UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07807
Fidelity Revere Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, 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: | May 31 |
Date of reporting period: | November 30, 2022 |
Item 1.
Reports to Stockholders
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Effective Maturity Diversification (% of Fund's Investments) | ||
Days | ||
1 - 7 | 97.9 | |
8 - 30 | 2.1 | |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Asset Allocation (% of Fund's net assets) |
U.S. Treasury Debt - 2.1% | ||||
Yield (%)(a) | Principal Amount (b) | Value ($) | ||
U.S. Treasury Obligations - 2.1% | ||||
U.S. Treasury Bills | ||||
12/8/22 | 999,300,000 | |||
TOTAL U.S. TREASURY DEBT (Cost $999,261,111) | 999,300,000 | |||
Non-Negotiable Time Deposit - 5.8% | ||||
Yield (%)(a) | Principal Amount (b) | Value ($) | ||
Time Deposits - 5.8% | ||||
Canadian Imperial Bank of Commerce | ||||
12/1/22 | 3.80 | 20,034,000 | 20,034,000 | |
Credit Agricole CIB | ||||
12/1/22 | 3.80 | 153,210,000 | 153,210,000 | |
Mizuho Bank Ltd. | ||||
12/1/22 | 3.82 | 317,000,000 | 317,000,000 | |
Mizuho Bank Ltd. Canada Branch | ||||
12/1/22 | 3.83 | 2,166,000,000 | 2,166,000,000 | |
Royal Bank of Canada | ||||
12/1/22 | 3.82 | 175,337,000 | 175,337,000 | |
TOTAL NON-NEGOTIABLE TIME DEPOSIT (Cost $2,831,581,000) | 2,831,581,000 | |||
U.S. Government Agency Repurchase Agreement - 2.9% | |||
Maturity Amount ($) | Value ($) | ||
In a joint trading account at 3.8% dated 11/30/22 due 12/1/22 (Collateralized by U.S. Government Obligations)# (Cost $1,426,545,000) | 1,426,695,547 | 1,426,545,000 | |
U.S. Treasury Repurchase Agreement - 88.8% | |||
Maturity Amount ($) | Value ($) | ||
With Federal Reserve Bank of New York at 3.8%, dated 11/30/22 due 12/1/22 (Collateralized by U.S. Treasury Obligations valued at $43,047,543,491, 0.13% - 2.50%, 6/30/23 - 2/15/32) (Cost $43,043,000,000) | 43,047,543,428 | 43,043,000,000 | |
TOTAL INVESTMENT IN SECURITIES - 99.6% (Cost $48,300,387,111) | 48,300,426,000 |
NET OTHER ASSETS (LIABILITIES) - 0.4% | 186,981,130 |
NET ASSETS - 100.0% | 48,487,407,130 |
(a) | Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end. |
(b) | Amount is stated in United States dollars unless otherwise noted. |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
U.S. Treasury Debt | 999,300,000 | - | 999,300,000 | - |
Non-Negotiable Time Deposit | 2,831,581,000 | - | 2,831,581,000 | - |
U.S. Government Agency Repurchase Agreement | 1,426,545,000 | - | 1,426,545,000 | - |
U.S. Treasury Repurchase Agreement | 43,043,000,000 | - | 43,043,000,000 | - |
Total Investments in Securities: | 48,300,426,000 | - | 48,300,426,000 | - |
Other Information | ||
# Additional information on each counterparty to the repurchase agreement is as follows: | ||
Repurchase Agreement / Counterparty | Value ($) | |
$1,426,545,000 due 12/01/22 at 3.80% | ||
Bank of America Securities, Inc. | 263,235,000 | |
J.P. Morgan Securities, LLC | 124,183,000 | |
Nomura Securities International | 920,479,000 | |
Societe Generale | 118,648,000 | |
1,426,545,000 | ||
Statement of Assets and Liabilities | ||||
November 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including repurchase agreements of $44,469,545,000) - See accompanying schedule Unaffiliated issuers (cost $48,300,387,111): | $ | 48,300,426,000 | ||
Cash | 634 | |||
Interest receivable | 4,998,733 | |||
Receivable for interfund loans | 337,700,000 | |||
Other affiliated receivables | 38,883 | |||
Total assets | 48,643,164,250 | |||
Liabilities | ||||
Distributions payable | $155,744,723 | |||
Other payables and accrued expenses | 12,397 | |||
Total Liabilities | 155,757,120 | |||
Net Assets | $ | 48,487,407,130 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 48,487,312,920 | ||
Total accumulated earnings (loss) | 94,210 | |||
Net Assets | $ | 48,487,407,130 | ||
Net Asset Value , offering price and redemption price per share ($48,487,407,130 ÷ 48,477,796,368 shares) | $ | 1.0002 | ||
Statement of Operations | ||||
Six months ended November 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Interest (including $1,583,541 from affiliated interfund lending) | $ | 618,447,024 | ||
Expenses | ||||
Custodian fees and expenses | 29,042 | |||
Independent trustees' fees and expenses | 91,967 | |||
Total expenses before reductions | 121,009 | |||
Expense reductions | (131) | |||
Total expenses after reductions | 120,878 | |||
Net Investment income (loss) | 618,326,146 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 16 | |||
Total net realized gain (loss) | 16 | |||
Change in net unrealized appreciation (depreciation) on investment securities | 38,889 | |||
Net increase in net assets resulting from operations | $ | 618,365,051 |
Statement of Changes in Net Assets | ||||
Six months ended November 30, 2022 (Unaudited) | Year ended May 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 618,326,146 | $ | 82,097,791 |
Net realized gain (loss) | 16 | 69,356 | ||
Change in net unrealized appreciation (depreciation) | 38,889 | (399,235) | ||
Net increase in net assets resulting from operations | 618,365,051 | 81,767,912 | ||
Distributions to shareholders | (618,290,710) | (82,097,806) | ||
Affiliated share transactions | ||||
Proceeds from sales of shares | 244,585,693,398 | 596,087,231,699 | ||
Reinvestment of distributions | 16,685 | 1,788 | ||
Cost of shares redeemed | (248,988,636,175) | (601,492,138,278) | ||
Net increase (decrease) in net assets and shares resulting from share transactions | (4,402,926,092) | (5,404,904,791) | ||
Total increase (decrease) in net assets | (4,402,851,751) | (5,405,234,685) | ||
Net Assets | ||||
Beginning of period | 52,890,258,881 | 58,295,493,566 | ||
End of period | $ | 48,487,407,130 | $ | 52,890,258,881 |
Other Information | ||||
Shares | ||||
Sold | 244,536,786,041 | 595,968,034,803 | ||
Issued in reinvestment of distributions | 16,685 | 1,788 | ||
Redeemed | (248,938,848,405) | (601,371,863,905) | ||
Net increase (decrease) | (4,402,045,679) | (5,403,827,314) | ||
Fidelity® Cash Central Fund |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 1.0002 | $ | 1.0002 | $ | 1.0002 | $ | 1.0002 | $ | 1.0002 | $ | 1.0002 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A | .0123 | .0016 | .0010 | .0155 | .0223 | .0131 | ||||||
Net realized and unrealized gain (loss) B | - | - | - | - | - | - | ||||||
Total from investment operations | .0123 | .0016 | .0010 | .0155 | .0223 | .0131 | ||||||
Distributions from net investment income | (.0123) | (.0016) | (.0010) | (.0155) | (.0223) | (.0131) | ||||||
Total distributions | (.0123) | (.0016) | (.0010) | (.0155) | (.0223) | (.0131) | ||||||
Net asset value, end of period | $ | 1.0002 | $ | 1.0002 | $ | 1.0002 | $ | 1.0002 | $ | 1.0002 | $ | 1.0002 |
Total Return C,D | 1.23% | .15% | .10% | 1.56% | 2.26% | 1.31% | ||||||
Ratios to Average Net Assets A,E,F | ||||||||||||
Expenses before reductions | -% G,H | -% G | -% G | .01% | .01% | -% G | ||||||
Expenses net of fee waivers, if any | -% G,H | -% G | -% G | .01% | .01% | -% G | ||||||
Expenses net of all reductions | -% G,H | -% G | -% G | .01% | .01% | -% G | ||||||
Net investment income (loss) | 2.43% H | .14% | .09% | 1.55% | 2.24% | 1.31% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 48,487,407 | $ | 52,890,259 | $ | 58,295,494 | $ | 44,967,102 | $ | 44,503,265 | $ | 43,495,230 |
Gross unrealized appreciation | $38,889 |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) | $38,889 |
Tax cost | $48,300,387,111 |
Average Loan Balance | Weighted Average Interest Rate | ||
Fidelity Cash Central Fund | Lender | 27,922,478 | 2.54% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value June 1, 2022 | Ending Account Value November 30, 2022 | Expenses Paid During Period- C June 1, 2022 to November 30, 2022 | |||||||
Fidelity® Cash Central Fund | 0.0005% | |||||||||
Actual | $ 1,000 | $ 1,012.30 | $- D | |||||||
Hypothetical- B | $ 1,000 | $ 1,025.07 | $- D | |||||||
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Effective Maturity Diversification (% of Fund's Investments) | ||
Days | ||
1 - 7 | 99.7 | |
31 - 60 | 0.3 | |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Asset Allocation (% of Fund's net assets) |
Net Other Assets (Liabilities) - (0.8)%* |
*Net Other Assets (Liabilities) are not available in the pie chart. |
Variable Rate Demand Note - 80.2% | |||
Principal Amount (a) | Value ($) | ||
Alabama - 3.2% | |||
Columbia Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.): | |||
Series 2014 A, 1.1% 12/1/22, VRDN (b) | 8,600,000 | 8,600,000 | |
Series 2014 B, 1.1% 12/1/22, VRDN (b) | 5,400,000 | 5,400,000 | |
Mobile Indl. Dev. Board Rev.: | |||
(Alabama Pwr. Co. Proj.) Series 2001 B, 1.45% 12/1/22, VRDN (b)(c) | 1,400,000 | 1,400,000 | |
(Alabama Pwr. Theodore Plant Proj.) Series A, 1.45% 12/1/22, VRDN (b)(c) | 5,630,000 | 5,630,000 | |
Walker County Econ. & Indl. Dev. Auth. Solid Waste Disp. Rev. (Alabama Pwr. Co. Plant Gorgas Proj.) Series 2007, 1.45% 12/1/22, VRDN (b)(c) | 1,400,000 | 1,400,000 | |
West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 1.45% 12/1/22, VRDN (b)(c) | 40,705,000 | 40,705,000 | |
Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Gaston Plant Proj.) Series 2008, 1.45% 12/1/22, VRDN (b)(c) | 14,850,000 | 14,850,000 | |
TOTAL ALABAMA | 77,985,000 | ||
Alaska - 0.1% | |||
Valdez Marine Term. Rev. (ExxonMobil Proj.) Series 2001, 1% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b) | 2,300,000 | 2,300,000 | |
Arizona - 0.2% | |||
Maricopa County Poll. Cont. Rev.: | |||
(Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 2.16% 12/7/22, VRDN (b) | 1,100,000 | 1,100,000 | |
Series 2009 C, 2.1% 12/7/22, VRDN (b) | 4,000,000 | 4,000,000 | |
TOTAL ARIZONA | 5,100,000 | ||
Arkansas - 0.0% | |||
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 2.05% 12/7/22, VRDN (b)(c) | 1,000,000 | 1,000,000 | |
California - 0.3% | |||
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series 2001 B2, 0.6% 12/1/22 (Liquidity Facility UBS AG), VRDN (b) | 6,800,000 | 6,800,000 | |
Connecticut - 0.4% | |||
Connecticut Hsg. Fin. Auth. Series F, 1.8% 12/7/22 (Liquidity Facility Barclays Bank PLC), VRDN (b) | 9,900,000 | 9,900,000 | |
Delaware - 1.0% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | |||
Series 1994, 1.25% 12/1/22, VRDN (b)(c) | 22,800,000 | 22,800,000 | |
Series 1999 B, 2.08% 12/7/22, VRDN (b)(c) | 2,400,000 | 2,400,000 | |
TOTAL DELAWARE | 25,200,000 | ||
District Of Columbia - 0.3% | |||
District of Columbia Rev. (Medlantic/Helix Proj.) Series 1998 A Tranche I, 1% 12/1/22, LOC TD Banknorth, NA, VRDN (b) | 3,500,000 | 3,500,000 | |
District of Columbia Univ. Rev. (Georgetown Univ. Proj.) Series 2007 C1, 1.89% 12/7/22, LOC Sumitomo Mitsui Banking Corp., VRDN (b) | 1,150,000 | 1,150,000 | |
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2011 A, 1.9% 12/7/22, LOC TD Banknorth, NA, VRDN (b)(c) | 1,800,000 | 1,800,000 | |
FHLMC District of Columbia Hsg. Fin. Agcy. Multi-family Hsg. Rev. (Park 7 at Minnesota Benning Proj.) Series 2012, 1.93% 12/7/22, LOC Freddie Mac, VRDN (b) | 1,020,000 | 1,020,000 | |
TOTAL DISTRICT OF COLUMBIA | 7,470,000 | ||
Florida - 4.1% | |||
Bay County Indl. Rev. Dev. (Gulf Pwr. Co. Proj.) Series 2020, 1.2% 12/1/22, VRDN (b)(c) | 6,800,000 | 6,800,000 | |
Brevard County Hsg. Fin. Auth. (Manatee Cove Apts. Proj.) Series 2005, 1.93% 12/7/22, LOC Citibank NA, VRDN (b)(c) | 5,455,000 | 5,455,000 | |
Broward County Indl. Dev. Rev. (Florida Pwr. & Lt. Co. Proj.): | |||
Series 2015, 1.15% 12/1/22, VRDN (b)(c) | 51,860,000 | 51,860,000 | |
Series 2018 B, 1.25% 12/1/22, VRDN (b)(c) | 19,440,000 | 19,440,000 | |
Hillsborough County Hsg. Fin. Auth. Multi-family Rev. (Claymore Crossings Apt. Proj.) Series 2005, 1.93% 12/7/22, LOC Citibank NA, VRDN (b)(c) | 9,515,000 | 9,515,000 | |
Lee County Indl. Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2016 A, 1.15% 12/1/22, VRDN (b)(c) | 2,200,000 | 2,200,000 | |
Miami-Dade County Indl. Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2021, 1.1% 12/1/22, VRDN (b)(c) | 5,600,000 | 5,600,000 | |
TOTAL FLORIDA | 100,870,000 | ||
Georgia - 3.7% | |||
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.): | |||
First Series 2009, 1.4% 12/1/22, VRDN (b) | 8,400,000 | 8,400,000 | |
Series 2012, 1.45% 12/1/22, VRDN (b)(c) | 13,450,000 | 13,450,000 | |
Series 2018, 1.6% 12/1/22, VRDN (b) | 4,450,000 | 4,450,000 | |
Heard County Dev. Auth. Poll. Cont. Rev. Series 2007, 1.47% 12/1/22, VRDN (b)(c) | 17,100,000 | 17,100,000 | |
Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Scherer Proj.) Series 2008, 1.7% 12/1/22, VRDN (b) | 8,465,000 | 8,465,000 | |
Monroe County Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.): | |||
Series 2017, 1.15% 12/1/22, VRDN (b)(c) | 9,700,000 | 9,700,000 | |
Series 2019, 1.2% 12/1/22, VRDN (b)(c) | 31,030,000 | 31,030,000 | |
TOTAL GEORGIA | 92,595,000 | ||
Illinois - 1.4% | |||
Chicago Midway Arpt. Rev. Series 2014 C, 1.93% 12/7/22, LOC PNC Bank NA, VRDN (b)(c) | 4,300,000 | 4,300,000 | |
Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev. (Lufthansa German Airlines Proj.) Series 2001, 2.02% 12/7/22, LOC Bayerische Landesbank, VRDN (b)(c) | 6,000,000 | 6,000,000 | |
Will County Exempt Facilities Rev. (ExxonMobil Corp. Proj.) Series 2001, 1.05% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b)(c) | 25,585,000 | 25,585,000 | |
TOTAL ILLINOIS | 35,885,000 | ||
Indiana - 2.9% | |||
Hammond Swr. & Solid Waste Disp. Rev. (Cargill, Inc. Proj.) Series 2005, 1.9% 12/7/22, VRDN (b)(c) | 39,000,000 | 39,000,000 | |
Indiana Dev. Fin. Auth. Envir. Rev. (Duke Energy Indiana, Inc. Proj.): | |||
Series 2009 A4, 1.05% 12/1/22, LOC Sumitomo Mitsui Banking Corp., VRDN (b) | 5,700,000 | 5,700,000 | |
Series 2009 A5, 1% 12/1/22, LOC Sumitomo Mitsui Banking Corp., VRDN (b) | 4,895,000 | 4,895,000 | |
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2008 J, 1% 12/1/22, LOC Barclays Bank PLC, VRDN (b) | 4,920,000 | 4,920,000 | |
Indiana Fin. Auth. Rev. (Ascension Health Proj.) Series 2008 E8, 1.87% 12/7/22, VRDN (b) | 3,055,000 | 3,055,000 | |
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series B, 1.06% 12/1/22, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 14,400,000 | 14,400,000 | |
TOTAL INDIANA | 71,970,000 | ||
Iowa - 1.7% | |||
Iowa Fin. Auth. Econ. Dev. Rev. Series 2009 A, 1.93% 12/7/22, VRDN (b) | 4,000,000 | 4,000,000 | |
Iowa Fin. Auth. Health Facilities Rev.: | |||
Series 2013 B1, 1% 12/1/22, LOC TD Banknorth, NA, VRDN (b) | 8,485,000 | 8,485,000 | |
Series 2013 B2, 1% 12/1/22, LOC TD Banknorth, NA, VRDN (b) | 2,285,000 | 2,285,000 | |
Iowa Fin. Auth. Solid Waste Facilities (MidAmerican Energy Co. Proj.) Series 2017, 1.97% 12/7/22, VRDN (b)(c) | 26,830,000 | 26,830,000 | |
TOTAL IOWA | 41,600,000 | ||
Kansas - 0.3% | |||
Cygne Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994 B, 2.1% 12/7/22, VRDN (b) | 400,000 | 400,000 | |
Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.): | |||
Series 2007 A, 2.15% 12/7/22, VRDN (b) | 3,300,000 | 3,300,000 | |
Series 2007 B, 2.15% 12/7/22, VRDN (b) | 1,000,000 | 1,000,000 | |
St. Mary's Kansas Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994, 2.1% 12/7/22, VRDN (b) | 2,100,000 | 2,100,000 | |
Wamego Kansas Poll. Cont. Rfdg. Rev.: | |||
(Kansas Gas & Elec. Co. Proj.) Series 1994, 2.1% 12/7/22, VRDN (b) | 200,000 | 200,000 | |
(Western Resources, Inc. Proj.) Series 1994, 2.1% 12/7/22, VRDN (b) | 600,000 | 600,000 | |
TOTAL KANSAS | 7,600,000 | ||
Kentucky - 2.2% | |||
Louisville Reg'l. Arpt. Auth. Series 2006 A, 1.11% 12/1/22, VRDN (b)(c) | 42,000,000 | 42,000,000 | |
Meade County Indl. Bldg. Rev. (Nucor Steel Brandenburg Proj.): | |||
Series 2020 A1, 1.83% 12/1/22, VRDN (b)(c) | 9,800,000 | 9,800,000 | |
Series 2020 B1, 1.83% 12/1/22, VRDN (b)(c) | 3,500,000 | 3,500,000 | |
TOTAL KENTUCKY | 55,300,000 | ||
Louisiana - 3.5% | |||
East Baton Rouge Parish Indl. Dev. Board Rev. (ExxonMobil Proj.) Series 2010 A, 1% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b) | 10,400,000 | 10,400,000 | |
East Baton Rouge Parish Solid Waste Series 1998, 1.05% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b)(c) | 2,000,000 | 2,000,000 | |
Louisiana Pub. Facilities Auth. Rev. (Air Products & Chemicals, Inc. Proj.): | |||
Series 2003, 1.85% 12/7/22, VRDN (b)(c) | 16,420,000 | 16,420,000 | |
Series 2008 B, 1% 12/1/22, VRDN (b) | 14,500,000 | 14,500,000 | |
Saint Charles Parish Poll. Cont. Rev. (Shell Oil Co.-Norco Proj.) Series 1993, 1.17% 12/1/22, VRDN (b)(c) | 21,800,000 | 21,800,000 | |
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 2.3% 12/7/22, VRDN (b) | 3,900,000 | 3,900,000 | |
St. Bernard Parish Exempt FAC Series 1996, 1.05% 12/1/22, VRDN (b)(c) | 15,500,000 | 15,500,000 | |
FHLMC Louisiana Pub. Facilities Auth. Rev. (River View Villas Proj.) Series 2006, 1.86% 12/7/22, LOC Freddie Mac, VRDN (b) | 1,150,000 | 1,150,000 | |
TOTAL LOUISIANA | 85,670,000 | ||
Maryland - 1.2% | |||
Maryland Trans. Auth. Passenger Facility Charge Rev. Series 2012 C, 1.94% 12/7/22, LOC Wells Fargo Bank NA, VRDN (b)(c) | 28,940,000 | 28,940,000 | |
Massachusetts - 0.6% | |||
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2022 A, 1.85% 12/7/22 (Liquidity Facility TD Banknorth, NA), VRDN (b) | 9,500,000 | 9,500,000 | |
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Series 2022 A1, 1.88% 12/7/22 (Liquidity Facility TD Banknorth, NA), VRDN (b) | 3,500,000 | 3,500,000 | |
Massachusetts Health & Edl. Facilities Auth. Rev. (Baystate Health Sys. Proj.) Series 2009 J2, 1% 12/1/22, LOC TD Banknorth, NA, VRDN (b) | 1,200,000 | 1,200,000 | |
TOTAL MASSACHUSETTS | 14,200,000 | ||
Michigan - 2.2% | |||
Grand Traverse County Hosp. Fin. Auth. Series 2019 C, 1% 12/1/22, LOC PNC Bank NA, VRDN (b) | 1,750,000 | 1,750,000 | |
Michigan Hsg. Dev. Auth. Rental Hsg. Rev.: | |||
Series 2000 A, 1.88% 12/7/22, LOC Barclays Bank PLC, VRDN (b)(c) | 4,705,000 | 4,705,000 | |
Series 2002 A, 2% 12/7/22, LOC Bank of America NA, VRDN (b)(c) | 3,000,000 | 3,000,000 | |
Michigan State Univ. Revs. Series 2005, 1.9% 12/7/22 (Liquidity Facility PNC Bank NA), VRDN (b) | 36,070,000 | 36,070,000 | |
Michigan Strategic Fund Ltd. Oblig. Rev. (Henry Ford Museum & Greenfield Village Proj.) Series 2002, 1.15% 12/1/22, LOC Comerica Bank, VRDN (b) | 8,150,000 | 8,150,000 | |
TOTAL MICHIGAN | 53,675,000 | ||
Minnesota - 1.0% | |||
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (Allina Health Sys. Proj.): | |||
Series 2009 B1, 1% 12/1/22, LOC JPMorgan Chase Bank, VRDN (b) | 7,180,000 | 7,180,000 | |
Series 2009 B2, 1% 12/1/22, LOC JPMorgan Chase Bank, VRDN (b) | 3,750,000 | 3,750,000 | |
Minneapolis Health Care Sys. Rev. (Fairview Health Svcs.) Series 2018 C, 1.05% 12/1/22, LOC Wells Fargo Bank NA, VRDN (b) | 13,670,000 | 13,670,000 | |
TOTAL MINNESOTA | 24,600,000 | ||
Mississippi - 4.8% | |||
Jackson County Indl. Sewage Facilities Rev. (Chevron U.S.A., Inc. Proj.) Series 1994, 1.05% 12/1/22, VRDN (b)(c) | 18,000,000 | 18,000,000 | |
Jackson County Poll. Cont. Rev. (Chevron U.S.A., Inc. Proj.) Series 1993 1% 12/1/22, VRDN (b) | 2,780,000 | 2,780,000 | |
Jackson County Port Facilities Rev. (Chevron U.S.A., Inc. Proj.) Series 1993, 1% 12/1/22, VRDN (b) | 8,265,000 | 8,265,000 | |
Mississippi Bus. Fin. Corp.: | |||
(Chevron U.S.A., Inc. Proj.): | |||
Series 2007 A, 1% 12/1/22 (Chevron Corp. Guaranteed), VRDN (b) | 13,905,000 | 13,905,000 | |
Series 2007 C, 1% 12/1/22 (Chevron Corp. Guaranteed), VRDN (b) | 17,205,000 | 17,205,000 | |
Series 2007 D, 1% 12/1/22 (Chevron Corp. Guaranteed), VRDN (b) | 26,420,000 | 26,420,000 | |
Series 2011 A, 1% 12/1/22, VRDN (b) | 2,490,000 | 2,490,000 | |
Series 2011 C, 1% 12/1/22, VRDN (b) | 1,100,000 | 1,100,000 | |
Series 2011 F, 1% 12/1/22, VRDN (b) | 17,700,000 | 17,700,000 | |
Series 2011 B, 1% 12/1/22, VRDN (b) | 11,000,000 | 11,000,000 | |
TOTAL MISSISSIPPI | 118,865,000 | ||
Missouri - 0.2% | |||
Missouri Health & Edl. Facilities Rev.: | |||
(Saint Louis Univ. Proj.) Series 2008 B1, 1.1% 12/1/22, LOC Barclays Bank PLC, VRDN (b) | 1,525,000 | 1,525,000 | |
(Washington Univ. Proj.) Series 2003 B, 1.06% 12/1/22 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (b) | 4,685,000 | 4,685,000 | |
TOTAL MISSOURI | 6,210,000 | ||
Nebraska - 1.0% | |||
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: | |||
Series 2021 B, 1.8% 12/7/22 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(c) | 16,800,000 | 16,800,000 | |
Series 2022 E, 1.8% 12/7/22 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b) | 8,300,000 | 8,300,000 | |
TOTAL NEBRASKA | 25,100,000 | ||
Nevada - 2.4% | |||
Clark County Arpt. Rev.: | |||
Series 2008 C1, 1.95% 12/7/22, LOC Bank of America NA, VRDN (b)(c) | 2,000,000 | 2,000,000 | |
Series 2008 C3, 1.99% 12/7/22, LOC Sumitomo Mitsui Banking Corp., VRDN (b)(c) | 29,180,000 | 29,180,000 | |
Clark County Indl. Dev. Rev. (Southwest Gas Corp. Proj.) Series 2003 A, 1.85% 12/7/22, LOC Wells Fargo Bank NA, VRDN (b)(c) | 28,200,000 | 28,200,000 | |
TOTAL NEVADA | 59,380,000 | ||
New York - 16.0% | |||
New York City Gen. Oblig.: | |||
Series 2006 I8, 1.05% 12/1/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) | 1,045,000 | 1,045,000 | |
Series 2008 L4, 1.05% 12/1/22 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (b) | 13,900,000 | 13,900,000 | |
Series 2013 A2, 1.05% 12/1/22 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (b) | 6,800,000 | 6,800,000 | |
Series 2013 A3, 1.05% 12/1/22 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (b) | 6,200,000 | 6,200,000 | |
Series 2013 F3, 0.98% 12/1/22 (Liquidity Facility Bank of America NA), VRDN (b) | 21,000,000 | 21,000,000 | |
Series 2023 A, 1% 12/1/22 (Liquidity Facility Bank of Montreal), VRDN (b) | 58,500,000 | 58,500,000 | |
Series 2104 1, 1% 12/1/22 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 3,850,000 | 3,850,000 | |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | |||
Series 2003 F2, 1.05% 12/1/22 (Liquidity Facility Citibank NA), VRDN (b) | 17,375,000 | 17,375,000 | |
Series 2009 BB2, 1.02% 12/1/22 (Liquidity Facility UBS AG), VRDN (b) | 6,070,000 | 6,070,000 | |
Series 2011 DD-1, 1% 12/1/22 (Liquidity Facility TD Banknorth, NA), VRDN (b) | 8,130,000 | 8,130,000 | |
Series 2011 DD-3A, 1.05% 12/1/22 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (b) | 9,385,000 | 9,385,000 | |
Series 2014 AA: | |||
1% 12/1/22 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 5,150,000 | 5,150,000 | |
1% 12/1/22 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (b) | 17,005,000 | 17,005,000 | |
1% 12/1/22 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (b) | 1,500,000 | 1,500,000 | |
1% 12/1/22 (Liquidity Facility TD Banknorth, NA), VRDN (b) | 7,285,000 | 7,285,000 | |
1.05% 12/1/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) | 4,600,000 | 4,600,000 | |
Series 2021 EE2, 1.05% 12/1/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) | 730,000 | 730,000 | |
Series FF: | |||
0.98% 12/1/22 (Liquidity Facility Bank of America NA), VRDN (b) | 1,005,000 | 1,005,000 | |
1% 12/1/22 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 12,375,000 | 12,375,000 | |
New York City Transitional Fin. Auth. Rev.: | |||
Series 2003 A4, 1% 12/1/22 (Liquidity Facility TD Banknorth, NA), VRDN (b) | 23,495,000 | 23,495,000 | |
Series 2013 A4, 1% 12/1/22 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 5,210,000 | 5,210,000 | |
Series 2013 C4, 1% 12/1/22 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 6,365,000 | 6,365,000 | |
Series 2015 A3, 1.01% 12/1/22 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (b) | 17,145,000 | 17,145,000 | |
Series 2015 E4, 0.98% 12/1/22 (Liquidity Facility Bank of America NA), VRDN (b) | 11,305,000 | 11,305,000 | |
Series 2019 B4, 1% 12/1/22 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 8,840,000 | 8,840,000 | |
New York Hsg. Fin. Agcy. Rev. (350 West 43rd Street Hsg. Proj.) Series 2002 A, 1.04% 12/1/22, LOC Landesbank Hessen-Thuringen, VRDN (b)(c) | 15,150,000 | 15,150,000 | |
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series A, 1% 12/1/22, LOC TD Banknorth, NA, VRDN (b) | 39,340,000 | 39,340,000 | |
New York Metropolitan Trans. Auth. Rev. Series 2012 G2, 1.85% 12/7/22, LOC TD Banknorth, NA, VRDN (b) | 33,000,000 | 33,000,000 | |
FNMA: | |||
New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev. (155 West 21st Street Dev. Proj.) Series 2007 A, 1.8% 12/7/22, LOC Fannie Mae, VRDN (b)(c) | 16,550,000 | 16,550,000 | |
New York Hsg. Fin. Agcy. Rev. (West 20th Street Proj.) Series 2001 A, 1.94% 12/7/22, LOC Fannie Mae, VRDN (b)(c) | 16,200,000 | 16,200,000 | |
TOTAL NEW YORK | 394,505,000 | ||
North Carolina - 0.9% | |||
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Series 2007 E, 1% 12/1/22, LOC TD Banknorth, NA, VRDN (b) | 19,125,000 | 19,125,000 | |
Cumberland County Indl. Facilities & Poll. Cont. Fing. Auth. (Cargill, Inc. Proj.) Series 2022, 1.96% 12/7/22, VRDN (b)(c) | 2,900,000 | 2,900,000 | |
TOTAL NORTH CAROLINA | 22,025,000 | ||
Ohio - 3.6% | |||
Franklin County Hosp. Facilities Rev.: | |||
Series 2009 B, 1.83% 12/7/22 (Liquidity Facility Barclays Bank PLC), VRDN (b)(d) | 5,700,000 | 5,700,000 | |
Series 2014, 1.86% 12/7/22 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 1,000,000 | 1,000,000 | |
Series 2022, 1% 12/1/22 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 54,295,000 | 54,295,000 | |
Montgomery County Hosp. Rev. Series 2019 B, 1.9% 12/7/22, LOC PNC Bank NA, VRDN (b) | 10,400,000 | 10,400,000 | |
Ohio Hosp. Rev. Series 2018, 1% 12/1/22, LOC PNC Bank NA, VRDN (b) | 11,200,000 | 11,200,000 | |
Ohio Spl. Oblig. (Adult Correctional Bldg. Fund Projs.) Series 2016 C, 2% 12/7/22, VRDN (b) | 5,300,000 | 5,300,000 | |
TOTAL OHIO | 87,895,000 | ||
Oregon - 0.6% | |||
Oregon Facilities Auth. Rev.: | |||
Series 2018 A, 1.06% 12/1/22, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 8,600,000 | 8,600,000 | |
Series 2018 B, 1% 12/1/22, LOC TD Banknorth, NA, VRDN (b) | 4,110,000 | 4,110,000 | |
FHLMC Portland Multi-family Hsg. Rev. (The Village at Lovejoy Fountain Proj.) Series 2009, 1.93% 12/7/22, LOC Freddie Mac, VRDN (b)(c) | 1,700,000 | 1,700,000 | |
TOTAL OREGON | 14,410,000 | ||
Pennsylvania - 1.1% | |||
Beaver County Indl. Dev. Auth. Series 2018 A, 1.94% 12/7/22, LOC Truist Bank, VRDN (b) | 200,000 | 200,000 | |
Delaware County Indl. Dev. Auth. Arpt. Facilities Rev. (United Parcel Svc. Proj.) Series 2015, 1.1% 12/1/22, VRDN (b) | 8,500,000 | 8,500,000 | |
Lancaster County Hosp. Auth. Health Ctr. Rev. (Masonic Homes Proj.) Series 2008 D, 1.1% 12/1/22, LOC JPMorgan Chase Bank, VRDN (b) | 6,100,000 | 6,100,000 | |
Montgomery County Indl. Dev. Auth. Rev. (Foulkeways at Gwynedd Proj.) Series 2006 B, 1.95% 12/7/22, LOC Citizens Bank NA, VRDN (b) | 9,330,000 | 9,330,000 | |
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.) Eighth Series B, 1.86% 12/7/22, LOC TD Banknorth, NA, VRDN (b) | 3,600,000 | 3,600,000 | |
TOTAL PENNSYLVANIA | 27,730,000 | ||
South Carolina - 0.1% | |||
Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.): | |||
Series 1995, 2.25% 12/7/22, VRDN (b)(c) | 100,000 | 100,000 | |
Series 1997, 2.25% 12/7/22, VRDN (b)(c) | �� | 2,700,000 | 2,700,000 |
TOTAL SOUTH CAROLINA | 2,800,000 | ||
Tennessee - 2.5% | |||
Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.): | |||
Series 2001, 1.08% 12/1/22, LOC Bank of America NA, VRDN (b) | 1,000,000 | 1,000,000 | |
Series 2003, 1.08% 12/1/22, LOC Bank of America NA, VRDN (b) | 3,100,000 | 3,100,000 | |
Series 2005, 1.08% 12/1/22, LOC Bank of America NA, VRDN (b) | 12,005,000 | 12,005,000 | |
Henderson TN IDB Rev. (Arvin Sango, Inc. Proj.) Series 2012, 1.94% 12/7/22, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b)(c) | 10,000,000 | 10,000,000 | |
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev.: | |||
(Tennessee County Ln. Pool Prog.) Series 2006, 1.08% 12/1/22, LOC Bank of America NA, VRDN (b) | 6,400,000 | 6,400,000 | |
Series 2008, 1.08% 12/1/22, LOC Bank of America NA, VRDN (b) | 1,500,000 | 1,500,000 | |
Sevier County Pub. Bldg. Auth. Rev. Series V1 K1, 1.07% 12/1/22 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (b) | 28,605,000 | 28,605,000 | |
TOTAL TENNESSEE | 62,610,000 | ||
Texas - 8.9% | |||
Calhoun County Navigation District Poll. Cont. Rev. (Formosa Plastics Corp., Texas Proj.) Series 2002, 1.96% 12/7/22, LOC Citibank NA, VRDN (b)(c) | 8,300,000 | 8,300,000 | |
Calhoun Port Auth. Envir. Facilities Rev.: | |||
Series 2007 A, 1.98% 12/7/22, LOC PNC Bank NA, VRDN (b)(c) | 10,930,000 | 10,930,000 | |
Series 2008, 1.98% 12/7/22, LOC Bank of America NA, VRDN (b)(c) | 4,400,000 | 4,400,000 | |
Dallas/Fort Worth Int'l. Arpt. Facility Impt. Corp. Rev. (United Parcel Svc., Inc. Proj.) Series 2002, 1.08% 12/1/22, VRDN (b)(c) | 29,050,000 | 29,050,000 | |
Gulf Coast Waste Disp. Auth. Envir. Facilities Rev.: | |||
(Exxon Mobil Proj.) Series 2002, 1.04% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b)(c) | 4,700,000 | 4,700,000 | |
Series 2001 A, 1.05% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b)(c) | 2,000,000 | 2,000,000 | |
Series 2001 B, 1.05% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b)(c) | 6,500,000 | 6,500,000 | |
Series 2003, 1.04% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b)(c) | 7,700,000 | 7,700,000 | |
Harris County Cultural Ed. Facilities Fin. Corp. Rev. Series 2020 B, 1% 12/1/22, VRDN (b) | 26,950,000 | 26,950,000 | |
Harris County Health Facilities Dev. Corp. Rev. (Methodist Hosp. Proj.) Series 2008 A2, 1% 12/1/22, VRDN (b) | 24,900,000 | 24,900,000 | |
Harris County Indl. Dev. Corp. Solid Waste Disp. Rev. (Exxon Proj.) Series 1997, 1.04% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b)(c) | 2,000,000 | 2,000,000 | |
Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2003, 2.25% 12/7/22, VRDN (b)(c) | 4,950,000 | 4,950,000 | |
Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev.: | |||
(ExxonMobil Proj.): | |||
Series 2001 B, 1.05% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b)(c) | 4,800,000 | 4,800,000 | |
Series 2001 B2, 1.05% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b)(c) | 22,610,000 | 22,610,000 | |
Series 2008 B4, 1.05% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b)(c) | 4,685,000 | 4,685,000 | |
(Onyx Envir. Svcs. Proj.) Series 2003, 1.96% 12/7/22, LOC Bank of America NA, VRDN (b)(c) | 10,250,000 | 10,250,000 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Methodist Hospitals of Dallas Proj.) Series 2008, 1% 12/1/22, LOC TD Banknorth, NA, VRDN (b) | 26,270,000 | 26,270,000 | |
Texas Gen. Oblig.: | |||
(Texas Veterans Land Board Proj.) Series 2017, 1.95% 12/7/22 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (b) | 3,100,000 | 3,100,000 | |
Series 2001 A2, 2% 12/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b)(c) | 11,425,000 | 11,425,000 | |
Series 2006 D, 2% 12/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b)(c) | 4,180,000 | 4,180,000 | |
TOTAL TEXAS | 219,700,000 | ||
Washington - 1.2% | |||
Port of Seattle Rev. Series 2008, 1.95% 12/7/22, LOC MUFG Bank Ltd., VRDN (b)(c) | 7,600,000 | 7,600,000 | |
FHLMC Washington Hsg. Fin. Commission Multi-family Hsg. Rev. (Ballard Landmark Inn Proj.) Series 2015 A, 1.99% 12/7/22, LOC Fed. Home Ln. Bank, San Francisco, VRDN (b)(c) | 21,590,000 | 21,590,000 | |
TOTAL WASHINGTON | 29,190,000 | ||
West Virginia - 1.1% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
(Appalachian Pwr. Co. Amos Proj.) Series 2008 B, 2.05% 12/7/22, VRDN (b)(c) | 3,700,000 | 3,700,000 | |
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.98% 12/7/22, VRDN (b)(c) | 24,200,000 | 24,200,000 | |
TOTAL WEST VIRGINIA | 27,900,000 | ||
Wisconsin - 4.5% | |||
Green Bay Redev. Auth. (Green Bay Packaging, Inc. Proj.) Series 2019, 1.95% 12/7/22, LOC Wells Fargo Bank NA, VRDN (b)(c)(e) | 18,500,000 | 18,500,000 | |
Univ. of Wisconsin Hosp. & Clinics Auth. Series B, 1% 12/1/22 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 64,390,000 | 64,390,000 | |
Wisconsin Gen. Oblig. Series 2019 A, 2% 12/7/22, VRDN (b) | 28,000,000 | 28,000,000 | |
TOTAL WISCONSIN | 110,890,000 | ||
Wyoming - 1.0% | |||
Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 2% 12/7/22, VRDN (b)(c) | 900,000 | 900,000 | |
Sweetwater County Env Imp Rev. (Pacificorp Proj.) Series 1995, 1.55% 12/1/22, VRDN (b)(c) | 24,400,000 | 24,400,000 | |
TOTAL WYOMING | 25,300,000 | ||
TOTAL VARIABLE RATE DEMAND NOTE (Cost $1,983,170,000) | 1,983,170,000 | ||
Tender Option Bond - 20.6% | |||
Principal Amount (a) | Value ($) | ||
Alabama - 0.3% | |||
Alabama Spl. Care Facilities Fing. Auth. Birmingham Rev. Participating VRDN Series ZF 13 98, 1.93% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g) | 1,965,000 | 1,965,000 | |
Infirmary Health Systems Spl. Care Facilities Fing. Auth. Rev. Participating VRDN Series 50 44, 1.08% 12/1/22 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g) | 5,650,000 | 5,650,000 | |
TOTAL ALABAMA | 7,615,000 | ||
Arizona - 0.5% | |||
Arizona Health Facilities Auth. Rev. Participating VRDN Series MIZ 91 01, 1.12% 12/1/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g) | 4,700,000 | 4,700,000 | |
Arizona Indl. Dev. Auth. Hosp. Rev. Participating VRDN Series XM 10 13, 2.02% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g) | 300,000 | 300,000 | |
Arizona Tourism & Sports Auth. Tax Rev. Participating VRDN Series Floaters E85, 1.93% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(f)(g) | 5,100,000 | 5,100,000 | |
Maricopa County Rev. Participating VRDN Series Floaters YX 10 32, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f)(g) | 500,000 | 500,000 | |
Phoenix Civic Impt. Board Arpt. Rev. Participating VRDN Series Floaters ZF 27 58, 2% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(f)(g) | 1,725,000 | 1,725,000 | |
TOTAL ARIZONA | 12,325,000 | ||
California - 1.3% | |||
California Health Facilities Fing. Auth. Rev. Participating VRDN: | |||
Series 17 04, 2.05% 1/11/23 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 100,000 | 100,000 | |
Series Floaters XG 01 44, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 17,000,000 | 17,000,000 | |
Los Angeles Dept. Arpt. Rev. Participating VRDN: | |||
Series Floaters XF 27 24, 1.95% 12/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(f)(g) | 1,300,000 | 1,300,000 | |
Series XF 13 73, 1.95% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f)(g) | 800,000 | 800,000 | |
Sacramento City Fing. Auth. Rev. Participating VRDN Series Floaters XG 01 00, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 600,000 | 600,000 | |
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN Series YX 11 31, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(f)(g) | 10,135,000 | 10,135,000 | |
San Jose Int. Arpt. Rev. Participating VRDN Series 2017, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(f)(g) | 1,900,000 | 1,900,000 | |
TOTAL CALIFORNIA | 31,835,000 | ||
Colorado - 0.8% | |||
Colorado Health Facilities Auth. Rev. Bonds Participating VRDN Series 2022 YX 12 54, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 3,905,000 | 3,905,000 | |
CommonSpirit Health Participating VRDN Series Floaters XF 10 01, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 3,800,000 | 3,800,000 | |
Denver City & County Arpt. Rev. Participating VRDN: | |||
Series 2022 XX 12 60, 1.95% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(f)(g) | 4,575,000 | 4,575,000 | |
Series Floaters XF 10 36, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 7,400,000 | 7,400,000 | |
TOTAL COLORADO | 19,680,000 | ||
Connecticut - 1.4% | |||
Connecticut Gen. Oblig. Participating VRDN: | |||
Series 2017, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 5,480,000 | 5,480,000 | |
Series Floaters 014, 2.05% 1/11/23 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 2,355,000 | 2,355,000 | |
Series Floaters 016, 2.05% 1/11/23 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 2,400,000 | 2,400,000 | |
Series Floaters XL 00 66, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 7,945,000 | 7,945,000 | |
Series Floaters YX 10 95, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f)(g) | 3,125,000 | 3,125,000 | |
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Participating VRDN Series Floaters YX 10 77, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f)(g) | 12,250,000 | 12,250,000 | |
TOTAL CONNECTICUT | 33,555,000 | ||
District Of Columbia - 0.3% | |||
District of Columbia Income Tax Rev. Participating VRDN Series XF 23 41, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 640,000 | 640,000 | |
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Participating VRDN: | |||
Series 2022 XG 04 04, 1.99% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 2,700,000 | 2,700,000 | |
Series XG 02 98, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 3,125,000 | 3,125,000 | |
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Participating VRDN Series Floaters XF 06 94, 2.02% 12/7/22 (Liquidity Facility Bank of America NA) (b)(c)(f)(g) | 1,065,000 | 1,065,000 | |
TOTAL DISTRICT OF COLUMBIA | 7,530,000 | ||
Florida - 2.6% | |||
Alachua County Health Facilities Auth. Health Facilities Rev. Participating VRDN Series XF 11 39, 1.98% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 800,000 | 800,000 | |
Broward County Arpt. Sys. Rev. Participating VRDN Series Floaters XL 00 88, 1.95% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(f)(g) | 3,780,000 | 3,780,000 | |
Broward County Port Facilities Rev. Participating VRDN Series XF 09 52, 1.96% 12/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(f)(g) | 2,230,000 | 2,230,000 | |
Florida Board of Ed. Pub. Ed. Cap. Outlay Participating VRDN Series Solar 0049, 0.99% 12/1/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f)(g) | 3,045,000 | 3,045,000 | |
Florida Higher Edl. Facilities Fing. Auth. Participating VRDN Series XF 29 22, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 3,230,000 | 3,230,000 | |
Gainesville Utils. Sys. Rev. Participating VRDN Series Solar 0061, 1.12% 12/1/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f)(g) | 12,400,000 | 12,400,000 | |
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Participating VRDN: | |||
Series Floaters ZF 25 03, 1.94% 12/7/22 (Liquidity Facility Citibank NA) (b)(c)(f)(g) | 3,750,000 | 3,750,000 | |
Series XF 28 77, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(f)(g) | 2,075,000 | 2,075,000 | |
Series XM 08 96, 1.95% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f)(g) | 1,000,000 | 1,000,000 | |
Lee County Arpt. Rev. Participating VRDN Series XF 11 26, 1.97% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(f)(g) | 3,650,000 | 3,650,000 | |
Miami-Dade County Expressway Auth. Participating VRDN Series XG 00 99, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 100,000 | 100,000 | |
Miami-Dade County Wtr. & Swr. Rev. Participating VRDN Series 2021 XF 11 01, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 1,760,000 | 1,760,000 | |
Palm Beach County Health Facilities Auth. Hosp. Rev. Participating VRDN Series XM 07 82, 1.97% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 700,000 | 700,000 | |
South Miami Health Facilities Auth. Hosp. Rev. Participating VRDN Series XF 25 23, 1.97% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 3,000,000 | 3,000,000 | |
Volusia County Fla Hosp. Rev. Participating VRDN Series 50 32, 1.08% 12/1/22 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g) | 22,135,000 | 22,135,000 | |
TOTAL FLORIDA | 63,655,000 | ||
Georgia - 0.3% | |||
Brookhaven Dev. Auth. Rev. Participating VRDN Series XX 12 18, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 3,805,000 | 3,805,000 | |
Cobb County Kennestone Hosp. Auth. Rev. Participating VRDN Series XF 11 49, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 700,000 | 700,000 | |
Fulton County Dev. Auth. Hosp. Rev. Participating VRDN Series 2022 XG 04 06, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 2,920,000 | 2,920,000 | |
Fulton County Dev. Auth. Rev. Participating VRDN Series XL 02 68, 2% 12/7/22 (Liquidity Facility Bank of America NA) (b)(f)(g) | 360,000 | 360,000 | |
TOTAL GEORGIA | 7,785,000 | ||
Hawaii - 0.1% | |||
Hawaii Arpts. Sys. Rev. Participating VRDN Series XX 12 17, 1.95% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(f)(g) | 3,400,000 | 3,400,000 | |
Illinois - 1.9% | |||
Chicago Gen. Oblig. Participating VRDN: | |||
Series 2022 XF 30 42, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 3,450,000 | 3,450,000 | |
Series 2022 XF 30 45, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 6,050,000 | 6,050,000 | |
Series E 151, 1.94% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(f)(g) | 4,425,000 | 4,425,000 | |
Series XM 10 05, 2.05% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 400,000 | 400,000 | |
Series XX 12 64, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 3,600,000 | 3,600,000 | |
Chicago Transit Auth. Participating VRDN Series XL 01 45, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 3,720,000 | 3,720,000 | |
Cook County Sales Tax Rev. Participating VRDN Series Floaters XF 25 01, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 4,800,000 | 4,800,000 | |
Illinois Fin. Auth. Participating VRDN: | |||
Series 2022 ZF 30 56, 1.93% 12/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)(g) | 2,700,000 | 2,700,000 | |
Series XX 12 51, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 5,695,000 | 5,695,000 | |
Illinois Fin. Auth. Rev. Participating VRDN: | |||
Series Floaters 017, 2.05% 1/11/23 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 1,770,000 | 1,770,000 | |
Series XF 11 47, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 900,000 | 900,000 | |
Illinois Gen. Oblig. Participating VRDN: | |||
Series Floaters XX 10 81, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 600,000 | 600,000 | |
Series XF 10 10, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 900,000 | 900,000 | |
Series XL 02 60, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 2,200,000 | 2,200,000 | |
Series XM 07 59, 1.95% 12/7/22 (Liquidity Facility Bank of America NA) (b)(f)(g) | 175,000 | 175,000 | |
Series XM 10 48, 1.95% 12/7/22 (Liquidity Facility Bank of America NA) (b)(f)(g) | 2,300,000 | 2,300,000 | |
Series XX 11 41, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 300,000 | 300,000 | |
Series YX 11 50, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 2,300,000 | 2,300,000 | |
TOTAL ILLINOIS | 46,285,000 | ||
Indiana - 0.3% | |||
Hamilton County Healthcare Facilities Rev. Participating VRDN Series XF 10 26, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 6,350,000 | 6,350,000 | |
Iowa - 0.0% | |||
Iowa Fin. Auth. Health Facilities Rev. Participating VRDN Series ZF 26 26, 1.94% 12/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)(g) | 400,000 | 400,000 | |
Kentucky - 0.0% | |||
CommonSpirit Health Participating VRDN Series MIZ 90 21, 2% 12/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g) | 900,000 | 900,000 | |
Louisiana - 0.1% | |||
New Orleans Aviation Board Rev. Participating VRDN Series Floaters XL 00 46, 1.95% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(f)(g) | 1,800,000 | 1,800,000 | |
Maryland - 0.2% | |||
Maryland Health & Higher Edl. Facilities Auth. Rev. Participating VRDN Series XF 10 21, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 4,070,000 | 4,070,000 | |
Michigan - 0.5% | |||
Eastern Michigan Univ. Revs. Participating VRDN Series Floater 046, 2.1% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 8,600,000 | 8,600,000 | |
Mclaren Health Care Corp. Participating VRDN Series XL 02 71, 2% 12/7/22 (Liquidity Facility Bank of America NA) (b)(f)(g) | 230,000 | 230,000 | |
Michigan Fin. Auth. Rev. Participating VRDN: | |||
Series 2022 036, 1.02% 12/1/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 1,045,000 | 1,045,000 | |
Series XG 02 69, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 1,500,000 | 1,500,000 | |
TOTAL MICHIGAN | 11,375,000 | ||
Missouri - 1.2% | |||
Kansas City Indl. Dev. Auth. Participating VRDN: | |||
Series XG 03 96, 2.09% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(f)(g) | 2,500,000 | 2,500,000 | |
Series XG 04 02, 1.97% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(f)(g) | 1,620,000 | 1,620,000 | |
Kansas City Spl. Oblig. Participating VRDN Series YX 11 93, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 1,200,000 | 1,200,000 | |
Missouri Health & Edl. Facilities Rev. Participating VRDN Series Floaters 14, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 24,000,000 | 24,000,000 | |
TOTAL MISSOURI | 29,320,000 | ||
Nebraska - 0.3% | |||
Central Plains Energy Proj. Rev. Participating VRDN: | |||
Series 2022 ZL 03 01, 1.95% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(f)(g) | 585,000 | 585,000 | |
Series 2022 ZL 03 02, 1.95% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(f)(g) | 1,740,000 | 1,740,000 | |
Series 2022 ZL 03 03, 1.95% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(f)(g) | 3,000,000 | 3,000,000 | |
Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series 16 XF1053, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 2,200,000 | 2,200,000 | |
TOTAL NEBRASKA | 7,525,000 | ||
Nevada - 0.0% | |||
Las Vegas Convention & Visitors Auth. Participating VRDN Series XF 28 06, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 700,000 | 700,000 | |
New Jersey - 0.1% | |||
New Jersey Trans. Trust Fund Auth. Participating VRDN Series Floaters XG 02 24, 1.98% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 2,220,000 | 2,220,000 | |
New Mexico - 0.0% | |||
New Mexico Mtg. Fin. Auth. Participating VRDN Series YX 11 89, 1.95% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 1,000,000 | 1,000,000 | |
New York - 1.4% | |||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Participating VRDN Series Floaters 2018 E125, 1.1% 12/1/22 (Liquidity Facility Royal Bank of Canada) (b)(f)(g) | 1,325,000 | 1,325,000 | |
New York City Transitional Fin. Auth. Rev. Participating VRDN Series 2022 035, 1.02% 12/1/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 990,000 | 990,000 | |
New York Metropolitan Trans. Auth. Rev. Participating VRDN: | |||
Series RBC E 126, 1.95% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(f)(g) | 2,800,000 | 2,800,000 | |
Series XF 28 68, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 4,805,000 | 4,805,000 | |
New York Trans. Dev. Corp. Participating VRDN Series 2022 E 154, 2% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(f)(g) | 25,700,000 | 25,700,000 | |
TOTAL NEW YORK | 35,620,000 | ||
New York And New Jersey - 0.4% | |||
Port Auth. of New York & New Jersey Participating VRDN: | |||
Series Floaters XM 06 16, 1.97% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(f)(g) | 1,300,000 | 1,300,000 | |
Series ROC 14086, 1.95% 12/7/22 (Liquidity Facility Citibank NA) (b)(c)(f)(g) | 2,050,000 | 2,050,000 | |
Series XF 09 38, 1.97% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f)(g) | 4,945,000 | 4,945,000 | |
Series ZL 02 55, 1.97% 12/7/22 (Liquidity Facility Bank of America NA) (b)(c)(f)(g) | 470,000 | 470,000 | |
TOTAL NEW YORK AND NEW JERSEY | 8,765,000 | ||
Non-State Specific - 0.1% | |||
Monroeville Fin. Auth. UPMC Rev. Participating VRDN Series YX 11 85, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 3,500,000 | 3,500,000 | |
North Carolina - 0.0% | |||
Charlotte Wtr. & Swr. Sys. Rev. Participating VRDN Series 2022 XG 04 03, 1.93% 12/7/22 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | 827,000 | 827,000 | |
North Dakota - 0.0% | |||
Grand Forks Health Care Sys. Rev. Participating VRDN Series XL 02 45, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 800,000 | 800,000 | |
Ohio - 0.3% | |||
Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 2% 12/7/22 (Liquidity Facility Bank of America NA) (b)(f)(g) | 100,000 | 100,000 | |
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 003, 2.05% 1/11/23 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 985,000 | 985,000 | |
Montgomery County Hosp. Rev. Participating VRDN Series XX 12 48, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 1,300,000 | 1,300,000 | |
Ohio Hosp. Rev. Participating VRDN Series 002, 2.05% 1/11/23 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 700,000 | 700,000 | |
Univ. of Cincinnati Gen. Receipts Participating VRDN Series 2022 ZL 03 55, 1.92% 12/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)(g) | 3,700,000 | 3,700,000 | |
TOTAL OHIO | 6,785,000 | ||
Oklahoma - 0.1% | |||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Participating VRDN Series XX 12 24, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 1,490,000 | 1,490,000 | |
Oregon - 0.0% | |||
Salem Hosp. Facility Auth. Rev. Participating VRDN Series ZF 09 42, 2.05% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g) | 1,200,000 | 1,200,000 | |
Pennsylvania - 1.2% | |||
Commonwealth Fing. Auth. Tobacco Participating VRDN Series XX 10 80, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 4,530,000 | 4,530,000 | |
Pennsylvania Tpk. Commission Registration Fee Rev. Participating VRDN: | |||
Series Putters 5024, 1.08% 12/1/22 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g) | 17,500,000 | 17,500,000 | |
Series Putters 5025, 1.08% 12/1/22 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g) | 2,900,000 | 2,900,000 | |
Series Putters 5026, 1.08% 12/1/22 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g) | 400,000 | 400,000 | |
Southcentral Pennsylvania Gen. Auth. Rev. Participating VRDN Series XL 01 04, 1.93% 12/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)(g) | 2,500,000 | 2,500,000 | |
Southeastern Pennsylvania Trans. Auth. Rev. Participating VRDN Series XM 10 57, 1.95% 12/7/22 (Liquidity Facility Bank of America NA) (b)(f)(g) | 1,100,000 | 1,100,000 | |
TOTAL PENNSYLVANIA | 28,930,000 | ||
South Carolina - 0.4% | |||
South Carolina Jobs-Econ. Dev. Auth. Participating VRDN Series Floaters XF 07 43, 1.97% 12/7/22 (Liquidity Facility Bank of America NA) (b)(f)(g) | 4,680,000 | 4,680,000 | |
South Carolina Jobs-Econ. Dev. Auth. Hosp. Impt. Rev. Participating VRDN Series XF 09 30, 2.05% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g) | 600,000 | 600,000 | |
South Carolina Pub. Svc. Auth. Rev. Participating VRDN Series Floaters XG 02 09, 1.94% 12/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(f)(g) | 5,625,000 | 5,625,000 | |
TOTAL SOUTH CAROLINA | 10,905,000 | ||
Tennessee - 0.0% | |||
Metropolitan Nashville Arpt. Auth. Rev. Participating VRDN Series YX 11 39, 1.95% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(f)(g) | 695,000 | 695,000 | |
Texas - 0.7% | |||
Austin Arpt. Sys. Rev. Participating VRDN Series YX 11 99, 1.95% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(f)(g) | 2,400,000 | 2,400,000 | |
Bridge City Independent School District Participating VRDN Series 2022 XL 03 25, 1.93% 12/7/22 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | 2,605,000 | 2,605,000 | |
Cypress-Fairbanks Independent School District Participating VRDN Series XL 03 34 1.93% 12/7/22 (Liquidity Facility Bank of America NA) (b)(f)(g) | 2,915,000 | 2,915,000 | |
Memorial Hermann Hosp. Sys. Participating VRDN Series XF 11 40, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 900,000 | 900,000 | |
New Braunfels Independent School District Participating VRDN Series 2022 XM 10 63, 1.93% 12/7/22 (Liquidity Facility Bank of America NA) (b)(f)(g) | 2,500,000 | 2,500,000 | |
North Ft. Bend Wtr. Auth. Participating VRDN Series XF 08 16, 2% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g) | 1,535,000 | 1,535,000 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Participating VRDN Series XG 02 78, 1.94% 12/7/22 (Liquidity Facility Bank of America NA) (b)(f)(g) | 800,000 | 800,000 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series XG 03 99, 1.93% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(f)(g) | 1,500,000 | 1,500,000 | |
Ysleta Tex Independent School District Participating VRDN Series XF 13 38, 1.93% 12/7/22 (Liquidity Facility Bank of America NA) (b)(f)(g) | 2,000,000 | 2,000,000 | |
TOTAL TEXAS | 17,155,000 | ||
Virginia - 2.3% | |||
Chesapeake Bay Bridge and Tunnel District Gen. Resolution Rev. Participating VRDN Series XF 30 64, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 3,500,000 | 3,500,000 | |
Norfolk Econ. Dev. Health Care Facilities Participating VRDN Series 2022 C20, 1.94% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(f)(g) | 3,000,000 | 3,000,000 | |
Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series MIZ 90 25, 1.12% 12/1/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g) | 49,525,000 | 49,525,000 | |
Virginia Small Bus. Fing. Auth. Health Care Facilities Rev. Participating VRDN: | |||
Series XF 09 26, 2.05% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g) | 300,000 | 300,000 | |
Series ZF 09 28, 2.05% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g) | 320,000 | 320,000 | |
TOTAL VIRGINIA | 56,645,000 | ||
Washington - 1.3% | |||
CommonSpirit Health Participating VRDN Series XF 1017, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 8,000,000 | 8,000,000 | |
Multicare Health Sys. Participating VRDN Series E 153, 1.93% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(f)(g) | 2,000,000 | 2,000,000 | |
Port of Seattle Rev. Participating VRDN: | |||
Series 2022 ZF 30 68, 1.95% 12/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(f)(g) | 2,635,000 | 2,635,000 | |
Series 2022 ZL 03 16, 1.97% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(f)(g) | 2,200,000 | 2,200,000 | |
Series Floaters XM 06 65, 2% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f)(g) | 800,000 | 800,000 | |
Series XF 13 71, 2.05% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f)(g) | 1,725,000 | 1,725,000 | |
Series XM 08 75, 2% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f)(g) | 700,000 | 700,000 | |
Series XM 10 27, 2.05% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f)(g) | 2,000,000 | 2,000,000 | |
Series ZF 13 97, 2.05% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f)(g) | 2,585,000 | 2,585,000 | |
Washington Convention Ctr. Pub. Facilities Participating VRDN: | |||
Series 2022 XX 12 38, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 1,500,000 | 1,500,000 | |
Series Floaters XM 06 80, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 3,400,000 | 3,400,000 | |
Series XG 02 87, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 4,185,000 | 4,185,000 | |
Washington Health Care Facilities Auth. Rev. Participating VRDN Series YX 12 10, 2% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(f)(g) | 700,000 | 700,000 | |
TOTAL WASHINGTON | 32,430,000 | ||
Wisconsin - 0.2% | |||
Wisconsin Health & Edl. Facilities Participating VRDN Series Floaters XG 00 72, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g) | 4,200,000 | 4,200,000 | |
TOTAL TENDER OPTION BOND (Cost $509,272,000) | 509,272,000 | ||
TOTAL INVESTMENT IN SECURITIES - 100.8% (Cost $2,492,442,000) | 2,492,442,000 |
NET OTHER ASSETS (LIABILITIES) - (0.8)% | (19,355,586) |
NET ASSETS - 100.0% | 2,473,086,414 |
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(c) | Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(d) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $18,500,000 or 0.7% of net assets. |
(f) | Provides evidence of ownership in one or more underlying municipal bonds. |
(g) | Coupon rates are determined by re-marketing agents based on current market conditions. |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Variable Rate Demand Note | 1,983,170,000 | - | 1,983,170,000 | - |
Tender Option Bond | 509,272,000 | - | 509,272,000 | - |
Total Investments in Securities: | 2,492,442,000 | - | 2,492,442,000 | - |
Statement of Assets and Liabilities | ||||
November 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $2,492,442,000): | $ | 2,492,442,000 | ||
Cash | 729 | |||
Interest receivable | 4,378,918 | |||
Other receivables | 5,820 | |||
Total assets | 2,496,827,467 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $16,265,000 | |||
Delayed delivery | 4,500,000 | |||
Distributions payable | 2,970,237 | |||
Other payables and accrued expenses | 5,816 | |||
Total Liabilities | 23,741,053 | |||
Net Assets | $ | 2,473,086,414 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 2,473,100,948 | ||
Total accumulated earnings (loss) | (14,534) | |||
Net Assets | $ | 2,473,086,414 | ||
Net Asset Value , offering price and redemption price per share ($2,473,086,414 ÷ 2,472,590,801 shares) | $ | 1.0002 | ||
Statement of Operations | ||||
Six months ended November 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Interest | $ | 13,943,254 | ||
Expenses | ||||
Custodian fees and expenses | 10,999 | |||
Independent trustees' fees and expenses | 3,175 | |||
Total expenses before reductions | 14,174 | |||
Expense reductions | (3,862) | |||
Total expenses after reductions | 10,312 | |||
Net Investment income (loss) | 13,932,942 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 9,675 | |||
Total net realized gain (loss) | 9,675 | |||
Net increase in net assets resulting from operations | $ | 13,942,617 |
Statement of Changes in Net Assets | ||||
Six months ended November 30, 2022 (Unaudited) | Year ended May 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 13,932,942 | $ | 2,855,230 |
Net realized gain (loss) | 9,675 | 113,681 | ||
Net increase in net assets resulting from operations | 13,942,617 | 2,968,911 | ||
Distributions to shareholders | (13,958,197) | (2,889,399) | ||
Affiliated share transactions | ||||
Proceeds from sales of shares | 5,772,823,000 | 11,760,356,800 | ||
Cost of shares redeemed | (5,155,930,000) | (11,247,136,125) | ||
Net increase (decrease) in net assets and shares resulting from share transactions | 616,893,000 | 513,220,675 | ||
Total increase (decrease) in net assets | 616,877,420 | 513,300,187 | ||
Net Assets | ||||
Beginning of period | 1,856,208,994 | 1,342,908,807 | ||
End of period | $ | 2,473,086,414 | $ | 1,856,208,994 |
Other Information | ||||
Shares | ||||
Sold | 5,771,668,666 | 11,758,005,199 | ||
Redeemed | (5,154,899,020) | (11,244,887,147) | ||
Net increase (decrease) | 616,769,646 | 513,118,052 | ||
Fidelity® Municipal Cash Central Fund |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 1.0002 | $ | 1.0002 | $ | 1.0001 | $ | 1.0001 | $ | 1.0001 | $ | 1.0001 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A | .0072 | .0016 | .0011 | .0130 | .0155 | .0113 | ||||||
Net realized and unrealized gain (loss) | - B | .0001 | .0001 | - B | - B | - B | ||||||
Total from investment operations | .0072 | .0017 | .0012 | .0130 | .0155 | .0113 | ||||||
Distributions from net investment income | (.0072) | (.0016) | (.0011) | (.0130) | (.0155) | (.0113) | ||||||
Distributions from net realized gain | - B | - B | - B | - B | - B | (.0001) | ||||||
Total distributions | (.0072) | (.0017) C | (.0011) | (.0130) | (.0155) | (.0113) C | ||||||
Net asset value, end of period | $ | 1.0002 | $ | 1.0002 | $ | 1.0002 | $ | 1.0001 | $ | 1.0001 | $ | 1.0001 |
Total Return D,E | .72% | .17% | .12% | 1.31% | 1.56% | 1.14% | ||||||
Ratios to Average Net Assets A,F,G | ||||||||||||
Expenses before reductions H | -% I | -% | -% | -% | -% | -% | ||||||
Expenses net of fee waivers, if any H | -% I | -% | -% | -% | -% | -% | ||||||
Expenses net of all reductions H | -% I | -% | -% | -% | -% | -% | ||||||
Net investment income (loss) | 1.49% I | .17% | .10% | 1.18% | 1.54% | 1.06% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,473,086 | $ | 1,856,209 | $ | 1,342,909 | $ | 1,249,951 | $ | 728,715 | $ | 822,008 |
Gross unrealized appreciation | $- |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) | $- |
Tax Cost | $2,492,442,000 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Municipal Cash Central Fund | 431,925,000 | 559,895,000 | - |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value June 1, 2022 | Ending Account Value November 30, 2022 | Expenses Paid During Period- C June 1, 2022 to November 30, 2022 | |||||||
Fidelity® Municipal Cash Central Fund | 0.002% | |||||||||
Actual | $ 1,000 | $ 1,007.20 | $ .01 | |||||||
Hypothetical- B | $ 1,000 | $ 1,025.06 | $ .01 | |||||||
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Effective Maturity Diversification (% of Fund's Investments) | ||
Days | ||
1 - 7 | 99.2 | |
31 - 60 | 0.8 | |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Asset Allocation (% of Fund's net assets) |
Variable Rate Demand Note - 60.1% | |||
Principal Amount (a) | Value ($) | ||
Alabama - 3.5% | |||
Columbia Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.) Series 2014 B, 1.1% 12/1/22, VRDN (b) | 9,550,000 | 9,550,000 | |
Mobile Indl. Dev. Board Dock & Wharf Rev. (Holnam, Inc. Proj.) Series 1999 A, 1.98% 12/7/22, LOC Bayerische Landesbank, VRDN (b) | 16,200,000 | 16,200,000 | |
Mobile Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Second Series 2009, 1.12% 12/1/22, VRDN (b) | 3,500,000 | 3,500,000 | |
West Jefferson Indl. Dev. Series 2008, 2.02% 12/7/22, VRDN (b) | 5,600,000 | 5,600,000 | |
Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.) Series D, 1.15% 12/1/22, VRDN (b) | 14,650,000 | 14,650,000 | |
TOTAL ALABAMA | 49,500,000 | ||
Alaska - 3.0% | |||
Valdez Marine Term. Rev.: | |||
(Exxon Pipeline Co. Proj.): | |||
Series 1993 A, 1% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b) | 7,235,000 | 7,235,000 | |
Series 1993 B, 1% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b) | 13,370,000 | 13,370,000 | |
Series 1993 C, 1% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b) | 5,855,000 | 5,855,000 | |
(ExxonMobil Proj.) Series 2001, 1% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b) | 1,850,000 | 1,850,000 | |
(Phillips Trans. Alaska, Inc. Proj.) Series 1994 B, 1.95% 12/7/22 (ConocoPhillips Co. Guaranteed), VRDN (b) | 13,800,000 | 13,800,000 | |
TOTAL ALASKA | 42,110,000 | ||
Arizona - 0.4% | |||
Maricopa County Poll. Cont. Rev. Series 2009 C, 2.1% 12/7/22, VRDN (b) | 5,500,000 | 5,500,000 | |
California - 0.4% | |||
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series 2001 B2, 0.6% 12/1/22 (Liquidity Facility UBS AG), VRDN (b) | 5,700,000 | 5,700,000 | |
Connecticut - 0.8% | |||
Connecticut Health & Edl. Facilities Auth. Rev. Series 2013 O, 1.92% 12/7/22, VRDN (b) | 5,900,000 | 5,900,000 | |
Connecticut Hsg. Fin. Auth. Series 2013 B6, 1.9% 12/7/22 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (b) | 6,200,000 | 6,200,000 | |
TOTAL CONNECTICUT | 12,100,000 | ||
District Of Columbia - 0.1% | |||
District of Columbia Rev. (The AARP Foundation Proj.) Series 2004, 1.94% 12/7/22, LOC Bank of America NA, VRDN (b) | 1,035,000 | 1,035,000 | |
Florida - 2.7% | |||
Escambia County Solid Waste Disp. Rev. (Gulf Pwr. Co. Proj.) Series 2009, 1.1% 12/1/22, VRDN (b) | 18,300,000 | 18,300,000 | |
Jacksonville Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1995, 1.12% 12/1/22, VRDN (b) | 20,790,000 | 20,790,000 | |
TOTAL FLORIDA | 39,090,000 | ||
Georgia - 6.4% | |||
Athens-Clarke County Unified Govt. Dev. Auth. Rev. (Univ. of Georgia Athletic Assoc. Proj.) Series 2005 B, 1.1% 12/1/22, LOC Wells Fargo Bank NA, VRDN (b) | 8,335,000 | 8,335,000 | |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.): | |||
First Series 2009, 1.4% 12/1/22, VRDN (b) | 12,790,000 | 12,790,000 | |
Series 2018, 1.6% 12/1/22, VRDN (b) | 23,350,000 | 23,350,000 | |
Coweta County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Yates Proj.) Series 2006, 1.7% 12/1/22, VRDN (b) | 1,000,000 | 1,000,000 | |
Monroe County Dev. Auth. Poll. Cont. Rev.: | |||
(Georgia Pwr. Co. Plant Scherer Proj.): | |||
Series 1997, 1.7% 12/1/22, VRDN (b) | 3,200,000 | 3,200,000 | |
Series 2008, 1.7% 12/1/22, VRDN (b) | 6,200,000 | 6,200,000 | |
(Gulf Pwr. Co. Plant Scherer Proj.) Series 2010, 1.1% 12/1/22, VRDN (b) | 8,475,000 | 8,475,000 | |
Series 2002 V1, 1.1% 12/1/22, VRDN (b) | 28,200,000 | 28,200,000 | |
TOTAL GEORGIA | 91,550,000 | ||
Illinois - 1.9% | |||
Illinois Fin. Auth. Rev.: | |||
(Chicago Symphony Orchestra Proj.) Series 2008, 1.9% 12/7/22, LOC PNC Bank NA, VRDN (b) | 6,475,000 | 6,475,000 | |
(The Univ. of Chicago Med. Ctr. Proj.) Series 2010 A, 1% 12/1/22, LOC Bank of America NA, VRDN (b) | 1,145,000 | 1,145,000 | |
Series 2011 A, 1% 12/1/22, LOC Bank of America NA, VRDN (b) | 15,000,000 | 15,000,000 | |
FHLMC Lake County Multi-family Hsg. Rev. (Whispering Oaks Apts. Proj.) Series 2008, 1.91% 12/7/22, LOC Freddie Mac, VRDN (b) | 4,000,000 | 4,000,000 | |
TOTAL ILLINOIS | 26,620,000 | ||
Indiana - 2.0% | |||
Indiana Dev. Fin. Auth. Envir. Rev. (Duke Energy Indiana, Inc. Proj.) Series 2009 A4, 1.05% 12/1/22, LOC Sumitomo Mitsui Banking Corp., VRDN (b) | 20,225,000 | 20,225,000 | |
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2008 J, 1% 12/1/22, LOC Barclays Bank PLC, VRDN (b) | 6,845,000 | 6,845,000 | |
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series B, 1.06% 12/1/22, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 1,600,000 | 1,600,000 | |
TOTAL INDIANA | 28,670,000 | ||
Iowa - 3.0% | |||
Iowa Fin. Auth. Econ. Dev. Rev. Series 2011 A, 1.93% 12/7/22, VRDN (b) | 15,800,000 | 15,800,000 | |
Iowa Fin. Auth. Health Facilities Rev.: | |||
Series 2013 B1, 1% 12/1/22, LOC TD Banknorth, NA, VRDN (b) | 12,040,000 | 12,040,000 | |
Series 2013 B2, 1% 12/1/22, LOC TD Banknorth, NA, VRDN (b) | 14,960,000 | 14,960,000 | |
TOTAL IOWA | 42,800,000 | ||
Kansas - 1.6% | |||
Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.): | |||
Series 2007 A, 2.15% 12/7/22, VRDN (b) | 3,700,000 | 3,700,000 | |
Series 2007 B, 2.15% 12/7/22, VRDN (b) | 2,150,000 | 2,150,000 | |
St. Mary's Kansas Poll. Cont. Rev.: | |||
(Kansas Gas and Elec. Co. Proj.) Series 1994, 2.1% 12/7/22, VRDN (b) | 700,000 | 700,000 | |
Series 1994, 2.1% 12/7/22, VRDN (b) | 6,600,000 | 6,600,000 | |
Univ. of Kansas Hosp. Auth. Health Facilities Rev. (KU Health Sys. Proj.) Series 2004, 1.05% 12/1/22, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 5,050,000 | 5,050,000 | |
Wamego Kansas Poll. Cont. Rfdg. Rev.: | |||
(Kansas Gas & Elec. Co. Proj.) Series 1994, 2.1% 12/7/22, VRDN (b) | 1,600,000 | 1,600,000 | |
(Western Resources, Inc. Proj.) Series 1994, 2.1% 12/7/22, VRDN (b) | 3,300,000 | 3,300,000 | |
TOTAL KANSAS | 23,100,000 | ||
Louisiana - 0.1% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 2.23% 12/7/22, VRDN (b) | 300,000 | 300,000 | |
Series 2010 B1, 2.3% 12/7/22, VRDN (b) | 1,700,000 | 1,700,000 | |
TOTAL LOUISIANA | 2,000,000 | ||
Massachusetts - 0.5% | |||
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2022 A, 1.85% 12/7/22 (Liquidity Facility TD Banknorth, NA), VRDN (b)(c) | 2,800,000 | 2,800,000 | |
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Series 2022 A1, 1.88% 12/7/22 (Liquidity Facility TD Banknorth, NA), VRDN (b) | 3,000,000 | 3,000,000 | |
Massachusetts Health & Edl. Facilities Auth. Rev. (Baystate Health Sys. Proj.) Series 2009 J2, 1% 12/1/22, LOC TD Banknorth, NA, VRDN (b) | 2,050,000 | 2,050,000 | |
TOTAL MASSACHUSETTS | 7,850,000 | ||
Michigan - 2.5% | |||
Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
(Air Products and Chemicals, Inc. Proj.) Series 2007 V1, 1% 12/1/22, VRDN (b) | 27,060,000 | 27,060,000 | |
(Henry Ford Museum & Greenfield Village Proj.) Series 2002, 1.15% 12/1/22, LOC Comerica Bank, VRDN (b) | 4,630,000 | 4,630,000 | |
Univ. of Michigan Rev. Series 2012 D1, 0.95% 12/1/22, VRDN (b) | 4,500,000 | 4,500,000 | |
TOTAL MICHIGAN | 36,190,000 | ||
Minnesota - 1.9% | |||
Minneapolis Health Care Sys. Rev. (Fairview Health Svcs.) Series 2018 C, 1.05% 12/1/22, LOC Wells Fargo Bank NA, VRDN (b) | 26,790,000 | 26,790,000 | |
Mississippi - 2.4% | |||
Mississippi Bus. Fin. Corp.: | |||
(Chevron U.S.A., Inc. Proj.): | |||
Series 2007 A, 1% 12/1/22 (Chevron Corp. Guaranteed), VRDN (b) | 1,000,000 | 1,000,000 | |
Series 2007 C: | |||
1% 12/1/22 (Chevron Corp. Guaranteed), VRDN (b) | 5,600,000 | 5,600,000 | |
1% 12/1/22 (Chevron Corp. Guaranteed), VRDN (b) | 10,110,000 | 10,110,000 | |
Series 2007 D, 1% 12/1/22 (Chevron Corp. Guaranteed), VRDN (b) | 5,830,000 | 5,830,000 | |
Series 2011 B, 1% 12/1/22, VRDN (b) | 5,040,000 | 5,040,000 | |
Series 2011 G, 1% 12/1/22, VRDN (b) | 6,300,000 | 6,300,000 | |
TOTAL MISSISSIPPI | 33,880,000 | ||
Missouri - 0.3% | |||
Missouri Health & Edl. Facilities Rev. (Washington Univ. Proj.) Series 2003 B, 1.06% 12/1/22 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (b) | 4,300,000 | 4,300,000 | |
New York - 7.0% | |||
New York City Gen. Oblig.: | |||
Series 2006 I8, 1.05% 12/1/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) | 4,000,000 | 4,000,000 | |
Series 2008 L4, 1.05% 12/1/22 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (b) | 6,675,000 | 6,675,000 | |
Series 2013 A3, 1.05% 12/1/22 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (b) | 6,600,000 | 6,600,000 | |
Series 2018 E, 1% 12/1/22 (Liquidity Facility TD Banknorth, NA), VRDN (b) | 3,900,000 | 3,900,000 | |
Series 2022, 1.02% 12/1/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) | 1,265,000 | 1,265,000 | |
Series 2023 A, 1% 12/1/22 (Liquidity Facility Bank of Montreal), VRDN (b) | 7,090,000 | 7,090,000 | |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | |||
Series 2003 F2, 1.05% 12/1/22 (Liquidity Facility Citibank NA), VRDN (b) | 8,000,000 | 8,000,000 | |
Series 2016 AA2, 1.91% 12/7/22 (Liquidity Facility PNC Bank NA), VRDN (b)(c) | 2,000,000 | 2,000,000 | |
Series 2021 EE1, 1.05% 12/1/22 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (b) | 1,575,000 | 1,575,000 | |
Series 2021 EE2, 1.05% 12/1/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) | 6,900,000 | 6,900,000 | |
New York City Transitional Fin. Auth. Rev.: | |||
Series 2003 A4, 1% 12/1/22 (Liquidity Facility TD Banknorth, NA), VRDN (b) | 3,990,000 | 3,990,000 | |
Series 2015 A3, 1.01% 12/1/22 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (b) | 17,825,000 | 17,825,000 | |
Series 2019 B4, 1% 12/1/22 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 7,370,000 | 7,370,000 | |
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series A, 1% 12/1/22, LOC TD Banknorth, NA, VRDN (b) | 3,190,000 | 3,190,000 | |
Triborough Bridge & Tunnel Auth. Revs.: | |||
Series 2003 B1, 1.05% 12/1/22, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 4,700,000 | 4,700,000 | |
Series 2005 B 2B, 1.8% 12/7/22, LOC State Street Bank & Trust Co., Boston, VRDN (b) | 14,000,000 | 14,000,000 | |
TOTAL NEW YORK | 99,080,000 | ||
North Carolina - 0.5% | |||
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Series 2007 E, 1% 12/1/22, LOC TD Banknorth, NA, VRDN (b) | 6,575,000 | 6,575,000 | |
Ohio - 1.6% | |||
Cuyahoga County Health Care Facilities Rev. (The A.M. McGregor Home Proj.) Series 2014, 1.95% 12/7/22, LOC Northern Trust Co., VRDN (b) | 1,365,000 | 1,365,000 | |
Franklin County Hosp. Facilities Rev. Series 2018 D, 1.92% 12/7/22, VRDN (b) | 2,250,000 | 2,250,000 | |
Ohio Hosp. Rev. Series 2018, 1% 12/1/22, LOC PNC Bank NA, VRDN (b) | 3,730,000 | 3,730,000 | |
Ohio Spl. Oblig. (Adult Correctional Bldg. Fund Projs.) Series 2016 C, 2% 12/7/22, VRDN (b) | 15,500,000 | 15,500,000 | |
TOTAL OHIO | 22,845,000 | ||
Oregon - 1.0% | |||
Oregon Facilities Auth. Rev. Series 2018 B, 1% 12/1/22, LOC TD Banknorth, NA, VRDN (b) | 14,000,000 | 14,000,000 | |
Pennsylvania - 0.7% | |||
Beaver County Indl. Dev. Auth. Series 2018 A, 1.94% 12/7/22, LOC Truist Bank, VRDN (b) | 365,000 | 365,000 | |
Delaware County Indl. Dev. Auth. Arpt. Facilities Rev. (United Parcel Svc. Proj.) Series 2015, 1.1% 12/1/22, VRDN (b) | 7,910,000 | 7,910,000 | |
Lancaster County Hosp. Auth. Health Ctr. Rev. (Masonic Homes Proj.) Series 2008 D, 1.1% 12/1/22, LOC JPMorgan Chase Bank, VRDN (b) | 1,145,000 | 1,145,000 | |
TOTAL PENNSYLVANIA | 9,420,000 | ||
Rhode Island - 0.4% | |||
Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev. (Bryant Univ. Proj.) Series 2008, 1.87% 12/7/22, LOC TD Banknorth, NA, VRDN (b) | 5,935,000 | 5,935,000 | |
Tennessee - 3.3% | |||
Blount County Pub. Bldg. Auth. Series D3A, 1.07% 12/1/22 (Liquidity Facility Bank of America NA), VRDN (b) | 12,320,000 | 12,320,000 | |
Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.): | |||
Series 2001, 1.08% 12/1/22, LOC Bank of America NA, VRDN (b) | 4,635,000 | 4,635,000 | |
Series 2003, 1.08% 12/1/22, LOC Bank of America NA, VRDN (b) | 12,060,000 | 12,060,000 | |
Series 2005, 1.08% 12/1/22, LOC Bank of America NA, VRDN (b) | 14,465,000 | 14,465,000 | |
Series 2008, 1.1% 12/1/22, LOC Bank of America NA, VRDN (b) | 1,000,000 | 1,000,000 | |
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. (Tennessee County Ln. Pool Prog.) Series 2006, 1.08% 12/1/22, LOC Bank of America NA, VRDN (b) | 2,790,000 | 2,790,000 | |
TOTAL TENNESSEE | 47,270,000 | ||
Texas - 10.4% | |||
Gulf Coast Indl. Dev. Auth. TX Rev. (ExxonMobil Proj.) Series 2012, 1% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b) | 4,065,000 | 4,065,000 | |
Harris County Cultural Ed. Facilities Fin. Corp. Rev. Series 2020 B, 1% 12/1/22, VRDN (b) | 18,355,000 | 18,355,000 | |
Harris County Health Facilities Dev. Corp. Rev. (Methodist Hosp. Proj.) Series A1, 1% 12/1/22, VRDN (b) | 8,600,000 | 8,600,000 | |
Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev. (ExxonMobil Proj.) Series 2001 A, 1% 12/1/22 (Exxon Mobil Corp. Guaranteed), VRDN (b) | 5,495,000 | 5,495,000 | |
Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev. (Air Products Proj.): | |||
Series 2005, 1% 12/1/22 (Air Products & Chemicals, Inc. Guaranteed), VRDN (b) | 10,200,000 | 10,200,000 | |
Series 2010 A, 1.87% 12/7/22 (TotalEnergies SE Guaranteed), VRDN (b) | 17,765,000 | 17,765,000 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | |||
(Baylor Health Care Sys. Proj.) Series 2011 C, 1% 12/1/22, LOC TD Banknorth, NA, VRDN (b) | 22,000,000 | 22,000,000 | |
(Methodist Hospitals of Dallas Proj.) Series 2008, 1% 12/1/22, LOC TD Banknorth, NA, VRDN (b) | 33,480,000 | 33,480,000 | |
Texas Gen. Oblig.: | |||
(Texas Veterans Land Board Proj.) Series 2017, 1.95% 12/7/22 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (b) | 3,500,000 | 3,500,000 | |
Series 2011 B, 1.95% 12/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) | 2,000,000 | 2,000,000 | |
Series 2013 A, 1.95% 12/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) | 2,675,000 | 2,675,000 | |
Series 2013 B, 1.95% 12/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) | 7,700,000 | 7,700,000 | |
Series 2014 A, 1.95% 12/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) | 3,500,000 | 3,500,000 | |
Series 2015 A, 1.92% 12/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) | 6,800,000 | 6,800,000 | |
Univ. of Texas Board of Regents Sys. Rev. Series 2007 B, 1.88% 12/7/22 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), VRDN (b) | 1,855,000 | 1,855,000 | |
TOTAL TEXAS | 147,990,000 | ||
Virginia - 0.1% | |||
Roanoke Econ. Dev. Authority. Series 2020 C, 1.9% 12/7/22, LOC Wells Fargo Bank NA, VRDN (b) | 1,365,000 | 1,365,000 | |
Washington - 0.2% | |||
Snohomish County Hsg. Auth. Hsg. Rev. (Ebey Arms Centerhouse Proj.) Series 2003, 1.95% 12/7/22, LOC Bank of America NA, VRDN (b) | 3,540,000 | 3,540,000 | |
West Virginia - 0.0% | |||
West Virginia Hosp. Fin. Auth. Hosp. Rev. Series A, 2% 12/7/22, LOC Truist Bank, VRDN (b) | 240,000 | 240,000 | |
Wisconsin - 0.7% | |||
Wisconsin Gen. Oblig. Series 2019 A, 2% 12/7/22, VRDN (b) | 8,500,000 | 8,500,000 | |
Wisconsin Health & Edl. Facilities Series 2018 A, 1% 12/1/22, LOC Barclays Bank PLC, VRDN (b) | 1,450,000 | 1,450,000 | |
TOTAL WISCONSIN | 9,950,000 | ||
Wyoming - 0.7% | |||
Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 1.97% 12/7/22, VRDN (b) | 9,900,000 | 9,900,000 | |
TOTAL VARIABLE RATE DEMAND NOTE (Cost $856,895,000) | 856,895,000 | ||
Tender Option Bond - 39.7% | |||
Principal Amount (a) | Value ($) | ||
Alabama - 0.4% | |||
Huntsville Hosp. Participating VRDN Series XG 03 84, 1.94% 12/7/22 (Liquidity Facility Bank of America NA) (b)(d)(e) | 1,910,000 | 1,910,000 | |
Infirmary Health Systems Spl. Care Facilities Fing. Auth. Rev. Participating VRDN Series 50 44, 1.08% 12/1/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e) | 3,800,000 | 3,800,000 | |
TOTAL ALABAMA | 5,710,000 | ||
Arizona - 0.6% | |||
Arizona Health Facilities Auth. Rev. Participating VRDN Series MIZ 91 01, 1.12% 12/1/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(d)(e) | 7,060,000 | 7,060,000 | |
Arizona Indl. Dev. Auth. Hosp. Rev. Participating VRDN Series XM 10 13, 2.02% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e) | 375,000 | 375,000 | |
Mesa Util. Sys. Rev. Participating VRDN Series XM 10 12, 1.95% 12/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(d)(e) | 500,000 | 500,000 | |
TOTAL ARIZONA | 7,935,000 | ||
California - 0.3% | |||
California Health Facilities Fing. Auth. Rev. Participating VRDN Series 17 04, 2.05% 1/11/23 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 800,000 | 800,000 | |
Sacramento City Fing. Auth. Rev. Participating VRDN Series Floaters XG 01 00, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | 900,000 | 900,000 | |
Univ. of California Revs. Participating VRDN: | |||
Series Floaters XG 00 61, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | 1,700,000 | 1,700,000 | |
Series Floaters ZF 26 70, 1.93% 12/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(e) | 1,200,000 | 1,200,000 | |
TOTAL CALIFORNIA | 4,600,000 | ||
Colorado - 1.2% | |||
Children's Hosp. Assoc., Co. Participating VRDN Series 5008, 1.08% 12/1/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e) | 17,570,000 | 17,570,000 | |
Connecticut - 1.5% | |||
Connecticut Gen. Oblig. Participating VRDN: | |||
Series 2017, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,900,000 | 1,900,000 | |
Series Floaters 014, 2.05% 1/11/23 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,040,000 | 1,040,000 | |
Series Floaters 016, 2.05% 1/11/23 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 4,000,000 | 4,000,000 | |
Series Floaters G66, 1.93% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 3,055,000 | 3,055,000 | |
Series Floaters YX 10 95, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,300,000 | 1,300,000 | |
Series XM 10 35, 1.93% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e) | 4,005,000 | 4,005,000 | |
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Participating VRDN: | |||
Series Floaters YX 10 77, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 2,700,000 | 2,700,000 | |
Series ROC II R 14073, 1.96% 12/7/22 (Liquidity Facility Citibank NA) (b)(d)(e) | 700,000 | 700,000 | |
Series YX 11 37, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(d)(e) | 3,365,000 | 3,365,000 | |
TOTAL CONNECTICUT | 22,065,000 | ||
District Of Columbia - 1.3% | |||
District of Columbia Gen. Oblig. Participating VRDN: | |||
Series Floaters YX 10 39, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 5,210,000 | 5,210,000 | |
Series MS 4301, 1.93% 12/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(e) | 6,750,000 | 6,750,000 | |
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Participating VRDN: | |||
Series 2022 XG 04 04, 1.99% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | 3,485,000 | 3,485,000 | |
Series XF 08 52, 1.93% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e) | 1,355,000 | 1,355,000 | |
Series XF 08 53, 1.95% 12/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(d)(e) | 1,875,000 | 1,875,000 | |
TOTAL DISTRICT OF COLUMBIA | 18,675,000 | ||
Florida - 2.2% | |||
Alachua County Health Facilities Auth. Health Facilities Rev. Participating VRDN Series XF 11 39, 1.98% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | 700,000 | 700,000 | |
Central Florida Expressway Auth. Sr. Lien Rev. Participating VRDN Series XX 11 36, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 2,375,000 | 2,375,000 | |
Miami-Dade County Expressway Auth. Participating VRDN Series XG 00 99, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | 3,940,000 | 3,940,000 | |
Palm Beach County Health Facilities Auth. Hosp. Rev. Participating VRDN Series XM 07 82, 1.97% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 200,000 | 200,000 | |
South Broward Hosp. District Rev. Participating VRDN Series XG 03 45, 1.93% 12/7/22 (Liquidity Facility Wells Fargo Bank NA) (b)(d)(e) | 300,000 | 300,000 | |
South Miami Health Facilities Auth. Hosp. Rev. Participating VRDN Series XF 25 23, 1.97% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 400,000 | 400,000 | |
Volusia County Fla Hosp. Rev. Participating VRDN Series 50 32, 1.08% 12/1/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e) | 22,800,000 | 22,800,000 | |
TOTAL FLORIDA | 30,715,000 | ||
Georgia - 0.4% | |||
Brookhaven Dev. Auth. Rev. Participating VRDN Series XL 03 07, 1.93% 12/7/22 (Liquidity Facility Wells Fargo Bank NA) (b)(d)(e) | 1,130,000 | 1,130,000 | |
Cobb County Kennestone Hosp. Auth. Rev. Participating VRDN Series XF 11 49, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | 900,000 | 900,000 | |
Fulton County Dev. Auth. Rev. Participating VRDN Series XL 02 68, 2% 12/7/22 (Liquidity Facility Bank of America NA) (b)(d)(e) | 540,000 | 540,000 | |
Main Street Natural Gas, Inc. Participating VRDN Series 2022 ZL 03 05, 1.95% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 3,400,000 | 3,400,000 | |
TOTAL GEORGIA | 5,970,000 | ||
Hawaii - 0.6% | |||
Honolulu City and County Wastewtr. Sys. Participating VRDN Series 15 XM0080, 1.93% 12/7/22 (Liquidity Facility Citibank NA) (b)(d)(e) | 7,960,000 | 7,960,000 | |
Illinois - 3.2% | |||
Chicago Gen. Oblig. Participating VRDN: | |||
Series 2022 XF 30 42, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 6,300,000 | 6,300,000 | |
Series 2022 XF 30 45, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,900,000 | 1,900,000 | |
Series XM 10 05, 2.05% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | 600,000 | 600,000 | |
Series XX 12 64, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 2,500,000 | 2,500,000 | |
Chicago Transit Auth. Participating VRDN Series XL 01 45, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 10,275,000 | 10,275,000 | |
Illinois Fin. Auth. Rev. Participating VRDN: | |||
Series Floater 041, 1.03% 12/1/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,555,000 | 1,555,000 | |
Series Floaters 017, 2.05% 1/11/23 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,580,000 | 1,580,000 | |
Series XF 11 47, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | 1,000,000 | 1,000,000 | |
Illinois Gen. Oblig. Participating VRDN: | |||
Series XL 02 60, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 2,400,000 | 2,400,000 | |
Series XM 07 59, 1.95% 12/7/22 (Liquidity Facility Bank of America NA) (b)(d)(e) | 390,000 | 390,000 | |
Series XM 10 48, 1.95% 12/7/22 (Liquidity Facility Bank of America NA) (b)(d)(e) | 1,800,000 | 1,800,000 | |
Series XX 11 41, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 500,000 | 500,000 | |
Series YX 11 50, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 2,500,000 | 2,500,000 | |
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Participating VRDN Series XM 04 75, 1.93% 12/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(e) | 9,375,000 | 9,375,000 | |
Metropolitan Pier & Exposition Participating VRDN: | |||
Series 2022 XG 04 16, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | 1,500,000 | 1,500,000 | |
Series XL 01 37, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,540,000 | 1,540,000 | |
TOTAL ILLINOIS | 45,715,000 | ||
Kansas - 0.1% | |||
Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev. Participating VRDN Series YX 12 23, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 2,040,000 | 2,040,000 | |
Kentucky - 0.1% | |||
CommonSpirit Health Participating VRDN Series MIZ 90 21, 2% 12/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(d)(e) | 900,000 | 900,000 | |
Maryland - 1.1% | |||
Maryland Health & Higher Edl. Participating VRDN Series XG 03 35, 1.93% 12/7/22 (Liquidity Facility Bank of America NA) (b)(d)(e) | 290,000 | 290,000 | |
Maryland Health & Higher Edl. Facilities Auth. Rev. Participating VRDN Series XF 10 21, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | 15,100,000 | 15,100,000 | |
TOTAL MARYLAND | 15,390,000 | ||
Michigan - 1.0% | |||
Eastern Michigan Univ. Revs. Participating VRDN Series Floater 046, 2.1% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 5,900,000 | 5,900,000 | |
Mclaren Health Care Corp. Participating VRDN Series XL 02 71, 2% 12/7/22 (Liquidity Facility Bank of America NA) (b)(d)(e) | 365,000 | 365,000 | |
Michigan Fin. Auth. Rev. Participating VRDN: | |||
Series Floaters XF 26 48, 1.93% 12/7/22 (Liquidity Facility Bank of America NA) (b)(d)(e) | 1,660,000 | 1,660,000 | |
Series XM 02 23, 1.94% 12/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(d)(e) | 800,000 | 800,000 | |
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Participating VRDN Series YZ 11 94, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 2,400,000 | 2,400,000 | |
Univ. of Michigan Rev. Participating VRDN Series Floaters XF 25 48, 1.95% 12/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(d)(e) | 3,500,000 | 3,500,000 | |
TOTAL MICHIGAN | 14,625,000 | ||
Minnesota - 0.4% | |||
Minnesota Hsg. Fin. Agcy. Participating VRDN Series XF 28 79, 1.93% 12/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(e) | 5,360,000 | 5,360,000 | |
Missouri - 3.5% | |||
Kansas City Spl. Oblig. Participating VRDN Series YX 11 93, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,100,000 | 1,100,000 | |
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Participating VRDN Series Floaters XG 01 57, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 7,900,000 | 7,900,000 | |
Missouri Health & Edl. Facilities Auth. Rev. Participating VRDN Series Floaters C16, 1.95% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 6,300,000 | 6,300,000 | |
Missouri Health & Edl. Facilities Rev. Participating VRDN: | |||
Series Floaters 14, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 30,800,000 | 30,800,000 | |
Series Floaters C17, 1.94% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 2,200,000 | 2,200,000 | |
St Louis County Spl. Oblig. Participating VRDN Series XG 03 82, 1.93% 12/7/22 (Liquidity Facility Wells Fargo Bank NA) (b)(d)(e) | 2,240,000 | 2,240,000 | |
TOTAL MISSOURI | 50,540,000 | ||
Nebraska - 0.5% | |||
Central Plains Energy Proj. Rev. Participating VRDN: | |||
Series 2022 ZL 03 01, 1.95% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 600,000 | 600,000 | |
Series XM 09 92, 1.95% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 4,735,000 | 4,735,000 | |
Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series 16 XF1053, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | 2,200,000 | 2,200,000 | |
TOTAL NEBRASKA | 7,535,000 | ||
Nevada - 1.0% | |||
Clark County Fuel Tax Participating VRDN Series Floaters XF 25 80, 1.93% 12/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(e) | 9,800,000 | 9,800,000 | |
Las Vegas Convention & Visitors Auth. Participating VRDN Series XF 28 06, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 4,700,000 | 4,700,000 | |
TOTAL NEVADA | 14,500,000 | ||
New Jersey - 0.7% | |||
New Jersey Econ. Dev. Auth. Lease Rev. Participating VRDN Series Floaters XF 25 25, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 5,405,000 | 5,405,000 | |
New Jersey Econ. Dev. Auth. Rev. Participating VRDN Series Floaters XF 25 38, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 2,810,000 | 2,810,000 | |
Union County Impt. Auth. Participating VRDN Series XF 10 19, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,615,000 | 1,615,000 | |
TOTAL NEW JERSEY | 9,830,000 | ||
New Mexico - 0.1% | |||
New Mexico Mtg. Fin. Auth. Participating VRDN Series YX 11 89, 1.95% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,100,000 | 1,100,000 | |
New York - 2.7% | |||
New York City Gen. Oblig. Participating VRDN Series Floaters E 118, 1.1% 12/1/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 12,250,000 | 12,250,000 | |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Participating VRDN: | |||
Series Floaters 2018 E124, 1.1% 12/1/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 4,200,000 | 4,200,000 | |
Series XF 30 67, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 4,000,000 | 4,000,000 | |
New York City Transitional Fin. Auth. Rev. Participating VRDN Series XX 11 87, 1.93% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 8,645,000 | 8,645,000 | |
New York Metropolitan Trans. Auth. Rev. Participating VRDN: | |||
Series 2020 XF 29 09, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 4,000,000 | 4,000,000 | |
Series RBC E 126, 1.95% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 3,100,000 | 3,100,000 | |
Series XF 30 00, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 2,760,000 | 2,760,000 | |
TOTAL NEW YORK | 38,955,000 | ||
New York And New Jersey - 0.1% | |||
Port Auth. of New York & New Jersey Participating VRDN Series Floaters XF 05 65, 1.93% 12/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(d)(e) | 1,300,000 | 1,300,000 | |
Non-State Specific - 0.2% | |||
Monroeville Fin. Auth. UPMC Rev. Participating VRDN Series YX 11 85, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 3,300,000 | 3,300,000 | |
North Dakota - 0.1% | |||
Grand Forks Health Care Sys. Rev. Participating VRDN Series XL 02 45, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | 800,000 | 800,000 | |
Ohio - 0.6% | |||
Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 2% 12/7/22 (Liquidity Facility Bank of America NA) (b)(d)(e) | 200,000 | 200,000 | |
Franklin County Rev. Participating VRDN Series Floaters XF 25 90, 1.93% 12/7/22 (Liquidity Facility Citibank NA) (b)(d)(e) | 4,000,000 | 4,000,000 | |
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 003, 2.05% 1/11/23 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 495,000 | 495,000 | |
Montgomery County Hosp. Rev. Participating VRDN Series XX 12 48, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 800,000 | 800,000 | |
Ohio Gen. Oblig. Participating VRDN Series Floaters XF 25 91, 1.93% 12/7/22 (Liquidity Facility Citibank NA) (b)(d)(e) | 2,000,000 | 2,000,000 | |
Ohio Hosp. Rev. Participating VRDN Series 002, 2.05% 1/11/23 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,000,000 | 1,000,000 | |
TOTAL OHIO | 8,495,000 | ||
Oklahoma - 1.5% | |||
Edmond Pub. Works Auth. Sales Tax & Util. Sys. Rev. Participating VRDN Series Floaters XM 05 59, 1.93% 12/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(e) | 14,865,000 | 14,865,000 | |
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Participating VRDN Series XX 12 24, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 5,900,000 | 5,900,000 | |
TOTAL OKLAHOMA | 20,765,000 | ||
Pennsylvania - 4.6% | |||
Allegheny County Hosp. Dev. Auth. Rev. Participating VRDN Series Floaters XX 10 94, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 5,260,000 | 5,260,000 | |
Commonwealth Fing. Auth. Tobacco Participating VRDN: | |||
Series XL 00 60, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,200,000 | 1,200,000 | |
Series XX 10 80, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,800,000 | 1,800,000 | |
Pennsylvania Econ. Dev. Participating VRDN Series XM 0048, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | 9,205,000 | 9,205,000 | |
Pennsylvania Higher Edl. Facilities Auth. Rev. Participating VRDN Series XG 02 63, 1.93% 12/7/22 (Liquidity Facility Bank of America NA) (b)(d)(e) | 4,930,000 | 4,930,000 | |
Pennsylvania Tpk. Commission Registration Fee Rev. Participating VRDN: | |||
Series Putters 5024, 1.08% 12/1/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e) | 19,790,000 | 19,790,000 | |
Series Putters 5025, 1.08% 12/1/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e) | 20,890,000 | 20,890,000 | |
Philadelphia Auth. for Indl. Dev. Participating VRDN Series 2022 044, 1.01% 12/1/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,940,000 | 1,940,000 | |
TOTAL PENNSYLVANIA | 65,015,000 | ||
South Carolina - 0.1% | |||
South Carolina Jobs-Econ. Dev. Auth. Participating VRDN Series Floaters XF 07 43, 1.97% 12/7/22 (Liquidity Facility Bank of America NA) (b)(d)(e) | 700,000 | 700,000 | |
South Carolina Jobs-Econ. Dev. Auth. Hosp. Impt. Rev. Participating VRDN Series XF 09 30, 2.05% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e) | 600,000 | 600,000 | |
TOTAL SOUTH CAROLINA | 1,300,000 | ||
Tennessee - 0.7% | |||
Nashville and Davidson County Metropolitan Govt. Gen. Oblig. Participating VRDN Series Solar 17 11, 1.1% 12/1/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(d)(e) | 10,355,000 | 10,355,000 | |
Texas - 2.2% | |||
El Paso Independent School District Participating VRDN Series Solar 17 01, 1.95% 12/7/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(d)(e) | 4,800,000 | 4,800,000 | |
Harris County Cultural Ed. Facilities Fin. Corp. Med. Facilities Rev. Participating VRDN Series 2022 006, 2.05% 1/11/23 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 2,500,000 | 2,500,000 | |
Leander Independent School District Participating VRDN Series 2022 XF 30 37, 1.92% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 3,040,000 | 3,040,000 | |
Memorial Hermann Hosp. Sys. Participating VRDN Series XF 11 40, 1.96% 12/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | 1,350,000 | 1,350,000 | |
New Braunfels Independent School District Participating VRDN Series 2022 XM 10 63, 1.93% 12/7/22 (Liquidity Facility Bank of America NA) (b)(d)(e) | 1,250,000 | 1,250,000 | |
North Ft. Bend Wtr. Auth. Participating VRDN Series XF 08 16, 2% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e) | 615,000 | 615,000 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Participating VRDN: | |||
Series E 141, 1.93% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 10,120,000 | 10,120,000 | |
Series XG 02 78, 1.94% 12/7/22 (Liquidity Facility Bank of America NA) (b)(d)(e) | 2,100,000 | 2,100,000 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series 2021 E1 50, 1.93% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 5,000,000 | 5,000,000 | |
TOTAL TEXAS | 30,775,000 | ||
Utah - 0.6% | |||
Intermountain Pwr. Agcy. Pwr. Supply Rev. Participating VRDN Series E152, 1.93% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 8,050,000 | 8,050,000 | |
Virginia - 3.8% | |||
Hampton Roads Trans. Accountability Commission Participating VRDN Series ZL 02 67, 1.93% 12/7/22 (Liquidity Facility Wells Fargo Bank NA) (b)(d)(e) | 2,250,000 | 2,250,000 | |
Lynchburg Econ. Dev. Participating VRDN Series Floaters XG 01 47, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 2,520,000 | 2,520,000 | |
Norfolk Econ. Dev. Health Care Facilities Participating VRDN Series 2022 C20, 1.94% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 3,000,000 | 3,000,000 | |
Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series MIZ 90 25, 1.12% 12/1/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(d)(e) | 46,210,000 | 46,210,000 | |
Virginia Small Bus. Fing. Auth. Health Care Facilities Rev. Participating VRDN: | |||
Series XF 09 26, 2.05% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e) | 300,000 | 300,000 | |
Series ZF 09 28, 2.05% 12/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e) | 320,000 | 320,000 | |
TOTAL VIRGINIA | 54,600,000 | ||
Washington - 2.3% | |||
Multicare Health Sys. Participating VRDN Series E 153, 1.93% 12/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 3,900,000 | 3,900,000 | |
Port of Seattle Gen. Oblig. Participating VRDN Series 2017 ZF 2411, 1.93% 12/7/22 (Liquidity Facility Citibank NA) (b)(d)(e) | 7,500,000 | 7,500,000 | |
Seattle Muni. Lt. & Pwr. Rev. Participating VRDN Series Solar 0055, 1.1% 12/1/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(d)(e) | 2,905,000 | 2,905,000 | |
Washington Convention Ctr. Pub. Facilities Participating VRDN: | |||
Series 2022 XX 12 38, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 2,100,000 | 2,100,000 | |
Series Floaters XM 06 80, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 9,400,000 | 9,400,000 | |
Series XG 02 96, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 4,700,000 | 4,700,000 | |
Washington Health Care Facilities Auth. Rev. Participating VRDN: | |||
Series XF 30 62, 1.94% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 2,300,000 | 2,300,000 | |
Series YX 12 10, 2% 12/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 600,000 | 600,000 | |
TOTAL WASHINGTON | 33,405,000 | ||
TOTAL TENDER OPTION BOND (Cost $565,850,000) | 565,850,000 | ||
TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $1,422,745,000) | 1,422,745,000 |
NET OTHER ASSETS (LIABILITIES) - 0.2% | 2,320,746 |
NET ASSETS - 100.0% | 1,425,065,746 |
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(d) | Provides evidence of ownership in one or more underlying municipal bonds. |
(e) | Coupon rates are determined by re-marketing agents based on current market conditions. |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Variable Rate Demand Note | 856,895,000 | - | 856,895,000 | - |
Tender Option Bond | 565,850,000 | - | 565,850,000 | - |
Total Investments in Securities: | 1,422,745,000 | - | 1,422,745,000 | - |
Statement of Assets and Liabilities | ||||
November 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $1,422,745,000): | $ | 1,422,745,000 | ||
Cash | 1,334 | |||
Receivable for investments sold | 10,900,000 | |||
Interest receivable | 3,803,144 | |||
Other receivables | 6,799 | |||
Total assets | 1,437,456,277 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $4,000,000 | |||
Delayed delivery | 6,285,000 | |||
Distributions payable | 2,099,405 | |||
Other payables and accrued expenses | 6,126 | |||
Total Liabilities | 12,390,531 | |||
Net Assets | $ | 1,425,065,746 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,425,040,895 | ||
Total accumulated earnings (loss) | 24,851 | |||
Net Assets | $ | 1,425,065,746 | ||
Net Asset Value , offering price and redemption price per share ($1,425,065,746 ÷ 1,424,596,218 shares) | $ | 1.0003 | ||
Statement of Operations | ||||
Six months ended November 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Interest | $ | 13,471,735 | ||
Expenses | ||||
Custodian fees and expenses | 13,563 | |||
Independent trustees' fees and expenses | 3,639 | |||
Total expenses before reductions | 17,202 | |||
Expense reductions | (15,813) | |||
Total expenses after reductions | 1,389 | |||
Net Investment income (loss) | 13,470,346 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 45,599 | |||
Total net realized gain (loss) | 45,599 | |||
Net increase in net assets resulting from operations | $ | 13,515,945 |
Statement of Changes in Net Assets | ||||
Six months ended November 30, 2022 (Unaudited) | Year ended May 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 13,470,346 | $ | 2,245,857 |
Net realized gain (loss) | 45,599 | 75,943 | ||
Net increase in net assets resulting from operations | 13,515,945 | 2,321,800 | ||
Distributions to shareholders | (13,506,086) | (2,269,569) | ||
Affiliated share transactions | ||||
Proceeds from sales of shares | 4,172,182,000 | 7,610,783,400 | ||
Cost of shares redeemed | (4,765,056,675) | (6,738,133,200) | ||
Net increase (decrease) in net assets and shares resulting from share transactions | (592,874,675) | 872,650,200 | ||
Total increase (decrease) in net assets | (592,864,816) | 872,702,431 | ||
Net Assets | ||||
Beginning of period | 2,017,930,562 | 1,145,228,131 | ||
End of period | $ | 1,425,065,746 | $ | 2,017,930,562 |
Other Information | ||||
Shares | ||||
Sold | 4,170,931,377 | 7,608,577,795 | ||
Redeemed | (4,763,627,968) | (6,736,224,856) | ||
Net increase (decrease) | (592,696,591) | 872,352,939 | ||
Fidelity® Tax-Free Cash Central Fund |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 1.0003 | $ | 1.0003 | $ | 1.0002 | $ | 1.0001 | $ | 1.0001 | $ | 1.0001 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A | .0069 | .0016 | .0009 | .0126 | .0151 | .0108 | ||||||
Net realized and unrealized gain (loss) | - B | - B | .0002 | .0001 | - B | .0001 | ||||||
Total from investment operations | .0069 | .0016 | .0011 | .0127 | .0151 | .0109 | ||||||
Distributions from net investment income | (.0069) | (.0016) | (.0009) | (.0126) | (.0151) | (.0108) | ||||||
Distributions from net realized gain | - B | - B | - B | - B | - | - B | ||||||
Total distributions | (.0069) | (.0016) | (.0010) C | (.0126) | (.0151) | (.0109) C | ||||||
Net asset value, end of period | $ | 1.0003 | $ | 1.0003 | $ | 1.0003 | $ | 1.0002 | $ | 1.0001 | $ | 1.0001 |
Total Return D,E | .69% | .16% | .10% | 1.28% | 1.52% | 1.09% | ||||||
Ratios to Average Net Assets A,F,G | ||||||||||||
Expenses before reductions H | -% I | -% | -% | -% | -% | -% | ||||||
Expenses net of fee waivers, if any H | -% I | -% | -% | -% | -% | -% | ||||||
Expenses net of all reductions H | -% I | -% | -% | -% | -% | -% | ||||||
Net investment income (loss) | 1.30% I | .18% | .10% | 1.17% | 1.52% | 1.11% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,425,066 | $ | 2,017,931 | $ | 1,145,228 | $ | 1,771,739 | $ | 1,032,627 | $ | 1,173,470 |
Gross unrealized appreciation | $- |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) | $- |
Tax cost | $1,422,745,000 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Tax-Free Cash Central Fund | 558,620,000 | 235,330,000 | - |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value June 1, 2022 | Ending Account Value November 30, 2022 | Expenses Paid During Period- C June 1, 2022 to November 30, 2022 | |||||||
Fidelity® Tax-Free Cash Central Fund | 0.002% | |||||||||
Actual | $ 1,000 | $ 1,006.90 | $ .01 | |||||||
Hypothetical- B | $ 1,000 | $ 1,025.06 | $ .01 | |||||||
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Effective Maturity Diversification (% of Fund's Investments) | ||
Days | ||
1 - 7 | 100.0 | |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Asset Allocation (% of Fund's net assets) |
Net Other Assets (Liabilities) - (0.3)%* |
*Net Other Assets (Liabilities) are not available in the pie chart. |
Non-Negotiable Time Deposit - 5.6% | ||||
Yield (%)(a) | Principal Amount (b) | Value ($) | ||
Time Deposits - 5.6% | ||||
Canadian Imperial Bank of Commerce | ||||
12/1/22 | 3.80 | 13,000,000 | 13,000,000 | |
Credit Agricole CIB | ||||
12/1/22 | 3.80 | 98,000,000 | 98,000,000 | |
Mizuho Bank Ltd. | ||||
12/1/22 | 3.82 | 203,000,000 | 203,000,000 | |
Mizuho Bank Ltd. Canada Branch | ||||
12/1/22 | 3.83 | 1,381,100,000 | 1,381,100,000 | |
Royal Bank of Canada | ||||
12/1/22 | 3.82 | 112,000,000 | 112,000,000 | |
TOTAL NON-NEGOTIABLE TIME DEPOSIT (Cost $1,807,100,000) | 1,807,100,000 | |||
U.S. Government Agency Repurchase Agreement - 3.0% | |||
Maturity Amount ($) | Value ($) | ||
In a joint trading account at 3.8% dated 11/30/22 due 12/1/22 (Collateralized by U.S. Government Obligations) # (Cost $976,389,000) | 976,492,024 | 976,389,000 | |
U.S. Treasury Repurchase Agreement - 91.7% | |||
Maturity Amount ($) | Value ($) | ||
With Federal Reserve Bank of New York at 3.8%, dated 11/30/22 due 12/1/22 (Collateralized by U.S. Treasury Obligations valued at $29,771,142,183, 0.13% - 1.88%, 5/15/23-2/15/32) (Cost $29,768,000,000) | 29,771,142,178 | 29,768,000,000 | |
TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $32,551,489,000) | 32,551,489,000 |
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (107,671,209) |
NET ASSETS - 100.0% | 32,443,817,791 |
(a) | Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end. |
(b) | Amount is stated in United States dollars unless otherwise noted. |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Non-Negotiable Time Deposit | 1,807,100,000 | - | 1,807,100,000 | - |
U.S. Government Agency Repurchase Agreement | 976,389,000 | - | 976,389,000 | - |
U.S. Treasury Repurchase Agreement | 29,768,000,000 | - | 29,768,000,000 | - |
Total Investments in Securities: | 32,551,489,000 | - | 32,551,489,000 | - |
Other Information | ||
# Additional information on each counterparty to the repurchase agreement is as follows: | ||
Repurchase Agreement / Counterparty | Value ($) | |
$976,389,000 due 12/01/22 at 3.80% | ||
BofA Securities, Inc. | 168,616,000 | |
JP Morgan Securities LLC | 79,220,000 | |
Nomura Securities International | 587,201,000 | |
Societe Generale | 141,352,000 | |
976,389,000 | ||
Statement of Assets and Liabilities | ||||
November 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including repurchase agreements of $30,744,389,000) - See accompanying schedule Unaffiliated issuers (cost $32,551,489,000): | $ | 32,551,489,000 | ||
Cash | 816 | |||
Interest receivable | 3,436,921 | |||
Total assets | 32,554,926,737 | |||
Liabilities | ||||
Distributions payable | $111,099,414 | |||
Other payables and accrued expenses | 9,532 | |||
Total Liabilities | 111,108,946 | |||
Net Assets | $ | 32,443,817,791 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 32,443,757,857 | ||
Total accumulated earnings (loss) | 59,934 | |||
Net Assets | $ | 32,443,817,791 | ||
Net Asset Value , offering price and redemption price per share ($32,443,817,791 ÷ 32,440,713,560 shares) | $ | 1.0001 | ||
Statement of Operations | ||||
Six months ended November 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Interest | $ | 442,527,447 | ||
Expenses | ||||
Custodian fees and expenses | 24,982 | |||
Independent trustees' fees and expenses | 66,401 | |||
Total expenses before reductions | 91,383 | |||
Expense reductions | (175) | |||
Total expenses after reductions | 91,208 | |||
Net Investment income (loss) | 442,436,239 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 16 | |||
Total net realized gain (loss) | 16 | |||
Net increase in net assets resulting from operations | $ | 442,436,255 |
Statement of Changes in Net Assets | ||||
Six months ended November 30, 2022 (Unaudited) | Year ended May 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 442,436,239 | $ | 56,363,633 |
Net realized gain (loss) | 16 | 70,879 | ||
Change in net unrealized appreciation (depreciation) | - | (201,212) | ||
Net increase in net assets resulting from operations | 442,436,255 | 56,233,300 | ||
Distributions to shareholders | (442,414,324) | (56,363,661) | ||
Affiliated share transactions | ||||
Proceeds from sales of shares | 156,639,732,958 | 310,889,056,981 | ||
Cost of shares redeemed | (161,767,962,352) | (309,561,809,964) | ||
Net increase (decrease) in net assets and shares resulting from share transactions | (5,128,229,394) | 1,327,247,017 | ||
Total increase (decrease) in net assets | (5,128,207,463) | 1,327,116,656 | ||
Net Assets | ||||
Beginning of period | 37,572,025,254 | 36,244,908,598 | ||
End of period | $ | 32,443,817,791 | $ | 37,572,025,254 |
Other Information | ||||
Shares | ||||
Sold | 156,624,070,551 | 310,857,971,184 | ||
Redeemed | (161,751,787,173) | (309,530,856,879) | ||
Net increase (decrease) | (5,127,716,622) | 1,327,114,305 | ||
Fidelity® Securities Lending Cash Central Fund |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 1.0001 | $ | 1.0001 | $ | 1.0001 | $ | 1.0002 | $ | 1.0001 | $ | 1.0001 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A | .0123 | .0016 | .0009 | .0155 | .0223 | .0131 | ||||||
Net realized and unrealized gain (loss) | - B | - B | - B | (.0001) | .0001 | - B | ||||||
Total from investment operations | .0123 | .0016 | .0009 | .0154 | .0224 | .0131 | ||||||
Distributions from net investment income | (.0123) | (.0016) | (.0009) | (.0155) | (.0223) | (.0131) | ||||||
Total distributions | (.0123) | (.0016) | (.0009) | (.0155) | (.0223) | (.0131) | ||||||
Net asset value, end of period | $ | 1.0001 | $ | 1.0001 | $ | 1.0001 | $ | 1.0001 | $ | 1.0002 | $ | 1.0001 |
Total Return C,D | 1.23% | .15% | .09% | 1.56% | 2.26% | 1.32% | ||||||
Ratios to Average Net Assets A,E,F | ||||||||||||
Expenses before reductions | -% G,H | -% H | -% H | .01% | .01% | -% H | ||||||
Expenses net of fee waivers, if any | -% G,H | -% H | -% H | .01% | .01% | -% H | ||||||
Expenses net of all reductions | -% G,H | -% H | -% H | .01% | .01% | -% H | ||||||
Net investment income (loss) | 2.43% G | .16% | .09% | 1.57% | 2.22% | 1.31% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 32,443,818 | $ | 37,572,025 | $ | 36,244,909 | $ | 21,223,031 | $ | 18,063,947 | $ | 22,829,071 |
Gross unrealized appreciation | $- |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) | $- |
Tax cost | $32,551,489,000 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value June 1, 2022 | Ending Account Value November 30, 2022 | Expenses Paid During Period- C June 1, 2022 to November 30, 2022 | |||||||
Fidelity® Securities Lending Cash Central Fund | 0.001% | |||||||||
Actual | $ 1,000 | $ 1,012.30 | $- D | |||||||
Hypothetical- B | $ 1,000 | $ 1,025.07 | $- D | |||||||
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Revere Street Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Revere Street Trust’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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
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 Revere Street Trust
By: | /s/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | January 19, 2023 |
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/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | January 19, 2023 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | January 19, 2023 |