(2_FIDELITY_LOGOS)FIDELITY
INSURED TAX-FREE
PORTFOLIO
SEMIANNUAL REPORT
JUNE 30, 1994
CONTENTS
PRESIDENT'S MESSAGE 3 Ned Johnson on bond market
strategies.
PERFORMANCE 4 How the fund has done over time.
FUND TALK 7 The manager's review of fund
performance, strategy and outlook.
INVESTMENT CHANGES 10 A summary of major shifts in the
fund's investments over the past six
months.
INVESTMENTS 11 A complete list of the fund's
investments with their market
values.
FINANCIAL STATEMENTS 24 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.
NOTES 28 Notes to the financial statements.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUND. THIS REPORT IS NOT AUTHORIZED
FOR
DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE FUND UNLESS PRECEDED OR
ACCOMPANIED BY
AN EFFECTIVE PROSPECTUS. MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS
OF, OR
GUARANTEED BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE
FDIC, THE
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY,AND ARE SUBJECT TO INVESTMENT
RISK,
INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. NEITHER THE FUND NOR FIDELITY
DISTRIBUTORS
CORPORATION IS A BANK.
PRESIDENT'S MESSAGE
DEAR SHAREHOLDER:
The past few months have been an
unsettling time for bond investors. The bond market declined after the
Federal Reserve Board raised short-term interest rates from February
through May. These rate hikes caused bond yields to rise and bond prices to
fall. While nobody knows whether rates will continue to go up, this may be
a good time to review the effect rising rates have on your bond fund
investment, and consider how well your current bond fund holdings match
your original investment goals.
Most investors choose bond funds to generate income and to help diversify
their investment portfolios. Despite the recent market downturn, bond
mutual funds still satisfy these needs. Where investors have felt the
negative effect of rising rates is in the market value of their investment,
which has eroded as bond prices have fallen. It's important
to remember, however, that this loss in principal is only "on paper" until
you choose to sell your shares. That's why your investing time horizon is
key.
If your time horizon is short - one year or less - you may want to consider
shifting all or part of your bond fund investment into short-term
investments.
If you don't need your money within the next year, staying in your bond
fund may be the appropriate strategy for you. The longer your investing
time frame, the better your chances of retaining your principal investment
through periods of rising AND falling rates. For example, if you plan to
use your money in one to two years, a short-term bond fund may be the right
choice. If your time frame is two to four years, a fund with an
intermediate length average maturity may be best. If you have a longer-term
goal - say a child's college education that's 10 years away - you may be
willing to ride out the bond market's peaks and valleys in exchange for the
higher potential returns of a longer-term fund.
If you have questions, please call us at 1-800-544-8888. We would be happy
to send you a Fidelity FundMatch kit, which can help you determine the mix
of investments that is right for you. You might also find it convenient to
set up
a regular investment plan using the Fidelity Automatic Account BuilderSM.
We look forward to hearing from you.
Best regards,
Edward C. Johnson 3d
PERFORMANCE: THE BOTTOM LINE
There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Each figure
includes changes in a fund's share price, plus reinvestment of any
dividends (or income) and capital gains (the profits the fund earns when it
sells bonds that have grown in value). You can also look at the fund's
income.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JUNE 30, 1994 PAST 6 PAST 1 PAST 5 LIFE OF
MONTHS YEAR YEARS FUND
Insured Tax-Free -6.77% -1.98% 40.51% 98.75%
Lehman Brothers Municipal Bond -4.41% 0.20% 46.00% n/a
Index
Average Insured Municipal Bond Fund -5.41% -1.18% 40.35% n/a
Consumer Price Index 1.51% 2.49% 19.26% 36.15%
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, six months, one year, five years, or
since the fund started on November 13, 1985. For example, if you had
invested $1,000 in a fund that had a 5% return over the past year, you
would have $1,050. You can compare these figures to the performance of the
Lehman Brothers Municipal Bond Index - a broad gauge of the municipal bond
market which includes both insured and uninsured bonds. To measure how the
fund stacked up against its peers, you can look at the average insured
municipal bond fund, which reflects the performance of 43 insured municipal
bond funds tracked by Lipper Analytical Services. Both benchmarks include
reinvested dividends and capital gains, if any. Comparing the fund's
performance to the consumer price index helps show how your fund did
compared to inflation. (The CPI returns begin on the month end closest to
the fund's start date.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JUNE 30, 1994 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND
Insured Tax-Free -1.98% 7.04% 8.28%
Lehman Brothers Municipal Bond Index 0.20% 7.86% n/a
Average Insured Municipal Bond Fund -1.18% 7.01% n/a
Consumer Price Index 2.49% 3.59% 3.62%
AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
$10,000 OVER LIFE OF FUND
11/30/85 10000.00 10000.00
12/31/85 10295.36 10087.90
01/31/86 10885.74 10682.08
02/28/86 11306.78 11105.73
03/31/86 11410.97 11109.28
04/30/86 11321.24 11117.73
05/31/86 11127.05 10936.73
06/30/86 11220.70 11041.07
07/31/86 11219.99 11108.08
08/31/86 11777.10 11605.39
09/30/86 11745.09 11634.52
10/31/86 12006.08 11835.45
11/30/86 12205.07 12069.91
12/31/86 12182.75 12036.60
01/31/87 12482.28 12399.02
02/28/87 12577.71 12460.02
03/31/87 12446.26 12327.95
04/30/87 11631.11 11709.33
05/31/87 11511.52 11651.25
06/30/87 11686.57 11993.33
07/31/87 11795.85 12115.67
08/31/87 11863.24 12142.93
09/30/87 11201.36 11695.22
10/31/87 11429.84 11736.62
11/30/87 11710.99 12043.06
12/31/87 11927.47 12217.81
01/31/88 12503.15 12653.00
02/29/88 12606.82 12786.75
03/31/88 12236.22 12637.78
04/30/88 12306.70 12733.83
05/31/88 12340.72 12697.03
06/30/88 12550.66 12882.78
07/31/88 12620.07 12966.78
08/31/88 12666.36 12978.19
09/30/88 12903.74 13213.10
10/31/88 13239.60 13446.31
11/30/88 13030.50 13323.14
12/31/88 13261.98 13459.43
01/31/89 13470.40 13737.78
02/28/89 13321.11 13581.03
03/31/89 13321.24 13548.57
04/30/89 13683.55 13870.21
05/31/89 13947.50 14158.30
06/30/89 14136.33 14350.57
07/31/89 14251.73 14545.88
08/31/89 14110.93 14403.47
09/30/89 14061.96 14360.26
10/31/89 14214.19 14535.46
11/30/89 14447.03 14789.83
12/31/89 14515.15 14911.10
01/31/90 14420.23 14841.02
02/28/90 14564.00 14973.11
03/31/90 14579.17 14977.60
04/30/90 14388.74 14869.76
05/31/90 14749.81 15193.92
06/30/90 14870.12 15327.63
07/31/90 15099.44 15552.94
08/31/90 14853.20 15327.43
09/30/90 14922.26 15336.62
10/31/90 15142.32 15614.22
11/30/90 15501.27 15928.06
12/31/90 15542.75 15998.14
01/31/91 15764.85 16212.52
02/28/91 15874.01 16353.57
03/31/91 15829.02 16360.11
04/30/91 16009.80 16577.70
05/31/91 16177.76 16725.24
06/30/91 16134.70 16708.52
07/31/91 16364.83 16912.36
08/31/91 16552.61 17135.60
09/30/91 16771.33 17358.37
10/31/91 16918.67 17514.59
11/30/91 16943.74 17563.63
12/31/91 17341.78 17941.25
01/31/92 17353.04 17982.52
02/29/92 17361.26 17987.91
03/31/92 17316.35 17995.11
04/30/92 17463.85 18155.26
05/31/92 17691.94 18369.49
06/30/92 17976.24 18678.10
07/31/92 18539.98 19238.44
08/31/92 18290.38 19049.91
09/30/92 18393.37 19173.73
10/31/92 17969.70 18985.83
11/30/92 18495.19 19325.68
12/31/92 18713.82 19522.80
01/31/93 18949.87 19749.26
02/28/93 19866.98 20464.19
03/31/93 19603.79 20247.26
04/30/93 19820.07 20451.76
05/31/93 19897.60 20566.29
06/30/93 20263.73 20909.75
07/31/93 20256.30 20936.93
08/31/93 20760.06 21372.42
09/30/93 21012.79 21616.07
10/31/93 20986.46 21657.14
11/30/93 20738.53 21466.55
12/31/93 21304.80 21919.50
01/31/94 21550.70 22169.38
02/28/94 20900.09 21595.19
03/31/94 19767.47 20716.27
04/30/94 19820.08 20892.36
05/31/94 20072.77 21074.12
06/30/94 19862.82 20951.89
$10,000 OVER LIFE OF FUND: Let's say you invested $10,000 in Fidelity
Insured Tax-Free Portfolio on November 30, 1985, shortly after the fund
started. As the chart shows, by June 30, 1994, the value of your investment
would have grown to $19,863 - a 98.63% increase on your initial investment.
For comparison, look at how the Lehman Brothers Municipal Bond Index did
over the same period. With dividends reinvested, the same $10,000 would
have grown to $20,952 - a 109.52% increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. Bond prices, for
example, move in the
opposite direction of interest
rates. In turn, the share price,
return, and yield of a fund
that invests in bonds will vary.
That means if you sell your
shares during a market
downturn, you might lose
money. But if you can ride out
the market's ups and downs,
you may have a gain.
(checkmark)
TOTAL RETURN COMPONENTS
SIX YEARS ENDED DECEMBER 31,
MONTHS
ENDED
JUNE 30,
1994 1993 1992 1991 1990 1989
Dividend return 2.46% 5.77% 6.13% 6.71% 6.72% 6.94%
Capital appreciation -9.23 8.08% 1.78% 4.86% 0.36% 2.51%
return %
Total return -6.77 13.85% 7.91% 11.57% 7.08% 9.45%
%
DIVIDEND returns and capital appreciation returns are both part of a bond
fund's total return. A dividend return reflects the actual dividends paid
by the fund. A capital appreciation return reflects both the amount paid by
the fund to shareholders as capital gain distributions and changes in the
fund's share price. Both returns assume the dividends or gains are
reinvested.
DIVIDENDS AND YIELD
<TABLE>
<CAPTION>
<S> <C> <C> <C>
PERIODS ENDED JUNE 30, 1994 PAST 30 PAST 6 PAST 1
DAYS MONTHS YEAR
Dividends per share 5.19(cents) 30.84(cents) 63.18(cents)
Annualized dividend rate 5.55% 5.34% 5.23%
30-day annualized yield 5.71% - -
30-day annualized tax-equivalent yield 8.92% - -
</TABLE>
DIVIDENDS per share show the income paid by the fund for a set period. If
you annualize this number, based on an average share price of $11.38 over
the past month, $11.64 over the past six months and $12.07 over the past
year, you can compare the fund's income over these three periods. The
30-day annualized YIELD is a standard formula for all funds based on the
yields of the bonds in the fund, averaged over the past 30 days. This
figure shows you the yield characteristics of the fund's investments at the
end of the period. It also helps you compare funds from different companies
on an equal basis. The tax-equivalent yield shows what you would have to
earn on a taxable investment to equal the fund's tax-free yield, if you're
in the 36% federal tax bracket.
FUND TALK: THE MANAGER'S OVERVIEW
An interview with Guy Wickwire, Portfolio Manager of Fidelity
Insured Tax-Free Portfolio
Q. GUY, HOW HAS THE FUND PERFORMED?
A. It was a rough period for both the municipal bond market and the fund.
For the six months ended June 30, 1994, the fund had a total return of
- -6.77%. That lagged the average insured municipal bond fund, which returned
- -5.41% for the same period, according to Lipper Analytical Services. For
the 12 months ended June 30, 1994, the fund returned -1.98%, compared to
the average return of -1.18%, again according to Lipper.
Q. WHAT ACCOUNTS FOR THE MUNICIPAL BOND MARKET'S PERFORMANCE OVER THE PAST
SIX MONTHS?
A. The market fell mainly because it feared higher inflation. Late last
year, fears of inflation caused rates to rise slightly. Until the end of
January, rates moved within a narrow range. During this period, the Federal
Reserve Board seemed content to keep the federal funds rate - the rate
banks charge each other for overnight loans - at 3.00%, where it had been
since September 1992. On February 4, the Fed reversed that policy, raising
the fed funds rate to 3.25%. And through May, the Fed moved three more
times, raising the fed funds rate to 4.25%. The Fed rate hikes were a
preemptive strike against inflation. The economy appeared to be heating up
and the Fed seemed determined to keep inflation in check. However, the move
still worried bond investors, who dislike any mention of inflation because
it can erode the value of their bonds' interest income, which is paid at a
fixed rate. As a result, bond prices fell from February through May. June
was more or less flat; during the first couple of weeks, the market
rallied, but then fell later in the month when investors became concerned
about the declining U.S. dollar.
Q. WHY DID THE FUND LAG THE AVERAGE FUND?
A. Mainly because it had a longer duration during much of the period than
many of its competitors. Duration is a measure of the fund's sensitivity to
interest rate changes. The longer the duration, the more sensitive the
fund. Entering 1994, I felt that the bond market had some inflation
concerns, so I raised the fund's cash level and sold some futures
contracts. That, in effect, shortened the duration. When the Fed hiked
rates for the first time in February, that shorter-than-average duration
helped the fund's performance relative to its competitors. However, after
the initial sell-off that accompanied that first hike, I felt that the
worst was behind us. At that point, I didn't anticipate that the market
would continue to act as negatively as it did and I lengthened the fund's
duration.
Q. THERE'S BEEN A LOT OF TALK LATELY ABOUT DERIVATIVES. AREN'T FUTURES ONE
OF THE FINANCIAL ARRANGEMENTS KNOWN AS DERIVATIVES, AND DO YOU USE OTHERS?
A. Yes, a future is one type of financial derivative - meaning its market
value is derived from a security or market index among other things. For
example, in February, I sold Treasury futures which generally helped reduce
the fund's volatility. We've used futures and options in our municipal
funds for years. More recently, I've also started using a derivative known
as an inverse floater - whose yield rises as short-term rates fall, and
vice versa. Inverse floaters act like very long-term bonds, effectively
increasing a fund's duration, which is good in a falling interest rate
environment, but can hurt the fund when interest rates rise. During the
past six months, inverse floaters made up less than 5% of the fund's total
investments. By using these various derivatives, I achieve increased
flexibility in managing the fund's overall sensitivity to changes in
interest rates and, hopefully, can achieve higher levels of income.
Q. WHAT CHANGES HAVE YOU MADE DURING THE PAST SIX MONTHS?
A. In terms of sector concentrations, I haven't made any significant
changes. Health care bonds are still the fund's largest sector
concentration at 24.9% of investments at the end of June. They're
attractive, in part, because they can offer relatively high yields. The
bonds are insured, so the impact of health care reform shouldn't affect
their ability to meet interest and principal payments. Electric utility
bonds are the fund's second largest sector concentration at 18.0% of
investments. We bought many of these bonds at a time when supply was high
and prices were attractive. Going forward, a scarcity of electric utility
bonds could help boost their prices.
Q. HAVE YOU CHANGED THE WAY YOU
ALLOCATE THE FUND'S ASSETS AMONG STATES?
A. California - at 14.9% of investments - is the fund's largest state
concentration, just as it was six months ago. Recently, the rating agencies
downgraded some California bonds. However, that won't affect the fund's
holdings since its California bonds are insured. I did increase the fund's
stake in Massachusetts bonds to 7.3% of investments at the end of June, up
from 3.6% six months earlier. I bought many Massachusetts bonds at a time
when there was a heavy supply, and prices were relatively cheap. Illinois
and Colorado bonds, which can offer fairly attractive yields, make up the
fund's third and fourth largest state, each at 7.1% of investments.
Q. WHAT SHOULD WE EXPECT OVER THE NEXT SEVERAL MONTHS?
A. I believe that eventually the economy will slow, and inflation won't be
a problem. Retail sales are slowing and auto sales have fallen from their
torrid pace in 1993. I'm not suggesting that we will go back into a
recession, but that the growth rate will slow. However, over the short term
I do expect that the market will continue to be volatile until we see some
definitive signs that growth is slowing. So for now, my strategy will most
likely remain the same: I'll seek the best relative value among bonds,
selling those that have peaked and buying those that offer the potential to
do well. Since I believe that inflation won't be much of a problem in the
second half of the year, I'll maintain a longer-than-average duration, and
use futures and cash to hedge the fund as market conditions warrant.
FUND FACTS
GOAL: to provide high current
income exempt from federal
income taxes while
preserving capital
START DATE: November 13, 1985
SIZE: as of June 30, 1994,
more than $380 million
MANAGER: Guy Wickwire,
since October 1993;
manager, Fidelity
Massachusetts Tax-Free
High Yield Portfolio, since
1983; Fidelity High Yield
Tax-Free Portfolio, 1981 to
1993; Fidelity Advisor High
Income Municipal Portfolio,
1987 to 1992; joined Fidelity
in 1981
(checkmark)
GUY WICKWIRE'S OUTLOOK FOR THE
MUNICIPAL MARKET:
"The long-term underlying
economic growth rate is about
2%. In the past, nearly every
time we've had economic
expansion with growth that
exceeds that level, we've had
higher inflation. The municipal
bond market seems to be
worried that history will repeat
itself and that the current
economic expansion will
cause higher inflation.
Inflation is the most important
factor that affects bonds. But
in my view, this economic
recovery should continue to
be quite moderate and
shouldn't ignite inflation. But
until those inflation fears are
calmed, the market could
remain volatile. Eventually,
positive supply and demand
factors should work in
municipals' favor. The supply
of new bonds issued in 1994
is about 40% less than in
1993. That lower supply
should help support municipal
bond prices once the market
settles. "
(bullet) The fund's duration -
which measures sensitivity to
interest rate changes - was
11.3 years at the end of June.
That was longer than many of
the fund's competitors.
INVESTMENT CHANGES
TOP FIVE STATES AS OF JUNE 30, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
6 MONTHS AGO
California 14.9 10.2
Massachusetts 7.3 3.6
Colorado 7.1 5.6
Illinois 7.1 6.7
Texas 4.8 5.5
TOP FIVE SECTORS AS OF JUNE 30, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
6 MONTHS AGO
Health Care 24.9 27.2
Electric Revenue 18.0 20.5
General Obligation 12.9 9.6
Water & Sewer 12.1 8.9
Housing 8.4 6.8
AVERAGE YEARS TO MATURITY AS OF JUNE 30, 1994
6 MONTHS AGO
Years 19.3 20.5
AVERAGE YEARS TO MATURITY SHOWS THE AVERAGE TIME UNTIL THE PRINCIPAL OF THE
BONDS IN THE FUND IS EXPECTED TO BE REPAID, WEIGHTED BY DOLLAR AMOUNT.
DURATION AS OF JUNE 30, 1994
6 MONTHS AGO
Years 11.3 10.6
DURATION SHOWS HOW MUCH A BOND'S PRICE FLUCTUATES WITH CHANGES IN INTEREST
RATES. IF RATES RISE 1%, FOR EXAMPLE, THE SHARE PRICE OF A FUND WITH A
FIVE-YEAR DURATION WILL FALL 5%. AS OF JUNE 30, 1994, THE DURATION
CALCULATION HAS BEEN MADE ON AN OPTION-ADJUSTED BASIS. THIS CHANGE MORE
ACCURATELY REFLECTS THE VOLATILITY OF OUR FUNDS. THE SIX-MONTH-AGO DURATION
HAS BEEN ADJUSTED TO REFLECT THIS CHANGE.
QUALITY DIVERSIFICATION AS OF JUNE 30, 1994
(MOODY'S RATINGS) % OF FUND'S INVESTMENTS
Aaa 86.6%
Aa, A 12.0
Baa 0.4
Short-term Investments 1.0
Row: 1, Col: 1, Value: 2.0
Row: 1, Col: 2, Value: 1.4
Row: 1, Col: 3, Value: 11.0
Row: 1, Col: 4, Value: 85.59999999999999
WHERE MOODY'S RATINGS ARE NOT AVAILABLE, WE HAVE USED S&P RATINGS.
INVESTMENTS JUNE 30, 1994 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
MUNICIPAL BONDS - 99.0%
PRINCIPAL VALUE (NOTE 1)
AMOUNT
ALASKA - 0.5%
Matanuska-Susitna Boro Series A, 6% 5/1/14,
(MBIA Insured) $ 2,000,000 $ 1,912,500
ARIZONA - 4.0%
Arizona Univ. Ctfs. of Prtns. Rfdg. (West Campus Proj.)
5.20% 7/15/08, (MBIA Insured) 2,000,000 1,850,000
Maricopa County School Dist. #28 Rfdg. Unltd. Tax
(Kyrene Elementary) Series C, 0% 1/1/10, (FGIC Insured) 2,000,000 760,000
Mesa Rfdg. 5% 7/1/03, (MBIA Insured) 2,000,000 1,912,500
Pima County Ind. Dev. Auth. Health Care Corp. Rev.
(Cardondelet Health Svc., Inc.) (St. Joseph & St. Mary's Hosp.)
8% 7/1/13, (MBIA Insured) 1,875,000 2,074,219
Pima County Ind. Dev. Auth. Ind. Rev. Rfdg. (Lease Oblig.)
(Irvington Proj. Tucson Elec. Pwr. Co.) Series A, 7.25%
7/15/10, (FSA Insured) 8,000,000 8,540,000
15,136,719
ARKANSAS - 0.1%
North Little Rock Elec. Rev. Rfdg. Series A, 6.50% 7/1/15,
(MBIA Insured) 400,000 422,500
CALIFORNIA - 14.9%
Alameda County Ctfs. of Prtn. Rfdg. (Santa Rita Jail Proj.)
5.375% 6/1/09, (MBIA Insured) 1,000,000 931,250
Anaheim Ctfs. of Prtn. Rfdg. (Anaheim Mem. Hosp. Assoc.)
5% 5/15/13, (AMBAC Insured) 3,330,000 2,818,013
California Gen. Oblig. 4.75% 9/1/18, (FSA Insured) 10,000,000 7,837,500
California Pub. Wrks. Board Lease Rev.:
Rfdg. (Dept. Corrections St. Prisons)
Series A, 5% 12/1/19, (AMBAC Insured) 2,500,000 2,056,250
Unltd. Tax (Secretary of State)
Series A, 6.50% 12/1/08, (AMBAC Insured) 1,000,000 1,050,000
(Dept. of Corrections State Prisons) Series A,
5.25% 12/1/05, (AMBAC Insured) 2,000,000 1,912,500
Desert Hosp. Rev. Ctfs. of Prtn. RIB (Desert Hosp. Corp.)
Series 1992, 9.309% 7/28/20, INFL
(Cap. Guaranty Insured) (d) 1,500,000 1,501,875
East Bay Muni. Util. Dist. Wtr. Sys. Rev. Rfdg. 5% 6/1/14,
(MBIA Insured) 1,200,000 1,011,000
Palm Desert Fing. Auth. Tax Allocation RIB 9.455% 4/1/22, INFL
(MBIA Insured) (d) 1,500,000 1,528,125
Pleasant Hill Jt. Pwrs. Fin. Auth. Lease Rev. Cap. Impt. Prog.
Series A, 5% 12/1/12, (MBIA Insured) 1,490,000 1,279,538
Rancho Wtr. Dist. Fin. Auth. Rev. 4.875% 8/1/15,
(AMBAC Insured) 7,145,000 5,849,969
Sacramento City Fing. Auth. Lease Rev. Rfdg. Series A, 5.375%
11/1/14, (AMBAC Insured) 4,000,000 3,605,000
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT
CALIFORNIA - CONTINUED
Sacramento City Fing. Auth. (Cap. Appreciation) (Tax Allocation
Proj.) Series B, 0% 11/1/07, (MBIA Insured) $ 1,810,000 $ 805,450
Sacramento Muni. Util. Dist. Elec. Rev. 5.25% 11/15/12,
(FGIC Insured) 500,000 437,500
San Francisco City & County Swr. Rev. Rfdg. 5.50% 10/1/15,
(AMBAC Insured) 2,000,000 1,802,500
San Jose Redev. Agcy. Tax Alloc. (Merged Area Redev. Proj.):
6% 8/1/15, (MBIA Insured) 2,000,000 1,930,000
5.25% 8/1/16, (MBIA Insured) 3,395,000 2,919,700
Santa Barbara Wtr. Rev. Rfdg. Series A, 4.80% 9/1/14,
(AMBAC Insured) 1,400,000 1,148,000
Santa Monica Wastewtr. Enterprise Rev. Rfdg. (Hyperion Proj.)
4.75% 1/1/12, (AMBAC Insured) 3,000,000 2,478,750
Southern California Pub. Pwr. Auth. Pwr. Proj. Rev. (San Juan
Proj. Unit #3) Series A, 5% 1/1/20, (MBIA Insured) 1,000,000 813,750
Southern California Pub. Pwr. Auth. (Transmission Proj.) Rev.
Rfdg. Series A, 5% 7/1/22, (MBIA Insured) 1,375,000 1,108,594
Suisun City, Series H-12, 5.20% 2/1/19, (MBIA Insured) 1,410,000
1,207,313
Sulphur Springs Unified School Dist. Series A, 0% 9/1/11,
(MBIA Insured) 3,000,000 997,500
Univ. California Ctfs. of Prtn. Rfdg. (UCLA Ctr. Chiller)
5.40% 11/1/11 3,000,000 2,658,750
Univ. of California Rev. Rfdg. (Multi-purpose Projs.) Series C,
5.125% 9/1/18, (AMBAC Insured) 1,500,000 1,256,250
West & Ctrl. Basin Fin. Auth. Rev. (West Basin Ref. Proj.) Series A:
5% 8/1/13, (AMBAC Insured) 4,000,000 3,390,000
5% 8/1/16, (AMBAC Insured) 3,250,000 2,701,563
57,036,640
COLORADO - 7.1%
Adams County School Dist. #12 Unltd. Tax Rfdg. (Thornton):
6.20% 12/15/09, (FGIC Insured) 1,440,000 1,449,000
6.20% 12/15/10, (FGIC Insured) 3,650,000 3,659,125
Adams County Single Family Mtg. Rev. Rfdg. Series A-2,
8.70% 6/1/12, (FSA Insured) 5,000,000 5,543,750
Colorado Health Facs. Auth. Rev.:
Rfdg. Hosp. (Boulder Commty. Hosp.) Series B,
5.875% 10/1/23, (MBIA Insured) 2,000,000 1,877,500
(PSL Health Sys. Proj.) Series A:
7.25% 2/15/16, (FSA Insured) 2,000,000 2,167,500
6.25% 2/15/21, (FSA Insured) 4,000,000 3,955,000
Colorado Univ. Hosp. Auth. Hosp. Rev. Series A, 6.25%
11/15/12, (AMBAC Insured) 1,000,000 993,750
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT
COLORADO - CONTINUED
Denver City & County School Dist. #1 Rfdg. Series A:
0% 12/1/04 $ 3,075,000 $ 1,641,273
0% 12/1/08 10,400,000 4,251,000
Jefferson County Single Family Mtg. Rev. Series 1991 A,
8.875% 10/1/13, (MBIA Insured) 175,000 187,031
Thornton City Gen. Oblig. Wtr. Rfdg. (Cap. Appreciation)
Series 1991, 0% 12/1/12, (FGIC Insured) 4,770,000 1,526,400
27,251,329
CONNECTICUT - 0.9%
Bridgeport Gen. Oblig. 8.75% 8/15/04, (FGIC Insured) 510,000 620,925
Connecticut Health & Edl. Facs. Auth. Rev. (St. Raphael Hosp.)
Series H, 5.25% 7/1/12, (AMBAC Insured) 3,035,000 2,704,944
3,325,869
FLORIDA - 0.2%
Dade County Wtr. & Swr. Sys. Rev. Rfdg. 5% 10/1/13,
(FGIC Insured) 1,000,000 856,250
GEORGIA - 2.0%
Medical Ctr. Hosp. Auth. Rev. Anticipation Ctfs. (Columbia Reg.
Healthcare Sys.) 5% 8/1/18, (MBIA Insured) 1,500,000 1,260,000
Muni. Elec. Auth. Spl. Oblig.:
Rfdg. Second Crossover Series,
7.80% 1/1/20, (AMBAC Insured) 1,500,000 1,627,500
Fifth Crossover Series Proj. #1,
6.40% 1/1/13, (AMBAC Insured) 4,550,000 4,612,563
7,500,063
HAWAII - 0.4%
Hawaii County Rfdg. & Impt. Series A, 5.60% 5/1/12,
(FGIC Insured) 1,000,000 940,000
Honolulu City & County Multi-Family Rev. (Hale Pauahi)
Series A, 8.70% 12/1/28, (FHA Guaranteed)
(MBIA Insured) 725,000 742,219
1,682,219
IDAHO - 1.8%
Canyon County School Dist.:
#131 5.50% 7/30/12, (MBIA Insured) 2,650,000 2,441,313
#139 Class A, 5% 8/1/13 1,290,000 1,109,400
Idaho Health Facs. Auth. Health Care Corp. Rev. (St. Joes Reg.
Med. Ctr.) 5.25% 7/1/13, (MBIA Insured) 1,000,000 890,000
Idaho Health Facs. Auth. Rev. Rfdg. (IHC Hosps., Inc.)
9.46% 2/15/21 INFL (d) 2,500,000 2,531,250
6,971,963
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT
ILLINOIS - 7.1%
Chicago FGIC Rfdg. Series B, 5.125% 1/1/15,
(AMBAC Insured) $ 2,250,000 $ 1,943,438
Chicago Motor Fuel Tax Rev. Rfdg. Series A, 5.375%
1/1/14, (AMBAC Insured) 2,000,000 1,780,000
Chicago O'Hare Int'l. Arpt. Spl. Facs. Rev. Rfdg.:
Series A, 5% 1/1/12 1,840,000 1,580,100
2nd Lien Series C-1, 5% 1/1/18, (MBIA Insured) 4,500,000 3,701,250
Chicago Residential Mtg. Rev. Rfdg. (Cap. Appreciation)
Series B, 0% 10/1/09, (MBIA Insured) 9,000,000 3,060,000
Chicago Single Family Mtg. Rev. (Cap. Appreciation)
Series A, 0% 12/1/16, (FGIC Insured) 43,080,000 5,223,450
Chicago Wastewtr. Transmission Rev. Rfdg. 5.375% 1/1/13,
(FGIC Insured) 2,000,000 1,800,000
Illinois Health Facs. Auth. Rev.:
(Childrens Mem. Hosp.) 6.25% 8/15/13, (MBIA Insured) 2,000,000 1,932,500
(Rush Presbyterian-St. Luke's) 5.25% 11/15/20,
(MBIA Insured) 1,500,000 1,250,625
(Swedish American Hosp.) 5.375% 11/15/13,
(AMBAC Insured) 3,000,000 2,625,000
Metropolitan Pier & Exposition Auth. Dedicated Tax Rev.
(McCormick Place Expansion Proj.) Series A, 0% 6/15/09,
(FGIC Insured) 6,000,000 2,310,000
27,206,363
INDIANA - 1.1%
Indiana Health Facs. Fing. Auth. Hosp. Rev. Rfdg.
(Columbus Gen'l. Hosp.) 7% 8/15/15, (Cap.
Guaranty Insured) 2,000,000 2,120,000
Jasper County Poll. Cont. Rev. Rfdg. (Northern Indiana
Pub. Svc.) 7.10% 7/1/17, (MBIA Insured) 2,000,000 2,162,500
4,282,500
KANSAS - 1.5%
Labette County Mtg. Loan Rev. Series A, 6.25% 5/1/12,
(GNMA Coll.) 1,815,000 1,953,394
Reno County Mtg. Rev. Rfdg. (Single Family) Series B,
8.70% 9/1/11 870,000 928,725
Wichita Hosp. RIB Rev. Series II-A, 9.563% 10/1/17, INFL
(MBIA Insured) (d) 3,000,000 2,988,750
5,870,869
KENTUCKY - 3.2%
Hardin Hospital Rev. 5.20% 10/1/14, (AMBAC Insured) 1,890,000 1,691,550
Jefferson County Hosp. Rev. 9.256% 10/1/08, INFL
(MBIA Insured) (d) 2,000,000 2,067,500
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT
KENTUCKY - CONTINUED
Kentucky Dev. Fin. Auth. Hosp. Rev. (St. Luke's Hosp., Inc.)
Series A, 7% 10/1/21, (MBIA Insured) $ 3,000,000 $ 3,202,500
Kentucky Tpk. Auth. Econ. Dev. Rev. Rfdg. (Revitalization Proj.):
5.50% 7/1/07, (AMBAC Insured) 3,000,000 2,902,500
5.50% 7/1/11, (AMBAC Insured) 2,500,000 2,331,250
12,195,300
LOUISIANA - 2.3%
Calcasieu Parish Pub. Trust Auth. Mtg. Rev. Rfdg.
Series A, 7.75% 6/1/12 1,535,000 1,581,050
East Baton Rouge Parish Sales & Use Tax Series ST-A
4.80% 2/1/12, (FGIC Insured) 1,000,000 848,750
Jefferson Parish Hospital Svc. Dist. #1 Hosp. Rev. 5.25%
1/1/19, (FGIC Insured) 1,250,000 1,078,125
Louisiana Gen. Oblig. Rfdg. Series A, 5.625% 8/1/07,
(MBIA Insured) 2,500,000 2,440,625
New Orleans Gen. Oblig. Rfdg. (Cap. Appreciation):
0% 9/1/09, (AMBAC Insured) 3,000,000 1,155,000
0% 9/1/10, (AMBAC Insured) 1,775,000 636,781
New Orleans Pub. Impt. Unltd. Tax 7% 9/1/19,
(FGIC Insured) 1,000,000 1,063,750
8,804,081
MAINE - 0.4%
Maine Tpk. Auth. Tpk. Rev. 6% 7/1/18, (MBIA Insured) (a) 1,500,000
1,423,125
MARYLAND - 1.9%
Baltimore Cons. Pub. Rfdg. & Impt. Series D, 5.40% 10/15/12,
(AMBAC Insured) 2,000,000 1,845,000
Baltimore County Mtg. Rev. Rfdg. (Silver Springs Apt.) Series A,
6.70% 11/1/19, (FHA Guaranteed) 1,000,000 983,750
Charles County Hsg. Mtg. Rev. Rfdg. (Holly Station III
Townhouse) Series A, 5.80% 7/1/19, (FHA Guaranteed)
(MBIA Insured) 1,000,000 928,750
Maryland Health & Higher Edl. Facs. Auth. Rev. (Frederick
Mem. Hosp.) 5.25% 7/1/13, (FGIC Insured) 2,000,000 1,770,000
Montgomery County Rev. Auth. Lease Rev. Rfdg. (Olney
Indoor Swim Center Proj.) Series C, 5.25% 10/1/12 1,000,000 888,750
Prince George's County Hsg. Auth. Mtg. Rev. Rfdg.
(Laurel Apts. Proj.) Series A, 6.25% 4/20/20, (GNMA Coll.) 750,000
725,625
7,141,875
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT
MASSACHUSETTS - 6.3%
Holyoke Gen. Oblig. Ltd. Tax 8.15% 6/15/06, (MBIA Insured) $ 2,205,000 $
2,610,169
Massachusetts Health & Ed. Facs. Auth. Rev.:
Rfdg. (Massachusetts Gen. Hosp.) Series F, 6.25% 7/1/12,
(AMBAC Insured) 2,000,000 2,015,000
(Northeastern Univ.) Series B, 7.60% 10/1/10,
(AMBAC Insured) 1,000,000 1,083,750
(Suffolk Univ.) Series B, 6.25% 7/1/12, (Connie Lee Insured) 2,590,000
2,567,338
Massachusetts Hsg. Fin. Agcy. Multi-Family Hsg. Rev.
Series A, 8.875% 7/1/18, (MBIA Insured) 1,985,000 2,074,325
Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev.:
Rfdg. Series B:
5% 7/1/12, (MBIA Insured) 2,000,000 1,692,500
5% 7/1/17, (MBIA Insured) (f) 6,000,000 4,905,000
Series A:
5% 7/1/10, (AMBAC Insured) 1,930,000 1,669,450
5% 7/1/13, (AMBAC Insured) 1,580,000 1,323,250
5% 7/1/14, (AMBAC Insured) 1,000,000 833,750
5% 7/1/17, (AMBAC Insured) 1,450,000 1,185,375
8.02% 7/1/18, INFL (d) 2,000,000 1,590,000
Series B, 5% 7/1/12, (AMBAC Insured) 560,000 474,600
24,024,507
MICHIGAN - 2.8%
Detroit Dis. Aid. 5.20% 5/1/07, (AMBAC Insured) 2,000,000 1,842,500
Detroit Wtr. Supply Sys. Rev. Rfdg. 6.50% 7/1/15,
(FGIC Insured) 1,000,000 1,025,000
Jackson County Hosp. Fin. Auth. Hosp. Rev. Rfdg. (WA
Foote Mem. Hosp.) Series A, 4.75% 6/1/15, (FGIC Insured) 2,000,000
1,607,500
Michigan Hosp. Fin. Auth. Rev. Rfdg. (Sisters of Mercy
Health Corp.) 5.375% 8/15/14, (MBIA Insured) 2,000,000 1,797,500
Michigan Hsg. Dev. Auth. Rental Hsg. Rev. Series B,
5.70% 4/1/12 3,000,000 2,722,500
Wayne Charter County Arpt. Rev. Rfdg. Sub. Lien
Detroit Metro C, 5.25% 12/1/13, (MBIA Insured) 2,000,000 1,770,000
10,765,000
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT
MINNESOTA - 4.1%
Minneapolis & St. Paul Hsg. & Redev. Auth. Healthcare
Sys. Rev. (Healthspan Health Sys. Corp.) (Health One Sys.)
Series A, 4.75% 11/15/18, (AMBAC Insured) $ 10,000,000 $ 7,912,500
Minneapolis Health Care Fac. Rev. Rfdg. Fairview Hosp. &
Healthcare Series A:
5.30% 11/15/08, (MBIA Insured) 1,000,000 931,250
5.25% 11/15/19, (MBIA Insured) 1,750,000 1,496,250
Northern Muni. Pwr. Agcy. Elec. Sys. Rev. Rfdg. Series A,
0% 1/1/11, (AMBAC Insured) 3,140,000 1,122,550
St. Cloud Hosp. Facs. Auth. Rev. Rfdg. Benedictine Sisters,
Series C:
5.25% 10/1/13, (AMBAC Insured) 2,700,000 2,379,375
5.30% 10/1/20, (AMBAC Insured) 2,000,000 1,727,500
15,569,425
MISSOURI - 1.5%
Kansas City Ind. Dev. Auth. Hosp. Rev. (Research Health
Svcs. Sys.) 9.375% 4/15/14, (MBIA Insured) 900,000 954,000
Kansas City School Dist. Bldg. Corp. Inds. Leasehold Rev.
(Elementary School Proj.) Series D, 5% 2/1/14, (FGIC Insured) 2,000,000
1,722,500
Missouri Health & Edl. Facs. Auth. Rev.:
(Barnes Jewish/Christian):
Rfdg. 5.15% 5/15/10 500,000 438,125
5.20% 5/15/11 500,000 438,125
5.25% 5/15/12 2,390,000 2,088,263
5,641,013
MONTANA - 2.2%
Montana Health Fac. Auth. Hosp. Fac. Rev. (Deaconess
Billings Clinic) 5.25% 2/15/20, (AMBAC Insured) 2,000,000 1,717,500
Montana Univ. Rev. Rfdg. Higher Ed., Series A, 5.05%
11/15/16, (MBIA Insured) 1,500,000 1,273,125
Silver Bow Wtr. Sys. Rev. (Butte Silver Bow Proj.)
5.25% 11/1/14, (FGIC Insured) 1,750,000 1,555,313
Univ. of Montana Higher Edl. Revs. Rfdg. Series A, 4.50%
11/15/15, (MBIA Insured) 5,000,000 3,893,750
8,439,688
MULTIPLE STATE - 0.3%
Washington D.C. Metro Area Trans. Auth. Gross Rev. Rfdg.
5.25% 7/1/14, (FGIC Insured) 1,300,000 1,158,625
NEVADA - 0.4%
Las Vegas-Clark County Library Dist. Ltd. Tax Series A,
6.90% 6/1/11, (FGIC Insured) 1,300,000 1,423,500
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT
NEW JERSEY - 0.7%
New Jersey Health Care Facs. Fing. Auth. Rev. (Monmouth
Med. Ctr.) Series C, 6.25% 7/1/16, (Cap. Guaranty Insured) $ 1,750,000 $
1,739,063
Warren County Poll. Cont. Fing. Auth. Rev. (Resource
Recovery) 6.55% 12/1/06, (MBIA Insured) 1,000,000 1,062,500
2,801,563
NEW MEXICO - 1.9%
Farmington Util. Sys. Rev. Rfdg. 5.75% 5/15/13,
(FGIC Insured) 500,000 468,750
Los Alamos County Inc. Util. Sys. Rev. Rfdg. Series A,
6% 7/1/15, (FSA Insured) (a) 3,025,000 2,877,531
New Mexico Mtg. Fin. Auth. Series A2, 6.85% 7/1/12 3,940,000 4,023,725
7,370,006
NEW YORK - 4.4%
New York State Dorm. Auth. Rev. Rfdg. (State Univ. Edl. Facs.)
Series A, 5.25% 5/15/15, (AMBAC Insured) 2,500,000 2,234,375
New York State Local Gov't. Assistance Corp.:
Rfdg. Series C, 5.50% 4/1/17 1,000,000 893,750
Series D, 5.375% 4/1/14 2,000,000 1,777,500
New York State Med. Care Facs. Fin. Agcy. Rev. (Hosp. &
Nursing Home) Series B, 8.10% 2/15/22,
(FHA Guaranteed) 2,250,000 2,455,313
New York State Twy Auth. Gen. Rev., Series B, 5% 1/1/20,
(MBIA Insured) 3,000,000 2,482,500
New York State Urban Dev. Corp. Rev.:
5.10% 1/1/09, (AMBAC Insured) 1,000,000 902,500
5% 1/1/17, (AMBAC Insured) 1,000,000 847,500
Suffolk County Wtr. Auth. Wtrwks. Rev. 5% 6/1/17,
(MBIA Insured) 6,000,000 5,092,500
16,685,938
NORTH CAROLINA - 1.8%
Fayetteville Public Works Commn. Rev. Rfdg. 4.75% 3/1/14,
(FGIC Insured) 2,000,000 1,677,500
North Carolina Med. Care Commn. Hosp. Rev. Rfdg.
(Wesley Long Comnty. Hosp.) 5.25% 11/1/17,
(AMBAC Insured) 1,500,000 1,290,000
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Rfdg.
6% 11/1/11, (MBIA Insured) 4,000,000 3,970,000
6,937,500
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT
NORTH DAKOTA - 1.4%
Grand Forks Health Care Facs. Rev. (United Hosp. Obligated
Group) 6.25% 12/1/19, (MBIA Insured) $ 1,000,000 $ 987,500
Mercer County Poll. Cont. Rev. Rfdg. (Basin Electric Pwr.)
(Antelope Valley Station) 7.20% 6/30/13,
(AMBAC Insured) (a) 3,500,000 3,657,500
North Dakota Hsg. Fin. Agcy. Single Family Mtg. Rev.
Series C, 8.75% 1/1/19 540,000 573,075
5,218,075
OHIO - 0.3%
Ohio Hsg. Fin. Agcy. Single Family Mtg. Rev.:
Series 1985 B, 9% 1/15/09, (FGIC Insured) 215,000 218,494
Series C, 9.40% 9/15/08, (FGIC Insured) 60,000 63,075
Ohio State Tpk. Commn. Tpk. Rev. Series A,
5.75% 2/15/24 1,000,000 922,500
1,204,069
OKLAHOMA - 2.1%
Grand River Dam Auth. Rev. Rfdg. 5.75% 6/1/08,
(FSA Insured) 4,250,000 4,202,188
Oklahoma Muni. Pwr. Auth. Pwr. Supply Sys. Rev. Series B:
5.875% 1/1/15, (MBIA Insured) 2,000,000 1,927,500
5.875% 1/1/12, (MBIA Insured) 2,000,000 1,932,500
8,062,188
OREGON - 0.8%
McMinnville Swr. Sys. Rev. Series A, 5% 2/1/14,
(FGIC Insured) 750,000 641,250
Oregon Health Hsg. Edl. & Cultural Facs. Auth. Rev. (Lewis &
Clark College Proj.) Series A, 6.125% 10/1/24,
(MBIA Insured) 750,000 740,625
Oregon Hsg. Edl. & Cultural Facs. Auth. Rev. (Lewis & Clark
College Proj.) Series A, 7.125% 7/1/20, (MBIA Insured) 500,000 557,500
Western Lane Oregon Hosp. Dist. (Sisters of St. Joseph of
Peace) 5.75% 8/1/19, (MBIA Insured) 1,000,000 943,750
2,883,125
PENNSYLVANIA - 2.9%
Cambria County Hosp. Dev. Auth. Hosp. Rev. Rfdg. & Impt.
(Conemaugh Valley Hosp.) Series 1992 B, 6.375%
7/1/18, (Connie Lee Insured) 1,500,000 1,471,875
Harrisburg Auth. Wtr. Rev. (Complimentary Auction Rate B-3)
8.42% 7/15/15, INFL (FGIC Insured) (d) 3,150,000 2,823,188
Pennsylvania Convention Ctr. Auth. Rev. Series A, 6.70%
9/1/16, (FGIC Insured) 2,000,000 2,100,000
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT
PENNSYLVANIA - CONTINUED
Pennsylvania Hsg. Fin. Agcy. Muni. Forwards Rfdg.
(Multi-Family Section 8) Series C, 8.10% 7/1/13,
(FHA Guaranteed) $ 2,000,000 $ 2,247,500
Philadelphia Wtr. & Wastewtr. Rev. Rfdg. 5% 6/15/12,
(FGIC Insured) 2,000,000 1,740,000
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev. Rfdg.
Series A, 5% 9/1/09, (FGIC Insured) 1,000,000 895,000
11,277,563
RHODE ISLAND - 0.9%
Rhode Island Depositors Econ. Protection Corp. Spl. Oblig.
Rfdg. Series A, 5.50% 8/1/20, (FSA Insured) 2,500,000 2,209,375
Rhode Island Health & Ed. Bldg. Corp. Rev. (Higher Ed.)
(Johnson & Wales Univ.) 6.25% 4/1/22, (Connie Lee Insured) 1,450,000
1,382,938
3,592,313
SOUTH CAROLINA - 1.3%
Lexington County Health Svcs. Dist. Inc. Hosp. Rev. 7%
10/1/08, (FSA Insured) 3,000,000 3,255,000
Richland County Hosp. Facs. Rev. (Commty. Provider Pooled Loan)
Series A, 7.125% 7/1/17, (Cap. Guaranty Insured) 1,500,000 1,623,750
4,878,750
SOUTH DAKOTA - 0.3%
South Dakota Lease Rev. (Trust Cfts.) Series A, 6.625% 9/1/12,
(Cap. Guaranty Insured) 1,000,000 1,023,750
TENNESSEE - 1.8%
Knox County Health Edl. & Hsg. Facs. Rev. Rfdg. (Sanders
Alliance Hosp. Facs.) Series C, 5.75% 1/1/14,
(MBIA Insured) 2,000,000 1,882,500
Metropolitan Gov't. Nashville & Davidson County:
Health & Edl. Facs. Brd. Rev. (Adventist Health Sunbelt)
5% 11/15/13, (CGIS Insured) 500,000 416,250
Wtr. & Swr. Rev. Rfdg. 0% 1/1/12, (FGIC Insured) (e) (f) 5,600,000
4,669,000
6,967,750
TEXAS - 4.8%
Austin Util. Sys. Rev. Rfdg. (Cap. Appreciation) 0% 11/15/10,
(AMBAC Insured) 13,500,000 4,741,875
Conroe Independent School Dist. Unltd. Tax Rfdg.:
0% 2/1/08, (Pre-Refunded to 2/1/02 @ 68.164) (b) (c) 3,000,000 1,286,250
0% 2/1/08 500,000 222,500
Harris County Flood Cont. Dist. Rfdg. Series B, 0% 10/1/06 2,000,000
895,000
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT
TEXAS - CONTINUED
Harris County Health Facs. Dev. Corp. Hosp. Rev. (St. Luke's
Episcopal Hosp. Proj.) 6.75% 2/15/21 $ 2,000,000 $ 2,062,500
Houston Wtr. & Swr. Sys. Rev. Rfdg. (Sr. Lien) Series C, 0%
12/1/06, (AMBAC Insured) 6,735,000 3,199,125
Matagorda County Navigation Dist. # 1 Rev. Rfdg.
(Houston Lt. & Pwr. Proj.) Series C, 7.125% 7/1/19,
(FGIC insured) 1,700,000 1,808,375
North Central Health Facs. Dev. Corp. Hosp. Rev. Rfdg.
(Methodist Hosp. Dallas) Series A, 9.50% 10/1/15,
(MBIA Insured) 250,000 270,000
Tarrant County Health Facs. Dev. Corp. (Adventist Health Sys./
Sunbelt Inc.) 5% 11/15/13, (CGIC Insured) 1,000,000 847,500
Texas Pub. Fin. Auth. Bldg. Rev. Rfdg. (Cap. Appreciation)
Series 1990, 0% 2/1/10, (MBIA Insured) 1,250,000 462,500
Texas State Pub. Prop. Fin. Corp. Rev. Rfdg. (Mental
Health & Retardation) 5.50% 9/1/13, (CGIC Insured) 3,000,000 2,666,250
18,461,875
VIRGINIA - 2.6%
Chesapeake Rfdg. 5.50% 12/1/09 1,225,000 1,156,094
Prince William County Svc. Auth. Wtr. & Swr. Sys. Rev. Rfdg.
5% 7/1/13, (FGIC Insured) 2,000,000 1,715,000
Southeastern Pub. Svc. Auth. Rev. Rfdg. Sr. Series A,
5.15% 7/1/09, (MBIA Insured) 2,000,000 1,822,500
Stafford County Wtr. & Swr. Rev. Rfdg. 5.25% 6/1/12,
(FGIC Insured) 2,000,000 1,782,500
Virginia Beach Dev. Auth. Hosp. Facs. Rev.
(Virginia Beach Gen. Hosp. Proj.):
6% 2/15/12, (AMBAC Insured) 2,150,000 2,085,500
6% 2/15/13, (AMBAC Insured) 1,460,000 1,414,375
Virginia Hsg. Dev. Auth. Residential Mtg. (Single Family Mtg.)
Series 1983 B, 0% 9/1/14 1,215,000 162,506
10,138,475
WASHINGTON - 3.0%
Washington Health Care Facs. Auth. Rev. (Swedish Hosp.
Med. Ctr.) 6.30% 11/15/22, (AMBAC Insured) 2,000,000 1,972,500
Washington State Pub. Pwr. Supply Sys. Rev. Rfdg.:
Nuclear Proj. #1 Series B, 7.25% 7/1/12, (FGIC Insured) 1,500,000
1,612,500
Nuclear Proj. #2:
7.07% 7/1/10, INFL (FGIC Insured) (d) 4,000,000 3,350,000
Series A:
6% 7/1/07 2,500,000 2,446,875
0% 7/1/09, (FGIC Insured) 3,000,000 1,158,750
Nuclear Proj. #3 Series B, 7% 7/1/05, (FGIC Insured) 750,000 808,125
11,348,750
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT
WISCONSIN - 1.0%
Wisconsin St. Health & Edl. Facs. Auth. Rev.:
Aurora Healthcare 5.25% 8/15/12, (MBIA Insured) $ 2,000,000 $ 1,745,000
(Wheaton Franciscan Svcs., Inc.) 6.10% 8/15/08,
(MBIA Insured) 2,000,000 1,987,500
3,732,500
TOTAL MUNICIPAL BONDS
(Cost $394,975,495) 378,626,113
MUNICIPAL NOTES (C) - 1.0%
MASSACHUSETTS - 1.0%
Massachusetts Health & Edl. Facs. Auth. Rev. (Cap. Asset Prog.)
Series B, 3%, (MBIA Insured) BPA Sanwa Bank,
VRDN (Cost $3,700,000) 3,700,000 3,700,000
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $398,675,495) $ 382,326,113
SECURITY TYPE ABBREVIATIONS
VRDN - Variable Rate Demand Notes
LEGEND
1. Security purchased on a delayed delivery basis (see Note 2 of Notes to
Financial Statements).
2. Security collateralized by an amount sufficient to pay interest and
principal.
3. The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
4. Coupon is inversely indexed to a floating interest rate. The price will
be more volatile than the price of a comparable fixed rate security. The
rate shown is the rate at period end.
5. Debt obligation initially issued in zero coupon form which converts to
coupon form at a specific rate and date.
6. Security pledged to cover delayed delivery purchases. At the period end,
the value of securities pledged amounted to $9,574,000.
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total value
of investment in securities, is as follows (ratings are unaudited):
MOODY'S RATINGS S&P RATINGS
Aaa, Aa, A 95.7% AAA, AA, A 97.4%
Baa1 0.4% BBB 0.0%
Ba 0.0% BB 0.0%
B 0.0% B 0.0%
Caa 0.0% CCC 0.0%
Ca, C 0.0% CC, C 0.0%
D 0.0%
The percentage not rated by either S&P or Moody's amounted to 0.0%.
OTHER INFORMATION - CONTINUED
The distribution of municipal securities by revenue source, as a percentage
of total value of investment in securities, is as follows:
Health Care 24.9%
Electric Revenue 18.0
General Obligation 12.9
Water & Sewer 12.1
Others (individually less than 10%) 32.1
TOTAL 100.0%
INCOME TAX INFORMATION
At June 30,1994, the aggregate cost of investment securities for income tax
purposes was $398,675,823. Net unrealized depreciation aggregated
$16,349,710, of which $5,355,032 related to appreciated investment
securities and $21,704,742 related to depreciated investment securities.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
JUNE 30, 1994 (UNAUDITED)
ASSETS
Investment in securities, at value (cost $398,675,495) $ 382,326,113
(Notes 1 and 2) - See accompanying schedule
Cash 1,058,529
Receivable for investments sold 1,200,058
Interest receivable 6,977,443
Receivable for daily variation on futures contracts 248,833
TOTAL ASSETS 391,810,976
LIABILITIES
Payable for investments purchased - delayed delivery $ 9,133,537
(Note 2)
Payable for fund shares redeemed 1,501,316
Dividends payable 528,371
Accrued management fee 135,293
Other payables and accrued expenses 84,159
TOTAL LIABILITIES 11,382,676
NET ASSETS $ 380,428,300
Net Assets consist of (Note 1):
Paid in capital $ 392,729,457
Accumulated undistributed net realized gain (loss) 4,048,225
on investments
Net unrealized appreciation (depreciation) on (16,349,382)
investments
NET ASSETS, for 34,220,562 shares outstanding $ 380,428,300
NET ASSET VALUE, offering price and redemption price per $11.12
share ($380,428,300 (divided by) 34,220,562 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED JUNE 30, 1994 (UNAUDITED)
INTEREST INCOME $ 12,236,023
EXPENSES
Management fee (Note 4) $ 855,174
Transfer agent, accounting and custodian fees and 307,105
expenses (Note 4)
Non-interested trustees' compensation 1,266
Registration fees 32,694
Audit 14,372
Legal 803
Reports to shareholders 26
Miscellaneous 126
TOTAL EXPENSES 1,211,566
NET INTEREST INCOME 11,024,457
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
(NOTES 1, 2 AND 3)
Net realized gain (loss) on:
Investment securities 1,460,999
Futures contracts 3,580,967 5,041,966
Change in net unrealized appreciation (depreciation) on (45,236,458)
investment securities
NET GAIN (LOSS) (40,194,492)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM $ (29,170,035)
OPERATIONS
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR ENDED
ENDED JUNE DECEMBER 31,
30,1994 1993
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 11,024,457 $ 22,650,012
Net interest income
Net realized gain (loss) 5,041,966 17,345,055
Change in net unrealized appreciation (depreciation) (45,236,458) 14,397,510
NET INCREASE (DECREASE) IN NET ASSETS RESULTING (29,170,035) 54,392,577
FROM OPERATIONS
Distributions to shareholders: (11,024,457) (22,650,012)
From net interest income
From net realized gain (4,403,924) (9,941,439)
TOTAL DISTRIBUTIONS (15,428,381) (32,591,451)
Share transactions 192,009,022 322,573,485
Net proceeds from sales of shares
Reinvestment of distributions 10,974,566 23,487,536
Cost of shares redeemed (226,353,305) (290,587,864)
Net increase (decrease) in net assets resulting from (23,369,717) 55,473,157
share transactions
TOTAL INCREASE (DECREASE) IN NET ASSETS (67,968,133) 77,274,283
NET ASSETS
Beginning of period 448,396,433 371,122,150
End of period $ 380,428,300 $ 448,396,433
OTHER INFORMATION
Shares
Sold 16,718,537 26,281,608
Issued in reinvestment of distributions 934,516 1,910,337
Redeemed (19,680,943) (23,612,917)
Net increase (decrease) (2,027,890) 4,579,028
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED DECEMBER 31,
ENDED JUNE 30,
1994
(UNAUDITED) 1993 1992 1991 1990 1989
</TABLE>
SELECTED PER-SHARE DATA
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Net asset value, $ 12.370 $ 11.720 $ 11.630 $ 11.090 $ 11.050 $ 10.780
beginning of period
Income from .308 .655 .689 .702 .713 .717
Investment
Operations
Net interest income
Net realized and (1.130) .930 .200 .540 .040 .270
unrealized gain
(loss)
Total from (.822) 1.585 .889 1.242 .753 .987
investment
operations
Less Distributions (.308) (.655) (.689) (.702) (.713) (.717)
From net interest
income
From net realized (.120) (.280) (.110) - - -
gain on
investments
Total distributions (.428) (.935) (.799) (.702) (.713) (.717)
Net asset value, end $ 11.120 $ 12.370 $ 11.720 $ 11.630 $ 11.090 $ 11.050
of period
TOTAL RETURNB (6.77)% 13.85% 7.91% 11.57% 7.08% 9.45%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of $ 380,428 $ 448,396 $ 371,122 $ 303,351 $ 198,585 $ 175,301
period (000 omitted)
Ratio of expenses to .59%A .61% .63% .65% .67% .70%
average net assets
Ratio of net interest 5.34%A 5.31% 5.91% 6.23% 6.52% 6.57%
income to average
net assets
Portfolio turnover rate 71%A 78% 69% 62% 66% 51%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
NOTES TO FINANCIAL STATEMENTS
For the period ended June 30, 1994 (Unaudited)
1. SIGNIFICANT ACCOUNTING
POLICIES.
Fidelity Insured Tax-Free Portfolio (the fund) is a fund of Fidelity
Municipal Trust (the trust) and is authorized to issue an unlimited number
of shares. The trust is registered under the Investment Company Act of
1940, as amended (the 1940 Act), as an open-end management investment
company organized as a Massachusetts business trust. The following
summarizes the significant accounting policies of the fund:
SECURITY VALUATION. Securities are valued based upon a computerized matrix
system and/or appraisals by a pricing service, both of which consider
market transactions and dealer-supplied valuations. Short-term securities
maturing within sixty days are valued either at amortized cost or original
cost plus accrued interest, both of which approximate current value.
Securities for which quotations are not readily available through the
pricing service are valued at their fair value as determined in good faith
under consistently applied procedures under the general supervision of the
Board of Trustees.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, the fund is not subject to income taxes to
the extent that it distributes all of its taxable income for its fiscal
year. The schedule of investments includes information regarding income
taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income. Distributions to shareholders from
realized capital gains on investments, 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. These differences are primarily due to differing treatments for
futures transactions and losses deferred due to wash sales. The fund also
utilized earnings and profits distributed to shareholders on redemption of
shares as a part of the dividends paid deduction for income tax purposes.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
DELAYED DELIVERY TRANSACTIONS. The fund may purchase or sell securities on
a when-issued or forward commitment basis. Payment and delivery may take
place a month or more after the date of the transaction. The price of the
underlying securities and the date when the securities will be delivered
and paid for are fixed at the time the transaction is negotiated. The fund
identifies securities as segregated in its custodial records with a value
at least equal to the amount of the purchase commitment.
FUTURES CONTRACTS AND OPTIONS. The fund may invest in futures contracts and
write options. These investments involve to varying degrees, elements of
market risk and risks in excess of the amount recognized in the Statement
of Assets and Liabilities. The face or contract amounts reflect the extent
of the involvement the fund has in the particular classes of instruments.
Risks may be caused by an imperfect correlation between movements in the
price of the instruments and the price of the underlying securities and
interest rates. Risks also may arise if there is an illiquid secondary
market for the instruments, or due to the inability of counterparties to
perform.
Futures contracts are valued at the settlement price established each day
by the board of trade or exchange on which they are traded. Options traded
on an exchange are valued using the last sale price or, in the absence of a
sale, the last offering price. Options traded over-the-counter are valued
using dealer-supplied valuations.
3. PURCHASES AND SALES OF
INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $142,965,594 and $179,640,955, respectively.
The market value of futures contracts opened and closed amounted to
$346,393,158 and $342,950,270, respectively.
4. FEES AND OTHER
TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, Fidelity Management &
Research Company (FMR) receives a monthly fee that is calculated on the
basis of a group fee rate plus a fixed individual fund fee rate applied to
the average net assets of the fund. The group fee rate is the weighted
average of a series of rates ranging from .1325% to .3700% and is based on
the monthly average net assets of all the mutual funds advised by FMR. The
annual individual fund fee rate is .25%. For the period, the management fee
was equivalent to an annualized rate of .41% of average net assets.
The Board of Trustees approved a new group fee rate schedule with rates
ranging from .12% to .37%. Effective August 1, 1994, FMR has voluntarily
agreed to implement this new group fee rate schedule as it results in the
same or a lower management fee.
4. FEES AND OTHER
TRANSACTIONS WITH AFFILIATES -
CONTINUED
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plan (the Plan), and in accordance with Rule 12b-1 of the 1940 Act, FMR or
the fund's distributor, Fidelity Distributors Corporation (FDC), an
affiliate of FMR, may use their resources to pay administrative and
promotional expenses related to the sale of the fund's shares. Subject to
the approval of the Board of Trustees, the Plan also authorizes payments to
third parties that assist in the sale of the fund's shares or render
shareholder support services. FMR or FDC has informed the fund that
payments made to third parties under the Plan amounted to $12,985 for the
period.
TRANSFER AGENT AND ACCOUNTING FEES. United Missouri Bank, N.A. (the Bank)
is the custodian and transfer and shareholder servicing agent for the fund.
The Bank has entered into a sub-contract with Fidelity Service Co. (FSC),
an affiliate of FMR, under which FSC performs the activities associated
with the fund transfer and shareholder servicing agent and accounting
functions. The fund pays transfer agent fees based on the type, size,
number of accounts and number of transactions made by shareholders. FSC
pays for typesetting, printing and mailing of all shareholder reports,
except proxy statements. The accounting fee is based on the level of
average net assets for the month plus out-of-pocket expenses. For the
period, FSC received transfer agent and accounting fees amounting $215,794
and $91,254 respectively.
TO CALL FIDELITY
FOR FUND INFORMATION AND QUOTES
The Fidelity Telephone Connection offers you special automated telephone
services for quotes and balances. The services are easy to use,
confidential and quick. All you need is a Touch Tone telephone.
YOUR PERSONAL IDENTIFICATION NUMBER
(PIN)
The first time you call one of our automated telephone services, we'll ask
you
to set up your Personal Identification
Number (PIN). The PIN assures that
only you have automated telephone
access to your account information.
Please have your Customer Number
(T-account #) handy when you call --
you'll need it to establish your PIN. If
you would ever like to change your PIN, just choose the "Change your
Personal
Identification Number" option when
you call. If you forget your PIN, please
call a Fidelity representative at 1-800-
544-6666 for assistance.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND QUOTES*
1-800-544-8544
Just make a selection from this record-ed menu:
PRESS
For quotes on funds you own.
1.
For an individual fund quote.
2.
For the ten most frequently
requested Fidelity fund quotes.
3.
For quotes on Fidelity Select
Portfolios(registered trademark).
4.
To change your Personal
Identification Number (PIN).
5.
To speak with a Fidelity
representative.
6.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND ACCOUNT
BALANCES 1-800-544-7544
Just make a selection from this record-
ed menu:
PRESS
For balances on funds you own.
1.
For your most recent fund activity
(purchases, redemptions, and
dividends).
2.
To change your Personal
Identification Number (PIN).
3.
To speak with a Fidelity
representative.
4.
* WHEN YOU CALL THE QUOTES LINE, PLEASE REMEMBER THAT A FUND'S YIELD AND
RETURN WILL
VARY AND, EXCEPT FOR MONEY MARKET FUNDS, SHARE PRICE WILL ALSO VARY. THIS
MEANS THAT
YOU MAY HAVE A GAIN OR LOSS WHEN YOU SELL YOUR SHARES. THERE IS NO
ASSURANCE THAT
MONEY MARKET FUNDS WILL BE ABLE TO MAINTAIN A STABLE $1 SHARE PRICE; AN
INVESTMENT IN
A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE U.S. GOVERNMENT.
TOTAL
RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN SHARE PRICE, REINVESTMENT OF
DIVIDENDS
AND CAPITAL GAINS, AND THE EFFECTS OF ANY SALES CHARGES. FOR MORE
INFORMATION ON ANY
FIDELITY FUND INCLUDING MANAGEMENT FEES AND CHARGES, CALL 1-800-544-8888
FOR A FREE
PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Thomas J. Steffanci, Vice President
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
Arthur S. Loring, Secretary
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox *
Phyllis Burke Davis *
Richard J. Flynn *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Edward H. Malone *
Marvin L. Mann *
Gerald C. McDonough *
Thomas R. Williams *
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
United Missouri Bank, N.A.
Kansas City, MO
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
FIDELITY TAX-FREE BOND FUNDS
Aggressive Tax-Free
California Tax-Free High Yield
California Tax-Free Insured
High Yield Tax-Free
Insured Tax-Free
Limited Term Municipals
Massachusetts Tax-Free High Yield
Michigan Tax-Free High Yield
Minnesota Tax-Free
Municipal Bond
New York Tax-Free High Yield
New York Tax-Free Insured
Ohio Tax-Free High Yield
Spartan(Registered trademark) Aggressive Municipal
Spartan California Intermediate Municipal
Spartan California Municipal High Yield
Spartan Connecticut Municipal High Yield
Spartan Florida Municipal Income
Spartan Intermediate Municipal
Spartan Maryland Municipal Income
Spartan Municipal Income
Spartan New Jersey Municipal High Yield
Spartan New York Intermediate Municipal
Spartan New York Municipal High Yield
Spartan Pennsylvania Municipal High Yield
Spartan Short-Intermediate Municipal
THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
Mutual Fund Quotes 1-800-544-8544
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE
