UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4707

Fidelity Advisor Series II
(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

October 31

 

 

Date of reporting period:

July 31, 2013

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity Advisor ®
Municipal Income Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2013 

1.804870.109

HIM-QTLY-0913

Investments July 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 99.2%

 

Principal Amount

Value

Alabama - 0.2%

Birmingham Gen. Oblig. Series 2013 A, 0% 3/1/43 (a)

$ 600,000

$ 493,158

Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5.75% 9/1/22

1,000,000

1,126,970

 

1,620,128

Arizona - 2.1%

Arizona Ctfs. of Partnership Series 2010 A:

5% 10/1/18 (FSA Insured)

1,000,000

1,144,660

5.25% 10/1/20 (FSA Insured)

1,600,000

1,810,512

5.25% 10/1/21 (FSA Insured)

850,000

948,133

5.25% 10/1/26 (FSA Insured)

500,000

537,445

5.25% 10/1/28 (FSA Insured)

1,600,000

1,691,984

Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 D, 5.5% 1/1/38

2,300,000

2,431,330

Arizona State Lottery Rev. Series 2010 A, 5% 7/1/21 (FSA Insured)

1,200,000

1,337,412

Glendale Indl. Dev. Auth. Hosp. Rev. (John C. Lincoln Health Network Proj.) 5% 12/1/29

1,575,000

1,577,961

Goodyear McDowell Road Commercial Corridor Impt. District 5.25% 1/1/15 (AMBAC Insured)

1,425,000

1,497,390

Maricopa County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 5% 6/1/35

700,000

709,233

McAllister Academic Village LLC Rev. (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2008, 5.25% 7/1/39

1,000,000

1,044,270

Phoenix Civic Impt. Corp. District Rev. (Plaza Expansion Proj.) Series 2005 B, 5.5% 7/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,620,000

1,720,197

Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Series 2005, 5% 7/1/29

2,000,000

2,098,160

Pima County Swr. Sys. Rev. Series 2012 A, 5% 7/1/26

500,000

544,165

Salt Verde Finl. Corp. Sr. Gas Rev.:

Series 2007, 5.5% 12/1/29

1,000,000

1,078,520

5.25% 12/1/22

1,500,000

1,638,525

Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.) Series 2006 C, 5% 9/1/35 (FSA Insured)

205,000

206,570

 

22,016,467

California - 18.1%

Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2009 F1, 5.625% 4/1/44

1,600,000

1,681,552

California Dept. of Wtr. Resources (Central Valley Proj.) Series AL, 5% 12/1/19

2,500,000

2,999,125

Municipal Bonds - continued

 

Principal Amount

Value

California - continued

California Dept. of Wtr. Resources Pwr. Supply Rev. Series 2010 L, 5% 5/1/21

$ 5,000,000

$ 5,821,150

California Econ. Recovery Series 2009 A, 5% 7/1/18

1,400,000

1,649,760

California Gen. Oblig.:

Series 2007, 5.625% 5/1/20

20,000

20,065

Series 2013:

5.25% 2/1/16

220,000

220,733

5.25% 2/1/24 (Pre-Refunded to 8/1/13 @ 100)

70,000

70,000

5.25% 2/1/28

610,000

611,281

5.25% 2/1/28 (Pre-Refunded to 8/1/13 @ 100)

145,000

145,000

5% 11/1/24

2,400,000

2,669,448

5% 6/1/27 (AMBAC Insured)

600,000

630,624

5% 9/1/27

1,410,000

1,508,418

5% 3/1/31

1,800,000

1,885,698

5% 9/1/31

1,500,000

1,584,675

5% 12/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

845,000

868,922

5% 9/1/32

1,600,000

1,623,120

5% 9/1/33

1,800,000

1,823,940

5% 9/1/35

580,000

587,383

5.25% 2/1/24

240,000

240,571

5.25% 12/1/33

20,000

20,572

5.25% 4/1/35

2,200,000

2,299,418

5.25% 3/1/38

3,900,000

4,048,902

5.25% 11/1/40

700,000

722,904

5.5% 8/1/27

2,100,000

2,352,945

5.5% 8/1/29

2,800,000

3,101,588

5.5% 8/1/30

2,000,000

2,194,120

5.5% 11/1/33

4,205,000

4,231,449

5.5% 3/1/40

1,000,000

1,058,650

5.6% 3/1/36

400,000

429,248

6% 3/1/33

4,250,000

4,922,903

6% 4/1/38

5,300,000

5,916,655

6% 11/1/39

11,700,000

13,165,425

6.5% 4/1/33

3,850,000

4,504,462

California Health Facilities Fing. Auth. Rev.:

(Catholic Healthcare West Proj.):

Series 2008 L, 5.125% 7/1/22

630,000

667,838

Series 2009 E, 5.625% 7/1/25

2,000,000

2,209,180

(Kaiser Permanente Health Sys. Proj.) Series 2006 A, 5.25% 4/1/39

1,025,000

1,031,478

Municipal Bonds - continued

 

Principal Amount

Value

California - continued

California Health Facilities Fing. Auth. Rev.: - continued

(Providence Health and Svcs. Proj.):

Series C, 6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100)

$ 25,000

$ 31,448

6.5% 10/1/38

1,375,000

1,553,434

(St. Joseph Health Sys. Proj.) Series 2009 A, 5.75% 7/1/39

1,280,000

1,387,635

(Stanford Hosp. & Clinics Proj.) Series 2010 B, 5.75% 11/15/31

2,500,000

2,737,375

Bonds (Catholic Healthcare West Proj.) Series 2009 F, 5%, tender 7/1/14 (c)

1,000,000

1,040,600

California Pub. Works Board Lease Rev.:

(Butterfield State Office Complex Proj.) Series 2005 A, 5.25% 6/1/30

2,000,000

2,055,820

(Coalinga State Hosp. Proj.) Series 2013 E, 5% 6/1/26

2,400,000

2,567,064

(Dept. of Forestry & Fire Protection Proj.) Series 2007 E:

5% 11/1/19

1,600,000

1,831,248

5% 11/1/21

1,760,000

1,949,323

(Dept. of Health Svcs. Proj.) Series 2005 K, 5% 11/1/23

1,000,000

1,057,660

(Office of Emergency Svcs. Proj.) Series 2007 A, 5% 3/1/22

1,000,000

1,083,840

(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34

1,700,000

1,925,777

(Richmond Lab. Proj.) Series 2005 K, 5% 11/1/17

2,300,000

2,520,386

(Richmond Lab., Phase III Office Bldg. Proj.) Series B, 5.25% 11/1/25 (XL Cap. Assurance, Inc. Insured)

2,585,000

2,717,947

(Univ. Proj.) Series 2011 B, 5.25% 10/1/27

3,500,000

3,789,065

(Various Cap. Proj.) Series 2012 G, 5% 11/1/24

650,000

707,616

(Various Cap. Projs.) Series 2012 A, 5% 4/1/24

3,190,000

3,462,617

Series 2005 H, 5% 6/1/18

1,425,000

1,528,726

Series 2009 G1, 5.75% 10/1/30

600,000

659,844

Series 2009 I:

6.125% 11/1/29

400,000

462,976

6.375% 11/1/34

1,000,000

1,151,950

Series 2010 A, 5.75% 3/1/30

1,000,000

1,090,580

California State Univ. Rev. Series 2009 A, 6% 11/1/40

3,400,000

3,689,136

California Statewide Cmntys. Dev. Auth. Rev.:

(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured)

1,000,000

1,066,200

Municipal Bonds - continued

 

Principal Amount

Value

California - continued

California Statewide Cmntys. Dev. Auth. Rev.: - continued

Series 2005 A, 5.25% 7/1/24

$ 500,000

$ 508,945

Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,300,000

1,228,734

Fontana Unified School District Gen. Oblig. 5% 5/1/18 (Assured Guaranty Corp. Insured)

1,170,000

1,342,177

Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev. Series 1999:

5% 1/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

400,000

400,692

5.75% 1/15/40

600,000

578,982

Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.:

Series 2005 A:

5% 6/1/45

5,150,000

4,898,114

5% 6/1/45

1,000,000

951,090

5% 6/1/45 (FSA Insured)

105,000

101,742

Long Beach Unified School District Series A, 5.5% 8/1/29

1,000,000

1,117,510

Los Angeles Cmnty. College District Series 2008 A, 6% 8/1/33

3,000,000

3,395,130

Los Angeles Dept. of Wtr. & Pwr. Rev. Series A2, 5% 7/1/25 (FSA Insured)

300,000

316,509

Los Angeles Muni. Impt. Corp. Lease Rev. Series 2012 C, 5% 3/1/25

1,455,000

1,558,581

Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34

2,000,000

2,254,140

Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36

1,000,000

1,008,510

Monterey County Pub. Impt. Corp. Ctfs. of Prtn. Series 2007, 5% 8/1/19 (AMBAC Insured)

1,000,000

1,089,580

Northern California Power Agency Rev. (Hydroelectric #1 Proj.) Series 2008 C, 5% 7/1/14 (Assured Guaranty Corp. Insured)

1,000,000

1,043,500

Oakland Gen. Oblig. Series 2012, 5% 1/15/24

2,500,000

2,764,550

Oakland Unified School District Alameda County Series 2009 A, 6.25% 8/1/18

1,815,000

2,045,196

Poway Unified School District:

(District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32

1,000,000

347,790

Series B, 0% 8/1/39

3,700,000

810,263

Municipal Bonds - continued

 

Principal Amount

Value

California - continued

Poway Unified School District Pub. Fing. Auth. Lease Rev. Bonds Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (c)

$ 1,995,000

$ 1,970,681

Sacramento City Fing. Auth. Rev. Series A, 0% 12/1/26 (FGIC Insured)

800,000

383,800

Sacramento Muni. Util. District Elec. Rev. Series 2012 Y, 5% 8/15/28

2,200,000

2,360,138

San Bernardino Cmnty. College District Series A, 6.5% 8/1/27 (Pre-Refunded to 8/1/18 @ 100)

1,000,000

1,252,600

San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26

1,000,000

1,044,860

San Diego Convention Ctr. Expansion Series 2012 A, 5% 4/15/24

2,200,000

2,355,078

San Diego Unified School District:

Series 2008 C, 0% 7/1/39

4,700,000

1,093,173

Series 2008 E:

0% 7/1/47 (a)

1,300,000

434,655

0% 7/1/49

4,600,000

590,456

San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (FSA Insured)

1,100,000

1,195,392

San Marcos Unified School District:

Series 2010 B, 0% 8/1/47

1,900,000

283,138

Series A, 5% 8/1/38

1,000,000

1,017,120

Santa Monica-Malibu Unified School District Series 1999, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

837,700

Sonoma County Jr. College District Rev. Series 2002:

5% 8/1/28 (FSA Insured)

90,000

94,089

5% 8/1/28 (Pre-Refunded to 8/1/15 @ 100)

310,000

338,284

Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured)

6,300,000

6,457,941

Turlock Health Facilities Rev. Ctfs. Series 2004 A, 5.375% 10/15/34

300,000

310,389

Union Elementary School District Series A, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

823,200

Univ. of California Revs.:

(UCLA Med. Ctr. Proj.) Series A:

5.5% 5/15/18 (AMBAC Insured)

655,000

656,179

5.5% 5/15/20 (AMBAC Insured)

740,000

740,962

Series 2007 K:

5% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,330,000

2,521,876

5% 5/15/18 (Pre-Refunded to 5/15/15 @ 101)

140,000

152,786

Municipal Bonds - continued

 

Principal Amount

Value

California - continued

Univ. of California Revs.: - continued

Series 2009 O:

5.25% 5/15/39

$ 500,000

$ 535,120

5.75% 5/15/30

5,985,000

6,637,305

Ventura County Cmnty. College District Series C, 5.5% 8/1/33

1,000,000

1,092,740

Washington Township Health Care District Rev.:

Series 2010 A, 5.25% 7/1/30

1,100,000

1,126,158

Series A, 5% 7/1/15

1,025,000

1,083,179

West Contra Costa Unified School District:

(Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured)

700,000

743,183

Series 2012, 5% 8/1/26

2,000,000

2,098,900

 

189,580,286

Colorado - 1.0%

Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.):

Series B, 0% 7/15/20 (Escrowed to Maturity)

1,200,000

1,017,480

0% 7/15/22 (Escrowed to Maturity)

2,800,000

2,143,400

Colorado Health Facilities Auth. Rev.:

(Longmont Hosp. Proj.) Series B, 5.25% 12/1/13 (Radian Asset Assurance, Inc. Insured)

860,000

867,723

(Valley View Hosp. Proj.) Series 2008, 5.75% 5/15/36

2,000,000

2,046,680

(Volunteers of America Care Proj.) Series A, 5% 7/1/14

520,000

524,976

Colorado Springs Utils. Rev. Series 2012 C2, 5% 11/15/42

600,000

622,512

Dawson Ridge Metropolitan District #1 Series 1992 A, 0% 10/1/17 (Escrowed to Maturity)

1,200,000

1,137,096

E-470 Pub. Hwy. Auth. Rev.:

Series 2000 B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,500,000

1,131,210

Series 2010 A, 0% 9/1/41

2,000,000

376,320

Series 2010 C, 5.25% 9/1/25

1,000,000

1,040,660

 

10,908,057

Municipal Bonds - continued

 

Principal Amount

Value

Connecticut - 0.5%

Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2009 1, 5% 2/1/19

$ 2,000,000

$ 2,326,240

Eastern Connecticut Resources Recovery Auth. Solid Waste Rev. (Wheelabrator Lisbon Proj.) Series A, 5.5% 1/1/20 (d)

3,350,000

3,359,916

 

5,686,156

District Of Columbia - 1.7%

District of Columbia Hosp. Rev. (Sibley Memorial Hosp. Proj.) Series 2009, 6.375% 10/1/39

1,860,000

1,989,865

District of Columbia Rev.:

(Medlantic/Helix Proj.) Series 1998 B, 5% 8/15/17 (FSA Insured)

1,600,000

1,773,072

Series B, 4.75% 6/1/32

500,000

495,060

District of Columbia Wtr. & Swr. Auth. Pub. Util. Rev. Series 2007 A, 5.5% 10/1/41

6,400,000

6,893,312

Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Series 2009 B:

0% 10/1/28 (Assured Guaranty Corp. Insured)

2,000,000

885,340

0% 10/1/32 (Assured Guaranty Corp. Insured)

5,080,000

1,692,758

0% 10/1/33 (Assured Guaranty Corp. Insured)

5,000,000

1,564,000

Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2010 A, 5% 10/1/39

700,000

730,303

Washington D.C. Metropolitan Transit Auth. Rev. Series 2009 A, 5.25% 7/1/29

1,750,000

1,897,490

 

17,921,200

Florida - 8.0%

Brevard County School Board Ctfs. of Prtn. Series 2007 B, 5% 7/1/24 (AMBAC Insured)

1,000,000

1,073,160

Broward County School Board Ctfs. of Prtn.:

Series 2007 A, 5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

1,120,950

Series 2012 A, 5% 7/1/24

4,400,000

4,809,508

Broward County Wtr. & Swr. Util. Rev. Series 2009 A, 5.25% 10/1/34

1,500,000

1,608,150

Citizens Property Ins. Corp.:

Series 2010 A1:

5% 6/1/16 (FSA Insured)

1,500,000

1,653,285

5% 6/1/17 (FSA Insured)

1,000,000

1,123,570

Series 2011 A1, 5% 6/1/20

1,000,000

1,125,800

Series 2012 A1, 5% 6/1/21

1,500,000

1,665,735

Municipal Bonds - continued

 

Principal Amount

Value

Florida - continued

Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011, 6.25% 10/1/39

$ 2,560,000

$ 2,800,410

Florida Board of Ed. Lottery Rev. Series 2011 A, 5% 7/1/20

2,405,000

2,812,359

Florida Board of Ed. Pub. Ed. Cap. Outlay:

Series 2006 C, 5% 6/1/29

800,000

865,384

Series 2006 D, 5% 6/1/37

1,790,000

1,897,561

Series 2006 E, 5% 6/1/35

700,000

741,545

Series 2011 E, 5% 6/1/27

1,200,000

1,310,172

Series A, 5.5% 6/1/38

400,000

441,388

Florida Correctional Privatization Communications Ctfs. of Prtn. Series 2004 A, 5% 8/1/15 (AMBAC Insured)

1,000,000

1,043,830

Florida Gen. Oblig.:

Series 2011 B, 5% 7/1/23

1,800,000

2,074,914

Series 2012 A, 5% 7/1/25

1,600,000

1,797,344

Florida Muni. Pwr. Agcy. Rev.:

(St. Lucie Proj.) Series 2012 A, 5% 10/1/26

600,000

645,588

Series A, 6.25% 10/1/31

500,000

553,060

Halifax Hosp. Med. Ctr. Rev. Series 2006 B1, 5.5% 6/1/38 (FSA Insured)

510,000

516,844

Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.):

Series 2005 B:

5% 11/15/30

505,000

514,757

5% 11/15/30 (Pre-Refunded to 11/15/15 @ 100)

70,000

77,091

Series 2006 G:

5% 11/15/16

95,000

106,960

5% 11/15/16 (Escrowed to Maturity)

5,000

5,650

5.125% 11/15/18

965,000

1,072,202

5.125% 11/15/18 (Pre-Refunded to 11/15/16 @ 100)

35,000

39,692

Series 2008 B, 6% 11/15/37

2,000,000

2,189,780

Series B:

5% 11/15/14

875,000

926,126

5% 11/15/14 (Escrowed to Maturity)

125,000

132,520

Hillsborough County Indl. Dev.:

(Gen. Hosp. Proj.) Series 2006, 5% 10/1/36

1,015,000

1,018,756

(H Lee Moffitt Cancer Ctr. Proj.) Series A:

5% 7/1/15

1,335,000

1,427,649

5% 7/1/19

2,230,000

2,394,864

Municipal Bonds - continued

 

Principal Amount

Value

Florida - continued

Hillsborough County Indl. Dev.: - continued

(Tampa Gen. Hosp. Proj.) Series 2006, 5.25% 10/1/41

$ 900,000

$ 912,456

Hillsborough County Indl. Dev. Auth. Indl. Dev. Rev.:

(Health Facilities/Univ. Cmnty. Hosp. Proj.) Series 2008 B, 8% 8/15/32 (Pre-Refunded to 8/15/19 @ 101)

1,000,000

1,356,150

(Univ. Cmnty. Hosp. Proj.) Series 2008 A, 5.625% 8/15/29 (Pre-Refunded to 8/15/18 @ 100)

535,000

645,520

Jacksonville Elec. Auth. Elec. Sys. Rev.:

Series 2006 A, 5% 10/1/41 (FSA Insured)

800,000

810,088

Series 2009 B, 5% 10/1/18

3,295,000

3,378,660

Series Three 2010 D, 5% 10/1/38

1,600,000

1,617,952

Jacksonville Sales Tax Rev. Series 2012, 5% 10/1/25

1,000,000

1,073,600

Lee County Arpt. Rev. Series 2011 A, 5.375% 10/1/32 (d)

1,050,000

1,080,650

Miami-Dade County Aviation Rev.:

Series 2010 A, 5.375% 10/1/41

1,500,000

1,522,575

Series 2010 A1, 5.5% 10/1/30

1,000,000

1,046,830

Series 2010 B, 5% 10/1/35 (FSA Insured)

2,300,000

2,330,222

Series 2012 A:

5% 10/1/21 (d)

1,900,000

2,103,452

5% 10/1/22 (d)

1,000,000

1,098,500

5% 10/1/31 (d)

1,500,000

1,478,775

Miami-Dade County Cap. Asset Acquisition Series 2012 A, 5% 10/1/23

750,000

843,075

Miami-Dade County School Board Ctfs. of Prtn. Series 2008 A, 5% 8/1/21 (AMBAC Insured)

2,000,000

2,186,960

Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5.25% 10/1/22 (FSA Insured)

4,000,000

4,656,520

North Brevard County Hosp. District Rev. (Parrish Med. Ctr. Proj.) Series 2008, 5.75% 10/1/38

2,100,000

2,150,526

Orange County Health Facilities Auth. (Orlando Health, Inc.) Series 2009, 5.125% 10/1/26

1,000,000

1,072,630

Orlando & Orange County Expressway Auth. Rev. Series 2012, 5% 7/1/23

500,000

549,315

Orlando Utils. Commission Util. Sys. Rev.:

Series 2009 B, 5% 10/1/33

1,100,000

1,176,956

Series 2012 A, 5% 10/1/24

700,000

806,743

Series 2013 A:

5% 10/1/24

1,100,000

1,267,739

5% 10/1/25

900,000

1,028,844

Municipal Bonds - continued

 

Principal Amount

Value

Florida - continued

Seminole County School Board Ctfs. of Prtn. Series A, 5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

$ 500,000

$ 532,845

South Lake County Hosp. District (South Lake Hosp., Inc.) Series 2009 A, 6% 4/1/29

1,400,000

1,515,346

Tampa Bay Wtr. Reg'l. Wtr. Supply Auth. Util. Sys. Rev. Series 2011 B, 5% 10/1/18

1,400,000

1,646,008

Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A, 5% 9/1/25

410,000

444,825

Winter Park Wtr. and Swr. Impt. Rev. Series 2009, 5% 12/1/34

2,250,000

2,314,913

 

84,235,279

Georgia - 2.9%

Atlanta Wtr. & Wastewtr. Rev. Series 2009 A:

6% 11/1/25

3,000,000

3,488,070

6.25% 11/1/39

3,500,000

3,982,475

Augusta Wtr. & Swr. Rev. Series 2004, 5.25% 10/1/39 (FSA Insured)

2,200,000

2,273,766

Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2013 A, 2.4%, tender 4/1/20 (c)

1,400,000

1,337,364

Colquitt County Dev. Auth. Rev.:

Series A, 0% 12/1/21 (Escrowed to Maturity)

1,100,000

870,617

Series C, 0% 12/1/21 (Escrowed to Maturity)

1,800,000

1,424,646

DeKalb County Hosp. Auth. Rev. (DeKalb Med. Ctr., Inc. Proj.) Series 2010:

6% 9/1/30

1,400,000

1,483,328

6.125% 9/1/40

1,305,000

1,360,724

Georgia Muni. Elec. Auth. Pwr. Rev.:

(Gen. Resolution Proj.) Series 2008 A, 5.25% 1/1/21

3,090,000

3,602,075

Series C, 5% 1/1/22

1,400,000

1,596,574

Series GG, 5% 1/1/23

800,000

918,240

Greene County Dev. Auth. Health Sys. Rev. Series 2012, 5% 11/15/37

300,000

297,891

Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series A, 5.5% 9/15/21

930,000

1,029,854

Metropolitan Atlanta Rapid Transit Auth. Sales Tax Rev. Third Series 2009 A, 5.25% 7/1/36

2,500,000

2,633,250

Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009, 5.5% 1/1/36

2,600,000

2,689,388

Washington Wilkes Payroll Dev. Auth. Rev. Series C, 0% 12/1/21 (Escrowed to Maturity)

2,310,000

1,828,296

 

30,816,558

Municipal Bonds - continued

 

Principal Amount

Value

Hawaii - 0.1%

Honolulu City & County Board of Wtr. Supply Wtr. Sys. Rev. Series B, 5.25% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d)

$ 1,250,000

$ 1,372,650

Idaho - 0.3%

Idaho Bond Bank Auth. Rev. Series 2008 C, 5.625% 9/15/26

1,415,000

1,591,889

Idaho Health Facilities Auth. Rev.:

(St. Luke's Health Sys. Proj.) Series 2008 A, 6.75% 11/1/37

1,200,000

1,321,716

(Trinity Health Group Proj.) 2008 B, 6.25% 12/1/33

400,000

442,936

 

3,356,541

Illinois - 14.1%

Chicago Board of Ed.:

Series 1999 A:

0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,300,000

1,192,308

0% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

844,980

Series 2012 A, 5% 12/1/42

3,400,000

3,229,422

Chicago Gen. Oblig.:

(City Colleges Proj.):

Series 1999, 0% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

6,125,000

5,919,996

0% 1/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

6,110,000

3,802,559

Series A, 5% 1/1/42 (AMBAC Insured)

15,000

15,021

Chicago O'Hare Int'l. Arpt. Rev.:

Series 2005 A, 5.25% 1/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

1,057,300

Series 2006 B, 5% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d)

1,405,000

1,472,988

Series 2011 C, 6.5% 1/1/41

2,300,000

2,547,181

Chicago Park District Gen. Oblig. Series 2010 C, 5.25% 1/1/37

1,300,000

1,349,985

Chicago Transit Auth. Cap. Grant Receipts Rev. (Fed. Transit Administration Section 5307 Proj.) Series 2006 A, 5% 6/1/21

1,400,000

1,501,612

Cmnty. College District #525 Gen. Oblig.:

5.75% 6/1/28

625,000

687,156

5.75% 6/1/28 (Pre-Refunded to 6/1/18 @ 100)

375,000

450,608

Cook County Forest Preservation District Series 2012 C, 5% 12/15/21

1,000,000

1,155,690

Municipal Bonds - continued

 

Principal Amount

Value

Illinois - continued

Cook County Gen. Oblig.:

Series 2006 B, 5% 11/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

$ 1,000,000

$ 1,125,440

Series 2010 A, 5.25% 11/15/33

3,250,000

3,322,670

Series 2012 C:

5% 11/15/24

1,700,000

1,836,051

5% 11/15/25

2,600,000

2,791,386

Grundy, Kendall & Will County Cmnty. High School District #111 Gen. Oblig. Series 2006 A, 5.5% 5/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,150,000

1,256,076

Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.75% 10/1/35

1,600,000

1,642,128

Illinois Fin. Auth. Rev.:

(Advocate Health Care Proj.) Series 2008 D, 6.5% 11/1/38

1,000,000

1,112,040

(Central DuPage Health Proj.) Series 2009 B, 5.375% 11/1/39

1,200,000

1,225,704

(Children's Memorial Hosp. Proj.) Series 2008 A, 5.25% 8/15/33 (Assured Guaranty Corp. Insured)

1,300,000

1,345,188

(Edward Hosp. Obligated Group Proj.) Series 2008 A, 5.5% 2/1/40 (AMBAC Insured)

1,430,000

1,476,976

(Newman Foundation Proj.) 5% 2/1/32 (Radian Asset Assurance, Inc. Insured)

1,700,000

1,494,368

(Northwest Cmnty. Hosp. Proj.) Series 2008 A, 5.5% 7/1/38

1,930,000

1,980,701

(Northwestern Memorial Hosp. Proj.) Series 2009 A, 6% 8/15/39

2,310,000

2,540,977

(Palos Cmnty. Hosp. Proj.) Series 2010 C, 5.375% 5/15/25

5,000,000

5,532,450

(Provena Health Proj.) Series 2010 A, 6% 5/1/28

2,700,000

2,932,956

(Rush Univ. Med. Ctr. Proj.):

Series 2009 C, 6.625% 11/1/39

1,500,000

1,638,900

Series 2009 D, 6.625% 11/1/39

1,445,000

1,578,807

Series B, 5.25% 11/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,000,000

2,037,400

(Sherman Health Systems Proj.) Series 2007 A, 5.5% 8/1/37

3,815,000

3,985,416

(Southern Illinois Healthcare Enterprises, Inc. Proj.) Series 2005, 5.25% 3/1/30

1,100,000

1,120,746

(The Carle Foundation Proj.) Series 2009 A, 5.5% 2/15/17 (Assured Guaranty Corp. Insured)

2,000,000

2,266,500

(The Univ. of Chicago Med. Ctr. Proj.) Series 2009 B, 5% 8/15/23

1,100,000

1,192,730

Municipal Bonds - continued

 

Principal Amount

Value

Illinois - continued

Illinois Fin. Auth. Rev.: - continued

Series 2008 A, 5.625% 1/1/37

$ 5,110,000

$ 5,362,179

Series 2009 A, 7.25% 11/1/38

1,330,000

1,547,375

Series 2009:

6.875% 8/15/38

80,000

86,513

7% 8/15/44

1,985,000

2,153,943

Series 2010 A:

5.5% 8/15/24

540,000

584,194

5.75% 8/15/29

360,000

386,676

Series 2010, 5.25% 8/15/36

1,335,000

1,340,420

Series 2012 A:

5% 5/15/20

500,000

547,405

5% 5/15/23

300,000

319,947

Series 2012:

4% 9/1/32

900,000

732,204

5% 9/1/32

1,900,000

1,870,094

5% 9/1/38

300,000

286,380

5% 11/15/43

820,000

764,371

Series 2013:

5% 11/15/24

500,000

538,405

5% 5/15/43

1,300,000

1,180,530

Illinois Gen. Oblig.:

Series 2002, 5.5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

1,086,320

Series 2006:

5% 1/1/19

1,000,000

1,112,810

5.5% 1/1/31

1,000,000

1,019,070

Series 2010:

5% 1/1/21 (FSA Insured)

500,000

539,115

5% 1/1/23 (FSA Insured)

1,300,000

1,363,778

Series 2012 A, 5% 1/1/33

800,000

762,696

Series 2012:

5% 8/1/19

465,000

518,331

5% 8/1/21

400,000

431,092

5% 3/1/23

1,000,000

1,059,280

5% 3/1/36

1,000,000

932,600

Series 2013, 5% 1/1/22

2,175,000

2,309,372

Illinois Health Facilities Auth. Rev. (Delnor-Cmnty. Hosp. Proj.):

Series 2002 D, 5.25% 5/15/32 (FSA Insured)

2,000,000

2,029,340

5.25% 5/15/32 (FSA Insured)

360,000

365,281

Municipal Bonds - continued

 

Principal Amount

Value

Illinois - continued

Illinois Unemployment Ins. Fund Bldg. Receipts Series 2012 A, 5% 6/15/19

$ 700,000

$ 751,625

Joliet School District #86 Gen. Oblig. Series 2002, 0% 11/1/19 (FSA Insured)

2,000,000

1,676,300

Kane, McHenry, Cook & DeKalb Counties Unit School District #300:

Series 2001, 0% 12/1/17 (AMBAC Insured)

1,000,000

926,660

Series 2007, 6.5% 1/1/20 (AMBAC Insured)

1,100,000

1,367,014

Lake County Cmnty. Consolidated School District #73 Gen. Oblig.:

0% 12/1/16 (Escrowed to Maturity)

235,000

227,041

0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

765,000

716,530

Lake County Cmnty. High School District #117, Antioch Series 2000 B, 0% 12/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,805,000

1,393,009

Lake County Forest Preservation District Series 2007 A, 0.533% 12/15/13 (c)

440,000

440,282

McHenry & Kane Counties Cmnty. Consolidated School District #158 Series 2004, 0% 1/1/24 (FSA Insured)

800,000

520,160

Metropolitan Pier & Exposition:

(McCormick Place Expansion Proj.):

Series 1996 A, 0% 6/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

665,010

Series 2010 B1, 0% 6/15/44 (FSA Insured)

3,900,000

590,772

Series 2012 B:

0% 12/15/51

2,900,000

275,616

5% 6/15/52

3,500,000

3,429,265

Series A:

0% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

3,710,000

3,210,968

0% 6/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,205,000

860,225

0% 12/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

3,090,000

1,843,154

0% 6/15/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,080,000

284,569

Series 2002 A, 0% 12/15/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

5,900,000

2,300,174

Series 2010 B1:

0% 6/15/43 (FSA Insured)

5,310,000

855,069

0% 6/15/45 (FSA Insured)

2,600,000

369,330

0% 6/15/46 (FSA Insured)

1,115,000

148,507

Municipal Bonds - continued

 

Principal Amount

Value

Illinois - continued

Metropolitan Pier & Exposition: - continued

Series 2010 B1:

0% 6/15/47 (FSA Insured)

$ 890,000

$ 111,481

0% 6/15/16 (Escrowed to Maturity)

795,000

773,511

0% 6/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,880,000

1,793,144

Quincy Hosp. Rev. 5% 11/15/18

1,000,000

1,104,210

Univ. of Illinois Board of Trustees Ctfs. of Prtn. Series 2009 A, 5% 10/1/18

1,000,000

1,129,260

Univ. of Illinois Rev.:

(Auxiliary Facilities Sys. Proj.):

Series 1991, 0% 4/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

3,700,000

3,617,305

Series 1999 A, 0% 4/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,600,000

1,289,328

Series 2009 A, 5.75% 4/1/38

2,940,000

3,190,194

Series 2010 A:

5% 4/1/25

1,000,000

1,079,700

5.25% 4/1/30

1,000,000

1,052,650

Will County Cmnty. Unit School District #365-U:

0% 11/1/14 (Escrowed to Maturity)

540,000

537,467

0% 11/1/14 (FSA Insured)

460,000

457,162

0% 11/1/16 (Escrowed to Maturity)

275,000

266,602

0% 11/1/16 (FSA Insured)

825,000

786,275

0% 11/1/19 (Escrowed to Maturity)

790,000

696,472

0% 11/1/19 (FSA Insured)

5,085,000

4,293,621

Will County Forest Preservation District Series 1999 B, 0% 12/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

992,240

 

147,914,039

Indiana - 2.8%

Delaware County Ind. Hosp. Auth. Series 2006, 5.125% 8/1/29

400,000

410,516

Hobart Bldg. Corp. Series 2006, 6.5% 1/15/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

3,700,000

4,316,790

Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2009 A, 5.25% 11/1/39

1,000,000

1,020,160

Indiana Fin. Auth. Rev.:

(Trinity Health Cr. Group Proj.) Series 2009 A, 5.25% 12/1/38

2,000,000

2,106,340

Series 2012:

5% 3/1/30

675,000

675,439

Municipal Bonds - continued

 

Principal Amount

Value

Indiana - continued

Indiana Fin. Auth. Rev.: - continued

Series 2012:

5% 3/1/41

$ 1,290,000

$ 1,221,682

Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (c)

2,000,000

2,192,700

Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 2001 A2, 1.6%, tender 2/1/17 (c)

1,400,000

1,400,000

Indiana State Fin. Auth. Wastewtr. (CWA Auth. Proj.) Series 2012 A:

5% 10/1/24

400,000

448,300

5% 10/1/37

800,000

812,280

Indiana Trans. Fin. Auth. Hwy. Rev. Series 1993 A, 0% 6/1/17 (AMBAC Insured)

1,000,000

940,910

Indianapolis Local Pub. Impt. Bond Bank (Indianapolis Arpt. Auth. Proj.) Series 2006 F, 5% 1/1/16 (AMBAC Insured) (d)

1,000,000

1,088,080

Jasper County Indl. Poll. Ctl. Rev. (Northern Indiana Pub. Svc. Co. Proj.) Series 1988 C, 5.6% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

1,085,110

Lake Central Multi-District School Bldg. Corp. Series 2012 B, 5% 7/15/26

4,900,000

5,298,174

North Adams Cmnty. Schools Renovation Bldg. Corp. 0% 1/15/17 (FSA Insured)

1,230,000

1,126,053

Purdue Univ. Rev. (Student Facilities Sys. Proj.) Series 2009 B:

5% 7/1/28

660,000

713,849

5% 7/1/35

500,000

525,780

Univ. of Southern Indiana Rev. Series J, 5.75% 10/1/28 (Assured Guaranty Corp. Insured)

2,695,000

3,058,367

Wayne Township Marion County School Bldg. Corp. Series 2007, 5.5% 7/15/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

700,000

731,619

 

29,172,149

Iowa - 0.1%

Coralville Urban Renewal Rev. Series C, 5.125% 6/1/39

70,000

63,796

Iowa Fin. Auth. Health Facilities Rev. Series 2008 A, 5.625% 8/15/37 (Assured Guaranty Corp. Insured)

1,200,000

1,266,672

 

1,330,468

Municipal Bonds - continued

 

Principal Amount

Value

Kansas - 0.8%

Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 C, 5.75% 11/15/38

$ 1,900,000

$ 2,042,462

Kansas Dev. Fin. Auth. Health Facilities Rev. (Hays Med. Ctr. Proj.) Series 2005 L:

5.25% 11/15/15

335,000

365,944

5.25% 11/15/16

955,000

1,035,554

Lawrence Hosp. Rev. 5.25% 7/1/18

1,000,000

1,083,900

Overland Park Sales Tax Spl. Oblig. Rev. Series 2012, 4.375% 12/15/23

900,000

846,207

Wichita Hosp. Facilities Rev. (Via Christi Health Sys., Inc. Proj.) Series 2009 X:

4% 11/15/18 (Escrowed to Maturity)

300,000

340,197

5% 11/15/17 (Escrowed to Maturity)

500,000

581,260

Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev. Series 2012 A, 5% 9/1/26

1,950,000

2,104,791

 

8,400,315

Kentucky - 0.8%

Kentucky Econ. Dev. Fin. Auth. Hosp. Rev.:

(Baptist Healthcare Sys. Proj.) Series A, 5% 8/15/18

3,000,000

3,439,260

(St. Elizabeth Med. Ctr., Inc. Proj.) Series 2009 A, 5.5% 5/1/39

1,000,000

1,052,070

Kentucky Econ. Dev. Fin. Auth. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.):

Series 2008 C, 6.125% 2/1/38

2,500,000

2,672,875

Series 2010 A, 5% 2/1/30

1,000,000

1,008,260

 

8,172,465

Louisiana - 1.2%

Louisiana Military Dept. Custody Receipts 5% 8/1/14

1,730,000

1,797,920

Louisiana Pub. Facilities Auth. Hosp. Rev. (Franciscan Missionaries of Our Lady Health Sys. Proj.) Series 2009, 6.75% 7/1/39

400,000

442,924

Louisiana Pub. Facilities Auth. Rev. (Nineteenth Judicial District Court Proj.) Series 2007:

5.375% 6/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,600,000

1,640,640

5.5% 6/1/41 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

1,019,910

New Orleans Aviation Board Rev. Series 2007 A, 5.25% 1/1/19 (FSA Insured) (d)

1,570,000

1,731,773

Municipal Bonds - continued

 

Principal Amount

Value

Louisiana - continued

New Orleans Gen. Oblig.:

Series 2005, 5.25% 12/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

$ 1,000,000

$ 1,048,690

Series 2012, 5% 12/1/23

2,250,000

2,443,590

0% 9/1/15 (AMBAC Insured)

700,000

658,518

Tobacco Settlement Fing. Corp. Series 2013 A, 5% 5/15/23

1,200,000

1,306,392

 

12,090,357

Maine - 0.2%

Maine Health & Higher Ed. Facilities Auth. Rev. Series 2008 D, 5.75% 7/1/38

1,100,000

1,183,413

Maine Tpk. Auth. Tpk. Rev. Series 2007, 5.25% 7/1/37 (AMBAC Insured)

1,300,000

1,356,732

 

2,540,145

Maryland - 0.7%

Baltimore Proj. Rev. (Wtr. Proj.) Series 2009 A, 5.375% 7/1/34

500,000

533,925

Maryland Health & Higher Edl. Facilities Auth. Rev.:

(Doctors Cmnty. Hosp. Proj.) Series 2010, 5.75% 7/1/38

450,000

441,797

(Univ. of Maryland Med. Sys. Proj.):

Series 2008 F, 5.25% 7/1/21

1,000,000

1,116,400

Series 2010, 5.125% 7/1/39

900,000

923,688

(Upper Chesapeake Hosp. Proj.) Series 2008 C:

5.5% 1/1/18

595,000

622,888

6% 1/1/38

2,800,000

2,992,528

(Washington County Health Sys. Proj.) Series 2008, 6% 1/1/43

1,000,000

1,037,050

 

7,668,276

Massachusetts - 0.9%

Massachusetts Dev. Fin. Agcy. Rev.:

(Boston Univ. Proj.) Series U4, 5.7% 10/1/40

1,400,000

1,538,250

Bonds (Dominion Energy Brayton Point Proj.) Series 2010 A, 2.25%, tender 9/1/16 (c)

400,000

416,200

Series I, 6.75% 1/1/36

1,000,000

1,117,630

3.5% 11/15/16

1,500,000

1,499,490

Massachusetts Gen. Oblig. Series 2007 C, 5.25% 8/1/24

2,200,000

2,462,944

Municipal Bonds - continued

 

Principal Amount

Value

Massachusetts - continued

Massachusetts Health & Edl. Facilities Auth. Rev. (CareGroup, Inc. Proj.) Series 2008 E1:

5.125% 7/1/33

$ 1,000,000

$ 1,029,860

5.125% 7/1/38

1,000,000

1,000,590

Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Series 2007 A, 5% 8/15/22 (AMBAC Insured)

600,000

661,248

Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.) Series 1998 A, 5.25% 8/1/13

10,000

10,000

 

9,736,212

Michigan - 2.6%

Allegan Pub. School District 5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,515,000

1,725,358

Detroit Swr. Disp. Rev.:

Series 2001 E, 5.75% 7/1/31 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured)

1,100,000

1,102,255

Series 2003 B, 7.5% 7/1/33 (FSA Insured)

1,000,000

1,086,510

Series 2006, 5% 7/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,800,000

2,517,872

Detroit Wtr. Supply Sys. Rev.:

Series 2003 A, 5% 7/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,700,000

1,549,805

Series 2005 B, 5.5% 7/1/35 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured)

1,800,000

1,795,356

Series 2006 B, 7% 7/1/36 (FSA Insured)

1,000,000

1,038,980

Grand Valley Michigan State Univ. Rev. Series 2009, 5.5% 12/1/27

2,450,000

2,640,586

Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2008 A, 5.5%, tender 1/15/15 (c)

1,000,000

1,068,860

Lansing Board of Wtr. & Lt. Util. Rev. 5.5% 7/1/41

500,000

523,110

Lapeer Cmnty. Schools 5.25% 5/1/26 (FSA Insured)

1,100,000

1,175,394

Michigan Fin. Auth. Rev.:

Series 2012 A:

4.125% 6/1/32

1,100,000

933,163

5% 6/1/21

350,000

379,159

5% 6/1/27

500,000

511,425

5% 6/1/39

925,000

886,132

Series 2012, 5% 11/15/42

2,175,000

2,081,453

Michigan Hosp. Fin. Auth. Rev.:

(McLaren Health Care Corp. Proj.) Series 2008 A, 5.75% 5/15/38

1,000,000

1,073,110

Municipal Bonds - continued

 

Principal Amount

Value

Michigan - continued

Michigan Hosp. Fin. Auth. Rev.: - continued

(Trinity Health Sys. Proj.) Series 2008 A, 6.5% 12/1/33

$ 2,500,000

$ 2,799,325

Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Proj.) Series 2009 V, 8.25% 9/1/39

600,000

722,100

Willow Run Cmnty. Schools County of Washtenaw 5% 5/1/20 (FSA Insured)

1,000,000

1,049,410

 

26,659,363

Minnesota - 1.0%

Duluth Independent School District #709 Ctfs. of Prtn. Series 2009 B, 4% 3/1/20

1,620,000

1,630,433

Minneapolis Health Care Sys. Rev. (Fairview Health Svcs. Proj.) Series 2008 B, 6.5% 11/15/38 (Assured Guaranty Corp. Insured)

1,000,000

1,122,870

Minnesota Gen. Oblig. 5% 8/1/22

1,100,000

1,238,061

Rochester Hsg. & Healthcare Rev. (Madonna Towers Proj.) Series A, 5.875% 11/1/28

1,100,000

1,087,350

Saint Paul Port Auth. Lease Rev. (HealthEast Midway Campus Proj.) Series 2003 A, 5.875% 5/1/30

1,400,000

1,430,800

St. Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.):

Series 2008 C, 5.5% 7/1/17

1,000,000

1,134,470

Series 2009, 5.75% 7/1/39

1,600,000

1,678,960

St. Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (HealthPartners Oblig. Group Proj.) 5.25% 5/15/22

1,000,000

1,063,900

 

10,386,844

Missouri - 0.1%

Saint Louis County Indl. Dev. Auth. Sr. Living Facilities Rev. (Friendship Village West County Proj.) Series A, 5.125% 9/1/14

850,000

866,550

Montana - 0.2%

Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Proj.) Series 1998 A, 5% 5/1/33

1,800,000

1,793,160

Nebraska - 0.4%

Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 B, 0.684% 12/1/17 (c)

1,100,000

1,018,446

Douglas County Hosp. Auth. #2 Health Facilities Rev. (Children's Hosp. Proj.) Series 2008 B, 6% 8/15/24

1,300,000

1,397,825

Nebraska Pub. Pwr. District Rev. Series 2012 C, 5% 1/1/26

1,225,000

1,332,224

 

3,748,495

Municipal Bonds - continued

 

Principal Amount

Value

Nevada - 0.4%

Clark County Wtr. Reclamation District:

Series 2009 A, 5.25% 7/1/29 (Berkshire Hathaway Assurance Corp. Insured)

$ 1,000,000

$ 1,087,040

5.625% 7/1/32

3,000,000

3,282,120

 

4,369,160

New Hampshire - 0.7%

New Hampshire Bus. Fin. Auth. Rev. Series 2009 A, 6.125% 10/1/39

1,800,000

1,860,768

New Hampshire Health & Ed. Facilities Auth. Rev.:

(Dartmouth College Proj.) Series 2009, 5.25% 6/1/39

1,000,000

1,054,200

Series 2007 A, 5% 10/1/37

1,100,000

1,083,247

Series 2012:

4% 7/1/32

400,000

340,072

5% 7/1/27

500,000

515,195

New Hampshire Tpk. Sys. Rev.:

Series 2012 B, 5% 2/1/20

700,000

806,939

5% 4/1/20

1,325,000

1,530,415

 

7,190,836

New Jersey - 3.2%

New Jersey Ctfs. of Prtn. Series 2009 A, 5.25% 6/15/28

1,000,000

1,058,790

New Jersey Econ. Dev. Auth. School Facilities Construction Rev.:

Series 2009 AA, 5.5% 12/15/29

1,000,000

1,086,330

Series 2012, 5% 6/15/21

800,000

865,240

Series 2013 NN, 5% 3/1/27

16,810,000

17,684,442

Series 2013:

5% 3/1/23

2,200,000

2,495,108

5% 3/1/24

3,000,000

3,334,890

5% 3/1/25

300,000

327,144

6% 12/15/34

1,075,000

1,188,681

6% 12/15/34 (Pre-Refunded to 12/15/18 @ 100)

525,000

648,995

New Jersey Health Care Facilities Fing. Auth. Rev. Series 2008, 6.625% 7/1/38

1,700,000

1,800,589

New Jersey Tpk. Auth. Tpk. Rev. Series 2009 E, 5.25% 1/1/40

1,000,000

1,032,200

Municipal Bonds - continued

 

Principal Amount

Value

New Jersey - continued

New Jersey Trans. Trust Fund Auth. Series 2005 B, 5.25% 12/15/22 (AMBAC Insured)

$ 400,000

$ 463,408

Union County Impt. Auth. (Juvenile Detention Ctr. Facility Proj.) Series 2005, 5.5% 5/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

1,019,150

 

33,004,967

New Mexico - 0.2%

New Mexico Edl. Assistance Foundation Series 2010 A1, 5% 12/1/19

2,000,000

2,335,200

New York - 9.8%

Hudson Yards Infrastructure Corp. New York Rev. Series 2012 A, 5.75% 2/15/47

2,700,000

2,876,202

Long Island Pwr. Auth. Elec. Sys. Rev. Series 2012 A, 5% 9/1/42

2,300,000

2,282,474

Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 5.625% 7/1/16 (Escrowed to Maturity)

180,000

189,090

New York City Gen. Oblig.:

Series 2008 A1, 5.25% 8/15/27

1,500,000

1,675,695

Series 2008 D1, 5.125% 12/1/22

2,000,000

2,243,400

Series 2009 I1, 5.625% 4/1/29

600,000

679,674

Series 2012 A, 5% 8/1/24

1,300,000

1,457,963

Series 2012 E, 5% 8/1/24

5,000,000

5,640,600

Series 2012 G1:

5% 4/1/25

2,500,000

2,789,700

5% 4/1/27

3,500,000

3,809,855

New York City Indl. Dev. Agcy. Civic Facility Rev. (Polytechnic Univ. NY Proj.) 5.25% 11/1/27 (ACA Finl. Guaranty Corp. Insured)

600,000

621,594

New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.:

Series 2005 D:

5% 6/15/37

400,000

413,848

5% 6/15/38

1,300,000

1,339,286

5% 6/15/39

500,000

512,740

Series 2009 A, 5.75% 6/15/40

2,300,000

2,479,239

Series 2009 CC, 5% 6/15/34

2,100,000

2,198,448

Series 2009 EE, 5.25% 6/15/40

2,100,000

2,189,019

Series 2009 FF 2, 5.5% 6/15/40

3,000,000

3,173,460

Series 2011 EE, 5.375% 6/15/43

4,000,000

4,227,280

Series 2012 EE, 5.25% 6/15/30

5,100,000

5,579,400

New York City Transitional Fin. Auth. Bldg. Aid Rev.:

Series 2009 S1, 5.5% 7/15/31

1,000,000

1,094,810

Municipal Bonds - continued

 

Principal Amount

Value

New York - continued

New York City Transitional Fin. Auth. Bldg. Aid Rev.: - continued

Series 2009 S3:

5.25% 1/15/34

$ 4,000,000

$ 4,256,440

5.25% 1/15/39

1,000,000

1,033,880

Series 2009 S4:

5.5% 1/15/39

850,000

888,947

5.75% 1/15/39

1,600,000

1,728,416

Series S1, 5% 7/15/25

1,900,000

2,111,052

New York Dorm. Auth. Personal Income Tax Rev.:

(Ed. Proj.):

Series 2007 A, 5% 3/15/32

2,400,000

2,519,376

Series 2008 B, 5.75% 3/15/36

3,400,000

3,750,098

Series 2009 A, 5% 2/15/34

1,100,000

1,163,558

New York Dorm. Auth. Revs.:

(New York Univ. Hosp. Ctr. Proj.) Series 2007 B, 5.25% 7/1/24

100,000

107,163

Series 2002 A, 5.75% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

10,000

10,034

New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.:

Series 2009 A, 5.5% 11/15/39

5,000,000

5,246,550

Series 2009 B, 5% 11/15/34

1,200,000

1,220,592

New York Metropolitan Trans. Auth. Rev.:

Series 2003 B, 5.25% 11/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,900,000

2,233,127

Series 2008 A, 5.25% 11/15/36

3,700,000

3,784,952

Series 2008 C, 6.5% 11/15/28

1,000,000

1,181,390

Series 2010 D, 5.25% 11/15/40

1,400,000

1,423,590

Series 2012 D, 5% 11/15/25

4,600,000

5,012,896

New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured)

1,500,000

1,575,660

New York Thruway Auth. Gen. Rev. Series 2005 G, 5.25% 1/1/27

1,600,000

1,687,776

New York Thruway Auth. Personal Income Tax Rev. Series 2007 A, 5.25% 3/15/25

1,500,000

1,668,240

New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series 2007 A, 5% 4/1/21

1,100,000

1,223,145

Tobacco Settlement Fing. Corp.:

Series 2003 A1:

5.25% 6/1/21 (AMBAC Insured)

1,000,000

1,003,070

5.25% 6/1/22 (AMBAC Insured)

2,360,000

2,367,080

Municipal Bonds - continued

 

Principal Amount

Value

New York - continued

Tobacco Settlement Fing. Corp.: - continued

Series 2003 B-1C:

5.5% 6/1/19

$ 1,245,000

$ 1,249,308

5.5% 6/1/21

5,000,000

5,016,250

5.5% 6/1/22

1,500,000

1,504,770

 

102,441,137

New York & New Jersey - 0.1%

Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d)

1,400,000

1,418,214

North Carolina - 1.0%

Charlotte Int'l. Arpt. Rev. (Charlotte Douglas Int'l. Arpt. Proj.) Series 2010 B, 5.5% 7/1/24 (d)

1,000,000

1,104,280

Nash Health Care Sys. Health Care Facilities Rev.:

Series 2012, 5% 11/1/41

800,000

790,392

5% 11/1/30 (FSA Insured)

1,275,000

1,291,307

North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2009 B, 5% 1/1/26

2,100,000

2,202,144

North Carolina Med. Care Cmnty. Health (Memorial Mission Hosp. Proj.) Series 2007, 5% 10/1/20

1,000,000

1,094,750

North Carolina Med. Care Commission Health Care Facilities Rev. (Rex Healthcare Proj.) Series 2010 A, 5% 7/1/30

1,600,000

1,661,392

North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev.:

Series 2009 A, 5% 1/1/30

1,000,000

1,030,970

Series 2010 B, 5% 1/1/20

1,300,000

1,500,382

 

10,675,617

North Dakota - 0.4%

Cass County Health Care Facilities Rev. (Essentia Health Obligated Group Proj.) Series 2008, 5.125% 2/15/37 (Assured Guaranty Corp. Insured)

750,000

764,355

Mclean County Solid Waste Facilities Rev. (Great River Energy Projects) Series 2010 B, 5.15% 7/1/40

2,300,000

2,293,238

Ward County Health Care Facility Rev. (Trinity Med. Ctr. Proj.) 5.125% 7/1/17

1,210,000

1,277,542

 

4,335,135

Ohio - 1.0%

Buckeye Tobacco Settlement Fing. Auth. Series 2007 A1:

5% 6/1/16

800,000

865,056

5% 6/1/17

925,000

1,017,278

Municipal Bonds - continued

 

Principal Amount

Value

Ohio - continued

Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 2008 C, 5.75% 8/15/38

$ 1,000,000

$ 1,043,790

Lucas County Hosp. Rev. (ProMedica Heathcare Oblig. Group Proj.) Series 2011 A, 6.5% 11/15/37

1,200,000

1,367,796

Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013, 5% 2/15/48

2,000,000

1,689,620

Ohio Air Quality Dev. Auth. Rev. Series 2009 C, 5.625% 6/1/18

400,000

438,696

Ohio Tpk. Commission Tpk. Rev. 0% 2/15/42 (b)

2,600,000

452,504

Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (c)

1,500,000

1,613,685

Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008, 5.75% 12/1/35

1,400,000

1,492,820

 

9,981,245

Oklahoma - 0.9%

Oklahoma City Pub. Property Auth. Hotel Tax Rev. Series 2005, 5.5% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,695,000

1,806,158

Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series C, 5.5% 8/15/22

2,865,000

3,187,055

Oklahoma Dev. Fin. Auth. Rev. (Saint John Health Sys. Proj.) 5% 2/15/42

1,775,000

1,784,763

Oklahoma Wtr. Resources Board Student Ln. Prog. Rev. Series 2013 D, 5% 10/1/33

1,100,000

1,157,211

Tulsa County Indl. Auth. Health Care Rev. 5% 12/15/18

1,500,000

1,671,435

 

9,606,622

Oregon - 0.3%

Forest Grove Campus Impt. Rev. (Pacific Univ. Proj.) Series 2009, 6.375% 5/1/39

1,200,000

1,212,756

Oregon Facilities Auth. Rev. (PeaceHealth Proj.) Seroes 2009 A, 5% 11/1/39

740,000

752,632

Yamhill County School District #029J Newberg 5.5% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

1,193,250

 

3,158,638

Pennsylvania - 1.6%

Allegheny County Hosp. Dev. Auth. Rev.:

(Pittsburgh Med. Ctr. Proj.) Series B, 5% 6/15/16

850,000

943,356

(Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A, 5.625% 8/15/39

1,100,000

1,167,661

Municipal Bonds - continued

 

Principal Amount

Value

Pennsylvania - continued

Annville-Cleona School District 5.5% 3/1/22 (FSA Insured)

$ 1,250,000

$ 1,323,363

Centre County Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.) Series 2011, 7% 11/15/46

500,000

582,915

Easton Area School District Series 2006, 7.75% 4/1/25 (FSA Insured)

315,000

358,092

Mifflin County School District Series 2007, 7.75% 9/1/30 (XL Cap. Assurance, Inc. Insured)

400,000

461,196

Monroeville Fin. Auth. UPMC Rev. Series 2012, 5% 2/15/27

800,000

829,496

Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.):

Series 2012 A, 5% 6/1/24

600,000

653,982

Series A, 6% 6/1/16 (AMBAC Insured)

1,860,000

2,087,106

Pennsylvania Tpk. Commission Tpk. Rev. Series 2009 D, 5.5% 12/1/41

2,400,000

2,485,224

Philadelphia Gas Works Rev.:

(1975 Gen. Ordinance Proj.) Seventeenth Series, 5.375% 7/1/20 (FSA Insured)

500,000

501,070

(1998 Gen. Ordinance Proj.):

Fifth Series A1, 5% 9/1/33 (FSA Insured)

150,000

150,897

Ninth Series, 5.25% 8/1/40

800,000

811,672

Philadelphia Gen. Oblig. Series 2008 B, 7.125% 7/15/38 (Assured Guaranty Corp. Insured)

600,000

668,160

Philadelphia School District Series 2005 A, 5% 8/1/22 (AMBAC Insured)

200,000

208,178

Westmoreland County Muni. Auth. Muni. Svc. Rev. Series A, 0% 8/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

5,000,000

3,890,500

 

17,122,868

Puerto Rico - 0.4%

Puerto Rico Govt. Dev. Bank Series 2006 C, 5.25% 1/1/15 (d)

1,000,000

1,023,900

Puerto Rico Pub. Bldg. Auth. Rev.:

Bonds Series M2:

5.5%, tender 7/1/17 (AMBAC Insured) (c)

600,000

613,266

5.75%, tender 7/1/17 (c)

1,100,000

1,133,990

Series N, 5.5% 7/1/22

1,100,000

1,086,998

Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.:

Series 2007 A, 0% 8/1/44 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

285,000

36,976

Municipal Bonds - continued

 

Principal Amount

Value

Puerto Rico - continued

Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: - continued

Series 2009 A, 6% 8/1/42

$ 600,000

$ 591,882

Series A, 0% 8/1/54 (AMBAC Insured)

1,300,000

81,900

 

4,568,912

Rhode Island - 0.1%

Rhode Island Port Auth. & Econ. Dev. Corp. Arpt. Rev. Series A, 7% 7/1/14 (FSA Insured) (d)

780,000

795,187

South Carolina - 1.5%

Greenwood Fifty School Facilities Installment 5% 12/1/21 (Assured Guaranty Corp. Insured)

1,000,000

1,119,640

Lexington One School Facilities Corp. Rev. (Lexington County School District No. 1 Proj.) 5% 12/1/17

1,015,000

1,120,296

South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. Series 2013, 5% 11/1/27

1,400,000

1,439,536

South Carolina Jobs-Econ. Dev. Auth. Health Facilities Rev. (Bishop Gadsden Proj.) Series 2007, 5% 4/1/16

1,000,000

1,051,430

South Carolina Pub. Svc. Auth. (Santee Cooper) Rev. Oblig.:

Series 2012 B, 5% 12/1/20

2,500,000

2,945,025

Series 2012 C, 5% 12/1/18

1,000,000

1,171,670

South Carolina Pub. Svc. Auth. Rev. (Santee Cooper Proj.) Series 2009 B, 5.25% 1/1/39

5,000,000

5,325,950

Univ. of South Carolina Athletic Facilities Rev. Series 2008 A, 5.5% 5/1/38

995,000

1,063,207

 

15,236,754

South Dakota - 0.1%

South Dakota Health & Edl. Facilities Auth. Rev. Series 2012 E, 5% 11/1/42

1,500,000

1,472,745

Tennessee - 0.9%

Clarksville Natural Gas Acquisition Corp. Gas Rev.:

Series 2006:

5% 12/15/13

1,000,000

1,014,220

5% 12/15/15

1,500,000

1,606,110

5% 12/15/16

1,500,000

1,623,150

Jackson Hosp. Rev. (Jackson-Madison County Gen. Hosp. Proj.) Series 2008, 5.75% 4/1/41

1,000,000

1,045,930

Municipal Bonds - continued

 

Principal Amount

Value

Tennessee - continued

Knox County Health Edl. & Hsg. Facilities Board Rev. (Univ. Health Sys. Proj.) Series 2007, 5% 4/1/16

$ 1,805,000

$ 1,933,173

Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5.75% 7/1/24 (d)

1,600,000

1,714,576

 

8,937,159

Texas - 10.6%

Aledo Independent School District (School Bldg. Proj.) Series 2006 A, 5% 2/15/43

1,200,000

1,255,308

Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.5% 8/1/20

1,000,000

1,152,050

Bastrop Independent School District Series 2007, 5.25% 2/15/42

5,000,000

5,287,950

Beaumont Independent School District 5% 2/15/38 (Assured Guaranty Corp. Insured)

300,000

312,684

Comal Independent School District:

Series 2007, 5% 2/1/36

2,500,000

2,627,025

Series 2008A, 5.25% 2/1/23

2,240,000

2,537,674

Corpus Christi Util. Sys. Rev.:

5% 7/15/23

1,600,000

1,810,480

5.25% 7/15/18 (FSA Insured)

1,000,000

1,136,510

Dallas Area Rapid Transit Sales Tax Rev. Series 2008, 5.25% 12/1/43

3,785,000

4,007,709

Dallas Fort Worth Int'l. Arpt. Rev.:

Series 2007, 5% 11/1/19 (XL Cap. Assurance, Inc. Insured) (d)

2,500,000

2,606,325

Series 2009 A, 5% 11/1/24

1,000,000

1,067,630

Dallas Independent School District Series 2008, 6.375% 2/15/34

300,000

347,106

Eagle Mountain & Saginaw Independent School District Series 2008, 5% 8/15/38

1,480,000

1,568,918

Frisco Independent School District Series 2008 A, 6% 8/15/33

1,200,000

1,371,660

Grand Parkway Trans. Corp. Series 2013 B, 5.5% 4/1/53 (b)

800,000

782,264

Harris County Gen. Oblig.:

(Permanent Impt. Proj.) Series 1996, 0% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,500,000

2,359,175

(Road Proj.) Series 2008 B, 5.25% 8/15/47

8,000,000

8,137,600

Series 2002, 0% 8/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

716,970

Municipal Bonds - continued

 

Principal Amount

Value

Texas - continued

Harris County Health Facilities Dev. Corp. Hosp. Rev. (Memorial Hermann Healthcare Sys. Proj.) Series 2008 B, 7.25% 12/1/35 (Pre-Refunded to 12/1/18 @ 100)

$ 1,200,000

$ 1,558,080

Houston Arpt. Sys. Rev.:

Series 2011 A, 5% 7/1/24 (d)

1,250,000

1,335,713

Series 2012 A, 5% 7/1/23 (d)

600,000

652,998

Houston Cmnty. College Sys. Rev. Series 2013, 5% 2/15/37

400,000

411,576

Humble Independent School District:

Series 2000, 0% 2/15/17

1,000,000

955,650

Series 2005 B, 5.25% 2/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,800,000

1,902,132

Judson Independent School District Series 2005 B, 5% 2/1/24 (FSA Insured)

950,000

964,117

Kermit Independent School District Series 2007, 5.25% 2/15/32

700,000

742,945

Lewisville Independent School District 0% 8/15/19

2,340,000

2,057,000

Liberty Hill Independent School District (School Bldg. Proj.) Series 2006, 5.25% 8/1/35

1,100,000

1,151,381

Longview Independent School District 5% 2/15/37

1,000,000

1,048,710

Lower Colorado River Auth. Rev.:

5.75% 5/15/37

205,000

211,939

5.75% 5/15/37 (Pre-Refunded to 5/15/15 @ 100)

25,000

27,353

Mansfield Independent School District 5.5% 2/15/17

25,000

25,089

North Texas Tollway Auth. Rev.:

Bonds Series 2008 E3, 5.75%, tender 1/1/16 (c)

1,000,000

1,111,600

Series 2008 A, 6% 1/1/24

2,000,000

2,251,980

Series 2008 I, 0% 1/1/42 (Assured Guaranty Corp. Insured) (a)

1,100,000

1,131,262

Series 2009 A, 6.25% 1/1/39

1,800,000

1,977,624

Series 2011 A:

5.5% 9/1/41

500,000

523,855

6% 9/1/41

1,200,000

1,313,868

Series 2011 D, 5% 9/1/28

2,300,000

2,444,210

Prosper Independent School District:

Series 2005, 5.125% 8/15/30

400,000

419,092

5.375% 8/15/37

2,000,000

2,141,280

San Antonio Arpt. Sys. Rev.:

5% 7/1/16 (FSA Insured) (d)

1,635,000

1,805,449

5.25% 7/1/18 (FSA Insured) (d)

2,505,000

2,820,405

San Antonio Elec. & Gas Sys. Rev.:

Series 2008, 5% 2/1/24

1,000,000

1,109,570

Municipal Bonds - continued

 

Principal Amount

Value

Texas - continued

San Antonio Elec. & Gas Sys. Rev.: - continued

Series 2012, 5.25% 2/1/25

$ 800,000

$ 946,480

San Antonio Wtr. Sys. Rev. Series 2012, 5% 5/15/23

5,000,000

5,799,950

San Jacinto Cmnty. College District Series 2009, 5% 2/15/39

2,300,000

2,432,894

Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2010, 5% 10/1/35

400,000

424,144

Spring Branch Independent School District Series 2008, 5.25% 2/1/38

3,145,000

3,363,735

Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.:

(Baylor Health Care Sys. Proj.) Series 2009, 5.75% 11/15/24

1,100,000

1,243,715

(Hendrick Med. Ctr. Proj.) Series 2009 B, 5.25% 9/1/28 (Assured Guaranty Corp. Insured)

1,235,000

1,280,374

(Scott & White Healthcare Proj.) Series 2013 A:

4% 8/15/43

500,000

391,320

5% 8/15/36

1,000,000

1,015,760

Texas Gen. Oblig.:

(Trans. Commission Mobility Fund Proj.) Series 2005 A, 4.75% 4/1/35

1,500,000

1,550,145

Series 2006 A, 5% 4/1/29

560,000

607,578

Series 2006, 5% 4/1/27

1,000,000

1,072,080

Series 2008, 5% 4/1/25

800,000

889,960

Texas Muni. Pwr. Agy. Rev.:

0% 9/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,100,000

1,078,605

0% 9/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,800,000

1,728,702

Texas Private Activity Bond Surface Trans. Corp.:

(LBJ Infrastructure Group LLC IH-635 Managed Lanes Proj.) Series 2010, 7% 6/30/40

1,200,000

1,364,808

(NTE Mobility Partners LLC North Tarrant Express Managed Lanes Proj.) Series 2009, 6.875% 12/31/39

2,100,000

2,356,158

Texas Trans. Commission Central Texas Tpk. Sys. Rev. Bonds Series 2012 B, 1.25%, tender 2/15/15 (c)

600,000

600,000

Texas Trans. Commission State Hwy. Fund Rev. Series 2007:

5% 4/1/21

1,000,000

1,122,890

5% 4/1/23

1,500,000

1,682,055

5% 4/1/25

600,000

671,460

5% 4/1/26

800,000

894,072

Texas Wtr. Dev. Board Rev. Series 2008 B, 5.25% 7/15/23

1,600,000

1,818,416

Municipal Bonds - continued

 

Principal Amount

Value

Texas - continued

Univ. of Texas Board of Regents Sys. Rev. Series 2007 F, 4.75% 8/15/27

$ 1,000,000

$ 1,086,090

Waller Independent School District:

5.5% 2/15/28

1,670,000

1,836,599

5.5% 2/15/37

2,100,000

2,268,945

 

110,706,851

Utah - 0.3%

Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) 5% 9/1/20

850,000

960,475

Utah State Board of Regents Rev. Series 2011 B, 5% 8/1/27

1,000,000

1,057,940

Utah Transit Auth. Sales Tax Rev. Series 2008 A, 5.25% 6/15/38

1,200,000

1,265,064

 

3,283,479

Vermont - 0.4%

Vermont Edl. & Health Bldg. Fin. Agcy. Rev.:

(Fletcher Allen Health Care Proj.) Series 2004 B, 5.5% 12/1/28 (FSA Insured)

2,600,000

2,725,190

(Middlebury College Proj.) Series 2006 A, 5% 10/31/46

1,000,000

1,045,810

 

3,771,000

Virginia - 0.5%

Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 2008 B, 5.375%, tender 12/2/13 (c)

4,000,000

4,060,960

Virginia Small Bus. Fing. Auth. (95 Express Lane LLC Proj.) Series 2012, 5% 1/1/40 (d)

1,800,000

1,541,718

 

5,602,678

Washington - 3.2%

Chelan County Pub. Util. District #1 Columbia River-Rock Island Hydro-Elec. Sys. Rev. Series 1997 A, 0% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

932,390

Grant County Pub. Util. District #2 Wanapum Hydro Elec. Rev. Series B, 5.25% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d)

1,950,000

2,014,799

Kent Spl. Events Ctr. Pub. Facilities District Rev. Series 2008, 5.25% 12/1/32 (FSA Insured)

2,000,000

2,062,500

King County Swr. Rev.:

Series 2008, 5.75% 1/1/43

3,600,000

3,895,812

Municipal Bonds - continued

 

Principal Amount

Value

Washington - continued

King County Swr. Rev.: - continued

Series 2009, 5.25% 1/1/42

$ 1,000,000

$ 1,062,680

Series 2010, 5% 1/1/50

1,300,000

1,316,601

Port of Seattle Spl. Facility Rev. Series 2013, 5% 6/1/24 (d)

560,000

606,978

Spokane Gen. Oblig. 5.25% 12/1/24 (AMBAC Insured)

1,000,000

1,044,050

Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev. Series 2013 B, 5% 12/1/27

1,500,000

1,584,540

Washington Gen. Oblig.:

Series R 97A, 0% 7/1/19 (Escrowed to Maturity)

1,200,000

1,068,192

Series S5, 0% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,230,000

2,084,270

Washington Health Care Facilities Auth. Rev.:

(Catholic Health Initiatives Proj.) Series 2008 D, 6.375% 10/1/36

3,000,000

3,438,480

(MultiCare Health Sys. Proj.):

Series 2008 B, 6% 8/15/39 (Assured Guaranty Corp. Insured)

1,000,000

1,062,690

Series 2010 A, 5% 8/15/18

2,295,000

2,548,437

(Providence Health Systems Proj.):

Series 2006 D, 5.25% 10/1/33

1,000,000

1,060,870

Series 2012 A, 5% 10/1/24

3,300,000

3,679,269

(Seattle Children's Hosp. Proj.) Series 2009, 5.625% 10/1/38

1,400,000

1,473,010

5.7% 7/1/38

2,270,000

2,304,776

 

33,240,344

West Virginia - 0.1%

West Virginia Hosp. Fin. Auth. Hosp. Rev. (West Virginia United Health Sys. Proj.) Series 2008 E, 5.625% 6/1/35

1,000,000

1,041,130

Wisconsin - 0.5%

Wisconsin Health & Edl. Facilities Auth. Rev.:

(Agnesian HealthCare, Inc. Proj.):

Series 2010:

5.5% 7/1/40

500,000

513,540

5.75% 7/1/30

500,000

533,360

Series 2013 B, 5% 7/1/36

800,000

802,440

(Marshfield Clinic Proj.) Series A, 5.375% 2/15/34

1,000,000

1,024,030

(Wheaton Franciscan Healthcare Sys. Proj.) Series 2003 A, 5.5% 8/15/16

795,000

796,161

Municipal Bonds - continued

 

Principal Amount

Value

Wisconsin - continued

Wisconsin Health & Edl. Facilities Auth. Rev.: - continued

Series 2012, 5% 6/1/39

$ 190,000

$ 184,357

Series 2013, 5% 8/15/25

1,300,000

1,382,199

 

5,236,087

Wyoming - 0.2%

Campbell County Solid Waste Facilities Rev. (Basin Elec. Pwr. Coop. - Dry Fork Station Facilities Proj.) Series 2009 A, 5.75% 7/15/39

1,700,000

1,801,524

TOTAL INVESTMENT PORTFOLIO - 99.2%

(Cost $1,007,492,788)

1,039,325,649

NET OTHER ASSETS (LIABILITIES) - 0.8%

7,976,100

NET ASSETS - 100%

$ 1,047,301,749

Legend

(a) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

Other Information

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At July 31, 2013, the cost of investment securities for income tax purposes was $1,007,035,183. Net unrealized appreciation aggregated $32,290,466, of which $50,126,791 related to appreciated investment securities and $17,836,325 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For municipal securities, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series II's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Advisor Series II

By:

/s/Stephanie J. Dorsey

 

Stephanie J. Dorsey

 

President and Treasurer

 

 

Date:

September 27, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Stephanie J. Dorsey

 

Stephanie J. Dorsey

 

President and Treasurer

 

 

Date:

September 27, 2013

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

September 27, 2013

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