Eric D. Roiter, Secretary
82 Devonshire St.
Item 1. Reports to Stockholders
Stock and bond markets around the world have seen largely positive results year to date, although weakness in the technology sector and growth stocks in general have tempered performance. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. 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 investment 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 unconstructive "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 over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Edward C. Johnson 3d
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, 2006 to August 31, 2006).
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.
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.
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 is possible to lose money by investing in the fund.
Municipal Securities - 98.5% |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Alabama - 2.2% |
Birmingham Med. Ctr. East Spl. Care Facilities Fing. Auth. Rev. Participating VRDN Series MT 16, 3.44% (Liquidity Facility Svenska Handelsbanken AB) (b)(d) | $ 30,110 | | $ 30,110 |
Birmingham Pub. Park & Recreation Board Rev. (McWane Ctr. Proj.) Series 1997, 3.44%, LOC AmSouth Bank NA, Birmingham, VRDN (b) | 788 | | 788 |
Cap. City Edl. Bldg. Auth. Rev. (Montgomery Academy Proj.) Series 1999 B, 3.46%, LOC AmSouth Bank NA, Birmingham, VRDN (b) | 2,625 | | 2,625 |
Huntsville Health Care Auth. Rev. Series 1998, 3.44%, LOC AmSouth Bank NA, Birmingham, VRDN (b) | 5,290 | | 5,290 |
Mobile Indl. Dev. Board Dock & Wharf Rev. (Holnam, Inc. Proj.) Series 1999 B, 3.4%, LOC Wachovia Bank NA, VRDN (b) | 7,500 | | 7,500 |
Morgan County-Decatur Health Care Auth. Hosp. Rev. Participating VRDN Series PT 947, 3.45% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d) | 26,065 | | 26,065 |
| | 72,378 |
Alaska - 2.5% |
Alaska Hsg. Fin. Corp. Participating VRDN: | | | |
Series BA 97 F, 3.51% (Liquidity Facility Bank of America NA) (b)(d) | 6,750 | | 6,750 |
Series DB 162, 3.44% (Liquidity Facility Deutsche Bank AG) (b)(d) | 9,960 | | 9,960 |
Anchorage Gen. Oblig. Participating VRDN Series PT 2561, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 6,945 | | 6,945 |
Anchorage Lease Rev. Participating VRDN Series PT 2657, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 9,010 | | 9,010 |
Valdez Marine Term. Rev. (BP Pipelines, Inc. Proj.) Series B, 3.6%, VRDN (b) | 52,000 | | 52,000 |
| | 84,665 |
Arizona - 3.3% |
Apache County Indl. Dev. Auth. (Tucson Elec. Pwr. Co. Springerville Proj.) Series 1985 A, 3.45%, LOC Cr. Suisse Group, VRDN (b) | 5,000 | | 5,000 |
Arizona Salt River Proj. Agric. Impt. & Pwr. District Rev. Participating VRDN Series EGL 02 301 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 8,495 | | 8,495 |
Arizona School Facilities Board Ctfs. of Prtn. Participating VRDN Series Putters 1298, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 13,110 | | 13,110 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Arizona - continued |
Arizona School Facilities Board State School Impt. Rev. Participating VRDN Series MS 00 497, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | $ 6,618 | | $ 6,618 |
Phoenix Civic Impt. Corp. District Rev. Participating VRDN Series PZ 85, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 3,500 | | 3,500 |
Phoenix Civic Impt. Corp. Excise Tax Rev. Participating VRDN Series EGL 03 28 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 2,600 | | 2,600 |
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Participating VRDN Series EGL 7050056 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 7,900 | | 7,900 |
Salt River Proj. Agric. Impt. & Pwr. District Elec. Sys. Rev.: | | | |
Participating VRDN Series SG 03 160, 3.44% (Liquidity Facility Societe Generale) (b)(d) | 44,500 | | 44,500 |
Series 1997 A, 3.65% 9/5/06, CP | 3,340 | | 3,340 |
Series 1997 B, 3.7% 9/8/06, CP | 2,800 | | 2,800 |
Series C, 3.48% 9/8/06, CP | 6,800 | | 6,800 |
Scottsdale Indl. Dev. Auth. Hosp. Rev. Participating VRDN Series ROC II R 578, 3.46% (Liquidity Facility Citigroup, Inc.) (b)(d) | 4,800 | | 4,800 |
| | 109,463 |
Colorado - 1.7% |
Adams County Rev. (Adams Mental Health Foundation Prog.) Series 1997, 3.65%, LOC JPMorgan Chase Bank,
VRDN (b) | 1,345 | | 1,345 |
Arapahoe County Wtr. & Wastewtr. Pub. Impt. District Participating VRDN Series PT 2174, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 4,660 | | 4,660 |
Colorado Dept. of Trans. Rev. Participating VRDN Series PT 1955, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 10,650 | | 10,650 |
Colorado Health Facilities Auth. Retirement Hsg. Rev. Participating VRDN Series TOC 06 Z2, 3.48% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(d) | 2,400 | | 2,400 |
Colorado Health Facilities Auth. Rev. (Boulder Cmnty. Hosp. Proj.) Series 2000, 3.58%, LOC JPMorgan Chase Bank, VRDN (b) | 4,500 | | 4,500 |
Colorado Hsg. Fin. Auth. Single (Co. SF Mortgage Proj. 10/1/01) Series ADG 1B2, 3.44% (Liquidity Facility DEPFA BANK PLC), VRDN (b) | 4,000 | | 4,000 |
E-470 Pub. Hwy. Auth. Rev. Participating VRDN: | | | |
Series 04 BS 219 Class A, 3.52% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d) | 4,000 | | 4,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Colorado - continued |
E-470 Pub. Hwy. Auth. Rev. Participating VRDN: - continued | | | |
Series MS 1064, 3.48% (Liquidity Facility Morgan Stanley) (b)(d) | $ 1,945 | | $ 1,945 |
Series PZ 46, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 1,905 | | 1,905 |
Reg'l. Trans. District Sales Tax Rev. Participating VRDN Series MS 01 679, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 6,345 | | 6,345 |
Southern Ute Indian Tribe of Southern Ute Indian Reservation 3.45%, VRDN (b) | 16,200 | | 16,200 |
| | 57,950 |
District Of Columbia - 0.4% |
District of Columbia Gen. Oblig. Participating VRDN Series Putters 214, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 4,995 | | 4,995 |
District of Columbia Rev.: | | | |
Participating VRDN Series PZ 74, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 6,120 | | 6,120 |
(Defenders of Wildlife Proj.) 3.46%, LOC Bank of America NA, VRDN (b) | 2,400 | | 2,400 |
| | 13,515 |
Florida - 5.4% |
Broward County Arpt. Sys. Rev. Participating VRDN Series PT 2417, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 5,285 | | 5,285 |
Florida Board of Ed. Cap. Outlay Participating VRDN: | | | |
Series MSDW 00 374, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 13,665 | | 13,665 |
Series ROC RR II 6087, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(d) | 3,400 | | 3,400 |
Florida Board of Ed. Lottery Rev. Participating VRDN: | | | |
Series PT 1687, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 16,760 | | 16,760 |
Series Putters 222, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 6,500 | | 6,500 |
Florida Board of Ed. Pub. Ed. Participating VRDN Series ROC II R482, 3.45% (Liquidity Facility Citibank NA) (b)(d) | 8,900 | | 8,900 |
Florida Dept. of Envir. Protection Preservation Rev. Participating VRDN Series Floaters 722, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 10,780 | | 10,780 |
Florida Dept. of Trans. Tpk. Rev. Participating VRDN Series MS 06 1450, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 5,000 | | 5,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Florida - continued |
Florida Division of Bond Fin. Dept. Gen. Svcs. Revs. Participating VRDN Series MS 00 317, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | $ 1,100 | | $ 1,100 |
Florida Gen. Oblig. Bonds Series Merlots 05 A22, 3.35%, tender 11/14/06 (Liquidity Facility Wachovia Bank NA) (b)(d)(e) | 6,800 | | 6,800 |
Florida Muni. Ln. Council Rev. Participating VRDN Series Solar 06 81, 3.44% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d) | 4,755 | | 4,755 |
Florida State Univ., Finl. Assistance, Inc., Edl. & Athletic Facilities Impt. Rev. Participating VRDN Series SGB 44, 3.45% (Liquidity Facility Societe Generale) (b)(d) | 1,920 | | 1,920 |
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series C, 3.44%, VRDN (b) | 7,000 | | 7,000 |
Jacksonville Elec. Auth. Rev. Bonds Series F, 3.55% tender 9/5/06 (Liquidity Facility Landesbank Hessen-Thuringen), CP mode | 10,000 | | 10,000 |
Jacksonville Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) 3.64%, VRDN (b) | 11,200 | | 11,200 |
Lee County Hosp. Board of Directors Hosp. Rev. (Lee Memorial Health Sys. Proj.) Series 1995 A, 3.62%, VRDN (b) | 5,000 | | 5,000 |
Miami-Dade County Cap. Asset Acquisition Participating VRDN Series TOC 05 Z12, 3.48% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(d) | 3,595 | | 3,595 |
Miami-Dade County School Board Ctfs. of Prtn. Participating VRDN Series PT 845, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 6,400 | | 6,400 |
Orange County School Board Ctfs. of Prtn. Participating VRDN: | | | |
Series ROC II R 2182, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(d) | 7,545 | | 7,545 |
Series ROC II R7020, 3.45% (Liquidity Facility Citibank NA) (b)(d) | 5,780 | | 5,780 |
Palm Beach County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Emerald Bay Club Apts. Proj.) 3.44%, LOC Wachovia Bank NA, VRDN (b) | 6,500 | | 6,500 |
Peace River/Manasota Reg'l. Wtr. Supply Auth. Rev. Participating VRDN Series ROC II R 607PB, 3.47% (Liquidity Facility Deutsche Postbank AG) (b)(d) | 3,940 | | 3,940 |
Putnam County Dev. Auth. Poll. Cont. Rev. (Seminole Elec. Coop., Inc. Proj.) Series 1984 S, 3.52% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (b) | 2,875 | | 2,875 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Florida - continued |
Sunshine State Govt. Fing. Commission Rev.: | | | |
Series D, 3.6% 9/7/06 (FGIC Insured) (CIFG North America Insured) (AMBAC Insured), CP | $ 3,000 | | $ 3,000 |
Series I, 3.65% 9/8/06 (CIFG North America Insured) (AMBAC Insured), CP | 15,000 | | 15,000 |
Univ. of North Florida Foundation, Inc. Rev. 3.44%, LOC Wachovia Bank NA, VRDN (b) | 2,000 | | 2,000 |
Volusia County School Board Ctfs. of Prtn. Participating VRDN Series Putters 970, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 4,185 | | 4,185 |
| | 178,885 |
Georgia - 3.6% |
Atlanta Arpt. Rev. Series 2005 B2, 3.62% 9/6/06, LOC Bayerische Landesbank (UNGTD), LOC Cr. Agricole SA, CP | 26,130 | | 26,130 |
Atlanta Wtr. & Wastewtr. Rev. Participating VRDN: | | | |
Series MS 06 1355, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 2,080 | | 2,080 |
Series MS 1273, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 7,700 | | 7,700 |
Series Putters 513, 3.45% (Liquidity Facility PNC Bank NA, Pittsburgh) (b)(d) | 14,080 | | 14,080 |
Series SGA 145, 3.47% (Liquidity Facility Societe Generale) (b)(d) | 6,000 | | 6,000 |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Oglethorpe Pwr. Corp. Proj.) Series 1998 B, 3.62% tender 9/8/06 (AMBAC Insured) (Liquidity Facility Rabobank Nederland Coop. Central), CP mode | 10,500 | | 10,500 |
Cobb County Dev. Auth. Univ. Facilities Rev. Participating VRDN Series Putters 580, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 3,265 | | 3,265 |
DeKalb County Wtr. & Swr. Rev. Participating VRDN Series GS 06 17, 3.45% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(d) | 8,500 | | 8,500 |
Floyd County Dev. Auth. Rev. (Darlington School Proj.)
Series 2000, 3.46%, LOC SunTrust Banks, Inc., VRDN (b) | 16,000 | | 16,000 |
Georgia Gen. Oblig. Participating VRDN Series ROC RR II R 601, 3.45% (Liquidity Facility Citibank NA) (b)(d) | 2,600 | | 2,600 |
Georgia Muni. Elec. Auth. Pwr. Rev. Participating VRDN
Series SG 40, 3.44% (Liquidity Facility Societe Generale) (b)(d) | 14,610 | | 14,610 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Georgia - continued |
Georgia Road & Thruway Auth. Rev. Participating VRDN Series PT 2019, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | $ 5,010 | | $ 5,010 |
Metropolitan Atlanta Rapid Transit Series B, 3.48% 9/8/06, LOC Dexia Cr. Local de France, CP | 2,500 | | 2,500 |
| | 118,975 |
Hawaii - 0.2% |
Hawaii Dept. of Budget & Fin. Spl. Purp. Rev. Participating VRDN Series GS 06 4G, 3.47% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(d) | 8,000 | | 8,000 |
Illinois - 11.4% |
Chicago Board of Ed. Participating VRDN: | | | |
Series AAB 03 16, 3.44% (Liquidity Facility ABN-AMRO Bank NV) (b)(d) | 9,995 | | 9,995 |
Series BA 96 BB, 3.51% (Liquidity Facility Bank of America NA) (b)(d) | 11,100 | | 11,100 |
Series Putters 199, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 10,610 | | 10,610 |
Series SGA 98, 3.47% (Liquidity Facility Societe Generale) (b)(d) | 7,820 | | 7,820 |
Chicago Gen. Oblig. Participating VRDN: | | | |
Series Merlots 00 A12, 3.45% (Liquidity Facility Bank of New York, New York) (b)(d) | 2,715 | | 2,715 |
Series TOC 05 Z10, 3.48% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(d) | 3,160 | | 3,160 |
Chicago Midway Arpt. Rev. Participating VRDN Series Putters 229, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 5,680 | | 5,680 |
Chicago O'Hare Intl. Arpt. Rev. Participating VRDN Series MSTC 7016 Class A, 3.44% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d) | 15,500 | | 15,500 |
Chicago Park District Participating VRDN Series Putters 521, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 5,670 | | 5,670 |
Chicago Wastewtr. Transmission Rev. Participating VRDN: | | | |
Series MACN 06 O, 3.45% (Liquidity Facility Bank of America NA) (b)(d) | 2,380 | | 2,380 |
Series PT 2312, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 7,670 | | 7,670 |
Chicago Wtr. Rev. Participating VRDN: | | | |
Series Merlots 00 TT, 3.45% (Liquidity Facility Wachovia Bank NA) (b)(d) | 4,600 | | 4,600 |
Series Merlots 97 V, 3.45% (Liquidity Facility Wachovia Bank NA) (b)(d) | 4,660 | | 4,660 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Illinois - continued |
Cook County Gen. Oblig. Participating VRDN: | | | |
Series EGL 01 1302, 3.46% (Liquidity Facility Citibank NA) (b)(d) | $ 16,850 | | $ 16,850 |
Series Putters 1269, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 2,670 | | 2,670 |
Series Putters 1273, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 1,875 | | 1,875 |
Series Putters 1313, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 2,700 | | 2,700 |
Illinois Dev. Fin. Auth. Gas Supply Rev. Participating VRDN Series PA 1166, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 10,805 | | 10,805 |
Illinois Edl. Facilities Auth. Revs. Participating VRDN Series Merlots 97 U, 3.45% (Liquidity Facility Wachovia Bank NA) (b)(d) | 4,535 | | 4,535 |
Illinois Fin. Auth. Rev.: | | | |
Participating VRDN Series ROC II R6015, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(d) | 4,955 | | 4,955 |
(Central DuPage Hosp. Proj.) Series 2004 C, 3.45%, VRDN (b) | 24,700 | | 24,700 |
(Clare Oaks Proj.) Series C, 3.43%, LOC Banco Santander Central Hispano SA, VRDN (b) | 11,300 | | 11,300 |
Illinois Gen. Oblig. Participating VRDN: | | | |
Series EGL 00 1304, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 2,600 | | 2,600 |
Series EGL 01 1307, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 10,675 | | 10,675 |
Series Putters 133, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 19,405 | | 19,405 |
Series Putters 568, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 6,295 | | 6,295 |
Series Putters 660, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 1,495 | | 1,495 |
Illinois Health Facilities Auth. Rev.: | | | |
Bonds (Evanston Hosp. Corp. Proj.) Series 1992, 3.75% tender 10/12/06, CP mode | 10,000 | | 10,000 |
Participating VRDN: | | | |
Series PA 1217, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 6,375 | | 6,375 |
Series PT 763, 3.45% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d) | 20,195 | | 20,195 |
Illinois Reg'l. Trans. Auth. Participating VRDN: | | | |
Series BA 03 C, 3.49% (Liquidity Facility Bank of America NA) (b)(d) | 7,045 | | 7,045 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Illinois - continued |
Illinois Reg'l. Trans. Auth. Participating VRDN: - continued | | | |
Series BA 04 A, 3.45% (Liquidity Facility Bank of America NA) (b)(d) | $ 3,335 | | $ 3,335 |
Series EGL 01 1306, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 19,275 | | 19,275 |
Series GS 06 40TP, 3.45% (Liquidity Facility Wells Fargo & Co.) (b)(d) | 4,795 | | 4,795 |
Series MACN 06 Q, 3.45% (Liquidity Facility Bank of America NA) (b)(d) | 2,600 | | 2,600 |
Series MSTC 9044, 3.47% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d) | 7,355 | | 7,355 |
Illinois Sales Tax Rev. Participating VRDN Series ROC II R4516, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(d) | 4,465 | | 4,465 |
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Participating VRDN: | | | |
Series PT 3182, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 10,575 | | 10,575 |
Series Putters 3479, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 17,000 | | 17,000 |
Kane, McHenry, Cook & DeKalb Counties Cmnty. Unit School District #300 Carpentersville Participating VRDN Series EGL 00 1310, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 14,850 | | 14,850 |
Lake County Forest Preservation District Participating VRDN Series ROC II R2059, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(d) | 2,029 | | 2,029 |
Metropolitan Pier & Exposition Auth. Dedicated State Tax Rev. Participating VRDN: | | | |
Series EGL 02 6001 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 5,400 | | 5,400 |
Series EGL 2004 30, Class A, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 4,000 | | 4,000 |
Series PZ 62, 3.48% (Liquidity Facility BNP Paribas SA) (b)(d) | 2,820 | | 2,820 |
Schaumburg Village Gen. Oblig. Participating VRDN Series MS 06 1346, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 2,500 | | 2,500 |
Univ. of Illinois Auxiliary Facilities Sys. Rev. Participating VRDN Series SG 65, 3.44% (Liquidity Facility Societe Generale) (b)(d) | 5,705 | | 5,705 |
Will County Cmnty. Unit School District #201 Participating VRDN Series PZ 79, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 11,320 | | 11,320 |
Will County Illinois Participating VRDN Series PT 2542, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 6,295 | | 6,295 |
| | 380,354 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Indiana - 2.9% |
Aurora School Bldg. Corp. Participating VRDN Series Putters 642, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | $ 5,380 | | $ 5,380 |
Benton School Impt. Bldg. Corp. Participating VRDN Series Putters 903, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 7,300 | | 7,300 |
Clark Pleasant Cmnty. School Bldg. Corp. Participating VRDN Series PT 3103, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 5,980 | | 5,980 |
Columbus Repair and Renovation School Bldg. Corp. Participating VRDN Series Putters 1079 B, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 6,145 | | 6,145 |
Dyer Redev. Auth. Econ. Dev. Lease Rent Participating VRDN Series DB 139, 3.44% (Liquidity Facility Deutsche Bank AG) (b)(d) | 7,420 | | 7,420 |
Indiana Bond Bank RAN 4.5% 2/1/07, LOC Bank of New York, New York | 15,950 | | 16,026 |
Indiana Bond Bank Rev. Participating VRDN Series MSTC 01 177, 3.47% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d) | 13,350 | | 13,350 |
Indiana Health Facilities Fing. Auth. Hosp. Rev. Participating VRDN Series MACN 05 F, 3.45% (Liquidity Facility Bank of America NA) (b)(d) | 5,000 | | 5,000 |
Indianapolis Arpt. Auth. Rev. Participating VRDN Series SGA 31, 3.47% (Liquidity Facility Societe Generale) (b)(d) | 7,435 | | 7,435 |
Indianapolis Local Pub. Impt. Bond Bank Participating VRDN Series TOC 06 Z7, 3.48% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(d) | 4,080 | | 4,080 |
Marion Econ. Dev. Rev. (Indiana Wesleyan Univ. Proj.) 3.41%, LOC Bank of America NA, VRDN (b) | 5,000 | | 5,000 |
Plainfield Cmnty. High School Bldg. Corp. Participating VRDN Series DB 194, 3.44% (Liquidity Facility Deutsche Bank AG) (b)(d) | 5,245 | | 5,245 |
Saint Joseph County Health Care Facilities (South Bend Med. Foundation Prog.) Series 2000, 3.47%, LOC Nat'l. City Bank, Indiana, VRDN (b) | 3,000 | | 3,000 |
Sunman-Dearborn High School Bldg. Corp. Participating VRDN Series Putters 671, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 4,965 | | 4,965 |
| | 96,326 |
Iowa - 0.1% |
Iowa Fin. Auth. Rev. (Trinity Health Sys. Proj.) Series 2000 D, 3.41% (Liquidity Facility JPMorgan Chase Bank) (Liquidity Facility Northern Trust Co., Chicago), VRDN (b) | 4,500 | | 4,500 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Kansas - 0.2% |
Wyandotte County-Kansas City Unified Govt. Util. Sys. Rev. Participating VRDN Series EGL 04 38, Class A, 3.46% (Liquidity Facility Citibank NA) (b)(d) | $ 4,735 | | $ 4,735 |
Kentucky - 0.9% |
Danville Multi-City Lease Rev. Bonds (Kentucky League Cities Fdg. Trust Proj.) 3.56% tender 9/5/06, LOC Fifth Third Bank, Cincinnati, CP mode | 8,800 | | 8,800 |
Kentucky Econ. Dev. Fin. Auth. Hosp. (Highlands Reg'l. Med. Ctr. Proj.) Series 1998 A, 3.51%, LOC U.S. Bank NA, Minnesota, VRDN (b) | 4,370 | | 4,370 |
Kentucky Hsg. Corp. Single Family Mtg. Rev. Participating VRDN Series MT 272, 3.46% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d) | 3,195 | | 3,195 |
Louisville & Jefferson County Metropolitan Swr. District Swr. & Drain Sys. Rev. Participating VRDN Series Solar 06 87, 3.44% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d) | 8,800 | | 8,800 |
Mason County Poll. Cont. Rev. (East Kentucky Pwr. Coop. Proj.) Series 1984 B1, 3.52% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (b) | 4,150 | | 4,150 |
| | 29,315 |
Louisiana - 0.8% |
Louisiana Pub. Facilities Auth. Rev. Participating VRDN Series Putters 1025Z, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 7,495 | | 7,495 |
West Baton Rouge Parish Indl. District #3 Rev.: | | | |
Bonds (Dow Chemical Co. Proj.) Series 91, 3.73% tender 9/12/06, CP mode | 11,300 | | 11,300 |
(Dow Chemical Co. Proj.) Series 1994 B, 3.69%, VRDN (b) | 9,000 | | 9,000 |
| | 27,795 |
Maine - 0.8% |
Maine Health & Higher Ed. Facilities Auth. Rev. Participating VRDN Series Piper 06 A, 3.46% (Liquidity Facility Bank of New York, New York) (b)(d) | 6,555 | | 6,555 |
Maine Hsg. Auth. Gen. Hsg. Rev. Participating VRDN Series PT 3285, 3.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 3,750 | | 3,750 |
Maine Hsg. Auth. Mtg. Purchase Rev. Series 2003 E1, 3.41% (AMBAC Insured), VRDN (b) | 6,200 | | 6,200 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Maine - continued |
Maine Tpk. Auth. Tpk. Rev. Participating VRDN: | | | |
Series DB 107, 3.44% (Liquidity Facility Deutsche Bank AG) (b)(d) | $ 5,180 | | $ 5,180 |
Series ROC RR II R 9005, 3.47% (Liquidity Facility Deutsche Postbank AG) (b)(d) | 3,225 | | 3,225 |
| | 24,910 |
Maryland - 1.2% |
Baltimore Convention Ctr. Hotel Rev. Participating VRDN Series Putters 1251, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 6,115 | | 6,115 |
Maryland Cmnty. Dev. Administration Dept. of Hsg. & Cmnty. Dev. Participating VRDN Series MT 160, 3.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 660 | | 660 |
Maryland Health & Higher Edl. Facilities Auth. Rev.: | | | |
(Johns Hopkins Univ. Issue Proj.) Series A, 3.39%, VRDN (b) | 7,800 | | 7,800 |
(Kennedy Krieger Institute Proj.) Series D, 3.46%, LOC Manufacturers & Traders Trust Co., VRDN (b) | 5,129 | | 5,129 |
Montgomery County Hsg. Opportunity Commission Single Family Mtg. Rev. Bonds Series 2005 E, 4.5% 12/29/06 | 17,000 | | 17,062 |
Ocean City Rev. (Harrison Inn 58 LP Proj.) 3.66%, LOC Manufacturers & Traders Trust Co., VRDN (b) | 3,135 | | 3,135 |
| | 39,901 |
Massachusetts - 0.1% |
Haverhill Gen. Oblig. BAN 4.5% 3/30/07 | 3,860 | | 3,879 |
Michigan - 3.7% |
Clinton Econ. Dev. Corp. Rev. (Clinton Area Care Ctr. Proj.) 3.46%, LOC Northern Trust Co., Chicago, VRDN (b) | 4,900 | | 4,900 |
Detroit City School District Participating VRDN Series Putters 388, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 3,490 | | 3,490 |
Detroit Swr. Disp. Rev. Participating VRDN Series AAB 05 3, 3.45% (Liquidity Facility ABN-AMRO Bank NV) (b)(d) | 14,420 | | 14,420 |
Detroit Wtr. Sys. Rev. Participating VRDN Series EGL 99 2202, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 3,900 | | 3,900 |
Hudsonville Pub. Schools Participating VRDN Series Putters 897, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 5,740 | | 5,740 |
Michigan Bldg. Auth. Rev. (Facilities Prog.) Series 2005 IIA, 3.42%, LOC DEPFA BANK PLC, VRDN (b) | 57,700 | | 57,700 |
Michigan Gen. Oblig. Bonds Series 2005 C, 3.65% tender 10/16/06 (Liquidity Facility DEPFA BANK PLC), CP mode | 3,200 | | 3,200 |
Michigan Hosp. Fin. Auth. Hosp. Rev. (Henry Ford Health Sys. Proj.) Series B, 3.4%, LOC Landesbank Hessen-Thuringen, VRDN (b) | 6,100 | | 6,100 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Michigan - continued |
Michigan Strategic Fund Ltd. Oblig. Rev. (Holland Home Oblig. Group Proj.) 3.44%, LOC Huntington Nat'l. Bank, Columbus, VRDN (b) | $ 8,940 | | $ 8,940 |
Saint Clair County Econ. Dev. Corp. Poll. Cont. Rev. Participating VRDN Series MS 00 282, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 5,000 | | 5,000 |
Waterford Econ. Dev. Corp. Ltd. Oblig. Rev. (Canterbury Health Care, Inc. Proj.) 3.46%, LOC KBC Bank NV, VRDN (b) | 4,400 | | 4,400 |
Western Townships Utils. Auth. County of Wayne Swr. Disp. Sys. Participating VRDN Series Merlots A96, 3.45% (Liquidity Facility Wachovia Bank NA) (b)(d) | 5,700 | | 5,700 |
| | 123,490 |
Minnesota - 0.5% |
Minneapolis & Saint Paul Hsg. Fin. Board Rev. Participating VRDN Series MT 120, 3.46% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d) | 2,600 | | 2,600 |
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Participating VRDN Series Merlots 00 ZZ, 3.45% (Liquidity Facility Wachovia Bank NA) (b)(d) | 3,795 | | 3,795 |
Minnesota Gen. Oblig. Participating VRDN Series MS 01 719, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 7,300 | | 7,300 |
Minnesota Pub. Facilities Auth. Drinking Wtr. Rev. Participating VRDN Series Floaters 1467, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 3,585 | | 3,585 |
| | 17,280 |
Mississippi - 1.1% |
Mississippi Dev. Bank Spl. Oblig. Participating VRDN Series Putters 667, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 3,875 | | 3,875 |
Mississippi Gen. Oblig.: | | | |
Participating VRDN: | | | |
Series EGL 02 6018 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 4,000 | | 4,000 |
Series EGL 99 2401, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 3,600 | | 3,600 |
Series Putters 138, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 7,940 | | 7,940 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Mississippi - continued |
Mississippi Gen. Oblig.: - continued | | | |
Series 2003 E, 3.46% (Liquidity Facility Dexia Cr. Local de France), VRDN (b) | $ 11,000 | | $ 11,000 |
Univ. of Mississippi Edl. Bldg. Corp. Rev. (Campus Impt. Proj.) Series 2000 A, 3.44% (MBIA Insured), VRDN (b) | 7,300 | | 7,300 |
| | 37,715 |
Missouri - 0.3% |
Missouri Health & Edl. Facilities Auth. Rev. Participating VRDN Series PA 1049, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 5,110 | | 5,110 |
Missouri Highways & Trans. Commission Participating VRDN Series 7015 Class A, 3.44% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d) | 5,000 | | 5,000 |
| | 10,110 |
Nebraska - 0.8% |
Nebraska Pub. Pwr. District Rev. Participating VRDN Series EGL 04 14 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 3,200 | | 3,200 |
Omaha Convention Hotel Corp. Participating VRDN Series PA 1078, 3.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 4,995 | | 4,995 |
Omaha Gen. Oblig. Participating VRDN Series EGL 00 2701, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 8,265 | | 8,265 |
Omaha Pub. Pwr. District Participating VRDN Series Solar 06 25, 3.44% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d) | 9,000 | | 9,000 |
| | 25,460 |
Nevada - 1.1% |
Clark County Gen. Oblig. Participating VRDN: | | | |
Series AAB 01 25, 3.46% (Liquidity Facility ABN-AMRO Bank NV) (b)(d) | 19,505 | | 19,505 |
Series CRVS 06 5, 3.45% (Liquidity Facility BNP Paribas SA) (b)(d) | 5,235 | | 5,235 |
Series ROC II R1035, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(d) | 2,960 | | 2,960 |
Las Vegas Valley Wtr. District Participating VRDN Series Putters 1303, 3.47% (Liquidity Facility Deutsche Postbank AG) (b)(d) | 3,495 | | 3,495 |
Nevada Gen. Oblig. Participating VRDN Series SGB 31, 3.44% (Liquidity Facility Societe Generale) (b)(d) | 6,000 | | 6,000 |
| | 37,195 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
New Jersey - 0.6% |
New Jersey Trans. Trust Fund Auth. Participating VRDN: | | | |
Series PZ 111, 3.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | $ 4,100 | | $ 4,100 |
Series PZ 116, 3.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 16,300 | | 16,300 |
| | 20,400 |
New Mexico - 0.4% |
Hurly Poll. Cont. Rev. (Kennecott Sante Fe Corp. Proj.) Series 1985, 3.6%, VRDN (b) | 8,580 | | 8,580 |
Rio Rancho Wtr. & Wastewtr. Sys. Rev. Participating VRDN Series Putters 953, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 5,465 | | 5,465 |
| | 14,045 |
New York - 0.5% |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Participating VRDN Series EGL 04 27 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 8,485 | | 8,485 |
New York Convention Ctr. Dev. Corp. Rev. Participating VRDN Series Solar 06 4, 3.42% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d) | 9,380 | | 9,380 |
| | 17,865 |
Non State Specific - 1.3% |
Reset Optional Ctfs. Trust II-R Participating VRDN: | | | |
Series ROC II R8003MS, 3.51% (Liquidity Facility Citigroup, Inc.) (b)(d) | 6,300 | | 6,300 |
Series ROC II R8006JD, 3.51% (Liquidity Facility Citigroup, Inc.) (b)(d) | 11,400 | | 11,400 |
Series ROC II R8008FA, 3.51% (Liquidity Facility Citigroup, Inc.) (b)(d) | 4,015 | | 4,015 |
Series ROC II R8011MN, 3.51% (Liquidity Facility Citigroup, Inc.) (b)(d) | 6,350 | | 6,350 |
Series ROC II R8014FA, 3.51% (Liquidity Facility Citigroup, Inc.) (b)(d) | 14,830 | | 14,830 |
| | 42,895 |
North Carolina - 1.8% |
Charlotte Wtr. & Swr. Sys. Rev. Series B, 3.38% (Liquidity Facility DEPFA BANK PLC), VRDN (b) | 6,300 | | 6,300 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
North Carolina - continued |
North Carolina Cap. Facilities Fin. Agcy. Rev. Participating VRDN: | | | |
Series EGL 06 12 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(d) | $ 12,000 | | $ 12,000 |
Series EGL 7050060 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 15,600 | | 15,600 |
Series MS 06 1338, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 2,600 | | 2,600 |
North Carolina Gen. Oblig. Participating VRDN Series PT 2206, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 7,960 | | 7,960 |
Univ. of North Carolina at Chapel Hill Rev.: | | | |
Participating VRDN Series MS 1287, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 7,815 | | 7,815 |
3.68% 9/12/06, CP | 6,300 | | 6,300 |
| | 58,575 |
Ohio - 2.0% |
Cincinnati City School District Participating VRDN Series EGL 04 34 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 6,000 | | 6,000 |
Cleveland Arpt. Sys. Rev. Participating VRDN Series SGA 126, 3.46% (Liquidity Facility Societe Generale) (b)(d) | 10,685 | | 10,685 |
Darke County Health Care Facilities Rev. (Brethren Retirement Cmnty. Proj.) 3.46%, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 5,580 | | 5,580 |
Montgomery County Hosp. Rev. Participating VRDN Series MT 236, 3.44% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(d) | 9,340 | | 9,340 |
Montgomery County Health Care & Multi-family Hsg. Facilities Rev. (Franciscan St. Leonard Proj.) 3.46%, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 14,875 | | 14,875 |
Port of Greater Cincinnati Dev. Auth. Rev. (Nat'l. Underground Railroad Freedom Ctr., Inc. Proj.) Series 2003 A, 3.48%, LOC JPMorgan Chase Bank, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 15,400 | | 15,400 |
Univ. of Cincinnati Gen. Receipts BAN Series D, 4.75% 7/6/07 | 5,000 | | 5,038 |
| | 66,918 |
Oklahoma - 0.3% |
Payne County Econ. Dev. Auth. Student Hsg. Rev. (OSUF Phase III Proj.) 3.43% (AMBAC Insured), VRDN (b) | 10,000 | | 10,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Oregon - 1.2% |
Oregon Dept. Administrative Svcs. Ctfs. of Prtn. Participating VRDN Series ROC II R7017, 3.45% (Liquidity Facility Citibank NA) (b)(d) | $ 3,030 | | $ 3,030 |
Oregon Homeowner Rev. Participating VRDN Series MT 229, 3.46% (Liquidity Facility Lloyds TSB Bank PLC) (b)(d) | 9,930 | | 9,930 |
Portland Swr. Sys. Rev. Participating VRDN: | | | |
Series MS 00 386, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 10,800 | | 10,800 |
Series PT 2435, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 4,195 | | 4,195 |
Umatilla County School District #8R Hermiston Participating VRDN Series Putters 259, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 5,945 | | 5,945 |
Washington, Multnomah & Yamhill County School District #1J Participating VRDN Series Putters 171, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 5,410 | | 5,410 |
| | 39,310 |
Pennsylvania - 3.1% |
Allegheny County Hosp. Dev. Auth. Rev. Participating VRDN: | | | |
Series PT 762, 3.44% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d) | 5,520 | | 5,520 |
Series Putters 1281, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 3,800 | | 3,800 |
Allegheny County Indl. Dev. Auth. Rev. (UPMC Children's Hosp. Proj.) Series 2004 A, 3.52%, VRDN (b) | 8,600 | | 8,600 |
Blair County Indl. Dev. Auth. Rev. (Homewood at Martinsburg Proj.) 3.63%, LOC Manufacturers & Traders Trust Co., VRDN (b) | 3,800 | | 3,800 |
Geisinger Auth. Health Sys. Rev. (Geisinger Health Sys. Proj.) Series B, 3.58% (Liquidity Facility Wachovia Bank NA), VRDN (b) | 20,800 | | 20,800 |
Luzerne County Indl. Dev. Auth. Rev. (United Methodist Homes Proj.) 3.45%, LOC Bank of New York, New York, VRDN (b) | 4,700 | | 4,700 |
Pennsylvania Gen. Oblig. Participating VRDN Series Putters 1382, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 3,620 | | 3,620 |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | | | |
Participating VRDN Series MS 00 1412, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 3,740 | | 3,740 |
(King's College Proj.) Series 2002 J3, 3.43%, LOC PNC Bank NA, Pittsburgh, VRDN (b) | 4,700 | | 4,700 |
Philadelphia Gas Works Rev. Participating VRDN Series MS 06 1312, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 5,400 | | 5,400 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Pennsylvania - continued |
Philadelphia Wtr. & Wastewtr. Rev. Participating VRDN Series SG 158, 3.44% (Liquidity Facility Societe Generale) (b)(d) | $ 10,225 | | $ 10,225 |
Reading School District Participating VRDN Series TOC 06 Z18, 3.48% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(d) | 9,280 | | 9,280 |
Southcentral Pennsylvania Gen. Auth. Rev. (Hanover Lutheran Village Proj.) 3.63%, LOC Manufacturers & Traders Trust Co., VRDN (b) | 5,300 | | 5,300 |
Temple Univ. of the Commonwealth Sys. of Higher Ed. RAN 5% 4/26/07 | 12,150 | | 12,250 |
| | 101,735 |
Rhode Island - 0.3% |
Rhode Island Health & Edl. Bldg. Corp. Rev.: | | | |
Participating VRDN Series PT 2253, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 3,730 | | 3,730 |
(Care New England Proj.) Series 2002 A, 3.58%, LOC Bank of America NA, VRDN (b) | 5,200 | | 5,200 |
| | 8,930 |
South Carolina - 2.2% |
Charleston Wtrwks. & Swr. Rev. Series 2006 B, 3.41% (Liquidity Facility Wachovia Bank NA), VRDN (b) | 14,080 | | 14,080 |
Chesterfield County School District Participating VRDN Series PT 02 1453, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 6,415 | | 6,415 |
Greenville County School District Installment Purp. Rev. Participating VRDN Series MS 06 1365, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 3,810 | | 3,810 |
Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.) Series A, 3.69%, VRDN (b) | 3,700 | | 3,700 |
Piedmont Muni. Pwr. Agcy. Elec. Rev. Participating VRDN Series MSTC 257, 3.52% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d) | 7,795 | | 7,795 |
South Carolina Pub. Svc. Auth. Rev. Participating VRDN Series Stars 158, 3.44% (Liquidity Facility BNP Paribas SA) (b)(d) | 3,000 | | 3,000 |
South Carolina Trans. Infrastructure Bank Rev. Participating VRDN: | | | |
Series PT 2305, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 7,815 | | 7,815 |
Series PT 2306, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 10,300 | | 10,300 |
Series Putters 316, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 2,470 | | 2,470 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
South Carolina - continued |
South Carolina Trans. Infrastructure Bank Rev. Participating VRDN: - continued | | | |
Series Putters 590, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | $ 2,640 | | $ 2,640 |
Western Carolina Reg'l. Swr. Auth. Swr. Sys. Rev. Participating VRDN Series Floaters 01 606, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 6,550 | | 6,550 |
York County Poll. Cont. Rev. Bonds (Duke Energy Corp. Proj.) 3.92% tender 10/5/06, CP mode | 5,700 | | 5,700 |
| | 74,275 |
South Dakota - 0.2% |
South Dakota Health & Edl. Facilities Auth. Rev. Participating VRDN Series Floaters PT 1406, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 6,175 | | 6,175 |
Tennessee - 2.1% |
Elizabethton Health & Edl. Facilities Board Rev. Participating VRDN Series PT 894, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 4,995 | | 4,995 |
Metropolitan Govt. Nashville & Davidson County District Energy Sys. Rev. Participating VRDN Series ROC II R2072, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(d) | 2,105 | | 2,105 |
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. 3.58%, LOC Bank of America NA, VRDN (b) | 20,500 | | 20,500 |
Sevier County Pub. Bldg. Auth. Rev. Series 6A1, 3.6% (Liquidity Facility DEPFA BANK PLC), VRDN (b) | 17,300 | | 17,300 |
Shelby County Gen. Oblig. Participating VRDN Series EGL 01 4201, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 10,640 | | 10,640 |
Shelby County Health Edl. & Hsg. Facilities Board Rev.: | | | |
(Saint Benedict Auburndale School Proj.) 3.43%, LOC AmSouth Bank NA, Birmingham, VRDN (b) | 4,900 | | 4,900 |
(Saint Mary's Episcopal School Proj.) 3.43%, LOC First Tennessee Bank NA, Memphis, VRDN (b) | 6,080 | | 6,080 |
Sullivan County Health, Edl. & Hosp. Rev. Participating VRDN Series LB 06 F6, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d) | 3,300 | | 3,300 |
| | 69,820 |
Texas - 20.4% |
Arlington Spl. Oblig. Series B, 3.45% (MBIA Insured), VRDN (b) | 13,100 | | 13,100 |
Austin Cmnty. College District Rev. Participating VRDN Series ROC II R2190, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(d) | 5,830 | | 5,830 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
Austin Elec. Util. Sys. Rev. Participating VRDN Series SGA 122, 3.47% (Liquidity Facility Societe Generale) (b)(d) | $ 9,680 | | $ 9,680 |
Austin Gen. Oblig. Participating VRDN Series DB 160, 3.44% (Liquidity Facility Deutsche Bank AG) (b)(d) | 8,585 | | 8,585 |
Austin Util. Sys. Rev. Participating VRDN Series BA 98 V, 3.49% (Liquidity Facility Bank of America NA) (b)(d) | 4,250 | | 4,250 |
Board of Regents of The Texas A&M Univ. Sys. Permanent Univ. Fund Participating VRDN Series Putters 605, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 7,180 | | 7,180 |
Board of Regents of The Univ. of Texas Sys. Permanent Univ. Fund Participating VRDN: | | | |
Series Putters 411, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 2,565 | | 2,565 |
Series Putters 517, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 11,250 | | 11,250 |
Brazos River Hbr. Navigation Brazoria County Envir. Facilities Rev. (Dow Chemical Co. Proj.) Series B1, 3.69%, VRDN (b) | 8,400 | | 8,400 |
Brazos River Hbr. Navigation District of Brazoria County Poll. Cont. Rev. Bonds (Dow Chemical Co. Proj.) Series 1991, 3.75% tender 9/13/06, CP mode | 3,500 | | 3,500 |
Cypress-Fairbanks Independent School District Participating VRDN: | | | |
Series EGL 00 4304, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 5,000 | | 5,000 |
Series PT 2512, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 3,740 | | 3,740 |
Series ROC II R4514, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(d) | 5,480 | | 5,480 |
Denton County Lewisville Independent School District Participating VRDN Series Putters 701, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 3,970 | | 3,970 |
Denton Independent School District Participating VRDN Series SG 02 166, 3.44% (Liquidity Facility Societe Generale) (b)(d) | 20,120 | | 20,120 |
Denton Util. Sys. Rev. Participating VRDN Series SGA 32, 3.47% (Liquidity Facility Societe Generale) (b)(d) | 15,230 | | 15,230 |
Edinburg Consolidated Independent School District Participating VRDN Series SGA 106, 3.47% (Liquidity Facility Societe Generale) (b)(d) | 8,600 | | 8,600 |
El Paso Gen. Oblig. Participating VRDN: | | | |
Series Putters 843, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 3,125 | | 3,125 |
Series Solar 06 71, 3.44% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d) | 3,500 | | 3,500 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
Fort Bend County Gen. Oblig. Participating VRDN Series SGB 46, 3.45% (Liquidity Facility Societe Generale) (b)(d) | $ 4,500 | | $ 4,500 |
Frisco Gen. Oblig. Participating VRDN Series PT 1932, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 9,495 | | 9,495 |
Frisco Independent School District Participating VRDN Series Putters 476, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 1,000 | | 1,000 |
Galena Park Independent School District Participating VRDN Series SG 154, 3.44% (Liquidity Facility Societe Generale) (b)(d) | 9,900 | | 9,900 |
Garland Independent School District Participating VRDN Series Putters 551, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 1,130 | | 1,130 |
Goose Creek Consolidated Independent School District Participating VRDN Series PT 3426, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 19,975 | | 19,975 |
Harris County Gen. Oblig. Participating VRDN: | | | |
Series Putters 1111Z, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 6,470 | | 6,470 |
Series Putters 586, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 7,625 | | 7,625 |
Series ROC II R1029, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(d) | 3,455 | | 3,455 |
Harris County Hosp. District Rev. Participating VRDN Series PT 726, 3.44% (Liquidity Facility BNP Paribas SA) (b)(d) | 4,995 | | 4,995 |
Harris County-Houston Sports Auth. Spl. Rev. Participating VRDN Series PZ 65, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 8,015 | | 8,015 |
Hays Consolidated Independent School District Participating VRDN: | | | |
Series PT 2462, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 3,480 | | 3,480 |
Series PT 2543, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 4,020 | | 4,020 |
HFDC of Central Texas, Inc. Hosp. Rev. Bonds Series Putters 1233, 3.4%, tender 2/15/07 (Liquidity Facility JPMorgan Chase & Co.) (b)(d)(e) | 6,800 | | 6,800 |
Houston Arpt. Sys. Rev. Participating VRDN: | | | |
Series Merlots 00 A25, 3.45% (Liquidity Facility Bank of New York, New York) (b)(d) | 12,475 | | 12,475 |
Series SG 03 161, 3.45% (Liquidity Facility Societe Generale) (b)(d) | 27,070 | | 27,070 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
Houston Gen. Oblig. Participating VRDN: | | | |
Series PT 969, 3.44% (Liquidity Facility DEPFA BANK PLC) (b)(d) | $ 12,700 | | $ 12,700 |
Series Putters 1151, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 6,305 | | 6,305 |
Houston Occupancy Tax and Spl. Rev. Participating VRDN Series MSTC 06 254, 3.52% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d) | 1,400 | | 1,400 |
Houston Util. Sys. Rev. Participating VRDN: | | | |
Series DB 102, 3.44% (Liquidity Facility Deutsche Bank AG) (b)(d) | 5,445 | | 5,445 |
Series IXIS 05 23, 3.44% (Liquidity Facility CDC Fin.-CDC IXIS) (b)(d) | 10,845 | | 10,845 |
Series PT 2292, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 5,190 | | 5,190 |
Houston Wtr. & Swr. Sys. Rev. Participating VRDN: | | | |
Series MS 00 495, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 6,805 | | 6,805 |
Series SG 120, 3.44% (Liquidity Facility Societe Generale) (b)(d) | 15,495 | | 15,495 |
Judson Independent School District Participating VRDN Series Putters 662, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 5,260 | | 5,260 |
Klein Independent School District Participating VRDN Series PT 3371, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 3,225 | | 3,225 |
Lower Colorado River Auth. Rev. Participating VRDN Series PA 590R, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 10,200 | | 10,200 |
Lower Colorado River Auth. Transmission Contract Rev. Participating VRDN Series PT 1818, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 4,165 | | 4,165 |
Mesquite Independent School District Participating VRDN Series PT 1386, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 8,475 | | 8,475 |
Midlothian Independent School District Participating VRDN Series PT 2179, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 5,340 | | 5,340 |
New Braunfels Gen. Oblig. Participating VRDN Series PT 2211, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 5,620 | | 5,620 |
North Central Health Facilities Dev. Corp. Rev. Bonds (Dallas Methodist Hosp. Proj.) Series 1998, 3.54% tender 9/6/06 (AMBAC Insured) (Liquidity Facility Dexia Cr. Local de France), CP mode | 5,000 | | 5,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
North East Texas Independent School District Participating VRDN Series SG 143, 3.44% (Liquidity Facility Societe Generale) (b)(d) | $ 26,515 | | $ 26,515 |
North Texas Muni. Wtr. District Wtr. Sys. Rev. Participating VRDN Series MS 06 1375, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 7,775 | | 7,775 |
North Texas Tollway Auth. Dallas North Tollway Sys. Rev. Participating VRDN: | | | |
Series SG 167, 3.44% (Liquidity Facility Societe Generale) (b)(d) | 4,000 | | 4,000 |
Series SG 168, 3.44% (Liquidity Facility Societe Generale) (b)(d) | 40,040 | | 40,040 |
Northside Independent School District Participating VRDN Series PT 2329, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 4,570 | | 4,570 |
Pearland Gen. Oblig. Participating VRDN Series PT 3079, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 5,960 | | 5,960 |
Pflugerville Gen. Oblig. Participating VRDN Series Putters 594, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 2,910 | | 2,910 |
San Antonio Elec. & Gas Sys. Rev.: | | | |
Participating VRDN: | | | |
Series Putters 777, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 6,260 | | 6,260 |
Series ROC II R3011, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(d) | 7,265 | | 7,265 |
Series SG 101, 3.44% (Liquidity Facility Societe Generale) (b)(d) | 11,475 | | 11,475 |
Series SG 107, 3.44% (Liquidity Facility Societe Generale) (b)(d) | 5,160 | | 5,160 |
3.47% (Liquidity Facility Bank of America NA), VRDN (b) | 29,200 | | 29,200 |
San Antonio Independent School District: | | | |
Bonds Series AAB 01 28, 3.46%, tender 9/7/06 (Liquidity Facility ABN-AMRO Bank NV) (b)(d) | 3,900 | | 3,900 |
Participating VRDN Series EGL 01 4311, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 4,800 | | 4,800 |
San Antonio Wtr. Sys. Rev. Participating VRDN Series Solar 06 82, 3.44% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d) | 5,000 | | 5,000 |
Schertz-Cibolo-Universal City Independent School District Participating VRDN: | | | |
Series MSTC 01 156 Class A, 3.47% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d) | 10,505 | | 10,505 |
Series PT 1610, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 6,695 | | 6,695 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
Texas City Indl. Dev. Corp. Marine Term. Participating VRDN Series Merlots 00 A34, 3.45% (Liquidity Facility Wachovia Bank NA) (b)(d) | $ 3,885 | | $ 3,885 |
Texas Gen. Oblig. Participating VRDN: | | | |
Series Putters 1215, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 4,460 | | 4,460 |
Series PZ 108, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 6,200 | | 6,200 |
Series ROC II R378, 3.45% (Liquidity Facility Citibank NA) (b)(d) | 7,705 | | 7,705 |
Texas Pub. Fin. Auth. 3.75% 9/7/06 (Liquidity Facility Texas Gen. Oblig.), CP | 6,000 | | 6,000 |
Texas Pub. Fin. Auth. Rev. Series 2003, 3.6% 9/5/06, CP | 4,200 | | 4,200 |
Texas Tpk. Auth. Central Tpk. Sys. Rev. Participating VRDN Series MS 06 1408, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 10,515 | | 10,515 |
Texas Trans. Commission State Hwy. Fund Rev. Participating VRDN: | | | |
Series EGL 06 85 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 10,700 | | 10,700 |
Series Putters 1324, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 4,515 | | 4,515 |
Series Putters 1330, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 2,420 | | 2,420 |
Texas Wtr. Dev. Board Rev. Participating VRDN Series SGA 00 104, 3.47% (Liquidity Facility Societe Generale) (b)(d) | 10,470 | | 10,470 |
Trinity River Auth. Rev. Participating VRDN Series Putters 1077 B, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 3,400 | | 3,400 |
Tyler Health Facilities Dev. Corp. Hosp. Rev. Participating VRDN Series PT 833, 3.44% (Liquidity Facility Svenska Handelsbanken AB) (b)(d) | 3,775 | | 3,775 |
United Independent School District Participating VRDN Series PT 3123, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 5,210 | | 5,210 |
Univ. of Texas Univ. Revs. Series 2002 A, 3.53% 9/8/06 (Liquidity Facility Utmico), CP | 3,000 | | 3,000 |
Victoria Gen. Oblig. Participating VRDN Series Putters 1041, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 5,990 | | 5,990 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
Weslaco Health Facilities Dev. Corp. Rev. Participating VRDN Series LB 04 L31J, 3.47% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d) | $ 14,525 | | $ 14,525 |
Wylie Tex Independent School District Participating VRDN Series ROC II R 3004, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(d) | 6,580 | | 6,580 |
| | 680,560 |
Utah - 0.3% |
Intermountain Pwr. Agcy. Pwr. Supply Rev. Bonds Series F, 3.6%, tender 12/1/06 (AMBAC Insured) (b) | 3,050 | | 3,050 |
Salt Lake County Poll. Cont. Rev. (Svc. Station Hldgs., Inc. Proj.) Series 1994, 3.6%, VRDN (b) | 5,200 | | 5,200 |
| | 8,250 |
Vermont - 0.1% |
Univ. of Vermont and State Agricultural College Participating VRDN Series MS 06 1357, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 3,395 | | 3,395 |
Virginia - 0.9% |
Chesterfield County Indl. Dev. Auth. Rev. Participating VRDN Series PT 886, 3.5% (Liquidity Facility Lloyds TSB Bank PLC) (b)(d) | 2,800 | | 2,800 |
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.): | | | |
Series 1987, 3.91% tender 9/5/06, CP mode | 1,100 | | 1,100 |
Series 84: | | | |
3.75% tender 9/14/06, CP mode | 1,500 | | 1,500 |
3.75% tender 9/15/06, CP mode | 3,700 | | 3,700 |
3.8% tender 9/27/06, CP mode | 4,000 | | 4,000 |
Tobacco Settlement Fing. Corp. Participating VRDN Series PA 1341, 3.47% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 4,100 | | 4,100 |
Virginia College Bldg. Auth. Edl. Facilities Rev. Participating VRDN Series MS 01 721, 3.45% (Liquidity Facility Morgan Stanley) (b)(d) | 9,700 | | 9,700 |
Virginia Commonwealth Trans. Board Trans. Rev. Participating VRDN Series EGL 99 4601, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 3,000 | | 3,000 |
| | 29,900 |
Washington - 7.2% |
Energy Northwest Elec. Rev. Participating VRDN: | | | |
Series DB 100, 3.44% (Liquidity Facility Deutsche Bank AG) (b)(d) | 5,455 | | 5,455 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Washington - continued |
Energy Northwest Elec. Rev. Participating VRDN: - continued | | | |
Series EGL 06 65 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(d) | $ 7,300 | | $ 7,300 |
Series PT 1606, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 5,700 | | 5,700 |
Series PT 615, 3.45% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(d) | 16,255 | | 16,255 |
Series PT 778, 3.45% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d) | 2,000 | | 2,000 |
Series PT 982, 3.45% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d) | 6,380 | | 6,380 |
Series Putters 248, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 3,785 | | 3,785 |
Goat Hill Properties Lease Rev. Participating VRDN Series ROC II R2173, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(d) | 1,335 | | 1,335 |
King County Gen. Oblig. Participating VRDN: | | | |
Series PT 1569, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 9,190 | | 9,190 |
Series PT 2248, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 5,560 | | 5,560 |
King County Pub. Hosp. District #2 Participating VRDN Series ROC RR II R 6036, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(d) | 3,970 | | 3,970 |
King County School District #145 Kent Participating VRDN Series PT 2449, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 4,520 | | 4,520 |
King County School District #401 Highline Pub. Schools Participating VRDN Series Putters 526, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 2,965 | | 2,965 |
Pierce County Econ. Dev. Corp. Spl. Rev. (Weyerhaeuser Real Estate Proj.) Series 1997 A, 3.5%, LOC Bank of America NA, VRDN (b) | 7,955 | | 7,955 |
Pierce County School District #3 Puyallup Participating VRDN Series Putters 415, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 4,235 | | 4,235 |
Port of Seattle Gen. Oblig. Series 2002 A2: | | | |
3.63% 9/5/06, LOC Bayerische Landesbank Girozentrale, CP | 8,465 | | 8,465 |
3.75% 9/5/06, LOC Bayerische Landesbank Girozentrale, CP | 820 | | 820 |
Port of Tacoma Rev. Series A, 3.65% 9/15/06, LOC WestLB AG, CP | 5,000 | | 5,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Washington - continued |
Seattle Drainage & Wastewtr. Rev. Participating VRDN Series PT 1605, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | $ 6,800 | | $ 6,800 |
Seattle Gen. Oblig. Participating VRDN Series SGA 03 142, 3.47% (Liquidity Facility Societe Generale) (b)(d) | 5,000 | | 5,000 |
Seattle Muni. Lt. & Pwr. Rev.: | | | |
Bonds Series 1990, 3.45% tender 12/1/06, LOC JPMorgan Chase Bank, CP mode | 12,500 | | 12,500 |
Participating VRDN: | | | |
Series PT 2476, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 5,210 | | 5,210 |
Series ROC II R2055, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(d) | 6,600 | | 6,600 |
Seattle Wtr. Sys. Rev. Participating VRDN Series ROC II R4006, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(d) | 4,950 | | 4,950 |
Skagit County Pub. Hosp. District #1 Participating VRDN Series PT 2294, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 7,740 | | 7,740 |
Snohomish County School District #332 Granite Falls Participating VRDN Series PT 3083, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 7,250 | | 7,250 |
Washington Gen. Oblig. Participating VRDN: | | | |
Series EGL 98 4703, 3.46% (Liquidity Facility Citibank NA) (b)(d) | 9,900 | | 9,900 |
Series Macon 04 D, 3.49% (Liquidity Facility Bank of America NA) (b)(d) | 5,715 | | 5,715 |
Series PT 1937, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 12,730 | | 12,730 |
Series PT 2231, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 15,000 | | 15,000 |
Series PT 2561. 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 5,230 | | 5,230 |
Series Putters 1312, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 4,500 | | 4,500 |
Series Putters 1359, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 1,380 | | 1,380 |
Series Putters 1360, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 1,000 | | 1,000 |
Series Putters 438Z, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 3,300 | | 3,300 |
Series Putters 748, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 3,380 | | 3,380 |
Series PZ 106, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 8,375 | | 8,375 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Washington - continued |
Washington Health Care Facilities Auth. Rev. Participating VRDN Series FRRI 02 L45J, 3.47% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d) | $ 5,000 | | $ 5,000 |
Washington Hsg. Fin. Commission Nonprofit Rev. (United Way King County Proj.) 3.46%, LOC Bank of America NA, VRDN (b) | 2,080 | | 2,080 |
Washington Pub. Pwr. Supply Sys. Elec. Rev. Series 3 A, 3.4% (MBIA Insured) (Bonneville Pwr. Administration Guaranteed), VRDN (b) | 6,000 | | 6,000 |
| | 240,530 |
West Virginia - 0.3% |
West Virginia Gen. Oblig. Participating VRDN Series Putters 1083, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(d) | 3,300 | | 3,300 |
West Virginia Hosp. Fin. Auth. Rev. (Pallottine Health Svcs. Proj.) Series 2003 A1, 3.42%, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 6,000 | | 6,000 |
| | 9,300 |
Wisconsin - 5.4% |
Badger Tobacco Asset Securitization Corp. Participating VRDN Series PA 1361, 3.51% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 3,135 | | 3,135 |
Milwaukee County Gen. Oblig.: | | | |
Bonds Series N1, 5% 2/15/07 | 14,655 | | 14,752 |
RAN 4.5% 4/5/07 | 66,000 | | 66,373 |
Univ. of Wisconsin Hosp. & Clinics Auth. Participating VRDN Series Merlots 00 RR, 3.45% (Liquidity Facility Wachovia Bank NA) (b)(d) | 5,830 | | 5,830 |
Wisconsin Gen. Oblig. Participating VRDN: | | | |
Series PT 1231, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 15,540 | | 15,540 |
Series Putters 1321, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 4,150 | | 4,150 |
Wisconsin Health & Edl. Facilities Auth. Rev.: | | | |
Participating VRDN: | | | |
Series PA 970, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d) | 2,995 | | 2,995 |
Series PT 761, 3.44% (Liquidity Facility Svenska Handelsbanken AB) (b)(d) | 10,385 | | 10,385 |
Series PT 917, 3.45% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d) | 17,500 | | 17,500 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Wisconsin - continued |
Wisconsin Health & Edl. Facilities Auth. Rev.: - continued | | | |
(Aurora Health Care, Inc. Proj.) Series C, 3.43%, LOC KBC Bank NV, LOC Bank of Nova Scotia, New York Agcy., VRDN (b) | $ 23,550 | | $ 23,550 |
(Oakwood Village Proj.) 3.42%, LOC M&I Marshall & Ilsley Bank, VRDN (b) | 10,555 | | 10,555 |
3.43%, LOC M&I Marshall & Ilsley Bank, VRDN (b) | 6,190 | | 6,190 |
| | 180,955 |
| Shares | | |
Other - 2.7% |
Fidelity Tax-Free Cash Central Fund, 3.55% (a)(c) | 90,441,900 | | 90,442 |
TOTAL INVESTMENT PORTFOLIO - 98.5% (Cost $3,281,071) | | 3,281,071 |
NET OTHER ASSETS - 1.5% | | 51,597 |
NET ASSETS - 100% | $ 3,332,668 |
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 may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the Fund:
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.
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 trustees compensation, capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.
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 tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
The Money Market Central Funds do not pay a management fee.
FMR voluntarily agreed to reimburse the Fund to the extent annual operating expenses exceeded .33% of average net assets. Some expenses, for example interest expense, are excluded from this reimbursement. During the period, this reimbursement reduced the Fund's expenses by $3,353.
In addition, through arrangements with the Fund's custodian and transfer agent, 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 $3,061.
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, 2006, and 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, 2006 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
The Trustees, Members of the Advisory Board, 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, and review the fund's performance. Except for William O. McCoy, each of the Trustees oversees 346 funds advised by FMR or an affiliate. Mr. McCoy oversees 348 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 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Member 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.
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 Mr. Keyes may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
A special meeting of the fund's shareholders was held on August 16, 2006. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Each year, typically in June, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.
The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Fixed-Income Contract Committee, meets periodically as needed throughout the year to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the Independent Trustees concerning, the approval and annual review of the Advisory Contracts.
At its June 2006 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the Advisory Contracts for the fund. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the management fee and total expenses of the fund; (iii) the total costs of the services to be provided by and the profits to be realized by the investment adviser and its affiliates from the relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.
In determining whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.
The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.
The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the first quartile for all the periods shown.
Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.
The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 18% means that 82% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board. For a more meaningful comparison of management fees, the fund is compared on the basis of a hypothetical "net management fee," which is derived by subtracting payments made by FMR for non-management expenses (including transfer agent fees, pricing and bookkeeping fees, and custody fees) from the fund's all-inclusive fee. In this regard, the Board realizes that net management fees can vary from year to year because of differences in non-management expenses.
The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2005. Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.
In its review of the fund's total expenses, the Board considered the fund's hypothetical net management fee as well as the fund's all-inclusive fee. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the fund's total expenses ranked below its competitive median for 2005.
In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.
Based on its review, the Board concluded that the fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
PricewaterhouseCoopers LLP (PwC), independent registered accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
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.
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
5 To change your PIN.
*0 To speak to a Fidelity representative.
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.
Citibank, N.A.
New York, NY
Fidelity Service Company, Inc.
Citibank, N.A.
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
Stock and bond markets around the world have seen largely positive results year to date, although weakness in the technology sector and growth stocks in general have tempered performance. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. 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 investment 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 unconstructive "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 over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Edward C. Johnson 3d
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, 2006 to August 31, 2006).
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.
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.
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 dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) 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.
Comments from Christine Thompson, Portfolio Manager of Fidelity® Arizona Municipal Income Fund
Helped by favorable supply and demand conditions, municipal bonds were among the best performing investment-grade debt classes for the 12-month period ending August 31, 2006. Throughout much of the period, muni bond prices declined as the Federal Reserve Board raised short-term interest rates, initially to return rates to a more "neutral level" and later to fend off inflation. In the final months of the period, however, munis and other bonds rebounded amid growing hopes that the Fed would pause in its rate hike campaign. Those hopes were actualized when the central bank left rates unchanged at its August meeting. During the period, overall issuance of munis was down about 25% compared with the prior 12 months due to a dramatic reduction in refinancing activity. Demand, meanwhile, remained strong because munis offered attractive after-tax yields compared with Treasuries and other high-quality taxable debt. Against this backdrop, the Lehman Brothers® Municipal Bond Index - a performance measure of approximately 34,000 investment-grade, fixed-rate, tax-exempt bonds - returned 3.03%. In comparison, the overall taxable bond market, as measured by the Lehman Brothers Aggregate Bond Index, returned 1.71%.
During the past year, the fund gained 2.41% and the Lehman Brothers Arizona 4 Plus Year Enhanced Municipal Bond Index rose 2.91%. Benefiting the fund's returns was its overweighting relative to the index in bonds that were prerefunded during the period. Prerefunding resulted in relatively strong results as the bonds' maturities became shorter and their credit quality was upgraded to the highest credit rating available in the bond market. Also boosting performance was my overweighting in longer-term bonds, which generally outpaced shorter-term securities during the year. That said, how I invested the fund's assets across the maturity spectrum didn't depart from my long-held approach of keeping the fund's interest rate sensitivity in line with the index, nor did it have any meaningful impact on the fund's performance relative to the index. Another advantageous decision relative to the index was a comparatively large stake in lower-quality investment-grade securities, particularly those issued by hospitals, which were bolstered by strong demand for higher-yielding securities. Detracting from performance was an underweighted exposure to discount bonds, which are securities that trade below par - meaning face value - while overweighting premium bonds, which trade above par. Discounts, helped by demand from investors seeking their higher nominal yields, generally outpaced premiums.
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 is possible to lose money by investing in the fund.
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. Certain Funds may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the Income Fund and the Money Market Fund.
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities owned by the Money Market Fund are valued at amortized cost which approximates value.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, Certain Funds will claim a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, market discount and deferred trustees compensation.
The Funds purchase 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 tax-basis components of distributable earnings and the federal tax cost as of period end were as follows for each Fund:
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Funds' financial statement disclosures.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $29,820,346 and $22,048,956, respectively.
The Money Market Central Funds do not pay a management fee.
The Income Fund participates with other funds managed by FMR in a $4.2 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 is reflected in Miscellaneous Expense on the Statement of Operations, and is as follows:
During the period, there were no borrowings on this line of credit.
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, 2006, and the results of each of their operations for the year then ended, the changes in each of 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, 2006 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
The Trustees, Members of the Advisory Board, 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, and review each fund's performance. Except for William O. McCoy, each of the Trustees oversees 346 funds advised by FMR or an affiliate. Mr. McCoy oversees 348 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 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Member 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.
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 Mr. Keyes may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended August 31, 2006, or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended 2006, 100% of each fund's income dividends were free from federal income tax, and 42.95% and 5.41% of Fidelity Arizona Municipal Money Market Fund and Fidelity Arizona Municipal Income Fund's income dividends were subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2007 of amounts for use in preparing 2006 income tax returns.
A special meeting of Fidelity Arizona Municipal Income Fund's shareholders was held on August 16, 2006. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
A special meeting of Fidelity Arizona Municipal Money Market Fund's shareholders was held on August 16, 2006. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Each year, typically in June, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.
The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Fixed-Income Contract Committee, meets periodically as needed throughout the year to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the Independent Trustees concerning, the approval and annual review of the Advisory Contracts.
At its June 2006 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the Advisory Contracts for each fund. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of the management fee and total expenses of each fund; (iii) the total costs of the services to be provided by and the profits to be realized by the investment adviser and its affiliates from the relationship with each fund; (iv) the extent to which economies of scale would be realized as each fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.
In determining whether to renew the Advisory Contracts for each fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contracts is consistent with Fidelity's fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination, is aware that shareholders in each fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that each fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, managed by Fidelity.
The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.
The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the second quartile for the one- and three-year periods and the first quartile for the five-year period. The Board also stated that the relative investment performance of the fund was lower than its benchmark for all the periods shown.
The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the first quartile for all the periods shown. The Board noted that FMR does not consider that Lipper peer group to be a meaningful comparison for the fund, however, because the peer group combines tax-exempt money market funds from several different states.
Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to each fund will benefit each fund's shareholders, particularly in light of the Board's view that each fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.
The Board considered two proprietary management fee comparisons for the 12-month periods shown in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a TMG % of 17% would mean that 83% of the funds in the Total Mapped Group had higher management fees than a fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee ranked, is also included in the charts and considered by the Board. For a more meaningful comparison of management fees, each fund is compared on the basis of a hypothetical "net management fee," which is derived by subtracting payments made by FMR for non-management expenses (including transfer agent fees, pricing and bookkeeping fees, and custody fees) from the fund's all-inclusive fee. In this regard, the Board realizes that net management fees can vary from year to year because of differences in non-management expenses.
The Board noted that each fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2005. Based on its review, the Board concluded that each fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.
In its review of each fund's total expenses, the Board considered the fund's hypothetical net management fee as well as the fund's all-inclusive fee. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each fund compared to competitive fund median expenses. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that each fund's total expenses ranked below its competitive median for 2005.
In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.
Based on its review, the Board concluded that each fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
On an annual basis, FMR presents to the Board Fidelity's profitability for each fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
PricewaterhouseCoopers LLP (PwC), independent registered accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the funds' business.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and determined that the amount of profit is a fair entrepreneurial profit for the management of each fund.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contracts should be renewed.
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.
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
5 To change your PIN.
*0 To speak to a Fidelity representative.
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 Service Company, Inc.
Citibank, N.A.
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
Stock and bond markets around the world have seen largely positive results year to date, although weakness in the technology sector and growth stocks in general have tempered performance. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. 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 investment 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 unconstructive "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 over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Edward C. Johnson 3d
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, 2006 to August 31, 2006).
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.
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.
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 is possible to lose money by investing in the fund.
Municipal Securities - 97.3% |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Alabama - 1.0% |
Alabama Hsg. Fin. Auth. Multi-family Hsg. Rev.: | | | |
(Cottage Hill Pointe Apts. Proj.) Series 2001 D, 3.52%, LOC SouthTrust Bank NA, VRDN (b)(e) | $ 7,415 | | $ 7,415 |
(Gazebo East Proj.) Series 1991 B, 3.6%, LOC SouthTrust Bank NA, VRDN (b) | 2,350 | | 2,350 |
(Liberty Square Apts. Proj.) Series C, 3.52%, LOC SouthTrust Bank NA, VRDN (b)(e) | 8,400 | | 8,400 |
(Sundown Apts. Proj.) Series 2000 E, 3.5%, LOC AmSouth Bank NA, Birmingham, VRDN (b)(e) | 6,500 | | 6,500 |
Alabama Hsg. Fin. Auth. Single Family Mtg. Rev. Participating VRDN Series Merlots 01 A38, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 11,785 | | 11,785 |
Birmingham Pub. Park & Recreation Board Lease Rev. (Barber Museum Proj.) 3.45%, LOC AmSouth Bank NA, Birmingham, VRDN (b) | 16,000 | | 16,000 |
Birmingham Wtrwks. & Swr. Board Wtr. & Swr. Rev. Participating VRDN: | | | |
Series EGL 030007 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 4,875 | | 4,875 |
Series EGL 02 6009 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 4,100 | | 4,100 |
Series EGL 06 82 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 10,890 | | 10,890 |
Courtland Indl. Dev. Board Rev. (Specialty Minerals, Inc. Proj.) 3.49%, LOC Wachovia Bank NA, VRDN (b)(e) | 8,000 | | 8,000 |
Cullman Med. Park South Med. Clinic Board Rev. Participating VRDN Series MT 121, 3.47% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 13,080 | | 13,080 |
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 3.52%, VRDN (b)(e) | 17,000 | | 17,000 |
Fultondale Indl. Dev. Board Indl. Dev. Rev. (Melsur Corp. Proj.) 3.56%, LOC AmSouth Bank NA, Birmingham, VRDN (b)(e) | 3,390 | | 3,390 |
Houston County Health Care Auth. Rev. Participating VRDN Series PT 880, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 22,675 | | 22,675 |
Huntsville Gen. Oblig. Participating VRDN Series PT 3239, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,260 | | 5,260 |
Jackson Indl. Dev. Board Rev. (Specialty Minerals, Inc. Proj.) 3.49%, LOC Wachovia Bank NA, VRDN (b)(e) | 8,200 | | 8,200 |
Jefferson County Swr. Rev. Participating VRDN Series EGL 02 6016 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 5,000 | | 5,000 |
Mobile Indl. Dev. Board Rev. (Newark Group Ind. Proj.) 3.6%, LOC Wachovia Bank NA, VRDN (b)(e) | 4,560 | | 4,560 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Alabama - continued |
Montgomery Indl. Dev. Board Rev. (Feldmeier-Alabama Equip. Proj.) Series 1996, 3.56%, LOC Key Bank NA, VRDN (b)(e) | $ 1,080 | | $ 1,080 |
Roanoke Indl. Dev. Board Indl. Dev. Rev. (Steelfab, Inc. Proj.) Series 1997, 3.52%, LOC Bank of America NA, VRDN (b)(e) | 1,050 | | 1,050 |
Univ. of Alabama Gen. Rev. Participating VRDN Series Putters 477, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,755 | | 4,755 |
| | 166,365 |
Alaska - 1.3% |
Alaska Hsg. Fin. Corp.: | | | |
Participating VRDN Series Putters 1020, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 4,975 | | 4,975 |
Series A, 3.46% (FSA Insured), VRDN (b)(e) | 101,450 | | 101,450 |
3.46% (FSA Insured), VRDN (b)(e) | 13,800 | | 13,800 |
Alaska Hsg. Fin. Corp. Home Mtg. Participating VRDN Putters 1398, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | 9,450 | | 9,450 |
Alaska Indl. Dev. & Export Auth. Participating VRDN Series MT 129, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 6,270 | | 6,270 |
Alaska Indl. Dev. & Export Auth. Rev. Participating VRDN Series PT 862, 3.46% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 9,995 | | 9,995 |
Alaska Intl. Arpts. Revs.: | | | |
Participating VRDN: | | | |
Series Merlots 99 I, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 7,500 | | 7,500 |
Series PT 2061, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 9,585 | | 9,585 |
Series ROC II R138, 3.48% (Liquidity Facility Citibank NA) (b)(e)(f) | 8,015 | | 8,015 |
Series 2006 C, 3.48% (MBIA Insured), VRDN (b)(e) | 29,000 | | 29,000 |
Alaska Muni. Bond Bank Auth. Participating VRDN Series PT 2343, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,760 | | 5,760 |
Anchorage Elec. Util. Rev. Participating VRDN Series Putters 1128, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 2,215 | | 2,215 |
Anchorage Gen. Oblig. Participating VRDN Series PT 2652, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 11,955 | | 11,955 |
| | 219,970 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Arizona - 2.1% |
Arizona School Facilities Board Ctfs. of Prtn. Participating VRDN Series ROC II R4080, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | $ 9,890 | | $ 9,890 |
Arizona Tourism & Sports Auth. Tax Rev. Participating VRDN Series PT 2312, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 3,685 | | 3,685 |
Maricopa County Indl. Dev. Auth. Indl. Dev. Rev.: | | | |
Bonds 3.8% tender 10/6/06, CP mode (e) | 6,035 | | 6,035 |
(Clayton Homes, Inc. Proj.) Series 1998, 3.52%, LOC U.S. Bank NA, Minnesota, VRDN (b)(e) | 4,200 | | 4,200 |
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: | | | |
(Ranchwood Apt. Proj.) Series 2001 A, 3.45%, LOC Fannie Mae, VRDN (b)(e) | 9,000 | | 9,000 |
(San Angelin Apts. Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 14,900 | | 14,900 |
(San Lucas Apts. Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 12,000 | | 12,000 |
(San Martin Apts. Proj.) Series A2, 3.45%, LOC Fannie Mae, VRDN (b)(e) | 3,390 | | 3,390 |
(San Miguel Apts. Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 14,900 | | 14,900 |
(Sands Apts. Proj.) Series 2001 A, 3.45%, LOC Fannie Mae, VRDN (b)(e) | 7,000 | | 7,000 |
(Village Square Apts. Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 3,800 | | 3,800 |
Maricopa County Indl. Dev. Auth. Single Family Mtg. Rev. Participating VRDN Series MS 1165, 3.48% (Liquidity Facility Morgan Stanley) (b)(e)(f) | 13,800 | | 13,800 |
Mesa Util. Sys. Rev. Participating VRDN Series Putters 960, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,180 | | 5,180 |
Phoenix Civic Impt. Board Arpt. Rev. Participating VRDN Series Merlots 02 A28, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 3,365 | | 3,365 |
Phoenix Civic Impt. Corp. District Rev. Participating VRDN: | | | |
Series Putters 1306, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,270 | | 4,270 |
Series PZ 85, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 17,000 | | 17,000 |
Phoenix Civic Impt. Corp. Excise Tax Rev. Series 1995, 3.45%, LOC Landesbank Hessen-Thuringen, VRDN (b)(e) | 10,700 | | 10,700 |
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Participating VRDN Series PT 1401, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 4,395 | | 4,395 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Arizona - continued |
Phoenix Gen. Oblig. Participating VRDN Series PT 1436, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | $ 1,395 | | $ 1,395 |
Phoenix Indl. Dev. Auth. Multi-family Hsg. Rev. (Bell Square Apt. Proj.) Series 1995, 3.48%, LOC Bank of America NA, VRDN (b) | 6,000 | | 6,000 |
Phoenix Indl. Dev. Auth. Rev.: | | | |
(Independent Newspaper, Inc. Proj.) Series 2000, 3.56%, LOC Wachovia Bank NA, VRDN (b)(e) | 795 | | 795 |
(Plastican Proj.) Series 1997, 3.46%, LOC Fleet Bank NA, VRDN (b)(e) | 2,770 | | 2,770 |
Phoenix Indl. Dev. Auth. Single Family Mtg. Rev. Participating VRDN: | | | |
Series Merlots 01 A23, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 310 | | 310 |
Series MT 156, 3.49% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 8,095 | | 8,095 |
Series MT 247, 3.48% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 64,680 | | 64,680 |
Series PT 3598, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 6,595 | | 6,595 |
Pima County Indl. Dev. Auth. Multi-family Hsg. Rev. (Cimarron Place Apts. Proj.) 3.45%, LOC Fannie Mae, VRDN (b)(e) | 4,500 | | 4,500 |
Pima County Indl. Dev. Auth. Single Family Mortgage Rev. Participating VRDN Series RF 05 17 Class A, 3.56% (Liquidity Facility Bank of New York, New York) (b)(e)(f) | 5,325 | | 5,325 |
Pima County Indl. Dev. Auth. Single Family Mtg. Rev. Participating VRDN: | | | |
Series PA 1374, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 5,420 | | 5,420 |
Series RF 06 2, 3.56% (Liquidity Facility Bank of New York, New York) (b)(e)(f) | 12,869 | | 12,869 |
Salt River Proj. Agric. Impt. & Pwr. District Elec. Sys. Rev.: | | | |
Participating VRDN: | | | |
Series EGL 06 93 Class A, 3.46% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 24,790 | | 24,790 |
Series ROC II R1002, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 14,100 | | 14,100 |
Series 1997 B: | | | |
3.6% 9/5/06, CP | 4,500 | | 4,500 |
3.7% 9/8/06, CP | 14,500 | | 14,500 |
Series 2004 C, 3.6% 9/6/06, CP | 23,644 | | 23,644 |
Tolleson Muni. Fin. Corp. Rev. Bonds (American Wtr. Corp. Proj.) 3.61% tender 9/6/06, CP mode | 8,560 | | 8,560 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Arizona - continued |
Tucson & Pima County Indl. Dev. Auth. Single Family Mtg. Rev. Participating VRDN Series PA 1375, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | $ 3,865 | | $ 3,865 |
Yavapai County Indl. Dev. Auth. Indl. Dev. Rev. (Oxycal Lab. Proj.) Series 1999 A, 3.7%, LOC Wells Fargo Bank Nat'l. Assoc., VRDN (b)(e) | 1,895 | | 1,895 |
| | 362,118 |
Arkansas - 0.9% |
Arkansas Dev. Auth. Indl. Dev. Rev. (Stratton Seed Co. Proj.) Series 1999, 3.48%, LOC Bank of America NA, VRDN (b)(e) | 2,100 | | 2,100 |
Arkansas Dev. Fin. Auth. Participating VRDN Series BA 98 C, 3.56% (Liquidity Facility Bank of America NA) (b)(e)(f) | 3,820 | | 3,820 |
Arkansas Dev. Fin. Auth. Multi-family Hsg. Rev. (Kiehl Partners LP Proj.) 3.48%, LOC Fannie Mae, VRDN (b)(e) | 8,000 | | 8,000 |
Arkansas Dev. Fin. Auth. Single Family Mtg. Rev. Participating VRDN Series MS 1139, 3.48% (Liquidity Facility Morgan Stanley) (b)(e)(f) | 80,580 | | 80,580 |
Blytheville Indl. Dev. Rev. (Arkansas Steel Processing Proj.) Series 1992, 3.59%, LOC Fortis Banque SA, VRDN (b)(e) | 9,500 | | 9,500 |
Columbia County Solid Waste Disp. Rev. (Albemarle Corp. Proj.) Series 1999, 3.48%, LOC Bank of America NA, VRDN (b)(e) | 5,500 | | 5,500 |
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) 3.43%, LOC Credit Suisse Group, VRDN (b)(e) | 29,500 | | 29,500 |
Univ. of Arkansas Univ. Revs. Participating VRDN Series PT 1948, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,695 | | 5,695 |
| | 144,695 |
California - 2.0% |
Access to Lns. for Learning Student Ln. Corp. Rev. (Student Ln. Prog.): | | | |
Series 2001 II A1, 3.46%, LOC State Street Bank & Trust Co., Boston, VRDN (b)(e) | 35,000 | | 35,000 |
Series II A7, 3.46%, LOC State Street Bank & Trust Co., Boston, VRDN (b)(e) | 13,350 | | 13,350 |
Series II A9, 3.45%, LOC State Street Bank & Trust Co., Boston, VRDN (b)(e) | 15,000 | | 15,000 |
Series VA1, 3.45% (AMBAC Insured), VRDN (b)(e) | 100,000 | | 100,000 |
Series VA2, 3.46% (AMBAC Insured), VRDN (b)(e) | 45,000 | | 45,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
California - continued |
California Hsg. Fin. Agcy. Home Mtg. Rev. Participating VRDN: | | | |
Series MT 208, 3.48% (Liquidity Facility Lloyds TSB Bank PLC) (b)(e)(f) | $ 65,520 | | $ 65,520 |
Series MT 211, 3.48% (Liquidity Facility Lloyds TSB Bank PLC) (b)(e)(f) | 34,850 | | 34,850 |
Series PT 998, 3.48% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 18,140 | | 18,140 |
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Republic Services, Inc. Proj.) 3.8%, VRDN (b)(e) | 6,800 | | 6,800 |
California Pub. Works Board Lease Rev. Participating VRDN Series PT 3412, 3.44% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 7,905 | | 7,905 |
| | 341,565 |
Colorado - 3.5% |
Adams & Arapahoe Counties Joint School District #28J Aurora Participating VRDN Series PT 1771, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,825 | | 5,825 |
Adams County Hsg. Auth. (Semper Village Apartments Proj.) Series 2004 A, 3.47%, LOC Fannie Mae, VRDN (b)(e) | 7,250 | | 7,250 |
Arapaho County School District #6, Littleton Participating VRDN Series PT 1983, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 7,365 | | 7,365 |
Aurora Multi-family Hsg. Rev. (Aurora Meadows Apts. Proj.) Series 1996, 3.7%, LOC Fannie Mae, VRDN (b)(e) | 13,400 | | 13,400 |
Colorado Health Facilities Auth. Retirement Hsg. Rev. Participating VRDN Series TOC 06 Z2, 3.48% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(f) | 12,900 | | 12,900 |
Colorado Health Facilities Auth. Rev. (Boulder Cmnty. Hosp. Proj.) Series 2000, 3.58%, LOC JPMorgan Chase Bank, VRDN (b) | 16,300 | | 16,300 |
Colorado Hsg. & Fin. Auth. Participating VRDN: | | | |
Series FRRI 00 A3, 3.55% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(e)(f) | 130 | | 130 |
Series FRRI 00 A4, 3.55% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(e)(f) | 685 | | 685 |
Series FRRI L37J, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 6,875 | | 6,875 |
Series FRRI L9, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 940 | | 940 |
Series LB 03 L31J, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 6,605 | | 6,605 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Colorado - continued |
Colorado Hsg. & Fin. Auth. Participating VRDN: - continued | | | |
Series LB 04 F12, 3.57% (Lehman Brothers Hldgs., Inc. Guaranteed) (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | $ 5,685 | | $ 5,685 |
Series LB 04 F13, 3.57% (Lehman Brothers Hldgs., Inc. Guaranteed) (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 6,875 | | 6,875 |
Series LB 05 F4, 3.57% (Lehman Brothers Hldgs., Inc. Guaranteed) (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 3,600 | | 3,600 |
Series Merlots 01 A20, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 4,890 | | 4,890 |
Series PT 1373, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 2,480 | | 2,480 |
Series Putters 120, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 1,745 | | 1,745 |
Colorado Hsg. Fin. Auth. Single (Co. Single Family Mtg. Proj. 10/1/01) Series ADG 1B3, 3.49% (Liquidity Facility DEPFA BANK PLC), VRDN (b)(e) | 20,000 | | 20,000 |
Colorado Springs Utils. Rev. Participating VRDN Series SGB 28, 3.45% (Liquidity Facility Societe Generale) (b)(f) | 11,480 | | 11,480 |
Colorado State Gen. Fdg. Rev. TRAN 4.5% 6/27/07 | 18,000 | | 18,124 |
Colorado Student Oblig. Auth.: | | | |
(Student Ln. Prog.) Series 1990 A, 3.5% (AMBAC Insured), VRDN (b)(e) | 45,655 | | 45,655 |
Series 1989 A, 3.45% (AMBAC Insured), VRDN (b)(e) | 64,400 | | 64,400 |
Colorado Wtr. Resources and Pwr. Dev. Auth. Wtr. Resources Rev. Participating VRDN Series PT 3179, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 12,560 | | 12,560 |
Dawson Ridge Metropolitan District #1 Participating VRDN Series Putters 1392, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 8,135 | | 8,135 |
Denver City & County Arpt. Rev.: | | | |
Participating VRDN: | | | |
Series FRRI 01 F12, 3.52% (Liquidity Facility Bank of New York, New York) (b)(e)(f) | 5,000 | | 5,000 |
Series LB 05 P2U, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 6,935 | | 6,935 |
Series LB 06 P15U, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 9,825 | | 9,825 |
Series PA 762, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 4,995 | | 4,995 |
Series PA 764R, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 4,995 | | 4,995 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Colorado - continued |
Denver City & County Arpt. Rev.: - continued | | | |
Participating VRDN: | | | |
Series PT 3124, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | $ 7,230 | | $ 7,230 |
Series PT 782, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 5,515 | | 5,515 |
Series PT 920, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 1,500 | | 1,500 |
Series Putters 1054, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 5,275 | | 5,275 |
Series RF 02 E14, 3.56% (Liquidity Facility Bank of New York, New York) (b)(e)(f) | 43,885 | | 43,885 |
Series 2000 B, 3.49% (MBIA Insured), VRDN (b)(e) | 16,900 | | 16,900 |
Series 2000 C, 3.44% (MBIA Insured), VRDN (b)(e) | 73,200 | | 73,200 |
Denver City & County Gen. Oblig. Participating VRDN Series PT 3208, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 9,305 | | 9,305 |
Denver City & County Spl. Facilities Arpt. Rev. (Worldport at DIA Proj.) Series A, 3.52%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 8,790 | | 8,790 |
E-470 Pub. Hwy. Auth. Rev. Participating VRDN Series TOC 06 Z13, 3.48% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(f) | 13,570 | | 13,570 |
El Paso County Co. Single Family Mtg. Rev. Participating VRDN: | | | |
Series LB 06 P1U, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 4,965 | | 4,965 |
Series MS 1136, 3.48% (Liquidity Facility Morgan Stanley) (b)(e)(f) | 600 | | 600 |
El Paso County Single Family Mtg. Participating VRDN Series LB 06 P28U, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 19,975 | | 19,975 |
Fort Collins Indl. Dev. Rev. (Phelps-Tointon Millwork Proj.) Series 1993, 3.85%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 760 | | 760 |
Lakewood Hsg. Auth. Multi-family Rev.: | | | |
(Ridgemoor Apts. Proj.) Series 2003 A, 3.47%, LOC Fannie Mae, VRDN (b)(e) | 15,000 | | 15,000 |
(Timberleaf Apts. Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 13,850 | | 13,850 |
Mountain Village County Hsg. Auth. Hsg. Rev. (Village Courts Apts. Proj.) Series 2000 A, 3.46%, LOC U.S. Bank NA, Minnesota, VRDN (b) | 6,785 | | 6,785 |
Univ. Colo Hosp. Auth. Rev. Participating VRDN Series ROC II R 573CE, 3.46% (Liquidity Facility Citigroup, Inc.) (b)(f) | 16,500 | | 16,500 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Colorado - continued |
Univ. of Colorado Enterprise Sys. Rev. Participating VRDN Series EGL 7050046 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | $ 4,620 | | $ 4,620 |
Weld County School District #6, Greely Participating VRDN Series PT 1918, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 4,550 | | 4,550 |
Westminster County Multi-family Hsg. Rev. (Lakeview Apts. Proj.) Series 1997, 3.7%, LOC Fannie Mae, VRDN (b)(e) | 7,110 | | 7,110 |
| | 595,539 |
Connecticut - 0.0% |
Connecticut Hsg. Fin. Auth. Participating VRDN Series MT 38, 3.46% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 2,540 | | 2,540 |
Delaware - 0.4% |
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | | | |
Series 1988, 3.85%, VRDN (b)(e) | 3,550 | | 3,550 |
Series 1993 C, 3.7%, VRDN (b) | 4,300 | | 4,300 |
Series 1994, 3.85%, VRDN (b)(e) | 20,700 | | 20,700 |
Series 1999 A, 3.67%, VRDN (b) | 6,730 | | 6,730 |
Series 1999 B, 3.72%, VRDN (b)(e) | 9,000 | | 9,000 |
Delaware Hsg. Auth. Rev. Participating VRDN: | | | |
Series 03 L52J, 3.55% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 8,950 | | 8,950 |
Series FRRI 02 L8, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 4,695 | | 4,695 |
Series ROC II R359, 3.48% (Liquidity Facility Citibank NA) (b)(e)(f) | 2,095 | | 2,095 |
New Castle County Multi-Family Rent Hsg. Rev. (Fairfield English Village Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 8,500 | | 8,500 |
| | 68,520 |
District Of Columbia - 2.7% |
Bank of New York Muni. Ctfs. trust various states Participating VRDN Series BNY 05 5, 3.53% (Liquidity Facility Bank of New York, New York) (b)(e)(f) | 45,375 | | 45,375 |
District of Columbia Gen. Oblig. Participating VRDN Series ROC II 99 10, 3.45% (Liquidity Facility Citibank NA) (b)(f) | 5,905 | | 5,905 |
District of Columbia Hosp. Rev. Participating VRDN Series Floaters 01 712, 3.45% (Liquidity Facility Morgan Stanley) (b)(f) | 16,600 | | 16,600 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
District Of Columbia - continued |
District of Columbia Hsg. Fin. Agcy. Multi-family Hsg. Rev.: | | | |
(Trenton Park Apts. Proj.) Series 2001, 3.56%, LOC Bank of America NA, VRDN (b)(e) | $ 3,125 | | $ 3,125 |
(WDC I LP Dev. Proj.) Series 2000, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 8,355 | | 8,355 |
District of Columbia Hsg. Fin. Auth. Cap. Prog. Rev. Participating VRDN Series PT 3088, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 8,600 | | 8,600 |
District of Columbia Rev.: | | | |
Bonds (Nat'l. Academy of Sciences Proj.) Series 1999 B, 3.6% tender 9/14/06 (AMBAC Insured) (Liquidity Facility Bank of America NA), CP mode | 5,000 | | 5,000 |
(Arnold & Porter Proj.) Series 1999, 3.56%, LOC Branch Banking & Trust Co., VRDN (b)(e) | 5,250 | | 5,250 |
(Fort Lincoln New Town/Premium Distributors LLC Proj.) Series 2000, 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 8,455 | | 8,455 |
(Nat'l. Assoc. of Realtors Proj.) Series 2003 A, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 7,500 | | 7,500 |
District of Columbia Tax Increment Rev. Participating VRDN Series PT 1410, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,100 | | 5,100 |
District of Columbia Wtr. & Swr. Auth. Participating VRDN Series EGL 98 5201, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 12,300 | | 12,300 |
Metropolitan Washington Arpt. Auth. Sys. Rev.: | | | |
Participating VRDN: | | | |
Series EGL 06 8 Class A, 3.49% (Liquidity Facility Citibank NA) (b)(e)(f) | 9,325 | | 9,325 |
Series EGL 06 9 Class A, 3.49% (Liquidity Facility Citibank NA) (b)(e)(f) | 13,400 | | 13,400 |
Series EGL 7050026 Class A, 3.49% (Liquidity Facility Citibank NA) (b)(e)(f) | 5,750 | | 5,750 |
Series EGL 720050023 Class A, 3.49% (Liquidity Facility Citibank NA) (b)(e)(f) | 5,975 | | 5,975 |
Series MS 06 1296, 3.48% (Liquidity Facility Morgan Stanley) (b)(e)(f) | 5,500 | | 5,500 |
Series MT 114, 3.49% (Liquidity Facility Svenska Handelsbanken AB) (b)(e)(f) | 5,990 | | 5,990 |
Series MT 13, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 5,495 | | 5,495 |
Series PT 1991, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 3,225 | | 3,225 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
District Of Columbia - continued |
Metropolitan Washington Arpt. Auth. Sys. Rev.: - continued | | | |
Participating VRDN: | | | |
Series PT 2672, 3.49% (Liquidity Facility Dexia Cr. Local de France) (b)(e)(f) | $ 5,315 | | $ 5,315 |
Series PT 689, 3.49% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(e)(f) | 5,870 | | 5,870 |
Series Putters 1017, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 1,375 | | 1,375 |
Series ROC II R195, 3.48% (Liquidity Facility Citibank NA) (b)(e)(f) | 5,995 | | 5,995 |
Series Stars 130, 3.49% (Liquidity Facility BNP Paribas SA) (b)(e)(f) | 5,150 | | 5,150 |
Series Stars 148, 3.48% (Liquidity Facility BNP Paribas SA) (b)(e)(f) | 8,835 | | 8,835 |
Series TOC 05 MM, 3.48% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(e)(f) | 15,000 | | 15,000 |
Series TOC 06 D, 3.48% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(e)(f) | 12,000 | | 12,000 |
Series C, 3.48% (FSA Insured), VRDN (b)(e) | 208,470 | | 208,467 |
| | 454,232 |
Florida - 4.5% |
Broward County Fin. Auth. Multi-family Hsg. Rev. (Sanctuary Apts Proj.) Series A, 3.45%, LOC Fannie Mae, VRDN (b)(e) | 16,230 | | 16,230 |
Broward County Gen. Oblig. Participating VRDN MOTC PT 3555, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,680 | | 5,680 |
Canaveral Port Auth. Rev. Participating VRDN Series ROC II R2025, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 7,725 | | 7,725 |
Clipper Tax-Exempt Trust Participating VRDN Series Clipper 05 17, 3.53% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 15,000 | | 15,000 |
Collier County School Board Ctfs. of Prtn. Participating VRDN Series ROC 7032, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 11,695 | | 11,695 |
Escambia County Hsg. Fin. Rev. Participating VRDN Series RF 00 15, 3.56% (Liquidity Facility Bank of New York, New York) (b)(e)(f) | 5,575 | | 5,575 |
Florida Board of Ed. Cap. Outlay Participating VRDN: | | | |
Series EGL 00 902, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 5,000 | | 5,000 |
Series EGL 7053013 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 8,000 | | 8,000 |
Series PT 3520, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 25,075 | | 25,075 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Florida - continued |
Florida Board of Ed. Pub. Ed. Participating VRDN: | | | |
Series EGL 7050054 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | $ 18,840 | | $ 18,840 |
Series Putters 473, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 6,425 | | 6,425 |
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: | | | |
(Avalon Reserve Apts. Proj.) Series 2003 R1, 3.45%, LOC Fannie Mae, VRDN (b)(e) | 15,000 | | 15,000 |
(Lynn Lake Apts. Proj.) Series B1, 3.47%, LOC Freddie Mac, VRDN (b)(e) | 10,100 | | 10,100 |
(Mill Creek Apts. Proj.) 3.45%, LOC Fannie Mae, VRDN (b)(e) | 14,200 | | 14,200 |
(Pinnacle Grove Apts. Proj.) Series 2003 A, 3.45%, LOC Fannie Mae, VRDN (b)(e) | 8,000 | | 8,000 |
Florida Hsg. Fin. Corp. Rev.: | | | |
(Riverside Apts. Proj.) Series 2000 1, 3.45%, LOC Bank of America NA, VRDN (b)(e) | 8,000 | | 8,000 |
(Waterford Pointe Apts. Proj.) Series 2000 E1, 3.45%, LOC Fannie Mae, VRDN (b)(e) | 8,155 | | 8,155 |
Florida Local Govt. Fin. Auth. Rev.: | | | |
Series A, 3.75% 9/18/06, LOC Wachovia Bank NA, CP | 29,075 | | 29,075 |
Series B, 3.73% 9/1/06, LOC Wachovia Bank NA, CP (e) | 8,601 | | 8,601 |
Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | | | |
Series 2002 E, 3.48% (FSA Insured), VRDN (b)(e) | 32,215 | | 32,215 |
Series 2003 B, 3.65% 9/7/06, LOC Bayerische Landesbank Girozentrale, LOC State Street Bank & Trust Co., Boston, CP (e) | 16,650 | | 16,650 |
Highlands County Health Facilities Auth. Rev. Participating VRDN Series ROC RR II R 577 CE, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 4,725 | | 4,725 |
Hillsborough County Aviation Auth. Rev. Participating VRDN Series PT 745, 3.49% (Liquidity Facility Svenska Handelsbanken AB) (b)(e)(f) | 2,500 | | 2,500 |
Hillsborough County Hsg. Fin. Auth. Multi-family Rev.: | | | |
(Grande Oaks Apts. Proj.) Series A, 3.45%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 7,300 | | 7,300 |
(Hunters Run Apts. Proj.) Series 2002 A, 3.45%, LOC Fannie Mae, VRDN (b)(e) | 9,000 | | 9,000 |
(Morgan Creek Apts. Proj.) 3.45%, LOC Fannie Mae, VRDN (b)(e) | 12,700 | | 12,700 |
Jacksonville Aviation Auth. Rev.: | | | |
Series B1, 3.46% (FSA Insured), VRDN (b)(e) | 26,050 | | 26,050 |
Series B2, 3.46% (FSA Insured), VRDN (b)(e) | 8,775 | | 8,775 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Florida - continued |
Jacksonville Aviation Auth. Rev.: - continued | | | |
3.46% (FGIC Insured), VRDN (b)(e) | $ 15,500 | | $ 15,500 |
Jacksonville Elec. Auth. Rev.: | | | |
Bonds: | | | |
Series C, 3.75% tender 9/14/06 (Liquidity Facility Dexia Cr. Local de France), CP mode | 20,000 | | 20,000 |
Series F: | | | |
3.55% tender 9/5/06 (Liquidity Facility Landesbank Hessen-Thuringen), CP mode | 15,000 | | 15,000 |
3.68% tender 9/13/06 (Liquidity Facility Landesbank Hessen-Thuringen), CP mode | 20,000 | | 20,000 |
Series C1: | | | |
3.64% 9/5/06 (Liquidity Facility JPMorgan Chase Bank), CP | 43,460 | | 43,460 |
3.65% 9/8/06 (Liquidity Facility JPMorgan Chase Bank), CP | 2,850 | | 2,850 |
Jacksonville Health Facilities Auth. Participating VRDN Series ROC II R186, 3.45% (Liquidity Facility Citibank NA) (b)(f) | 11,800 | | 11,800 |
JEA Saint Johns River Pwr. Park Sys. Rev. Participating VRDN Series Putters 1182, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 16,180 | | 16,180 |
JEA Wtr. & Swr. Sys. Rev. Participating VRDN Series Putters 805, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,470 | | 5,470 |
Lee County Arpt. Rev. Participating VRDN Series PT 2269, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 2,865 | | 2,865 |
Miami-Dade County Aviation Rev.: | | | |
Participating VRDN: | | | |
Series LB O5 L23, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 6,855 | | 6,855 |
Series PT 3247, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 9,660 | | 9,660 |
Series 2005 A: | | | |
3.6% 9/5/06, LOC BNP Paribas SA, LOC Dexia Cr. Local de France, CP (e) | 14,424 | | 14,424 |
3.66% 9/5/06, LOC BNP Paribas SA, LOC Dexia Cr. Local de France, CP (e) | 13,560 | | 13,560 |
Miami-Dade County Gen. Oblig. Participating VRDN Series EGL 06 90 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 9,900 | | 9,900 |
Miami-Dade County Transit Sales Surtax Rev. Participating VRDN Series EGL 06 101 Class A, 3.46% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 22,540 | | 22,540 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Florida - continued |
Orange County Hsg. Fin. Auth. Homeowner Rev. Participating VRDN Series PT 2411, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | $ 19,100 | | $ 19,100 |
Orange County Hsg. Fin. Auth. Multi-family Rev. (West Point Villas Apt. Proj.) Series 2000 F, 3.45%, LOC Fannie Mae, VRDN (b)(e) | 5,750 | | 5,750 |
Orange County Indl. Dev. Auth. Indl. Dev. Rev. (Advanced Drainage Sys., Inc. Proj.) 3.52%, LOC Nat'l. City Bank, VRDN (b)(e) | 1,000 | | 1,000 |
Osceola County Hsg. Fin. Auth. Multi-family Rev. (Regatta Bay Apts. Proj.) Series A, 3.45%, LOC Fannie Mae, VRDN (b)(e) | 3,700 | | 3,700 |
Pinellas County Hsg. Fin. Auth. Single Family Mortgage Rev. Participating VRDN: | | | |
Series PT 2239, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 4,785 | | 4,785 |
Series PT 993, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 5,085 | | 5,085 |
Polk County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Cambridge Cove Apts. Proj.) Series 2001, 3.45%, LOC Fannie Mae, VRDN (b)(e) | 4,800 | | 4,800 |
Putnam County Dev. Auth. Poll. Cont. Rev. (Seminole Elec. Coop., Inc. Proj.) Series 1984 H2, 3.52% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (b) | 5,600 | | 5,600 |
Sunshine State Govt. Fing. Commission Rev.: | | | |
Series G, 3.66% 9/7/06 (FGIC Insured), CP (e) | 11,900 | | 11,900 |
Series I, 3.7% 9/8/06 (CIFG North America Insured), CP (e) | 65,000 | | 65,000 |
3.56% 9/5/06 (FGIC Insured), CP (e) | 18,355 | | 18,355 |
Tampa Bay Wtr. Util. Sys. Rev. 3.46%, LOC Bank of America NA, VRDN (b)(e) | 50,600 | | 50,600 |
| | 772,030 |
Georgia - 3.1% |
Atlanta Arpt. Passenger Facilities Charge Rev. Participating VRDN: | | | |
Series DB 186, 3.45% (Liquidity Facility Deutsche Bank AG) (b)(f) | 12,295 | | 12,295 |
Series EGL 7053030 Class A, 3.46% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 28,985 | | 28,985 |
Atlanta Arpt. Rev. Participating VRDN: | | | |
Series Merlots 00 CCC, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 5,000 | | 5,000 |
Series MS 00 313, 3.48% (Liquidity Facility Morgan Stanley) (b)(e)(f) | 4,090 | | 4,090 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Georgia - continued |
Atlanta Arpt. Rev. Participating VRDN: - continued | | | |
Series MT 11, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | $ 1,490 | | $ 1,490 |
Series MT 43, 3.49% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 9,680 | | 9,680 |
Series PT 901, 3.49% (Liquidity Facility BNP Paribas SA) (b)(e)(f) | 4,485 | | 4,485 |
Atlanta Urban Residential Fin. Auth. Multi-family Hsg. Rev.: | | | |
(Big Bethel Village Proj.) 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 4,340 | | 4,340 |
(Capitol Gateway Apts. Proj.) 3.5%, LOC Bank of America NA, VRDN (b)(e) | 4,125 | | 4,125 |
(Carver Redev. Proj.) Series 2000, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 2,915 | | 2,915 |
(Collegetown at Harris Homes Phase I Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 3,765 | | 3,765 |
(Peaks at West Atlanta Proj.) Series 2001, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 4,815 | | 4,815 |
Series A, 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 9,600 | | 9,600 |
Atlanta Wtr. & Wastewtr. Rev. Participating VRDN: | | | |
Series BA 02 A, 3.51% (Liquidity Facility Bank of America NA) (b)(f) | 4,520 | | 4,520 |
Series EGL 06 94 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 24,750 | | 24,750 |
Bibb County Dev. Auth. Solid Waste Disp. Rev. (Swift Creek Envir. Proj.) 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 5,100 | | 5,100 |
Bulloch County Dev. Auth. Indl. Dev. Rev. (Gold Kist, Inc. Proj.) Series 1995, 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 6,400 | | 6,400 |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Oglethorpe Pwr. Corp. Proj.) Series 1998 B, 3.57% tender 9/5/06 (AMBAC Insured) (Liquidity Facility Rabobank Nederland Coop. Central), CP mode | 13,900 | | 13,900 |
Canton Hsg. Auth. Multi-family Hsg. Rev.: | | | |
(Alta Ridgewalk Apts. Proj.) Series 2003, 3.49%, LOC AmSouth Bank NA, Birmingham, VRDN (b)(e) | 7,500 | | 7,500 |
(Canton Mill Lofts Proj.) Series 1999, 3.55%, LOC Branch Banking & Trust Co., VRDN (b)(e) | 13,745 | | 13,745 |
Clayton County Dev. Auth. Spl. Facilities Rev. (Delta Air Lines, Inc. Proj.): | | | |
Series 2000 B, 3.55%, LOC Gen. Elec. Cap. Corp., VRDN (b)(e) | 20,900 | | 20,900 |
Series 2000 C, 3.55%, LOC Gen. Elec. Cap. Corp., VRDN (b)(e) | 48,000 | | 48,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Georgia - continued |
Columbia Hsg. Auth. Multi-family Hsg. Rev. (Eagles Trace Apts. Proj.) 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | $ 6,090 | | $ 6,090 |
Covington Hsg. Auth. Multi-family Rev. (Wellington Ridge Apt. Proj.) 3.45%, LOC Freddie Mac, VRDN (b)(e) | 10,195 | | 10,195 |
DeKalb County Dev. Auth. Indl. Dev. Rev. (Qualex Proj.) 3.52%, LOC Comerica Bank, Detroit, VRDN (b)(e) | 1,600 | | 1,600 |
DeKalb County Hsg. Auth. Multi-family Hsg. Rev.: | | | |
(Villas of Friendly Heights Proj.) Series 2001, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 3,565 | | 3,565 |
(Wesley Club Apts. Proj.) 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 5,900 | | 5,900 |
DeKalb County Wtr. & Swr. Rev. Participating VRDN Series GS 06 69, 3.45% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(f) | 9,615 | | 9,615 |
Fulton County Hsg. Auth. Multi-family Hsg. Rev. (Walton Falls Apt. Proj.) Series 1999, 3.44%, LOC Wachovia Bank NA, VRDN (b)(e) | 18,000 | | 18,000 |
Gainesville & Hall County Dev. Auth. Indl. Exempt Facility Rev. (Spout Springs Wtr. LLC Proj.) 3.46%, LOC Bank of America NA, VRDN (b)(e) | 10,300 | | 10,300 |
Georgia Hsg. & Fin. Auth. Rev. Participating VRDN Series Merlots 06 B11, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 7,200 | | 7,200 |
Georgia Muni. Elec. Auth. Pwr. Rev. Participating VRDN Series PA 786, 3.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 4,595 | | 4,595 |
Georgia Port Auth. Rev.: | | | |
(Colonel's Island Term. Proj.) 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 2,800 | | 2,800 |
(Mayor's Point Term. Proj.) Series 1992, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 1,100 | | 1,100 |
Gwinnett County Dev. Auth. Ctfs. of Prtn. Participating VRDN Series ROC II R6009 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 7,340 | | 7,340 |
Gwinnett County Dev. Auth. Indl. Dev. Rev. (Curtis 1000, Inc. Proj.) Series 1996, 3.46%, LOC Wells Fargo Bank Nat'l. Assoc., VRDN (b)(e) | 6,260 | | 6,260 |
Gwinnett County Hsg. Auth. Multi-family Hsg. Rev.: | | | |
(Herrington Mill Apts. Proj.) 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 7,900 | | 7,900 |
(Herrington Woods Apt. Proj.) Series 1996 A, 3.45%, LOC Fannie Mae, VRDN (b)(e) | 13,035 | | 13,035 |
Henry County Dev. Auth. Solid Waste Rev. (Atlas Roofing Corp. Proj.) Series 1997, 3.46%, LOC Fleet Nat'l. Bank, VRDN (b)(e) | 12,250 | | 12,250 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Georgia - continued |
Liberty County Indl. Auth. (Hy-Sil Manufacturing Co., Inc. Proj.) Series 2001 A, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | $ 2,095 | | $ 2,095 |
Loganville Hsg. Auth. Multi-family Hsg. Rev. (Alexander Crossing Apts. Proj.) 3.52%, LOC AmSouth Bank NA, Birmingham, VRDN (b)(e) | 15,735 | | 15,735 |
Macon-Bibb County Indl. Auth. Dev. (Diamond Plastics Corp. Proj.) Series 1999, 3.46%, LOC Bank of America NA, VRDN (b)(e) | 3,300 | | 3,300 |
Miller County Dev. Auth. Indl. Dev. (Birdsong Corp. Proj.) 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 2,400 | | 2,400 |
Paulding County Indl. Bldg. Auth. Rev. (Cadillac Products, Inc. Proj.) Series 1994, 3.52%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 1,300 | | 1,300 |
Roswell Hsg. Auth. Multi-family Hsg. Rev.: | | | |
(Park Ridge Apts. Proj.) 3.48%, LOC Fannie Mae, VRDN (b)(e) | 8,200 | | 8,200 |
(Walton Centennial Proj.) Series A, 3.44%, LOC Wachovia Bank NA, VRDN (b)(e) | 19,200 | | 19,200 |
Savannah Econ. Dev. Auth. Rev.: | | | |
(Home Depot, Inc. Proj.) Series 1995 A, 3.46%, VRDN (b)(e) | 17,100 | | 17,100 |
(Kaolin Terminals, Inc. Proj.) 3.46%, LOC Bank of America NA, VRDN (b)(e) | 22,971 | | 22,971 |
Savannah Hsg. Auth. Multi-family Hsg. Rev.: | | | |
(Indigo Pointe Apts. Proj.) Series 2001 A, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 3,500 | | 3,500 |
(Live Oak Plantation Proj.) Series 2001 A1, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 2,500 | | 2,500 |
Sugar Hill Hsg. Auth. Multi-family Rev. (Level Creek Apts. Proj.) Series 1997, 3.52%, LOC AmSouth Bank NA, Birmingham, VRDN (b)(e) | 12,790 | | 12,790 |
Summerville Indl. Dev. Auth. Facility Rev. (Image Ind., Inc. Proj.) Series 1997, 3.51%, LOC Wachovia Bank NA, VRDN (b)(e) | 19,000 | | 19,000 |
Wayne County Dev. Auth. Solid Waste Disp. Rev. (Republic Svcs. of Georgia LP Proj.) Series 2000, 3.45%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 5,800 | | 5,800 |
Wayne County Indl. Dev. Auth. Wtr. Disp. Rev. (Rayonier Proj.) Series 2000, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 15,000 | | 15,000 |
Worth County Indl. Dev. Auth. Indl. Dev. Rev. (Seabrook Peanut Co. Proj.) Series 1996 B, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 3,000 | | 3,000 |
| | 522,036 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Hawaii - 0.3% |
Hawaii Arpt. Sys. Rev. Participating VRDN: | | | |
Series PA 1238, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | $ 1,695 | | $ 1,695 |
Series PA 765, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 4,995 | | 4,995 |
Series ROC II R59, 3.48% (Liquidity Facility Citibank NA) (b)(e)(f) | 7,495 | | 7,495 |
Hawaii Arpts. Sys. Rev. Participating VRDN Series MSTC 01 147 Class A, 3.5% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(e)(f) | 11,185 | | 11,185 |
Hawaii Dept. of Budget & Fin. Spl. Purp. Rev. Participating VRDN: | | | |
Series PA 1062, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 6,370 | | 6,370 |
Series PA 1224, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 4,670 | | 4,670 |
Series PA 1244, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 2,500 | | 2,500 |
Series PA 795R, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 8,900 | | 8,900 |
Hawaii Gen. Oblig. Participating VRDN Series EGL 00 1101, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 6,470 | | 6,470 |
Hawaii Hsg. Fin. & Dev. Corp. Single Family Mtg. Purp. Rev. Participating VRDN Series Merlots 01 A15, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 1,295 | | 1,295 |
| | 55,575 |
Idaho - 0.2% |
Idaho Hsg. & Fin. Assoc.: | | | |
Series 2003 D, 3.49% (Liquidity Facility Lloyds TSB Bank PLC), VRDN (b)(e) | 13,245 | | 13,245 |
Series 2003 E, 3.49% (Liquidity Facility Lloyds TSB Bank PLC), VRDN (b)(e) | 12,445 | | 12,445 |
Series D Class I, 3.49% (Liquidity Facility Lloyds TSB Bank PLC), VRDN (b)(e) | 10,000 | | 10,000 |
| | 35,690 |
Illinois - 6.7% |
ABN-AMRO Muni. Tops Ctfs. Trust Participating VRDN Series 06 53, 3.46% (Liquidity Facility ABN-AMRO Bank NV) (b)(f) | 12,995 | | 12,995 |
Aurora Single Family Mtg. Rev. Participating VRDN Series MS 1152, 3.48% (Liquidity Facility Morgan Stanley) (b)(e)(f) | 58,000 | | 58,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Illinois - continued |
Carol Stream Multi-family Rev. (Saint Charles Square Proj.) 3.54%, LOC Fannie Mae, VRDN (b)(e) | $ 2,000 | | $ 2,000 |
Chicago Arpt. Spl. Facilities Rev. (Centerpoint O'Hare Proj.) 3.5%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 39,250 | | 39,250 |
Chicago Board of Ed. Participating VRDN: | | | |
Series BA 96 BB, 3.51% (Liquidity Facility Bank of America NA) (b)(f) | 18,690 | | 18,690 |
Series EGL 01 1309, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 11,205 | | 11,205 |
Series Merlots 01 A47, 3.45% (Liquidity Facility Bank of New York, New York) (b)(f) | 6,065 | | 6,065 |
Chicago Gen. Oblig. Participating VRDN: | | | |
Series EGL 00 1308, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 9,900 | | 9,900 |
Series EGL 98 1302, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 11,600 | | 11,600 |
Series PT 3115, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 27,145 | | 27,145 |
Series Putters 1276, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 8,130 | | 8,130 |
Series Putters 1277, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 17,780 | | 17,780 |
Series Putters 1278, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 6,600 | | 6,600 |
Series Putters 510, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,270 | | 5,270 |
Chicago Indl. Dev. Rev.: | | | |
(Chicago Scenic Studios, Inc. Proj.) Series 2000, 3.53%, LOC Harris NA, VRDN (b)(e) | 3,575 | | 3,575 |
(MRC Polymers, Inc. Proj.) Series 2001, 3.46%, LOC LaSalle Bank NA, VRDN (b)(e) | 5,700 | | 5,700 |
Chicago Metropolitan Wtr. Reclamation District Greater Chicago Participating VRDN Series GS 59, 3.45% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(f) | 14,000 | | 14,000 |
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN: | | | |
Series BA 99 X2, 3.56% (Liquidity Facility Bank of America NA) (b)(e)(f) | 32,670 | | 32,670 |
Series BA 99 X1, 3.56% (Liquidity Facility Bank of America NA) (b)(e)(f) | 14,995 | | 14,995 |
Series Merlots 01 A85, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 5,690 | | 5,690 |
Series MT 49, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 2,000 | | 2,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Illinois - continued |
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN: - continued | | | |
Series MT 53, 3.49% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | $ 16,650 | | $ 16,650 |
Series MT 59, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 6,145 | | 6,145 |
Series PA 1198, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 3,425 | | 3,425 |
Series PA 1199, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 7,000 | | 7,000 |
Series PA 1200, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 2,250 | | 2,250 |
Series PT 2345, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 2,600 | | 2,600 |
Series PT 755, 3.49% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 7,000 | | 7,000 |
Series PT 756, 3.49% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 7,990 | | 7,990 |
Series PT 980, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 3,995 | | 3,995 |
Series Putters 1364 Z, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 4,140 | | 4,140 |
Series Putters 250, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 11,375 | | 11,375 |
Series Putters 253, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 9,995 | | 9,995 |
Series Putters 368Z, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 10,850 | | 10,850 |
Series Putters 370, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 4,995 | | 4,995 |
Series Putters 383, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 4,995 | | 4,995 |
Series Putters 670, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | 7,365 | | 7,365 |
Series Putters 845Z, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 14,640 | | 14,640 |
Series ROC II R69, 3.48% (Liquidity Facility Citibank NA) (b)(e)(f) | 18,070 | | 18,070 |
Series ROC II R70, 3.48% (Liquidity Facility Citibank NA) (b)(e)(f) | 3,570 | | 3,570 |
Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev.: | | | |
(Lufthansa German Airlines Proj.) Series 2001, 3.46%, LOC Bayerische Landesbank Girozentrale, VRDN (b)(e) | 43,770 | | 43,770 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Illinois - continued |
Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev.: - continued | | | |
(O'Hare Tech Ctr. II LLC Proj.) 3.51%, LOC LaSalle Bank NA, VRDN (b)(e) | $ 10,500 | | $ 10,500 |
Chicago Park District Participating VRDN Series PT 2935, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 10,910 | | 10,910 |
Chicago Pub. Bldg. Commission Bldg. Rev. Participating VRDN: | | | |
Series PA 473, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 4,195 | | 4,195 |
Series PT 2041, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 7,755 | | 7,755 |
Chicago Single Family Mtg. Rev.: | | | |
Bonds Series 2006 F, 3.85% 9/7/07 (a)(e) | 3,500 | | 3,500 |
Participating VRDN: | | | |
Series FRRI 00 L12, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 430 | | 430 |
Series FRRI 02 L24J, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 820 | | 820 |
Series Merlots 00 A31, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 55 | | 55 |
Chicago Wtr. Rev. Participating VRDN: | | | |
Series BA 02 E, 3.51% (Liquidity Facility Bank of America NA) (b)(f) | 9,995 | | 9,995 |
Series Merlots 97 V, 3.45% (Liquidity Facility Wachovia Bank NA) (b)(f) | 8,280 | | 8,280 |
City of Rolling Meadows Solid Waste Disp. Rev. (BFI Waste Sys. of North America Proj.) Series 1999, 3.51%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 19,580 | | 19,580 |
Cook County Gen. Oblig. Participating VRDN Series PA 591, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,300 | | 5,300 |
Cook County School District # 162 Matteson Participating VRDN Series PT 3040, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 6,350 | | 6,350 |
Cook County School District #135 Participating VRDN Series PT 3120, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,705 | | 5,705 |
Fulton Indl. Dev. Rev. (J.T. Cullen Co., Inc. Proj.) 3.46%, LOC U.S. Bank NA, Minnesota, VRDN (b)(e) | 4,585 | | 4,585 |
Hodgkins Indl. Dev. Rev. (Central Blacktop Co., Inc. Proj.) 3.53%, LOC Harris NA, VRDN (b)(e) | 3,350 | | 3,350 |
Illinois Dev. Fin. Auth. Envir. Facilities Rev. Bonds (American Wtr. Corp. Proj.) 3.66% tender 9/6/06, CP mode (e) | 23,325 | | 23,325 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Illinois - continued |
Illinois Dev. Fin. Auth. Indl. Dev. Rev.: | | | |
(Cloverhill Pastry Vend Corp. Proj.) 3.64%, LOC M&I Marshall & Ilsley Bank, VRDN (b)(e) | $ 2,830 | | $ 2,830 |
(Delta-Unibus Corp. Proj.) Series 2001, 3.51%, LOC Bank of America NA, VRDN (b)(e) | 3,200 | | 3,200 |
(Mapes & Sprowl Steel Ltd. Proj.) Series 1996 A, 3.55%, LOC Harris NA, VRDN (b)(e) | 1,907 | | 1,907 |
(R&R Enterprises 2nd Proj.) Series 1999 A, 3.53%, LOC Harris NA, VRDN (b)(e) | 4,345 | | 4,345 |
Illinois Dev. Fin. Auth. Poll. Cont. Rev. (Uno-Ven Co. Proj.) Series 1994, 3.53%, LOC JPMorgan Chase Bank, VRDN (b) | 2,900 | | 2,900 |
Illinois Dev. Fin. Auth. Rev. (Rich Prods. Corp. Proj.) Series 1998, 3.46%, LOC HSBC Bank USA, VRDN (b)(e) | 7,825 | | 7,825 |
Illinois Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): | | | |
3.46%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 5,000 | | 5,000 |
3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 23,000 | | 23,000 |
Illinois Dev. Fin. Auth. Wtr. Facilities Rev. (Illinois American Wtr. Co. Proj.) 3.53% (MBIA Insured), VRDN (b)(e) | 9,860 | | 9,860 |
Illinois Edl. Facilities Auth. Revs. Participating VRDN: | | | |
Series EGL 06 95 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 10,395 | | 10,395 |
Series MACN 05 D, 3.45% (Liquidity Facility Bank of America NA) (b)(f) | 7,010 | | 7,010 |
Series Merlots 97 U, 3.45% (Liquidity Facility Wachovia Bank NA) (b)(f) | 9,040 | | 9,040 |
Illinois Gen. Oblig. Participating VRDN: | | | |
Series EGL 00 1304, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 9,100 | | 9,100 |
Series EGL 02 1301 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 5,900 | | 5,900 |
Series EGL 02 1304 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 5,040 | | 5,040 |
Series EGL 02 6025 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 9,900 | | 9,900 |
Series EGL 7053002 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 15,225 | | 15,225 |
Series MSTC 01 148, 3.47% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(f) | 12,435 | | 12,435 |
Series PT 2009, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 4,725 | | 4,725 |
Series PT 871, 3.45% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 4,000 | | 4,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Illinois - continued |
Illinois Gen. Oblig. Participating VRDN: - continued | | | |
Series Putters 02 321, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | $ 14,425 | | $ 14,425 |
Series ROC II R4536, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 5,135 | | 5,135 |
Illinois Health Facilities Auth. Rev. Participating VRDN Series PA 848R, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,190 | | 5,190 |
Illinois Hsg. Dev. Auth. Rev. Lehman Muni. Trust Rcpts Various States Participating VRDN Series LB 06 P38U, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 8,375 | | 8,375 |
Illinois Int'l. Port District Facilities (Southdown, Inc. Proj.) Series 2000, 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 8,500 | | 8,500 |
Illinois Reg'l. Trans. Auth. Participating VRDN: | | | |
Series Merlots 01 A48, 3.45% (Liquidity Facility Bank of New York, New York) (b)(f) | 8,880 | | 8,880 |
Series Merlots 02 A23, 3.45% (Liquidity Facility Wachovia Bank NA) (b)(f) | 11,735 | | 11,735 |
Series MSTC 9044, 3.47% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(f) | 8,200 | | 8,200 |
Series SG 3, 3.46% (Liquidity Facility Societe Generale) (b)(f) | 4,000 | | 4,000 |
Series SGB 19, 3.45% (Liquidity Facility Societe Generale) (b)(f) | 8,675 | | 8,675 |
Illinois Sales Tax Rev. Participating VRDN: | | | |
Series EGL 00 1302, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 5,000 | | 5,000 |
Series PT 1929, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 7,570 | | 7,570 |
Series ROC II R4542, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 4,960 | | 4,960 |
Illinois Student Assistance Commission Student Ln. Rev. Series 1998 A, 3.53% (MBIA Insured), VRDN (b)(e) | 1,150 | | 1,150 |
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Participating VRDN: | | | |
Series Putters 1014, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 6,945 | | 6,945 |
Series Putters 1355, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 27,300 | | 27,300 |
Series Putters 3479, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 17,450 | | 17,450 |
Kane & DeKalb Counties Cmnty. Unit School District #302 Participating VRDN Series Putters 283, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,600 | | 4,600 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Illinois - continued |
Lake County Cmnty. Consolidated School District #46, Grayslake Participating VRDN Series Putters 1171, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | $ 13,705 | | $ 13,705 |
Lisle Village Multi-family Hsg. Rev. (Devonshire of Lisle Proj.) Series 1991, 3.45%, LOC Freddie Mac, VRDN (b)(e) | 6,000 | | 6,000 |
McLean & Woodford Counties Cmnty. Unit School District #5 Participating VRDN Series PT 1989, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,430 | | 5,430 |
Metropolitan Pier & Exposition Auth. Dedicated Sales Tax Rev. Participating VRDN Series EGL 00 1306, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 10,520 | | 10,520 |
Metropolitan Pier & Exposition Auth. Dedicated State Tax Rev. Participating VRDN: | | | |
Series EGL 02 6001 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 4,600 | | 4,600 |
Series GS 06 6Z, 3.48% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(f) | 7,250 | | 7,250 |
Series MSTC 266, 3.52% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(f) | 14,910 | | 14,910 |
Series Putters 269, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 2,660 | | 2,660 |
Series PZ 45, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 4,895 | | 4,895 |
Series PZ 62, 3.48% (Liquidity Facility BNP Paribas SA) (b)(f) | 2,000 | | 2,000 |
Series TOC 05 Z5, 3.48% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(f) | 18,305 | | 18,305 |
Mundelein Indl. Dev. Rev. (Print-O-Tape Proj.) Series 1997, 3.53%, LOC Harris NA, VRDN (b)(e) | 3,420 | | 3,420 |
Northern Illinois Univ. Revs. Participating VRDN Series PT 2320, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 7,100 | | 7,100 |
Palos Hills Multi-family Hsg. Rev. (Green Oaks Proj.) Series 1998, 3.51%, LOC Fannie Mae, VRDN (b)(e) | 10,630 | | 10,630 |
Roaring Fork Muni. Prods LLC Participating VRDN Series RF 05 12, 3.49% (Liquidity Facility Bank of New York, New York) (b)(f) | 12,815 | | 12,815 |
Rockford Indl. Dev. Rev. (Ringcan Corp. Proj.) Series 1998, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 500 | | 500 |
Saint Charles Indl. Dev. Rev. (Pier 1 Imports-Midwest, Inc. Proj.) Series 1986, 3.49%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 9,500 | | 9,500 |
Schaumburg Village Gen. Oblig. Participating VRDN Series EGL 06 81 Class A, 3.46% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 18,675 | | 18,675 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Illinois - continued |
Univ. of Illinois Auxiliary Facilities Sys. Rev. Participating VRDN Series Merlots 01 A105, 3.45% (Liquidity Facility Wachovia Bank NA) (b)(f) | $ 3,150 | | $ 3,150 |
West Chicago Indl. Dev. Auth. Indl. Dev. Rev. (Bison Gear & Engineering Corp. Proj.) 3.56%, LOC Bank of America NA, VRDN (b)(e) | 4,096 | | 4,096 |
Will & Kendall Counties Cmnty. Consolidated School District #202 Participating VRDN Series PT 3482, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 9,395 | | 9,395 |
Will County Cmnty. Unit School District #365, Valley View Participating VRDN Series TOC 05 Z13, 3.48% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(f) | 11,205 | | 11,205 |
Will County Multi-family Hsg. Rev. (Sierena Dev. Proj.): | | | |
3.51%, LOC LaSalle Bank NA, VRDN (b)(e) | 7,655 | | 7,655 |
3.51%, LOC LaSalle Bank NA, VRDN (b)(e) | 4,990 | | 4,990 |
Winnebago County Gen. Oblig. Participating VRDN Series PT 2070, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,655 | | 5,655 |
| | 1,139,503 |
Indiana - 2.7% |
ABN-AMRO Muni. Tops Ctfs. Trust Participating VRDN Series 06 34, 3.51% (Liquidity Facility ABN-AMRO Bank NV) (b)(e)(f) | 9,520 | | 9,520 |
Anderson Econ. Dev. Auth. Rev. (AppleCreek Commons Proj.) 3.46%, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (b)(e) | 5,840 | | 5,840 |
Baugo School Bldg. Corp. Participating VRDN Series PT 3109, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,525 | | 5,525 |
Brownsburg 1999 School Bldg. Corp. Participating VRDN Series PT 3234, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 6,135 | | 6,135 |
Carmel Clay Parks Bldg. Corp. Participating VRDN Series Putters 539, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 7,755 | | 7,755 |
Columbus City Rev. (Rock-Tenn Co. Mill Division Proj.) Series 1995, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 6,750 | | 6,750 |
Crawford County Econ. Dev. Rev. (Jasper Engine Exchange Proj.) Series 1997, 3.53%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 2,800 | | 2,800 |
Elkhart County Multi-family Hsg. Rev. (Pedcor Investments Proj.) Series 2000, 3.47%, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (b)(e) | 7,987 | | 7,987 |
Franklin Econ. Dev. Rev. (Pedcor Investments LP-Lakeview II Proj.) 3.45%, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (b)(e) | 2,032 | | 2,032 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Indiana - continued |
Hammond Swr. & Solid Waste Disp. Rev. (Cargill, Inc. Proj.) 3.48%, VRDN (b)(e) | $ 19,500 | | $ 19,500 |
Indiana Bond Bank RAN 4.5% 2/1/07, LOC Bank of New York, New York | 94,235 | | 94,686 |
Indiana Bond Bank Rev. Participating VRDN Series MSTC 01 177, 3.47% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(f) | 17,000 | | 17,000 |
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series A, 3.5%, LOC Barclays Bank PLC, VRDN (b)(e) | 14,600 | | 14,600 |
Indiana Dev. Fin. Auth. Indl. Dev. Rev. (Republic Services, Inc. Proj.) 3.76%, VRDN (b)(e) | 7,000 | | 7,000 |
Indiana Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): | | | |
Series 2002 A, 3.46%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 6,250 | | 6,250 |
Series 2002 B, 3.46%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 7,000 | | 7,000 |
Indiana Fin. Auth. Envir. Rev.: | | | |
(Mittal Steel Co. Proj.) 3.5%, LOC Bank of Montreal, VRDN (b)(e) | 8,100 | | 8,100 |
(PSI Energy, Inc. Proj.) Series B, 3.46%, LOC Calyon, VRDN (b)(e) | 10,500 | | 10,500 |
Indiana Fin. Auth. Rev. Participating VRDN Series ROC II R6056, 3.45% (Liquidity Facility Citibank NA) (b)(f) | 12,250 | | 12,250 |
Indiana Health Facility Fing. Auth. Rev. Participating VRDN Series PA 972, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 7,400 | | 7,400 |
Indiana Hsg. Fin. Auth. Single Family Mtg. Rev. Participating VRDN: | | | |
Series Clipper 05 12, 3.5% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(e)(f) | 12,914 | | 12,914 |
Series Merlots 01 A2, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 970 | | 970 |
Series Merlots 97 H, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 2,535 | | 2,535 |
Series Putters 1204, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | 5,670 | | 5,670 |
Series ROC II R99, 3.48% (Liquidity Facility Citibank NA) (b)(e)(f) | 3,260 | | 3,260 |
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Participating VRDN Series ROC RR II R 529 PB, 3.47% (Liquidity Facility Deutsche Postbank AG) (b)(f) | 8,405 | | 8,405 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Indiana - continued |
Indiana Trans. Fin. Auth. Hwy. Participating VRDN: | | | |
Series MT 33, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | $ 5,915 | | $ 5,915 |
Series PT 3249, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,680 | | 5,680 |
Indianapolis Arpt. Auth. Participating VRDN Series MSTC 06 263 Class A, 3.5% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(e)(f) | 10,420 | | 10,420 |
Indianapolis Arpt. Rev. Participating VRDN Series LB 05 L24, 3.52% (Liquidity Facility Lehman Brothers Holdings, Inc.) | 16,395 | | 16,395 |
Indianapolis Econ. Dev. Multi-family Hsg. Rev. 3.5%, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (b)(e) | 9,910 | | 9,910 |
Indianapolis Econ. Dev. Rev.: | | | |
(Pine Glen Apts. Proj.) 3.47%, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (b)(e) | 6,300 | | 6,300 |
(US LLC Proj.) Series 1996, 3.85%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 300 | | 300 |
Indianapolis Local Pub. Impt. Bond Bank Participating VRDN: | | | |
Series MT 150, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 7,170 | | 7,170 |
Series MT 39, 3.49% (Liquidity Facility Svenska Handelsbanken AB) (b)(e)(f) | 16,270 | | 16,270 |
Series Putters 1154, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 9,445 | | 9,445 |
Series Putters 1424, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 16,870 | | 16,870 |
Indianapolis Thermal Energy Sys. Participating VRDN Series Putters 700, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 3,390 | | 3,390 |
IPS Multi-School Bldg. Corp. Participating VRDN Series PT 2297, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,650 | | 5,650 |
Knox Econ. Dev. Rev. (Toll IN LLC Proj.) 3.46%, LOC Bank of America NA, VRDN (b)(e) | 9,435 | | 9,435 |
Lawrence County Indl. Dev. Rev. (D&M Tool Proj.) 3.71%, LOC Huntington Nat'l. Bank, Columbus, VRDN (b)(e) | 800 | | 800 |
Lawrence Econ. Dev. Rev. (Westminster Village North Proj.) 3.46%, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 8,400 | | 8,400 |
Muncie Indl. Dev. Rev. (Diamond Plastics Corp. Proj.) Series 1996, 3.51%, LOC Bank of America NA, VRDN (b)(e) | 400 | | 400 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Indiana - continued |
Rockport Indl. Dev. Rev. (AK Steel Corp. Proj.): | | | |
Series 1998 A, 3.46%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | $ 10,000 | | $ 10,000 |
Series 1999 A, 3.46%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 10,000 | | 10,000 |
Rockport Poll. Cont. Rev. (AK Steel Corp. Proj.) Series 1997 A, 3.46%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 10,000 | | 10,000 |
Whitley County Ind. Econ. Dev. Rev. (Chromasource, Inc. Proj.) 3.52%, LOC Nat'l. City Bank, Indiana, VRDN (b)(e) | 4,085 | | 4,085 |
| | 459,219 |
Iowa - 0.5% |
Iowa Fin. Auth.: | | | |
Participating VRDN: | | | |
Series 2003 L21J, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 7,545 | | 7,545 |
Series LB 04 L33J, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 11,305 | | 11,305 |
Series 2003 F, 3.45% (Liquidity Facility Wells Fargo Bank Nat'l. Assoc.), VRDN (b)(e) | 5,980 | | 5,980 |
Series 2005 C, 3.45% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b)(e) | 12,000 | | 12,000 |
Iowa Fin. Auth. Indl. Dev. Rev. (Grafco Industries Proj.) Series 1999, 3.51%, LOC Bank of America NA, VRDN (b)(e) | 2,300 | | 2,300 |
Iowa Fin. Auth. Single Family Rev.: | | | |
Participating VRDN: | | | |
Series BA 00 N, 3.56% (Liquidity Facility Bank of America NA) (b)(e)(f) | 6,365 | | 6,365 |
Series Putters 1205, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | 9,220 | | 9,220 |
Series ROC II R74, 3.48% (Liquidity Facility Citibank NA) (b)(e)(f) | 2,575 | | 2,575 |
(Mtg. Backed Securities Prog.) Series 2004 G, 3.45% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b)(e) | 15,500 | | 15,500 |
Tobacco Settlement Auth. Tobacco Settlement Rev. Participating VRDN Series ROC II R456CE, 3.47% (Liquidity Facility Citibank NA) (b)(f) | 11,770 | | 11,770 |
| | 84,560 |
Kansas - 0.3% |
Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.) Series 2000, 3.46%, LOC Bank of America NA, VRDN (b)(e) | 25,100 | | 25,100 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Kansas - continued |
Kansas Dept. of Trans. Hwy. Rev. Participating VRDN Series EGL 00 1601, 3.46% (Liquidity Facility Citibank NA) (b)(f) | $ 5,000 | | $ 5,000 |
Kansas Dev. Fin. Auth. Rev. Participating VRDN Series Putters 1193, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,560 | | 4,560 |
Lenexa Multi-family Hsg. Rev. (Meadows Apts. Proj.) Series A, 3.47%, LOC Fannie Mae, VRDN (b)(e) | 7,800 | | 7,800 |
Wyandotte County/Kansas City Unified Govt. Gen. Oblig. BAN 3.25% 11/1/06 | 9,545 | | 9,545 |
| | 52,005 |
Kentucky - 1.8% |
Carroll County Solid Waste Disp. Rev. (North American Stainless LP Proj.) Series 2000, 3.53%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 10,000 | | 10,000 |
Danville Multi-City Lease Rev. Bonds (Kentucky League Cities Fdg. Trust Proj.) 3.56% tender 9/5/06, LOC Fifth Third Bank, Cincinnati, CP mode | 45,825 | | 45,825 |
Daviess County Exempt Facilities Rev. (Kimberly-Clark Tissue Co. Proj.) 3.5% (Kimberly-Clark Corp. Guaranteed), VRDN (b)(e) | 4,770 | | 4,770 |
Daviess County Solid Waste Disp. Facilities Rev. (Scott Paper Co. Proj.): | | | |
Series 1993 A, 3.5% (Kimberly-Clark Corp. Guaranteed), VRDN (b)(e) | 48,150 | | 48,150 |
Series 1993 B, 3.5% (Kimberly-Clark Corp. Guaranteed), VRDN (b)(e) | 32,900 | | 32,900 |
Elizabethtown Indl. Bldg. Rev. (Altec Industries, Inc. Proj.) Series 1997, 3.55%, LOC Wachovia Bank NA, VRDN (b)(e) | 5,000 | | 5,000 |
Henderson County Indl. Dev. Auth. (Pittsburg Tank & Tower Co. Proj.) 3.55%, LOC U.S. Bank NA, Minnesota, VRDN (b)(e) | 100 | | 100 |
Jefferson County Indl. Bldg. Rev. (Wynn Starr Foods Proj.) Series 1996, 3.85%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 900 | | 900 |
Kenton County Arpt. Board Arpt. Rev. Participating VRDN: | | | |
Series FRRI 02 L15, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 5,475 | | 5,475 |
Series PT 490, 3.49% (Liquidity Facility BNP Paribas SA) (b)(e)(f) | 6,245 | | 6,245 |
Kentucky Econ. Dev. Fin. Auth. Indl. Bldg. Rev. (Republic Svcs., Inc. Proj.) Series 2000, 3.53%, LOC Bank of America NA, VRDN (b)(e) | 5,000 | | 5,000 |
Kentucky Higher Ed. Student Ln. Corp. Student Ln. Rev. Series 1991 E, 3.48% (AMBAC Insured), VRDN (b)(e) | 23,150 | | 23,150 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Kentucky - continued |
Kentucky Hsg. Corp. Hsg. Rev. Participating VRDN Series 03 L49J, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | $ 3,200 | | $ 3,200 |
Kentucky Hsg. Corp. Single Family Mtg. Rev. Participating VRDN: | | | |
Series MT 230, 3.49% (Liquidity Facility Bayerische Landesbank (UNGTD)) (b)(e)(f) | 7,450 | | 7,450 |
Series MT 271, 3.49% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 10,020 | | 10,020 |
Larue County Indl. Dev. Rev. (CMH Hodgenville, Inc. Proj.) Series 2000, 3.52%, LOC U.S. Bank NA, Minnesota, VRDN (b)(e) | 6,000 | | 6,000 |
Laurel County Solid Waste Disp. Rev. (Waste Mgmt. of Kentucky LLC Proj.) 3.49%, LOC Wachovia Bank NA, VRDN (b)(e) | 7,300 | | 7,300 |
Logan County Solid Waste Disp. (Waste Mgmt. of Kentucky LLC Proj.) 3.49%, LOC Wachovia Bank NA, VRDN (b)(e) | 7,450 | | 7,450 |
Louisville & Jefferson County Metropolitan Swr. District Swr. & Drain Sys. Rev. Participating VRDN Series EGL 06 53 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 14,000 | | 14,000 |
Louisville & Jefferson County Swr. District Rev. Participating VRDN Series EGL 99 1701, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 6,115 | | 6,115 |
Louisville Reg'l. Arpt. Auth. Sys. Rev. Participating VRDN Series LB 05 P3U, 3.47% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 11,345 | | 11,345 |
Mason County Poll. Cont. Rev. (East Kentucky Pwr. Coop. Proj.): | | | |
Series 1984 B1, 3.52% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (b) | 16,300 | | 16,300 |
Series 1984 B2, 3.52% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (b) | 10,580 | | 10,580 |
Series 1984 B3, 3.52% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (b) | 8,970 | | 8,970 |
Walton Indl. Bldg. Rev. (Clarion Manufacturing Corp. of America Proj.) 3.55%, LOC Fifth Third Bank, Cincinnati, VRDN (b)(e) | 2,220 | | 2,220 |
| | 298,465 |
Louisiana - 2.6% |
East Baton Rouge Mtg. Fing. Auth. Single Family Rev. Participating VRDN: | | | |
Series MS 973, 3.51% (Liquidity Facility Morgan Stanley) (b)(e)(f) | 56,475 | | 56,475 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Louisiana - continued |
East Baton Rouge Mtg. Fing. Auth. Single Family Rev. Participating VRDN: - continued | | | |
Series MS 996, 3.51% (Liquidity Facility Morgan Stanley) (b)(e)(f) | $ 7,315 | | $ 7,315 |
Ernest N. Morial-New Orleans Exhibit Hall Auth. Spl. Tax Participating VRDN Series ROC II R4038, 3.48% (Liquidity Facility Citigroup, Inc.) (b)(f) | 8,095 | | 8,095 |
Iberville Parish Rev. (Dow Chemical Co. Proj.) Series 1999, 3.76%, VRDN (b)(e) | 7,500 | | 7,500 |
Lafayette Utils. Rev. Participating VRDN Series PT 2323, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,215 | | 5,215 |
Lake Charles Hbr. & Term. District Dock & Wharf Rev. (Conoco, Inc. Proj.) 3.49%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 14,400 | | 14,400 |
Louisiana Gas & Fuel Tax Rev. Participating VRDN: | | | |
Series EGL 06 73 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 9,900 | | 9,900 |
Series EGL 7050038 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 4,350 | | 4,350 |
Series EGL 7053027 Class A, 3.46% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 29,700 | | 29,700 |
Series ROC II R7021, 3.45% (Liquidity Facility Citibank NA) (b)(f) | 12,040 | | 12,040 |
Louisiana Gen. Oblig. Bonds Series MT 158, 3.14%, tender 9/28/06 (Liquidity Facility BNP Paribas SA) (b)(f)(g) | 22,915 | | 22,915 |
Louisiana Hsg. Fin. Agcy. Mtg. Rev.: | | | |
Participating VRDN: | | | |
Series LB 99 A52, 3.59% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(e)(f) | 2,070 | | 2,070 |
Series MS 1066, 3.51% (Liquidity Facility Morgan Stanley) (b)(e)(f) | 900 | | 900 |
Series MS 1224, 3.49% (Liquidity Facility Morgan Stanley) (b)(e)(f) | 25,100 | | 25,100 |
Series Clipper 05 11, 3.5% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(e)(f) | 4,859 | | 4,859 |
Louisiana Office Facilities Lease Rev. Participating VRDN Series PT 2031, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 3,805 | | 3,805 |
Louisiana Pub. Facilities Auth. Rev. Participating VRDN Series MT 46, 3.45% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 7,995 | | 7,995 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Louisiana - continued |
Louisiana State Citizens Property Ins. Corp. Assessment Rev. Participating VRDN: | | | |
Series EGL 06 84 Class A, 3.46% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | $ 34,985 | | $ 34,985 |
Series PT 3445, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 16,300 | | 16,300 |
Series Putters 1304 T, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 20,945 | | 20,945 |
New Orleans Aviation Board Rev. Series 1997 A, 3.6% (MBIA Insured), VRDN (b)(e) | 18,745 | | 18,745 |
New Orleans Fin. Auth. Single Family Mortgage Rev. Participating VRDN Series MS 1137, 3.51% (Liquidity Facility Morgan Stanley) (b)(e)(f) | 22,135 | | 22,135 |
New Orleans Gen. Oblig. Participating VRDN Series EGL 00 1801, 3.49% (Liquidity Facility Citibank NA) (b)(f) | 5,790 | | 5,790 |
Port New Orleans Board Commerce Rev. 3.47%, LOC BNP Paribas SA, VRDN (b)(e) | 9,855 | | 9,855 |
South Louisiana Port Commission Port Facilities Rev. (Holnam, Inc. Proj.) 3.49%, LOC Wachovia Bank NA, VRDN (b)(e) | 12,600 | | 12,600 |
West Baton Rouge Parish Indl. District #3 Rev. (Dow Chemical Co. Proj.): | | | |
Series 1993, 3.76%, VRDN (b)(e) | 15,000 | | 15,000 |
Series 1994 A, 3.76%, VRDN (b)(e) | 14,700 | | 14,700 |
Series 1994 B, 3.69%, VRDN (b) | 9,900 | | 9,900 |
Series 1995, 3.76%, VRDN (b)(e) | 43,600 | | 43,600 |
| | 447,189 |
Maine - 0.6% |
Maine Fin. Auth. Solid Waste Disposable Rev. (Casella Waste Systems, Inc. Proj.) 3.46%, LOC Bank of America NA, VRDN (b)(e) | 12,500 | | 12,500 |
Maine Hsg. Auth. Gen. Hsg. Rev. Participating VRDN: | | | |
Series MT 184, 3.49% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 3,340 | | 3,340 |
Series MT 185, 3.49% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 9,390 | | 9,390 |
Series MT 207, 3.49% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 2,760 | | 2,760 |
Series MT 275, 3.49% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 7,140 | | 7,140 |
Maine Hsg. Auth. Mtg. Purchase Rev.: | | | |
Bonds Series F, 3.65%, tender 9/14/07 (a)(b)(e) | 35,000 | | 35,000 |
Participating VRDN Series BA 99 P, 3.56% (Liquidity Facility Bank of America NA) (b)(e)(f) | 12,255 | | 12,255 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Maine - continued |
Maine Hsg. Auth. Multi-family Dev. Rev. (Park Village Apts. Proj.) 3.48%, LOC Fannie Mae, VRDN (b)(e) | $ 6,300 | | $ 6,300 |
Maine Pub. Util. Fin. Pub. Util. Rev. (Maine Pub. Svc. Co. Proj.) Series 2000, 3.52%, LOC Bank of America NA, VRDN (b)(e) | 9,000 | | 9,000 |
Maine Tpk. Auth. Tpk. Rev. Participating VRDN Series EGL 00 1901 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 2,000 | | 2,000 |
| | 99,685 |
Maryland - 2.1% |
Anne Arundel County Econ. Dev. Rev. Bonds (Baltimore Gas & Elec. Proj.): | | | |
3.75% tender 9/6/06, LOC Wachovia Bank NA, CP mode (e) | 25,000 | | 25,000 |
3.75% tender 10/3/06, LOC Wachovia Bank NA, CP mode (e) | 10,000 | | 10,000 |
Anne Arundel County Port Facilities Rev. Bonds: | | | |
(Baltimore Gas & Elec. Co. Proj.) Series 1985, 3.89% tender 9/8/06, LOC Wachovia Bank NA, CP mode | 21,100 | | 21,100 |
(Baltimore Gas & Elec. Proj.): | | | |
3.7% tender 10/2/06, LOC Wachovia Bank NA, CP mode | 15,000 | | 15,000 |
3.73% tender 10/6/06, LOC Wachovia Bank NA, CP mode | 11,900 | | 11,900 |
Baltimore County Econ. Dev. Rev. (Blue Circle, Inc. Proj.) Series 1992, 3.53%, LOC BNP Paribas SA, VRDN (b) | 6,100 | | 6,100 |
Baltimore County Gen. Oblig.: | | | |
(Notre Dame Preparatory School Proj.) 3.63%, LOC Manufacturers & Traders Trust Co., VRDN (b) | 6,750 | | 6,750 |
Series 1995, 3.48% 9/8/06, CP | 33,600 | | 33,600 |
3.78% 9/7/06, CP | 5,000 | | 5,000 |
Baltimore County Poll. Cont. Rev. Bonds (Baltimore Gas & Elec. Proj.) 3.67% tender 9/1/06, LOC Wachovia Bank NA, CP mode | 17,500 | | 17,500 |
Baltimore Rev. Participating VRDN Series SGA 20, 3.47% (Liquidity Facility Societe Generale) (b)(f) | 13,900 | | 13,900 |
Maryland Cmnty. Dev. Administration Dept. of Hsg. & Cmnty. Dev.: | | | |
Bonds Series N, 3.72% 9/12/07 (a)(e) | 21,000 | | 21,000 |
Participating VRDN: | | | |
Series Floaters MT 273, 3.49% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 8,350 | | 8,350 |
Series LB 04 L24, 3.55% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 10,825 | | 10,825 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Maryland - continued |
Maryland Cmnty. Dev. Administration Dept. of Hsg. & Cmnty. Dev.: - continued | | | |
Participating VRDN: | | | |
Series LB 04 L59J, 3.55% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | $ 6,650 | | $ 6,650 |
Series LB 04 L75J, 3.55% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 9,140 | | 9,140 |
Series MT 160, 3.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 3,540 | | 3,540 |
Series PT 3188, 3.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 1,895 | | 1,895 |
Series Putters 1206, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | 8,885 | | 8,885 |
Maryland Econ. Dev. Auth. Rev. (Grafco Ind. Ltd. Proj.) Series 1996, 3.46%, LOC Bank of America NA, VRDN (b)(e) | 1,200 | | 1,200 |
Maryland Econ. Dev. Corp. Air Cargo (AFCO Cargo BWI II LLC Proj.) 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 1,600 | | 1,600 |
Maryland Econ. Dev. Corp. Lease Rev. Participating VRDN Series Floaters L9J, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 21,675 | | 21,675 |
Maryland Energy Fing. Administration Ltd. Oblig. Rev. (Comfort Link Proj.) 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 15,000 | | 15,000 |
Maryland Health & Higher Edl. Facilities Auth. Rev.: | | | |
Participating VRDN Series SGA 143, 3.47% (Liquidity Facility Societe Generale) (b)(f) | 8,295 | | 8,295 |
Series A: | | | |
3.45% 9/7/06 (Liquidity Facility Bank of America NA), CP | 16,270 | | 16,270 |
3.45% 9/7/06 (Liquidity Facility Bank of America NA), CP | 15,000 | | 15,000 |
Montgomery County Hsg. Opportunity Commission Single Family Mtg. Rev. Participating VRDN: | | | |
Series LB 04 5, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 2,100 | | 2,100 |
Series MT 88, 3.46% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 17,810 | | 17,810 |
Northeast Maryland Waste Disp. Auth. Resource Recovery Rev. Participating VRDN Series EGL 97 C2001, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 8,415 | | 8,415 |
Northeast Maryland Waste Disp. Auth. Solid Waste Rev. Participating VRDN: | | | |
Series PT 766, 3.48% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 7,735 | | 7,735 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Maryland - continued |
Northeast Maryland Waste Disp. Auth. Solid Waste Rev. Participating VRDN: - continued | | | |
Series PT 842, 3.48% (Liquidity Facility Lloyds TSB Bank PLC) (b)(e)(f) | $ 9,995 | | $ 9,995 |
Prince Georges County Econ. Dev. Rev. (Cintas Corp. #41 Proj.) 3.49%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 335 | | 335 |
| | 361,565 |
Michigan - 1.9% |
Detroit City School District Participating VRDN: | | | |
Series BA 02 H, 3.49% (Liquidity Facility Bank of America NA) (b)(f) | 4,620 | | 4,620 |
Series ROC II R4004, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 4,735 | | 4,735 |
Detroit Swr. Disp. Rev. Participating VRDN: | | | |
Series EGL 72005001 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 7,365 | | 7,365 |
Series Merlots 00 I, 3.45% (Liquidity Facility Wachovia Bank NA) (b)(f) | 3,200 | | 3,200 |
Detroit Wtr. Supply Sys. Rev. Participating VRDN: | | | |
Series Merlots 00 D, 3.45% (Liquidity Facility Wachovia Bank NA) (b)(f) | 6,995 | | 6,995 |
Series Putters 200, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,100 | | 4,100 |
Series Putters 345, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 8,495 | | 8,495 |
Detroit Wtr. Sys. Rev. Participating VRDN Series EGL 99 2202, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 12,520 | | 12,520 |
Fitzgerald Pub. School District Participating VRDN Series Putters 561, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 995 | | 995 |
Kentwood Pub. Schools Participating VRDN Series EGL 03 24 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 9,585 | | 9,585 |
Michigan Bldg. Auth. Rev. Participating VRDN Series ROC II R2064, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 4,265 | | 4,265 |
Michigan Gen. Oblig. Bonds Series 2005 C: | | | |
3.65% tender 10/16/06 (Liquidity Facility DEPFA BANK PLC), CP mode | 12,900 | | 12,900 |
3.65% tender 10/16/06 (Liquidity Facility DEPFA BANK PLC), CP mode | 31,390 | | 31,390 |
Michigan Hosp. Fin. Auth. Hosp. Rev. Participating VRDN Series PT 732, 3.44% (Liquidity Facility Svenska Handelsbanken AB) (b)(f) | 4,300 | | 4,300 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Michigan - continued |
Michigan Hsg. Dev. Auth. Multi-family Hsg. Rev. (Lexington Place Apts. Proj.) Series 1999 A, 3.45%, LOC Bank of America NA, VRDN (b)(e) | $ 7,520 | | $ 7,520 |
Michigan Hsg. Dev. Auth. Rental Hsg. Rev.: | | | |
Series 2000 A, 3.44% (MBIA Insured), VRDN (b)(e) | 39,545 | | 39,545 |
Series 2002 A, 3.43% (MBIA Insured), VRDN (b)(e) | 25,140 | | 25,140 |
Series 2005 A, 3.48% (FSA Insured), VRDN (b)(e) | 8,475 | | 8,475 |
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.: | | | |
Series 1999 B2, 3.49% (MBIA Insured), VRDN (b)(e) | 4,400 | | 4,400 |
Series 2002 A, 3.49% (MBIA Insured), VRDN (b)(e) | 3,900 | | 3,900 |
Series B, 3.52% (Liquidity Facility DEPFA BANK PLC), VRDN (b)(e) | 12,800 | | 12,800 |
Michigan Muni. Bond Auth. Rev.: | | | |
Participating VRDN: | | | |
Series BA 02 F, 3.49% (Liquidity Facility Bank of America NA) (b)(f) | 4,995 | | 4,995 |
Series EGL 00 2201, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 16,110 | | 16,110 |
RAN Series B2, 4.5% 8/20/07, LOC Bank of Nova Scotia, New York Agcy. | 47,300 | | 47,662 |
Michigan Strategic Fund Ltd. Oblig. Rev.: | | | |
(Dow Chemical Co. Proj.) 3.52%, VRDN (b) | 4,700 | | 4,700 |
(Fintex LLC Proj.) Series 2000, 3.57%, LOC Comerica Bank, Detroit, VRDN (b)(e) | 1,410 | | 1,410 |
(Majestic Ind., Inc. Proj.) 3.57%, LOC Comerica Bank, Detroit, VRDN (b)(e) | 1,600 | | 1,600 |
(YMCA Metropolitan Lansing Proj.) 3.48%, LOC LaSalle Bank Midwest NA, VRDN (b) | 9,775 | | 9,775 |
Wayne County Arpt. Auth. Rev. Participating VRDN: | | | |
Series MT 203, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 16,125 | | 16,125 |
Series Putters 836, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | 7,585 | | 7,585 |
| | 327,207 |
Minnesota - 1.3% |
Anoka County Solid Waste Disp. Rev. Bonds (United Pwr. Assoc. Proj.) Series 1988 A, 3.83% tender 9/6/06 (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), CP mode (e) | 2,600 | | 2,600 |
Bloomington Health Care Facilities Rev. Participating VRDN Series FRRI 03 L1J, 3.47% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(f) | 17,900 | | 17,900 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Minnesota - continued |
Dakota County Cmnty. Dev. Agcy. Multi-family Hsg. Rev.: | | | |
(Brentwood Hills Apts. Proj.) Series A, 3.67%, LOC LaSalle Bank NA, VRDN (b)(e) | $ 7,195 | | $ 7,195 |
(Regatta Commons Proj.) Series A, 3.67%, LOC LaSalle Bank NA, VRDN (b)(e) | 3,100 | | 3,100 |
Dakota County Cmnty. Dev. Agcy. Single Family Rev. Participating VRDN: | | | |
Series MT 60, 3.49% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 16,710 | | 16,710 |
Series MT 61, 3.49% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 30,540 | | 30,540 |
Series PT 2816, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 6,540 | | 6,540 |
Eagan Multi-family Rev. (Thomas Lake Place Apts. Proj.) Series 2003 A1, 3.47%, LOC Fannie Mae, VRDN (b)(e) | 4,325 | | 4,325 |
Elk River Independent School District #728 Participating VRDN Series Putters 1275, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 2,335 | | 2,335 |
Farmington Ind. School District #192 Participating VRDN Series EGL 7050030 Class A, 3.46% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 23,380 | | 23,380 |
Hennepin County Gen. Oblig. Series 1996 C, 3.5%, VRDN (b)(e) | 300 | | 300 |
Hennepin County Hsg. & Redev. Auth. Multi-family Rev. (Stone Arch Apts. Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 5,600 | | 5,600 |
Minneapolis & Saint Paul Hsg. Fin. Board Rev. Participating VRDN: | | | |
Series MT 118, 3.49% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 18,925 | | 18,925 |
Series MT 120, 3.46% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 12,480 | | 12,480 |
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Participating VRDN: | | | |
Series PT 1457, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 5,145 | | 5,145 |
Series PT 1459, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 5,600 | | 5,600 |
Series PT 2844, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 7,420 | | 7,420 |
Series PT 735, 3.49% (Liquidity Facility BNP Paribas SA) (b)(e)(f) | 5,225 | | 5,225 |
Series Putters 1029, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 7,110 | | 7,110 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Minnesota - continued |
Minnesota Gen. Oblig. Participating VRDN Series Putters 1421, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | $ 4,205 | | $ 4,205 |
Minnesota Hsg. Fin. Agcy.: | | | |
Participating VRDN: | | | |
Series LB 03 L28J, 3.55% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 6,700 | | 6,700 |
Series LB 04 L23, 3.55% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 6,520 | | 6,520 |
Series LB 06 K23, 3.55% (Liquidity Facility Lehman Brothers Hldgs., Inc.)(Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 5,000 | | 5,000 |
Series Merlots 01 B3, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 1,580 | | 1,580 |
Series Putters 1207, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | 6,735 | | 6,735 |
Series G, 3.45% (Liquidity Facility Lloyds TSB Bank PLC), VRDN (b)(e) | 8,705 | | 8,705 |
South Washington County Independent School District #833 Participating VRDN Series Putters 1194, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 6,230 | | 6,230 |
| | 228,105 |
Mississippi - 0.7% |
Jackson County Indl. Sewage Facilities Rev. (Chevron U.S.A, Inc. Proj.) Series 1994, 3.47%, VRDN (b)(e) | 18,100 | | 18,100 |
Mississippi Bus. Fin. Corp. Envir. Impt. Rev. (Trex Co., Inc. Proj.) 3.5%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 20,300 | | 20,300 |
Mississippi Bus. Fin. Corp. Rev. (Calgon Carbon Corp. Proj.) Series 1997, 3.53%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 2,925 | | 2,925 |
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 3.46%, LOC Bank of America NA, VRDN (b)(e) | 5,000 | | 5,000 |
Mississippi Dev. Bank Spl. Oblig. Participating VRDN: | | | |
Series PT 3240, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 17,865 | | 17,865 |
Series Putters 667, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 2,385 | | 2,385 |
Mississippi Gen. Oblig. Participating VRDN: | | | |
Series EGL 99 2401, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 10,900 | | 10,900 |
Series Putters 138, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 11,925 | | 11,925 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Mississippi - continued |
Mississippi Home Corp. Multi-family Hsg. Rev.: | | | |
(Bristol Park Apts. Proj.) Series 2001 1, 3.52%, LOC Wachovia Bank NA, VRDN (b)(e) | $ 8,200 | | $ 8,200 |
(Cambridge Park Apts. Proj.) Series 2001 3, 3.52%, LOC SouthTrust Bank NA, VRDN (b)(e) | 9,800 | | 9,800 |
(Colony Park Apts. Proj.) Series 1998 I, 3.52%, LOC AmSouth Bank NA, Birmingham, VRDN (b)(e) | 8,000 | | 8,000 |
Mississippi Home Corp. Single Family Rev. Participating VRDN Series PT 1446, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 1,405 | | 1,405 |
| | 116,805 |
Missouri - 2.0% |
Curators of the Univ. of Missouri RAN (Univ. of Missouri Univ. Revs. Proj.) Series FY, 4.5% 6/29/07 | 15,000 | | 15,103 |
Grandview Indl. Dev. Auth. Multi-family Hsg. Rev. (Briarwood Apts. Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 13,000 | | 13,000 |
Kansas City Ind. Dev. Auth. Multi-family Hsg. Rev. (Orchards Apts. Proj.) 3.46%, LOC Fannie Mae, VRDN (b)(e) | 10,750 | | 10,750 |
Kansas City Indl. Dev. Auth. Air Cargo Facility Rev. (Kansas City Air Cargo Svcs. Proj.) 3.47%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 7,300 | | 7,300 |
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev.: | | | |
Participating VRDN Series Merlots 00 B10, 3.45% (Liquidity Facility Wachovia Bank NA) (b)(f) | 13,255 | | 13,255 |
(Lutheran High School Assoc. Proj.) 3.68%, LOC U.S. Bank NA, Minnesota, VRDN (b) | 4,700 | | 4,700 |
Missouri Health & Edl. Facilities Auth. Health Facilities Rev. Participating VRDN Series Putters 362, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,305 | | 4,305 |
Missouri Health & Edl. Facilities Auth. Rev. Participating VRDN Series EGL 03 48 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 9,835 | | 9,835 |
Missouri Higher Ed. Ln. Auth. Student Ln. Rev.: | | | |
Series 1990 B, 3.48%, LOC Bank of America NA, VRDN (b)(e) | 32,100 | | 32,100 |
Series 2005 A, 3.46% (MBIA Insured), VRDN (b)(e) | 32,300 | | 32,300 |
Series 2005 B, 3.45% (MBIA Insured), VRDN (b)(e) | 20,000 | | 20,000 |
Series 2005 C, 3.47% (MBIA Insured), VRDN (b)(e) | 16,900 | | 16,900 |
Series 2005 D, 3.46% (MBIA Insured), VRDN (b)(e) | 2,650 | | 2,650 |
Series 2005 E, 3.49% (MBIA Insured), VRDN (b)(e) | 7,750 | | 7,750 |
Series 2006 A, 3.46% (MBIA Insured), VRDN (b)(e) | 40,000 | | 40,000 |
Series 2006 B, 3.46% (MBIA Insured), VRDN (b)(e) | 15,000 | | 15,000 |
Series 2006 C, 3.47% (MBIA Insured), VRDN (b)(e) | 4,500 | | 4,500 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Missouri - continued |
Missouri Higher Ed. Ln. Auth. Student Ln. Rev.: - continued | | | |
Series 2006 D, 3.46% (MBIA Insured), VRDN (b)(e) | $ 9,700 | | $ 9,700 |
Missouri Highways & Trans. Commission State Road Rev. Participating VRDN Series PT 3567, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 6,575 | | 6,575 |
Missouri Hsg. Dev. Commission Single Family Mtg. Rev. Participating VRDN: | | | |
Series BA 02 K, 3.49% (Liquidity Facility Bank of America NA) (b)(e)(f) | 4,150 | | 4,150 |
Series Clipper 05 14, 3.5% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(e)(f) | 10,052 | | 10,052 |
Series FRRI 03 L5J, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 5,815 | | 5,815 |
Series FRRI A64, 3.52% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(e)(f) | 930 | | 930 |
Series LB 04 L15, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 4,100 | | 4,100 |
Series LB 04 L35J, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 5,635 | | 5,635 |
Series Merlots 01 A28, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 1,810 | | 1,810 |
Series PT 2972, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 3,790 | | 3,790 |
Series Putters 1208, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | 4,000 | | 4,000 |
Series Putters 224, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 1,950 | | 1,950 |
Saint Louis Indl. Dev. Auth. (Metropolitan Lofts Apts. Proj.): | | | |
Series 2003 A, 3.48%, LOC Fannie Mae, VRDN (b)(e) | 13,250 | | 13,250 |
Series 2003 C, 3.5%, LOC U.S. Bank NA, Minnesota, VRDN (b)(e) | 4,050 | | 4,050 |
Saint Louis Indl. Dev. Auth. Elderly Hsg. Rev. (Homer G. Phillips Historic Restoration Proj.): | | | |
Series 2001 A, 3.67%, LOC LaSalle Bank NA, VRDN (b)(e) | 4,500 | | 4,500 |
Series B, 3.67%, LOC LaSalle Bank NA, VRDN (b)(e) | 15,500 | | 15,500 |
| | 345,255 |
Montana - 0.3% |
Montana Board of Hsg. Participating VRDN: | | | |
Series BA 00 I, 3.56% (Liquidity Facility Bank of America NA) (b)(e)(f) | 3,255 | | 3,255 |
Series Clipper 2006 2, 3.5% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(e)(f) | 15,615 | | 15,615 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Montana - continued |
Montana Board of Hsg. Participating VRDN: - continued | | | |
Series LB 03 L33J, 3.55% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | $ 16,125 | | $ 16,125 |
Series LB 04 6, 3.55% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 6,955 | | 6,955 |
Series Merlots 02 A19, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 1,780 | | 1,780 |
Series Putters 1209, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | 6,470 | | 6,470 |
| | 50,200 |
Nebraska - 1.7% |
Douglas County Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 3.46%, LOC Bank of America NA, VRDN (b)(e) | 3,000 | | 3,000 |
Nebhelp, Inc. Rev. Series C, 3.63% (MBIA Insured), VRDN (b)(e) | 15,300 | | 15,300 |
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: | | | |
Participating VRDN: | | | |
Series BA 98 J, 3.56% (Liquidity Facility Bank of America NA) (b)(e)(f) | 14,995 | | 14,995 |
Series FRRI L31, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 1,610 | | 1,610 |
Series LB 06 K52, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) | 7,200 | | 7,200 |
Series Merlots 00 UU, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 2,975 | | 2,975 |
Series 2000 F, 3.49% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(e) | 23,440 | | 23,440 |
Series 2001 B, 3.49% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(e) | 20,560 | | 20,560 |
Series 2001 E, 3.49% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(e) | 7,750 | | 7,750 |
Series 2002 B, 3.49% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(e) | 21,675 | | 21,675 |
Series 2002 F: | | | |
3.49% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(e) | 20,265 | | 20,265 |
3.49% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(e) | 300 | | 300 |
Series 2003 B, 3.49% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(e) | 14,205 | | 14,205 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Nebraska - continued |
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: - continued | | | |
Series 2003 E, 3.49% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(e) | $ 9,220 | | $ 9,220 |
Series 2004 B, 3.49% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(e) | 11,215 | | 11,215 |
Series 2004 G, 3.49% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(e) | 9,775 | | 9,775 |
Series 2005 B, 3.49% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(e) | 15,840 | | 15,840 |
Series 2006 B, 3.49% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(e) | 17,500 | | 17,500 |
Nebraska Pub. Pwr. District Rev. Participating VRDN Series EGL 04 16 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 5,330 | | 5,330 |
Omaha Gen. Oblig. Participating VRDN Series EGL 04 10 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 5,065 | | 5,065 |
Omaha Pub. Pwr. District Participating VRDN: | | | |
Series EGL 06 14 Class A, 3.46% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 22,135 | | 22,135 |
Series EGL 7053008 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 27,760 | | 27,760 |
Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series ROC II R7008, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 8,035 | | 8,035 |
| | 285,150 |
Nevada - 1.2% |
Clark County Arpt. Rev. Participating VRDN: | | | |
Series EGL 720050024 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 17,205 | | 17,205 |
Series MT 31, 3.49% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 11,590 | | 11,590 |
Series PT 2358, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 5,195 | | 5,195 |
Series Putters 498, 3.48% (Liquidity Facility PNC Bank NA, Pittsburgh) (b)(e)(f) | 21,155 | | 21,155 |
Series Putters 910, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | 5,340 | | 5,340 |
Clark County Indl. Dev. Rev. Participating VRDN: | | | |
Series Floaters 04 1181, 3.48% (Liquidity Facility Morgan Stanley) (b)(e)(f) | 3,170 | | 3,170 |
Series MS 06 1325, 3.48% (Liquidity Facility Morgan Stanley) (b)(e)(f) | 14,400 | | 14,400 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Nevada - continued |
Clark County School District Participating VRDN: | | | |
Series PA 1220, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | $ 13,425 | | $ 13,425 |
Series PT 2406, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,895 | | 5,895 |
Series PT 3261, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 16,010 | | 16,010 |
Series Putters 1157, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 17,420 | | 17,420 |
Series ROC II R2184, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 14,495 | | 14,495 |
Director of State Dept. Bus. & Ind. Indl. Dev. Rev. (Valley Joist, Inc. Proj.) Series A, 3.52%, LOC AmSouth Bank NA, Birmingham, VRDN (b)(e) | 6,845 | | 6,845 |
Director of State Dept. Bus. & Ind. Solid Waste Disp. Rev. (Republic Svcs., Inc. Proj.) 3.8%, VRDN (b)(e) | 24,900 | | 24,900 |
Las Vegas Valley Wtr. District Participating VRDN Series PT 1672, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,305 | | 5,305 |
Nevada Gen. Oblig. Participating VRDN Series Putters 840, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 2,595 | | 2,595 |
Nevada Hsg. Division: | | | |
Participating VRDN Series Merlots 00 A6, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 1,325 | | 1,325 |
(Horizon Apt. Hsg. Proj.) Series 2000 A, 3.45%, LOC Fannie Mae, VRDN (b)(e) | 5,510 | | 5,510 |
Nevada Sys. of Higher Ed. Univs. Rev. Participating VRDN Series PT 3212, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 10,715 | | 10,715 |
Truckee Meadows Wtr. Auth. Wtr. Rev. Participating VRDN Series ROC II R 6078, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 9,300 | | 9,300 |
| | 211,795 |
New Hampshire - 1.0% |
Clipper Tax-Exempt Trust Participating VRDN Series Clipper 05 3, 3.5% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(e)(f) | 52,000 | | 52,000 |
Manchester Arpt. Rev. 3.49% (FGIC Insured), VRDN (b)(e) | 33,195 | | 33,195 |
New Hampshire Bus. Fin. Auth. Ind. Dev. Rev. (Wiggins Airways Proj.) Series 1998, 3.46%, LOC Fleet Bank NA, VRDN (b)(e) | 2,500 | | 2,500 |
New Hampshire Bus. Fin. Auth. Resource Recovery Rev. (Wheelabrator Concord Co. LP Proj.) Series 1997 B, 3.48%, LOC Wachovia Bank NA, VRDN (b)(e) | 4,525 | | 4,525 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
New Hampshire - continued |
New Hampshire Bus. Fin. Auth. Rev. (Luminescent Sys., Inc. Proj.) Series 1998, 3.65%, LOC HSBC Bank USA, VRDN (b)(e) | $ 3,050 | | $ 3,050 |
New Hampshire Bus. Fin. Auth. Solid Waste Disp. Rev. (Lonza Biologies, Inc. Proj.) 3.5%, LOC Deutsche Bank AG, VRDN (b)(e) | 20,000 | | 20,000 |
New Hampshire Hsg. Fin. Auth. Single Family Rev. Participating VRDN: | | | |
Series BA 01 B, 3.56% (Liquidity Facility Bank of America NA) (b)(e)(f) | 1,415 | | 1,415 |
Series LB 05 P4, 3.5% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 6,650 | | 6,650 |
Series Merlots 00 A29, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 1,730 | | 1,730 |
Series Merlots 00 B13, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 465 | | 465 |
Series Merlots 01 A51, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 2,320 | | 2,320 |
Series Merlots 01 A82, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 2,510 | | 2,510 |
Series Merlots 97 F, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 2,065 | | 2,065 |
Series PA 351, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 640 | | 640 |
Series Putters 1210, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | 8,185 | | 8,185 |
Series Putters 1284, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | 8,385 | | 8,385 |
New Hampshire St Hsg. Fin. Rev. Participating VRDN Series Putters 1431, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 12,245 | | 12,245 |
| | 161,880 |
New Jersey - 0.1% |
New Jersey Trans. Trust Fund Auth. Participating VRDN Series PZ 111, 3.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 20,955 | | 20,955 |
New Mexico - 0.2% |
Bernalillo County Gross Receipt Tax Rev. Participating VRDN Series BA 04B, 3.45% (Liquidity Facility Bank of America NA) (b)(f) | 10,320 | | 10,320 |
Dona Ana County Indl. Dev. Rev. (Karr Tool & Manufacturing Proj.) Series 1996, 3.48%, LOC U.S. Bank NA, Minnesota, VRDN (b)(e) | 1,785 | | 1,785 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
New Mexico - continued |
Espanol Indl. Dev. Rev. (Nambee Mills, Inc. Proj.) Series A, 3.62%, LOC Nat'l. City Bank, Indiana, VRDN (b)(e) | $ 480 | | $ 480 |
New Mexico Mtg. Fin. Auth. Participating VRDN: | | | |
Series Clipper 05 15, 3.5% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(e)(f) | 11,500 | | 11,500 |
Series FRRI 03 L15, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 5,080 | | 5,080 |
Series Merlots 00 A9, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 2,345 | | 2,345 |
Series Merlots 01 A37, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 5,110 | | 5,110 |
New Mexico St Univ. Revs Participating VRDN Series PT 2342, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,185 | | 5,185 |
| | 41,805 |
New York - 0.1% |
Bank of New York Muni. Ctfs. trust various states Participating VRDN Series BNY 02 3, 3.49% (Liquidity Facility Bank of New York, New York) (b)(e)(f) | 1,500 | | 1,500 |
Energy Northwest Elec. Rev. Participating VRDN Series MSTC 02 188, 3.47% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(f) | 10,995 | | 10,995 |
New York State Mtg. Agcy. Rev. Participating VRDN Series PA 410, 3.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 2,825 | | 2,825 |
| | 15,320 |
New York & New Jersey - 0.9% |
Port Auth. of New York & New Jersey Participating VRDN Series EGL 06 107 Class A, 3.48% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 151,450 | | 151,450 |
Non State Specific - 2.3% |
Clipper Tax-Exempt Trust Participating VRDN: | | | |
Series Clipper 04 11, 3.54% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(e)(f) | 47,128 | | 47,128 |
Series Clipper 05 18, 3.54% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 23,875 | | 23,875 |
Series Clipper 05 19, 3.54% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 7,395 | | 7,395 |
Series Clipper 2006 2, 3.56% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(e)(f) | 10,000 | | 10,000 |
Delaware, Montana & Oklahoma St. Hsg. Participating VRDN Series LB 05 L11, 3.57% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 13,010 | | 13,010 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Non State Specific - continued |
Delaware, Oklahoma & Missouri St. Hsg. Auth. Participating VRDN Series LB 04 L68J, 3.6% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | $ 19,835 | | $ 19,835 |
Illinois, Georgia & Kansas Participating VRDN Series LB 06 P30U, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 13,015 | | 13,015 |
Kentucky, Ohio, Rhode Island & Texas Hsg. Fin. Agcy. Participating VRDN Series LB 05 LJ5, 3.57% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 23,430 | | 23,430 |
Puttable Floating Option Tax Receipts Participating VRDN Series PZP 015, 3.51% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 12,685 | | 12,685 |
Reset Optional Ctfs. Trust II-R Participating VRDN: | | | |
Series ROC II R8003MS, 3.51% (Liquidity Facility Citigroup, Inc.) (b)(f) | 32,830 | | 32,830 |
Series ROC II R8006JD, 3.51% (Liquidity Facility Citigroup, Inc.) (b)(f) | 57,595 | | 57,595 |
Series ROC II R8008FA, 3.51% (Liquidity Facility Citigroup, Inc.) (b)(f) | 20,960 | | 20,960 |
Series ROC II R8011MN, 3.51% (Liquidity Facility Citigroup, Inc.) (b)(f) | 32,975 | | 32,975 |
Series ROC II R8014FA, 3.51% (Liquidity Facility Citigroup, Inc.) (b)(f) | 76,950 | | 76,950 |
| | 391,683 |
North Carolina - 3.6% |
Brunswick County Enterprise Participating VRDN PT 2235, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,330 | | 5,330 |
Catawba County Indl. Facilities & Poll. Cont. Fin. Auth. Rev. (Kroehler Furniture Proj.) Series 1998, 3.52%, LOC Nat'l. City Bank, VRDN (b)(e) | 2,400 | | 2,400 |
Charlotte Arpt. Rev.: | | | |
Participating VRDN Series ROC II 99 R9, 3.48% (Liquidity Facility Citibank NA) (b)(e)(f) | 3,000 | | 3,000 |
Series A, 3.46% (MBIA Insured), VRDN (b)(e) | 20,000 | | 20,000 |
Charlotte Ctfs. of Prtn. Participating VRDN Series ROC II R4056, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 6,085 | | 6,085 |
Concord Multi-family Hsg. Rev. (Concord Chase Apts. Proj.) 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 5,565 | | 5,565 |
Forsyth County Ctfs. of Prtn. Participating VRDN: | | | |
Series ROC II R7010, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 7,030 | | 7,030 |
Series ROC II R7529, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 10,815 | | 10,815 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
North Carolina - continued |
Gaston County Indl. Facilities & Poll. Cont. Fing. Auth. Rev. (Duke Energy Corp. Proj.) Series 1999, 3.75%, VRDN (b)(e) | $ 18,100 | | $ 18,100 |
Henderson County Indl. Facilities & Poll. Cont. Fin. Auth. Rev. (American Coating Technologies Proj.) 3.56%, LOC Huntington Nat'l. Bank, Columbus, VRDN (b)(e) | 3,150 | | 3,150 |
Mecklenburg Co. Multi-family Hsg. Rev. (Sycamore Green Apartments Proj.) 3.46%, LOC Bank of America NA, VRDN (b)(e) | 4,170 | | 4,170 |
North Carolina Agric. Fin. Auth. Agric. Dev. Rev. (J.W. Jones Lumber Co. Proj.) Series 2000, 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 3,600 | | 3,600 |
North Carolina Cap. Facilities Fin. Agcy. Series 2001 A1, 3.57% 9/8/06, CP | 2,768 | | 2,768 |
North Carolina Cap. Facilities Fin. Agcy. Rev. Participating VRDN: | | | |
Series EGL 7053004 Class A, 3.46% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 13,105 | | 13,105 |
Series EGL 7053016 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 8,500 | | 8,500 |
North Carolina Hsg. Fin. Agcy. Home Ownership Rev. Participating VRDN: | | | |
Series Clipper 05 8, 3.49% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(e)(f) | 33,090 | | 33,090 |
Series FRRI 02 L7, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 3,725 | | 3,725 |
Series FRRI 03 L17, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 1,700 | | 1,700 |
Series Merlots 06 B12, 3.74% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 9,200 | | 9,200 |
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Participating VRDN Series Putters 341, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 13,320 | | 13,320 |
North Carolina State Ed. Assistance Auth. Student Ln. Rev.: | | | |
Series 2005 A1, 3.45% (AMBAC Insured), VRDN (b)(e) | 60,000 | | 60,000 |
Series 2005 A2, 3.48% (AMBAC Insured), VRDN (b)(e) | 43,250 | | 43,250 |
Series 2005 A3, 3.46% (AMBAC Insured), VRDN (b)(e) | 23,500 | | 23,500 |
Series 2005 A4, 3.44% (AMBAC Insured), VRDN (b)(e) | 40,000 | | 40,000 |
Piedmont Triad Arpt. Auth. Series B, 3.46% (XL Cap. Assurance, Inc. Insured), VRDN (b)(e) | 34,010 | | 34,010 |
Piedmont Triad Arpt. Auth. Spl. Facilities Rev. (Triad Int'l. Maintenance Corp. Proj.) Series 1989, 3.65%, LOC Citibank NA, VRDN (b)(e) | 6,400 | | 6,400 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
North Carolina - continued |
Raleigh Durham Arpt. Auth. Rev.: | | | |
Series 2006 A, 3.45% (XL Cap. Assurance, Inc. Insured), VRDN (b)(e) | $ 33,000 | | $ 33,000 |
Series 2006 B, 3.49% (XL Cap. Assurance, Inc. Insured), VRDN (b)(e) | 50,000 | | 50,000 |
Series 2006 C, 3.5% (XL Cap. Assurance, Inc. Insured), VRDN (b)(e) | 12,000 | | 12,000 |
Rockingham County Indl. Facilities & Poll. Cont. Fing. Auth. Rev. (Pine Brick Co., Inc. Proj.) Series 2000, 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 6,900 | | 6,900 |
Sampson County Indl. Facilities & Poll. Cont. Fing. Auth. Envir. Facilities Rev. (Sampson County Disp., Inc. Proj.): | | | |
3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 30,855 | | 30,855 |
3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 3,500 | | 3,500 |
Union County Indl. Facilities & Poll. Cont. Fing. Auth. Indl. Dev. Rev. (Greiner Vacuette NA Proj.) 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 6,700 | | 6,700 |
Univ. of North Carolina at Chapel Hill Rev.: | | | |
Participating VRDN Series EGL 05 3014 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 42,710 | | 42,710 |
3.68% 9/12/06, CP | 32,600 | | 32,600 |
Wake County Hsg. Auth. Multi-family Rev. (Grove at Cary Park Apt. Proj.) Series 2001 A, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 6,840 | | 6,840 |
Wake County Indl. Facilities & Poll. Cont. Fin. Agcy. Indl. Dev. Rev. (Carolina Indl. LLC Proj.) Series 1997, 3.53%, LOC Harris NA, VRDN (b)(e) | 1,425 | | 1,425 |
Wilmington Hsg. Auth. Multi-family Rev. (Garden Lake Estates Proj.) Series 1999, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 5,300 | | 5,300 |
| | 613,643 |
North Dakota - 0.0% |
Mercer County Poll. Cont. Rev. (United Pwr. Assoc. Proj.) Series 1994 C, 3.52% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (b) | 7,850 | | 7,850 |
Ohio - 1.4% |
Bellefontaine Hosp. Facilities Rev. (Mary Rutan Hosp. Proj.) 3.46%, LOC Nat'l. City Bank, VRDN (b) | 6,520 | | 6,520 |
Cincinnati Student Ln. Fdg. Corp. Student Ln. Rev.: | | | |
Series 1998 A1, 3.48% (Liquidity Facility Sallie Mae), VRDN (b)(e) | 35,700 | | 35,700 |
Series 1998 A2, 3.48% (Liquidity Facility Sallie Mae), VRDN (b)(e) | 34,200 | | 34,200 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Ohio - continued |
Cuyahoga County Health Care Facilities Rev. (Altenheim Proj.) 3.46%, LOC U.S. Bank NA, Minnesota, VRDN (b) | $ 7,600 | | $ 7,600 |
Delaware County Health Care Facilities (Willow Brook Christian Cmnty. Proj.) Series 1999, 3.55%, LOC Huntington Nat'l. Bank, Columbus, VRDN (b) | 5,600 | | 5,600 |
Middletown Hosp. Facilities Rev. Participating VRDN Series MT 239, 3.5% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 12,495 | | 12,495 |
Ohio Air Quality Dev. Auth. Rev.: | | | |
(Cincinnati Gas & Elec. Co. Proj.) Series A, 3.65%, VRDN (b) | 13,700 | | 13,700 |
Series A, 3.45%, LOC Barclays Bank PLC, VRDN (b)(e) | 8,000 | | 8,000 |
Ohio Gen. Oblig. Participating VRDN Series ROC II R1068, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 2,885 | | 2,885 |
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series EGL 7053020 Class A, 3.46% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 17,120 | | 17,120 |
Ohio Hsg. Fin. Agcy. Mtg. Rev.: | | | |
Participating VRDN: | | | |
Series BA 98 B, 3.56% (Liquidity Facility Bank of America NA) (b)(e)(f) | 20,300 | | 20,300 |
Series BA 98 Q, 3.56% (Liquidity Facility Bank of America NA) (b)(e)(f) | 20,395 | | 20,395 |
Series LB 03 L46J, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 4,400 | | 4,400 |
Series PT 241, 3.48% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(e)(f) | 480 | | 480 |
Series PT 582, 3.48% (Liquidity Facility Svenska Handelsbanken AB) (b)(e)(f) | 2,700 | | 2,700 |
Series Putters 1334, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | 2,265 | | 2,265 |
(Mortgage-Backed Securities Prog.) Series B, 3.45% (Liquidity Facility Citibank NA), VRDN (b)(e) | 18,500 | | 18,500 |
Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev.: | | | |
(Club at Spring Valley Apts. Proj.) Series 1996 A, 3.47%, LOC Key Bank NA, VRDN (b)(e) | 3,800 | | 3,800 |
(Pedcor Invts. Willow Lake Apts. Proj.) Series A, 3.47%, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (b)(e) | 2,400 | | 2,400 |
Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 3.56%, LOC Bank of America NA, VRDN (b)(e) | 8,100 | | 8,100 |
Richland County Indl. Dev. Rev. (Sabin Robbins Paper Co. Proj.) Series 1997, 3.55%, LOC LaSalle Bank Midwest NA, VRDN (b)(e) | 700 | | 700 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Ohio - continued |
Stark County Indl. Dev. Rev. (H-P Products, Inc. Proj.) 3.55%, LOC Key Bank NA, VRDN (b)(e) | $ 2,200 | | $ 2,200 |
Univ. of Cincinnati Gen. Receipts BAN Series E, 4.75% 7/6/07 | 7,375 | | 7,435 |
| | 237,495 |
Oklahoma - 1.3% |
Clipper Tax-Exempt Trust Participating VRDN Series Clipper 04 3, 3.5% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(e)(f) | 22,300 | | 22,300 |
Comanche County Indl. Dev. Auth. Rev. (Silver Line Plastics Corp. Proj.) Series 2000, 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 6,500 | | 6,500 |
Guymon Util. Auth. Rev. (Seaboard Proj.) Series 1995, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 3,300 | | 3,300 |
Muskogee Med. Ctr. Auth. Rev. 3.46%, LOC Bank of America NA, VRDN (b) | 7,300 | | 7,300 |
Oklahoma Cap. Impt. Auth. Facilities Participating VRDN Series PT 3284, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 8,975 | | 8,975 |
Oklahoma City Gen. Oblig. Participating VRDN Series Putters 743, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 2,590 | | 2,590 |
Oklahoma Dev. Fin. Auth. Rev.: | | | |
Bonds (ConocoPhillips Co. Proj.) 3.45%, tender 12/1/06 (b)(e) | 2,000 | | 2,000 |
(Shawnee Fdg. LP Proj.) Series 1996, 3.46%, LOC Bank of Nova Scotia, VRDN (b)(e) | 3,100 | | 3,100 |
Oklahoma Hsg. Fin. Agcy. Sf Mtg. Participating VRDN Series Putters 1380, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | 10,740 | | 10,740 |
Oklahoma Hsg. Fin. Agcy. Single Family Mtg. Rev. Participating VRDN Series LB 99 A5, 3.52% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(e)(f) | 1,545 | | 1,545 |
Oklahoma Hsg. Fin. Agcy. Single Family Rev. Lehman Muni. Trust Rcpts Various States Participating VRDN Series LB 06 P42, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 6,540 | | 6,540 |
Oklahoma Student Ln. Auth. Rev.: | | | |
Series 2002 A1, 3.45% (MBIA Insured), VRDN (b)(e) | 22,125 | | 22,125 |
Series 2003 A2, 3.45% (MBIA Insured), VRDN (b)(e) | 24,000 | | 24,000 |
Series 2006 A1, 3.52% (MBIA Insured), VRDN (b)(e) | 74,295 | | 74,295 |
Series A, 3.45% (MBIA Insured), VRDN (b)(e) | 11,000 | | 11,000 |
Tulsa County Hsg. Fin. Auth. Single Family Mtg. Rev. Participating VRDN Series MS 1068, 3.48% (Liquidity Facility Morgan Stanley) (b)(e)(f) | 11,740 | | 11,740 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Oklahoma - continued |
Tulsa Indl. Auth. Indl. Dev. Rev. (Southwest United Ind., Inc./Southwest Aeroservices Proj.) Series 1998, 3.51%, LOC Bank of America NA, VRDN (b)(e) | $ 1,800 | | $ 1,800 |
Tulsa Int'l. Arpt. Gen. Rev. Participating VRDN Series BA 97 B2, 3.56% (Liquidity Facility Bank of America NA) (b)(f) | 7,000 | | 7,000 |
| | 226,850 |
Oregon - 0.9% |
Clackamus County School District #7J Participating VRDN Series PT 3066, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 9,490 | | 9,490 |
Multnomah County Hosp. Facilities Auth. Rev. Participating VRDN Series PA 1257, 3.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,000 | | 5,000 |
Oregon Econ. & Cmnty. Econ. Dev. Rev. (American Bridge Co. Proj.) Series 205, 3.52%, LOC Nat'l. City Bank, PA, VRDN (b)(e) | 4,155 | | 4,155 |
Oregon Gen. Oblig. Participating VRDN Series ROC II R6067, 3.45% (Liquidity Facility Citibank NA) (b)(f) | 10,680 | | 10,680 |
Oregon Homeowner Rev. Participating VRDN: | | | |
Series MT 227, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 9,995 | | 9,995 |
Series MT 228, 3.49% (Liquidity Facility Bayerische Landesbank (UNGTD)) (b)(e)(f) | 46,300 | | 46,300 |
Series MT 229, 3.46% (Liquidity Facility Lloyds TSB Bank PLC) (b)(f) | 14,255 | | 14,255 |
Oregon Hsg. & Cmnty. Svcs. Dept. Mtg. Rev. Participating VRDN Series Merlots 01 B5, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 5,905 | | 5,905 |
Port Morrow Poll. Cont. Rev. Participating VRDN Series FRRI 03 F4J, 3.57% (Lehman Brothers Hldgs., Inc. Guaranteed) (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(f) | 11,750 | | 11,750 |
Portland Hsg. Auth. Rev.: | | | |
(New Columbia - Cecelia Proj.) 3.46%, LOC Bank of America NA, VRDN (b)(e) | 5,250 | | 5,250 |
(New Columbia - Trouton Proj.) 3.46%, LOC Bank of America NA, VRDN (b)(e) | 24,730 | | 24,730 |
| | 147,510 |
Pennsylvania - 5.5% |
Allegheny County Arpt. Rev. Participating VRDN Series PA 567, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 10,905 | | 10,905 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Pennsylvania - continued |
Allegheny County Hosp. Dev. Auth. Rev.: | | | |
Bonds (South Hills Health Sys. Proj.) Series 2000 A, 3.68%, tender 6/1/07, LOC PNC Bank NA, Pittsburgh (b) | $ 5,600 | | $ 5,600 |
Participating VRDN Series Putters 1281, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 20,600 | | 20,600 |
Allegheny County Indl. Dev. Auth. Rev. (UPMC Children's Hosp. Proj.) Series 2004 A, 3.52%, VRDN (b) | 40,400 | | 40,400 |
Berks County Indl. Dev. Auth. Indl. Dev. Rev. Bonds (American Wtr. Corp. Proj.) Series 96, 3.66% tender 9/6/06, CP mode (e) | 16,700 | | 16,700 |
Bucks County Indl. Dev. Auth. Wtr. Facilities Rev. Participating VRDN Series PA 1139, 3.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 6,000 | | 6,000 |
Cambria County Ind. Dev. Auth. (Cambria Cogen Co. Proj.): | | | |
Series 1998 A1, 3.65%, LOC Bayerische Hypo-und Vereinsbank AG, VRDN (b)(e) | 70,300 | | 70,300 |
Series 1998 A2, 3.6%, LOC Bayerische Hypo-und Vereinsbank AG, VRDN (b)(e) | 12,805 | | 12,805 |
Crawford County Indl. Dev. Auth. Rev. (Clear Lake Lumber, Inc. Proj.) Series 1997, 3.53%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 1,825 | | 1,825 |
Delaware County Indl. Dev. Auth. Rev. Participating VRDN Series PA 1295, 3.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 11,100 | | 11,100 |
Gen. Auth. of South Central (Lutheran Social Svc. Proj.) 3.63%, LOC Manufacturers & Traders Trust Co., VRDN (b) | 12,735 | | 12,735 |
Harrisburg Auth. Wtr. Rev. Series A, 3.46% (FGIC Insured), VRDN (b) | 11,200 | | 11,200 |
Lehigh County Indl. Dev. Auth. Rev. (Mancor Industries, Inc. Proj.) 3.53%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 2,500 | | 2,500 |
Northampton County Indl. Dev. Auth. Rev.: | | | |
Bonds (American Wtr. Corp. Proj.): | | | |
Series 1991, 3.66% tender 9/6/06, CP mode (e) | 15,450 | | 15,450 |
Series 1998, 3.8% tender 10/6/06, CP mode (e) | 18,250 | | 18,250 |
(Binney & Smith, Inc. Proj.) Series 1997 A, 3.46%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 1,900 | | 1,900 |
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Merck & Co. Proj.) Series 2000, 3.48%, VRDN (b)(e) | 17,000 | | 17,000 |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev.: | | | |
(Giffen, Schlaegle & Pirilla Group Proj.) Series 1992 A3 Class A, 3.49%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 75 | | 75 |
Series 1994 B3, 3.49%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 700 | | 700 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Pennsylvania - continued |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev.: - continued | | | |
Series 1996 D5, 3.49%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | $ 1,700 | | $ 1,700 |
Series 1997 B1, 3.49%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 900 | | 900 |
Series 1997 B4, 3.49%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 900 | | 900 |
Series 1997 B6, 3.49%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 300 | | 300 |
Series 1997 B8, 3.49%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 600 | | 600 |
Series 1997 B9, 3.49%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 500 | | 500 |
Pennsylvania Econ. Dev. Fing. Auth. Rev. (Westrum Hanover, LP Proj.) 3.47%, LOC Fed. Home Ln. Bank Pittsburg, VRDN (b)(e) | 5,600 | | 5,600 |
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 3.8%, VRDN (b)(e) | 10,900 | | 10,900 |
Pennsylvania Econ. Dev. Fing. Auth. Wastewtr. Treatment Rev. (Sunoco, Inc. (R&M) Proj.): | | | |
Series A, 3.805%, VRDN (b)(e) | 8,400 | | 8,400 |
Series B, 3.64% (Sunoco, Inc. Guaranteed), VRDN (b)(e) | 6,900 | | 6,900 |
Pennsylvania Higher Ed. Assistance Agcy. Student Ln. Rev.: | | | |
Series 1988 A, 3.48% (AMBAC Insured), VRDN (b)(e) | 23,200 | | 23,200 |
Series 1997 A, 3.52% (AMBAC Insured), VRDN (b)(e) | 18,600 | | 18,600 |
Series 2000 A, 3.52% (AMBAC Insured), VRDN (b)(e) | 21,800 | | 21,800 |
Series 2001 B, 3.46% (FSA Insured), VRDN (b)(e) | 31,200 | | 31,200 |
Series 2002 B, 3.52% (FSA Insured), VRDN (b)(e) | 47,200 | | 47,200 |
Series A: | | | |
3.45% (AMBAC Insured), VRDN (b)(e) | 183,900 | | 183,900 |
3.52% (AMBAC Insured), VRDN (b)(e) | 20,000 | | 20,000 |
3.52% (FSA Insured), VRDN (b)(e) | 79,000 | | 79,000 |
Series A1, 3.52% (AMBAC Insured), VRDN (b)(e) | 35,400 | | 35,400 |
Pennsylvania Higher Edl. Facilities Auth. Hosp. Rev. Participating VRDN Series MT 42, 3.47% (Liquidity Facility Lloyds TSB Bank PLC) (b)(f) | 25,700 | | 25,700 |
Pennsylvania Hsg. Fin. Agcy.: | | | |
Participating VRDN: | | | |
Series PA 1235, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 2,400 | | 2,400 |
Series PA 930, 3.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 1,000 | | 1,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Pennsylvania - continued |
Pennsylvania Hsg. Fin. Agcy.: - continued | | | |
Participating VRDN: | | | |
Series PT 2190, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | $ 6,440 | | $ 6,440 |
Series PT 890, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 14,380 | | 14,380 |
Floater TRS TR Participating VRDN Series LB 06 P35, 3.55% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 5,100 | | 5,100 |
Pennsylvania Tpk. Commission Oil Franchise Tax Rev. Participating VRDN Series Putters 366Z, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,000 | | 5,000 |
Philadelphia Arpt. Rev.: | | | |
Participating VRDN Series SG 118, 3.49% (Liquidity Facility Societe Generale) (b)(e)(f) | 9,715 | | 9,715 |
Series 2005 C, 3.5% (MBIA Insured), VRDN (b)(e) | 10,800 | | 10,800 |
Philadelphia Auth. for Indl. Dev. Arpt. Rev. Participating VRDN Series PA 882, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 3,795 | | 3,795 |
Philadelphia Gen. Oblig. TRAN 4.5% 6/29/07 | 40,200 | | 40,434 |
Philadelphia Redev. Auth. Rev. Participating VRDN Series DB 134, 3.46% (Liquidity Facility Deutsche Bank AG) (b)(e)(f) | 6,800 | | 6,800 |
Philadelphia Wtr. & Wastewtr. Rev. Participating VRDN Series EGL 7050050 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 15,305 | | 15,305 |
Pittsburgh Urban Redev. Auth. Single Family Mortgage Rev. Participating VRDN Series PT 996, 3.48% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f) | 13,320 | | 13,320 |
| | 933,234 |
Rhode Island - 0.1% |
Rhode Island Econ. Dev. Corp. Participating VRDN: | | | |
Series PT 2954, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 2,240 | | 2,240 |
Series Putters 971, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | 3,465 | | 3,465 |
Rhode Island Indl. Facilities Corp. Indl. Dev. Rev. (NFA Corp. Proj.) 3.46%, LOC Fleet Bank NA, VRDN (b)(e) | 5,000 | | 5,000 |
| | 10,705 |
South Carolina - 1.8% |
Charleston County School District Participating VRDN Series PT 2100, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 13,660 | | 13,660 |
Darlington County Indl. Dev. Rev. (Nucor Corp. Proj.) Series A, 3.52%, VRDN (b)(e) | 4,100 | | 4,100 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
South Carolina - continued |
Dorchester County Indl. Dev. Rev. (SYN Strand, Inc. Proj.) Series 1994, 3.46%, LOC JPMorgan Chase Bank, VRDN (b)(e) | $ 7,650 | | $ 7,650 |
Florence-Darlington Commission for Technical Ed. Spl. Fee Rev. Participating VRDN Series PT 2549, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 6,210 | | 6,210 |
Greenville County School District Installment Purp. Rev. Participating VRDN Series PA 1367, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 16,000 | | 16,000 |
Med. Univ. Hosp. Auth. Hosp. Facilities Rev. Participating VRDN Series Austin 05 A, 3.46% (Liquidity Facility Bank of America NA) (b)(f) | 36,465 | | 36,465 |
North Charleston Hsg. Auth. Multi-family Hsg. Rev. (Horizon Village Proj. ) Series B, 3.47%, LOC Bank of America NA, VRDN (b)(e) | 5,000 | | 5,000 |
Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.) Series A, 3.69%, VRDN (b) | 16,000 | | 16,000 |
Orangeburg County Solid Waste Disp. Facilities Rev. Participating VRDN Series Merlots 97 B, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 8,825 | | 8,825 |
Piedmont Muni. Pwr. Agcy. Elec. Rev. Participating VRDN Series MSTC 06 252, 3.52% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(f) | 6,860 | | 6,860 |
Richland County School District #2 Participating VRDN Series PT 1646, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 18,055 | | 18,055 |
South Carolina Hsg. Fin. & Dev. Auth. Mtg. Rev. Participating VRDN: | | | |
Series BA 01 L, 3.56% (Liquidity Facility Bank of America NA) (b)(e)(f) | 2,300 | | 2,300 |
Series PA 1072, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 5,175 | | 5,175 |
Series ROC II R398, 3.48% (Liquidity Facility Citibank NA) (b)(e)(f) | 2,075 | | 2,075 |
South Carolina Hsg. Fin. & Dev. Auth. Multi-family Rev.: | | | |
(Cedarwoods Apts. Proj.) 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 2,900 | | 2,900 |
(City Heights Apt. Proj.) Series 2000 A1, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 5,620 | | 5,620 |
(Spartanburg Terrace Apt. Proj.) Series 2000 C1, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 1,960 | | 1,960 |
South Carolina Jobs Econ. Dev. Auth. Econ. Dev. Rev.: | | | |
(Alfmeier Corp. Proj.) 3.51%, LOC Bayerische Landesbank Girozentrale, VRDN (b)(e) | 1,900 | | 1,900 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
South Carolina - continued |
South Carolina Jobs Econ. Dev. Auth. Econ. Dev. Rev.: - continued | | | |
(Carolina Ceramics LLC Proj.) 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | $ 3,600 | | $ 3,600 |
(Carolinas Recycling Group Proj.) Series 2001, 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 3,700 | | 3,700 |
(Chambers Richland Co. Landfill Proj.) Series 1997, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 9,000 | | 9,000 |
(Keys Printing Co. Proj.) 3.56%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 1,400 | | 1,400 |
(Mohawk Ind., Inc. Proj.): | | | |
Series 1997 A, 3.51%, LOC Wachovia Bank NA, VRDN (b)(e) | 1,100 | | 1,100 |
Series 1997 B, 3.51%, LOC Wachovia Bank NA, VRDN (b)(e) | 1,800 | | 1,800 |
Series C, 3.51%, LOC Wachovia Bank NA, VRDN (b)(e) | 6,225 | | 6,225 |
(Ring Missouri LP Proj.) Series 1999, 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 2,800 | | 2,800 |
(Turnils North America Proj.) Series 1999, 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 6,265 | | 6,265 |
(Waste Mgmt. of South Carolina, Inc. Proj.) Series 2003 A, 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 5,000 | | 5,000 |
South Carolina Ports Auth. Ports Rev.: | | | |
Participating VRDN Series MS 06 1390X, 3.48% (Liquidity Facility Morgan Stanley) (b)(e)(f) | 10,308 | | 10,308 |
Series 1998 B, 3.49% (FSA Insured), VRDN (b)(e) | 25,000 | | 25,000 |
South Carolina Pub. Svc. Auth. Rev. Participating VRDN: | | | |
Series EGL 04 17 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 7,660 | | 7,660 |
Series EGL 720053021 Class A, 3.46% (Liquidity Facility Citibank NA) (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 15,615 | | 15,615 |
South Carolina Trans. Infrastructure Bank Rev. Participating VRDN: | | | |
Series PT 2304, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 12,710 | | 12,710 |
Series PT 2306, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,140 | | 5,140 |
Series ROC II R 9016, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 6,150 | | 6,150 |
York County Poll. Cont. Rev. Bonds (Duke Energy Corp. Proj.) 3.92% tender 10/5/06, CP mode | 26,000 | | 26,000 |
| | 310,228 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
South Dakota - 0.6% |
South Dakota Hsg. Dev. Auth.: | | | |
Participating VRDN: | | | |
Series Clipper 05 9, 3.5% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(e)(f) | $ 12,765 | | $ 12,765 |
Series LB 05 L18, 3.55% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 11,800 | | 11,800 |
Series Putters 1415, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | 3,650 | | 3,650 |
(Harmony Heights Proj.) Series 2001, 3.55%, LOC Fannie Mae, VRDN (b)(e) | 6,500 | | 6,500 |
Series 2005 G, 3.45% (Liquidity Facility DEPFA BANK PLC), VRDN (b)(e) | 8,300 | | 8,300 |
Series 2006 C, 3.45% (Liquidity Facility DEPFA BANK PLC), VRDN (b)(e) | 41,500 | | 41,500 |
3.45% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (b)(e) | 10,000 | | 10,000 |
Participating VRDN Series LB 06 K21, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 6,015 | | 6,015 |
| | 100,530 |
Tennessee - 1.7% |
Chattanooga Indl. Dev. Board Indl. Rev. (Burner Systems Int'l., Inc. Proj.) 3.46%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 4,500 | | 4,500 |
Clarksville Natural Gas Acquisition Corp. Gas Rev. Participating VRDN MOTC PA 1401, 3.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 16,295 | | 16,295 |
Cookeville Reg'l. Med. Ctr. Auth. Rev. 3.46%, LOC AmSouth Bank NA, Birmingham, VRDN (b) | 22,500 | | 22,500 |
Jackson Indl. Dev. Board Solid Waste Disp. Rev. (Florida Steel Corp. Proj.) Series 1995, 3.46%, LOC Bank of America NA, VRDN (b)(e) | 8,000 | | 8,000 |
Johnson City Health & Edl. Hosp. Rev. Participating VRDN: | | | |
Series MT 241, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 12,995 | | 12,995 |
Series PA 1351, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 4,950 | | 4,950 |
Lewisburg Indl. Dev. Board (Waste Mgmt., Inc., Proj.) 3.49%, LOC Wachovia Bank NA, VRDN (b)(e) | 10,000 | | 10,000 |
Loudon County Indl. Dev. Board Exempt Facilities Rev. (Kimberly-Clark Corp. Proj.) 3.5%, VRDN (b)(e) | 11,600 | | 11,600 |
McMinn County Indl. Dev. Board Solid Waste Disp. Facilities Rev. (Bowater, Inc. Proj.) Series 1999, 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 20,000 | | 20,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Tennessee - continued |
Memphis Elec. Sys. Rev. Participating VRDN Series Putters 378, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | $ 17,765 | | $ 17,765 |
Memphis Gen. Oblig. 3.78% 9/7/06 (Liquidity Facility WestLB AG), CP | 15,000 | | 15,000 |
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Participating VRDN: | | | |
Series Merlots 00 C, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 22,000 | | 22,000 |
Series PT 706, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 5,525 | | 5,525 |
Series PT 718, 3.49% (Liquidity Facility BNP Paribas SA) (b)(e)(f) | 4,995 | | 4,995 |
Metropolitan Govt. Nashville & Davidson County Health & Edl. Facilities Board Rev. 3.62% 9/5/06, CP | 10,000 | | 10,000 |
Metropolitan Nashville Arpt. Auth. Passenger Fac. Charge Rev. 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 9,000 | | 9,000 |
Morristown Indl. Dev. Board Indl. Dev. Rev. (BOS Automotive Prod. Proj.) 3.51%, LOC Landesbank Baden-Wuert, VRDN (b)(e) | 5,000 | | 5,000 |
Selmer McNairy County Indl. Dev. Board Rev. (United Stainless Proj.) 3.46%, LOC LaSalle Bank NA, VRDN (b)(e) | 5,000 | | 5,000 |
Sevier County Pub. Bldg. Auth. Rev. Series II D1, 3.48% (AMBAC Insured), VRDN (b)(e) | 16,440 | | 16,440 |
Shelby County Gen. Oblig. Participating VRDN: | | | |
Series EGL 00 4201, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 16,045 | | 16,045 |
Series EGL 01 4202, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 15,550 | | 15,550 |
South Pittsburg Indl. Dev. Board Rev. (Lodge Manufacturing Proj.) 3.46%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 500 | | 500 |
Sullivan County Health, Edl. & Hosp. Rev. Participating VRDN Series LB 06 F6, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(f) | 16,870 | | 16,870 |
Tennessee Hsg. Dev. Agcy. Participating VRDN: | | | |
Series BA 01 H, 3.54% (Liquidity Facility Bank of America NA) (b)(e)(f) | 2,760 | | 2,760 |
Series FRRI 02 L13, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 4,295 | | 4,295 |
Series LB L32J, 3.55% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 3,700 | | 3,700 |
Volunteer Student Fund Corp. Student Ln. Rev.: | | | |
Series 1988 A1, 3.5%, LOC State Street Bank & Trust Co., Boston, VRDN (b)(e) | 1,450 | | 1,450 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Tennessee - continued |
Volunteer Student Fund Corp. Student Ln. Rev.: - continued | | | |
Series 1988 A2, 3.5%, LOC State Street Bank & Trust Co., Boston, VRDN (b)(e) | $ 5,500 | | $ 5,500 |
White County Indl. Dev. Board Indl. Dev. Rev. (Genlyte Thomas Group LLC Proj.) Series 2001, 3.46%, LOC Bank of America NA, VRDN (b)(e) | 5,000 | | 5,000 |
| | 293,235 |
Texas - 13.3% |
Alliance Arpt. Auth. Spl. Facilities Rev. Participating VRDN Series GS 06 2G, 3.5% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(e)(f) | 8,830 | | 8,830 |
Austin Elec. Util. Sys. Rev. Participating VRDN Series EGL 01 4302 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 9,300 | | 9,300 |
Austin Util. Sys. Rev. Participating VRDN Series BA 98 V, 3.49% (Liquidity Facility Bank of America NA) (b)(f) | 13,165 | | 13,165 |
Austin Wtr. & Wastewtr. Sys. Rev. Participating VRDN: | | | |
Series EGL 00 4303, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 10,195 | | 10,195 |
Series ROC II R6029, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 4,975 | | 4,975 |
Series ROC II R7014, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 6,345 | | 6,345 |
Bexar County Health Facilities Dev. Corp. Rev. (Warm Springs Rehabilitation Proj.) Series 1997, 3.48%, LOC JPMorgan Chase Bank, VRDN (b) | 3,300 | | 3,300 |
Bexar County Hsg. Fin. Corp. Multi-family Hsg. Rev. (Rosemont at Acme Apts. Proj.) 3.47%, LOC Wachovia Bank NA, VRDN (b)(e) | 6,750 | | 6,750 |
Board of Regents of The Texas A&M Univ. Sys. Permanent Univ. Fund Participating VRDN Series GS 06 57, 3.45% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(f) | 6,155 | | 6,155 |
Board of Regents of The Univ. of Texas Sys. Permanent Univ. Fund Participating VRDN Series SG B55, 3.45% (Liquidity Facility Societe Generale) (b)(f) | 26,000 | | 26,000 |
Brazos Hbr. Indl. Dev. Corp. Envir. Facilities Rev. Bonds (ConocoPhillips Co. Proj.) 3.8%, tender 8/1/07 (b)(e) | 15,500 | | 15,500 |
Brazos River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.): | | | |
Series 2001 D1, 3.45%, LOC Wachovia Bank NA, VRDN (b)(e) | 36,900 | | 36,900 |
Series 2001 D2, 3.45%, LOC Wachovia Bank NA, VRDN (b)(e) | 23,300 | | 23,300 |
Brazos River Hbr. Navigation Brazoria County Envir. Facilities Rev. (Dow Chemical Co. Proj.) Series A2, 3.76%, VRDN (b)(e) | 9,500 | | 9,500 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
Brazosport Independent School District Participating VRDN Series PT 2315, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | $ 5,330 | | $ 5,330 |
Brownsville Independent School District Participating VRDN Series Putters 1059 B, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 6,750 | | 6,750 |
Brownsville Indl. Dev. Corp. Rev. (Rich-Seapak Corp. Proj.) Series 1997, 3.46%, LOC HSBC Bank USA, VRDN (b)(e) | 6,250 | | 6,250 |
Brownsville Util. Sys. Rev. Participating VRDN Series Putters 1132, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 11,965 | | 11,965 |
Burleson Gen. Oblig. Participating VRDN Series PT 2545, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 6,580 | | 6,580 |
Calhoun County Navigation District Envir. Facilities Rev. (Formosa Plastics Corp. Proj.) 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 6,885 | | 6,885 |
Calhoun County Navigation District Poll. Cont. Rev. (Formosa Plastics Corp., Texas Proj.) 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 10,000 | | 10,000 |
Calhoun County Navigation District Port Rev. (Formosa Plastics Corp. Proj.) Series 2000, 3.46%, LOC Bank of America NA, VRDN (b)(e) | 5,500 | | 5,500 |
Calhoun County Solid Waste Disp. Rev. (Formosa Plastics Corp. Proj.): | | | |
Series 2000, 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 25,000 | | 25,000 |
3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 25,000 | | 25,000 |
Cap. Area Hsg. Fin. Corp. Multi-family Hsg. Rev. (Marble Falls Vistas Apts. Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 3,000 | | 3,000 |
Crowley Independent School District Participating VRDN Series PT 3041, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 12,315 | | 12,315 |
Cypress-Fairbanks Independent School District: | | | |
Bonds Series AAB 02 13, 3.45%, tender 9/7/06 (Liquidity Facility ABN-AMRO Bank NV) (b)(f) | 9,940 | | 9,940 |
Participating VRDN: | | | |
Series PT 1649, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 990 | | 990 |
Series PT 3405, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 16,240 | | 16,240 |
Series Putters 1308, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 8,660 | | 8,660 |
Dallas Area Rapid Transit Sales Tax Rev.: | | | |
Participating VRDN Series PA 1195, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,265 | | 5,265 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
Dallas Area Rapid Transit Sales Tax Rev.: - continued | | | |
3.65% 9/8/06 (Liquidity Facility Bayerische Landesbank Girozentrale) (Liquidity Facility WestLB AG), CP | $ 20,600 | | $ 20,600 |
3.75% 9/5/06 (Liquidity Facility Bayerische Landesbank Girozentrale) (Liquidity Facility WestLB AG), CP | 6,600 | | 6,600 |
Dallas County Util. & Reclamation District Rev. Participating VRDN Series PA 1136R, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 6,575 | | 6,575 |
Dallas Fort Worth Int'l. Arpt. Rev. Participating VRDN: | | | |
Series EGL 03 20 Class A, 3.49% (Liquidity Facility Citibank NA) (b)(e)(f) | 16,800 | | 16,800 |
Series LB 06 P19U, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 9,975 | | 9,975 |
Series Merlots 00 II, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 14,895 | | 14,895 |
Series Merlots 02 A13, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 13,620 | | 13,620 |
Series Merlots 03 A34, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 4,990 | | 4,990 |
Series PT 2156, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 5,215 | | 5,215 |
Series PT 2318, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 5,595 | | 5,595 |
Series PT 682, 3.49% (Liquidity Facility Svenska Handelsbanken AB) (b)(e)(f) | 9,005 | | 9,005 |
Series Putters 1019, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 2,035 | | 2,035 |
Series Putters 1022, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 4,470 | | 4,470 |
Series Putters 1259, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 5,810 | | 5,810 |
Series Putters 201, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 18,245 | | 18,245 |
Series Putters 202, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 23,220 | | 23,220 |
Series Putters 350, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 7,140 | | 7,140 |
Series Putters 353, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 7,220 | | 7,220 |
Series Putters 354, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 5,000 | | 5,000 |
Series Putters 355, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 7,995 | | 7,995 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
Dallas Fort Worth Int'l. Arpt. Rev. Participating VRDN: - continued | | | |
Series Putters 604, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | $ 2,145 | | $ 2,145 |
Series Putters 778, 3.48% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 4,015 | | 4,015 |
Series RF 03 4, 3.56% (Liquidity Facility Bank of New York, New York) (b)(e)(f) | 17,230 | | 17,230 |
Series ROC II R268, 3.48% (Liquidity Facility Citibank NA) (b)(e)(f) | 3,000 | | 3,000 |
Dallas Gen. Oblig. Participating VRDN Series Putters 598, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 5,865 | | 5,865 |
Dallas Independent School District Participating VRDN Series PT 2181, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 3,600 | | 3,600 |
Dallas Wtrwks. & Swr. Sys. Rev. Participating VRDN Series EGL 06 109 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 22,295 | | 22,295 |
Denton County Gen. Oblig. Participating VRDN Series PT 2983, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 6,900 | | 6,900 |
Dripping Springs Independent School District Participating VRDN Series PT 3107, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 9,045 | | 9,045 |
Dublin Econ. Dev. Corp. Indl. Dev. Auth. Rev. (Universal Blanchers LLC Proj.) 3.53%, LOC Harris NA, VRDN (b)(e) | 4,200 | | 4,200 |
Eagle Mountain & Saginaw Independent School District Participating VRDN Series SGA 03 141, 3.47% (Liquidity Facility Societe Generale) (b)(f) | 6,000 | | 6,000 |
Ector County Independent School District Participating VRDN Series EGL 02 4301 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 4,120 | | 4,120 |
Edinburg Consolidated Independent School District Participating VRDN Series Putters 1027, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 11,690 | | 11,690 |
Fort Bend County Hsg. Fin. Corp. Single Family Rev. Participating VRDN Series FRRI 02 L14, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 1,975 | | 1,975 |
Frenship Independent School District Participating VRDN Series PT 3036, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,965 | | 5,965 |
Frisco Gen. Oblig. Participating VRDN Series PT 1933, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 16,010 | | 16,010 |
Frisco Independent School District Participating VRDN Series SGC 06 1, 3.45% (Liquidity Facility Societe Generale) (b)(f) | 5,700 | | 5,700 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
Galveston Indl. Dev. Corp. Rev. (Mitchell Interests Proj.) 3.6%, LOC JPMorgan Chase Bank, VRDN (b)(e) | $ 1,100 | | $ 1,100 |
Garland Hsg. Fin. Corp. Multi-family Hsg. Rev. (Primrose at Crist Apts. Proj.) 3.5%, LOC Wachovia Bank NA, VRDN (b)(e) | 6,900 | | 6,900 |
Garland Independent School District Participating VRDN Series ROC II R2213, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 5,335 | | 5,335 |
Georgetown Indl. Dev. Corp. Rev. (Chatsworth Products, Inc. Proj.) Series 1996, 3.7%, LOC SunTrust Banks, Inc., VRDN (b)(e) | 4,075 | | 4,075 |
Granbury Independent School District Participating VRDN Series PT 3080, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 7,635 | | 7,635 |
Grapevine Gen. Oblig. Participating VRDN Series PT 3055, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,280 | | 5,280 |
Greater East Texas Higher Ed. Auth. Student Ln. Rev. Bonds Series 1993 B, 3.78%, tender 6/1/07, LOC State Street Bank & Trust Co., Boston (b)(e) | 15,000 | | 15,000 |
Gulf Coast Indl. Dev. Auth. (Mueller Flow Tech., Inc. Proj.) Series 1997, 3.51%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 3,280 | | 3,280 |
Gulf Coast Waste Disp. Auth. Envir. Facilities Rev. (Air Products Proj.): | | | |
3.5% (Air Products & Chemicals, Inc. Guaranteed), VRDN (b)(e) | 15,000 | | 15,000 |
3.5% (Air Products & Chemicals, Inc. Guaranteed), VRDN (b)(e) | 12,700 | | 12,700 |
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 3.46%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 14,000 | | 14,000 |
Harlingen Indl. Dev. Auth. Indl. Dev. Rev. (Gibbs-Texas Die Casting Proj.) 3.59%, LOC Fifth Third Bank, Cincinnati, VRDN (b)(e) | 4,425 | | 4,425 |
Harris County Flood Cont. District Participating VRDN Series PT 3277, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 2,990 | | 2,990 |
Harris County Gen. Oblig. Participating VRDN: | | | |
Series EGL 06 2 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 5,580 | | 5,580 |
Series PT 1623, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,955 | | 5,955 |
Series Putters 1172Z, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,835 | | 5,835 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev.: | | | |
(Baypointe Apts. Proj.) 3.53%, LOC Citibank NA, VRDN (b)(e) | $ 6,800 | | $ 6,800 |
(Louetta Village Apts. Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 7,100 | | 7,100 |
(Primrose Aldine Bender Apt. Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 6,170 | | 6,170 |
(Primrose at Bammel Apts. Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 12,600 | | 12,600 |
(Quail Chase Apts. Proj.) Series 1999, 3.46%, LOC Gen. Elec. Cap. Corp., VRDN (b)(e) | 11,110 | | 11,110 |
(Wellington Park Apts. Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 13,350 | | 13,350 |
Harrison County Health Facilities Dev. Corp. Rev. (Marshall Reg'l. Med. Ctr. Proj.) 3.51%, LOC AmSouth Bank NA, Birmingham, VRDN (b) | 7,250 | | 7,250 |
Hays Consolidated Independent School District Participating VRDN Series PT 2543, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 4,000 | | 4,000 |
Houston Arpt. Sys. Rev.: | | | |
Participating VRDN: | | | |
Series LB 06 K20, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 5,025 | | 5,025 |
Series Merlots 01 B4, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 4,670 | | 4,670 |
Series MSTC 00 98, 3.47% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(f) | 19,965 | | 19,965 |
Series PT 1468, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 10,130 | | 10,130 |
Series ROC II R40, 3.48% (Liquidity Facility Citibank NA) (b)(e)(f) | 10,125 | | 10,125 |
Series ROC II R41, 3.48% (Liquidity Facility Citibank NA) (b)(e)(f) | 12,825 | | 12,825 |
Series A, 3.8% 9/6/06, LOC Dexia Cr. Local de France, CP (e) | 12,500 | | 12,500 |
Houston Gen. Oblig. Participating VRDN Series PT 2974, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 7,455 | | 7,455 |
Houston Hsg. Fin. Corp. Multi-family Hsg. Rev.: | | | |
(Fairlake Cove Apts. Proj.) 3.53%, LOC Citibank NA, VRDN (b)(e) | 5,000 | | 5,000 |
(Little Nell Apts. Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 13,700 | | 13,700 |
(Mayfair Park Apts. Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 3,000 | | 3,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
Houston Independent School District Participating VRDN: | | | |
Series PT 3161, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | $ 8,035 | | $ 8,035 |
Series PT 3402, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 16,130 | | 16,130 |
Series Putters 1078 B, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 5,755 | | 5,755 |
Houston Indl. Dev. Corp. Rev. (Aero Houston East LP Proj.) Series 2003 A, 3.53%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 4,730 | | 4,730 |
Houston Occupancy Tax and Spl. Rev. Participating VRDN Series MSTC 06 254, 3.52% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(f) | 7,635 | | 7,635 |
Houston Util. Sys. Rev. Participating VRDN: | | | |
ROC II R 4063, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 9,955 | | 9,955 |
Series PA 1372R, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 15,830 | | 15,830 |
Series PT 3197, 3.64% (Liquidity Facility Dexia Cr. Local de France) (b)(f) | 15,180 | | 15,180 |
Series TOC 04 A, 3.45% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(f) | 12,600 | | 12,600 |
Houston Wtr. & Swr. Sys. Rev. Participating VRDN: | | | |
Series EGL 02 4302 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 21,830 | | 21,830 |
Series GS 06 37TPZ, 3.48% (Liquidity Facility Wells Fargo & Co.) (b)(f) | 6,350 | | 6,350 |
Hutto Independent School District Participating VRDN Series ROC II R434, 3.45% (Liquidity Facility Citibank NA) (b)(f) | 4,200 | | 4,200 |
Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) 3.52%, VRDN (b)(e) | 6,300 | | 6,300 |
Katy Independent School District Participating VRDN Series PT 1598, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,600 | | 5,600 |
Lancaster Independent School District Participating VRDN Series PA 1264, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 7,500 | | 7,500 |
Laredo Int'l. Toll Bridge Rev. Participating VRDN Series PT 3106, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 6,855 | | 6,855 |
Leander Independent School District Participating VRDN Series Piper 2005 C, 3.49% (Liquidity Facility Bank of New York, New York) (b)(f) | 8,840 | | 8,840 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
Lower Colorado River Auth. Rev.: | | | |
Participating VRDN: | | | |
Series EGL 00 4302, 3.46% (Liquidity Facility Citibank NA) (b)(f) | $ 6,000 | | $ 6,000 |
Series EGL 01 4313 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 7,500 | | 7,500 |
Series PT 2004, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,740 | | 5,740 |
3.8% 9/6/06, LOC JPMorgan Chase Bank, LOC WestLB AG, CP | 14,900 | | 14,900 |
Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev. (Onyx Envir. Svcs. Proj.) 3.46%, LOC Bank of America NA, VRDN (b)(e) | 7,550 | | 7,550 |
Lubbock Gen. Oblig. Participating VRDN Series ROC II R4532, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 5,130 | | 5,130 |
Mabank Independent School District Participating VRDN Series ROC RR II R 7033, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 7,085 | | 7,085 |
McAllen Independent School District Participating VRDN: | | | |
Series PT 3082, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 11,780 | | 11,780 |
Series SGB 61, 3.45% (Liquidity Facility Societe Generale) (b)(f) | 15,305 | | 15,305 |
McAllen Wtrwks. & Swr. Sys. Rev. Participating VRDN Series Putters 1064, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 5,880 | | 5,880 |
Midlothian Indl. Dev. Corp. Envir. Facilities Rev. (Holnam Texas LP Proj.) Series 1999, 3.49%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 5,500 | | 5,500 |
Mineral Wells Ind. Dev. Corp. Rev. (Ameron Int'l. Corp. Proj.) 3.8%, LOC Bank of America NA, VRDN (b)(e) | 7,200 | | 7,200 |
Montgomery County Gen. Oblig. Participating VRDN Series PT 2339, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 6,885 | | 6,885 |
Montgomery County Hsg. Fin. Corp. Multifamily Hsg. Rev. (Conroe Lodge at Silverdale Apt. Homes Proj.) 3.5%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 7,820 | | 7,820 |
North Harris Montgomery Cmnty. College District Rev. Participating VRDN Series Putters 1091 B, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 5,955 | | 5,955 |
North Texas Higher Ed. Auth. Student Ln. Rev.: | | | |
Series 1991 C, 3.48% (AMBAC Insured), VRDN (b)(e) | 10,000 | | 10,000 |
Series 1991 F, 3.48% (AMBAC Insured), VRDN (b)(e) | 12,500 | | 12,500 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
North Texas Higher Ed. Auth. Student Ln. Rev.: - continued | | | |
Series 2005 C, 3.48%, LOC Bank of America NA, LOC Lloyds TSB Bank PLC, VRDN (b)(e) | $ 45,600 | | $ 45,600 |
Series 2006 A, 3.48% (AMBAC Insured), VRDN (b)(e) | 33,245 | | 33,245 |
Series A, 3.48% (AMBAC Insured), VRDN (b)(e) | 4,900 | | 4,900 |
North Texas Muni. Wtr. District Wtr. Sys. Rev. Participating VRDN Series ROC II R 593 PB, 3.47% (Liquidity Facility Deutsche Postbank AG) (b)(f) | 8,490 | | 8,490 |
North Texas Tollway Auth. Dallas North Tollway Sys. Rev. Participating VRDN Series EGL 720050025 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 8,000 | | 8,000 |
Northside Independent School District Participating VRDN: | | | |
Series PT 2254, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,370 | | 5,370 |
Series ROC II R6071, 3.45% (Liquidity Facility Citibank NA) (b)(f) | 2,195 | | 2,195 |
Odessa Wtr. & Swr. Rev. Participating VRDN Series EGL 01 4307, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 9,500 | | 9,500 |
Pasadena Gen. Oblig. Participating VRDN Series Putters 1037, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 5,525 | | 5,525 |
Pearland Gen. Oblig. Participating VRDN Series PT 2364, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,755 | | 5,755 |
Plano Independent School District Participating VRDN Series ROC II R2106, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 6,430 | | 6,430 |
Polly Ryon Hosp. Auth. Texas Rev. (Polly Ryon Memorial Hosp. Proj.) 3.48%, LOC JPMorgan Chase Bank, VRDN (b) | 6,150 | | 6,150 |
Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev. (Air Products & Chemicals, Inc. Proj.) 3.67% (Air Products & Chemicals, Inc. Guaranteed), VRDN (b)(e) | 8,300 | | 8,300 |
Port of Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.) 3.62%, VRDN (b)(e) | 50,630 | | 50,630 |
Princeton Independent School District Participating VRDN Series SGB 02 41A, 3.45% (Liquidity Facility Societe Generale) (b)(f) | 3,500 | | 3,500 |
Roaring Fork Muni. Prods LLC Participating VRDN Series RF 06 3 Class A, 3.48% (Liquidity Facility Bank of New York, New York) (b)(f) | 7,057 | | 7,057 |
Rockwell Independent School District Participating VRDN Series MSTC 06 270 Class A, 3.52% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(f) | 16,000 | | 16,000 |
San Antonio Arpt. Sys. Rev. Participating VRDN: | | | |
Series MT 136, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 4,995 | | 4,995 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
San Antonio Arpt. Sys. Rev. Participating VRDN: - continued | | | |
Series PT 2796, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | $ 5,985 | | $ 5,985 |
Series Putters 888, 3.48% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(f) | 6,330 | | 6,330 |
Series Stars 107, 3.49% (Liquidity Facility BNP Paribas SA) (b)(e)(f) | 8,555 | | 8,555 |
San Antonio Elec. & Gas Sys. Rev. Participating VRDN: | | | |
Series PT 2649, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 13,020 | | 13,020 |
Series Putters 1121, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 6,805 | | 6,805 |
Series Putters 771, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 4,645 | | 4,645 |
San Antonio Gen. Oblig. Participating VRDN Series ROC II R7519, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 5,125 | | 5,125 |
San Antonio Independent School District Bonds Series AAB 01 28, 3.46%, tender 9/7/06 (Liquidity Facility ABN-AMRO Bank NV) (b)(f) | 15,500 | | 15,500 |
San Antonio Indl. Dev. Auth. Indl. Dev. Rev. (LGC Bldg. & KLN Steel Proj.) Series 1998, 3.51%, LOC Bank of America NA, VRDN (b)(e) | 3,300 | | 3,300 |
San Antonio Wtr. Sys. Rev. Participating VRDN Series Putters 1196, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 14,210 | | 14,210 |
San Marcos Consolidated Independent School District Participating VRDN Series PT 2284, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 8,725 | | 8,725 |
Tarrant County Health Facilities Dev. Corp. Rev. (Carter Blood Care Proj.) Series 1998, 3.48%, LOC JPMorgan Chase Bank, VRDN (b) | 8,725 | | 8,725 |
Tarrant Reg'l. Wtr. District Wtr. Rev. Participating VRDN Series PT 3425, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 18,755 | | 18,755 |
Terrell Dev. Corp. Indl. Dev. Rev. (Consolidated Sys. Proj.) 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 3,100 | | 3,100 |
Texas Dept. Hsg. & Cmnty. Affairs Mtg. Rev. Participating VRDN Series LB 04 L2, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 4,385 | | 4,385 |
Texas Dept. Hsg. & Cmnty. Affairs Residential Mtg. Rev. Participating VRDN Series LB 05 L4J, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 8,575 | | 8,575 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
Texas Dept. Hsg. & Cmnty. Affairs Single Family Rev.: | | | |
Participating VRDN: | | | |
Series FRRI 02 L9, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | $ 9,110 | | $ 9,110 |
Series LB 04 L16, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 4,780 | | 4,780 |
Series LB 04 L79, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 9,750 | | 9,750 |
Series ROC II R178, 3.48% (Liquidity Facility Citibank NA) (b)(e)(f) | 4,145 | | 4,145 |
Series 2004 B, 3.48% (FSA Insured), VRDN (b)(e) | 20,300 | | 20,300 |
Series 2004 D, 3.46% (FSA Insured), VRDN (b)(e) | 5,800 | | 5,800 |
Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Rev.: | | | |
(Bristol Apts. Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 4,000 | | 4,000 |
(Chisholm Trail Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 6,000 | | 6,000 |
(Lafayette Village Apts. Proj.) 3.5%, LOC Bank of America NA, VRDN (b)(e) | 7,000 | | 7,000 |
(Pinnacle Apts. Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 7,500 | | 7,500 |
(Post Oak East Apts. Proj.) Series A, 3.47%, LOC Fannie Mae, VRDN (b)(e) | 8,000 | | 8,000 |
Texas Gen. Oblig.: | | | |
Bonds (College Student Ln. Prog.): | | | |
3.65%, tender 9/1/06 (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e) | 14,925 | | 14,925 |
3.65%, tender 9/1/06 (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e) | 3,110 | | 3,110 |
3.65%, tender 9/1/06 (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e) | 3,670 | | 3,670 |
3.65%, tender 9/1/06 (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e) | 5,565 | | 5,565 |
3.65%, tender 9/1/06 (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e) | 4,975 | | 4,975 |
Participating VRDN: | | | |
Series FRRI 01 L41, 3.55% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 10,000 | | 10,000 |
Series MACN 05 I, 3.45% (Liquidity Facility Bank of America NA) (b)(f) | 4,695 | | 4,695 |
Series PA 1063, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 8,995 | | 8,995 |
Series PA 975, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 7,495 | | 7,495 |
Series PT 3026, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 4,160 | | 4,160 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
Texas Gen. Oblig.: - continued | | | |
Participating VRDN: | | | |
Series PT 3049, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | $ 8,510 | | $ 8,510 |
Series Putters 1016, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 3,315 | | 3,315 |
(Veterans Hsg. Assistance Prog.): | | | |
Fund II Series 2002 A2: | | | |
3.48%, VRDN (b)(e) | 8,510 | | 8,510 |
3.48%, VRDN (b)(e) | 11,650 | | 11,650 |
Series A, 3.52% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b)(e) | 24,835 | | 24,835 |
(Veterans Land Proj.) Series A, 3.48%, VRDN (b)(e) | 29,315 | | 29,315 |
Series IIB, 3.52% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b)(e) | 9,795 | | 9,795 |
TRAN 4.5% 8/31/07 | 190,000 | | 191,719 |
Texas Hsg. Corp. Participating VRDN Series LB 05 L16, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 21,382 | | 21,382 |
Texas Pub. Fin. Auth. Series 2002 A, 3.65% 9/8/06 (Liquidity Facility Texas Gen. Oblig.), CP | 15,600 | | 15,600 |
Texas Pub. Fin. Auth. Rev.: | | | |
Bonds Series 2003 C-1, 3.68% tender 9/8/06, CP mode | 4,000 | | 4,000 |
Series 2003, 3.6% 9/8/06, CP | 13,600 | | 13,600 |
Texas St Dept. Hsg. & Cmnty. Affa (Residences at Sunset Pointe Proj.) 3.52%, LOC Bank of America NA, VRDN (b)(e) | 15,000 | | 15,000 |
Texas St. College Student Ln. Floater TRS TR Participating VRDN Series LB 06 K38, 3.55% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 5,560 | | 5,560 |
Texas Tpk. Auth. 1 Tier Rev. Participating VRDN Series EGL 02 6004 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 12,650 | | 12,650 |
Texas Tpk. Auth. Central Tpk. Sys. Rev. Participating VRDN: | | | |
Series MSTC 256, 3.52% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(f) | 11,260 | | 11,260 |
Series Stars 06 155, 3.48% (Liquidity Facility BNP Paribas SA) (b)(f) | 9,580 | | 9,580 |
Texas Trans. Commission State Hwy. Fund Rev. Participating VRDN Series Putters 1297, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 26,165 | | 26,165 |
Travis County Hsg. Fin. Corp. (Rosemont at Old Manor Apts.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 6,700 | | 6,700 |
Univ. of Texas Univ. Revs. Participating VRDN: | | | |
Series EGL 06 108 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 18,810 | | 18,810 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Texas - continued |
Univ. of Texas Univ. Revs. Participating VRDN: - continued | | | |
Series Putters 1328, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | $ 4,000 | | $ 4,000 |
Series Putters 584, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,000 | | 5,000 |
Victory Street Pub. Facility Corp. Multi-family Hsg. Rev. (Uvalde Ranch Apts. Proj.) 3.5%, LOC Bank of America NA, VRDN (b)(e) | 6,650 | | 6,650 |
Waxahachie Gen. Oblig. Participating VRDN Series PT 2273, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,510 | | 5,510 |
Ysleta Independent School District Participating VRDN Series Putters 1039, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 8,860 | | 8,860 |
| | 2,263,898 |
Utah - 0.3% |
Central Utah Wtr. Conservancy District Wtr. Conservancy Rev. Participating VRDN Series ROC II R2202, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 8,525 | | 8,525 |
Intermountain Pwr. Agcy. Pwr. Supply Rev. Participating VRDN Series EGL 96 C4402 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 2,891 | | 2,891 |
Salt Lake County Hosp. Rev. Participating VRDN Series PT 877, 3.45% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 9,990 | | 9,990 |
Toole City Indl. Dev. Rev. (Nelson & Sons Proj.) Series 1997, 3.55%, LOC Key Bank NA, VRDN (b)(e) | 190 | | 190 |
Utah Board of Regents Student Ln. Rev.: | | | |
Series 1996 Q, 3.48% (AMBAC Insured), VRDN (b)(e) | 19,300 | | 19,300 |
Series W, 3.48% (AMBAC Insured), VRDN (b)(e) | 10,000 | | 10,000 |
Utah Hsg. Corp. Multi-family Hsg. Rev. (Springwood Apts. Proj.) 3.47%, LOC Fannie Mae, VRDN (b)(e) | 8,485 | | 8,485 |
| | 59,381 |
Vermont - 0.7% |
Univ. of Vermont and State Agricultural College Participating VRDN Series EGL 06 86 Class A, 3.46% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 15,475 | | 15,475 |
Vermont Edl. & Health Bldg. Fing. Agcy. Rev. Participating VRDN Series Merlots 00 B7, 3.45% (Liquidity Facility Wachovia Bank NA) (b)(f) | 10,190 | | 10,190 |
Vermont Hsg. Fin. Agcy. Single Family: | | | |
Participating VRDN: | | | |
Series LB 04 L13, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 2,635 | | 2,635 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Vermont - continued |
Vermont Hsg. Fin. Agcy. Single Family: - continued | | | |
Participating VRDN: | | | |
Series LB 04 L76, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | $ 5,400 | | $ 5,400 |
Series 17 A, 3.48% (FSA Insured), VRDN (b)(e) | 7,115 | | 7,115 |
Vermont Indl. Dev. Auth. Indl. Dev. Rev. (Ryegate Proj.) Series 1990, 3.5%, LOC ABN-AMRO Bank NV, VRDN (b)(e) | 7,400 | | 7,400 |
Vermont Student Assistant Corp. Ed. Ln. Rev. Series 2005 QQ, 3.48% (AMBAC Insured), VRDN (b)(e) | 64,385 | | 64,385 |
| | 112,600 |
Virginia - 2.8% |
Alexandria Redev. & Hsg. Auth. Multi-family Hsg. Rev. (Fairfield Village Square Proj.) Series A, 3.47%, LOC Fannie Mae, VRDN (b)(e) | 17,000 | | 17,000 |
Arlington County Indl. Dev. Auth. Multi-family Hsg. Rev. (Gates of Ballston Apartments) 3.47%, LOC RBC Centura Bank, Rocky Mount, VRDN (b)(e) | 14,000 | | 14,000 |
Botetourt County Indl. Dev. Auth. Indl. Dev. Rev. (Virginia Forge Co. Proj.) Series 1996, 3.53%, LOC Harris NA, VRDN (b)(e) | 960 | | 960 |
Charles City County Econ. Dev. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 3.46%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 7,000 | | 7,000 |
Chesterfield County Indl. Dev. Auth. Rev. Participating VRDN: | | | |
Series PT 2133, 3.5% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 11,000 | | 11,000 |
Series PT 886, 3.5% (Liquidity Facility Lloyds TSB Bank PLC) (b)(f) | 13,600 | | 13,600 |
Fairfax County Econ. Dev. Auth. Resource Recovery Rev. Bonds (Covanta Energy Corp. Proj.) 5.95% 2/1/07 (AMBAC Insured) (e) | 4,000 | | 4,034 |
Fairfax County Econ. Dev. Rev. Exempt Facilities Rev. (Hilltop Sand & Gravel, Inc. Proj.) Series 2000, 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 3,500 | | 3,500 |
Fairfax County Wtr. Auth. Wtr. Rev. Participating VRDN Series EGL 06 91 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 14,700 | | 14,700 |
Halifax County Indl. Dev. Auth. Exempt Facilities Rev. Participating VRDN Series PA 1104, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 5,245 | | 5,245 |
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1992, 3.93% tender 9/6/06, CP mode (e) | 10,000 | | 10,000 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Virginia - continued |
Hampton Indl. Dev. Auth. Exempt Facilities Rev. (USA Waste of Virginia Landfills, Inc. Proj.) Series 2000, 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | $ 10,000 | | $ 10,000 |
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.): | | | |
Series 1987: | | | |
3.87% tender 9/7/06, CP mode | 13,100 | | 13,100 |
3.91% tender 9/5/06, CP mode | 1,700 | | 1,700 |
Series 84: | | | |
3.73% tender 9/18/06, CP mode | 4,000 | | 4,000 |
3.75% tender 9/14/06, CP mode | 2,400 | | 2,400 |
3.8% tender 9/25/06, CP mode | 2,000 | | 2,000 |
3.83% tender 9/21/06, CP mode | 2,400 | | 2,400 |
3.85% tender 9/8/06, CP mode | 3,400 | | 3,400 |
3.85% tender 9/20/06, CP mode | 3,600 | | 3,600 |
Norfolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series ROC II R322, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 20,945 | | 20,945 |
Norfolk Econ. Dev. Auth. New Empowerment Zone Facility Rev. (Metropolitan Machine Corp. Proj.) 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 6,100 | | 6,100 |
Petersburg Indl. Dev. Auth. Rev. (Rebar Hldgs. LLC Proj.) 3.51%, LOC Wachovia Bank NA, VRDN (b)(e) | 3,885 | | 3,885 |
Portsmouth Indl. Dev. Auth. Enterprise Zone Facility Rev. (Ocean Marine LLC Proj.) Series 2001 B, 3.51%, LOC Wachovia Bank NA, VRDN (b)(e) | 3,000 | | 3,000 |
Portsmouth Indl. Dev. Auth. New Empowerment Zone Facility Rev. (Ocean Marine LLC Proj.) Series A, 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 6,000 | | 6,000 |
Prince William County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) 3.88% tender 9/6/06, CP mode | 11,200 | | 11,200 |
Prince William County Indl. Dev. Auth. Swr. (Dale Svc. Corp. Proj.) Series 2000, 3.46%, LOC Wachovia Bank NA, VRDN (b)(e) | 8,010 | | 8,010 |
Richmond Pub. Util. Rev. Participating VRDN Series EGL 06 50 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 5,800 | | 5,800 |
Sussex County Indl. Dev. Auth. Solid Waste Disp. Rev. (Atlantic Waste Disp. Proj.) 3.49%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 10,000 | | 10,000 |
Univ. of Virginia Univ. Revs. Participating VRDN Series EGL 03 30 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 3,300 | | 3,300 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Virginia - continued |
Virginia Commonwealth Trans. Board Trans. Rev. Participating VRDN Series EGL 99 4601, 3.46% (Liquidity Facility Citibank NA) (b)(f) | $ 7,000 | | $ 7,000 |
Virginia Hsg. Dev. Auth. Commonwealth Mtg.: | | | |
Bonds: | | | |
Series 2006 D, 3.75%, tender 9/19/06 (b)(e) | 198,900 | | 198,900 |
Series 2006 E, 3.9%, tender 2/13/07 (b)(e) | 8,700 | | 8,700 |
Participating VRDN: | | | |
Series Merlots 06 B18, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 7,865 | | 7,865 |
Series PT 3432, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 10,445 | | 10,445 |
Virginia Port Auth. Commonwealth Port Rev. Participating VRDN: | | | |
Series DB 138, 3.48% (Liquidity Facility Deutsche Bank AG) (b)(e)(f) | 7,240 | | 7,240 |
Series PT 2671, 3.48% (Liquidity Facility Dexia Cr. Local de France) (b)(e)(f) | 2,630 | | 2,630 |
Virginia St Hsg. Dev. Auth. Participating VRDN Series Merlots 06 B16, 3.74% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 5,325 | | 5,325 |
| | 469,984 |
Washington - 4.0% |
Bellevue Gen. Oblig. Participating VRDN Series EGL 04 1011 Class A, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 6,050 | | 6,050 |
Central Puget Sound Reg'l. Trans. Auth. Sales & Use Tax Rev. Participating VRDN Series Putters 755, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 2,230 | | 2,230 |
Chelan County Pub. Util. District #1 Rev. Participating VRDN: | | | |
Series Merlots 00 R, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 14,955 | | 14,955 |
Series Merlots 01 B1, 3.5% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 6,985 | | 6,985 |
Series PA 1047, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 8,995 | | 8,995 |
Series PT 950, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 4,995 | | 4,995 |
Douglas County Pub. Util. District #1 Wells Hydroelectric Rev. Participating VRDN: | | | |
Series PT 3062, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 6,360 | | 6,360 |
Series PT 3063, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 2,795 | | 2,795 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Washington - continued |
Energy Northwest Elec. Rev. Participating VRDN: | | | |
Series PT 1392, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | $ 5,240 | | $ 5,240 |
Series Putters 242, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 1,575 | | 1,575 |
Series Putters 256, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 2,800 | | 2,800 |
Series ROC II R152, 3.45% (Liquidity Facility Citibank NA) (b)(f) | 4,465 | | 4,465 |
Everett Indl. Dev. Corp. Exempt Facilities Rev. 3.5%, VRDN (b)(e) | 3,200 | | 3,200 |
Goat Hill Properties Lease Rev.: | | | |
Bonds Series Putters 957, 3.6%, tender 9/24/06 (Liquidity Facility JPMorgan Chase & Co.) (b)(f)(g) | 7,325 | | 7,325 |
Participating VRDN Series Putters 705, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 1,555 | | 1,555 |
Grant County Pub. Util. District #2 Wanapum Hydro Elec. Rev. Participating VRDN Series MT 69, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 5,025 | | 5,025 |
King County Hsg. Auth. Rev. (Overlake TOD Hsg. Proj.) 3.46%, LOC Bank of America NA, VRDN (b)(e) | 5,785 | | 5,785 |
King County Rural Library District Participating VRDN: | | | |
Series PT 3053, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 17,845 | | 17,845 |
Series Putters 1009, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,910 | | 5,910 |
King County School District #401 Highline Pub. Schools Participating VRDN: | | | |
Series ROC II R4561, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 5,250 | | 5,250 |
Series ROC RR II R 2151, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 5,275 | | 5,275 |
King County School District #408 Auburn Participating VRDN Series PT 3090, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 6,315 | | 6,315 |
King County Swr. Rev. Participating VRDN: | | | |
Series Merlots 00 E, 3.45% (Liquidity Facility Wachovia Bank NA) (b)(f) | 6,300 | | 6,300 |
Series PA 1179, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 8,480 | | 8,480 |
Pierce County School District #403 Bethel Participating VRDN Series PT 1647, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 11,175 | | 11,175 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Washington - continued |
Port of Seattle Gen. Oblig.: | | | |
Participating VRDN Series Stars 128, 3.48% (Liquidity Facility BNP Paribas SA) (b)(e)(f) | $ 9,440 | | $ 9,440 |
Series 2002 B2, 3.72% 9/8/06, LOC Bayerische Landesbank Girozentrale, CP (e) | 2,410 | | 2,410 |
Port of Seattle Passenger Facilities Charge Rev. Participating VRDN Series MT 110, 3.48% (Liquidity Facility BNP Paribas SA) (b)(e)(f) | 9,320 | | 9,320 |
Port of Seattle Rev.: | | | |
Participating VRDN: | | | |
Series MS 1169X, 3.48% (Liquidity Facility Morgan Stanley) (b)(e)(f) | 10,283 | | 10,283 |
Series MT 268, 3.47% (Liquidity Facility Bayerische Landesbank (UNGTD)) (b)(e)(f) | 7,850 | | 7,850 |
Series PA 752, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 4,995 | | 4,995 |
Series PT 3475, 3.48% (Liquidity Facility Dexia Cr. Local de France) (b)(e)(f) | 6,950 | | 6,950 |
Series PT 728, 3.48% (Liquidity Facility BNP Paribas SA) (b)(e)(f) | 4,430 | | 4,430 |
Series Putters 1462, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 2,700 | | 2,700 |
Series ROC II R362, 3.48% (Liquidity Facility Citibank NA) (b)(e)(f) | 8,850 | | 8,850 |
Series ROC II R7015, 3.45% (Liquidity Facility Citigroup, Inc.) (b)(f) | 3,980 | | 3,980 |
Series 1997, 3.49%, LOC Fortis Banque SA, VRDN (b)(e) | 101,830 | | 101,830 |
Series 2001 B1, 3.67% 9/6/06, LOC Bank of America NA, CP (e) | 10,680 | | 10,680 |
3.48%, LOC Fortis Banque SA, VRDN (b)(e) | 8,500 | | 8,500 |
Port of Tacoma Rev.: | | | |
Participating VRDN Series MS 06 1323, 3.48% (Liquidity Facility Morgan Stanley) (b)(e)(f) | 21,315 | | 21,315 |
Series B, 3.8% 9/14/06, LOC WestLB AG, CP (e) | 9,000 | | 9,000 |
Port Tacoma Gen. Oblig. Participating VRDN Series PA 1185, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 17,970 | | 17,970 |
Seattle Drainage & Wastewtr. Rev. Participating VRDN: | | | |
Series PA 1175, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 8,490 | | 8,490 |
Series PT 2241, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 6,585 | | 6,585 |
Seattle Muni. Lt. & Pwr. Rev. Bonds Series 1990, 3.45% tender 10/26/06, LOC JPMorgan Chase Bank, CP mode | 4,500 | | 4,500 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Washington - continued |
Seattle Port Participating VRDN Series LB 06 P31U, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | $ 7,065 | | $ 7,065 |
Seattle Wtr. Sys. Rev. Participating VRDN Series SGA 90, 3.47% (Liquidity Facility Societe Generale) (b)(f) | 15,815 | | 15,815 |
Snohomish County Pub. Util. District #1 Elec. Rev. Participating VRDN Series ROC II R6055, 3.45% (Liquidity Facility Citibank NA) (b)(f) | 7,420 | | 7,420 |
Thurston Co. School District #111 Participating VRDN Serie Putters 1108, 3.45% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 8,745 | | 8,745 |
U.S. Bancorp Piper Jaffray Fdg. Trust Participating VRDN Series FRRI 02 B, 3.46% (Liquidity Facility Bank of New York, New York) (b)(f) | 2,715 | | 2,715 |
Vancouver Hsg. Auth. Rev. (Anthem Park at Uptown Village Proj.) 3.51%, LOC Bank of America NA, VRDN (b)(e) | 1,800 | | 1,800 |
Washington Econ. Dev. Fin. Auth. Lease Participating VRDN Series PT 3282, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 10,565 | | 10,565 |
Washington Econ. Dev. Fin. Auth. Rev. (Hunter Douglas Proj.) Series 1997 A, 3.46%, LOC ABN-AMRO Bank NV, VRDN (b)(e) | 3,500 | | 3,500 |
Washington Econ. Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): | | | |
Series D: | | | |
3.46%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 8,000 | | 8,000 |
3.46%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 9,000 | | 9,000 |
Series E, 3.46%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 5,000 | | 5,000 |
Washington Gen. Oblig. Participating VRDN: | | | |
Series EGL 00 4704, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 5,600 | | 5,600 |
Series EGL 00 4705, 3.46% (Liquidity Facility Citibank NA) (b)(f) | 16,300 | | 16,300 |
Series Piper 05 B, 3.49% (Liquidity Facility Bank of New York, New York) (b)(f) | 9,190 | | 9,190 |
Series PT 1856, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,510 | | 5,510 |
Series PT 2093, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 2,840 | | 2,840 |
Series PT 2562, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 2,730 | | 2,730 |
Series PT 3293, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 7,845 | | 7,845 |
Series Putters 1399, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 8,765 | | 8,765 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Washington - continued |
Washington Gen. Oblig. Participating VRDN: - continued | | | |
Series Putters 1422, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | $ 6,060 | | $ 6,060 |
Series PZ 102, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 11,940 | | 11,940 |
Series ROC II R6070, 3.45% (Liquidity Facility Citibank NA) (b)(f) | 8,660 | | 8,660 |
Washington Health Care Facilities Auth. Rev. Participating VRDN Series ROC II R510CE, 3.47% (Liquidity Facility Citibank NA) (b)(f) | 9,000 | | 9,000 |
Washington Hsg. Fin. Commission Participating VRDN: | | | |
Series LB 04 8, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 4,000 | | 4,000 |
Series LB 05 L17, 3.52% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(f) | 6,505 | | 6,505 |
Washington Hsg. Fin. Commission Multi-family Hsg. Rev.: | | | |
(Avalon Ridge Apts. Proj.) 3.5%, LOC Fannie Mae, VRDN (b)(e) | 10,000 | | 10,000 |
(Cedar Ridge Retirement Proj.) Series 2005 A, 3.67%, LOC Wells Fargo Bank Nat'l. Assoc., VRDN (b)(e) | 3,525 | | 3,525 |
(Fairwinds Redmond Proj.) Series A, 3.5%, LOC Bank of America NA, VRDN (b)(e) | 7,500 | | 7,500 |
(Merrill Gardens at Queen Anne Proj.) Series A, 3.68%, LOC Bank of America NA, VRDN (b)(e) | 8,680 | | 8,680 |
(Merrill Gardens at Renton Centre Proj.) Series A, 3.68%, LOC Bank of America NA, VRDN (b)(e) | 10,395 | | 10,395 |
(Pinehurst Apts. Proj.) Series A, 3.5%, LOC Bank of America NA, VRDN (b)(e) | 12,000 | | 12,000 |
(Silver Creek Apts. Proj.) Series A, 3.47%, LOC Fannie Mae, VRDN (b)(e) | 4,100 | | 4,100 |
(The Lodge at Eagle Ridge Proj.) Series A, 3.68%, LOC Bank of America NA, VRDN (b)(e) | 9,485 | | 9,485 |
(The Vintage at Everett Sr. Living Proj.) Series 2004 A, 3.47%, LOC Fannie Mae, VRDN (b)(e) | 5,250 | | 5,250 |
(The Vintage at Richland Sr. Living Proj.) Series 2004 A, 3.47%, LOC Fannie Mae, VRDN (b)(e) | 8,225 | | 8,225 |
Washington St Univ. Revs Participating VRDN Series ROC II R 595PB, 3.47% (Liquidity Facility Deutsche Postbank AG) (b)(f) | 8,105 | | 8,105 |
| | 688,798 |
West Virginia - 0.3% |
Grant County Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1986, 3.88% tender 9/8/06, CP mode (e) | 7,400 | | 7,400 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
West Virginia - continued |
Harrison County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 3.49%, LOC Wachovia Bank NA, VRDN (b)(e) | $ 8,420 | | $ 8,420 |
Marion County Solid Waste Disp. Rev. (Grant Town Cogeneration Proj.): | | | |
Series 1990 B, 3.5%, LOC Deutsche Bank AG, VRDN (b)(e) | 8,260 | | 8,260 |
Series 1990 D, 3.5%, LOC Deutsche Bank AG, VRDN (b)(e) | 12,800 | | 12,800 |
West Virginia Econ. Dev. Auth. Ind. Rev. (Smith Svc., Inc. Proj.) Series 1999, 3.71%, LOC Huntington Nat'l. Bank, Columbus, VRDN (b)(e) | 4,170 | | 4,170 |
Wood County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 3.49%, LOC Wachovia Bank NA, VRDN (b)(e) | 6,580 | | 6,580 |
| | 47,630 |
Wisconsin - 1.9% |
Milwaukee County Gen. Oblig. RAN 4.5% 8/30/07 | 35,150 | | 35,464 |
Northland Pines School District Participating VRDN Series PT 2257, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 10,590 | | 10,590 |
Platteville Indl. Dev. Rev. (Woodward Communications Proj.) 3.53%, LOC Harris NA, VRDN (b)(e) | 2,400 | | 2,400 |
Pleasant Prairie Gen. Oblig. 3.47% (XL Cap. Assurance, Inc. Insured), VRDN (b) | 9,850 | | 9,850 |
Pleasant Prairie Village Indl. Dev. Rev. (Muskie Enterprises, Inc. Proj.) Series 1995, 3.53%, LOC Harris NA, VRDN (b)(e) | 2,700 | | 2,700 |
Racine Indl. Dev. Rev. (Burlington Graphic Sys. Proj.) Series 1994, 3.7%, LOC Harris NA, VRDN (b)(e) | 945 | | 945 |
Raymond Indl. Dev. Rev. (Richard S. Werner, Inc. Proj.) Series 1996, 3.7%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 1,425 | | 1,425 |
River Falls Indl. Dev. Rev. (Quadion Corp. Proj.) 3.52%, LOC U.S. Bank NA, Minnesota, VRDN (b)(e) | 1,425 | | 1,425 |
Sturgeon Bay Indl. Dev. Rev. (Marine Travelift Proj.) Series 1996, 3.48%, LOC Wells Fargo Bank Nat'l. Assoc., VRDN (b)(e) | 1,800 | | 1,800 |
Sturtevant Indl. Dev. Rev. (Quadra, Inc. Proj.) 3.7%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 1,275 | | 1,275 |
Wilmot Union High School District Participating VRDN Series PT 2258, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 9,590 | | 9,590 |
Wisconsin Gen. Oblig. Participating VRDN: | | | |
Series EGL 94 4904 Class A, 3.49% (Liquidity Facility Citibank NA) (b)(e)(f) | 1,250 | | 1,250 |
Municipal Securities - continued |
| Principal Amount (000s) | | Value (Note 1) (000s) |
Wisconsin - continued |
Wisconsin Gen. Oblig. Participating VRDN: - continued | | | |
Series Putters 531, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | $ 8,455 | | $ 8,455 |
Wisconsin Health & Edl. Facilities Auth. Rev. Participating VRDN Series PA 970, 3.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 3,000 | | 3,000 |
Wisconsin Hsg. & Econ. Dev. Auth. Home Ownership Rev.: | | | |
Participating VRDN: | | | |
Series PA 1331, 3.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 6,340 | | 6,340 |
Series PT 3456, 3.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 12,085 | | 12,085 |
Series ROC II R397, 3.48% (Liquidity Facility Citibank NA) (b)(e)(f) | 2,850 | | 2,850 |
Series 2002 I, 3.48% (FSA Insured), VRDN (b)(e) | 7,600 | | 7,600 |
Series 2003 B, 3.48% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b)(e) | 40,650 | | 40,650 |
Series 2004 E, 3.48% (Liquidity Facility Lloyds TSB Bank PLC), VRDN (b)(e) | 17,300 | | 17,300 |
Series 2005 C, 3.48% (Liquidity Facility Lloyds TSB Bank PLC), VRDN (b)(e) | 8,325 | | 8,325 |
Series 2005 D, 3.48% (Liquidity Facility DEPFA BANK PLC), VRDN (b)(e) | 68,275 | | 68,275 |
Series 2006 A, 3.45% (Liquidity Facility DEPFA BANK PLC), VRDN (b)(e) | 32,000 | | 32,000 |
Series E, 3.48% (Liquidity Facility Fed. Home Ln. Bank - Chicago), VRDN (b)(e) | 10,890 | | 10,890 |
3.48% (Liquidity Facility Fed. Home Ln. Bank - Chicago), VRDN (b)(e) | 7,110 | | 7,110 |
Wisconsin Hsg. & Econ. Dev. Auth. Hsg. Rev.: | | | |
Series 2002 A, 3.48% (MBIA Insured), VRDN (b)(e) | 7,115 | | 7,115 |
Series 2002 B, 3.48% (MBIA Insured), VRDN (b)(e) | 3,005 | | 3,005 |
Wisconsin Pub. Pwr., Inc. Sys. Pwr. Supply Sys. Rev., Participating VRDN Series Putters 1150, 3.45% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,990 | | 5,990 |
| | 319,704 |
Municipal Securities - continued |
| Shares | | Value (Note 1) (000s) |
Other - 4.1% |
Fidelity Municipal Cash Central Fund, 3.61% (c)(d) | 690,441,200 | | $ 690,441 |
TOTAL INVESTMENT PORTFOLIO - 97.3% (Cost $16,564,392) | | 16,564,392 |
NET OTHER ASSETS - 2.7% | | 457,908 |
NET ASSETS - 100% | $ 17,022,300 |
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 may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the Fund:
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.
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 trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
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 tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
The Money Market Central Funds do not pay a management fee.
Through arrangements with the Fund's custodian and transfer agent, 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, transfer agent and accounting expenses by $244, $18,433 and $251, respectively.
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, 2006, and 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, 2006 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
The Trustees, Members of the Advisory Board, 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, and review the fund's performance. Except for William O. McCoy, each of the Trustees oversees 346 funds advised by FMR or an affiliate. Mr. McCoy oversees 348 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 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Member 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.
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 Mr. Keyes may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
During fiscal year ended 2006, 100% of the fund's income dividends was free from federal income tax, and 59.74% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2007 of amounts for use in preparing 2006 income tax returns.
A special meeting of the fund's shareholders was held on August 16, 2006. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Each year, typically in June, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.
The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Fixed-Income Contract Committee, meets periodically as needed throughout the year to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the Independent Trustees concerning, the approval and annual review of the Advisory Contracts.
At its June 2006 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the Advisory Contracts for the fund. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the management fee and total expenses of the fund; (iii) the total costs of the services to be provided by and the profits to be realized by the investment adviser and its affiliates from the relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.
In determining whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. In addition to evaluating the specific factors noted above, the Board, in reaching its determination, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.
The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.
The Board reviewed the fund's relative investment performance against its Lipper peer group and stated that the performance of the fund was in the first quartile for all the periods shown.
Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.
The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 14% means that 86% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.
The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2005. Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.
In its review of the fund's total expenses, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the fund's total expenses ranked below its competitive median for 2005.
In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.
Based on its review, the Board concluded that the fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
PricewaterhouseCoopers LLP (PwC), independent registered accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower fee rates as total fund assets under FMR's management increase, and for higher fee rates as total fund assets under FMR's management decrease. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board further concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
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.
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
5 To change your PIN.
*0 To speak to a Fidelity representative.
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.
Item 2. Code of Ethics
As of the end of the period, August 31, 2006, 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
(a) Audit Fees.
For the fiscal years ended August 31, 2006 and August 31, 2005, the aggregate Audit Fees billed by PricewaterhouseCoopers LLP (PwC) for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for those fiscal years, for the Fidelity AMT Tax-Free Money Fund, Fidelity Arizona Municipal Money Market Fund and Fidelity Municipal Money Market Fund (the funds) and for all funds in the Fidelity Group of Funds are shown in the table below.
(b) Audit-Related Fees.
In each of the fiscal years ended August 31, 2006 and August 31, 2005 the aggregate Audit-Related Fees billed by PwC for services rendered for assurance and related services to each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.
In each of the fiscal years ended August 31, 2006 and August 31, 2005, the aggregate Audit-Related Fees that were billed by PwC that were required to be approved by the Audit Committee for services 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") for assurance and related services that relate directly to the operations and financial reporting of each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.
Fees included in the audit-related category comprise assurance and related services (e.g., due diligence services) that are traditionally performed by the independent registered public accounting firm. These audit-related services include due diligence related to mergers and acquisitions, accounting consultations and audits in connection with acquisitions, internal control reviews, attest services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards.
(c) Tax Fees.
In each of the fiscal years ended August 31, 2006 and August 31, 2005, the aggregate Tax Fees billed by PwC for professional services rendered for tax compliance, tax advice, and tax planning for each fund is shown in the table below.
In each of the fiscal years ended August 31, 2006 and August 31, 2005, the aggregate Tax Fees billed by PwC that were required to be approved by the Audit Committee for professional services rendered on behalf of the Fund Service Providers for tax compliance, tax advice, and tax planning that relate directly to the operations and financial reporting of each fund is shown in the table below.
Fees included in the Tax Fees category comprise all services performed by professional staff in the independent registered public accounting firm's tax division except those services related to the audit. Typically, this category would include fees for tax compliance, tax planning, and tax advice. Tax compliance, tax advice, and tax planning services include preparation of original and amended tax returns, claims for refund and tax payment-planning services, assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.
(d) All Other Fees.
In each of the fiscal years ended August 31, 2006 and August 31, 2005, the aggregate Other Fees billed by PwC for all other non-audit services rendered to the funds is shown in the table below.
In each of the fiscal years ended August 31, 2006 and August 31, 2005, the aggregate Other Fees billed by PwC that were required to be approved by the Audit Committee for all other non-audit services rendered on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund is shown in the table below.
Fees included in the All Other Fees category include services related to internal control reviews, strategy and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the fund.
The trust's Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm relating to the operations or financial reporting of the funds. 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 trust's 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. Non-audit services provided by a fund audit firm for a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund (Non-Covered Service) but that are expected to exceed $50,000 are also subject to pre-approval by the Audit Committee.
All Covered Services, as well as Non-Covered Services that are expected to exceed $50,000, 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. Neither pre-approval nor advance notice of Non-Covered Service engagements for which fees are not expected to exceed $50,000 is required; such engagements are to be reported to the Audit Committee monthly.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended August 31, 2006 and August 31, 2005 on behalf of each fund.
There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended August 31, 2006 and August 31, 2005 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended August 31, 2006 and August 31, 2005 on behalf of each fund.
There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended August 31, 2006 and August 31, 2005 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended August 31, 2006 and August 31, 2005 on behalf of each fund.
There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended August 31, 2006 and August 31, 2005 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.
(f) Not Applicable.
(g) For the fiscal years ended August 31, 2006 and August 31, 2005, the aggregate fees billed by PwC of $1,180,000A and $1,360,000A, B for non-audit services rendered on behalf of 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 Fund Service Providers relating to Covered Services and Non-Covered Services are shown in the table below.
(h) The trust's Audit Committee has considered Non-Covered 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 Independence Standards Board Standard No.1, regarding its independence from the funds and their related entities.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
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.
