Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544, or for Institutional and Service Class, call 1-877-208-0098, to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending July 31, 2019, the most recent period shown in the table, would have been 1.20% for the Institutional Class and .95% for Service Class.
| Variable Rate Demand Note - 42.3% | | | |
| | | Principal Amount | Value |
| Alabama - 0.2% | | | |
| Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 1.5% 8/7/19, VRDN (a) | | $2,000,000 | $2,000,000 |
| West Jefferson Indl. Dev. Series 2008, 1.5% 8/7/19, VRDN (a) | | 3,300,000 | 3,300,000 |
| | | | 5,300,000 |
| Connecticut - 0.3% | | | |
| Connecticut Gen. Oblig. Series 2016 C, 1.5% 8/7/19 (Liquidity Facility Bank of America NA), VRDN (a) | | 7,495,000 | 7,495,000 |
| Indiana - 0.2% | | | |
| Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.): | | | |
| Series H, 1.54% 8/7/19, VRDN (a) | | 2,800,000 | 2,800,000 |
| Series I, 1.54% 8/7/19, VRDN (a) | | 1,900,000 | 1,900,000 |
| | | | 4,700,000 |
| Kansas - 0.3% | | | |
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.): | | | |
| Series 2007 A, 1.62% 8/7/19, VRDN (a) | | 600,000 | 600,000 |
| Series 2007 B, 1.62% 8/7/19, VRDN (a) | | 1,600,000 | 1,600,000 |
| Wamego Kansas Poll. Cont. Rfdg. Rev.: | | | |
| (Kansas Gas & Elec. Co. Proj.) Series 1994, 1.6% 8/7/19, VRDN (a) | | 500,000 | 500,000 |
| (Western Resources, Inc. Proj.) Series 1994, 1.6% 8/7/19, VRDN (a) | | 3,900,000 | 3,900,000 |
| | | | 6,600,000 |
| Louisiana - 0.5% | | | |
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | | | |
| Series 2010 A1, 1.56% 8/7/19, VRDN (a) | | 6,200,000 | 6,200,000 |
| Series 2010 B1, 1.6% 8/7/19, VRDN (a) | | 5,200,000 | 5,200,000 |
| | | | 11,400,000 |
| New York - 40.0% | | | |
| Amherst Dev. Corp. Student Hsg. Facility Rev. (South Lake Village Proj.) Series 2010 B, 1.5% 8/7/19, LOC HSBC Bank U.S.A., NA, VRDN (a) | | 4,765,000 | 4,765,000 |
| Franklin County Civic Dev. Co. (Alice Hyde Med. Ctr. Proj.) Series 2013 A, 1.45% 8/7/19, LOC HSBC Bank U.S.A., NA, VRDN (a) | | 5,165,000 | 5,165,000 |
| Liberty Dev. Corp. Rev. (377 Greenwich LLC Proj.) Series 2004, 1.44% 8/7/19, LOC Wells Fargo Bank NA, VRDN (a) | | 17,775,000 | 17,775,000 |
| Nassau Health Care Corp. Rev.: | | | |
| Series 2009 B2, 1.41% 8/7/19, LOC TD Banknorth, NA, VRDN (a) | | 105,000 | 105,000 |
| Series 2009 C1, 1.47% 8/7/19, LOC Wells Fargo Bank NA, VRDN (a) | | 1,220,000 | 1,220,000 |
| Series 2009 D1, 1.4% 8/7/19, LOC JPMorgan Chase Bank, VRDN (a) | | 4,240,000 | 4,240,000 |
| New York City Gen. Oblig.: | | | |
| Series 2008 L4, 1.49% 8/1/19 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (a) | | 1,010,000 | 1,010,000 |
| Series 2010 G4, 1.4% 8/7/19 (Liquidity Facility Barclays Bank PLC), VRDN (a) | | 5,000,000 | 5,000,000 |
| Series 2012 G6, 1.5% 8/1/19 (Liquidity Facility Mizuho Bank Ltd.), VRDN (a) | | 1,220,000 | 1,220,000 |
| Series 2013 A2, 1.55% 8/1/19 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | | 7,000,000 | 7,000,000 |
| Series 2013 A3, 1.55% 8/1/19 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | | 11,800,000 | 11,800,000 |
| New York City Indl. Dev. Agcy. Civic Facility Rev. (Mercy College Proj.) Series A, 1.39% 8/7/19, LOC TD Banknorth, NA, VRDN (a) | | 2,460,000 | 2,460,000 |
| New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | | | |
| Series 2000 C, 1.38% 8/7/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (a) | | 22,700,000 | 22,700,000 |
| Series 2009 BB1, 1.49% 8/1/19 (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | | 14,000,000 | 14,000,000 |
| Series 2014 BB1, 1.47% 8/1/19 (Liquidity Facility Bank of America NA), VRDN (a) | | 7,915,000 | 7,915,000 |
| Series 2016 CC, 1.4% 8/7/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (a) | | 27,185,000 | 27,185,000 |
| New York City Transitional Fin. Auth. Rev. Series 2003 1A, 1.39% 8/7/19 (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | | 7,405,000 | 7,405,000 |
| New York City Trust Cultural Resources Rev. (The Pierpont Morgan Library Proj.) Series 2004, 1.4% 8/7/19, LOC JPMorgan Chase Bank, VRDN (a) | | 1,220,000 | 1,220,000 |
| New York Dorm. Auth. Revs.: | | | |
| (Mental Health Svcs. Facilities Impt. Proj.) Series 2003 D2H, 1.4% 8/7/19, LOC Royal Bank of Canada, VRDN (a) | | 7,850,000 | 7,850,000 |
| (Univ. of Rochester Proj.): | | | |
| Series 2003 A, 1.48% 8/1/19, LOC JPMorgan Chase Bank, VRDN (a) | | 1,545,000 | 1,545,000 |
| Series 2003 C, 1.34% 8/7/19, LOC JPMorgan Chase Bank, VRDN (a) | | 3,065,000 | 3,065,000 |
| Series 2003 D2E, 1.4% 8/7/19, LOC Royal Bank of Canada, VRDN (a) | | 2,280,000 | 2,280,000 |
| Series 2019 B, 1.4% 8/7/19, LOC Manufacturers & Traders Trust Co., VRDN (a) | | 17,000,000 | 17,000,000 |
| New York Hsg. Fin. Agcy. Rev.: | | | |
| (330 Riverdale Avenue Apts. Proj.) Series 2008 A, 1.39% 8/7/19, LOC Bank of America NA, VRDN (a) | | 6,600,000 | 6,600,000 |
| (505 West 37th Street Proj.): | | | |
| Series 2009 A, 1.5% 8/1/19, LOC Landesbank Hessen-Thuringen, VRDN (a) | | 14,050,000 | 14,050,000 |
| Series 2009 B, 1.5% 8/1/19, LOC Landesbank Hessen-Thuringen, VRDN (a) | | 29,050,000 | 29,050,000 |
| (Clinton Park Phase II Hsg. Proj.) Series 2011 A2, 1.38% 8/7/19, LOC Wells Fargo Bank NA, VRDN (a) | | 38,305,000 | 38,305,000 |
| (Tribeca Green Hsg. Proj.) Series 2003 A, 1.43% 8/7/19, LOC Landesbank Hessen-Thuringen, VRDN (a) | | 83,925,000 | 83,925,000 |
| Series 2010 A: | | | |
| 1.34% 8/7/19, LOC Landesbank Hessen-Thuringen, VRDN (a) | | 5,050,000 | 5,050,000 |
| 1.34% 8/7/19, LOC Landesbank Hessen-Thuringen, VRDN (a) | | 60,480,000 | 60,480,000 |
| Series 2012 A, 1.4% 8/7/19, LOC Wells Fargo Bank NA, VRDN (a) | | 3,125,000 | 3,125,000 |
| Series 2013 A: | | | |
| 1.4% 8/7/19, LOC Wells Fargo Bank NA, VRDN (a) | | 8,250,000 | 8,250,000 |
| 1.49% 8/1/19, LOC Landesbank Hessen-Thuringen, VRDN (a) | | 33,360,000 | 33,360,000 |
| Series 2014 A: | | | |
| 1.44% 8/7/19, LOC JPMorgan Chase Bank, VRDN (a) | | 6,410,000 | 6,410,000 |
| 1.49% 8/1/19, LOC Landesbank Hessen-Thuringen, VRDN (a) | | 20,300,000 | 20,300,000 |
| Series 2015 A, 1.43% 8/7/19, LOC Landesbank Hessen-Thuringen, VRDN (a) | | 21,500,000 | 21,500,000 |
| New York Local Govt. Assistance Corp.: | | | |
| Series 2008 B3V, 1.37% 8/7/19 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 12,460,000 | 12,460,000 |
| Series 2008 B7V, 1.37% 8/7/19 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 6,050,000 | 6,050,000 |
| New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series 2016, 1.4% 8/7/19, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | | 40,340,000 | 40,340,000 |
| New York Metropolitan Trans. Auth. Rev.: | | | |
| Series 2005 D2, 1.47% 8/1/19, LOC Landesbank Hessen-Thuringen, VRDN (a) | | 6,010,000 | 6,010,000 |
| Series 2005 E1, 1.4% 8/7/19, LOC PNC Bank NA, VRDN (a) | | 13,000,000 | 13,000,000 |
| Series 2015 E1, 1.49% 8/1/19, LOC U.S. Bank NA, Cincinnati, VRDN (a) | | 6,875,000 | 6,875,000 |
| Series 2015 E4, 1.4% 8/7/19, LOC PNC Bank NA, VRDN (a) | | 7,695,000 | 7,695,000 |
| Series E3, 1.47% 8/1/19, LOC Bank of America NA, VRDN (a) | | 24,510,000 | 24,510,000 |
| New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. of New York, Inc. Proj.) Series 2005 A3, 1.37% 8/7/19, LOC Mizuho Bank Ltd., VRDN (a) | | 16,100,000 | 16,100,000 |
| New York Urban Dev. Corp. Rev.: | | | |
| Series 2008 A1, 1.4% 8/7/19, LOC Wells Fargo Bank NA, VRDN (a) | | 2,000,000 | 2,000,000 |
| Series 2008 A5, 1.4% 8/7/19, LOC TD Banknorth, NA, VRDN (a) | | 1,550,000 | 1,550,000 |
| Triborough Bridge & Tunnel Auth. Revs.: | | | |
| Series 2003 B, 1.46% 8/1/19, LOC Bank of America NA, VRDN (a) | | 17,800,000 | 17,800,000 |
| Series 2005 A, 1.5% 8/7/19, LOC TD Banknorth, NA, VRDN (a) | | 5,375,000 | 5,375,000 |
| Yonkers Indl. Dev. Agcy. Civic Facility Rev. (Consumers Union of United States, Inc. Proj.) Series 2005, 1.4% 8/7/19, LOC JPMorgan Chase Bank, VRDN (a) | | 4,625,000 | 4,625,000 |
| FHLMC: | | | |
| New York City Hsg. Dev. Corp. Multi-family Mtg. Rev.: | | | |
| (245 East 124th Street Proj.) Series 2008 A, 1.41% 8/7/19, LOC Freddie Mac, VRDN (a) | | 11,635,000 | 11,635,000 |
| (Bruckner by the Bridge Proj.) Series 2008 A, 1.41% 8/7/19, LOC Freddie Mac, VRDN (a) | | 10,490,000 | 10,490,000 |
| (Elliott Chelsea Dev. Proj.) Series 2010 A, 1.4% 8/7/19, LOC Freddie Mac, VRDN (a) | | 3,675,000 | 3,675,000 |
| Series 2011 B, 1.35% 8/7/19, LOC Freddie Mac, VRDN (a) | | 5,770,000 | 5,770,000 |
| New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev. Series 2009 A: | | | |
| 1.34% 8/7/19, LOC Freddie Mac, VRDN (a) | | 5,250,000 | 5,250,000 |
| 1.4% 8/7/19, LOC Freddie Mac, VRDN (a) | | 3,375,000 | 3,375,000 |
| New York Hsg. Fin. Agcy. Rev.: | | | |
| Series 2008 A, 1.43% 8/7/19, LOC Freddie Mac, VRDN (a) | | 9,090,000 | 9,090,000 |
| Series 2010 A, 1.43% 8/7/19, LOC Freddie Mac, VRDN (a) | | 41,275,000 | 41,275,000 |
| FNMA: | | | |
| New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev.: | | | |
| (90 Washington Street Proj.) Series 2005 A, 1.41% 8/7/19, LOC Fannie Mae, VRDN (a) | | 14,395,000 | 14,395,000 |
| (90 West Street Proj.) Series 2006 A, 1.37% 8/7/19, LOC Fannie Mae, VRDN (a) | | 20,970,000 | 20,970,000 |
| (Two Gold Street Proj.) Series 2006 A, 1.37% 8/7/19, LOC Fannie Mae, VRDN (a) | | 21,800,000 | 21,800,000 |
| New York Hsg. Fin. Agcy. Rev.: | | | |
| (10 Barclay Street Hsg. Proj.) Series 2004 A, 1.4% 8/7/19, LOC Fannie Mae, VRDN (a) | | 46,045,000 | 46,045,000 |
| (316 11th Ave Hsg. Proj.) Series 2009 A, 1.37% 8/7/19, LOC Fannie Mae, VRDN (a) | | 2,150,000 | 2,150,000 |
| (Taconic West 17th St. Proj.) Series 2009 A, 1.4% 8/7/19, LOC Fannie Mae, VRDN (a) | | 36,565,000 | 36,565,000 |
| Series 2009 A, 1.43% 8/7/19, LOC Fannie Mae, VRDN (a) | | 37,725,000 | 37,725,000 |
| | | | 938,930,000 |
| New York And New Jersey - 0.4% | | | |
| Port Auth. of New York & New Jersey: | | | |
| Series 1997 1, 1.45% 8/30/19, VRDN (a)(b) | | 2,500,000 | 2,500,000 |
| Series 1997 2, 1.45% 8/30/19, VRDN (a)(b) | | 5,800,000 | 5,800,000 |
| | | | 8,300,000 |
| Rhode Island - 0.1% | | | |
| Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series 2007, 1.5% 8/7/19, LOC Bank of America NA, VRDN (a) | | 2,450,000 | 2,450,000 |
| Utah - 0.2% | | | |
| Emery County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 1.53% 8/7/19, VRDN (a) | | 5,200,000 | 5,200,000 |
| Wyoming - 0.1% | | | |
| Converse County Poll. Cont. Rev. (PacifiCorp Projs.) Series 1992, 1.47% 8/7/19, VRDN (a) | | 700,000 | 700,000 |
| Lincoln County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 1.49% 8/7/19, VRDN (a) | | 300,000 | 300,000 |
| Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.): | | | |
| Series 1992 A, 1.47% 8/7/19, VRDN (a) | | 300,000 | 300,000 |
| Series 1994, 1.49% 8/7/19, VRDN (a) | | 1,100,000 | 1,100,000 |
| | | | 2,400,000 |
| TOTAL VARIABLE RATE DEMAND NOTE | | | |
| (Cost $992,775,000) | | | 992,775,000 |
|
| Tender Option Bond - 41.1% | | | |
| California - 0.2% | | | |
| California Gen. Oblig. Participating VRDN Series Spears DB 80 18, 1.55% 8/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(d) | | 1,200,000 | 1,200,000 |
| Dignity Health Participating VRDN: | | | |
| Series 17 04, 1.52% 9/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) | | 995,000 | 995,000 |
| Series DBE 80 11, 1.6% 8/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(d) | | 2,000,000 | 2,000,000 |
| | | | 4,195,000 |
| Colorado - 0.1% | | | |
| Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters 018, 1.55% 9/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) | | 1,615,000 | 1,615,000 |
| Connecticut - 0.1% | | | |
| Connecticut Gen. Oblig. Participating VRDN Series Floaters 014, 1.55% 9/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) | | 1,890,000 | 1,890,000 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.58%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) | | 1,000,000 | 1,000,000 |
| | | | 2,890,000 |
| District Of Columbia - 0.0% | | | |
| District of Columbia Gen. Oblig. Bonds Series 2016 23, 1.53%, tender 8/1/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | | 295,000 | 295,000 |
| Florida - 0.1% | | | |
| Florida Dept. of Trans. Tpk. Rev. Bonds Series Solar 17 02, 1.53%, tender 8/1/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | | 195,000 | 195,000 |
| Tallahassee Memorial Healthcare Participating VRDN Series Floaters ML 70 01, 1.44% 8/7/19 (Liquidity Facility Bank of America NA) (a)(c)(d) | | 1,400,000 | 1,400,000 |
| | | | 1,595,000 |
| Illinois - 0.3% | | | |
| Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN Series Spears DBE 80 22, 1.6% 8/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(d) | | 3,700,000 | 3,700,000 |
| Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 1.55% 9/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) | | 4,100,000 | 4,100,000 |
| | | | 7,800,000 |
| Michigan - 0.0% | | | |
| Michigan Fin. Auth. Rev. Participating VRDN Series Floaters ZF 07 83, 1.5% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 1,000,000 | 1,000,000 |
| New Jersey - 0.2% | | | |
| New Jersey Econ. Dev. Auth. Rev. Participating VRDN: | | | |
| Series Floaters 011, 1.55% 9/11/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 800,000 | 800,000 |
| Series Floaters 012, 1.55% 9/11/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 3,060,000 | 3,060,000 |
| | | | 3,860,000 |
| New York - 37.8% | | | |
| Battery Park City Auth. Rev. Participating VRDN Series Putters 5012, 1.53% 8/1/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 2,000,000 | 2,000,000 |
| Brooklyn Arena Local Dev. Corp. Participating VRDN Series Floaters XX 11 00, 1.44% 8/7/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 5,100,000 | 5,100,000 |
| City of New York Gen. Oblig. Bonds Participating VRDN Series Floaters XM 03 53, 1.43% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 3,750,000 | 3,750,000 |
| Dorm. Auth. New York Univ. Rev. Participating VRDN: | | | |
| Series 2017 XG 0114, 1.43% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 7,760,000 | 7,760,000 |
| Series Floaters XF 05 98, 1.43% 8/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(c)(d) | | 6,200,000 | 6,200,000 |
| Eclipse Fdg. Trust Various States Bonds Series 2019 0001, 1.53%, tender 10/17/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | | 3,010,000 | 3,010,000 |
| Hudson Yards Infrastructure Corp. New York Rev. Participating VRDN: | | | |
| Series Floaters XF 05 49, 1.45% 8/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(c)(d) | | 1,200,000 | 1,200,000 |
| Series Floaters XF 05 51, 1.45% 8/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(c)(d) | | 2,700,000 | 2,700,000 |
| Series Floaters XF 06 77, 1.45% 8/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(c)(d) | | 2,100,000 | 2,100,000 |
| Series Floaters XF 24 57, 1.45% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 2,333,500 | 2,333,500 |
| Series Floaters XF 24 80, 1.42% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 9,600,000 | 9,600,000 |
| Series Floaters XM 07 00, 1.45% 8/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(c)(d) | | 4,020,000 | 4,020,000 |
| Series Floaters ZM 07 37, 1.48% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 3,000,000 | 3,000,000 |
| MTA Hudson Rail Yards Trust Oblig. Participating VRDN Series XX 1042, 1.44% 8/7/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 2,400,000 | 2,400,000 |
| Nassau County Gen. Oblig. Participating VRDN Series Floaters G5, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 5,000,000 | 5,000,000 |
| New York City Gen. Oblig.: | | | |
| Bonds Series Solar 2017 0057, 1.53%, tender 10/17/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | | 1,590,000 | 1,590,000 |
| Participating VRDN: | | | |
| Series 15 ZF0197, 1.43% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 2,500,000 | 2,500,000 |
| Series 15 ZF0201, 1.43% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 3,435,000 | 3,435,000 |
| Series 2015 ZF0206, 1.43% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 2,700,000 | 2,700,000 |
| Series DB 8036, 1.55% 8/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(d) | | 2,560,000 | 2,560,000 |
| Series E 133, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 10,000,000 | 10,000,000 |
| Series Floaters E86, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 2,665,000 | 2,665,000 |
| Series Floaters E87, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 12,995,000 | 12,995,000 |
| Series Floaters E88, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 15,830,000 | 15,830,000 |
| Series Floaters XF 07 26, 1.43% 8/7/19 (Liquidity Facility Bank of America NA) (a)(c)(d) | | 2,800,000 | 2,800,000 |
| Series Floaters XF 25 61, 1.43% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 7,125,000 | 7,125,000 |
| Series Floaters XM 07 06, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 6,000,000 | 6,000,000 |
| Series Floaters ZF 07 24, 1.43% 8/7/19 (Liquidity Facility Bank of America NA) (a)(c)(d) | | 5,005,000 | 5,005,000 |
| Series MS 3324, 1.43% 8/7/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.) (a)(c)(d) | | 6,650,000 | 6,650,000 |
| Series MS 3361, 1.43% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 5,000,000 | 5,000,000 |
| Series RBC G 55, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 5,000,000 | 5,000,000 |
| Series RBC G 56, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 4,500,000 | 4,500,000 |
| Series ROC II R 14045, 1.43% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 26,070,000 | 26,070,000 |
| New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Participating VRDN: | | | |
| Series 15 XF0128, 1.43% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 8,940,000 | 8,940,000 |
| Series 15 XF0129, 1.43% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 16,700,000 | 16,700,000 |
| Series 16 ZM0161, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 8,265,000 | 8,265,000 |
| Series 2015 ZF0207, 1.43% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 4,000,000 | 4,000,000 |
| Series 2017 ZM 0495, 1.43% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 3,000,000 | 3,000,000 |
| Series EGL 2017 06, 1.43% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 5,655,000 | 5,655,000 |
| Series Floaters E 129, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 33,300,000 | 33,300,000 |
| Series Floaters XF 07 45, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 4,500,000 | 4,500,000 |
| Series Floaters XF 10 11, 1.43% 8/7/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 6,060,000 | 6,060,000 |
| Series Floaters XF 25 69, 1.43% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 4,000,000 | 4,000,000 |
| Series Floaters XF 27 57, 1.42% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 6,000,000 | 6,000,000 |
| Series Floaters XL 00 67, 1.43% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 7,425,000 | 7,425,000 |
| Series Floaters XM 04 36, 1.43% 8/7/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 6,500,000 | 6,500,000 |
| Series Floaters XM 07 29, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 2,305,000 | 2,305,000 |
| Series Floaters XM 07 31, 1.43% 8/7/19 (Liquidity Facility Bank of America NA) (a)(c)(d)(e) | | 2,000,000 | 2,000,000 |
| Series Floaters YX 11 04, 1.43% 8/7/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 4,385,000 | 4,385,000 |
| Series Floaters ZF 06 87, 1.43% 8/7/19 (Liquidity Facility Bank of America NA) (a)(c)(d) | | 5,025,000 | 5,025,000 |
| Series Floaters ZM 05 47, 1.43% 8/7/19 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | | 4,340,000 | 4,340,000 |
| Series MS 00 3387, 1.43% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 2,500,000 | 2,500,000 |
| Series MS 3274 X, 1.43% 8/7/19 (Liquidity Facility Bank of America NA) (a)(c)(d) | | 7,980,000 | 7,980,000 |
| Series MS 3373, 1.43% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 6,125,000 | 6,125,000 |
| Series Putters 15 XM0002, 1.43% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 20,765,000 | 20,765,000 |
| Series XG 0112, 1.43% 8/7/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 2,800,000 | 2,800,000 |
| Series XM 03 56, 1.43% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 5,000,000 | 5,000,000 |
| Series XX 1046, 1.43% 8/7/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 20,000,000 | 20,000,000 |
| New York City Transitional Fin. Auth. Participating VRDN: | | | |
| Series Floaters XM 03 70, 1.42% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 2,500,000 | 2,500,000 |
| Series XF 23 18, 1.43% 8/7/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 9,300,000 | 9,300,000 |
| Series XM 03 57, 1.42% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 5,000,000 | 5,000,000 |
| New York City Transitional Fin. Auth. Bldg. Aid Rev. Participating VRDN: | | | |
| Series Floaters XF 05 61, 1.42% 8/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(c)(d) | | 8,250,000 | 8,250,000 |
| Series Floaters XF 25 55, 1.43% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 5,920,000 | 5,920,000 |
| Series Floaters XM 06 19, 1.43% 8/7/19 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | | 3,750,000 | 3,750,000 |
| Series Floaters XM 06 20, 1.43% 8/7/19 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | | 7,385,000 | 7,385,000 |
| Series MS 3414, 1.43% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 4,000,000 | 4,000,000 |
| New York City Transitional Fin. Auth. Rev. Participating VRDN: | | | |
| Series 15 XM0086, 1.42% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 4,500,000 | 4,500,000 |
| Series 2014 XM0029, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 12,570,000 | 12,570,000 |
| Series Floaters XF 27 82, 1.42% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 6,500,000 | 6,500,000 |
| Series Floaters E99, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 19,495,000 | 19,495,000 |
| Series Floaters XF 06 43, 1.42% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 12,000,000 | 12,000,000 |
| Series Floaters XF 07 16, 1.42% 8/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(c)(d) | | 4,200,000 | 4,200,000 |
| Series Floaters XF 07 17, 1.43% 8/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(c)(d) | | 12,285,000 | 12,285,000 |
| Series Floaters XF 27 31, 1.42% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 4,600,000 | 4,600,000 |
| Series Floaters XF 28 02, 1.42% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 7,500,000 | 7,500,000 |
| Series Floaters XG 01 85, 1.43% 8/7/19 (Liquidity Facility Bank of America NA) (a)(c)(d) | | 13,190,000 | 13,190,000 |
| Series Floaters XM 04 22, 1.42% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 4,580,000 | 4,580,000 |
| Series Floaters XM 04 38, 1.43% 8/7/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 3,500,000 | 3,500,000 |
| Series Floaters ZF 26 37, 1.42% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 2,795,000 | 2,795,000 |
| Series Floaters ZM 05 44, 1.43% 8/7/19 (Liquidity Facility Bank of America NA) (a)(c)(d) | | 4,445,000 | 4,445,000 |
| Series MS 3360, 1.43% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 3,130,000 | 3,130,000 |
| Series MS 3393, 1.43% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 2,890,000 | 2,890,000 |
| Series ROC II R 11902, 1.43% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 2,200,000 | 2,200,000 |
| Series ROC II R 11994, 1.43% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 11,050,000 | 11,050,000 |
| Series ROC II R 14082, 1.43% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 12,580,000 | 12,580,000 |
| New York Dorm. Auth. Personal Income Tax Rev. Participating VRDN: | | | |
| Series 15 XF1030, 1.43% 8/7/19 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | | 19,045,000 | 19,045,000 |
| Series MS 3275, 1.43% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 10,000,000 | 10,000,000 |
| New York Dorm. Auth. Revs. Participating VRDN: | | | |
| ROC II R 11944, 1.42% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 4,550,000 | 4,550,000 |
| Series ROC II R 11943, 1.42% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 5,580,000 | 5,580,000 |
| Series ROC II R 11955, 1.42% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 9,000,000 | 9,000,000 |
| Series ROC II R 11975, 1.43% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 7,590,000 | 7,590,000 |
| New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Participating VRDN: | | | |
| Series 16 XL0002, 1.43% 8/7/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 8,100,000 | 8,100,000 |
| Series 16 XM0215, 1.43% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 8,905,000 | 8,905,000 |
| Series Floaters XF 25 86, 1.41% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 3,750,000 | 3,750,000 |
| Series Floaters XG 01 69, 1.43% 8/7/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 7,200,000 | 7,200,000 |
| New York Liberty Dev. Corp. Participating VRDN Series Floaters XF 10 27, 1.5% 8/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(d) | | 12,259,000 | 12,259,000 |
| New York Metropolitan Trans. Auth. Rev. Participating VRDN Series RBC E 126, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 44,365,000 | 44,365,000 |
| New York Sales Tax Asset Receivables Corp. Participating VRDN: | | | |
| Series 15 XF0139, 1.43% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 3,340,000 | 3,340,000 |
| Series 16 ZM0174, 1.43% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 9,145,000 | 9,145,000 |
| Series 2015 ZF0209, 1.43% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 1,000,000 | 1,000,000 |
| New York State Envir. Facilities Corp. Participating VRDN Series XF 23 44, 1.43% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 10,400,000 | 10,400,000 |
| New York State Gen. Oblig. Participating VRDN Series ROC II R 11936, 1.42% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 16,800,000 | 16,800,000 |
| New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Participating VRDN Series ROC II R 11997, 1.42% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 9,080,000 | 9,080,000 |
| New York Univ., Bonds Series Solar 0034, 1.53%, tender 8/22/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | | 1,300,000 | 1,300,000 |
| New York Urban Dev. Corp. Rev. Participating VRDN Series DB 8029, 1.55% 8/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(d) | | 18,995,000 | 18,995,000 |
| Triborough Bridge & Tunnel Auth. Revs. Participating VRDN: | | | |
| Series 16 XL0003, 1.43% 8/7/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 9,950,000 | 9,950,000 |
| Series Floaters XF 06 36, 1.42% 8/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(c)(d) | | 8,500,000 | 8,500,000 |
| Series Floaters XF 25 87, 1.43% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 10,285,000 | 10,285,000 |
| Series Floaters XF 27 91, 1.42% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 7,500,000 | 7,500,000 |
| Series Floaters ZF 26 32, 1.42% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 2,960,000 | 2,960,000 |
| Series Floaters ZF 27 69, 1.42% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 2,000,000 | 2,000,000 |
| Series Floaters ZF 27 72, 1.42% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 19,560,000 | 19,560,000 |
| Series RBC 16 ZM 0138, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 2,500,000 | 2,500,000 |
| Series RBC 16 ZM 0139, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 7,000,000 | 7,000,000 |
| Series XM 04 76, 1.43% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 6,195,000 | 6,195,000 |
| Triborough Bridge and Tunnel Auth. Participating VRDN: | | | |
| Series XM 03 40, 1.42% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 5,800,000 | 5,800,000 |
| Series XM 03 41, 1.42% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 3,000,000 | 3,000,000 |
| Util. Debt Securitization Auth. Participating VRDN: | | | |
| Series 2015 ZF0195, 1.43% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 7,700,000 | 7,700,000 |
| Series Floaters ZF 27 40, 1.43% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 2,600,000 | 2,600,000 |
| Series Floaters ZM 01 22, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 4,000,000 | 4,000,000 |
| Series Floaters ZM 04 56, 1.43% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 2,500,000 | 2,500,000 |
| Series Floaters ZM 04 62, 1.43% 8/7/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 4,000,000 | 4,000,000 |
| Westchester County Local Dev. Co. Participating VRDN Series Floaters XF 24 81, 1.44% 8/7/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 1,700,000 | 1,700,000 |
| | | | 888,437,500 |
| New York And New Jersey - 1.8% | | | |
| Port Auth. of New York & New Jersey Participating VRDN: | | | |
| Series 16 XF2211, 1.43% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 5,360,000 | 5,360,000 |
| Series DB 8033, 1.55% 8/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(d) | | 4,300,000 | 4,300,000 |
| Series Floaters XF 05 62, 1.45% 8/7/19 (Liquidity Facility Bank of America NA) (a)(c)(d) | | 695,000 | 695,000 |
| Series Floaters XF 05 65, 1.42% 8/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(c)(d) | | 2,940,000 | 2,940,000 |
| Series Floaters XF 06 97, 1.43% 8/7/19 (Liquidity Facility Bank of America NA) (a)(c)(d) | | 5,225,000 | 5,225,000 |
| Series Floaters XM 05 05, 1.43% 8/7/19 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | | 7,200,000 | 7,200,000 |
| Series Floaters ZF 26 87, 1.41% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 2,100,000 | 2,100,000 |
| Series Floaters ZM 04 10, 1.42% 8/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 1,300,000 | 1,300,000 |
| Series MS 15 ZM0099, 1.43% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d)(e) | | 1,100,000 | 1,100,000 |
| Series MS 3249, 1.43% 8/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 3,500,000 | 3,500,000 |
| Series ROC II R 14077, 1.41% 8/7/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 7,315,000 | 7,315,000 |
| | | | 41,035,000 |
| Ohio - 0.1% | | | |
| Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 1.52% 8/7/19 (Liquidity Facility Bank of America NA) (a)(c)(d) | | 200,000 | 200,000 |
| Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.55% 9/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) | | 785,000 | 785,000 |
| Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.55% 9/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) | | 1,000,000 | 1,000,000 |
| | | | 1,985,000 |
| Oklahoma - 0.0% | | | |
| Oklahoma Dev. Fin. Auth. Health Sys. Rev. Participating VRDN Series Floaters XG 02 10, 1.44% 8/7/19 (Liquidity Facility Bank of America NA) (a)(c)(d) | | 200,000 | 200,000 |
| Pennsylvania - 0.3% | | | |
| Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 1.55% 9/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) | | 1,600,000 | 1,600,000 |
| Lehigh County Gen. Purp. Hosp. Rev. Participating VRDN Series Floaters 2019 003, 1.55% 9/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) | | 1,400,000 | 1,400,000 |
| Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, 1.57%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) | | 1,700,000 | 1,700,000 |
| Pennsylvania Tpk. Commission Tpk. Rev.: | | | |
| Bonds Series Floaters G 43, 1.6%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) | | 600,000 | 600,000 |
| Participating VRDN Series DBE 8032, 1.65% 8/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(d) | | 730,000 | 730,000 |
| | | | 6,030,000 |
| South Carolina - 0.0% | | | |
| South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.6%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) | | 300,000 | 300,000 |
| Texas - 0.1% | | | |
| Frisco Independent School District Bonds Series Solar 0002, 1.53%, tender 8/22/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | | 400,000 | 400,000 |
| Harris County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series Floaters 010, 1.55% 9/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) | | 2,400,000 | 2,400,000 |
| | | | 2,800,000 |
| TOTAL TENDER OPTION BOND | | | |
| (Cost $964,037,500) | | | 964,037,500 |
|
| Other Municipal Security - 12.3% | | | |
| Georgia - 0.5% | | | |
| Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds: | | | |
| Series 2010 A1, SIFMA Municipal Swap Index + 0.100% 1.5%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) (a)(f) | | 6,525,000 | 6,525,000 |
| Series 2010 A2, SIFMA Municipal Swap Index + 0.100% 1.5%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) (a)(f) | | 5,305,000 | 5,305,000 |
| | | | 11,830,000 |
| Kentucky - 0.1% | | | |
| Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 1.6% tender 8/15/19, CP mode | | 1,600,000 | 1,600,000 |
| Massachusetts - 0.2% | | | |
| Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds Series 1992, 1.85% tender 8/1/19, CP mode | | 5,200,000 | 5,200,000 |
| Michigan - 0.0% | | | |
| Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 1.65%, tender 2/26/20 (a)(f) | | 100,000 | 100,000 |
| New Hampshire - 0.2% | | | |
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds Series 1990 B: | | | |
| 1.45% tender 8/13/19, CP mode | | 4,600,000 | 4,600,000 |
| 1.84% tender 8/7/19, CP mode | | 300,000 | 300,000 |
| | | | 4,900,000 |
| New Mexico - 0.2% | | | |
| New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Bonds Series 2014 B, 1 month U.S. LIBOR + 0.750% 2.36%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (a)(f) | | 5,385,000 | 5,385,000 |
| New York - 10.9% | | | |
| Albany City School District BAN Series 2018 B, 3% 8/2/19 | | 12,397,000 | 12,397,403 |
| Baldwinsville Central School District BAN Series 2018, 3% 10/25/19 | | 12,400,000 | 12,426,395 |
| Bethlehem Central School District BAN Series 2019 A, 2.5% 6/30/20 | | 18,000,000 | 18,176,398 |
| Brewster Central School District BAN Series 2019, 2.25% 7/10/20 | | 20,000,000 | 20,165,985 |
| Churchville Chili Central School District BAN Series 2019, 2.5% 6/26/20 | | 16,500,000 | 16,652,430 |
| East Meadow Union Free School District BAN Series 2019 A, 3% 2/28/20 | | 9,200,000 | 9,260,576 |
| Elwood Union Free School District BAN Series 2018, 3% 9/18/19 | | 2,440,000 | 2,443,145 |
| Frontier Central School District Erie County BAN Series 2019, 2.5% 7/23/20 | | 15,726,063 | 15,890,808 |
| Galway Cent School District BAN Series 2019, 3% 4/30/20 | | 4,425,000 | 4,467,163 |
| Gates Chili Central School District BAN Series 2019, 2.5% 6/25/20 | | 11,000,000 | 11,106,214 |
| Grand Island County BAN 3% 10/10/19 | | 350,000 | 350,855 |
| Harborfields Central School District Greenlawn BAN Series 2018, 4% 9/5/19 | | 3,110,000 | 3,116,053 |
| Irondequoit Gen. Oblig. BAN Series 2019 B, 3% 12/20/19 | | 1,170,000 | 1,175,479 |
| Middletown BAN Series 2018 B, 3% 8/28/19 | | 4,725,000 | 4,728,124 |
| New York City Gen. Oblig. Bonds Series 2015 1, 5% 8/1/19 | | 7,000,000 | 7,000,000 |
| New York City Trust For Cultural Bonds: | | | |
| Series 2014 B1, SIFMA Municipal Swap Index + 0.000% 1.4%, tender 4/8/20 (a)(f) | | 18,000,000 | 18,000,000 |
| Series 2014 B2, 1.4%, tender 1/6/20 (a) | | 13,490,000 | 13,490,000 |
| New York Pwr. Auth.: | | | |
| Series 1, 1.33% 9/4/19, CP | | 5,000,000 | 5,000,000 |
| Series 2, 1.48% 8/14/19, CP | | 10,403,000 | 10,403,000 |
| North Babylon Union Free School District BAN Series 2019, 2.25% 7/9/20 | | 19,815,000 | 19,978,043 |
| North Colonie Central School District BAN Series 2019, 2.25% 7/17/20 | | 20,000,000 | 20,168,288 |
| North Syracuse Cent School District BAN Series 2019, 2.25% 8/7/20 (g) | | 3,852,755 | 3,886,775 |
| North Tonawanda City School District BAN Series 2018, 3.25% 8/23/19 | | 3,700,000 | 3,702,453 |
| Port Washington Union Free School District BAN Series 2018, 4% 8/7/19 | | 7,200,000 | 7,202,293 |
| Riverhead Central School District BAN Series 2018, 3% 9/13/19 | | 1,500,000 | 1,501,818 |
| Rockland County Gen. Oblig. TAN Series 2019, 3% 4/2/20 | | 7,800,000 | 7,866,361 |
| Tonawanda Town BAN Series 2018, 3.5% 8/29/19 | | 3,912,705 | 3,917,416 |
| Village of Mount Kisco BAN Series 2018 C, 3.5% 12/20/19 | | 1,000,000 | 1,007,174 |
| | | | 255,480,649 |
| New York And New Jersey - 0.2% | | | |
| Port Auth. of New York & New Jersey Series B: | | | |
| 1.6% 9/25/19, CP | | 2,090,000 | 2,090,000 |
| 1.7% 9/12/19, CP | | 3,200,000 | 3,200,000 |
| | | | 5,290,000 |
| TOTAL OTHER MUNICIPAL SECURITY | | | |
| (Cost $289,785,649) | | | 289,785,649 |
| | | Shares | Value |
|
| Investment Company - 3.0% | | | |
| Fidelity Tax-Free Cash Central Fund 1.51% (h)(i) | | | |
| (Cost $71,684,354) | | 71,680,879 | 71,684,354 |
| TOTAL INVESTMENT IN SECURITIES - 98.7% | | | |
| (Cost $2,318,282,503) | | | 2,318,282,503 |
| NET OTHER ASSETS (LIABILITIES) - 1.3% | | | 29,732,941 |
| NET ASSETS - 100% | | | $2,348,015,444 |
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) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $27,685,000 or 1.2% of net assets.
(c) Provides evidence of ownership in one or more underlying municipal bonds.
(d) Coupon rates are determined by re-marketing agents based on current market conditions.
(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 $3,100,000 or 0.1% of net assets.
(f) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(h) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund.
(i) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Amounts in the income column in the above table exclude any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section 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.
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 New York AMT Tax-Free Money Market Fund (the Fund) is a fund of Fidelity New York Municipal Trust II (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. The Fund offers New York AMT Tax-Free Money Market Fund, Institutional Class and Service Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Shares of the Fund are only available for purchase by retail shareholders The Fund may be affected by economic and political developments in the state of New York.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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.
Distributions 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 declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent 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.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
4. Fees and Other Transactions with Affiliates.
In addition, under the expense contract, the investment adviser pays class-level expenses for New York AMT Tax-Free Money Market Fund so that the total expenses do not exceed .35%, expressed as a percentage of class average net assets, with certain exceptions such as interest expense.
5. Expense Reductions.
The investment adviser contractually agreed to reimburse Institutional Class and Service Class to the extent annual operating expenses, expressed as a percentage of each class' average net assets, exceed .20% and .45%, respectively. Some expenses, for example the compensation of the independent Trustees and certain other expenses such as interest expense, are excluded from this reimbursement. During the period, this reimbursement reduced Institutional Class and Service Class expenses by $428,426 and $129, respectively.
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 management fee by $1,380.
6. Distributions to Shareholders.
7. Share Transactions.
Share transactions for each class of shares at a $1.00 per share were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
8. 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.
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2019 to July 31, 2019).
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
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.
