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Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM.
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security.
| Variable Rate Demand Note - 98.9% | | | |
| | | Principal Amount | Value |
| Alabama - 2.8% | | | |
| Columbia Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.): | | | |
| Series 2014 A, 0.03% 12/1/15, VRDN (a) | | $13,200,000 | $13,200,000 |
| Series 2014 B, 0.03% 12/1/15, VRDN (a) | | 7,500,000 | 7,500,000 |
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.36% 12/7/15, VRDN (a)(b) | | 2,500,000 | 2,500,000 |
| Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2009, 0.03% 12/1/15, VRDN (a) | | 15,000,000 | 15,000,000 |
| Mobile Indl. Dev. Board Rev. (Alabama Pwr. Theodore Plant Proj.) Series A, 0.02% 12/1/15, VRDN (a)(b) | | 10,000,000 | 10,000,000 |
| Walker County Econ. & Indl. Dev. Auth. Solid Waste Disp. Rev. (Alabama Pwr. Co. Plant Gorgas Proj.) Series 2007, 0.02% 12/1/15, VRDN (a)(b) | | 19,000,000 | 19,000,000 |
| West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 0.02% 12/1/15, VRDN (a)(b) | | 61,565,000 | 61,565,000 |
| Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Gaston Plant Proj.) Series 2008, 0.02% 12/1/15, VRDN (a)(b) | | 10,790,000 | 10,790,000 |
| | | | 139,555,000 |
| Alaska - 1.5% | | | |
| Valdez Marine Term. Rev.: | | | |
| (Exxon Pipeline Co. Proj.) Series 1985, 0.01% 12/1/15 (Exxon Mobil Corp. Guaranteed), VRDN (a) | | 22,805,000 | 22,805,000 |
| (ExxonMobil Proj.) Series 2001, 0.01% 12/1/15 (Exxon Mobil Corp. Guaranteed), VRDN (a) | | 5,000,000 | 5,000,000 |
| (Phillips Trans. Alaska, Inc. Proj.): | | | |
| Series 1994 B, 0.01% 12/7/15 (ConocoPhillips Co. Guaranteed), VRDN (a) | | 41,000,000 | 41,000,000 |
| Series 1994 C, 0.01% 12/7/15 (ConocoPhillips Co. Guaranteed), VRDN (a) | | 5,000,000 | 5,000,000 |
| Series 2002, 0.01% 12/7/15, VRDN (a) | | 1,800,000 | 1,800,000 |
| | | | 75,605,000 |
| Arizona - 0.6% | | | |
| Coconino County Poll. Cont. Corp. Rev. (Arizona Pub. Svc. Co. Navajo Proj.) Series 2009 B, 0.01% 12/1/15, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 14,010,000 | 14,010,000 |
| Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: | | | |
| (Glenn Oaks Apts. Proj.) Series 2001, 0.02% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 2,840,325 | 2,840,325 |
| (San Angelin Apts. Proj.) Series 2004, 0.03% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 1,800,000 | 1,800,000 |
| (San Martin Apts. Proj.) Series A1, 0.03% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 2,300,000 | 2,300,000 |
| (San Miguel Apts. Proj.) Series 2003, 0.03% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 1,300,000 | 1,300,000 |
| (San Remo Apts. Proj.) Series 2002, 0.03% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 1,425,000 | 1,425,000 |
| Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 0.24% 12/7/15, VRDN (a) | | 4,000,000 | 4,000,000 |
| Mesa Util. Sys. Rev. Participating VRDN Series ROC II R 11959X, 0.02% 12/7/15 (Liquidity Facility Citibank NA) (a)(c) | | 2,750,000 | 2,750,000 |
| Tempe Indl. Dev. Auth. Rev. (ASUF Brickyard Proj.) Series 2004 A, 0.02% 12/7/15, LOC Bank of America NA, VRDN (a) | | 1,000,000 | 1,000,000 |
| | | | 31,425,325 |
| Arkansas - 0.1% | | | |
| Arkansas Dev. Fin. Auth. Multi-family Hsg. Rev. (Kiehl Partners LP Proj.) Series 2004 A, 0.07% 12/7/15, LOC Fannie Mae, VRDN (a) | | 845,000 | 845,000 |
| Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.12% 12/7/15, LOC Royal Bank of Scotland PLC, VRDN (a)(b) | | 4,000,000 | 4,000,000 |
| | | | 4,845,000 |
| California - 7.5% | | | |
| Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN Series II R 11901, 0.02% 12/7/15 (Liquidity Facility Citibank NA) (a)(c) | | 2,035,000 | 2,035,000 |
| California Gen. Oblig. Series 2004 A1, 0.01% 12/1/15, LOC Citibank NA, VRDN (a) | | 22,800,000 | 22,800,000 |
| California Health Facilities Fing. Auth. Rev. (Catholic Healthcare West Proj.) Series 2005 H, 0.01% 12/7/15, LOC Sumitomo Mitsui Banking Corp., VRDN (a) | | 18,160,000 | 18,160,000 |
| California Infrastructure & Econ. Dev. Bank Rev. (Pacific Gas & Elec. Co. Proj.): | | | |
| Series 2009 A, 0.01% 12/1/15, LOC MUFG Union Bank NA, VRDN (a) | | 8,600,000 | 8,600,000 |
| Series 2009 D, 0.01% 12/1/15, LOC Sumitomo Mitsui Banking Corp., VRDN (a) | | 8,800,000 | 8,800,000 |
| California Muni. Fin. Auth. Rev. ( Sierra Univ. Proj.) Series 2008 A, 0.01% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a) | | 5,000,000 | 5,000,000 |
| California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (Pacific Gas & Elec. Co. Proj.): | | | |
| Series 1996 C, 0.01% 12/1/15, LOC JPMorgan Chase Bank, LOC Mizuho Corporate Bank Ltd., VRDN (a) | | 26,200,000 | 26,200,000 |
| Series 1997 B, 0.01% 12/1/15, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 121,200,000 | 121,200,000 |
| California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev.: | | | |
| (Coventry Place Apts. Proj.) Series 2002 JJ, 0.02% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 5,135,000 | 5,135,000 |
| (Irvine Apt. Cmntys. LP Proj.): | | | |
| Series 2001 W1, 0.01% 12/1/15, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 12,400,000 | 12,400,000 |
| Series 2001 W2, 0.01% 12/1/15, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 20,500,000 | 20,500,000 |
| Series 2001 W3, 0.01% 12/1/15, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 17,100,000 | 17,100,000 |
| (The Crossings at Elk Grove Apts.) Series H, 0.03% 12/7/15, LOC Citibank NA, VRDN (a)(b) | | 7,150,000 | 7,150,000 |
| California Statewide Cmntys. Dev. Auth. Rev. (The Archer School for Girls, Inc. Proj.) Series 2005, 0.03% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a) | | 9,075,000 | 9,075,000 |
| Irvine Impt. Bond Act of 1915 Series 2006 B, 0.01% 12/1/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | | 5,413,000 | 5,413,000 |
| Irvine Ranch Wtr. District Rev. Series 2009 B, 0.01% 12/1/15, LOC Bank of America NA, VRDN (a) | | 9,695,000 | 9,695,000 |
| Irvine Reassessment District 12-1 Ltd. Oblig. Series A, 0.01% 12/1/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | | 19,398,000 | 19,398,000 |
| Los Angeles Multi-family Hsg. Rev. (Colonia Corona Apts. Proj.) Series 2004 D, 0.03% 12/7/15, LOC Citibank NA, VRDN (a)(b) | | 2,500,000 | 2,500,000 |
| Sacramento Hsg. Auth. Multi-family Rev. (Phoenix Park II Apts. Proj.) 0.04% 12/7/15, LOC Citibank NA, VRDN (a)(b) | | 6,708,000 | 6,708,000 |
| San Francisco City & County Multi-family Hsg. Rev. (8th & Howard Family Apts. Proj.) Series 2000 B, 0.04% 12/7/15, LOC Citibank NA, VRDN (a)(b) | | 3,705,000 | 3,705,000 |
| San Francisco City & County Redev. Agcy. Multi-family Hsg. Rev.: | | | |
| (Antonia Manor Apts. Proj.) Series 2000 E, 0.03% 12/7/15, LOC Citibank NA, VRDN (a)(b) | | 1,450,000 | 1,450,000 |
| (Mission Creek Cmnty. Proj.) Series B, 0.04% 12/7/15, LOC Citibank NA, VRDN (a)(b) | | 5,745,000 | 5,745,000 |
| Santa Clara County Fing. Auth. Rev. (El Camino Hosp. Proj.) Series 2009 A, 0.01% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a) | | 16,800,000 | 16,800,000 |
| Univ. of California Revs. Participating VRDN Series MS 3066, 0.02% 12/7/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 10,993,250 | 10,993,250 |
| | | | 366,562,250 |
| Connecticut - 1.9% | | | |
| Connecticut Health & Edl. Facilities Auth. Rev. (Yale Univ. Proj.): | | | |
| Series V1, 0.01% 12/1/15, VRDN (a) | | 22,900,000 | 22,900,000 |
| Series V2, 0.01% 12/1/15, VRDN (a) | | 12,380,000 | 12,380,000 |
| Connecticut Hsg. Fin. Auth.: | | | |
| (Hsg. Mtg. Fin. Prog.): | | | |
| Series 2012 D3, 0.02% 12/7/15 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(b) | | 2,150,000 | 2,150,000 |
| Series 2013 B5, 0.02% 12/7/15 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(b) | | 8,660,000 | 8,660,000 |
| Series 2008 E, 0.04% 12/7/15 (Liquidity Facility Bank of America NA), VRDN (a)(b) | | 1,200,000 | 1,200,000 |
| Series 2009 A1, 0.01% 12/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 16,780,000 | 16,780,000 |
| Series 2009 A2, 0.01% 12/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 5,000,000 | 5,000,000 |
| Series 2011 C1, 0.01% 12/7/15 (Liquidity Facility Barclays Bank PLC), VRDN (a) | | 21,200,000 | 21,200,000 |
| Series 2011 E4, 0.02% 12/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a)(b) | | 3,600,000 | 3,600,000 |
| | | | 93,870,000 |
| Delaware - 0.3% | | | |
| Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | | | |
| Series 1987, 0.1% 12/1/15, VRDN (a)(b) | | 1,300,000 | 1,300,000 |
| Series 1988, 0.1% 12/1/15, VRDN (a)(b) | | 3,400,000 | 3,400,000 |
| Series 1993 C, 0.15% 12/7/15, VRDN (a) | | 6,300,000 | 6,300,000 |
| Series 1994, 0.1% 12/1/15, VRDN (a)(b) | | 2,900,000 | 2,900,000 |
| Series 1999 B, 0.08% 12/7/15, VRDN (a)(b) | | 1,100,000 | 1,100,000 |
| | | | 15,000,000 |
| District Of Columbia - 1.6% | | | |
| District of Columbia Rev.: | | | |
| (Medlantic/Helix Proj.) Series 1998 A Tranche I, 0.01% 12/1/15, LOC Wells Fargo Bank NA, VRDN (a) | | 37,835,000 | 37,835,000 |
| Series 2006, 0.01% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a) | | 3,500,000 | 3,500,000 |
| Metropolitan Arpts Auth. Series 2011 A: | | | |
| 0.02% 12/7/15, LOC Royal Bank of Canada, VRDN (a)(b) | | 3,000,000 | 3,000,000 |
| 0.02% 12/7/15, LOC Royal Bank of Canada, VRDN (a)(b) | | 2,300,000 | 2,300,000 |
| Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2009 D2, 0.01% 12/1/15, LOC TD Banknorth, NA, VRDN (a) | | 34,175,000 | 34,175,000 |
| | | | 80,810,000 |
| Florida - 8.9% | | | |
| Broward County Edl. Facilities Auth. Rev. (Nova Southeastern Univ. Proj.) Series 2008 A, 0.01% 12/1/15, LOC Bank of America NA, VRDN (a) | | 21,195,000 | 21,195,000 |
| Broward County Indl. Dev. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2015, 0.01% 12/1/15, VRDN (a)(b) | | 20,900,000 | 20,900,000 |
| Broward County Port Facilities Rev. (Port Everglades Proj.) Series 2008, 0.02% 12/7/15, LOC Royal Bank of Canada, VRDN (a)(b) | | 22,130,000 | 22,130,000 |
| Clay County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Nassau Club Apts. Proj.) 0.03% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 8,905,000 | 8,905,000 |
| Dade County Indl. Dev. Auth. Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) 0.01% 12/1/15, VRDN (a) | | 8,635,000 | 8,635,000 |
| Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: | | | |
| (Clarcona Groves Apts. Proj.) Series A, 0.03% 12/7/15, LOC Citibank NA, VRDN (a)(b) | | 2,675,000 | 2,675,000 |
| (Heather Glenn Apts. Proj.) Series 2003 H, 0.02% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 5,810,000 | 5,810,000 |
| (Pinnacle Pointe Apts. Proj.) Series 2003 N, 0.03% 12/7/15, LOC Citibank NA, VRDN (a)(b) | | 12,470,000 | 12,470,000 |
| Florida Hsg. Fin. Corp. Rev. (Tuscany Lakes Apts. Proj.) Series 2002 K1, 0.02% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 10,000,000 | 10,000,000 |
| Florida Muni. Pwr. Agcy. Rev. (All-Requirements Pwr. Supply Proj.) Series 2008 C, 0.01% 12/1/15, LOC Bank of America NA, VRDN (a) | | 61,395,000 | 61,395,000 |
| Jacksonville Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1995, 0.01% 12/1/15, VRDN (a) | | 51,800,000 | 51,800,000 |
| Jacksonville Port Auth. Rev. (Mitsui O.S.K. Lines Ltd. Proj.) 0.01% 12/7/15, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | | 17,885,000 | 17,885,000 |
| Martin County Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2000, 0.01% 12/1/15, VRDN (a) | | 87,100,000 | 87,100,000 |
| Miami-Dade County Series 2014 A, 0.01% 12/7/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | | 8,200,000 | 8,200,000 |
| Miami-Dade County Indl. Dev. Auth. Rev. (Tarmac America Proj.) Series 2004, 0.05% 12/7/15, LOC HSBC Bank U.S.A., NA, VRDN (a)(b) | | 2,600,000 | 2,600,000 |
| North Broward Hosp. District Rev. Series 2005 A, 0.02% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a) | | 4,400,000 | 4,400,000 |
| Ocean Hwy. & Port Auth. Rev. Series 1990, 0.06% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 1,400,000 | 1,400,000 |
| Orange County Hsg. Fin. Auth. Multi-family Rev. (West Point Villas Apts. Proj.) Series 2000 F, 0.03% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 10,645,000 | 10,645,000 |
| Palm Beach County Wtr. & Swr. Rev. Participating VRDN Series 15 XF0085, 0.02% 12/7/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 2,215,000 | 2,215,000 |
| Pinellas County Health Facilities Auth. Rev. (BayCare Health Sys. Proj.) Series 2009 A1, 0.01% 12/1/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | | 60,900,000 | 60,900,000 |
| Saint Johns County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Ponce Hbr. Apts. Proj.) Series 2001 A, 0.03% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 5,185,000 | 5,185,000 |
| Univ. of North Florida Parking Sys. Rev. Series 1998, 0.01% 12/1/15, LOC Wells Fargo Bank NA, VRDN (a) | | 3,400,000 | 3,400,000 |
| Volusia County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Saxon Trace Apts. Proj.) Series 2003, 0.03% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 8,300,000 | 8,300,000 |
| | | | 438,145,000 |
| Georgia - 1.0% | | | |
| Athens-Clarke County Unified Govt. Dev. Auth. Rev. (Univ. of Georgia Athletic Assoc. Proj.): | | | |
| Series 2003, 0.01% 12/1/15, LOC Wells Fargo Bank NA, VRDN (a) | | 8,500,000 | 8,500,000 |
| Series 2005 B, 0.01% 12/1/15, LOC Wells Fargo Bank NA, VRDN (a) | | 3,045,000 | 3,045,000 |
| Bartow County Dev. Auth. Rev. (VMC Specialty Alloys LLC Proj.) Series 2014, 0.09% 12/7/15, LOC Comerica Bank, VRDN (a)(b) | | 3,075,000 | 3,075,000 |
| Bulloch County Dev. Auth. Indl. Dev. Rev. (Gold Kist, Inc. Proj.) Series 1995, 0.15% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 2,700,000 | 2,700,000 |
| Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.) Second Series 1995, 0.22% 12/1/15, VRDN (a) | | 24,000,000 | 24,000,000 |
| Georgia Muni. Elec. Auth. Pwr. Rev. (Proj. One) Series 2008 B, 0.01% 12/7/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | | 7,355,000 | 7,355,000 |
| Savannah Econ. Dev. Auth. Rev. (Home Depot, Inc. Proj.) Series 1995 A, 0.05% 12/7/15, VRDN (a)(b) | | 1,100,000 | 1,100,000 |
| | | | 49,775,000 |
| Hawaii - 0.0% | | | |
| Hawaii Gen. Oblig. Participating VRDN Series Putters 4007, 0.02% 12/7/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 2,000,000 | 2,000,000 |
| Illinois - 8.1% | | | |
| Carol Stream Multi-family Rev. (Saint Charles Square Proj.) Series 1997, 0.04% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 1,215,000 | 1,215,000 |
| Chicago Midway Arpt. Rev. Series 2014 C, 0.02% 12/7/15, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 6,700,000 | 6,700,000 |
| Chicago Wtr. Rev. Series 2004 A1, 0.06% 12/7/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | | 18,605,000 | 18,605,000 |
| Illinois Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 0.02% 12/7/15, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 3,100,000 | 3,100,000 |
| Illinois Fin. Auth. Rev.: | | | |
| (OSF Healthcare Sys. Proj.) Series 2009 C, 0.02% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a) | | 32,500,000 | 32,500,000 |
| (The Carle Foundation Proj.) Series 2009 B, 0.01% 12/7/15, LOC Northern Trust Co., VRDN (a) | | 8,900,000 | 8,900,000 |
| (The Univ. of Chicago Med. Ctr. Proj.): | | | |
| Series 2009 D2, 0.01% 12/1/15, LOC PNC Bank NA, VRDN (a) | | 19,800,000 | 19,800,000 |
| Series 2009 E1, 0.01% 12/1/15, LOC Wells Fargo Bank NA, VRDN (a) | | 14,050,000 | 14,050,000 |
| Series 2010 A, 0.01% 12/1/15, LOC Bank of America NA, VRDN (a) | | 31,410,000 | 31,410,000 |
| Series 2010 B, 0.01% 12/1/15, LOC Wells Fargo Bank NA, VRDN (a) | | 4,700,000 | 4,700,000 |
| Participating VRDN Series Putters 3302, 0.01% 12/1/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 2,890,000 | 2,890,000 |
| Series 2011 A, 0.01% 12/1/15, LOC Bank of America NA, VRDN (a) | | 42,750,000 | 42,750,000 |
| Series 2011 B, 0.01% 12/1/15, LOC Wells Fargo Bank NA, VRDN (a) | | 4,050,000 | 4,050,000 |
| Illinois Gen. Oblig.: | | | |
| Series 2003 B, 0.01% 12/7/15, LOC JPMorgan Chase Bank, VRDN (a) | | 4,100,000 | 4,100,000 |
| Series 2003 B2: | | | |
| 0.02% 12/7/15, LOC PNC Bank NA, VRDN (a) | | 72,600,000 | 72,600,000 |
| 0.02% 12/7/15, LOC Royal Bank of Canada, VRDN (a) | | 47,000,000 | 47,000,000 |
| Series 2003 B3, 0.02% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a) | | 4,950,000 | 4,950,000 |
| Series 2003 B6, 0.01% 12/7/15, LOC Northern Trust Co., VRDN (a) | | 18,000,000 | 18,000,000 |
| Illinois Health Facilities Auth. Rev. (Memorial Health Sys. Proj.) Series 2003, 0.01% 12/1/15, LOC JPMorgan Chase Bank, VRDN (a) | | 9,800,000 | 9,800,000 |
| Romeoville Gen. Oblig. Rev. (Lewis Univ. Proj.) Series 2006, 0.01% 12/1/15, LOC Wells Fargo Bank NA, VRDN (a) | | 6,980,000 | 6,980,000 |
| Will County Envir. Facilities Rev. (ExxonMobil Corp. Proj.) Series 2001, 0.01% 12/1/15 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | | 19,585,000 | 19,585,000 |
| Will County Exempt Facilities Rev. (ExxonMobil Corp. Proj.) Series 2001, 0.01% 12/1/15 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | | 23,200,000 | 23,200,000 |
| | | | 396,885,000 |
| Indiana - 0.9% | | | |
| Indiana Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2002 A, 0.02% 12/7/15, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 3,300,000 | 3,300,000 |
| Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.): | | | |
| Series 2008 B, 0.02% 12/7/15, LOC JPMorgan Chase Bank, VRDN (a) | | 5,905,000 | 5,905,000 |
| Series 2008 J, 0.02% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a) | | 7,547,500 | 7,547,500 |
| Indiana Fin. Auth. Hosp. Rev.: | | | |
| (Cmnty. Health Network Proj.) Series 2009 A, 0.02% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a) | | 17,965,000 | 17,965,000 |
| (Indiana Univ. Health Obligated Group Proj.) Series 2011 C, 0.01% 12/7/15, LOC Northern Trust Co., VRDN (a) | | 3,000,000 | 3,000,000 |
| Indiana Health Facility Fing. Auth. Rev. Series 2003 E6, 0.01% 12/7/15, VRDN (a) | | 4,600,000 | 4,600,000 |
| | | | 42,317,500 |
| Iowa - 0.8% | | | |
| Iowa Fin. Auth. Health Facilities Rev. (Iowa Health Sys. Proj.): | | | |
| Series 2009 A, 0.01% 12/1/15, LOC JPMorgan Chase Bank, VRDN (a) | | 5,640,000 | 5,640,000 |
| Series 2009 B, 0.01% 12/1/15, LOC JPMorgan Chase Bank, VRDN (a) | | 8,010,000 | 8,010,000 |
| Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Proj.) Series 2008 A, 0.04% 12/7/15, VRDN (a)(b) | | 12,000,000 | 12,000,000 |
| Iowa Higher Ed. Ln. Auth. Rev.: | | | |
| (Des Moines Univ. Proj.) 0.01% 12/1/15, LOC BMO Harris Bank NA, VRDN (a) | | 4,800,000 | 4,800,000 |
| (Saint Ambrose Univ. Proj.) 0.01% 12/1/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | | 8,290,000 | 8,290,000 |
| | | | 38,740,000 |
| Kansas - 0.4% | | | |
| Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.) Series 2002, 0.1% 12/7/15, LOC Bank of America NA, VRDN (a)(b) | | 7,000,000 | 7,000,000 |
| Lenexa Multi-family Hsg. Rev. (Heather Glen Apts. Proj.) Series 2007, 0.03% 12/7/15, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | | 8,960,000 | 8,960,000 |
| Univ. of Kansas Hosp. Auth. Health Facilities Rev. (KU Health Sys. Proj.) Series 2004, 0.01% 12/1/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | | 1,670,000 | 1,670,000 |
| | | | 17,630,000 |
| Kentucky - 2.6% | | | |
| Carroll County Envir. Facilities Rev. (Kentucky Utils. Co. Proj.): | | | |
| Series 2004 A, 0.01% 12/7/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | | 3,200,000 | 3,200,000 |
| Series 2006 B, 0.01% 12/7/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | | 5,500,000 | 5,500,000 |
| Series 2008 A, 0.01% 12/7/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | | 9,347,405 | 9,347,405 |
| Daviess County Exempt Facilities Rev. (Kimberly-Clark Tissue Co. Proj.) Series 1999, 0.04% 12/7/15 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | | 3,000,000 | 3,000,000 |
| Daviess County Solid Waste Disp. Facilities Rev. (Scott Paper Co. Proj.): | | | |
| Series 1993 A, 0.04% 12/7/15 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | | 2,750,000 | 2,750,000 |
| Series 1993 B, 0.04% 12/7/15 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | | 2,300,000 | 2,300,000 |
| Elizabethtown Indl. Bldg. Rev. (Altec Industries, Inc. Proj.) Series 1997, 0.03% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 3,000,000 | 3,000,000 |
| Kentucky Higher Ed. Student Ln. Corp. Rev. Series 2008 A1, 0.01% 12/7/15, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | | 3,200,000 | 3,200,000 |
| Louisville & Jefferson County Series 2011 B, 0.01% 12/1/15, LOC JPMorgan Chase Bank, VRDN (a) | | 7,300,000 | 7,300,000 |
| Louisville & Jefferson County Reg'l. Arpt. Auth. Spl. Facilities Rev. (UPS Worldwide Forwarding, Inc. Proj.): | | | |
| Series 1999 A, 0.01% 12/1/15 (United Parcel Svc. of America, Inc. Guaranteed), VRDN (a)(b) | | 16,520,000 | 16,520,000 |
| Series 1999 B, 0.01% 12/1/15 (United Parcel Svc. of America, Inc. Guaranteed), VRDN (a)(b) | | 42,500,000 | 42,500,000 |
| Series 1999 C, 0.01% 12/1/15 (United Parcel Svc. of America, Inc. Guaranteed), VRDN (a)(b) | | 27,800,000 | 27,800,000 |
| | | | 126,417,405 |
| Louisiana - 2.6% | | | |
| Louisiana Offshore Term. Auth. Deepwater Port Rev. (LOOP LLC Proj.) Series 2003 A, 0.01% 12/1/15, LOC JPMorgan Chase Bank, VRDN (a) | | 6,860,000 | 6,860,000 |
| Louisiana Pub. Facilities Auth. Rev. (Air Products & Chemicals, Inc. Proj.): | | | |
| Series 2002, 0.02% 12/7/15, VRDN (a)(b) | | 7,000,000 | 7,000,000 |
| Series 2003, 0.02% 12/7/15, VRDN (a)(b) | | 3,000,000 | 3,000,000 |
| Saint Charles Parish Poll. Cont. Rev.: | | | |
| (Shell Oil Co. Proj.): | | | |
| Series 1992 A, 0.01% 12/1/15, VRDN (a)(b) | | 28,000,000 | 28,000,000 |
| Series 1992 B, 0.01% 12/1/15, VRDN (a) | | 1,400,000 | 1,400,000 |
| (Shell Oil Co.-Norco Proj.): | | | |
| Series 1991, 0.01% 12/1/15, VRDN (a)(b) | | 50,000,000 | 50,000,000 |
| Series 1993, 0.01% 12/1/15, VRDN (a)(b) | | 22,000,000 | 22,000,000 |
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | | | |
| Series 2010 A1, 0.35% 12/7/15, VRDN (a) | | 2,900,000 | 2,900,000 |
| Series 2010 B1, 0.34% 12/7/15, VRDN (a) | | 4,900,000 | 4,900,000 |
| | | | 126,060,000 |
| Maryland - 0.5% | | | |
| Maryland Health & Higher Edl. Facilities Auth. Rev.: | | | |
| (Anne Arundel Health Sys. Proj.) Series 2009 B, 0.01% 12/7/15, LOC Bank of America NA, VRDN (a) | | 3,600,000 | 3,600,000 |
| Participating VRDN Series 15 XF0130, 0.02% 12/7/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 7,275,000 | 7,275,000 |
| Maryland Trans. Auth. Passenger Facility Charge Rev. Series 2012 C, 0.03% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 1,000,000 | 1,000,000 |
| Maryland Trans. Auth. Trans. Facility Projects Rev. Participating VRDN Series ROC II R 11437, 0.02% 12/7/15 (Liquidity Facility Citibank NA) (a)(c) | | 3,000,000 | 3,000,000 |
| Montgomery County Hsg. Opportunities Commission Multi-family Hsg. Rev. Series 2004 D, 0.02% 12/7/15, LOC TD Banknorth, NA, VRDN (a)(b) | | 11,380,000 | 11,380,000 |
| | | | 26,255,000 |
| Massachusetts - 0.4% | | | |
| Massachusetts Gen. Oblig. Series 2006 A, 0.01% 12/1/15 (Liquidity Facility Wells Fargo Bank NA), VRDN (a) | | 3,110,000 | 3,110,000 |
| Massachusetts Health & Edl. Facilities Auth. Rev. (Harvard Univ. Proj.) Series R, 0.01% 12/1/15, VRDN (a) | | 14,540,000 | 14,540,000 |
| Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN Series MS 30911, 0.02% 12/7/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 1,335,000 | 1,335,000 |
| | | | 18,985,000 |
| Michigan - 0.1% | | | |
| Michigan Fin. Auth. Rev. Series 22 A, 0.02% 12/7/15, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | | 2,747,000 | 2,747,000 |
| Minnesota - 0.5% | | | |
| Hennepin County Hsg. & Redev. Auth. Multi-family Rev. (Stone Arch Apts. Proj.) 0.06% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 1,400,000 | 1,400,000 |
| Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (Allina Health Sys. Proj.): | | | |
| Series 2007 C2, 0.02% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a) | | 10,635,000 | 10,635,000 |
| Series 2009 B1, 0.01% 12/1/15, LOC JPMorgan Chase Bank, VRDN (a) | | 2,600,000 | 2,600,000 |
| Series 2009 B2, 0.01% 12/1/15, LOC JPMorgan Chase Bank, VRDN (a) | | 5,900,000 | 5,900,000 |
| Plymouth Multi-family Hsg. Rev. (Hbr. Lane Apts. Proj.) Series 2003, 0.06% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 2,000,000 | 2,000,000 |
| | | | 22,535,000 |
| Mississippi - 2.7% | | | |
| Jackson County Indl. Sewage Facilities Rev. (Chevron U.S.A., Inc. Proj.) Series 1994, 0.01% 12/1/15, VRDN (a)(b) | | 18,100,000 | 18,100,000 |
| Jackson County Poll. Cont. Rev. (Chevron U.S.A., Inc. Proj.) Series 1993 0.01% 12/1/15, VRDN (a) | | 24,205,000 | 24,205,000 |
| Mississippi Bus. Fin. Corp. (Chevron U.S.A., Inc. Proj.): | | | |
| Series 2007 A, 0.01% 12/1/15 (Chevron Corp. Guaranteed), VRDN (a) | | 70,310,000 | 70,310,000 |
| Series 2007 C: | | | |
| 0.01% 12/1/15 (Chevron Corp. Guaranteed), VRDN (a) | | 5,800,000 | 5,800,000 |
| 0.01% 12/1/15 (Chevron Corp. Guaranteed), VRDN (a) | | 14,600,000 | 14,600,000 |
| | | | 133,015,000 |
| Missouri - 1.7% | | | |
| Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev.: | | | |
| (Saint Louis Univ. Proj.): | | | |
| Series 1999 B, 0.01% 12/1/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | | 21,335,000 | 21,335,000 |
| Series 2008 A1, 0.01% 12/1/15, LOC Wells Fargo Bank NA, VRDN (a) | | 9,500,000 | 9,500,000 |
| Series 2008 B1, 0.01% 12/1/15, LOC Barclays Bank PLC, VRDN (a) | | 16,680,000 | 16,680,000 |
| Series 2008 B2, 0.01% 12/1/15, LOC Wells Fargo Bank NA, VRDN (a) | | 11,425,000 | 11,425,000 |
| Series 2012, 0.01% 12/1/15, LOC PNC Bank NA, VRDN (a) | | 23,575,000 | 23,575,000 |
| | | | 82,515,000 |
| Nebraska - 0.4% | | | |
| Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: | | | |
| Series 2013 F, 0.01% 12/7/15 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | | 10,290,000 | 10,290,000 |
| Series 2014 B, 0.01% 12/7/15 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | | 8,520,000 | 8,520,000 |
| Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.36% 12/7/15, VRDN (a)(b) | | 2,200,000 | 2,200,000 |
| | | | 21,010,000 |
| Nevada - 2.0% | | | |
| Clark County Arpt. Rev.: | | | |
| Series 2008 C2, 0.01% 12/7/15, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | | 37,425,000 | 37,425,000 |
| Series 2008 C3, 0.02% 12/7/15, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | | 24,755,000 | 24,755,000 |
| Series 2011 B1, 0.02% 12/7/15, LOC Citibank NA, VRDN (a)(b) | | 11,175,000 | 11,175,000 |
| Series 2011 B2, 0.02% 12/7/15, LOC Royal Bank of Canada, VRDN (a)(b) | | 7,120,000 | 7,120,000 |
| Clark County Indl. Dev. Rev.: | | | |
| (Southwest Gas Corp. Proj.) 0.05% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 8,300,000 | 8,300,000 |
| Series 2008 A, 0.02% 12/7/15, LOC MUFG Union Bank NA, VRDN (a)(b) | | 7,200,000 | 7,200,000 |
| | | | 95,975,000 |
| New Jersey - 0.1% | | | |
| Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.): | | | |
| Series 2003 B1, 0.13% 12/7/15, VRDN (a) | | 1,800,000 | 1,800,000 |
| Series 2012 A, 0.13% 12/7/15, VRDN (a)(b) | | 2,700,000 | 2,700,000 |
| | | | 4,500,000 |
| New York - 24.8% | | | |
| Nassau Health Care Corp. Rev. Series 2009 D1, 0.01% 12/7/15, LOC JPMorgan Chase Bank, VRDN (a) | | 5,320,000 | 5,320,000 |
| New York City Gen. Oblig.: | | | |
| Series 2004 H1, 0.01% 12/1/15, LOC Bank of New York, New York, VRDN (a) | | 8,130,000 | 8,130,000 |
| Series 2006 H1, 0.01% 12/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 25,300,000 | 25,300,000 |
| Series 2006 I3, 0.01% 12/1/15, LOC Bank of America NA, VRDN (a) | | 1,600,000 | 1,600,000 |
| Series 2006 I5, 0.01% 12/1/15 (Liquidity Facility Bank of New York, New York), VRDN (a) | | 25,800,000 | 25,800,000 |
| Series 2006 I8, 0.01% 12/1/15 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | | 28,030,000 | 28,030,000 |
| Series 2008 L5, 0.01% 12/1/15 (Liquidity Facility Bank of America NA), VRDN (a) | | 3,300,000 | 3,300,000 |
| Series 2012 D3A, 0.01% 12/1/15, LOC California Pub. Employees Retirement Sys., VRDN (a) | | 9,600,000 | 9,600,000 |
| Series 2013 A2, 0.01% 12/1/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | | 92,770,000 | 92,770,000 |
| Series 2014 D3, 0.01% 12/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 12,310,000 | 12,310,000 |
| Series 2015 F5, 0.01% 12/1/15 (Liquidity Facility Barclays Bank PLC), VRDN (a) | | 5,300,000 | 5,300,000 |
| Series 2015 F6, 0.01% 12/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 10,000,000 | 10,000,000 |
| Series 2104 1, 0.01% 12/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 47,500,000 | 47,500,000 |
| Series D5, 0.01% 12/1/15, LOC PNC Bank NA, VRDN (a) | | 18,820,000 | 18,820,000 |
| Series H2, 0.01% 12/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 11,150,000 | 11,150,000 |
| New York City Hsg. Dev. Corp. Multi-family Mtg. Rev.: | | | |
| (Granite Terrace Apts. Proj.) Series A, 0.03% 12/7/15, LOC Citibank NA, VRDN (a)(b) | | 4,060,000 | 4,060,000 |
| (Spring Creek Hsg. Proj.) Series 2006 A, 0.02% 12/7/15, LOC Freddie Mac, VRDN (a)(b) | | 3,000,000 | 3,000,000 |
| New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev.: | | | |
| (Brittany Dev. Proj.) Series A, 0.02% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 7,500,000 | 7,500,000 |
| (Related-Tribeca Tower Proj.) Series 1997 A, 0.01% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 40,000,000 | 40,000,000 |
| (Rivereast Apts. Proj.) Series A, 0.02% 12/7/15, LOC Freddie Mac, VRDN (a)(b) | | 25,850,000 | 25,850,000 |
| Series 2002 A, 0.02% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 3,600,000 | 3,600,000 |
| New York City Indl. Dev. Agcy. Civic Facility Rev. (American Civil Liberties Union Foundation, Inc. Proj.) Series 2005, 0.01% 12/1/15, LOC JPMorgan Chase Bank, VRDN (a) | | 7,265,000 | 7,265,000 |
| New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | | | |
| Participating VRDN Series BC 13 3WX, 0.02% 12/7/15 (Liquidity Facility Barclays Bank PLC) (a)(c) | | 375,000 | 375,000 |
| Series 2006 AA-1B, 0.01% 12/1/15 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | | 2,120,000 | 2,120,000 |
| Series 2008 B3, 0.01% 12/1/15 (Liquidity Facility Bank of America NA), VRDN (a) | | 11,600,000 | 11,600,000 |
| Series 2008 BB2, 0.01% 12/1/15 (Liquidity Facility Bank of America NA), VRDN (a) | | 20,900,000 | 20,900,000 |
| Series 2009 BB1, 0.01% 12/1/15 (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | | 7,040,000 | 7,040,000 |
| Series 2009 BB2, 0.01% 12/1/15 (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | | 12,645,000 | 12,645,000 |
| Series 2011 DD, 0.01% 12/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 11,400,000 | 11,400,000 |
| Series 2012 B, 0.01% 12/1/15 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (a) | | 6,200,000 | 6,200,000 |
| Series 2014 AA: | | | |
| 0.01% 12/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 18,600,000 | 18,600,000 |
| 0.01% 12/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 10,230,000 | 10,230,000 |
| 0.01% 12/1/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | | 61,600,000 | 61,600,000 |
| 0.01% 12/1/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | | 22,770,000 | 22,770,000 |
| Series 2014 BB4, 0.01% 12/1/15 (Liquidity Facility Wells Fargo Bank NA), VRDN (a) | | 12,900,000 | 12,900,000 |
| Series 2015 BB, 0.01% 12/1/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | | 21,880,000 | 21,880,000 |
| Series FF, 0.01% 12/1/15 (Liquidity Facility Bank of America NA), VRDN (a) | | 23,000,000 | 23,000,000 |
| New York City Transitional Fin. Auth. Rev.: | | | |
| Participating VRDN: | | | |
| Series 15 XF0080, 0.02% 12/7/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 5,865,000 | 5,865,000 |
| Series Putters 4043, 0.05% 12/1/15 (Liquidity Facility JPMorgan Chase & Co.) (a)(c) | | 23,950,000 | 23,950,000 |
| Series 2003 A2, 0.01% 12/2/15 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a) | | 44,500,000�� | 44,500,000 |
| Series 2003 C1, 0.01% 12/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 4,700,000 | 4,700,000 |
| Series 2013 A6, 0.01% 12/1/15 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | | 4,100,000 | 4,100,000 |
| Series 2013 C4, 0.01% 12/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 61,015,000 | 61,015,000 |
| Series 2014 D4, 0.01% 12/1/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | | 7,000,000 | 7,000,000 |
| Series 2016 A4, 0.01% 12/1/15 (Liquidity Facility Bank of America NA), VRDN (a) | | 7,725,000 | 7,725,000 |
| Series C, 0.01% 12/1/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah), VRDN (a) | | 1,800,000 | 1,800,000 |
| New York Dorm. Auth. Revs. Participating VRDN: | | | |
| Series EGL 07 0002, 0.01% 12/7/15 (Liquidity Facility Citibank NA) (a)(c) | | 5,180,000 | 5,180,000 |
| Series ROC II R 11535, 0.01% 12/7/15 (Liquidity Facility Citibank NA) (a)(c) | | 1,140,000 | 1,140,000 |
| New York Hsg. Fin. Agcy. Rev.: | | | |
| (150 East 44th Street Hsg. Proj.) Series 2000 A, 0.01% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 7,600,000 | 7,600,000 |
| (350 West 43rd Street Hsg. Proj.): | | | |
| Series 2002 A, 0.01% 12/1/15, LOC Landesbank Hessen-Thuringen, VRDN (a)(b) | | 9,120,000 | 9,120,000 |
| Series 2004 A, 0.01% 12/1/15, LOC Landesbank Hessen-Thuringen, VRDN (a)(b) | | 13,500,000 | 13,500,000 |
| (455 West 37th Street Hsg. Proj.) Series A, 0.01% 12/1/15, LOC Landesbank Hessen-Thuringen, VRDN (a)(b) | | 46,850,000 | 46,850,000 |
| (505 West 37th Street Proj.): | | | |
| Series 2008 A, 0.03% 12/1/15, LOC Landesbank Hessen-Thuringen, VRDN (a)(b) | | 12,700,000 | 12,700,000 |
| Series 2009 A, 0.02% 12/1/15, LOC Landesbank Hessen-Thuringen, VRDN (a) | | 1,000,000 | 1,000,000 |
| Series 2009 B, 0.02% 12/1/15, LOC Landesbank Hessen-Thuringen, VRDN (a) | | 10,460,000 | 10,460,000 |
| (55 West 25th Street Hsg. Proj.) Series 2005 A, 0.02% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 3,000,000 | 3,000,000 |
| (600 West and 42nd St. Hsg. Proj.) Series 2007 A, 0.03% 12/7/15, LOC Freddie Mac, VRDN (a)(b) | | 70,000,000 | 70,000,000 |
| (80 DeKalb Ave. Hsg. Proj.) Series 2009 B, 0.02% 12/7/15, LOC Landesbank Hessen-Thuringen, VRDN (a) | | 14,850,000 | 14,850,000 |
| (Clinton Green South Hsg. Proj.) Series 2005 A, 0.01% 12/7/15, LOC Freddie Mac, VRDN (a)(b) | | 6,200,000 | 6,200,000 |
| (East 39th Street Hsg. Proj.) Series 1999 A, 0.01% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 12,000,000 | 12,000,000 |
| (Parkledge Apts. Hsg. Proj.) Series A, 0.01% 12/7/15, LOC Freddie Mac, VRDN (a)(b) | | 8,425,000 | 8,425,000 |
| (Tower 31 Hsg. Proj.) Series 2005 A, 0.01% 12/7/15, LOC Freddie Mac, VRDN (a)(b) | | 9,000,000 | 9,000,000 |
| (Tribeca Green Hsg. Proj.) Series 2003 A, 0.01% 12/7/15, LOC Landesbank Hessen-Thuringen, VRDN (a) | | 5,350,000 | 5,350,000 |
| Series 2004 A, 0.01% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 28,800,000 | 28,800,000 |
| Series 2012 A, 0.07% 12/7/15, LOC Manufacturers & Traders Trust Co., VRDN (a) | | 8,400,000 | 8,400,000 |
| Series 2013 A, 0.01% 12/1/15, LOC PNC Bank NA, VRDN (a) | | 19,135,000 | 19,135,000 |
| Series 2014 A, 0.01% 12/1/15, LOC PNC Bank NA, VRDN (a) | | 20,950,000 | 20,950,000 |
| New York Metropolitan Trans. Auth. Rev.: | | | |
| Series 2005 D2, 0.01% 12/1/15, LOC Landesbank Hessen-Thuringen, VRDN (a) | | 35,040,000 | 35,040,000 |
| Series 2015 E1, 0.01% 12/1/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | | 2,000,000 | 2,000,000 |
| New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. of New York, Inc. Proj.): | | | |
| Series 2004 C2, 0.01% 12/7/15, LOC Mizuho Bank Ltd., VRDN (a)(b) | | 19,000,000 | 19,000,000 |
| Series 2010 A2, 0.01% 12/7/15, LOC Bank of Nova Scotia, VRDN (a)(b) | | 8,000,000 | 8,000,000 |
| New York Urban Dev. Corp. Rev. Series 2008 A5, 0.01% 12/7/15, LOC TD Banknorth, NA, VRDN (a) | | 27,900,000 | 27,900,000 |
| Triborough Bridge & Tunnel Auth. Revs. Series 2005 B2, 0.01% 12/1/15, LOC Wells Fargo Bank NA, VRDN (a) | | 7,835,000 | 7,835,000 |
| | | | 1,213,555,000 |
| North Carolina - 2.2% | | | |
| Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev.: | | | |
| Series 2005 C, 0.01% 12/1/15, LOC U.S. Bank NA, Cincinnati, VRDN(a) | | 1,590,000 | 1,590,000 |
| Series 2005 D, 0.01% 12/1/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | | 11,650,000 | 11,650,000 |
| Series 2007 E, 0.01% 12/7/15, LOC TD Banknorth, NA, VRDN (a) | | 20,300,000 | 20,300,000 |
| Series 2007 H, 0.01% 12/1/15, LOC Wells Fargo Bank NA, VRDN (a) | | 11,460,000 | 11,460,000 |
| Series B, 0.01% 12/1/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | | 2,700,000 | 2,700,000 |
| North Carolina Cap. Facilities Fin. Agcy. Rev. Participating VRDN Series 15 XF0095, 0.02% 12/7/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 3,090,000 | 3,090,000 |
| North Carolina Med. Care Commission Health Care Facilities Rev.: | | | |
| (WakeMed Proj.) Series 2009 B, 0.01% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a) | | 21,890,000 | 21,890,000 |
| Participating VRDN Series RBC O 39, 0.01% 12/7/15 (Liquidity Facility Royal Bank of Canada) (a)(c) | | 3,365,000 | 3,365,000 |
| North Carolina Med. Care Commission Hosp. Rev. (CaroMont Health Proj.) Series 2003 B, 0.02% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a) | | 26,165,000 | 26,165,000 |
| Orange Wtr. & Swr. Auth. Series 2004 B, 0.02% 12/7/15 (Liquidity Facility Wells Fargo Bank NA), VRDN (a) | | 5,000,000 | 5,000,000 |
| Rockingham County Indl. Facilities & Poll. Cont. Fing. Auth. Rev. (Pine Brick Co., Inc. Proj.) Series 2000, 0.07% 12/7/15, LOC Branch Banking & Trust Co., VRDN (a)(b) | | 1,650,000 | 1,650,000 |
| | | | 108,860,000 |
| Ohio - 0.3% | | | |
| Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Series 2008 B, 0.02% 12/7/15 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | | 14,030,000 | 14,030,000 |
| Oregon - 0.1% | | | |
| Oregon Econ. Dev. Rev. (Cascade Steel Co. Proj.) Series 176, 0.06% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 1,400,000 | 1,400,000 |
| Oregon Facilities Auth. Rev. (PeaceHealth Proj.) Series 2008 A, 0.01% 12/7/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | | 2,500,000 | 2,500,000 |
| | | | 3,900,000 |
| Pennsylvania - 1.6% | | | |
| Allegheny County Hosp. Dev. Auth. Rev. (Jefferson Reg'l. Med. Ctr.) Series 2010 A, 0.02% 12/7/15, LOC PNC Bank NA, VRDN (a) | | 8,105,000 | 8,105,000 |
| Allegheny County Indl. Dev. Auth. Rev. (Union Elec. Steel Co. Proj.) Series 1996 A, 0.07% 12/7/15, LOC PNC Bank NA, VRDN (a)(b) | | 1,000,000 | 1,000,000 |
| Beaver County Indl. Dev. Auth. Poll. Cont. Rev. (FirstEnergy Nuclear Generation Corp. Proj.) Series 2008 C, 0.01% 12/1/15, LOC Bank of Nova Scotia, VRDN (a)(b) | | 13,350,000 | 13,350,000 |
| Chester County Intermediate Unit Rev. Series 2003, 0.02% 12/7/15, LOC PNC Bank NA, VRDN (a) | | 1,200,000 | 1,200,000 |
| Delaware County Indl. Dev. Auth. Arpt. Facilities Rev. (United Parcel Svc. Proj.) Series 1985, 0.01% 12/1/15 (United Parcel Svc., Inc. Guaranteed), VRDN (a) | | 3,300,000 | 3,300,000 |
| Harveys Lake Gen. Muni. Auth. (Misericordia Univ. Proj.) 0.02% 12/7/15, LOC PNC Bank NA, VRDN (a) | | 3,320,000 | 3,320,000 |
| Lancaster County Hosp. Auth. Health Ctr. Rev. (Masonic Homes Proj.) Series 2008 D, 0.01% 12/1/15, LOC JPMorgan Chase Bank, VRDN (a) | | 1,200,000 | 1,200,000 |
| Montgomery County Redev. Auth. Multi-family Hsg. Rev. (Brookside Manor Apts. Proj.) Series 2001 A, 0.01% 12/7/15, LOC Fannie Mae, VRDN (a) | | 4,930,000 | 4,930,000 |
| Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Shippingport Proj.) Series 2002 A, 0.01% 12/1/15, LOC Bank of Nova Scotia, VRDN (a)(b) | | 14,250,000 | 14,250,000 |
| Philadelphia Auth. for Indl. Dev. Rev. (NewCourtland Elder Svcs. Proj.) Series 2003, 0.01% 12/1/15, LOC PNC Bank NA, VRDN (a) | | 8,955,000 | 8,955,000 |
| Washington County Hosp. Auth. Rev. (Washington Hosp. Proj.) Series 2007 B, 0.01% 12/1/15, LOC PNC Bank NA, VRDN (a) | | 14,700,000 | 14,700,000 |
| Westmoreland County Indl. Dev. Auth. Rev. (Excela Health Proj.) Series 2010 B, 0.02% 12/7/15, LOC PNC Bank NA, VRDN (a) | | 5,505,000 | 5,505,000 |
| | | | 79,815,000 |
| South Carolina - 0.7% | | | |
| Darlington County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2003 A, 0.29% 12/7/15, VRDN (a)(b) | | 2,100,000 | 2,100,000 |
| Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.): | | | |
| Series 1999 A, 0.02% 12/1/15, VRDN (a) | | 12,700,000 | 12,700,000 |
| Series 1999 B, 0.03% 12/1/15, VRDN (a)(b) | | 7,700,000 | 7,700,000 |
| South Carolina Jobs-Econ. Dev. Auth. (AnMed Health Proj.) Series 2009 D, 0.01% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a) | | 8,400,000 | 8,400,000 |
| South Carolina Jobs-Econ. Dev. Auth. Indl. Rev. (South Carolina Generating Co., Inc. Proj.) Series 2008, 0.03% 12/7/15, LOC TD Banknorth, NA, VRDN (a)(b) | | 3,365,000 | 3,365,000 |
| | | | 34,265,000 |
| Tennessee - 5.1% | | | |
| Blount County Pub. Bldg. Auth. (Local Govt. Pub. Impt. Proj.) Series 2009 E8A, 0.02% 12/7/15, LOC Branch Banking & Trust Co., VRDN (a) | | 440,000 | 440,000 |
| Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.): | | | |
| Series 2001, 0.01% 12/1/15, LOC Bank of America NA, VRDN (a) | | 6,525,000 | 6,525,000 |
| Series 2003, 0.01% 12/1/15, LOC Bank of America NA, VRDN (a) | | 32,075,000 | 32,075,000 |
| Series 2004, 0.01% 12/1/15, LOC Bank of America NA, VRDN (a) | | 10,270,000 | 10,270,000 |
| Series 2005, 0.01% 12/1/15, LOC Bank of America NA, VRDN (a) | | 14,075,000 | 14,075,000 |
| Series 2008, 0.01% 12/1/15, LOC Bank of America NA, VRDN (a) | | 56,405,000 | 56,405,000 |
| Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. (Tennessee County Ln. Pool Prog.): | | | |
| Series 1999, 0.03% 12/7/15, LOC Bank of America NA, VRDN (a) | | 6,695,000 | 6,695,000 |
| Series 2002, 0.01% 12/1/15, LOC Bank of America NA, VRDN (a) | | 22,085,000 | 22,085,000 |
| Series 2004, 0.01% 12/1/15, LOC Bank of America NA, VRDN (a) | | 32,570,000 | 32,570,000 |
| Series 2006, 0.01% 12/1/15, LOC Bank of America NA, VRDN (a) | | 67,255,000 | 67,255,000 |
| | | | 248,395,000 |
| Texas - 8.5% | | | |
| Austin Arpt. Sys. Rev. Series 2005 3, 0.02% 12/7/15, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | | 21,700,000 | 21,700,000 |
| Brazos River Hbr. Navigation District of Brazoria County Envir. Facilities Rev. (Merey Sweeny LP Proj.): | | | |
| Series 2000 A, 0.01% 12/1/15, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 8,700,000 | 8,700,000 |
| Series 2002 A: | | | |
| 0.01% 12/1/15, LOC Bank of America NA, VRDN (a)(b) | | 10,000,000 | 10,000,000 |
| 0.01% 12/1/15, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 12,500,000 | 12,500,000 |
| Calhoun Port Auth. Envir. Facilities Rev.: | | | |
| (Formosa Plastics Corp. Proj.) Series 2012, 0.02% 12/7/15, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 5,100,000 | 5,100,000 |
| (Formosa Plastics Corp. Texas Proj.) Series 2007 A, 0.04% 12/7/15, LOC PNC Bank NA, VRDN (a)(b) | | 2,700,000 | 2,700,000 |
| Converse Hsg. Fin. Corp. Multi-family Hsg. Rev. (Town Square Apts. Proj.) 0.03% 12/7/15, LOC Citibank NA, VRDN (a)(b) | | 13,230,000 | 13,230,000 |
| Dallas Performing Arts Cultural Facilities Corp. Cultural Facility Rev. (Dallas Ctr. For The Performing Arts Foundation, Inc. Proj.) Series 2008 A, 0.01% 12/7/15, LOC Bank of America NA, VRDN (a) | | 4,000,000 | 4,000,000 |
| Dallas Wtrwks. & Swr. Sys. Rev. Participating VRDN Series 15 XF008, 0.03% 12/7/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 5,355,000 | 5,355,000 |
| Dallas/Fort Worth Int'l. Arpt. Facility Impt. Corp. Rev. (United Parcel Svc., Inc. Proj.) Series 2002, 0.01% 12/1/15, VRDN (a)(b) | | 29,050,000 | 29,050,000 |
| Gulf Coast Indl. Dev. Auth. TX Rev. (ExxonMobil Proj.) Series 2012, 0.01% 12/1/15, VRDN (a) | | 18,310,000 | 18,310,000 |
| Gulf Coast Waste Disp. Auth. Envir. Facilities Rev. (Exxon Mobil Proj.): | | | |
| Series 2000, 0.01% 12/1/15 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | | 22,900,000 | 22,900,000 |
| Series 2002, 0.01% 12/1/15 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | | 25,000,000 | 25,000,000 |
| Gulf Coast Waste Disp. Auth. Poll. Cont. Rev. (Exxon Asset Fdg. Corp./Baytown Chemical Co. Proj.) Series 1995, 0.01% 12/1/15 (Exxon Mobil Corp. Guaranteed), VRDN (a) | | 13,050,000 | 13,050,000 |
| Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.02% 12/7/15, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 7,400,000 | 7,400,000 |
| Harris County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series Putters 15 3, 0.02% 12/1/15 (Liquidity Facility JPMorgan Securities LLC) (a)(c) | | 2,300,000 | 2,300,000 |
| Harris County Cultural Ed. Facilities Fin. Corp. Spl. Facilities Rev. (Texas Med. Ctr. Proj.): | | | |
| Series 2008 A, 0.01% 12/1/15, LOC JPMorgan Chase Bank, VRDN (a) | | 3,700,000 | 3,700,000 |
| Series 2008 B2, 0.01% 12/1/15, LOC JPMorgan Chase Bank, VRDN (a) | | 4,475,000 | 4,475,000 |
| Harris County Health Facilities Dev. Corp. Rev. Participating VRDN Series putters 3746 Z, 0.01% 12/1/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 10,485,000 | 10,485,000 |
| Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev. (Lafayette Village Apts. Proj.) Series 2006, 0.03% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 6,350,000 | 6,350,000 |
| Harris County Indl. Dev. Corp. Poll. Cont. Rev. (Exxon Proj.) Series 1987, 0.01% 12/1/15, VRDN (a)(b) | | 15,300,000 | 15,300,000 |
| Harris County Tex Metropolitan Tran Auth. Participating VRDN Series RBC O 5, 0.01% 12/7/15 (Liquidity Facility Royal Bank of Canada) (a)(c) | | 4,000,000 | 4,000,000 |
| Houston Util. Sys. Rev. Participating VRDN Series ROC II R 11885X, 0.02% 12/7/15 (Liquidity Facility Citibank NA) (a)(c) | | 3,400,000 | 3,400,000 |
| Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) 0.36% 12/7/15, VRDN (a)(b) | | 4,950,000 | 4,950,000 |
| Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev.: | | | |
| (ExxonMobil Proj.): | | | |
| Series 2001 B, 0.01% 12/1/15 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | | 37,950,000 | 37,950,000 |
| Series 2001 B2, 0.01% 12/1/15 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | | 32,780,000 | 32,780,000 |
| (Onyx Envir. Svcs. Proj.) Series 2003, 0.1% 12/7/15, LOC Bank of America NA, VRDN (a)(b) | | 8,610,000 | 8,610,000 |
| Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | | | |
| Series 2001 A, 0.18% 12/1/15, VRDN (a) | | 550,000 | 550,000 |
| Series 2004, 0.22% 12/7/15, VRDN (a)(b) | | 16,200,000 | 16,200,000 |
| Series 2009 C, 0.18% 12/1/15, VRDN (a) | | 4,400,000 | 4,400,000 |
| Series 2010 B, 0.18% 12/1/15, VRDN (a) | | 1,500,000 | 1,500,000 |
| Series 2010 D, 0.18% 12/1/15, VRDN (a) | | 1,300,000 | 1,300,000 |
| Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev. (Air Products Proj.): | | | |
| Series 2000, 0.02% 12/7/15, VRDN (a)(b) | | 1,000,000 | 1,000,000 |
| Series 2002, 0.02% 12/7/15, VRDN (a)(b) | | 8,000,000 | 8,000,000 |
| Series 2012, 0.02% 12/7/15 (Total SA Guaranteed), VRDN (a) | | 5,000,000 | 5,000,000 |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Methodist Hospitals of Dallas Proj.) Series 2008, 0.01% 12/1/15, LOC TD Banknorth, NA, VRDN (a) | | 5,375,000 | 5,375,000 |
| Texas City Indl. Dev. Corp. (Del Papa Realty Hldgs. LP Proj.) Series 2011, 0.03% 12/7/15, LOC Bank of America NA, VRDN (a) | | 3,645,000 | 3,645,000 |
| Texas Gen. Oblig.: | | | |
| Participating VRDN Series MS 3390, 0.02% 12/7/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | | 4,000,000 | 4,000,000 |
| Series 2015 B, 0.01% 12/7/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | | 2,900,000 | 2,900,000 |
| Univ. of Texas Board of Regents Sys. Rev. Series 2008 B2, 0.01% 12/7/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), VRDN (a) | | 19,200,000 | 19,200,000 |
| Univ. of Texas Permanent Univ. Fund Rev. Series 2008 A, 0.01% 12/7/15, VRDN (a) | | 11,190,000 | 11,190,000 |
| | | | 417,555,000 |
| Utah - 0.9% | | | |
| Emery County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.02% 12/7/15, LOC Canadian Imperial Bank of Commerce, VRDN (a) | | 7,170,000 | 7,170,000 |
| Murray City Hosp. Rev. (IHC Health Svcs., Inc. Proj.): | | | |
| Series 2005 A, 0.01% 12/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 23,650,000 | 23,650,000 |
| Series 2005 B, 0.01% 12/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 12,545,000 | 12,545,000 |
| | | | 43,365,000 |
| Virginia - 1.9% | | | |
| Albemarle Econ. Dev. Auth. Health Svcs. Rev. (The Univ. of Virginia Health Svcs. Foundation Proj.) Series 2009, 0.01% 12/1/15, LOC Bank of America NA, VRDN (a) | | 19,005,000 | 19,005,000 |
| King George County Indl. Dev. Auth. Exempt Facilities Rev. (Birchwood Pwr. Partners Proj.): | | | |
| Series 1994 A, 0.02% 12/1/15, LOC Mizuho Corporate Bank Ltd., VRDN (a)(b) | | 8,700,000 | 8,700,000 |
| Series 1994 B, 0.02% 12/1/15, LOC Mizuho Corporate Bank Ltd., VRDN (a)(b) | | 9,200,000 | 9,200,000 |
| Series 1995, 0.02% 12/1/15, LOC Mizuho Corporate Bank Ltd., VRDN (a)(b) | | 9,200,000 | 9,200,000 |
| Series 1996 A, 0.02% 12/1/15, LOC Mizuho Corporate Bank Ltd., VRDN (a)(b) | | 9,200,000 | 9,200,000 |
| Series 1997, 0.02% 12/1/15, LOC Mizuho Corporate Bank Ltd., VRDN (a)(b) | | 9,300,000 | 9,300,000 |
| Loudoun County Indl. Dev. Auth. Series 2013 A, 0.01% 12/7/15, VRDN (a) | | 19,430,000 | 19,430,000 |
| Montgomery County Indl. Dev. Auth. Rev. (Virginia Tech Foundation Proj.) Series 2005, 0.01% 12/1/15, LOC Bank of New York, New York, VRDN (a) | | 9,270,000 | 9,270,000 |
| | | | 93,305,000 |
| Washington - 1.4% | | | |
| King County Swr. Rev. Participating VRDN Series ROC II R 11962, 0.01% 12/7/15 (Liquidity Facility Citibank NA) (a)(c) | | 2,200,000 | 2,200,000 |
| Port of Seattle Rev. Series 2008, 0.01% 12/7/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | | 9,605,000 | 9,605,000 |
| Vancouver Hsg. Auth. Rev. Series 2008, 0.02% 12/7/15, LOC Freddie Mac, VRDN (a) | | 24,390,000 | 24,390,000 |
| Washington Econ. Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series E, 0.02% 12/7/15, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 2,700,000 | 2,700,000 |
| Washington Gen. Oblig. Participating VRDN Series Clipper 05 39, 0.01% 12/7/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | | 3,069,000 | 3,069,000 |
| Washington Hsg. Fin. Commission Multi-family Hsg. Rev.: | | | |
| (Ballard Landmark Inn Proj.) Series 2015 A, 0.03% 12/7/15, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a)(b) | | 4,700,000 | 4,700,000 |
| (Merrill Gardens at Tacoma Proj.) Series 2006 A, 0.03% 12/7/15, LOC Fannie Mae, VRDN (a)(b) | | 17,640,000 | 17,640,000 |
| (Urban Ctr. Apts. Proj.) Series 2012, 0.01% 12/7/15, LOC Freddie Mac, VRDN (a) | | 3,990,000 | 3,990,000 |
| | | | 68,294,000 |
| West Virginia - 0.8% | | | |
| West Virginia Econ. Dev. Auth. Energy (Morgantown Energy Associates Proj.) Series 2011, 0.02% 12/7/15, LOC MUFG Union Bank NA, VRDN (a)(b) | | 7,275,000 | 7,275,000 |
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | | | |
| (Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 0.02% 12/7/15, LOC Mizuho Bank Ltd., VRDN (a)(b) | | 4,500,000 | 4,500,000 |
| (Appalachian Pwr. Co. - Mountaineer Proj.) Series 2008 A, 0.01% 12/7/15, LOC Mizuho Bank Ltd., VRDN (a)(b) | | 15,300,000 | 15,300,000 |
| West Virginia Hosp. Fin. Auth. Hosp. Rev. (Cabell Huntington Hosp. Proj.) Series 2008 B, 0.02% 12/7/15, LOC Branch Banking & Trust Co., VRDN (a) | | 11,500,000 | 11,500,000 |
| | | | 38,575,000 |
| Wisconsin - 0.2% | | | |
| Appleton Redev. Auth. Rev. (Fox Cities Performing Arts Ctr. Proj.) Series 2001 B, 0.01% 12/7/15, LOC JPMorgan Chase Bank, VRDN (a) | | 1,800,000 | 1,800,000 |
| Wisconsin Health & Edl. Facilities Auth. Rev.: | | | |
| Participating VRDN Series 2015 ZF0216, 0.02% 12/7/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | | 2,500,000 | 2,500,000 |
| Series 2011 B, 0.02% 12/7/15, LOC JPMorgan Chase Bank, VRDN (a) | | 6,000,000 | 6,000,000 |
| | | | 10,300,000 |
| Wyoming - 0.4% | | | |
| Converse County Envir. Impt. Rev. Series 1995, 0.25% 12/7/15, VRDN (a)(b) | | 3,100,000 | 3,100,000 |
| Converse County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.23% 12/7/15, VRDN (a) | | 1,500,000 | 1,500,000 |
| Laramie County Indl. Dev. Rev. (Cheyenne Lt., Fuel & Pwr. Co. Proj.) Series 2009 B, 0.05% 12/7/15, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 3,500,000 | 3,500,000 |
| Lincoln County Poll. Cont. Rev.: | | | |
| (Exxon Corp. Proj.) Series 1987 A, 0.01% 12/1/15, VRDN (a)(b) | | 2,720,000 | 2,720,000 |
| (PacifiCorp Proj.) Series 1994, 0.23% 12/7/15, VRDN (a) | | 1,500,000 | 1,500,000 |
| Series 1997 B, 0.01% 12/1/15 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | | 5,520,000 | 5,520,000 |
| Uinta County Poll. Cont. Rev. (Chevron Corp. Proj.) Series 1993, 0.01% 12/1/15 (Chevron Corp. Guaranteed), VRDN (a) | | 1,170,000 | 1,170,000 |
| | | | 19,010,000 |
| TOTAL VARIABLE RATE DEMAND NOTE | | | |
| (Cost $4,846,403,480) | | | 4,846,403,480 |
|
| Other Municipal Debt - 0.5% | | | |
| Massachusetts - 0.1% | | | |
| Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | | | |
| Series 1992, 0.4% tender 12/18/15, CP mode | | 600,000 | 600,000 |
| Series 1993 A, 0.4% tender 12/9/15, CP mode | | 4,000,000 | 4,000,000 |
| Massachusetts State Dev. Fin. Agcy. Elec. Util. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2007, 0.5% tender 12/10/15 (Massachusetts Elec. Co. Guaranteed), CP mode (b) | | 1,600,000 | 1,600,000 |
| | | | 6,200,000 |
| New Hampshire - 0.4% | | | |
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | | | |
| Series 1990 A: | | | |
| 0.45% tender 12/15/15, CP mode (b) | | 9,300,000 | 9,300,000 |
| 0.45% tender 12/18/15, CP mode (b) | | 900,000 | 900,000 |
| Series 1990 A1, 0.5% tender 12/28/15, CP mode (b) | | 3,900,000 | 3,900,000 |
| Series 1990 B: | | | |
| 0.48% tender 12/17/15, CP mode | | 2,900,000 | 2,900,000 |
| 0.48% tender 12/23/15, CP mode | | 1,200,000 | 1,200,000 |
| | | | 18,200,000 |
| TOTAL OTHER MUNICIPAL DEBT | | | |
| (Cost $24,400,000) | | | 24,400,000 |
| TOTAL INVESTMENT PORTFOLIO - 99.4% | | | |
| (Cost $4,870,803,480) | | | 4,870,803,480 |
| NET OTHER ASSETS (LIABILITIES) - 0.6% | | | 28,766,493 |
| NET ASSETS - 100% | | | $4,899,569,973 |
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(c) Provides evidence of ownership in one or more underlying municipal bonds.
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Security Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
1. Organization.
Fidelity Municipal Cash Central Fund (the Fund) is a fund of Fidelity Revere Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Shares of the Fund are only offered to other investment companies and accounts (the Investing Funds) managed by Fidelity Management & Research Company (FMR), or its affiliates.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. There were no significant book-to-tax differences during the period.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
3. Fees and Other Transactions with Affiliates.
4. Expense Reductions.
FMR has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $9,845.
In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $7,521.
5. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by FMR or its affiliates were the owners of record of all the outstanding shares of the Fund.
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2015 to November 30, 2015).
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Investments Money Management, Inc. (FIMM) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2015 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.
The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by FIMM, the sub-advisers, and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer a liquid investment option for other Fidelity funds and accounts and ultimately to enhance the performance of those funds and accounts.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.
The Board considered that while the fund does not pay a management fee, Fidelity Management & Research Company (FMR) pays a management fee on behalf of the fund and receives fees for providing services to funds that invest in the fund. The Board also noted that FMR bears all expenses of the fund, except expenses related to the fund's investment activities (primarily custody expenses). Based on its review, the Board concluded that the management fee paid on behalf of the fund and the fund's total expense ratio were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, as well as the profitability of each fund that invests in this fund.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of fund profitability and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities.
The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities, economies of scale cannot be realized by the fund.
In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity's voluntary waiver of its fees to maintain minimum yields for certain money market funds and classes as well as contractual waivers in place for certain funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces; and (x) the impact of money market reform on Fidelity's money market funds. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
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