Scott C. Goebel, Secretary
82 Devonshire St.
Item 1. Reports to Stockholders
U.S. equities remained in a significant midyear downturn that began in May and intensified in the final week of July and the early part of August, when Standard & Poor's announced it was lowering its long-term sovereign credit rating of the United States. The historic downgrade followed a political stalemate in which Congress struggled to address the debt ceiling issue before an early-August deadline, resulting in heightened investor anxiety and volatility across major financial markets. Financial markets are always unpredictable, of course, but there 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.
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2011 to August 31, 2011).
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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.
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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.
Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money by investing in the fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending August 29, 2011, the most recent period shown in the table, would have been -0.20%.
Municipal Securities - 100.4% |
| Principal Amount (000s) | | Value (000s) |
Alabama - 0.2% |
Daphne-Villa Mercy Spl. Care Facilities Fing. Auth. Rev. (Mercy Med. Hosp. Proj.) 0.18% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | $ 3,100 | | $ 3,100 |
Alaska - 2.2% |
Alaska Hsg. Fin. Corp. Participating VRDN Series Solar 06 22, 0.19% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f) | 4,515 | | 4,515 |
Valdez Marine Term. Rev.: | | | |
(ConocoPhillips Proj.) Series 1994 A, 0.16% 9/7/11, VRDN (c) | 21,000 | | 21,000 |
(Phillips Trans. Alaska, Inc. Proj.) Series 1994 B, 0.2% 9/7/11 (ConocoPhillips Guaranteed), VRDN (c) | 4,100 | | 4,100 |
| | 29,615 |
Arizona - 2.5% |
Chandler Gen. Oblig. Participating VRDN Series GS 07 49TP, 0.21% 9/7/11 (Liquidity Facility Wells Fargo & Co.) (c)(f) | 10,695 | | 10,695 |
Glendale Indl. Dev. Auth. (Midwestern Univ. Proj.) Series 2008, 0.21% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 1,200 | | 1,200 |
Phoenix Indl. Dev. Auth. Multi-family Hsg. Rev. (Del Mar Terrance Apts. Proj.) Series 1999 A, 0.25% 9/7/11, LOC Freddie Mac, VRDN (c) | 10,500 | | 10,500 |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Participating VRDN: | | | |
Series Putters 3467, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f) | 2,115 | | 2,115 |
Series Putters 3708Z, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f) | 4,605 | | 4,605 |
Series ROC II R 11712, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(f) | 1,000 | | 1,000 |
Tempe Indl. Dev. Auth. Rev. (ASUF Brickyard Proj.) Series 2004 A, 0.38% 9/7/11, LOC Bank of America NA, VRDN (c) | 3,500 | | 3,500 |
| | 33,615 |
California - 2.1% |
Barclays Cap. Muni. Trust Receipts Bonds Series 2011 26U, 0.19%, tender 11/22/11 (Barclays Bank PLC Guaranteed) (a) | 6,200 | | 6,200 |
California Gen. Oblig. Series 2004 A7, 0.21% 9/7/11, LOC Citibank NA, LOC California Teachers Retirement Sys., VRDN (c) | 1,000 | | 1,000 |
California Health Facilities Fing. Auth. Rev. (Stanford Hosp. and Clinics Proj.) Series 2008 B1, 0.14% 9/7/11, VRDN (c) | 1,000 | | 1,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
California - continued |
California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Series 2010, 0.2% 9/7/11 (Liquidity Facility Royal Bank of Canada), VRDN (c) | $ 2,700 | | $ 2,700 |
Los Angeles Gen. Oblig. Bonds Series Putters 3930, 0.16%, tender 10/20/11 (Liquidity Facility JPMorgan Chase & Co.) (c)(f)(g) | 2,300 | | 2,300 |
Orange County Apt. Dev. Rev. (Aliso Creek Proj.) Series 1992 B, 0.18% 9/7/11, LOC Freddie Mac, VRDN (c) | 1,000 | | 1,000 |
Orange County Sanitation District Ctfs. of Prtn. Participating VRDN Series ROC II R 11304, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(f) | 6,960 | | 6,960 |
Orange County Sanitation District Rev. BAN Series 2010 B, 2% 11/23/11 | 4,000 | | 4,015 |
Southern California Pub. Pwr. Auth. Rev. (Palo Verde Proj.) Series 2008 A, 0.14% 9/7/11, LOC Citibank NA, VRDN (c) | 2,600 | | 2,600 |
| | 27,775 |
Colorado - 1.7% |
Adams County Rev. (Adams Mental Health Foundation Prog.) Series 1997, 0.6% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 820 | | 820 |
Colorado Edl. & Cultural Facilities Auth. Rev. (Clyfford Still Museum Proj.) Series 2008, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 900 | | 900 |
Colorado Health Facilities Auth. Rev. Participating VRDN Series Putters 2999, 0.23% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f) | 6,245 | | 6,245 |
Colorado Reg'l. Trans. District Sales Tax Rev. Participating VRDN Series EGL 07 0040, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(f) | 3,700 | | 3,700 |
Denver Urban Renewal Auth. Tax Increment Rev. Series 2008 A1, 0.21% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 3,850 | | 3,850 |
Mesa County Econ. Dev. Rev. (Leitner-Poma of America, Inc. Proj.) Series 2009, 0.29% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 7,710 | | 7,710 |
| | 23,225 |
Connecticut - 0.7% |
Connecticut Dev. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) 0.35% tender 9/1/11, CP mode | 1,700 | | 1,700 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Connecticut - continued |
Connecticut Health & Edl. Facilities Auth. Rev. Participating VRDN: | | | |
Series BBT 08 17, 0.2% 9/7/11 (Liquidity Facility Branch Banking & Trust Co.) (c)(f) | $ 3,000 | | $ 3,000 |
Series EGL 7 05 3031, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(f) | 4,300 | | 4,300 |
| | 9,000 |
Delaware - 0.8% |
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 A, 0.43% 9/7/11, VRDN (c) | 6,000 | | 6,000 |
Wilmington Adjustable Rate Demand Rev. (Delaware Art Museum, Inc. Proj.) 0.18% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 4,200 | | 4,200 |
| | 10,200 |
District Of Columbia - 0.9% |
District of Columbia Income Tax Rev. Participating VRDN Series Putters 3369, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f) | 1,000 | | 1,000 |
District of Columbia Rev.: | | | |
(The Phillips Collection Issue Proj.) Series 2003, 0.43% 9/7/11, LOC Bank of America NA, VRDN (c) | 3,735 | | 3,735 |
(The Washington Ctr. for Internships and Academic Seminars Proj.) Series 2009, 0.21% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 4,900 | | 4,900 |
Bonds (American Nat'l. Red Cross Proj.) Series 2000, 0.16% tender 9/6/11, LOC JPMorgan Chase Bank, CP mode | 2,400 | | 2,400 |
| | 12,035 |
Florida - 10.0% |
Alachua County Health Facilities Auth. Health Facilities Rev. Bonds (Shands Teaching Hospitals & Clinics, Inc. Proj.): | | | |
Series 2008 A, 0.14% tender 9/7/11, LOC Bank of America NA, CP mode | 2,900 | | 2,900 |
Series 2008 B, 0.13% tender 9/6/11, LOC Bank of America NA, CP mode | 3,300 | | 3,300 |
Broward County Fin. Auth. Multi-family Hsg. Rev. (Reflections Apts. Proj.) Series 1999, 0.18% 9/7/11, LOC Freddie Mac, VRDN (c) | 2,165 | | 2,165 |
Cape Coral Gen. Oblig. 0.14% 9/6/11, LOC Bank of America NA, CP | 6,778 | | 6,778 |
Florida Board of Ed. Pub. Ed. Cap. Outlay Participating VRDN Series Putters 3834 Z, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f) | 1,270 | | 1,270 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Florida - continued |
Florida Division of Bond Fin. Dept. Gen. Svcs. Revs. Bonds (Dept. of Envir. Preservation Proj.) Series 1997 B, 6% 7/1/12 | $ 1,000 | | $ 1,046 |
Florida Gen. Oblig. Participating VRDN Series PZ 130, 0.22% 9/7/11 (Liquidity Facility Wells Fargo & Co.) (c)(f) | 3,440 | | 3,440 |
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: | | | |
(Mariner's Cay Apts. Proj.) Series 2008 M, 0.21% 9/7/11, LOC Fannie Mae, VRDN (c) | 1,360 | | 1,360 |
(Victoria Park Apts. Proj.) Series 2002 J, 0.21% 9/7/11, LOC Fannie Mae, VRDN (c) | 1,100 | | 1,100 |
Florida Hurricane Catastrophe Fund Fin. Corp. Rev. Bonds Series 2006 A: | | | |
5% 7/1/12 | 3,565 | | 3,703 |
5.25% 7/1/12 | 2,000 | | 2,080 |
Florida Keys Aqueduct Auth. Wtr. Rev. Series 2008, 0.13% 9/7/11, LOC TD Banknorth, NA, VRDN (c) | 2,400 | | 2,400 |
Hillsborough County Cap. Impt. Prog. Rev. Series A, 0.21% 11/3/11, LOC State Street Bank & Trust Co., Boston, CP | 8,000 | | 8,000 |
Jacksonville Econ. Dev. Commission Rev. (YMCA of Florida's First Coast Proj.) 0.31% 9/7/11, LOC Bank of America NA, VRDN (c) | 8,605 | | 8,605 |
Jacksonville Hsg. Fin. Auth. Multi-family Hsg. Rev. (Augustine Apts. Proj.) 0.18% 9/7/11, LOC Fannie Mae, VRDN (c) | 2,650 | | 2,650 |
Jacksonville Poll. Cont. Rev. Bonds (Florida Pwr. & Lt. Co. Proj.): | | | |
Series 1992, 0.2% tender 9/1/11, CP mode | 1,800 | | 1,800 |
Series 1994, 0.2% tender 9/1/11, CP mode | 5,545 | | 5,545 |
Miami-Dade County Gen. Oblig.: | | | |
Bonds Series 2011 B, 3% 11/1/11 | 1,115 | | 1,120 |
TAN Series 2011, 2% 1/27/12 | 8,400 | | 8,462 |
Nassau County Poll. Cont. Rev. (Rayonier Proj.) 0.32% 9/7/11, LOC Bank of America NA, VRDN (c) | 4,400 | | 4,400 |
Orange County Indl. Dev. Auth. Indl. Dev. Rev. (Central Florida YMCA Proj.) Series 2002 A, 0.31% 9/7/11, LOC Bank of America NA, VRDN (c) | 1,305 | | 1,305 |
Palm Beach County Rev.: | | | |
(Benjamin Private School Proj.) 0.38% 9/7/11, LOC Bank of America NA, VRDN (c) | 15,400 | | 15,400 |
(Hanley Ctr. Proj.) Series 2006, 0.38% 9/7/11, LOC Bank of America NA, VRDN (c) | 7,210 | | 7,210 |
(Morse Oblig. Group Proj.) Series 2003, 0.19% 9/7/11, LOC TD Banknorth, NA, VRDN (c) | 6,045 | | 6,045 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Florida - continued |
Palm Beach County Rev.: - continued | | | |
(Saint Andrew's School of Boca Raton, Inc. Proj.) Series 2007, 0.31% 9/7/11, LOC Bank of America NA, VRDN (c) | $ 2,100 | | $ 2,100 |
Pasco County School Board Ctfs. of Prtn. Series 2008 C, 0.31% 9/7/11, LOC Bank of America NA, VRDN (c) | 5,100 | | 5,100 |
Pinellas County Health Facilities Auth. Rev.: | | | |
(BayCare Health Sys. Proj.) Series 2009 A3, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 1,000 | | 1,000 |
(Suncoast Hospice Proj.) Series 2004, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 1,605 | | 1,605 |
Pinellas County Hsg. Fin. Auth. (Booker Creek Apts. Proj.) Series 2009, 0.21% 9/7/11, LOC Freddie Mac, VRDN (c) | 5,000 | | 5,000 |
Saint Petersburg Health Facilities Auth. Rev. (All Children's Hosp. Proj.) Series 2005 A1, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 4,930 | | 4,930 |
Volusia County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Fisherman's Landing Apts. Proj.) 0.18% 9/7/11, LOC Fannie Mae, VRDN (c) | 1,050 | | 1,050 |
Volusia County School Board Ctfs. of Prtn. Participating VRDN Series Solar 2007-36, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f) | 5,945 | | 5,945 |
Winter Haven Util. Sys. Impt. & Rfdg. Rev. Participating VRDN Series Solar 06 54, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f) | 4,635 | | 4,635 |
| | 133,449 |
Georgia - 2.0% |
Atlanta Tax Allocation (Westside Proj.) Series 2008, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 6,100 | | 6,100 |
DeKalb County Hsg. Auth. Multi-family Hsg. Rev. (Timber Trace Apts. Proj.) Series 2003, 0.22% 9/7/11, LOC Freddie Mac, VRDN (c) | 5,225 | | 5,225 |
Fulton County Dev. Auth.: | | | |
(Mount Vernon Presbyterian School Proj.) Series 2005, 0.21% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 2,500 | | 2,500 |
(Pace Academy, Inc. Proj.) Series 2008, 0.31% 9/7/11, LOC Bank of America NA, VRDN (c) | 3,900 | | 3,900 |
Georgia Muni. Gas Auth. Rev. Bonds (Gas Portfolio III Proj.) Series 2011 M, 2% 4/1/12 | 2,350 | | 2,372 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Georgia - continued |
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series 2010 A, 0.21% 9/7/11 (Liquidity Facility Royal Bank of Canada), VRDN (c) | $ 4,300 | | $ 4,300 |
Smyrna Hsg. Fin. Auth. Multi-family Hsg. Rev. (The Hills of Post Village Proj.) Series 1995, 0.17% 9/7/11, LOC Fannie Mae, VRDN (c) | 2,200 | | 2,200 |
| | 26,597 |
Hawaii - 0.4% |
Honolulu City & County Gen. Oblig. Participating VRDN Series Putters 3391, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f) | 5,000 | | 5,000 |
Idaho - 0.2% |
Idaho Health Facilities Auth. Rev. (St. Luke's Health Sys. Proj.) Series 2009 A, 0.17% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 2,000 | | 2,000 |
Illinois - 4.5% |
Chicago Metropolitan Wtr. Reclamation District Greater Chicago Participating VRDN Series Solar 06 75, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f) | 3,200 | | 3,200 |
Chicago Wastewtr. Transmission Rev. Series 2008 C1, 0.13% 9/1/11, LOC BMO Harris Bank NA, VRDN (c) | 1,600 | | 1,600 |
Chicago Wtr. Rev.: | | | |
Series 2004 A2, 0.22% 9/7/11, LOC California Pub. Employees Retirement Sys., VRDN (c) | 2,675 | | 2,675 |
Series 2004 A3, 0.18% 9/7/11, LOC State Street Bank & Trust Co., Boston, VRDN (c) | 3,175 | | 3,175 |
DuPage County Rev. (Morton Arboretum Proj.) 0.31% 9/7/11, LOC Bank of America NA, VRDN (c) | 10,500 | | 10,500 |
Illinois Fin. Auth. Rev.: | | | |
(Chicago Historical Society Proj.) Series 2006, 0.2% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 18,900 | | 18,900 |
(Saint Xavier Univ. Proj.) Series 2008, 0.3% 9/7/11, LOC Bank of America NA, VRDN (c) | 3,700 | | 3,700 |
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2007 A-2A, 0.22% 9/7/11, LOC Bank Tokyo-Mitsubishi UFJ Ltd., VRDN (c) | 1,000 | | 1,000 |
Lake County Multi-family Hsg. Rev. (Whispering Oaks Apts. Proj.) Series 2008, 0.21% 9/7/11, LOC Freddie Mac, VRDN (c) | 3,250 | | 3,250 |
Lisle Village Multi-family Hsg. Rev. (Four Lakes Phase V-Lisle) Series 1996, 0.24% 9/7/11, LOC Bank of America NA, VRDN (c) | 7,180 | | 7,180 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Illinois - continued |
Univ. of Illinois Rev. (UIC South Campus Dev. Proj.) Series 2008, 0.17% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | $ 2,500 | | $ 2,500 |
Yorkville Svc. Area 2004-106 Tax (MPI Grande Reserve Proj.) 0.43% 9/7/11, LOC Bank of America NA, VRDN (c) | 2,500 | | 2,500 |
| | 60,180 |
Indiana - 1.7% |
Indiana Dev. Fin. Auth. Envir. Rev. Series 2005, 0.16% 9/7/11, LOC Royal Bank of Scotland PLC, VRDN (c) | 3,400 | | 3,400 |
Indiana Dev. Fin. Auth. Rev. (Indianapolis Museum of Art, Inc. Proj.) Series 2001, 0.16% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 5,800 | | 5,800 |
Indiana Edl. Facilities Auth. Rev. (Earlham College Proj.) Series E, 0.2% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 4,050 | | 4,050 |
Indiana Fin. Auth. Health Sys. Rev. Participating VRDN Series 3654 Z, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f) | 3,440 | | 3,440 |
Indiana Health & Edl. Facilities Fing. Auth. Hosp. Rev. (Howard Reg'l. Health Sys. Proj.) Series B, 0.12% 9/1/11, LOC BMO Harris Bank NA, VRDN (c) | 1,000 | | 1,000 |
IPS Multi-School Bldg. Corp. Participating VRDN Series Solar 07 26, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f) | 2,000 | | 2,000 |
Marion Econ. Dev. Rev. (Indiana Wesleyan Univ. Proj.) Series 2006, 0.3% 9/7/11, LOC Bank of America NA, VRDN (c) | 3,700 | | 3,700 |
| | 23,390 |
Iowa - 0.5% |
Iowa Fin. Auth. Poll. Cont. Facility Rev. (MidAmerican Energy Proj.) Series 2008 B, 0.2% 9/7/11, VRDN (c) | 6,600 | | 6,600 |
Kansas - 0.3% |
Wichita Gen. Oblig. BAN: | | | |
Series 240, 0.45% 9/15/11 | 1,500 | | 1,500 |
Series 246, 0.375% 8/10/12 | 2,600 | | 2,602 |
| | 4,102 |
Kentucky - 0.1% |
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2011 A, 0.28% tender 9/6/11, CP mode | 600 | | 600 |
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.28% tender 9/12/11, CP mode | 1,200 | | 1,200 |
| | 1,800 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Louisiana - 0.3% |
Louisiana Gas & Fuel Tax Rev. Participating VRDN Series Putters 2378, 0.21% 9/7/11 (Liquidity Facility Deutsche Bank AG New York Branch) (c)(f) | $ 1,030 | | $ 1,030 |
Louisiana Pub. Facilities Auth. Rev. (Christus Health Proj.) Series 2009 B3, 0.13% 9/7/11, LOC Bank of New York, New York, VRDN (c) | 1,000 | | 1,000 |
St. James Parish Gen. Oblig. (NuStar Logistics LP Proj.) Series 2010 B, 0.18% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 2,000 | | 2,000 |
| | 4,030 |
Maine - 0.5% |
Maine Health & Higher Ed. Facilities Auth. Rev. Participating VRDN Series Solar 06 122, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f) | 6,975 | | 6,975 |
Maryland - 2.8% |
Anne Arundel County Gen. Oblig. Bonds Series 2011, 2% 4/1/12 | 1,590 | | 1,605 |
Baltimore County Econ. Dev. Rev.: | | | |
(Blue Circle, Inc. Proj.) Series 1992, 0.23% 9/7/11, LOC BNP Paribas SA, VRDN (c) | 6,100 | | 6,100 |
(The Bais Yaakov School for Girls Proj.) Series 2003, 0.4% 9/7/11, LOC Bank of America NA, VRDN (c) | 1,000 | | 1,000 |
Baltimore County Gen. Oblig. Series 2011: | | | |
0.14% 9/6/11 (Liquidity Facility Mizuho Corporate Bank Ltd.), CP | 1,900 | | 1,900 |
0.14% 9/7/11 (Liquidity Facility Mizuho Corporate Bank Ltd.), CP | 1,900 | | 1,900 |
0.15% 10/4/11 (Liquidity Facility Mizuho Corporate Bank Ltd.), CP | 2,300 | | 2,300 |
0.16% 11/2/11 (Liquidity Facility Mizuho Corporate Bank Ltd.), CP | 1,500 | | 1,500 |
Carroll County Rev. (Fairhaven and Copper Ridge Proj.) Series 2004 A, 0.19% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 4,820 | | 4,820 |
Maryland Cmnty. Dev. Administration Multi-family Dev. Rev. (Avalon Lea Apt. Proj.) Series 1997, 0.27% 9/7/11, LOC Fannie Mae, VRDN (c) | 1,200 | | 1,200 |
Maryland Econ. Dev. Auth. Rev. (Associated Projs.) Series A, 0.3% 9/7/11, LOC Bank of America NA, VRDN (c) | 2,750 | | 2,750 |
Maryland Health & Higher Edl. Facilities Auth. Rev.: | | | |
(Mercy Med. Ctr. Proj.) Series 2007 D, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 3,100 | | 3,100 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Maryland - continued |
Maryland Health & Higher Edl. Facilities Auth. Rev.: - continued | | | |
(Univ. of Maryland Med. Sys. Proj.) Series 2008 A, 0.25% 9/7/11, LOC Citizens Bank of Pennsylvania, VRDN (c) | $ 6,500 | | $ 6,500 |
Montgomery County Econ. Dev. Rev. (Georgetown Preparatory School, Inc. Proj.) Series 2005, 0.31% 9/7/11, LOC Bank of America NA, VRDN (c) | 2,875 | | 2,875 |
| | 37,550 |
Massachusetts - 0.8% |
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1993 A, 0.7% tender 9/14/11, CP mode | 800 | | 800 |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN: | | | |
Series BA 08 1082, 0.27% 9/7/11 (Liquidity Facility Bank of America NA) (c)(f) | 6,680 | | 6,680 |
Series Putters 2479Z, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f) | 3,100 | | 3,100 |
| | 10,580 |
Michigan - 1.3% |
Michigan Bldg. Auth. Rev. Series 6, 0.18% 10/6/11, LOC State Street Bank & Trust Co., Boston, LOC U.S. Bank NA, Minnesota, CP | 2,000 | | 2,000 |
Michigan Fin. Auth. Rev. RAN Series 2011 C3, 2% 8/20/12, LOC Bank of Nova Scotia New York Branch | 2,700 | | 2,744 |
Michigan Gen. Oblig. TRAN Series A, 2% 9/30/11 | 4,200 | | 4,205 |
Michigan Hosp. Fin. Auth. Rev.: | | | |
Bonds (Trinity Health Sys. Proj.): | | | |
Series 2008 C, 0.11% tender 9/7/11, CP mode | 2,000 | | 2,000 |
Series C, 0.11% tender 9/7/11, CP mode | 1,000 | | 1,000 |
Participating VRDN Series ROC II R 11676, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(f) | 1,300 | | 1,300 |
Waterford Econ. Dev. Corp. Ltd. Oblig. Rev. (Canterbury Health Care, Inc. Proj.) Series 2009, 0.22% 9/7/11, LOC Fed. Home Ln. Bank of Boston, VRDN (c) | 4,300 | | 4,300 |
| | 17,549 |
Minnesota - 0.6% |
Minnesota Gen. Oblig. Participating VRDN Series Putters 3844 Q, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f) | 3,460 | | 3,460 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Minnesota - continued |
Oak Park Heights Multi-Family Rev. 0.22% 9/7/11, LOC Freddie Mac, VRDN (c) | $ 3,180 | | $ 3,180 |
St. Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (Allina Health Sys. Proj.) Series 2009 C, 0.15% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 1,000 | | 1,000 |
| | 7,640 |
Mississippi - 0.6% |
Mississippi Bus. Fin. Corp. Indl. Dev. Rev. (New Process Steel, L.P. Proj.) Series 2010, 0.38% 9/7/11, LOC Bank of America NA, VRDN (c) | 8,500 | | 8,500 |
Missouri - 1.0% |
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Participating VRDN Series EGL 07 0001, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(f) | 8,000 | | 8,000 |
Missouri Health & Edl. Facilities Auth. Health Facilities Rev. (Cox Health Sys. Proj.) Series 2008 C, 0.18% 9/7/11, LOC Bank of America NA, VRDN (c) | 5,000 | | 5,000 |
| | 13,000 |
Nebraska - 1.5% |
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2009, 0.21% 9/7/11 (Liquidity Facility Royal Bank of Canada), VRDN (c) | 5,500 | | 5,500 |
Omaha Pub. Pwr. District Elec. Rev.: | | | |
Participating VRDN Series Putters 3700 Z, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f) | 5,000 | | 5,000 |
Series A: | | | |
0.19% 9/16/11, CP | 2,000 | | 2,000 |
0.19% 9/28/11, CP | 7,200 | | 7,200 |
| | 19,700 |
Nevada - 2.7% |
Clark County Arpt. Rev.: | | | |
Series 2008 D 2A, 0.16% 9/7/11, LOC Citibank NA, VRDN (c) | 1,400 | | 1,400 |
Series 2008 D 2B, 0.16% 9/7/11, LOC Royal Bank of Canada, VRDN (c) | 1,400 | | 1,400 |
Series 2008 D1, 0.16% 9/7/11, LOC Citibank NA, VRDN (c) | 18,020 | | 18,020 |
Clark County Fuel Tax Participating VRDN Series ROC II R 11507, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(f) | 2,800 | | 2,800 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Nevada - continued |
Nevada Gen. Oblig. Bonds Series A, 5% 2/1/12 | $ 1,000 | | $ 1,018 |
Reno Hosp. Rev. (Renown Reg'l. Med. Ctr. Proj.) Series 2009 B, 0.16% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 11,995 | | 11,995 |
| | 36,633 |
New Hampshire - 0.2% |
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1990 B, 0.75% tender 9/16/11, CP mode | 1,200 | | 1,200 |
New Hampshire Health & Ed. Facilities Auth. Rev. Bonds Series 2011, 3% 10/1/11 | 1,625 | | 1,627 |
| | 2,827 |
New Jersey - 1.3% |
Montgomery Township Gen. Oblig. BAN 1.5% 9/22/11 | 16,969 | | 16,978 |
New Mexico - 0.9% |
New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Series 2009, 0.21% 9/7/11 (Liquidity Facility Royal Bank of Canada), VRDN (c) | 11,900 | | 11,900 |
New York - 1.5% |
New York Dorm. Auth. Revs. Participating VRDN: | | | |
Series EGL 06 47 Class A, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(f) | 4,500 | | 4,500 |
Series EGL 07 0003, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(f) | 15,000 | | 15,000 |
| | 19,500 |
North Carolina - 2.9% |
Board of Governors of the Univ. of North Carolina Series D, 0.15% 12/2/11, CP | 2,000 | | 2,000 |
Charlotte Wtr. & Swr. Sys. Rev.: | | | |
Series 2002 B, 0.16% 9/7/11 (Liquidity Facility Wells Fargo Bank NA), VRDN (c) | 1,700 | | 1,700 |
Series 2006 B, 0.16% 9/7/11 (Liquidity Facility Wells Fargo Bank NA), VRDN (c) | 8,400 | | 8,400 |
Guilford County Gen. Oblig. Series 2007 B, 0.18% 9/7/11 (Liquidity Facility Branch Banking & Trust Co.), VRDN (c) | 2,200 | | 2,200 |
North Carolina Cap. Facilities Fin. Agcy. Edl. Facilities Rev. (Campbell Univ. Proj.) Series 2009, 0.21% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 1,500 | | 1,500 |
North Carolina Gen. Oblig. Bonds Series 2003 A, 5.25% 3/1/12 | 1,500 | | 1,538 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
North Carolina - continued |
North Carolina Med. Care Commission Health Care Facilities Rev.: | | | |
(Deerfield Episcopal Retirement Cmnty. Proj.) Series 2008 B, 0.21% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | $ 300 | | $ 300 |
(Friends Homes, Inc. Proj.) Series 2003, 0.22% 9/7/11, LOC Bank of America NA, VRDN (c) | 6,170 | | 6,170 |
(WakeMed Proj.) Series 2009 B, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 1,200 | | 1,200 |
Piedmont Triad Arpt. Auth. Series 2008 A, 0.19% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 3,450 | | 3,450 |
Raleigh Combined Enterprise Sys. Rev. Participating VRDN Series EGL 07 0010, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(f) | 9,900 | | 9,900 |
Wake County Gen. Oblig. Series 2003 B, 0.16% 9/7/11 (Liquidity Facility Wells Fargo Bank NA), VRDN (c) | 1,000 | | 1,000 |
| | 39,358 |
Ohio - 2.9% |
Akron Bath Copley Hosp. District Rev.: | | | |
(Akron Gen. Health Systems Proj.) Series 2008, 0.16% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 2,200 | | 2,200 |
Series B, 0.18% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 1,000 | | 1,000 |
Alliance Hosp. Rev. (Alliance Obligated Group Proj.) Series 2003, 0.18% 9/1/11, LOC JPMorgan Chase Bank, VRDN (c) | 1,000 | | 1,000 |
Columbus Gen. Oblig. Participating VRDN Series Putters 2365, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f) | 4,360 | | 4,360 |
Delaware Gen. Oblig. BAN 1.5% 4/26/12 | 3,700 | | 3,721 |
Franklin County Health Care Facilities Rev. (Friendship Village of Dublin, Ohio, Inc. Proj.) Series 2004 B, 0.19% 9/7/11, LOC PNC Bank NA, VRDN (c) | 1,760 | | 1,760 |
Franklin County Hosp. Rev. Participating VRDN Series BC 11 21B, 0.19% 9/7/11 (Liquidity Facility Barclays Bank PLC) (c)(f) | 2,330 | | 2,330 |
Hamilton County Hosp. Facilities Rev. (Children's Hosp. Med. Ctr. Proj.): | | | |
Series 2000, 0.21% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 5,100 | | 5,100 |
Series 2007 M, 0.17% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 1,600 | | 1,600 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Ohio - continued |
Ohio Air Quality Dev. Auth. Rev. (FirstEnergy Corp. Proj.) Series 2006 B, 0.18% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | $ 3,000 | | $ 3,000 |
Ohio Higher Edl. Facility Commission Rev. Bonds (Cleveland Clinic Foundation Proj.) Series 2008 B6: | | | |
0.25% tender 12/7/11, CP mode | 9,200 | | 9,200 |
0.32% tender 10/17/11, CP mode | 3,000 | | 3,000 |
| | 38,271 |
Oregon - 3.1% |
Clackamas County Hosp. Facility Auth.: | | | |
(Legacy Health Sys. Proj.) Series 2008 B, 0.14% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 3,000 | | 3,000 |
Bonds (Providence Health Sys. Proj.): | | | |
Series 2003 D, 0.14% tender 10/17/11, CP mode | 4,000 | | 4,000 |
Series F: | | | |
0.14% tender 10/17/11, CP mode | 5,000 | | 5,000 |
0.15% tender 12/2/11, CP mode | 10,000 | | 10,000 |
Oregon Gen. Oblig. TAN Series 2011 A, 2% 6/29/12 | 13,600 | | 13,798 |
Oregon Health and Science Univ. Spl. Rev. Series 2009 B1, 0.21% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 4,800 | | 4,800 |
Yamhill County Rev. (George Fox Univ. Proj.) Series A, 0.3% 9/7/11, LOC Bank of America NA, VRDN (c) | 1,500 | | 1,500 |
| | 42,098 |
Pennsylvania - 3.6% |
Allegheny County Hosp. Dev. Auth. Rev. (Children's Institute Pittsburgh Proj.) Series 2005 B, 0.21% 9/7/11, LOC PNC Bank NA, VRDN (c) | 1,000 | | 1,000 |
Allegheny County Indl. Dev. Auth. Rev. (The Watson Institute Friendship Academy Proj.) Series 2010, 0.21% 9/7/11, LOC PNC Bank NA, VRDN (c) | 3,750 | | 3,750 |
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. (FirstEnergy Nuclear Generation Corp. Proj.) Series 2006 B, 0.17% 9/7/11, LOC Royal Bank of Scotland PLC, VRDN (c) | 2,000 | | 2,000 |
Butler Co. Gen. Auth. Rev. (New Castle Area School District Proj.) Series 2009 A, 0.21% 9/7/11, LOC PNC Bank NA, VRDN (c) | 2,935 | | 2,935 |
Chester County Indl. Dev. Auth. Student Hsg. Rev. Series 2008 A, 0.26% 9/7/11, LOC Citizens Bank of Pennsylvania, VRDN (c) | 1,395 | | 1,395 |
Crawford County Indl. Dev. Auth. College Rev. (Allegheny College Proj.) Series 2009 B, 0.21% 9/7/11, LOC PNC Bank NA, VRDN (c) | 2,000 | | 2,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Pennsylvania - continued |
Delaware County Indl. Dev. Auth. Rev. (Academy of Notre Dame de Namur Proj.) Series 2007, 0.29% 9/7/11, LOC Citizens Bank of Pennsylvania, VRDN (c) | $ 200 | | $ 200 |
Lancaster Indl. Dev. Auth. Rev. (United Zion Retirement Cmnty. Proj.) 0.31% 9/7/11, LOC Citizens Bank of Pennsylvania, VRDN (c) | 4,255 | | 4,255 |
Montgomery County Higher Ed. & Health Auth. Rev. (William Penn Charter School Proj.) Series 2001, 0.21% 9/7/11, LOC PNC Bank NA, VRDN (c) | 3,640 | | 3,640 |
Montgomery County Redev. Auth. Multi-family Hsg. Rev. (Forge Gate Apts. Proj.) Series 2001 A, 0.22% 9/7/11, LOC Fannie Mae, VRDN (c) | 4,990 | | 4,990 |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Series 2004 E1, 0.21% 9/7/11, LOC PNC Bank NA, VRDN (c) | 3,575 | | 3,575 |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | | | |
(California Univ. of Pennsylvania Student Hsg. Proj.) Series 2006 A1, 0.26% 9/7/11, LOC Citizens Bank of Pennsylvania, VRDN (c) | 3,255 | | 3,255 |
(Mercyhurst College Proj.) Series 12, 0.21% 9/7/11, LOC PNC Bank NA, VRDN (c) | 3,165 | | 3,165 |
Philadelphia Auth. for Indl. Dev. Rev. (The Franklin Institute Proj.) Series 2006, 0.31% 9/7/11, LOC Bank of America NA, VRDN (c) | 2,895 | | 2,895 |
Philadelphia Gen. Oblig. Series 2009 B, 0.17% 9/7/11, LOC Royal Bank of Canada, VRDN (c) | 2,200 | | 2,200 |
Scranton-Lackawanna Health & Welfare Auth. Rev. (Cmnty. Med. Ctr. Proj.) Series 2002, 0.21% 9/7/11, LOC PNC Bank NA, VRDN (c) | 3,915 | | 3,915 |
Somerset County Gen. Oblig. Series 2009 A, 0.21% 9/7/11, LOC PNC Bank NA, VRDN (c) | 3,450 | | 3,450 |
| | 48,620 |
Rhode Island - 0.8% |
Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev.: | | | |
(Roger Williams Univ. Proj.) Series 2008 B, 0.21% 9/7/11, LOC Bank of America NA, VRDN (c) | 9,300 | | 9,300 |
Participating VRDN Series Putters 3517, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f) | 990 | | 990 |
| | 10,290 |
South Carolina - 3.5% |
Columbia Wtrwks. & Swr. Rev. Participating VRDN Series BC 10 42W, 0.22% 9/7/11 (Liquidity Facility Barclays Bank PLC) (c)(f) | 2,000 | | 2,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
South Carolina - continued |
South Carolina Assoc. of Governmental Organizations Ctfs. of Prtn. Bonds Series 2011 C, 1% 3/1/12 (b) | $ 4,100 | | $ 4,115 |
South Carolina Edl. Facilities Auth. for Private Nonprofit Institutions of Higher Learning Edl. Facilities Rev. (Claflin Univ. Proj.) 0.3% 9/7/11, LOC Bank of America NA, VRDN (c) | 7,131 | | 7,131 |
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev.: | | | |
(Carolina Piedmont Foundation Proj.) 0.35% 9/7/11, LOC Bank of America NA, VRDN (c) | 3,500 | | 3,500 |
(Institute for Bus. and Home Safety Proj.) Series 2009, 0.21% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 4,500 | | 4,500 |
South Carolina Pub. Svc. Auth. Rev.: | | | |
Bonds Series 2002 D, 5.25% 1/1/12 | 1,025 | | 1,042 |
Participating VRDN Series ROC II R 11426, 0.22% 9/7/11 (Liquidity Facility Citibank NA) (c)(f) | 1,175 | | 1,175 |
Series 2010 A, 0.15% 10/3/11, CP | 6,790 | | 6,790 |
Spartanburg County School District #1 Participating VRDN Series Solar 06 152, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f) | 10,485 | | 10,485 |
York County Poll. Cont. Rev. Bonds (Duke Energy Corp. Proj.) 0.65% tender 9/1/11, CP mode | 6,500 | | 6,500 |
| | 47,238 |
Tennessee - 1.6% |
Blount County Pub. Bldg. Auth. (Local Govt. Pub. Impt. Proj.) Series 2008 E1A, 0.18% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 5,600 | | 5,600 |
Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.) Series 1994, 0.38% 9/7/11, LOC Bank of America NA, VRDN (c) | 4,600 | | 4,600 |
Metropolitan Govt. Nashville & Davidson County Indl. Dev. Board Rev. (Nashville Symphony Hall Proj.) Series 2004, 0.3% 9/7/11, LOC Bank of America NA, VRDN (c) | 3,700 | | 3,700 |
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. (Tennessee County Ln. Pool Prog.) Series 1999, 0.35% 9/7/11, LOC Bank of America NA, VRDN (c) | 6,000 | | 6,000 |
Shelby County Health Edl. & Hsg. Facilities Board Rev. Bonds (Baptist Memorial Health Care Proj.) Series 2004 A, 2.5% 9/1/11 | 1,250 | | 1,250 |
| | 21,150 |
Texas - 11.0% |
Austin Elec. Util. Sys. Rev. Series A: | | | |
0.14% 9/6/11, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 3,090 | | 3,090 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Texas - continued |
Austin Elec. Util. Sys. Rev. Series A: - continued | | | |
0.18% 9/8/11, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | $ 4,000 | | $ 4,000 |
Austin Independent School District Participating VRDN Series Putters 3554, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f) | 7,040 | | 7,040 |
Board of Regents of The Texas A&M Univ. Sys. Permanent Univ. Fund Series 2008 A, 0.15% 10/18/11, CP | 3,000 | | 3,000 |
Comal Independent School District Participating VRDN Series Solar 06 36, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f) | 13,070 | | 13,070 |
Dallas North Texas Tollway Auth. Series 2010 A1, 0.13% 9/6/11, LOC Bank of America NA, CP | 4,900 | | 4,900 |
Dallas Wtr. & Swr. Sys. Rev. Series C, 0.14% 10/27/11, CP | 7,190 | | 7,190 |
Eanes Independent School District Bonds Series 2011, 2% 8/1/12 (Permanent School Fund of Texas Guaranteed) | 3,845 | | 3,905 |
Fort Bend Independent School District Participating VRDN Series PZ 124, 0.22% 9/7/11 (Liquidity Facility Wells Fargo & Co.) (c)(f) | 10,225 | | 10,225 |
Fort Worth Independent School District Bonds Series 2008, 5% 2/15/12 (Permanent School Fund of Texas Guaranteed) | 1,000 | | 1,021 |
Harris County Gen. Oblig.: | | | |
Bonds Series 2011 A, 2%, tender 8/15/12 (c) | 1,600 | | 1,626 |
Series D, 0.16% 12/8/11 (Liquidity Facility JPMorgan Chase Bank), CP | 2,900 | | 2,900 |
TAN Series 2011, 1.5% 2/29/12 | 1,900 | | 1,912 |
Harris County Metropolitan Trans. Auth. Series A1, 0.19% 12/8/11 (Liquidity Facility JPMorgan Chase Bank), CP | 13,250 | | 13,250 |
Houston Gen. Oblig. Series A, 0.23% 9/2/11, LOC Union Bank of California, CP | 1,400 | | 1,400 |
Houston Util. Sys. Rev.: | | | |
Bonds Series 2004 A, 5.25% 5/15/12 | 1,195 | | 1,237 |
Participating VRDN Series Solar 06 70, 0.19% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f) | 4,000 | | 4,000 |
Series 2004 B4, 0.2% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 2,100 | | 2,100 |
Judson Independent School District Participating VRDN Series MS 06 1859, 0.2% 9/7/11 (Liquidity Facility Wells Fargo & Co.) (c)(f) | 3,940 | | 3,940 |
Lamar Consolidated Independent School District Participating VRDN Series DB 512, 0.24% 9/7/11 (Liquidity Facility Deutsche Bank AG) (c)(f) | 3,205 | | 3,205 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Texas - continued |
Lovejoy Independent School District Participating VRDN Series DB 514, 0.24% 9/7/11 (Liquidity Facility Deutsche Bank AG) (c)(f) | $ 6,010 | | $ 6,010 |
Mansfield Independent School District Participating VRDN Series PT 4627, 0.21% 9/7/11 (Liquidity Facility Deutsche Postbank AG) (c)(f) | 10,820 | | 10,820 |
North East Texas Independent School District Participating VRDN Series Putters 2355, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f) | 4,460 | | 4,460 |
Northwest Texas Independent School District Participating VRDN Series ROC II R 11539, 0.24% 9/7/11 (Liquidity Facility Deutsche Postbank AG) (c)(f) | 1,995 | | 1,995 |
Plano Gen. Oblig. Participating VRDN Series MS 06 1862, 0.2% 9/7/11 (Liquidity Facility Wells Fargo & Co.) (c)(f) | 2,920 | | 2,920 |
San Antonio Elec. & Gas Sys. Rev.: | | | |
Participating VRDN Series Putters 3344, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f) | 3,215 | | 3,215 |
Series A, 0.1% 9/9/11, CP | 2,300 | | 2,300 |
San Antonio Wtr. Sys. Rev. Series 2001 A, 0.16% 10/3/11, CP | 6,000 | | 6,000 |
Spring Branch Independent School District Participating VRDN Series Putters 3377, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f) | 1,495 | | 1,495 |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Baylor Health Care Sys. Proj.) Series 2011 E, 0.15% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 1,515 | | 1,515 |
Texas A&M Univ. Rev. Participating VRDN Series BC 10 39W, 0.22% 9/7/11 (Liquidity Facility Barclays Bank PLC) (c)(f) | 1,500 | | 1,500 |
Texas Pub. Fin. Auth. Rev. Series 2003, 0.15% 10/7/11, CP | 5,500 | | 5,500 |
Univ. of Houston Univ. Revs. Bonds Series 2010 C, 2% 2/15/12 | 1,030 | | 1,037 |
Univ. of Texas Board of Regents Sys. Rev. Series 2002 A, 0.13% 10/12/11 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 1,900 | | 1,900 |
Upper Trinity Reg'l. Wtr. District Series A, 0.16% 10/5/11, LOC Bank of America NA, CP | 3,000 | | 3,000 |
| | 146,678 |
Utah - 1.8% |
Carbon County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.16% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 3,800 | | 3,800 |
Emery County Poll. Cont. Rev. (PacifiCorp Proj.): | | | |
Series 1991, 0.3% 9/7/11, LOC BNP Paribas SA, VRDN (c) | 4,200 | | 4,200 |
Series 1994, 0.18% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 6,500 | | 6,500 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Utah - continued |
Intermountain Pwr. Agcy. Pwr. Supply Rev.: | | | |
Series 1997 B1, 0.15% 9/20/11 (Liquidity Facility Bank of Nova Scotia), CP | $ 2,735 | | $ 2,735 |
Series 1997 B2, 0.25% 11/9/11 (Liquidity Facility Bank of Nova Scotia), CP | 2,150 | | 2,150 |
Series 1997 B3, 0.16% 9/20/11 (Liquidity Facility JPMorgan Chase Bank), CP | 1,300 | | 1,300 |
Utah State Board of Regents Rev. Participating VRDN Series Solar 06 140, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f) | 1,700 | | 1,700 |
Utah Transit Auth. Sales Tax Rev. Participating VRDN Series ROC II R 11922, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(f) | 2,000 | | 2,000 |
| | 24,385 |
Virginia - 5.2% |
Albemarle County Indl. Dev. Auth. 0.17% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 3,610 | | 3,610 |
Henrico County Econ. Dev. Auth. Rev. (Bon Secours Health Sys. Proj.) Series 2008 D, 0.18% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 15,670 | | 15,670 |
Norfolk Econ. Dev. Auth. Rev. (Bon Secours Health Sys. Proj.) Series 2008 D1, 0.15% 9/7/11, LOC Citibank NA, VRDN (c) | 11,200 | | 11,200 |
Richmond Pub. Util. Rev. Participating VRDN: | | | |
Series ROC II R 10410, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(f) | 3,930 | | 3,930 |
Series ROC II R 11262, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(f) | 4,880 | | 4,880 |
Univ. of Virginia Gen. Rev.: | | | |
Bonds Series A, 0.15% tender 12/6/11, CP mode | 4,000 | | 4,000 |
Participating VRDN Series EGL 06 17 Class A, 0.2% 9/7/11 (Liquidity Facility Citibank NA) (c)(f) | 17,200 | | 17,200 |
Virginia College Bldg. Auth. Edl. Facilities Rev. Participating VRDN Series PZ 161, 0.22% 9/7/11 (Liquidity Facility Wells Fargo & Co.) (c)(f) | 3,860 | | 3,860 |
Virginia Resources Auth. Clean Wtr. Rev. Participating VRDN Series MS 06 1860, 0.2% 9/7/11 (Liquidity Facility Wells Fargo & Co.) (c)(f) | 4,720 | | 4,720 |
| | 69,070 |
Washington - 2.7% |
Cascade Wtr. Alliance Wtr. Sys. Rev. Participating VRDN Series Solar 06 73 0.19% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f) | 17,160 | | 17,160 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Washington - continued |
Central Puget Sound Reg'l. Trans. Auth. Sales & Use Tax Rev. Participating VRDN Series Putters 2866, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f) | $ 1,000 | | $ 1,000 |
Energy Northwest Elec. Rev. Bonds (#1 Proj.) Series 2008 D, 5% 7/1/12 | 1,100 | | 1,143 |
Pierce County Econ. Dev. Corp. Spl. Rev. (Weyerhaeuser Real Estate Proj.) Series 1997 A, 0.22% 9/7/11, LOC Bank of America NA, VRDN (c) | 1,100 | | 1,100 |
Seattle Wtr. Sys. Rev. Participating VRDN Series MS 06 2170, 0.2% 9/7/11 (Liquidity Facility Wells Fargo & Co.) (c)(f) | 2,510 | | 2,510 |
Vancouver Hsg. Auth. Rev. Series 2008, 0.19% 9/7/11, LOC Freddie Mac, VRDN (c) | 4,315 | | 4,316 |
Washington Gen. Oblig. Participating VRDN Series ROC II R 11889, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(f) | 3,250 | | 3,250 |
Washington Health Care Facilities Auth. Rev. (Southwest Washington Med. Ctr.) Series 2008 A, 0.2% 9/7/11, LOC Union Bank of California, VRDN (c) | 2,000 | | 2,000 |
Washington Hsg. Fin. Commission Nonprofit Rev. (United Way King County Proj.) 0.38% 9/7/11, LOC Bank of America NA, VRDN (c) | 1,280 | | 1,280 |
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev. Bonds 5.4% 7/1/12 (Bonneville Pwr. Administration Guaranteed) | 2,700 | | 2,815 |
| | 36,574 |
West Virginia - 0.4% |
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. (Appalachian Pwr. Co. - Amos Proj.) Series 2009 B, 0.18% 9/7/11, LOC Sumitomo Mitsui Banking Corp., VRDN (c) | 3,300 | | 3,300 |
West Virginia Hosp. Fin. Auth. Hosp. Rev. (West Virginia United Health Sys. Proj.) Series 2009 B, 0.21% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 2,700 | | 2,700 |
| | 6,000 |
Wisconsin - 3.7% |
Milwaukee Gen. Oblig. Series C2, 0.21% 10/7/11, LOC State Street Bank & Trust Co., Boston, CP | 1,500 | | 1,500 |
Wisconsin Ctr. District Tax Rev. Series 2001 A, 0.18% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 7,900 | | 7,900 |
Wisconsin Gen. Oblig.: | | | |
Series 2005 A: | | | |
0.17% 9/20/11 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 2,500 | | 2,500 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Wisconsin - continued |
Wisconsin Gen. Oblig.: - continued | | | |
Series 2005 A: | | | |
0.17% 9/21/11 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | $ 5,200 | | $ 5,200 |
Series 2006 A, 0.17% 9/21/11 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 4,939 | | 4,939 |
TAN 2% 6/15/12 | 2,350 | | 2,382 |
Wisconsin Health & Edl. Facilities Auth. Rev. Bonds (Alexian Brothers Health Sys. Proj.) 0.2% tender 1/9/12, LOC JPMorgan Chase Bank, CP mode | 2,000 | | 2,000 |
Wisconsin Trans. Rev.: | | | |
Series 1997 A, 0.17% 9/21/11 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 11,935 | | 11,935 |
Series 2006 A: | | | |
0.17% 9/21/11 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 3,000 | | 3,000 |
0.31% 10/6/11 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 7,500 | | 7,500 |
| | 48,856 |
| Shares | | |
Other - 10.4% |
Fidelity Tax-Free Cash Central Fund, 0.16% (d)(e) | 138,451,900 | | 138,452 |
TOTAL INVESTMENT PORTFOLIO - 100.4% (Cost $1,342,085) | | 1,342,085 |
NET OTHER ASSETS (LIABILITIES) - (0.4)% | | (4,874) |
NET ASSETS - 100% | $ 1,337,211 |
Fidelity AMT Tax-Free Money Fund (the Fund) is a fund of Fidelity Union Street Trust 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 Delaware statutory trust.
The Fund invests 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm are available on the SEC web site or upon request.
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:
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)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.
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 and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to deferred trustee compensation.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
The tax-based components of distributable earnings as of period end were as follows:
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be August 31, 2012.
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.
FMR voluntarily agreed to reimburse the Fund to the extent annual operating expenses exceeded .33% of average net assets. During the period this reimbursement reduced the Fund's expenses by $1,514.
Additionally, FMR or its affiliates voluntarily agreed to waive certain fees in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by FMR at any time. For the period, the amount of the waiver was $922.
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 management fee. During the period, these credits reduced the Fund's management fee by $2.
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.
To the Trustees of Fidelity Union Street Trust II and the Shareholders of Fidelity AMT Tax-Free Money Fund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity AMT Tax-Free Money Fund (a fund of Fidelity Union Street Trust II) at August 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity AMT Tax-Free Money Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
The Trustees and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 203 funds advised by FMR or an affiliate. Mr. Curvey oversees 424 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Fidelity funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also has worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of FMR's risk management program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Fund's Trustees."
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended August 31, 2011, $22,049, or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended 2011, 100% of the fund's income dividends was free from federal income tax, and 0.00% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Fidelity Service Company, Inc.
Citibank, N.A.
U.S. equities remained in a significant midyear downturn that began in May and intensified in the final week of July and the early part of August, when Standard & Poor's announced it was lowering its long-term sovereign credit rating of the United States. The historic downgrade followed a political stalemate in which Congress struggled to address the debt ceiling issue before an early-August deadline, resulting in heightened investor anxiety and volatility across major financial markets. Financial markets are always unpredictable, of course, but there 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.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2011 to August 31, 2011).
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Let's say hypothetically that $10,000 was invested in Fidelity ® Arizona Municipal Income Fund on August 31, 2001. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital® Municipal Bond Index performed over the same period.
Fidelity Arizona Municipal Income Fund (the Income Fund) is a fund of Fidelity Union Street Trust. Fidelity Arizona Municipal Money Market Fund (the Money Market Fund) is a fund of Fidelity Union Street Trust II. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Union Street Trust and Fidelity Union Street Trust II (the Trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. The Income Fund is a non-diversified fund. Each Fund is authorized to issue an unlimited number of shares. Each Fund may be affected by economic and political developments in the state of Arizona.
The Funds 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 Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their 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, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
approved by the Board of Trustees to value their 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.
Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below:
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)
For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each Fund's investments by major category are as follows:
For the Income Fund, debt securities, including restricted securities, are valued based on evaluated prices received from 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.
For the Money Market Fund, as permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.
calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. 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.
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 and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to excise tax regulations.
The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
The tax-based components of distributable earnings as of period end were as follows for each Fund:
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Funds' first fiscal year end subject to the Act will be August 31, 2012.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $15,960,532 and $35,023,200, respectively.
The Income 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
During the period, there were no borrowings on this line of credit.
FMR or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by FMR at any time. For the period, the amount of the waiver was $847,502.
In addition, through arrangements with each applicable Fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce each applicable Fund's management fee. During the period, these credits reduced management fee by the following amounts:
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
To the Trustees of Fidelity Union Street Trust and Fidelity Union Street Trust II and the Shareholders of Fidelity Arizona Municipal Income Fund and Fidelity Arizona Municipal Money Market Fund:
In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Arizona Municipal Income Fund (a fund of Fidelity Union Street Trust) and Fidelity Arizona Municipal Money Market Fund (a fund of Fidelity Union Street Trust II) at August 31, 2011, the results of each of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Union Street Trust's and Fidelity Union Street Trust II's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
The Trustees and executive officers of the trusts and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for James C. Curvey, each of the Trustees oversees 203 funds advised by FMR or an affiliate. Mr. Curvey oversees 424 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Fidelity funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also has worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of FMR's risk management program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Funds' Trustees."
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trusts or various entities under common control with FMR.
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
During fiscal year ended 2011, 100% of each fund's income dividends were free from federal income tax, and 1.87% and 31.02% of Fidelity Arizona Municipal Income Fund and Fidelity Arizona Municipal Money Market Fund's, respectively, income dividends were subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
Citibank, N.A.
Fidelity Investments Institutional Operations Company, Inc.
Fidelity Service Company, Inc.
Citibank, N.A.
U.S. equities remained in a significant midyear downturn that began in May and intensified in the final week of July and the early part of August, when Standard & Poor's announced it was lowering its long-term sovereign credit rating of the United States. The historic downgrade followed a political stalemate in which Congress struggled to address the debt ceiling issue before an early-August deadline, resulting in heightened investor anxiety and volatility across major financial markets. Financial markets are always unpredictable, of course, but there 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.
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2011 to August 31, 2011).
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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.
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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.
Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money by investing in the fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending August 29, 2011, the most recent period shown in the table, would have been -0.19%.
Municipal Securities - 99.6% |
| Principal Amount (000s) | | Value (000s) |
Alabama - 0.6% |
Auburn Univ. Gen. Fee Rev. Participating VRDN Series WF 08 55C, 0.2% 9/7/11 (Liquidity Facility Wells Fargo & Co.) (c)(g) | $ 23,555 | | $ 23,555 |
Birmingham Spl. Care Facilities Auth. Rev. (Methodist Home for the Aging Proj.) Series 2010, 0.21% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 5,455 | | 5,455 |
Courtland Indl. Dev. Board Rev. (Specialty Minerals, Inc. Proj.) 0.29% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 8,000 | | 8,000 |
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.2% 9/7/11, VRDN (c)(f) | 23,800 | | 23,800 |
Mobile Downtown Redev. Auth. Gulf Opportunity Zone: | | | |
Series 2011 A, 0.16% 9/7/11, LOC Nat'l. Australia Bank Ltd., VRDN (c) | 16,500 | | 16,500 |
Series 2011 B, 0.16% 9/7/11, LOC Australia & New Zealand Banking Group Ltd., VRDN (c) | 4,075 | | 4,075 |
Mobile Indl. Dev. Board Dock & Wharf Rev. (Holnam, Inc. Proj.) Series 1999 B, 0.16% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 25,165 | | 25,165 |
Mobile Indl. Dev. Board Rev. (Alabama Pwr. Theodore Plant Proj.) Series A, 0.18% 9/1/11, VRDN (c)(f) | 2,500 | | 2,500 |
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 B, 0.25% 9/7/11, LOC Bank of America NA, VRDN (c) | 24,930 | | 24,930 |
Washington County Indl. Dev. Auth. Idr (Sempra Energy Proj.) Series 2007, 0.15% 9/7/11, LOC UBS AG, VRDN (c) | 9,165 | | 9,165 |
Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Gaston Plant Proj.) Series 2008, 0.18% 9/1/11, VRDN (c)(f) | 7,500 | | 7,500 |
| | 150,645 |
Alaska - 0.8% |
Alaska Indl. Dev. & Export Auth. Rev. (Greater Fairbanks Cmnty. Hosp. Foundation Proj.) Series 2009 A, 0.2% 9/7/11, LOC Union Bank of California, VRDN (c) | 15,000 | | 15,000 |
Anchorage Gen. Oblig.: | | | |
Series 2008 A, 0.2% 9/20/11, LOC U.S. Bank NA, Minnesota, CP (f) | 20,000 | | 20,000 |
Series A, 0.23% 12/9/11, LOC U.S. Bank NA, Minnesota, CP (f) | 20,000 | | 20,000 |
TAN 1.5% 12/29/11 | 27,000 | | 27,105 |
Valdez Marine Term. Rev.: | | | |
(ConocoPhillips Proj.) Series 1994 A, 0.16% 9/7/11, VRDN (c) | 66,000 | | 66,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Alaska - continued |
Valdez Marine Term. Rev.: - continued | | | |
(Phillips Trans. Alaska, Inc. Proj.): | | | |
Series 1994 B, 0.2% 9/7/11 (ConocoPhillips Guaranteed), VRDN (c) | $ 26,000 | | $ 26,000 |
Series 1994 C, 0.23% 9/7/11 (ConocoPhillips Guaranteed), VRDN (c) | 3,000 | | 3,000 |
| | 177,105 |
Arizona - 1.5% |
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 F, 0.17% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 14,100 | | 14,100 |
Arizona Trans. Board Hwy. Rev. Participating VRDN Series PT 4605, 0.21% 9/7/11 (Liquidity Facility Deutsche Postbank AG) (c)(g) | 12,415 | | 12,415 |
Coconino County Poll. Cont. Corp. Rev. (Tucson Elec. Pwr. Co. Navajo Proj.) Series 2010 A, 0.22% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 14,900 | | 14,900 |
Glendale Indl. Dev. Auth. (Midwestern Univ. Proj.) Series 2008, 0.21% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 11,000 | | 11,000 |
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: | | | |
(Ranchwood Apts. Proj.) Series 2001 A, 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 9,000 | | 9,000 |
(San Angelin Apts. Proj.) Series 2004, 0.22% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 14,900 | | 14,900 |
(San Clemente Apts. Proj.) 0.22% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 10,600 | | 10,600 |
(San Fernando Apts. Proj.) Series 2004, 0.22% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 10,700 | | 10,700 |
(San Lucas Apts. Proj.) Series 2003, 0.22% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 12,000 | | 12,000 |
(San Martin Apts. Proj.): | | | |
Series A1, 0.22% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 5,000 | | 5,000 |
Series A2, 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 4,300 | | 4,300 |
(San Miguel Apts. Proj.) Series 2003, 0.22% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 14,900 | | 14,900 |
(Sands Apts. Proj.) Series 2001 A, 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 7,000 | | 7,000 |
(Village Square Apts. Proj.) Series 2004, 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 2,500 | | 2,500 |
Maricopa County Indl. Dev. Auth. Rev. (Clayton Homes, Inc. Proj.) Series 1998, 0.22% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c)(f) | 4,200 | | 4,200 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Arizona - continued |
Northern Arizona Univ. Revs. Participating VRDN Series Solar 07 14, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | $ 16,450 | | $ 16,450 |
Phoenix Civic Impt. Corp. Series 2009, 0.14% 10/5/11, LOC Bank of America NA, CP | 20,000 | | 20,000 |
Phoenix Gen. Oblig. Participating VRDN Series BBT 2012, 0.2% 9/7/11 (Liquidity Facility Branch Banking & Trust Co.) (c)(g) | 2,000 | | 2,000 |
Phoenix Indl. Dev. Auth. Multi-family Hsg. Rev. (Paradise Lakes Apt. Proj.) Series 2007 B, 0.2% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 11,200 | | 11,200 |
Pima County Indl. Dev. Auth. Multi-family Hsg. Rev.: | | | |
(Cimarron Place Apts. Proj.) 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 4,500 | | 4,500 |
Series A, 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 2,825 | | 2,825 |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev.: | | | |
Participating VRDN: | | | |
Series Putters 3242, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 4,300 | | 4,300 |
Series Putters 3467, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 4,000 | | 4,000 |
Series Putters 3708Z, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 7,280 | | 7,280 |
Series C, 0.15% 9/15/11, CP | 27,500 | | 27,500 |
Show Low Indl. Dev. Auth. Solid Waste Disp. Rev. (Snowflake White Mountain Pwr. LLC Proj.) Series 2006, 0.33% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 24,750 | | 24,750 |
Tolleson Muni. Fin. Corp. Rev. Bonds (American Wtr. Corp. Proj.) 0.9% tender 9/8/11, CP mode | 6,960 | | 6,960 |
Yuma Indl. Dev. Auth. Hosp. Rev. (Yuma Reg'l. Med. Ctr. Proj.) Series 2008, 0.15% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 61,330 | | 61,330 |
| | 340,610 |
Arkansas - 0.6% |
Arkansas Dev. Auth. Indl. Dev. Rev. (Stratton Seed Co. Proj.) Series 1999, 0.58% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 675 | | 675 |
Arkansas Dev. Fin. Auth. Multi-family Hsg. Rev. (Kiehl Partners LP Proj.) Series 2004 A, 0.26% 9/7/11, LOC Fannie Mae, VRDN (c) | 7,315 | | 7,315 |
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 0.23% 9/7/11, VRDN (c)(f) | 34,400 | | 34,400 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Arkansas - continued |
Fort Smith Gen. Oblig. (Mitsubishi Pwr. Systems Americas Proj.) Series 2010, 0.22% 9/7/11, LOC Bank of Tokyo-Mitsubishi, VRDN (c) | $ 8,000 | | $ 8,000 |
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) 0.23% 9/7/11, LOC Royal Bank of Scotland PLC, VRDN (c)(f) | 95,000 | | 95,000 |
Univ. of Arkansas Rev. Participating VRDN Series Putters 3693 Z, 0.23% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 5,300 | | 5,300 |
| | 150,690 |
California - 4.5% |
ABAG Fin. Auth. for Nonprofit Corps. Multi-family Hsg. Rev. (Miramar Apts. Proj.) Series 2000 A, 0.2% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 6,600 | | 6,600 |
ABAG Fin. Auth. for Nonprofit Corps. Rev. (Sharp HealthCare Proj.): | | | |
Series 2009 C, 0.15% 9/7/11, LOC Citibank NA, VRDN (c) | 36,300 | | 36,300 |
Series 2009 D, 0.15% 9/7/11, LOC Citibank NA, VRDN (c) | 8,800 | | 8,800 |
Acalanes Union High School District Participating VRDN Series WF11 85Z, 0.19% 9/7/11 (Liquidity Facility Wells Fargo Bank NA) (c)(g) | 10,155 | | 10,155 |
Anaheim Hsg. Auth. Multi-family Hsg. Rev. (Park Vista Apt. Proj.) Series 2000 D, 0.15% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 3,600 | | 3,600 |
Barclays Cap. Muni. Trust Receipts Bonds Series 2011 26U, 0.19%, tender 11/22/11 (Barclays Bank PLC Guaranteed) (a) | 104,300 | | 104,300 |
California Edl. Facilities Auth. Rev. Series U, 0.1% 10/21/11, CP | 8,482 | | 8,482 |
California Gen. Oblig.: | | | |
Series 2003 C3, 0.2% 9/7/11, LOC Citibank NA, VRDN (c) | 41,000 | | 41,000 |
Series 2003 C4, 0.2% 9/7/11, LOC Citibank NA, VRDN (c) | 10,750 | | 10,750 |
Series 2004 A8, 0.2% 9/7/11, LOC Citibank NA, LOC California Teachers Retirement Sys., VRDN (c) | 14,100 | | 14,100 |
Series 2004 A9, 0.2% 9/7/11, LOC State Street Bank & Trust Co., Boston, LOC California Teachers Retirement Sys., VRDN (c) | 33,500 | | 33,500 |
Series B6, 0.2% 9/7/11, LOC Citibank NA, VRDN (c) | 23,800 | | 23,800 |
California Health Facilities Fing. Auth. Rev. (St. Joseph Health Sys. Proj.) Series 2011 D, 0.14% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 30,300 | | 30,300 |
California Hsg. Fin. Agcy. Multifamily Hsg. Rev.: | | | |
Series 2007 B, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 8,375 | | 8,375 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
California - continued |
California Hsg. Fin. Agcy. Multifamily Hsg. Rev.: - continued | | | |
Series 2007 C: | | | |
0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | $ 13,830 | | $ 13,830 |
0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 6,700 | | 6,700 |
Series 2008 B: | | | |
0.15% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 27,230 | | 27,230 |
0.15% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 2,190 | | 2,190 |
Series 2008 C, 0.15% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 4,275 | | 4,275 |
California Hsg. Fin. Agcy. Rev.: | | | |
(Home Mtg. Prog.): | | | |
Series 2000 X2, 0.15% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 4,600 | | 4,600 |
Series 2002 J, 0.15% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 2,225 | | 2,225 |
Series 2003 H, 0.15% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 21,800 | | 21,800 |
Series 2003 M: | | | |
0.15% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 28,900 | | 28,900 |
0.15% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 13,400 | | 13,400 |
Series 2005 B1, 0.15% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 10,785 | | 10,785 |
Series 2005 D, 0.15% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 24,145 | | 24,145 |
Series 2006 F1, 0.17% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 14,600 | | 14,600 |
Series 2007 H, 0.17% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 5,000 | | 5,000 |
Series 2007 K, 0.17% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 25,000 | | 25,000 |
Series 2008 C, 0.17% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 49,855 | | 49,855 |
Series 2008 E, 0.17% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 7,325 | | 7,325 |
(Multifamily Hsg. Prog.) Series 2001 G, 0.15% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 3,320 | | 3,320 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
California - continued |
California School Cash Reserve Prog. Auth. TRAN Series 2011 C, 2% 3/1/12 | $ 12,010 | | $ 12,111 |
California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Series 2010, 0.2% 9/7/11 (Liquidity Facility Royal Bank of Canada), VRDN (c) | 36,300 | | 36,300 |
California Statewide Cmntys. Dev. Auth. Rev. (Motion Picture & Television Fund Proj.) Series 2001 A, 0.18% 9/7/11, LOC Northern Trust Co., VRDN (c) | 7,100 | | 7,100 |
Dublin Hsg. Auth. Multi-Family Hsg. Rev. (Park Sierra Iron Horse Trail Proj.) Series 1998-A, 0.16% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 28,700 | | 28,700 |
El Dorado Irrigation District Rev. Ctfs. of Prtn. Series 2008 A, 0.15% 9/7/11, LOC Citibank NA, VRDN (c) | 20,705 | | 20,705 |
Elk Grove Unified School District Spl. Tax Participating VRDN Series Solar 06-80, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 9,545 | | 9,545 |
Los Angeles Cmnty. College District Participating VRDN Series Putters 2864, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 4,785 | | 4,785 |
Los Angeles Cmnty. Redev. Agcy. Multi-family Hsg. Rev. (Hollywood & Vine Apts. Proj.) Series A, 0.2% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 10,000 | | 10,000 |
Los Angeles County Gen. Oblig. TRAN Series 2012 C, 2.5% 6/29/12 | 42,500 | | 43,233 |
Los Angeles Dept. Arpt. Rev. Participating VRDN Series BC 10 27B, 0.19% 9/7/11 (Liquidity Facility Barclays Bank PLC) (c)(g) | 3,185 | | 3,185 |
Los Angeles Gen. Oblig. Bonds Series Putters 3930, 0.16%, tender 10/20/11 (Liquidity Facility JPMorgan Chase & Co.) (c)(g)(h) | 40,300 | | 40,300 |
Los Angeles Multi-family Hsg. Rev. (Tri-City Hsg. Proj.) Series 1, 0.19% 9/7/11, LOC Citibank NA, VRDN (c)(f) | 1,800 | | 1,800 |
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2004 A2, 0.11% 9/1/11, LOC JPMorgan Chase Bank, CP | 18,112 | | 18,112 |
Los Angeles Wastewtr. Sys. Rev.: | | | |
Participating VRDN Series EGL 7 05 3003, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 40,000 | | 40,000 |
Series 2008 G, 0.24% 9/7/11, LOC Bank of America NA, VRDN (c) | 3,000 | | 3,000 |
Orange County Sanitation District Rev. BAN Series 2010 B, 2% 11/23/11 | 55,465 | | 55,671 |
Riverside County Asset Leasing Corp. Leasehold Rev. (Southwest Justice Ctr. Proj.) Series 2008 A, 0.15% 9/7/11, LOC Union Bank of California, VRDN (c) | 10,200 | | 10,200 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
California - continued |
San Bernardino County Gen. Oblig. TRAN Series A, 2% 6/29/12 | $ 34,200 | | $ 34,684 |
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: | | | |
Second Series 36B, 0.16% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 12,310 | | 12,310 |
Series 36C, 0.16% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 14,075 | | 14,075 |
San Jose Multi-family Hsg. Rev. (Siena at Renaissance Square Proj.) Series 1996 A, 0.2% 9/7/11, LOC Key Bank NA, VRDN (c)(f) | 8,000 | | 8,000 |
Santa Cruz Redev. Agcy. Multi-family Rev. (1010 Pacific Ave. Apts. Proj.) Series B, 0.22% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 5,650 | | 5,650 |
Southern California Pub. Pwr. Auth. Rev. (Palo Verde Proj.) Series 2008 A, 0.14% 9/7/11, LOC Citibank NA, VRDN (c) | 7,600 | | 7,600 |
Stockton Pub. Fing. Auth. Wtr. Rev. (Delta Wtr. Supply Proj.) Series 2010 A, 0.15% 9/7/11, LOC Union Bank of California, VRDN (c) | 14,000 | | 14,000 |
| | 1,046,308 |
Colorado - 1.8% |
Adams County Hsg. Auth. (Semper Village Apts. Proj.) Series 2004 A, 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 14,000 | | 14,000 |
Aurora Hsg. Auth. Multi-Family Hsg. Rev. (Liberty Creek Proj.) 0.26% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 27,580 | | 27,580 |
Aurora Multi-family Hsg. Rev. (Aurora Meadows Apts. Proj.) Series 1996, 0.26% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 13,400 | | 13,400 |
Colorado Edl. & Cultural Facilities Auth. Rev. (Clyfford Still Museum Proj.) Series 2008, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 3,100 | | 3,100 |
Colorado Health Facilities Auth. Retirement Hsg. Rev. Participating VRDN Series Putters 1390, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 38,265 | | 38,265 |
Colorado Health Facilities Auth. Rev.: | | | |
(Boulder Cmnty. Hosp. Proj.) Series 2000, 0.22% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 21,595 | | 21,595 |
(Catholic Health Initiatives Proj.) Series 2004 B2, 0.32% 9/7/11 (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (c) | 17,825 | | 17,825 |
Participating VRDN Series BA 08 1090, 0.27% 9/7/11 (Liquidity Facility Bank of America NA) (c)(g) | 7,450 | | 7,450 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Colorado - continued |
Colorado Hsg. & Fin. Auth.: | | | |
Series 2002 B3, 0.17% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c) | $ 2,975 | | $ 2,975 |
Series 2002 C3, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 11,750 | | 11,750 |
Colorado Hsg. & Fin. Auth. Multi-family Hsg. Series 2002 AA, 0.17% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c) | 6,400 | | 6,400 |
Colorado Hsg. & Fin. Auth. Solid Waste Rev.: | | | |
(Waste Mgmt., Inc. Proj.) 0.24% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 7,000 | | 7,000 |
(Waste Mgmt., Inc. Proj.) 0.27% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 14,160 | | 14,160 |
Colorado Hsg. Fin. Auth. Single Family Mtg. Rev. Series 2008 A3, 0.17% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 31,750 | | 31,750 |
Colorado Reg'l. Trans. District Sales Tax Rev. Participating VRDN: | | | |
Series EGL 07 0036, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 29,700 | | 29,700 |
Series EGL 07 0037, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 16,830 | | 16,830 |
Series EGL 07 0038, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 18,080 | | 18,080 |
Series EGL 07 0040, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 30,610 | | 30,610 |
Series ROC II R 12312, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 3,700 | | 3,700 |
Series WF 10 37C, 0.2% 9/7/11 (Liquidity Facility Wells Fargo Bank NA) (c)(g) | 20,645 | | 20,645 |
Denver City & County Indl. Dev. Rev. (Brass Smith/Kevry Proj.) Series 2009, 0.34% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 5,215 | | 5,215 |
Denver Urban Renewal Auth. Tax Increment Rev. Series 2008 A2, 0.21% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 43,255 | | 43,255 |
Fort Collins Indl. Dev. Rev. (Phelps-Tointon Millwork Proj.) Series 1993, 0.65% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 315 | | 315 |
Lakewood Hsg. Auth. Multi-family Rev.: | | | |
(Ridgemoor Apts. Proj.) Series 2003 A, 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 13,325 | | 13,325 |
(Timberleaf Apts. Proj.) 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 11,165 | | 11,165 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Colorado - continued |
Moffat County Poll. Cont. Rev. (Tri-State Generation and Transmission Assoc., Inc. Proj.) Series 2009, 0.23% 9/7/11, LOC Bank of America NA, VRDN (c) | $ 11,250 | | $ 11,250 |
Westminster County Multi-family Hsg. Rev. (Lakeview Apts. Proj.) Series 1997, 0.26% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 7,110 | | 7,110 |
| | 428,450 |
Connecticut - 0.1% |
Connecticut Health & Edl. Facilities Auth. Rev.: | | | |
(Choate Rosemary Hall Proj.) Series D, 0.2% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 2,000 | | 2,000 |
(St. Francis Hosp. & Med. Ctr. Proj.) Series F, 0.19% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 14,110 | | 14,110 |
| | 16,110 |
Delaware - 0.3% |
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | | | |
Series 1987, 0.3% 9/1/11, VRDN (c)(f) | 3,000 | | 3,000 |
Series 1988, 0.3% 9/1/11, VRDN (c)(f) | 13,550 | | 13,550 |
Series 1993 C, 0.45% 9/7/11, VRDN (c) | 4,500 | | 4,500 |
Series 1994, 0.3% 9/1/11, VRDN (c)(f) | 29,900 | | 29,900 |
Series 1999 B, 0.53% 9/7/11, VRDN (c)(f) | 9,900 | | 9,900 |
Wilmington Adjustable Rate Demand Rev. (Delaware Art Museum, Inc. Proj.) 0.18% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 12,400 | | 12,400 |
| | 73,250 |
District Of Columbia - 1.8% |
District of Columbia Gen. Oblig. Series 2008 C, 0.18% 9/7/11, LOC TD Banknorth, NA, VRDN (c) | 13,800 | | 13,800 |
District of Columbia Hsg. Fin. Agcy. Multi-family Hsg. Rev. (Trenton Park Apts. Proj.) Series 2001, 0.27% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 2,940 | | 2,940 |
District of Columbia Income Tax Rev. Bonds Series 2009 B, 4% 12/1/11 | 7,645 | | 7,714 |
District of Columbia Rev.: | | | |
(Fort Lincoln New Town/Premium Distributors LLC Proj.) Series 2000, 0.34% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 7,250 | | 7,250 |
(George Washington Univ. Proj.) Series 1999 B, 0.17% 9/7/11, LOC Bank of America NA, VRDN (c) | 42,350 | | 42,350 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
District Of Columbia - continued |
District of Columbia Rev.: - continued | | | |
(Medlantic/Helix Proj.): | | | |
Series 1998 A Tranche II, 0.17% 9/7/11, LOC Bank of America NA, VRDN (c) | $ 29,300 | | $ 29,300 |
Series 1998 A Tranche III, 0.17% 9/7/11, LOC Bank of America NA, VRDN (c) | 18,325 | | 18,325 |
(The AARP Foundation Proj.) Series 2004, 0.28% 9/7/11, LOC Bank of America NA, VRDN (c) | 19,850 | | 19,850 |
(The Phillips Collection Issue Proj.) Series 2003, 0.43% 9/7/11, LOC Bank of America NA, VRDN (c) | 1,535 | | 1,535 |
(Washington Drama Society, Inc. Proj.) Series 2008, 0.2% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 12,350 | | 12,350 |
Bonds: | | | |
(American Nat'l. Red Cross Proj.) Series 2000: | | | |
0.16% tender 9/6/11, LOC JPMorgan Chase Bank, CP mode | 41,600 | | 41,600 |
0.16% tender 12/8/11, LOC JPMorgan Chase Bank, CP mode | 29,200 | | 29,200 |
(Nat'l. Academy of Sciences Proj.): | | | |
0.13% tender 9/8/11, LOC Bank of America NA, CP mode | 14,125 | | 14,125 |
0.14% tender 9/7/11, LOC Bank of America NA, CP mode | 30,000 | | 30,000 |
Metropolitan Washington DC Arpts. Auth. Sys. Rev.: | | | |
Participating VRDN: | | | |
ROC II R 11815, 0.26% 9/7/11 (Liquidity Facility Citibank NA) (c)(f)(g) | 6,000 | | 6,000 |
Series BBT 2040, 0.24% 9/7/11 (Liquidity Facility Branch Banking & Trust Co.) (c)(f)(g) | 9,920 | | 9,920 |
Series BBT 2054, 0.24% 9/7/11 (Liquidity Facility Branch Banking & Trust Co.) (c)(f)(g) | 10,150 | | 10,150 |
Series DB 505, 0.26% 9/7/11 (Liquidity Facility Deutsche Bank AG) (c)(f)(g) | 7,515 | | 7,515 |
Series DB 677, 0.26% 9/7/11 (Liquidity Facility Deutsche Bank AG) (c)(f)(g) | 7,770 | | 7,770 |
Series DB 679, 0.26% 9/7/11 (Liquidity Facility Deutsche Bank AG) (c)(f)(g) | 10,000 | | 10,000 |
Series Putters 1691, 0.26% 9/7/11 (Liquidity Facility Deutsche Bank AG New York Branch) (c)(f)(g) | 11,940 | | 11,940 |
Series Putters 2855, 0.31% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f)(g) | 4,895 | | 4,895 |
Series ROC II R 11798, 0.27% 9/7/11 (Liquidity Facility Citibank NA) (c)(f)(g) | 15,000 | | 15,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
District Of Columbia - continued |
Metropolitan Washington DC Arpts. Auth. Sys. Rev.: - continued | | | |
Participating VRDN: | | | |
Series 2003 D1, 0.24% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | $ 37,985 | | $ 37,985 |
Series 2009 D1, 0.26% 9/7/11, LOC Bank of America NA, VRDN (c) | 4,950 | | 4,950 |
Series 2011 A2, 0.19% 9/22/11, LOC JPMorgan Chase Bank, CP (f) | 15,000 | | 15,000 |
| | 411,464 |
Florida - 7.4% |
Local Govt. Fin. Comm Series 2011 B1, 0.17% 10/3/11, LOC JPMorgan Chase Bank, CP (f) | 4,000 | | 4,000 |
Alachua County Health Facilities Auth. Health Facilities Rev. Bonds (Shands Teaching Hospitals & Clinics, Inc. Proj.): | | | |
Series 2008 A: | | | |
0.14% tender 9/7/11, LOC Bank of America NA, CP mode | 15,600 | | 15,600 |
0.16% tender 10/4/11, LOC Bank of America NA, CP mode | 25,000 | | 25,000 |
Series 2008 B, 0.13% tender 9/6/11, LOC Bank of America NA, CP mode | 17,400 | | 17,400 |
Brevard County Hsg. Fin. Auth. (Manatee Cove Apts. Proj.) 0.23% 9/7/11, LOC Citibank NA, VRDN (c)(f) | 10,785 | | 10,785 |
Broward County Fin. Auth. Multi-family Hsg. Rev.: | | | |
(Pinnacle Village Apts. Proj.) 0.25% 9/7/11, LOC Citibank NA, VRDN (c)(f) | 6,600 | | 6,600 |
(Sanctuary Apts Proj.) Series A, 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 16,620 | | 16,620 |
Broward County Port Facilities Rev. (Port Everglades Proj.) Series 2008, 0.19% 9/7/11, LOC Bank of Nova Scotia New York Branch, VRDN (c)(f) | 2,795 | | 2,795 |
Cape Coral Gen. Oblig.: | | | |
0.13% 9/7/11, LOC Bank of America NA, CP | 81,000 | | 81,000 |
0.14% 9/6/11, LOC Bank of America NA, CP | 56,041 | | 56,041 |
0.2% 9/1/11, LOC Bank of America NA, CP | 23,160 | | 23,160 |
Clay County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Nassau Club Apts. Proj.) 0.21% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 9,705 | | 9,705 |
Coconut Creek Indl. Dev. Rev. (Elite Aluminum Corp. Proj.) Series 2002, 0.48% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 1,435 | | 1,435 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Florida - continued |
Collier County Health Facilities Auth. Health Facilities Rev.: | | | |
(Moorings, Inc. Proj.) 0.19% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | $ 6,800 | | $ 6,800 |
(Moorings, Inc. Proj.) 0.19% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 8,500 | | 8,500 |
Collier County Hsg. Fin. Auth. Multi-family Rev.: | | | |
(Sawgrass Pines Apts. Proj.) 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 6,800 | | 6,800 |
(Summer Lakes Phase II Apts. Proj.) 0.23% 9/7/11, LOC Citibank NA, VRDN (c)(f) | 18,610 | | 18,610 |
Davie Gen. Oblig. Rev. (United Jewish Cmnty. Proj.) 0.3% 9/7/11, LOC Bank of America NA, VRDN (c) | 9,205 | | 9,205 |
Florida Board of Ed. Pub. Ed. Cap. Outlay Participating VRDN: | | | |
Series BA 08 1059, 0.27% 9/7/11 (Liquidity Facility Bank of America NA) (c)(g) | 4,165 | | 4,165 |
Series BA 08 1068, 0.27% 9/7/11 (Liquidity Facility Bank of America NA) (c)(g) | 14,385 | | 14,385 |
Series ROC II R 11884X, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 8,800 | | 8,800 |
Series ROC II R 12017, 0.2% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 9,600 | | 9,600 |
Florida Dept. of Trans. Tpk. Rev. Participating VRDN Series Solar 07 30, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 15,000 | | 15,000 |
Florida Ed. Sys. Hsg. Facility Rev. Participating VRDN Series Solar 06 41, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 11,900 | | 11,900 |
Florida Hsg. Fin. Agcy. Rev.: | | | |
(Bainbridge Club Apt. Proj.) Series M, 0.18% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 5,570 | | 5,570 |
(Banyan Bay Apts. Proj.) 0.18% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 8,850 | | 8,850 |
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: | | | |
(Avalon Reserve Apts. Proj.) Series 2003 R1, 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 14,900 | | 14,900 |
(Clascona Groves Apts. Proj.) Series A, 0.19% 9/7/11, LOC Citibank NA, VRDN (c)(f) | 8,900 | | 8,900 |
(Collins Cove Sr. Apts. Proj.) Series 2003 W, 0.19% 9/7/11, LOC Citibank NA, VRDN (c)(f) | 5,500 | | 5,500 |
(Grande Court at North Port Apts. Proj.) Series 2004 E, 0.26% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 5,700 | | 5,700 |
(Hunters Run Apts. Proj.) Series G, 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 8,200 | | 8,200 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Florida - continued |
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: - continued | | | |
(Lynn Lake Apts. Proj.) Series B1, 0.24% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | $ 20,210 | | $ 20,210 |
(Mill Creek Apts. Proj.) 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 14,900 | | 14,900 |
(Pinnacle Grove Apts. Proj.) Series 2003 A, 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 7,750 | | 7,750 |
(Riverwalk I Apts. Proj.) Series 2008 E, 0.23% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 5,075 | | 5,075 |
(Savannah Springs Apts. Proj.) Series G, 0.26% 9/7/11, LOC Citibank NA, VRDN (c)(f) | 7,095 | | 7,095 |
(Sterling Palms Apts. Proj.) Series F, 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 14,170 | | 14,170 |
(Victoria Park Apts. Proj.) Series 2002 J, 0.21% 9/7/11, LOC Fannie Mae, VRDN (c) | 8,920 | | 8,920 |
Florida Hsg. Fin. Corp. Rev.: | | | |
(Tuscany Lakes Apts. Proj.) Series 2002 K1, 0.26% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 4,000 | | 4,000 |
(Valencia Village Apts. Proj.) Series G, 0.21% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 11,755 | | 11,755 |
(Waterford Pointe Apts. Proj.) Series 2000 E1, 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 8,155 | | 8,155 |
Florida Hurricane Catastrophe Fund Fin. Corp. Rev. Bonds Series 2006 A: | | | |
5% 7/1/12 | 7,400 | | 7,690 |
5% 7/1/12 | 5,900 | | 6,115 |
Florida Local Govt. Fin. Commission Auth. Rev. Series 2006 A, 0.14% 10/5/11, LOC Wells Fargo Bank NA, CP | 3,839 | | 3,839 |
Fort Myers Util. Sys. Rev. Series 2009, 0.27% 9/7/11, LOC Bank of America NA, VRDN (c) | 38,470 | | 38,470 |
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.) Series 2009 F, 0.18% 9/7/11, LOC PNC Bank NA, VRDN (c) | 17,280 | | 17,280 |
Hillsborough County Hsg. Fin. Auth. Multi-family Rev.: | | | |
(Claymore Crossings Apt. Proj.) 0.22% 9/7/11, LOC Citibank NA, VRDN (c)(f) | 11,205 | | 11,205 |
(Grande Oaks Apts. Proj.) Series A, 0.26% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 7,200 | | 7,200 |
(Hunters Run Apts. Proj.) Series 2002 A, 0.21% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 8,680 | | 8,680 |
(Meridian Pointe Apts. Proj.) 0.23% 9/7/11, LOC Citibank NA, VRDN (c)(f) | 12,300 | | 12,300 |
(Mobley Park Apts. Proj.) Series A, 0.26% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 7,790 | | 7,790 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Florida - continued |
Hillsborough County Hsg. Fin. Auth. Multi-family Rev.: - continued | | | |
(Morgan Creek Apts. Proj.) 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | $ 12,700 | | $ 12,700 |
(Royal Palm Key Apts. Proj.) 0.21% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 8,780 | | 8,780 |
Hillsborough County Indl. Dev. Auth. Indl. Dev. Rev. (Vigo Importing Co. Proj.) 0.54% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 705 | | 705 |
Jacksonville Econ. Dev. Commission Indl. Dev. Rev. (STI Proj.) Series 2002, 0.48% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 7,350 | | 7,350 |
Jacksonville Elec. Auth. Elec. Sys. Rev.: | | | |
Participating VRDN Series BA 09 1209X, 0.27% 9/7/11 (Liquidity Facility Bank of America NA) (c)(g) | 5,310 | | 5,310 |
Series C1: | | | |
0.1% 9/19/11 (Liquidity Facility JPMorgan Chase Bank), CP | 17,500 | | 17,500 |
0.14% 9/19/11 (Liquidity Facility JPMorgan Chase Bank), CP | 10,900 | | 10,900 |
Series Three 2008 B4, 0.18% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 7,400 | | 7,400 |
Jacksonville Health Facilities Auth. Hosp. Rev. (Baptist Med. Ctr. Proj.) Series 2007 E, 0.2% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 10,210 | | 10,210 |
Jacksonville Hsg. Fin. Auth. Multi-family Hsg. Rev. (Brookwood Forest Apts. Proj.) 0.21% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 9,400 | | 9,400 |
Jacksonville Poll. Cont. Rev. Bonds (Florida Pwr. & Lt. Co. Proj.): | | | |
Series 1992, 0.2% tender 9/1/11, CP mode | 20,300 | | 20,300 |
Series 1994, 0.2% tender 9/1/11, CP mode | 30,855 | | 30,855 |
Jacksonville Port Auth. Rev. (Mitsui O.S.K. Lines Ltd. Proj.) 0.19% 9/7/11, LOC Sumitomo Mitsui Banking Corp., VRDN (c)(f) | 89,890 | | 89,890 |
Lakeland Elec. & Wtr. Rev. Bonds Series 1999 A, 0% 10/1/11 | 8,420 | | 8,416 |
Lee County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Univ. Club Apts. Proj.) Series A, 0.3% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 7,500 | | 7,500 |
Lee Memorial Health Sys. Hosp. Rev.: | | | |
Series 2009 B, 0.18% 9/1/11, LOC Bank of America NA, VRDN (c) | 11,600 | | 11,600 |
Series 2009 C, 0.16% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 6,545 | | 6,545 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Florida - continued |
Liberty County Indl. Dev. Rev. (Georgia-Pacific Corp. Proj.) 0.3% 9/7/11, LOC BNP Paribas New York Branch, VRDN (c)(f) | $ 12,500 | | $ 12,500 |
Miami-Dade County Gen. Oblig. TAN Series 2011, 2% 1/27/12 | 144,000 | | 145,057 |
Miami-Dade County Hsg. Fin. Auth. Multi-family Mtg. Rev. (22nd Avenue Apts., 183rd Street Apts. & 187th Street Apts. Proj.) Series 2003 3, 0.23% 9/7/11, LOC Citibank NA, VRDN (c)(f) | 16,205 | | 16,205 |
Miami-Dade County Indl. Dev. Auth. Rev. (Tarmac America Proj.) Series 2004, 0.33% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 10,600 | | 10,600 |
Ocean Hwy. & Port Auth. Rev. 0.23% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 7,500 | | 7,500 |
Orange County Health Facilities Auth. Rev.: | | | |
(Orlando Reg'l. Health Care Sys. Proj.) Series 2008 E, 0.17% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 9,000 | | 9,000 |
(The Nemours Foundation Proj.) Series 2009 B, 0.23% 9/7/11, LOC Bank of America NA, VRDN (c) | 40,600 | | 40,600 |
Orange County Hsg. Fin. Auth. Multi-family Rev.: | | | |
(Alta Westgate Apts. Proj.) Series C, 0.23% 9/7/11, LOC Citibank NA, VRDN (c)(f) | 13,195 | | 13,195 |
(Glenn Millenia Proj.) Series 2001 C, 0.17% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 3,400 | | 3,400 |
(Osprey Ridge Apts. Proj.) Series 2000 H, 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 7,660 | | 7,660 |
(West Point Villas Apts. Proj.) Series 2000 F, 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 11,500 | | 11,500 |
Orlando & Orange County Expressway Auth. Rev. Series 2008 B1, 0.26% 9/7/11, LOC Bank of America NA, VRDN (c) | 69,975 | | 69,975 |
Orlando Utils. Commission Util. Sys. Rev. Bonds Series 2011 A, 0.32%, tender 3/28/12 (c) | 14,500 | | 14,500 |
Osceola County Hsg. Fin. Auth. Multi-family Rev. (Regatta Bay Apts. Proj.) Series A, 0.21% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 12,920 | | 12,920 |
Palm Beach County Edl. Facilities Auth. (Lynn Univ. Proj.) Series 2001, 0.31% 9/7/11, LOC Bank of America NA, VRDN (c) | 10,270 | | 10,270 |
Palm Beach County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Renaissance Apts. Proj.) 0.21% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 18,100 | | 18,100 |
Palm Beach County Rev.: | | | |
(Hanley Ctr. Proj.) Series 2006, 0.38% 9/7/11, LOC Bank of America NA, VRDN (c) | 1,550 | | 1,550 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Florida - continued |
Palm Beach County Rev.: - continued | | | |
(Raymond F. Kravis Ctr. Proj.) Series 2002, 0.19% 9/7/11, LOC Northern Trust Co., VRDN (c) | $ 3,145 | | $ 3,145 |
(Saint Andrew's School of Boca Raton, Inc. Proj.) Series 2007, 0.31% 9/7/11, LOC Bank of America NA, VRDN (c) | 11,100 | | 11,100 |
(The Norton Gallery and School of Arts, Inc. Proj.) Series 2000, 0.21% 9/7/11, LOC Bank of America NA, VRDN (b)(c) | 1,000 | | 1,000 |
Panama City Gen. Oblig. Participating VRDN Series Solar 2006 129, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 7,940 | | 7,940 |
Pasco County Indl. Dev. Rev. (Pacific Med., Inc. Proj.) Series 1999, 0.56% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 970 | | 970 |
Pasco County School Board Ctfs. of Prtn. Series 2008 C, 0.31% 9/7/11, LOC Bank of America NA, VRDN (c) | 33,705 | | 33,705 |
Pinellas County Health Facilities Auth. Rev.: | | | |
(BayCare Health Sys. Proj.) Series 2009 A2, 0.21% 9/7/11, LOC Northern Trust Co., VRDN (c) | 15,750 | | 15,750 |
(Suncoast Hospice Proj.) Series 2004, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 15,170 | | 15,170 |
Polk County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Cambridge Cove Apts. Proj.) Series 2001, 0.21% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 8,100 | | 8,100 |
Saint Petersburg Health Facilities Auth. Rev. (All Children's Hosp. Proj.): | | | |
Series 2005 A1, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 3,000 | | 3,000 |
Series 2005 A2, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 49,620 | | 49,620 |
Sarasota County Pub. Hosp. District Hosp. Rev. (Sarasota Memorial Hosp. Proj.) Series 2009 B, 0.18% 9/7/11, LOC Bank of America NA, VRDN (c) | 42,470 | | 42,470 |
Seminole County School District TAN Series 2010, 2% 9/28/11 | 15,000 | | 15,018 |
South Florida Wtr. Mgmt. District Ctfs. of Prtn. Participating VRDN Series ROC II R 12313, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 13,100 | | 13,100 |
South Miami Health Facilities Auth. Hosp. Rev. Participating VRDN: | | | |
Series BA 07 1030, 0.27% 9/7/11 (Liquidity Facility Bank of America NA) (c)(g) | 4,489 | | 4,489 |
Series Putters 2407, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 41,995 | | 41,995 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Florida - continued |
South Miami Health Facilities Auth. Hosp. Rev. Participating VRDN: - continued | | | |
Series ROC II R 11060, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | $ 12,180 | | $ 12,180 |
Sunshine State Govt. Fing. Commission Rev.: | | | |
(Miami-Dade County Prog.) Series 2010 B, 0.21% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 35,000 | | 35,000 |
Bonds Series 2011 A: | | | |
2% 9/1/11 | 14,500 | | 14,500 |
5% 9/1/12 | 1,175 | | 1,227 |
USF College of Medicine Health Facilities Series 2006 A1, 0.17% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 21,960 | | 21,960 |
USF Fing. Corp. Ctfs. of Prtn.: | | | |
(College of Medicine Health Facilities Lease Prog.) Series 2006 A2, 0.18% 9/7/11, LOC JPMorgan Chase Bank, VRDN (b)(c) | 14,475 | | 14,475 |
Series 2007, 0.18% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 21,880 | | 21,880 |
| | 1,721,812 |
Georgia - 3.5% |
Atlanta Arpt. Rev.: | | | |
Series 2010 A, 0.32% 10/6/11, LOC JPMorgan Chase Bank, CP (f) | 33,500 | | 33,500 |
Series 2010 A1: | | | |
0.18% 11/2/11, LOC JPMorgan Chase Bank, CP (f) | 70,000 | | 70,000 |
0.21% 11/9/11, LOC JPMorgan Chase Bank, CP (f) | 7,625 | | 7,625 |
Series 2010 B1: | | | |
0.21% 11/3/11, LOC Wells Fargo Bank NA, CP (f) | 43,257 | | 43,257 |
0.21% 11/3/11, LOC Wells Fargo Bank NA, CP (f) | 20,000 | | 20,000 |
0.27% 9/16/11, LOC Wells Fargo Bank NA, CP (f) | 35,000 | | 35,000 |
Series 2010 B2, 0.19% 11/3/11, LOC Wells Fargo Bank NA, CP | 18,043 | | 18,043 |
Atlanta Tax Allocation (Westside Proj.): | | | |
Series 2008, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 9,900 | | 9,900 |
Series A, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 26,890 | | 26,890 |
Atlanta Urban Residential Fin. Auth. Multi-family Hsg. Rev.: | | | |
(Capitol Gateway Apts. Proj.) 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 8,475 | | 8,475 |
(Carver Redev. Proj.) Series 2000, 0.43% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 3,915 | | 3,915 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Georgia - continued |
Atlanta Urban Residential Fin. Auth. Multi-family Hsg. Rev.: - continued | | | |
(Collegetown at Harris Homes Phase I Proj.) 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | $ 7,230 | | $ 7,230 |
Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Bowen Proj.) Second Series 1998, 0.19% 9/1/11, VRDN (c)(f) | 5,000 | | 5,000 |
Bulloch County Dev. Auth. Indl. Dev. Rev. (Gold Kist, Inc. Proj.) Series 1995, 0.34% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 4,000 | | 4,000 |
Burke County Indl. Dev. Auth. Poll. Cont. Rev.: | | | |
(Oglethorpe Pwr. Corp. Proj.) Series 2010 B, 0.17% 9/7/11, LOC Bank of America NA, VRDN (c) | 30,000 | | 30,000 |
(Oglethorpe Pwr. Corp. Projects) Series 2010 A, 0.17% 9/7/11, LOC Bank of America NA, VRDN (c) | 45,000 | | 45,000 |
Canton Hsg. Auth. Multi-family Hsg. Rev.: | | | |
(Alta Ridgewalk Apts. Proj.) Series 2003, 0.24% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 20,450 | | 20,450 |
(Canton Mill Lofts Proj.) Series 1999, 0.28% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c)(f) | 13,850 | | 13,850 |
Clarke County Indl. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series Solar 07 31, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 16,470 | | 16,470 |
Cobb County Kennestone Hosp. Auth. Rev. (WellStar Health Sys. Proj.) Series 2005 A, 0.29% 9/7/11, LOC Bank of America NA, VRDN (c) | 39,500 | | 39,500 |
Covington Hsg. Auth. Multi-family Rev. (Wellington Ridge Apt. Proj.) 0.21% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 9,360 | | 9,360 |
DeKalb County Hsg. Auth. Multi-family Hsg. Rev. (Eagles Trace Apts. Proj.) Series 1996, 0.21% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 7,650 | | 7,650 |
Fulton County Wtr. & Swr. Rev. Participating VRDN Series Solar 06 51, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 12,850 | | 12,850 |
Georgia Gen. Oblig.: | | | |
Bonds: | | | |
Series 2011 E1, 4% 7/1/12 | 16,665 | | 17,181 |
Series 2011 F, 3% 12/1/11 | 8,280 | | 8,337 |
Participating VRDN Series WF 08 12C, 0.2% 9/7/11 (Liquidity Facility Wells Fargo & Co.) (c)(g) | 13,840 | | 13,840 |
Georgia Muni. Gas Auth. Rev. Bonds (Gas Portfolio III Proj.) Series 2011 L, 2% 4/1/12 | 7,050 | | 7,116 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Georgia - continued |
Gwinnett County Dev. Auth. Indl. Dev. Rev. (Curtis 1000, Inc. Proj.) Series 1996, 0.22% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | $ 6,460 | | $ 6,460 |
Gwinnett County Hsg. Auth. Multi-family Hsg. Rev. (Herrington Woods Apt. Proj.) Series 1996 A, 0.21% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 11,235 | | 11,235 |
Gwinnett County Wtr. & Swr. Auth. Rev. Participating VRDN Series ROC II R 11910, 0.2% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 4,185 | | 4,185 |
Henry County Dev. Auth. Solid Waste Rev. (Atlas Roofing Corp. Proj.) Series 1997, 0.23% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 2,450 | | 2,450 |
Kennesaw Dev. Auth. Multifamily Hsg. Rev. (Alta Ridenour Apts. Proj.) Series 2008, 0.24% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 7,350 | | 7,350 |
Loganville Hsg. Auth. Multi-family Hsg. Rev. (Alexander Crossing Apt. Proj.) 0.23% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 15,555 | | 15,555 |
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series 2010 A, 0.21% 9/7/11 (Liquidity Facility Royal Bank of Canada), VRDN (c) | 69,640 | | 69,640 |
Metropolitan Atlanta Rapid Transit Auth. Sales Tax Rev.: | | | |
Participating VRDN Series Solar 08 0001, 0.19% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 10,250 | | 10,250 |
Series 2000 B, 0.16% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 15,000 | | 15,000 |
Muni. Elec. Auth. of Georgia Bonds (Gen. Resolution Projs.) Series 1985 A, 0.2% tender 10/5/11, LOC Barclays Bank PLC, CP mode | 11,550 | | 11,550 |
Newnan Dev. Auth. Multi-family Hsg. Rev. (The Club at Newnan Crossing Proj.) 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 9,325 | | 9,325 |
Private Colleges & Univs. Auth. Rev.: | | | |
(Mercer Univ. Proj.) 0.2% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 6,400 | | 6,400 |
Participating VRDN Series WF 11 32C, 0.2% 9/7/11 (Liquidity Facility Wells Fargo Bank NA) (c)(g) | 5,800 | | 5,800 |
Roswell Hsg. Auth. Multi-family Hsg. Rev.: | | | |
(Rosemont Apts. Proj.) 0.22% 9/7/11, LOC Freddie Mac, VRDN (c) | 9,385 | | 9,385 |
(Walton Centennial Proj.) Series A, 0.24% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 19,200 | | 19,200 |
Savannah Econ. Dev. Auth. Rev. (Home Depot, Inc. Proj.) Series 1995 A, 0.95% 9/7/11, VRDN (c)(f) | 57,400 | | 57,400 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Georgia - continued |
Sugar Hill Hsg. Auth. Multi-family Rev. (Level Creek Apts. Proj.) Series 1997, 0.23% 9/7/11, LOC Citibank NA, VRDN (c)(f) | $ 11,290 | | $ 11,290 |
Whitfield County Residential Care Facilities Auth. Rev. (Royal Oaks Sr. Living Cmnty. Proj.) 0.23% 9/7/11, LOC Bank of America NA, VRDN (c) | 7,250 | | 7,250 |
| | 814,164 |
Hawaii - 0.1% |
Hawaii Dept. of Budget & Fin. Spl. Purp. Rev. (Queen's Health Sys. Proj.): | | | |
Series 2009 A, 0.17% 9/7/11, LOC Bank of America NA, VRDN (c) | 4,800 | | 4,800 |
Series 2009 B, 0.16% 9/7/11, LOC Bank of America NA, VRDN (c) | 10,500 | | 10,500 |
Hawaii Gen. Oblig. Bonds Series CY, 5.5% 2/1/12 | 8,750 | | 8,935 |
Hawaii State Hsg. Fin. & Dev. Corp. Rev. (Lokahi Kau Apts. Proj.) Series 2008, 0.19% 9/7/11, LOC Freddie Mac, VRDN (c) | 5,200 | | 5,200 |
| | 29,435 |
Idaho - 0.5% |
Idaho Hsg. & Fin. Assoc. Single Family Mtg.: | | | |
(Single Family Mtg. Proj.) Series 2001 A, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 8,040 | | 8,040 |
(Single Family Mtg. Proj.) Series 2001 E, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 5,535 | | 5,535 |
Series 2000 F, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 5,560 | | 5,560 |
Series 2001 B, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 4,025 | | 4,025 |
Series 2001 C, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 7,820 | | 7,820 |
Series 2001 D1, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 1,400 | | 1,400 |
Series 2002 C, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 7,885 | | 7,885 |
Series 2002, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 10,285 | | 10,285 |
Series 2004 A, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 7,480 | | 7,480 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Idaho - continued |
Idaho Hsg. & Fin. Assoc. Single Family Mtg.: - continued | | | |
Series 2006 G, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | $ 7,330 | | $ 7,330 |
Series 2007 D, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 4,300 | | 4,300 |
Series 2007 E, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 23,185 | | 23,185 |
Series 2007 J1, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 30,000 | | 30,000 |
Series A, 0.17% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c) | 2,550 | | 2,550 |
| | 125,395 |
Illinois - 4.3% |
Belvidere Indl. Dev. Rev. (R&D Thiel, Inc. Proj.) Series 1996, 0.25% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 1,820 | | 1,820 |
Carol Stream Multi-family Rev. (Saint Charles Square Proj.) Series 1997, 0.19% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 1,900 | | 1,900 |
Chicago Board of Ed.: | | | |
Series 2009 A1, 0.16% 9/7/11, LOC BMO Harris Bank NA, VRDN (c) | 10,200 | | 10,200 |
Series 2009 A2, 0.21% 9/7/11, LOC Northern Trust Co., VRDN (c) | 7,220 | | 7,220 |
Chicago Indl. Dev. Rev. (Chicago Scenic Studios, Inc. Proj.) Series 2000, 0.35% 9/7/11, LOC BMO Harris Bank NA, VRDN (c)(f) | 2,900 | | 2,900 |
Chicago Metropolitan Wtr. Reclamation District Greater Chicago Participating VRDN: | | | |
Series BBT 2007, 0.2% 9/7/11 (Liquidity Facility Branch Banking & Trust Co.) (c)(g) | 3,800 | | 3,800 |
Series Solar 06 75, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 19,950 | | 19,950 |
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN Series Floaters 3236, 0.25% 9/7/11 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (c)(f)(g) | 5,050 | | 5,050 |
Chicago Park District Gen. Oblig. Participating VRDN: | | | |
Series Putters 3842, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 4,000 | | 4,000 |
Series ROC II R 11935, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 9,375 | | 9,375 |
Chicago Wtr. Rev.: | | | |
Series 2004 A1, 0.22% 9/7/11, LOC California Pub. Employees Retirement Sys., VRDN (c) | 93,680 | | 93,680 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Illinois - continued |
Chicago Wtr. Rev.: - continued | | | |
Series 2004 A2, 0.22% 9/7/11, LOC California Pub. Employees Retirement Sys., VRDN (c) | $ 51,770 | | $ 51,770 |
Series 2004 A3, 0.18% 9/7/11, LOC State Street Bank & Trust Co., Boston, VRDN (c) | 7,545 | | 7,545 |
City of Rolling Meadows Solid Waste Disp. Rev. (BFI Waste Sys. of North America Proj.) Series 1999, 0.29% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 19,580 | | 19,580 |
DuPage County Gen. Oblig. Participating VRDN Series Merlots 00 A9, 0.18% 9/7/11 (Liquidity Facility Wells Fargo Bank NA) (c)(g) | 9,715 | | 9,715 |
Illinois Dev. Fin. Auth. Indl. Dev. Rev.: | | | |
(Camcraft Proj.) Series 1993, 1.93% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 100 | | 100 |
(Delta-Unibus Corp. Proj.) Series 2001, 0.48% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 4,400 | | 4,400 |
(Mapes & Sprowl Steel Ltd. Proj.) Series 1996 A, 0.45% 9/7/11, LOC BMO Harris Bank NA, VRDN (c)(f) | 678 | | 678 |
(R&R Enterprises 2nd Proj.) Series 1999 A, 0.35% 9/7/11, LOC BMO Harris Bank NA, VRDN (c)(f) | 3,085 | | 3,085 |
Illinois Dev. Fin. Auth. Rev. (Rich Prods. Corp. Proj.) Series 1998, 0.33% 9/7/11, LOC HSBC Bank USA, NA, VRDN (c)(f) | 7,825 | | 7,825 |
Illinois Edl. Facilities Auth. Revs.: | | | |
(Elmhurst College Proj.) Series 2003, 0.2% 9/7/11, LOC BMO Harris Bank NA, VRDN (c) | 1,950 | | 1,950 |
(Field Museum of Natural History Proj.) Series 2000, 0.17% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 18,500 | | 18,500 |
Participating VRDN Series ROC II R 12278, 0.2% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 10,395 | | 10,395 |
Illinois Fin. Auth. Poll. Cont. Rev. (Commonwealth Edison Co. Proj.): | | | |
Series 2008 D, 0.16% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 7,800 | | 7,800 |
Series 2008 E, 0.16% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 27,220 | | 27,220 |
Illinois Fin. Auth. Rev.: | | | |
(Alexian Brothers Health Sys. Proj.) Series 2004, 0.28% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 1,000 | | 1,000 |
(Children's Memorial Hosp. Proj.) Series 2008 D, 0.2% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 2,400 | | 2,400 |
(Edward Hosp. Obligated Group Proj.) Series 2008 B2, 0.15% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 53,575 | | 53,575 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Illinois - continued |
Illinois Fin. Auth. Rev.: - continued | | | |
(Little Co. of Mary Hosp. Proj.) Series 2008 A, 0.2% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | $ 5,345 | | $ 5,345 |
(Museum of Science & Industry Proj.) Series 2009 D, 0.21% 9/7/11, LOC Northern Trust Co., VRDN (c) | 16,000 | | 16,000 |
(Northwest Cmnty. Hosp. Proj.) Series 2008 C, 0.16% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 8,395 | | 8,395 |
(OSF Healthcare Sys. Proj.) Series 2009 D, 0.14% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 10,000 | | 10,000 |
(Provena Health Proj.): | | | |
Series 2009 C, 0.2% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 15,000 | | 15,000 |
Series 2010 D, 0.16% 9/7/11, LOC Union Bank of California, VRDN (c) | 18,550 | | 18,550 |
(Rush Univ. Med. Ctr. Proj.) Series 2008 A, 0.18% 9/7/11, LOC Northern Trust Co., VRDN (c) | 4,200 | | 4,200 |
(Saint Xavier Univ. Proj.) Series 2008, 0.3% 9/7/11, LOC Bank of America NA, VRDN (c) | 7,275 | | 7,275 |
Bonds (Advocate Health Care Proj.): | | | |
Series 2008 A1, 0.48%, tender 2/1/12 (c) | 11,640 | | 11,640 |
Series 2008 A3, 3.875%, tender 5/1/12 (c) | 4,000 | | 4,089 |
Series 2008 D, 4% 11/1/11 | 2,000 | | 2,010 |
Participating VRDN: | | | |
Series BA 08 1137, 0.27% 9/7/11 (Liquidity Facility Bank of America NA) (c)(g) | 12,855 | | 12,855 |
Series BBT 08 33, 0.2% 9/7/11 (Liquidity Facility Branch Banking & Trust Co.) (c)(g) | 5,010 | | 5,010 |
Series DB 601, 0.24% 9/7/11 (Liquidity Facility Deutsche Bank AG) (c)(g) | 22,595 | | 22,595 |
Series Putters 3174, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 15,620 | | 15,620 |
Series Putters 3378, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 11,200 | | 11,200 |
Series Putters 3435, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 2,105 | | 2,105 |
Illinois Fin. Auth. Solid Waste Rev. (Republic Svcs., Inc. Proj.) Series 2004, 0.25% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 18,000 | | 18,000 |
Illinois Health Facilities Auth. Rev. Bonds Series 2003 C, 0.45%, tender 3/28/12 (c) | 10,000 | | 10,000 |
Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev.: | | | |
(Lakeshore Plaza Proj.) Series 2008 B, 0.2% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 12,300 | | 12,300 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Illinois - continued |
Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev.: - continued | | | |
(Prairie Station Apts. Proj.) 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | $ 17,900 | | $ 17,900 |
(Valley View Apts. Proj.) 0.22% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c)(f) | 11,115 | | 11,115 |
0.2% 9/7/11, LOC Freddie Mac, VRDN (c) | 29,650 | | 29,650 |
Illinois Toll Hwy. Auth. Toll Hwy. Rev.: | | | |
Series 2007 A 1B, 0.17% 9/7/11, LOC PNC Bank NA, VRDN (c) | 51,700 | | 51,700 |
Series 2007 A 2B, 0.16% 9/7/11, LOC BMO Harris Bank NA, VRDN (c) | 42,400 | | 42,400 |
Series 2007 A 2D, 0.22% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 24,800 | | 24,800 |
Series 2007 A-2A, 0.22% 9/7/11, LOC Bank Tokyo-Mitsubishi UFJ Ltd., VRDN (c) | 8,000 | | 8,000 |
0.22% 9/7/11, LOC Citibank NA, VRDN (c) | 69,000 | | 69,000 |
Lake County Solid Waste Disp. Facilities Rev. (Countryside Landfill, Inc. Proj.) Series B, 0.37% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 4,320 | | 4,320 |
Lisle Village Multi-family Hsg. Rev.: | | | |
(Devonshire of Lisle Proj.) Series 1991, 0.21% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 6,000 | | 6,000 |
(Four Lakes Phase V-Lisle) Series 1996, 0.24% 9/7/11, LOC Bank of America NA, VRDN (c) | 20,000 | | 20,000 |
Metropolitan Pier & Exposition Participating VRDN: | | | |
Series MS 3214, 0.21% 9/7/11 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (c)(g) | 20,000 | | 20,000 |
Series Putters 3861, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 18,500 | | 18,500 |
Series ROC II R 11880, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 7,500 | | 7,500 |
Palos Hills Multi-family Hsg. Rev. (Green Oaks Proj.) Series 1998, 0.22% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 14,300 | | 14,300 |
Quincy Hosp. Rev. (Blessing Hosp. Proj.) Series 2004, 0.18% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 2,300 | | 2,300 |
Univ. of Illinois Rev.: | | | |
(UIC South Campus Dev. Proj.) Series 2008, 0.17% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 23,100 | | 23,100 |
Series 2008, 0.17% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 27,000 | | 27,000 |
Yorkville Svc. Area 2004-106 Tax (MPI Grande Reserve Proj.) 0.43% 9/7/11, LOC Bank of America NA, VRDN (c) | 6,100 | | 6,100 |
| | 1,003,307 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Indiana - 1.8% |
Crawford County Econ. Dev. Rev. (Jasper Engine Exchange Proj.) Series 1997, 0.26% 9/7/11, LOC PNC Bank NA, VRDN (c)(f) | $ 800 | | $ 800 |
Elkhart County Hosp. Auth. Rev. (Elkhart Gen. Hosp. Proj.) Series 2008, 0.15% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 14,950 | | 14,950 |
Elkhart County Multi-family Hsg. Rev. (Pedcor Investments Proj.) Series 2000, 0.24% 9/7/11, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (c)(f) | 7,568 | | 7,568 |
Hammond Swr. & Solid Waste Disp. Rev. (Cargill, Inc. Proj.) 0.22% 9/7/11, VRDN (c)(f) | 39,000 | | 39,000 |
Indiana Dev. Fin. Auth. Envir. Rev. (Duke Energy Indiana, Inc. Proj.): | | | |
Series 2009 A1, 0.2% 9/7/11, LOC Bank of America NA, VRDN (b)(c)(f) | 18,000 | | 18,000 |
Series 2009 A2, 0.2% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 23,000 | | 23,000 |
Indiana Dev. Fin. Auth. Poll. Cont. Rev. (Southern Indiana Gas and Elec. Co. Proj.) Series 1998 A, 0.16% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 11,550 | | 11,550 |
Indiana Dev. Fin. Auth. Rev. (Indianapolis Museum of Art, Inc. Proj.) Series 2001, 0.16% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 20,000 | | 20,000 |
Indiana Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2002 B, 0.22% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 14,000 | | 14,000 |
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.): | | | |
Series 2008 E, 0.25% 9/7/11, LOC Bank of America NA, VRDN (c) | 10,000 | | 10,000 |
Series 2008 I, 0.15% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 6,020 | | 6,020 |
Indiana Fin. Auth. Hosp. Rev.: | | | |
(Cmnty. Health Network Proj.) Series 2009 A, 0.28% 9/7/11, LOC Bank of America NA, VRDN (c) | 24,480 | | 24,480 |
(Indiana Univ. Health Obligated Group Proj.) Series 2011 C, 0.14% 9/7/11, LOC Northern Trust Co., VRDN (c) | 14,000 | | 14,000 |
Indiana Fin. Auth. Rev.: | | | |
(Ascension Health Subordinate Cr. Proj.) Series 2008 E5, 0.16% 9/7/11, VRDN (c) | 36,425 | | 36,425 |
Series 2008 E7, 0.14% 9/7/11, VRDN (c) | 23,600 | | 23,600 |
Indiana Health Facility Fing. Auth. Rev.: | | | |
Bonds (Ascension Health Subordinate Cr. Proj.) Series A2, 3.75%, tender 2/1/12 (c) | 22,500 | | 22,811 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Indiana - continued |
Indiana Health Facility Fing. Auth. Rev.: - continued | | | |
Series 2003 E6, 0.16% 9/7/11, VRDN (c) | $ 13,000 | | $ 13,000 |
Indianapolis Econ. Dev. Rev. (Pine Glen Apts. Proj.) 0.24% 9/7/11, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (c)(f) | 6,160 | | 6,160 |
Indianapolis Gas Util. Sys. Rev.: | | | |
Series 2001 A2, 0.75% 9/16/11, CP | 25,000 | | 25,000 |
0.75% 9/14/11, CP | 25,000 | | 25,000 |
IPS Multi-School Bldg. Corp. Participating VRDN Series Solar 07 26, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 13,435 | | 13,435 |
Knox Econ. Dev. Rev. (Toll IN LLC Proj.) 0.33% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 9,435 | | 9,435 |
Marion Econ. Dev. Rev. (Indiana Wesleyan Univ. Proj.) Series 2006, 0.3% 9/7/11, LOC Bank of America NA, VRDN (c) | 7,900 | | 7,900 |
RBC Muni. Prods, Inc. Trust Various States Participating VRDN Series RBC E 23, 0.21% 9/7/11 (Liquidity Facility Royal Bank of Canada) (c)(g) | 20,500 | | 20,500 |
Warrick County Poll. Cont. Rev. (Southern Indiana Gas and Elec. Co. Proj.) Series 1985 A, 0.18% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 9,775 | | 9,775 |
| | 416,409 |
Iowa - 0.1% |
Iowa Fin. Auth. Series 2005 C, 0.24% 9/7/11 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (c)(f) | 9,175 | | 9,175 |
Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Proj.) Series 2008 A, 0.23% 9/7/11, VRDN (c)(f) | 3,100 | | 3,100 |
Iowa Fin. Auth. Wellness Facilities Rev. (Cmnty. Y of Marshalltown Proj.) Series 2001, 0.31% 9/7/11, LOC Bank of America NA, VRDN (c) | 6,000 | | 6,000 |
| | 18,275 |
Kansas - 0.4% |
Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.) Series 2000, 0.31% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 25,100 | | 25,100 |
Lenexa Multi-family Hsg. Rev. (Meadows Apts. Proj.) Series A, 0.3% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 16,400 | | 16,400 |
Wichita Gen. Oblig. BAN Series 246, 0.375% 8/10/12 | 43,600 | | 43,637 |
| | 85,137 |
Kentucky - 2.1% |
Boyd County Sewage & Solid Waste Rev. (Air Products and Chemicals, Inc. Proj.) Series 2003, 0.19% 9/7/11, VRDN (c)(f) | 8,500 | | 8,500 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Kentucky - continued |
Carroll County Envir. Facilities Rev. (Kentucky Utils. Co. Proj.): | | | |
Series 2004 A, 0.2% 9/7/11, LOC Sumitomo Mitsui Banking Corp., VRDN (c)(f) | $ 12,000 | | $ 12,000 |
Series 2006 B, 0.21% 9/7/11, LOC Sumitomo Mitsui Banking Corp., VRDN (c)(f) | 21,000 | | 21,000 |
Series 2008 A, 0.24% 9/7/11, LOC Sumitomo Mitsui Banking Corp., VRDN (c)(f) | 34,947 | | 34,947 |
Daviess County Exempt Facilities Rev. (Kimberly-Clark Tissue Co. Proj.) Series 1999, 0.21% 9/7/11 (Kimberly-Clark Corp. Guaranteed), VRDN (c)(f) | 4,870 | | 4,870 |
Daviess County Solid Waste Disp. Facilities Rev. (Scott Paper Co. Proj.): | | | |
Series 1993 A, 0.21% 9/7/11 (Kimberly-Clark Corp. Guaranteed), VRDN (c)(f) | 67,250 | | 67,250 |
Series 1993 B, 0.21% 9/7/11 (Kimberly-Clark Corp. Guaranteed), VRDN (c)(f) | 37,700 | | 37,700 |
Elizabethtown Indl. Bldg. Rev. (Altec Industries, Inc. Proj.) Series 1997, 0.25% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 4,000 | | 4,000 |
Henderson County Indl. Dev. Auth. (Pittsburg Tank & Tower Co. Proj.) 0.24% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c)(f) | 100 | | 100 |
Jefferson County Poll. Cont. Bonds (Louisville Gas & Elec. Co. Proj.) Series A2, 0.55% tender 9/23/11, CP mode (f) | 31,000 | | 31,000 |
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.28% tender 9/6/11, CP mode | 9,600 | | 9,600 |
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev.: | | | |
(Baptist Healthcare Sys. Proj.) Series 2009 B4, 0.2% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 8,000 | | 8,000 |
(St. Elizabeth Med. Ctr., Inc. Proj.) Series 2009 B, 0.16% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 9,400 | | 9,400 |
Kentucky Higher Ed. Student Ln. Corp. Rev.: | | | |
Series 2008 A1, 0.2% 9/7/11, LOC State Street Bank & Trust Co., Boston, LOC Bank of America NA, VRDN (c)(f) | 128,000 | | 128,000 |
Series 2008 A2, 0.2% 9/7/11, LOC State Street Bank & Trust Co., Boston, LOC Bank of America NA, VRDN (c)(f) | 33,625 | | 33,625 |
Kentucky Hsg. Corp. Conduit Multi-family Mtg. Rev. (Gleneagles Apts. Proj.) 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 9,700 | | 9,700 |
Kentucky Hsg. Corp. Multi-family Rev. (Canterbury Southgate Hsg. Proj.) 0.24% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 13,880 | | 13,880 |
Larue County Indl. Dev. Rev. (CMH Hodgenville, Inc. Proj.) Series 2000, 0.22% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c)(f) | 6,000 | | 6,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Kentucky - continued |
Louisville & Jefferson County Metropolitan Govt. Multi-family Hsg. Rev. (Waterford Place Apts. Proj.) Series 2003, 0.22% 9/7/11, LOC Freddie Mac, VRDN (c) | $ 9,425 | | $ 9,425 |
Mercer County Solid Waste Disp. Facility Rev. (Kentucky Utils. Co. Proj.) Series 2000 A, 0.19% 9/7/11, LOC Sumitomo Mitsui Banking Corp., VRDN (c)(f) | 6,450 | | 6,450 |
Minor Lane Heights Solid Waste Disp. Rev. (Waste Mgmt. of Kentucky, LLC Proj. D) Series 2003, 0.22% 9/7/11, LOC PNC Bank NA, VRDN (c)(f) | 11,000 | | 11,000 |
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.): | | | |
Series 2001 A, 0.28% tender 9/12/11, CP mode | 19,800 | | 19,800 |
Series A2, 0.55% tender 9/23/11, CP mode (f) | 8,600 | | 8,600 |
| | 494,847 |
Louisiana - 1.5% |
East Baton Rouge Parish Indl. Dev. Board Rev. (Stupp Bros., Inc. Proj.) Series 2008, 0.38% 9/7/11, LOC Bank of America NA, VRDN (c) | 38,800 | | 38,800 |
Lake Charles Hbr. & Term. District Dock & Wharf Rev. (Conoco, Inc. Proj.) Series 2000, 0.19% 9/7/11, VRDN (c)(f) | 34,100 | | 34,100 |
Louisiana Gas & Fuel Tax Rev. Participating VRDN: | | | |
Series Putters 2378, 0.21% 9/7/11 (Liquidity Facility Deutsche Bank AG New York Branch) (c)(g) | 14,350 | | 14,350 |
Series Putters 3806, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 9,990 | | 9,990 |
Series Solar 06 133, 0.19% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 6,900 | | 6,900 |
Louisiana Gen. Oblig. Bonds Series 2011 A, 2% 9/1/11 | 10,390 | | 10,390 |
Louisiana Hsg. Fin. Auth. Multi-family Hsg. Rev. (The Reserve at Jefferson Proj.) Series 2008, 0.23% 9/7/11, LOC Freddie Mac, VRDN (c) | 4,095 | | 4,095 |
Louisiana Offshore Term. Auth. Deepwater Port Rev. (LOOP LLC Proj.) Series 2003 B, 0.18% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 22,275 | | 22,275 |
Louisiana Pub. Facilities Auth. Hosp. Rev. (Franciscan Missionaries of Our Lady Health Sys. Proj.) Series 2008 A, 0.22% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 23,580 | | 23,580 |
Louisiana Pub. Facilities Auth. Rev.: | | | |
(Air Products & Chemicals, Inc. Proj.): | | | |
Series 2002, 0.19% 9/7/11, VRDN (c)(f) | 1,000 | | 1,000 |
Series 2009 A, 0.16% 9/7/11, VRDN (c) | 33,000 | | 33,000 |
0.19% 9/7/11, VRDN (c)(f) | 4,500 | | 4,500 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Louisiana - continued |
Louisiana Pub. Facilities Auth. Rev.: - continued | | | |
(CommCare Corp. Proj.) Series 2008 A, 0.2% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | $ 3,700 | | $ 3,700 |
South Louisiana Port Commission Port Facilities Rev. (Holnam, Inc. Proj.) 0.23% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 22,000 | | 22,000 |
St. James Parish Gen. Oblig.: | | | |
(Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 0.17% 9/7/11, VRDN (c) | 15,000 | | 15,000 |
(NuStar Logistics LP Proj.): | | | |
Series 2010 B, 0.18% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 25,000 | | 25,000 |
Series 2010, 0.18% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 50,000 | | 50,000 |
Series 2011, 0.18% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 40,000 | | 40,000 |
| | 358,680 |
Maine - 0.3% |
Maine Fin. Auth. Solid Waste Disposable Rev. (Casella Waste Systems, Inc. Proj.) 0.33% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 25,000 | | 25,000 |
Maine Health & Higher Ed. Facilities Auth. Rev. Series 2008 A, 0.3% 9/7/11, LOC KBC Bank NV, VRDN (c) | 14,300 | | 14,300 |
Maine Hsg. Auth. Multi-family Dev. Rev. (Park Village Apts. Proj.) 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 23,100 | | 23,100 |
Maine Pub. Util. Fin. Pub. Util. Rev. (Maine Pub. Svc. Co. Proj.) Series 1996, 0.25% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 13,600 | | 13,600 |
| | 76,000 |
Maryland - 2.6% |
Baltimore County Gen. Oblig.: | | | |
Series 2002 D, 0.15% 10/4/11 (Liquidity Facility BNP Paribas SA), CP | 32,900 | | 32,900 |
Series 2011: | | | |
0.14% 9/6/11 (Liquidity Facility Mizuho Corporate Bank Ltd.), CP | 32,300 | | 32,300 |
0.14% 9/7/11 (Liquidity Facility Mizuho Corporate Bank Ltd.), CP | 32,300 | | 32,300 |
0.15% 10/4/11 (Liquidity Facility Mizuho Corporate Bank Ltd.), CP | 38,800 | | 38,800 |
0.16% 11/2/11 (Liquidity Facility Mizuho Corporate Bank Ltd.), CP | 25,900 | | 25,900 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Maryland - continued |
Baltimore County Metropolitan District Series 1995, 0.14% 9/9/11 (Liquidity Facility BNP Paribas SA), CP | $ 23,000 | | $ 23,000 |
Maryland Cmnty. Dev. Administration Dept. of Hsg. & Cmnty. Dev. (Parlane Apts. Proj.) Series 2001 C, 0.16% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 3,400 | | 3,400 |
Maryland Econ. Dev. Auth. Rev. (Associated Projs.) Series A, 0.3% 9/7/11, LOC Bank of America NA, VRDN (c) | 15,305 | | 15,305 |
Maryland Health & Higher Edl. Facilities Auth. Rev.: | | | |
(Adventist Healthcare Proj.) Series 2005 A, 0.19% 9/7/11, LOC Union Bank of California, VRDN (c) | 48,250 | | 48,250 |
(Mercy Med. Ctr. Proj.) Series 2007 D, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 28,300 | | 28,300 |
(Univ. of Maryland Med. Sys. Proj.): | | | |
Series 2008 A, 0.25% 9/7/11, LOC Citizens Bank of Pennsylvania, VRDN (c) | 22,300 | | 22,300 |
Series 2008 B, 0.17% 9/7/11, LOC Bank of America NA, VRDN (c) | 29,100 | | 29,100 |
(Upper Chesapeake Hosp. Proj.) Series 2008 B, 0.17% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 11,085 | | 11,085 |
(Villa Julie College, Inc. Proj.) Series 2005, 0.26% 9/7/11, LOC Bank of America NA, VRDN (c) | 58,115 | | 58,115 |
Series E, 0.14% 9/7/11, LOC Bank of America NA, CP | 25,000 | | 25,000 |
Series F: | | | |
0.2% 9/6/11, LOC Bank of America NA, CP | 20,000 | | 20,000 |
0.2% 9/7/11, LOC Bank of America NA, CP | 34,550 | | 34,550 |
0.25% 9/6/11, LOC Bank of America NA, CP | 20,000 | | 20,000 |
Maryland Trans. Auth. Trans. Facility Projects Rev. Participating VRDN: | | | |
Series BA 08 1077, 0.27% 9/7/11 (Liquidity Facility Bank of America NA) (c)(g) | 5,055 | | 5,055 |
Series ROC II R 11437, 0.22% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 10,000 | | 10,000 |
Montgomery County Econ. Dev. Rev. (Georgetown Preparatory School, Inc. Proj.) Series 2005, 0.31% 9/7/11, LOC Bank of America NA, VRDN (c) | 17,010 | | 17,010 |
Montgomery County Gen. Oblig. Ctfs. of Prtn. Bonds Series 2010, 3% 5/1/12 | 3,060 | | 3,111 |
Montgomery County Hsg. Opportunities Commission Hsg. Rev. (The Grand Proj.) Series 1997 1, 0.17% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 33,660 | | 33,660 |
Montgomery County Hsg. Opportunities Commission Multifamily Hsg. Rev. (Oak Mill II Apts. Proj.) Series 2010 B, 0.2% 9/7/11, LOC Bank of America NA, VRDN (c) | 9,600 | | 9,600 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Maryland - continued |
Montgomery County Hsg. Opportunity Commission Single Family Mtg. Rev.: | | | |
Series 2007 F, 0.22% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | $ 10,000 | | $ 10,000 |
Series 2008 C, 0.22% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 8,450 | | 8,450 |
| | 597,491 |
Massachusetts - 0.7% |
Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating VRDN Series PT 4368, 0.19% 9/7/11 (Liquidity Facility Wells Fargo & Co.) (c)(g) | 4,985 | | 4,985 |
Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2005, 0.75% tender 9/14/11, CP mode (f) | 24,400 | | 24,400 |
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | | | |
Series 1992, 0.7% tender 9/12/11, CP mode | 8,000 | | 8,000 |
Series 1993 A, 0.7% tender 9/14/11, CP mode | 15,000 | | 15,000 |
Series 1993 B: | | | |
0.75% tender 9/16/11, CP mode | 1,350 | | 1,350 |
0.75% tender 9/23/11, CP mode | 5,900 | | 5,900 |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN Series EGL 07 0031, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 31,500 | | 31,500 |
Massachusetts State Dev. Fin. Agcy. Elec. Util. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2007, 0.35% tender 9/1/11, CP mode (f) | 1,000 | | 1,000 |
Massachusetts Wtr. Poll. Abatement Trust Participating VRDN: | | | |
Series Clipper 05 36, 0.21% 9/7/11 (Liquidity Facility State Street Bank & Trust Co., Boston) (c)(g) | 11,835 | | 11,835 |
Series Clipper 06 11, 0.24% 9/7/11 (Liquidity Facility State Street Bank & Trust Co., Boston) (c)(g) | 59,605 | | 59,605 |
| | 163,575 |
Michigan - 1.9% |
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2008 B3, 0.15% 9/7/11 (Liquidity Facility Wells Fargo Bank NA), VRDN (c) | 8,100 | | 8,100 |
Michigan Bldg. Auth. Rev.: | | | |
Series 2007 I, 0.19% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 5,800 | | 5,800 |
Series 2011 IIB, 0.19% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 27,090 | | 27,090 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Michigan - continued |
Michigan Fin. Auth. Rev. RAN Series 2011 C3, 2% 8/20/12, LOC Bank of Nova Scotia New York Branch | $ 46,300 | | $ 47,059 |
Michigan Gen. Oblig. TRAN Series A, 2% 9/30/11 | 57,500 | | 57,572 |
Michigan Hosp. Fin. Auth. Rev.: | | | |
(McLaren Health Care Corp. Proj.) Series 2008 B1, 0.16% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 13,210 | | 13,210 |
Bonds: | | | |
(Ascension Health Cr. Group Proj.) Series 1999 B, 3.75%, tender 3/15/12 (c) | 11,300 | | 11,500 |
(Trinity Health Sys. Proj.): | | | |
Series 2008 C, 0.11% tender 9/7/11, CP mode | 43,500 | | 43,500 |
Series B, 0.11% tender 9/7/11, CP mode | 20,000 | | 20,000 |
Series C, 0.31% tender 10/4/11, CP mode | 27,500 | | 27,500 |
Series 2008 C, 0.11% tender 9/7/11, CP mode | 65,300 | | 65,300 |
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Series 2007 B, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 27,500 | | 27,500 |
Michigan State Univ. Revs. Participating VRDN Series WF 11 33 C, 0.2% 9/7/11 (Liquidity Facility Wells Fargo Bank NA) (c)(g) | 3,000 | | 3,000 |
Univ. of Michigan Univ. Rev. Bonds Series 2003, 5% 4/1/12 | 2,080 | | 2,136 |
Wayne County Arpt. Auth. Rev.: | | | |
0.16% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 40,000 | | 40,000 |
0.17% 9/7/11, LOC PNC Bank NA, VRDN (c)(f) | 19,000 | | 19,000 |
0.18% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 16,360 | | 16,360 |
| | 434,627 |
Minnesota - 0.4% |
Eagan Multi-family Rev. (Thomas Lake Place Apts. Proj.) Series 2003 A1, 0.26% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 6,525 | | 6,525 |
Hennepin County Hsg. & Redev. Auth. Multi-family Rev. (Stone Arch Apts. Proj.) 0.3% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 9,800 | | 9,800 |
Minneapolis Multi-family Rev. (Gateway Real Estate Proj.) 0.3% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 2,000 | | 2,000 |
Minnesota Gen. Oblig. Bonds 5% 10/1/11 | 13,850 | | 13,903 |
Minnesota Office of Higher Ed. Series 2008 B, 0.19% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c)(f) | 9,300 | | 9,300 |
Oak Park Heights Multi-Family Rev. 0.22% 9/7/11, LOC Freddie Mac, VRDN (c) | 5,340 | | 5,340 |
Richfield Multi-family Hsg. Rev. (Lynwood Partners, LLC Proj.) Series 2010, 0.21% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 11,230 | | 11,230 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Minnesota - continued |
Saint Paul Hsg. & Redev. Auth. Rev. (River Pointe Lofts Proj.) Series 2007 A, 0.36% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | $ 16,885 | | $ 16,885 |
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Bonds Series 2002 A, 5% 1/1/12 | 2,660 | | 2,699 |
St. Paul Port Auth. District Cooling Rev.: | | | |
Series 2009 12EE, 0.2% 9/7/11, LOC Deutsche Bank AG, VRDN (c)(f) | 1,100 | | 1,100 |
Series 2009 9BB, 0.35% 9/7/11, LOC Deutsche Bank AG, VRDN (c) | 11,700 | | 11,700 |
| | 90,482 |
Mississippi - 0.3% |
Mississippi Bus. Fin. Corp. Indl. Dev. Rev. (Omega Motion LLC Proj.) Series 1996, 0.34% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 1,000 | | 1,000 |
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 0.21% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 6,000 | | 6,000 |
Mississippi Dev. Bank Spl. Oblig. (Harrison County Proj.) Series 2008 A2, 0.28% 9/7/11, LOC Bank of America NA, VRDN (c) | 14,000 | | 14,000 |
Mississippi Gen. Oblig.: | | | |
Series 2007, 0.17% 9/7/11 (Liquidity Facility Bank of America NA), VRDN (c) | 1,000 | | 1,000 |
0.2% 9/7/11 (Liquidity Facility Bank of America NA), VRDN (c) | 9,955 | | 9,955 |
Mississippi Home Corp. Multi-family Hsg. Rev. (Bristol Park Apts. Proj.) Series 2001 1, 0.31% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 7,600 | | 7,600 |
Mississippi Hosp. Equip. & Facilities Auth. Bonds (Baptist Memorial Health Care Proj.) Series 2004 B2: | | | |
0.2%, tender 1/5/12 (c)(h) | 11,810 | | 11,810 |
0.2%, tender 1/5/12 (c)(h) | 15,000 | | 15,000 |
| | 66,365 |
Missouri - 1.1% |
Bi-State Dev. Agcy. Missouri Illinois Metropolitan District Rev. (Metrolink Cross County Extension Proj.) Series 2010 A, 0.21% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 9,350 | | 9,350 |
Grandview Indl. Dev. Auth. Multi-family Hsg. Rev. (Briarwood Apts. Proj.) 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 12,300 | | 12,300 |
Jefferson County Indl. Dev. Auth. Multi-family Hsg. Rev. (Pevely Pointe Apts. Proj.) 0.26% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 13,900 | | 13,900 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Missouri - continued |
Kansas City Indl. Dev. Auth. Air Cargo Facility Rev. (Kansas City Air Cargo Svcs. Proj.) 0.24% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | $ 7,300 | | $ 7,300 |
Kansas City Indl. Dev. Auth. Student Hsg. Facilities Rev. (Oak Street West Proj.) Series 2006, 0.17% 9/7/11, LOC Bank of America NA, VRDN (c) | 8,600 | | 8,600 |
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. (Lutheran High School Assoc. Proj.) Series 2002, 0.2% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 3,140 | | 3,140 |
Missouri Health & Edl. Facilities Auth. Health Facilities Rev.: | | | |
(Cox Health Sys. Proj.) Series 2008 C, 0.18% 9/7/11, LOC Bank of America NA, VRDN (c) | 28,000 | | 28,000 |
(SSM Health Care Sys. Proj.) Series 2005 A1, 0.17% 9/7/11, LOC Bank of America NA, VRDN (c) | 23,970 | | 23,970 |
Bonds: | | | |
(Cox Health Proj.) Series B, 0.23% tender 10/5/11, LOC Bank of Nova Scotia New York Branch, CP mode | 15,000 | | 15,000 |
(CoxHealth Proj.) Series B: | | | |
0.14% tender 10/4/11, LOC Bank of Nova Scotia New York Branch, CP mode | 7,000 | | 7,000 |
0.14% tender 10/7/11, LOC Bank of Nova Scotia New York Branch, CP mode | 15,000 | | 15,000 |
0.31% tender 10/4/11, LOC Bank of Nova Scotia New York Branch, CP mode | 13,000 | | 13,000 |
Participating VRDN Series Putters 2587, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 7,955 | | 7,955 |
Missouri Health & Edl. Facilities Auth. Rev. (Lutheran Sr. Svcs. Proj.) Series 2008, 0.18% 9/7/11, LOC PNC Bank NA, VRDN (c) | 14,075 | | 14,075 |
Missouri Highways & Trans. Commission State Road Rev. Series 2005 B, 0.13% 9/7/11, LOC State Street Bank & Trust Co., Boston, VRDN (c) | 9,875 | | 9,875 |
Saint Louis Indl. Dev. Auth.: | | | |
(Metropolitan Lofts Apts. Proj.) Series 2003 A, 0.18% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 28,300 | | 28,300 |
(Saint Luke's Plaza Apts. Proj.) Series 2009, 0.26% 9/7/11, LOC Bank of America NA, VRDN (c) | 5,000 | | 5,000 |
Springfield Pub. Util. Rev. Participating VRDN Series Solar 06 156, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 30,250 | | 30,250 |
St. Louis Indl. Dev. Auth. (The St. Louis Art Museum Proj.) Series 2009 B, 0.15% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 9,165 | | 9,165 |
| | 261,180 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Montana - 0.0% |
Montana Board of Invt. Bonds Series 1998, 0.48%, tender 3/1/12 (c) | $ 11,565 | | $ 11,565 |
Nebraska - 1.4% |
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2009, 0.21% 9/7/11 (Liquidity Facility Royal Bank of Canada), VRDN (c) | 53,300 | | 53,300 |
Douglas County Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.3% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 9,000 | | 9,000 |
Lincoln Elec. Sys. Rev. Bonds Series 2002, 5% 9/1/12 | 5,000 | | 5,236 |
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev. Series 2010 C, 0.17% 9/7/11 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (c)(f) | 128,195 | | 128,195 |
Nebraska Pub. Pwr. District Rev.: | | | |
Bonds Series 2011 A, 1.5% 1/1/12 | 9,645 | | 9,683 |
Series A, 0.12% 9/6/11, CP | 35,550 | | 35,550 |
Nebraska Pub. Pwr. Generation Agcy. Rev. Participating VRDN Series Solar 07 20, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 19,700 | | 19,700 |
Omaha Pub. Pwr. District Elec. Rev.: | | | |
Series A: | | | |
0.13% 10/4/11, CP | 14,000 | | 14,000 |
0.16% 9/20/11, CP | 15,000 | | 15,000 |
0.16% 12/8/11, CP | 15,000 | | 15,000 |
0.19% 9/16/11, CP | 5,000 | | 5,000 |
0.12% 11/3/11, CP | 14,000 | | 14,000 |
Washington County Indl. Dev. Rev. (Cargill Dow Polymers LLC Proj.) Series 2000, 0.16% 9/7/11 (Cargill, Inc. Guaranteed) (Dow Chemical Co. Guaranteed), LOC Wells Fargo Bank NA, VRDN (c)(f) | 5,400 | | 5,400 |
| | 329,064 |
Nevada - 2.3% |
Clark County Arpt. Rev.: | | | |
Series 2008 C1, 0.19% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 101,750 | | 101,750 |
Series 2008 D 2A, 0.16% 9/7/11, LOC Citibank NA, VRDN (c) | 45,200 | | 45,200 |
Series 2008 D 2B, 0.16% 9/7/11, LOC Royal Bank of Canada, VRDN (c) | 57,800 | | 57,800 |
Series 2008 D1, 0.16% 9/7/11, LOC Citibank NA, VRDN (c) | 15,800 | | 15,800 |
Series 2008 D3, 0.17% 9/7/11, LOC Bank of America NA, VRDN (c) | 33,700 | | 33,700 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Nevada - continued |
Clark County Arpt. Rev.: - continued | | | |
Series 2011 B1, 0.19% 9/7/11, LOC Citibank NA, VRDN (c)(f) | $ 18,000 | | $ 18,000 |
Series 2011 B2, 0.18% 9/7/11, LOC Royal Bank of Canada, VRDN (c)(f) | 15,000 | | 15,000 |
Clark County Fuel Tax: | | | |
Participating VRDN: | | | |
Series BA 08 1171, 0.27% 9/7/11 (Liquidity Facility Bank of America NA) (c)(g) | 9,765 | | 9,765 |
Series Putters 3158, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 32,110 | | 32,110 |
Series 2008 A, 0.2% 9/7/11, LOC BNP Paribas SA, CP | 8,000 | | 8,000 |
Clark County Indl. Dev. Rev. (Southwest Gas Corp. Proj.): | | | |
Series 2003 A, 0.26% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 45,100 | | 45,100 |
Series 2009 A, 0.16% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 2,000 | | 2,000 |
Clark County McCarran Int'l. Arpt. Passenger Facility Charge Rev. Series 2010 F2, 0.17% 9/7/11, LOC Union Bank of California, VRDN (c) | 17,600 | | 17,600 |
Clark County School District Bonds Series 2003 D, 5.5% 6/15/12 | 7,165 | | 7,459 |
Clark County Wtr. Reclamation District Participating VRDN Series Putters 3355, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 7,500 | | 7,500 |
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig. Participating VRDN Series Solar 06 93, 0.19% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 14,000 | | 14,000 |
Nevada Dept. of Bus. & Industry: | | | |
(LVE Energy Partners LLC Proj.) 0.21% 9/7/11, LOC Sumitomo Mitsui Banking Corp., VRDN (c)(f) | 21,700 | | 21,700 |
(Republic Svcs., Inc. Proj.) 0.37% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 2,000 | | 2,000 |
Nevada Hsg. Division (Horizon Apt. Hsg. Proj.) Series 2000 A, 0.2% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 7,410 | | 7,410 |
North Las Vegas Gen. Oblig. Participating VRDN Series Solar 06 89, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 30,415 | | 30,415 |
Reno Cap. Impt. Rev. Series 2005 A, 0.23% 9/7/11, LOC Bank of America NA, VRDN (c) | 13,335 | | 13,335 |
Truckee Meadows Wtr. Auth. Wtr. Rev.: | | | |
Series 2006 A: | | | |
0.14% 10/6/11, LOC Lloyds TSB Bank PLC, CP | 7,600 | | 7,600 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Nevada - continued |
Truckee Meadows Wtr. Auth. Wtr. Rev.: - continued | | | |
Series 2006 A: | | | |
0.18% 9/7/11, LOC Lloyds TSB Bank PLC, CP | $ 5,700 | | $ 5,700 |
Series 2006 B, 0.16% 9/15/11, LOC Lloyds TSB Bank PLC, CP | 27,100 | | 27,100 |
| | 546,044 |
New Hampshire - 0.6% |
Manchester Arpt. Rev. Series 2008, 0.25% 9/7/11, LOC RBS Citizens NA, VRDN (c)(f) | 14,915 | | 14,915 |
New Hampshire Bus. Fin. Auth. Exempt Facilities Rev. (Waste Mgmt. of New Hampshire, Inc. Proj.) 0.24% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 20,000 | | 20,000 |
New Hampshire Bus. Fin. Auth. Ind. Dev. Rev. (Wiggins Airways Proj.) Series 1998, 0.58% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 3,600 | | 3,600 |
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | | | |
Series 1990 A, 0.75% tender 9/6/11, CP mode (f) | 5,900 | | 5,900 |
Series 1990 B, 0.75% tender 9/16/11, CP mode | 19,800 | | 19,800 |
Series A1, 0.35% tender 9/1/11, CP mode (f) | 20,000 | | 20,000 |
New Hampshire Bus. Fin. Auth. Resource Recovery Rev. (Wheelabrator Concord Co. LP Proj.) Series 1997 A, 0.18% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 13,800 | | 13,800 |
New Hampshire Bus. Fin. Auth. Rev. (Luminescent Sys., Inc. Proj.) Series 1998, 0.3% 9/7/11, LOC HSBC Bank USA, NA, VRDN (c)(f) | 1,650 | | 1,650 |
New Hampshire Health & Ed. Facilities Auth. Rev. (Frisbie Memorial Hosp. Proj.) Series 2006, 0.19% 9/7/11, LOC TD Banknorth, NA, VRDN (c) | 11,500 | | 11,500 |
New Hampshire Hsg. Fin. Auth. Multi-family Rev. (Pheasant Run Proj.) 0.17% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 16,400 | | 16,400 |
Rockingham County TAN 1% 12/22/11 | 18,000 | | 18,044 |
| | 145,609 |
New Jersey - 0.3% |
Burlington County Gen. Oblig. BAN: | | | |
Series 2011 A, 1.5% 5/24/12 | 15,654 | | 15,783 |
1.5% 9/8/11 | 21,972 | | 21,976 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
New Jersey - continued |
New Jersey Econ. Dev. Auth. Rev. Bonds (Keystone Urban Renewal Proj.) Series 1992, 0.35% tender 9/7/11, LOC BNP Paribas SA, CP mode (f) | $ 21,875 | | $ 21,875 |
New Jersey Hsg. & Mtg. Fin. Agcy. Multi-family Rev. Series 2008 F, 0.23% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 7,600 | | 7,600 |
| | 67,234 |
New Mexico - 0.9% |
New Mexico Edl. Assistance Foundation: | | | |
Series 2003 A2, 0.2% 9/7/11, LOC Royal Bank of Canada, VRDN (c)(f) | 4,900 | | 4,900 |
Series 2004 A1, 0.2% 9/7/11, LOC Royal Bank of Canada, VRDN (c)(f) | 1,200 | | 1,200 |
Series 2004 A2, 0.2% 9/7/11, LOC Royal Bank of Canada, VRDN (c)(f) | 17,090 | | 17,090 |
Series 2004 A3, 0.2% 9/7/11, LOC Royal Bank of Canada, VRDN (c)(f) | 22,500 | | 22,500 |
New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Series 2009, 0.21% 9/7/11 (Liquidity Facility Royal Bank of Canada), VRDN (c) | 138,600 | | 138,600 |
Rio Rancho Wtr. & Wastewtr. Sys. Rev. Participating VRDN Series Solar 2007 19, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 4,495 | | 4,495 |
Univ. of New Mexico Univ. Revs. Participating VRDN Series Putters 2533, 0.21% 9/7/11 (Liquidity Facility Deutsche Bank AG New York Branch) (c)(g) | 9,990 | | 9,990 |
| | 198,775 |
New York - 3.6% |
Barclays Bank PLC Participating VRDN Series BC 11 11B, 0.19% 9/7/11 (Liquidity Facility Barclays Bank PLC) (c)(g) | 6,240 | | 6,240 |
New York City Gen. Oblig.: | | | |
Participating VRDN Series Putters 3196, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 8,425 | | 8,425 |
Series 2004 A2, 0.24% 9/7/11, LOC Bank of America NA, VRDN (c) | 29,000 | | 29,000 |
Series 2008 J11, 0.3% 9/7/11 (Liquidity Facility KBC Bank NV), VRDN (c) | 45,700 | | 45,700 |
New York City Hsg. Dev. Corp. Multi-family Hsg. Mtg. Rev. (Villa Avenue Apts. Proj.) Series 2006 A, 0.16% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 5,990 | | 5,990 |
New York City Hsg. Dev. Corp. Multi-family Mtg. Rev.: | | | |
(Courtland Avenue Apts. Proj.) Series A, 0.17% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 4,905 | | 4,905 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York City Hsg. Dev. Corp. Multi-family Mtg. Rev.: - continued | | | |
(East 165th Street Proj.) Series A, 0.18% 9/7/11, LOC Citibank NA, VRDN (c)(f) | $ 7,665 | | $ 7,665 |
(Morris Ave. Apts. Proj.) Series A, 0.16% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 14,700 | | 14,700 |
(State Renaissance Court Proj.) Series A, 0.16% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 8,700 | | 8,700 |
New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev.: | | | |
(One Columbus Place Dev. Proj.) Series A, 0.15% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 32,915 | | 32,915 |
(Rivereast Apts. Proj.) Series A, 0.16% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 4,150 | | 4,150 |
(West End Towers Proj.) Series 2004 A, 0.15% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 11,000 | | 11,000 |
New York City Hsg. Dev. Corp. Residential Rev. (Montefiore Med. Ctr. Proj.) Series 1993 A, 0.16% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 7,000 | | 7,000 |
New York City Indl. Dev. Agcy. Spl. Facilities Rev. (New York Stock Exchange Proj.) Series 2004 B, 0.26% 9/7/11, LOC Bank of America NA, VRDN (c) | 11,165 | | 11,165 |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | | | |
Participating VRDN: | | | |
EGL 09 46A, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 13,430 | | 13,430 |
Series BBT 08 15, 0.2% 9/7/11 (Liquidity Facility Branch Banking & Trust Co.) (c)(g) | 25,585 | | 25,585 |
Series Putters 3496Z, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 8,000 | | 8,000 |
Series ROC II R 10381, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 4,070 | | 4,070 |
Series ROC II R 12262, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 24,000 | | 24,000 |
Series FF, 0.21% 9/1/11 (Liquidity Facility KBC Bank NV), VRDN (c) | 2,500 | | 2,500 |
New York City Transitional Fin. Auth. Rev. Series 2003 1E, 0.17% 9/7/11 (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (c) | 13,425 | | 13,425 |
New York Dorm. Auth. Revs.: | | | |
(City Univ. Proj.) Series 2008 C, 0.26% 9/7/11, LOC Bank of America NA, VRDN (c) | 4,000 | | 4,000 |
Participating VRDN: | | | |
Series EGL 07 0066, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 31,025 | | 31,025 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York Dorm. Auth. Revs.: - continued | | | |
Participating VRDN: | | | |
Series ROC II R 11535, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | $ 3,590 | | $ 3,590 |
New York Hsg. Fin. Agcy. Rev.: | | | |
(125 West 31st Street Proj.) Series 2005 A, 0.17% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 2,000 | | 2,000 |
(150 East 44th Street Hsg. Proj.): | | | |
Series 2000 A, 0.16% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 4,000 | | 4,000 |
Series 2001 A, 0.16% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 2,400 | | 2,400 |
(1500 Lexington Avenue Proj.): | | | |
Series 2004 A, 0.16% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 2,000 | | 2,000 |
Series A, 0.16% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 33,600 | | 33,600 |
(240 East 39th Street Hsg. Proj.) Series 1997 A, 0.15% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 20,000 | | 20,000 |
(250 West 50th Street Hsg. Proj.) Series 1997 A, 0.15% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 13,495 | | 13,495 |
(320 West 38th Street Hsg. Proj.) Series 2008 A, 0.14% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 14,000 | | 14,000 |
(750 Sixth Avenue Hsg. Proj.) Series 1998 A, 0.17% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 5,000 | | 5,000 |
(900 Eighth Avenue Hsg. Proj.) Series 2002 A, 0.17% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 59,000 | | 59,000 |
(Avalon Chrystie Place I Hsg. Proj.) Series 2004 B, 0.17% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 4,100 | | 4,100 |
(Chelsea Apts. Proj.) Series A, 0.16% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 40,500 | | 40,500 |
(Clinton Green South Hsg. Proj.) Series 2006 A, 0.17% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 16,400 | | 16,400 |
(Helena Hsg. Proj.) Series 2003 A, 0.17% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 9,000 | | 9,000 |
(Kew Garden Hills Apts. Hsg. Proj.) Series 2003 A, 0.15% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 11,170 | | 11,170 |
(Reverend Polite Ave. Apt. Hsg. Proj.) Series 2005 A, 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 7,435 | | 7,435 |
(Sea Park West Hsg. Proj.) Series 2004 A, 0.23% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 13,500 | | 13,500 |
(South Cove Plaza Proj.) Series A, 0.16% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 3,000 | | 3,000 |
(West 20th Street Proj.) Series A: | | | |
0.17% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 24,475 | | 24,475 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
New York - continued |
New York Hsg. Fin. Agcy. Rev.: - continued | | | |
(West 20th Street Proj.) Series A: | | | |
0.17% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | $ 41,500 | | $ 41,500 |
(West 23rd Street Hsg. Proj.): | | | |
Series 2001 A, 0.16% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 23,000 | | 23,000 |
0.16% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 35,500 | | 35,500 |
(West 38th Street Hsg. Proj.) Series A, 0.16% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 16,000 | | 16,000 |
New York Metropolitan Trans. Auth. Rev.: | | | |
Series 2, 0.14% 9/7/11, LOC Citibank NA, CP | 16,800 | | 16,800 |
Series 2005 E2, 0.3% 9/7/11, LOC BNP Paribas New York Branch, VRDN (c) | 35,000 | | 35,000 |
New York Pwr. Auth.: | | | |
Bonds 0.32%, tender 9/1/11 (c) | 22,600 | | 22,600 |
Series 1, 0.2% 10/5/11, CP | 5,035 | | 5,035 |
New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. of New York, Inc. Proj.) Series 2004 C1, 0.16% 9/7/11, LOC Mizuho Corporate Bank Ltd., VRDN (c)(f) | 16,800 | | 16,800 |
New York State Gen. Oblig. Bonds Series 2011 C, 5% 9/1/11 | 11,775 | | 11,775 |
| | 836,265 |
New York & New Jersey - 0.7% |
Port Auth. of New York & New Jersey Participating VRDN Series EGL 06 107 Class A, 0.26% 9/7/11 (Liquidity Facility Citibank NA) (c)(f)(g) | 151,450 | | 151,450 |
North Carolina - 1.4% |
Board of Governors of the Univ. of North Carolina Series D: | | | |
0.12% 10/5/11, CP | 14,900 | | 14,900 |
0.16% 10/17/11, CP | 10,000 | | 10,000 |
Charlotte Int'l. Arpt. Rev. Series 2010 C, 0.18% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 6,000 | | 6,000 |
Charlotte Wtr. & Swr. Sys. Rev. Series 2002 C, 0.2% 9/7/11 (Liquidity Facility Bank of America NA), VRDN (c) | 4,250 | | 4,250 |
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Series 2007 G, 0.29% 9/7/11, LOC Bank of America NA, VRDN (c) | 47,000 | | 47,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
North Carolina - continued |
Gaston County Indl. Facilities & Poll. Cont. Fing. Auth. Rev. (Duke Energy Corp. Proj.) Series 1999, 0.24% 9/1/11, VRDN (c)(f) | $ 4,000 | | $ 4,000 |
Greensboro Combined Enterprise Sys. Rev. Series 2009 B, 0.29% 9/7/11 (Liquidity Facility Bank of America NA), VRDN (c) | 10,000 | | 10,000 |
Lower Cape Fear Wtr. & Swr. Auth. Rev. (Bladen Bluffs Proj.) Series 2010, 0.23% 9/7/11, VRDN (c) | 2,300 | | 2,300 |
North Carolina Cap. Facilities Fin. Agcy. Edl. Facilities Rev.: | | | |
(Campbell Univ. Proj.) Series 2009, 0.21% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 4,330 | | 4,330 |
Series 2011, 0.31% 9/7/11, LOC Bank of America NA, VRDN (c) | 19,200 | | 19,200 |
North Carolina Cap. Facilities Fin. Agcy. Rev.: | | | |
(Elon Univ. Proj.) Series 2006, 0.18% 9/7/11, LOC Bank of America NA, VRDN (c) | 1,000 | | 1,000 |
Participating VRDN: | | | |
Series GS 08 9TP, 0.21% 9/7/11 (Liquidity Facility Wells Fargo & Co.) (c)(g) | 14,615 | | 14,615 |
Series ROC II R 11850, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 12,600 | | 12,600 |
North Carolina Hsg. Fin. Agcy. Home Ownership Rev.: | | | |
Series 15 C, 0.18% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 3,730 | | 3,730 |
Series 16C, 0.18% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 15,255 | | 15,255 |
Series 17 C, 0.18% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 18,580 | | 18,580 |
Series 18 C, 0.18% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 18,000 | | 18,000 |
North Carolina Infrastructure Fin. Corp. Ctfs. of Prtn.: | | | |
Bonds Series A, 5% 2/1/12 | 3,675 | | 3,745 |
Participating VRDN Series BA 08 1073, 0.27% 9/7/11 (Liquidity Facility Bank of America NA) (c)(g) | 9,760 | | 9,760 |
North Carolina Med. Care Cmnty. Health Participating VRDN Series BA 08 3509, 0.27% 9/7/11 (Liquidity Facility Bank of America NA) (c)(g) | 4,000 | | 4,000 |
North Carolina Med. Care Commission Health Care Facilities Rev.: | | | |
(Friends Homes, Inc. Proj.) Series 2003, 0.22% 9/7/11, LOC Bank of America NA, VRDN (c) | 24,580 | | 24,580 |
(Wake Forest Univ. Proj.) Series 2008 C, 0.29% 9/7/11, LOC Bank of America NA, VRDN (c) | 9,580 | | 9,580 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
North Carolina - continued |
North Carolina Med. Care Commission Health Care Facilities Rev.: - continued | | | |
Participating VRDN Series ROC II R 11808, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | $ 1,365 | | $ 1,365 |
Piedmont Triad Arpt. Auth.: | | | |
Series 2008 A, 0.19% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 3,500 | | 3,500 |
Series 2008 B, 0.22% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c)(f) | 8,805 | | 8,805 |
Raleigh Combined Enterprise Sys. Rev. Participating VRDN Series WF 11-19C, 0.2% 9/7/11 (Liquidity Facility Wells Fargo Bank NA) (c)(g) | 9,000 | | 9,000 |
Sampson County Indl. Facilities & Poll. Cont. Fing. Auth. Envir. Facilities Rev. (Sampson County Disp., Inc. Proj.): | | | |
0.24% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 10,855 | | 10,855 |
0.24% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 4,750 | | 4,750 |
Union County Indl. Facilities & Poll. Cont. Fing. Auth. Indl. Dev. Rev. (Greiner Vacuette NA Proj.) 0.34% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 2,700 | | 2,700 |
Univ. of North Carolina at Chapel Hill Rev. Participating VRDN Series EGL 05 3014 Class A, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 21,000 | | 21,000 |
| | 319,400 |
North Dakota - 0.3% |
Cass County Solid Waste Disp. Rev. (Tharaldson Ethanol Plant I, LLC Proj.) Series 2007, 0.36% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 58,000 | | 58,000 |
Hebron Indl. Dev. Rev. (Dacco, Inc. Proj.) 0.3% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c)(f) | 2,255 | | 2,255 |
| | 60,255 |
Ohio - 2.4% |
Alliance Hosp. Rev. (Alliance Obligated Group Proj.) Series 2003, 0.18% 9/1/11, LOC JPMorgan Chase Bank, VRDN (c) | 7,400 | | 7,400 |
Cuyahoga County Cultural Facilities Rev. (Maltz Museum of Jewish Heritage Proj.) 0.23% 9/7/11, LOC Bank of New York, New York, VRDN (c) | 6,300 | | 6,300 |
Hamilton County Hosp. Facilities Rev. (Children's Hosp. Med. Ctr. Proj.): | | | |
Series 1997 A, 0.21% 9/7/11, LOC PNC Bank NA, VRDN (c) | 5,600 | | 5,600 |
Series 2000, 0.21% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 28,700 | | 28,700 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Ohio - continued |
Hamilton County Student Hsg. Rev. (Block 3 Proj.) Series 2004, 0.2% 9/7/11, LOC Bank of New York, New York, VRDN (c) | $ 27,700 | | $ 27,700 |
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 2008 B, 0.17% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 33,100 | | 33,100 |
Lancaster Port Auth. Gas Rev. 0.21% 9/7/11 (Liquidity Facility Royal Bank of Canada), VRDN (c) | 72,020 | | 72,020 |
Montgomery County Rev. (Catholic Health Initiatives Proj.) Series 2004 B2, 0.28% 9/7/11 (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (c) | 28,200 | | 28,200 |
Ohio Air Quality Dev. Auth. Rev. (Dayton Pwr. & Lt. Co. Proj.) Series 2008 A, 0.19% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 7,600 | | 7,600 |
Ohio Higher Edl. Facility Commission Rev.: | | | |
(Case Western Reserve Univ. Proj.) Series 2008 A, 0.16% 9/7/11, LOC PNC Bank NA, VRDN (c) | 5,100 | | 5,100 |
(Ohio Northern Univ. Proj.) Series 2008 A, 0.24% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 17,120 | | 17,120 |
Bonds (Cleveland Clinic Foundation Proj.): | | | |
Series 2008 B5: | | | |
0.25% tender 12/7/11, CP mode | 7,200 | | 7,200 |
0.34% tender 10/6/11, CP mode | 10,000 | | 10,000 |
0.35% tender 9/8/11, CP mode | 18,650 | | 18,650 |
0.35% tender 9/15/11, CP mode | 12,400 | | 12,400 |
Series 2008 B6: | | | |
0.25% tender 12/7/11, CP mode | 8,600 | | 8,600 |
0.34% tender 10/6/11, CP mode | 8,800 | | 8,800 |
Ohio Hsg. Fin. Agcy. Mtg. Rev.: | | | |
(Mtg.-Backed Securities Prog.): | | | |
Series 2007 E, 0.32% 9/7/11 (Liquidity Facility KBC Bank NV), VRDN (c)(f) | 75,200 | | 75,200 |
Series B, 0.16% 9/7/11 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (c)(f) | 16,490 | | 16,490 |
Participating VRDN Series Putters 1334, 0.31% 9/7/11 (Liquidity Facility JPMorgan Chase & Co.) (c)(f)(g) | 5,925 | | 5,925 |
Series H, 0.32% 9/7/11 (Liquidity Facility KBC Bank NV), VRDN (c)(f) | 25,940 | | 25,940 |
Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev. (Club at Spring Valley Apts. Proj.) Series 1996 A, 0.42% 9/7/11, LOC RBS Citizens NA, VRDN (c)(f) | 3,400 | | 3,400 |
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.: | | | |
Series 2006 I, 0.19% 9/7/11 (Liquidity Facility Citibank NA), VRDN (c)(f) | 24,800 | | 24,800 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Ohio - continued |
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.: - continued | | | |
Series 2008 B, 0.16% 9/7/11 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (c)(f) | $ 40,000 | | $ 40,000 |
Ohio Major New State Infrastructure Rev. Bonds Series 2010-3, 2.5% 12/15/11 | 23,000 | | 23,139 |
Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 0.22% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 8,100 | | 8,100 |
Portage County Hosp. Rev. (Robinson Memorial Hosp. Proj.) Series 2008, 0.22% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 21,700 | | 21,700 |
Westlake Health Facilities Rev. (Lutheran Home Proj.) Series 2005, 0.35% 9/7/11, LOC RBS Citizens NA, VRDN (c) | 7,700 | | 7,700 |
| | 556,884 |
Oklahoma - 0.2% |
Oklahoma Dev. Fin. Auth. Rev.: | | | |
(ConocoPhillips Co. Proj.): | | | |
Series 2002 B, 0.19% 9/7/11, VRDN (c)(f) | 2,500 | | 2,500 |
Series 2002, 0.19% 9/7/11, VRDN (c)(f) | 20,000 | | 20,000 |
0.19% 9/7/11, VRDN (c)(f) | 6,000 | | 6,000 |
(Shawnee Fdg. LP Proj.) Series 1996, 0.23% 9/7/11, LOC Bank of Nova Scotia New York Branch, VRDN (c)(f) | 4,700 | | 4,700 |
Univ. Hospitals Trust Rev. Series 2005 A, 0.21% 9/7/11, LOC Bank of America NA, VRDN (c) | 5,250 | | 5,250 |
| | 38,450 |
Oregon - 0.7% |
Clackamas County Hosp. Facility Auth.: | | | |
(Legacy Health Sys. Proj.): | | | |
Series 2008 A, 0.14% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 5,000 | | 5,000 |
Series 2008 C, 0.14% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 3,000 | | 3,000 |
Bonds (Providence Health Sys. Proj.): | | | |
Series 2003 D, 0.2% tender 10/4/11, CP mode | 12,500 | | 12,500 |
Series 2003 E: | | | |
0.14% tender 10/17/11, CP mode | 8,000 | | 8,000 |
0.2% tender 10/4/11, CP mode | 6,000 | | 6,000 |
Series F, 0.15% tender 12/2/11, CP mode | 10,000 | | 10,000 |
0.34% tender 10/4/11, CP mode | 8,000 | | 8,000 |
Oregon Econ. & Cmnty. Econ. Dev. Rev. (American Bridge Co. Proj.) Series 205, 0.28% 9/7/11, LOC PNC Bank NA, VRDN (c)(f) | 1,780 | | 1,780 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Oregon - continued |
Oregon Gen. Oblig. Participating VRDN Series ROC II R 11949, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | $ 3,615 | | $ 3,615 |
Oregon Health and Science Univ. Spl. Rev. Series 2009 B2, 0.18% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 1,630 | | 1,630 |
Oregon State Dept. of Administrative Svcs. Lottery Rev. Participating VRDN Series BC 11 5W, 0.22% 9/7/11 (Liquidity Facility Barclays Bank PLC) (c)(g) | 6,555 | | 6,555 |
Port of Portland Arpt. Rev.: | | | |
Series 2009 A1, 0.23% 9/7/11, LOC Bank of America NA, VRDN (c) | 3,000 | | 3,000 |
Series Eighteen A, 0.15% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c)(f) | 7,645 | | 7,645 |
Series Eighteen B, 0.17% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 10,200 | | 10,200 |
Portland Econ. Dev. Rev. (Columbia Aluminum Recycling Proj.) 0.21% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c)(f) | 1,900 | | 1,900 |
Portland Hsg. Auth. Rev.: | | | |
(New Columbia - Cecelia Proj.) Series 2004, 0.27% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 2,925 | | 2,925 |
(New Columbia - Trouton Proj.) 0.24% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 6,010 | | 6,010 |
Portland Multi-family Hsg. Rev. (The Village at Lovejoy Fountain Proj.) Series 2009, 0.24% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 15,000 | | 15,000 |
Salem Hosp. Facility Auth. Rev. (Salem Hosp. Proj.): | | | |
Series 2008 B, 0.2% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 6,000 | | 6,000 |
Series 2008 C, 0.16% 9/7/11, LOC Bank of America NA, VRDN (c) | 25,000 | | 25,000 |
Salem-Keizer School District #24J Participating VRDN Series WF 09 4Z, 0.2% 9/7/11 (Liquidity Facility Wells Fargo & Co.) (c)(g) | 15,705 | | 15,705 |
| | 159,465 |
Pennsylvania - 2.2% |
Allegheny County Hosp. Dev. Auth. Rev. (Children's Institute Pittsburgh Proj.): | | | |
Series 2005 A, 0.21% 9/7/11, LOC PNC Bank NA, VRDN (c) | 9,600 | | 9,600 |
Series 2005 B, 0.21% 9/7/11, LOC PNC Bank NA, VRDN (c) | 7,905 | | 7,905 |
Bucks County Indl. Dev. Auth. Hosp. Rev. (Grand View Hosp. Proj.) Series 2008 A, 0.18% 9/7/11, LOC PNC Bank NA, VRDN (c) | 25,215 | | 25,215 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Pennsylvania - continued |
Chester County Health & Ed. Auth. Rev. (Jenner's Pond Proj.) Series 2006, 0.29% 9/7/11, LOC Citizens Bank of Pennsylvania, VRDN (c) | $ 22,725 | | $ 22,725 |
Chester County Indl. Dev. Auth. Student Hsg. Rev. Series 2008 A, 0.26% 9/7/11, LOC Citizens Bank of Pennsylvania, VRDN (c) | 23,685 | | 23,685 |
Cumberland County Muni. Auth. Rev. (Presbyterian Homes Proj.) Series 2008 B, 0.24% 9/7/11, LOC Bank of America NA, VRDN (b)(c) | 16,600 | | 16,600 |
Delaware County Auth. Rev. (White Horse Village Proj.) Series 2006 B, 0.17% 9/1/11, LOC Citizens Bank of Pennsylvania, VRDN (c) | 20,100 | | 20,100 |
Geisinger Auth. Health Sys. Rev. Participating VRDN: | | | |
Series Putters 3462, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 11,245 | | 11,245 |
Series Putters 3490Z, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 4,995 | | 4,995 |
Lawrence County Gen. Oblig. Indl. Dev. Auth. 0.21% 9/7/11, LOC PNC Bank NA, VRDN (c) | 8,645 | | 8,645 |
Montgomery County Indl. Dev. Auth. Rev. (Foulkeways at Gwynedd Proj.) Series 2006 B, 0.29% 9/7/11, LOC Citizens Bank of Pennsylvania, VRDN (c) | 12,855 | | 12,855 |
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Amtrak Proj.) Series 2001 B, 0.22% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 5,000 | | 5,000 |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev.: | | | |
Series 1996 D5, 0.25% 9/7/11, LOC PNC Bank NA, VRDN (c)(f) | 900 | | 900 |
Series 1997 B4, 0.34% 9/7/11, LOC PNC Bank NA, VRDN (c)(f) | 200 | | 200 |
Pennsylvania Econ. Dev. Fing. Auth. Manufacturing Facility Rev. (Dodge Realty Partners Proj.) 0.22% 9/7/11, LOC Citibank NA, VRDN (c)(f) | 2,500 | | 2,500 |
Pennsylvania Econ. Dev. Fing. Auth. Wastewtr. Treatment Rev. (Sunoco, Inc. (R&M) Proj.) Series 2009 A, 0.19% 9/7/11 (Sunoco, Inc. Guaranteed), LOC JPMorgan Chase Bank, VRDN (c) | 27,050 | | 27,050 |
Pennsylvania Gen. Oblig. Participating VRDN: | | | |
Series Putters 3350, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 4,505 | | 4,505 |
Series Putters 3352Z, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 3,775 | | 3,775 |
Pennsylvania Higher Edl. Facilities Auth. Rev. (California Univ. of Pennsylvania Student Hsg. Proj.) Series 2006 A1, 0.26% 9/7/11, LOC Citizens Bank of Pennsylvania, VRDN (c) | 23,775 | | 23,775 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Pennsylvania - continued |
Pennsylvania Hsg. Fin. Agcy. Single Family Mtg. Rev.: | | | |
Series 2004 83B, 0.16% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | $ 3,300 | | $ 3,300 |
Series 2004 84D, 0.15% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 10,060 | | 10,060 |
Series 2004 85C, 0.16% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 13,145 | | 13,145 |
Series 2005 90C, 0.16% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 20,925 | | 20,925 |
Series 2005 97C, 0.17% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 1,750 | | 1,750 |
Series 2005-87 C, 0.17% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 15,850 | | 15,850 |
Series 2005-91B, 0.15% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 1,800 | | 1,800 |
Pennsylvania State Pub. School Participating VRDN Series Solar 06 161, 0.19% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 26,480 | | 26,480 |
Pennsylvania Tpk. Commission Tpk. Rev. Bonds Series 2011 B, 0.23% 4/1/12 (c) | 15,475 | | 15,475 |
Philadelphia Arpt. Rev. Series 2005 C, 0.16% 9/7/11, LOC TD Banknorth, NA, VRDN (c)(f) | 24,380 | | 24,380 |
Philadelphia Auth. for Indl. Dev. Rev. (William Penn Charter School Proj.) Series 2008, 0.21% 9/7/11, LOC PNC Bank NA, VRDN (c) | 3,400 | | 3,400 |
Philadelphia Auth. Indl. Dev. Lease Rev. Series 2007 B3, 0.18% 9/7/11, LOC PNC Bank NA, VRDN (c) | 6,650 | | 6,650 |
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.): | | | |
Eighth Series B, 0.17% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 75,865 | | 75,865 |
Eighth Series E, 0.17% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 16,500 | | 16,500 |
Philadelphia Wtr. & Wastewtr. Rev. Series 1997 B, 0.17% 9/7/11, VRDN (c) | 11,865 | | 11,865 |
Schuylkill County Indl. Dev. Auth. Resource Recovery Rev. (Integrys Energy Group, Inc. Proj.) 0.19% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 2,400 | | 2,400 |
Univ. of Pittsburgh Commonwealth Sys. of Higher Ed. BAN Series 2011, 2% 6/18/12 | 27,400 | | 27,764 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Pennsylvania - continued |
Washington County Hosp. Auth. Rev.: | | | |
(Monongeahela Valley Hosp. Proj.) Series 2011 A, 0.18% 9/7/11, LOC PNC Bank NA, VRDN (c) | $ 2,540 | | $ 2,540 |
(Washington Hosp. Proj.) Series 2007 B, 0.21% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 4,750 | | 4,750 |
| | 516,174 |
Rhode Island - 0.4% |
East Greenwich Gen. Oblig. BAN 1.5% 2/15/12 | 11,000 | | 11,050 |
Narragansett Bay Commission Wastewtr. Sys. Rev. Series 2008 A, 0.18% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 13,000 | | 13,000 |
Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev.: | | | |
(Rhode Island School of Design Proj.) Series 2008 A, 0.22% 9/7/11, LOC Bank of America NA, VRDN (c) | 5,700 | | 5,700 |
(Roger Williams Univ. Proj.) Series 2008 B, 0.21% 9/7/11, LOC Bank of America NA, VRDN (c) | 15,100 | | 15,100 |
Rhode Island Indl. Facilities Corp. Indl. Dev. Rev. (NFA Corp. Proj.) 0.56% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 5,000 | | 5,000 |
Rhode Island Student Ln. Auth. Student Ln. Rev.: | | | |
Series 2008 B1, 0.16% 9/7/11, LOC State Street Bank & Trust Co., Boston, VRDN (c)(f) | 10,000 | | 10,000 |
Series 2008 B2, 0.16% 9/7/11, LOC State Street Bank & Trust Co., Boston, VRDN (c)(f) | 20,000 | | 20,000 |
Series 2008 B3, 0.16% 9/7/11, LOC State Street Bank & Trust Co., Boston, VRDN (c)(f) | 18,000 | | 18,000 |
Series 2008 B4, 0.16% 9/7/11, LOC State Street Bank & Trust Co., Boston, VRDN (c)(f) | 7,000 | | 7,000 |
| | 104,850 |
South Carolina - 1.6% |
Anderson County School District #5 Gen. Oblig. Participating VRDN Series BA 08 1181, 0.27% 9/7/11 (Liquidity Facility Bank of America NA) (c)(g) | 14,650 | | 14,650 |
Charleston Wtrwks. & Swr. Rev. Series A, 0.29% 9/7/11 (Liquidity Facility Bank of America NA), VRDN (c) | 23,410 | | 23,410 |
Darlington County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2003 A, 0.29% 9/7/11, VRDN (c)(f) | 8,100 | | 8,100 |
Florence City School District BAN Series 2011, 1.5% 7/12/12 | 19,000 | | 19,199 |
Florence County Hosp. Rev. (McLeod Reg'l. Med. Ctr. Proj.) Series 2010 B, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 10,165 | | 10,165 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
South Carolina - continued |
Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.) Series 1999 A, 0.22% 9/1/11, VRDN (c) | $ 16,400 | | $ 16,400 |
Piedmont Muni. Pwr. Agcy. Elec. Rev. Series 2011B, 0.17% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 23,250 | | 23,250 |
South Carolina Assoc. of Governmental Organizations Ctfs. of Prtn. Bonds Series 2011 C, 1% 3/1/12 (b) | 70,865 | | 71,129 |
South Carolina Edl. Facilities Auth. for Private Nonprofit Institutions of Higher Learning Edl. Facilities Rev. (Converse College Proj.) Series 2009, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 1,000 | | 1,000 |
South Carolina Gen. Oblig. Participating VRDN Series ROC II R 692W, 0.2% 9/7/11 (Liquidity Facility Wells Fargo & Co.) (c)(g) | 2,170 | | 2,170 |
South Carolina Jobs-Econ. Dev. Auth. (AnMed Health Proj.) Series 2009 D, 0.17% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 3,355 | | 3,355 |
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev.: | | | |
(Alfmeier Corp. Proj.) 0.34% 9/7/11, LOC Bayerische Landesbank Girozentrale, VRDN (c)(f) | 700 | | 700 |
(Bon Secours Health Sys. Proj.) Series 2008 D, 0.15% 9/7/11, LOC Citibank NA, VRDN (c) | 8,600 | | 8,600 |
(Carolina Piedmont Foundation Proj.) 0.35% 9/7/11, LOC Bank of America NA, VRDN (c) | 5,410 | | 5,410 |
(Giant Cement Holding, Inc. Proj.) 0.24% 9/7/11, LOC Citibank NA, VRDN (c)(f) | 2,000 | | 2,000 |
(Waste Mgmt. of South Carolina, Inc. Proj.) Series 2003 A, 0.24% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 15,000 | | 15,000 |
South Carolina Jobs-Econ. Dev. Auth. Indl. Rev. (South Carolina Generating Co., Inc. Proj.) Series 2008, 0.25% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c)(f) | 14,000 | | 14,000 |
South Carolina Pub. Svc. Auth. Rev.: | | | |
Bonds Series 2002 D, 5.25% 1/1/12 | 4,000 | | 4,066 |
Participating VRDN: | | | |
Series ROC II R 11426, 0.22% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 9,970 | | 9,970 |
Series ROC II R 11528, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 17,820 | | 17,820 |
Series 2010 A: | | | |
0.17% 11/3/11, CP | 6,163 | | 6,163 |
0.18% 9/1/11, CP | 12,730 | | 12,730 |
0.18% 9/1/11, CP | 25,000 | | 25,000 |
0.19% 9/1/11, CP | 841 | | 841 |
Series 2010 B: | | | |
0.17% 11/3/11, CP | 4,844 | | 4,844 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
South Carolina - continued |
South Carolina Pub. Svc. Auth. Rev.: - continued | | | |
Series 2010 B: | | | |
0.19% 9/1/11, CP | $ 18,420 | | $ 18,420 |
0.26% 9/2/11, CP | 2,936 | | 2,936 |
York County Poll. Cont. Rev. Bonds (Duke Energy Corp. Proj.) 0.65% tender 9/1/11, CP mode | 23,150 | | 23,150 |
| | 364,478 |
South Dakota - 0.3% |
South Dakota Conservancy District Rev. BAN Series 2010, 1.75% 9/30/11 | 54,330 | | 54,390 |
South Dakota Hsg. Dev. Auth. (Harmony Heights Proj.) Series 2001, 0.26% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 6,500 | | 6,500 |
| | 60,890 |
Tennessee - 1.3% |
Blount County Pub. Bldg. Auth. (Local Govt. Pub. Impt. Proj.) Series 2008 E1A, 0.18% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 4,200 | | 4,200 |
Chattanooga Health Ed. & Hsg. Facility Board Rev. (Southern Adventist Univ. Proj.) 0.35% 9/7/11, LOC Bank of America NA, VRDN (c) | 1,620 | | 1,620 |
Jackson Energy Auth. Wastewtr. Sys. Rev. Series 2009, 0.21% 9/7/11, LOC Bank of America NA, VRDN (c) | 10,425 | | 10,425 |
Knox County Health Edl. & Hsg. Facilities Board Hosp. Facilities Rev.: | | | |
(Catholic Healthcare Partners Proj.) Series 2008 B, 0.15% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 9,000 | | 9,000 |
Series 2011 B, 0.17% 9/7/11, LOC Bank of America NA, VRDN (c) | 38,000 | | 38,000 |
Loudon County Indl. Dev. Board Exempt Facilities Rev. (Kimberly-Clark Corp. Proj.) 0.21% 9/7/11, VRDN (c)(f) | 11,600 | | 11,600 |
Loudon Indl. Dev. Board Solid Waste Disp. Rev. (Tate & Lyle Ingredients Americas, Inc. Proj.) Series 2006, 0.26% 9/7/11, LOC Rabobank Nederland, VRDN (c)(f) | 42,100 | | 42,100 |
Memphis Health, Edl. & Hsg. Facilities Board (Ashland Lakes Apts. Proj.) Series A, 0.22% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c)(f) | 10,000 | | 10,000 |
Metropolitan Govt. Nashville & Davidson County Health & Edl. Facilities Board (Whispering Oaks Apts. Proj.) 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 15,000 | | 15,000 |
Metropolitan Govt. Nashville & Davidson County Indl. Dev. Board Rev. (Nashville Symphony Hall Proj.) Series 2004, 0.3% 9/7/11, LOC Bank of America NA, VRDN (c) | 9,000 | | 9,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Tennessee - continued |
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. (Tennessee County Ln. Pool Prog.) Series 1999, 0.35% 9/7/11, LOC Bank of America NA, VRDN (c) | $ 22,300 | | $ 22,300 |
Nashville and Davidson County Metropolitan Govt. Gen. Oblig. Participating VRDN Series Putters 2631, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 67,475 | | 67,475 |
Sevier County Pub. Bldg. Auth. Rev. Series V-A-1, 0.26% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c)(f) | 12,600 | | 12,600 |
Shelby County Health Edl. & Hsg. Facilities Board Rev.: | | | |
(Trezevant Manor Proj.): | | | |
Series 2007 B, 0.23% 9/7/11, LOC Bank of America NA, VRDN (c) | 5,610 | | 5,610 |
Series A, 0.23% 9/7/11, LOC Bank of America NA, VRDN (c) | 36,125 | | 36,125 |
Bonds (Baptist Memorial Health Care Proj.) Series 2004 A, 2.5% 9/1/11 | 7,830 | | 7,830 |
| | 302,885 |
Texas - 13.0% |
Austin Arpt. Sys. Rev.: | | | |
Series 2005 1, 0.23% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 33,575 | | 33,575 |
Series 2005 2, 0.23% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 16,250 | | 16,250 |
Series 2005 4, 0.22% 9/7/11, LOC Royal Bank of Canada New York Branch, VRDN (c)(f) | 39,000 | | 39,000 |
Austin Elec. Util. Sys. Rev. Series A: | | | |
0.15% 9/8/11, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 15,350 | | 15,350 |
0.18% 9/8/11, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 101,771 | | 101,771 |
0.21% 9/16/11, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 11,750 | | 11,750 |
0.22% 9/8/11, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 37,694 | | 37,694 |
Austin Gen. Oblig. Bonds: | | | |
Series 2010 A, 3% 9/1/11 | 4,885 | | 4,885 |
Series 2011 A, 2.25% 9/1/12 (b) | 8,400 | | 8,552 |
Austin Wtr. & Wastewtr. Sys. Rev. Series 2008, 0.2% 9/7/11, LOC Bank of Tokyo-Mitsubishi, LOC Sumitomo Mitsui Banking Corp., VRDN (c) | 12,900 | | 12,900 |
Bexar County Gen. Oblig. Participating VRDN Series ROC II R 11791PB, 0.24% 9/7/11 (Liquidity Facility Deutsche Postbank AG) (c)(g) | 18,875 | | 18,875 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Texas - continued |
Board of Regents of The Texas A&M Univ. Sys. Permanent Univ. Fund Series 2008 A: | | | |
0.13% 10/18/11, CP | $ 21,000 | | $ 21,000 |
0.13% 10/18/11, CP | 20,000 | | 20,000 |
Brownsville Indl. Dev. Corp. Rev. (Rich-Seapak Corp. Proj.) Series 1997, 0.33% 9/7/11, LOC HSBC Bank USA, NA, VRDN (c)(f) | 6,250 | | 6,250 |
Brownsville Util. Sys. Rev. Participating VRDN Series Solar 06 68, 0.19% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 20,000 | | 20,000 |
Calhoun County Navigation District Poll. Cont. Rev. (Formosa Plastics Corp., Texas Proj.) 0.29% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 10,000 | | 10,000 |
Calhoun County Navigation District Port Rev. (Formosa Plastics Corp. Proj.) Series 2000, 0.3% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 5,500 | | 5,500 |
Calhoun County Solid Waste Disp. Rev. (Formosa Plastics Corp. Proj.): | | | |
Series 2000, 0.29% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 25,000 | | 25,000 |
0.29% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 25,000 | | 25,000 |
Calhoun Port Auth. Envir. Facilities Rev. (Formosa Plastics Corp. Texas Proj.): | | | |
Series 2007 A, 0.24% 9/7/11, LOC PNC Bank NA, VRDN (c)(f) | 47,300 | | 47,300 |
Series 2008, 0.27% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 30,000 | | 30,000 |
Cap. Area Hsg. Fin. Corp. Multi-family Hsg. Rev. (Marble Falls Vistas Apts. Proj.) 0.25% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 5,800 | | 5,800 |
Cypress-Fairbanks Independent School District Participating VRDN Series DB 597, 0.24% 9/7/11 (Liquidity Facility Deutsche Bank AG) (c)(g) | 7,330 | | 7,330 |
Dallas Area Rapid Transit Sales Tax Rev. Participating VRDN Series WF 09 60C, 0.2% 9/7/11 (Liquidity Facility Wells Fargo & Co.) (c)(g) | 17,260 | | 17,260 |
Dallas County Gen. Oblig. Bonds 2% 2/15/12 | 4,870 | | 4,905 |
Dallas Hsg. Fin. Corp. Multi-family Hsg. Rev. (The Masters Apts. Proj.) 0.25% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 7,380 | | 7,380 |
Dallas North Texas Tollway Auth. Series 2010 A1, 0.13% 9/6/11, LOC Bank of America NA, CP | 6,730 | | 6,730 |
Dallas Wtr. & Swr. Sys. Rev. Series C, 0.18% 12/29/11, CP | 5,500 | | 5,500 |
Dallas Wtrwks. & Swr. Sys. Rev. Participating VRDN Series ROC II R 12279, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 15,605 | | 15,605 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Texas - continued |
Denton Independent School District Participating VRDN Series Putters 2603, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | $ 7,375 | | $ 7,375 |
El Paso County Hosp. District Combination Tax and Rev. Participating VRDN Series Solar 06 32, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 19,865 | | 19,865 |
Franklin Independent School District Bonds Series A, 5% 2/15/12 (Permanent School Fund of Texas Guaranteed) | 1,500 | | 1,532 |
Frisco Gen. Oblig. Participating VRDN Series ROC II R 11909, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 4,080 | | 4,080 |
Frisco Independent School District Participating VRDN Series WF 11 1C, 0.2% 9/7/11 (Liquidity Facility Wells Fargo Bank NA) (c)(g) | 13,600 | | 13,600 |
Gilmer Indl. Dev. Corp. (Duoline Technologies LP Proj.) Series 2008 A, 0.24% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 10,000 | | 10,000 |
Granbury Independent School District Bonds Series 1999, 0% 8/1/12 (Permanent School Fund of Texas Guaranteed) | 2,625 | | 2,617 |
Greater East Texas Higher Ed. Auth. Student Ln. Rev.: | | | |
Series 1992 B, 0.22% 9/7/11, LOC State Street Bank & Trust Co., Boston, VRDN (c)(f) | 35,200 | | 35,200 |
Series 1993 B: | | | |
0.22% 9/7/11, LOC State Street Bank & Trust Co., Boston, VRDN (c)(f) | 15,000 | | 15,000 |
0.22% 9/7/11, LOC State Street Bank & Trust Co., Boston, VRDN (c)(f) | 17,000 | | 17,000 |
Series 1995 B, 0.22% 9/7/11, LOC State Street Bank & Trust Co., Boston, VRDN (c)(f) | 27,000 | | 27,000 |
Greater Texas Student Ln. Corp. Student Ln. Rev.: | | | |
Series 1998 A, 0.22% 9/7/11, LOC State Street Bank & Trust Co., Boston, VRDN (a)(c)(f) | 24,750 | | 24,750 |
Series 2000 A, 0.22% 9/7/11, LOC State Street Bank & Trust Co., Boston, VRDN (c)(f) | 35,000 | | 35,000 |
Gulf Coast Indl. Dev. Auth. 0.32% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 5,280 | | 5,280 |
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.27% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 1,000 | | 1,000 |
Harris County Cultural Ed. Facilities Fin. Corp. Med. Facilities Rev. (Baylor College of Medicine Proj.) Series 2008 E, 0.16% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 1,000 | | 1,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Texas - continued |
Harris County Cultural Ed. Facilities Fin. Corp. Rev. (Memorial Hermann Healthcare Sys. Proj.): | | | |
Series 2008 C, 0.17% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | $ 18,300 | | $ 18,300 |
Series 2008 D1, 0.18% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 22,000 | | 22,000 |
Harris County Gen. Oblig.: | | | |
Bonds Series 2011 A, 2%, tender 8/15/12 (c) | 27,400 | | 27,851 |
Participating VRDN: | | | |
Series RBC E 18, 0.21% 9/7/11 (Liquidity Facility Royal Bank of Canada) (c)(g) | 11,000 | | 11,000 |
Series ROC II R 10360, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 14,345 | | 14,345 |
Series ROC II R 718 PB, 0.25% 9/7/11 (Liquidity Facility Deutsche Postbank AG) (c)(g) | 8,745 | | 8,745 |
Series A, 0.17% 9/20/11 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 5,450 | | 5,450 |
Series C, 0.2% 9/15/11 (Liquidity Facility Bank of America NA), CP | 10,000 | | 10,000 |
Series D, 0.17% 9/15/11 (Liquidity Facility JPMorgan Chase Bank), CP | 15,385 | | 15,385 |
TAN Series 2011, 1.5% 2/29/12 | 32,400 | | 32,612 |
Harris County Health Facilities Dev. Corp. Hosp. Rev. Bonds (Memorial Hosp. Sys. Proj.) Series 1998, 5.5% 6/1/12 | 5,295 | | 5,495 |
Harris County Hosp. District Rev. Series 2010, 0.21% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 14,900 | | 14,900 |
Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev.: | | | |
(Lafayette Village Apts. Proj.) Series 2006, 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 6,615 | | 6,615 |
(Louetta Village Apts. Proj.) 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 6,785 | | 6,785 |
(Primrose Aldine Bender Apt. Proj.) 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 7,710 | | 7,710 |
(Primrose at Bammel Apts. Proj.) 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 8,380 | | 8,380 |
(Quail Chase Apts. Proj.) Series 1999, 0.24% 9/7/11, LOC Gen. Elec. Cap. Corp., VRDN (c)(f) | 11,110 | | 11,110 |
(Wellington Park Apts. Proj.) 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 12,550 | | 12,550 |
Harris County Metropolitan Trans. Auth.: | | | |
Series A1: | | | |
0.15% 10/5/11 (Liquidity Facility JPMorgan Chase Bank), CP | 34,300 | | 34,300 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Texas - continued |
Harris County Metropolitan Trans. Auth.: - continued | | | |
Series A1: | | | |
0.16% 10/5/11 (Liquidity Facility JPMorgan Chase Bank), CP | $ 10,000 | | $ 10,000 |
Series A3: | | | |
0.12% 9/26/11 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 10,000 | | 10,000 |
0.15% 9/21/11 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 5,000 | | 5,000 |
0.15% 9/28/11 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 10,000 | | 10,000 |
0.16% 10/5/11 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 5,000 | | 5,000 |
Harris County Tex Indl. Dev. Corp. (HFOTCO LLC Proj.) Series 2010, 0.27% 9/7/11, LOC Bank of America NA, VRDN (c) | 41,000 | | 41,000 |
Houston Gen. Oblig. Series A, 0.23% 9/2/11, LOC Union Bank of California, CP | 23,100 | | 23,100 |
Houston Higher Ed. Fin. Corp. Higher Ed. Rev.: | | | |
(Rice Univ. Proj.) Series 2006 A, 0.16% 9/7/11 (Liquidity Facility JPMorgan Chase Bank), VRDN (c) | 1,500 | | 1,500 |
Participating VRDN: | | | |
Series Putters 3709, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 6,665 | | 6,665 |
Series ROC II R 11860, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 6,000 | | 6,000 |
Series A, 0.15% 9/22/11, CP | 10,000 | | 10,000 |
Houston Hsg. Fin. Corp. Multi-family Hsg. Rev.: | | | |
(Fairlake Cove Apts. Proj.) 0.19% 9/7/11, LOC Citibank NA, VRDN (c)(f) | 9,480 | | 9,480 |
(Little Nell Apts. Proj.) 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 12,800 | | 12,800 |
(Mayfair Park Apts. Proj.) 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 5,800 | | 5,800 |
Houston Util. Sys. Rev.: | | | |
Participating VRDN: | | | |
Series ROC II R 11411, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 9,290 | | 9,290 |
Series ROC II R 12267, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 16,795 | | 16,795 |
Series Solar 06 70, 0.19% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 22,170 | | 22,170 |
Series 2004 B1, 0.28% 9/7/11, LOC Bank of America NA, VRDN (c) | 8,600 | | 8,600 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Texas - continued |
Houston Util. Sys. Rev.: - continued | | | |
Series 2004 B4, 0.2% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | $ 19,750 | | $ 19,750 |
Humble Independent School District Participating VRDN Series Solar 06 20, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 13,635 | | 13,635 |
Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) 0.2% 9/7/11, VRDN (c)(f) | 12,600 | | 12,600 |
Judson Independent School District Participating VRDN Series MS 06 1859, 0.2% 9/7/11 (Liquidity Facility Wells Fargo & Co.) (c)(g) | 3,940 | | 3,940 |
Katy Independent School District Series 2004 C, 0.24% 9/7/11 (Permanent School Fund of Texas Guaranteed), VRDN (c) | 5,100 | | 5,100 |
Kendall County Health Facilities Dev. Corp. Health Care Rev. (Morningside Ministries Proj.) 0.2% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 11,240 | | 11,240 |
Klein Independent School District Participating VRDN Series ROCS II R 11942, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 5,145 | | 5,145 |
Lamar Consolidated Independent School District Participating VRDN Series DB 512, 0.24% 9/7/11 (Liquidity Facility Deutsche Bank AG) (c)(g) | 3,115 | | 3,115 |
Leander Independent School District Participating VRDN Series BC 10 28W, 0.22% 9/7/11 (Liquidity Facility Barclays Bank PLC) (c)(g) | 9,250 | | 9,250 |
Lower Colorado River Auth. Rev.: | | | |
Series B: | | | |
0.13% 9/6/11, LOC Bank of America NA, CP | 10,100 | | 10,100 |
0.16% 10/6/11, LOC Bank of America NA, CP | 14,600 | | 14,600 |
0.12% 10/6/11, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 12,400 | | 12,400 |
0.13% 9/7/11, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 13,000 | | 13,000 |
0.15% 10/6/11, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 31,000 | | 31,000 |
0.17% 10/6/11, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 9,000 | | 9,000 |
0.2% 10/6/11, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 17,200 | | 17,200 |
Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev. (Onyx Envir. Svcs. Proj.) Series 2003, 0.33% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 11,950 | | 11,950 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Texas - continued |
Midlothian Indl. Dev. Corp. Envir. Facilities Rev. (Holnam Texas LP Proj.) Series 1999, 0.21% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | $ 15,100 | | $ 15,100 |
Mineral Wells Ind. Dev. Corp. Rev. (Ameron Int'l. Corp. Proj.) 0.41% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 7,200 | | 7,200 |
Montgomery County Hsg. Fin. Corp. Multi-family Hsg. Rev. (Conroe Lodge at Silverdale Apt. Homes Proj.) 0.23% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 7,470 | | 7,470 |
North East Texas Independent School District Bonds Series 2007 A, 0% 8/1/12 (Permanent School Fund of Texas Guaranteed) | 7,500 | | 7,480 |
North Texas Higher Ed. Auth. Student Ln. Rev.: | | | |
Series 2005 C, 0.23% 9/7/11, LOC Bank of America NA, LOC Lloyds TSB Bank PLC, VRDN (c)(f) | 98,800 | | 98,800 |
Series 2007 A, 0.23% 9/7/11, LOC Bank of America NA, LOC Lloyds TSB Bank PLC, VRDN (c)(f) | 54,780 | | 54,780 |
North Texas Muni. Wtr. District Wtr. Sys. Rev. Bonds Series 2009 C, 4% 9/1/11 | 1,170 | | 1,170 |
North Texas Tollway Auth. Rev.: | | | |
Participating VRDN: | | | |
Series BC 11 18B, 0.22% 9/7/11 (Liquidity Facility Barclays Bank PLC) (c)(g) | 3,840 | | 3,840 |
Series BC 11 19B, 0.22% 9/7/11 (Liquidity Facility Barclays Bank PLC) (c)(g) | 3,835 | | 3,835 |
Series ROC II R 11946, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 6,750 | | 6,750 |
Series 2011 A, 0.16% 9/7/11, LOC Morgan Stanley Bank, West Valley City Utah, VRDN (c) | 14,500 | | 14,500 |
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.) Series 2004, 0.23% 9/7/11, VRDN (c)(f) | 94,790 | | 94,790 |
Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev. (Air Products Proj.): | | | |
Series 2000, 0.19% 9/7/11, VRDN (c)(f) | 4,000 | | 4,000 |
Series 2001, 0.19% 9/7/11, VRDN (c)(f) | 15,000 | | 15,000 |
Series 2002, 0.19% 9/7/11, VRDN (c)(f) | 14,500 | | 14,500 |
Riesel Indl. Dev. Corp. (Sandy Creek Energy Assoc. Proj.): | | | |
0.2% 9/7/11, LOC Cr. Suisse Group, VRDN (c)(f) | 46,500 | | 46,500 |
0.2% 9/7/11, LOC Cr. Suisse Group, VRDN (c)(f) | 50,000 | | 50,000 |
San Antonio Elec. & Gas Sys. Rev.: | | | |
Participating VRDN: | | | |
Series DB 602, 0.24% 9/7/11 (Liquidity Facility Deutsche Bank AG) (c)(g) | 8,055 | | 8,055 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Texas - continued |
San Antonio Elec. & Gas Sys. Rev.: - continued | | | |
Participating VRDN: | | | |
Series Putters 3560, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | $ 9,015 | | $ 9,015 |
Series 2003, 0.26% 9/7/11 (Liquidity Facility Bank of America NA), VRDN (c) | 66,475 | | 66,475 |
Series A: | | | |
0.1% 9/9/11, CP | 40,000 | | 40,000 |
0.2% 10/13/11, CP | 13,700 | | 13,700 |
San Antonio Indl. Dev. Auth. Indl. Dev. Rev.: | | | |
(LGC Bldg. & KLN Steel Proj.) Series 1998, 0.43% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 5,500 | | 5,500 |
(Tindall Corp. Proj.) Series 2008 A, 0.24% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 3,050 | | 3,050 |
San Antonio Wtr. Sys. Rev.: | | | |
Participating VRDN: | | | |
Series EGL 05 3005 Class A, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 27,500 | | 27,500 |
Series EGL 06 5, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 43,500 | | 43,500 |
Series 2001 A: | | | |
0.1% 9/20/11, CP | 12,100 | | 12,100 |
0.16% 10/3/11, CP | 35,733 | | 35,733 |
0.18% 9/8/11, CP | 30,000 | | 30,000 |
0.21% 9/15/11, CP | 7,740 | | 7,740 |
0.21% 9/16/11, CP | 10,000 | | 10,000 |
0.25% 9/21/11, CP | 17,900 | | 17,900 |
Spring Independent School District Participating VRDN Series DB 603, 0.24% 9/7/11 (Liquidity Facility Deutsche Bank AG) (c)(g) | 3,755 | | 3,755 |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | | | |
(Baylor Health Care Sys. Proj.) Series 2011 C, 0.15% 9/7/11, LOC Northern Trust Co., VRDN (c) | 3,500 | | 3,500 |
(Methodist Hospitals of Dallas Proj.) Series 2008, 0.22% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | 94,300 | | 94,300 |
(Scott and White Memorial Hosp. and Scott, Sherwood and Brindley Foundation Proj.) Series 2008 1, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 54,255 | | 54,255 |
Bonds (Baylor Health Care Sys. Proj.) Series 2011 B, 0.34%, tender 3/28/12 (c) | 6,300 | | 6,300 |
Tarrant County Health Facilities Dev. Corp. Hosp. Rev. Participating VRDN Series Putters 3894, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 6,750 | | 6,750 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Texas - continued |
Texas City Tex Indl. Dev. Corp. (Del Papa Realty Hldgs. LP Proj.) Series 2011, 0.29% 9/7/11, LOC Bank of America NA, VRDN (c) | $ 10,300 | | $ 10,300 |
Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev.: | | | |
(Bristol Apts. Proj.) 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 12,000 | | 12,000 |
(Chisholm Trail Proj.) 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 5,400 | | 5,400 |
(Pinnacle Apts. Proj.) 0.22% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 13,865 | | 13,865 |
(Residences at Sunset Pointe Proj.) 0.26% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 15,000 | | 15,000 |
(St. Augustine Estate Proj.) Series 2005, 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 6,380 | | 6,380 |
(Windshire Apts. Proj.) 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 13,800 | | 13,800 |
Series 2006, 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 14,490 | | 14,490 |
Series 2004, 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 11,900 | | 11,900 |
Texas Gen. Oblig.: | | | |
(Veterans' Hsg. Assistance Prog.): | | | |
Fund II Series 2005 B, 0.18% 9/7/11 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (c)(f) | 38,150 | | 38,150 |
Fund II Series 2007 A, 0.18% 9/7/11 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (c)(f) | 42,050 | | 42,050 |
Participating VRDN: | | | |
Series DB 448, 0.26% 9/7/11 (Liquidity Facility Deutsche Bank AG) (c)(f)(g) | 5,715 | | 5,715 |
Series EGL 06 0125, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 27,940 | | 27,940 |
Series EGL 07 90, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 15,000 | | 15,000 |
Series Putters 3478, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 4,995 | | 4,995 |
Series Putters 3479, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 11,910 | | 11,910 |
Series ROC II R 11184, 0.2% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 6,420 | | 6,420 |
Texas Muni. Pwr. Agcy. Rev. Series 2005, 0.17% 9/8/11, LOC Bank of America NA, LOC JPMorgan Chase Bank, CP | 29,900 | | 29,900 |
Texas Pub. Fin. Auth. Rev. Series 2003, 0.15% 10/7/11, CP | 16,785 | | 16,785 |
Texas State Univ. Sys. Fing. Rev. Participating VRDN Series WF 11 79C, 0.2% 9/7/11 (Liquidity Facility Wells Fargo Bank NA) (c)(g) | 6,390 | | 6,390 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Texas - continued |
Travis County Health Facilities Dev. (Longhorn Village Proj.) Series 2008 B, 0.18% 9/7/11, LOC Bank of Scotland PLC, VRDN (c) | $ 47,215 | | $ 47,215 |
Travis County Hsg. Fin. Corp. (Rosemont at Old Manor Apts.) 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 4,885 | | 4,885 |
Univ. of Texas Board of Regents Sys. Rev.: | | | |
Participating VRDN Series Putters 584, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 18,745 | | 18,745 |
Series 2002 A: | | | |
0.12% 9/7/11 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 13,600 | | 13,600 |
0.12% 10/4/11 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 17,126 | | 17,126 |
0.12% 10/5/11 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 2,225 | | 2,225 |
0.13% 10/5/11 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 14,000 | | 14,000 |
0.13% 10/12/11 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 32,200 | | 32,200 |
0.16% 11/7/11 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 11,581 | | 11,581 |
0.16% 12/6/11 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 14,000 | | 14,000 |
0.17% 12/7/11 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 32,455 | | 32,455 |
0.2% 11/2/11 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 10,000 | | 10,000 |
0.27% 10/6/11 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 30,000 | | 30,000 |
Waco Health Facilities Dev. Corp. Participating VRDN Series Solar 07 40X, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 21,285 | | 21,285 |
| | 3,013,769 |
Utah - 2.3% |
Carbon County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.16% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 1,900 | | 1,900 |
Emery County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.18% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 22,000 | | 22,000 |
Granite Gen. Oblig., Bonds Series 2011, 2% 6/1/12 | 8,850 | | 8,965 |
Intermountain Pwr. Agcy. Pwr. Supply Rev.: | | | |
Series 1997 B1: | | | |
0.15% 9/20/11 (Liquidity Facility Bank of Nova Scotia), CP | 34,400 | | 34,400 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Utah - continued |
Intermountain Pwr. Agcy. Pwr. Supply Rev.: - continued | | | |
Series 1997 B1: | | | |
0.18% 9/19/11 (Liquidity Facility Bank of Nova Scotia), CP | $ 6,750 | | $ 6,750 |
Series 1997 B2, 0.25% 11/9/11 (Liquidity Facility Bank of Nova Scotia), CP | 17,200 | | 17,200 |
Series 1997 B3: | | | |
0.16% 9/20/11 (Liquidity Facility JPMorgan Chase Bank), CP | 20,600 | | 20,600 |
0.18% 9/19/11 (Liquidity Facility JPMorgan Chase Bank), CP | 33,700 | | 33,700 |
Series 1998 B4: | | | |
0.15% 10/3/11 (Liquidity Facility JPMorgan Chase Bank), CP | 19,500 | | 19,500 |
0.15% 10/5/11 (Liquidity Facility JPMorgan Chase Bank), CP | 67,800 | | 67,800 |
Riverton Hosp. Rev. Participating VRDN Series Putters 1762, 0.14% 9/1/11 (Liquidity Facility JPMorgan Chase & Co.) (c)(g) | 48,615 | | 48,615 |
Salt Lake City Sales Tax Rev. 0.17% 9/7/11 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (c) | 6,005 | | 6,005 |
Utah Hsg. Corp. Multi-family Hsg. Rev. (Springwood Apts. Proj.) 0.22% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 8,485 | | 8,485 |
Utah Hsg. Corp. Single Family Mtg. Rev.: | | | |
Series 2002 A, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 6,140 | | 6,140 |
Series 2002 B, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 9,140 | | 9,140 |
Series 2002 D, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 6,990 | | 6,990 |
Series 2003 B, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 9,885 | | 9,885 |
Series 2003 C, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 8,520 | | 8,520 |
Series 2003 E, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 8,540 | | 8,540 |
Series 2003 F, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 5,900 | | 5,900 |
Series 2003 G, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 5,835 | | 5,835 |
Series 2004 C, 0.21% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 1,560 | | 1,560 |
Series 2004 E, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 10,940 | | 10,940 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Utah - continued |
Utah Hsg. Corp. Single Family Mtg. Rev.: - continued | | | |
Series 2004 F, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | $ 10,790 | | $ 10,790 |
Series 2004 G, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 13,285 | | 13,285 |
Series 2005 A, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 1,425 | | 1,425 |
Series 2005 B, 0.21% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 11,525 | | 11,525 |
Series 2005 C, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 14,410 | | 14,410 |
Series 2005 D, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 14,605 | | 14,605 |
Series 2005 E, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 15,410 | | 15,410 |
Series 2005 F, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 5,200 | | 5,200 |
Series 2005 G, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 12,420 | | 12,420 |
Series 2005 H, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 8,700 | | 8,700 |
Series 2006 A, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 5,910 | | 5,910 |
Series 2006 F, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 5,000 | | 5,000 |
Utah Hsg. Fin. Agcy. Series 2001 A2, 0.19% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 8,535 | | 8,535 |
Utah State Board of Regents Rev. Participating VRDN Series Solar 06 140, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 26,145 | | 26,145 |
Utah Transit Auth. Sales Tax Rev. Participating VRDN: | | | |
Series PT 4606, 0.25% 9/7/11 (Liquidity Facility Deutsche Postbank AG) (c)(g) | 11,000 | | 11,000 |
Series ROC II R 11922, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 3,225 | | 3,225 |
| | 536,955 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Vermont - 0.1% |
Vermont Edl. & Health Bldg. Fin. Agcy. Rev. Bonds Series WF 10 27C, 0.38%, tender 11/2/11 (Liquidity Facility Wells Fargo Bank NA) (c)(g)(h) | $ 25,910 | | $ 25,910 |
Vermont Indl. Dev. Auth. Indl. Dev. Rev. (Ryegate Proj.) Series 1990, 0.4% 9/7/11, LOC Royal Bank of Scotland NV, VRDN (c)(f) | 6,600 | | 6,600 |
| | 32,510 |
Virginia - 1.8% |
Albemarle County Econ. Dev. Auth. Hosp. Rev. (Martha Jefferson Hosp. Proj.): | | | |
Series 2008 B, 0.19% 9/7/11, LOC Branch Banking & Trust Co., VRDN (c) | 19,585 | | 19,585 |
Series 2008 D, 0.12% 9/1/11, LOC Wells Fargo Bank NA, VRDN (c) | 5,100 | | 5,100 |
Alexandria Redev. & Hsg. Auth. Multi-family Hsg. Rev. (Fairfield Village Square Proj.) Series A, 0.22% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 21,720 | | 21,720 |
Arlington County Indl. Dev. Auth. Multi-family Hsg. Rev.: | | | |
(Gates of Ballston Apts.) 0.35% 9/7/11, LOC RBC Centura Bank, Rocky Mount, VRDN (c)(f) | 14,200 | | 14,200 |
Series A, 0.24% 9/7/11, LOC Freddie Mac, VRDN (c)(f) | 4,000 | | 4,000 |
Fairfax County Econ. Dev. Auth. Indl. Dev. Rev. (The Lorton Arts Foundation, Inc. Proj.) Series 2010, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 13,000 | | 13,000 |
Fairfax County Econ. Dev. Auth. Rev. Bonds (Silver Line Phase I Proj.) Series 2011, 2% 4/1/12 | 6,190 | | 6,252 |
Fairfax County Econ. Dev. Auth. Student Hsg. Rev. (George Mason Univ. Foundation, Inc., Proj.) 0.21% 9/7/11, LOC Bank of America NA, VRDN (c) | 23,400 | | 23,400 |
Fairfax County Indl. Dev. Auth. Bonds (Inova Health Sys. Proj.) 0.33%, tender 3/28/12 (c) | 18,000 | | 18,000 |
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1992, 1.3% tender 9/9/11, CP mode (f) | 18,200 | | 18,200 |
Hampton Indl. Dev. Auth. Exempt Facilities Rev. (USA Waste of Virginia Landfills, Inc. Proj.) Series 2000, 0.24% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 9,000 | | 9,000 |
Hampton Redev. & Hsg. Auth. Multi-family Hsg. Rev. (Avalon Pointe Proj.) Series 1996, 0.27% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 6,387 | | 6,387 |
Hanover County Econ. Dev. Auth. Rev. (Bon Secours Health Sys. Proj.) Series 2008 D2, 0.15% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c) | 5,200 | | 5,200 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Virginia - continued |
Lexington Indl. Dev. Auth. Edl. Facilities Rev. Series 2010, 0.14% 9/7/11, VRDN (c) | $ 4,500 | | $ 4,500 |
Norfolk Econ. Dev. Auth. Hosp. Facilities Rev. Bonds (Sentara Healthcare Proj.): | | | |
Series 2009 A, 0.41%, tender 4/26/12 (c) | 12,000 | | 12,000 |
Series 2010 B, 0.33%, tender 3/28/12 (c) | 14,355 | | 14,355 |
Norfolk Econ. Dev. Auth. Rev.: | | | |
(Bon Secours Health Sys. Proj.) Series 2008 D1, 0.15% 9/7/11, LOC Citibank NA, VRDN (c) | 10,210 | | 10,210 |
Series 1997: | | | |
0.16% 9/20/11, CP | 6,680 | | 6,680 |
0.18% 9/21/11, CP | 13,800 | | 13,800 |
Prince William County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) 1.25% tender 9/9/11, CP mode | 11,200 | | 11,200 |
Prince William County Indl. Dev. Auth. Sewage Disp. Facilities Rev. (Dale Svc. Corp. Proj.): | | | |
Series 2000, 0.24% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 5,360 | | 5,360 |
Series 2001, 0.24% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 5,350 | | 5,350 |
Series 2006, 0.24% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 5,850 | | 5,850 |
Richmond Pub. Util. Rev. Participating VRDN Series ROC II R 11262, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 4,875 | | 4,875 |
Sussex County Indl. Dev. Auth. Solid Waste Disp. Rev. (Atlantic Waste Disp. Proj.) 0.22% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c)(f) | 10,000 | | 10,000 |
Univ. of Virginia Gen. Rev.: | | | |
Bonds Series 2003 A: | | | |
0.11% tender 9/6/11, CP mode | 10,000 | | 10,000 |
0.12% tender 10/4/11, CP mode | 20,000 | | 20,000 |
Series 2003 A, 0.15% 12/6/11, CP | 15,500 | | 15,500 |
Virginia College Bldg. Auth. Edl. Facilities Rev. Bonds Series 2010 A, 2% 9/1/11 | 4,460 | | 4,460 |
Virginia Hsg. Dev. Auth. Participating VRDN Series Merlots 06 C3, 0.23% 9/7/11 (Liquidity Facility Wells Fargo Bank NA) (c)(f)(g) | 4,190 | | 4,190 |
Virginia Hsg. Dev. Auth. Commonwealth Mtg. Rev. Participating VRDN: | | | |
Series BA 1046, 0.34% 9/7/11 (Liquidity Facility Bank of America NA) (c)(f)(g) | 27,260 | | 27,260 |
Series Merlots 07 C42, 0.23% 9/7/11 (Liquidity Facility Wells Fargo Bank NA) (c)(f)(g) | 6,340 | | 6,340 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Virginia - continued |
Virginia Pub. School Auth.: | | | |
Bonds Series X, 5% 4/15/12 | $ 9,885 | | $ 10,178 |
Participating VRDN Series CTE 05 38, 0.21% 9/7/11 (Liquidity Facility State Street Bank & Trust Co., Boston) (c)(g) | 17,955 | | 17,955 |
Virginia Resources Auth. Clean Wtr. Rev. Participating VRDN: | | | |
Series BBT 08 48, 0.2% 9/7/11 (Liquidity Facility Branch Banking & Trust Co.) (c)(g) | 2,945 | | 2,945 |
Series PT 4634, 0.21% 9/7/11 (Liquidity Facility Deutsche Postbank AG) (c)(g) | 11,920 | | 11,920 |
Series ROC II R 11923, 0.2% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 3,845 | | 3,845 |
Virginia Small Bus. Fing. (Children's Hosp. of The King's Daughters, Inc. Proj.) Series 2006, 0.31% 9/7/11, LOC Bank of America NA, VRDN (c) | 24,000 | | 24,000 |
| | 426,817 |
Washington - 4.4% |
Central Puget Sound Reg'l. Trans. Auth. Sales & Use Tax Rev. Participating VRDN Series Putters 2866, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 8,280 | | 8,280 |
Chelan County Pub. Util. District #1 Rev. Participating VRDN Series BC 11 20B, 0.25% 9/7/11 (Liquidity Facility Barclays Bank PLC) (c)(f)(g) | 4,475 | | 4,475 |
Everett Indl. Dev. Corp. Exempt Facilities Rev. 0.21% 9/7/11, VRDN (c)(f) | 12,800 | | 12,800 |
King County Gen. Oblig.: | | | |
BAN Series 2011 A, 2.75% 3/1/12 | 12,430 | | 12,578 |
Bonds Series 2010 A, 2% 12/1/11 | 6,660 | | 6,687 |
Participating VRDN: | | | |
Series DB 598, 0.24% 9/7/11 (Liquidity Facility Deutsche Bank AG) (c)(g) | 3,490 | | 3,490 |
Series ROC II R 11731, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 9,810 | | 9,810 |
King County Hsg. Auth. Rev. (Overlake TOD Hsg. Proj.) 0.24% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 16,925 | | 16,925 |
King County Swr. Rev. Bonds Series 2011 B, 1% 1/1/12 (b) | 3,610 | | 3,617 |
Pierce County Econ. Dev. Corp. Spl. Rev. (Weyerhaeuser Real Estate Proj.) Series 1997 A, 0.22% 9/7/11, LOC Bank of America NA, VRDN (c) | 19,505 | | 19,505 |
Port of Seattle Rev.: | | | |
Participating VRDN: | | | |
Series Putters 2020, 0.31% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f)(g) | 7,450 | | 7,450 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Washington - continued |
Port of Seattle Rev.: - continued | | | |
Participating VRDN: | | | |
Series Putters 2553Z, 0.31% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(f)(g) | $ 5,135 | | $ 5,135 |
Series 1997, 0.2% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 108,830 | | 108,830 |
Series 2001 B1: | | | |
0.16% 9/9/11, LOC Bank of America NA, CP (f) | 10,455 | | 10,455 |
0.25% 9/9/11, LOC Bank of America NA, CP (f) | 12,200 | | 12,200 |
Port of Vancouver Rev. (United Grain Corp. of Oregon Proj.) Series 2009, 0.3% 9/7/11, LOC Bank of America NA, VRDN (c) | 25,000 | | 25,000 |
Seattle Muni. Lt. & Pwr. Rev. Bonds Series 2011 A, 1% 2/1/12 | 10,770 | | 10,796 |
Seattle Wtr. Sys. Rev. Participating VRDN Series MS 06 2170, 0.2% 9/7/11 (Liquidity Facility Wells Fargo & Co.) (c)(g) | 2,530 | | 2,530 |
Snohomish County Hsg. Auth. Hsg. Rev. (Ebey Arms Centerhouse Proj.) Series 2003, 0.3% 9/7/11, LOC Bank of America NA, VRDN (c) | 8,360 | | 8,360 |
Spokane County School District #81 Bonds Series 2010 A, 2% 12/1/11 (Washington Gen. Oblig. Guaranteed) | 10,500 | | 10,543 |
Univ. of Washington Univ. Revs. Participating VRDN Series Solar 07 94, 0.2% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 2,692 | | 2,692 |
Vancouver Hsg. Auth. Rev. (Anthem Park at Uptown Village Proj.) 0.27% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 3,505 | | 3,505 |
Washington Econ. Dev. Fin. Auth. Econ. Dev. Rev. (Puget Sound Blood Ctr. Proj.) Series 2008 D, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 7,000 | | 7,000 |
Washington Gen. Oblig. Participating VRDN: | | | |
Series DB 599, 0.24% 9/7/11 (Liquidity Facility Deutsche Bank AG) (c)(g) | 4,825 | | 4,825 |
Series DB 606, 0.24% 9/7/11 (Liquidity Facility Deutsche Bank AG) (c)(g) | 6,005 | | 6,005 |
Series Putters 3501Z, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 11,660 | | 11,660 |
Series Putters 3539, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 10,000 | | 10,000 |
Series Putters 3854, 0.21% 9/7/11 (Liquidity Facility JPMorgan Chase Bank) (c)(g) | 3,500 | | 3,500 |
Series Solar 06 13, 0.19% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 33,535 | | 33,535 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Washington - continued |
Washington Health Care Facilities Auth.: | | | |
(Fred Hutchinson Cancer Ctr. Proj.): | | | |
Series 2011 B, 0.2% 9/7/11, LOC JPMorgan Chase Bank, VRDN (c) | $ 11,505 | | $ 11,505 |
Series 2011 C, 0.18% 9/1/11, LOC Bank of America NA, VRDN (c) | 12,070 | | 12,070 |
(Swedish Health Svcs. Proj.): | | | |
Series 2011 B, 0.15% 9/7/11, LOC Citibank NA, VRDN (c) | 8,000 | | 8,000 |
Series 2011 C, 0.15% 9/7/11, LOC Citibank NA, VRDN (c) | 11,000 | | 11,000 |
Washington Health Care Facilities Auth. Rev.: | | | |
(Children's Hosp. Reg'l. Med. Ctr. Proj.): | | | |
Series 2008 A, 0.23% 9/7/11, LOC Bank of America NA, VRDN (c) | 10,500 | | 10,500 |
Series 2008 B, 0.18% 9/7/11, LOC Bank of America NA, VRDN (c) | 54,100 | | 54,100 |
(MultiCare Health Sys. Proj.): | | | |
Series 2009 A, 0.22% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 25,500 | | 25,500 |
Series 2009 B, 0.17% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 1,500 | | 1,500 |
(Southwest Washington Med. Ctr.) Series 2008 A, 0.2% 9/7/11, LOC Union Bank of California, VRDN (c) | 30,100 | | 30,100 |
(Swedish Health Svcs. Proj.) Series 2009 C, 0.17% 9/7/11, LOC Bank of America NA, VRDN (c) | 55,000 | | 55,000 |
Bonds (Providence Health Systems Proj.) Series A, 5.5% 10/1/11 | 3,000 | | 3,012 |
Participating VRDN Series Solar 07 66, 0.19% 9/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) | 19,710 | | 19,710 |
Washington Hsg. Fin. Commission Multi-family Hsg. Rev.: | | | |
(Avalon Ridge Apts. Proj.) 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 18,755 | | 18,755 |
(Ballard Landmark Inn Proj.) Series A, 0.21% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 31,590 | | 31,590 |
(Cedar Ridge Retirement Proj.) Series 2005 A, 0.22% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 5,550 | | 5,550 |
(Crestview Apts. Proj.) 0.22% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 14,000 | | 14,000 |
(Echo Lake Sr. Apts. Proj.) 0.22% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 17,970 | | 17,970 |
(Fairwinds Redmond Proj.) Series A, 0.22% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 11,750 | | 11,750 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Washington - continued |
Washington Hsg. Fin. Commission Multi-family Hsg. Rev.: - continued | | | |
(Gardens Univ. Village Apt. Proj.) Series A, 0.21% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | $ 48,540 | | $ 48,540 |
(Highland Park Apts. Proj.) Series A, 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 9,040 | | 9,040 |
(Merrill Gardens at Renton Centre Proj.) Series A, 0.22% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 20,790 | | 20,790 |
(Pinehurst Apts. Proj.) Series A, 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 12,000 | | 12,000 |
(Seaport Landing Retirement Proj.) Series A, 0.23% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | 11,880 | | 11,880 |
(Silver Creek Apts. Proj.) Series A, 0.23% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 12,250 | | 12,250 |
(The Cambridge Apts. Proj.) Series 2009, 0.2% 9/7/11, LOC Fannie Mae, VRDN (c) | 3,900 | | 3,900 |
(The Vintage at Everett Sr. Living Proj.) Series 2004 A, 0.22% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 15,750 | | 15,750 |
(The Vintage at Richland Sr. Living Proj.) Series 2004 A, 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 7,535 | | 7,535 |
(Vintage Mount Vernon Proj.) Series A, 0.24% 9/7/11, LOC Fannie Mae, VRDN (c)(f) | 7,500 | | 7,500 |
(Washington Terrace Sr. Apts. Proj.) Series 2010, 0.2% 9/7/11, LOC Fannie Mae, VRDN (c) | 3,750 | | 3,750 |
(Discovery Heights Apts. Proj.) Series 2010, 0.31% 9/7/11, LOC Bank of America NA, VRDN (c) | 17,175 | | 17,175 |
Washington Hsg. Fin. Commission Nonprofit Hsg. Rev.: | | | |
(Emerald Heights Proj.) Series 2003, 0.25% 9/1/11, LOC Bank of America NA, VRDN (c) | 16,375 | | 16,375 |
(Horizon House Proj.) Series 2005, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 48,475 | | 48,475 |
Washington Hsg. Fin. Commission Nonprofit Rev. (YMCA of Pierce and Kitsap Countries Proj.) Series 2010 A, 0.19% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 5,745 | | 5,745 |
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev. Bonds 5.4% 7/1/12 (Bonneville Pwr. Administration Guaranteed) | 47,150 | | 49,153 |
| | 1,013,658 |
West Virginia - 0.9% |
Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1996, 0.75% tender 9/14/11, CP mode (f) | 20,000 | | 20,000 |
Grant County Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1986, 1.3% tender 9/9/11, CP mode (f) | 7,400 | | 7,400 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
West Virginia - continued |
Harrison County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.3% 9/7/11, LOC Bank of America NA, VRDN (c)(f) | $ 8,420 | | $ 8,420 |
Marion County Solid Waste Disp. Rev. (Grant Town Cogeneration Proj.): | | | |
Series 1990 A, 0.17% 9/7/11, LOC Deutsche Bank AG, VRDN (c)(f) | 7,530 | | 7,530 |
Series 1990 B, 0.17% 9/7/11, LOC Deutsche Bank AG, VRDN (c)(f) | 16,285 | | 16,285 |
Series 1990 C, 0.17% 9/7/11, LOC Deutsche Bank AG, VRDN (c)(f) | 700 | | 700 |
Series 1990 D, 0.17% 9/7/11, LOC Deutsche Bank AG, VRDN (c)(f) | 8,500 | | 8,500 |
West Virginia Econ. Dev. Auth. Poll. Cont. Rev. (Ohio Pwr. Co. - Kammer Proj.) Series 2008 B, 0.17% 9/7/11, LOC Bank of Nova Scotia New York Branch, VRDN (c) | 7,200 | | 7,200 |
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | | | |
(Appalachian Pwr. Co. - Amos Proj.): | | | |
Series 2008 B, 0.23% 9/7/11, LOC Mizuho Corporate Bank Ltd., VRDN (c)(f) | 20,275 | | 20,275 |
Series 2009 A, 0.19% 9/7/11, LOC Sumitomo Mitsui Banking Corp., VRDN (c) | 11,175 | | 11,175 |
Series 2009 B, 0.18% 9/7/11, LOC Sumitomo Mitsui Banking Corp., VRDN (c) | 10,800 | | 10,800 |
(Appalachian Pwr. Co. - Mountaineer Proj.) Series 2008 A, 0.21% 9/7/11, LOC Mizuho Corporate Bank Ltd., VRDN (c)(f) | 75,000 | | 75,000 |
West Virginia Hosp. Fin. Auth. Hosp. Rev. (West Virginia United Health Sys. Proj.) Series 2008 D, 0.19% 9/7/11, LOC Bank of America NA, VRDN (c) | 10,075 | | 10,075 |
| | 203,360 |
Wisconsin - 1.8% |
Milwaukee Gen. Oblig.: | | | |
Bonds Series 2011 N3, 4% 5/15/12 | 11,250 | | 11,543 |
RAN Series 2011 R2, 2% 12/1/11 | 7,500 | | 7,535 |
Series C2, 0.21% 10/7/11, LOC State Street Bank & Trust Co., Boston, CP | 4,500 | | 4,500 |
River Falls Indl. Dev. Rev. (Quadion Corp. Proj.) 0.22% 9/7/11, LOC U.S. Bank NA, Minnesota, VRDN (c)(f) | 1,315 | | 1,315 |
Wisconsin Gen. Oblig.: | | | |
Bonds Series C, 3% 5/1/12 | 2,800 | | 2,847 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Wisconsin - continued |
Wisconsin Gen. Oblig.: - continued | | | |
Series 2005 A, 0.12% 9/1/11 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | $ 16,041 | | $ 16,041 |
Series 2006 A, 0.17% 9/21/11 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 20,000 | | 20,000 |
TAN 2% 6/15/12 | 112,200 | | 113,765 |
Wisconsin Health & Edl. Facilities Auth. Rev.: | | | |
Bonds (Ministry Health Care Proj.) Series A: | | | |
0.12% tender 9/7/11, LOC U.S. Bank NA, Minnesota, CP mode | 15,380 | | 15,380 |
0.15% tender 10/5/11, LOC U.S. Bank NA, Minnesota, CP mode | 29,230 | | 29,230 |
Participating VRDN ROC II R 11837, 0.21% 9/7/11 (Liquidity Facility Citibank NA) (c)(g) | 7,000 | | 7,000 |
Wisconsin Hsg. and Econ. Dev. Auth. Home Ownership Rev.: | | | |
Series 2002 I, 0.21% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 29,600 | | 29,600 |
Series 2003 B, 0.17% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 28,980 | | 28,980 |
Series D, 0.18% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 55,085 | | 55,085 |
Wisconsin Hsg. and Econ. Dev. Auth. Multifamily Hsg. Rev.: | | | |
Series 2007 A, 0.24% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 7,400 | | 7,400 |
Series 2008 A, 0.21% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c) | 10,785 | | 10,785 |
Wisconsin Trans. Rev.: | | | |
Series 1997 A: | | | |
0.17% 9/20/11 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 10,413 | | 10,413 |
0.31% 10/6/11 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 19,149 | | 19,149 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Wisconsin - continued |
Wisconsin Trans. Rev.: - continued | | | |
Series 2006 A: | | | |
0.17% 9/21/11 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | $ 7,500 | | $ 7,500 |
0.34% 9/8/11 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 13,465 | | 13,466 |
| | 411,534 |
Wyoming - 0.7% |
Laramie County Indl. Dev. Rev. (Cheyenne Lt., Fuel & Pwr. Co. Proj.) Series 2009 A, 0.24% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c)(f) | 5,000 | | 5,000 |
Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.16% 9/7/11, LOC Wells Fargo Bank NA, VRDN (c) | 3,750 | | 3,750 |
Wyoming Cmnty. Dev. Auth. (Single Family Mtg. Prog.) Series 2002 A, 0.21% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c) | 27,000 | | 27,000 |
Wyoming Cmnty. Dev. Auth. Hsg. Rev.: | | | |
Series 2003-4, 0.23% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 5,000 | | 5,000 |
Series 2004-11, 0.23% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 5,000 | | 5,000 |
Series 2004-3, 0.23% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 5,000 | | 5,000 |
Series 2005-4, 0.23% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 8,000 | | 8,000 |
Series 2006-2, 0.23% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 8,000 | | 8,000 |
Series 2006-5, 0.23% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 10,000 | | 10,000 |
Series 2006-7, 0.23% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 10,000 | | 10,000 |
Series 2006-9, 0.23% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 10,000 | | 10,000 |
Series 2007-11, 0.23% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 12,000 | | 12,000 |
Series 2007-2, 0.23% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 6,000 | | 6,000 |
Series 2007-4, 0.23% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 14,000 | | 14,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (000s) |
Wyoming - continued |
Wyoming Cmnty. Dev. Auth. Hsg. Rev.: - continued | | | |
Series 2007-8, 0.23% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | $ 12,000 | | $ 12,000 |
Series 2008-2, 0.23% 9/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (c)(f) | 13,000 | | 13,000 |
| | 153,750 |
| Shares | | |
Other - 13.0% |
Fidelity Municipal Cash Central Fund, 0.19% (d)(e) | 3,016,602,134 | | 3,016,602 |
TOTAL INVESTMENT PORTFOLIO - 99.6% (Cost $23,130,505) | | 23,130,505 |
NET OTHER ASSETS (LIABILITIES) - 0.4% | | 93,208 |
NET ASSETS - 100% | $ 23,223,713 |
Fidelity Municipal Money Market Fund (the Fund) is a fund of Fidelity Union Street Trust 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 Delaware statutory trust.
The Fund invests 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm are available on the SEC web site or upon request.
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:
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)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.
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 and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to deferred trustee compensation and market discount.
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.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
The tax-based components of distributable earnings as of period end were as follows:
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be August 31, 2012.
increases as assets under management decrease. For the period, the total annual management fee rate was .27% of the Fund's average net assets.
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.
FMR voluntarily agreed to waive certain fees in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by FMR at any time. For the period the amount of the waiver was $37,573.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $27.
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.
To the Trustees of Fidelity Union Street Trust II and the Shareholders of Fidelity Municipal Money Market Fund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Municipal Money Market Fund (a fund of Fidelity Union Street Trust II) at August 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Municipal Money Market Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
The Trustees and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 203 funds advised by FMR or an affiliate. Mr. Curvey oversees 424 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Fidelity funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also has worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of FMR's risk management program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Fund's Trustees."
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended August 31, 2011, $274,062 or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended 2011, 100% of the fund's income dividends was free from federal income tax, and 45.43% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.
Item 2. Code of Ethics
As of the end of the period, August 31, 2011, Fidelity Union Street Trust II (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Marie L. Knowles is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Knowles is independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity AMT Tax-Free Money Fund, Fidelity Arizona Municipal Money Market Fund and Fidelity Municipal Money Market Fund (the "Funds"):
The following table presents fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds ("Fund Service Providers"):
"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
The aggregate non-audit fees billed by PwC for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the Funds, taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Funds and their related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.
The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds' last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
Not applicable.
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's 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.
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.
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.
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