UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6452
Fidelity Union Street Trust II
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | August 31 |
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Date of reporting period: | February 28, 2015 |
Item 1. Reports to Stockholders
Fidelity®
AMT Tax-Free Money
Fund
Semiannual Report
February 28, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes/ Performance | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
Board Approval of Investment Advisory Contracts and Management Fees |
|
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 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. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management 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 (September 1, 2014 to February 28, 2015).
Actual Expenses
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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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.
Hypothetical Example for Comparison Purposes
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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Actual | .06% | $ 1,000.00 | $ 1,001.00 | $ .30 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.50 | $ .30 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes/Performance (Unaudited)
Effective Maturity Diversification | |||
Days | % of fund's investments 2/28/15 | % of fund's investments 8/31/14 | % of fund's investments 2/28/14 |
1 - 7 | 74.7 | 70.3 | 70.2 |
8 - 30 | 2.0 | 3.2 | 3.8 |
31 - 60 | 3.5 | 7.3 | 4.4 |
61 - 90 | 3.2 | 1.8 | 7.0 |
91 - 180 | 6.2 | 6.0 | 9.4 |
> 180 | 10.4 | 11.4 | 5.2 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Weighted Average Maturity | |||
| 2/28/15 | 8/31/14 | 2/28/14 |
Fidelity AMT Tax-Free Money Fund | 39 Days | 51 Days | 33 Days |
All Tax-Free Money Market Funds Average* | 32 Days | 38 Days | 31 Days |
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 | |||
| 2/28/15 | 8/31/14 | 2/28/14 |
Fidelity AMT Tax-Free Money Fund | 39 Days | 51 Days | 34 Days |
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. |
* Source: iMoneyNet, Inc.
Semiannual Report
Investment Changes/Performance (Unaudited) - continued
Asset Allocation (% of fund's net assets) | |||||||
As of February 28, 2015 | As of August 31, 2014 | ||||||
![]() | Variable Rate |
| ![]() | Variable Rate |
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![]() | Other Municipal |
| ![]() | Other Municipal |
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![]() | Investment |
| ![]() | Investment |
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![]() | Net Other Assets (Liabilities) 0.4% |
| ![]() | Net Other Assets (Liabilities)† (1.7)% |
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† Net Other Assets (Liabilities) are not included in the pie chart.
Current and Historical Seven-Day Yields
| 2/28/15 | 11/30/14 | 8/31/14 | 5/31/14 | 2/28/14 |
Fidelity AMT Tax-Free Money Fund | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. 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 February 28, 2015, the most recent period shown in the table, would have been -0.41%.
Semiannual Report
Investments February 28, 2015 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 63.4% | |||
Principal Amount (000s) | Value (000s) | ||
Alabama - 0.1% | |||
Mobile Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Second Series 2009, 0.02% 3/2/15, VRDN (a) | $ 600 | $ 600 | |
Alaska - 1.3% | |||
Anchorage Wastewtr. Rev. Participating VRDN Series Solar 07 97, 0.02% 3/6/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 2,790 | 2,790 | |
Valdez Marine Term. Rev.: | |||
(ConocoPhillips Proj.) Series 1994 A, 0.02% 3/6/15 (ConocoPhillips Co. Guaranteed), VRDN (a) | 1,200 | 1,200 | |
(Phillips Trans. Alaska, Inc. Proj.) Series 1994 B, 0.02% 3/6/15 (ConocoPhillips Co. Guaranteed), VRDN (a) | 6,600 | 6,600 | |
| 10,590 | ||
Arizona - 3.9% | |||
Arizona Health Facilities Auth. Rev.: | |||
(Banner Health Sys. Proj.) Series 2008 F, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | 900 | 900 | |
(Catholic Healthcare West Proj.): | |||
Series 2005 B, 0.03% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | 600 | 600 | |
Series 2008 A, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | 1,500 | 1,500 | |
Series 2008 B, 0.02% 3/6/15, LOC PNC Bank NA, VRDN (a) | 800 | 800 | |
Chandler Gen. Oblig. Participating VRDN Series GS 07 49TP, 0.02% 3/6/15 (Liquidity Facility Wells Fargo & Co.) (a)(c) | 11,195 | 11,195 | |
Maricopa County Indl. Dev. Auth. Rev. (Valley of the Sun YMCA Proj.) Series 2008, 0.04% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 1,200 | 1,200 | |
Phoenix Indl. Dev. Auth. Multi-family Hsg. Rev. (Del Mar Terrace Apts. Proj.) Series 1999 A, 0.02% 3/6/15, LOC Freddie Mac, VRDN (a) | 10,500 | 10,500 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Participating VRDN Series Putters 3467, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,115 | 2,115 | |
Tempe Indl. Dev. Auth. Rev. (ASUF Brickyard Proj.) Series 2004 A, 0.03% 3/6/15, LOC Bank of America NA, VRDN (a) | 3,500 | 3,500 | |
Yavapai County Indl. Dev. Auth. (Northern Arizona Healthcare Sys. Proj.) Series 2008 B, 0.03% 3/6/15, LOC Wells Fargo Bank NA, VRDN (a) | 500 | 500 | |
| 32,810 | ||
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
California - 1.2% | |||
Metropolitan Wtr. District of Southern California Wtrwks. Rev. Participating VRDN Series BA 08 1062, 0.04% 3/6/15 (Liquidity Facility Bank of America NA) (a)(c) | $ 5,000 | $ 5,000 | |
Riverside Ctfs. of Prtn. (Riverside Renaissance Proj.) Series 2008, 0.01% 3/6/15, LOC Bank of America NA, VRDN (a) | 3,700 | 3,700 | |
San Francisco Bay Area Rapid Transit District Sales Tax Rev. Participating VRDN Series ROC II R 14035, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | 1,000 | 1,000 | |
| 9,700 | ||
Colorado - 1.3% | |||
Colorado Edl. & Cultural Facilities Auth. Rev. (Clyfford Still Museum Proj.) Series 2008, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (a) | 1,000 | 1,000 | |
Colorado Health Facilities Auth. Retirement Hsg. Rev. Participating VRDN Series Putters 1390, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,065 | 2,065 | |
Mesa County Econ. Dev. Rev. (Leitner-Poma of America, Inc. Proj.) Series 2009, 0.11% 3/6/15, LOC Wells Fargo Bank NA, VRDN (a) | 6,760 | 6,760 | |
Moffat County Poll. Cont. Rev. (Tri-State Generation and Transmission Assoc., Inc. Proj.) Series 2009, 0.02% 3/6/15, LOC Bank of America NA, VRDN (a) | 1,300 | 1,300 | |
| 11,125 | ||
Connecticut - 0.6% | |||
Connecticut Health & Edl. Facilities Auth. Rev.: | |||
Participating VRDN Series EGL 7 05 3031, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | 4,300 | 4,300 | |
Series 2014 D, 0.03% 3/6/15, LOC Bank of America NA, VRDN (a) | 400 | 400 | |
| 4,700 | ||
Delaware - 0.4% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 A, 0.14% 3/6/15, VRDN (a) | 3,000 | 3,000 | |
District Of Columbia - 1.0% | |||
District of Columbia Rev.: | |||
(American Psychological Assoc. Proj.) Series 2003, 0.06% 3/6/15, LOC Bank of America NA, VRDN (a) | 1,000 | 1,000 | |
(The AARP Foundation Proj.) Series 2004, 0.02% 3/6/15, LOC Bank of America NA, VRDN (a) | 1,500 | 1,500 | |
(The Washington Ctr. for Internships and Academic Seminars Proj.) Series 2009, 0.02% 3/6/15, LOC Branch Banking & Trust Co., VRDN (a) | 4,600 | 4,600 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
District Of Columbia - continued | |||
District of Columbia Rev.: - continued | |||
(Washington Drama Society, Inc. Proj.) Series 2008, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | $ 700 | $ 700 | |
District of Columbia Univ. Rev. (American Univ. Proj.) Series 2006 B, 0.02% 3/6/15, LOC Royal Bank of Canada, VRDN (a) | 1,000 | 1,000 | |
| 8,800 | ||
Florida - 3.5% | |||
Broward County Fin. Auth. Multi-family Hsg. Rev. (Reflections Apts. Proj.) Series 1999, 0.04% 3/6/15, LOC Freddie Mac, VRDN (a) | 4,980 | 4,980 | |
Florida Gen. Oblig. Participating VRDN Series PZ 130, 0.04% 3/6/15 (Liquidity Facility Wells Fargo & Co.) (a)(c) | 3,440 | 3,440 | |
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev. (Mariner's Cay Apts. Proj.) Series 2008 M, 0.02% 3/6/15, LOC Fannie Mae, VRDN (a) | 1,260 | 1,260 | |
Highlands County Health Facilities Auth. Rev. Participating VRDN Series ROC II R 11830, 0.04% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | 875 | 875 | |
Miami-Dade County Series 2014 A, 0.02% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 1,300 | 1,300 | |
Orange County Health Facilities Auth. Rev.: | |||
(Orlando Reg'l. Health Care Sys. Proj.) Series 2008 E, 0.02% 3/6/15, LOC Branch Banking & Trust Co., VRDN (a) | 2,500 | 2,500 | |
(The Nemours Foundation Proj.) Series 2009 B, 0.02% 3/6/15, LOC Northern Trust Co., VRDN (a) | 600 | 600 | |
Palm Beach County Solid Waste Auth. Rev. Participating VRDN Series ROC II 14003, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | 2,930 | 2,930 | |
Palm Beach County Wtr. & Swr. Rev. Participating VRDN Series 15 XF0085, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 1,105 | 1,105 | |
Pinellas County Hsg. Fin. Auth. (Booker Creek Apts. Proj.) Series 2009, 0.02% 3/6/15, LOC Freddie Mac, VRDN (a) | 4,900 | 4,900 | |
Sunshine State Govt. Fing. Commission Rev. (Miami-Dade County Prog.) Series 2010 B, 0.02% 3/6/15, LOC Bank of New York, New York, VRDN (a) | 3,405 | 3,405 | |
Volusia County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Fisherman's Landing Apts. Proj.) 0.04% 3/6/15, LOC Fannie Mae, VRDN (a) | 1,850 | 1,850 | |
| 29,145 | ||
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Georgia - 2.5% | |||
Burke County Indl. Dev. Auth. Poll. Cont. Rev.: | |||
(Georgia Pwr. Co. Plant Vogtle Proj.) Second Series 1995, 0.04% 3/2/15, VRDN (a) | $ 7,600 | $ 7,600 | |
(Oglethorpe Pwr. Corp. Proj.) Series 2010 A, 0.03% 3/6/15, LOC Bank of America NA, VRDN (a) | 1,600 | 1,600 | |
Cobb County Kennestone Hosp. Auth. Rev. (WellStar Health Sys. Proj.) Series 2005 A, 0.02% 3/6/15, LOC Bank of America NA, VRDN (a) | 1,500 | 1,500 | |
Fulton County Dev. Auth. (Mount Vernon Presbyterian School Proj.) Series 2005, 0.02% 3/6/15, LOC Branch Banking & Trust Co., VRDN (a) | 2,300 | 2,300 | |
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series 2010 A, 0.02% 3/6/15 (Liquidity Facility Royal Bank of Canada), VRDN (a) | 8,200 | 8,200 | |
| 21,200 | ||
Hawaii - 1.4% | |||
Hawaii Gen. Oblig. Participating VRDN Series Putters 4007, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,665 | 4,665 | |
Hawaii State Hsg. Fin. & Dev. Corp. Rev. (Lokahi Kau Apts. Proj.) Series 2008, 0.02% 3/6/15, LOC Freddie Mac, VRDN (a) | 2,300 | 2,300 | |
Honolulu City & County Gen. Oblig. Participating VRDN Series Putters 3391, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,000 | 5,000 | |
| 11,965 | ||
Illinois - 4.8% | |||
Chicago Gen. Oblig. Series 2003 B, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | 600 | 600 | |
Chicago O'Hare Int'l. Arpt. Rev. Series 2005 D, 0.02% 3/6/15, LOC Barclays Bank PLC, VRDN (a) | 700 | 700 | |
Chicago Wtr. Rev.: | |||
Series 2004 A1, 0.02% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 1,900 | 1,900 | |
Series 2004 A2, 0.02% 3/6/15, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 1,800 | 1,800 | |
Illinois Fin. Auth. Rev.: | |||
(Chicago Historical Society Proj.) Series 2006, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | 18,900 | 18,900 | |
(Museum of Science & Industry Proj.) Series 2009 C, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (a) | 1,000 | 1,000 | |
(OSF Healthcare Sys. Proj.) Series 2009 C, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (a) | 2,200 | 2,200 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Illinois - continued | |||
Illinois Fin. Auth. Rev.: - continued | |||
(Spertus Institute of Jewish Studies Proj.) 0.03% 3/6/15, LOC Northern Trust Co., VRDN (a) | $ 3,400 | $ 3,400 | |
Participating VRDN Series MS 3332, 0.02% 3/6/15 (Liquidity Facility Cr. Suisse AG) (a)(c) | 400 | 400 | |
Series 2011 B, 0.02% 3/6/15, LOC PNC Bank NA, VRDN (a) | 950 | 950 | |
Illinois Gen. Oblig. Series 2003 B, 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | 1,500 | 1,500 | |
Illinois Health Facilities Auth. Rev. (Herman M. Finch Univ. of Health Sciences/The Chicago Med. School Proj.) Series 2003, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | 900 | 900 | |
Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev. 0.02% 3/6/15, LOC Freddie Mac, VRDN (a) | 500 | 500 | |
Univ. of Illinois Rev. (UIC South Campus Dev. Proj.) Series 2008, 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | 5,700 | 5,700 | |
| 40,450 | ||
Indiana - 2.2% | |||
Dearborn County Econ. Dev. Rev. (Dearborn County Hosp. Proj.) Series 2006, 0.16% 3/6/15, LOC Fifth Third Bank, Cincinnati, VRDN (a) | 2,000 | 2,000 | |
Indiana Dev. Fin. Auth. Econ. (Archer-Daniels-Midland Co. Proj.) Series 2012, 0.02% 3/6/15 (Archer Daniels Midland Co. Guaranteed), VRDN (a) | 500 | 500 | |
Indiana Dev. Fin. Auth. Envir. Rev. (Duke Energy Indiana, Inc. Proj.) Series 2009 A3, 0.02% 3/6/15, LOC Mizuho Corporate Bank Ltd., VRDN (a) | 700 | 700 | |
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2008 H, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | 1,200 | 1,200 | |
Indiana Fin. Auth. Hosp. Rev. (Indiana Univ. Health Obligated Group Proj.) Series 2011 E, 0.01% 3/6/15, LOC Bank of America NA, VRDN (a) | 12,550 | 12,550 | |
Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.) Series 2008 H, 0.02% 3/6/15, LOC Bank of Nova Scotia, VRDN (a) | 2,000 | 2,000 | |
| 18,950 | ||
Iowa - 0.7% | |||
Iowa Fin. Auth. Poll. Cont. Facility Rev. (MidAmerican Energy Proj.) Series 2008 B, 0.06% 3/6/15, VRDN (a) | 5,900 | 5,900 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Louisiana - 1.1% | |||
East Baton Rouge Parish Pub. Impt. Sales Tax Rev. Series 2008 A, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | $ 1,200 | $ 1,200 | |
Louisiana Gas & Fuel Tax Rev. Participating VRDN Series EGL 14 0049, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | 1,865 | 1,865 | |
Saint James Parish Gen. Oblig.: | |||
(Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 0.2% 3/6/15, VRDN (a) | 1,250 | 1,250 | |
Series 2010 B1, 0.19% 3/6/15, VRDN (a) | 2,700 | 2,700 | |
(NuStar Logistics, L.P. Proj.): | |||
Series 2010 A, 0.02% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 1,000 | 1,000 | |
Series 2010 B, 0.02% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 1,500 | 1,500 | |
| 9,515 | ||
Maryland - 0.5% | |||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | |||
(Adventist Healthcare Proj.) Series 2005 A, 0.02% 3/6/15, LOC MUFG Union Bank NA, VRDN (a) | 800 | 800 | |
(Anne Arundel Health Sys. Proj.) Series 2009 B, 0.02% 3/6/15, LOC Bank of America NA, VRDN (a) | 3,200 | 3,200 | |
| 4,000 | ||
Massachusetts - 0.1% | |||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN Series EGL 07 0031, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | 1,000 | 1,000 | |
Michigan - 0.2% | |||
Michigan Hosp. Fin. Auth. Rev. Participating VRDN Series ROC II R 11676, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | 1,300 | 1,300 | |
Minnesota - 0.9% | |||
Hennepin County Gen. Oblig. Series 2013 C, 0.02% 3/6/15 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (a) | 1,000 | 1,000 | |
Minnesota Gen. Oblig. Participating VRDN Series Putters 3844 Q, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,860 | 6,860 | |
| 7,860 | ||
Mississippi - 0.7% | |||
Mississippi Bus. Fin. Corp. Indl. Dev. Rev. (New Process Steel, L.P. Proj.) Series 2010, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (a) | 6,100 | 6,100 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Missouri - 1.2% | |||
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Participating VRDN Series EGL 07 0001, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | $ 8,000 | $ 8,000 | |
Saint Louis Indl. Dev. Auth. (Saint Luke's Plaza Apts. Proj.) Series 2009, 0.02% 3/6/15 (Liquidity Facility Freddie Mac), VRDN (a) | 2,100 | 2,100 | |
| 10,100 | ||
Nebraska - 0.1% | |||
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev. Series 2010 B, 0.02% 3/6/15 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a) | 1,000 | 1,000 | |
Nevada - 0.7% | |||
Clark County Arpt. Rev. Series 2008 D3, 0.01% 3/6/15, LOC Bank of America NA, VRDN (a) | 1,200 | 1,200 | |
Clark County Fuel Tax Participating VRDN Series ROC II R 11507, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | 2,455 | 2,455 | |
Clark County Indl. Dev. Rev. (Southwest Gas Corp. Proj.) Series 2009 A, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | 700 | 700 | |
Clark County McCarran Int'l. Arpt. Passenger Facility Charge Rev. Series 2010 F2, 0.01% 3/6/15, LOC MUFG Union Bank NA, VRDN (a) | 1,500 | 1,500 | |
| 5,855 | ||
New Jersey - 0.2% | |||
JPMorgan Chase NA Letter of Credit Participating VRDN Series Putters 4462, 0.04% 3/2/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 1,400 | 1,400 | |
Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.) Series 2003 B1, 0.16% 3/6/15, VRDN (a) | 300 | 300 | |
| 1,700 | ||
New York - 5.9% | |||
Dutchess County Indl. Dev. Agcy. Civic Facility Rev. (Lutheran Ctr. at Poughkeepsie, Inc. Proj.) 0.09% 3/6/15, LOC KeyBank NA, VRDN (a) | 100 | 100 | |
Liberty Dev. Corp. Rev. (377 Greenwich LLC Proj.) Series 2004, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (a) | 12,725 | 12,725 | |
New York City Gen. Oblig.: | |||
Series 2004 H2 0.02% 3/6/15, LOC California Pub. Employees Retirement Sys., VRDN (a) | 500 | 500 | |
Series 2004 H3, 0.02% 3/6/15, LOC California Pub. Employees Retirement Sys., VRDN (a) | 300 | 300 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
New York - continued | |||
New York City Gen. Oblig.: - continued | |||
Series 2011 A4, 0.02% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | $ 1,000 | $ 1,000 | |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | |||
Series 2014 AA: | |||
0.02% 3/2/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 800 | 800 | |
0.02% 3/2/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 2,500 | 2,500 | |
0.02% 3/2/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | 2,200 | 2,200 | |
Series 2015 BB3, 0.02% 3/6/15 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (a) | 600 | 600 | |
New York City Transitional Fin. Auth. Rev.: | |||
Participating VRDN: | |||
Series Putters 3857, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,500 | 2,500 | |
Series ROC II R 14022, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | 2,815 | 2,815 | |
Series 2003 A2, 0.02% 3/2/15 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a) | 1,100 | 1,100 | |
New York Dorm. Auth. Revs.: | |||
(City Univ. Proj.) Series 2008 C, 0.01% 3/6/15, LOC Bank of America NA, VRDN (a) | 4,300 | 4,300 | |
Participating VRDN Series EGL 07 0003, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | 15,000 | 15,000 | |
New York Hsg. Fin. Agcy. Rev.: | |||
(10 Barclay Street Hsg. Proj.) Series 2004 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (a) | 1,000 | 1,000 | |
Series 2008 A, 0.01% 3/6/15, LOC Freddie Mac, VRDN (a) | 600 | 600 | |
New York Local Govt. Assistance Corp. Series 2008 B3V, 0.01% 3/6/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 800 | 800 | |
Syracuse Indl. Dev. Agcy. Civic Facility Rev. (Syracuse Univ. Proj.) Series 2005 B, 0.02% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 500 | 500 | |
| 49,340 | ||
North Carolina - 2.7% | |||
Charlotte Wtr. & Swr. Sys. Rev. Series 2002 C, 0.01% 3/6/15 (Liquidity Facility Bank of America NA), VRDN (a) | 500 | 500 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
North Carolina - continued | |||
Greensboro Combined Enterprise Sys. Rev. Series 2014 A, 0.03% 3/6/15 (Liquidity Facility Bank of America NA), VRDN (a) | $ 500 | $ 500 | |
North Carolina Cap. Facilities Fin. Agcy. Rev. Participating VRDN: | |||
Series EGL 14 0050, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | 4,000 | 4,000 | |
Series EGL 14 0051: | |||
0.03% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | 3,000 | 3,000 | |
0.03% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | 5,000 | 5,000 | |
Raleigh Combined Enterprise Sys. Rev. Participating VRDN Series EGL 07 0010, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | 9,900 | 9,900 | |
| 22,900 | ||
Ohio - 1.2% | |||
Columbus Gen. Oblig. Participating VRDN Series Putters 2365, 0.05% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,360 | 4,360 | |
Ohio Hosp. Facilities Rev. Participating VRDN Series Putters 3558, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,330 | 5,330 | |
| 9,690 | ||
Pennsylvania - 4.4% | |||
Allegheny County Hosp. Dev. Auth. Rev. (Children's Institute Pittsburgh Proj.) Series 2005 B, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (a) | 900 | 900 | |
Allegheny County Indl. Dev. Auth. Rev. (The Watson Institute Friendship Academy Proj.) Series 2010, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (a) | 3,635 | 3,635 | |
Butler County Gen. Auth. Rev. (Erie School District Proj.) Series 2011, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (a) | 1,200 | 1,200 | |
Cap. Region Wtr. Swr. Rev. Series 2014 B, 0.02% 3/6/15, LOC Manufacturers & Traders Trust Co., VRDN (a) | 500 | 500 | |
Crawford County Indl. Dev. Auth. College Rev. (Allegheny College Proj.) Series 2009 B, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (a) | 2,000 | 2,000 | |
Lackawanna Hotel Room Rental Tax Rev. Series 2013, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (a) | 9,200 | 9,200 | |
Lancaster Indl. Dev. Auth. Rev. (United Zion Retirement Cmnty. Proj.) 0.25% 3/6/15, LOC Citizens Bank of Pennsylvania, VRDN (a) | 3,395 | 3,395 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Pennsylvania - continued | |||
Montgomery County Redev. Auth. Multi-family Hsg. Rev. (Forge Gate Apts. Proj.) Series 2001 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (a) | $ 4,990 | $ 4,990 | |
Pennsylvania Gen. Oblig. Participating VRDN Series Putters 4014, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,500 | 3,500 | |
Philadelphia Auth. for Indl. Dev. Rev. (The Franklin Institute Proj.) Series 2006, 0.02% 3/6/15, LOC Bank of America NA, VRDN (a) | 2,655 | 2,655 | |
Somerset County Gen. Oblig. Series 2009 A, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (a) | 3,440 | 3,440 | |
Washington County Hosp. Auth. Rev. (Monongahela Valley Hosp. Proj.) Series 2011 A, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (a) | 1,700 | 1,700 | |
| 37,115 | ||
Rhode Island - 2.1% | |||
Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev.: | |||
(Bryant Univ. Proj.) Series 2008, 0.02% 3/6/15, LOC TD Banknorth, NA, VRDN (a) | 500 | 500 | |
(Rhode Island School of Design Proj.) Series 2008 B, 0.01% 3/6/15, LOC TD Banknorth, NA, VRDN (a) | 17,295 | 17,295 | |
| 17,795 | ||
South Carolina - 3.4% | |||
Columbia Wtrwks. & Swr. Rev. Participating VRDN Series BC 10 42W, 0.04% 3/6/15 (Liquidity Facility Barclays Bank PLC) (a)(c) | 2,000 | 2,000 | |
Greenville Hosp. Sys. Facilities Rev. Series 2008 B, 0.02% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 22,750 | 22,750 | |
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev.: | |||
(Bon Secours Health Sys. Proj.) 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | 2,000 | 2,000 | |
(Institute for Bus. and Home Safety Proj.) Series 2009, 0.02% 3/6/15, LOC Branch Banking & Trust Co., VRDN (a) | 1,600 | 1,600 | |
| 28,350 | ||
Tennessee - 2.1% | |||
Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.): | |||
Series 1994, 0.05% 3/6/15, LOC Bank of America NA, VRDN (a) | 2,400 | 2,400 | |
Series 2003, 0.02% 3/2/15, LOC Bank of America NA, VRDN (a) | 900 | 900 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Tennessee - continued | |||
Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.): - continued | |||
Series 2004, 0.02% 3/2/15, LOC Bank of America NA, VRDN (a) | $ 1,100 | $ 1,100 | |
Series 2005, 0.02% 3/2/15, LOC Bank of America NA, VRDN (a) | 5,305 | 5,305 | |
Series 2008, 0.02% 3/2/15, LOC Bank of America NA, VRDN (a) | 1,020 | 1,020 | |
Johnson City Health & Edl. Hosp. Rev. (Mountain States Health Alliance Proj.) Series 2011 A, 0.02% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 700 | 700 | |
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. (Tennessee County Ln. Pool Prog.): | |||
Series 1999, 0.03% 3/6/15, LOC Bank of America NA, VRDN (a) | 3,700 | 3,700 | |
Series 2002, 0.02% 3/2/15, LOC Bank of America NA, VRDN (a) | 1,600 | 1,600 | |
Series 2006, 0.02% 3/2/15, LOC Bank of America NA, VRDN (a) | 900 | 900 | |
| 17,625 | ||
Texas - 7.1% | |||
Fort Bend Independent School District Participating VRDN Series PZ 124, 0.04% 3/6/15 (Liquidity Facility Wells Fargo & Co.) (a)(c) | 10,415 | 10,415 | |
Harris County Cultural Ed. Facilities Fin. Corp. Rev.: | |||
(YMCA of the Greater Houston Area Proj.) Series 2013 B, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | 1,945 | 1,945 | |
Series 2014 D, 0.01% 3/6/15, VRDN (a) | 1,200 | 1,200 | |
Houston Util. Sys. Rev. Series 2004 B4, 0.01% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 1,200 | 1,200 | |
Lamar Consolidated Independent School District Participating VRDN Series DB 512, 0.07% 3/6/15 (Liquidity Facility Deutsche Bank AG) (a)(c) | 400 | 400 | |
North East Texas Independent School District Participating VRDN Series Putters 2355, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,640 | 4,640 | |
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
Series 2010 B, 0.09% 3/2/15, VRDN (a) | 400 | 400 | |
Series 2010 C, 0.09% 3/2/15, VRDN (a) | 250 | 250 | |
San Antonio Elec. & Gas Sys. Rev. Participating VRDN Series Putters 3344, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,215 | 3,215 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Texas - continued | |||
San Antonio Pub. Facilities Corp. and Rfdg. Lease Participating VRDN Series CTE 12 3AX, 0.02% 3/6/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | $ 265 | $ 265 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Baylor Health Care Sys. Proj.) Series 2011 C, 0.02% 3/6/15, LOC Northern Trust Co., VRDN (a) | 1,270 | 1,270 | |
Texas A&M Univ. Rev. Participating VRDN Series BC 10 39W, 0.04% 3/6/15 (Liquidity Facility Barclays Bank PLC) (a)(c) | 1,500 | 1,500 | |
Univ. of Texas Board of Regents Sys. Rev.: | |||
Series 2007 B, 0.01% 3/6/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), VRDN (a) | 8,100 | 8,100 | |
0.01% 3/6/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), VRDN (a) | 25,000 | 25,000 | |
| 59,800 | ||
Utah - 0.3% | |||
Emery County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (a) | 1,000 | 1,000 | |
Utah County Hosp. Rev. Participating VRDN Series BC 15 1U, 0.04% 3/6/15 (Liquidity Facility Barclays Bank PLC) (a)(c) | 1,850 | 1,850 | |
| 2,850 | ||
Virginia - 1.2% | |||
Cap. Beltway Fdg. Corp. Toll Rev. (I-495 HOT Lanes Proj.) Series 2008 D, 0.01% 3/6/15, LOC Bank of Nova Scotia, VRDN (a) | 4,300 | 4,300 | |
Fairfax County Indl. Dev. Auth.: | |||
(Inova Health Sys. Proj.) Series 2005 A2, 0.02% 3/6/15, VRDN (a) | 1,000 | 1,000 | |
Participating VRDN Series Putters 4254, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 500 | 500 | |
Loudoun County Indl. Dev. Auth. (Howard Hughes Med. Institute Proj.) Series 2003 F, 0.01% 3/6/15, VRDN (a) | 700 | 700 | |
Virginia College Bldg. Auth. Edl. Facilities Rev. Participating VRDN Series PZ 161, 0.04% 3/6/15 (Liquidity Facility Wells Fargo & Co.) (a)(c) | 3,860 | 3,860 | |
| 10,360 | ||
Washington - 1.5% | |||
Central Puget Sound Reg'l. Trans. Auth. Sales & Use Tax Rev. Participating VRDN Series Putters 2866, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 1,000 | 1,000 | |
King County Swr. Rev. Participating VRDN Series ROC II R 11962, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | 1,600 | 1,600 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Washington - continued | |||
Washington Gen. Oblig. Participating VRDN: | |||
Series Clipper 05 39, 0.02% 3/6/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | $ 1,300 | $ 1,300 | |
Series GS 06 7T, 0.02% 3/6/15 (Liquidity Facility Wells Fargo & Co.) (a)(c) | 2,790 | 2,790 | |
Series ROC II R 11889, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | 3,250 | 3,250 | |
Washington Health Care Facilities Auth. Rev. Participating VRDN: | |||
Series PT 4742, 0.02% 3/6/15 (Liquidity Facility Bank of America NA) (a)(c) | 1,190 | 1,190 | |
Series Putters 4480, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 1,775 | 1,775 | |
| 12,905 | ||
West Virginia - 0.2% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. (Appalachian Pwr. Co. - Amos Proj.): | |||
Series 2009 A, 0.01% 3/6/15, LOC Sumitomo Mitsui Banking Corp., VRDN (a) | 800 | 800 | |
Series 2009 B, 0.02% 3/6/15, LOC Sumitomo Mitsui Banking Corp., VRDN (a) | 1,200 | 1,200 | |
| 2,000 | ||
Wisconsin - 0.4% | |||
Wisconsin Health & Edl. Facilities Auth. Rev. Participating VRDN Series ROC II R 14065, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (a)(c) | 3,200 | 3,200 | |
Wyoming - 0.3% | |||
Converse County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (a) | 2,600 | 2,600 | |
TOTAL VARIABLE RATE DEMAND NOTE (Cost $533,895) |
| ||
Other Municipal Debt - 27.6% | |||
|
|
|
|
Arizona - 0.1% | |||
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series C, 0.09% 3/18/15, CP | 500 | 500 | |
California - 2.7% | |||
California Gen. Oblig. Bonds: | |||
3% 10/1/15 | 4,250 | 4,321 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
California - continued | |||
California Gen. Oblig. Bonds: - continued | |||
4% 11/1/15 | $ 3,430 | $ 3,519 | |
Kern County Gen. Oblig. TRAN 0.5% 6/30/15 | 9,600 | 9,612 | |
Los Angeles County Gen. Oblig. TRAN 1.5% 6/30/15 | 4,600 | 4,621 | |
San Bernardino County Gen. Oblig. TRAN 2% 6/30/15 | 600 | 604 | |
| 22,677 | ||
Colorado - 0.7% | |||
Colorado Ed. Ln. Prog. TRAN Series 2014 B, 1.75% 6/29/15 | 4,900 | 4,927 | |
Colorado Univ. Co. Hosp. Auth. Rev. Bonds Series 2015 C, 0.1%, tender 9/25/15 (a) | 900 | 900 | |
| 5,827 | ||
Connecticut - 0.4% | |||
Connecticut Gen. Oblig. Bonds Series 2014 C, 2% 6/15/15 | 1,400 | 1,408 | |
Hartford County Metropolitan District Gen. Oblig. BAN 1% 3/23/15 | 2,030 | 2,031 | |
| 3,439 | ||
Delaware - 0.4% | |||
Delaware Gen. Oblig. Bonds 5% 3/1/15 | 3,000 | 3,000 | |
District Of Columbia - 0.4% | |||
District of Columbia Rev. Bonds Series 2000, 0.07% tender 3/2/15, LOC JPMorgan Chase Bank, CP mode | 1,900 | 1,900 | |
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Series 1: | |||
0.08% 3/5/15, LOC JPMorgan Chase Bank, CP | 1,100 | 1,100 | |
0.09% 4/6/15, LOC JPMorgan Chase Bank, CP | 500 | 500 | |
| 3,500 | ||
Florida - 1.3% | |||
Alachua County Health Facilities Auth. Health Facilities Rev. Bonds (Shands Teaching Hosp. & Clinics, Inc. Proj.) Series 2008 A, 0.07% tender 6/9/15, LOC Bank of America NA, CP mode | 600 | 600 | |
Florida Board of Ed. Lottery Rev. Bonds Series 2011 A, 5% 7/1/15 | 880 | 894 | |
Florida Local Govt. Fin. Cmnty.: | |||
Series 2011 A, 0.05% 3/9/15, LOC JPMorgan Chase Bank, CP | 856 | 856 | |
Series 2011 A1, 0.06% 4/1/15, LOC JPMorgan Chase Bank, CP | 600 | 600 | |
Hillsborough County Cap. Impt. Prog. Rev. Series A: | |||
0.05% 4/2/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 400 | 400 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Florida - continued | |||
Hillsborough County Cap. Impt. Prog. Rev. Series A: - continued | |||
0.07% 4/30/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | $ 500 | $ 500 | |
0.07% 6/4/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 600 | 600 | |
0.08% 3/12/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 800 | 800 | |
Jacksonville Gen. Oblig. Series 2004 A, 0.08% 3/5/15, LOC Barclays Bank PLC, CP | 900 | 900 | |
JEA Saint Johns River Pwr. Park Sys. Rev. Bonds Series 23, 5% 10/1/15 | 1,200 | 1,234 | |
Pinellas County School District TAN 0.75% 6/30/15 | 1,800 | 1,804 | |
Polk County Indl. Dev. Auth. Health Sys. Rev. Bonds Series 2014 A1, 0.1%, tender 9/25/15 (a) | 600 | 600 | |
Tampa Health Sys. Rev. Bonds Series 2012 B, 0.1%, tender 9/25/15 (a) | 1,000 | 1,000 | |
| 10,788 | ||
Georgia - 0.3% | |||
Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
Bonds (Gen. Resolution Proj.) Series 1985 A, 0.08% tender 3/9/15, LOC Barclays Bank PLC, CP mode | 1,400 | 1,400 | |
Series B, 0.04% 4/1/15, LOC TD Banknorth, NA, CP | 1,200 | 1,200 | |
| 2,600 | ||
Illinois - 1.5% | |||
Chicago Metropolitan Wtr. Reclamation District Greater Chicago Bonds Series Solar 06 75, 0.09%, tender 5/21/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(e) | 3,200 | 3,200 | |
Illinois Fin. Auth. Ed. Rev. Series L: | |||
0.07% 6/3/15, LOC PNC Bank NA, CP | 700 | 700 | |
0.09% 5/6/15, LOC PNC Bank NA, CP | 800 | 800 | |
Illinois Fin. Auth. Rev. Bonds: | |||
(Hosp. Sister Svcs. Proj.): | |||
Series 2012 H: | |||
0.05% tender 4/2/15, CP mode | 500 | 500 | |
0.06% tender 5/18/15, CP mode | 300 | 300 | |
0.07% tender 6/3/15, CP mode | 500 | 500 | |
Series 2012 I, 0.08% tender 4/7/15, CP mode | 400 | 400 | |
Series 2012 I, 0.07% tender 6/16/15, CP mode | 400 | 400 | |
Series 2012 l, 0.06% tender 5/18/15, CP mode | 500 | 500 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Illinois - continued | |||
Illinois Unemployment Ins. Fund Bldg. Receipts Bonds Series 2012 A: | |||
5% 6/15/15 | $ 2,100 | $ 2,129 | |
5% 12/15/15 | 2,770 | 2,874 | |
| 12,303 | ||
Indiana - 0.5% | |||
Indiana Fin. Auth. Rev. Bonds (Trinity Health Sys. Proj.) Series 2008 D2: | |||
0.07% tender 3/10/15, CP mode | 2,600 | 2,600 | |
0.08% tender 4/1/15, CP mode | 1,000 | 1,000 | |
Indianapolis Gas Util. Sys. Rev. 0.09% 5/4/15, LOC JPMorgan Chase Bank, CP | 1,000 | 1,000 | |
| 4,600 | ||
Kansas - 0.7% | |||
Wichita Gen. Oblig. BAN 0.25% 10/15/15 | 6,000 | 6,000 | |
Maryland - 2.2% | |||
Baltimore County Gen. Oblig.: | |||
0.04% 4/2/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), CP | 1,300 | 1,300 | |
0.05% 3/4/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), CP | 1,000 | 1,000 | |
0.05% 3/4/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), CP | 600 | 600 | |
0.06% 5/5/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), CP | 1,000 | 1,000 | |
Maryland Gen. Oblig. Bonds Series 2003 A, 5.25% 3/1/15 | 1,620 | 1,620 | |
Montgomery County Gen. Oblig. Bonds Series 2013 MD, 0.08%, tender 6/1/15 (a) | 1,200 | 1,200 | |
Prince Georges County Gen. Oblig. Bonds Series 2014 B, 5% 12/1/15 | 11,265 | 11,674 | |
| 18,394 | ||
Massachusetts - 0.5% | |||
Massachusetts Health & Edl. Facilities Auth. Rev. Series EE, 0.04% 4/6/15, CP | 500 | 500 | |
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 1992: | |||
0.25% tender 3/3/15, CP mode | 300 | 300 | |
0.25% tender 3/6/15, CP mode | 600 | 600 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Massachusetts - continued | |||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): - continued | |||
Series 1992: | |||
0.25% tender 3/12/15, CP mode | $ 2,400 | $ 2,400 | |
Series 1993 B, 0.35% tender 4/9/15, CP mode | 700 | 700 | |
| 4,500 | ||
Michigan - 0.9% | |||
Michigan Bldg. Auth. Rev. 0.09% 5/21/15, LOC State Street Bank & Trust Co., Boston, LOC U.S. Bank NA, Cincinnati, CP | 2,700 | 2,700 | |
Michigan Fin. Auth. Rev. Bonds Series 2013 M1, 0.08%, tender 6/1/15 (a) | 400 | 400 | |
Michigan Hosp. Fin. Auth. Rev. Bonds (Trinity Health Sys. Proj.) Series 2008 C: | |||
0.03% tender 3/9/15, CP mode | 500 | 500 | |
0.03% tender 3/10/15, CP mode | 1,000 | 1,000 | |
0.04% tender 4/2/15, CP mode | 500 | 500 | |
0.06% tender 6/18/15, CP mode | 800 | 800 | |
Univ. of Michigan Rev.: | |||
Bonds Series 2009 B, 0.05% tender 5/5/15, CP mode | 600 | 600 | |
Series J1: | |||
0.03% 3/4/15, CP | 400 | 400 | |
0.04% 4/6/15, CP | 500 | 500 | |
| 7,400 | ||
Minnesota - 0.2% | |||
Univ. of Minnesota Rev. Series 2005 A: | |||
0.04% 3/3/15, CP | 700 | 700 | |
0.04% 4/2/15, CP | 500 | 500 | |
0.06% 5/18/15, CP | 300 | 300 | |
| 1,500 | ||
Missouri - 0.1% | |||
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Bonds (BJC Health Sys. Proj.) Series 2013 C, 0.09%, tender 9/25/15 (a) | 500 | 500 | |
Nebraska - 0.2% | |||
Nebraska Pub. Pwr. District Rev. Series A: | |||
0.04% 3/16/15, CP | 500 | 500 | |
0.04% 3/19/15, CP | 500 | 500 | |
0.07% 3/2/15, CP | 500 | 500 | |
| 1,500 | ||
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Nevada - 0.1% | |||
Truckee Meadows Wtr. Auth. Wtr. Rev. Series 2006 B, 0.12% 6/4/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | $ 700 | $ 700 | |
New Jersey - 1.4% | |||
Hamilton Township Mercer County BAN Series 2014 B, 1% 6/11/15 | 600 | 601 | |
JPMorgan Chase: | |||
Bonds: | |||
Series Putters 4465, 0.1%, tender 5/7/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(e) | 4,500 | 4,500 | |
Series Putters 4466, 0.13%, tender 5/7/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(e) | 3,440 | 3,440 | |
NA Letter of Credit Bonds: | |||
Series Putters 4460, 0.12%, tender 4/2/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(e) | 2,100 | 2,100 | |
Series Putters 4461, 0.07%, tender 4/23/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(e) | 900 | 900 | |
| 11,541 | ||
New York - 0.8% | |||
JPMorgan Chase Bonds Series Putters 4410, 0.07%, tender 4/23/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(e) | 795 | 795 | |
New York City Transitional Fin. Auth. Rev. Bonds Series 2013 D, 5% 11/1/15 | 3,060 | 3,159 | |
New York Metropolitan Trans. Auth. Rev.: | |||
Series 2B, 0.04% 4/9/15, LOC Barclays Bank PLC, CP | 1,500 | 1,500 | |
Series 2D: | |||
0.07% 3/10/15, LOC Citibank NA, CP | 500 | 500 | |
0.07% 6/5/15, LOC Citibank NA, CP | 1,000 | 1,000 | |
| 6,954 | ||
North Carolina - 0.4% | |||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Bonds: | |||
Series 2005 A, 5% 1/1/16 | 1,000 | 1,040 | |
Series 2009 B, 5% 1/1/16 | 250 | 260 | |
North Carolina Gen. Oblig. Bonds Series 2005 B, 5% 4/1/15 | 2,200 | 2,209 | |
| 3,509 | ||
Ohio - 0.3% | |||
Ohio Higher Edl. Facility Commission Rev. Bonds (The Cleveland Clinic Foundation Proj.): | |||
Series 2008 B5: | |||
0.08% tender 7/7/15, CP mode | 700 | 700 | |
0.1% tender 5/6/15, CP mode | 400 | 400 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Ohio - continued | |||
Ohio Higher Edl. Facility Commission Rev. Bonds (The Cleveland Clinic Foundation Proj.): - continued | |||
Series 2008 B5: | |||
0.1% tender 6/3/15, CP mode | $ 600 | $ 600 | |
Series 2008 B6: | |||
0.1% tender 3/5/15, CP mode | 400 | 400 | |
0.1% tender 4/6/15, CP mode | 700 | 700 | |
| 2,800 | ||
Oregon - 1.3% | |||
Oregon Gen. Oblig.: | |||
Bonds Series WF11 57 C, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(e) | 1,000 | 1,000 | |
TAN Series 2014 A, 2% 6/15/15 | 5,000 | 5,027 | |
Portland Swr. Sys. Rev. Bonds Series 2014 B, 5% 10/1/15 | 4,460 | 4,587 | |
| 10,614 | ||
Pennsylvania - 0.4% | |||
Pennsylvania Gen. Oblig. Bonds Series 2012, 5% 6/1/15 | 3,200 | 3,239 | |
Univ. of Pittsburgh Commonwealth Sys. of Higher Ed. BAN Series 2014, 2% 7/22/15 | 400 | 403 | |
| 3,642 | ||
Tennessee - 0.1% | |||
Memphis Elec. Sys. Rev. Bonds Series 2010, 5% 12/1/15 | 1,000 | 1,036 | |
Texas - 7.7% | |||
Austin Elec. Util. Sys. Rev. Series A, 0.08% 4/2/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 1,400 | 1,400 | |
Brownsville Util. Sys. Rev. Series A, 0.1% 8/10/15, LOC Bank of Montreal Chicago CD Prog., CP | 300 | 300 | |
Harris County Gen. Oblig.: | |||
Series A1, 0.08% 4/1/15 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 700 | 700 | |
0.1% 3/18/15 (Liquidity Facility JPMorgan Chase Bank), CP | 600 | 600 | |
Harris County Metropolitan Trans. Auth. Series A1: | |||
0.08% 3/5/15 (Liquidity Facility JPMorgan Chase Bank), CP | 1,800 | 1,800 | |
0.12% 6/10/15 (Liquidity Facility JPMorgan Chase Bank), CP | 800 | 800 | |
0.13% 6/15/15 (Liquidity Facility JPMorgan Chase Bank), CP | 600 | 600 | |
Houston Util. Sys. Rev. Bonds Series 2012 D, 3% 11/15/15 | 1,000 | 1,020 | |
Lower Colorado River Auth. Rev.: | |||
Series A: | |||
0.04% 3/18/15, LOC JPMorgan Chase Bank, CP | 600 | 600 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Texas - continued | |||
Lower Colorado River Auth. Rev.: - continued | |||
Series A: | |||
0.05% 3/4/15, LOC JPMorgan Chase Bank, CP | $ 1,000 | $ 1,000 | |
0.04% 4/8/15, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 3,600 | 3,600 | |
North Texas Tollway Auth. Rev. Bonds Series 2009 D: | |||
0.05% tender 4/7/15, LOC JPMorgan Chase Bank, CP mode | 600 | 600 | |
0.05% tender 4/8/15, LOC JPMorgan Chase Bank, CP mode | 900 | 900 | |
Round Rock Independent School District Bonds Series 2005, 5% 8/1/15 (Permanent School Fund of Texas Guaranteed) | 945 | 964 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Bonds (Baylor Health Care Sys. Proj.) Series 2013 B, 0.11%, tender 9/25/15 (a) | 400 | 400 | |
Texas A&M Univ. Rev. Series 1993 B, 0.09% 3/6/15, CP | 500 | 500 | |
Texas Gen. Oblig. TRAN Series 2014, 1.5% 8/31/15 | 38,800 | 39,066 | |
Texas Muni. Pwr. Agcy. Rev. Series 2005, 0.05% 4/9/15, LOC Barclays Bank PLC, CP | 600 | 600 | |
Texas Pub. Fin. Auth. Rev. Bonds Series 2010 A, 5% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | 2,000 | 2,080 | |
Univ. of Texas Board of Regents Sys. Rev.: | |||
Series 2002 A: | |||
0.04% 3/2/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 500 | 500 | |
0.04% 3/3/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 500 | 500 | |
0.04% 3/6/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 500 | 500 | |
0.04% 4/7/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 500 | 500 | |
0.06% 5/6/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 400 | 400 | |
0.06% 5/15/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 500 | 500 | |
0.06% 6/4/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 500 | 500 | |
0.08% 4/2/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 300 | 300 | |
0.08% 4/6/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 500 | 500 | |
0.08% 4/7/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 500 | 500 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Texas - continued | |||
Univ. of Texas Board of Regents Sys. Rev.: - continued | |||
Series 2002 A: | |||
0.08% 8/4/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | $ 500 | $ 500 | |
0.08% 8/5/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 500 | 500 | |
0.08% 8/6/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 500 | 500 | |
0.08% 8/6/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 400 | 400 | |
0.09% 3/5/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 400 | 400 | |
Series A, 0.03% 3/16/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 500 | 500 | |
| 65,030 | ||
Utah - 0.1% | |||
Utah Gen. Oblig. Bonds Series 2009 C, 5% 7/1/15 | 1,185 | 1,204 | |
Vermont - 0.6% | |||
Vermont Econ. Dev. Auth. Rev. Series B, 0.07% 5/7/15, LOC JPMorgan Chase Bank, CP | 5,100 | 5,100 | |
Virginia - 0.3% | |||
Fairfax County Indl. Dev. Auth. Bonds (Inova Health Sys. Proj.) Series 2012 C, 0.1%, tender 9/25/15 (a) | 1,100 | 1,100 | |
Norfolk Econ. Dev. Auth. Rev. 0.09% 3/18/15, CP | 1,500 | 1,500 | |
| 2,600 | ||
Washington - 0.1% | |||
Washington Gen. Oblig. Bonds Series 2006 RA, 5% 7/1/15 | 1,250 | 1,270 | |
Wisconsin - 0.9% | |||
Milwaukee Gen. Oblig. Bonds Series 2014 N2, 5% 4/1/15 | 500 | 502 | |
Wisconsin Gen. Oblig.: | |||
Bonds Series 2005 1, 5% 5/1/15 | 1,400 | 1,411 | |
Series 2006 A: | |||
0.04% 4/2/15 (Liquidity Facility Bank of New York, New York), CP | 400 | 400 | |
0.04% 4/2/15 (Liquidity Facility Bank of New York, New York), CP | 500 | 500 | |
Series 2013 A: | |||
0.04% 4/2/15 (Liquidity Facility Bank of New York, New York), CP | 600 | 600 | |
0.09% 4/6/15 (Liquidity Facility Bank of New York, New York), CP | 1,200 | 1,200 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Wisconsin - continued | |||
Wisconsin Health & Edl. Facilities Bonds: | |||
Series 2013 B, 0.08%, tender 9/25/15 (a) | $ 455 | $ 455 | |
Series 2014 B1, 0.1%, tender 9/25/15 (a) | 500 | 500 | |
Wisconsin Trans. Rev.: | |||
Series 1997 A, 0.09% 3/6/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 800 | 800 | |
Series 2006 A, 0.08% 4/1/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 700 | 700 | |
Series 2013 A, 0.09% 6/2/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 300 | 300 | |
| 7,368 | ||
TOTAL OTHER MUNICIPAL DEBT (Cost $232,396) |
| ||
Investment Company - 8.6% | |||
Shares |
| ||
Fidelity Tax-Free Cash Central Fund, 0.02% (b)(d) (Cost $72,164) | 72,164,000 |
| |
TOTAL INVESTMENT PORTFOLIO - 99.6% (Cost $838,455) | 838,455 | ||
NET OTHER ASSETS (LIABILITIES) - 0.4% | 3,445 | ||
NET ASSETS - 100% | $ 841,900 |
Security Type Abbreviations | ||
BAN | - | BOND ANTICIPATION NOTE |
CP | - | COMMERCIAL PAPER |
TAN | - | TAX ANTICIPATION NOTE |
TRAN | - | TAX AND REVENUE ANTICIPATION NOTE |
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend |
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(b) 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. |
(c) Provides evidence of ownership in one or more underlying municipal bonds. |
(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund. |
(e) 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 $15,935,000 or 1.9% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Cost (000s) |
Chicago Metropolitan Wtr. Reclamation District Greater Chicago Bonds Series Solar 06 75, 0.09%, tender 5/21/15 (Liquidity Facility U.S. Bank NA, Cincinnati) | 11/21/13 | $ 3,200 |
JPMorgan Chase Bonds Series Putters 4410, 0.07%, tender 4/23/15 (Liquidity Facility JPMorgan Chase Bank) | 10/31/13 | $ 795 |
JPMorgan Chase Bonds Series Putters 4465, 0.1%, tender 5/7/15 (Liquidity Facility JPMorgan Chase Bank) | 7/17/14 | $ 4,500 |
JPMorgan Chase Bonds Series Putters 4466, 0.13%, tender 5/7/15 (Liquidity Facility JPMorgan Chase Bank) | 7/17/14 - 12/10/14 | $ 3,440 |
Security | Acquisition Date | Cost (000s) |
JPMorgan Chase NA Letter of Credit Bonds Series Putters 4460, 0.12%, tender 4/2/15 (Liquidity Facility JPMorgan Chase Bank) | 7/10/14 | $ 2,100 |
JPMorgan Chase NA Letter of Credit Bonds Series Putters 4461, 0.07%, tender 3/5/15 (Liquidity Facility JPMorgan Chase Bank) | 7/10/14 | $ 900 |
Oregon Gen. Oblig. Bonds Series WF11 57 C, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) | 9/24/14 | $ 1,000 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Tax-Free Cash Central Fund | $ 11 |
Other Information |
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. |
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.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) | February 28, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $766,291) | $ 766,291 |
|
Fidelity Central Funds (cost $72,164) | 72,164 |
|
Total Investments (cost $838,455) |
| $ 838,455 |
Cash |
| 2,829 |
Receivable for fund shares sold | 607 | |
Interest receivable | 1,332 | |
Distributions receivable from Fidelity Central Funds | 1 | |
Receivable from investment adviser for expense reductions | 88 | |
Other receivables | 5 | |
Total assets | 843,317 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 1,000 | |
Payable for fund shares redeemed | 298 | |
Distributions payable | 1 | |
Accrued management fee | 117 | |
Other affiliated payables | 1 | |
Total liabilities | 1,417 | |
|
|
|
Net Assets | $ 841,900 | |
Net Assets consist of: |
| |
Paid in capital | $ 842,674 | |
Accumulated undistributed net realized gain (loss) on investments | (774) | |
Net Assets, for 841,000 shares outstanding | $ 841,900 | |
Net Asset Value, offering price and redemption price per share ($841,900 ÷ 841,000 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands Six months ended February 28, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 261 |
Income from Fidelity Central Funds |
| 11 |
Total income |
| 272 |
|
|
|
Expenses | ||
Management fee | $ 1,840 | |
Independent trustee's compensation | 2 | |
Total expenses before reductions | 1,842 | |
Expense reductions | (1,612) | 230 |
Net investment income (loss) | 42 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (21) | |
Capital gain distributions from Fidelity Central Funds | 4 |
|
Total net realized gain (loss) |
| (17) |
Net increase in net assets resulting from operations | $ 25 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended February 28, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 42 | $ 90 |
Net realized gain (loss) | (17) | 15 |
Net increase in net assets resulting | 25 | 105 |
Distributions to shareholders from net investment income | (42) | (92) |
Distributions to shareholders from net realized gain | (810) | (181) |
Total distributions | (852) | (273) |
Share transactions at net asset value of $1.00 per share | 118,038 | 206,878 |
Reinvestment of distributions | 791 | 255 |
Cost of shares redeemed | (142,658) | (316,493) |
Net increase (decrease) in net assets and shares resulting from share transactions | (23,829) | (109,360) |
Total increase (decrease) in net assets | (24,656) | (109,528) |
|
|
|
Net Assets | ||
Beginning of period | 866,556 | 976,084 |
End of period | $ 841,900 | $ 866,556 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended February 28, 2015 | Years ended August 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) F | - | - | - | - | - | - |
Net realized and unrealized gain (loss) | .001 G | - F | - F | - F | - F | - F |
Total from investment operations | .001 | - F | - F | - F | - F | - F |
Distributions from net investment income F | - | - | - | - | - | - |
Distributions from net realized gain | (.001) | - F | - | - F | - F | - F |
Total distributions | (.001) | - F | - F | - F | - F | - F |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total ReturnB, C | .10% | .03% | .01% | .01% | .02% | .02% |
Ratios to Average Net AssetsD,E |
|
|
|
|
| |
Expenses before reductions | .43%A | .43% | .43% | .43% | .43% | .43% |
Expenses net of fee waivers, if any | .06%A | .09% | .15% | .17% | .27% | .29% |
Expenses net of all reductions | .05%A | .09% | .15% | .17% | .27% | .29% |
Net investment income (loss) | .01%A | .01% | .01% | .01% | .01% | .01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 842 | $ 867 | $ 976 | $ 1,136 | $ 1,337 | $ 1,747 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
G The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended February 28, 2015 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity® AMT Tax-Free Money Fund (the Fund) is a fund of Fidelity Union Street Trust II (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. 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. In January 2015 the Board of Trustees approved to close the Fund to new accounts with certain exceptions effective April 24, 2015.
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 are less than .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 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
Semiannual Report
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
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.
Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
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.
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.
Book-tax differences are primarily due to deferred trustees compensation.
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:
Gross unrealized appreciation | $ - |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) on securities | $ - |
|
|
Tax cost | $ 838,455 |
The Fund intends to elect to defer to its next fiscal year $10 of capital losses recognized during the period November 1, 2013 to August 31, 2014.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Semiannual Report
3. Significant Accounting Policies - continued
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
New Rule Issuance. In July 2014, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF, which amends the rules governing money market funds. The final amendments impose different implementation dates for the changes that certain money market funds will need to make. Management is currently evaluating the implication of these amendments and their impact of the Final Rule to the Money Market Fund's financial statements and related disclosures.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .43% of the Fund's average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.
5. Expense Reductions.
The investment adviser voluntarily agreed to waive expenses of the Fund to the extent annual operating expenses exceeded .33% of average net assets. Some expenses, for example interest expense, are excluded from this waiver. During the period this waiver reduced the Fund's expenses by $439.
Additionally, the investment adviser or its affiliates voluntarily agreed to waive certain fees in order to maintain a minimum annualized yield of ..01%. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $1,166.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's management fee. During the period, these credits reduced the Fund's management fee by $7.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
6. Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Tax-Exempt Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Fund in exchange for corresponding shares of Tax-Exempt Fund equal in value to the net assets of the Fund on the day the reorganization is effective. The reorganization does not require shareholder approval and is expected to become effective on or about May 15, 2015. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
7. 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.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity AMT Tax-Free Money Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) 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 the Fidelity funds.
At its September 2014 meeting, the Board, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale exist and would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders. In connection with separate internal corporate reorganizations involving Fidelity Management & Research (U.K.) Inc. (FMR U.K.) and Fidelity Management & Research (Japan) Inc. (FMR Japan), the Board approved certain non-material amendments to the fund's sub-advisory agreements with FMR U.K. and FMR Japan to reflect that, after these reorganizations, FMR Investment Management (UK) Limited and Fidelity Management & Research (Japan) Limited will carry on the business of FMR U.K. and FMR Japan, respectively. The Board noted that no changes to the portfolio managers or to the foreign research or investment advisory services provided to the fund were expected in connection with either reorganization and that the same personnel and resources would continue to be available to the fund at the new entities.
Semiannual Report
In considering whether to renew the Advisory Contracts for the fund, the Board 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 that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. 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. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. 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 believes 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, and compliance capabilities and resources, which are integral parts of the investment management process.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment 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 and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) persisting in efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs for income-oriented solutions; (iv) reducing fund expenses for certain index funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching sector-based exchange-traded funds and establishing a new Fidelity adviser, Fidelity SelectCo, LLC, to manage sector-based funds and products; (viii) continuing to develop, acquire, and implement systems and technology to improve security and services to the funds and to increase efficiency; (ix) modifying the eligibility criteria for certain share classes to increase their marketability to a portion of the defined contribution plan market; (x) waiving redemption fees for certain qualified fund-of-fund and wrap programs and certain retirement plan transactions; and (xi) launching new Institutional Class shares of certain money market funds to attract and retain assets and to fill a gap in money market fund offerings.
Semiannual Report
Investment Performance. 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 and its performance history.
The Board took into account discussions with the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board periodically considers annualized return information for the fund for different time periods, measured against a peer group of funds with similar objectives ("peer group"). In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and the Investment Advisers' explanations for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; tactical opportunities for investment; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors.
The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods.
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 fund's shareholders.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board. Because the vast majority of competitor funds' management fees do not cover non-management expenses, for a more meaningful comparison of management fees, the fund is compared on the basis of a hypothetical "net management fee," which is derived by subtracting payments made by FMR for non-management expenses (including transfer agent fees, pricing and bookkeeping fees, and fees paid to non-affiliated custodians) from the fund's all-inclusive fee. In this regard, the Board considered that net management fees can vary from year to year because of differences in non-management expenses.
Semiannual Report
Fidelity AMT Tax-Free Money Fund
The Board noted that the fund's hypothetical net management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2013.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's hypothetical net management fee as well as the fund's all-inclusive fee. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the fund's total expense ratio ranked below its competitive median for 2013. The Board considered that Fidelity has been voluntarily waiving part or all of the management fees to maintain a minimum yield, and also noted that Fidelity retains the ability to be repaid in certain circumstances.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationship with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
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 considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
Semiannual Report
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. 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 fee structures, including the group fee structure and definition of group assets, and the rationale for recommending different fees among different categories of funds and classes; (vi) 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; (vii) the methodology with respect to competitive fund data and peer group classifications; (viii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes, and the impact of the increased use of omnibus accounts; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain funds and classes or to achieve further economies of scale.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity Management & Research
(Japan) Limited
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
SMM-USAN-0415 1.790945.111
Fidelity®
Arizona Municipal
Income Fund
and
Fidelity
Arizona Municipal
Money Market Fund
Semiannual Report
February 28, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Fidelity® Arizona Municipal Income Fund | ||
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Fidelity Arizona Municipal Money Market Fund | ||
Investment Changes/ | A summary of major shifts in the fund's investments over the past six months, and one year. | |
Investments | A complete list of the fund's investments. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. | |
Board Approval of Investment Advisory Contracts and Management Fees |
|
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 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. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds 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 (September 1, 2014 to February 28, 2015).
Actual Expenses
The first line of the accompanying table for each 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 fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each 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.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each 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. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
| Annualized Expense RatioB | Beginning | Ending | Expenses Paid |
Fidelity Arizona Municipal Income Fund | .55% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,027.00 | $ 2.76 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.07 | $ 2.76 |
Fidelity Arizona Municipal Money Market Fund | .05% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,000.05 | $ .25 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.55 | $ .25 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Arizona Municipal Income Fund
Investment Changes (Unaudited)
Top Five Sectors as of February 28, 2015 | ||
| % of fund's net assets | % of fund's net assets |
General Obligations | 22.9 | 21.2 |
Health Care | 19.1 | 21.1 |
Education | 14.8 | 14.8 |
Special Tax | 11.3 | 11.7 |
Water & Sewer | 11.0 | 8.9 |
Weighted Average Maturity as of February 28, 2015 | ||
|
| 6 months ago |
Years | 6.2 | 6.1 |
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. |
Duration as of February 28, 2015 | ||
|
| 6 months ago |
Years | 6.3 | 6.6 |
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. |
Quality Diversification (% of fund's net assets) | |||||||
As of February 28, 2015 | As of August 31, 2014 | ||||||
![]() | AAA 2.3% |
| ![]() | AAA 0.0% |
| ||
![]() | AA,A 81.2% |
| ![]() | AA,A 82.0% |
| ||
![]() | BBB 12.5% |
| ![]() | BBB 13.1% |
| ||
![]() | Not Rated 2.8% |
| ![]() | Not Rated 0.0% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Fidelity Arizona Municipal Income Fund
Investments February 28, 2015 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.8% | ||||
| Principal Amount | Value | ||
Arizona - 97.9% | ||||
Arizona Board of Regents Arizona State Univ. Rev.: | ||||
(Polytechnic Campus Proj.) Series 2008 C: | ||||
5.75% 7/1/22 | $ 1,500,000 | $ 1,724,430 | ||
5.75% 7/1/23 | 250,000 | 287,318 | ||
Series 2012 A, 5% 7/1/26 | 1,000,000 | 1,164,170 | ||
Arizona Board of Regents Ctfs. of Prtn.: | ||||
(Arizona Biomedical Research Collaborative Bldg. Proj.) Series 2006, 5% 6/1/19 (AMBAC Insured) | 1,140,000 | 1,199,462 | ||
(Univ. of Arizona Projs.): | ||||
Series 2006 A, 5% 6/1/18 (AMBAC Insured) | 1,000,000 | 1,052,290 | ||
Series 2012 C, 5% 6/1/26 | 3,035,000 | 3,517,201 | ||
Arizona Ctfs. of Prtn.: | ||||
Series 2008 A, 5% 9/1/20 (FSA Insured) | 1,640,000 | 1,805,788 | ||
Series 2010 A, 5% 10/1/29 (FSA Insured) | 5,000,000 | 5,599,150 | ||
Series 2013 A, 5% 10/1/25 | 1,870,000 | 2,165,610 | ||
Arizona Game and Fish Dept. and Commission (AGF Administration Bldg. Proj.) Series 2006: | ||||
5% 7/1/21 | 1,280,000 | 1,350,874 | ||
5% 7/1/32 | 470,000 | 493,655 | ||
Arizona Health Facilities Auth. Hosp. Sys. Rev.: | ||||
(Phoenix Children's Hosp. Proj.) Series 2012 A, 5% 2/1/42 | 1,000,000 | 1,081,110 | ||
Series 2012 A, 5% 2/1/23 | 1,285,000 | 1,501,844 | ||
Arizona Health Facilities Auth. Rev.: | ||||
(Banner Health Sys. Proj.): | ||||
Series 2007 A, 5% 1/1/21 | 1,000,000 | 1,076,880 | ||
Series 2007 B, 0.967% 1/1/37 (c) | 1,000,000 | 890,040 | ||
Series 2008 A, 5.25% 1/1/31 | 1,000,000 | 1,093,720 | ||
Series 2008 D: | ||||
5.375% 1/1/32 | 1,005,000 | 1,101,751 | ||
5.5% 1/1/38 | 100,000 | 109,882 | ||
6% 1/1/27 | 1,000,000 | 1,125,470 | ||
(Scottsdale Lincoln Hospitals Proj.) Series 2014 A, 5% 12/1/26 | 2,000,000 | 2,365,300 | ||
Series 2011 B1, 5.25% 3/1/39 | 1,000,000 | 1,100,660 | ||
Series 2012 A, 5% 1/1/43 | 3,500,000 | 3,926,685 | ||
Arizona School Facilities Board Ctfs. of Prtn. Series 2008, 5.75% 9/1/22 | 1,000,000 | 1,147,360 | ||
Arizona State Lottery Rev. Series 2010 A, 5% 7/1/21 (FSA Insured) | 1,000,000 | 1,169,420 | ||
Arizona Trans. Board Excise Tax Rev. Series 2014, 5% 7/1/25 | 1,000,000 | 1,231,070 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Arizona - continued | ||||
Arizona Trans. Board Hwy. Rev. Series 2011 A, 5.25% 7/1/26 | $ 1,250,000 | $ 1,505,863 | ||
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series A, 5% 10/1/28 | 2,000,000 | 2,421,480 | ||
Avondale Muni. Dev. Corp. Excise Tax Rev. 5% 7/1/28 | 500,000 | 560,000 | ||
Chandler Gen. Oblig. Series 2014, 5% 7/1/26 | 1,000,000 | 1,232,020 | ||
Cottonwood Wtr. Sys. Rev.: | ||||
5% 7/1/26 (XL Cap. Assurance, Inc. Insured) | 1,405,000 | 1,459,050 | ||
5% 7/1/30 (XL Cap. Assurance, Inc. Insured) | 1,125,000 | 1,163,779 | ||
5% 7/1/35 (XL Cap. Assurance, Inc. Insured) | 1,300,000 | 1,336,205 | ||
Dysart Unified School District #89 Gen. Oblig. Series 2014: | ||||
5% 7/1/23 | 700,000 | 847,742 | ||
5% 7/1/27 | 1,300,000 | 1,542,632 | ||
Glendale Gen. Oblig. Series 2015, 5% 7/1/22 (FSA Insured) (b) | 1,000,000 | 1,183,990 | ||
Glendale Indl. Dev. Auth. (Midwestern Univ. Proj.) Series 2007, 5.25% 5/15/19 | 1,000,000 | 1,132,340 | ||
Glendale Indl. Dev. Auth. Hosp. Rev. (John C. Lincoln Health Network Proj.): | ||||
Series 2005 B, 5.25% 12/1/19 (Pre-Refunded to 12/1/15 @ 100) | 1,040,000 | 1,078,584 | ||
Series 2005, 5% 12/1/35 (Pre-Refunded to 12/1/15 @ 100) | 1,000,000 | 1,035,250 | ||
Series 2007: | ||||
5% 12/1/27 (Pre-Refunded to 12/1/17 @ 100) | 1,000,000 | 1,114,820 | ||
5% 12/1/32 (Pre-Refunded to 12/1/17 @ 100) | 1,000,000 | 1,114,820 | ||
Glendale Sr. Excise Tax Rev. Series 2015 A, 5% 7/1/28 (b) | 1,000,000 | 1,173,500 | ||
Goodyear McDowell Road Commercial Corridor Impt. District 5.25% 1/1/17 (AMBAC Insured) | 1,580,000 | 1,712,530 | ||
Goodyear Pub. Impt. Corp. Facilities Rev. Series 2008, 6% 7/1/31 | 1,000,000 | 1,154,560 | ||
Marana Muni. Property Corp. Facilities Rev. Series A, 5.25% 7/1/22 | 1,620,000 | 1,836,610 | ||
Maricopa County Indl. Dev. Auth. Health Facilities Rev.: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2007 A, 5.25% 7/1/32 | 1,000,000 | 1,078,900 | ||
Series 2009 A, 6% 7/1/39 | 1,000,000 | 1,165,810 | ||
(Mayo Clinic Proj.) 5% 11/15/36 | 1,000,000 | 1,041,840 | ||
Maricopa County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 5% 6/1/35 | 6,000,000 | 6,751,258 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Arizona - continued | ||||
Maricopa County School District #28 Kyrene Elementary Series 2010 B: | ||||
1% 7/1/28 (a) | $ 690,000 | $ 770,847 | ||
1% 7/1/29 (a) | 480,000 | 543,734 | ||
1% 7/1/30 (a) | 400,000 | 451,556 | ||
McAllister Academic Village LLC Rev. (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2008, 5% 7/1/38 | 1,000,000 | 1,097,710 | ||
Mesa Util. Sys. Rev. Series 2006, 5% 7/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,238,670 | ||
Northern Ariz Univ. Ctfs. of Prtn. (Univ. Proj.) Series 2013, 5% 9/1/24 | 1,000,000 | 1,162,420 | ||
Northern Arizona Univ. Revs.: | ||||
Series 2012: | ||||
5% 6/1/36 | 860,000 | 956,681 | ||
5% 6/1/41 | 1,250,000 | 1,371,875 | ||
Series 2013, 5% 8/1/27 | 1,000,000 | 1,171,950 | ||
5% 6/1/21 (AMBAC Insured) | 1,085,000 | 1,182,216 | ||
Phoenix Civic Impt. Board Arpt. Rev.: | ||||
Series 2008 A, 5% 7/1/33 | 1,000,000 | 1,109,300 | ||
Series 2013: | ||||
5% 7/1/26 (d) | 1,100,000 | 1,283,887 | ||
5% 7/1/29 (d) | 500,000 | 570,005 | ||
Phoenix Civic Impt. Corp. District Rev. (Plaza Expansion Proj.) Series 2005 B, 5.5% 7/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,570,180 | ||
Phoenix Civic Impt. Corp. Excise Tax Rev.: | ||||
(Civic Plaza Expansion Proj.) Series 2005 A, 5% 7/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 550,000 | 558,245 | ||
Series 2007 A, 5% 7/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,250,000 | 1,369,163 | ||
Phoenix Civic Impt. Corp. Wastewtr. Sys. Rev. Series 2007, 5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,098,010 | ||
Phoenix Gen. Oblig. Series 2014, 4% 7/1/26 | 2,000,000 | 2,282,040 | ||
Phoenix-Mesa Gateway Arpt. Auth. (Mesa Proj.) Series 2012: | ||||
5% 7/1/24 (d) | 380,000 | 438,539 | ||
5% 7/1/27 (d) | 400,000 | 453,368 | ||
Pima County Ctfs. of Prtn.: | ||||
(Justice Bldg. Proj.) Series 2007 A: | ||||
5% 7/1/19 (AMBAC Insured) | 650,000 | 707,551 | ||
5% 7/1/21 (AMBAC Insured) | 910,000 | 990,135 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Arizona - continued | ||||
Pima County Ctfs. of Prtn.: - continued | ||||
Series 2013 A, 5% 12/1/22 | $ 1,000,000 | $ 1,188,880 | ||
Series 2014, 5% 12/1/27 | 1,745,000 | 2,024,636 | ||
Pima County Swr. Sys. Rev.: | ||||
Series 2011 B: | ||||
5% 7/1/22 | 1,635,000 | 1,937,818 | ||
5% 7/1/25 | 1,000,000 | 1,180,640 | ||
Series 2012 A: | ||||
5% 7/1/25 | 1,600,000 | 1,902,704 | ||
5% 7/1/26 | 1,000,000 | 1,182,500 | ||
Pima County Unified School District #1 Tucson (Proj. of 2004): | ||||
Series 2007 C, 5% 7/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,092,410 | ||
Series 2008 D, 5% 7/1/25 (FSA Insured) | 1,000,000 | 1,116,880 | ||
Pinal County Unified School District #44 J.O. Combs (2006 School Impt. Proj.) Series B, 5% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 860,000 | 937,813 | ||
Queen Creek Excise Tax & State Shared Rev. 5% 8/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,125,000 | 1,230,109 | ||
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev.: | ||||
Series 2008 A: | ||||
5% 1/1/24 | 1,075,000 | 1,194,142 | ||
5% 1/1/33 | 1,000,000 | 1,095,560 | ||
5% 1/1/38 | 2,400,000 | 2,616,792 | ||
Series 2009 A, 5% 1/1/26 | 1,950,000 | 2,216,780 | ||
Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007: | ||||
5% 12/1/37 | 1,500,000 | 1,727,445 | ||
5.5% 12/1/29 | 3,000,000 | 3,655,140 | ||
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.): | ||||
Series 2006 C, 5% 9/1/35 (FSA Insured) | 420,000 | 467,863 | ||
Series 2008 A, 5% 9/1/23 | 355,000 | 396,986 | ||
Sedona Excise Tax Rev. Series 2005, 5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,015,050 | ||
Tempe Excise Tax Rev. Series 2012, 5% 7/1/25 | 1,090,000 | 1,306,005 | ||
Tempe Transit Excise Tax Rev. Series 2008, 4.75% 7/1/38 | 60,000 | 65,362 | ||
Tucson Ctfs. of Prtn.: | ||||
Series 2006 A, 5% 7/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,050,000 | 3,220,129 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Arizona - continued | ||||
Tucson Ctfs. of Prtn.: - continued | ||||
Series 2007, 5% 7/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,000,000 | $ 1,089,750 | ||
Series 2014: | ||||
4% 7/1/20 (FSA Insured) | 500,000 | 557,220 | ||
5% 7/1/28 (FSA Insured) | 1,000,000 | 1,174,930 | ||
Tucson Wtr. Rev.: | ||||
5% 7/1/27 | 1,000,000 | 1,213,040 | ||
5% 7/1/28 | 2,000,000 | 2,406,020 | ||
Univ. Med. Ctr. Corp. Hosp. Rev.: | ||||
Series 2005, 5% 7/1/16 | 570,000 | 577,091 | ||
Series 2011, 6% 7/1/39 | 2,235,000 | 2,651,112 | ||
5.625% 7/1/36 | 1,000,000 | 1,214,240 | ||
Univ. of Arizona Univ. Revs.: | ||||
Series 2008 A, 5% 6/1/22 | 1,315,000 | 1,473,826 | ||
Series 2009 A, 5% 6/1/39 | 1,000,000 | 1,123,120 | ||
Series 2012 A, 5% 6/1/37 | 2,225,000 | 2,500,299 | ||
Series 2014, 5% 8/1/28 | 1,000,000 | 1,177,210 | ||
Yavapai County Indl. Dev. Auth.: | ||||
(Northern Healthcare Sys. Proj.) Series 2011, 5% 10/1/20 | 1,000,000 | 1,166,690 | ||
Series 2012 A, 5.25% 8/1/33 | 2,000,000 | 2,234,440 | ||
Yuma Indl. Dev. Auth. Hosp. Rev. Series 2014 A, 5% 8/1/27 | 2,000,000 | 2,306,220 | ||
| 152,939,657 | |||
Guam - 0.7% | ||||
Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | ||||
5% 10/1/18 (d) | 300,000 | 331,626 | ||
6.375% 10/1/43 (d) | 200,000 | 238,450 | ||
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/21 (FSA Insured) | 400,000 | 478,168 | ||
| 1,048,244 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Virgin Islands - 0.2% | ||||
Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/25 | $ 300,000 | $ 334,713 |
TOTAL INVESTMENT PORTFOLIO - 98.8% (Cost $144,163,726) | 154,322,614 | ||
NET OTHER ASSETS (LIABILITIES) - 1.2% | 1,804,427 | ||
NET ASSETS - 100% | $ 156,127,041 |
Legend |
(a) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
General Obligations | 22.9% |
Health Care | 19.1% |
Education | 14.8% |
Special Tax | 11.3% |
Water & Sewer | 11.0% |
Electric Utilities | 10.0% |
Others* (Individually Less Than 5%) | 10.9% |
| 100.0% |
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Arizona Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
| February 28, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $144,163,726) |
| $ 154,322,614 |
Cash |
| 2,696,561 |
Receivable for fund shares sold | 383,028 | |
Interest receivable | 1,402,038 | |
Other receivables | 1,989 | |
Total assets | 158,806,230 | |
|
|
|
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 2,405,700 | |
Payable for fund shares redeemed | 76,700 | |
Distributions payable | 125,714 | |
Accrued management fee | 71,064 | |
Other payables and accrued expenses | 11 | |
Total liabilities | 2,679,189 | |
|
|
|
Net Assets | $ 156,127,041 | |
Net Assets consist of: |
| |
Paid in capital | $ 145,853,398 | |
Undistributed net investment income | 65,030 | |
Accumulated undistributed net realized gain (loss) on investments | 49,725 | |
Net unrealized appreciation (depreciation) on investments | 10,158,888 | |
Net Assets, for 12,752,870 shares outstanding | $ 156,127,041 | |
Net Asset Value, offering price and redemption price per share ($156,127,041 ÷ 12,752,870 shares) | $ 12.24 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Arizona Municipal Income Fund
Financial Statements - continued
Statement of Operations
Six months ended February 28, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 2,733,306 |
|
|
|
Expenses | ||
Management fee | $ 414,046 | |
Independent trustees' compensation | 321 | |
Miscellaneous | 100 | |
Total expenses before reductions | 414,467 | |
Expense reductions | (1,205) | 413,262 |
Net investment income (loss) | 2,320,044 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 64,566 |
Change in net unrealized appreciation (depreciation) on investment securities | 1,630,892 | |
Net gain (loss) | 1,695,458 | |
Net increase (decrease) in net assets resulting from operations | $ 4,015,502 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended February 28, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 2,320,044 | $ 4,834,377 |
Net realized gain (loss) | 64,566 | 515,340 |
Change in net unrealized appreciation (depreciation) | 1,630,892 | 9,853,367 |
Net increase (decrease) in net assets resulting | 4,015,502 | 15,203,084 |
Distributions to shareholders from net investment income | (2,313,446) | (4,818,486) |
Distributions to shareholders from net realized gain | (97,580) | (384,484) |
Total distributions | (2,411,026) | (5,202,970) |
Share transactions | 15,604,940 | 24,985,147 |
Reinvestment of distributions | 1,549,636 | 3,308,880 |
Cost of shares redeemed | (8,416,488) | (48,563,480) |
Net increase (decrease) in net assets resulting from share transactions | 8,738,088 | (20,269,453) |
Redemption fees | 106 | 4,678 |
Total increase (decrease) in net assets | 10,342,670 | (10,264,661) |
|
|
|
Net Assets | ||
Beginning of period | 145,784,371 | 156,049,032 |
End of period (including undistributed net investment income of $65,030 and undistributed net investment income of $58,432, respectively) | $ 156,127,041 | $ 145,784,371 |
Other Information Shares | ||
Sold | 1,277,167 | 2,145,415 |
Issued in reinvestment of distributions | 126,898 | 281,835 |
Redeemed | (688,837) | (4,189,157) |
Net increase (decrease) | 715,228 | (1,761,907) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended August 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.11 | $ 11.31 | $ 12.19 | $ 11.55 | $ 11.76 | $ 11.12 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .188 | .399 | .382 | .413 | .420 | .416 |
Net realized and unrealized gain (loss) | .137 | .831 | (.855) | .641 | (.210) | .639 |
Total from investment operations | .325 | 1.230 | (.473) | 1.054 | .210 | 1.055 |
Distributions from net investment income | (.187) | (.398) | (.382) | (.412) | (.420) | (.416) |
Distributions from net realized gain | (.008) | (.032) | (.025) | (.002) | - | - |
Total distributions | (.195) | (.430) | (.407) | (.414) | (.420) | (.416) |
Redemption fees added to paid in capital D | - F | - F | - F | - F | - F | .001 |
Net asset value, end of period | $ 12.24 | $ 12.11 | $ 11.31 | $ 12.19 | $ 11.55 | $ 11.76 |
Total ReturnB, C | 2.70% | 11.06% | (4.03)% | 9.26% | 1.92% | 9.69% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .55%A | .55% | .55% | .55% | .55% | .55% |
Expenses net of fee waivers, if any | .55%A | .55% | .55% | .55% | .55% | .55% |
Expenses net of all reductions | .55%A | .55% | .55% | .55% | .55% | .55% |
Net investment income (loss) | 3.11% A | 3.40% | 3.16% | 3.47% | 3.71% | 3.66% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 156,127 | $ 145,784 | $ 156,049 | $ 183,907 | $ 160,378 | $ 184,201 |
Portfolio turnover rate | 5% A | 8% | 20% | 12% | 10% | 10% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Arizona Municipal Money Market Fund
Investment Changes/Performance (Unaudited)
Effective Maturity Diversification | |||
Days | % of fund's investments 2/28/15 | % of fund's investments 8/31/14 | % of fund's |
1 - 7 | 80.9 | 84.0 | 78.2 |
8 - 30 | 2.6 | 0.8 | 5.2 |
31 - 60 | 3.1 | 4.1 | 2.0 |
61 - 90 | 0.0 | 2.5 | 2.0 |
91 - 180 | 12.4 | 2.9 | 10.9 |
> 180 | 1.0 | 5.7 | 1.7 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Weighted Average Maturity | |||
| 2/28/15 | 8/31/14 | 2/28/14 |
Fidelity Arizona Municipal Money Market Fund | 24 Days | 29 Days | 25 Days |
All Tax-Free Money Market Funds Average* | 32 Days | 38 Days | 31 Days |
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 | |||
| 2/28/15 | 8/31/14 | 2/28/14 |
Fidelity Arizona Municipal Money Market Fund | 24 Days | 29 Days | 25 Days |
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. |
* Source: iMoneyNet, Inc.
Semiannual Report
Investment Changes (Unaudited) - continued
Asset Allocation (% of fund's net assets) | |||||||
As of February 28, 2015 | As of August 31, 2014 | ||||||
![]() | Variable Rate |
| ![]() | Variable Rate |
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![]() | Other |
| ![]() | Other |
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![]() | Investment |
| ![]() | Investment |
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![]() | Net Other Assets |
| ![]() | Net Other Assets |
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Current and Historical Seven-Day Yields
| 2/28/15 | 11/30/14 | 8/31/14 | 05/31/14 | 2/28/14 |
Fidelity Arizona Municipal | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. 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 February 28, 2015, the most recent period shown in the table, would have been -0.49%.
Semiannual Report
Fidelity Arizona Municipal Money Market Fund
Investments February 28, 2015 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 69.0% | |||
Principal Amount | Value | ||
Alabama - 0.1% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.23% 3/6/15, VRDN (a)(d) | $ 200,000 | $ 200,000 | |
Arizona - 67.0% | |||
Arizona Board of Regents Arizona State Univ. Rev.: | |||
Participating VRDN Series 33 85X, 0.03% 3/6/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e) | 6,665,000 | 6,665,000 | |
Series 2008 B, 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | 9,875,000 | 9,875,000 | |
Arizona Health Facilities Auth. Rev.: | |||
(Banner Health Sys. Proj.): | |||
Series 2008 E, 0.02% 3/6/15, LOC Bank of America NA, VRDN (a) | 6,400,000 | 6,400,000 | |
Series 2008 F, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | 4,300,000 | 4,300,000 | |
Series 2008 G, 0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (a) | 36,285,000 | 36,284,998 | |
(Catholic Healthcare West Proj.): | |||
Series 2005 B, 0.03% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | 12,160,000 | 12,160,000 | |
Series 2008 B, 0.02% 3/6/15, LOC PNC Bank NA, VRDN (a) | 14,000,000 | 14,000,000 | |
Series 2009 F, 0.02% 3/6/15, LOC Mizuho Corporate Bank Ltd., VRDN (a) | 24,200,000 | 24,200,000 | |
Arizona Hsg. Fin. Auth. Multi-family Hsg. Rev. (Santa Carolina Apts. Proj.) Series 2005, 0.07% 3/6/15, LOC Fannie Mae, VRDN (a)(d) | 3,645,000 | 3,645,000 | |
BB&T Muni. Trust Participating VRDN Series BBT 08 09, 0.03% 3/6/15 (Liquidity Facility Branch Banking & Trust Co.) (a)(e) | 6,970,000 | 6,970,000 | |
Casa Grande Indl. Dev. Auth. Indl. Dev. Rev. (Price Companies, Inc. Proj.) Series A, 0.15% 3/6/15, LOC Bank of America NA, VRDN (a)(d) | 730,000 | 730,000 | |
Chandler Gen. Oblig. Participating VRDN Series GS 07 49TP, 0.02% 3/6/15 (Liquidity Facility Wells Fargo & Co.) (a)(e) | 1,530,000 | 1,530,000 | |
Coconino County Poll. Cont. Corp. Rev.: | |||
(Arizona Pub. Svc. Co. Navajo Proj.) Series 2009 B, 0.03% 3/2/15, LOC JPMorgan Chase Bank, VRDN (a)(d) | 11,700,000 | 11,700,000 | |
(Tucson Elec. Pwr. Co. Navajo Proj.) Series 2010 A, 0.03% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a)(d) | 7,200,000 | 7,200,000 | |
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Glenn Oaks Apts. Proj.) Series 2001, 0.03% 3/6/15, LOC Fannie Mae, VRDN (a)(d) | 2,139,675 | 2,139,675 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Arizona - continued | |||
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: - continued | |||
(Ranchwood Apts. Proj.) Series 2001 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (a)(d) | $ 1,400,000 | $ 1,400,000 | |
(San Angelin Apts. Proj.) Series 2004, 0.04% 3/6/15, LOC Fannie Mae, VRDN (a)(d) | 1,300,000 | 1,300,000 | |
(San Martin Apts. Proj.) Series A1, 0.04% 3/6/15, LOC Fannie Mae, VRDN (a)(d) | 6,000,000 | 6,000,000 | |
(San Remo Apts. Proj.) Series 2002, 0.04% 3/6/15, LOC Fannie Mae, VRDN (a)(d) | 8,675,000 | 8,675,000 | |
(Village at Sun Valley Apts. Proj.) Series 2008, 0.06% 3/6/15, LOC Freddie Mac, VRDN (a)(d) | 12,440,000 | 12,440,000 | |
(Village Square Apts. Proj.) Series 2004, 0.06% 3/6/15, LOC Fannie Mae, VRDN (a)(d) | 1,000,000 | 1,000,000 | |
Maricopa County Indl. Dev. Auth. Rev.: | |||
(Clayton Homes, Inc. Proj.) Series 1998, 0.08% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (a)(d) | 1,000,000 | 1,000,000 | |
(Valley of the Sun YMCA Proj.) Series 2008, 0.04% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 5,900,000 | 5,900,000 | |
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 0.25% 3/6/15, VRDN (a) | 2,100,000 | 2,100,000 | |
Mesa Util. Sys. Rev. Participating VRDN Series ROC II R 11959X, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (a)(e) | 7,250,000 | 7,250,000 | |
Northern Arizona Univ. Revs. Participating VRDN Series Solar 07 14, 0.02% 3/6/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e) | 4,600,000 | 4,600,000 | |
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Participating VRDN Series Putters 3458, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 4,000,000 | 4,000,000 | |
Phoenix Gen. Oblig. Participating VRDN Series BBT 2012, 0.02% 3/6/15 (Liquidity Facility Branch Banking & Trust Co.) (a)(e) | 10,780,000 | 10,780,000 | |
Phoenix Indl. Dev. Auth. Multi-family Hsg. Rev. (Del Mar Terrace Apts. Proj.) Series 1999 A, 0.02% 3/6/15, LOC Freddie Mac, VRDN (a) | 6,800,000 | 6,800,000 | |
Phoenix Indl. Dev. Auth. Rev.: | |||
(Desert Botanical Garden Proj.) Series 2000, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a) | 600,000 | 600,000 | |
(Independent Newspaper, Inc. Proj.) Series 2000, 0.18% 3/6/15, LOC Wells Fargo Bank NA, VRDN (a)(d) | 595,000 | 595,000 | |
Pima County Indl. Dev. Auth. Indl. Rev. (Tucson Elec. Pwr. Co. Proj.) Series 1982 A, 0.05% 3/6/15, LOC Wells Fargo Bank NA, VRDN (a) | 9,600,000 | 9,600,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Arizona - continued | |||
Pima County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
(River Point Proj.) Series 2001, 0.03% 3/6/15, LOC Fannie Mae, VRDN (a)(d) | $ 5,525,000 | $ 5,525,000 | |
Series A, 0.045% 3/6/15, LOC Fannie Mae, VRDN (a)(d) | 3,200,000 | 3,200,000 | |
Pima County Indl. Dev. Auth. Rev. (Broadway Proper Congregate Proj.) Series 2000 A, 0.04% 3/6/15, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a) | 3,060,000 | 3,060,000 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Participating VRDN: | |||
Series BC 10 21W, 0.04% 3/6/15 (Liquidity Facility Barclays Bank PLC) (a)(e) | 5,000,000 | 5,000,000 | |
Series EGL 06 14 Class A, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (a)(e) | 1,300,000 | 1,300,000 | |
Series MS 3078, 0.02% 3/6/15 (Liquidity Facility Cr. Suisse AG) (a)(e) | 1,500,000 | 1,500,000 | |
Series ROC II R 11980 X, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (a)(e) | 700,000 | 700,000 | |
Scottsdale Gen. Oblig. Participating VRDN Series BBT 08 20, 0.02% 3/6/15 (Liquidity Facility Branch Banking & Trust Co.) (a)(e) | 10,950,000 | 10,950,000 | |
Tempe Indl. Dev. Auth. Rev. (ASUF Brickyard Proj.) Series 2004 A, 0.03% 3/6/15, LOC Bank of America NA, VRDN (a) | 11,950,000 | 11,950,000 | |
Tucson Indl. Dev. Auth. Multi-family Hsg. Rev. (Family Hsg. Resources Proj.) Series 2002 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (a) | 3,800,000 | 3,800,000 | |
Yavapai County Indl. Dev. Auth. (Northern Arizona Healthcare Sys. Proj.) Series 2008 B, 0.03% 3/6/15, LOC Wells Fargo Bank NA, VRDN (a) | 3,800,000 | 3,800,000 | |
| 282,624,673 | ||
Delaware - 0.2% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | |||
Series 1987, 0.08% 3/2/15, VRDN (a)(d) | 100,000 | 100,000 | |
Series 1988, 0.08% 3/2/15, VRDN (a)(d) | 300,000 | 300,000 | |
Series 1994, 0.08% 3/2/15, VRDN (a)(d) | 200,000 | 200,000 | |
Series 1999 A, 0.14% 3/6/15, VRDN (a) | 400,000 | 400,000 | |
| 1,000,000 | ||
Louisiana - 0.1% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 A1, 0.2% 3/6/15, VRDN (a) | 360,000 | 360,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Missouri - 0.4% | |||
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Series 2013 B, 0.02% 3/2/15, LOC Bank of America NA, VRDN (a) | $ 1,500,000 | $ 1,500,000 | |
Nebraska - 0.0% | |||
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.23% 3/6/15, VRDN (a)(d) | 200,000 | 200,000 | |
Nevada - 0.1% | |||
Clark County Arpt. Rev. Series 2008 C3, 0.02% 3/6/15, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(d) | 500,000 | 500,000 | |
New Jersey - 0.3% | |||
Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.): | |||
Series 2003 B1, 0.16% 3/6/15, VRDN (a) | 900,000 | 900,000 | |
Series 2012 A, 0.16% 3/6/15, VRDN (a)(d) | 200,000 | 200,000 | |
| 1,100,000 | ||
North Carolina - 0.1% | |||
Parson County Indl. Facilities and Poll. Cont. Fing. Auth. (CertainTeed Gypsum NC, Inc. Proj.) Series 2010, 0.03% 3/6/15, LOC Cr. Industriel et Commercial, VRDN (a) | 600,000 | 600,000 | |
South Carolina - 0.1% | |||
Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.) Series 1999 A, 0.04% 3/2/15, VRDN (a) | 400,000 | 400,000 | |
Tennessee - 0.2% | |||
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. (Tennessee County Ln. Pool Prog.) Series 2002, 0.02% 3/2/15, LOC Bank of America NA, VRDN (a) | 800,000 | 800,000 | |
Texas - 0.3% | |||
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.05% 3/6/15, LOC JPMorgan Chase Bank, VRDN (a)(d) | 200,000 | 200,000 | |
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
Series 2001 A, 0.09% 3/2/15, VRDN (a) | 850,000 | 850,000 | |
Series 2004, 0.11% 3/6/15, VRDN (a)(d) | 200,000 | 200,000 | |
Series 2010 B, 0.09% 3/2/15, VRDN (a) | 200,000 | 200,000 | |
| 1,450,000 | ||
Wyoming - 0.1% | |||
Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 0.19% 3/6/15, VRDN (a)(d) | 250,000 | 250,000 | |
TOTAL VARIABLE RATE DEMAND NOTE (Cost $290,984,673) |
| ||
Other Municipal Debt - 19.8% | |||
Principal Amount | Value | ||
Arizona - 19.2% | |||
Arizona Board of Regents Arizona State Univ. Rev. Bonds Series 2012 A, 4% 7/1/15 | $ 5,335,000 | $ 5,403,865 | |
Arizona School Facilities Board Ctfs. of Prtn. Bonds Series 2005 A1, 5% 9/1/15 | 3,105,000 | 3,179,007 | |
Arizona School Facilities Board Rev. Bonds Series 2005, 5% 7/1/15 (Pre-Refunded to 7/1/15 @ 100) | 3,400,000 | 3,456,305 | |
Arizona State Lottery Rev. Bonds Series 2010 A, 5% 7/1/15 | 3,755,000 | 3,816,184 | |
Arizona Trans. Board Excise Tax Rev. Bonds Series 2014, 4% 7/1/15 | 4,770,000 | 4,831,865 | |
Chandler Gen. Oblig. Bonds Series 2014, 2% 7/1/15 | 3,415,000 | 3,436,461 | |
Chandler Street & Hwy. User Rev. Bonds Series 2014, 2% 7/1/15 | 3,225,000 | 3,244,810 | |
Glendale Trans. Excise Tax Rev. Bonds 2% 7/1/15 | 295,000 | 296,697 | |
Maricopa County Cmnty. College District Bonds Series 2012, 2% 7/1/15 | 1,500,000 | 1,509,348 | |
Maricopa County Phoenix Union High School District #210 Bonds: | |||
(School Impt. Proj.) Series 2014 C, 1% 7/1/15 | 3,900,000 | 3,910,941 | |
Series 2014, 1% 7/1/15 | 170,000 | 170,442 | |
Mesa Gen. Oblig. Bonds Series 2014, 4% 7/1/15 | 1,800,000 | 1,822,216 | |
Phoenix Civic Impt. Corp. Series 2014 A2: | |||
0.06% 4/6/15, LOC Barclays Bank PLC, CP | 4,400,000 | 4,400,000 | |
0.06% 4/6/15, LOC Barclays Bank PLC, CP | 4,400,000 | 4,400,000 | |
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Bonds: | |||
Series 2005, 5% 7/1/15 | 4,200,000 | 4,267,374 | |
Series 2011, 4% 7/1/15 | 1,500,000 | 1,519,389 | |
Phoenix Gen. Oblig. Bonds Series 2007 A, 5% 7/1/15 | 1,750,000 | 1,778,438 | |
Pima County Gen. Oblig. Bonds Series 2013 B, 3% 7/1/15 | 2,125,000 | 2,145,346 | |
Pima County Reg'l. Trans. Auth. Excise Tax Rev. Bonds Series 2014, 4% 6/1/15 | 4,000,000 | 4,039,026 | |
Pinal County Rev. Obligations Bonds Series 2014, 2% 8/1/15 | 330,000 | 332,375 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev.: | |||
Bonds (Arizona Salt River Proj.) Series 2009 B, 4% 1/1/16 | 700,000 | 722,025 | |
Series C: | |||
0.07% 3/5/15, CP | 4,200,000 | 4,200,000 | |
0.07% 3/9/15, CP | 4,200,000 | 4,200,000 | |
0.08% 4/1/15, CP | 4,100,000 | 4,100,000 | |
0.09% 3/18/15, CP | 4,200,000 | 4,200,000 | |
Scottsdale Gen. Oblig. Bonds Series 2014, 2% 7/1/15 | 3,845,000 | 3,868,752 | |
Other Municipal Debt - continued | |||
Principal Amount | Value | ||
Arizona - continued | |||
Scottsdale Muni. Property Corp. Excise Tax Rev. Bonds Series 2015 A, 3% 7/1/15 | $ 515,000 | $ 519,659 | |
Tempe Gen. Oblig. Bonds Series 2014 C, 1% 7/1/15 | 1,095,000 | 1,098,156 | |
| 80,868,681 | ||
Massachusetts - 0.2% | |||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1992, 0.25% tender 3/12/15, CP mode | 700,000 | 700,000 | |
New Hampshire - 0.3% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 1990 A, 0.32% tender 3/12/15, CP mode (d) | 600,000 | 600,000 | |
Series 1990 A2, 0.32% tender 3/12/15, CP mode (d) | 800,000 | 800,000 | |
| 1,400,000 | ||
Virginia - 0.1% | |||
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1992, 0.4% tender 3/16/15, CP mode (d) | 300,000 | 300,000 | |
West Virginia - 0.0% | |||
Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1996, 0.32% tender 3/3/15, CP mode (d) | 100,000 | 100,000 | |
TOTAL OTHER MUNICIPAL DEBT (Cost $83,368,681) |
| ||
Investment Company - 9.4% | |||
| Shares |
|
|
Fidelity Municipal Cash Central Fund, 0.02% (b)(c) (Cost $39,668,000) | 39,668,000 |
| |
TOTAL INVESTMENT PORTFOLIO - 98.2% (Cost $414,021,354) | 414,021,354 | ||
NET OTHER ASSETS (LIABILITIES) - 1.8% | 7,615,016 | ||
NET ASSETS - 100% | $ 421,636,370 |
Security Type Abbreviations | ||
CP | - | COMMERCIAL PAPER |
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend |
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(b) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(c) 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. |
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(e) Provides evidence of ownership in one or more underlying municipal bonds. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 9,058 |
Other Information |
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. |
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.
Semiannual Report
Fidelity Arizona Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
| February 28, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $374,353,354) | $ 374,353,354 |
|
Fidelity Central Funds (cost $39,668,000) | 39,668,000 |
|
Total Investments (cost $414,021,354) |
| $ 414,021,354 |
Cash |
| 1,702,803 |
Receivable for investments sold | 800,000 | |
Receivable for fund shares sold | 8,530,048 | |
Interest receivable | 397,859 | |
Distributions receivable from Fidelity Central Funds | 667 | |
Receivable from investment adviser for expense reductions | 4,471 | |
Other receivables | 4,999 | |
Total assets | 425,462,201 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | $ 3,807,989 | |
Distributions payable | 717 | |
Accrued management fee | 15,059 | |
Other affiliated payables | 3 | |
Other payables and accrued expenses | 2,063 | |
Total liabilities | 3,825,831 | |
|
|
|
Net Assets | $ 421,636,370 | |
Net Assets consist of: |
| |
Paid in capital | $ 421,610,384 | |
Undistributed net investment income | 13 | |
Accumulated undistributed net realized gain (loss) on investments | 25,973 | |
Net Assets, for 421,382,636 shares outstanding | $ 421,636,370 | |
Net Asset Value, offering price and redemption price per share ($421,636,370 ÷ 421,382,636 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Arizona Municipal Money Market Fund
Financial Statements - continued
Statement of Operations
Six months ended February 28, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 122,875 |
Income from Fidelity Central Funds |
| 9,058 |
Total income |
| 131,933 |
|
|
|
Expenses | ||
Management fee | $ 1,055,393 | |
Independent trustees' compensation | 907 | |
Miscellaneous | 4,471 | |
Total expenses before reductions | 1,060,771 | |
Expense reductions | (949,803) | 110,968 |
Net investment income (loss) | 20,965 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 19,977 |
Net increase in net assets resulting from operations | $ 40,942 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended February 28, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 20,965 | $ 40,719 |
Net realized gain (loss) | 19,977 | 11,323 |
Net increase in net assets resulting | 40,942 | 52,042 |
Distributions to shareholders from net investment income | (20,952) | (40,804) |
Share transactions at net asset value of $1.00 per share | 554,522,322 | 1,152,542,029 |
Reinvestment of distributions | 19,467 | 38,505 |
Cost of shares redeemed | (550,191,152) | (1,143,354,086) |
Net increase (decrease) in net assets and shares resulting from share transactions | 4,350,637 | 9,226,448 |
Total increase (decrease) in net assets | 4,370,627 | 9,237,686 |
|
|
|
Net Assets | ||
Beginning of period | 417,265,743 | 408,028,057 |
End of period (including undistributed net investment income of $13 and undistributed net investment income of $0, respectively) | $ 421,636,370 | $ 417,265,743 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended August 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) F | - | - | - | - | - | - |
Net realized and unrealized gain (loss) F | - | - | - | - | - | - |
Total from Investment Operations F | - | - | - | - | - | - |
Distributions from net investment income F | - | - | - | - | - | - |
Distributions from net realized gain | - | - | - F | - | - | - |
Total Distributions F | - | - | - | - | - | - |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total ReturnB, C | .00% | .01% | .02% | .01% | .01% | .01% |
Ratios to Average Net AssetsD, E |
|
|
|
|
| |
Expenses before reductions | .51%A | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .05%A | .09% | .16% | .19% | .26% | .33% |
Expenses net of all reductions | .05%A | .09% | .16% | .19% | .26% | .33% |
Net investment income (loss) | .01% A | .01% | .01% | .01% | .01% | .01% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 421,636 | $ 417,266 | $ 408,028 | $ 388,993 | $ 382,688 | $ 345,362 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
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Notes to Financial Statements
For the period ended February 28, 2015 (Unaudited)
1. Organization.
Fidelity® Arizona Municipal Income Fund (the Income Fund) is a fund of Fidelity Union Street Trust. Fidelity Arizona Municipal Money Market Fund (the Money Market Fund) is a fund of Fidelity Union Street Trust II. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Union Street Trust and Fidelity Union Street Trust II (the Trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. The Income Fund is a non-diversified fund. Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. Each Fund may be affected by economic and political developments in the state of Arizona.
2. Investments in Fidelity Central Funds.
The Funds may invest 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 Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each 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 are less than .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 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
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Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Income Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Income Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Income Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Income Fund's investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
For the Income Fund, debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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3. Significant Accounting Policies - continued
Investment Valuation - continued
For the Money Market 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.
For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. During the period, the Money Market Fund incurred an excise and corporate tax liability on undistributed short-term capital gain and undistributed long-term capital gain which is included in Miscellaneous expense on the Statement of Operations. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
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Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. In addition, each Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purpose.
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.
Book-tax differences are primarily due to market discount and deferred trustees compensation.
The Funds purchase 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 for each Fund:
| Tax cost | Gross unrealized | Gross unrealized | Net unrealized |
Fidelity Arizona Municipal Income Fund | $ 144,136,974 | $ 10,450,812 | $ (265,172) | $ 10,185,640 |
Fidelity Arizona Municipal Money Market Fund | 414,021,354 | - | - | - |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Income Fund less than 30 days may be subject to a redemption fee equal to .50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and
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3. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund's Schedule of Investments. The Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Funds' financial statements and related disclosures.
New Rule Issuance. In July 2014, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF, which amends the rules governing money market funds. The final amendments impose different implementation dates for the changes that certain money market funds will need to make. Management is currently evaluating the implication of these amendments and their impact of the Final Rule to the Money Market Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $17,824,734 and $3,336,108, respectively.
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Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provides the Funds with investment management related services for which the Funds pay a monthly management fee. The investment adviser pays all other expenses, except the compensation of the independent Trustees and certain exceptions such as interest expense. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees. Each Fund's management fee is equal to the following annual rate of average net assets:
Fidelity Arizona Municipal Income Fund | .55% |
Fidelity Arizona Municipal Money Market Fund | .50% |
6. Committed Line of Credit.
The Income Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
Fidelity Arizona Municipal Income Fund | $ 100 |
During the period, the Income Fund did not borrow on this line of credit.
7. Expense Reductions.
The investment adviser or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $942,914.
In addition, the investment adviser reimbursed a portion for the Money Market Fund's operating expenses during the period in the amount of $4,471.
Through arrangements with each applicable Fund's custodian and, credits realized as a result of uninvested cash balances were used to reduce each applicable Fund's management fee. During the period, these credits reduced management fee by the following amounts:
Fidelity Arizona Municipal Income Fund | $ 1,205 |
Fidelity Arizona Municipal Money Market Fund | 2,418 |
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8. Other.
The Funds' 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 Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Arizona Municipal Income Fund / Fidelity Arizona Municipal Money Market Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each 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 each fund's Advisory Contracts, including the services and support provided to each 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 each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each 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 the Fidelity funds.
At its September 2014 meeting, the Board, including the Independent Trustees, unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with each fund; (iv) the extent to which economies of scale exist and would be realized as each fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders. In connection with separate internal corporate reorganizations involving Fidelity Management & Research (U.K.) Inc. (FMR U.K.) and Fidelity Management & Research (Japan) Inc. (FMR Japan), the Board approved certain non-material amendments to the funds' sub-advisory agreements with FMR U.K. and FMR Japan to reflect that, after these reorganizations, FMR Investment Management (UK) Limited and Fidelity Management & Research (Japan) Limited will carry on the business of FMR U.K. and FMR Japan, respectively. The Board noted that no changes to the portfolio managers or to the foreign research or investment advisory services provided to the funds were expected in connection with either reorganization and that the same personnel and resources would continue to be available to the funds at the new entities.
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In considering whether to renew the Advisory Contracts for each fund, the Board 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 each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. 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 each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. 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 believes 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, and compliance capabilities and resources, which are integral parts of the investment management process.
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Board Approval of Investment Advisory Contracts and
Management Fees - continued
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) persisting in efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs for income-oriented solutions; (iv) reducing fund expenses for certain index funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching sector-based exchange-traded funds and establishing a new Fidelity adviser, Fidelity SelectCo, LLC, to manage sector-based funds and products; (viii) continuing to develop, acquire, and implement systems and technology to improve security and services to the funds and to increase efficiency; (ix) modifying the eligibility criteria for certain share classes to increase their marketability to a portion of the defined contribution plan market; (x) waiving redemption fees for certain qualified fund-of-fund and wrap programs and certain retirement plan transactions; and (xi) launching new Institutional Class shares of certain money market funds to attract and retain assets and to fill a gap in money market fund offerings.
Semiannual Report
Investment Performance (for Fidelity Arizona Municipal Income Fund). 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 and its performance history.
The Board took into account discussions with the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board periodically considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"). In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and the Investment Advisers' explanations for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; tactical opportunities for investment; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods.
Investment Performance (for Fidelity Arizona Municipal Money Market Fund). 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 and its performance history.
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Board Approval of Investment Advisory Contracts and
Management Fees - continued
The Board took into account discussions with the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board periodically considers annualized return information for the fund for different time periods, measured against a peer group of funds with similar objectives ("peer group"). In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and the Investment Advisers' explanations for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; tactical opportunities for investment; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors.
The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should benefit each fund's shareholders.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.
Semiannual Report
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s are in the charts below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and considered by the Board. Because the vast majority of competitor funds' management fees do not cover non-management expenses, for a more meaningful comparison of management fees, each fund is compared on the basis of a hypothetical "net management fee," which is derived by subtracting payments made by FMR for non-management expenses (including transfer agent fees, pricing and bookkeeping fees, and fees paid to non-affiliated custodians) from the fund's all-inclusive fee. In this regard, the Board considered that net management fees can vary from year to year because of differences in non-management expenses.
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Board Approval of Investment Advisory Contracts and
Management Fees - continued
Fidelity Arizona Municipal Income Fund
Fidelity Arizona Municipal Money Market Fund
The Board noted that each fund's hypothetical net management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2013.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Semiannual Report
Total Expense Ratio. In its review of each fund's total expense ratio, the Board considered the fund's hypothetical net management fee as well as the fund's all-inclusive fee. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the funds. As part of its review, the Board also considered the current and historical total expense ratios of each fund compared to competitive fund median expenses. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that each fund's total expense ratio ranked below its competitive median for 2013. The Board considered that Fidelity has been voluntarily waiving part or all of the management fees to maintain a minimum yield for Fidelity Arizona Municipal Money Market Fund, and also noted that Fidelity retains the ability to be repaid in certain circumstances.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationship with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
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Board Approval of Investment Advisory Contracts and
Management Fees - continued
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 funds' business.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. 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 fee structures, including the group fee structure and definition of group assets, and the rationale for recommending different fees among different categories of funds and classes; (vi) 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; (vii) the methodology with respect to competitive fund data and peer group classifications; (viii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes, and the impact of the increased use of omnibus accounts; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain funds and classes or to achieve further economies of scale.
Semiannual Report
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contracts should be renewed.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
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Smithfield, RI
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Boston, MA
Custodian
Citibank, N.A.
New York, NY
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AZI-SPZ-USAN-0415 1.790941.111
Fidelity®
Municipal Money Market
Fund
Semiannual Report
February 28, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes/Performance | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. | |
Board Approval of Investment Advisory Contracts and Management Fees |
|
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 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. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management 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 (September 1, 2014 to February 28, 2015).
Actual Expenses
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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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.
Hypothetical Example for Comparison Purposes
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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense RatioB | Beginning | Ending | Expenses Paid |
Actual | .06% | $ 1,000.00 | $ 1,000.10 | $ .30 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.50 | $ .30 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes/Performance (Unaudited)
Effective Maturity Diversification | |||
Days | % of fund's investments 2/28/15 | % of fund's investments 8/31/14 | % of fund's investments 2/28/14 |
1 - 7 | 72.6 | 75.7 | 73.7 |
8 - 30 | 2.5 | 2.6 | 2.4 |
31 - 60 | 4.7 | 4.8 | 4.4 |
61 - 90 | 2.7 | 2.8 | 3.8 |
91 - 180 | 12.3 | 5.2 | 9.0 |
> 180 | 5.2 | 8.9 | 6.7 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Weighted Average Maturity | |||
| 2/28/15 | 8/31/14 | 2/28/14 |
Fidelity Municipal Money Market Fund | 34 Days | 42 Days | 34 Days |
All Tax-Free Money Market Funds Average* | 32 Days | 38 Days | 31 Days |
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 | |||
| 2/28/15 | 8/31/14 | 2/28/14 |
Fidelity Municipal Money Market Fund | 34 Days | 42 Days | 34 Days |
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. |
Asset Allocation (% of fund's net assets) | |||||||
As of February 28, 2015 | As of August 31, 2014 | ||||||
![]() | Variable Rate |
| ![]() | Variable Rate |
| ||
![]() | Other Municipal |
| ![]() | Other Municipal |
| ||
![]() | Investment |
| ![]() | Investment |
| ||
![]() | Net Other Assets |
| ![]() | Net Other Assets |
|
* Source: iMoneyNet, Inc. |
** Net Other Assets (Liabilities) are not included in the pie chart. |
Current and Historical Seven-Day Yields
| 2/28/15 | 11/30/14 | 8/31/14 | 5/31/14 | 2/28/14 |
Fidelity Municipal Money | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and its 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 period ending February 28, 2015 the most recent period shown in the table, would have been -0.39%.
Semiannual Report
Investments February 28, 2015 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 60.3% | |||
Principal Amount (000s) | Value (000s) | ||
Alabama - 0.7% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.23% 3/6/15, VRDN (b)(e) | $ 39,215 | $ 39,215 | |
Mobile Indl. Dev. Board Dock & Wharf Rev. (Holnam, Inc. Proj.) Series 1999 A, 0.06% 3/6/15, LOC Bayerische Landesbank Girozentrale, VRDN (b) | 21,000 | 21,000 | |
Mobile Indl. Dev. Board Exempt Facilities Rev. Series 1997, 0.03% 3/6/15 (Kimberly-Clark Corp. Guaranteed), VRDN (b) | 14,800 | 14,800 | |
Mobile Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Second Series 2009, 0.02% 3/2/15, VRDN (b) | 15,300 | 15,300 | |
Univ. of Alabama at Birmingham Hosp. Rev. Series 2012 C, 0.01% 3/6/15, LOC PNC Bank NA, VRDN (b) | 31,300 | 31,300 | |
Washington County Indl. Dev. Auth. Rev. (Sempra Energy Proj.) Series 2007, 0.02% 3/6/15, LOC UBS AG, VRDN (b) | 43,160 | 43,160 | |
West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 0.03% 3/2/15, VRDN (b)(e) | 31,800 | 31,800 | |
Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Gaston Plant Proj.) Series 2008, 0.03% 3/2/15, VRDN (b)(e) | 15,000 | 15,000 | |
| 211,575 | ||
Alaska - 0.5% | |||
Alaska Indl. Dev. & Export Auth. Rev.: | |||
(Greater Fairbanks Cmnty. Hosp. Foundation Proj.) Series 2009 A, 0.02% 3/6/15, LOC MUFG Union Bank NA, VRDN (b) | 19,725 | 19,725 | |
Participating VRDN Series Putters 4722, 0.02% 3/6/15 (Liquidity Facility Bank of America NA) (b)(f) | 16,665 | 16,665 | |
Alaska Int'l. Arpts. Revs. Series 2009 A, 0.02% 3/6/15, LOC State Street Bank & Trust Co., Boston, VRDN (b) | 8,900 | 8,900 | |
Valdez Marine Term. Rev.: | |||
(ConocoPhillips Proj.) Series 1994 A, 0.02% 3/6/15 (ConocoPhillips Co. Guaranteed), VRDN (b) | 60,100 | 60,100 | |
(Phillips Trans. Alaska, Inc. Proj.): | |||
Series 1994 B, 0.02% 3/6/15 (ConocoPhillips Co. Guaranteed), VRDN (b) | 26,000 | 26,000 | |
Series 1994 C, 0.03% 3/6/15 (ConocoPhillips Co. Guaranteed), VRDN (b) | 3,000 | 3,000 | |
Series 2002, 0.02% 3/6/15, VRDN (b) | 15,700 | 15,700 | |
| 150,090 | ||
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Arizona - 1.7% | |||
Arizona Board of Regents Arizona State Univ. Rev.: | |||
Series 2008 A, 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | $ 10,865 | $ 10,865 | |
Series 2008 B, 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 13,065 | 13,065 | |
Arizona Health Facilities Auth. Rev.: | |||
(Banner Health Sys. Proj.): | |||
Series 2008 E, 0.02% 3/6/15, LOC Bank of America NA, VRDN (b) | 10,300 | 10,300 | |
Series 2008 F, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 64,375 | 64,375 | |
Series 2008 G, 0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 18,830 | 18,830 | |
(Catholic Healthcare West Proj.): | |||
Series 2005 B, 0.03% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 13,930 | 13,930 | |
Series 2008 A, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 33,500 | 33,500 | |
Series 2008 B, 0.02% 3/6/15, LOC PNC Bank NA, VRDN (b) | 23,800 | 23,800 | |
Series 2009 F, 0.02% 3/6/15, LOC Mizuho Corporate Bank Ltd., VRDN (b) | 39,750 | 39,750 | |
(Southwest Behavioral Health Svcs., Inc. Proj.) Series 2004, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 3,395 | 3,395 | |
Coconino County Poll. Cont. Corp. Rev.: | |||
(Arizona Pub. Svc. Co. Navajo Proj.) Series 2009 A, 0.22% 3/6/15, VRDN (b) | 4,000 | 4,000 | |
(Tucson Elec. Pwr. Co. Navajo Proj.) Series 2010 A, 0.03% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 29,500 | 29,500 | |
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Ranchwood Apts. Proj.) Series 2001 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 2,295 | 2,295 | |
(San Angelin Apts. Proj.) Series 2004, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 14,900 | 14,900 | |
(San Clemente Apts. Proj.) Series 2004, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 10,600 | 10,600 | |
(San Fernando Apts. Proj.) Series 2004, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 14,500 | 14,500 | |
(San Lucas Apts. Proj.) Series 2003, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 13,700 | 13,700 | |
(San Martin Apts. Proj.): | |||
Series A1, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 5,700 | 5,700 | |
Series A2, 0.05% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 4,300 | 4,300 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Arizona - continued | |||
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: - continued | |||
(San Miguel Apts. Proj.) Series 2003, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | $ 14,900 | $ 14,900 | |
(San Remo Apts. Proj.) Series 2002, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 4,100 | 4,100 | |
(Sands Apts. Proj.) Series 2001 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 2,595 | 2,595 | |
(Village Square Apts. Proj.) Series 2004, 0.06% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 2,500 | 2,500 | |
Maricopa County Indl. Dev. Auth. Rev. (Clayton Homes, Inc. Proj.) Series 1998, 0.08% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (b)(e) | 4,200 | 4,200 | |
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 0.25% 3/6/15, VRDN (b) | 5,000 | 5,000 | |
Northern Arizona Univ. Revs. Participating VRDN Series Solar 07 14, 0.02% 3/6/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f) | 16,425 | 16,425 | |
Phoenix Indl. Dev. Auth. Multi-family Hsg. Rev. (Del Mar Terrace Apts. Proj.) Series 1999 A, 0.02% 3/6/15, LOC Freddie Mac, VRDN (b) | 7,200 | 7,200 | |
Pima County Indl. Dev. Auth. Indl. Rev. (Tucson Elec. Pwr. Co. Proj.) Series 1982 A, 0.05% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 2,500 | 2,500 | |
Pima County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Cimarron Place Apts. Proj.) 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 4,500 | 4,500 | |
Series A, 0.045% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 2,525 | 2,525 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Participating VRDN: | |||
Series BC 10 21W, 0.04% 3/6/15 (Liquidity Facility Barclays Bank PLC) (b)(f) | 5,200 | 5,200 | |
Series EGL 06 0141, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 28,800 | 28,800 | |
Series EGL 07 0012, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 14,850 | 14,850 | |
Series Putters 3307, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 6,395 | 6,395 | |
Series Putters 3467, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,000 | 4,000 | |
Series ROC II R 14060, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 4,000 | 4,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Arizona - continued | |||
Tempe Indl. Dev. Auth. Rev. (ASUF Brickyard Proj.) Series 2004 A, 0.03% 3/6/15, LOC Bank of America NA, VRDN (b) | $ 1,000 | $ 1,000 | |
Yavapai County Indl. Dev. Auth. (Northern Arizona Healthcare Sys. Proj.) Series 2008 B, 0.03% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 14,400 | 14,400 | |
| 476,395 | ||
Arkansas - 0.5% | |||
Arkansas Dev. Fin. Auth. Multi-family Hsg. Rev. (Kiehl Partners LP Proj.) Series 2004 A, 0.05% 3/6/15, LOC Fannie Mae, VRDN (b) | 6,815 | 6,815 | |
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 0.19% 3/6/15, VRDN (b)(e) | 34,400 | 34,400 | |
Fort Smith Gen. Oblig. (Mitsubishi Pwr. Systems Americas Proj.) Series 2010, 0.04% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b) | 2,310 | 2,310 | |
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.03% 3/6/15, LOC Royal Bank of Scotland PLC, VRDN (b)(e) | 100,000 | 100,000 | |
| 143,525 | ||
California - 2.2% | |||
ABAG Fin. Auth. for Nonprofit Corps. Rev. (Sharp HealthCare Proj.) Series 2009 C, 0.02% 3/6/15, LOC Citibank NA, VRDN (b) | 41,800 | 41,800 | |
Anaheim Hsg. Auth. Multi-family Hsg. Rev. (Park Vista Apt. Proj.) Series 2000 D, 0.03% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 3,600 | 3,600 | |
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN: | |||
Series EGL 06 83 Class A, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 35,600 | 35,600 | |
Series II R 11901, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 2,100 | 2,100 | |
California Edl. Facilities Auth. Rev.: | |||
(Univ. of San Francisco Proj.) Series 2000, 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 17,300 | 17,300 | |
(Univ. San Francisco Proj.) 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 28,770 | 28,770 | |
Participating VRDN: | |||
Series BA 08 1207, 0.07% 3/6/15 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f) | 11,110 | 11,110 | |
Series ROC II R 11974, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 4,555 | 4,555 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
California - continued | |||
California Gen. Oblig.: | |||
Series 2003 B2, 0.01% 3/6/15, LOC JPMorgan Chase Bank, LOC California Pub. Employees Retirement Sys., VRDN (b) | $ 15,000 | $ 15,000 | |
Series 2003 C1, 0.01% 3/6/15, LOC Bank of America NA, VRDN (b) | 15,100 | 15,100 | |
Series 2005 B4, 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 18,100 | 18,100 | |
California Health Facilities Fing. Auth. Rev.: | |||
(St. Joseph Health Sys. Proj.) Series 2011 A, 0.01% 3/6/15, LOC MUFG Union Bank NA, VRDN (b) | 10,100 | 10,100 | |
Participating VRDN Series DB 3294, 0.08% 3/6/15 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f) | 10,125 | 10,125 | |
California Hsg. Fin. Agcy. Rev. (Home Mtg. Prog.): | |||
Series 2000 N, 0.02% 3/6/15 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 11,215 | 11,215 | |
Series 2002 J, 0.02% 3/6/15 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 900 | 900 | |
Series 2003 H, 0.02% 3/6/15 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 8,500 | 8,500 | |
Series 2003 M: | |||
0.02% 3/6/15 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 18,435 | 18,435 | |
0.03% 3/6/15 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 1,400 | 1,400 | |
Series 2006 C, 0.01% 3/6/15 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 54,000 | 54,000 | |
Series 2007 K, 0.01% 3/6/15 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 25,000 | 25,000 | |
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (Pacific Gas & Elec. Co. Proj.) Series 1997 B, 0.02% 3/2/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 34,400 | 34,400 | |
California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. (Maple Square Apt. Proj.) Series AA, 0.04% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 5,555 | 5,555 | |
El Dorado Irrigation District Rev. Ctfs. of Prtn. Series 2008 A, 0.02% 3/6/15, LOC Citibank NA, VRDN (b) | 61,745 | 61,745 | |
Los Angeles Cmnty. College District Participating VRDN: | |||
Series MS 3096, 0.08% 3/6/15 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f) | 1,500 | 1,500 | |
Series ROC II R 11728, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 7,040 | 7,040 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
California - continued | |||
Los Angeles Dept. of Wtr. & Pwr. Rev. Participating VRDN Series Putters 3902 Z, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | $ 3,380 | $ 3,380 | |
Los Angeles Multi-family Hsg. Rev. (Tri-City Hsg. Proj.) Series 1, 0.02% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 1,800 | 1,800 | |
Milpitas Multi-family Rev. (Crossing at Montague Proj.) Series A, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 29,000 | 29,000 | |
Modesto Pub. Fing. Auth. Lease Rev. Series 2008 B, 0.05% 3/6/15, LOC Bank of America NA, VRDN (b) | 15,915 | 15,915 | |
Riverside Ctfs. of Prtn. (Riverside Renaissance Proj.) Series 2008, 0.01% 3/6/15, LOC Bank of America NA, VRDN (b) | 63,950 | 63,950 | |
Sacramento Muni. Util. District Elec. Rev. Series 2012 M, 0.01% 3/6/15, LOC State Street Bank & Trust Co., Boston, VRDN (b) | 16,600 | 16,600 | |
San Jose Multi-family Hsg. Rev. (Las Ventanas Apts. Proj.) Series 2008 B, 0.02% 3/6/15, LOC Freddie Mac, VRDN (b) | 5,000 | 5,000 | |
San Juan Capistrano Gen. Oblig. Participating VRDN Series Putters 0048, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 10,050 | 10,050 | |
Santa Clara County Fing. Auth. Lease Rev. (Multiple Facilities Proj.) Series 2008 M, 0.01% 3/6/15, LOC Bank of America NA, VRDN (b) | 21,615 | 21,615 | |
Southern California Pub. Pwr. Auth. Rev. (Magnolia Pwr. Proj.) Series 2009-1, 0.01% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 16,345 | 16,345 | |
Stanislaus County Cap. Impts. Fing. Auth. Rev. Series 2004, 0.02% 3/6/15, LOC Bank of America NA, VRDN (b) | 8,850 | 8,850 | |
| 635,455 | ||
Colorado - 0.9% | |||
Adams County Hsg. Auth. (Semper Village Apts. Proj.) Series 2004 A, 0.05% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 14,000 | 14,000 | |
Aurora Hsg. Auth. Multi-family Hsg. Rev. (Liberty Creek Proj.) Series 2008, 0.05% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 27,580 | 27,580 | |
Colorado Edl. & Cultural Facilities Auth. Rev. (Clyfford Still Museum Proj.) Series 2008, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 1,265 | 1,265 | |
Colorado Health Facilities Auth. Retirement Hsg. Rev. Participating VRDN Series Putters 1390, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 40,460 | 40,460 | |
Colorado Health Facilities Auth. Rev. (Boulder Cmnty. Hosp. Proj.) Series 2000, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 49,140 | 49,140 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Colorado - continued | |||
Colorado Hsg. & Fin. Auth. Solid Waste Rev.: | |||
(Waste Mgmt., Inc. Proj.) 0.05% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | $ 7,000 | $ 7,000 | |
(Waste Mgmt., Inc. Proj.) 0.05% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 14,160 | 14,160 | |
Colorado State Univ. Board of Governors Enterprise Sys. Rev. Participating VRDN: | |||
Series MS 3316, 0.02% 3/6/15 (Liquidity Facility Cr. Suisse AG) (b)(f) | 14,030 | 14,030 | |
Series Putters 4386, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 7,500 | 7,500 | |
Colorado Univ. Co. Hosp. Auth. Rev. Series 2011 A, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 26,760 | 26,760 | |
Lakewood Hsg. Auth. Multi-family Rev.: | |||
(Ridgemoor Apts. Proj.) Series 2003 A, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 13,325 | 13,325 | |
(Timberleaf Apts. Proj.) 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 11,165 | 11,165 | |
Moffat County Poll. Cont. Rev. (Tri-State Generation and Transmission Assoc., Inc. Proj.) Series 2009, 0.02% 3/6/15, LOC Bank of America NA, VRDN (b) | 35,075 | 35,075 | |
Univ. of Colorado Enterprise Sys. Rev. Participating VRDN Series Putters 4477, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,600 | 5,600 | |
| 267,060 | ||
Connecticut - 0.0% | |||
Connecticut Health & Edl. Facilities Auth. Rev. Series 2014 D, 0.03% 3/6/15, LOC Bank of America NA, VRDN (b) | 8,130 | 8,130 | |
Delaware - 0.1% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | |||
Series 1988, 0.08% 3/2/15, VRDN (b)(e) | 1,900 | 1,900 | |
Series 1993 C, 0.2% 3/6/15, VRDN (b) | 5,450 | 5,450 | |
Series 1994, 0.08% 3/2/15, VRDN (b)(e) | 14,000 | 14,000 | |
Series 1999 A, 0.14% 3/6/15, VRDN (b) | 2,300 | 2,300 | |
Series 1999 B, 0.14% 3/6/15, VRDN (b)(e) | 9,900 | 9,900 | |
| 33,550 | ||
District Of Columbia - 0.8% | |||
District of Columbia Gen. Oblig. Participating VRDN Series MS 4301, 0.03% 3/6/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) | 9,000 | 9,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
District Of Columbia - continued | |||
District of Columbia Hsg. Fin. Agcy. Multi-family Hsg. Rev.: | |||
(Pentacle Apts. Proj.) Series 2008, 0.035% 3/6/15, LOC Freddie Mac, VRDN (b) | $ 3,500 | $ 3,500 | |
(Trenton Park Apts. Proj.) Series 2001, 0.08% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 5,495 | 5,495 | |
District of Columbia Income Tax Rev. Participating VRDN: | |||
Series EGL 14 0039, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 6,200 | 6,200 | |
Series Putters 3369, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 1,000 | 1,000 | |
Series Putters 4020, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 7,250 | 7,250 | |
District of Columbia Rev.: | |||
(Fort Lincoln New Town/Premium Distributors LLC Proj.) Series 2000, 0.13% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 6,005 | 6,005 | |
(Medlantic/Helix Proj.) Series 1998 A Tranche II, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 31,750 | 31,750 | |
(The AARP Foundation Proj.) Series 2004, 0.02% 3/6/15, LOC Bank of America NA, VRDN (b) | 11,900 | 11,900 | |
(Washington Drama Society, Inc. Proj.) Series 2008, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 54,855 | 54,855 | |
(World Wildlife Fund Proj.) Series 2010, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 9,400 | 9,400 | |
District of Columbia Univ. Rev.: | |||
(American Univ. Proj.): | |||
Series 2006 A, 0.02% 3/6/15, LOC Royal Bank of Canada, VRDN (b) | 25,000 | 25,000 | |
Series 2006 B, 0.02% 3/6/15, LOC Royal Bank of Canada, VRDN (b) | 9,200 | 9,200 | |
(Georgetown Univ. Proj.): | |||
Series 2007 B2, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 10,140 | 10,140 | |
Series 2007 C2, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 28,025 | 28,025 | |
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2009 D1, 0.01% 3/6/15, LOC TD Banknorth, NA, VRDN (b) | 8,770 | 8,770 | |
| 227,490 | ||
Florida - 2.7% | |||
Brevard County Hsg. Fin. Auth. (Manatee Cove Apts. Proj.) 0.04% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 10,145 | 10,145 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Florida - continued | |||
Broward County Fin. Auth. Multi-family Hsg. Rev.: | |||
(Pinnacle Village Apts. Proj.) Series 2004, 0.03% 3/6/15, LOC Citibank NA, VRDN (b)(e) | $ 6,200 | $ 6,200 | |
(Sanctuary Apts Proj.) Series A, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 15,620 | 15,620 | |
Broward County Port Facilities Rev. (Port Everglades Proj.) Series 2008, 0.04% 3/6/15, LOC Royal Bank of Canada, VRDN (b)(e) | 7,820 | 7,820 | |
Collier County Health Facilities Auth. Health Facilities Rev. (Moorings, Inc. Proj.) Series 2008, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 16,065 | 16,065 | |
Collier County Hsg. Fin. Auth. Multi-family Rev.: | |||
(Sawgrass Pines Apts. Proj.) 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 6,800 | 6,800 | |
(Summer Lakes Phase II Apts. Proj.) 0.04% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 17,505 | 17,505 | |
Dade County Indl. Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1993, 0.01% 3/2/15, VRDN (b) | 26,700 | 26,700 | |
Florida Board of Ed. Pub. Ed. Cap. Outlay Participating VRDN: | |||
Series BA 08 1059, 0.04% 3/6/15 (Liquidity Facility Bank of America NA) (b)(f) | 4,165 | 4,165 | |
Series EGL 14 0007, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 21,445 | 21,445 | |
Series Putters 3834 Z, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 9,000 | 9,000 | |
Series ROC II R 11884X, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 13,600 | 13,600 | |
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: | |||
(Avalon Reserve Apts. Proj.) Series 2003 R1, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 14,070 | 14,070 | |
(Clarcona Groves Apts. Proj.) Series A, 0.04% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 8,600 | 8,600 | |
(Collins Cove Sr. Apts. Proj.) Series 2003 W, 0.05% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 5,100 | 5,100 | |
(Grande Court at North Port Apts. Proj.) Series 2004 E, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 5,400 | 5,400 | |
(Hunters Run Apts. Proj.) Series G, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 7,225 | 7,225 | |
(Lynn Lake Apts. Proj.) Series B1, 0.04% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 20,210 | 20,210 | |
(Mill Creek Apts. Proj.) Series 2004 K, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 14,100 | 14,100 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Florida - continued | |||
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: - continued | |||
(Pinnacle Grove Apts. Proj.) Series 2003 A, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | $ 7,250 | $ 7,250 | |
(Riverwalk I Apts. Proj.) Series 2008 E, 0.04% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 4,955 | 4,955 | |
(Savannah Springs Apts. Proj.) Series G, 0.05% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 6,870 | 6,870 | |
Florida Hsg. Fin. Corp. Rev.: | |||
(Tuscany Lakes Apts. Proj.) Series 2002 K1, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 4,000 | 4,000 | |
(Valencia Village Apts. Proj.) Series G, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 11,050 | 11,050 | |
(Waterford Pointe Apts. Proj.) Series 2000 E1, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 8,155 | 8,155 | |
Florida Keys Aqueduct Auth. Wtr. Rev. Series 2008, 0.02% 3/6/15, LOC TD Banknorth, NA, VRDN (b) | 10,500 | 10,500 | |
Highlands County Health Facilities Auth. Rev. Participating VRDN Series ROC II R 11830, 0.04% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 10,875 | 10,875 | |
Hillsborough County Hsg. Fin. Auth. Multi-family Rev.: | |||
(Claymore Crossings Apt. Proj.) Series 2005, 0.04% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 10,420 | 10,420 | |
(Grande Oaks Apts. Proj.) Series A, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 6,900 | 6,900 | |
(Hunters Run Apts. Proj.) Series 2002 A, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 7,970 | 7,970 | |
(Meridian Pointe Apts. Proj.) Series 2005, 0.04% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 11,200 | 11,200 | |
(Mobley Park Apts. Proj.) Series A, 0.04% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 7,090 | 7,090 | |
(Morgan Creek Apts. Proj.) Series 2003, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 12,700 | 12,700 | |
(Royal Palm Key Apts. Proj.) Series 2002, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 8,780 | 8,780 | |
Hillsborough County Indl. Dev. Auth. Indl. Dev. Rev. (Vigo Importing Co. Proj.) Series 1996, 0.37% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 205 | 205 | |
Jacksonville Elec. Auth. Elec. Sys. Rev. Participating VRDN Series BA 09 1209X, 0.07% 3/6/15 (Liquidity Facility Bank of America NA) (b)(f) | 5,310 | 5,310 | |
Jacksonville Hsg. Fin. Auth. Multi-family Hsg. Rev. (Brookwood Forest Apts. Proj.) 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 8,685 | 8,685 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Florida - continued | |||
Jacksonville Port Auth. Rev. (Mitsui O.S.K. Lines Ltd. Proj.) 0.04% 3/6/15, LOC Sumitomo Mitsui Banking Corp., VRDN (b)(e) | $ 63,100 | $ 63,100 | |
Lee County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Univ. Club Apts. Proj.) Series A, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 7,500 | 7,500 | |
Miami-Dade County: | |||
Series 2014 A, 0.02% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b) | 54,800 | 54,800 | |
Series 2014 B, 0.03% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b)(e) | 6,150 | 6,150 | |
Miami-Dade County Hsg. Fin. Auth. Multi-family Mtg. Rev. (22nd Avenue Apts., 183rd Street Apts. & 187th Street Apts. Proj.) Series 2003 3, 0.04% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 14,875 | 14,875 | |
Miami-Dade County Indl. Dev. Auth. Rev. (Tarmac America Proj.) Series 2004, 0.03% 3/6/15, LOC HSBC Bank U.S.A., NA, VRDN (b)(e) | 19,400 | 19,400 | |
North Broward Hosp. District Rev. Series 2005 A, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 37,500 | 37,500 | |
Ocean Hwy. & Port Auth. Rev. 0.07% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 2,000 | 2,000 | |
Orange County Health Facilities Auth. Rev. (The Nemours Foundation Proj.): | |||
Series 2009 B, 0.02% 3/6/15, LOC Northern Trust Co., VRDN (b) | 21,165 | 21,165 | |
Series 2009 C1, 0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 3,735 | 3,735 | |
Series 2009 C2, 0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 22,565 | 22,565 | |
Orange County Hsg. Fin. Auth. Multi-family Rev.: | |||
(Alta Westgate Apts. Proj.) Series C, 0.04% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 12,460 | 12,460 | |
(Glenn Millenia Proj.) Series 2001 C, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 3,400 | 3,400 | |
(Osprey Ridge Apts. Proj.) Series 2000 H, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 7,060 | 7,060 | |
Osceola County Hsg. Fin. Auth. Multi-family Rev. (Regatta Bay Apts. Proj.) Series A, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 12,920 | 12,920 | |
Palm Beach County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Renaissance Apts. Proj.) 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 20,100 | 20,100 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Florida - continued | |||
Palm Beach County Rev.: | |||
(Benjamin Private School Proj.) 0.02% 3/6/15, LOC Northern Trust Co., VRDN (b) | $ 5,140 | $ 5,140 | |
(Hospice of Palm Beach Proj.) Series 2001, 0.03% 3/6/15, LOC Northern Trust Co., VRDN (b) | 3,000 | 3,000 | |
(Raymond F. Kravis Ctr. Proj.) Series 2002, 0.01% 3/6/15, LOC Northern Trust Co., VRDN (b) | 5,045 | 5,045 | |
(The Norton Gallery and School of Arts, Inc. Proj.) Series 2000, 0.02% 3/6/15, LOC Bank of America NA, VRDN (b) | 11,400 | 11,400 | |
Palm Beach County Solid Waste Auth. Rev. Participating VRDN Series ROC II 14003, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 6,400 | 6,400 | |
Palm Beach County Wtr. & Swr. Rev. Participating VRDN Series 15 XF0085, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 405 | 405 | |
Pinellas County Health Facilities Auth. Rev.: | |||
(BayCare Health Sys. Proj.) Series 2009 A3, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 25,850 | 25,850 | |
(Suncoast Hospice Proj.) Series 2004, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 11,785 | 11,785 | |
Polk County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Cambridge Cove Apts. Proj.) Series 2001, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 7,500 | 7,500 | |
Sunshine State Govt. Fing. Commission Rev. (Miami-Dade County Prog.) Series 2010 A, 0.02% 3/6/15, LOC Bank of New York, New York, VRDN (b) | 16,105 | 16,105 | |
| 774,045 | ||
Georgia - 1.5% | |||
Atlanta Urban Residential Fin. Auth. Multi-family Hsg. Rev. (Collegetown at Harris Homes Phase I Proj.) Series 2003, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 7,230 | 7,230 | |
Bulloch County Dev. Auth. Indl. Dev. Rev. (Gold Kist, Inc. Proj.) Series 1995, 0.13% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 4,000 | 4,000 | |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Oglethorpe Pwr. Corp. Proj.): | |||
Series 2010 A, 0.03% 3/6/15, LOC Bank of America NA, VRDN (b) | 47,400 | 47,400 | |
Series 2010 B, 0.03% 3/6/15, LOC Bank of America NA, VRDN (b) | 10,105 | 10,105 | |
Canton Hsg. Auth. Multi-family Hsg. Rev. (Alta Ridgewalk Apts. Proj.) Series 2003, 0.04% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 20,450 | 20,450 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Georgia - continued | |||
Clarke County Indl. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series Solar 07 31, 0.02% 3/6/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f) | $ 15,915 | $ 15,915 | |
Cobb County Kennestone Hosp. Auth. Rev. (WellStar Health Sys. Proj.) Series 2005 A, 0.02% 3/6/15, LOC Bank of America NA, VRDN (b) | 44,400 | 44,400 | |
DeKalb County Hsg. Auth. Multi-family Hsg. Rev. (Eagles Trace Apts. Proj.) Series 1996, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 6,850 | 6,850 | |
Gainesville & Hall County Dev. Auth. Rev. (Lanier Village Estates, Inc. Proj.) Series 2003 B, 0.02% 3/2/15, LOC TD Banknorth, NA, VRDN (b) | 7,310 | 7,310 | |
Georgia Muni. Elec. Auth. Pwr. Rev. Series 1985 B, 0.02% 3/6/15, LOC Barclays Bank PLC, VRDN (b) | 9,100 | 9,100 | |
Gwinnett County Dev. Auth. Indl. Dev. Rev. (Curtis 1000, Inc. Proj.) Series 1996, 0.04% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 6,460 | 6,460 | |
Gwinnett County Hsg. Auth. Multi-family Hsg. Rev. (Herrington Woods Apt. Proj.) Series 1996 A, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 9,535 | 9,535 | |
Gwinnett County Wtr. & Swr. Auth. Rev. Participating VRDN Series ROC II R 11910, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 4,055 | 4,055 | |
Heard County Dev. Auth. Poll. Cont. Rev. (Oglethorpe Pwr. Corp. Scherer Proj.) Series 2009 A, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 3,600 | 3,600 | |
Kennesaw Dev. Auth. Multi-family Hsg. Rev. (Alta Ridenour Apts. Proj.) Series 2008, 0.04% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 7,350 | 7,350 | |
Loganville Hsg. Auth. Multi-family Hsg. Rev. (Alexander Crossing Apt. Proj.) 0.03% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 15,555 | 15,555 | |
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series 2010 A, 0.02% 3/6/15 (Liquidity Facility Royal Bank of Canada), VRDN (b) | 82,745 | 82,745 | |
Monroe County Dev. Auth. Poll. Cont. Rev.: | |||
(Oglethorpe Pwr. Corp. Proj.) Series 2009 B, 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 25,000 | 25,000 | |
(Oglethorpe Pwr. Corp. Scherer Proj.) Series 2009 A, 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 10,940 | 10,940 | |
Newnan Dev. Auth. Multi-family Hsg. Rev. (The Club at Newnan Crossing Proj.) 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 9,400 | 9,400 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Georgia - continued | |||
Private Colleges & Univs. Auth. Rev. Participating VRDN Series BC 13 20U, 0.04% 3/6/15 (Liquidity Facility Barclays Bank PLC) (b)(f) | $ 4,000 | $ 4,000 | |
Roswell Hsg. Auth. Multi-family Hsg. Rev. (Azalea Park Apts. Proj.) Series 1996, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b) | 6,900 | 6,900 | |
Savannah Econ. Dev. Auth. Rev. (Home Depot, Inc. Proj.) Series 1995 A, 0.05% 3/6/15, VRDN (b)(e) | 57,400 | 57,400 | |
Sugar Hill Hsg. Auth. Multi-family Rev. (Level Creek Apts. Proj.) Series 1997, 0.05% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 11,290 | 11,290 | |
| 426,990 | ||
Hawaii - 0.1% | |||
Hawaii Gen. Oblig. Participating VRDN Series Putters 4007, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 6,665 | 6,665 | |
Hawaii State Hsg. Fin. & Dev. Corp. Rev. (Lokahi Kau Apts. Proj.) Series 2008, 0.02% 3/6/15, LOC Freddie Mac, VRDN (b) | 6,755 | 6,755 | |
Honolulu City and County Wastewtr. Sys. Participating VRDN Series ROC II R 11989, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 4,005 | 4,005 | |
| 17,425 | ||
Illinois - 4.4% | |||
Carol Stream Multi-family Rev. (Saint Charles Square Proj.) Series 1997, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 1,800 | 1,800 | |
Chicago Board of Ed. Series 2000 B, 0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 22,500 | 22,500 | |
Chicago Gen. Oblig.: | |||
Series 2003 B, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 13,600 | 13,600 | |
Series 2003 B1, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 16,500 | 16,500 | |
Series 2003 B2, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 10,465 | 10,465 | |
Chicago Metropolitan Wtr. Reclamation District Greater Chicago Participating VRDN: | |||
Series MS 3407, 0.03% 3/6/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) | 18,000 | 18,000 | |
Series Putters 4360, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,000 | 5,000 | |
Chicago Midway Arpt. Rev. Series 2014 C, 0.03% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 34,870 | 34,870 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Illinois - continued | |||
Chicago O'Hare Int'l. Arpt. Rev. Series 2005 D, 0.02% 3/6/15, LOC Barclays Bank PLC, VRDN (b) | $ 60,900 | $ 60,900 | |
Chicago Park District Gen. Oblig. Participating VRDN Series ROC II R 11935, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 9,375 | 9,375 | |
Chicago Wtr. Rev.: | |||
Series 2000, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 19,000 | 19,000 | |
Series 2000-1, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 23,200 | 23,200 | |
Series 2004 A1, 0.02% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b) | 81,165 | 81,165 | |
Series 2004 A2, 0.02% 3/6/15, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | 46,715 | 46,715 | |
Series 2004 A3, 0.02% 3/6/15, LOC State Street Bank & Trust Co., Boston, VRDN (b) | 20,000 | 20,000 | |
Illinois Dev. Fin. Auth. Indl. Dev. Rev.: | |||
(Delta-Unibus Corp. Proj.) Series 2001, 0.15% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 2,800 | 2,800 | |
(R&R Enterprises 2nd Proj.) Series 1999 A, 0.14% 3/6/15, LOC BMO Harris Bank NA, VRDN (b)(e) | 1,825 | 1,825 | |
Illinois Dev. Fin. Auth. Rev. (Rich Prods. Corp. Proj.) Series 1998, 0.05% 3/6/15, LOC HSBC Bank U.S.A., NA, VRDN (b)(e) | 7,825 | 7,825 | |
Illinois Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 0.05% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 16,900 | 16,900 | |
Illinois Edl. Facilities Auth. Rev. (Field Museum of Natural History Proj.) Series 2000, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 14,900 | 14,900 | |
Illinois Fin. Auth. Multi-family Rev. (Hidden Glen Apts. Proj.) Series 2007, 0.03% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (b)(e) | 6,855 | 6,855 | |
Illinois Fin. Auth. Rev.: | |||
(Edward Hosp. Obligated Group Proj.): | |||
Series 2008 B1, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 37,525 | 37,525 | |
Series 2008 B2, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 36,725 | 36,725 | |
(Little Co. of Mary Hosp. Proj.): | |||
Series 2008 A, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 45,940 | 45,940 | |
Series 2008 B, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 50,615 | 50,615 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Illinois - continued | |||
Illinois Fin. Auth. Rev.: - continued | |||
(Museum of Science & Industry Proj.): | |||
Series 2009 A, 0.01% 3/6/15, LOC Bank of America NA, VRDN (b) | $ 15,500 | $ 15,500 | |
Series 2009 C, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (b) | 12,870 | 12,870 | |
Series 2009 D, 0.03% 3/6/15, LOC Northern Trust Co., VRDN (b) | 15,500 | 15,500 | |
(Northwest Cmnty. Hosp. Proj.) Series 2008 B, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 15,000 | 15,000 | |
(OSF Healthcare Sys. Proj.) Series 2009 C, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 34,600 | 34,600 | |
(Rockford Mem. Hosp. Proj.) 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 60,800 | 60,800 | |
(Saint Xavier Univ. Proj.) Series 2008, 0.03% 3/6/15, LOC Bank of America NA, VRDN (b) | 9,170 | 9,170 | |
Participating VRDN: | |||
Series BA 08 1137, 0.04% 3/6/15 (Liquidity Facility Bank of America NA) (b)(f) | 12,855 | 12,855 | |
Series EGL 06 115, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 5,445 | 5,445 | |
Series Floaters 3342, 0.03% 3/6/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) | 3,300 | 3,300 | |
Series MS 3332, 0.02% 3/6/15 (Liquidity Facility Cr. Suisse AG) (b)(f) | 5,700 | 5,700 | |
Series Putters 0022, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 11,205 | 11,205 | |
Series Putters 3435, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 2,105 | 2,105 | |
0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 3,000 | 3,000 | |
Series 2009 A, 0.02% 3/6/15, LOC BMO Harris Bank NA, VRDN (b) | 21,680 | 21,680 | |
Series 2009 B, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 15,500 | 15,500 | |
Series 2011 B, 0.02% 3/6/15, LOC PNC Bank NA, VRDN (b) | 24,220 | 24,220 | |
Illinois Gen. Oblig.: | |||
Series 2003 B, 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 51,600 | 51,600 | |
Series 2003 B2: | |||
0.01% 3/6/15, LOC PNC Bank NA, VRDN (b) | 36,500 | 36,500 | |
0.01% 3/6/15, LOC Royal Bank of Canada, VRDN (b) | 14,200 | 14,200 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Illinois - continued | |||
Illinois Gen. Oblig.: - continued | |||
Series 2003 B3, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | $ 39,000 | $ 39,000 | |
Illinois Health Facilities Auth. Rev. (Herman M. Finch Univ. of Health Sciences/The Chicago Med. School Proj.) Series 2003, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 25,100 | 25,100 | |
Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Prairie Station Apts. Proj.) 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 17,900 | 17,900 | |
(Valley View Apts. Proj.) 0.04% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (b)(e) | 10,950 | 10,950 | |
0.02% 3/6/15, LOC Freddie Mac, VRDN (b) | 11,600 | 11,600 | |
Illinois Toll Hwy. Auth. Toll Hwy. Rev.: | |||
Series 2007 A 2D, 0.02% 3/6/15, LOC Royal Bank of Canada, VRDN (b) | 30,000 | 30,000 | |
Series 2007 A-2A, 0.02% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b) | 17,000 | 17,000 | |
Series 2007 A1, 0.02% 3/6/15, LOC Citibank NA, VRDN (b) | 117,900 | 117,900 | |
Lake County Multi-family Hsg. Rev. (Whispering Oaks Apts. Proj.) Series 2008, 0.02% 3/6/15, LOC Freddie Mac, VRDN (b) | 19,900 | 19,900 | |
Lake County Solid Waste Disp. Facilities Rev. (Countryside Landfill, Inc. Proj.) Series B, 0.08% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 4,320 | 4,320 | |
Lisle Village Multi-family Hsg. Rev. (Devonshire of Lisle Proj.) Series 1991, 0.045% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 6,000 | 6,000 | |
| 1,275,420 | ||
Indiana - 1.6% | |||
Dearborn County Econ. Dev. Rev. (Dearborn County Hosp. Proj.) Series 2006, 0.16% 3/6/15, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 6,000 | 6,000 | |
Eclipse Fdg. Trust Custody Rpt. Various States Participating VRDN Series Solar 07 26, 0.04% 3/6/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f) | 13,435 | 13,435 | |
Elkhart County Hosp. Auth. Rev. (Elkhart Gen. Hosp. Proj.) Series 2008, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 20,970 | 20,970 | |
Hammond Swr. & Solid Waste Disp. Rev. (Cargill, Inc. Proj.) 0.02% 3/6/15, VRDN (b)(e) | 39,000 | 39,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Indiana - continued | |||
Indiana Dev. Fin. Auth. Econ. (Archer-Daniels-Midland Co. Proj.) Series 2012, 0.02% 3/6/15 (Archer Daniels Midland Co. Guaranteed), VRDN (b) | $ 17,300 | $ 17,300 | |
Indiana Dev. Fin. Auth. Envir. Rev. (Duke Energy Indiana, Inc. Proj.) Series 2009 A3, 0.02% 3/6/15, LOC Mizuho Corporate Bank Ltd., VRDN (b) | 32,450 | 32,450 | |
Indiana Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): | |||
Series 2002 A, 0.05% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 21,700 | 21,700 | |
Series 2002 B, 0.03% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 14,000 | 14,000 | |
Indiana Edl. Facilities Auth. Rev. (Franklin College Proj.) Series 2003, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 6,725 | 6,725 | |
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.): | |||
Series 2008 A, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 53,695 | 53,695 | |
Series 2008 B, 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 50,940 | 50,940 | |
Series 2008 G, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 8,650 | 8,650 | |
Series 2008 H, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 50,695 | 50,695 | |
Series 2008 I, 0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 8,000 | 8,000 | |
Series 2008 J, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 3,300 | 3,300 | |
Indiana Fin. Auth. Hosp. Rev.: | |||
(Parkview Health Sys. Oblig. Group Proj.) Series 2009 B, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 11,500 | 11,500 | |
Series 2011 A, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 14,980 | 14,980 | |
Indiana Fin. Auth. Rev.: | |||
(Ascension Health Subordinate Cr. Proj.) Series 2008 E5, 0.02% 3/6/15, VRDN (b) | 5,000 | 5,000 | |
Series 2008, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 13,635 | 13,635 | |
Indiana Health & Edl. Facilities Fing. Auth. Rev. Participating VRDN Series Solar 07 63, 0.02% 3/6/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f) | 14,910 | 14,910 | |
Indianapolis Econ. Dev. Rev. (Pine Glen Apts. Proj.) 0.05% 3/6/15, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (b)(e) | 6,035 | 6,035 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Indiana - continued | |||
Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.) Series 2008 H, 0.02% 3/6/15, LOC Bank of Nova Scotia, VRDN (b) | $ 5,500 | $ 5,500 | |
Marion Econ. Dev. Rev. (Indiana Wesleyan Univ. Proj.) Series 2006, 0.03% 3/6/15, LOC Bank of America NA, VRDN (b) | 15,000 | 15,000 | |
Saint Joseph County Hosp. Auth. Health Sys. Rev. (Memorial Health Sys. Proj.) Series 2008 A, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 31,565 | 31,565 | |
| 464,985 | ||
Iowa - 0.2% | |||
Iowa Fin. Auth. Series 2005 C, 0.03% 3/6/15 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b)(e) | 1,650 | 1,650 | |
Iowa Fin. Auth. Health Facilities Rev.: | |||
Series 2013 B1, 0.01% 3/6/15, LOC MUFG Union Bank NA, VRDN (b) | 21,455 | 21,455 | |
Series 2013 B2, 0.03% 3/6/15, LOC MUFG Union Bank NA, VRDN (b) | 10,830 | 10,830 | |
Iowa Fin. Auth. Poll. Cont. Facility Rev. (MidAmerican Energy Proj.) Series 2008 B, 0.06% 3/6/15, VRDN (b) | 14,000 | 14,000 | |
Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Proj.) Series 2008 A, 0.07% 3/6/15, VRDN (b)(e) | 3,100 | 3,100 | |
Iowa Fin. Auth. Wellness Facilities Rev. (Cmnty. Y of Marshalltown Proj.) Series 2001, 0.02% 3/6/15, LOC Northern Trust Co., VRDN (b) | 5,200 | 5,200 | |
Iowa Higher Ed. Ln. Auth. Rev. (Univ. of Dubuque Proj.): | |||
Series 2004, 0.03% 3/2/15, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 2,160 | 2,160 | |
Series 2007, 0.03% 3/2/15, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 4,000 | 4,000 | |
| 62,395 | ||
Kansas - 0.1% | |||
Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.) Series 2000, 0.09% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 25,100 | 25,100 | |
Lenexa Multi-family Hsg. Rev. (Meadows Apts. Proj.) Series A, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 14,230 | 14,230 | |
| 39,330 | ||
Kentucky - 1.2% | |||
Boyd County Sewage & Solid Waste Rev. (Air Products and Chemicals, Inc. Proj.) Series 2003, 0.03% 3/6/15, VRDN (b)(e) | 8,500 | 8,500 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Kentucky - continued | |||
Carroll County Envir. Facilities Rev. (Kentucky Utils. Co. Proj.): | |||
Series 2004 A, 0.02% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b)(e) | $ 16,800 | $ 16,800 | |
Series 2006 B, 0.02% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b)(e) | 28,500 | 28,500 | |
Series 2008 A, 0.02% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b)(e) | 48,600 | 48,600 | |
Daviess County Exempt Facilities Rev. (Kimberly-Clark Tissue Co. Proj.) Series 1999, 0.04% 3/6/15 (Kimberly-Clark Corp. Guaranteed), VRDN (b)(e) | 4,870 | 4,870 | |
Daviess County Solid Waste Disp. Facilities Rev. (Scott Paper Co. Proj.): | |||
Series 1993 A, 0.04% 3/6/15 (Kimberly-Clark Corp. Guaranteed), VRDN (b)(e) | 67,250 | 67,250 | |
Series 1993 B, 0.04% 3/6/15 (Kimberly-Clark Corp. Guaranteed), VRDN (b)(e) | 37,700 | 37,700 | |
Elizabethtown Indl. Bldg. Rev. (Altec Industries, Inc. Proj.) Series 1997, 0.04% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 5,000 | 5,000 | |
Henderson County Indl. Dev. Auth. (Pittsburg Tank & Tower Co. Proj.) 0.04% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (b)(e) | 100 | 100 | |
Kentucky Higher Ed. Student Ln. Corp. Rev. Series 2008 A1, 0.03% 3/6/15, LOC State Street Bank & Trust Co., Boston, VRDN (b)(e) | 39,405 | 39,405 | |
Kentucky Hsg. Corp. Conduit Multi-family Mtg. Rev. (Gleneagles Apts. Proj.) 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 9,200 | 9,200 | |
Kentucky Hsg. Corp. Multi-family Rev. (Canterbury Southgate Hsg. Proj.) 0.04% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 12,565 | 12,565 | |
Kentucky Muni. Pwr. Agcy. Pwr. Sys. Rev. Participating VRDN Series Solar 07 107, 0.02% 3/6/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f) | 20,315 | 20,315 | |
Logan County Solid Waste Disp. (Waste Mgmt. of Kentucky LLC Proj.) 0.04% 3/6/15, LOC PNC Bank NA, VRDN (b)(e) | 7,450 | 7,450 | |
Louisville & Jefferson County Series 2011 A, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 19,400 | 19,400 | |
Mercer County Solid Waste Disp. Facility Rev. (Kentucky Utils. Co. Proj.) Series 2000 A, 0.02% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b)(e) | 10,800 | 10,800 | |
Minor Lane Heights Solid Waste Disp. Rev. (Waste Mgmt. of Kentucky, LLC Proj. D) Series 2003, 0.04% 3/6/15, LOC PNC Bank NA, VRDN (b)(e) | 11,000 | 11,000 | |
| 347,455 | ||
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Louisiana - 1.3% | |||
Ascension Parish Indl. Dev. Board Rev. (IMTT-Geismar Proj.) Series 2007, 0.02% 3/6/15, LOC Fed. Home Ln. Bank Atlanta, VRDN (b) | $ 6,300 | $ 6,300 | |
East Baton Rouge Parish Pub. Impt. Sales Tax Rev. Series 2008 A, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 63,640 | 63,640 | |
Louisiana Gas & Fuel Tax Rev. Participating VRDN: | |||
Series EGL 14 0049, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 61,900 | 61,900 | |
Series Putters 3806, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 9,990 | 9,990 | |
Louisiana Hsg. Fin. Agcy. Rev. (Canterbury House Apts. Proj.) Series 2007, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b) | 10,670 | 10,670 | |
Louisiana Hsg. Fin. Auth. Multi-family Hsg. Rev. (The Reserve at Jefferson Proj.) Series 2008, 0.04% 3/6/15, LOC Freddie Mac, VRDN (b) | 4,095 | 4,095 | |
Louisiana Offshore Term. Auth. Deepwater Port Rev. (LOOP LLC Proj.) Series 2013 B, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 23,300 | 23,300 | |
Louisiana Pub. Facilities Auth. Gulf Opportunity Zone Rev. (Celtic Mgmt. Corp. Proj.) Series 2008, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 13,115 | 13,115 | |
Louisiana Pub. Facilities Auth. Rev.: | |||
(Air Products & Chemicals, Inc. Proj.): | |||
Series 2002, 0.03% 3/6/15, VRDN (b)(e) | 1,000 | 1,000 | |
Series 2003, 0.03% 3/6/15, VRDN (b)(e) | 15,650 | 15,650 | |
Series 2004, 0.02% 3/6/15, VRDN (b) | 5,900 | 5,900 | |
Series 2009 A, 0.02% 3/6/15, VRDN (b) | 30,735 | 30,735 | |
(C-Port LLC Proj.) Series 2008, 0.05% 3/6/15, LOC Bank of America NA, VRDN (b) | 5,900 | 5,900 | |
(Christus Health Proj.) Series 2009 B3, 0.01% 3/6/15, LOC Bank of New York, New York, VRDN (b) | 9,470 | 9,470 | |
Saint James Parish Gen. Oblig.: | |||
(Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 0.19% 3/6/15, VRDN (b) | 36,800 | 36,800 | |
(NuStar Logistics, L.P. Proj.): | |||
Series 2010 A, 0.02% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b) | 34,300 | 34,300 | |
Series 2010 B, 0.02% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b) | 51,400 | 51,400 | |
| 384,165 | ||
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Maine - 0.2% | |||
Maine Fin. Auth. Solid Waste Disposable Rev. (Casella Waste Systems, Inc. Proj.) 0.09% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | $ 3,600 | $ 3,600 | |
Maine Health & Higher Ed. Facilities Auth. Rev. Series 2008 A, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 25,150 | 25,150 | |
Maine Hsg. Auth. Multi-family Dev. Rev. (Park Village Apts. Proj.) 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 24,000 | 24,000 | |
| 52,750 | ||
Maryland - 0.5% | |||
Maryland Cmnty. Dev. Administration Dept. of Hsg. & Cmnty. Dev.: | |||
(Barrington Apts. Proj.) Series A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 12,190 | 12,190 | |
(Parlane Apts. Proj.) Series 2001 C, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 3,400 | 3,400 | |
Maryland Health & Higher Edl. Facilities Auth. Rev.: | |||
(Adventist Healthcare Proj.) Series 2005 A, 0.02% 3/6/15, LOC MUFG Union Bank NA, VRDN (b) | 25,000 | 25,000 | |
(Anne Arundel Health Sys. Proj.) Series 2009 B, 0.02% 3/6/15, LOC Bank of America NA, VRDN (b) | 28,900 | 28,900 | |
Maryland Trans. Auth. Passenger Facility Charge Rev. Series 2012 C, 0.03% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 20,500 | 20,500 | |
Maryland Trans. Auth. Trans. Facility Projects Rev. Participating VRDN: | |||
Series BA 08 1077, 0.07% 3/6/15 (Liquidity Facility Bank of America NA) (b)(f) | 5,055 | 5,055 | |
Series ROC II R 11437, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 10,000 | 10,000 | |
Montgomery County Hsg. Opportunities Commission Multi-family Hsg. Rev. (Oak Mill II Apts. Proj.) Series 2010 B, 0.02% 3/6/15, LOC Bank of America NA, VRDN (b) | 5,100 | 5,100 | |
Montgomery County Hsg. Opportunity Commission Single Family Mtg. Rev.: | |||
Series 2007 F, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (b)(e) | 10,000 | 10,000 | |
Series 2008 C, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (b)(e) | 8,450 | 8,450 | |
| 128,595 | ||
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Massachusetts - 0.2% | |||
Massachusetts Clean Wtr. Trust Participating VRDN Series Clipper 06 11, 0.05% 3/6/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) | $ 59,605 | $ 59,605 | |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN Series Putters 3990, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 2,000 | 2,000 | |
| 61,605 | ||
Michigan - 0.4% | |||
Michigan Bldg. Auth. Rev. Participating VRDN Series EGL 14 0028, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 36,990 | 36,990 | |
Michigan Fin. Auth. Rev.: | |||
Participating VRDN Series Putters 4286, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,890 | 4,890 | |
Series 22 A, 0.03% 3/6/15, LOC State Street Bank & Trust Co., Boston, VRDN (b)(e) | 22,300 | 22,300 | |
Michigan Hosp. Fin. Auth. Rev. (McLaren Health Care Corp. Proj.) Series 2008 B3, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 10,300 | 10,300 | |
Michigan Strategic Fund Ltd. Oblig. Rev. (Consumers Energy Co. Proj.): | |||
0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 6,000 | 6,000 | |
0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 33,100 | 33,100 | |
| 113,580 | ||
Minnesota - 0.3% | |||
Hennepin County Gen. Oblig. Series 2013 C, 0.02% 3/6/15 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (b) | 32,800 | 32,800 | |
Hennepin County Hsg. & Redev. Auth. Multi-family Rev. (Stone Arch Apts. Proj.) 0.05% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 9,800 | 9,800 | |
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (Allina Health Sys. Proj.): | |||
Series 2007 C1, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 35,250 | 35,250 | |
Series 2007 C2, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 5,000 | 5,000 | |
Minneapolis Multi-family Rev. (Stone Arch Apt. Proj.) Series 2002, 0.05% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 3,600 | 3,600 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Minnesota - continued | |||
Minnesota State Gen. Fdg. Rev. Participating VRDN Series Putters 4469Z, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | $ 3,335 | $ 3,335 | |
Oak Park Heights Multi-family Rev. 0.02% 3/6/15, LOC Freddie Mac, VRDN (b) | 7,885 | 7,885 | |
| 97,670 | ||
Mississippi - 0.1% | |||
Mississippi Bus. Fin. Corp. Rev. (Jackson Med. Mall Foundation Prog.) Series 2008 A, 0.03% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 7,000 | 7,000 | |
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 0.03% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 10,000 | 10,000 | |
Mississippi Dev. Bank Spl. Oblig. (Harrison County Proj.) Series 2008 A2, 0.03% 3/6/15, LOC Bank of America NA, VRDN (b) | 14,000 | 14,000 | |
Mississippi Home Corp. Multi-family Hsg. Rev. (Bristol Park Apts. Proj.) Series 2001 1, 0.05% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 7,600 | 7,600 | |
| 38,600 | ||
Missouri - 0.6% | |||
Grandview Indl. Dev. Auth. Multi-family Hsg. Rev. (Briarwood Apts. Proj.) 0.05% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 11,500 | 11,500 | |
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev.: | |||
(Saint Louis Univ. Proj.) Series 2008 B1, 0.03% 3/2/15, LOC Barclays Bank PLC, VRDN (b) | 6,700 | 6,700 | |
Participating VRDN: | |||
Series EGL 07 0001, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 6,000 | 6,000 | |
Series Putters 3546, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 11,300 | 11,300 | |
Series Putters 3929, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 2,785 | 2,785 | |
Series 2013 B, 0.02% 3/2/15, LOC Bank of America NA, VRDN (b) | 14,290 | 14,290 | |
Missouri Health & Edl. Facilities Auth. Rev.: | |||
(Ascension Health Cr. Group Proj.) | 24,500 | 24,500 | |
Series 2003 C3, 0.01% 3/6/15, VRDN (b) | 18,400 | 18,400 | |
(Ascension Health Sr. Cr. Group Proj.) | 23,200 | 23,200 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Missouri - continued | |||
Saint Louis Indl. Dev. Auth.: | |||
(Metropolitan Lofts Apts. Proj.) Series 2003 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | $ 27,000 | $ 27,000 | |
(Saint Luke's Plaza Apts. Proj.) Series 2009, 0.02% 3/6/15 (Liquidity Facility Freddie Mac), VRDN (b) | 1,900 | 1,900 | |
Springfield Pub. Util. Rev. Participating VRDN Series Solar 06 156, 0.02% 3/6/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f) | 30,035 | 30,035 | |
St. Charles County Pub. Wtr. Sup Series 2011, 0.02% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 2,900 | 2,900 | |
St. Louis Indl. Dev. Auth. (The St. Louis Art Museum Proj.) Series 2009 B, 0.02% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 1,100 | 1,100 | |
| 181,610 | ||
Montana - 0.0% | |||
Forsyth Poll. Cont. Rev. Series 2008 A, 0.19% 3/6/15, VRDN (b)(e) | 450 | 450 | |
Nebraska - 0.6% | |||
Douglas County Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.05% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 10,000 | 10,000 | |
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: | |||
Series 2010 B, 0.02% 3/6/15 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b) | 34,000 | 34,000 | |
Series 2010 C, 0.03% 3/6/15 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(e) | 99,130 | 99,130 | |
Series 2013 F, 0.03% 3/6/15 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(e) | 22,600 | 22,600 | |
Series 2014 B, 0.03% 3/6/15 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(e) | 8,800 | 8,800 | |
Washington County Indl. Dev. Rev. (Cargill Dow Polymers LLC Proj.) Series 2000, 0.03% 3/6/15 (Cargill, Inc. Guaranteed) (The Dow Chemical Co. Guaranteed), LOC Wells Fargo Bank NA, VRDN (b)(e) | 10,000 | 10,000 | |
| 184,530 | ||
Nevada - 2.7% | |||
Clark County Arpt. Rev.: | |||
Series 2008 A2, 0.02% 3/6/15, LOC State Street Bank & Trust Co., Boston, VRDN (b)(e) | 38,000 | 38,000 | |
Series 2008 B2, 0.02% 3/6/15, LOC State Street Bank & Trust Co., Boston, VRDN (b)(e) | 50,000 | 50,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Nevada - continued | |||
Clark County Arpt. Rev.: - continued | |||
Series 2008 C1, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | $ 122,900 | $ 122,900 | |
Series 2008 C2, 0.02% 3/6/15, LOC State Street Bank & Trust Co., Boston, VRDN (b)(e) | 16,975 | 16,975 | |
Series 2008 C3, 0.02% 3/6/15, LOC Sumitomo Mitsui Banking Corp., VRDN (b)(e) | 35,850 | 35,850 | |
Series 2008 D 2A, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 4,500 | 4,500 | |
Series 2008 D 2B, 0.02% 3/6/15, LOC Royal Bank of Canada, VRDN (b) | 3,855 | 3,855 | |
Series 2008 D3, 0.01% 3/6/15, LOC Bank of America NA, VRDN (b) | 80,365 | 80,365 | |
Series 2011 B1, 0.02% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 88,700 | 88,700 | |
Series 2011 B2, 0.03% 3/6/15, LOC Royal Bank of Canada, VRDN (b)(e) | 61,800 | 61,800 | |
Clark County Fuel Tax Participating VRDN: | |||
ROC II R 11836, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 7,500 | 7,500 | |
Series Putters 3158, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 32,110 | 32,110 | |
Series ROC II R 11507, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 2,400 | 2,400 | |
Clark County Indl. Dev. Rev.: | |||
(Southwest Gas Corp. Proj.): | |||
Series 2009 A, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 39,100 | 39,100 | |
0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 26,700 | 26,700 | |
Series 2008 A, 0.03% 3/6/15, LOC MUFG Union Bank NA, VRDN (b)(e) | 42,800 | 42,800 | |
Clark County McCarran Int'l. Arpt. Passenger Facility Charge Rev. Series 2010 F2, 0.01% 3/6/15, LOC MUFG Union Bank NA, VRDN (b) | 69,850 | 69,850 | |
Nevada Hsg. Division (Horizon Apt. Hsg. Proj.) Series 2000 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 7,410 | 7,410 | |
Reno Cap. Impt. Rev. Series 2005 A, 0.03% 3/6/15, LOC Bank of America NA, VRDN (b) | 12,600 | 12,600 | |
Reno Hosp. Rev. (Renown Reg'l. Med. Ctr. Proj.): | |||
Series 2008 A, 0.02% 3/6/15, LOC MUFG Union Bank NA, VRDN (b) | 7,900 | 7,900 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Nevada - continued | |||
Reno Hosp. Rev. (Renown Reg'l. Med. Ctr. Proj.): - continued | |||
Series 2009 A, 0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | $ 18,000 | $ 18,000 | |
Series 2009 B, 0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 6,935 | 6,935 | |
| 776,250 | ||
New Hampshire - 0.1% | |||
New Hampshire Health & Ed. Facilities Auth. Rev. (Exeter Hosp. Obligated Group Proj.) Series 2001 B, 0.02% 3/6/15, LOC Bank of America NA, VRDN (b) | 8,370 | 8,370 | |
New Hampshire Hsg. Fin. Auth. Multi-family Rev. (Pheasant Run Proj.) 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 16,400 | 16,400 | |
| 24,770 | ||
New Jersey - 0.7% | |||
JPMorgan Chase: | |||
NA Letter of Credit Participating VRDN: | |||
Series Putters 4459, 0.04% 3/2/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 65,400 | 65,400 | |
Series Putters 4462, 0.04% 3/2/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 48,400 | 48,400 | |
Participating VRDN Series Putters 4464, 0.04% 3/2/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 45,800 | 45,800 | |
New Jersey Health Care Facilities Fing. Auth. Rev. (AHS Hosp. Corp. Proj.) Series 2008 C, 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 9,000 | 9,000 | |
Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.): | |||
Series 2003 B1, 0.16% 3/6/15, VRDN (b) | 7,900 | 7,900 | |
Series 2012 A, 0.16% 3/6/15, VRDN (b)(e) | 16,100 | 16,100 | |
| 192,600 | ||
New Mexico - 0.1% | |||
New Mexico Fin. Auth. Trans. Rev. Series 2008 A1, 0.01% 3/6/15, LOC State Street Bank & Trust Co., Boston, VRDN (b) | 5,175 | 5,175 | |
Rio Rancho Wtr. & Wastewtr. Sys. Rev. Participating VRDN Series Solar 2007 19, 0.02% 3/6/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f) | 9,485 | 9,485 | |
| 14,660 | ||
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
New York - 14.6% | |||
Dutchess County Indl. Dev. Agcy. Civic Facility Rev. (Lutheran Ctr. at Poughkeepsie, Inc. Proj.) 0.09% 3/6/15, LOC KeyBank NA, VRDN (b) | $ 4,300 | $ 4,300 | |
Long Island Pwr. Auth. Elec. Sys. Rev. Series 2012 C, 0.02% 3/6/15, LOC Barclays Bank PLC, VRDN (b) | 18,300 | 18,300 | |
Nassau Health Care Corp. Rev. Series 2009 D1, 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 15,760 | 15,760 | |
New York City Gen. Oblig.: | |||
Participating VRDN: | |||
Series Putters 14 0004, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,990 | 5,990 | |
Series Putters 14 0013, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 6,650 | 6,650 | |
Series ROC II R 14045, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 5,400 | 5,400 | |
Series 1996 J3, 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 6,200 | 6,200 | |
Series 2004 H2 0.02% 3/6/15, LOC California Pub. Employees Retirement Sys., VRDN (b) | 26,450 | 26,450 | |
Series 2004 H3, 0.02% 3/6/15, LOC California Pub. Employees Retirement Sys., VRDN (b) | 8,875 | 8,875 | |
Series 2004 H6, 0.01% 3/6/15, LOC Bank of America NA, VRDN (b) | 15,105 | 15,105 | |
Series 2004 H8, 0.01% 3/6/15 (Liquidity Facility Bank of America NA), VRDN (b) | 11,635 | 11,635 | |
Series 2006 E3, 0.01% 3/6/15, LOC Bank of America NA, VRDN (b) | 54,200 | 54,200 | |
Series 2006 E4, 0.01% 3/6/15, LOC Bank of America NA, VRDN (b) | 44,600 | 44,600 | |
Series 2006 H1, 0.02% 3/2/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 20,800 | 20,800 | |
Series 2006 I7, 0.02% 3/6/15, LOC Bank of America NA, VRDN (b) | 20,900 | 20,900 | |
Series 2008 J10, 0.01% 3/6/15 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (b) | 31,465 | 31,465 | |
Series 2011 A4, 0.02% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b) | 32,500 | 32,500 | |
Series 2012 G3, 0.02% 3/6/15 (Liquidity Facility Citibank NA), VRDN (b) | 115,850 | 115,850 | |
Series 2013 A5, 0.02% 3/6/15 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (b) | 13,605 | 13,605 | |
Series 2014 D3, 0.02% 3/2/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 63,800 | 63,800 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
New York - continued | |||
New York City Gen. Oblig.: - continued | |||
Series H2, 0.02% 3/2/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | $ 11,600 | $ 11,600 | |
New York City Health & Hosp. Corp. Rev.: | |||
Series 2008 D, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 19,180 | 19,180 | |
Series 2008 E, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 16,925 | 16,925 | |
New York City Hsg. Dev. Corp. Multi-family Mtg. Rev.: | |||
(245 East 124th Street Proj.) Series 2008 A, 0.01% 3/6/15, LOC Freddie Mac, VRDN (b) | 16,100 | 16,100 | |
(270 East Burnside Avenue Apts.) Series A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 6,400 | 6,400 | |
(89 Murray St. Proj.) Series A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 34,000 | 34,000 | |
(941 Hoe Avenue Apts. Proj.) Series A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 6,660 | 6,660 | |
(Beacon Mews Dev. Proj.) Series 2006 A, 0.02% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 8,000 | 8,000 | |
(Cook Street Apts. Proj.) Series A, 0.03% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 4,480 | 4,480 | |
(Courtland Avenue Apts. Proj.) Series A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 7,905 | 7,905 | |
(East 165th Street Proj.) Series A, 0.04% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 7,665 | 7,665 | |
(First Avenue Dev. Proj.) Series 2002 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 14,000 | 14,000 | |
(Intervale Gardens Apts.) Series A, 0.04% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 3,115 | 3,115 | |
(Louis Nine Boulevard Apts. Proj.) Series A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 7,300 | 7,300 | |
(Manhattan Court Dev. Proj.) Series A, 0.04% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 16,500 | 16,500 | |
(Morris Ave. Apts. Proj.) Series A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 14,700 | 14,700 | |
(Peter Cintron Apts. Proj.) Series C, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 4,140 | 4,140 | |
(State Renaissance Court Proj.) Series A, 0.03% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 28,700 | 28,700 | |
(Villa Avenue Apts. Proj.) Series 2006 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 5,990 | 5,990 | |
(West 48th Street Dev. Proj.) Series 2001 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 2,000 | 2,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
New York - continued | |||
New York City Hsg. Dev. Corp. Multi-family Mtg. Rev.: - continued | |||
Series 2011 A, 0.02% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | $ 9,350 | $ 9,350 | |
New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev.: | |||
(155 West 21st Street Dev. Proj.) Series 2007 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 16,900 | 16,900 | |
(255 West 9th Street Proj.) Series 2001 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 69,435 | 69,435 | |
(Brittany Dev. Proj.) Series A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 45,100 | 45,100 | |
(James Tower Dev. Proj.) Series 2002 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b) | 3,510 | 3,510 | |
(Linden Plaza Proj.) Series 2008 A, 0.03% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 65,250 | 65,250 | |
(Morris Avenue Apts. Proj.) Series A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 36,000 | 36,000 | |
(One Columbus Place Dev. Proj.) Series A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 71,015 | 71,015 | |
(Related-Tribeca Tower Proj.) Series 1997 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 15,000 | 15,000 | |
(Rivereast Apts. Proj.) Series A, 0.03% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 4,150 | 4,150 | |
(Westport Dev. Proj.) Series 2004 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 61,000 | 61,000 | |
Series 2002 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 51,500 | 51,500 | |
Series 2009 A: | |||
0.01% 3/6/15, LOC Freddie Mac, VRDN (b) | 9,100 | 9,100 | |
0.02% 3/6/15, LOC Freddie Mac, VRDN (b) | 7,500 | 7,500 | |
New York City Indl. Dev. Agcy. Civic Facility Rev. (Casa Proj.) Series 2000, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 14,000 | 14,000 | |
New York City Indl. Dev. Agcy. Rev. (FC Hanson Office Associates LLC Proj.) Series 2004, 0.03% 3/6/15, LOC Lloyds Bank PLC, VRDN (b) | 26,400 | 26,400 | |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | |||
Participating VRDN: | |||
Series EGL 06 69 Class A, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 16,400 | 16,400 | |
Series EGL 06 74 Class A, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 7,045 | 7,045 | |
Series EGL 07 0157, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 19,800 | 19,800 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
New York - continued | |||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued | |||
Participating VRDN: - continued | |||
Series EGL 09 46A, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | $ 19,130 | $ 19,130 | |
Series Putters 3384, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 3,750 | 3,750 | |
Series Putters 3496Z, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 7,025 | 7,025 | |
Series ROC II R 11931, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 3,750 | 3,750 | |
Series 2000 C, 0.01% 3/6/15 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (b) | 3,300 | 3,300 | |
Series 2008 B1: | |||
0.01% 3/6/15 (Liquidity Facility Royal Bank of Canada), VRDN (b) | 5,000 | 5,000 | |
0.01% 3/6/15 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (b) | 40,000 | 40,000 | |
Series 2008 BB3, 0.01% 3/6/15 (Liquidity Facility Royal Bank of Canada), VRDN (b) | 2,900 | 2,900 | |
Series 2009 BB2, 0.01% 3/2/15 (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (b) | 35,900 | 35,900 | |
Series 2011 DD, 0.02% 3/2/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 20,450 | 20,450 | |
Series 2014 AA: | |||
0.02% 3/2/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 50,950 | 50,950 | |
0.02% 3/2/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (b) | 2,890 | 2,890 | |
Series 2015 BB3, 0.02% 3/6/15 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (b) | 58,650 | 58,650 | |
New York City Transitional Fin. Auth. Rev.: | |||
Participating VRDN: | |||
Series EGL 14 0015, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 8,865 | 8,865 | |
Series Putters 4084Z, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 3,850 | 3,850 | |
Series ROC II R 11994, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 4,500 | 4,500 | |
Series 2001 A, 0.01% 3/6/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 78,250 | 78,250 | |
Series 2003 1E, 0.02% 3/6/15 (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (b) | 10,710 | 10,710 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
New York - continued | |||
New York City Transitional Fin. Auth. Rev.: - continued | |||
Series 2003 A2, 0.02% 3/2/15 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (b) | $ 36,100 | $ 36,100 | |
Series 2015 A3, 0.01% 3/2/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (b) | 17,000 | 17,000 | |
New York City Trust Cultural Resources Rev.: | |||
(The New York Botanical Garden Proj.) Series 2009 A, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 20,900 | 20,900 | |
(The Pierpont Morgan Library Proj.) Series 2004, 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 12,300 | 12,300 | |
New York Dorm. Auth. Personal Income Tax Rev. Participating VRDN: | |||
Series Putters 3518, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 2,640 | 2,640 | |
Series ROC II R 14005, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 14,030 | 14,030 | |
New York Dorm. Auth. Revs.: | |||
(City Univ. Proj.): | |||
Series 2008 C, 0.01% 3/6/15, LOC Bank of America NA, VRDN (b) | 135,300 | 135,300 | |
Series 2008 D, 0.01% 3/6/15, LOC TD Banknorth, NA, VRDN (b) | 6,975 | 6,975 | |
(Fordham Univ. Proj.) Series 2008 A1, 0.01% 3/6/15, LOC Bank of America NA, VRDN (b) | 36,720 | 36,720 | |
(Rockefeller Univ. Proj.) Series 2009 B, 0.01% 3/6/15 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (b) | 2,275 | 2,275 | |
(Univ. of Rochester Proj.): | |||
Series 2003 C, 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 36,550 | 36,550 | |
Series 2008 A1, 0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 13,165 | 13,165 | |
Participating VRDN: | |||
ROC II R 11944, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 5,150 | 5,150 | |
Series EGL 06 47 Class A, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 8,720 | 8,720 | |
Series EGL 07 0002, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 18,000 | 18,000 | |
Series EGL 07 0066, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 31,025 | 31,025 | |
Series ROC II R 11535, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 3,590 | 3,590 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
New York - continued | |||
New York Dorm. Auth. Revs.: - continued | |||
Participating VRDN: - continued | |||
Series ROC II R 11722, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | $ 2,935 | $ 2,935 | |
Series ROC II R 11943, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 5,580 | 5,580 | |
Series 2006 A2, 0.02% 3/6/15, LOC TD Banknorth, NA, VRDN (b) | 8,300 | 8,300 | |
New York Hsg. Fin. Agcy. Rev.: | |||
(10 Barclay Street Hsg. Proj.) Series 2004 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b) | 78,045 | 78,045 | |
(101 West End Hsg. Proj.): | |||
Series 1998 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 38,400 | 38,400 | |
Series 1999 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 52,850 | 52,850 | |
(125 West 31st Street Proj.) Series 2005 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 92,600 | 92,600 | |
(150 East 44th Street Hsg. Proj.): | |||
Series 2000 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 28,500 | 28,500 | |
Series 2001 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 6,900 | 6,900 | |
(1500 Lexington Avenue Proj.) Series A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 8,000 | 8,000 | |
(240 East 39th Street Hsg. Proj.) Series 1997 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 111,800 | 111,800 | |
(250 West 50th Street Hsg. Proj.) Series 1997 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 13,495 | 13,495 | |
(316 Eleventh Ave. Hsg. Proj.) Series 2007 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 43,500 | 43,500 | |
(360 West 43rd Street Hsg. Proj.) Series A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 9,900 | 9,900 | |
(55 West 25th Street Hsg. Proj.) Series 2005 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 105,400 | 105,400 | |
(600 West and 42nd St. Hsg. Proj.) Series 2007 A: | |||
0.01% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 13,285 | 13,285 | |
0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 62,100 | 62,100 | |
(66 West 38th Street Hsg. Proj.) Series A: | |||
0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 4,000 | 4,000 | |
0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 44,300 | 44,300 | |
(750 Sixth Avenue Hsg. Proj.) Series 1998 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 22,200 | 22,200 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
New York - continued | |||
New York Hsg. Fin. Agcy. Rev.: - continued | |||
(8 East 102nd Street Hsg. Proj.) Series 2010 A, 0.01% 3/6/15, LOC TD Banknorth, NA, VRDN (b) | $ 3,700 | $ 3,700 | |
(900 Eighth Avenue Hsg. Proj.) Series 2002 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 59,000 | 59,000 | |
(Biltmore Tower Hsg. Proj.) Series A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 43,300 | 43,300 | |
(Chelsea Apts. Proj.) Series 2003 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 40,500 | 40,500 | |
(Chelsea Arms Hsg. Proj.) Series 1998 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 7,000 | 7,000 | |
(Clinton Green South Hsg. Proj.) Series 2005 A, 0.02% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 68,800 | 68,800 | |
(Clinton Park Phase II Hsg. Proj.) Series 2011 A2, 0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 34,400 | 34,400 | |
(East 39th Street Hsg. Proj.) Series 1999 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 21,700 | 21,700 | |
(Helena Hsg. Proj.) Series 2003 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 9,000 | 9,000 | |
(Kew Garden Hills Apts. Hsg. Proj.) Series 2003 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 11,170 | 11,170 | |
(Reverend Polite Ave. Apt. Hsg. Proj.) Series 2005 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 7,435 | 7,435 | |
(Sea Park West Hsg. Proj.) Series 2004 A, 0.03% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 11,300 | 11,300 | |
(South Cove Plaza Proj.) Series A, 0.03% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 28,000 | 28,000 | |
(Taconic West 17th St. Proj.) Series 2009 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b) | 9,050 | 9,050 | |
(Theatre Row Tower Hsg. Proj.): | |||
Series 2001 A, 0.02% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 10,000 | 10,000 | |
Series 2002 A, 0.02% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 3,500 | 3,500 | |
(Tower 31 Hsg. Proj.) Series 2005 A, 0.02% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 51,400 | 51,400 | |
(Tribeca Park Proj.) Series 1997 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 74,100 | 74,100 | |
(West 20th Street Proj.) Series 2001 A: | |||
0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 28,875 | 28,875 | |
0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 51,000 | 51,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
New York - continued | |||
New York Hsg. Fin. Agcy. Rev.: - continued | |||
(West 23rd Street Hsg. Proj.): | |||
Series 2001 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | $ 26,000 | $ 26,000 | |
Series 2002 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 62,600 | 62,600 | |
(West 33rd Street Hsg. Proj.) Series 2003 A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 26,700 | 26,700 | |
(West 38th Street Hsg. Proj.) Series 2002 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 16,000 | 16,000 | |
(Worth Street Hsg. Proj.) Series A, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 47,600 | 47,600 | |
Series 2000 A, 0.02% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 14,500 | 14,500 | |
Series 2001 A, 0.02% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 31,300 | 31,300 | |
Series 2004 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 52,950 | 52,950 | |
Series 2008 A: | |||
0.01% 3/6/15, LOC Freddie Mac, VRDN (b) | 36,850 | 36,850 | |
0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 40,600 | 40,600 | |
Series 2009 B, 0.02% 3/6/15, LOC Freddie Mac, VRDN (b) | 10,700 | 10,700 | |
Series 2010 A, 0.01% 3/6/15, LOC Freddie Mac, VRDN (b) | 27,800 | 27,800 | |
Series 2012 A, 0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 19,300 | 19,300 | |
Series 2012 A1, 0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 4,800 | 4,800 | |
Series 2013 A: | |||
0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 12,000 | 12,000 | |
0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 13,000 | 13,000 | |
0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 29,500 | 29,500 | |
Series 2013 A3, 0.02% 3/6/15, LOC Bank of America NA, VRDN (b) | 27,675 | 27,675 | |
Series 2014 A: | |||
0.01% 3/2/15, LOC PNC Bank NA, VRDN (b) | 5,825 | 5,825 | |
0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 27,100 | 27,100 | |
0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 13,000 | 13,000 | |
Series A, 0.01% 3/6/15, LOC Freddie Mac, VRDN (b) | 2,400 | 2,400 | |
New York Hsg. Fin. Svc. Contract Rev.: | |||
Series 2003 L, 0.02% 3/6/15, LOC Bank of America NA, VRDN (b) | 24,200 | 24,200 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
New York - continued | |||
New York Hsg. Fin. Svc. Contract Rev.: - continued | |||
Series 2003 M1, 0.02% 3/6/15, LOC Bank of America NA, VRDN (b) | $ 12,385 | $ 12,385 | |
New York Liberty Dev. Corp. Participating VRDN Series Putters 4083, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,910 | 5,910 | |
New York Local Govt. Assistance Corp.: | |||
Series 2008 B3V, 0.01% 3/6/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 35,200 | 35,199 | |
Series 2008 BAV, 0.02% 3/6/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 33,330 | 33,330 | |
New York Metropolitan Trans. Auth. Rev. Series 2005 A, 0.01% 3/6/15, LOC Royal Bank of Canada, VRDN (b) | 6,000 | 6,000 | |
New York State Energy Research & Dev. Auth. Facilities Rev.: | |||
(Consolidated Edison Co. of New York, Inc. Proj.): | |||
Series 2004 C1, 0.03% 3/6/15, LOC Mizuho Corporate Bank Ltd., VRDN (b)(e) | 17,800 | 17,800 | |
Series 2004 C2, 0.02% 3/6/15, LOC Mizuho Corporate Bank Ltd., VRDN (b)(e) | 4,000 | 4,000 | |
Series 2005 A1, 0.02% 3/6/15, LOC Mizuho Corporate Bank Ltd., VRDN (b) | 4,150 | 4,150 | |
Series 2010 A4, 0.02% 3/6/15, LOC Bank of Nova Scotia, VRDN (b)(e) | 16,500 | 16,500 | |
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Participating VRDN Series ROC II R 11997, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 4,800 | 4,800 | |
Syracuse Indl. Dev. Agcy. Civic Facility Rev. (Syracuse Univ. Proj.) Series 2005 B, 0.02% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 15,700 | 15,700 | |
Triborough Bridge & Tunnel Auth. Revs.: | |||
Series 2005 B2, 0.01% 3/2/15, LOC Wells Fargo Bank NA, VRDN (b) | 23,600 | 23,600 | |
Series 2005 B3, 0.02% 3/6/15 (Liquidity Facility Bank of America NA), VRDN (b) | 28,400 | 28,400 | |
Westchester County Indl. Agcy. Rev. Series 2005 B, 0.02% 3/6/15, LOC TD Banknorth, NA, VRDN (b) | 5,160 | 5,160 | |
Yonkers Indl. Dev. Agcy. Civic Facility Rev. (Consumers Union of United States, Inc. Proj.) Series 2005, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 16,275 | 16,275 | |
| 4,193,439 | ||
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
New York And New Jersey - 0.5% | |||
Port Auth. of New York & New Jersey Participating VRDN Series EGL 06 107 Class A, 0.06% 3/6/15 (Liquidity Facility Citibank NA) (b)(e)(f) | $ 151,450 | $ 151,450 | |
North Carolina - 1.6% | |||
Charlotte Ctfs. of Prtn. Participating VRDN Series Putters 4724, 0.02% 3/6/15 (Liquidity Facility Bank of America NA) (b)(f) | 11,680 | 11,680 | |
Charlotte Int'l. Arpt. Rev. (Charlotte Douglas Int'l. Arpt. Proj.) Series 2008 D, 0.02% 3/6/15, LOC Bank of America NA, VRDN (b) | 25,480 | 25,480 | |
Charlotte Wtr. & Swr. Sys. Rev.: | |||
Participating VRDN Series BC 09 43W, 0.04% 3/6/15 (Liquidity Facility Barclays Bank PLC) (b)(f) | 5,000 | 5,000 | |
Series 2002 B, 0.01% 3/6/15 (Liquidity Facility Wells Fargo Bank NA), VRDN (b) | 13,800 | 13,800 | |
Series 2002 C, 0.01% 3/6/15 (Liquidity Facility Bank of America NA), VRDN (b) | 21,310 | 21,310 | |
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Series 2007 E, 0.02% 3/6/15, LOC TD Banknorth, NA, VRDN (b) | 1,000 | 1,000 | |
Greensboro Combined Enterprise Sys. Rev. Series 2014 A, 0.03% 3/6/15 (Liquidity Facility Bank of America NA), VRDN (b) | 15,635 | 15,635 | |
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 0.19% 3/6/15, VRDN (b)(e) | 2,100 | 2,100 | |
Lower Cape Fear Wtr. & Swr. Auth. Rev. (Bladen Bluffs Proj.) Series 2010, 0.01% 3/6/15, LOC Rabobank Nederland New York Branch, VRDN (b) | 8,485 | 8,485 | |
North Carolina Cap. Facilities Fin. Agcy. Edl. Facilities Rev. (Greensboro College Proj.) 0.04% 3/6/15, LOC Bank of America NA, VRDN (b) | 1,800 | 1,800 | |
North Carolina Cap. Facilities Fin. Agcy. Rev. Participating VRDN: | |||
Series EGL 14 0050, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 38,165 | 38,165 | |
Series EGL 14 0051, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 14,220 | 14,220 | |
Series EGL 14 0052, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 58,165 | 58,165 | |
Series ROC II R 11850, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 12,600 | 12,600 | |
North Carolina Cap. Impt. Ltd. Participating VRDN Series WF 11 136C, 0.15% 3/6/15 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 8,030 | 8,030 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
North Carolina - continued | |||
North Carolina Med. Care Commission Health Care Facilities Rev.: | |||
(Cape Fear Valley Health Sys. Proj.) Series 2008 A1, 0.02% 3/6/15, LOC Branch Banking & Trust Co., VRDN (b) | $ 2,875 | $ 2,875 | |
(WakeMed Proj.): | |||
Series 2009 B, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 26,200 | 26,200 | |
Series 2009 C, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 35,000 | 35,000 | |
Participating VRDN: | |||
Series BC 10 31W, 0.04% 3/6/15 (Liquidity Facility Barclays Bank PLC) (b)(f) | 3,625 | 3,625 | |
Series ROC II R 11808, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 9,365 | 9,365 | |
North Carolina Med. Care Commission Hosp. Rev. (CaroMont Health Proj.) Series 2003 A, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 38,815 | 38,815 | |
Orange Wtr. & Swr. Auth. Series 2004 B, 0.01% 3/6/15 (Liquidity Facility Wells Fargo Bank NA), VRDN (b) | 2,500 | 2,500 | |
Parson County Indl. Facilities and Poll. Cont. Fing. Auth. (CertainTeed Gypsum NC, Inc. Proj.) Series 2010, 0.03% 3/6/15, LOC Cr. Industriel et Commercial, VRDN (b) | 34,730 | 34,730 | |
Piedmont Triad Arpt. Auth. Series 2008 B, 0.05% 3/6/15, LOC Branch Banking & Trust Co., VRDN (b)(e) | 16,000 | 16,000 | |
Raleigh Combined Enterprise Sys. Rev. Participating VRDN Series EGL 07 0010, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 4,950 | 4,950 | |
Sampson County Indl. Facilities & Poll. Cont. Fing. Auth. Envir. Facilities Rev. (Sampson County Disp., Inc. Proj.): | |||
0.05% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 15,855 | 15,855 | |
0.05% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 4,750 | 4,750 | |
Union County Indl. Facilities & Poll. Cont. Fing. Auth. Indl. Dev. Rev. (Greiner Vacuette NA Proj.) 0.13% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 200 | 200 | |
Univ. of North Carolina at Chapel Hill Rev. Participating VRDN Series EGL 05 3014 Class A, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 28,900 | 28,900 | |
| 461,235 | ||
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
North Dakota - 0.1% | |||
Cass County Solid Waste Disp. Rev. (Tharaldson Ethanol Plant I, LLC Proj.) Series 2007, 0.32% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | $ 33,300 | $ 33,300 | |
Hebron Indl. Dev. Rev. (Dacco, Inc. Proj.) 0.11% 3/1/15, LOC U.S. Bank NA, Cincinnati, VRDN (b)(e) | 590 | 590 | |
| 33,890 | ||
Ohio - 0.9% | |||
Columbus Gen. Oblig. Participating VRDN Series Clipper 08 2, 0.02% 3/6/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) | 7,985 | 7,985 | |
Hamilton County Hosp. Facilities Rev. (Children's Hosp. Med. Ctr. Proj.): | |||
Series 1997 A, 0.02% 3/6/15, LOC PNC Bank NA, VRDN (b) | 13,200 | 13,200 | |
Series 2000, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 32,000 | 32,000 | |
Series 2007 M, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 5,000 | 5,000 | |
Hamilton County Student Hsg. Rev. (Block 3 Proj.) Series 2004, 0.18% 3/6/15, LOC Bank of New York, New York, LOC Citizens Bank of Pennsylvania, VRDN (b) | 33,500 | 33,500 | |
Middletown Hosp. Facilities Rev. Series 2008 A, 0.02% 3/6/15, LOC PNC Bank NA, VRDN (b) | 11,800 | 11,800 | |
Ohio Air Quality Dev. Auth. Rev. (Dayton Pwr. & Lt. Co. Proj.): | |||
Series 2008 A, 0.03% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 16,700 | 16,700 | |
Series 2008 B, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 21,100 | 21,100 | |
Ohio Gen. Oblig. (Common Schools Proj.) Series 2005 B, 0.01% 3/6/15, VRDN (b) | 9,000 | 9,000 | |
Ohio Higher Edl. Facility Commission Rev. (Case Western Reserve Univ. Proj.) Series 2008 A, 0.02% 3/6/15, LOC PNC Bank NA, VRDN (b) | 5,100 | 5,100 | |
Ohio Hosp. Facilities Rev. Participating VRDN: | |||
Series Putters 3552, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 3,500 | 3,500 | |
Series Putters 3558, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,800 | 4,800 | |
Ohio Hsg. Fin. Agcy. Mtg. Rev.: | |||
(Mtg.-Backed Securities Prog.) Series B, 0.03% 3/6/15 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | 11,770 | 11,770 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Ohio - continued | |||
Ohio Hsg. Fin. Agcy. Mtg. Rev.: - continued | |||
Series 2004 D, 0.04% 3/6/15 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | $ 1,400 | $ 1,400 | |
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Series 2008 B, 0.03% 3/6/15 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | 6,100 | 6,100 | |
Ohio State Univ. Gen. Receipts: | |||
Series 2001, 0.01% 3/6/15, VRDN (b) | 17,880 | 17,880 | |
Series 2010 E, 0.01% 3/6/15, VRDN (b) | 51,100 | 51,100 | |
Series 2014 B2, 0.01% 3/6/15, VRDN (b) | 1,500 | 1,500 | |
Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 0.05% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 2,900 | 2,900 | |
| 256,335 | ||
Oklahoma - 0.0% | |||
Tulsa Arpts. Impt. Trust Spl. Facility Rev. 0.07% 3/6/15, LOC Landesbank Hessen-Thuringen, VRDN (b)(e) | 10,120 | 10,120 | |
Univ. Hospitals Trust Rev. Series 2005 A, 0.04% 3/6/15, LOC Bank of America NA, VRDN (b) | 1,250 | 1,250 | |
| 11,370 | ||
Oregon - 0.6% | |||
Clackamas County Hosp. Facility Auth. (Legacy Health Sys. Proj.): | |||
Series 2008 A, 0.02% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 10,300 | 10,300 | |
Series 2008 C, 0.02% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 16,500 | 16,500 | |
Oregon Gen. Oblig. Participating VRDN Series ROC II R 11949, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 3,615 | 3,615 | |
Oregon State Dept. of Administrative Svcs. Lottery Rev. Participating VRDN Series BC 11 5W, 0.04% 3/6/15 (Liquidity Facility Barclays Bank PLC) (b)(f) | 6,555 | 6,555 | |
Port of Portland Arpt. Rev.: | |||
Series Eighteen A, 0.03% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (b)(e) | 38,395 | 38,395 | |
Series Eighteen B, 0.03% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 51,205 | 51,205 | |
Portland Hsg. Auth. Rev.: | |||
(New Columbia - Cecelia Proj.) Series 2004, 0.04% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 3,445 | 3,445 | |
(New Columbia - Trouton Proj.) Series 2005, 0.04% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 5,590 | 5,590 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Oregon - continued | |||
Portland Multi-family Hsg. Rev. (The Village at Lovejoy Fountain Proj.) Series 2009, 0.02% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | $ 15,000 | $ 15,000 | |
Salem Hosp. Facility Auth. Rev. (Salem Hosp. Proj.) Series 2008 B, 0.02% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 9,500 | 9,500 | |
| 160,105 | ||
Pennsylvania - 0.9% | |||
Allegheny County Hosp. Dev. Auth. Rev. (Children's Institute Pittsburgh Proj.): | |||
Series 2005 A, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (b) | 8,900 | 8,900 | |
Series 2005 B, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (b) | 7,155 | 7,155 | |
BB&T Muni. Trust Participating VRDN Series BBT 08 1, 0.03% 3/6/15 (Liquidity Facility Branch Banking & Trust Co.) (b)(f) | 1,500 | 1,500 | |
Bucks County Indl. Dev. Auth. Hosp. Rev. (Grand View Hosp. Proj.) Series 2008 A, 0.02% 3/6/15, LOC PNC Bank NA, VRDN (b) | 13,560 | 13,560 | |
Bucks County Indl. Dev. Auth. Rev. (Lutheran Cmnty. at Telford Healthcare Ctr., Inc. Proj.) Series 2007 B, 0.22% 3/6/15, LOC Citizens Bank of Pennsylvania, VRDN (b) | 2,210 | 2,210 | |
Butler County Gen. Auth. Rev. (Erie School District Proj.) Series 2011, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (b) | 11,015 | 11,015 | |
Chester County Health & Ed. Auth. Rev. (Jenner's Pond Proj.) Series 2006, 0.01% 3/6/15, LOC Citizens Bank of Pennsylvania, VRDN (b) | 19,825 | 19,825 | |
Erie County Hosp. Auth. Rev. (Saint Vincent Health Ctr. Proj.) Series 2010 B, 0.04% 3/6/15, LOC Manufacturers & Traders Trust Co., VRDN (b) | 11,340 | 11,340 | |
Geisinger Auth. Health Sys. Rev. Participating VRDN Series Putters 3490Z, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,505 | 4,505 | |
Lackawanna Hotel Room Rental Tax Rev. Series 2013, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (b) | 8,990 | 8,990 | |
Lancaster Indl. Dev. Auth. Rev. (Willow Valley Retirement Proj.) Series 2009 B, 0.02% 3/6/15, LOC PNC Bank NA, VRDN (b) | 15,705 | 15,705 | |
Lawrence County Gen. Oblig. Indl. Dev. Auth. 0.03% 3/6/15, LOC PNC Bank NA, VRDN (b) | 7,410 | 7,410 | |
Luzerne County Convention Ctr. Series 2012, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (b) | 6,200 | 6,200 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Pennsylvania - continued | |||
Montgomery County Indl. Dev. Auth. Rev. (Foulkeways at Gwynedd Proj.) Series 2006 B, 0.01% 3/6/15, LOC Citizens Bank of Pennsylvania, VRDN (b) | $ 9,900 | $ 9,900 | |
Northeastern Pennsylvania Hosp. and Ed. Auth. Rev. (The Commonwealth Med. College Proj.) Series 2009, 0.02% 3/6/15, LOC PNC Bank NA, VRDN (b) | 7,760 | 7,760 | |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Series 1996 D5, 0.16% 3/6/15, LOC PNC Bank NA, VRDN (b)(e) | 500 | 500 | |
Pennsylvania Econ. Dev. Fing. Auth. Manufacturing Facility Rev. (Dodge Realty Partners Proj.) Series 2007, 0.07% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 2,200 | 2,200 | |
Pennsylvania Gen. Oblig. Participating VRDN Series Putters 3352Z, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 3,590 | 3,590 | |
Pennsylvania State Pub. School Participating VRDN Series Solar 06 161, 0.02% 3/6/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f) | 26,400 | 26,400 | |
Philadelphia Arpt. Rev.: | |||
Series 2005 C1, 0.03% 3/6/15, LOC TD Banknorth, NA, VRDN (b)(e) | 20,005 | 20,005 | |
Series 2005 C2, 0.02% 3/6/15, LOC Royal Bank of Canada, VRDN (b)(e) | 11,555 | 11,555 | |
Philadelphia Auth. for Indl. Dev. Rev. (Spl. People in Northeast, Inc. Proj.) Series 2006, 0.4% 3/6/15, LOC Citizens Bank of Pennsylvania, VRDN (b) | 1,000 | 1,000 | |
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.) Eighth Series E, 0.02% 3/6/15, LOC PNC Bank NA, VRDN (b) | 4,000 | 4,000 | |
Philadelphia School District Series 2009 C, 0.01% 3/6/15, LOC TD Banknorth, NA, VRDN (b) | 8,100 | 8,100 | |
Washington County Hosp. Auth. Rev.: | |||
(Monongahela Valley Hosp. Proj.): | |||
Series 2011 A, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (b) | 2,540 | 2,540 | |
Series 2011 B, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (b) | 10,175 | 10,175 | |
(Washington Hosp. Proj.) Series 2007 B, 0.02% 3/6/15, LOC PNC Bank NA, VRDN (b) | 16,500 | 16,500 | |
Westmoreland County Indl. Dev. Auth. Rev. (Excela Health Proj.) Series 2010 B, 0.03% 3/6/15, LOC PNC Bank NA, VRDN (b) | 2,765 | 2,765 | |
| 245,305 | ||
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Rhode Island - 0.5% | |||
Narragansett Bay Commission Wastewtr. Sys. Rev. Series 2008 A, 0.02% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | $ 32,800 | $ 32,800 | |
Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev.: | |||
(Bryant Univ. Proj.) Series 2008, 0.02% 3/6/15, LOC TD Banknorth, NA, VRDN (b) | 22,400 | 22,400 | |
(Rhode Island School of Design Proj.): | |||
Series 2008 A, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 50,295 | 50,295 | |
Series 2008 B, 0.01% 3/6/15, LOC TD Banknorth, NA, VRDN (b) | 7,510 | 7,510 | |
(Roger Williams Univ. Proj.) Series 2008 B, 0.02% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 15,170 | 15,170 | |
| 128,175 | ||
South Carolina - 0.5% | |||
Anderson County School District #5 Gen. Oblig. Participating VRDN Series BA 08 1181, 0.04% 3/6/15 (Liquidity Facility Bank of America NA) (b)(f) | 14,650 | 14,650 | |
Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.): | |||
Series 1999 A, 0.04% 3/2/15, VRDN (b) | 1,000 | 1,000 | |
Series 1999 B, 0.05% 3/2/15, VRDN (b)(e) | 2,300 | 2,300 | |
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev.: | |||
(Bon Secours Health Sys. Proj.): | |||
Series 2008 D, 0.04% 3/6/15, LOC Bank of New York, New York, VRDN (b) | 9,870 | 9,870 | |
0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 50,000 | 50,000 | |
(Chambers Richland Co. Landfill Proj.) Series 1997, 0.05% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 10,000 | 10,000 | |
(Waste Mgmt. of South Carolina, Inc. Proj.) Series 2003 A, 0.03% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 15,000 | 15,000 | |
South Carolina Jobs-Econ. Dev. Auth. Indl. Rev.: | |||
(South Carolina Elec. & Gas Co. Proj.) Series 2008, 0.03% 3/6/15, LOC TD Banknorth, NA, VRDN (b)(e) | 6,855 | 6,855 | |
(South Carolina Generating Co., Inc. Proj.) Series 2008, 0.03% 3/6/15, LOC TD Banknorth, NA, VRDN (b)(e) | 20,700 | 20,700 | |
| 130,375 | ||
South Dakota - 0.0% | |||
South Dakota Hsg. Dev. Auth. (Harmony Heights Proj.) Series 2001, 0.05% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 6,500 | 6,500 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Tennessee - 1.7% | |||
Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.): | |||
Series 2001, 0.02% 3/2/15, LOC Bank of America NA, VRDN (b) | $ 16,800 | $ 16,800 | |
Series 2003, 0.02% 3/2/15, LOC Bank of America NA, VRDN (b) | 11,800 | 11,800 | |
Series 2004, 0.02% 3/2/15, LOC Bank of America NA, VRDN (b) | 12,300 | 12,300 | |
Series 2005, 0.02% 3/2/15, LOC Bank of America NA, VRDN (b) | 37,200 | 37,200 | |
Series 2008, 0.02% 3/2/15, LOC Bank of America NA, VRDN (b) | 52,905 | 52,905 | |
Henderson TN IDB Rev. (Arvin Sango, Inc. Proj.) Series 2012, 0.04% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b)(e) | 5,000 | 5,000 | |
Johnson City Health & Edl. Hosp. Rev.: | |||
(Mountain States Health Alliance Proj.): | |||
Series 2011 A, 0.02% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 32,935 | 32,935 | |
Series 2011 B, 0.02% 3/6/15, LOC PNC Bank NA, VRDN (b) | 4,260 | 4,260 | |
Series 2013 A, 0.02% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 4,075 | 4,075 | |
Lewisburg Indl. Dev. Board (Waste Mgmt., Inc., Proj.) 0.04% 3/6/15, LOC PNC Bank NA, VRDN (b)(e) | 25,000 | 25,000 | |
Loudon County Indl. Dev. Board Exempt Facilities Rev. (Kimberly-Clark Corp. Proj.) 0.04% 3/6/15, VRDN (b)(e) | 11,600 | 11,600 | |
Loudon Indl. Dev. Board Solid Waste Disp. Rev. (Tate & Lyle Ingredients Americas, Inc. Proj.) Series 2006, 0.05% 3/6/15, LOC Rabobank Nederland, VRDN (b)(e) | 29,700 | 29,700 | |
Memphis Health, Edl. & Hsg. Facilities Board: | |||
(Ashland Lakes Apts. Proj.) Series A, 0.04% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (b)(e) | 10,000 | 10,000 | |
(Watergrove Apts. Proj.) Series 2004, 0.02% 3/6/15, LOC Freddie Mac, VRDN (b) | 18,170 | 18,170 | |
Metropolitan Govt. Nashville & Davidson County Health & Edl. Facilities Board (Whispering Oaks Apts. Proj.) 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 15,000 | 15,000 | |
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. (Tennessee County Ln. Pool Prog.): | |||
Series 1999, 0.03% 3/6/15, LOC Bank of America NA, VRDN (b) | 16,900 | 16,900 | |
Series 2002, 0.02% 3/2/15, LOC Bank of America NA, VRDN (b) | 5,000 | 5,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Tennessee - continued | |||
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. (Tennessee County Ln. Pool Prog.): - continued | |||
Series 2004, 0.02% 3/2/15, LOC Bank of America NA, VRDN (b) | $ 24,040 | $ 24,040 | |
Series 2006, 0.02% 3/2/15, LOC Bank of America NA, VRDN (b) | 70,930 | 70,930 | |
Nashville and Davidson County Metropolitan Govt. Gen. Oblig. Participating VRDN Series Putters 2631, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 67,475 | 67,475 | |
Rutherford County Health & Edl. Facilities Board Rev. Participating VRDN Series 2UX, 0.04% 3/6/15 (Liquidity Facility Barclays Bank PLC) (b)(f) | 2,500 | 2,500 | |
| 473,590 | ||
Texas - 5.6% | |||
Austin Arpt. Sys. Rev.: | |||
Series 2005 1, 0.05% 3/6/15, LOC Sumitomo Mitsui Banking Corp., VRDN (b)(e) | 49,700 | 49,700 | |
Series 2005 2, 0.05% 3/6/15, LOC Sumitomo Mitsui Banking Corp., VRDN (b)(e) | 49,650 | 49,650 | |
Series 2005 3, 0.04% 3/6/15, LOC Sumitomo Mitsui Banking Corp., VRDN (b)(e) | 28,000 | 28,000 | |
Austin Wtr. & Wastewtr. Sys. Rev. Participating VRDN Series ROC II R 11992, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 3,825 | 3,825 | |
Brazos River Hbr. Navigation District of Brazoria County Envir. Facilities Rev. (Merey Sweeny LP Proj.): | |||
Series 2000 A, 0.02% 3/2/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 3,800 | 3,800 | |
Series 2002 A, 0.02% 3/2/15, LOC Bank of America NA, VRDN (b)(e) | 2,100 | 2,100 | |
Brownsville Indl. Dev. Corp. Rev. (Rich-Seapak Corp. Proj.) Series 1997, 0.05% 3/6/15, LOC HSBC Bank U.S.A., NA, VRDN (b)(e) | 6,250 | 6,250 | |
Calhoun County Navigation District Envir. Facilities Rev. (Formosa Plastics Corp. Proj.) 0.03% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 13,775 | 13,775 | |
Calhoun County Navigation District Poll. Cont. Rev. (Formosa Plastics Corp., Texas Proj.) Series 2002, 0.03% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 10,000 | 10,000 | |
Calhoun County Navigation District Port Rev. (Formosa Plastics Corp. Proj.) Series 2000, 0.04% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 5,500 | 5,500 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Texas - continued | |||
Calhoun County Solid Waste Disp. Rev. (Formosa Plastics Corp. Proj.): | |||
Series 2000, 0.04% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | $ 12,500 | $ 12,500 | |
Series 2001, 0.04% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 12,500 | 12,500 | |
Calhoun Port Auth. Envir. Facilities Rev. (Formosa Plastics Corp. Texas Proj.): | |||
Series 2007 A, 0.04% 3/6/15, LOC PNC Bank NA, VRDN (b)(e) | 47,300 | 47,300 | |
Series 2008, 0.04% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 40,000 | 40,000 | |
Cap. Area Hsg. Fin. Corp. Multi-family Hsg. Rev. (Marble Falls Vistas Apts. Proj.) 0.06% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 5,390 | 5,390 | |
Dallas Hsg. Fin. Corp. Multi-family Hsg. Rev. (The Masters Apts. Proj.) 0.06% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 6,980 | 6,980 | |
Dallas/Fort Worth Int'l. Arpt. Facility Impt. Corp. Rev. (United Parcel Svc., Inc. Proj.) Series 2002, 0.02% 3/2/15, VRDN (b)(e) | 3,500 | 3,500 | |
Frisco Independent School District Participating VRDN Series ROC II R 11960, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 6,310 | 6,310 | |
Gilmer Indl. Dev. Corp. (Duoline Technologies LP Proj.) Series 2008 A, 0.03% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 8,260 | 8,260 | |
Gulf Coast Waste Disp. Auth. Envir. Facilities Rev. (Air Products Proj.) Series 2004, 0.01% 3/6/15 (Air Products & Chemicals, Inc. Guaranteed), VRDN (b) | 4,000 | 4,000 | |
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.05% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 14,100 | 14,100 | |
Harris County Cultural Ed. Facilities Fin. Corp. Rev.: | |||
(Mermann Health Sys. Proj.) Series 2013 C, 0.01% 3/6/15, VRDN (b) | 31,100 | 31,100 | |
(YMCA of the Greater Houston Area Proj.) Series 2013 B, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 27,905 | 27,905 | |
Series 2014 C, 0.01% 3/6/15, VRDN (b) | 10,000 | 10,000 | |
Series 2014 D, 0.01% 3/6/15, VRDN (b) | 11,100 | 11,100 | |
Harris County Health Facilities Dev. Corp. Rev. (Saint Dominic Village Proj.) Series 2000, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 2,365 | 2,365 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Texas - continued | |||
Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev.: | |||
(Lafayette Village Apts. Proj.) Series 2006, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | $ 6,515 | $ 6,515 | |
(Louetta Village Apts. Proj.) Series 2005, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 6,380 | 6,380 | |
(Primrose Aldine Bender Apt. Proj.) Series 2004, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 7,410 | 7,410 | |
(Primrose at Bammel Apts. Proj.) Series 2005, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 7,880 | 7,880 | |
(Quail Chase Apts. Proj.) Series 1999, 0.05% 3/6/15, LOC Gen. Elec. Cap. Corp., VRDN (b)(e) | 11,110 | 11,110 | |
(Wellington Park Apts. Proj.) Series 2004, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 11,750 | 11,750 | |
Houston Arpt. Sys. Rev. Series 2010, 0.02% 3/6/15, LOC Barclays Bank PLC, VRDN (b) | 43,955 | 43,955 | |
Houston Gen. Oblig. Participating VRDN Series Putters 4338, 0.06% 3/6/15 (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 6,360 | 6,360 | |
Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Participating VRDN Series ROC II R 11860, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 6,000 | 6,000 | |
Houston Hsg. Fin. Corp. Multi-family Hsg. Rev.: | |||
(Fairlake Cove Apts. Proj.) Series 2005, 0.05% 3/6/15, LOC Citibank NA, VRDN (b)(e) | 8,835 | 8,835 | |
(Little Nell Apts. Proj.) Series 2003, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 12,000 | 12,000 | |
(Mayfair Park Apts. Proj.) Series 2004, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 5,500 | 5,500 | |
Houston Util. Sys. Rev.: | |||
Participating VRDN: | |||
Series Putters 4719, 0.02% 3/6/15 (Liquidity Facility Bank of America NA) (b)(f) | 14,400 | 14,400 | |
Series ROC II R 11411, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 9,290 | 9,290 | |
Series ROC II R 12267, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 16,795 | 16,795 | |
Series 2004 B3, 0.01% 3/6/15, LOC Sumitomo Mitsui Banking Corp., VRDN (b) | 10,600 | 10,600 | |
Series 2004 B4, 0.01% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b) | 41,700 | 41,700 | |
Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) 0.23% 3/6/15, VRDN (b)(e) | 12,600 | 12,600 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Texas - continued | |||
Judson Independent School District Participating VRDN Series MS 06 1859, 0.02% 3/6/15 (Liquidity Facility Wells Fargo & Co.) (b)(f) | $ 7,890 | $ 7,890 | |
Klein Independent School District Participating VRDN Series ROCS II R 11942, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 5,145 | 5,145 | |
Lamar Consolidated Independent School District Participating VRDN Series DB 512, 0.07% 3/6/15 (Liquidity Facility Deutsche Bank AG) (b)(f) | 12,805 | 12,805 | |
Leander Independent School District Participating VRDN Series BC 10 28W, 0.04% 3/6/15 (Liquidity Facility Barclays Bank PLC) (b)(f) | 2,050 | 2,050 | |
Lovejoy Independent School District Participating VRDN Series DB 514, 0.07% 3/6/15 (Liquidity Facility Deutsche Bank AG) (b)(f) | 26,800 | 26,800 | |
Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev.: | |||
(ExxonMobil Proj.) Series 2001 B2, 0.02% 3/2/15 (Exxon Mobil Corp. Guaranteed), VRDN (b)(e) | 5,000 | 5,000 | |
(Onyx Envir. Svcs. Proj.) Series 2003, 0.09% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 11,950 | 11,950 | |
Montgomery County Hsg. Fin. Corp. Multi-family Hsg. Rev. (Conroe Lodge at Silverdale Apt. Homes Proj.) 0.04% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 7,470 | 7,470 | |
North East Texas Independent School District Participating VRDN Series EGL 14 0018, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 22,305 | 22,305 | |
Northside Independent School District Participating VRDN Series ROC II R 11965, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 3,505 | 3,505 | |
Plano Gen. Oblig. Participating VRDN Series MS 06 1862, 0.02% 3/6/15 (Liquidity Facility Wells Fargo & Co.) (b)(f) | 11,665 | 11,665 | |
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
Series 2001 A, 0.09% 3/2/15, VRDN (b) | 14,200 | 14,200 | |
Series 2004, 0.11% 3/6/15, VRDN (b)(e) | 97,850 | 97,850 | |
Series 2009 A, 0.09% 3/2/15, VRDN (b) | 1,300 | 1,300 | |
Series 2009 C, 0.09% 3/2/15, VRDN (b) | 5,800 | 5,800 | |
Series 2010 B, 0.09% 3/2/15, VRDN (b) | 14,985 | 14,985 | |
Series 2010 D, 0.09% 3/2/15, VRDN (b) | 5,800 | 5,800 | |
Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev.: | |||
(Air Products Proj.): | |||
Series 2000, 0.03% 3/6/15, VRDN (b)(e) | 24,000 | 24,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Texas - continued | |||
Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev.: - continued | |||
Series 2001, 0.03% 3/6/15, VRDN (b)(e) | $ 25,000 | $ 25,000 | |
Series 2002, 0.03% 3/6/15, VRDN (b)(e) | 14,500 | 14,500 | |
Series 2010 A, 0.03% 3/6/15 (Total SA Guaranteed), VRDN (b) | 1,000 | 1,000 | |
Series 2012, 0.03% 3/6/15 (Total SA Guaranteed), VRDN (b) | 10,000 | 10,000 | |
(Total Petrochemicals and Refining U.S.A., Inc. Proj.) Series 2012 A, 0.03% 3/6/15 (Total SA Guaranteed), VRDN (b) | 34,200 | 34,200 | |
Riesel Indl. Dev. Corp. (Sandy Creek Energy Assoc. Proj.): | |||
0.02% 3/6/15, LOC BNP Paribas SA, VRDN (b)(e) | 50,000 | 50,000 | |
0.02% 3/6/15, LOC MUFG Union Bank NA, VRDN (b)(e) | 50,000 | 50,000 | |
San Antonio Elec. & Gas Sys. Rev. Participating VRDN: | |||
Series Putters 3344, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 1,700 | 1,700 | |
Series Putters 3560, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 9,015 | 9,015 | |
Series Putters 3688Z, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,570 | 4,570 | |
Series Putters 4356, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 17,750 | 17,750 | |
San Antonio Indl. Dev. Auth. Indl. Dev. Rev. (Tindall Corp. Proj.) Series 2008 A, 0.03% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 6,400 | 6,400 | |
San Antonio Pub. Facilities Corp. and Rfdg. Lease Participating VRDN Series CTE 12 3AX, 0.02% 3/6/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) | 7,465 | 7,465 | |
San Antonio Wtr. Sys. Rev. Participating VRDN Series EGL 05 3005 Class A, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 27,500 | 27,500 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | |||
(Baylor Health Care Sys. Proj.): | |||
Series 2011 D, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 12,870 | 12,870 | |
Series 2011 E, 0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 18,365 | 18,365 | |
(Methodist Hospitals of Dallas Proj.) Series 2008, 0.03% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 87,000 | 87,000 | |
(Scott and White Memorial Hosp. and Scott, Sherwood and Brindley Foundation Proj.) Series 2008 1, 0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 22,430 | 22,430 | |
Participating VRDN Series Putters 4363, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 11,625 | 11,625 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Texas - continued | |||
Tarrant County Health Facilities Dev. Corp. Hosp. Rev. Participating VRDN Series Putters 0028, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | $ 6,750 | $ 6,750 | |
Tarrant County Health Facilities Dev. Corp. Rev. (Carter Blood Care Proj.) Series 1998, 0.12% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 2,050 | 2,050 | |
Texas City Indl. Dev. Corp. (Del Papa Realty Hldgs. LP Proj.) Series 2011, 0.03% 3/6/15, LOC Bank of America NA, VRDN (b) | 11,800 | 11,800 | |
Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev.: | |||
(Bristol Apts. Proj.) Series 2004, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 11,500 | 11,500 | |
(Chisholm Trail Proj.) Series 2004, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 5,100 | 5,100 | |
(Pinnacle Apts. Proj.) Series 2004, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 13,365 | 13,365 | |
(Residences at Sunset Pointe Proj.) Series 2006, 0.05% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 15,000 | 15,000 | |
(St. Augustine Estate Proj.) Series 2005, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 5,980 | 5,980 | |
(Windshire Apts. Proj.) Series 2007, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 13,400 | 13,400 | |
Series 2004, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 11,200 | 11,200 | |
Series 2006, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 13,690 | 13,690 | |
Texas Gen. Oblig.: | |||
(Veterans' Hsg. Assistance Prog.): | |||
Fund II Series 2005 B, 0.02% 3/6/15 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b)(e) | 20,500 | 20,500 | |
Fund II Series 2007 A, 0.02% 3/6/15 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b)(e) | 34,805 | 34,805 | |
Participating VRDN: | |||
Series 15 XF0075, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 11,915 | 11,915 | |
Series DB 448, 0.08% 3/6/15 (Liquidity Facility Deutsche Bank AG) (b)(e)(f) | 5,585 | 5,585 | |
Series MS 3404, 0.03% 3/6/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) | 11,550 | 11,550 | |
Series Putters 3478, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,995 | 4,995 | |
Series Putters 3480, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 7,495 | 7,495 | |
Series 2012 A, 0.02% 3/6/15 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) | 17,100 | 17,100 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Texas - continued | |||
Texas State Univ. Sys. Fing. Rev. Participating VRDN Series WF 11 79C, 0.02% 3/6/15 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | $ 6,340 | $ 6,340 | |
Travis County Hsg. Fin. Corp. (Rosemont at Old Manor Apts.) Series 2004, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 9,185 | 9,185 | |
Univ. of Texas Board of Regents Sys. Rev.: | |||
Participating VRDN Series 15 XF0067, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 2,180 | 2,180 | |
Series 2007 B, 0.01% 3/6/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), VRDN (b) | 13,685 | 13,685 | |
| 1,602,070 | ||
Utah - 0.3% | |||
Carbon County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 7,565 | 7,565 | |
Emery County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.01% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 49,510 | 49,510 | |
Utah Hsg. Corp. Multi-family Hsg. Rev. (Springwood Apts. Proj.) Series 2005 A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 8,485 | 8,485 | |
Utah State Board of Regents Rev. Participating VRDN Series Solar 06 140, 0.02% 3/6/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f) | 30,450 | 30,450 | |
| 96,010 | ||
Virginia - 1.0% | |||
Alexandria Redev. & Hsg. Auth. Multi-family Hsg. Rev. (Fairfield Village Square Proj.) Series A, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 21,720 | 21,720 | |
Arlington County Indl. Dev. Auth. Multi-family Hsg. Rev. Series A, 0.04% 3/6/15, LOC Freddie Mac, VRDN (b)(e) | 4,000 | 4,000 | |
Fairfax County Indl. Dev. Auth.: | |||
(Inova Health Sys. Proj.): | |||
Series 2005 A2, 0.02% 3/6/15, VRDN (b) | 28,270 | 28,270 | |
Series A1, 0.02% 3/6/15 (Liquidity Facility TD Banknorth, NA), VRDN (b) | 18,025 | 18,025 | |
Participating VRDN Series MS 3309, 0.02% 3/6/15 (Liquidity Facility Cr. Suisse AG) (b)(f) | 2,300 | 2,300 | |
Hampton Indl. Dev. Auth. Exempt Facilities Rev. (U.S.A. Waste of Virginia Landfills, Inc. Proj.) Series 2000, 0.03% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 10,000 | 10,000 | |
Hanover County Econ. Dev. Auth. Rev. (Bon Secours Health Sys. Proj.) Series 2008 D1, 0.02% 3/6/15, LOC Bank of New York, New York, VRDN (b) | 1,000 | 1,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Virginia - continued | |||
Loudoun County Indl. Dev. Auth.: | |||
(Howard Hughes Med. Institute Proj.): | |||
Series 2003 A, 0.01% 3/6/15, VRDN (b) | $ 19,170 | $ 19,170 | |
Series 2003 C, 0.01% 3/6/15, VRDN (b) | 15,000 | 15,000 | |
Series 2003 D, 0.01% 3/6/15, VRDN (b) | 14,840 | 14,840 | |
Series 2003 E, 0.01% 3/6/15, VRDN (b) | 32,950 | 32,950 | |
Series 2003 F, 0.01% 3/6/15, VRDN (b) | 27,900 | 27,900 | |
Series 2013 A, 0.01% 3/6/15, VRDN (b) | 6,500 | 6,500 | |
Newport News Indl. Dev. Auth. (CNU Warwick LLC Student Apts. Proj.) 0.08% 3/6/15, LOC Bank of America NA, VRDN (b) | 3,530 | 3,530 | |
Prince William County Indl. Dev. Auth. Sewage Disp. Facilities Rev. (Dale Svc. Corp. Proj.): | |||
Series 2000, 0.03% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 3,240 | 3,240 | |
Series 2001, 0.03% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 2,750 | 2,750 | |
Series 2006, 0.03% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 4,200 | 4,200 | |
Sussex County Indl. Dev. Auth. Solid Waste Disp. Rev. (Atlantic Waste Disp. Proj.) 0.04% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 10,000 | 10,000 | |
Univ. of Virginia Gen. Rev. Participating VRDN Series EGL 14 0048, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 18,290 | 18,290 | |
Virginia Commonwealth Trans. Board Rev. Participating VRDN Series RBC O 67, 0.02% 3/6/15 (Liquidity Facility Royal Bank of Canada) (b)(f) | 6,770 | 6,770 | |
Virginia Pub. School Auth. Participating VRDN Series CTE 05 38, 0.02% 3/6/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) | 17,955 | 17,955 | |
Virginia Resources Auth. Clean Wtr. Rev. Participating VRDN Series ROC II R 11923, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 3,700 | 3,700 | |
Virginia Small Bus. Fing. Auth. Health Care Facilities Rev. Participating VRDN Series Putters 3791Z, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 1,015 | 1,015 | |
| 273,125 | ||
Washington - 3.2% | |||
Central Puget Sound Reg'l. Trans. Auth. Sales & Use Tax Rev. Participating VRDN Series Putters 2866, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 8,280 | 8,280 | |
Chelan County Pub. Util. District #1 Rev. Series 2008 B, 0.02% 3/6/15 (Liquidity Facility MUFG Union Bank NA), VRDN (b) | 12,000 | 12,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Washington - continued | |||
King County Hsg. Auth. Rev. (Overlake TOD Hsg. Proj.) 0.04% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | $ 16,540 | $ 16,540 | |
King County Swr. Rev. Participating VRDN: | |||
Series EGL 14 0047, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 14,775 | 14,775 | |
Series Putters 3941, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 6,950 | 6,950 | |
Series ROC II R 11962, 0.02% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 2,200 | 2,200 | |
Port of Seattle Rev.: | |||
Series 1997, 0.03% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 108,830 | 108,830 | |
Series 2008, 0.03% 3/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b)(e) | 128,715 | 128,715 | |
Port of Vancouver Rev. (United Grain Corp. of Oregon Proj.) Series 2009, 0.03% 3/6/15, LOC Bank of America NA, VRDN (b) | 25,000 | 25,000 | |
Seattle Wtr. Sys. Rev. Participating VRDN Series MS 06 2170, 0.04% 3/6/15 (Liquidity Facility Wells Fargo & Co.) (b)(f) | 2,530 | 2,530 | |
Snohomish County Hsg. Auth. Hsg. Rev. (Ebey Arms Centerhouse Proj.) Series 2003, 0.03% 3/6/15, LOC Bank of America NA, VRDN (b) | 7,535 | 7,535 | |
Univ. of Washington Univ. Revs. Participating VRDN Series Solar 07 75, 0.02% 3/6/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f) | 37,495 | 37,495 | |
Washington Econ. Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): | |||
Series D, 0.05% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 20,000 | 20,000 | |
Series E, 0.05% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 17,300 | 17,300 | |
Washington Gen. Oblig. Participating VRDN: | |||
Series Clipper 05 39, 0.02% 3/6/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) | 18,000 | 18,000 | |
Series GS 06 7T, 0.02% 3/6/15 (Liquidity Facility Wells Fargo & Co.) (b)(f) | 16,395 | 16,395 | |
Series MS 33 864X, 0.03% 3/6/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) | 2,500 | 2,500 | |
Series Putters 3501Z, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 11,660 | 11,660 | |
Series Putters 3539, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 10,000 | 10,000 | |
Series Putters 3854, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 3,500 | 3,500 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Washington - continued | |||
Washington Gen. Oblig. Participating VRDN: - continued | |||
Series putters 4033, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | $ 5,100 | $ 5,100 | |
Series ROC 14090, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 4,700 | 4,700 | |
Series ROC II R 14074, 0.03% 3/6/15 (Liquidity Facility Citibank NA) (b)(f) | 8,000 | 8,000 | |
Series Solar 06 13, 0.02% 3/6/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f) | 41,700 | 41,700 | |
Series WF 11-16C, 0.02% 3/6/15 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 20,100 | 20,100 | |
Washington Health Care Facilities Auth. Rev. Participating VRDN: | |||
Series 15 XF0082, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 8,000 | 8,000 | |
Series 15 XF0083, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 9,375 | 9,375 | |
Series PT 4742, 0.02% 3/6/15 (Liquidity Facility Bank of America NA) (b)(f) | 7,485 | 7,485 | |
Series Putters 4480, 0.03% 3/6/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,345 | 5,345 | |
Series Solar 07 66, 0.02% 3/6/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f) | 19,570 | 19,570 | |
Washington Hsg. Fin. Commission Multi-family Hsg. Rev.: | |||
(Avalon Ridge Apts. Proj.) Series 1999, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 18,370 | 18,370 | |
(Ballard Landmark Inn Proj.) Series A, 0.05% 3/6/15, LOC Fed. Home Ln. Bank, San Francisco, VRDN (b)(e) | 27,290 | 27,290 | |
(Crestview Apts. Proj.) Series 2004, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 14,000 | 14,000 | |
(Discovery Heights Apt. Proj.) Series 2010, 0.02% 3/6/15, LOC Freddie Mac, VRDN (b) | 11,800 | 11,800 | |
(Echo Lake Sr. Apts. Proj.) Series 2006, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 17,970 | 17,970 | |
(Fairwinds Redmond Proj.) Series A, 0.05% 3/6/15, LOC Fed. Home Ln. Bank, San Francisco, VRDN (b)(e) | 19,250 | 19,250 | |
(Gardens Univ. Village Apt. Proj.) Series A, 0.03% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 48,540 | 48,540 | |
(Highland Park Apts. Proj.) Series A, 0.05% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 9,040 | 9,040 | |
(Interurban Sr. Living Apts. Proj.) Series 2012, 0.02% 3/6/15, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 6,300 | 6,300 | |
(Merrill Gardens at Renton Centre Proj.) Series A, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 20,790 | 20,790 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Washington - continued | |||
Washington Hsg. Fin. Commission Multi-family Hsg. Rev.: - continued | |||
(Pinehurst Apts. Proj.) Series A, 0.05% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | $ 12,000 | $ 12,000 | |
(Reserve at Renton Apts. Proj.) Series 2014, 0.02% 3/6/15, LOC Fed. Home Ln. Bank, San Francisco, VRDN (b) | 4,000 | 4,000 | |
(Silver Creek Apts. Proj.) Series A, 0.05% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 12,250 | 12,250 | |
(The Cambridge Apts. Proj.) Series 2009, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b) | 10,500 | 10,500 | |
(The Lodge at Eagle Ridge Proj.) Series A, 0.05% 3/6/15, LOC Fed. Home Ln. Bank, San Francisco, VRDN (b)(e) | 9,485 | 9,485 | |
(The Vintage at Everett Sr. Living Proj.) Series 2004 A, 0.04% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 15,750 | 15,750 | |
(The Vintage at Richland Sr. Living Proj.) Series 2004 A, 0.05% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 7,535 | 7,535 | |
(Urban Ctr. Apts. Proj.) Series 2012, 0.03% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 38,900 | 38,900 | |
(Vintage Mount Vernon Proj.) Series A, 0.05% 3/6/15, LOC Fannie Mae, VRDN (b)(e) | 7,500 | 7,500 | |
(Washington Terrace Sr. Apts. Proj.) Series 2010, 0.02% 3/6/15, LOC Fannie Mae, VRDN (b) | 3,750 | 3,750 | |
(Willow Tree Grove Apts. Proj.) Series 2011, 0.02% 3/6/15, LOC Freddie Mac, VRDN (b) | 4,745 | 4,745 | |
| 919,345 | ||
West Virginia - 0.8% | |||
Harrison County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.05% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 8,420 | 8,420 | |
Marion County Solid Waste Disp. Rev. (Grant Town Cogeneration Proj.): | |||
Series 1990 A, 0.02% 3/6/15, LOC Deutsche Bank AG, VRDN (b)(e) | 8,700 | 8,700 | |
Series 1990 B, 0.02% 3/6/15, LOC Deutsche Bank AG, VRDN (b)(e) | 8,700 | 8,700 | |
Series 1990 C, 0.02% 3/6/15, LOC Deutsche Bank AG, VRDN (b)(e) | 4,400 | 4,400 | |
Series 1990 D, 0.02% 3/6/15, LOC Deutsche Bank AG, VRDN (b)(e) | 4,500 | 4,500 | |
West Virginia Econ. Dev. Auth. Energy (Morgantown Energy Associates Proj.) Series 2011, 0.05% 3/6/15, LOC MUFG Union Bank NA, VRDN (b)(e) | 44,600 | 44,600 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
West Virginia - continued | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
(Appalachian Pwr. Co. - Amos Proj.): | |||
Series 2008 B, 0.03% 3/6/15, LOC Mizuho Corporate Bank Ltd., VRDN (b)(e) | $ 45,775 | $ 45,775 | |
Series 2009 A, 0.01% 3/6/15, LOC Sumitomo Mitsui Banking Corp., VRDN (b) | 25,775 | 25,775 | |
Series 2009 B, 0.02% 3/6/15, LOC Sumitomo Mitsui Banking Corp., VRDN (b) | 1,800 | 1,800 | |
(Appalachian Pwr. Co. - Mountaineer Proj.) Series 2008 A, 0.02% 3/6/15, LOC Mizuho Corporate Bank Ltd., VRDN (b)(e) | 59,700 | 59,700 | |
West Virginia Hosp. Fin. Auth. Rev.: | |||
(Charleston Area Med. Ctr., Inc. Proj.) Series 2008 A, 0.02% 3/6/15, LOC Branch Banking & Trust Co., VRDN (b) | 6,400 | 6,400 | |
(Pallottine Health Svcs. Proj.) 0.11% 3/6/15, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 175 | 175 | |
Wood County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.05% 3/6/15, LOC Bank of America NA, VRDN (b)(e) | 6,580 | 6,580 | |
| 225,525 | ||
Wisconsin - 0.4% | |||
Appleton Redev. Auth. Rev. (Fox Cities Performing Arts Ctr. Proj.) Series 2001 B, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 20,700 | 20,700 | |
Wisconsin Health & Edl. Facilities Participating VRDN Series MS 3337, 0.02% 3/6/15 (Liquidity Facility Cr. Suisse AG) (b)(f) | 5,000 | 5,000 | |
Wisconsin Health & Edl. Facilities Auth. Rev.: | |||
(Aurora Health Care, Inc. Proj.) Series 1999 C, 0.01% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 41,880 | 41,880 | |
(Oakwood Village Proj.) Series 2005, 0.02% 3/6/15, LOC BMO Harris Bank NA, VRDN (b) | 20,440 | 20,440 | |
(Wausau Hosp., Inc. Proj.) Series 1998 B, 0.02% 3/6/15, LOC JPMorgan Chase Bank, VRDN (b) | 8,745 | 8,745 | |
Participating VRDN Series Floaters 3184, 0.03% 3/6/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) | 11,860 | 11,860 | |
| 108,625 | ||
Wyoming - 0.1% | |||
Converse County Envir. Impt. Rev. Series 1995, 0.28% 3/6/15, VRDN (b)(e) | 1,200 | 1,200 | |
Variable Rate Demand Note - continued | |||
Principal Amount (000s) | Value (000s) | ||
Wyoming - continued | |||
Laramie County Indl. Dev. Rev. (Cheyenne Lt., Fuel & Pwr. Co. Proj.) Series 2009 A, 0.03% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | $ 5,000 | $ 5,000 | |
Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 0.19% 3/6/15, VRDN (b)(e) | 19,500 | 19,500 | |
Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.02% 3/6/15, LOC Wells Fargo Bank NA, VRDN (b) | 14,250 | 14,250 | |
| 39,950 | ||
TOTAL VARIABLE RATE DEMAND NOTE (Cost $17,329,569) |
| ||
Other Municipal Debt - 30.9% | |||
|
|
|
|
Alabama - 0.0% | |||
Alabama Pub. School & College Auth. Rev. Bonds: | |||
Series 2007, 5% 12/1/15 | 100 | 103 | |
Series 2009 A, 5% 5/1/15 | 5,000 | 5,040 | |
Series 2012 B, 4% 3/1/15 | 3,915 | 3,915 | |
| 9,058 | ||
Alaska - 0.2% | |||
Alaska Gen. Oblig. Bonds Series 2012 A, 4% 8/1/15 | 5,500 | 5,589 | |
Anchorage Gen. Oblig.: | |||
Bonds: | |||
Series A, 1.25% 9/1/15 | 1,655 | 1,664 | |
Series D, 1.25% 9/1/15 | 7,200 | 7,240 | |
Series A1: | |||
0.08% 3/17/15, LOC Wells Fargo Bank NA, CP | 3,700 | 3,700 | |
0.08% 3/17/15, LOC Wells Fargo Bank NA, CP | 5,500 | 5,500 | |
North Slope Borough Gen. Oblig. Bonds: | |||
Series 2011 A, 4% 6/30/15 | 3,250 | 3,292 | |
Series 2011 B: | |||
4% 6/30/15 | 3,000 | 3,039 | |
5% 6/30/15 | 7,000 | 7,113 | |
Series 2014 A, 2% 6/30/15 | 12,000 | 12,075 | |
| 49,212 | ||
Arizona - 0.1% | |||
Phoenix Civic Impt. Corp. Series 2014 A2: | |||
0.06% 4/6/15, LOC Barclays Bank PLC, CP | 10,600 | 10,600 | |
0.06% 4/6/15, LOC Barclays Bank PLC, CP | 10,600 | 10,600 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Arizona - continued | |||
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series C: | |||
0.08% 4/1/15, CP | $ 5,400 | $ 5,400 | |
0.09% 3/18/15, CP | 15,300 | 15,300 | |
| 41,900 | ||
California - 5.4% | |||
California Gen. Oblig. RAN 1.5% 6/22/15 | 974,400 | 978,549 | |
Los Angeles Cmnty. College District Bonds Series WF 11 36C, 0.15%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | 4,840 | 4,840 | |
Los Angeles County Gen. Oblig. TRAN 1.5% 6/30/15 | 147,800 | 148,475 | |
Los Angeles Dept. of Wtr. & Pwr. Rev.: | |||
0.07% 3/4/15 (Liquidity Facility Wells Fargo Bank NA), CP | 11,800 | 11,800 | |
0.1% 6/18/15 (Liquidity Facility Wells Fargo Bank NA), CP | 8,000 | 8,000 | |
Los Angeles Gen. Oblig. TRAN 1.5% 6/25/15 | 356,500 | 358,071 | |
Newport Mesa Unified School District Bonds Series WF 11 70Z, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | 15,030 | 15,030 | |
San Bernardino County Gen. Oblig. TRAN 2% 6/30/15 | 18,400 | 18,515 | |
San Diego Unified School District TRAN Series A, 1.5% 6/30/15 | 10,500 | 10,548 | |
| 1,553,828 | ||
Colorado - 1.2% | |||
Colorado Ed. Ln. Prog. TRAN: | |||
Series 2014 A, 1% 6/29/15 | 101,500 | 101,795 | |
Series 2014 B, 1.75% 6/29/15 | 167,400 | 168,316 | |
Colorado Gen. Fdg. Rev. TRAN Series A, 1.5% 6/26/15 | 48,300 | 48,514 | |
Colorado Health Facilities Auth. Rev. Bonds Series 2009 A, 5% 7/1/15 | 6,880 | 6,990 | |
Colorado Univ. Co. Hosp. Auth. Rev. Bonds: | |||
Series 2015 A, 0.1%, tender 9/25/15 (b) | 25,220 | 25,220 | |
Series 2015 C, 0.1%, tender 9/25/15 (b) | 4,845 | 4,845 | |
| 355,680 | ||
Connecticut - 0.7% | |||
Connecticut Gen. Oblig. Bonds: | |||
Series 2005 C, 5% 6/1/15 | 1,250 | 1,265 | |
Series 2007 C, 5% 6/1/15 | 1,000 | 1,012 | |
Series 2012 C, 4% 6/1/15 | 19,055 | 19,242 | |
Series 2014 C, 2% 6/15/15 | 43,700 | 43,937 | |
Series 2014 E, 2% 9/1/15 | 15,000 | 15,141 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Connecticut - continued | |||
Connecticut Health & Edl. Facilities Auth. Rev. Bonds (Yale Univ. Proj.): | |||
Series S1, 0.04% tender 4/9/15, CP mode | $ 3,200 | $ 3,200 | |
Series S2, 0.03% tender 3/5/15, CP mode | 13,700 | 13,700 | |
Fairfield Gen. Oblig. BAN 1% 7/17/15 | 7,015 | 7,038 | |
Guilford Gen. Oblig. BAN 1% 8/11/15 | 16,400 | 16,464 | |
Hartford County Metropolitan District Gen. Oblig. BAN: | |||
0.5% 3/23/15 | 5,400 | 5,401 | |
1% 3/23/15 | 65,855 | 65,889 | |
| 192,289 | ||
Delaware - 0.1% | |||
Delaware Gen. Oblig. Bonds: | |||
Series 2009 C, 5% 10/1/15 | 8,000 | 8,227 | |
Series 2011, 5% 7/1/15 | 2,400 | 2,439 | |
Series 2014 B, 3% 7/1/15 | 11,845 | 11,960 | |
5% 3/1/15 | 4,410 | 4,410 | |
| 27,036 | ||
District Of Columbia - 0.5% | |||
District of Columbia Gen. Oblig. Bonds Series 2013 A, 4% 6/1/15 | 11,675 | 11,788 | |
District of Columbia Rev. Bonds Series 2000, 0.07% tender 3/2/15, LOC JPMorgan Chase Bank, CP mode | 63,400 | 63,400 | |
District of Columbia Wtr. & Swr. Auth. Pub. Util. Rev. Series B, 0.08% 3/4/15, LOC JPMorgan Chase Bank, CP | 6,000 | 6,000 | |
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Series 1: | |||
0.05% 4/1/15, LOC JPMorgan Chase Bank, CP | 7,500 | 7,500 | |
0.08% 3/5/15, LOC JPMorgan Chase Bank, CP | 36,900 | 36,900 | |
0.09% 4/6/15, LOC JPMorgan Chase Bank, CP | 17,100 | 17,100 | |
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2 A1, 0.05% 3/4/15, LOC Sumitomo Mitsui Banking Corp., CP | 14,500 | 14,500 | |
| 157,188 | ||
Florida - 1.7% | |||
Alachua County Health Facilities Auth. Health Facilities Rev. Bonds (Shands Teaching Hosp. & Clinics, Inc. Proj.) Series 2008 A, 0.07% tender 6/9/15, LOC Bank of America NA, CP mode | 21,200 | 21,200 | |
Charlotte County School District TAN 0.75% 3/31/15 | 11,800 | 11,806 | |
Florida Board of Ed. Lottery Rev. Bonds: | |||
Series 2005 A, 5.25% 7/1/15 | 3,645 | 3,707 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Florida - continued | |||
Florida Board of Ed. Lottery Rev. Bonds: - continued | |||
Series 2007 A, 5% 7/1/15 | $ 3,200 | $ 3,253 | |
Series 2008 B, 5% 7/1/15 | 3,915 | 3,979 | |
Series 2012 A, 4% 7/1/15 | 1,125 | 1,139 | |
Florida Board of Ed. Pub. Ed. Cap. Outlay Bonds: | |||
Series 2005 A, 5% 6/1/15 | 8,865 | 8,974 | |
Series 2012 A, 5% 6/1/15 | 27,220 | 27,556 | |
Series 2012 D, 5% 6/1/15 | 5,000 | 5,062 | |
Series 2013 B, 5% 6/1/15 | 8,450 | 8,555 | |
Series 2013 C, 5% 6/1/15 | 8,265 | 8,367 | |
Florida Dept. of Envir. Protection Rev. Bonds Series 2011 B, 5% 7/1/15 | 15,335 | 15,584 | |
Florida Dept. of Mgmt. Svcs. Ctfs. of Prtn. Bonds Series 2015 A, 5% 8/1/15 | 9,790 | 9,991 | |
Florida Dept. of Trans. Tpk. Rev. Bonds Series Solar 07 30, 0.11%, tender 3/26/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f)(g) | 22,000 | 22,000 | |
Florida Gen. Oblig. Bonds Series 2012 B, 5% 7/1/15 | 7,310 | 7,430 | |
Florida Local Govt. Fin. Cmnty.: | |||
Series 2011 A, 0.05% 3/9/15, LOC JPMorgan Chase Bank, CP | 29,300 | 29,300 | |
Series 2011 A1, 0.06% 4/1/15, LOC JPMorgan Chase Bank, CP | 20,559 | 20,559 | |
Hillsborough County Cap. Impt. Prog. Rev. Series A: | |||
0.05% 4/2/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 14,338 | 14,338 | |
0.07% 4/30/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 17,100 | 17,100 | |
0.07% 4/30/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 1,400 | 1,400 | |
0.07% 6/4/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 20,300 | 20,300 | |
0.08% 3/12/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 27,100 | 27,100 | |
Jacksonville Elec. Auth. Elec. Sys. Rev.: | |||
Bonds 1% 10/1/15 (a) | 1,515 | 1,522 | |
Series C1: | |||
0.04% 4/10/15, CP | 14,100 | 14,100 | |
0.05% 3/4/15, CP | 14,200 | 14,200 | |
Jacksonville Gen. Oblig. Series 2004 A, 0.08% 3/5/15, LOC Barclays Bank PLC, CP | 29,500 | 29,500 | |
JEA Saint Johns River Pwr. Park Sys. Rev. Bonds Series 23, 5% 10/1/15 | 1,500 | 1,542 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Florida - continued | |||
Orlando Utils. Commission Util. Sys. Rev. Bonds: | |||
Series 2005 B, 5% 10/1/15 (Pre-Refunded to 10/1/15 @ 100) | $ 3,000 | $ 3,086 | |
Series 2011 A, 0.13%, tender 9/25/15 (b) | 14,500 | 14,500 | |
Pinellas County School District TAN 0.75% 6/30/15 | 61,600 | 61,729 | |
Polk County Indl. Dev. Auth. Health Sys. Rev. Bonds: | |||
Series 2014 A, 0.1%, tender 9/25/15 (b) | 17,000 | 17,000 | |
Series 2014 A1, 0.1%, tender 9/25/15 (b) | 3,300 | 3,300 | |
St. Lucie School District TAN Series 2014, 1.5% 3/1/15 | 18,500 | 18,500 | |
Tampa Health Sys. Rev. Bonds Series 2012 B, 0.1%, tender 9/25/15 (b) | 14,515 | 14,515 | |
| 482,194 | ||
Georgia - 0.2% | |||
Georgia Gen. Oblig. Bonds: | |||
Series 1997 A, 6% 4/1/15 | 5,000 | 5,025 | |
Series 2008 B, 5% 7/1/15 | 2,000 | 2,032 | |
Series 2009 E, 5% 7/1/15 | 2,165 | 2,200 | |
Series 2011 E2, 4.5% 9/1/15 | 3,000 | 3,066 | |
Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
Bonds (Gen. Resolution Proj.) Series 1985 A, 0.08% tender 3/9/15, LOC Barclays Bank PLC, CP mode | 1,150 | 1,150 | |
Series B: | |||
0.04% 3/6/15, LOC PNC Bank NA, CP | 2,913 | 2,913 | |
0.04% 4/1/15, LOC TD Banknorth, NA, CP | 40,622 | 40,622 | |
Private Colleges & Univs. Auth. Rev. Bonds Series WF 11 32C, 0.21%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | 5,800 | 5,800 | |
| 62,808 | ||
Hawaii - 0.2% | |||
Hawaii Gen. Oblig. Bonds: | |||
Series 2005 DG, 5% 7/1/15 | 4,120 | 4,187 | |
Series 2006 D1, 5% 3/1/15 | 4,000 | 4,000 | |
Series 2007 DJ, 5% 4/1/15 | 8,065 | 8,098 | |
Series 2009 DQ, 5% 6/1/15 | 7,500 | 7,592 | |
Series 2013 EJ, 5% 8/1/15 | 3,950 | 4,030 | |
Series DR, 5% 6/1/15 | 17,100 | 17,311 | |
Honolulu City & County Gen. Oblig. Bonds Series 2009 F, 5% 9/1/15 | 3,115 | 3,191 | |
| 48,409 | ||
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Idaho - 0.1% | |||
Idaho Gen. Oblig. TAN 2% 6/30/15 | $ 11,900 | $ 11,974 | |
Idaho Health Facilities Auth. Hosp. Rev. Bonds Series 2013 ID, 0.09%, tender 9/25/15 (b) | 13,000 | 13,000 | |
| 24,974 | ||
Illinois - 0.8% | |||
Chicago Metropolitan Wtr. Reclamation District Greater Chicago Bonds Series Solar 06 75, 0.09%, tender 5/21/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f)(g) | 19,740 | 19,740 | |
Chicago O'Hare Int'l. Arpt. Rev.: | |||
Series 2011 B1, 0.13% 5/6/15, LOC Wells Fargo Bank NA, CP (e) | 8,500 | 8,500 | |
Series 2011 B2, 0.12% 5/6/15, LOC Wells Fargo Bank NA, CP | 4,723 | 4,723 | |
Series 2011 D1, 0.1% 6/23/15, LOC BMO Harris Bank NA, CP (e) | 8,628 | 8,628 | |
Series 2011 D2, 0.08% 6/23/15, LOC BMO Harris Bank NA, CP | 2,751 | 2,751 | |
DuPage County Gen. Oblig. Bonds Series Merlots 00 A9, 0.15%, tender 7/8/15 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | 7,595 | 7,595 | |
Illinois Fin. Auth. Ed. Rev. Series L: | |||
0.07% 6/3/15, LOC PNC Bank NA, CP | 25,200 | 25,200 | |
0.08% 3/4/15, LOC PNC Bank NA, CP | 25,100 | 25,100 | |
Illinois Fin. Auth. Rev. Bonds: | |||
(Advocate Health Care Network Proj.) Series 2011 B, 0.14%, tender 9/25/15 (b) | 11,700 | 11,700 | |
(Hosp. Sister Svcs. Proj.): | |||
Series 2012 H: | |||
0.05% tender 4/2/15, CP mode | 17,000 | 17,000 | |
0.06% tender 5/18/15, CP mode | 10,800 | 10,800 | |
0.07% tender 6/3/15, CP mode | 17,000 | 17,000 | |
Series 2012 I, 0.08% tender 4/7/15, CP mode | 13,260 | 13,260 | |
Series 2012 I, 0.07% tender 6/16/15, CP mode | 13,600 | 13,600 | |
Series 2012 l, 0.06% tender 5/18/15, CP mode | 17,000 | 17,000 | |
Illinois Health Facilities Auth. Rev. Bonds Series 2003 C, 0.17%, tender 5/1/15 (b) | 4,830 | 4,830 | |
Illinois Unemployment Ins. Fund Bldg. Receipts Bonds Series 2012 A: | |||
5% 6/15/15 | 21,660 | 21,967 | |
5% 12/15/15 | 8,740 | 9,074 | |
| 238,468 | ||
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Indiana - 0.6% | |||
Indiana Fin. Auth. Rev. Bonds (Trinity Health Sys. Proj.) Series 2008 D2: | |||
0.07% tender 3/10/15, CP mode | $ 86,945 | $ 86,945 | |
0.08% tender 4/1/15, CP mode | 34,000 | 34,000 | |
Indianapolis Gas Util. Sys. Rev. 0.09% 5/4/15, LOC JPMorgan Chase Bank, CP | 33,900 | 33,900 | |
Purdue Univ. Rev. Bonds: | |||
Series 2010 Z1, 5% 7/1/15 | 3,000 | 3,049 | |
Series 2015 BB 1, 2% 7/1/15 | 3,495 | 3,517 | |
| 161,411 | ||
Iowa - 0.1% | |||
Iowa Fin. Auth. Rev. Bonds Series 2015, 1% 8/1/15 | 13,800 | 13,854 | |
Kansas - 0.0% | |||
City of Lawrence Kansas Gen. Oblig. BAN Series 2014 l, 5% 5/1/15 | 2,265 | 2,284 | |
Wyandotte County/Kansas City Unified Govt. Gen. Oblig. Bonds Series 2015 D, 5% 8/1/15 | 1,750 | 1,785 | |
| 4,069 | ||
Kentucky - 0.0% | |||
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.2% tender 4/6/15, CP mode | 8,800 | 8,800 | |
Maine - 0.0% | |||
Maine Gen. Oblig. Bonds Series 2011 B, 5% 6/1/15 | 7,340 | 7,430 | |
Maryland - 0.9% | |||
Anne Arundel County Gen. Oblig. Bonds: | |||
Series 2013, 5% 4/1/15 | 6,300 | 6,326 | |
5% 4/1/15 | 7,615 | 7,646 | |
5% 4/1/15 | 2,640 | 2,651 | |
Baltimore County Gen. Oblig.: | |||
0.04% 4/2/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), CP | 43,800 | 43,800 | |
0.05% 3/4/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), CP | 34,000 | 34,000 | |
0.05% 3/4/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), CP | 21,400 | 21,400 | |
0.06% 5/5/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), CP | 33,900 | 33,900 | |
Maryland Gen. Oblig. Bonds: | |||
(State & Local Facilities Ln. Prog.) First Series 2008, 5% 3/1/15 | 2,645 | 2,645 | |
Series 2003 A, 5.25% 3/1/15 | 2,600 | 2,600 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Maryland - continued | |||
Maryland Gen. Oblig. Bonds: - continued | |||
Series 2007, 5% 3/15/15 | $ 1,000 | $ 1,002 | |
Series 2008 2, 5% 7/15/15 | 2,750 | 2,800 | |
Series 2010 A, 4% 8/1/15 | 2,000 | 2,033 | |
Series 2012 B, 5% 3/15/15 | 18,000 | 18,034 | |
Series 2014 C, 5% 8/1/15 | 5,000 | 5,102 | |
Montgomery County Gen. Oblig. Bonds: | |||
Series 2011 A: | |||
5% 7/1/15 | 5,000 | 5,082 | |
5% 7/1/15 | 6,000 | 6,098 | |
Series 2013 MD, 0.08%, tender 6/1/15 (a)(b) | 40,000 | 40,000 | |
Series 2014 A, 5% 11/1/15 | 12,500 | 12,905 | |
Washington Suburban San. District Bonds: | |||
Series 2010 A, 5% 6/1/15 | 3,700 | 3,746 | |
Series 2014 2, 2% 6/1/15 | 4,605 | 4,627 | |
5% 6/1/15 | 7,500 | 7,592 | |
| 263,989 | ||
Massachusetts - 0.6% | |||
Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2005, 0.32% tender 3/12/15, CP mode (e) | 20,600 | 20,600 | |
Massachusetts Gen. Oblig. RAN Series 2014 A, 1.5% 4/23/15 | 83,300 | 83,471 | |
Massachusetts Health & Edl. Facilities Auth. Rev. Series EE: | |||
0.03% 3/4/15, CP | 6,181 | 6,181 | |
0.03% 3/4/15, CP | 7,800 | 7,800 | |
0.04% 4/6/15, CP | 18,500 | 18,500 | |
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds: | |||
(New England Pwr. Co. Proj.) Series 1992, 0.25% tender 3/12/15, CP mode | 13,950 | 13,950 | |
Series 1992, 0.25% tender 4/9/15, CP mode | 2,200 | 2,200 | |
Massachusetts State Dev. Fin. Agcy. Elec. Util. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2007: | |||
0.25% tender 4/9/15, CP mode (e) | 3,200 | 3,200 | |
0.27% tender 3/3/15, CP mode (e) | 4,000 | 4,000 | |
| 159,902 | ||
Michigan - 1.1% | |||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, 0.1%, tender 9/25/15 (b) | 2,665 | 2,665 | |
Michigan Bldg. Auth. Rev. 0.09% 5/21/15, LOC State Street Bank & Trust Co., Boston, LOC U.S. Bank NA, Cincinnati, CP | 94,235 | 94,235 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Michigan - continued | |||
Michigan Fin. Auth. Rev. Bonds: | |||
Series 2012 A, 5% 7/1/15 | $ 13,900 | $ 14,128 | |
Series 2013 M1, 0.08%, tender 6/1/15 (a)(b) | 25,840 | 25,840 | |
Michigan Hosp. Fin. Auth. Rev. Bonds: | |||
(Ascension Health Cr. Group Proj.) Series 1999 B4, 0.9%, tender 3/16/15 (b) | 1,405 | 1,405 | |
(Trinity Health Sys. Proj.) Series 2008 C: | |||
0.03% tender 3/9/15, CP mode | 17,785 | 17,785 | |
0.03% tender 3/10/15, CP mode | 35,800 | 35,800 | |
0.04% tender 4/2/15, CP mode | 16,300 | 16,300 | |
0.06% tender 6/18/15, CP mode | 27,500 | 27,500 | |
Michigan State Univ. Revs. Bonds Series WF 11 33 C, 0.15%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | 3,000 | 3,000 | |
Univ. of Michigan Rev.: | |||
Bonds Series 2009 B: | |||
0.04% tender 3/4/15, CP mode | 8,000 | 8,000 | |
0.05% tender 5/5/15, CP mode | 20,800 | 20,800 | |
Series J1: | |||
0.03% 3/4/15, CP | 13,600 | 13,600 | |
0.04% 4/6/15, CP | 17,000 | 17,000 | |
0.06% 3/5/15, CP | 15,665 | 15,665 | |
| 313,723 | ||
Minnesota - 0.3% | |||
Minnesota Gen. Oblig. Bonds: | |||
Series 2007, 5% 8/1/15 | 11,000 | 11,224 | |
Series 2010 A, 5% 8/1/15 | 4,250 | 4,337 | |
Series 2010 D, 5% 8/1/15 | 6,425 | 6,556 | |
Series 2014 B, 4% 8/1/15 | 7,200 | 7,317 | |
Series 2014 E, 1% 8/1/15 | 1,505 | 1,510 | |
5% 8/1/15 | 4,920 | 5,020 | |
5% 8/1/15 (Escrowed to Maturity) | 80 | 82 | |
Univ. of Minnesota Gen. Oblig. Series 2009 D, 0.04% 4/6/15, CP | 7,700 | 7,700 | |
Univ. of Minnesota Rev. Series 2005 A: | |||
0.04% 3/3/15, CP | 24,650 | 24,650 | |
0.04% 4/2/15, CP | 18,090 | 18,090 | |
0.06% 5/18/15, CP | 10,800 | 10,800 | |
| 97,286 | ||
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Missouri - 0.1% | |||
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Bonds (BJC Health Sys. Proj.) Series 2013 C, 0.09%, tender 9/25/15 (b) | $ 13,600 | $ 13,600 | |
Nebraska - 0.4% | |||
Nebraska Pub. Pwr. District Rev.: | |||
Bonds Series 2012 C, 5% 1/1/16 | 2,215 | 2,303 | |
Series A: | |||
0.04% 3/16/15, CP | 16,300 | 16,300 | |
0.04% 3/19/15, CP | 16,700 | 16,700 | |
0.07% 3/2/15, CP | 16,300 | 16,300 | |
0.08% 3/5/15, CP | 6,850 | 6,850 | |
Omaha Pub. Pwr. District Elec. Rev. Series A: | |||
0.09% 3/2/15, CP | 7,150 | 7,150 | |
0.09% 3/5/15, CP | 13,500 | 13,500 | |
0.09% 3/9/15, CP | 5,200 | 5,200 | |
0.09% 3/10/15, CP | 7,500 | 7,500 | |
0.09% 3/18/15, CP | 15,000 | 15,000 | |
0.09% 4/1/15, CP | 6,000 | 6,000 | |
0.1% 3/4/15, CP | 7,000 | 7,000 | |
0.11% 5/6/15, CP | 1,370 | 1,370 | |
| 121,173 | ||
Nevada - 0.4% | |||
Clark County School District Bonds: | |||
Series 1998 A, 5.5% 6/15/15 | 1,725 | 1,751 | |
Series 2005 A, 5.25% 6/15/15 | 4,475 | 4,541 | |
Series 2006 A, 5% 6/15/15 | 7,800 | 7,909 | |
Series 2007 B, 5% 6/15/15 | 3,745 | 3,798 | |
Series 2007 C, 5% 6/15/15 | 13,500 | 13,691 | |
Series 2011 A, 5% 6/15/15 | 8,780 | 8,904 | |
Series 2012 A, 5% 6/15/15 | 2,465 | 2,500 | |
Series 2013 B, 5% 6/15/15 | 2,000 | 2,028 | |
Clark County Wtr. Reclamation District Bonds Series 2009 B, 5% 7/1/15 | 1,280 | 1,301 | |
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig. Bonds Series Solar 06 93, 0.11%, tender 3/5/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f)(g) | 14,000 | 14,000 | |
Nevada Gen. Oblig. Bonds Series 2008 C, 5% 6/1/15 | 6,005 | 6,079 | |
Nevada Unemployment Compensation Fund Spl. Rev. Bonds Series 2013, 4% 6/1/15 | 4,550 | 4,594 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Nevada - continued | |||
Truckee Meadows Wtr. Auth. Wtr. Rev.: | |||
Series 2006 A: | |||
0.09% 3/5/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | $ 13,200 | $ 13,200 | |
0.1% 6/4/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 4,750 | 4,750 | |
Series 2006 B, 0.12% 6/4/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 23,100 | 23,100 | |
| 112,146 | ||
New Hampshire - 0.4% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 1990 A, 0.32% tender 3/12/15, CP mode (e) | 20,950 | 20,950 | |
Series 1990 A1, 0.29% tender 3/3/15, CP mode (e) | 34,100 | 34,100 | |
Series 1990 A2: | |||
0.32% tender 3/6/15, CP mode (e) | 3,710 | 3,710 | |
0.32% tender 3/12/15, CP mode (e) | 11,300 | 11,300 | |
0.32% tender 3/19/15, CP mode (e) | 2,100 | 2,100 | |
0.32% tender 4/1/15, CP mode (e) | 2,200 | 2,200 | |
Series 1990 B, 0.35% tender 4/9/15, CP mode | 26,300 | 26,300 | |
| 100,660 | ||
New Jersey - 1.4% | |||
Hamilton Township Mercer County BAN Series 2014 B, 1% 6/11/15 | 20,100 | 20,146 | |
Hoboken Gen. Oblig. BAN Series 2014 A, 1% 3/18/15 | 12,924 | 12,929 | |
JPMorgan Chase: | |||
Bonds: | |||
Series Putters 4465, 0.1%, tender 5/7/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g) | 145,095 | 145,095 | |
Series Putters 4466, 0.13%, tender 5/7/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g) | 112,305 | 112,305 | |
NA Letter of Credit Bonds: | |||
Series Putters 4460, 0.12%, tender 4/2/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g) | 69,900 | 69,900 | |
Series Putters 4461, 0.07%, tender 4/23/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g) | 28,000 | 28,000 | |
North Brunswick Township Gen. Oblig. BAN Series 2014, 1% 8/3/15 | 10,811 | 10,851 | |
Parsippany Troy Hills Township Gen. Oblig. BAN 1.25% 9/25/15 | 9,182 | 9,238 | |
| 408,464 | ||
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
New Mexico - 0.1% | |||
New Mexico Gen. Oblig. Bonds: | |||
Series 2013, 2% 3/1/15 | $ 10,690 | $ 10,690 | |
5% 3/1/15 | 5,000 | 5,000 | |
New Mexico Severance Tax Rev. Bonds: | |||
Series 2010 A, 5% 7/1/15 | 2,000 | 2,033 | |
Series 2014 A, 2% 7/1/15 | 3,750 | 3,773 | |
| 21,496 | ||
New York - 0.9% | |||
JPMorgan Chase Bonds Series Putters 4410, 0.07%, tender 4/23/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g) | 23,995 | 23,995 | |
New York City Gen. Oblig. Bonds: | |||
Series 1994 H4, 5% 8/1/15 | 2,115 | 2,158 | |
Series 2005 G, 5% 8/1/15 | 1,635 | 1,668 | |
Series 2010 E, 5% 8/1/15 | 7,680 | 7,836 | |
Series 2012 F, 5% 8/1/15 | 1,110 | 1,133 | |
Series 2012 I, 4% 8/1/15 | 1,000 | 1,016 | |
Series 2012 l, 5% 8/1/15 | 5,400 | 5,510 | |
Series 2013 F, 2% 8/1/15 | 1,000 | 1,008 | |
Series 2013 J, 5% 8/1/15 | 8,340 | 8,510 | |
Series 2014 B, 5% 8/1/15 | 5,655 | 5,770 | |
Series 2014 E, 5% 8/1/15 | 5,515 | 5,627 | |
Series G, 5% 8/1/15 | 3,000 | 3,061 | |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Series 1E: | |||
0.06% 3/5/15, CP | 13,900 | 13,900 | |
0.07% 4/6/15, CP | 13,900 | 13,900 | |
New York City Transitional Fin. Auth. Rev. Bonds: | |||
Series 2013 D, 5% 11/1/15 | 4,655 | 4,806 | |
5% 11/1/15 | 5,455 | 5,632 | |
5% 11/1/15 | 5,845 | 6,035 | |
New York Dorm. Auth. Personal Income Tax Rev. Bonds Series 2011 E, 5% 8/15/15 | 1,800 | 1,840 | |
New York Dorm. Auth. Revs. Bonds 5% 8/15/15 | 7,055 | 7,213 | |
New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Bonds (New York City Muni. Wtr. Fin. Auth. Projs.) Series 2012 A, 4% 6/15/15 | 6,000 | 6,068 | |
New York Metropolitan Trans. Auth. Rev.: | |||
Series 2B, 0.04% 4/9/15, LOC Barclays Bank PLC, CP | 52,040 | 52,040 | |
Series 2D: | |||
0.07% 3/10/15, LOC Citibank NA, CP | 16,600 | 16,600 | |
0.07% 6/5/15, LOC Citibank NA, CP | 33,400 | 33,400 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
New York - continued | |||
New York State Envir. Facilities Corp. Rev. Bonds Series 2011 A, 4% 8/15/15 | $ 2,730 | $ 2,778 | |
New York State Gen. Oblig. Bonds Series 2011 C, 4% 9/1/15 | 2,025 | 2,064 | |
Tobacco Settlement Fing. Corp. Bonds Series 2011, 5% 6/1/15 | 10,000 | 10,123 | |
| 243,691 | ||
North Carolina - 0.2% | |||
Board of Governors of the Univ. of North Carolina Series D: | |||
0.04% 4/2/15, CP | 5,000 | 5,000 | |
0.04% 4/2/15, CP | 9,400 | 9,400 | |
North Carolina Gen. Oblig. Bonds: | |||
Series 2005 B, 5% 4/1/15 | 4,200 | 4,217 | |
Series 2009 A, 5% 3/1/15 | 2,325 | 2,325 | |
Series 2010 A, 5% 5/1/15 | 8,035 | 8,100 | |
Series 2010 B, 5% 6/1/15 | 7,000 | 7,086 | |
Series 2013 C, 3.5% 5/1/15 | 7,060 | 7,100 | |
Series 2014 A, 5% 6/1/15 | 7,500 | 7,592 | |
North Carolina Ltd. Oblig. Bonds Series 2013 A, 5% 5/1/15 | 8,255 | 8,323 | |
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Bonds Series 2012 A, 5% 1/1/16 | 2,030 | 2,111 | |
Wake County Gen. Oblig. Bonds Series 2007, 5% 3/1/15 | 1,000 | 1,000 | |
| 62,254 | ||
Ohio - 0.5% | |||
Delaware Gen. Oblig. BAN 1% 4/22/15 | 2,085 | 2,087 | |
Ohio Gen. Oblig. Bonds Series 2014 R, 4% 5/1/15 | 4,105 | 4,132 | |
Ohio Higher Edl. Facility Commission Rev. Bonds (The Cleveland Clinic Foundation Proj.): | |||
Series 2008 B5: | |||
0.08% tender 7/7/15, CP mode | 23,350 | 23,350 | |
0.1% tender 5/20/15, CP mode | 3,200 | 3,200 | |
0.1% tender 6/3/15, CP mode | 20,600 | 20,600 | |
Series 2008 B6: | |||
0.1% tender 3/5/15, CP mode | 13,800 | 13,800 | |
0.1% tender 4/6/15, CP mode | 22,400 | 22,400 | |
0.1% tender 5/6/15, CP mode | 13,000 | 13,000 | |
0.1% tender 5/20/15, CP mode | 17,200 | 17,200 | |
Univ. of Cincinnati Gen. Receipts BAN Series 2014 A, 1% 5/8/15 | 11,100 | 11,118 | |
| 130,887 | ||
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Oklahoma - 0.0% | |||
Oklahoma City Wtr. Utils. Trust Wtr. and Swr. Rev. Series A, 0.08% 6/4/15, LOC State Street Bank & Trust Co., Boston, CP | $ 1,500 | $ 1,500 | |
Oregon - 0.7% | |||
Oregon Gen. Oblig.: | |||
Bonds Series WF11 57 C, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | 10,800 | 10,800 | |
TAN Series 2014 A, 2% 6/15/15 | 171,700 | 172,636 | |
Portland Gen. Oblig. TAN Series 2014, 1.75% 6/24/15 | 9,400 | 9,448 | |
Portland Wtr. Sys. Rev. Bonds Series 2013 A, 5% 10/1/15 | 2,970 | 3,054 | |
| 195,938 | ||
Pennsylvania - 0.2% | |||
Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Bonds Series 2012 A, 4% 7/1/15 | 2,800 | 2,836 | |
Pennsylvania Gen. Oblig. Bonds: | |||
Series 2009 2, 5% 7/1/15 | 5,430 | 5,519 | |
Series 2014 1, 5% 6/15/15 | 2,185 | 2,216 | |
Series 2014, 5% 7/1/15 | 1,500 | 1,524 | |
Philadelphia Gen. Oblig. TRAN Series A, 1% 6/30/15 | 17,100 | 17,149 | |
Univ. of Pittsburgh Commonwealth Sys. of Higher Ed. BAN Series 2014, 2% 7/22/15 | 13,100 | 13,196 | |
| 42,440 | ||
South Carolina - 0.7% | |||
Charleston County School District TAN 1.25% 4/1/15 | 36,900 | 36,936 | |
Greenville County School District Bonds Series 2014 C, 1% 6/1/15 | 18,600 | 18,641 | |
Oconee County School District Bonds Series 2014 A, 2% 3/1/15 (South Carolina School District Cr. Enhancement Prog. Guaranteed) | 5,525 | 5,525 | |
Scago Edl. Facilities Corp. for Pickens School District Bonds (School District of Pickens County Proj.) Series 2015, 5% 12/1/15 (a) | 2,500 | 2,578 | |
South Carolina Assoc. of Governmental Organizations Ctfs. of Prtn. Bonds Series 2014 C, 1.25% 3/2/15 (South Carolina School District Cr. Enhancement Prog. Guaranteed) | 104,200 | 104,203 | |
South Carolina Gen. Oblig. Bonds: | |||
Series 2010 A, 4% 6/1/15 | 4,600 | 4,644 | |
Series 2011 A: | |||
5% 3/1/15 | 23,990 | 23,990 | |
5% 3/1/15 | 4,270 | 4,270 | |
| 200,787 | ||
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Tennessee - 0.0% | |||
Tennessee Gen. Oblig. Bonds Series 2004 C, 5.25% 9/1/15 | $ 1,000 | $ 1,026 | |
Texas - 7.8% | |||
Austin Elec. Util. Sys. Rev. Series A: | |||
0.04% 3/4/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 6,100 | 6,100 | |
0.08% 4/2/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 46,100 | 46,100 | |
0.09% 3/2/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 8,500 | 8,500 | |
0.09% 3/18/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 8,000 | 8,000 | |
Board of Regents of The Texas A&M Univ. Sys. Permanent Univ. Fund Bonds: | |||
Series 2013, 5% 7/1/15 | 9,660 | 9,819 | |
Series WF 10 53C, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | 5,545 | 5,545 | |
Brownsville Util. Sys. Rev. Series A, 0.1% 8/10/15, LOC Bank of Montreal Chicago CD Prog., CP | 8,800 | 8,800 | |
Harris County Gen. Oblig.: | |||
Series A1: | |||
0.04% 3/17/15 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 2,400 | 2,400 | |
0.08% 3/17/15 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 1,050 | 1,050 | |
0.08% 4/1/15 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 22,600 | 22,600 | |
Series D: | |||
0.04% 3/17/15 (Liquidity Facility JPMorgan Chase Bank), CP | 6,200 | 6,200 | |
0.08% 3/17/15 (Liquidity Facility JPMorgan Chase Bank), CP | 3,850 | 3,850 | |
0.08% 5/7/15 (Liquidity Facility JPMorgan Chase Bank), CP | 1,200 | 1,200 | |
0.1% 3/18/15 (Liquidity Facility JPMorgan Chase Bank), CP | 19,535 | 19,535 | |
Harris County Metropolitan Trans. Auth.: | |||
Series A1: | |||
0.08% 3/5/15 (Liquidity Facility JPMorgan Chase Bank), CP | 60,600 | 60,600 | |
0.12% 6/10/15 (Liquidity Facility JPMorgan Chase Bank), CP | 26,000 | 26,000 | |
0.13% 6/15/15 (Liquidity Facility JPMorgan Chase Bank), CP | 20,850 | 20,850 | |
Series A3: | |||
0.12% 6/10/15 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 4,500 | 4,500 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Texas - continued | |||
Harris County Metropolitan Trans. Auth.: - continued | |||
0.13% 6/15/15 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | $ 7,000 | $ 7,000 | |
Houston Arpt. Sys. Rev. Series A, 0.11% 8/13/15, LOC Royal Bank of Canada, CP (e) | 19,500 | 19,500 | |
Houston Gen. Oblig.: | |||
Bonds Series 2010 A, 5% 3/1/15 | 4,150 | 4,150 | |
TRAN: | |||
Series 2014, 1% 6/30/15 | 9,300 | 9,327 | |
5% 6/30/15 | 15,000 | 15,243 | |
Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Series A, 0.09% 3/4/15, CP | 4,000 | 4,000 | |
Houston Util. Sys. Rev. Bonds Series 2011 E, 5% 11/15/15 | 5,510 | 5,699 | |
Karnes City Independent School District Bonds Series 2014, 1% 8/15/15 (Permanent School Fund of Texas Guaranteed) | 7,365 | 7,394 | |
Keller Independent School District Bonds Series 2015, 1% 8/15/15 (Permanent School Fund of Texas Guaranteed) | 5,000 | 5,021 | |
Lower Colorado River Auth. Rev.: | |||
Bonds 5% 5/15/15 | 13,720 | 13,858 | |
Series A: | |||
0.04% 3/18/15, LOC JPMorgan Chase Bank, CP | 20,400 | 20,400 | |
0.05% 3/4/15, LOC JPMorgan Chase Bank, CP | 34,585 | 34,585 | |
0.06% 3/2/15, LOC JPMorgan Chase Bank, CP | 5,150 | 5,150 | |
0.04% 4/8/15, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 124,700 | 124,700 | |
North Texas Tollway Auth. Rev. Bonds Series 2009 D: | |||
0.05% tender 4/7/15, LOC JPMorgan Chase Bank, CP mode | 21,500 | 21,500 | |
0.05% tender 4/8/15, LOC JPMorgan Chase Bank, CP mode | 31,900 | 31,900 | |
Northside Independent School District Bonds Series 2007 A, 2% 6/1/15 (Permanent School Fund of Texas Guaranteed) | 2,270 | 2,281 | |
San Antonio Wtr. Sys. Rev. Bonds Series 2015 B, 2% 5/15/15 | 1,950 | 1,958 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Bonds (Baylor Health Care Sys. Proj.): | |||
Series 2011 B, 0.15%, tender 9/25/15 (b) | 6,300 | 6,300 | |
Series 2013 B, 0.11%, tender 9/25/15 (b) | 9,500 | 9,500 | |
Texas A&M Univ. Rev.: | |||
Bonds Series 2015 A, 2% 5/15/15 | 995 | 999 | |
Series 1993 B, 0.09% 3/6/15, CP | 18,285 | 18,285 | |
Texas Gen. Oblig.: | |||
Bonds: | |||
Series 2010 B, 5% 4/1/15 | 2,400 | 2,410 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Texas - continued | |||
Texas Gen. Oblig.: - continued | |||
Series 2010: | |||
4.25% 8/1/15 (e) | $ 1,000 | $ 1,017 | |
5% 8/1/15 (e) | 5,775 | 5,891 | |
Series 2011, 5% 10/1/15 | 3,080 | 3,168 | |
Series 2014, 2% 4/1/15 | 29,200 | 29,247 | |
TRAN Series 2014, 1.5% 8/31/15 | 1,099,225 | 1,106,750 | |
Texas Muni. Pwr. Agcy. Rev. Series 2005: | |||
0.05% 4/9/15, LOC Barclays Bank PLC, CP | 21,400 | 21,400 | |
0.08% 3/9/15, LOC Barclays Bank PLC, CP | 45,200 | 45,200 | |
Texas Pub. Fin. Auth. Rev. Bonds: | |||
Series 2010 A, 5% 7/1/15 | 8,250 | 8,384 | |
Series 2014 A, 5% 7/1/15 | 5,255 | 5,340 | |
Texas State Univ. Sys. Fing. Rev. Bonds Series 2014, 1% 3/15/15 | 6,960 | 6,962 | |
Texas Trans. Commission State Hwy. Fund Rev. Bonds Series 2007, 5% 4/1/15 | 1,060 | 1,064 | |
Texas Wtr. Dev. Board Rev. Bonds Series 2013 A, 5% 7/15/15 | 4,000 | 4,073 | |
Univ. of Texas Board of Regents Sys. Rev.: | |||
Series 2002 A: | |||
0.04% 3/2/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 17,000 | 17,000 | |
0.04% 3/3/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 16,200 | 16,200 | |
0.04% 3/6/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 17,000 | 17,000 | |
0.04% 3/17/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 11,700 | 11,700 | |
0.04% 4/7/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 17,000 | 17,000 | |
0.05% 4/6/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 14,500 | 14,500 | |
0.05% 5/4/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 17,000 | 17,000 | |
0.05% 5/5/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 17,000 | 17,000 | |
0.05% 5/8/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 12,700 | 12,700 | |
0.06% 5/6/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 15,300 | 15,300 | |
0.06% 5/15/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 17,000 | 17,000 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Texas - continued | |||
Univ. of Texas Board of Regents Sys. Rev.: - continued | |||
Series 2002 A: - continued | |||
0.08% 3/4/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | $ 13,754 | $ 13,754 | |
0.08% 4/1/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 7,560 | 7,560 | |
0.08% 4/2/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 11,700 | 11,700 | |
0.08% 4/6/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 16,700 | 16,700 | |
0.08% 4/7/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 17,100 | 17,100 | |
0.08% 8/4/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 17,000 | 17,000 | |
0.08% 8/5/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 17,000 | 17,000 | |
0.08% 8/6/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 9,692 | 9,692 | |
0.09% 3/5/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 14,100 | 14,100 | |
Series A: | |||
0.03% 3/16/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 17,000 | 17,000 | |
0.06% 6/16/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 12,851 | 12,851 | |
0.06% 6/22/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 10,400 | 10,400 | |
Upper Trinity Reg'l. Wtr. District Series A: | |||
0.04% 4/2/15, LOC Bank of America NA, CP | 5,000 | 5,000 | |
0.05% 4/2/15, LOC Bank of America NA, CP | 9,250 | 9,250 | |
0.06% 4/2/15, LOC Bank of America NA, CP | 3,000 | 3,000 | |
| 2,225,812 | ||
Utah - 0.1% | |||
Intermountain Pwr. Agcy. Pwr. Supply Rev.: | |||
Bonds: | |||
Series 2009 A, 5% 7/1/15 | 5,250 | 5,335 | |
Series 2013 A, 3% 7/1/15 | 4,785 | 4,831 | |
Series 2013 B1, 0.09% 4/7/15 (Liquidity Facility JPMorgan Chase Bank), CP | 17,500 | 17,500 | |
Utah Gen. Oblig. Bonds: | |||
Series 2010 A, 5% 7/1/15 | 6,900 | 7,013 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Utah - continued | |||
Utah Gen. Oblig. Bonds: - continued | |||
Series 2011 A, 5% 7/1/15 | $ 2,000 | $ 2,033 | |
Series 2013, 5% 7/1/15 | 3,000 | 3,049 | |
| 39,761 | ||
Virginia - 0.8% | |||
Fairfax County Gen. Oblig. Bonds: | |||
Series 2008 A, 5% 4/1/15 | 6,675 | 6,703 | |
Series 2009 A, 5% 4/1/15 | 1,875 | 1,883 | |
Series 2012 A, 5% 4/1/15 | 10,885 | 10,930 | |
Series 2014 B, 1.5% 10/1/15 | 8,500 | 8,567 | |
Series 2015 A, 2% 10/1/15 (a) | 11,370 | 11,493 | |
Fairfax County Indl. Dev. Auth. Bonds (Inova Health Sys. Proj.) Series 2012 C, 0.1%, tender 9/25/15 (b) | 22,800 | 22,800 | |
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1992, 0.4% tender 3/16/15, CP mode (e) | 17,600 | 17,600 | |
Norfolk Econ. Dev. Auth. Hosp. Facilities Rev. Bonds (Sentara Healthcare Proj.): | |||
Series 2010 B, 0.14%, tender 9/25/15 (b) | 14,150 | 14,150 | |
Series 2012 A, 0.1%, tender 9/25/15 (b) | 12,940 | 12,940 | |
Norfolk Econ. Dev. Auth. Rev. 0.09% 3/18/15, CP | 33,300 | 33,300 | |
Prince William County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1986, 0.35% tender 3/16/15, CP mode | 4,700 | 4,700 | |
Tobacco Settlement Fing. Corp. Bonds Series 2005, 5.625% 6/1/15 (Pre-Refunded to 6/1/15 @ 100) | 1,000 | 1,013 | |
Virginia College Bldg. Auth. Edl. Facilities Rev. Bonds: | |||
(Pub. Higher Ed. Fing. Prog.) Series 2010 A1, 5% 9/1/15 | 2,500 | 2,562 | |
21st Century College and Equip. Progs.) Series 2011 A, 5% 2/1/16 | 2,615 | 2,730 | |
Series 2012 A, 5% 9/1/15 | 5,000 | 5,122 | |
Virginia College Bldg. Auth. Edl. Facilities Rev. Rfdg. Bonds Series 2014 B, 3% 9/1/15 | 7,785 | 7,897 | |
Virginia Commonwealth Trans. Board Rev. Bonds: | |||
(Northern Virginia Trans. District Prog. Series 2012 A, 4% 5/15/15 | 7,000 | 7,056 | |
(Trans. Cap. Projs.): | |||
Series 2010 A, 5% 5/15/15 | 5,000 | 5,050 | |
Series 2012, 5% 5/15/15 | 2,080 | 2,101 | |
Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds: | |||
Series 2007 A, 5% 8/1/15 | 1,595 | 1,627 | |
Series 2014 A, 5% 8/1/15 | 4,065 | 4,148 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Virginia - continued | |||
Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds: - continued | |||
Series 2014 C, 5% 8/1/15 | $ 10,135 | $ 10,342 | |
Virginia Pub. School Auth. Bonds: | |||
Series 2013 A, 3% 8/1/15 | 3,730 | 3,774 | |
Series 2013 I, 5% 4/15/15 | 7,000 | 7,043 | |
Series II, 5% 4/15/15 | 11,655 | 11,725 | |
Series XI, 5% 4/15/15 | 5,000 | 5,031 | |
Virginia Pub. School Auth. School Fing. Bonds Series 2014 C, 2% 8/1/15 | 3,195 | 3,220 | |
Virginia Resources Auth. Clean Wtr. Rev. Bonds Series 2014 A, 1% 4/1/15 | 5,730 | 5,734 | |
| 231,241 | ||
Washington - 0.6% | |||
Energy Northwest Elec. Rev. Bonds: | |||
(Proj. 1) Series 2006 A, 5% 7/1/15 | 4,300 | 4,370 | |
(Proj. 3): | |||
Series 2005 A, 5% 7/1/15 | 2,225 | 2,261 | |
Series 2007 A, 5% 7/1/15 | 11,830 | 12,022 | |
Series 2014 A, 2% 7/1/15 | 10,000 | 10,063 | |
Series 2003 A, 5.5% 7/1/15 | 1,115 | 1,135 | |
Series 2005 A: | |||
5% 7/1/15 | 2,650 | 2,693 | |
5% 7/1/15 | 5,000 | 5,081 | |
Series 2007 A, 5% 7/1/15 | 7,615 | 7,739 | |
5% 7/1/15 | 2,215 | 2,251 | |
King County #405 Bellevue Bonds Series 2014, 5% 12/1/15 (Washington Gen. Oblig. Guaranteed) | 4,613 | 4,777 | |
King County Gen. Oblig. Bonds Series 2012 A, 5% 7/1/15 | 4,350 | 4,421 | |
Port of Seattle Rev. Series 2001 B1: | |||
0.1% 3/4/15, LOC Bank of America NA, CP (e) | 17,655 | 17,655 | |
0.1% 3/9/15, LOC Bank of America NA, CP (e) | 5,000 | 5,000 | |
Seattle Gen. Oblig. Bonds Series 2014, 5% 5/1/15 | 6,785 | 6,840 | |
Seattle Muni. Lt. & Pwr. Rev. Bonds: | |||
Series 2010 B, 5% 2/1/16 | 1,245 | 1,300 | |
Series 2012 A, 5% 6/1/15 | 11,585 | 11,727 | |
5% 9/1/15 | 15,260 | 15,634 | |
Univ. of Washington Univ. Revs. Series 8, 0.08% 4/6/15, CP | 12,500 | 12,500 | |
Washington Ctfs. of Prtn. Bonds: | |||
Series 2013 A, 3% 7/1/15 | 5,210 | 5,260 | |
Series 2014 B, 5% 7/1/15 | 5,900 | 5,996 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Washington - continued | |||
Washington Gen. Oblig. Bonds: | |||
Series 2005 C, 0% 6/1/15 | $ 3,250 | $ 3,248 | |
Series 2012 C, 5% 7/1/15 | 20,410 | 20,744 | |
Series 2014 BR, 3% 7/1/15 | 2,000 | 2,019 | |
Series R 2012A, 5% 7/1/15 | 1,030 | 1,047 | |
Washington Health Care Facilities Auth. Rev. Bonds Series 2013 B2, 0.17%, tender 8/27/15 (b) | 20,000 | 20,000 | |
| 185,783 | ||
West Virginia - 0.0% | |||
Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1996: | |||
0.32% tender 3/3/15, CP mode (e) | 10,100 | 10,100 | |
0.32% tender 3/12/15, CP mode (e) | 1,800 | 1,800 | |
| 11,900 | ||
Wisconsin - 0.8% | |||
Milwaukee Gen. Oblig. Bonds Series 2014 N2, 5% 4/1/15 | 17,100 | 17,170 | |
Wisconsin Gen. Oblig.: | |||
Bonds: | |||
Series 1998 1, 5.5% 11/1/15 | 4,885 | 5,058 | |
Series 2001 1, 5.5% 5/1/15 | 5,000 | 5,045 | |
Series 2005 1, 5% 5/1/15 | 7,195 | 7,254 | |
Series 2006 1, 5.25% 5/1/15 | 2,125 | 2,143 | |
Series 2007 1, 5% 5/1/15 | 9,955 | 10,036 | |
Series 2011 A, 5% 5/1/15 | 3,550 | 3,579 | |
Series 2005 A, 0.09% 3/18/15 (Liquidity Facility Bank of New York, New York), CP | 3,100 | 3,100 | |
Series 2006 A: | |||
0.04% 4/2/15 (Liquidity Facility Bank of New York, New York), CP | 14,900 | 14,900 | |
0.04% 4/2/15 (Liquidity Facility Bank of New York, New York), CP | 16,253 | 16,253 | |
Series 2013 A: | |||
0.04% 4/2/15 (Liquidity Facility Bank of New York, New York), CP | 19,915 | 19,915 | |
0.09% 4/6/15 (Liquidity Facility Bank of New York, New York), CP | 5,310 | 5,310 | |
Wisconsin Health & Edl. Facilities Bonds: | |||
Series 2013 B, 0.08%, tender 9/25/15 (b) | 12,345 | 12,345 | |
Series 2014 B1, 0.1%, tender 9/25/15 (b) | 4,000 | 4,000 | |
Series 2014 B2, 0.1%, tender 9/25/15 (b) | 11,150 | 11,150 | |
Other Municipal Debt - continued | |||
Principal Amount (000s) | Value (000s) | ||
Wisconsin - continued | |||
Wisconsin Trans. Rev.: | |||
Bonds: | |||
Series 2012 1, 5% 7/1/15 | $ 3,500 | $ 3,557 | |
Series 2014 1, 2% 7/1/15 | 2,725 | 2,743 | |
Series 1997 A: | |||
0.08% 4/1/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 23,879 | 23,879 | |
0.09% 3/6/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 5,699 | 5,699 | |
Series 2006 A, 0.09% 3/6/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 20,716 | 20,716 | |
Series 2013 A: | |||
0.09% 4/6/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 35,015 | 35,015 | |
0.09% 6/2/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 11,900 | 11,900 | |
| 240,767 | ||
TOTAL OTHER MUNICIPAL DEBT (Cost $8,864,834) |
| ||
Investment Company - 9.0% | |||
Shares |
| ||
Fidelity Municipal Cash Central Fund, 0.02% (c)(d) (Cost $2,580,905) | 2,580,905,134 |
| |
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $28,775,308) | 28,775,308 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (57,031) | ||
NET ASSETS - 100% | $ 28,718,277 |
Security Type Abbreviations | ||
BAN | - | BOND ANTICIPATION NOTE |
CP | - | COMMERCIAL PAPER |
RAN | - | REVENUE ANTICIPATION NOTE |
TAN | - | TAX ANTICIPATION NOTE |
TRAN | - | TAX AND REVENUE ANTICIPATION NOTE |
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend |
(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(d) 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. |
(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(f) Provides evidence of ownership in one or more underlying municipal bonds. |
(g) 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 $487,645,000 or 1.7% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Cost (000s) |
Board of Regents of The Texas A&M Univ. Sys. Permanent Univ. Fund Bonds Series WF 10 53C, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) | 9/16/13 | $ 5,545 |
Chicago Metropolitan Wtr. Reclamation District Greater Chicago Bonds Series Solar 06 75, 0.09%, tender 5/21/15 (Liquidity Facility U.S. Bank NA, Cincinnati) | 11/21/13 | $ 19,740 |
DuPage County Gen. Oblig. Bonds Series Merlots 00 A9, 0.15%, tender 7/8/15 (Liquidity Facility Wells Fargo Bank NA) | 8/17/11 | $ 7,595 |
Security | Acquisition Date | Cost (000s) |
Florida Dept. of Trans. Tpk. Rev. Bonds Series Solar 07 30, 0.11%, tender 3/26/15 (Liquidity Facility U.S. Bank NA, Cincinnati) | 12/11/14 | $ 22,000 |
JPMorgan Chase Bonds Series Putters 4410, 0.07%, tender 4/23/15 (Liquidity Facility JPMorgan Chase Bank) | 10/31/13 | $ 23,995 |
JPMorgan Chase Bonds Series Putters 4465, 0.1%, tender 5/7/15 (Liquidity Facility JPMorgan Chase Bank) | 7/17/14 | $ 145,095 |
JPMorgan Chase Bonds Series Putters 4466, 0.13%, tender 5/7/15 (Liquidity Facility JPMorgan Chase Bank) | 7/17/14 - 12/10/14 | $ 112,305 |
JPMorgan Chase NA Letter of Credit Bonds Series Putters 4460, 0.12%, tender 4/2/15 (Liquidity Facility JPMorgan Chase Bank) | 7/10/14 | $ 69,900 |
Security | Acquisition Date | Cost (000s) |
JPMorgan Chase NA Letter of Credit Bonds Series Putters 4461, 0.07%, tender 3/5/15 (Liquidity Facility JPMorgan Chase Bank) | 7/10/14 | $ 28,000 |
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig. Bonds Series Solar 06 93, 0.11%, tender 3/5/15 (Liquidity Facility U.S. Bank NA, Cincinnati) | 5/28/14 | $ 14,000 |
Los Angeles Cmnty. College District Bonds Series WF 11 36C, 0.15%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) | 4/29/13 | $ 4,840 |
Michigan State Univ. Revs. Bonds Series WF 11 33 C, 0.15%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) | 9/24/14 | $ 3,000 |
Newport Mesa Unified School District Bonds Series WF 11 70Z, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) | 7/17/12 - 1/30/14 | $ 15,030 |
Security | Acquisition Date | Cost (000s) |
Oregon Gen. Oblig. Bonds Series WF11 57 C, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) | 9/24/14 | $ 10,800 |
Private Colleges & Univs. Auth. Rev. Bonds Series WF 11 32C, 0.21%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) | 8/8/11 | $ 5,800 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 533 |
Other Information |
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. |
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.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) | February 28, 2015 (Unaudited) | |
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $26,194,403) | $ 26,194,403 |
|
Fidelity Central Funds (cost $2,580,905) | 2,580,905 |
|
Total Investments (cost $28,775,308) |
| $ 28,775,308 |
Cash |
| 8,436 |
Receivable for investments sold | 15,010 | |
Receivable for fund shares sold | 316,484 | |
Interest receivable | 42,280 | |
Distributions receivable from Fidelity Central Funds | 43 | |
Prepaid expenses | 43 | |
Other receivables | 268 | |
Total assets | 29,157,872 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 8,476 | |
Delayed delivery | 63,102 | |
Payable for fund shares redeemed | 360,049 | |
Distributions payable | 22 | |
Accrued management fee | 810 | |
Other affiliated payables | 6,815 | |
Other payables and accrued expenses | 321 | |
Total liabilities | 439,595 | |
|
|
|
Net Assets | $ 28,718,277 | |
Net Assets consist of: |
| |
Paid in capital | $ 28,717,541 | |
Undistributed net investment income | 4 | |
Accumulated undistributed net realized gain (loss) on investments | 732 | |
Net Assets, for 28,708,355 shares outstanding | $ 28,718,277 | |
Net Asset Value, offering price and redemption price per share ($28,718,277 ÷ 28,708,355 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended February 28, 2015 (Unaudited) | |
Investment Income |
|
|
Interest |
| $ 9,027 |
Income from Fidelity Central Funds |
| 533 |
Total income |
| 9,560 |
|
|
|
Expenses | ||
Management fee | $ 37,649 | |
Transfer agent fees | 19,318 | |
Accounting fees and expenses | 754 | |
Custodian fees and expenses | 162 | |
Independent trustees' compensation | 62 | |
Registration fees | 259 | |
Audit | 43 | |
Legal | 60 | |
Miscellaneous | 68 | |
Total expenses before reductions | 58,375 | |
Expense reductions | (50,250) | 8,125 |
Net investment income (loss) | 1,435 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 1,269 | |
Net increase in net assets resulting from operations | $ 2,704 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 1,435 | $ 2,963 |
Net realized gain (loss) | 1,269 | 2,773 |
Net increase in net assets resulting from operations | 2,704 | 5,736 |
Distributions to shareholders from net investment income | (1,431) | (2,914) |
Distributions to shareholders from net realized gain | (1,692) | (1,154) |
Total distributions | (3,123) | (4,068) |
Share transactions at net asset value of $1.00 per share | 44,568,003 | 83,642,529 |
Reinvestment of distributions | 2,835 | 3,752 |
Cost of shares redeemed | (44,499,995) | (83,592,348) |
Net increase (decrease) in net assets and shares resulting from share transactions | 70,843 | 53,933 |
Total increase (decrease) in net assets | 70,424 | 55,601 |
|
|
|
Net Assets | ||
Beginning of period | 28,647,853 | 28,592,252 |
End of period (including undistributed net investment income of $4 and $0, respectively) | $ 28,718,277 | $ 28,647,853 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended February 28, 2015 | Years ended August 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | - | - | - | - | - | - |
Net realized and unrealized gain(loss) E | - | - | - | - | - | - |
Total from investment operations E | - | - | - | - | - | - |
Distributions from net investment income E | - | - | - | - | - | - |
Distributions from net realized gain | - E | - E | - | - | - | - E |
Total distributions E | - | - | - | - | - | - |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total ReturnB, C | .01% | .01% | .01% | .01% | .01% | .01% |
Ratios to Average Net Assets D, F |
|
|
|
|
| |
Expenses before reductions | .41% A | .40% | .41% | .42% | .43% | .43% |
Expenses net of fee waivers, if any | .06% A | .09% | .15% | .18% | .26% | .34% |
Expenses net of all reductions | .06% A | .09% | .15% | .18% | .26% | .34% |
Net investment income (loss) | .01% A | .01% | .01% | .01% | .01% | .01% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (in millions) | $ 28,718 | $ 28,648 | $ 28,592 | $ 24,688 | $ 23,224 | $ 22,370 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
E Amount represents less than $.001 per share.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended February 28, 2015 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity® Municipal Money Market Fund (the Fund) is a fund of Fidelity Union Street Trust II (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. 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.
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 are less than .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 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:
Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Security Valuation - continued
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
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.
Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
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.
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.
Book-tax differences are primarily due to deferred trustees compensation.
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 Internal Revenue Service (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:
Gross unrealized appreciation | $ - |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) on securities | $ - |
|
|
Tax cost | $ 28,775,308 |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
New Rule Issuance. In July 2014, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF, which amends the rules governing money market funds. The final amendments impose different implementation dates for the changes that certain money market funds will need to make. Management is currently evaluating the implication of these amendments and their impact of the Final Rule to the Fund's financial statements and related disclosures.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .15% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .26% of the Fund's average net assets.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and servicing agent for the Fund. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, under which FIIOC performs the activities associated with the Fund's transfer agency, dividend disbursing and shareholder servicing functions. The Fund pays Citibank account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to an annualized rate of ..13% of average net assets.
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, under which FSC maintains the Fund's accounting records. The fee is paid to Citibank and is based on the level of average net assets for each month.
5. Expense Reductions.
The investment adviser or its affiliates voluntarily agreed to waive certain fees in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $50,144.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $106.
6. 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.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Municipal Money Market Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) 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 the Fidelity funds.
At its September 2014 meeting, the Board, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale exist and would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders. In connection with separate internal corporate reorganizations involving Fidelity Management & Research (U.K.) Inc. (FMR U.K.) and Fidelity Management & Research (Japan) Inc. (FMR Japan), the Board approved certain non-material amendments to the fund's sub-advisory agreements with FMR U.K. and FMR Japan to reflect that, after these reorganizations, FMR Investment Management (UK) Limited and Fidelity Management & Research (Japan) Limited will carry on the business of FMR U.K. and FMR Japan, respectively. The Board noted that no changes to the portfolio managers or to the foreign research or investment advisory services provided to the fund were expected in connection with either reorganization and that the same personnel and resources would continue to be available to the fund at the new entities.
Semiannual Report
In considering whether to renew the Advisory Contracts for the fund, the Board 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 that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. 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. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. 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 believes 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, and compliance capabilities and resources, which are integral parts of the investment management process.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment 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 and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) persisting in efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs for income-oriented solutions; (iv) reducing fund expenses for certain index funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching sector-based exchange-traded funds and establishing a new Fidelity adviser, Fidelity SelectCo, LLC, to manage sector-based funds and products; (viii) continuing to develop, acquire, and implement systems and technology to improve security and services to the funds and to increase efficiency; (ix) modifying the eligibility criteria for certain share classes to increase their marketability to a portion of the defined contribution plan market; (x) waiving redemption fees for certain qualified fund-of-fund and wrap programs and certain retirement plan transactions; and (xi) launching new Institutional Class shares of certain money market funds to attract and retain assets and to fill a gap in money market fund offerings.
Semiannual Report
Investment Performance. 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 and its performance history.
The Board took into account discussions with the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board periodically considers annualized return information for the fund for different time periods, measured against a peer group of funds with similar objectives ("peer group"). In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and the Investment Advisers' explanations for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; tactical opportunities for investment; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors.
The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods.
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 fund's shareholders.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.
Semiannual Report
Fidelity Municipal Money Market Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2013.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the fund's total expense ratio ranked below its competitive median for 2013. The Board considered that Fidelity has been voluntarily waiving part or all of the transfer agent fees and/or management fees to maintain a minimum yield, and also noted that Fidelity retains the ability to be repaid in certain circumstances.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationship with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
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 considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
Semiannual Report
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus sector fund assets previously under FMR's management and currently managed by Fidelity SelectCo, LLC). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. 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 fee structures, including the group fee structure and definition of group assets, and the rationale for recommending different fees among different categories of funds and classes; (vi) 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; (vii) the methodology with respect to competitive fund data and peer group classifications; (viii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes, and the impact of the increased use of omnibus accounts; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain funds and classes or to achieve further economies of scale.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity Management & Research
(Japan) Limited
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
MMM-USAN-0415 1.790940.111
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Union Street Trust II's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Union Street Trust II's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Union Street Trust II
By: | /s/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
|
|
Date: | April 24, 2015 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
|
|
Date: | April 24, 2015 |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
|
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Date: | April 24, 2015 |