | 3,671,660 | ||
Series 2007 A, 5% 3/15/32 | 2,400,000 | 2,437,632 | ||
Series 2009 A, 5% 2/15/34 | 1,100,000 | 1,116,918 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.) Series A, 5.75% 7/1/13 | $ 1,200,000 | $ 1,255,356 | ||
(New York Univ. Hosp. Ctr. Proj.): | ||||
Series 2007 A, 5% 7/1/14 | 1,000,000 | 1,076,070 | ||
Series 2007 B, 5.25% 7/1/24 | 200,000 | 199,422 | ||
Series 2002 A, 5.75% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,055,530 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: | ||||
Series 2009 A, 5.5% 11/15/39 | 5,000,000 | 5,133,100 | ||
Series B, 5% 11/15/34 | 1,200,000 | 1,203,288 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2003 B, 5.25% 11/15/19 (FGIC Insured) | 1,900,000 | 2,119,621 | ||
Series 2008 A, 5.25% 11/15/36 | 3,700,000 | 3,658,893 | ||
Series 2008 C, 6.5% 11/15/28 | 1,000,000 | 1,110,360 | ||
Series 2010 D, 5.25% 11/15/40 | 1,400,000 | 1,373,190 | ||
New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured) | 1,500,000 | 1,560,270 | ||
New York Thruway Auth. Gen. Rev. Series 2005 G, 5.25% 1/1/27 | 1,600,000 | 1,642,512 | ||
New York Thruway Auth. Personal Income Tax Rev. Series 2007 A, 5.25% 3/15/25 | 1,500,000 | 1,620,975 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series 2007 A, 5% 4/1/21 | 1,100,000 | 1,195,909 | ||
Tobacco Settlement Asset Securitization Corp. Series 2002-1, 5.5% 7/15/24 (Pre-Refunded to 7/15/12 @ 100) (f) | 980,000 | 1,030,274 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.25% 6/1/21 (AMBAC Insured) | 1,000,000 | 1,047,790 | ||
5.25% 6/1/22 (AMBAC Insured) | 2,360,000 | 2,465,020 | ||
5.5% 6/1/14 | 440,000 | 441,492 | ||
5.5% 6/1/16 | 4,700,000 | 4,714,805 | ||
5.5% 6/1/17 | 4,000,000 | 4,012,960 | ||
Series 2003B 1C: | ||||
5.5% 6/1/14 | 360,000 | 361,220 | ||
5.5% 6/1/15 | 1,700,000 | 1,705,695 | ||
5.5% 6/1/16 | 1,000,000 | 1,003,270 | ||
5.5% 6/1/17 | 1,600,000 | 1,605,184 | ||
5.5% 6/1/18 | 2,800,000 | 2,886,968 | ||
5.5% 6/1/19 | 1,600,000 | 1,691,440 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
Tobacco Settlement Fing. Corp.: - continued | ||||
Series 2003B 1C: | ||||
5.5% 6/1/21 | $ 5,000,000 | $ 5,264,000 | ||
5.5% 6/1/22 | 1,500,000 | 1,574,235 | ||
| 113,853,453 | |||
New York & New Jersey - 0.2% | ||||
Port Auth. of New York & New Jersey 124th Series, 5% 8/1/13 (FGIC Insured) (e) | 500,000 | 501,190 | ||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (e) | 1,400,000 | 1,460,956 | ||
| 1,962,146 | |||
North Carolina - 1.5% | ||||
Charlotte Ctfs. of Prtn. (2003 Govt. Facilities Projs.) Series G, 5% 6/1/33 | 1,000,000 | 1,015,110 | ||
Charlotte Int'l. Arpt. Rev. (Charlotte Douglas Int'l. Arpt. Proj.) Series 2010 B, 5.5% 7/1/24 (e) | 1,000,000 | 1,031,860 | ||
Dare County Ctfs. of Prtn. 5.25% 6/1/15 (AMBAC Insured) | 1,195,000 | 1,312,122 | ||
Nash Health Care Sys. Health Care Facilities Rev. 5% 11/1/30 (FSA Insured) | 1,200,000 | 1,162,236 | ||
North Carolina Cap. Facilities Fin. Agcy. Rev. (Duke Univ. Proj.) Series A, 5.125% 10/1/41 | 355,000 | 355,529 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2009 B, 5% 1/1/26 | 1,800,000 | 1,823,886 | ||
North Carolina Infrastructure Fin. Corp. Ctfs. of Prtn. (North Carolina Correctional Facilities Proj.) Series A, 5% 2/1/18 | 1,000,000 | 1,079,060 | ||
North Carolina Med. Care Cmnty. Health (Memorial Mission Hosp. Proj.) Series 2007, 5% 10/1/20 | 1,000,000 | 1,047,360 | ||
North Carolina Med. Care Commission Health Care Facilities Rev. (Rex Healthcare Proj.) Series 2010 A, 5% 7/1/30 | 1,600,000 | 1,557,584 | ||
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev.: | ||||
Series 2009 A, 5% 1/1/30 | 1,000,000 | 1,010,070 | ||
Series 2010 B, 5% 1/1/20 | 1,300,000 | 1,442,467 | ||
Raleigh Durham Arpt. Auth. Arpt. Rev. Series 2010 A, 5% 5/1/32 | 1,750,000 | 1,776,583 | ||
Union County Ctfs. of Prtn. 5% 6/1/18 (AMBAC Insured) | 1,305,000 | 1,421,863 | ||
| 16,035,730 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
North Dakota - 0.4% | ||||
Cass County Health Care Facilities Rev. (Essentia Health Obligated Group Proj.) Series 2008, 5.125% 2/15/37 (Assured Guaranty Corp. Insured) | $ 750,000 | $ 711,428 | ||
Mclean County Solid Waste Facilities Rev. (Great River Energy Projects) Series 2010 B, 5.15% 7/1/40 | 2,300,000 | 2,189,945 | ||
Ward County Health Care Facility Rev. (Trinity Med. Ctr. Proj.) 5.125% 7/1/17 | 1,210,000 | 1,255,678 | ||
| 4,157,051 | |||
Ohio - 0.7% | ||||
Buckeye Tobacco Settlement Fing. Auth.: | ||||
Series 2007 A2, 5.75% 6/1/34 | 2,000,000 | 1,375,220 | ||
Series A-2: | ||||
5.875% 6/1/47 | 400,000 | 267,476 | ||
6.5% 6/1/47 | 1,000,000 | 732,920 | ||
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 2008 C, 5.75% 8/15/38 | 1,000,000 | 896,470 | ||
Lucas County Hosp. Rev. (ProMedica Heathcare Oblig. Group Proj.) Series 2011 A, 6.5% 11/15/37 | 1,200,000 | 1,269,360 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (d) | 1,500,000 | 1,605,225 | ||
Plain Local School District 6% 12/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 410,000 | 411,037 | ||
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008, 5.75% 12/1/35 | 1,400,000 | 1,353,492 | ||
| 7,911,200 | |||
Oklahoma - 0.7% | ||||
Oklahoma City Pub. Property Auth. Hotel Tax Rev. Series 2005, 5.5% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,695,000 | 1,820,854 | ||
Oklahoma City Wtr. Utils. Trust Wtr. and Swr. Rev. Series 2009 A, 5% 7/1/34 | 1,000,000 | 1,047,680 | ||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series C, 5.5% 8/15/22 | 2,865,000 | 3,103,826 | ||
Tulsa County Indl. Auth. Health Care Rev. 5% 12/15/18 | 1,500,000 | 1,608,195 | ||
| 7,580,555 | |||
Oregon - 0.6% | ||||
Forest Grove Campus Impt. Rev. (Pacific Univ. Proj.) Series 2009, 6.375% 5/1/39 | 1,200,000 | 1,201,764 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Oregon - continued | ||||
Oregon Dept. Administrative Svcs. Ctfs. of Prtn. Series A, 5.375% 5/1/15 (Pre-Refunded to 5/1/11 @ 101) (f) | $ 1,715,000 | $ 1,732,150 | ||
Oregon Gen. Oblig. (State Board of Higher Ed. Proj.) Series 2009 A: | ||||
5.75% 8/1/25 | 500,000 | 567,960 | ||
5.75% 8/1/26 | 1,000,000 | 1,128,450 | ||
5.75% 8/1/28 | 500,000 | 558,170 | ||
5.75% 8/1/29 | 500,000 | 556,170 | ||
Yamhill County School District #029J Newberg 5.5% 6/15/19 (FGIC Insured) | 1,000,000 | 1,167,850 | ||
| 6,912,514 | |||
Pennsylvania - 1.8% | ||||
Allegheny County Hosp. Dev. Auth. Rev.: | ||||
(Pittsburgh Med. Ctr. Proj.) Series B, 5% 6/15/16 | 850,000 | 942,778 | ||
(Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A, 5.625% 8/15/39 | 1,100,000 | 1,088,373 | ||
Annville-Cleona School District 5.5% 3/1/22 (FSA Insured) | 1,250,000 | 1,347,063 | ||
Canon McMillan School District Series 2002 B, 5.75% 12/1/35 (FGIC Insured) | 1,595,000 | 1,629,308 | ||
Easton Area School District Series 2006, 7.75% 4/1/25 (FSA Insured) | 700,000 | 815,899 | ||
Mifflin County School District 7.75% 9/1/30 (XL Cap. Assurance, Inc. Insured) | 400,000 | 468,912 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series A, 6% 6/1/16 (AMBAC Insured) | 1,860,000 | 2,100,256 | ||
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Amtrak Proj.) Series 2001 A, 6.25% 11/1/31 (e) | 2,000,000 | 2,008,540 | ||
Pennsylvania Tpk. Commission Tpk. Rev.: | ||||
Series 2004 A, 5.25% 12/1/32 (AMBAC Insured) | 1,500,000 | 1,494,180 | ||
Series 2009 D, 5.5% 12/1/41 | 2,400,000 | 2,371,872 | ||
Philadelphia Gas Works Rev.: | ||||
(1975 Gen. Ordinance Proj.) Seventeenth Series, 5.375% 7/1/20 (FSA Insured) | 500,000 | 518,245 | ||
(1998 Gen. Ordinance Proj.): | ||||
Fifth Series A1, 5% 9/1/33 (FSA Insured) | 600,000 | 586,542 | ||
Ninth Series, 5.25% 8/1/40 | 800,000 | 740,432 | ||
Philadelphia Gen. Oblig. Series 2008 B, 7.125% 7/15/38 (Assured Guaranty Corp. Insured) | 600,000 | 653,370 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Philadelphia School District Series 2005 A, 5% 8/1/22 (AMBAC Insured) | $ 200,000 | $ 206,066 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series A, 0% 8/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000,000 | 3,033,600 | ||
| 20,005,436 | |||
Puerto Rico - 0.8% | ||||
Puerto Rico Govt. Dev. Bank: | ||||
Series 2006 B, 5% 12/1/12 | 2,500,000 | 2,609,725 | ||
Series 2006 C, 5.25% 1/1/15 (e) | 1,000,000 | 1,023,960 | ||
Puerto Rico Pub. Bldg. Auth. Rev.: | ||||
Bonds Series M2: | ||||
5.5%, tender 7/1/17 (AMBAC Insured) (d) | 600,000 | 626,022 | ||
5.75%, tender 7/1/17 (d) | 1,100,000 | 1,162,271 | ||
Series N, 5.5% 7/1/22 | 1,100,000 | 1,120,020 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | ||||
Series 2007 A, 0% 8/1/41 (FGIC Insured) | 2,800,000 | 368,452 | ||
Series 2009 A, 6% 8/1/42 | 1,400,000 | 1,400,742 | ||
| 8,311,192 | |||
Rhode Island - 0.4% | ||||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series A, 5.25% 9/15/17 (AMBAC Insured) | 1,000,000 | 1,062,550 | ||
Rhode Island Port Auth. & Econ. Dev. Corp. Arpt. Rev. Series A, 7% 7/1/14 (FSA Insured) (e) | 2,840,000 | 3,051,296 | ||
| 4,113,846 | |||
South Carolina - 1.2% | ||||
Greenville County School District Installment Purp. Rev. 5% 12/1/12 | 3,750,000 | 3,993,563 | ||
Greenwood Fifty School Facilities Installment 5% 12/1/21 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,059,660 | ||
Lexington One School Facilities Corp. Rev. (Lexington County School District No. 1 Proj.) 5% 12/1/17 | 1,015,000 | 1,105,426 | ||
South Carolina Jobs-Econ. Dev. Auth. (Palmetto Health Proj.) Series 2009, 5.75% 8/1/39 | 300,000 | 268,908 | ||
South Carolina Jobs-Econ. Dev. Auth. Health Facilities Rev. (Bishop Gadsden Proj.) Series 2007, 5% 4/1/16 | 1,000,000 | 1,031,090 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
South Carolina - continued | ||||
South Carolina Pub. Svc. Auth. Rev. (Santee Cooper Proj.) Series 2009 B, 5.25% 1/1/39 | $ 5,000,000 | $ 5,068,850 | ||
Univ. of South Carolina Athletic Facilities Rev. Series 2008 A, 5.5% 5/1/38 | 1,000,000 | 1,038,150 | ||
| 13,565,647 | |||
Tennessee - 0.9% | ||||
Clarksville Natural Gas Acquisition Corp. Gas Rev.: | ||||
Series 2006: | ||||
5% 12/15/13 | 1,000,000 | 1,046,550 | ||
5% 12/15/15 | 1,500,000 | 1,556,805 | ||
5% 12/15/16 | 1,500,000 | 1,545,015 | ||
Jackson Hosp. Rev. (Jackson-Madison County Gen. Hosp. Proj.) Series 2008, 5.75% 4/1/41 | 1,000,000 | 1,014,150 | ||
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 | 1,440,908 | ||
Knox County Health Edl. & Hsg. Facilities Board Rev. (Univ. Health Sys. Proj.) Series 2007, 5% 4/1/16 | 1,805,000 | 1,853,879 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5.75% 7/1/24 (e) | 1,600,000 | 1,662,160 | ||
| 10,119,467 | |||
Texas - 13.3% | ||||
Aledo Independent School District (School Bldg. Proj.) Series 2006 A, 5% 2/15/43 | 1,200,000 | 1,209,516 | ||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.5% 8/1/20 | 1,000,000 | 1,135,800 | ||
Austin Convention Enterprises, Inc. (Convention Ctr. Proj.) Series B, 5.75% 1/1/34 | 1,000,000 | 809,630 | ||
Austin Elec. Util. Sys. Rev. 0% 11/15/12 (AMBAC Insured) | 1,300,000 | 1,267,331 | ||
Bastrop Independent School District Series 2007, 5.25% 2/15/42 | 5,000,000 | 5,134,900 | ||
Beaumont Independent School District 5% 2/15/38 (Assured Guaranty Corp. Insured) | 300,000 | 304,791 | ||
Boerne Independent School District Series 2004, 5.25% 2/1/35 | 900,000 | 909,621 | ||
Comal Independent School District: | ||||
Series 2007, 5% 2/1/36 | 2,500,000 | 2,533,500 | ||
Series 2008A, 5.25% 2/1/23 | 2,240,000 | 2,499,101 | ||
Corpus Christi Util. Sys. Rev. 5.25% 7/15/18 (FSA Insured) | 1,000,000 | 1,160,050 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Corsicana Independent School District 5.125% 2/15/28 | $ 1,015,000 | $ 1,080,650 | ||
Cypress-Fairbanks Independent School District Series A, 0% 2/15/16 | 1,400,000 | 1,262,758 | ||
Dallas Area Rapid Transit Sales Tax Rev.: | ||||
Series 2008, 5.25% 12/1/43 | 3,785,000 | 3,836,741 | ||
5.25% 12/1/38 | 5,600,000 | 5,708,360 | ||
Dallas Fort Worth Int'l. Arpt. Rev.: | ||||
Series 2007, 5% 11/1/19 (XL Cap. Assurance, Inc. Insured) (e) | 2,500,000 | 2,548,050 | ||
Series 2009 A, 5% 11/1/24 | 1,000,000 | 1,021,160 | ||
Series A: | ||||
5% 11/1/42 | 3,000,000 | 2,717,910 | ||
5.25% 11/1/12 (e) | 1,000,000 | 1,057,250 | ||
Dallas Independent School District Series 2008, 6.375% 2/15/34 | 300,000 | 343,845 | ||
Denton Util. Sys. Rev. Series A, 5% 12/1/19 (Pre-Refunded to 12/1/12 @ 100) (f) | 1,280,000 | 1,370,240 | ||
Eagle Mountain & Saginaw Independent School District Series 2008, 5% 8/15/38 | 1,480,000 | 1,496,088 | ||
Fort Bend Independent School District Series 2009, 5% 2/15/34 | 2,500,000 | 2,615,350 | ||
Frisco Independent School District Series 2008 A, 6% 8/15/33 | 1,200,000 | 1,342,980 | ||
Guadalupe-Blanco River Auth. Contract Rev. (Western Canyon Reg'l. Wtr. Supply Proj.) 5.25% 4/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,047,070 | ||
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt. of Texas, Inc. Denton County Proj.) Series 2003 B, 3.5%, tender 5/1/13 (d)(e) | 1,500,000 | 1,532,490 | ||
Harris County Gen. Oblig.: | ||||
(Permanent Impt. Proj.) Series 1996, 0% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500,000 | 2,151,025 | ||
(Road Proj.) Series 2008 B, 5.25% 8/15/47 | 8,000,000 | 8,028,160 | ||
Series 2002, 0% 8/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 589,440 | ||
5.25% 10/1/24 | 370,000 | 392,085 | ||
5.25% 10/1/24 (Pre-Refunded to 10/1/14 @ 100) (f) | 230,000 | 261,841 | ||
Harris County Health Facilities Dev. Corp. Hosp. Rev. (Memorial Hermann Healthcare Sys. Proj.) Series 2008 B, 7.25% 12/1/35 | 1,200,000 | 1,307,676 | ||
Hays Consolidated Independent School District Series A, 5.125% 8/15/30 | 1,000,000 | 1,040,200 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Houston Arpt. Sys. Rev. Series A, 5.625% 7/1/19 (FSA Insured) (e) | $ 1,000,000 | $ 1,033,790 | ||
Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Series 2010 A, 5% 5/15/35 | 1,300,000 | 1,336,114 | ||
Houston Independent School District: | ||||
Series 2005 A, 0% 2/15/16 | 1,700,000 | 1,533,349 | ||
0% 8/15/13 | 1,300,000 | 1,269,892 | ||
Houston Util. Sys. Rev. Bonds Series 2005 C1, 5%, tender 5/15/11 (AMBAC Insured) (d) | 2,100,000 | 2,103,045 | ||
Humble Independent School District: | ||||
Series 2000, 0% 2/15/17 | 1,000,000 | 860,310 | ||
Series 2005 B, 5.25% 2/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,800,000 | 1,957,752 | ||
Irving Gen. Oblig. Series 2009, 5% 9/15/19 | 1,690,000 | 1,990,296 | ||
Judson Independent School District Series 2005 B, 5% 2/1/24 (FSA Insured) | 950,000 | 996,028 | ||
Kermit Independent School District Series 2007, 5.25% 2/15/32 | 700,000 | 731,122 | ||
Lampasas Independent School District (School Bldg. Proj.) Series 2007, 5.25% 2/15/32 | 1,000,000 | 1,034,040 | ||
Lewisville Independent School District 0% 8/15/19 | 2,340,000 | 1,777,230 | ||
Liberty Hill Independent School District (School Bldg. Proj.) Series 2006, 5.25% 8/1/35 | 1,100,000 | 1,131,955 | ||
Longview Independent School District 5% 2/15/37 | 1,000,000 | 1,005,990 | ||
Lower Colorado River Auth. Rev. Series 2008, 5.75% 5/15/37 | 1,300,000 | 1,329,458 | ||
Lower Colorado River Auth. Transmission Contract Rev. (LCRA Transmission Svcs. Corp. Proj.): | ||||
Series 2003 C, 5% 5/15/33 | 700,000 | 689,878 | ||
Series C, 5.25% 5/15/19 (AMBAC Insured) | 1,000,000 | 1,060,240 | ||
Mansfield Independent School District: | ||||
5.375% 2/15/26 | 145,000 | 145,312 | ||
5.5% 2/15/17 | 25,000 | 25,904 | ||
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 | 1,284,895 | ||
North Texas Tollway Auth. Dallas North Tollway Sys. Rev. Series 2003 A, 5% 1/1/28 (AMBAC Insured) | 1,000,000 | 1,000,720 | ||
North Texas Tollway Auth. Rev.: | ||||
Bonds Series 2008 E3, 5.75%, tender 1/1/16 (d) | 1,000,000 | 1,111,790 | ||
Series 2008 A, 6% 1/1/24 | 2,000,000 | 2,161,260 | ||
Series 2008 I, 0% 1/1/42 (Assured Guaranty Corp. Insured) (a) | 1,100,000 | 880,759 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
North Texas Tollway Auth. Rev.: - continued | ||||
Series 2009 A, 6.25% 1/1/39 | $ 1,800,000 | $ 1,831,554 | ||
6% 9/1/41 | 1,000,000 | 1,058,290 | ||
Northwest Texas Independent School District 5.5% 8/15/21 | 170,000 | 180,628 | ||
Port Houston Auth. Harris County Series 2010 D2, 5% 10/1/39 | 1,900,000 | 1,926,980 | ||
Prosper Independent School District: | ||||
Series 2005, 5.125% 8/15/30 | 400,000 | 425,776 | ||
5.375% 8/15/37 | 2,000,000 | 2,099,140 | ||
San Antonio Arpt. Sys. Rev.: | ||||
5% 7/1/16 (FSA Insured) (e) | 1,635,000 | 1,765,784 | ||
5.25% 7/1/18 (FSA Insured) (e) | 2,505,000 | 2,660,235 | ||
San Antonio Elec. & Gas Sys. Rev. Series 2008, 5% 2/1/24 | 1,000,000 | 1,091,220 | ||
San Jacinto Cmnty. College District Series 2009, 5% 2/15/39 | 2,300,000 | 2,329,417 | ||
San Marcos Consolidated Independent School District 5% 8/1/20 | 1,525,000 | 1,639,985 | ||
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2010: | ||||
5% 10/1/35 | 400,000 | 404,172 | ||
5% 10/1/41 | 1,800,000 | 1,801,260 | ||
Spring Branch Independent School District Series 2008, 5.25% 2/1/38 | 3,145,000 | 3,246,898 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | ||||
(Baylor Health Care Sys. Proj.) Series 2009, 5.75% 11/15/24 | 1,100,000 | 1,164,658 | ||
(Hendrick Med. Ctr. Proj.) Series 2009 B, 5.25% 9/1/28 (Assured Guaranty Corp. Insured) | 1,235,000 | 1,251,524 | ||
Texas Gen. Oblig. (Trans. Commission Mobility Fund Proj.): | ||||
Series 2005 A, 4.75% 4/1/35 | 1,500,000 | 1,500,465 | ||
Series 2008, 4.75% 4/1/37 | 2,900,000 | 2,870,014 | ||
Texas Muni. Pwr. Agcy. Rev.: | ||||
0% 9/1/11 (AMBAC Insured) | 4,700,000 | 4,682,516 | ||
0% 9/1/11 (Escrowed to Maturity) (f) | 50,000 | 49,919 | ||
0% 9/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,100,000 | 976,195 | ||
0% 9/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,800,000 | 1,528,830 | ||
Texas Private Activity Bond Surface Trans. Corp.: | ||||
(LBJ Infrastructure Group LLC IH-635 Managed Lanes Proj.) Series 2010, 7% 6/30/40 | 1,200,000 | 1,227,492 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Texas Private Activity Bond Surface Trans. Corp.: - continued | ||||
(NTE Mobility Partners LLC North Tarrant Express Managed Lanes Proj.) Series 2009, 6.875% 12/31/39 | $ 1,400,000 | $ 1,422,148 | ||
Texas Tpk. Auth. Central Texas Tpk. Sys. Rev. Series 2002 A: | ||||
5.5% 8/15/39 | 4,100,000 | 3,801,151 | ||
5.75% 8/15/38 (AMBAC Insured) | 3,775,000 | 3,633,966 | ||
Texas Trans. Commission State Hwy. Fund Rev. | ||||
5% 4/1/21 | 1,000,000 | 1,110,380 | ||
5% 4/1/23 | 1,500,000 | 1,640,040 | ||
Texas Wtr. Dev. Board Rev. Series 2008 B, 5.25% 7/15/23 | 1,600,000 | 1,772,544 | ||
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 | 1,062,350 | ||
Waller Independent School District: | ||||
5.5% 2/15/28 | 1,670,000 | 1,820,484 | ||
5.5% 2/15/37 | 2,100,000 | 2,187,759 | ||
White Settlement Independent School District Series 2004, 5.75% 8/15/34 | 1,440,000 | 1,470,154 | ||
| 145,800,666 | |||
Utah - 0.1% | ||||
Utah Transit Auth. Sales Tax Rev. Series 2008 A, 5.25% 6/15/38 | 1,200,000 | 1,231,428 | ||
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 | 401,572 | ||
6.125% 12/1/27 (AMBAC Insured) | 1,000,000 | 1,012,750 | ||
(Fletcher Allen Health Care Proj.) Series 2004 B, 5.5% 12/1/28 (FSA Insured) | 2,600,000 | 2,645,578 | ||
(Middlebury College Proj.) Series 2006 A, 5% 10/31/46 | 1,000,000 | 1,001,420 | ||
| 5,061,320 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Virginia - 0.4% | ||||
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 2008 B, 5.375%, tender 12/2/13 (d) | $ 4,000,000 | $ 4,297,720 | ||
Winchester Indl. Dev. Auth. Hosp. Rev. (Valley Health Sys. Proj.) Series 2009 E, 5.625% 1/1/44 | 400,000 | 390,332 | ||
| 4,688,052 | |||
Washington - 4.9% | ||||
Chelan County Pub. Util. District #1 Columbia River-Rock Island Hydro-Elec. Sys. Rev. Series 1997 A, 0% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 820,660 | ||
Grant County Pub. Util. District #2 Wanapum Hydro Elec. Rev. Series B, 5.25% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (e) | 1,950,000 | 2,024,022 | ||
Kent Spl. Events Ctr. Pub. Facilities District Rev. Series 2008, 5.25% 12/1/32 (FSA Insured) | 2,000,000 | 2,042,540 | ||
King County Gen. Oblig.: | ||||
(Pub. Trans. Proj.) Series 2004, 5.125% 6/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,020,320 | ||
(Swr. Proj.) Series 2005, 5% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,043,700 | ||
5% 1/1/35 | 2,000,000 | 2,015,820 | ||
King County Swr. Rev.: | ||||
Series 2002 B, 5.125% 1/1/33 (FSA Insured) | 2,800,000 | 2,808,708 | ||
Series 2008, 5.75% 1/1/43 | 3,600,000 | 3,822,156 | ||
Series 2009, 5.25% 1/1/42 | 1,000,000 | 1,012,500 | ||
Spokane County School District #81 5.25% 12/1/18 (Pre-Refunded to 6/1/13 @ 100) (f) | 1,000,000 | 1,096,180 | ||
Spokane Gen. Oblig. 5.25% 12/1/24 (AMBAC Insured) | 1,000,000 | 1,089,530 | ||
Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev. 5.75% 12/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,052,140 | ||
Washington Gen. Oblig.: | ||||
Series R 97A, 0% 7/1/19 (Escrowed to Maturity) (f) | 1,200,000 | 953,376 | ||
Series S5, 0% 1/1/18 | 2,230,000 | 1,838,568 | ||
Washington Health Care Facilities Auth. Rev.: | ||||
(Catholic Heath Initiatives Proj.) Series 2008 D, 6.375% 10/1/36 | 3,000,000 | 3,195,300 | ||
(MultiCare Health Sys. Proj.): | ||||
Series 2008 B, 6% 8/15/39 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,028,120 | ||
Series 2010 A, 5% 8/15/18 | 2,295,000 | 2,428,179 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Washington - continued | ||||
Washington Health Care Facilities Auth. Rev.: - continued | ||||
(Providence Health Systems Proj.): | ||||
Series 2001 A, 5.5% 10/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 3,000,000 | $ 3,055,470 | ||
Series 2006 D, 5.25% 10/1/33 | 1,000,000 | 1,012,020 | ||
(Seattle Children's Hosp. Proj.) Series 2009, 5.625% 10/1/38 | 1,400,000 | 1,403,136 | ||
5.7% 7/1/38 | 2,270,000 | 2,141,450 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev. 5.4% 7/1/12 | 16,000,000 | 16,867,825 | ||
| 53,771,720 | |||
West Virginia - 0.1% | ||||
West Virginia Hosp. Fin. Auth. Hosp. Rev. (West Virginia United Health Sys. Proj.) Series 2008 E, 5.625% 6/1/35 | 1,000,000 | 992,780 | ||
Wisconsin - 0.7% | ||||
Badger Tobacco Asset Securitization Corp.: | ||||
6.125% 6/1/27 (Pre-Refunded to 6/1/12 @ 100) (f) | 465,000 | 483,986 | ||
6.375% 6/1/32 (Pre-Refunded to 6/1/12 @ 100) (f) | 400,000 | 425,208 | ||
Douglas County Gen. Oblig. 5.5% 2/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 335,000 | 343,177 | ||
Menasha Joint School District: | ||||
5.5% 3/1/17 (FSA Insured) | 65,000 | 66,948 | ||
5.5% 3/1/17 (FSA Insured) (Pre-Refunded to 3/1/12 @ 100) (f) | 1,095,000 | 1,129,931 | ||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Agnesian HealthCare, Inc. Proj.) Series 2010: | ||||
5.5% 7/1/40 | 500,000 | 446,240 | ||
5.75% 7/1/30 | 500,000 | 488,055 | ||
(Marshfield Clinic Proj.): | ||||
Series A, 5.375% 2/15/34 | 1,000,000 | 871,400 | ||
Series B, 6% 2/15/25 | 1,500,000 | 1,500,960 | ||
(Saint John's Cmntys., Inc. Proj.) Series 2009 C2, 5.4% 9/15/14 | 500,000 | 494,380 | ||
(Wheaton Franciscan Healthcare Sys. Proj.) Series 2003 A, 5.5% 8/15/16 | 900,000 | 919,818 | ||
| 7,170,103 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Wyoming - 0.2% | ||||
Campbell County Solid Waste Facilities Rev. (Basin Elec. Pwr. Coop. - Dry Fork Station Facilities Proj.) Series 2009 A, 5.75% 7/15/39 | $ 1,700,000 | $ 1,714,195 | ||
TOTAL MUNICIPAL BONDS (Cost $1,072,174,356) | 1,078,139,532 |
Municipal Notes - 0.1% | |||
|
|
|
|
Florida - 0.1% | |||
Cape Coral Wtr. & Swr. Rev. BAN Series 2009, 6% 10/1/11 | 1,500,000 | 1,523,055 | |
TOTAL INVESTMENT PORTFOLIO - 98.8% (Cost $1,073,674,356) | 1,079,662,587 | ||
NET OTHER ASSETS (LIABILITIES) - 1.2% | 12,575,715 | ||
NET ASSETS - 100% | $ 1,092,238,302 |
Security Type Abbreviations | ||
BAN | - | BOND ANTICIPATION NOTE |
Legend |
(a) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end. |
(b) Security 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) Coupon rates for floating and adjustable rate securities reflect the rates in effect 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. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 6,767 |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
General Obligations | 36.5% |
Health Care | 18.9% |
Water & Sewer | 9.0% |
Transportation | 8.8% |
Special Tax | 8.2% |
Electric Utilities | 7.7% |
Others* (Individually Less Than 5%) | 10.9% |
| 100.0% |
* Includes net other assets |
Income Tax Information |
At October 31, 2010, the Fund had a capital loss carryforward of approximately $1,911,450 of which $1,172,353 and $739,097 will expire in fiscal 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| April 30, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,073,674,356) |
| $ 1,079,662,587 |
Cash | 2,399,349 | |
Receivable for investments sold | 2,012,404 | |
Receivable for fund shares sold | 1,456,687 | |
Interest receivable | 16,165,317 | |
Prepaid expenses | 1,047 | |
Other receivables | 1,599 | |
Total assets | 1,101,698,990 | |
|
|
|
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 3,891,572 | |
Payable for fund shares redeemed | 3,053,114 | |
Distributions payable | 1,521,458 | |
Accrued management fee | 330,385 | |
Distribution and service plan fees payable | 231,362 | |
Other affiliated payables | 408,105 | |
Other payables and accrued expenses | 24,692 | |
Total liabilities | 9,460,688 | |
|
|
|
Net Assets | $ 1,092,238,302 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,089,941,258 | |
Undistributed net investment income | 430,750 | |
Accumulated undistributed net realized gain (loss) on investments | (4,121,937) | |
Net unrealized appreciation (depreciation) on investments | 5,988,231 | |
Net Assets | $ 1,092,238,302 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2011 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price | $ 12.47 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.47) | $ 12.99 | |
Class T: | $ 12.51 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.51) | $ 13.03 | |
Class B: | $ 12.44 | |
|
|
|
Class C: | $ 12.50 | |
|
|
|
Institutional Class: | $ 12.42 |
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, 2011 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 26,308,556 |
Income from Fidelity Central Funds |
| 6,767 |
Total income |
| 26,315,323 |
|
|
|
Expenses | ||
Management fee | $ 2,084,545 | |
Transfer agent fees | 727,323 | |
Distribution and service plan fees | 1,507,616 | |
Accounting fees and expenses | 114,844 | |
Custodian fees and expenses | 7,493 | |
Independent trustees' compensation | 2,151 | |
Registration fees | 69,047 | |
Audit | 25,813 | |
Legal | 2,518 | |
Miscellaneous | 5,614 | |
Total expenses before reductions | 4,546,964 | |
Expense reductions | (17,770) | 4,529,194 |
Net investment income (loss) | 21,786,129 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (2,210,487) | |
Change in net unrealized appreciation (depreciation) on investment securities | (50,294,833) | |
Net gain (loss) | (52,505,320) | |
Net increase (decrease) in net assets resulting from operations | $ (30,719,191) |
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, 2011 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 21,786,129 | $ 42,466,021 |
Net realized gain (loss) | (2,210,487) | (514,042) |
Change in net unrealized appreciation (depreciation) | (50,294,833) | 41,887,893 |
Net increase (decrease) in net assets resulting | (30,719,191) | 83,839,872 |
Distributions to shareholders from net investment income | (21,764,052) | (42,412,688) |
Share transactions - net increase (decrease) | (128,718,200) | 166,873,091 |
Total increase (decrease) in net assets | (181,201,443) | 208,300,275 |
|
|
|
Net Assets | ||
Beginning of period | 1,273,439,745 | 1,065,139,470 |
End of period (including undistributed net investment income of $430,750 and undistributed net investment income of $408,673, respectively) | $ 1,092,238,302 | $ 1,273,439,745 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2011 | Years ended October 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.99 | $ 12.54 | $ 11.55 | $ 12.72 | $ 13.00 | $ 12.97 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .239 | .465 | .479 | .476 | .488 | .504 |
Net realized and unrealized gain (loss) | (.521) | .450 | .991 | (1.094) | (.185) | .193 |
Total from investment operations | (.282) | .915 | 1.470 | (.618) | .303 | .697 |
Distributions from net investment income | (.238) | (.465) | (.480) | (.477) | (.488) | (.505) |
Distributions from net realized gain | - | - | - | (.075) | (.095) | (.162) |
Total distributions | (.238) | (.465) | (.480) | (.552) | (.583) | (.667) |
Net asset value, end of period | $ 12.47 | $ 12.99 | $ 12.54 | $ 11.55 | $ 12.72 | $ 13.00 |
Total Return B, C, D | (2.15)% | 7.42% | 12.96% | (5.06)% | 2.39% | 5.56% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .78% A | .78% | .79% | .78% | .73% | .68% |
Expenses net of fee waivers, if any | .78% A | .78% | .79% | .78% | .73% | .68% |
Expenses net of all reductions | .78% A | .78% | .79% | .74% | .70% | .63% |
Net investment income (loss) | 3.87% A | 3.64% | 3.96% | 3.85% | 3.82% | 3.93% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 347,887 | $ 448,794 | $ 403,580 | $ 235,466 | $ 160,903 | $ 144,183 |
Portfolio turnover rate G | 6% A | 7% | 6% | 14% | 27% | 26% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2011 | Years ended October 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.02 | $ 12.57 | $ 11.58 | $ 12.75 | $ 13.02 | $ 13.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .239 | .467 | .481 | .480 | .484 | .493 |
Net realized and unrealized gain (loss) | (.511) | .449 | .990 | (1.098) | (.177) | .181 |
Total from investment operations | (.272) | .916 | 1.471 | (.618) | .307 | .674 |
Distributions from net investment income | (.238) | (.466) | (.481) | (.477) | (.482) | (.492) |
Distributions from net realized gain | - | - | - | (.075) | (.095) | (.162) |
Total distributions | (.238) | (.466) | (.481) | (.552) | (.577) | (.654) |
Net asset value, end of period | $ 12.51 | $ 13.02 | $ 12.57 | $ 11.58 | $ 12.75 | $ 13.02 |
Total Return B, C, D | (2.07)% | 7.41% | 12.94% | (5.05)% | 2.42% | 5.36% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .78% A | .77% | .78% | .77% | .77% | .78% |
Expenses net of fee waivers, if any | .78% A | .77% | .78% | .77% | .77% | .78% |
Expenses net of all reductions | .77% A | .77% | .78% | .74% | .74% | .73% |
Net investment income (loss) | 3.87% A | 3.65% | 3.97% | 3.85% | 3.78% | 3.83% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 219,475 | $ 253,136 | $ 256,358 | $ 233,891 | $ 281,113 | $ 310,132 |
Portfolio turnover rate G | 6% A | 7% | 6% | 14% | 27% | 26% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2011 | Years ended October 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.96 | $ 12.51 | $ 11.52 | $ 12.69 | $ 12.97 | $ 12.94 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .197 | .379 | .397 | .396 | .398 | .407 |
Net realized and unrealized gain (loss) | (.520) | .451 | .993 | (1.096) | (.185) | .193 |
Total from investment operations | (.323) | .830 | 1.390 | (.700) | .213 | .600 |
Distributions from net investment income | (.197) | (.380) | (.400) | (.395) | (.398) | (.408) |
Distributions from net realized gain | - | - | - | (.075) | (.095) | (.162) |
Total distributions | (.197) | (.380) | (.400) | (.470) | (.493) | (.570) |
Net asset value, end of period | $ 12.44 | $ 12.96 | $ 12.51 | $ 11.52 | $ 12.69 | $ 12.97 |
Total Return B, C, D | (2.48)% | 6.73% | 12.26% | (5.70)% | 1.68% | 4.78% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.47% A | 1.45% | 1.45% | 1.44% | 1.43% | 1.44% |
Expenses net of fee waivers, if any | 1.45% A | 1.45% | 1.45% | 1.44% | 1.43% | 1.44% |
Expenses net of all reductions | 1.45% A | 1.44% | 1.45% | 1.40% | 1.40% | 1.39% |
Net investment income (loss) | 3.20% A | 2.98% | 3.30% | 3.19% | 3.12% | 3.17% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 14,046 | $ 19,838 | $ 26,607 | $ 31,611 | $ 48,172 | $ 65,114 |
Portfolio turnover rate G | 6% A | 7% | 6% | 14% | 27% | 26% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2011 | Years ended October 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.02 | $ 12.57 | $ 11.57 | $ 12.74 | $ 13.02 | $ 12.99 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .191 | .370 | .390 | .384 | .388 | .396 |
Net realized and unrealized gain (loss) | (.521) | .448 | .999 | (1.096) | (.187) | .192 |
Total from investment operations | (.330) | .818 | 1.389 | (.712) | .201 | .588 |
Distributions from net investment income | (.190) | (.368) | (.389) | (.383) | (.386) | (.396) |
Distributions from net realized gain | - | - | - | (.075) | (.095) | (.162) |
Total distributions | (.190) | (.368) | (.389) | (.458) | (.481) | (.558) |
Net asset value, end of period | $ 12.50 | $ 13.02 | $ 12.57 | $ 11.57 | $ 12.74 | $ 13.02 |
Total Return B, C, D | (2.52)% | 6.60% | 12.19% | (5.77)% | 1.58% | 4.66% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.55% A | 1.54% | 1.53% | 1.53% | 1.52% | 1.53% |
Expenses net of fee waivers, if any | 1.55% A | 1.54% | 1.53% | 1.53% | 1.52% | 1.53% |
Expenses net of all reductions | 1.55% A | 1.53% | 1.53% | 1.49% | 1.49% | 1.48% |
Net investment income (loss) | 3.10% A | 2.89% | 3.22% | 3.09% | 3.03% | 3.08% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 123,533 | $ 151,847 | $ 133,834 | $ 72,444 | $ 60,971 | $ 62,799 |
Portfolio turnover rate G | 6% A | 7% | 6% | 14% | 27% | 26% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2011 | Years ended October 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.93 | $ 12.49 | $ 11.50 | $ 12.67 | $ 12.95 | $ 12.92 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .251 | .492 | .506 | .504 | .508 | .520 |
Net realized and unrealized gain (loss) | (.509) | .443 | .993 | (1.093) | (.180) | .196 |
Total from investment operations | (.258) | .935 | 1.499 | (.589) | .328 | .716 |
Distributions from net investment income | (.252) | (.495) | (.509) | (.506) | (.513) | (.524) |
Distributions from net realized gain | - | - | - | (.075) | (.095) | (.162) |
Total distributions | (.252) | (.495) | (.509) | (.581) | (.608) | (.686) |
Net asset value, end of period | $ 12.42 | $ 12.93 | $ 12.49 | $ 11.50 | $ 12.67 | $ 12.95 |
Total Return B, C | (1.97)% | 7.62% | 13.29% | (4.86)% | 2.60% | 5.73% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .55% A | .55% | .55% | .54% | .53% | .54% |
Expenses net of fee waivers, if any | .55% A | .55% | .55% | .54% | .53% | .54% |
Expenses net of all reductions | .55% A | .55% | .55% | .50% | .50% | .49% |
Net investment income (loss) | 4.10% A | 3.87% | 4.20% | 4.08% | 4.02% | 4.07% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 387,297 | $ 399,826 | $ 244,761 | $ 164,402 | $ 132,581 | $ 61,573 |
Portfolio turnover rate F | 6% A | 7% | 6% | 14% | 27% | 26% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2011 (Unaudited)
1. Organization.
Fidelity Advisor Municipal Income Fund (the Fund) is a fund of Fidelity Advisor Series II (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases by existing shareholders. 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 may also differ by class.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
Semiannual Report
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
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. 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 market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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 and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including 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. 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 and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to futures transactions.
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 Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 26,608,397 |
Gross unrealized depreciation | (20,307,770) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 6,300,627 |
Tax cost | $ 1,073,361,960 |
4. 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 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $33,844,822 and $104,021,592, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and 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 .37% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total | Retained |
Class A | -% | .25% | $ 482,693 | $ 23,029 |
Class T | -% | .25% | 288,326 | 5,609 |
Class B | .65% | .25% | 73,561 | 53,575 |
Class C | .75% | .25% | 663,036 | 156,408 |
|
|
| $ 1,507,616 | $ 238,621 |
Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, .75% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 47,301 |
Class T | 4,171 |
Class B* | 38,741 |
Class C* | 17,419 |
| $ 107,632 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and servicing agent for each class of the Fund. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund to perform the transfer agency, dividend disbursing, and shareholder servicing functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 227,304 | .12 |
Class T | 132,301 | .12 |
Class B | 12,679 | .16 |
Class C | 88,058 | .13 |
Institutional Class | 266,981 | .14 |
| $ 727,323 |
|
* 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.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR or an affiliate in a $4.0 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 $2,064 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. 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
8. Expense Reductions - continued
The following classes were in reimbursement during the period:
| Expense | Reimbursement |
Class B | 1.45% | $ 1,706 |
Institutional Class | .55% | 630 |
|
| $ 2,336 |
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 $5,602 and $9,832, respectively.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 7,392,821 | $ 15,650,148 |
Class T | 4,407,754 | 9,302,602 |
Class B | 259,379 | 695,454 |
Class C | 2,026,403 | 4,205,413 |
Institutional Class | 7,677,695 | 12,559,071 |
Total | $ 21,764,052 | $ 42,412,688 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended April 30, | Year ended | Six months ended April 30, | Year ended | |
Class A |
|
|
|
|
Shares sold | 2,601,305 | 9,760,470 | $ 32,344,671 | $ 124,410,750 |
Reinvestment of distributions | 382,058 | 852,921 | 4,741,725 | 10,886,847 |
Shares redeemed | (9,642,889) | (8,240,048) | (119,104,716) | (105,208,202) |
Net increase (decrease) | (6,659,526) | 2,373,343 | $ (82,018,320) | $ 30,089,395 |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars | ||
Six months ended April 30, | Year ended | Six months ended April 30, | Year ended | |
Class T |
|
|
|
|
Shares sold | 773,935 | 1,482,052 | $ 9,671,083 | $ 18,917,573 |
Reinvestment of distributions | 244,042 | 514,609 | 3,036,098 | 6,585,190 |
Shares redeemed | (2,906,375) | (2,947,560) | (35,975,259) | (37,675,820) |
Net increase (decrease) | (1,888,398) | (950,899) | $ (23,268,078) | $ (12,173,057) |
Class B |
|
|
|
|
Shares sold | 22,989 | 294,345 | $ 283,215 | $ 3,729,725 |
Reinvestment of distributions | 12,505 | 33,391 | 154,769 | 424,661 |
Shares redeemed | (437,582) | (923,177) | (5,396,220) | (11,722,002) |
Net increase (decrease) | (402,088) | (595,441) | $ (4,958,236) | $ (7,567,616) |
Class C |
|
|
|
|
Shares sold | 807,062 | 3,366,657 | $ 10,088,162 | $ 42,974,274 |
Reinvestment of distributions | 100,479 | 203,401 | 1,249,629 | 2,604,042 |
Shares redeemed | (2,690,440) | (2,553,639) | (33,307,094) | (32,743,842) |
Net increase (decrease) | (1,782,899) | 1,016,419 | $ (21,969,303) | $ 12,834,474 |
Institutional Class |
|
|
|
|
Shares sold | 7,491,571 | 17,088,391 | $ 92,315,714 | $ 217,057,842 |
Reinvestment of distributions | 252,123 | 493,177 | 3,114,925 | 6,276,304 |
Shares redeemed | (7,470,620) | (6,261,763) | (91,934,902) | (79,644,251) |
Net increase (decrease) | 273,074 | 11,319,805 | $ 3,495,737 | $ 143,689,895 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Management & Research
(U.K.) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
HIM-USAN-0611
1.784901.108
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Municipal Income Fund -
Institutional Class
Semiannual Report
April 30, 2011
Contents
Chairman's Message | The Chairman'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/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
Amid indications the U.S. economy had turned a corner, U.S. equities continued their generally upward trend in early 2011, overcoming bouts of short-term volatility following unrest in North Africa and the disaster in Japan. Still, questions remained about the longer-term outlook, most notably persistently high unemployment. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the 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,
(The chairman's signature appears here.)
Abigail P. Johnson
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, 2010 to April 30, 2011).
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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Class A | .78% |
|
|
|
Actual |
| $ 1,000.00 | $ 978.50 | $ 3.83 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.93 | $ 3.91 |
Class T | .78% |
|
|
|
Actual |
| $ 1,000.00 | $ 979.30 | $ 3.83 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.93 | $ 3.91 |
Class B | 1.45% |
|
|
|
Actual |
| $ 1,000.00 | $ 975.20 | $ 7.10 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.60 | $ 7.25 |
Class C | 1.55% |
|
|
|
Actual |
| $ 1,000.00 | $ 974.80 | $ 7.59 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.11 | $ 7.75 |
Institutional Class | .55% |
|
|
|
Actual |
| $ 1,000.00 | $ 980.30 | $ 2.70 |
HypotheticalA |
| $ 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, 2011 | ||
| % of fund's | % of fund's net assets |
California | 16.1 | 14.3 |
Texas | 13.3 | 12.7 |
New York | 10.4 | 9.5 |
Illinois | 10.3 | 9.9 |
Florida | 6.1 | 4.8 |
Top Five Sectors as of April 30, 2011 | ||
| % of fund's | % of fund's net assets |
General Obligations | 36.5 | 32.1 |
Health Care | 18.9 | 19.2 |
Water & Sewer | 9.0 | 9.1 |
Transportation | 8.8 | 8.8 |
Special Tax | 8.2 | 7.7 |
Weighted Average Maturity as of April 30, 2011 | ||
|
| 6 months ago |
Years | 8.9 | 6.8 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Duration as of April 30, 2011 | ||
|
| 6 months ago |
Years | 8.6 | 8.0 |
Duration estimates how much a bond fund's price will change with a change in comparable interest rates. If rates rise 1%, for example, a fund with a 5-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. Duration takes into account any call or put option embedded in the bonds. |
Quality Diversification (% of fund's net assets) | |||||||
As of April 30, 2011 | As of October 31, 2010 | ||||||
![]() | AAA 10.8% |
| ![]() | AAA 11.4% |
| ||
![]() | AA,A 79.5% |
| ![]() | AA,A 74.5% |
| ||
![]() | BBB 6.4% |
| ![]() | BBB 6.5% |
| ||
![]() | BB and Below 0.3% |
| ![]() | BB and Below 0.2% |
| ||
![]() | Not Rated 1.8% |
| ![]() | Not Rated 1.8% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent changes. |
Semiannual Report
Investments April 30, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.7% | ||||
| Principal Amount | Value | ||
Alabama - 0.2% | ||||
Health Care Auth. for Baptist Health Bonds Series 2009 A, 6.125%, tender 5/15/12 (d) | $ 1,500,000 | $ 1,538,475 | ||
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5.75% 9/1/22 | 1,000,000 | 1,063,730 | ||
| 2,602,205 | |||
Arizona - 3.1% | ||||
Arizona Ctfs. of Prtn. Series 2010 A: | ||||
5% 10/1/18 (FSA Insured) | 1,000,000 | 1,086,910 | ||
5.25% 10/1/20 (FSA Insured) | 1,600,000 | 1,720,256 | ||
5.25% 10/1/21 (FSA Insured) | 850,000 | 902,683 | ||
5.25% 10/1/26 (FSA Insured) | 500,000 | 514,350 | ||
5.25% 10/1/28 (FSA Insured) | 1,600,000 | 1,639,248 | ||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 D, 5.5% 1/1/38 | 2,300,000 | 2,221,869 | ||
Arizona State Lottery Rev. Series 2010 A, 5% 7/1/21 | 1,200,000 | 1,286,124 | ||
Arizona State Univ. Ctfs. of Prtn. (Research Infrastructure Proj.) 5.25% 9/1/23 | 1,000,000 | 1,024,720 | ||
Glendale Indl. Dev. Auth. Hosp. Rev. (John C. Lincoln Health Network Proj.) 5% 12/1/29 | 1,575,000 | 1,340,341 | ||
Glendale Western Loop 101 Pub. Facilities Corp. Series 2008 A, 6.25% 7/1/38 | 2,200,000 | 2,242,262 | ||
Goodyear McDowell Road Commercial Corridor Impt. District 5.25% 1/1/15 (AMBAC Insured) | 1,425,000 | 1,548,647 | ||
Maricopa County Cmnty. College District Series 2004, 5% 7/1/12 | 3,000,000 | 3,156,780 | ||
Maricopa County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 5% 6/1/35 | 1,700,000 | 1,646,739 | ||
McAllister Academic Village LLC Rev. (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2008, 5.25% 7/1/39 | 1,000,000 | 961,570 | ||
Phoenix Civic Impt. Board Arpt. Rev. Series B, 5% 7/1/13 (e) | 2,000,000 | 2,123,020 | ||
Phoenix Civic Impt. Corp. District Rev. (Plaza Expansion Proj.) Series 2005 B, 0% 7/1/38 (a) | 1,620,000 | 1,405,609 | ||
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Series 2005, 5% 7/1/29 | 2,000,000 | 2,049,620 | ||
Phoenix Indl. Dev. Auth. Single Family Mtg. Rev. 0% 12/1/14 (Escrowed to Maturity) (f) | 3,750,000 | 3,565,013 | ||
Salt Verde Finl. Corp. Sr. Gas Rev.: | ||||
Series 2007, 5.5% 12/1/29 | 1,000,000 | 933,900 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Arizona - continued | ||||
Salt Verde Finl. Corp. Sr. Gas Rev.: - continued | ||||
5.25% 12/1/22 | $ 1,500,000 | $ 1,444,935 | ||
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.) Series 2006 C, 5% 9/1/35 (FSA Insured) | 820,000 | 783,289 | ||
| 33,597,885 | |||
California - 16.1% | ||||
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2009 F1, 5.625% 4/1/44 | 1,600,000 | 1,645,632 | ||
California Dept. of Wtr. Resources Central Valley Proj. Rev. Series AI, 5% 12/1/16 (c) | 3,400,000 | 3,860,870 | ||
California Dept. of Wtr. Resources Pwr. Supply Rev. Series 2010 L, 5% 5/1/21 | 5,000,000 | 5,631,800 | ||
California Econ. Recovery: | ||||
Series 2009 A, 5.25% 7/1/14 | 585,000 | 652,217 | ||
Series A, 5% 7/1/18 | 1,400,000 | 1,591,674 | ||
California Gen. Oblig.: | ||||
Series 2007, 5.625% 5/1/20 | 30,000 | 30,071 | ||
5% 11/1/24 | 2,400,000 | 2,490,144 | ||
5% 6/1/27 (AMBAC Insured) | 600,000 | 605,448 | ||
5% 9/1/27 | 1,410,000 | 1,428,302 | ||
5% 3/1/31 | 1,800,000 | 1,779,786 | ||
5% 9/1/31 | 1,500,000 | 1,482,915 | ||
5% 12/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 845,000 | 835,333 | ||
5% 9/1/32 | 1,600,000 | 1,552,912 | ||
5% 8/1/33 | 900,000 | 862,632 | ||
5% 9/1/33 | 1,800,000 | 1,725,120 | ||
5% 9/1/35 | 1,600,000 | 1,507,600 | ||
5.125% 11/1/24 | 600,000 | 611,862 | ||
5.25% 2/1/16 | 1,000,000 | 1,078,880 | ||
5.25% 2/1/24 | 1,000,000 | 1,021,530 | ||
5.25% 2/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 500,000 | 504,345 | ||
5.25% 2/1/28 | 1,200,000 | 1,211,004 | ||
5.25% 2/1/33 | 2,000,000 | 1,981,920 | ||
5.25% 12/1/33 | 20,000 | 19,816 | ||
5.25% 3/1/38 | 2,600,000 | 2,505,646 | ||
5.25% 11/1/40 | 700,000 | 672,630 | ||
5.5% 8/1/27 | 2,100,000 | 2,199,330 | ||
5.5% 8/1/29 | 2,800,000 | 2,902,872 | ||
5.5% 8/1/30 | 2,000,000 | 2,053,860 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5.5% 11/1/33 | $ 5,400,000 | $ 5,422,356 | ||
5.5% 3/1/40 | 1,000,000 | 1,007,560 | ||
6% 3/1/33 | 2,550,000 | 2,726,205 | ||
6% 4/1/38 | 5,300,000 | 5,543,800 | ||
6% 11/1/39 | 11,700,000 | 12,262,302 | ||
6.5% 4/1/33 | 3,850,000 | 4,223,219 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2008 L, 5.125% 7/1/22 | 1,000,000 | 1,022,640 | ||
Series 2009 E, 5.625% 7/1/25 | 2,000,000 | 2,058,460 | ||
(Kaiser Permanente Health Sys. Proj.) Series 2006 A, 5.25% 4/1/39 | 1,025,000 | 894,231 | ||
(St. Joseph Health Sys. Proj.) Series 2009 A, 5.75% 7/1/39 | 1,200,000 | 1,125,372 | ||
(Stanford Hosp. & Clinics Proj.) Series 2010 B, 5.75% 11/15/31 | 2,500,000 | 2,560,725 | ||
Bonds (Catholic Healthcare West Proj.): | ||||
Series 2009 D, 5%, tender 7/1/14 (d) | 1,055,000 | 1,135,919 | ||
Series 2009 F, 5%, tender 7/1/14 (d) | 1,000,000 | 1,073,540 | ||
Series C, 6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) (f) | 25,000 | 32,630 | ||
6.5% 10/1/38 | 1,375,000 | 1,474,935 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2003 A, 5%, tender 5/1/13 (d)(e) | 1,000,000 | 1,052,670 | ||
California Pub. Works Board Lease Rev.: | ||||
(Butterfield State Office Complex Proj.) Series 2005 A, 5.25% 6/1/30 | 2,000,000 | 1,943,600 | ||
(Dept. of Forestry & Fire Protection Proj.) Series 2007 E: | ||||
5% 11/1/19 | 1,600,000 | 1,654,608 | ||
5% 11/1/21 | 1,760,000 | 1,798,122 | ||
(Dept. of Health Svcs. Proj.) Series 2005 K, 5% 11/1/23 | 1,000,000 | 1,005,580 | ||
(Office of Emergency Svcs. Proj.) Series 2007 A, 5% 3/1/22 | 1,000,000 | 1,013,540 | ||
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34 | 1,700,000 | 1,751,119 | ||
(Richmond Lab. Proj.) Series 2005 K, 5% 11/1/17 | 2,300,000 | 2,438,322 | ||
(Richmond Lab., Phase III Office Bldg. Proj.) Series B, 5.25% 11/1/25 (XL Cap. Assurance, Inc. Insured) | 2,585,000 | 2,610,695 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Pub. Works Board Lease Rev.: - continued | ||||
Series 2005 H, 5% 6/1/18 | $ 1,425,000 | $ 1,490,593 | ||
Series 2009 G1, 5.75% 10/1/30 | 600,000 | 601,944 | ||
Series 2009 I: | ||||
6.125% 11/1/29 | 400,000 | 422,048 | ||
6.375% 11/1/34 | 1,000,000 | 1,036,770 | ||
Series 2010 A, 5.75% 3/1/30 | 1,000,000 | 1,003,340 | ||
California State Univ. Rev. Series 2009 A, 6% 11/1/40 | 3,400,000 | 3,473,474 | ||
California Statewide Cmntys. Dev. Auth. Rev.: | ||||
(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) | 1,000,000 | 928,550 | ||
(State of California Proposition 1A Receivables Prog.) Series 2009, 5% 6/15/13 | 6,900,000 | 7,369,200 | ||
Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,208,220 | ||
Fontana Unified School District Gen. Oblig. 5% 5/1/18 (Assured Guaranty Corp. Insured) | 1,170,000 | 1,300,993 | ||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series 1995 A, 5% 1/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 700,000 | 531,979 | ||
Series 1999: | ||||
5% 1/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 400,000 | 400,488 | ||
5.75% 1/15/40 | 600,000 | 499,350 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2005 A: | ||||
5% 6/1/45 | 5,150,000 | 4,174,848 | ||
5% 6/1/45 | 1,000,000 | 810,650 | ||
Series 2007 A1, 5% 6/1/33 | 400,000 | 262,068 | ||
5% 6/1/45 (FSA Insured) | 105,000 | 89,091 | ||
Long Beach Unified School District Series A, 5.5% 8/1/29 | 1,000,000 | 1,066,020 | ||
Los Angeles Cmnty. College District Series 2008 A, 6% 8/1/33 | 3,000,000 | 3,214,980 | ||
Los Angeles Dept. of Wtr. & Pwr. Rev. Series A2, 5% 7/1/25 (FSA Insured) | 300,000 | 313,008 | ||
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series 2001 A: | ||||
5.125% 7/1/41 | 4,000,000 | 3,999,480 | ||
5.125% 7/1/41 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,294,956 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34 | $ 2,000,000 | $ 2,114,900 | ||
Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36 | 1,000,000 | 898,880 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. Series 2007, 5% 8/1/19 (AMBAC Insured) | 1,000,000 | 1,052,430 | ||
Newport Beach Rev. Bonds (Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 E, 5%, tender 2/7/13 (d) | 1,000,000 | 1,067,900 | ||
Northern California Power Agency Rev. (Hydroelectric #1 Proj.) Series 2008 C, 5% 7/1/14 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,101,690 | ||
Oakland Unified School District Alameda County Series 2009 A, 6.25% 8/1/18 | 1,815,000 | 2,047,538 | ||
Oxnard Fing. Auth. Wastewtr. Rev. (Redwood Trunk Swr. and Headworks Proj.) Series 2004 A, 5% 6/1/29 (FGIC Insured) | 1,000,000 | 1,011,880 | ||
Poway Unified School District (District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 | 1,000,000 | 239,640 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev. Bonds Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (d) | 1,995,000 | 1,813,236 | ||
San Bernardino Cmnty. College District Series A: | ||||
6.25% 8/1/33 | 400,000 | 433,820 | ||
6.5% 8/1/27 | 1,000,000 | 1,135,570 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26 | 1,000,000 | 982,430 | ||
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (FSA Insured) | 1,100,000 | 1,177,066 | ||
Santa Monica-Malibu Unified School District Series 1999, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 638,150 | ||
Sonoma County Jr. College District Rev. Series 2002 B, 5% 8/1/28 (FSA Insured) | 400,000 | 404,844 | ||
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured) | 6,300,000 | 6,413,652 | ||
Union Elementary School District Series A, 0% 9/1/20 (FGIC Insured) | 1,000,000 | 629,240 | ||
Univ. of California Revs.: | ||||
(UCLA Med. Ctr. Proj.) Series A: | ||||
5.5% 5/15/18 (AMBAC Insured) | 655,000 | 664,773 | ||
5.5% 5/15/20 (AMBAC Insured) | 740,000 | 743,219 | ||
Series 2007 K, 5% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,470,000 | 2,716,679 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
Univ. of California Revs.: - continued | ||||
Series 2009 O: | ||||
5.25% 5/15/39 | $ 500,000 | $ 500,640 | ||
5.75% 5/15/30 | 5,985,000 | 6,463,501 | ||
Ventura County Cmnty. College District Series C, 5.5% 8/1/33 | 1,000,000 | 1,028,150 | ||
Washington Township Health Care District Rev.: | ||||
Series 2010 A, 5.25% 7/1/30 | 1,100,000 | 1,007,457 | ||
Series A, 5% 7/1/15 | 1,025,000 | 1,086,008 | ||
West Contra Costa Unified School District (Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured) | 700,000 | 718,550 | ||
| 175,862,194 | |||
Colorado - 1.4% | ||||
Adams & Arapahoe Counties Joint School District #28J Aurora Series 2003 A, 5.125% 12/1/21 (Pre-Refunded to 12/1/13 @ 100) (f) | 1,810,000 | 2,013,535 | ||
Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.): | ||||
Series B, 0% 7/15/20 (Escrowed to Maturity) (f) | 1,200,000 | 890,484 | ||
0% 7/15/22 (Escrowed to Maturity) (f) | 2,800,000 | 1,871,632 | ||
Colorado Health Facilities Auth. Rev.: | ||||
(Longmont Hosp. Proj.) Series B, 5.25% 12/1/13 (Radian Asset Assurance, Inc. Insured) | 860,000 | 883,693 | ||
(Valley View Hosp. Proj.) Series 2008, 5.75% 5/15/36 | 2,000,000 | 1,779,680 | ||
(Volunteers of America Care Proj.): | ||||
Series 2007 A, 5.3% 7/1/37 | 300,000 | 220,476 | ||
Series A, 5% 7/1/14 | 570,000 | 557,289 | ||
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. Guarantee Corp. Insured) | 4,600,000 | 4,238,394 | ||
Dawson Ridge Metropolitan District #1 Series 1992 A, 0% 10/1/17 (Escrowed to Maturity) (f) | 1,200,000 | 1,021,440 | ||
E-470 Pub. Hwy. Auth. Rev.: | ||||
Series 2000 B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500,000 | 803,325 | ||
Series 2010 A, 0% 9/1/41 | 2,000,000 | 173,820 | ||
Series 2010 C, 5.25% 9/1/25 | 1,000,000 | 908,810 | ||
| 15,362,578 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Connecticut - 0.5% | ||||
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2009 1, 5% 2/1/19 | $ 2,000,000 | $ 2,293,760 | ||
Eastern Connecticut Resources Recovery Auth. Solid Waste Rev. (Wheelabrator Lisbon Proj.) Series A, 5.5% 1/1/20 (e) | 3,350,000 | 3,270,940 | ||
| 5,564,700 | |||
District Of Columbia - 1.6% | ||||
District of Columbia Gen. Oblig. Series B, 0% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,200,000 | 1,183,272 | ||
District of Columbia Hosp. Rev. (Sibley Memorial Hosp. Proj.) Series 2009, 6.375% 10/1/39 | 1,860,000 | 1,896,791 | ||
District of Columbia Rev.: | ||||
(Medlantic/Helix Proj.) Series 1998 B, 5% 8/15/17 (FSA Insured) | 1,600,000 | 1,723,888 | ||
Series B, 4.75% 6/1/32 | 500,000 | 444,850 | ||
District of Columbia Wtr. & Swr. Auth. Pub. Util. Rev. Series 2007 A, 5.5% 10/1/41 | 6,400,000 | 6,548,672 | ||
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Series 2009 B: | ||||
0% 10/1/28 (Assured Guaranty Corp. Insured) | 2,000,000 | 696,740 | ||
0% 10/1/32 (Assured Guaranty Corp. Insured) | 5,080,000 | 1,280,973 | ||
0% 10/1/33 (Assured Guaranty Corp. Insured) | 5,000,000 | 1,159,350 | ||
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2010 A, 5% 10/1/39 | 700,000 | 687,463 | ||
Washington DC Metropolitan Transit Auth. Rev. Series 2009 A, 5.25% 7/1/29 | 1,750,000 | 1,842,348 | ||
| 17,464,347 | |||
Florida - 6.0% | ||||
Brevard County School Board Ctfs. of Prtn. Series 2007 B, 5% 7/1/24 (AMBAC Insured) | 1,000,000 | 1,007,310 | ||
Broward County School Board Ctfs. of Prtn. Series 2007 A, 5% 7/1/17 (FGIC Insured) | 1,000,000 | 1,089,340 | ||
Broward County Wtr. & Swr. Util. Rev. Series 2009 A, 5.25% 10/1/34 | 1,500,000 | 1,530,345 | ||
Citizens Property Ins. Corp. Series 2010 A1: | ||||
5% 6/1/16 (FSA Insured) | 1,500,000 | 1,603,755 | ||
5% 6/1/17 (FSA Insured) | 1,000,000 | 1,058,960 | ||
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011, 6.25% 10/1/39 | 2,500,000 | 2,512,650 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Escambia City Health Facilities Auth. Rev. (Ascension Health Cr. Group Proj.) Series 2002 C, 5.75% 11/15/32 | $ 600,000 | $ 607,434 | ||
Florida Board of Ed. Series 2000 B, 5.5% 6/1/16 (Pre-Refunded to 6/1/12 @ 101) (f) | 1,000,000 | 1,065,850 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay: | ||||
Series 2006 D, 5% 6/1/37 | 1,790,000 | 1,814,416 | ||
Series 2006 E, 5% 6/1/35 | 700,000 | 709,254 | ||
Series 2010 B, 5.125% 6/1/40 | 7,500,000 | 7,682,850 | ||
Series A, 5.5% 6/1/38 | 400,000 | 419,636 | ||
Florida Correctional Privatization Communications Ctfs. of Prtn. Series 2004 A, 5% 8/1/15 (AMBAC Insured) | 1,000,000 | 1,085,470 | ||
Florida Muni. Pwr. Agcy. Rev. Series A, 6.25% 10/1/31 | 500,000 | 542,805 | ||
Halifax Hosp. Med. Ctr. Rev.: | ||||
Series 2006 A, 5% 6/1/38 | 1,400,000 | 1,177,624 | ||
Series 2006 B1, 5.5% 6/1/38 (FSA Insured) | 1,000,000 | 971,180 | ||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2005 B: | ||||
5% 11/15/30 | 505,000 | 486,103 | ||
5% 11/15/30 (Pre-Refunded to 11/15/15 @ 100) (f) | 70,000 | 80,692 | ||
Series 2006 G: | ||||
5% 11/15/16 | 95,000 | 104,718 | ||
5% 11/15/16 (Escrowed to Maturity) (f) | 5,000 | 5,856 | ||
5.125% 11/15/18 | 965,000 | 1,034,191 | ||
5.125% 11/15/18 (Pre-Refunded to 11/15/16 @ 100) (f) | 35,000 | 41,221 | ||
Series 2008 B, 6% 11/15/37 | 2,000,000 | 2,038,700 | ||
Series B: | ||||
5% 11/15/14 | 875,000 | 950,329 | ||
5% 11/15/14 (Escrowed to Maturity) (f) | 125,000 | 141,604 | ||
Hillsborough County Indl. Dev. (H Lee Moffitt Cancer Ctr. Proj.) Series A: | ||||
5% 7/1/15 | 1,335,000 | 1,444,577 | ||
5% 7/1/19 | 2,230,000 | 2,318,442 | ||
Hillsborough County Indl. Dev. Auth. Indl. Dev. Rev.: | ||||
(Health Facilities/Univ. Cmnty. Hosp. Proj.) Series 2008 B, 8% 8/15/32 (Pre-Refunded to 8/15/19 @ 101) (f) | 1,000,000 | 1,377,280 | ||
(Univ. Cmnty. Hosp. Proj.) Series 2008 A, 5.625% 8/15/29 (Pre-Refunded to 8/15/18 @ 100) (f) | 535,000 | 656,017 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Tampa Elec. Co. Proj.) Series 2006, 5%, tender 3/15/12 (AMBAC Insured) (d) | $ 1,000,000 | $ 1,025,460 | ||
Jacksonville Elec. Auth. Elec. Sys. Rev.: | ||||
Series 2006 A, 5% 10/1/41 (FSA Insured) | 1,000,000 | 990,690 | ||
Series 2009 B, 5% 10/1/18 | 4,790,000 | 5,102,979 | ||
Series Three 2010 D, 5% 10/1/38 | 1,600,000 | 1,576,448 | ||
Miami-Dade County Aviation Rev.: | ||||
Series 2010 A, 5.375% 10/1/41 | 1,500,000 | 1,421,595 | ||
Series 2010 B, 5% 10/1/35 (FSA Insured) | 2,700,000 | 2,578,986 | ||
Miami-Dade County Expressway Auth. Series 2010 A, 5% 7/1/40 | 2,000,000 | 1,847,240 | ||
Miami-Dade County School Board Ctfs. of Prtn. Series 2008 A, 5% 8/1/21 (AMBAC Insured) | 2,000,000 | 2,109,100 | ||
Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5.25% 10/1/22 (FSA Insured) | 4,000,000 | 4,596,720 | ||
North Brevard County Hosp. District Rev. (Parrish Med. Ctr. Proj.) Series 2008, 5.75% 10/1/38 | 2,100,000 | 2,002,581 | ||
Orange County Health Facilities Auth. (Orlando Health, Inc.) Series 2009, 5.125% 10/1/26 | 1,000,000 | 958,310 | ||
Orlando Utils. Commission Util. Sys. Rev. Series 2009 B, 5% 10/1/33 | 1,100,000 | 1,118,634 | ||
Seminole County School Board Ctfs. of Prtn. Series A, 5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 500,000 | 524,620 | ||
South Lake County Hosp. District (South Lake Hosp., Inc.) Series 2009 A, 6% 4/1/29 | 1,400,000 | 1,339,282 | ||
Winter Park Wtr. and Swr. Impt. Rev. Series 2009, 5% 12/1/34 | 2,250,000 | 2,257,695 | ||
| 65,008,949 | |||
Georgia - 3.0% | ||||
Atlanta Arpt. Rev. Series 2004 F, 5.25% 1/1/13 (FSA Insured) (e) | 1,000,000 | 1,056,770 | ||
Atlanta Wtr. & Wastewtr. Rev.: | ||||
Series 2004, 5% 11/1/43 | 8,970,000 | 8,307,117 | ||
Series 2009 A: | ||||
6% 11/1/25 | 3,000,000 | 3,257,340 | ||
6.25% 11/1/39 | 3,500,000 | 3,620,995 | ||
Augusta Wtr. & Swr. Rev. Series 2004, 5.25% 10/1/39 (FSA Insured) | 2,200,000 | 2,212,826 | ||
Colquitt County Dev. Auth. Rev.: | ||||
Series A, 0% 12/1/21 (Escrowed to Maturity) (f) | 1,100,000 | 768,515 | ||
Series C, 0% 12/1/21 (Escrowed to Maturity) (f) | 1,800,000 | 1,257,570 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Georgia - continued | ||||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series A, 5.5% 9/15/21 | $ 930,000 | $ 930,660 | ||
Metropolitan Atlanta Rapid Transit Auth. Sales Tax Rev. Third Series 2009 A, 5.25% 7/1/36 | 2,500,000 | 2,559,775 | ||
Muni. Elec. Auth. of Georgia (Gen. Resolution Proj.) Series 2008 A, 5.25% 1/1/21 | 3,090,000 | 3,378,637 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009, 5.5% 1/1/36 | 2,600,000 | 2,427,204 | ||
Savannah Econ. Dev. Auth. Rev. (Southern Care Corp. Proj.) Series C, 0% 12/1/21 (Escrowed to Maturity) (f) | 2,700,000 | 1,906,065 | ||
Washington Wilkes Payroll Dev. Auth. Rev. Series C, 0% 12/1/21 (Escrowed to Maturity) (f) | 2,310,000 | 1,597,180 | ||
| 33,280,654 | |||
Hawaii - 0.1% | ||||
Honolulu City & County Board of Wtr. Supply Wtr. Sys. Rev. Series B, 5.25% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (e) | 1,250,000 | 1,371,525 | ||
Idaho - 0.3% | ||||
Idaho Bond Bank Auth. Rev. Series 2008 C, 5.625% 9/15/26 | 1,415,000 | 1,581,376 | ||
Idaho Health Facilities Auth. Rev. (St. Luke's Health Sys. Proj.) Series 2008 A, 6.75% 11/1/37 | 1,200,000 | 1,269,960 | ||
| 2,851,336 | |||
Illinois - 10.3% | ||||
Chicago Board of Ed. Series 1999 A: | ||||
0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,064,921 | ||
0% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 712,260 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.): | ||||
Series 1999, 0% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,125,000 | 5,222,788 | ||
0% 1/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,110,000 | 2,923,146 | ||
Series 2001 A, 5.25% 1/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 310,000 | 301,001 | ||
Series 2004 A, 5% 1/1/34 (FSA Insured) | 1,630,000 | 1,478,703 | ||
Series A: | ||||
5% 1/1/42 (AMBAC Insured) | 25,000 | 21,696 | ||
5.5% 1/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 255,000 | 243,002 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Chicago Gen. Oblig.: - continued | ||||
Series C, 5.5% 1/1/40 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 525,000 | $ 496,088 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2005 A, 5.25% 1/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,031,560 | ||
Series 2006 B, 5% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (e) | 1,405,000 | 1,309,277 | ||
Series A, 5.5% 1/1/16 (AMBAC Insured) (e) | 305,000 | 305,769 | ||
Chicago Park District Gen. Oblig.: | ||||
Series 2010 C, 5.25% 1/1/37 | 1,300,000 | 1,300,884 | ||
Series A, 5.5% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 155,000 | 155,352 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev. 5% 6/1/21 | 1,400,000 | 1,420,342 | ||
Cmnty. College District #525 Gen. Oblig. (Joliet Jr. College Proj.) Series 2008, 5.75% 6/1/28 | 1,000,000 | 1,088,250 | ||
Cook County Gen. Oblig.: | ||||
Series 2002 C, 5% 11/15/25 | 1,100,000 | 1,131,999 | ||
Series 2004 B, 5.25% 11/15/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 300,000 | 304,332 | ||
Series 2006 B, 5% 11/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,074,200 | ||
Series 2010 A, 5.25% 11/15/33 | 3,250,000 | 3,254,778 | ||
DuPage County Cmnty. High School District #108, Lake Park 5.6% 1/1/17 (FSA Insured) | 3,190,000 | 3,402,805 | ||
Evanston Gen. Oblig. Series C, 5.25% 1/1/20 | 290,000 | 295,684 | ||
Grundy, Kendall & Will County Cmnty. High School District #111 Gen. Oblig. Series 2006 A, 5.5% 5/1/23 | 1,150,000 | 1,222,013 | ||
Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.75% 10/1/35 | 1,600,000 | 1,506,112 | ||
Illinois Fin. Auth. Rev.: | ||||
(Advocate Heath Care Proj.) Series 2008 D, 6.5% 11/1/38 | 1,000,000 | 1,059,460 | ||
(Alexian Brothers Health Sys. Proj.): | ||||
Series 2008, 5.5% 2/15/38 | 1,000,000 | 904,990 | ||
Series 2010: | ||||
5% 2/15/22 | 1,000,000 | 969,930 | ||
5.25% 2/15/30 | 2,600,000 | 2,377,752 | ||
(Central DuPage Health Proj.) Series 2009 B, 5.375% 11/1/39 | 1,200,000 | 1,153,524 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Illinois Fin. Auth. Rev.: - continued | ||||
(Children's Memorial Hosp. Proj.) Series 2008 A, 5.25% 8/15/33 (Assured Guaranty Corp. Insured) | $ 1,300,000 | $ 1,239,186 | ||
(Edward Hosp. Obligated Group Proj.) Series 2008 A, 5.5% 2/1/40 (AMBAC Insured) | 1,300,000 | 1,189,812 | ||
(Newman Foundation Proj.) 5% 2/1/32 (Radian Asset Assurance, Inc. Insured) | 1,700,000 | 1,357,450 | ||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A, 5.5% 7/1/38 | 1,900,000 | 1,723,870 | ||
(Northwestern Memorial Hosp. Proj.) Series 2009 A, 6% 8/15/39 | 2,300,000 | 2,375,440 | ||
(Palos Cmnty. Hosp. Proj.) Series 2010 C, 5.375% 5/15/25 | 5,000,000 | 5,044,400 | ||
(Provena Health Proj.) Series 2010 A, 6% 5/1/28 | 2,600,000 | 2,488,018 | ||
(Rush Univ. Med. Ctr. Proj.): | ||||
Series 2009 C, 6.625% 11/1/39 | 1,500,000 | 1,537,800 | ||
Series 2009 D, 6.625% 11/1/39 | 1,445,000 | 1,487,815 | ||
Series B, 5.25% 11/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 1,805,200 | ||
(Southern Illinois Healthcare Enterprises, Inc. Proj.) Series 2005, 5.25% 3/1/30 | 1,100,000 | 1,097,305 | ||
(The Carle Foundation Proj.) Series 2009 A, 5.5% 2/15/17 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,190,040 | ||
(The Univ. of Chicago Med. Ctr. Proj.) Series 2009 B, 5% 8/15/23 | 1,100,000 | 1,123,683 | ||
Illinois Gen. Oblig.: | ||||
Series 2002, 5.5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,095,490 | ||
Series 2006, 5.5% 1/1/31 | 1,000,000 | 989,260 | ||
Series 2010, 5% 1/1/23 (FSA Insured) | 1,300,000 | 1,311,739 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Decatur Memorial Hosp. Proj.) Series 2001, 5.75% 10/1/24 | 2,100,000 | 2,101,764 | ||
(Delnor-Cmnty. Hosp. Proj.): | ||||
Series 2002 D, 5.25% 5/15/32 (FSA Insured) | 2,000,000 | 1,859,580 | ||
5.25% 5/15/32 (FSA Insured) | 360,000 | 330,181 | ||
(Lake Forest Hosp. Proj.) 6% 7/1/33 | 1,000,000 | 1,033,370 | ||
(Sherman Hosp. Proj.) 5.25% 8/1/27 (AMBAC Insured) | 600,000 | 529,770 | ||
Illinois Sales Tax Rev. Series 2010, 5% 6/15/15 | 2,700,000 | 2,937,978 | ||
Joliet School District #86 Gen. Oblig. Series 2002, 0% 11/1/19 (FSA Insured) | 2,000,000 | 1,340,240 | ||
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 | $ 767,760 | ||
Series 2007, 6.5% 1/1/20 (AMBAC Insured) | 1,100,000 | 1,291,587 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/16 (Escrowed to Maturity) (f) | 235,000 | 210,090 | ||
0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 765,000 | 623,246 | ||
Lake County Cmnty. High School District #117, Antioch Series 2000 B, 0% 12/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,805,000 | 1,092,819 | ||
Lake County Forest Preservation District Series 2007 A, 0.557% 12/15/13 (d) | 885,000 | 867,433 | ||
Lake County Warren Township High School District #121, Gurnee Series C, 5.5% 3/1/23 (AMBAC Insured) | 1,795,000 | 1,918,460 | ||
Metropolitan Pier & Exposition (McCormick Place Expansion Proj.): | ||||
Series 1992 A, 0% 6/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,675,000 | 2,203,264 | ||
Series 1996 A, 0% 6/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 505,000 | ||
Series 2002 A, 5.75% 6/15/41 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,300,000 | 3,365,439 | ||
Series 2010 B1, 0% 6/15/44 | 3,900,000 | 438,438 | ||
Series A: | ||||
0% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,710,000 | 2,548,956 | ||
0% 6/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,140,000 | 629,189 | ||
0% 12/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,090,000 | 1,392,756 | ||
0% 6/15/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 193,890 | ||
Ogle, Lee & DeKalb Counties Township High School District #212 6% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 60,000 | 61,451 | ||
Quincy Hosp. Rev. 5% 11/15/18 | 1,000,000 | 995,650 | ||
Univ. of Illinois Board of Trustees Ctfs. of Prtn. Series 2009 A, 5% 10/1/18 | 1,000,000 | 1,058,320 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Univ. of Illinois Rev.: | ||||
(Auxiliary Facilities Sys. Proj.): | ||||
Series 1991, 0% 4/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 3,700,000 | $ 3,342,099 | ||
Series 1999 A, 0% 4/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,600,000 | 1,030,528 | ||
Series 2009 A, 5.75% 4/1/38 | 2,940,000 | 2,962,109 | ||
Series 2010 A: | ||||
5% 4/1/25 | 1,000,000 | 1,006,390 | ||
5.25% 4/1/30 | 1,000,000 | 995,200 | ||
Will County Cmnty. Unit School District #365-U: | ||||
(Valley View Proj.) Series 2002, 0% 11/1/19 (FSA Insured) | 5,875,000 | 3,940,245 | ||
Series 2002: | ||||
0% 11/1/14 (FSA Insured) | 1,000,000 | 902,800 | ||
0% 11/1/16 (FSA Insured) | 1,100,000 | 905,729 | ||
Will County Forest Preservation District Series 1999 B, 0% 12/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 902,190 | ||
| 112,073,047 | |||
Indiana - 2.5% | ||||
Franklin Township Independent School Bldg. Corp., Marion County 5.25% 7/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,790,000 | 1,958,743 | ||
Hobart Bldg. Corp. Series 2006, 6.5% 1/15/29 (FGIC Insured) | 3,700,000 | 4,299,733 | ||
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2009 A, 5.25% 11/1/39 | 1,000,000 | 929,010 | ||
Indiana Fin. Auth. Rev. (Trinity Health Cr. Group Proj.) Series 2009 A, 5.25% 12/1/38 | 2,000,000 | 1,852,040 | ||
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (d) | 2,000,000 | 2,129,520 | ||
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Subordinate Cr. Proj.) Series A5, 5%, tender 8/1/13 (d) | 3,800,000 | 4,071,092 | ||
Indiana Trans. Fin. Auth. Hwy. Rev. Series 1993 A, 0% 6/1/17 (AMBAC Insured) | 1,000,000 | 822,630 | ||
Indianapolis Local Pub. Impt. Bond Bank (Indianapolis Arpt. Auth. Proj.) Series 2006 F, 5% 1/1/16 (AMBAC Insured) (e) | 1,000,000 | 1,067,910 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Indiana - continued | ||||
Jasper County Indl. Poll. Ctl. Rev. (Northern Indiana Pub. Svc. Co. Proj.) Series 1988 C, 5.6% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,000,000 | $ 1,081,250 | ||
North Adams Cmnty. Schools Renovation Bldg. Corp. 0% 1/15/17 (FSA Insured) | 1,230,000 | 1,014,479 | ||
Petersburg Poll. Cont. Rev. (Indianapolis Pwr. & Lt. Co. Proj.) Series 1995 C, 5.95% 12/1/29 (e) | 2,000,000 | 2,007,200 | ||
Purdue Univ. Rev. (Student Facilities Sys. Proj.) Series 2009 B: | ||||
5% 7/1/28 | 660,000 | 704,101 | ||
5% 7/1/35 | 500,000 | 512,080 | ||
Rockport Poll. Cont. Rev. Bonds (AEP Generating Co. Proj.) Series 1995 A, 4.15%, tender 7/15/11 (AMBAC Insured) (d) | 1,000,000 | 1,004,490 | ||
Univ. of Southern Indiana Rev. Series J, 5.75% 10/1/28 (Assured Guaranty Corp. Insured) | 2,695,000 | 2,881,817 | ||
Wayne Township Marion County School Bldg. Corp. Series 2007, 5.5% 7/15/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 700,000 | 744,177 | ||
| 27,080,272 | |||
Iowa - 0.4% | ||||
Coralville Urban Renewal Rev. Series C: | ||||
5% 6/1/13 | 55,000 | 57,626 | ||
5.125% 6/1/39 | 70,000 | 63,757 | ||
Iowa Fin. Auth. Health Facilities Rev. Series 2008 A, 5.625% 8/15/37 (Assured Guaranty Corp. Insured) | 1,200,000 | 1,211,352 | ||
Tobacco Settlement Auth. Tobacco Settlement Rev. Series 2001 B, 5.3% 6/1/25 (Pre-Refunded to 6/1/11 @ 101) (f) | 3,380,000 | 3,426,576 | ||
| 4,759,311 | |||
Kansas - 0.7% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 C, 5.75% 11/15/38 | 1,900,000 | 1,983,201 | ||
Kansas Dev. Fin. Auth. Health Facilities Rev. (Hays Med. Ctr. Proj.) Series 2005 L: | ||||
5.25% 11/15/15 | 335,000 | 369,093 | ||
5.25% 11/15/16 | 955,000 | 1,041,580 | ||
Lawrence Hosp. Rev. 5.25% 7/1/18 | 1,000,000 | 1,052,450 | ||
Olathe Health Facilities Rev.: | ||||
(Olathe Med. Ctr. Proj.) Series 2010 A, 5% 9/1/30 | 1,000,000 | 916,410 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Kansas - continued | ||||
Olathe Health Facilities Rev.: - continued | ||||
Bonds (Olathe Med. Ctr. Proj.) Series 2008 A, 4.125%, tender 3/1/13 (d) | $ 1,000,000 | $ 1,014,140 | ||
Wichita Hosp. Facilities Rev. (Via Christi Health Sys., Inc. Proj.) Series 2009 X: | ||||
4% 11/15/18 | 300,000 | 300,966 | ||
5% 11/15/17 | 500,000 | 539,805 | ||
| 7,217,645 | |||
Kentucky - 1.2% | ||||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev.: | ||||
(Baptist Healthcare Sys. Proj.) Series A, 5% 8/15/18 | 3,000,000 | 3,203,310 | ||
(St. Elizabeth Med. Ctr., Inc. Proj.) Series 2009 A, 5.5% 5/1/39 | 1,000,000 | 999,990 | ||
Kentucky Econ. Dev. Fin. Auth. Rev.: | ||||
(Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 A, 5% 2/1/30 | 1,000,000 | 952,000 | ||
(Ashland Hosp. Corp./King's Daughters Med. Ctr. Proj.) Series 2008 C, 6.125% 2/1/38 | 2,500,000 | 2,569,775 | ||
Louisville & Jefferson County Metropolitan Govt. Health Facilities Rev. (Jewish Hosp. & St. Mary's HealthCare Proj.) Series 2008, 6.125% 2/1/37 | 3,505,000 | 3,383,727 | ||
Louisville & Jefferson County Metropolitan Swr. District Swr. & Drain Sys. Rev. Series A, 5.25% 5/15/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,170,000 | 2,208,301 | ||
| 13,317,103 | |||
Louisiana - 0.7% | ||||
Louisiana Military Dept. Custody Receipts 5% 8/1/14 | 1,730,000 | 1,868,296 | ||
Louisiana Pub. Facilities Auth. Rev. (Nineteenth Judicial District Court Proj.) Series 2007: | ||||
5.375% 6/1/32 (FGIC Insured) | 1,600,000 | 1,616,848 | ||
5.5% 6/1/41 (FGIC Insured) | 1,000,000 | 1,007,130 | ||
New Orleans Aviation Board Rev. Series 2007 A, 5.25% 1/1/19 (FSA Insured) (e) | 1,570,000 | 1,655,471 | ||
New Orleans Gen. Oblig.: | ||||
Series 2005, 5.25% 12/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,009,260 | ||
0% 9/1/15 (AMBAC Insured) | 700,000 | 580,384 | ||
Tobacco Settlement Fing. Corp. Series 2001 B, 5.5% 5/15/30 | 385,000 | 376,557 | ||
| 8,113,946 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Maine - 0.3% | ||||
Maine Health & Higher Ed. Facilities Auth. Rev. Series 2008 D, 5.75% 7/1/38 | $ 1,100,000 | $ 1,149,720 | ||
Maine Tpk. Auth. Tpk. Rev.: | ||||
Series 2004, 5.25% 7/1/30 | 1,000,000 | 1,024,160 | ||
Series 2007, 5.25% 7/1/37 (AMBAC Insured) | 1,300,000 | 1,321,775 | ||
| 3,495,655 | |||
Maryland - 0.9% | ||||
Baltimore Proj. Rev. (Wtr. Proj.) Series 2009 A, 5.375% 7/1/34 | 500,000 | 509,715 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Doctors Cmnty. Hosp. Proj.) Series 2010, 5.75% 7/1/38 | 400,000 | 327,140 | ||
(Good Samaritan Hosp. Proj.) Series 1993: | ||||
5.75% 7/1/13 (Escrowed to Maturity) (f) | 1,665,000 | 1,752,296 | ||
5.75% 7/1/13 (Escrowed to Maturity) (f) | 405,000 | 426,234 | ||
(Univ. of Maryland Med. Sys. Proj.): | ||||
Series 2008 F, 5.25% 7/1/21 | 1,000,000 | 1,059,840 | ||
Series 2010, 5.125% 7/1/39 | 900,000 | 834,912 | ||
(Upper Chesapeake Hosp. Proj.) Series 2008 C: | ||||
5.5% 1/1/18 | 790,000 | 833,569 | ||
6% 1/1/38 | 2,800,000 | 2,847,292 | ||
(Washington County Health Sys. Proj.) Series 2008, 6% 1/1/43 | 1,000,000 | 916,920 | ||
| 9,507,918 | |||
Massachusetts - 2.6% | ||||
Massachusetts Dev. Fin. Agcy. Rev. (Boston Univ. Proj.) Series U4, 5.7% 10/1/40 | 1,400,000 | 1,430,856 | ||
Massachusetts Gen. Oblig.: | ||||
Series 2007 A, 0.774% 5/1/37 (d) | 1,000,000 | 763,090 | ||
Series 2007 C: | ||||
5% 8/1/37 | 4,800,000 | 4,832,880 | ||
5.25% 8/1/24 | 2,200,000 | 2,424,444 | ||
Series 2009 C, 5% 7/1/21 | 4,135,000 | 4,690,951 | ||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(CareGroup, Inc. Proj.) Series 2008 E1: | ||||
5.125% 7/1/33 | 1,000,000 | 892,310 | ||
5.125% 7/1/38 | 1,000,000 | 864,240 | ||
Bonds (Baystate Health Sys. Proj.) Series 2009 K, 5%, tender 7/1/13 (d) | 1,000,000 | 1,073,370 | ||
Series G, 5.375% 7/1/24 | 245,000 | 245,103 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | ||||
Series 2005 A: | ||||
5% 8/15/23 | $ 5,000,000 | $ 5,330,300 | ||
5% 8/15/30 | 4,500,000 | 4,628,745 | ||
Series 2007 A, 5% 8/15/22 (AMBAC Insured) | 600,000 | 656,688 | ||
Massachusetts St Dev. Fin. Ag Series I, 6.75% 1/1/36 | 1,000,000 | 985,710 | ||
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.) Series 1998 A, 5.25% 8/1/13 | 10,000 | 10,008 | ||
| 28,828,695 | |||
Michigan - 2.3% | ||||
Allegan Pub. School District 5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,515,000 | 1,734,614 | ||
Detroit Swr. Disp. Rev.: | ||||
Series 2001 E, 5.75% 7/1/31 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 1,100,000 | 1,126,455 | ||
Series 2003 B, 7.5% 7/1/33 (FSA Insured) | 1,000,000 | 1,136,990 | ||
Series 2006, 5% 7/1/36 | 2,800,000 | 2,346,428 | ||
Detroit Wtr. Supply Sys. Rev.: | ||||
Series 2003 A, 5% 7/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,700,000 | 1,454,554 | ||
Series 2005 B, 5.5% 7/1/35 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 1,800,000 | 1,734,660 | ||
Series 2006 B, 7% 7/1/36 (FSA Insured) | 1,000,000 | 1,090,580 | ||
Ferris State Univ. Rev. 5% 10/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,440,000 | 1,502,194 | ||
Grand Valley Michigan State Univ. Rev. Series 2009, 5.5% 12/1/27 | 2,450,000 | 2,557,261 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2008 A, 5.5%, tender 1/15/15 (d) | 1,000,000 | 1,121,070 | ||
Lapeer Cmnty. Schools 5.25% 5/1/26 (FSA Insured) | 1,100,000 | 1,150,358 | ||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(McLaren Health Care Corp. Proj.): | ||||
Series 1998 A, 5% 6/1/19 | 2,000,000 | 2,003,860 | ||
Series 2008 A, 5.75% 5/15/38 | 1,000,000 | 1,000,550 | ||
(Trinity Health Sys. Proj.) Series 2008 A, 6.5% 12/1/33 | 2,500,000 | 2,651,450 | ||
Michigan Tobacco Settlement Fin. Auth. Tobacco Settlement Asset Rev. Series 2007, 6% 6/1/34 | 1,000,000 | 711,780 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Proj.) Series 2009 V, 8.25% 9/1/39 | $ 600,000 | $ 681,660 | ||
Willow Run Cmnty. Schools County of Washtenaw 5% 5/1/20 (FSA Insured) | 1,000,000 | 1,053,520 | ||
| 25,057,984 | |||
Minnesota - 1.5% | ||||
Duluth Independent School District #709 Ctfs. of Prtn. Series 2009 B, 4% 3/1/20 | 1,620,000 | 1,686,226 | ||
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 | 4,117,307 | ||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2008 A, 5% 1/1/14 (e) | 1,000,000 | 1,077,530 | ||
Minneapolis Health Care Sys. Rev. (Fairview Health Svcs. Proj.) Series 2008 B, 6.5% 11/15/38 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,069,220 | ||
Minnesota Gen. Oblig. 5% 8/1/22 | 1,100,000 | 1,223,662 | ||
Rochester Hsg. & Hlthcar Rev. (Madonna Towers Proj.) Series A, 5.875% 11/1/28 | 1,100,000 | 969,210 | ||
Saint Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (HealthPartners Oblig. Group Proj.) 5.25% 5/15/22 | 1,000,000 | 989,270 | ||
Saint Paul Port Auth. Lease Rev.: | ||||
(HealthEast Midway Campus Proj.) Series 2003 A, 5.875% 5/1/30 | 1,400,000 | 1,222,648 | ||
Series 2003 11, 5.25% 12/1/18 | 1,000,000 | 1,075,670 | ||
St. Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.): | ||||
Series 2008 C, 5.5% 7/1/17 | 1,000,000 | 1,103,480 | ||
Series 2009, 5.75% 7/1/39 | 1,600,000 | 1,498,480 | ||
| 16,032,703 | |||
Missouri - 0.2% | ||||
Missouri Health & Edl. Facilities Auth. Health Facilities Rev. (SSM Health Care Sys. Proj.) Series 2010 B, 4.75% 6/1/34 | 1,200,000 | 1,089,948 | ||
Saint Louis County Indl. Dev. Auth. Sr. Living Facilities Rev. (Friendship Village West County Proj.) Series A, 5.125% 9/1/14 | 850,000 | 854,446 | ||
| 1,944,394 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Montana - 0.2% | ||||
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Proj.) Series 1998 A, 5% 5/1/33 | $ 1,800,000 | $ 1,792,854 | ||
Nebraska - 0.3% | ||||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 B, 0.708% 12/1/17 (d) | 1,100,000 | 904,002 | ||
Douglas County Hosp. Auth. #2 Health Facilities Rev.: | ||||
(Children's Hosp. Proj.) Series 2008 B, 6% 8/15/24 | 1,300,000 | 1,376,388 | ||
(Immanuel Med. Ctr. Proj.) Series 2010, 5.5% 1/1/30 | 1,000,000 | 973,770 | ||
| 3,254,160 | |||
Nevada - 0.7% | ||||
Clark County Arpt. Rev. Series 2003 C, 5.375% 7/1/22 (AMBAC Insured) (e) | 1,000,000 | 1,008,120 | ||
Clark County Wtr. Reclamation District: | ||||
Series 2009 A, 5.25% 7/1/29 (Berkshire Hathaway Assurance Corp. Insured) | 1,000,000 | 1,061,900 | ||
5.625% 7/1/32 | 3,000,000 | 3,159,360 | ||
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig. Series 2003 B: | ||||
5.25% 6/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,061,860 | ||
5.25% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,059,760 | ||
| 7,351,000 | |||
New Hampshire - 0.3% | ||||
New Hampshire Bus. Fin. Auth. Rev. Series 2009 A, 6.125% 10/1/39 | 1,800,000 | 1,730,898 | ||
New Hampshire Health & Ed. Facilities Auth. Hosp. Rev. (Catholic Med. Ctr. Proj.) Series 2002 A, 5.75% 7/1/22 | 100,000 | 100,191 | ||
New Hampshire Health & Ed. Facilities Auth. Rev.: | ||||
(Dartmouth College Proj.) Series 2009, 5.25% 6/1/39 | 1,000,000 | 1,032,490 | ||
(Dartmouth-Hitchcock Obligated Group Proj.) Series 2010, 5% 8/1/40 | 1,000,000 | 947,060 | ||
| 3,810,639 | |||
New Jersey - 1.1% | ||||
Garden State Preservation Trust Open Space & Farmland Preservation Series 2005 A, 5.8% 11/1/19 (FSA Insured) | 700,000 | 796,929 | ||
New Jersey Ctfs. of Prtn. Series 2009 A, 5.25% 6/15/28 | 1,000,000 | 1,023,820 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New Jersey - continued | ||||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.: | ||||
Series 2005 O: | ||||
5.25% 3/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,000,000 | $ 1,038,840 | ||
5.25% 3/1/23 | 2,000,000 | 2,049,920 | ||
5.25% 3/1/25 | 1,500,000 | 1,526,370 | ||
5.25% 3/1/26 | 915,000 | 929,484 | ||
Series 2009 AA, 5.5% 12/15/29 | 1,000,000 | 1,039,040 | ||
Series 2009 Z, 6% 12/15/34 (Assured Guaranty Corp. Insured) | 1,600,000 | 1,702,272 | ||
New Jersey Tpk. Auth. Tpk. Rev. Series 2009 E, 5.25% 1/1/40 | 1,000,000 | 998,450 | ||
New Jersey Trans. Trust Fund Auth. Series B, 5.25% 12/15/22 (AMBAC Insured) | 400,000 | 425,768 | ||
Union County Impt. Auth. (Juvenile Detention Ctr. Facility Proj.) Series 2005, 5.5% 5/1/28 (FGIC Insured) | 1,000,000 | 1,022,600 | ||
| 12,553,493 | |||
New Mexico - 0.4% | ||||
Albuquerque Arpt. Rev. 6.75% 7/1/11 (AMBAC Insured) (e) | 1,805,000 | 1,818,899 | ||
New Mexico Edl. Assistance Foundation Series 2010 A1, 5% 12/1/19 | 2,000,000 | 2,204,940 | ||
| 4,023,839 | |||
New York - 10.4% | ||||
Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.): | ||||
Series 2003: | ||||
5.75% 5/1/16 (FSA Insured) | 1,500,000 | 1,612,950 | ||
5.75% 5/1/21 (FSA Insured) | 1,200,000 | 1,241,316 | ||
Series 2004: | ||||
5.75% 5/1/17 (FSA Insured) | 1,600,000 | 1,755,776 | ||
5.75% 5/1/25 (FSA Insured) | 600,000 | 629,154 | ||
Hudson Yards Infrastructure Corp. New York Rev. Series A: | ||||
5% 2/15/47 | 2,000,000 | 1,673,640 | ||
5% 2/15/47 | 1,200,000 | 1,004,184 | ||
Long Island Pwr. Auth. Elec. Sys. Rev. Series A, 5% 12/1/26 (XL Cap. Assurance, Inc. Insured) | 1,400,000 | 1,429,484 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 5.625% 7/1/16 (Escrowed to Maturity) (f) | 1,000,000 | 1,067,360 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
New York City Gen. Oblig.: | ||||
Series 2003 J, 5.5% 6/1/19 (Pre-Refunded to 6/1/13 @ 100) (f) | $ 880,000 | $ 970,130 | ||
Series 2005 G, 5% 8/1/15 | 1,000,000 | 1,132,280 | ||
Series 2008 A1, 5.25% 8/15/27 | 1,500,000 | 1,584,330 | ||
Series 2008 D1, 5.125% 12/1/22 | 2,000,000 | 2,202,920 | ||
Series 2009 H1, 5% 3/1/15 (Assured Guaranty Corp. Insured) | 3,900,000 | 4,383,834 | ||
Series 2009 I-1, 5.625% 4/1/29 | 600,000 | 644,886 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 2002 A, 5.125% 6/15/34 | 500,000 | 501,930 | ||
Series 2003 A, 5.125% 6/15/34 | 2,000,000 | 2,007,720 | ||
Series 2003 E, 5% 6/15/34 | 1,600,000 | 1,607,552 | ||
Series 2005 D: | ||||
5% 6/15/37 | 400,000 | 402,192 | ||
5% 6/15/38 | 1,300,000 | 1,306,643 | ||
5% 6/15/39 | 500,000 | 498,475 | ||
Series 2007 DD, 4.75% 6/15/35 | 1,400,000 | 1,364,608 | ||
Series 2009 A, 5.75% 6/15/40 | 2,300,000 | 2,468,889 | ||
Series 2009 CC, 5% 6/15/34 | 2,100,000 | 2,121,168 | ||
Series 2009 EE, 5.25% 6/15/40 | 1,800,000 | 1,833,210 | ||
Series FF 2, 5.5% 6/15/40 | 3,000,000 | 3,102,900 | ||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | ||||
Series 2009 S1, 5.5% 7/15/31 | 1,000,000 | 1,045,810 | ||
Series 2009 S3, 5.25% 1/15/34 | 4,000,000 | 4,075,720 | ||
Series 2009 S4: | ||||
5.5% 1/15/39 | 850,000 | 872,984 | ||
5.75% 1/15/39 | 1,600,000 | 1,673,680 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 A: | ||||
5.5% 11/1/26 (b) | 1,000,000 | 1,023,370 | ||
6% 11/1/28 (b) | 2,000,000 | 2,051,640 | ||
Series 2004 B, 5% 8/1/32 | 1,300,000 | 1,312,519 | ||
Series 2004 C, 5% 2/1/33 (FGIC Insured) | 1,000,000 | 1,009,350 | ||
New York City Trust Cultural Resources Rev. (Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 | 1,000,000 | 1,005,790 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.) Series 2008 B, 5.75% 3/15/36 | 3,400,000 | 3,671,660 | ||
Series 2007 A, 5% 3/15/32 | 2,400,000 | 2,437,632 | ||
Series 2009 A, 5% 2/15/34 | 1,100,000 | 1,116,918 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.) Series A, 5.75% 7/1/13 | $ 1,200,000 | $ 1,255,356 | ||
(New York Univ. Hosp. Ctr. Proj.): | ||||
Series 2007 A, 5% 7/1/14 | 1,000,000 | 1,076,070 | ||
Series 2007 B, 5.25% 7/1/24 | 200,000 | 199,422 | ||
Series 2002 A, 5.75% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,055,530 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.: | ||||
Series 2009 A, 5.5% 11/15/39 | 5,000,000 | 5,133,100 | ||
Series B, 5% 11/15/34 | 1,200,000 | 1,203,288 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2003 B, 5.25% 11/15/19 (FGIC Insured) | 1,900,000 | 2,119,621 | ||
Series 2008 A, 5.25% 11/15/36 | 3,700,000 | 3,658,893 | ||
Series 2008 C, 6.5% 11/15/28 | 1,000,000 | 1,110,360 | ||
Series 2010 D, 5.25% 11/15/40 | 1,400,000 | 1,373,190 | ||
New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured) | 1,500,000 | 1,560,270 | ||
New York Thruway Auth. Gen. Rev. Series 2005 G, 5.25% 1/1/27 | 1,600,000 | 1,642,512 | ||
New York Thruway Auth. Personal Income Tax Rev. Series 2007 A, 5.25% 3/15/25 | 1,500,000 | 1,620,975 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series 2007 A, 5% 4/1/21 | 1,100,000 | 1,195,909 | ||
Tobacco Settlement Asset Securitization Corp. Series 2002-1, 5.5% 7/15/24 (Pre-Refunded to 7/15/12 @ 100) (f) | 980,000 | 1,030,274 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.25% 6/1/21 (AMBAC Insured) | 1,000,000 | 1,047,790 | ||
5.25% 6/1/22 (AMBAC Insured) | 2,360,000 | 2,465,020 | ||
5.5% 6/1/14 | 440,000 | 441,492 | ||
5.5% 6/1/16 | 4,700,000 | 4,714,805 | ||
5.5% 6/1/17 | 4,000,000 | 4,012,960 | ||
Series 2003B 1C: | ||||
5.5% 6/1/14 | 360,000 | 361,220 | ||
5.5% 6/1/15 | 1,700,000 | 1,705,695 | ||
5.5% 6/1/16 | 1,000,000 | 1,003,270 | ||
5.5% 6/1/17 | 1,600,000 | 1,605,184 | ||
5.5% 6/1/18 | 2,800,000 | 2,886,968 | ||
5.5% 6/1/19 | 1,600,000 | 1,691,440 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
Tobacco Settlement Fing. Corp.: - continued | ||||
Series 2003B 1C: | ||||
5.5% 6/1/21 | $ 5,000,000 | $ 5,264,000 | ||
5.5% 6/1/22 | 1,500,000 | 1,574,235 | ||
| 113,853,453 | |||
New York & New Jersey - 0.2% | ||||
Port Auth. of New York & New Jersey 124th Series, 5% 8/1/13 (FGIC Insured) (e) | 500,000 | 501,190 | ||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (e) | 1,400,000 | 1,460,956 | ||
| 1,962,146 | |||
North Carolina - 1.5% | ||||
Charlotte Ctfs. of Prtn. (2003 Govt. Facilities Projs.) Series G, 5% 6/1/33 | 1,000,000 | 1,015,110 | ||
Charlotte Int'l. Arpt. Rev. (Charlotte Douglas Int'l. Arpt. Proj.) Series 2010 B, 5.5% 7/1/24 (e) | 1,000,000 | 1,031,860 | ||
Dare County Ctfs. of Prtn. 5.25% 6/1/15 (AMBAC Insured) | 1,195,000 | 1,312,122 | ||
Nash Health Care Sys. Health Care Facilities Rev. 5% 11/1/30 (FSA Insured) | 1,200,000 | 1,162,236 | ||
North Carolina Cap. Facilities Fin. Agcy. Rev. (Duke Univ. Proj.) Series A, 5.125% 10/1/41 | 355,000 | 355,529 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2009 B, 5% 1/1/26 | 1,800,000 | 1,823,886 | ||
North Carolina Infrastructure Fin. Corp. Ctfs. of Prtn. (North Carolina Correctional Facilities Proj.) Series A, 5% 2/1/18 | 1,000,000 | 1,079,060 | ||
North Carolina Med. Care Cmnty. Health (Memorial Mission Hosp. Proj.) Series 2007, 5% 10/1/20 | 1,000,000 | 1,047,360 | ||
North Carolina Med. Care Commission Health Care Facilities Rev. (Rex Healthcare Proj.) Series 2010 A, 5% 7/1/30 | 1,600,000 | 1,557,584 | ||
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev.: | ||||
Series 2009 A, 5% 1/1/30 | 1,000,000 | 1,010,070 | ||
Series 2010 B, 5% 1/1/20 | 1,300,000 | 1,442,467 | ||
Raleigh Durham Arpt. Auth. Arpt. Rev. Series 2010 A, 5% 5/1/32 | 1,750,000 | 1,776,583 | ||
Union County Ctfs. of Prtn. 5% 6/1/18 (AMBAC Insured) | 1,305,000 | 1,421,863 | ||
| 16,035,730 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
North Dakota - 0.4% | ||||
Cass County Health Care Facilities Rev. (Essentia Health Obligated Group Proj.) Series 2008, 5.125% 2/15/37 (Assured Guaranty Corp. Insured) | $ 750,000 | $ 711,428 | ||
Mclean County Solid Waste Facilities Rev. (Great River Energy Projects) Series 2010 B, 5.15% 7/1/40 | 2,300,000 | 2,189,945 | ||
Ward County Health Care Facility Rev. (Trinity Med. Ctr. Proj.) 5.125% 7/1/17 | 1,210,000 | 1,255,678 | ||
| 4,157,051 | |||
Ohio - 0.7% | ||||
Buckeye Tobacco Settlement Fing. Auth.: | ||||
Series 2007 A2, 5.75% 6/1/34 | 2,000,000 | 1,375,220 | ||
Series A-2: | ||||
5.875% 6/1/47 | 400,000 | 267,476 | ||
6.5% 6/1/47 | 1,000,000 | 732,920 | ||
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 2008 C, 5.75% 8/15/38 | 1,000,000 | 896,470 | ||
Lucas County Hosp. Rev. (ProMedica Heathcare Oblig. Group Proj.) Series 2011 A, 6.5% 11/15/37 | 1,200,000 | 1,269,360 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (d) | 1,500,000 | 1,605,225 | ||
Plain Local School District 6% 12/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 410,000 | 411,037 | ||
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008, 5.75% 12/1/35 | 1,400,000 | 1,353,492 | ||
| 7,911,200 | |||
Oklahoma - 0.7% | ||||
Oklahoma City Pub. Property Auth. Hotel Tax Rev. Series 2005, 5.5% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,695,000 | 1,820,854 | ||
Oklahoma City Wtr. Utils. Trust Wtr. and Swr. Rev. Series 2009 A, 5% 7/1/34 | 1,000,000 | 1,047,680 | ||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series C, 5.5% 8/15/22 | 2,865,000 | 3,103,826 | ||
Tulsa County Indl. Auth. Health Care Rev. 5% 12/15/18 | 1,500,000 | 1,608,195 | ||
| 7,580,555 | |||
Oregon - 0.6% | ||||
Forest Grove Campus Impt. Rev. (Pacific Univ. Proj.) Series 2009, 6.375% 5/1/39 | 1,200,000 | 1,201,764 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Oregon - continued | ||||
Oregon Dept. Administrative Svcs. Ctfs. of Prtn. Series A, 5.375% 5/1/15 (Pre-Refunded to 5/1/11 @ 101) (f) | $ 1,715,000 | $ 1,732,150 | ||
Oregon Gen. Oblig. (State Board of Higher Ed. Proj.) Series 2009 A: | ||||
5.75% 8/1/25 | 500,000 | 567,960 | ||
5.75% 8/1/26 | 1,000,000 | 1,128,450 | ||
5.75% 8/1/28 | 500,000 | 558,170 | ||
5.75% 8/1/29 | 500,000 | 556,170 | ||
Yamhill County School District #029J Newberg 5.5% 6/15/19 (FGIC Insured) | 1,000,000 | 1,167,850 | ||
| 6,912,514 | |||
Pennsylvania - 1.8% | ||||
Allegheny County Hosp. Dev. Auth. Rev.: | ||||
(Pittsburgh Med. Ctr. Proj.) Series B, 5% 6/15/16 | 850,000 | 942,778 | ||
(Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A, 5.625% 8/15/39 | 1,100,000 | 1,088,373 | ||
Annville-Cleona School District 5.5% 3/1/22 (FSA Insured) | 1,250,000 | 1,347,063 | ||
Canon McMillan School District Series 2002 B, 5.75% 12/1/35 (FGIC Insured) | 1,595,000 | 1,629,308 | ||
Easton Area School District Series 2006, 7.75% 4/1/25 (FSA Insured) | 700,000 | 815,899 | ||
Mifflin County School District 7.75% 9/1/30 (XL Cap. Assurance, Inc. Insured) | 400,000 | 468,912 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series A, 6% 6/1/16 (AMBAC Insured) | 1,860,000 | 2,100,256 | ||
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Amtrak Proj.) Series 2001 A, 6.25% 11/1/31 (e) | 2,000,000 | 2,008,540 | ||
Pennsylvania Tpk. Commission Tpk. Rev.: | ||||
Series 2004 A, 5.25% 12/1/32 (AMBAC Insured) | 1,500,000 | 1,494,180 | ||
Series 2009 D, 5.5% 12/1/41 | 2,400,000 | 2,371,872 | ||
Philadelphia Gas Works Rev.: | ||||
(1975 Gen. Ordinance Proj.) Seventeenth Series, 5.375% 7/1/20 (FSA Insured) | 500,000 | 518,245 | ||
(1998 Gen. Ordinance Proj.): | ||||
Fifth Series A1, 5% 9/1/33 (FSA Insured) | 600,000 | 586,542 | ||
Ninth Series, 5.25% 8/1/40 | 800,000 | 740,432 | ||
Philadelphia Gen. Oblig. Series 2008 B, 7.125% 7/15/38 (Assured Guaranty Corp. Insured) | 600,000 | 653,370 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Philadelphia School District Series 2005 A, 5% 8/1/22 (AMBAC Insured) | $ 200,000 | $ 206,066 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series A, 0% 8/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000,000 | 3,033,600 | ||
| 20,005,436 | |||
Puerto Rico - 0.8% | ||||
Puerto Rico Govt. Dev. Bank: | ||||
Series 2006 B, 5% 12/1/12 | 2,500,000 | 2,609,725 | ||
Series 2006 C, 5.25% 1/1/15 (e) | 1,000,000 | 1,023,960 | ||
Puerto Rico Pub. Bldg. Auth. Rev.: | ||||
Bonds Series M2: | ||||
5.5%, tender 7/1/17 (AMBAC Insured) (d) | 600,000 | 626,022 | ||
5.75%, tender 7/1/17 (d) | 1,100,000 | 1,162,271 | ||
Series N, 5.5% 7/1/22 | 1,100,000 | 1,120,020 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | ||||
Series 2007 A, 0% 8/1/41 (FGIC Insured) | 2,800,000 | 368,452 | ||
Series 2009 A, 6% 8/1/42 | 1,400,000 | 1,400,742 | ||
| 8,311,192 | |||
Rhode Island - 0.4% | ||||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series A, 5.25% 9/15/17 (AMBAC Insured) | 1,000,000 | 1,062,550 | ||
Rhode Island Port Auth. & Econ. Dev. Corp. Arpt. Rev. Series A, 7% 7/1/14 (FSA Insured) (e) | 2,840,000 | 3,051,296 | ||
| 4,113,846 | |||
South Carolina - 1.2% | ||||
Greenville County School District Installment Purp. Rev. 5% 12/1/12 | 3,750,000 | 3,993,563 | ||
Greenwood Fifty School Facilities Installment 5% 12/1/21 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,059,660 | ||
Lexington One School Facilities Corp. Rev. (Lexington County School District No. 1 Proj.) 5% 12/1/17 | 1,015,000 | 1,105,426 | ||
South Carolina Jobs-Econ. Dev. Auth. (Palmetto Health Proj.) Series 2009, 5.75% 8/1/39 | 300,000 | 268,908 | ||
South Carolina Jobs-Econ. Dev. Auth. Health Facilities Rev. (Bishop Gadsden Proj.) Series 2007, 5% 4/1/16 | 1,000,000 | 1,031,090 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
South Carolina - continued | ||||
South Carolina Pub. Svc. Auth. Rev. (Santee Cooper Proj.) Series 2009 B, 5.25% 1/1/39 | $ 5,000,000 | $ 5,068,850 | ||
Univ. of South Carolina Athletic Facilities Rev. Series 2008 A, 5.5% 5/1/38 | 1,000,000 | 1,038,150 | ||
| 13,565,647 | |||
Tennessee - 0.9% | ||||
Clarksville Natural Gas Acquisition Corp. Gas Rev.: | ||||
Series 2006: | ||||
5% 12/15/13 | 1,000,000 | 1,046,550 | ||
5% 12/15/15 | 1,500,000 | 1,556,805 | ||
5% 12/15/16 | 1,500,000 | 1,545,015 | ||
Jackson Hosp. Rev. (Jackson-Madison County Gen. Hosp. Proj.) Series 2008, 5.75% 4/1/41 | 1,000,000 | 1,014,150 | ||
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 | 1,440,908 | ||
Knox County Health Edl. & Hsg. Facilities Board Rev. (Univ. Health Sys. Proj.) Series 2007, 5% 4/1/16 | 1,805,000 | 1,853,879 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5.75% 7/1/24 (e) | 1,600,000 | 1,662,160 | ||
| 10,119,467 | |||
Texas - 13.3% | ||||
Aledo Independent School District (School Bldg. Proj.) Series 2006 A, 5% 2/15/43 | 1,200,000 | 1,209,516 | ||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.5% 8/1/20 | 1,000,000 | 1,135,800 | ||
Austin Convention Enterprises, Inc. (Convention Ctr. Proj.) Series B, 5.75% 1/1/34 | 1,000,000 | 809,630 | ||
Austin Elec. Util. Sys. Rev. 0% 11/15/12 (AMBAC Insured) | 1,300,000 | 1,267,331 | ||
Bastrop Independent School District Series 2007, 5.25% 2/15/42 | 5,000,000 | 5,134,900 | ||
Beaumont Independent School District 5% 2/15/38 (Assured Guaranty Corp. Insured) | 300,000 | 304,791 | ||
Boerne Independent School District Series 2004, 5.25% 2/1/35 | 900,000 | 909,621 | ||
Comal Independent School District: | ||||
Series 2007, 5% 2/1/36 | 2,500,000 | 2,533,500 | ||
Series 2008A, 5.25% 2/1/23 | 2,240,000 | 2,499,101 | ||
Corpus Christi Util. Sys. Rev. 5.25% 7/15/18 (FSA Insured) | 1,000,000 | 1,160,050 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Corsicana Independent School District 5.125% 2/15/28 | $ 1,015,000 | $ 1,080,650 | ||
Cypress-Fairbanks Independent School District Series A, 0% 2/15/16 | 1,400,000 | 1,262,758 | ||
Dallas Area Rapid Transit Sales Tax Rev.: | ||||
Series 2008, 5.25% 12/1/43 | 3,785,000 | 3,836,741 | ||
5.25% 12/1/38 | 5,600,000 | 5,708,360 | ||
Dallas Fort Worth Int'l. Arpt. Rev.: | ||||
Series 2007, 5% 11/1/19 (XL Cap. Assurance, Inc. Insured) (e) | 2,500,000 | 2,548,050 | ||
Series 2009 A, 5% 11/1/24 | 1,000,000 | 1,021,160 | ||
Series A: | ||||
5% 11/1/42 | 3,000,000 | 2,717,910 | ||
5.25% 11/1/12 (e) | 1,000,000 | 1,057,250 | ||
Dallas Independent School District Series 2008, 6.375% 2/15/34 | 300,000 | 343,845 | ||
Denton Util. Sys. Rev. Series A, 5% 12/1/19 (Pre-Refunded to 12/1/12 @ 100) (f) | 1,280,000 | 1,370,240 | ||
Eagle Mountain & Saginaw Independent School District Series 2008, 5% 8/15/38 | 1,480,000 | 1,496,088 | ||
Fort Bend Independent School District Series 2009, 5% 2/15/34 | 2,500,000 | 2,615,350 | ||
Frisco Independent School District Series 2008 A, 6% 8/15/33 | 1,200,000 | 1,342,980 | ||
Guadalupe-Blanco River Auth. Contract Rev. (Western Canyon Reg'l. Wtr. Supply Proj.) 5.25% 4/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,047,070 | ||
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt. of Texas, Inc. Denton County Proj.) Series 2003 B, 3.5%, tender 5/1/13 (d)(e) | 1,500,000 | 1,532,490 | ||
Harris County Gen. Oblig.: | ||||
(Permanent Impt. Proj.) Series 1996, 0% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500,000 | 2,151,025 | ||
(Road Proj.) Series 2008 B, 5.25% 8/15/47 | 8,000,000 | 8,028,160 | ||
Series 2002, 0% 8/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 589,440 | ||
5.25% 10/1/24 | 370,000 | 392,085 | ||
5.25% 10/1/24 (Pre-Refunded to 10/1/14 @ 100) (f) | 230,000 | 261,841 | ||
Harris County Health Facilities Dev. Corp. Hosp. Rev. (Memorial Hermann Healthcare Sys. Proj.) Series 2008 B, 7.25% 12/1/35 | 1,200,000 | 1,307,676 | ||
Hays Consolidated Independent School District Series A, 5.125% 8/15/30 | 1,000,000 | 1,040,200 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Houston Arpt. Sys. Rev. Series A, 5.625% 7/1/19 (FSA Insured) (e) | $ 1,000,000 | $ 1,033,790 | ||
Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Series 2010 A, 5% 5/15/35 | 1,300,000 | 1,336,114 | ||
Houston Independent School District: | ||||
Series 2005 A, 0% 2/15/16 | 1,700,000 | 1,533,349 | ||
0% 8/15/13 | 1,300,000 | 1,269,892 | ||
Houston Util. Sys. Rev. Bonds Series 2005 C1, 5%, tender 5/15/11 (AMBAC Insured) (d) | 2,100,000 | 2,103,045 | ||
Humble Independent School District: | ||||
Series 2000, 0% 2/15/17 | 1,000,000 | 860,310 | ||
Series 2005 B, 5.25% 2/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,800,000 | 1,957,752 | ||
Irving Gen. Oblig. Series 2009, 5% 9/15/19 | 1,690,000 | 1,990,296 | ||
Judson Independent School District Series 2005 B, 5% 2/1/24 (FSA Insured) | 950,000 | 996,028 | ||
Kermit Independent School District Series 2007, 5.25% 2/15/32 | 700,000 | 731,122 | ||
Lampasas Independent School District (School Bldg. Proj.) Series 2007, 5.25% 2/15/32 | 1,000,000 | 1,034,040 | ||
Lewisville Independent School District 0% 8/15/19 | 2,340,000 | 1,777,230 | ||
Liberty Hill Independent School District (School Bldg. Proj.) Series 2006, 5.25% 8/1/35 | 1,100,000 | 1,131,955 | ||
Longview Independent School District 5% 2/15/37 | 1,000,000 | 1,005,990 | ||
Lower Colorado River Auth. Rev. Series 2008, 5.75% 5/15/37 | 1,300,000 | 1,329,458 | ||
Lower Colorado River Auth. Transmission Contract Rev. (LCRA Transmission Svcs. Corp. Proj.): | ||||
Series 2003 C, 5% 5/15/33 | 700,000 | 689,878 | ||
Series C, 5.25% 5/15/19 (AMBAC Insured) | 1,000,000 | 1,060,240 | ||
Mansfield Independent School District: | ||||
5.375% 2/15/26 | 145,000 | 145,312 | ||
5.5% 2/15/17 | 25,000 | 25,904 | ||
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 | 1,284,895 | ||
North Texas Tollway Auth. Dallas North Tollway Sys. Rev. Series 2003 A, 5% 1/1/28 (AMBAC Insured) | 1,000,000 | 1,000,720 | ||
North Texas Tollway Auth. Rev.: | ||||
Bonds Series 2008 E3, 5.75%, tender 1/1/16 (d) | 1,000,000 | 1,111,790 | ||
Series 2008 A, 6% 1/1/24 | 2,000,000 | 2,161,260 | ||
Series 2008 I, 0% 1/1/42 (Assured Guaranty Corp. Insured) (a) | 1,100,000 | 880,759 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
North Texas Tollway Auth. Rev.: - continued | ||||
Series 2009 A, 6.25% 1/1/39 | $ 1,800,000 | $ 1,831,554 | ||
6% 9/1/41 | 1,000,000 | 1,058,290 | ||
Northwest Texas Independent School District 5.5% 8/15/21 | 170,000 | 180,628 | ||
Port Houston Auth. Harris County Series 2010 D2, 5% 10/1/39 | 1,900,000 | 1,926,980 | ||
Prosper Independent School District: | ||||
Series 2005, 5.125% 8/15/30 | 400,000 | 425,776 | ||
5.375% 8/15/37 | 2,000,000 | 2,099,140 | ||
San Antonio Arpt. Sys. Rev.: | ||||
5% 7/1/16 (FSA Insured) (e) | 1,635,000 | 1,765,784 | ||
5.25% 7/1/18 (FSA Insured) (e) | 2,505,000 | 2,660,235 | ||
San Antonio Elec. & Gas Sys. Rev. Series 2008, 5% 2/1/24 | 1,000,000 | 1,091,220 | ||
San Jacinto Cmnty. College District Series 2009, 5% 2/15/39 | 2,300,000 | 2,329,417 | ||
San Marcos Consolidated Independent School District 5% 8/1/20 | 1,525,000 | 1,639,985 | ||
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2010: | ||||
5% 10/1/35 | 400,000 | 404,172 | ||
5% 10/1/41 | 1,800,000 | 1,801,260 | ||
Spring Branch Independent School District Series 2008, 5.25% 2/1/38 | 3,145,000 | 3,246,898 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | ||||
(Baylor Health Care Sys. Proj.) Series 2009, 5.75% 11/15/24 | 1,100,000 | 1,164,658 | ||
(Hendrick Med. Ctr. Proj.) Series 2009 B, 5.25% 9/1/28 (Assured Guaranty Corp. Insured) | 1,235,000 | 1,251,524 | ||
Texas Gen. Oblig. (Trans. Commission Mobility Fund Proj.): | ||||
Series 2005 A, 4.75% 4/1/35 | 1,500,000 | 1,500,465 | ||
Series 2008, 4.75% 4/1/37 | 2,900,000 | 2,870,014 | ||
Texas Muni. Pwr. Agcy. Rev.: | ||||
0% 9/1/11 (AMBAC Insured) | 4,700,000 | 4,682,516 | ||
0% 9/1/11 (Escrowed to Maturity) (f) | 50,000 | 49,919 | ||
0% 9/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,100,000 | 976,195 | ||
0% 9/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,800,000 | 1,528,830 | ||
Texas Private Activity Bond Surface Trans. Corp.: | ||||
(LBJ Infrastructure Group LLC IH-635 Managed Lanes Proj.) Series 2010, 7% 6/30/40 | 1,200,000 | 1,227,492 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Texas Private Activity Bond Surface Trans. Corp.: - continued | ||||
(NTE Mobility Partners LLC North Tarrant Express Managed Lanes Proj.) Series 2009, 6.875% 12/31/39 | $ 1,400,000 | $ 1,422,148 | ||
Texas Tpk. Auth. Central Texas Tpk. Sys. Rev. Series 2002 A: | ||||
5.5% 8/15/39 | 4,100,000 | 3,801,151 | ||
5.75% 8/15/38 (AMBAC Insured) | 3,775,000 | 3,633,966 | ||
Texas Trans. Commission State Hwy. Fund Rev. | ||||
5% 4/1/21 | 1,000,000 | 1,110,380 | ||
5% 4/1/23 | 1,500,000 | 1,640,040 | ||
Texas Wtr. Dev. Board Rev. Series 2008 B, 5.25% 7/15/23 | 1,600,000 | 1,772,544 | ||
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 | 1,062,350 | ||
Waller Independent School District: | ||||
5.5% 2/15/28 | 1,670,000 | 1,820,484 | ||
5.5% 2/15/37 | 2,100,000 | 2,187,759 | ||
White Settlement Independent School District Series 2004, 5.75% 8/15/34 | 1,440,000 | 1,470,154 | ||
| 145,800,666 | |||
Utah - 0.1% | ||||
Utah Transit Auth. Sales Tax Rev. Series 2008 A, 5.25% 6/15/38 | 1,200,000 | 1,231,428 | ||
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 | 401,572 | ||
6.125% 12/1/27 (AMBAC Insured) | 1,000,000 | 1,012,750 | ||
(Fletcher Allen Health Care Proj.) Series 2004 B, 5.5% 12/1/28 (FSA Insured) | 2,600,000 | 2,645,578 | ||
(Middlebury College Proj.) Series 2006 A, 5% 10/31/46 | 1,000,000 | 1,001,420 | ||
| 5,061,320 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Virginia - 0.4% | ||||
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 2008 B, 5.375%, tender 12/2/13 (d) | $ 4,000,000 | $ 4,297,720 | ||
Winchester Indl. Dev. Auth. Hosp. Rev. (Valley Health Sys. Proj.) Series 2009 E, 5.625% 1/1/44 | 400,000 | 390,332 | ||
| 4,688,052 | |||
Washington - 4.9% | ||||
Chelan County Pub. Util. District #1 Columbia River-Rock Island Hydro-Elec. Sys. Rev. Series 1997 A, 0% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 820,660 | ||
Grant County Pub. Util. District #2 Wanapum Hydro Elec. Rev. Series B, 5.25% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (e) | 1,950,000 | 2,024,022 | ||
Kent Spl. Events Ctr. Pub. Facilities District Rev. Series 2008, 5.25% 12/1/32 (FSA Insured) | 2,000,000 | 2,042,540 | ||
King County Gen. Oblig.: | ||||
(Pub. Trans. Proj.) Series 2004, 5.125% 6/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,020,320 | ||
(Swr. Proj.) Series 2005, 5% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,043,700 | ||
5% 1/1/35 | 2,000,000 | 2,015,820 | ||
King County Swr. Rev.: | ||||
Series 2002 B, 5.125% 1/1/33 (FSA Insured) | 2,800,000 | 2,808,708 | ||
Series 2008, 5.75% 1/1/43 | 3,600,000 | 3,822,156 | ||
Series 2009, 5.25% 1/1/42 | 1,000,000 | 1,012,500 | ||
Spokane County School District #81 5.25% 12/1/18 (Pre-Refunded to 6/1/13 @ 100) (f) | 1,000,000 | 1,096,180 | ||
Spokane Gen. Oblig. 5.25% 12/1/24 (AMBAC Insured) | 1,000,000 | 1,089,530 | ||
Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev. 5.75% 12/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,052,140 | ||
Washington Gen. Oblig.: | ||||
Series R 97A, 0% 7/1/19 (Escrowed to Maturity) (f) | 1,200,000 | 953,376 | ||
Series S5, 0% 1/1/18 | 2,230,000 | 1,838,568 | ||
Washington Health Care Facilities Auth. Rev.: | ||||
(Catholic Heath Initiatives Proj.) Series 2008 D, 6.375% 10/1/36 | 3,000,000 | 3,195,300 | ||
(MultiCare Health Sys. Proj.): | ||||
Series 2008 B, 6% 8/15/39 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,028,120 | ||
Series 2010 A, 5% 8/15/18 | 2,295,000 | 2,428,179 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Washington - continued | ||||
Washington Health Care Facilities Auth. Rev.: - continued | ||||
(Providence Health Systems Proj.): | ||||
Series 2001 A, 5.5% 10/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 3,000,000 | $ 3,055,470 | ||
Series 2006 D, 5.25% 10/1/33 | 1,000,000 | 1,012,020 | ||
(Seattle Children's Hosp. Proj.) Series 2009, 5.625% 10/1/38 | 1,400,000 | 1,403,136 | ||
5.7% 7/1/38 | 2,270,000 | 2,141,450 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev. 5.4% 7/1/12 | 16,000,000 | 16,867,825 | ||
| 53,771,720 | |||
West Virginia - 0.1% | ||||
West Virginia Hosp. Fin. Auth. Hosp. Rev. (West Virginia United Health Sys. Proj.) Series 2008 E, 5.625% 6/1/35 | 1,000,000 | 992,780 | ||
Wisconsin - 0.7% | ||||
Badger Tobacco Asset Securitization Corp.: | ||||
6.125% 6/1/27 (Pre-Refunded to 6/1/12 @ 100) (f) | 465,000 | 483,986 | ||
6.375% 6/1/32 (Pre-Refunded to 6/1/12 @ 100) (f) | 400,000 | 425,208 | ||
Douglas County Gen. Oblig. 5.5% 2/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 335,000 | 343,177 | ||
Menasha Joint School District: | ||||
5.5% 3/1/17 (FSA Insured) | 65,000 | 66,948 | ||
5.5% 3/1/17 (FSA Insured) (Pre-Refunded to 3/1/12 @ 100) (f) | 1,095,000 | 1,129,931 | ||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Agnesian HealthCare, Inc. Proj.) Series 2010: | ||||
5.5% 7/1/40 | 500,000 | 446,240 | ||
5.75% 7/1/30 | 500,000 | 488,055 | ||
(Marshfield Clinic Proj.): | ||||
Series A, 5.375% 2/15/34 | 1,000,000 | 871,400 | ||
Series B, 6% 2/15/25 | 1,500,000 | 1,500,960 | ||
(Saint John's Cmntys., Inc. Proj.) Series 2009 C2, 5.4% 9/15/14 | 500,000 | 494,380 | ||
(Wheaton Franciscan Healthcare Sys. Proj.) Series 2003 A, 5.5% 8/15/16 | 900,000 | 919,818 | ||
| 7,170,103 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Wyoming - 0.2% | ||||
Campbell County Solid Waste Facilities Rev. (Basin Elec. Pwr. Coop. - Dry Fork Station Facilities Proj.) Series 2009 A, 5.75% 7/15/39 | $ 1,700,000 | $ 1,714,195 | ||
TOTAL MUNICIPAL BONDS (Cost $1,072,174,356) | 1,078,139,532 |
Municipal Notes - 0.1% | |||
|
|
|
|
Florida - 0.1% | |||
Cape Coral Wtr. & Swr. Rev. BAN Series 2009, 6% 10/1/11 | 1,500,000 | 1,523,055 | |
TOTAL INVESTMENT PORTFOLIO - 98.8% (Cost $1,073,674,356) | 1,079,662,587 | ||
NET OTHER ASSETS (LIABILITIES) - 1.2% | 12,575,715 | ||
NET ASSETS - 100% | $ 1,092,238,302 |
Security Type Abbreviations | ||
BAN | - | BOND ANTICIPATION NOTE |
Legend |
(a) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end. |
(b) Security 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) Coupon rates for floating and adjustable rate securities reflect the rates in effect 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. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 6,767 |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
General Obligations | 36.5% |
Health Care | 18.9% |
Water & Sewer | 9.0% |
Transportation | 8.8% |
Special Tax | 8.2% |
Electric Utilities | 7.7% |
Others* (Individually Less Than 5%) | 10.9% |
| 100.0% |
* Includes net other assets |
Income Tax Information |
At October 31, 2010, the Fund had a capital loss carryforward of approximately $1,911,450 of which $1,172,353 and $739,097 will expire in fiscal 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| April 30, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,073,674,356) |
| $ 1,079,662,587 |
Cash | 2,399,349 | |
Receivable for investments sold | 2,012,404 | |
Receivable for fund shares sold | 1,456,687 | |
Interest receivable | 16,165,317 | |
Prepaid expenses | 1,047 | |
Other receivables | 1,599 | |
Total assets | 1,101,698,990 | |
|
|
|
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 3,891,572 | |
Payable for fund shares redeemed | 3,053,114 | |
Distributions payable | 1,521,458 | |
Accrued management fee | 330,385 | |
Distribution and service plan fees payable | 231,362 | |
Other affiliated payables | 408,105 | |
Other payables and accrued expenses | 24,692 | |
Total liabilities | 9,460,688 | |
|
|
|
Net Assets | $ 1,092,238,302 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,089,941,258 | |
Undistributed net investment income | 430,750 | |
Accumulated undistributed net realized gain (loss) on investments | (4,121,937) | |
Net unrealized appreciation (depreciation) on investments | 5,988,231 | |
Net Assets | $ 1,092,238,302 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2011 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price | $ 12.47 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.47) | $ 12.99 | |
Class T: | $ 12.51 | |
|
|
|
Maximum offering price per share (100/96.00 of $12.51) | $ 13.03 | |
Class B: | $ 12.44 | |
|
|
|
Class C: | $ 12.50 | |
|
|
|
Institutional Class: | $ 12.42 |
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, 2011 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 26,308,556 |
Income from Fidelity Central Funds |
| 6,767 |
Total income |
| 26,315,323 |
|
|
|
Expenses | ||
Management fee | $ 2,084,545 | |
Transfer agent fees | 727,323 | |
Distribution and service plan fees | 1,507,616 | |
Accounting fees and expenses | 114,844 | |
Custodian fees and expenses | 7,493 | |
Independent trustees' compensation | 2,151 | |
Registration fees | 69,047 | |
Audit | 25,813 | |
Legal | 2,518 | |
Miscellaneous | 5,614 | |
Total expenses before reductions | 4,546,964 | |
Expense reductions | (17,770) | 4,529,194 |
Net investment income (loss) | 21,786,129 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (2,210,487) | |
Change in net unrealized appreciation (depreciation) on investment securities | (50,294,833) | |
Net gain (loss) | (52,505,320) | |
Net increase (decrease) in net assets resulting from operations | $ (30,719,191) |
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, 2011 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 21,786,129 | $ 42,466,021 |
Net realized gain (loss) | (2,210,487) | (514,042) |
Change in net unrealized appreciation (depreciation) | (50,294,833) | 41,887,893 |
Net increase (decrease) in net assets resulting | (30,719,191) | 83,839,872 |
Distributions to shareholders from net investment income | (21,764,052) | (42,412,688) |
Share transactions - net increase (decrease) | (128,718,200) | 166,873,091 |
Total increase (decrease) in net assets | (181,201,443) | 208,300,275 |
|
|
|
Net Assets | ||
Beginning of period | 1,273,439,745 | 1,065,139,470 |
End of period (including undistributed net investment income of $430,750 and undistributed net investment income of $408,673, respectively) | $ 1,092,238,302 | $ 1,273,439,745 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2011 | Years ended October 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.99 | $ 12.54 | $ 11.55 | $ 12.72 | $ 13.00 | $ 12.97 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .239 | .465 | .479 | .476 | .488 | .504 |
Net realized and unrealized gain (loss) | (.521) | .450 | .991 | (1.094) | (.185) | .193 |
Total from investment operations | (.282) | .915 | 1.470 | (.618) | .303 | .697 |
Distributions from net investment income | (.238) | (.465) | (.480) | (.477) | (.488) | (.505) |
Distributions from net realized gain | - | - | - | (.075) | (.095) | (.162) |
Total distributions | (.238) | (.465) | (.480) | (.552) | (.583) | (.667) |
Net asset value, end of period | $ 12.47 | $ 12.99 | $ 12.54 | $ 11.55 | $ 12.72 | $ 13.00 |
Total Return B, C, D | (2.15)% | 7.42% | 12.96% | (5.06)% | 2.39% | 5.56% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .78% A | .78% | .79% | .78% | .73% | .68% |
Expenses net of fee waivers, if any | .78% A | .78% | .79% | .78% | .73% | .68% |
Expenses net of all reductions | .78% A | .78% | .79% | .74% | .70% | .63% |
Net investment income (loss) | 3.87% A | 3.64% | 3.96% | 3.85% | 3.82% | 3.93% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 347,887 | $ 448,794 | $ 403,580 | $ 235,466 | $ 160,903 | $ 144,183 |
Portfolio turnover rate G | 6% A | 7% | 6% | 14% | 27% | 26% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2011 | Years ended October 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.02 | $ 12.57 | $ 11.58 | $ 12.75 | $ 13.02 | $ 13.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .239 | .467 | .481 | .480 | .484 | .493 |
Net realized and unrealized gain (loss) | (.511) | .449 | .990 | (1.098) | (.177) | .181 |
Total from investment operations | (.272) | .916 | 1.471 | (.618) | .307 | .674 |
Distributions from net investment income | (.238) | (.466) | (.481) | (.477) | (.482) | (.492) |
Distributions from net realized gain | - | - | - | (.075) | (.095) | (.162) |
Total distributions | (.238) | (.466) | (.481) | (.552) | (.577) | (.654) |
Net asset value, end of period | $ 12.51 | $ 13.02 | $ 12.57 | $ 11.58 | $ 12.75 | $ 13.02 |
Total Return B, C, D | (2.07)% | 7.41% | 12.94% | (5.05)% | 2.42% | 5.36% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .78% A | .77% | .78% | .77% | .77% | .78% |
Expenses net of fee waivers, if any | .78% A | .77% | .78% | .77% | .77% | .78% |
Expenses net of all reductions | .77% A | .77% | .78% | .74% | .74% | .73% |
Net investment income (loss) | 3.87% A | 3.65% | 3.97% | 3.85% | 3.78% | 3.83% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 219,475 | $ 253,136 | $ 256,358 | $ 233,891 | $ 281,113 | $ 310,132 |
Portfolio turnover rate G | 6% A | 7% | 6% | 14% | 27% | 26% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2011 | Years ended October 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.96 | $ 12.51 | $ 11.52 | $ 12.69 | $ 12.97 | $ 12.94 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .197 | .379 | .397 | .396 | .398 | .407 |
Net realized and unrealized gain (loss) | (.520) | .451 | .993 | (1.096) | (.185) | .193 |
Total from investment operations | (.323) | .830 | 1.390 | (.700) | .213 | .600 |
Distributions from net investment income | (.197) | (.380) | (.400) | (.395) | (.398) | (.408) |
Distributions from net realized gain | - | - | - | (.075) | (.095) | (.162) |
Total distributions | (.197) | (.380) | (.400) | (.470) | (.493) | (.570) |
Net asset value, end of period | $ 12.44 | $ 12.96 | $ 12.51 | $ 11.52 | $ 12.69 | $ 12.97 |
Total Return B, C, D | (2.48)% | 6.73% | 12.26% | (5.70)% | 1.68% | 4.78% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.47% A | 1.45% | 1.45% | 1.44% | 1.43% | 1.44% |
Expenses net of fee waivers, if any | 1.45% A | 1.45% | 1.45% | 1.44% | 1.43% | 1.44% |
Expenses net of all reductions | 1.45% A | 1.44% | 1.45% | 1.40% | 1.40% | 1.39% |
Net investment income (loss) | 3.20% A | 2.98% | 3.30% | 3.19% | 3.12% | 3.17% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 14,046 | $ 19,838 | $ 26,607 | $ 31,611 | $ 48,172 | $ 65,114 |
Portfolio turnover rate G | 6% A | 7% | 6% | 14% | 27% | 26% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2011 | Years ended October 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 13.02 | $ 12.57 | $ 11.57 | $ 12.74 | $ 13.02 | $ 12.99 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .191 | .370 | .390 | .384 | .388 | .396 |
Net realized and unrealized gain (loss) | (.521) | .448 | .999 | (1.096) | (.187) | .192 |
Total from investment operations | (.330) | .818 | 1.389 | (.712) | .201 | .588 |
Distributions from net investment income | (.190) | (.368) | (.389) | (.383) | (.386) | (.396) |
Distributions from net realized gain | - | - | - | (.075) | (.095) | (.162) |
Total distributions | (.190) | (.368) | (.389) | (.458) | (.481) | (.558) |
Net asset value, end of period | $ 12.50 | $ 13.02 | $ 12.57 | $ 11.57 | $ 12.74 | $ 13.02 |
Total Return B, C, D | (2.52)% | 6.60% | 12.19% | (5.77)% | 1.58% | 4.66% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.55% A | 1.54% | 1.53% | 1.53% | 1.52% | 1.53% |
Expenses net of fee waivers, if any | 1.55% A | 1.54% | 1.53% | 1.53% | 1.52% | 1.53% |
Expenses net of all reductions | 1.55% A | 1.53% | 1.53% | 1.49% | 1.49% | 1.48% |
Net investment income (loss) | 3.10% A | 2.89% | 3.22% | 3.09% | 3.03% | 3.08% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 123,533 | $ 151,847 | $ 133,834 | $ 72,444 | $ 60,971 | $ 62,799 |
Portfolio turnover rate G | 6% A | 7% | 6% | 14% | 27% | 26% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2011 | Years ended October 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.93 | $ 12.49 | $ 11.50 | $ 12.67 | $ 12.95 | $ 12.92 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .251 | .492 | .506 | .504 | .508 | .520 |
Net realized and unrealized gain (loss) | (.509) | .443 | .993 | (1.093) | (.180) | .196 |
Total from investment operations | (.258) | .935 | 1.499 | (.589) | .328 | .716 |
Distributions from net investment income | (.252) | (.495) | (.509) | (.506) | (.513) | (.524) |
Distributions from net realized gain | - | - | - | (.075) | (.095) | (.162) |
Total distributions | (.252) | (.495) | (.509) | (.581) | (.608) | (.686) |
Net asset value, end of period | $ 12.42 | $ 12.93 | $ 12.49 | $ 11.50 | $ 12.67 | $ 12.95 |
Total Return B, C | (1.97)% | 7.62% | 13.29% | (4.86)% | 2.60% | 5.73% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .55% A | .55% | .55% | .54% | .53% | .54% |
Expenses net of fee waivers, if any | .55% A | .55% | .55% | .54% | .53% | .54% |
Expenses net of all reductions | .55% A | .55% | .55% | .50% | .50% | .49% |
Net investment income (loss) | 4.10% A | 3.87% | 4.20% | 4.08% | 4.02% | 4.07% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 387,297 | $ 399,826 | $ 244,761 | $ 164,402 | $ 132,581 | $ 61,573 |
Portfolio turnover rate F | 6% A | 7% | 6% | 14% | 27% | 26% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2011 (Unaudited)
1. Organization.
Fidelity Advisor Municipal Income Fund (the Fund) is a fund of Fidelity Advisor Series II (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases by existing shareholders. 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 may also differ by class.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
Semiannual Report
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
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. 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 market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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 and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including 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. 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 and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to futures transactions.
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 Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 26,608,397 |
Gross unrealized depreciation | (20,307,770) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 6,300,627 |
Tax cost | $ 1,073,361,960 |
4. 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 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $33,844,822 and $104,021,592, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and 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 .37% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total | Retained |
Class A | -% | .25% | $ 482,693 | $ 23,029 |
Class T | -% | .25% | 288,326 | 5,609 |
Class B | .65% | .25% | 73,561 | 53,575 |
Class C | .75% | .25% | 663,036 | 156,408 |
|
|
| $ 1,507,616 | $ 238,621 |
Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, .75% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 47,301 |
Class T | 4,171 |
Class B* | 38,741 |
Class C* | 17,419 |
| $ 107,632 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and servicing agent for each class of the Fund. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund to perform the transfer agency, dividend disbursing, and shareholder servicing functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 227,304 | .12 |
Class T | 132,301 | .12 |
Class B | 12,679 | .16 |
Class C | 88,058 | .13 |
Institutional Class | 266,981 | .14 |
| $ 727,323 |
|
* 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.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR or an affiliate in a $4.0 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 $2,064 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. 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
8. Expense Reductions - continued
The following classes were in reimbursement during the period:
| Expense | Reimbursement |
Class B | 1.45% | $ 1,706 |
Institutional Class | .55% | 630 |
|
| $ 2,336 |
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 $5,602 and $9,832, respectively.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 7,392,821 | $ 15,650,148 |
Class T | 4,407,754 | 9,302,602 |
Class B | 259,379 | 695,454 |
Class C | 2,026,403 | 4,205,413 |
Institutional Class | 7,677,695 | 12,559,071 |
Total | $ 21,764,052 | $ 42,412,688 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended April 30, | Year ended | Six months ended April 30, | Year ended | |
Class A |
|
|
|
|
Shares sold | 2,601,305 | 9,760,470 | $ 32,344,671 | $ 124,410,750 |
Reinvestment of distributions | 382,058 | 852,921 | 4,741,725 | 10,886,847 |
Shares redeemed | (9,642,889) | (8,240,048) | (119,104,716) | (105,208,202) |
Net increase (decrease) | (6,659,526) | 2,373,343 | $ (82,018,320) | $ 30,089,395 |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars | ||
Six months ended April 30, | Year ended | Six months ended April 30, | Year ended | |
Class T |
|
|
|
|
Shares sold | 773,935 | 1,482,052 | $ 9,671,083 | $ 18,917,573 |
Reinvestment of distributions | 244,042 | 514,609 | 3,036,098 | 6,585,190 |
Shares redeemed | (2,906,375) | (2,947,560) | (35,975,259) | (37,675,820) |
Net increase (decrease) | (1,888,398) | (950,899) | $ (23,268,078) | $ (12,173,057) |
Class B |
|
|
|
|
Shares sold | 22,989 | 294,345 | $ 283,215 | $ 3,729,725 |
Reinvestment of distributions | 12,505 | 33,391 | 154,769 | 424,661 |
Shares redeemed | (437,582) | (923,177) | (5,396,220) | (11,722,002) |
Net increase (decrease) | (402,088) | (595,441) | $ (4,958,236) | $ (7,567,616) |
Class C |
|
|
|
|
Shares sold | 807,062 | 3,366,657 | $ 10,088,162 | $ 42,974,274 |
Reinvestment of distributions | 100,479 | 203,401 | 1,249,629 | 2,604,042 |
Shares redeemed | (2,690,440) | (2,553,639) | (33,307,094) | (32,743,842) |
Net increase (decrease) | (1,782,899) | 1,016,419 | $ (21,969,303) | $ 12,834,474 |
Institutional Class |
|
|
|
|
Shares sold | 7,491,571 | 17,088,391 | $ 92,315,714 | $ 217,057,842 |
Reinvestment of distributions | 252,123 | 493,177 | 3,114,925 | 6,276,304 |
Shares redeemed | (7,470,620) | (6,261,763) | (91,934,902) | (79,644,251) |
Net increase (decrease) | 273,074 | 11,319,805 | $ 3,495,737 | $ 143,689,895 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Management & Research
(U.K.) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
HIMI-USAN-0611
1.784902.108
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 24, 2011 |
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 24, 2011 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
|
|
Date: | June 24, 2011 |