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, MA 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, 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 |
Date of reporting period: | February 29, 2016 |
Item 1.
Reports to Stockholders
Fidelity® Arizona Municipal Income Fund and Fidelity® Arizona Municipal Money Market Fund Semi-Annual Report February 29, 2016 |
Contents
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.
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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. © 2016 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.
Fidelity® Arizona Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of February 29, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Education | 19.4 | 16.1 |
General Obligations | 18.3 | 21.1 |
Health Care | 14.2 | 16.3 |
Electric Utilities | 10.9 | 12.1 |
Water & Sewer | 10.8 | 11.5 |
Weighted Average Maturity as of February 29, 2016
6 months ago | ||
Years | 6.6 | 6.6 |
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 29, 2016
6 months ago | ||
Years | 6.5 | 6.9 |
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 29, 2016 | ||
AAA | 1.5% | |
AA,A | 82.9% | |
BBB | 8.3% | |
Not Rated | 2.4% | |
Short-Term Investments and Net Other Assets | 4.9% |
As of August 31, 2015 | ||
AAA | 2.4% | |
AA,A | 83.4% | |
BBB | 9.0% | |
Not Rated | 4.1% | |
Short-Term Investments and Net Other Assets | 1.1% |
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.
Fidelity® Arizona Municipal Income Fund
Investments February 29, 2016 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 95.1% | |||
Principal Amount | Value | ||
Arizona - 94.3% | |||
Arizona Board of Regents Arizona State Univ. Rev.: | |||
(Polytechnic Campus Proj.) Series 2008 C, 5.75% 7/1/23 (Pre-Refunded to 7/1/18 @ 100) | $250,000 | $278,973 | |
Series 2012 A, 5% 7/1/26 | 1,000,000 | 1,193,190 | |
Series 2015 B, 5% 7/1/31 | 1,510,000 | 1,815,337 | |
Series 2015 D: | |||
5% 7/1/34 | 500,000 | 592,440 | |
5% 7/1/35 | 900,000 | 1,062,324 | |
5% 7/1/46 | 3,000,000 | 3,482,250 | |
Arizona Board of Regents Ctfs. of Prtn. (Univ. of Arizona Projs.) Series 2012 C, 5% 6/1/26 | 3,035,000 | 3,562,999 | |
Arizona Ctfs. of Prtn.: | |||
Series 2010 A, 5% 10/1/29 (FSA Insured) | 5,000,000 | 5,616,650 | |
Series 2013 A, 5% 10/1/25 | 1,870,000 | 2,230,648 | |
Series 2015, 5% 9/1/27 | 1,500,000 | 1,833,645 | |
Arizona Game and Fish Dept. and Commission (AGF Administration Bldg. Proj.) Series 2006: | |||
5% 7/1/21 | 1,280,000 | 1,297,677 | |
5% 7/1/32 | 470,000 | 475,786 | |
Arizona Health Facilities Auth. Hosp. Sys. Rev. Series 2012 A, 5% 2/1/23 | 1,285,000 | 1,492,669 | |
Arizona Health Facilities Auth. Rev.: | |||
(Banner Health Sys. Proj.): | |||
Series 2007 B, 1.22%, tender 1/1/37 (a) | 1,000,000 | 881,560 | |
Series 2008 A, 5.25% 1/1/31 | 1,000,000 | 1,069,220 | |
Series 2008 D: | |||
5.375% 1/1/32 | 1,005,000 | 1,075,692 | |
5.5% 1/1/38 | 100,000 | 107,070 | |
6% 1/1/27 | 1,000,000 | 1,087,450 | |
(Scottsdale Lincoln Hospitals Proj.) Series 2014 A: | |||
5% 12/1/26 | 2,000,000 | 2,432,540 | |
5% 12/1/42 | 2,000,000 | 2,253,100 | |
Series 2011 B1, 5.25% 3/1/39 | 1,000,000 | 1,095,380 | |
Series 2012 A, 5% 1/1/43 | 3,500,000 | 3,861,725 | |
Arizona State Lottery Rev. Series 2010 A, 5% 7/1/21 (FSA Insured) | 1,000,000 | 1,146,990 | |
Arizona Trans. Board Hwy. Rev. Series 2011 A, 5.25% 7/1/26 | 1,250,000 | 1,508,350 | |
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series A, 5% 10/1/28 | 2,000,000 | 2,456,600 | |
Avondale Muni. Dev. Corp. Excise Tax Rev. 5% 7/1/28 | 500,000 | 547,475 | |
Buckeye Excise Tax Rev. Series 2015: | |||
5% 7/1/27 | 350,000 | 420,452 | |
5% 7/1/28 | 500,000 | 597,895 | |
5% 7/1/29 | 455,000 | 539,944 | |
Central Wtr. Conservation District (Central Arizona Proj.) Series 2016 A, 5% 1/1/36 | 500,000 | 594,390 | |
Cottonwood Wtr. Sys. Rev.: | |||
5% 7/1/26 (XL Cap. Assurance, Inc. Insured) | 1,405,000 | 1,418,362 | |
5% 7/1/30 (XL Cap. Assurance, Inc. Insured) | 1,125,000 | 1,134,585 | |
5% 7/1/35 (XL Cap. Assurance, Inc. Insured) | 1,300,000 | 1,308,931 | |
Dysart Unified School District #89 Gen. Oblig. Series 2014: | |||
5% 7/1/23 | 700,000 | 854,728 | |
5% 7/1/27 | 1,300,000 | 1,555,892 | |
Glendale Gen. Oblig. Series 2015, 5% 7/1/22 (FSA Insured) | 1,000,000 | 1,190,550 | |
Glendale Indl. Dev. Auth. (Midwestern Univ. Proj.) Series 2007, 5.25% 5/15/19 | 1,000,000 | 1,112,070 | |
Glendale Sr. Excise Tax Rev. Series 2015 A, 5% 7/1/28 | 1,000,000 | 1,189,410 | |
Goodyear McDowell Road Commercial Corridor Impt. District 5.25% 1/1/17 (AMBAC Insured) | 1,580,000 | 1,641,099 | |
Goodyear Pub. Impt. Corp. Facilities Rev. Series 2008, 6% 7/1/31 | 1,000,000 | 1,113,270 | |
Marana Muni. Property Corp. Facilities Rev. Series A, 5.25% 7/1/22 | 1,620,000 | 1,789,484 | |
Maricopa County Indl. Dev. Auth. Health Facilities Rev. (Catholic Healthcare West Proj.): | |||
Series 2007 A, 5.25% 7/1/32 | 1,000,000 | 1,049,640 | |
Series 2009 A, 6% 7/1/39 | 1,000,000 | 1,140,960 | |
Maricopa County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 5% 6/1/35 | 6,000,000 | 6,775,798 | |
Maricopa County School District #28 Kyrene Elementary: | |||
Series 2010 B: | |||
5.25% 7/1/28 | 690,000 | 836,363 | |
5.5% 7/1/29 | 480,000 | 590,659 | |
5.5% 7/1/30 | 400,000 | 491,300 | |
Series 2010 C, 4% 7/1/29 | 650,000 | 718,120 | |
McAllister Academic Village LLC Rev. (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2008, 5% 7/1/38 | 1,000,000 | 1,078,800 | |
Northern Ariz Univ. Ctfs. of Prtn.: | |||
(Univ. Proj.) Series 2013, 5% 9/1/24 | 1,000,000 | 1,191,930 | |
Series 2015: | |||
3% 9/1/16 (FSA Insured) | 1,490,000 | 1,508,819 | |
5% 9/1/20 (FSA Insured) | 440,000 | 507,104 | |
Northern Arizona Univ. Revs.: | |||
Series 2012: | |||
5% 6/1/36 | 860,000 | 968,635 | |
5% 6/1/41 | 1,250,000 | 1,381,925 | |
Series 2013, 5% 8/1/27 | 1,000,000 | 1,182,990 | |
Series 2014, 5% 6/1/29 | 500,000 | 589,735 | |
Series 2015, 5% 6/1/30 | 1,000,000 | 1,174,490 | |
Phoenix Civic Impt. Board Arpt. Rev.: | |||
Series 2008 A, 5% 7/1/33 | 1,000,000 | 1,085,510 | |
Series 2013: | |||
5% 7/1/26 (b) | 1,100,000 | 1,298,385 | |
5% 7/1/29 (b) | 500,000 | 582,115 | |
Series 2015 A, 5% 7/1/45 | 3,400,000 | 3,860,666 | |
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 | 2,623,460 | |
Phoenix Gen. Oblig. Series 2014, 4% 7/1/26 | 2,000,000 | 2,303,740 | |
Phoenix-Mesa Gateway Arpt. Auth. (Mesa Proj.) Series 2012: | |||
5% 7/1/24 (b) | 380,000 | 440,086 | |
5% 7/1/27 (b) | 400,000 | 458,428 | |
Pima County Ctfs. of Prtn.: | |||
(Justice Bldg. Proj.) Series 2007 A: | |||
5% 7/1/19 (AMBAC Insured) | 650,000 | 684,554 | |
5% 7/1/21 (AMBAC Insured) | 910,000 | 958,130 | |
Series 2013 A, 5% 12/1/22 | 1,000,000 | 1,211,540 | |
Series 2014, 5% 12/1/27 | 1,745,000 | 2,057,093 | |
Pima County Swr. Sys. Rev.: | |||
Series 2011 B: | |||
5% 7/1/22 | 1,635,000 | 1,947,252 | |
5% 7/1/25 | 1,000,000 | 1,189,840 | |
Series 2012 A: | |||
5% 7/1/25 | 1,600,000 | 1,910,160 | |
5% 7/1/26 | 1,000,000 | 1,191,870 | |
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 | 1,055,350 | |
Series 2008 D, 5% 7/1/25 (FSA Insured) | 1,000,000 | 1,092,040 | |
Queen Creek Excise Tax & State Shared Rev. 5% 8/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,125,000 | 1,192,140 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev.: | |||
Series 2008 A: | |||
5% 1/1/24 | 1,075,000 | 1,159,818 | |
5% 1/1/33 | 1,000,000 | 1,071,690 | |
5% 1/1/38 | 2,400,000 | 2,561,640 | |
Series 2009 A, 5% 1/1/26 | 2,950,000 | 3,300,991 | |
Series 2015 A: | |||
5% 12/1/34 | 1,500,000 | 1,802,265 | |
5% 12/1/45 | 1,000,000 | 1,169,180 | |
Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007: | |||
5% 12/1/37 | 1,500,000 | 1,772,055 | |
5.5% 12/1/29 | 3,000,000 | 3,762,300 | |
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.): | |||
Series 2006 C, 5% 9/1/35 (FSA Insured) | 420,000 | 477,389 | |
Series 2008 A, 5% 9/1/23 | 355,000 | 387,227 | |
Scottsdale Muni. Property Corp. Excise Tax Rev. Series 2015, 5% 7/1/34 | 1,355,000 | 1,626,501 | |
Surprise Pledged Rev. Series 2015, 5% 7/1/26 | 1,010,000 | 1,245,360 | |
Tempe Excise Tax Rev. Series 2012, 5% 7/1/25 | 1,090,000 | 1,320,197 | |
Tempe Transit Excise Tax Rev. Series 2008, 4.75% 7/1/38 | 60,000 | 64,272 | |
Tucson Ctfs. of Prtn.: | |||
Series 2007, 5% 7/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,053,300 | |
Series 2014: | |||
4% 7/1/20 (FSA Insured) | 500,000 | 558,865 | |
5% 7/1/28 (FSA Insured) | 1,000,000 | 1,191,010 | |
Tucson Wtr. Rev.: | |||
Series 2015, 5% 7/1/31 | 1,000,000 | 1,216,100 | |
5% 7/1/27 | 1,000,000 | 1,241,600 | |
5% 7/1/28 | 2,000,000 | 2,466,060 | |
Univ. Med. Ctr. Corp. Hosp. Rev.: | |||
Series 2011, 6% 7/1/39 (Pre-Refunded to 7/1/21 @ 100) | 2,235,000 | 2,779,178 | |
5.625% 7/1/36 (Pre-Refunded to 7/1/23 @ 100) | 1,000,000 | 1,266,960 | |
Univ. of Arizona Univ. Revs.: | |||
Series 2009 A, 5% 6/1/39 | 1,000,000 | 1,111,080 | |
Series 2012 A, 5% 6/1/37 | 2,225,000 | 2,532,250 | |
Series 2014, 5% 8/1/28 | 1,000,000 | 1,199,470 | |
Series 2015 A 5% 6/1/30 | 2,500,000 | 3,045,200 | |
5% 6/1/38 | 2,000,000 | 2,363,660 | |
Yavapai County Indl. Dev. Auth.: | |||
(Northern Healthcare Sys. Proj.) Series 2011, 5% 10/1/20 | 1,000,000 | 1,157,640 | |
Series 2012 A, 5.25% 8/1/33 | 2,000,000 | 2,219,780 | |
Yuma Indl. Dev. Auth. Hosp. Rev. Series 2014 A, 5% 8/1/27 | 2,000,000 | 2,329,280 | |
TOTAL ARIZONA | 158,700,747 | ||
Guam - 0.6% | |||
Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | |||
5% 10/1/18 (b) | 300,000 | 325,179 | |
6.375% 10/1/43 (b) | 200,000 | 236,890 | |
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/21 (FSA Insured) | 400,000 | 470,232 | |
TOTAL GUAM | 1,032,301 | ||
Virgin Islands - 0.2% | |||
Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/25 | 300,000 | 327,663 | |
TOTAL MUNICIPAL BONDS | |||
(Cost $149,738,132) | 160,060,711 | ||
TOTAL INVESTMENT PORTFOLIO - 95.1% | |||
(Cost $149,738,132) | 160,060,711 | ||
NET OTHER ASSETS (LIABILITIES) - 4.9% | 8,200,349 | ||
NET ASSETS - 100% | $168,261,060 |
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
Investment Valuation
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.
Other Information
The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):
Education | 19.4% |
General Obligations | 18.3% |
Health Care | 14.2% |
Electric Utilities | 10.9% |
Water & Sewer | 10.8% |
Special Tax | 10.1% |
Others* (Individually Less Than 5%) | 16.3% |
100.0% |
* Includes net other assets
See accompanying notes which are an integral part of the financial statements.
Fidelity® Arizona Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
February 29, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $149,738,132) | $160,060,711 | |
Cash | 9,208,632 | |
Receivable for fund shares sold | 140,898 | |
Interest receivable | 1,491,091 | |
Other receivables | 395 | |
Total assets | 170,901,727 | |
Liabilities | ||
Payable for investments purchased | $2,369,360 | |
Payable for fund shares redeemed | 57,706 | |
Distributions payable | 136,787 | |
Accrued management fee | 76,814 | |
Total liabilities | 2,640,667 | |
Net Assets | $168,261,060 | |
Net Assets consist of: | ||
Paid in capital | $157,636,291 | |
Undistributed net investment income | 70,751 | |
Accumulated undistributed net realized gain (loss) on investments | 231,439 | |
Net unrealized appreciation (depreciation) on investments | 10,322,579 | |
Net Assets, for 13,712,039 shares outstanding | $168,261,060 | |
Net Asset Value, offering price and redemption price per share ($168,261,060 ÷ 13,712,039 shares) | $12.27 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended February 29, 2016 (Unaudited) | ||
Investment Income | ||
Interest | $2,662,907 | |
Expenses | ||
Management fee | $431,052 | |
Independent trustees' compensation | 325 | |
Miscellaneous | 102 | |
Total expenses before reductions | 431,479 | |
Expense reductions | (724) | 430,755 |
Net investment income (loss) | 2,232,152 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 454,662 | |
Total net realized gain (loss) | 454,662 | |
Change in net unrealized appreciation (depreciation) on investment securities | 2,883,826 | |
Net gain (loss) | 3,338,488 | |
Net increase (decrease) in net assets resulting from operations | $5,570,640 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended February 29, 2016 (Unaudited) | Year ended August 31, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $2,232,152 | $4,672,341 |
Net realized gain (loss) | 454,662 | 1,307,805 |
Change in net unrealized appreciation (depreciation) | 2,883,826 | (1,089,243) |
Net increase (decrease) in net assets resulting from operations | 5,570,640 | 4,890,903 |
Distributions to shareholders from net investment income | (2,207,529) | (4,675,085) |
Distributions to shareholders from net realized gain | (1,470,954) | (97,580) |
Total distributions | (3,678,483) | (4,772,665) |
Share transactions | ||
Proceeds from sales of shares | 22,279,422 | 27,606,839 |
Reinvestment of distributions | 2,422,929 | 3,093,920 |
Cost of shares redeemed | (9,318,767) | (25,619,263) |
Net increase (decrease) in net assets resulting from share transactions | 15,383,584 | 5,081,496 |
Redemption fees | 212 | 1,002 |
Total increase (decrease) in net assets | 17,275,953 | 5,200,736 |
Net Assets | ||
Beginning of period | 150,985,107 | 145,784,371 |
End of period (including undistributed net investment income of $70,751 and undistributed net investment income of $46,128, respectively) | $168,261,060 | $150,985,107 |
Other Information | ||
Shares | ||
Sold | 1,824,629 | 2,263,762 |
Issued in reinvestment of distributions | 199,502 | 254,009 |
Redeemed | (764,865) | (2,102,640) |
Net increase (decrease) | 1,259,266 | 415,131 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Arizona Municipal Income Fund
Six months ended February 29, (Unaudited) | Years ended August 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $12.12 | $12.11 | $11.31 | $12.19 | $11.55 | $11.76 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .173 | .375 | .399 | .382 | .413 | .420 |
Net realized and unrealized gain (loss) | .267 | .018 | .831 | (.855) | .641 | (.210) |
Total from investment operations | .440 | .393 | 1.230 | (.473) | 1.054 | .210 |
Distributions from net investment income | (.172) | (.375) | (.398) | (.382) | (.412) | (.420) |
Distributions from net realized gain | (.118) | (.008) | (.032) | (.025) | (.002) | – |
Total distributions | (.290) | (.383) | (.430) | (.407) | (.414) | (.420) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – | – |
Net asset value, end of period | $12.27 | $12.12 | $12.11 | $11.31 | $12.19 | $11.55 |
Total ReturnC,D | 3.67% | 3.28% | 11.06% | (4.03)% | 9.26% | 1.92% |
Ratios to Average Net AssetsE | ||||||
Expenses before reductions | .55%F | .55% | .55% | .55% | .55% | .55% |
Expenses net of fee waivers, if any | .55%F | .55% | .55% | .55% | .55% | .55% |
Expenses net of all reductions | .55%F | .55% | .55% | .55% | .55% | .55% |
Net investment income (loss) | 2.86%F | 3.08% | 3.40% | 3.16% | 3.47% | 3.71% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $168,261 | $150,985 | $145,784 | $156,049 | $183,907 | $160,378 |
Portfolio turnover rate | 9%F | 17% | 8% | 20% | 12% | 10% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Arizona Municipal Money Market Fund
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
Days | % of fund's investments 2/29/16 | % of fund's investments 8/31/15 | % of fund's investments 2/28/15 |
1 - 7 | 80.0 | 17.1 | 80.9 |
8 - 30 | 0.3 | 67.5 | 2.6 |
31 - 60 | 0.3 | 6.1 | 3.1 |
91 - 180 | 16.2 | 3.2 | 12.4 |
> 180 | 3.2 | 6.1 | 1.0 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Weighted Average Maturity
2/29/16 | 8/31/15 | 2/28/15 | |
Fidelity Arizona Municipal Money Market Fund | 31 Days | 29 Days | 24 Days |
All Tax-Free Money Market Funds Average(a) | 25 Days | 32 Days | 32 Days |
(a) Source: iMoneyNet, Inc.
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
2/29/16 | 8/31/15 | 2/28/15 | |
Fidelity Arizona Municipal Money Market Fund | 31 Days | 30 Days | 24 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 29, 2016 | ||
Variable Rate Demand Notes (VRDNs) | 50.8% | |
Other Municipal Debt | 37.7% | |
Investment Companies | 9.8% | |
Net Other Assets (Liabilities) | 1.7% |
As of August 31, 2015 | ||
Variable Rate Demand Notes (VRDNs) | 66.4% | |
Other Municipal Debt | 20.2% | |
Investment Companies | 8.3% | |
Net Other Assets (Liabilities) | 5.1% |
Current And Historical 7-Day Yields
2/29/16 | 11/30/15 | 8/31/15 | 5/31/15 | 2/28/15 | |
Fidelity® Arizona Municipal Money Market 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 29, 2016, the most recent period shown in the table, would have been -0.42%.
Fidelity® Arizona Municipal Money Market Fund
Investments February 29, 2016 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 50.8% | |||
Principal Amount | Value | ||
Alabama - 0.1% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.45% 3/7/16, VRDN (a)(b) | $200,000 | $200,000 | |
Arizona - 47.6% | |||
Arizona Board of Regents Arizona State Univ. Rev.: | |||
Participating VRDN Series 33 85X, 0.02% 3/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 6,665,000 | 6,665,000 | |
Series 2008 A, 0.01% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 2,200,000 | 2,200,000 | |
Series 2008 B, 0.01% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 4,495,000 | 4,495,000 | |
Arizona Health Facilities Auth. Rev.: | |||
(Banner Health Sys. Proj.) Series 2008 G, 0.01% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 16,055,000 | 16,055,000 | |
(Catholic Healthcare West Proj.) Series 2009 F, 0.01% 3/7/16, 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, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 3,645,000 | 3,645,000 | |
Casa Grande Indl. Dev. Auth. Indl. Dev. Rev. (Price Companies, Inc. Proj.) Series A, 0.2% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 430,000 | 430,000 | |
Coconino County Poll. Cont. Corp. Rev.: | |||
(Arizona Pub. Svc. Co. Navajo Proj.) Series 2009 B, 0.01% 3/1/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 11,700,000 | 11,700,000 | |
(Tucson Elec. Pwr. Co. Navajo Proj.) Series 2010 A, 0.05% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 7,200,000 | 7,200,000 | |
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Glenn Oaks Apts. Proj.) Series 2001, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 2,094,675 | 2,094,675 | |
(Ranchwood Apts. Proj.) Series 2001 A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 1,365,000 | 1,365,000 | |
(San Angelin Apts. Proj.) Series 2004, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 1,300,000 | 1,300,000 | |
(San Martin Apts. Proj.) Series A1, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 6,000,000 | 6,000,000 | |
(San Remo Apts. Proj.) Series 2002, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 8,675,000 | 8,675,000 | |
(Village at Sun Valley Apts. Proj.) Series 2008, 0.08% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 12,440,000 | 12,440,000 | |
(Village Square Apts. Proj.) Series 2004, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
Maricopa County Indl. Dev. Auth. Rev. (Clayton Homes, Inc. Proj.) Series 1998, 0.17% 3/7/16, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 0.2% 3/7/16, VRDN (a) | 6,100,000 | 6,100,000 | |
Mesa Util. Sys. Rev. Participating VRDN Series ROC II R 11959X, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 595,000 | 595,000 | |
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Participating VRDN Series Putters 3458, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,000,000 | 4,000,000 | |
Phoenix Indl. Dev. Auth. Multi-family Hsg. Rev. (Del Mar Terrace Apts. Proj.) Series 1999 A, 0.05% 3/7/16, LOC Freddie Mac, VRDN (a) | 13,400,000 | 13,400,000 | |
Phoenix Indl. Dev. Auth. Rev. (Independent Newspaper, Inc. Proj.) Series 2000, 0.2% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 595,000 | 595,000 | |
Pima County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
(River Point Proj.) Series 2001, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 5,320,000 | 5,320,000 | |
Series A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 3,145,000 | 3,145,000 | |
Pima County Indl. Dev. Auth. Rev. (Broadway Proper Congregate Proj.) Series 2000 A, 0.03% 3/7/16, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a) | 2,835,000 | 2,835,000 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Participating VRDN: | |||
Series BC 10 21W, 0.03% 3/7/16 (Liquidity Facility Barclays Bank PLC) (a)(c) | 5,100,000 | 5,100,000 | |
Series ROC II R 11980 X, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 700,000 | 700,000 | |
Tempe Indl. Dev. Auth. Rev. (ASUF Brickyard Proj.) Series 2004 A, 0.02% 3/7/16, LOC Bank of America NA, VRDN (a) | 11,950,000 | 11,950,000 | |
164,204,675 | |||
Arkansas - 0.3% | |||
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.07% 3/7/16, LOC Royal Bank of Scotland PLC, VRDN (a)(b) | 1,100,000 | 1,100,000 | |
Delaware - 0.3% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | |||
Series 1987, 0.1% 3/1/16, VRDN (a)(b) | 100,000 | 100,000 | |
Series 1988, 0.1% 3/1/16, VRDN (a)(b) | 300,000 | 300,000 | |
Series 1994, 0.1% 3/1/16, VRDN (a)(b) | 200,000 | 200,000 | |
Series 1999 A, 0.07% 3/7/16, VRDN (a) | 400,000 | 400,000 | |
1,000,000 | |||
Georgia - 0.5% | |||
Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Bowen Proj.) First Series 2009, 0.23% 3/7/16, VRDN (a) | 1,300,000 | 1,300,000 | |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.) Second Series 1995, 0.18% 3/1/16, VRDN (a) | 200,000 | 200,000 | |
Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Scherer Proj.) First Series 2009, 0.25% 3/7/16, VRDN (a) | 300,000 | 300,000 | |
1,800,000 | |||
Indiana - 0.1% | |||
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 B, 0.35% 3/7/16, VRDN (a)(b) | 200,000 | 200,000 | |
Louisiana - 0.1% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 A1, 0.43% 3/7/16, VRDN (a) | 360,000 | 360,000 | |
Missouri - 0.4% | |||
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Series 2013 B, 0.01% 3/1/16, LOC Bank of America NA, VRDN (a) | 1,465,000 | 1,465,000 | |
Nebraska - 0.1% | |||
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.45% 3/7/16, VRDN (a)(b) | 200,000 | 200,000 | |
Nevada - 0.1% | |||
Clark County Arpt. Rev. Series 2008 C3, 0.02% 3/7/16, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | 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, 0.13% 3/7/16, VRDN (a) | 900,000 | 900,000 | |
Series 2012 A, 0.22% 3/7/16, VRDN (a)(b) | 200,000 | 200,000 | |
1,100,000 | |||
Tennessee - 0.2% | |||
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. (Tennessee County Ln. Pool Prog.) Series 2002, 0.02% 3/1/16, LOC Bank of America NA, VRDN (a) | 730,000 | 730,000 | |
Texas - 0.5% | |||
Calhoun Port Auth. Envir. Facilities Rev. (Formosa Plastics Corp. Proj.) Series 2012, 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 400,000 | 400,000 | |
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 200,000 | 200,000 | |
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
Series 2001 A, 0.17% 3/1/16, VRDN (a) | 850,000 | 850,000 | |
Series 2004, 0.23% 3/7/16, VRDN (a)(b) | 200,000 | 200,000 | |
Series 2010 B, 0.17% 3/1/16, VRDN (a) | 200,000 | 200,000 | |
1,850,000 | |||
West Virginia - 0.1% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 0.4% 3/7/16, VRDN (a)(b) | 200,000 | 200,000 | |
Wyoming - 0.1% | |||
Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 0.19% 3/7/16, VRDN (a)(b) | 250,000 | 250,000 | |
TOTAL VARIABLE RATE DEMAND NOTE | |||
(Cost $175,159,675) | 175,159,675 | ||
Other Municipal Debt - 37.7% | |||
Arizona - 37.1% | |||
Arizona Ctfs. of Prtn. Bonds Series 2015, 2% 9/1/16 | 2,855,000 | 2,876,449 | |
Arizona School Facilities Board Ctfs. of Prtn. Bonds Series 2013 A1, 4% 9/1/16 | 3,535,000 | 3,598,555 | |
Arizona State Lottery Rev. Bonds Series 2010 A: | |||
3% 7/1/16 | 1,190,000 | 1,200,417 | |
5% 7/1/16 | 3,955,000 | 4,015,381 | |
Arizona Trans. Board Excise Tax Rev. Bonds 5% 7/1/16 | 6,575,000 | 6,678,662 | |
Arizona Trans. Board Hwy. Rev. Bonds Series 2006: | |||
5% 7/1/16 (Pre-Refunded to 7/1/16 @ 100) | 1,000,000 | 1,015,926 | |
5% 7/1/16 (Pre-Refunded to 7/1/16 @ 100) | 500,000 | 507,813 | |
Peoria Gen. Oblig. Bonds: | |||
Series 2015 A, 2% 7/15/16 | 540,000 | 543,310 | |
Series 2015 B, 2% 7/15/16 | 1,045,000 | 1,051,405 | |
Phoenix Civic Impt. Corp. Series 2014 B1, 0.03% 3/1/16, LOC Bank of America NA, CP (b) | 33,000,000 | 33,000,003 | |
Pima County Ctfs. of Prtn. Bonds Series 2015, 2% 12/1/16 | 3,900,000 | 3,941,345 | |
Pima County Gen. Oblig. Bonds: | |||
Series 2012 A, 2% 7/1/16 | 2,440,000 | 2,453,571 | |
Series 2012 B, 2% 7/1/16 | 4,020,000 | 4,042,358 | |
Series 2013 B, 3% 7/1/16 | 1,000,000 | 1,009,015 | |
Pima County Reg'l. Trans. Auth. Excise Tax Rev. Bonds Series 2014, 4% 6/1/16 | 1,695,000 | 1,710,609 | |
Pima County Swr. Sys. Rev. Bonds Series 2011 A, 5% 7/1/16 | 2,870,000 | 2,915,543 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev.: | |||
Bonds Series 2009 B, 4% 1/1/17 | 275,000 | 282,964 | |
Series C: | |||
0.02% 3/2/16, CP | 4,200,000 | 4,200,000 | |
0.02% 3/2/16, CP | 6,000,000 | 6,000,000 | |
0.02% 3/3/16, CP | 19,100,000 | 19,100,000 | |
Surprise Pledged Rev. Bonds Series 2015, 3% 7/1/16 | 2,685,000 | 2,708,201 | |
Tempe Excise Tax Rev. Bonds Series 2015, 2% 7/1/16 | 4,000,000 | 4,022,357 | |
Tempe Gen. Oblig. Bonds Series 2015 A, 1% 7/1/16 | 1,285,000 | 1,288,211 | |
Tucson Gen. Oblig. Bonds Series 2015, 2% 7/1/16 | 5,700,000 | 5,729,355 | |
Tucson Street & Hwy. User Rev. Bonds Series 2015, 3% 7/1/16 | 3,700,000 | 3,732,437 | |
Tucson Wtr. Rev. Bonds: | |||
Series 2006, 4% 7/1/16 | 1,000,000 | 1,012,400 | |
Series 2012 A, 4% 7/1/16 | 5,480,000 | 5,547,759 | |
Yuma Muni. Property Corp. Util. Sys. Rev. Bonds Series 2015, 5% 7/1/16 | 3,755,000 | 3,813,995 | |
127,998,041 | |||
Massachusetts - 0.3% | |||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1992, 0.4% tender 4/8/16, CP mode | 1,000,000 | 1,000,000 | |
New Hampshire - 0.2% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1990 A, 0.45% tender 3/11/16, CP mode (b) | 700,000 | 700,000 | |
West Virginia - 0.1% | |||
Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1996, 0.45% tender 3/10/16, CP mode (b) | 200,000 | 200,000 | |
Grant County Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1986, 0.5% tender 3/21/16, CP mode (b) | 300,000 | 300,000 | |
500,000 | |||
TOTAL OTHER MUNICIPAL DEBT | |||
(Cost $130,198,041) | 130,198,041 | ||
Shares | Value | ||
Investment Company - 9.8% | |||
Fidelity Municipal Cash Central Fund, 0.02% (d)(e) | |||
(Cost $33,762,000) | 33,762,000 | 33,762,000 | |
TOTAL INVESTMENT PORTFOLIO - 98.3% | |||
(Cost $339,119,716) | 339,119,716 | ||
NET OTHER ASSETS (LIABILITIES) - 1.7% | 6,039,463 | ||
NET ASSETS - 100% | $345,159,179 |
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) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(c) Provides evidence of ownership in one or more underlying municipal bonds.
(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(e) 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.
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 | $3,600 |
Investment Valuation
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.
Fidelity® Arizona Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
February 29, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $305,357,716) | $305,357,716 | |
Fidelity Central Funds (cost $33,762,000) | 33,762,000 | |
Total Investments (cost $339,119,716) | $339,119,716 | |
Cash | 36,427 | |
Receivable for investments sold | 8,400,000 | |
Receivable for fund shares sold | 1,468,682 | |
Interest receivable | 443,683 | |
Distributions receivable from Fidelity Central Funds | 572 | |
Other receivables | 793 | |
Total assets | 349,469,873 | |
Liabilities | ||
Payable for investments purchased | $282,964 | |
Payable for fund shares redeemed | 4,001,250 | |
Distributions payable | 267 | |
Accrued management fee | 26,206 | |
Other affiliated payables | 7 | |
Total liabilities | 4,310,694 | |
Net Assets | $345,159,179 | |
Net Assets consist of: | ||
Paid in capital | $344,965,601 | |
Undistributed net investment income | 13 | |
Accumulated undistributed net realized gain (loss) on investments | 193,565 | |
Net Assets, for 344,707,400 shares outstanding | $345,159,179 | |
Net Asset Value, offering price and redemption price per share ($345,159,179 ÷ 344,707,400 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended February 29, 2016 (Unaudited) | ||
Investment Income | ||
Interest | $142,622 | |
Income from Fidelity Central Funds | 3,600 | |
Total income | 146,222 | |
Expenses | ||
Management fee | $989,635 | |
Independent trustees' compensation | 844 | |
Total expenses before reductions | 990,479 | |
Expense reductions | (864,050) | 126,429 |
Net investment income (loss) | 19,793 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 197,131 | |
Total net realized gain (loss) | 197,131 | |
Net increase in net assets resulting from operations | $216,924 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended February 29, 2016 (Unaudited) | Year ended August 31, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $19,793 | $41,526 |
Net realized gain (loss) | 197,131 | 32,995 |
Net increase in net assets resulting from operations | 216,924 | 74,521 |
Distributions to shareholders from net investment income | (19,780) | (41,500) |
Distributions to shareholders from net realized gain | (12,130) | – |
Total distributions | (31,910) | (41,500) |
Share transactions at net asset value of $1.00 per share | ||
Proceeds from sales of shares | 457,123,500 | 1,097,997,054 |
Reinvestment of distributions | 29,573 | 38,708 |
Cost of shares redeemed | (512,310,816) | (1,115,202,618) |
Net increase (decrease) in net assets and shares resulting from share transactions | (55,157,743) | (17,166,856) |
Total increase (decrease) in net assets | (54,972,729) | (17,133,835) |
Net Assets | ||
Beginning of period | 400,131,908 | 417,265,743 |
End of period (Including undistributed net investment income of $13 and undistributed net investment income of $0, respectively.) | $345,159,179 | $400,131,908 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Arizona Municipal Money Market Fund
Six months ended February 29, (Unaudited) | Years ended August 31, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
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)A | – | – | – | – | – | – |
Net realized and unrealized gain (loss)A | – | – | – | – | – | – |
Total from investment operationsA | – | – | – | – | – | – |
Distributions from net investment incomeA | – | – | – | – | – | – |
Distributions from net realized gain | –A | – | – | –A | – | – |
Total distributionsA | – | – | – | – | – | – |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnB,C | .01% | .01% | .01% | .02% | .01% | .01% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | .50%F | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .06%F | .06% | .09% | .16% | .19% | .26% |
Expenses net of all reductions | .06%F | .06% | .09% | .16% | .19% | .26% |
Net investment income (loss) | .01%F | .01% | .01% | .01% | .01% | .01% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $345,159 | $400,132 | $417,266 | $408,028 | $388,993 | $382,688 |
A Amount represents less than $.0005 per share.
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 Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended February 29, 2016
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. Effective January 1, 2016 shares of the Money Market Fund are only available for purchase by retail shareholders. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. Each Fund may be affected by economic and political developments in the state of Arizona.
2. Investments in Fidelity Central Funds.
The Fund 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 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 do 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 .005%.
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 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.
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. 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.
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 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 appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities | |
Fidelity Arizona Municipal Income Fund | $149,718,179 | $10,500,643 | $(158,111) | $10,342,532 |
Fidelity Arizona Municipal Money Market Fund | 339,119,716 | – | – | – |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $15,212,024 and $6,883,020, respectively.
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, including commitment fees. 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% |
Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. For the Income Fund, interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
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 | $102 |
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 $862,516.
In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of certain 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 | $724 |
Fidelity Arizona Municipal Money Market Fund | 1,534 |
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.
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, 2015 to February 29, 2016).
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.
Annualized Expense Ratio-A | Beginning Account Value September 1, 2015 | Ending Account Value February 29, 2016 | Expenses Paid During Period-B September 1, 2015 to February 29, 2016 | |
Fidelity Arizona Municipal Income Fund | .55% | |||
Actual | $1,000.00 | $1,036.70 | $2.79 | |
Hypothetical-C | $1,000.00 | $1,022.13 | $2.77 | |
Fidelity Arizona Municipal Money Market Fund | .06% | |||
Actual | $1,000.00 | $1,000.10 | $.30 | |
Hypothetical-C | $1,000.00 | $1,024.57 | $.30 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
C 5% return per year before expenses
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 all of the Fidelity funds.
At its September 2015 meeting, the Board 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; and (iv) the extent to which (if any) economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
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 considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.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, subcustodians, and pricing vendors; 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) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds and diversified international 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 active fixed-income exchange-traded funds; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (x) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (xi) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xii) implementing changes to Fidelity's money market product line in response to recent money market regulatory reforms.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 representatives of 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 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"), if any. 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 discussed with the Investment Advisers the reasons 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; 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 took into account discussions with representatives of 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 considers annualized return information for the fund for different time periods, measured against a peer group of funds with similar objectives ("peer group").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; 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 the shareholders of each fund.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 created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. 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.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) 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 and the number of funds in the Total Mapped Group 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.Fidelity Arizona Municipal Income Fund
Fidelity Arizona Municipal Money Market Fund
Proxy Voting Results
A special meeting of Fidelity® Arizona Municipal Income Fund's shareholders was held on November 18, 2015. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees. | ||
# of Votes | % of Votes | |
Elizabeth S. Acton | ||
Affirmative | 141,513,234.70 | 95.717 |
Withheld | 6,333,628.20 | 4.283 |
TOTAL | 147,846,862.90 | 100.000 |
John Engler | ||
Affirmative | 141,111,596.44 | 95.445 |
Withheld | 6,735,266.46 | 4.555 |
TOTAL | 147,846,862.90 | 100.000 |
Albert R. Gamper, Jr. | ||
Affirmative | 139,842,144.46 | 94.586 |
Withheld | 8,004,718.44 | 5.414 |
TOTAL | 147,846,862.90 | 100.000 |
Robert F. Gartland | ||
Affirmative | 140,239,124.01 | 94.855 |
Withheld | 7,607,738.89 | 5.145 |
TOTAL | 147,846,862.90 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 141,627,485.83 | 95.794 |
Withheld | 6,219,377.07 | 4.206 |
TOTAL | 147,846,862.90 | 100.000 |
Arthur E. Johnson | ||
Affirmative | 141,290,239.69 | 95.566 |
Withheld | 6,556,623.21 | 4.434 |
TOTAL | 147,846,862.90 | 100.000 |
Michael E. Kenneally | ||
Affirmative | 140,948,223.12 | 95.334 |
Withheld | 6,898,639.78 | 4.666 |
TOTAL | 147,846,862.90 | 100.000 |
James H. Keyes | ||
Affirmative | 140,778,866.80 | 95.220 |
Withheld | 7,067,996.10 | 4.780 |
TOTAL | 147,846,862.90 | 100.000 |
Marie L. Knowles | ||
Affirmative | 141,381,016.94 | 95.627 |
Withheld | 6,465,845.96 | 4.373 |
TOTAL | 147,846,862.90 | 100.000 |
Geoffrey A. von Kuhn | ||
Affirmative | 141,389,916.42 | 95.633 |
Withheld | 6,456,946.48 | 4.367 |
TOTAL | 147,846,862.90 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
A special meeting of Fidelity® Arizona Municipal Money Market Fund's shareholders was held on February 12, 2016. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees. | ||
# of Votes | % of Votes | |
Elizabeth S. Acton | ||
Affirmative | 9,652,569,340.76 | 95.616 |
Withheld | 442,614,963.88 | 4.384 |
TOTAL | 10,095,184,304.64 | 100.000 |
John Engler | ||
Affirmative | 9,649,804,955.69 | 95.589 |
Withheld | 445,379,348.95 | 4.411 |
TOTAL | 10,095,184,304.64 | 100.000 |
Albert R. Gamper, Jr. | ||
Affirmative | 9,649,672,225.14 | 95.587 |
Withheld | 445,512,079.50 | 4.413 |
TOTAL | 10,095,184,304.64 | 100.000 |
Robert F. Gartland | ||
Affirmative | 9,661,589,028.79 | 95.705 |
Withheld | 433,595,275.85 | 4.295 |
TOTAL | 10,095,184,304.64 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 9,634,058,945.09 | 95.433 |
Withheld | 461,125,359.55 | 4.567 |
TOTAL | 10,095,184,304.64 | 100.000 |
Arthur E. Johnson | ||
Affirmative | 9,648,412,467.63 | 95.575 |
Withheld | 446,771,837.01 | 4.425 |
TOTAL | 10,095,184,304.64 | 100.000 |
Michael E. Kenneally | ||
Affirmative | 9,663,695,871.70 | 95.726 |
Withheld | 431,488,432.94 | 4.274 |
TOTAL | 10,095,184,304.64 | 100.000 |
James H. Keyes | ||
Affirmative | 9,655,350,989.13 | 95.644 |
Withheld | 439,833,315.51 | 4.356 |
TOTAL | 10,095,184,304.64 | 100.000 |
Marie L. Knowles | ||
Affirmative | 9,641,514,099.89 | 95.507 |
Withheld | 453,670,204.75 | 4.493 |
TOTAL | 10,095,184,304.64 | 100.000 |
Geoffrey A. von Kuhn | ||
Affirmative | 9,653,951,403.83 | 95.630 |
Withheld | 441,232,900.81 | 4.370 |
TOTAL | 10,095,184,304.64 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
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Fidelity® Municipal Money Market Fund Semi-Annual Report February 29, 2016 |
Contents
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.
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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. © 2016 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.
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
Days | % of fund's investments 2/29/16 | % of fund's investments 8/31/15 | % of fund's investments 2/28/15 |
1 - 7 | 82.3 | 18.4 | 72.6 |
8 - 30 | 3.0 | 64.3 | 2.5 |
31 - 60 | 2.3 | 4.8 | 4.7 |
61 - 90 | 1.1 | 1.8 | 2.7 |
91 - 180 | 5.2 | 3.6 | 12.3 |
> 180 | 6.1 | 7.1 | 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
2/29/16 | 8/31/15 | 2/28/15 | |
Fidelity Municipal Money Market Fund | 27 Days | 30 Days | 34 Days |
All Tax-Free Money Market Funds Average (a) | 25 Days | 32 Days | 32 Days |
(a) Source: iMoneyNet, Inc.
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
2/29/16 | 8/31/15 | 2/28/15 | |
Fidelity Municipal Money Market Fund | 31 Days | 33 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 29, 2016 | ||
Variable Rate Demand Notes (VRDNs) | 60.0% | |
Other Municipal Debt | 24.4% | |
Investment Companies | 12.5% | |
Net Other Assets (Liabilities) | 3.1% |
As of August 31, 2015 | ||
Variable Rate Demand Notes (VRDNs) | 62.0% | |
Other Municipal Debt | 23.5% | |
Investment Companies | 10.6% | |
Net Other Assets (Liabilities) | 3.9% |
Current And Historical 7-Day Yields
2/29/16 | 11/30/15 | 8/31/15 | 5/31/15 | 2/28/15 | |
Fidelity® Municipal Money Market 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 29, 2016, the most recent period shown in the table, would have been -0.36%.
Investments February 29, 2016 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 60.0% | |||
Principal Amount (000s) | Value (000s) | ||
Alabama - 0.9% | |||
Columbia Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.): | |||
Series 2014 A, 0.03% 3/1/16, VRDN (a) | $10,600 | $10,600 | |
Series 2014 B, 0.03% 3/1/16, VRDN (a) | 7,500 | 7,500 | |
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.45% 3/7/16, VRDN (a)(b) | 36,315 | 36,315 | |
Eutaw Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.) 0.03% 3/1/16, VRDN (a) | 1,800 | 1,800 | |
Mobile Indl. Dev. Board Dock & Wharf Rev. (Holnam, Inc. Proj.) Series 1999 A, 0.02% 3/7/16, LOC Bayerische Landesbank, VRDN (a) | 25,115 | 25,115 | |
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2009, 0.03% 3/1/16, VRDN (a) | 3,000 | 3,000 | |
Mobile Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Second Series 2009, 0.02% 3/1/16, VRDN (a) | 18,300 | 18,300 | |
Univ. of Alabama at Birmingham Hosp. Rev.: | |||
Series 2012 B, 0.02% 3/7/16, LOC Bank of America NA, VRDN (a) | 26,000 | 26,000 | |
Series 2012 C, 0.03% 3/7/16, LOC PNC Bank NA, VRDN (a) | 31,300 | 31,300 | |
West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 0.02% 3/1/16, VRDN (a)(b) | 31,800 | 31,800 | |
Wilsonville Indl. Dev. Board Poll. Cont. Rev.: | |||
(Alabama Pwr. Co. Gaston Plant Proj.) Series 2008, 0.02% 3/1/16, VRDN (a)(b) | 15,000 | 15,000 | |
(Alabama Pwr. Co. Proj.) Series D, 0.01% 3/1/16, VRDN (a) | 21,450 | 21,450 | |
228,180 | |||
Alaska - 0.8% | |||
Alaska Indl. Dev. & Export Auth. Rev.: | |||
(Greater Fairbanks Cmnty. Hosp. Foundation Proj.) Series 2009 A, 0.04% 3/7/16, LOC MUFG Union Bank NA, VRDN (a) | 21,225 | 21,225 | |
Participating VRDN Series Putters 4722, 0.01% 3/7/16 (Liquidity Facility Bank of America NA) (a)(c) | 16,665 | 16,665 | |
Valdez Marine Term. Rev.: | |||
(ConocoPhillips Proj.) Series 1994 A, 0.02% 3/7/16 (ConocoPhillips Co. Guaranteed), VRDN (a) | 82,600 | 82,600 | |
(Exxon Pipeline Co. Proj.): | |||
Series 1985, 0.01% 3/1/16 (Exxon Mobil Corp. Guaranteed), VRDN (a) | 25,200 | 25,200 | |
Series 1993 A, 0.01% 3/1/16, VRDN (a) | 2,500 | 2,500 | |
Series 1993 B, 0.01% 3/1/16, VRDN (a) | 2,500 | 2,500 | |
Series 1993 C, 0.01% 3/1/16, VRDN (a) | 6,475 | 6,475 | |
(Phillips Trans. Alaska, Inc. Proj.): | |||
Series 1994 B, 0.02% 3/7/16 (ConocoPhillips Co. Guaranteed), VRDN (a) | 26,000 | 26,000 | |
Series 2002, 0.02% 3/7/16, VRDN (a) | 15,700 | 15,700 | |
198,865 | |||
Arizona - 1.2% | |||
Arizona Board of Regents Arizona State Univ. Rev. Series 2008 A, 0.01% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 3,633 | 3,633 | |
Arizona Health Facilities Auth. Rev.: | |||
(Banner Health Sys. Proj.) Series 2008 F, 0.01% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 62,190 | 62,190 | |
(Catholic Healthcare West Proj.): | |||
Series 2008 A, 0.01% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 33,500 | 33,500 | |
Series 2009 F, 0.01% 3/7/16, LOC Mizuho Corporate Bank Ltd., VRDN (a) | 39,750 | 39,750 | |
Coconino County Poll. Cont. Corp. Rev.: | |||
(Arizona Pub. Svc. Co. Navajo Proj.) Series 2009 A, 0.2% 3/7/16, VRDN (a) | 4,000 | 4,000 | |
(Tucson Elec. Pwr. Co. Navajo Proj.) Series 2010 A, 0.05% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 29,500 | 29,500 | |
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Ranchwood Apts. Proj.) Series 2001 A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 2,230 | 2,230 | |
(San Angelin Apts. Proj.) Series 2004, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 14,900 | 14,900 | |
(San Clemente Apts. Proj.) Series 2004, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 10,600 | 10,600 | |
(San Fernando Apts. Proj.) Series 2004, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 14,500 | 14,500 | |
(San Lucas Apts. Proj.) Series 2003, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 13,700 | 13,700 | |
(San Martin Apts. Proj.): | |||
Series A1, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 5,700 | 5,700 | |
Series A2, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 4,300 | 4,300 | |
(San Miguel Apts. Proj.) Series 2003, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 14,900 | 14,900 | |
(San Remo Apts. Proj.) Series 2002, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 4,100 | 4,100 | |
(Sands Apts. Proj.) Series 2001 A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 2,495 | 2,495 | |
(Village Square Apts. Proj.) Series 2004, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 2,500 | 2,500 | |
Maricopa County Indl. Dev. Auth. Rev. (Clayton Homes, Inc. Proj.) Series 1998, 0.17% 3/7/16, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 4,200 | 4,200 | |
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 0.2% 3/7/16, VRDN (a) | 5,750 | 5,750 | |
Pima County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Cimarron Place Apts. Proj.) 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 4,500 | 4,500 | |
Series A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 2,480 | 2,480 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Participating VRDN: | |||
Series BC 10 21W, 0.03% 3/7/16 (Liquidity Facility Barclays Bank PLC) (a)(c) | 5,200 | 5,200 | |
Series Putters 3307, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,395 | 6,395 | |
Series Putters XM0009, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,000 | 4,000 | |
Series ROC II R 14060, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 4,000 | 4,000 | |
Tempe Indl. Dev. Auth. Rev. (ASUF Brickyard Proj.) Series 2004 A, 0.02% 3/7/16, LOC Bank of America NA, VRDN (a) | 1,000 | 1,000 | |
300,023 | |||
Arkansas - 0.3% | |||
Arkansas Dev. Fin. Auth. Multi-family Hsg. Rev. (Kiehl Partners LP Proj.) Series 2004 A, 0.07% 3/7/16, LOC Fannie Mae, VRDN (a) | 6,635 | 6,635 | |
Blytheville Indl. Dev. Rev. (NUCOR Corp. Proj.) Series 1998, 0.45% 3/7/16, VRDN (a)(b) | 8,400 | 8,400 | |
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.07% 3/7/16, LOC Royal Bank of Scotland PLC, VRDN (a)(b) | 45,800 | 45,800 | |
60,835 | |||
California - 1.0% | |||
Anaheim Hsg. Auth. Multi-family Hsg. Rev. (Park Vista Apt. Proj.) Series 2000 D, 0.03% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 3,600 | 3,600 | |
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN: | |||
Series EGL 06 83 Class A, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 35,600 | 35,600 | |
Series II R 11901, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 2,100 | 2,100 | |
California Edl. Facilities Auth. Rev. Participating VRDN Series ROC II R 11974, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 4,555 | 4,555 | |
California Gen. Oblig. Series 2003 A1, 0.01% 3/1/16, LOC JPMorgan Chase Bank, VRDN (a) | 5,385 | 5,385 | |
California Health Facilities Fing. Auth. Rev. Participating VRDN Series DB 3294, 0.16% 3/7/16 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 10,125 | 10,125 | |
California Hsg. Fin. Agcy. Rev.: | |||
Series 2004 E, 0.01% 3/7/16, LOC Royal Bank of Canada New York Branch, VRDN (a)(b) | 8,255 | 8,255 | |
Series 2008 C, 0.02% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 5,845 | 5,845 | |
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (Pacific Gas & Elec. Co. Proj.) Series 1997 B, 0.01% 3/1/16, LOC Canadian Imperial Bank of Commerce, VRDN (a)(b) | 56,600 | 56,600 | |
California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. (Maple Square Apt. Proj.) Series AA, 0.03% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 5,455 | 5,455 | |
Los Angeles Cmnty. College District Participating VRDN: | |||
Series MS 3096, 0.02% 3/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 1,500 | 1,500 | |
Series ROC II R 11728, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 7,040 | 7,040 | |
Los Angeles Dept. of Wtr. & Pwr. Rev. Participating VRDN Series Putters 3902 Z, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,380 | 3,380 | |
Los Angeles Multi-family Hsg. Rev. (Tri-City Hsg. Proj.) Series 1, 0.02% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 1,600 | 1,600 | |
Modesto Pub. Fing. Auth. Lease Rev. Series 2008 B, 0.03% 3/7/16, LOC Bank of America NA, VRDN (a) | 15,455 | 15,455 | |
Riverside Ctfs. of Prtn. (Riverside Renaissance Proj.) Series 2008, 0.02% 3/7/16, LOC Bank of America NA, VRDN (a) | 62,150 | 62,150 | |
San Jose Multi-family Hsg. Rev. (Las Ventanas Apts. Proj.) Series 2008 B, 0.02% 3/7/16, LOC Freddie Mac, VRDN (a) | 5,000 | 5,000 | |
San Juan Capistrano Gen. Oblig. Participating VRDN Series Putters 0048, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 10,050 | 10,050 | |
Stanislaus County Cap. Impts. Fing. Auth. Rev. Series 2004, 0.03% 3/7/16, LOC Bank of America NA, VRDN (a) | 8,590 | 8,590 | |
252,285 | |||
Colorado - 0.6% | |||
Adams County Hsg. Auth. (Semper Village Apts. Proj.) Series 2004 A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 14,000 | 14,000 | |
Colorado Edl. & Cultural Facilities Auth. Rev. (Clyfford Still Museum Proj.) Series 2008, 0.12% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 930 | 930 | |
Colorado Health Facilities Auth. Retirement Hsg. Rev. Participating VRDN Series Putters 1390, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 41,645 | 41,645 | |
Colorado Health Facilities Auth. Rev. (Boulder Cmnty. Hosp. Proj.) Series 2000, 0.04% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 27,800 | 27,800 | |
Colorado Hsg. & Fin. Auth. Solid Waste Rev.: | |||
(Waste Mgmt., Inc. Proj.) 0.03% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 7,000 | 7,000 | |
(Waste Mgmt., Inc. Proj.) 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 14,160 | 14,160 | |
Colorado State Univ. Board of Governors Enterprise Sys. Rev. Participating VRDN: | |||
Series MS 3316, 0.01% 3/7/16 (Liquidity Facility Cr. Suisse AG) (a)(c) | 14,030 | 14,030 | |
Series Putters 4386, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 7,500 | 7,500 | |
Lakewood Hsg. Auth. Multi-family Rev.: | |||
(Ridgemoor Apts. Proj.) Series 2003 A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 13,325 | 13,325 | |
(Timberleaf Apts. Proj.) 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 11,165 | 11,165 | |
Univ. of Colorado Enterprise Sys. Rev. Participating VRDN Series Putters 15 XM0007, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,600 | 5,600 | |
157,155 | |||
Connecticut - 0.9% | |||
Connecticut Gen. Oblig. Participating VRDN Series MT 842, 0.01% 3/7/16 (Liquidity Facility Bank of America NA) (a)(c) | 7,925 | 7,925 | |
Connecticut Health & Edl. Facilities Auth. Rev.: | |||
Participating VRDN Series BA 15 XF0247, 0.05% 3/7/16 (Liquidity Facility Bank of America NA) (a)(c) | 8,614 | 8,614 | |
Series 2014 D, 0.01% 3/7/16, LOC Bank of America NA, VRDN (a) | 52,230 | 52,230 | |
Connecticut Hsg. Fin. Auth.: | |||
(Hsg. Mtg. Fin. Prog.): | |||
Series 2009 C2, 0.01% 3/1/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 2,000 | 2,000 | |
Series 2011 C2, 0.02% 3/7/16 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(b) | 40,200 | 40,200 | |
Series 2012 D3, 0.03% 3/7/16 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(b) | 16,805 | 16,805 | |
Series 2013 B5, 0.03% 3/7/16 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(b) | 12,010 | 12,010 | |
Series 2008 E, 0.02% 3/7/16 (Liquidity Facility Bank of America NA), VRDN (a)(b) | 43,345 | 43,345 | |
Series 2009 A2, 0.01% 3/1/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 13,920 | 13,920 | |
Series 2011 E4, 0.02% 3/1/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a)(b) | 15,900 | 15,900 | |
212,949 | |||
Delaware - 0.2% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | |||
Series 1987, 0.1% 3/1/16, VRDN (a)(b) | 1,100 | 1,100 | |
Series 1988, 0.1% 3/1/16, VRDN (a)(b) | 6,900 | 6,900 | |
Series 1993 C, 0.2% 3/7/16, VRDN (a) | 5,450 | 5,450 | |
Series 1994, 0.1% 3/1/16, VRDN (a)(b) | 18,300 | 18,300 | |
Series 1999 A, 0.07% 3/7/16, VRDN (a) | 2,300 | 2,300 | |
Series 1999 B, 0.08% 3/7/16, VRDN (a)(b) | 9,900 | 9,900 | |
43,950 | |||
District Of Columbia - 1.0% | |||
District of Columbia Gen. Oblig. Participating VRDN Series MS 4301, 0.02% 3/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 9,000 | 9,000 | |
District of Columbia Hsg. Fin. Agcy. Multi-family Hsg. Rev.: | |||
(Pentacle Apts. Proj.) Series 2008, 0.03% 3/7/16, LOC Freddie Mac, VRDN (a) | 3,445 | 3,445 | |
(Trenton Park Apts. Proj.) Series 2001, 0.06% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 5,370 | 5,370 | |
District of Columbia Income Tax Rev. Participating VRDN: | |||
Series BC 13 15U, 0.03% 3/7/16 (Liquidity Facility Barclays Bank PLC) (a)(c) | 4,200 | 4,200 | |
Series EGL 14 0039, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 6,200 | 6,200 | |
Series Putters 3369, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 10,995 | 10,995 | |
Series Putters 4020, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 7,250 | 7,250 | |
District of Columbia Rev.: | |||
(Fort Lincoln New Town/Premium Distributors LLC Proj.) Series 2000, 0.15% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 5,645 | 5,645 | |
(Medlantic/Helix Proj.) Series 1998 A Tranche II, 0.01% 3/7/16, LOC TD Banknorth, NA, VRDN (a) | 6,480 | 6,480 | |
(The AARP Foundation Proj.) Series 2004, 0.02% 3/7/16, LOC Bank of America NA, VRDN (a) | 11,900 | 11,900 | |
(Washington Drama Society, Inc. Proj.) Series 2008, 0.01% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 59,615 | 59,615 | |
District of Columbia Univ. Rev.: | |||
(American Univ. Proj.) Series 2006 A, 0.01% 3/7/16, LOC Royal Bank of Canada, VRDN (a) | 25,000 | 25,000 | |
(Georgetown Univ. Proj.): | |||
Series 2007 B2, 0.02% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 11,585 | 11,585 | |
Series 2007 C2, 0.01% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 28,025 | 28,025 | |
Metropolitan Arpts Auth. Series 2011 A: | |||
0.02% 3/7/16, LOC Royal Bank of Canada, VRDN (a)(b) | 17,000 | 17,000 | |
0.02% 3/7/16, LOC Royal Bank of Canada, VRDN (a)(b) | 10,015 | 10,015 | |
0.02% 3/7/16, LOC Royal Bank of Canada, VRDN (a)(b) | 12,700 | 12,700 | |
234,425 | |||
Florida - 3.0% | |||
Brevard County Hsg. Fin. Auth. (Manatee Cove Apts. Proj.) 0.04% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 9,920 | 9,920 | |
Broward County Arpt. Facilities Rev. Series 2007 A, 0.03% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 11,350 | 11,350 | |
Broward County Fin. Auth. Multi-family Hsg. Rev.: | |||
(Pinnacle Village Apts. Proj.) Series 2004, 0.03% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 6,000 | 6,000 | |
(Sanctuary Apts Proj.) Series A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 15,320 | 15,320 | |
Broward County Indl. Dev. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2015, 0.01% 3/1/16, VRDN (a)(b) | 64,100 | 64,100 | |
Broward County Port Facilities Rev. (Port Everglades Proj.) Series 2008, 0.03% 3/7/16, LOC Royal Bank of Canada, VRDN (a)(b) | 7,330 | 7,330 | |
Collier County Hsg. Fin. Auth. Multi-family Rev.: | |||
(Sawgrass Pines Apts. Proj.) 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 6,800 | 6,800 | |
(Summer Lakes Phase II Apts. Proj.) 0.04% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 17,100 | 17,100 | |
Dade County Indl. Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1993, 0.01% 3/1/16, VRDN (a) | 39,000 | 39,000 | |
Florida Board of Ed. Pub. Ed. Cap. Outlay Participating VRDN Series EGL 14 0007, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 21,445 | 21,445 | |
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: | |||
(Avalon Reserve Apts. Proj.) Series 2003 R1, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 13,770 | 13,770 | |
(Clarcona Groves Apts. Proj.) Series A, 0.03% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 8,345 | 8,345 | |
(Collins Cove Sr. Apts. Proj.) Series 2003 W, 0.03% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 5,000 | 5,000 | |
(Grande Court at North Port Apts. Proj.) Series 2004 E, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 5,200 | 5,200 | |
(Hunters Run Apts. Proj.) Series G, 0.05% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 7,025 | 7,025 | |
(Mariner's Cay Apts. Proj.) Series 2008 M, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a) | 1,300 | 1,300 | |
(Mill Creek Apts. Proj.) Series 2004 K, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 13,800 | 13,800 | |
(Pinnacle Grove Apts. Proj.) Series 2003 A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 7,050 | 7,050 | |
(Riverwalk I Apts. Proj.) Series 2008 E, 0.03% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 4,850 | 4,850 | |
(Savannah Springs Apts. Proj.) Series G, 0.04% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 6,660 | 6,660 | |
Series 2006 H, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 6,295 | 6,295 | |
Florida Hsg. Fin. Corp. Rev.: | |||
(Tuscany Lakes Apts. Proj.) Series 2002 K1, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 4,000 | 4,000 | |
(Valencia Village Apts. Proj.) Series G, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 10,750 | 10,750 | |
(Waterford Pointe Apts. Proj.) Series 2000 E1, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 8,155 | 8,155 | |
Highlands County Health Facilities Auth. Rev. Participating VRDN Series ROC II R 11830, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 10,875 | 10,875 | |
Hillsborough County Hsg. Fin. Auth. Multi-family Rev.: | |||
(Claymore Crossings Apt. Proj.) Series 2005, 0.04% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 10,215 | 10,215 | |
(Grande Oaks Apts. Proj.) Series A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 6,800 | 6,800 | |
(Hunters Run Apts. Proj.) Series 2002 A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 7,860 | 7,860 | |
(Meridian Pointe Apts. Proj.) Series 2005, 0.04% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 10,900 | 10,900 | |
(Morgan Creek Apts. Proj.) Series 2003, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 12,600 | 12,600 | |
(Royal Palm Key Apts. Proj.) Series 2002, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 8,780 | 8,780 | |
Hillsborough County Indl. Dev. Auth. Indl. Dev. Rev. (Vigo Importing Co. Proj.) Series 1996, 0.36% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 105 | 105 | |
Jacksonville Elec. Auth. Elec. Sys. Rev. Participating VRDN Series BA 09 1209X, 0.06% 3/7/16 (Liquidity Facility Bank of America NA) (a)(c) | 2,160 | 2,160 | |
Jacksonville Hsg. Fin. Auth. Multi-family Hsg. Rev. (Brookwood Forest Apts. Proj.) 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 8,475 | 8,475 | |
Jacksonville Port Auth. Rev. (Mitsui O.S.K. Lines Ltd. Proj.) 0.01% 3/7/16, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | 60,715 | 60,715 | |
Lee County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Univ. Club Apts. Proj.) Series A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 7,500 | 7,500 | |
Martin County Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2000, 0.01% 3/1/16, VRDN (a) | 4,000 | 4,000 | |
Miami Beach Resort Tax Rev. Participating VRDN: | |||
Series 15 XF0260, 0.02% 3/7/16 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | 10,000 | 10,000 | |
Series RBC 15 ZM0119, 0.02% 3/7/16 (Liquidity Facility Royal Bank of Canada New York Branch) (a)(c) | 3,750 | 3,750 | |
Miami-Dade County: | |||
Series 2014 A, 0.01% 3/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 59,800 | 59,800 | |
Series 2014 B, 0.02% 3/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | 12,150 | 12,150 | |
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% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 14,445 | 14,445 | |
Miami-Dade County Indl. Dev. Auth. Rev. (Tarmac America Proj.) Series 2004, 0.05% 3/7/16, LOC HSBC Bank U.S.A., NA, VRDN (a)(b) | 19,400 | 19,400 | |
North Broward Hosp. District Rev.: | |||
Series 2005 A, 0.02% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 27,895 | 27,895 | |
0.02% 3/7/16, LOC Northern Trust Co., VRDN (a) | 30,375 | 30,375 | |
Ocean Hwy. & Port Auth. Rev. 0.08% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 400 | 400 | |
Orange County Hsg. Fin. Auth. Multi-family Rev.: | |||
(Alta Westgate Apts. Proj.) Series C, 0.04% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 12,125 | 12,125 | |
(Glenn Millenia Proj.) Series 2001 C, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 3,400 | 3,400 | |
(Osprey Ridge Apts. Proj.) Series 2000 H, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 6,760 | 6,760 | |
Osceola County Hsg. Fin. Auth. Multi-family Rev. (Regatta Bay Apts. Proj.) Series A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 12,920 | 12,920 | |
Palm Beach County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Renaissance Apts. Proj.) 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 19,700 | 19,700 | |
Palm Beach County Rev.: | |||
(Benjamin Private School Proj.) 0.03% 3/7/16, LOC Northern Trust Co., VRDN (a) | 4,750 | 4,750 | |
(Raymond F. Kravis Ctr. Proj.) Series 2002, 0.02% 3/7/16, LOC Northern Trust Co., VRDN (a) | 5,045 | 5,045 | |
Palm Beach County Solid Waste Auth. Rev. Participating VRDN Series ROC II 14003, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 6,400 | 6,400 | |
Palm Beach County Wtr. & Swr. Rev. Participating VRDN Series 15 XF0085, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 405 | 405 | |
Pinellas County Health Facilities Auth. Rev. (Suncoast Hospice Proj.) Series 2004, 0.02% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 10,785 | 10,785 | |
Polk County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Cambridge Cove Apts. Proj.) Series 2001, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 7,300 | 7,300 | |
Univ. of North Florida Parking Sys. Rev. Series 1998, 0.01% 3/1/16, LOC Wells Fargo Bank NA, VRDN (a) | 2,500 | 2,500 | |
721,855 | |||
Georgia - 1.6% | |||
Atlanta Urban Residential Fin. Auth. Multi-family Hsg. Rev. (Collegetown at Harris Homes Phase I Proj.) Series 2003, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 7,230 | 7,230 | |
Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Bowen Proj.) First Series 2009, 0.23% 3/7/16, VRDN (a) | 37,700 | 37,700 | |
Burke County Indl. Dev. Auth. Poll. Cont. Rev.: | |||
(Georgia Pwr. Co. Plant Vogtle Proj.): | |||
First Series 2009, 0.18% 3/1/16, VRDN (a) | 4,700 | 4,700 | |
Second Series 1995, 0.18% 3/1/16, VRDN (a) | 10,400 | 10,400 | |
Series 2012, 0.19% 3/1/16, VRDN (a)(b) | 9,450 | 9,450 | |
Series 2013, 0.23% 3/7/16, VRDN (a) | 57,900 | 57,900 | |
(Oglethorpe Pwr. Corp. Proj.) Series 2010 B, 0.02% 3/7/16, LOC Bank of America NA, VRDN (a) | 30,505 | 30,505 | |
Canton Hsg. Auth. Multi-family Hsg. Rev. (Alta Ridgewalk Apts. Proj.) Series 2003, 0.03% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 20,450 | 20,450 | |
Cobb County Kennestone Hosp. Auth. Rev. (WellStar Health Sys. Proj.) Series 2005 A, 0.01% 3/7/16, LOC Bank of America NA, VRDN (a) | 44,400 | 44,400 | |
DeKalb County Hsg. Auth. Multi-family Hsg. Rev. (Eagles Trace Apts. Proj.) Series 1996, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 6,550 | 6,550 | |
Georgia Muni. Elec. Auth. Pwr. Rev. (Proj. One) Series 2008 B, 0.01% 3/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 33,725 | 33,725 | |
Gwinnett County Dev. Auth. Indl. Dev. Rev. (Curtis 1000, Inc. Proj.) Series 1996, 0.04% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 6,460 | 6,460 | |
Gwinnett County Hsg. Auth. Multi-family Hsg. Rev. (Herrington Woods Apt. Proj.) Series 1996 A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 8,935 | 8,935 | |
Kennesaw Dev. Auth. Multi-family Hsg. Rev. (Alta Ridenour Apts. Proj.) Series 2008, 0.03% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 6,960 | 6,960 | |
Loganville Hsg. Auth. Multi-family Hsg. Rev. (Alexander Crossing Apt. Proj.) 0.02% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 15,555 | 15,555 | |
Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Scherer Proj.) First Series 2009, 0.25% 3/7/16, VRDN (a) | 23,300 | 23,300 | |
Newnan Dev. Auth. Multi-family Hsg. Rev. (The Club at Newnan Crossing Proj.) 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 9,200 | 9,200 | |
Private Colleges & Univs. Auth. Rev. Participating VRDN Series BC 13 20U, 0.03% 3/7/16 (Liquidity Facility Barclays Bank PLC) (a)(c) | 4,000 | 4,000 | |
Savannah Econ. Dev. Auth. Rev. (Home Depot, Inc. Proj.) Series 1995 A, 0.05% 3/7/16, VRDN (a)(b) | 57,400 | 57,400 | |
394,820 | |||
Hawaii - 0.0% | |||
Hawaii Gen. Oblig. Participating VRDN Series Putters 4007, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,665 | 6,665 | |
Honolulu City and County Wastewtr. Sys. Participating VRDN Series ROC II R 11989, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 4,005 | 4,005 | |
10,670 | |||
Illinois - 3.8% | |||
Carol Stream Multi-family Rev. (Saint Charles Square Proj.) Series 1997, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 1,800 | 1,800 | |
Chicago Midway Arpt. Rev. Series 2014 C, 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 97,540 | 97,540 | |
Chicago O'Hare Int'l. Arpt. Rev. Series 2005 D, 0.02% 3/7/16, LOC Barclays Bank PLC, VRDN (a) | 60,900 | 60,900 | |
Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev. (Lufthansa German Airlines Proj.) Series 2001, 0.02% 3/7/16, LOC Bayerische Landesbank, VRDN (a)(b) | 4,870 | 4,870 | |
Chicago Wtr. Rev.: | |||
Series 2000, 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 24,400 | 24,400 | |
Series 2000-1, 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 23,200 | 23,200 | |
Series 2004 A1, 0.03% 3/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 78,655 | 78,655 | |
Series 2004 A2, 0.03% 3/7/16, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 45,270 | 45,270 | |
Series 2004 A3, 0.03% 3/7/16, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 35,705 | 35,705 | |
Illinois Dev. Fin. Auth. Indl. Dev. Rev.: | |||
(Delta-Unibus Corp. Proj.) Series 2001, 0.18% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 2,400 | 2,400 | |
(R&R Enterprises 2nd Proj.) Series 1999 A, 0.15% 3/7/16, LOC BMO Harris Bank NA, VRDN (a)(b) | 1,510 | 1,510 | |
Illinois Dev. Fin. Auth. Rev. (Rich Prods. Corp. Proj.) Series 1998, 0.06% 3/7/16, LOC HSBC Bank U.S.A., NA, VRDN (a)(b) | 7,825 | 7,825 | |
Illinois Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 16,900 | 16,900 | |
Illinois Fin. Auth. Multi-family Rev. (Hidden Glen Apts. Proj.) Series 2007, 0.02% 3/7/16, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 6,745 | 6,745 | |
Illinois Fin. Auth. Rev.: | |||
(Little Co. of Mary Hosp. Proj.): | |||
Series 2008 A, 0.01% 3/7/16, LOC Barclays Bank PLC, VRDN (a) | 30,545 | 30,545 | |
Series 2008 B, 0.01% 3/7/16, LOC Barclays Bank PLC, VRDN (a) | 30,540 | 30,540 | |
(Museum of Science & Industry Proj.) Series 2009 A, 0.02% 3/7/16, LOC Bank of America NA, VRDN (a) | 15,280 | 15,280 | |
(Rockford Mem. Hosp. Proj.) 0.01% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 60,800 | 60,800 | |
(The Univ. of Chicago Med. Ctr. Proj.): | |||
Series 2009 E1, 0.01% 3/1/16, LOC Wells Fargo Bank NA, VRDN (a) | 2,000 | 2,000 | |
Series 2010 A, 0.01% 3/1/16, LOC Bank of America NA, VRDN (a) | 4,600 | 4,600 | |
Participating VRDN: | |||
Series 15 XF0253, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,250 | 2,250 | |
Series BA 15 XF0248, 0.05% 3/7/16 (Liquidity Facility Bank of America NA) (a)(c) | 12,855 | 12,855 | |
Series BC 11 16B, 0.03% 3/7/16 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 3,950 | 3,950 | |
Series MS 3332, 0.13% 3/7/16 (Liquidity Facility Cr. Suisse AG) (a)(c) | 5,700 | 5,700 | |
Series Putters 0022, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 11,205 | 11,205 | |
Series Putters 3435, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,105 | 2,105 | |
0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 3,000 | 3,000 | |
Series 2009 B, 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 15,280 | 15,280 | |
Illinois Gen. Oblig. Series 2003 B3, 0.02% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 31,500 | 31,500 | |
Illinois Health Facilities Auth. Rev. (Herman M. Finch Univ. of Health Sciences/The Chicago Med. School Proj.) Series 2003, 0.01% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 24,200 | 24,200 | |
Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Prairie Station Apts. Proj.) 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 17,900 | 17,900 | |
(Valley View Apts. Proj.) 0.03% 3/7/16, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 10,885 | 10,885 | |
Illinois Toll Hwy. Auth. Toll Hwy. Rev.: | |||
Participating VRDN: | |||
Series 15 XF0277, 0.06% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,000 | 2,000 | |
Series 15 ZM0118, 0.02% 3/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 3,335 | 3,335 | |
Series MS 16 XF 2212, 0.02% 3/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 6,890 | 6,890 | |
Series 2007 A 2D, 0.02% 3/7/16, LOC Royal Bank of Canada, VRDN (a) | 39,500 | 39,500 | |
Series 2007 A-2A, 0.02% 3/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 17,000 | 17,000 | |
Series 2007 A1, 0.02% 3/7/16, LOC Citibank NA, VRDN (a) | 117,900 | 117,900 | |
Lake County Multi-family Hsg. Rev. (Whispering Oaks Apts. Proj.) Series 2008, 0.02% 3/7/16, LOC Freddie Mac, VRDN (a) | 19,900 | 19,900 | |
Lake County Solid Waste Disp. Facilities Rev. (Countryside Landfill, Inc. Proj.) Series B, 0.07% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 4,320 | 4,320 | |
Lisle Village Multi-family Hsg. Rev. (Devonshire of Lisle Proj.) Series 1991, 0.04% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 6,000 | 6,000 | |
Will County Exempt Facilities Rev. (ExxonMobil Corp. Proj.) Series 2001, 0.01% 3/1/16 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | 3,615 | 3,615 | |
912,775 | |||
Indiana - 1.6% | |||
Dearborn County Econ. Dev. Rev. (Dearborn County Hosp. Proj.) Series 2006, 0.1% 3/7/16, LOC Fifth Third Bank, Cincinnati, VRDN (a) | 5,900 | 5,900 | |
Hammond Swr. & Solid Waste Disp. Rev. (Cargill, Inc. Proj.) 0.04% 3/7/16, VRDN (a)(b) | 39,000 | 39,000 | |
Indiana Dev. Fin. Auth. Envir. Rev.: | |||
(Duke Energy Indiana, Inc. Proj.) Series 2009 A3, 0.03% 3/7/16, LOC Mizuho Bank Ltd., VRDN (a) | 32,450 | 32,450 | |
(PSI Energy Proj.) Series 2003 B, 0.35% 3/7/16, VRDN (a)(b) | 11,200 | 11,200 | |
Indiana Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): | |||
Series 2002 A, 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 21,700 | 21,700 | |
Series 2002 B, 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 14,000 | 14,000 | |
Indiana Edl. Facilities Auth. Rev. (Franklin College Proj.) Series 2003, 0.02% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 6,225 | 6,225 | |
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.): | |||
Series 2008 A, 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 52,870 | 52,870 | |
Series 2008 B, 0.02% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 35,140 | 35,140 | |
Series 2008 F, 0.02% 3/7/16, LOC Bank of New York, New York, VRDN (a) | 5,200 | 5,200 | |
Series 2008 G, 0.02% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 3,000 | 3,000 | |
Series 2008 H, 0.01% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 50,695 | 50,695 | |
Series 2008 I, 0.02% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 19,575 | 19,575 | |
Series 2008 J, 0.02% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 13,008 | 13,008 | |
Indiana Fin. Auth. Hosp. Rev.: | |||
(Indiana Univ. Health Obligated Group Proj.): | |||
Series 2011 C, 0.01% 3/7/16, LOC Northern Trust Co., VRDN (a) | 80 | 80 | |
Series 2011 D, 0.01% 3/7/16, LOC Northern Trust Co., VRDN (a) | 190 | 190 | |
(Parkview Health Sys. Oblig. Group Proj.): | |||
Series 2009 B, 0.02% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 7,000 | 7,000 | |
Series 2009 D, 0.02% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 9,950 | 9,950 | |
Series 2011 A, 0.04% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 14,365 | 14,365 | |
Indianapolis Econ. Dev. Rev. (Pine Glen Apts. Proj.) 0.06% 3/7/16, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (a)(b) | 6,000 | 6,000 | |
Marion Econ. Dev. Rev. (Indiana Wesleyan Univ. Proj.) Series 2006, 0.04% 3/7/16, LOC Bank of America NA, VRDN (a) | 15,000 | 15,000 | |
Richmond Econ. Dev. Rev. (Friends Fellowship Cmnty. Proj.) Series 1997, 0.06% 3/7/16, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 1,200 | 1,200 | |
Saint Joseph County Hosp. Auth. Health Sys. Rev. (Memorial Health Sys. Proj.) Series 2008 A, 0.01% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 31,395 | 31,395 | |
395,143 | |||
Iowa - 0.2% | |||
Iowa Fin. Auth. Health Facilities Rev. Series 2013 B1, 0.02% 3/7/16, LOC MUFG Union Bank NA, VRDN (a) | 21,170 | 21,170 | |
Iowa Fin. Auth. Poll. Cont. Facility Rev. (MidAmerican Energy Proj.) Series 2008 B, 0.04% 3/7/16, VRDN (a) | 14,000 | 14,000 | |
Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Proj.) Series 2008 A, 0.05% 3/7/16, VRDN (a)(b) | 3,100 | 3,100 | |
Iowa Fin. Auth. Wellness Facilities Rev. (Cmnty. Y of Marshalltown Proj.) Series 2001, 0.04% 3/7/16, LOC Northern Trust Co., VRDN (a) | 4,975 | 4,975 | |
Iowa Higher Ed. Ln. Auth. Rev. (Univ. of Dubuque Proj.): | |||
Series 2004, 0.03% 3/1/16, LOC Fifth Third Bank, Cincinnati, VRDN (a) | 2,050 | 2,050 | |
Series 2007, 0.03% 3/1/16, LOC Fifth Third Bank, Cincinnati, VRDN (a) | 4,000 | 4,000 | |
49,295 | |||
Kansas - 0.2% | |||
Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.) Series 2000, 0.1% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 25,100 | 25,100 | |
Lenexa Multi-family Hsg. Rev. (Meadows Apts. Proj.) Series A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 13,865 | 13,865 | |
38,965 | |||
Kentucky - 1.5% | |||
Carroll County Envir. Facilities Rev. (Kentucky Utils. Co. Proj.): | |||
Series 2004 A, 0.02% 3/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | 16,800 | 16,800 | |
Series 2006 B, 0.02% 3/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | 28,500 | 28,500 | |
Series 2008 A, 0.02% 3/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | 58,600 | 58,600 | |
Daviess County Exempt Facilities Rev. (Kimberly-Clark Tissue Co. Proj.) Series 1999, 0.05% 3/7/16 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | 4,870 | 4,870 | |
Daviess County Solid Waste Disp. Facilities Rev. (Scott Paper Co. Proj.): | |||
Series 1993 A, 0.05% 3/7/16 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | 67,250 | 67,250 | |
Series 1993 B, 0.05% 3/7/16 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | 37,700 | 37,700 | |
Elizabethtown Indl. Bldg. Rev. (Altec Industries, Inc. Proj.) Series 1997, 0.03% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 5,000 | 5,000 | |
Henderson County Indl. Dev. Auth. (Pittsburg Tank & Tower Co. Proj.) 0.04% 3/7/16, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 100 | 100 | |
Kentucky Higher Ed. Student Ln. Corp. Rev.: | |||
Series 2008 A1, 0.02% 3/7/16, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | 55,905 | 55,905 | |
Series 2008 A2, 0.02% 3/7/16, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | 31,000 | 31,000 | |
Kentucky Hsg. Corp. Conduit Multi-family Mtg. Rev. (Gleneagles Apts. Proj.) 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 9,100 | 9,100 | |
Kentucky Hsg. Corp. Multi-family Rev. (Canterbury Southgate Hsg. Proj.) 0.03% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 12,565 | 12,565 | |
Logan County Solid Waste Disp. (Waste Mgmt. of Kentucky LLC Proj.) 0.02% 3/7/16, LOC PNC Bank NA, VRDN (a)(b) | 7,450 | 7,450 | |
Louisville & Jefferson County Series 2011 B, 0.01% 3/1/16, LOC JPMorgan Chase Bank, VRDN (a) | 12,100 | 12,100 | |
Mercer County Solid Waste Disp. Facility Rev. (Kentucky Utils. Co. Proj.) Series 2000 A, 0.01% 3/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | 12,900 | 12,900 | |
Minor Lane Heights Solid Waste Disp. Rev. (Waste Mgmt. of Kentucky, LLC Proj. D) Series 2003, 0.02% 3/7/16, LOC PNC Bank NA, VRDN (a)(b) | 11,000 | 11,000 | |
370,840 | |||
Louisiana - 1.5% | |||
East Baton Rouge Parish Indl. Dev. Board Rev. (ExxonMobil Proj.) Series 2010 A, 0.01% 3/1/16, VRDN (a) | 28,900 | 28,900 | |
East Baton Rouge Parish Pub. Impt. Sales Tax Rev. Series 2008 A, 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 19,000 | 19,000 | |
JPMorgan Chase Participating VRDN Series Putters 16 5006, 0.01% 3/1/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | 28,400 | 28,400 | |
Louisiana Gas & Fuel Tax Rev. Participating VRDN: | |||
Series EGL 14 0049, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 61,900 | 61,900 | |
Series Putters 3806, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 9,990 | 9,990 | |
Louisiana Hsg. Fin. Agcy. Rev. (Canterbury House Apts. Proj.) Series 2007, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a) | 10,670 | 10,670 | |
Louisiana Hsg. Fin. Auth. Multi-family Hsg. Rev. (The Reserve at Jefferson Proj.) Series 2008, 0.04% 3/7/16, LOC Freddie Mac, VRDN (a) | 4,095 | 4,095 | |
Louisiana Offshore Term. Auth. Deepwater Port Rev. (LOOP LLC Proj.) Series 2003 A, 0.01% 3/1/16, LOC JPMorgan Chase Bank, VRDN (a) | 2,450 | 2,450 | |
Louisiana Pub. Facilities Auth. Rev.: | |||
(Air Products & Chemicals, Inc. Proj.): | |||
Series 2002, 0.04% 3/7/16, VRDN (a)(b) | 1,000 | 1,000 | |
Series 2003, 0.04% 3/7/16, VRDN (a)(b) | 15,650 | 15,650 | |
(C-Port LLC Proj.) Series 2008, 0.07% 3/7/16, LOC Bank of America NA, VRDN (a) | 4,720 | 4,720 | |
(River View Villas Proj.) Series 2006, 0.02% 3/7/16, LOC Freddie Mac, VRDN (a) | 12,600 | 12,600 | |
Saint James Parish Gen. Oblig.: | |||
(Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 0.43% 3/7/16, VRDN (a) | 18,755 | 18,755 | |
Series 2010 B1, 0.39% 3/7/16, VRDN (a) | 49,145 | 49,145 | |
(NuStar Logistics, L.P. Proj.): | |||
Series 2010 A, 0.01% 3/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 34,300 | 34,300 | |
Series 2010 B, 0.01% 3/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 51,400 | 51,400 | |
352,975 | |||
Maine - 0.2% | |||
Maine Fin. Auth. Solid Waste Disposable Rev. (Casella Waste Systems, Inc. Proj.) 0.16% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 3,600 | 3,600 | |
Maine Health & Higher Ed. Facilities Auth. Rev. Series 2008 A, 0.01% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 25,150 | 25,150 | |
Maine Hsg. Auth. Multi-family Dev. Rev. (Park Village Apts. Proj.) 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 24,000 | 24,000 | |
52,750 | |||
Maryland - 0.5% | |||
Maryland Cmnty. Dev. Administration Dept. of Hsg. & Cmnty. Dev.: | |||
(Barrington Apts. Proj.) Series A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 12,190 | 12,190 | |
(Parlane Apts. Proj.) Series 2001 C, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 3,400 | 3,400 | |
Maryland Health & Higher Edl. Facilities Auth. Rev.: | |||
(Adventist Healthcare Proj.) Series 2005 A, 0.02% 3/7/16, LOC MUFG Union Bank NA, VRDN (a) | 25,000 | 25,000 | |
(Anne Arundel Health Sys. Proj.) Series 2009 B, 0.01% 3/7/16, LOC Bank of America NA, VRDN (a) | 29,900 | 29,900 | |
Maryland Trans. Auth. Passenger Facility Charge Rev. Series 2012 C, 0.02% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 20,500 | 20,500 | |
Maryland Trans. Auth. Trans. Facility Projects Rev. Participating VRDN Series BA 15 XF0246, 0.06% 3/7/16 (Liquidity Facility Bank of America NA) (a)(c) | 5,055 | 5,055 | |
Montgomery County Gen. Oblig. Participating VRDN Series 15 XF0110, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,020 | 6,020 | |
Montgomery County Hsg. Opportunities Commission Multi-family Hsg. Rev.: | |||
Series 2004 C, 0.02% 3/7/16, LOC TD Banknorth, NA, VRDN (a) | 750 | 750 | |
Series 2011 A, 0.02% 3/7/16, LOC TD Banknorth, NA, VRDN (a) | 11,010 | 11,010 | |
Montgomery County Hsg. Opportunity Commission Single Family Mtg. Rev.: | |||
Series 2007 F, 0.02% 3/7/16, LOC PNC Bank NA, VRDN (a)(b) | 10,000 | 10,000 | |
Series 2008 C, 0.02% 3/7/16, LOC PNC Bank NA, VRDN (a)(b) | 8,450 | 8,450 | |
132,275 | |||
Massachusetts - 0.2% | |||
Massachusetts Clean Wtr. Trust Participating VRDN Series Clipper 06 11, 0.04% 3/7/16 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 49,205 | 49,205 | |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN Series Putters 3990, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,000 | 2,000 | |
51,205 | |||
Michigan - 0.2% | |||
Michigan Fin. Auth. Rev.: | |||
Participating VRDN Series 15 XF0126, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,890 | 4,890 | |
Series 22 A, 0.01% 3/7/16, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | 18,553 | 18,553 | |
Michigan Strategic Fund Ltd. Oblig. Rev. (Consumers Energy Co. Proj.) 0.04% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 33,100 | 33,100 | |
56,543 | |||
Minnesota - 0.2% | |||
Edina Multi-family Rev. (Edina Park Plaza Proj.) Series 1999, 0.03% 3/7/16, LOC Freddie Mac, VRDN (a) | 4,040 | 4,040 | |
Hennepin County Hsg. & Redev. Auth. Multi-family Rev. (Stone Arch Apts. Proj.) 0.05% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 9,800 | 9,800 | |
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (Allina Health Sys. Proj.) Series 2009 B1, 0.01% 3/1/16, LOC JPMorgan Chase Bank, VRDN (a) | 15,175 | 15,175 | |
Minneapolis Multi-family Rev. (Stone Arch Apt. Proj.) Series 2002, 0.05% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 3,600 | 3,600 | |
Minnesota State Gen. Fdg. Rev. Participating VRDN Series 15 ZF0175, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,335 | 3,335 | |
Oak Park Heights Multi-family Rev. 0.02% 3/7/16, LOC Freddie Mac, VRDN (a) | 7,650 | 7,650 | |
43,600 | |||
Mississippi - 0.4% | |||
Jackson County Port Facilities Rev. (Chevron U.S.A., Inc. Proj.) Series 1993, 0.01% 3/1/16, VRDN (a) | 45,450 | 45,450 | |
Mississippi Bus. Fin. Corp.: | |||
(Chevron U.S.A., Inc. Proj.): | |||
Series 2007 A, 0.01% 3/1/16 (Chevron Corp. Guaranteed), VRDN (a) | 20,800 | 20,800 | |
Series 2007 C, 0.01% 3/1/16 (Chevron Corp. Guaranteed), VRDN (a) | 2,645 | 2,645 | |
Series 2011 E, 0.01% 3/1/16, VRDN (a) | 1,250 | 1,250 | |
0.01% 3/1/16, VRDN (a) | 3,800 | 3,800 | |
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 0.03% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 10,000 | 10,000 | |
Mississippi Dev. Bank Spl. Oblig. (Harrison County Proj.) Series 2008 A2, 0.03% 3/7/16, LOC Bank of America NA, VRDN (a) | 14,000 | 14,000 | |
Mississippi Home Corp. Multi-family Hsg. Rev. (Bristol Park Apts. Proj.) Series 2001 1, 0.07% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 7,600 | 7,600 | |
105,545 | |||
Missouri - 0.4% | |||
Grandview Indl. Dev. Auth. Multi-family Hsg. Rev. (Briarwood Apts. Proj.) 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 11,300 | 11,300 | |
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev.: | |||
(Saint Louis Univ. Proj.): | |||
Series 1999 B, 0.01% 3/1/16, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 3,125 | 3,125 | |
Series 2008 A1, 0.01% 3/1/16, LOC Wells Fargo Bank NA, VRDN (a) | 5,200 | 5,200 | |
Series 2008 A2, 0.01% 3/1/16, LOC Wells Fargo Bank NA, VRDN (a) | 4,340 | 4,340 | |
Series 2008 B1, 0.01% 3/1/16, LOC Barclays Bank PLC, VRDN (a) | 18,130 | 18,130 | |
Participating VRDN: | |||
Series EGL 07 0001, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 6,000 | 6,000 | |
Series Putters 3929, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,785 | 2,785 | |
Missouri Health & Edl. Facilities Rev. Participating VRDN Series XF 0292, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 11,305 | 11,305 | |
Saint Louis Indl. Dev. Auth.: | |||
(Metropolitan Lofts Apts. Proj.) Series 2003 A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 26,300 | 26,300 | |
(Saint Luke's Plaza Apts. Proj.) Series 2009, 0.02% 3/7/16 (Liquidity Facility Freddie Mac), VRDN (a) | 1,900 | 1,900 | |
St. Joseph Indl. Dev. Auth. Health Facilities Rev. (Heartland Health Sys. Proj.) Series 2009 A, 0.01% 3/1/16, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 5,050 | 5,050 | |
95,435 | |||
Montana - 0.0% | |||
Forsyth Poll. Cont. Rev. Series 2008 A, 0.19% 3/7/16, VRDN (a)(b) | 450 | 450 | |
Nebraska - 0.7% | |||
Douglas County Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.03% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 10,000 | 10,000 | |
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: | |||
Series 2010 B, 0.01% 3/7/16 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a) | 27,935 | 27,935 | |
Series 2010 C, 0.02% 3/7/16 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 60,700 | 60,700 | |
Series 2013 F, 0.02% 3/7/16 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 22,140 | 22,140 | |
Series 2014 B, 0.02% 3/7/16 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 8,605 | 8,605 | |
Series 2015 D, 0.02% 3/7/16 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 17,500 | 17,500 | |
Washington County Indl. Dev. Rev. (Cargill Dow Polymers LLC Proj.) Series 2000, 0.03% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 20,000 | 20,000 | |
166,880 | |||
Nevada - 2.9% | |||
Clark County Arpt. Rev.: | |||
Series 2008 A2, 0.02% 3/7/16, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | 37,650 | 37,650 | |
Series 2008 B2, 0.02% 3/7/16, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | 49,460 | 49,460 | |
Series 2008 C1, 0.02% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 122,900 | 122,900 | |
Series 2008 C2, 0.02% 3/7/16, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | 16,975 | 16,975 | |
Series 2008 C3, 0.02% 3/7/16, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | 44,475 | 44,475 | |
Series 2008 D3, 0.01% 3/7/16, LOC Bank of America NA, VRDN (a) | 80,060 | 80,060 | |
Series 2011 B1, 0.02% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 87,725 | 87,725 | |
Series 2011 B2, 0.02% 3/7/16, LOC Royal Bank of Canada, VRDN (a)(b) | 89,795 | 89,795 | |
Clark County Fuel Tax Participating VRDN: | |||
ROC II R 11836, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 7,500 | 7,500 | |
Series Putters 3158, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 32,110 | 32,110 | |
Series ROC II R 11507, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 2,400 | 2,400 | |
Clark County Indl. Dev. Rev.: | |||
(Southwest Gas Corp. Proj.): | |||
Series 2009 A, 0.03% 3/7/16, LOC Bank of America NA, VRDN (a) | 11,500 | 11,500 | |
0.05% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 35,000 | 35,000 | |
Series 2008 A, 0.03% 3/7/16, LOC MUFG Union Bank NA, VRDN (a)(b) | 42,800 | 42,800 | |
Nevada Hsg. Division (Horizon Apt. Hsg. Proj.) Series 2000 A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 7,410 | 7,410 | |
Reno Cap. Impt. Rev. Series 2005 A, 0.02% 3/7/16, LOC Bank of America NA, VRDN (a) | 12,200 | 12,200 | |
Reno Hosp. Rev. (Renown Reg'l. Med. Ctr. Proj.) Series 2009 A, 0.03% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 17,900 | 17,900 | |
697,860 | |||
New Hampshire - 0.1% | |||
New Hampshire Hsg. Fin. Auth. Multi-family Rev. (Pheasant Run Proj.) 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 16,400 | 16,400 | |
New Jersey - 0.1% | |||
Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.): | |||
Series 2003 B1, 0.13% 3/7/16, VRDN (a) | 9,500 | 9,500 | |
Series 2012 A, 0.22% 3/7/16, VRDN (a)(b) | 16,100 | 16,100 | |
25,600 | |||
New York - 16.4% | |||
Long Island Pwr. Auth. Elec. Sys. Rev. Series 2012 C, 0.01% 3/7/16, LOC Barclays Bank PLC, VRDN (a) | 58,005 | 58,005 | |
New York City Gen. Oblig.: | |||
Participating VRDN: | |||
Series Putters 14 0013, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,650 | 6,650 | |
Series ROC II R 14045, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 5,400 | 5,400 | |
Series 2004 A3, 0.01% 3/7/16, LOC Morgan Stanley Bank, West Valley City Utah, VRDN (a) | 24,890 | 24,890 | |
Series 2004 H3, 0.01% 3/7/16, LOC California Pub. Employees Retirement Sys., VRDN (a) | 29,005 | 29,005 | |
Series 2006 E3, 0.01% 3/7/16, LOC Bank of America NA, VRDN (a) | 59,600 | 59,600 | |
Series 2012 G3, 0.01% 3/7/16 (Liquidity Facility Citibank NA), VRDN (a) | 129,350 | 129,350 | |
Series 2013 F3, 0.01% 3/1/16 (Liquidity Facility Bank of America NA), VRDN (a) | 9,575 | 9,575 | |
Series 2014 D3, 0.01% 3/1/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 39,200 | 39,200 | |
Series 2015 F4, 0.01% 3/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 30,600 | 30,600 | |
Series 2015 F5, 0.01% 3/1/16 (Liquidity Facility Barclays Bank PLC), VRDN (a) | 32,200 | 32,200 | |
Series 2015 F6, 0.01% 3/1/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 55,550 | 55,550 | |
Series 2104 1, 0.01% 3/1/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 17,650 | 17,650 | |
Series H2, 0.01% 3/1/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 21,100 | 21,100 | |
New York City Hsg. Dev. Corp. Multi-family Mtg. Rev.: | |||
(270 East Burnside Avenue Apts.) Series A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 6,400 | 6,400 | |
(89 Murray St. Proj.) Series A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 34,000 | 34,000 | |
(941 Hoe Avenue Apts. Proj.) Series A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 6,660 | 6,660 | |
(Beacon Mews Dev. Proj.) Series 2006 A, 0.02% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 8,000 | 8,000 | |
(Cook Street Apts. Proj.) Series A, 0.04% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 4,380 | 4,380 | |
(Courtland Avenue Apts. Proj.) Series A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 7,905 | 7,905 | |
(East 165th Street Proj.) Series A, 0.04% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 7,665 | 7,665 | |
(First Avenue Dev. Proj.) Series 2002 A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 14,000 | 14,000 | |
(Intervale Gardens Apts.) Series A, 0.04% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 3,115 | 3,115 | |
(Louis Nine Boulevard Apts. Proj.) Series A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 7,300 | 7,300 | |
(Manhattan Court Dev. Proj.) Series A, 0.04% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 16,500 | 16,500 | |
(Morris Ave. Apts. Proj.) Series A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 14,700 | 14,700 | |
(Peter Cintron Apts. Proj.) Series C, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 4,140 | 4,140 | |
(State Renaissance Court Proj.) Series A, 0.03% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 28,700 | 28,700 | |
(Villa Avenue Apts. Proj.) Series 2006 A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 5,990 | 5,990 | |
(West 48th Street Dev. Proj.) Series 2001 A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 14,000 | 13,999 | |
Series 2011 A, 0.02% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 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% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 37,900 | 37,900 | |
(255 West 9th Street Proj.) Series 2001 A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 69,435 | 69,435 | |
(Brittany Dev. Proj.) Series A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 46,700 | 46,700 | |
(Linden Plaza Proj.) Series 2008 A, 0.03% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 63,635 | 63,635 | |
(Morris Avenue Apts. Proj.) Series A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 36,000 | 36,000 | |
(One Columbus Place Dev. Proj.) Series A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 71,015 | 71,015 | |
(Related-Tribeca Tower Proj.) Series 1997 A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 15,000 | 15,000 | |
(Rivereast Apts. Proj.) Series A, 0.03% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 4,150 | 4,150 | |
(Sierra Dev. Proj.) Series A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 41,935 | 41,935 | |
(Westport Dev. Proj.) Series 2004 A, 0.05% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 61,000 | 61,000 | |
Series 2002 A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 51,500 | 51,500 | |
Series 2009 A, 0.01% 3/7/16, LOC Freddie Mac, VRDN (a) | 500 | 500 | |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | |||
Participating VRDN: | |||
Series EGL 06 69 Class A, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 16,400 | 16,400 | |
Series EGL 06 74 Class A, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 7,045 | 7,045 | |
Series EGL 09 46A, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 19,130 | 19,130 | |
Series putters 3231Z, 0.01% 3/1/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 8,675 | 8,675 | |
Series Putters 3384, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,750 | 3,750 | |
Series Putters 3496Z, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 7,025 | 7,025 | |
Series ROC II R 11931, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 3,750 | 3,750 | |
Series 2008 B3, 0.01% 3/1/16 (Liquidity Facility Bank of America NA), VRDN (a) | 41,825 | 41,825 | |
Series 2009 BB1, 0.01% 3/1/16 (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | 41,725 | 41,725 | |
Series 2009 BB2, 0.01% 3/1/16 (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | 14,900 | 14,900 | |
Series 2011 DD, 0.01% 3/1/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 21,500 | 21,500 | |
Series 2011 DD-3A, 0.01% 3/1/16 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (a) | 4,700 | 4,700 | |
Series 2012 B, 0.01% 3/1/16 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (a) | 19,100 | 19,100 | |
Series 2012 B2, 0.01% 3/1/16 (Liquidity Facility California Pub. Employees Retirement Sys.), VRDN (a) | 9,800 | 9,800 | |
Series 2012 B3, 0.01% 3/1/16 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | 1,470 | 1,470 | |
Series 2014 AA: | |||
0.01% 3/1/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 12,200 | 12,200 | |
0.01% 3/1/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 16,130 | 16,130 | |
0.01% 3/1/16 (Liquidity Facility TD Banknorth, NA), VRDN (a) | 13,600 | 13,600 | |
Series 2014 BB1, 0.01% 3/1/16 (Liquidity Facility Bank of America NA), VRDN (a) | 36,800 | 36,800 | |
Series 2014 BB4, 0.01% 3/1/16 (Liquidity Facility Wells Fargo Bank NA), VRDN (a) | 5,240 | 5,240 | |
Series 2015 BB3, 0.01% 3/7/16 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (a) | 62,350 | 62,350 | |
New York City Transitional Fin. Auth. Rev.: | |||
Participating VRDN: | |||
Series Putters 4084Z, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,850 | 3,850 | |
Series ROC II R 11994, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 4,500 | 4,500 | |
Series ROC II R 14082, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 6,200 | 6,200 | |
Series 2001 A, 0.01% 3/7/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 59,450 | 59,450 | |
Series 2003 A2, 0.01% 3/2/16 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a) | 36,100 | 36,100 | |
Series 2003 C1, 0.01% 3/1/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 11,550 | 11,550 | |
Series 2013 C4, 0.01% 3/1/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 4,300 | 4,300 | |
Series 2015 E4, 0.01% 3/1/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 24,900 | 24,900 | |
Series 2016 E4, 0.01% 3/1/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 10,000 | 10,000 | |
New York Dorm. Auth. Personal Income Tax Rev. Participating VRDN: | |||
Series Putters 3518, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,640 | 2,640 | |
Series ROC II R 14005, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 14,030 | 14,030 | |
New York Dorm. Auth. Revs.: | |||
(City Univ. Proj.) Series 2008 C, 0.01% 3/7/16, LOC Bank of America NA, VRDN (a) | 135,300 | 135,300 | |
(Fordham Univ. Proj.) Series 2008 A1, 0.01% 3/7/16, LOC Bank of America NA, VRDN (a) | 36,360 | 36,360 | |
Participating VRDN: | |||
ROC II R 11944, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 5,150 | 5,150 | |
Series EGL 07 0002, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 7,775 | 7,775 | |
Series ROC II R 11535, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 3,590 | 3,590 | |
Series ROC II R 11722, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 2,935 | 2,935 | |
Series ROC II R 11943, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 5,580 | 5,580 | |
New York Hsg. Fin. Agcy. Rev.: | |||
(10 Barclay Street Hsg. Proj.) Series 2004 A, 0.01% 3/7/16, LOC Fannie Mae, VRDN (a) | 78,045 | 78,045 | |
(101 West End Hsg. Proj.): | |||
Series 1998 A, 0.01% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 38,400 | 38,400 | |
Series 1999 A, 0.01% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 52,850 | 52,850 | |
(125 West 31st Street Proj.) Series 2005 A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 97,300 | 97,300 | |
(150 East 44th Street Hsg. Proj.): | |||
Series 2000 A, 0.01% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 49,900 | 49,900 | |
Series 2001 A, 0.01% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 6,900 | 6,900 | |
(1500 Lexington Avenue Proj.) Series A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 8,000 | 8,000 | |
(240 East 39th Street Hsg. Proj.) Series 1997 A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 111,800 | 111,800 | |
(250 West 50th Street Hsg. Proj.) Series 1997 A, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 13,495 | 13,495 | |
(316 Eleventh Ave. Hsg. Proj.) Series 2007 A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 79,500 | 79,500 | |
(360 West 43rd Street Hsg. Proj.) Series A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 9,900 | 9,900 | |
(55 West 25th Street Hsg. Proj.) Series 2005 A, 0.05% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 105,400 | 105,400 | |
(600 West and 42nd St. Hsg. Proj.) Series 2007 A: | |||
0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 62,100 | 62,100 | |
0.03% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 30,000 | 30,000 | |
(66 West 38th Street Hsg. Proj.) Series A: | |||
0.01% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 4,000 | 4,000 | |
0.01% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 44,300 | 44,300 | |
(750 Sixth Avenue Hsg. Proj.) Series 1998 A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 39,500 | 39,500 | |
(Chelsea Apts. Proj.) Series 2003 A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 40,500 | 40,500 | |
(Chelsea Arms Hsg. Proj.) Series 1998 A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 7,000 | 7,000 | |
(Clinton Green South Hsg. Proj.): | |||
Series 2005 A, 0.02% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 68,800 | 68,800 | |
Series 2006 A, 0.03% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 21,500 | 21,500 | |
(Clinton Park Phase II Hsg. Proj.) Series 2011 A2, 0.02% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 34,400 | 34,400 | |
(Grace Towers Hsg. Proj.) Series 2004 A, 0.04% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 11,530 | 11,530 | |
(Helena Hsg. Proj.) Series 2003 A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 9,000 | 9,000 | |
(Reverend Polite Ave. Apt. Hsg. Proj.) Series 2005 A, 0.01% 3/7/16, LOC Fannie Mae, VRDN(a)(b) | 7,435 | 7,435 | |
(Sea Park West Hsg. Proj.) Series 2004 A, 0.01% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 11,300 | 11,300 | |
(South Cove Plaza Proj.) Series A, 0.02% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 28,000 | 28,000 | |
(Theatre Row Tower Hsg. Proj.): | |||
Series 2001 A, 0.02% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 10,000 | 10,000 | |
Series 2002 A, 0.02% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 3,500 | 3,500 | |
(Tower 31 Hsg. Proj.) Series 2005 A, 0.02% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 74,800 | 74,800 | |
(Tribeca Park Proj.) Series 1997 A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 74,100 | 74,100 | |
(West 20th Street Proj.) Series 2001 A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 51,000 | 51,000 | |
(West 23rd Street Hsg. Proj.) Series 2002 A, 0.01% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 62,600 | 62,600 | |
(West 38th Street Hsg. Proj.) Series 2002 A, 0.01% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 16,000 | 16,000 | |
(Worth Street Hsg. Proj.) Series A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 47,600 | 47,600 | |
Series 1997 A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 35,000 | 35,000 | |
Series 2000 A, 0.02% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 14,500 | 14,500 | |
Series 2004 A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 52,950 | 52,950 | |
Series 2008 A: | |||
0.01% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 51,700 | 51,700 | |
0.01% 3/7/16, LOC Freddie Mac, VRDN (a) | 13,400 | 13,400 | |
Series 2010 A: | |||
0.01% 3/7/16, LOC Freddie Mac, VRDN (a) | 43,155 | 43,155 | |
0.01% 3/7/16, LOC Freddie Mac, VRDN (a) | 27,800 | 27,800 | |
Series 2013 A: | |||
0.01% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 29,500 | 29,500 | |
0.01% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 59,700 | 59,700 | |
Series 2014 A: | |||
0.01% 3/1/16, LOC PNC Bank NA, VRDN (a) | 7,700 | 7,700 | |
0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 15,250 | 15,250 | |
Series 2015 A1, 0.01% 3/7/16, LOC Bank of New York, New York, VRDN (a) | 4,945 | 4,945 | |
New York Hsg. Fin. Svc. Contract Rev.: | |||
Series 2003 L, 0.01% 3/7/16, LOC Bank of America NA, VRDN (a) | 1,930 | 1,930 | |
Series 2003 M1, 0.01% 3/7/16, LOC Bank of America NA, VRDN (a) | 995 | 995 | |
New York Liberty Dev. Corp. Participating VRDN Series Putters 4083, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,910 | 5,910 | |
New York Local Govt. Assistance Corp. Series 2008 B3V, 0.01% 3/7/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 99,345 | 99,344 | |
New York Metropolitan Trans. Auth. Rev. Series 2005 E1, 0.01% 3/1/16, LOC Bank of Montreal Chicago CD Prog., VRDN (a) | 8,500 | 8,500 | |
New York Sales Tax Asset Receivables Corp. Participating VRDN Series 2015 ZF0209, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,250 | 5,250 | |
New York State Energy Research & Dev. Auth. Facilities Rev.: | |||
(Consolidated Edison Co. of New York, Inc. Proj.): | |||
Series 2004 C1, 0.01% 3/7/16, LOC Mizuho Bank Ltd., VRDN (a)(b) | 17,800 | 17,800 | |
Series 2004 C2, 0.01% 3/7/16, LOC Mizuho Bank Ltd., VRDN (a)(b) | 4,000 | 4,000 | |
Series 2010 A2, 0.01% 3/7/16, LOC Bank of Nova Scotia, VRDN (a)(b) | 19,000 | 19,000 | |
Series 2010 A, 0.02% 3/7/16, LOC Bank of Nova Scotia, VRDN (a)(b) | 2,000 | 2,000 | |
Series 2010 A4, 0.01% 3/7/16, LOC Bank of Nova Scotia, VRDN (a)(b) | 39,100 | 39,100 | |
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Participating VRDN Series ROC II R 11997, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 4,800 | 4,800 | |
Triborough Bridge & Tunnel Auth. Revs.: | |||
Series 2005 B2, 0.01% 3/1/16, LOC Wells Fargo Bank NA, VRDN (a) | 5,680 | 5,680 | |
Series 2005 B3, 0.01% 3/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 50,760 | 50,760 | |
3,982,798 | |||
New York And New Jersey - 0.6% | |||
Port Auth. of New York & New Jersey Participating VRDN Series EGL 06 107 Class A, 0.04% 3/7/16 (Liquidity Facility Citibank NA) (a)(b)(c) | 151,450 | 151,450 | |
North Carolina - 1.6% | |||
Charlotte Ctfs. of Prtn. Participating VRDN Series Putters 4724, 0.01% 3/7/16 (Liquidity Facility Bank of America NA) (a)(c) | 11,680 | 11,680 | |
Charlotte Int'l. Arpt. Rev. (Charlotte Douglas Int'l. Arpt. Proj.) Series 2008 D, 0.02% 3/7/16, LOC Bank of America NA, VRDN (a) | 37,615 | 37,615 | |
Charlotte Wtr. & Swr. Sys. Rev.: | |||
Participating VRDN Series BC 09 43W, 0.03% 3/7/16 (Liquidity Facility Barclays Bank PLC) (a)(c) | 5,000 | 5,000 | |
Series 2006 B, 0.01% 3/7/16 (Liquidity Facility Wells Fargo Bank NA), VRDN (a) | 1,160 | 1,160 | |
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev.: | |||
Series 2007 E, 0.01% 3/7/16, LOC TD Banknorth, NA, VRDN (a) | 5,000 | 5,000 | |
Series 2007 H, 0.01% 3/1/16, LOC Wells Fargo Bank NA, VRDN (a) | 7,485 | 7,485 | |
Greensboro Combined Enterprise Sys. Rev. Series 2014 A, 0.02% 3/7/16 (Liquidity Facility Bank of America NA), VRDN (a) | 13,410 | 13,410 | |
Lower Cape Fear Wtr. & Swr. Auth. Rev. (Bladen Bluffs Proj.) Series 2010, 0.02% 3/7/16, LOC Rabobank Nederland New York Branch, VRDN (a) | 12,865 | 12,865 | |
North Carolina Cap. Facilities Fin. Agcy. Rev. Participating VRDN: | |||
Series 15 XF2167, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 1,600 | 1,600 | |
Series EGL 14 0050, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 38,165 | 38,165 | |
Series EGL 14 0051, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 14,220 | 14,220 | |
Series EGL 14 0052, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 58,165 | 58,165 | |
Series ROC II R 11850, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 12,600 | 12,600 | |
North Carolina Med. Care Commission Health Care Facilities Rev.: | |||
(Cape Fear Valley Health Sys. Proj.) Series 2008 A1, 0.02% 3/7/16, LOC Branch Banking & Trust Co., VRDN (a) | 2,875 | 2,875 | |
(WakeMed Proj.): | |||
Series 2009 B, 0.01% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 31,705 | 31,705 | |
Series 2009 C, 0.01% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 29,620 | 29,620 | |
Participating VRDN: | |||
Series 15 XF0147, 0.02% 3/7/16 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | 9,365 | 9,365 | |
Series BC 10 31W, 0.03% 3/7/16 (Liquidity Facility Barclays Bank PLC) (a)(c) | 3,625 | 3,625 | |
North Carolina Med. Care Commission Hosp. Rev. (CaroMont Health Proj.): | |||
Series 2003 A, 0.02% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 38,585 | 38,585 | |
Series 2003 B, 0.02% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 7,980 | 7,980 | |
Parson County Indl. Facilities and Poll. Cont. Fing. Auth. (CertainTeed Gypsum NC, Inc. Proj.) Series 2010, 0.05% 3/7/16, LOC Cr. Industriel et Commercial, VRDN (a) | 31,400 | 31,400 | |
Piedmont Triad Arpt. Auth.: | |||
Series 2008 A, 0.02% 3/7/16, LOC Branch Banking & Trust Co., VRDN (a) | 5,235 | 5,235 | |
Series 2008 B, 0.05% 3/7/16, LOC Branch Banking & Trust Co., VRDN (a)(b) | 7,000 | 7,000 | |
Raleigh Combined Enterprise Sys. Rev. Participating VRDN Series EGL 07 0010, 0.01% 3/1/16 (Liquidity Facility Citibank NA) (a)(c) | 4,950 | 4,950 | |
Univ. of North Carolina at Chapel Hill Rev. Participating VRDN Series EGL 05 3014 Class A, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 8,345 | 8,345 | |
399,650 | |||
Ohio - 0.6% | |||
Columbus Gen. Oblig. Participating VRDN Series Clipper 08 2, 0.01% 3/7/16 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 7,985 | 7,985 | |
Hamilton County Student Hsg. Rev. (Block 3 Proj.) Series 2004, 0.11% 3/7/16, LOC Bank of New York, New York, LOC Citizens Bank of Pennsylvania, VRDN (a) | 32,600 | 32,600 | |
Ohio Gen. Oblig. (Common Schools Proj.) Series 2005 B, 0.01% 3/7/16, VRDN (a) | 120 | 120 | |
Ohio Hosp. Facilities Rev. Participating VRDN: | |||
Series Putters 3552, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,500 | 3,500 | |
Series Putters 3558, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,800 | 4,800 | |
Ohio Hsg. Fin. Agcy. Mtg. Rev.: | |||
(Mtg.-Backed Securities Prog.) Series B, 0.02% 3/7/16 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 8,910 | 8,910 | |
Series 2004 D, 0.02% 3/7/16 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 1,130 | 1,130 | |
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Series 2008 B, 0.02% 3/7/16 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 4,755 | 4,755 | |
Ohio State Univ. Gen. Receipts Series 2010 E, 0.01% 3/7/16, VRDN (a) | 77,700 | 77,700 | |
Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 0.02% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 2,900 | 2,900 | |
144,400 | |||
Oklahoma - 0.0% | |||
Tulsa Arpts. Impt. Trust Spl. Facility Rev. 0.04% 3/7/16, LOC Landesbank Hessen-Thuringen, VRDN (a)(b) | 10,120 | 10,120 | |
Univ. Hospitals Trust Rev. Series 2005 A, 0.03% 3/7/16, LOC Bank of America NA, VRDN (a) | 1,250 | 1,250 | |
11,370 | |||
Oregon - 0.5% | |||
Oregon Facilities Auth. Rev. (PeaceHealth Proj.) Series 2008 A, 0.02% 3/7/16, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 2,000 | 2,000 | |
Oregon Gen. Oblig. Participating VRDN Series ROC II R 11949, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 3,615 | 3,615 | |
Port of Portland Arpt. Rev.: | |||
Series Eighteen A, 0.03% 3/7/16, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 34,730 | 34,730 | |
Series Eighteen B, 0.03% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 46,350 | 46,350 | |
Portland Hsg. Auth. Rev.: | |||
(New Columbia - Cecelia Proj.) Series 2004, 0.05% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 3,355 | 3,355 | |
(New Columbia - Trouton Proj.) Series 2005, 0.05% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 5,455 | 5,455 | |
Portland Multi-family Hsg. Rev. (The Village at Lovejoy Fountain Proj.) Series 2009, 0.05% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 15,000 | 15,000 | |
110,505 | |||
Pennsylvania - 0.6% | |||
Allegheny County Hosp. Dev. Auth. Rev. (Children's Institute Pittsburgh Proj.): | |||
Series 2005 A, 0.02% 3/7/16, LOC PNC Bank NA, VRDN (a) | 8,665 | 8,665 | |
Series 2005 B, 0.02% 3/7/16, LOC PNC Bank NA, VRDN (a) | 6,885 | 6,885 | |
Bucks County Indl. Dev. Auth. Rev. (Lutheran Cmnty. at Telford Healthcare Ctr., Inc. Proj.) Series 2007 B, 0.22% 3/7/16, LOC Citizens Bank of Pennsylvania, VRDN (a) | 2,155 | 2,155 | |
Butler County Gen. Auth. Rev. (Erie School District Proj.) Series 2011, 0.02% 3/7/16, LOC PNC Bank NA, VRDN (a) | 10,955 | 10,955 | |
Erie County Hosp. Auth. Rev. (Saint Vincent Health Ctr. Proj.) Series 2010 B, 0.03% 3/7/16, LOC Manufacturers & Traders Trust Co., VRDN (a) | 11,340 | 11,340 | |
Geisinger Auth. Health Sys. Rev. Participating VRDN Series Putters 3490Z, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,555 | 4,555 | |
Lackawanna Hotel Room Rental Tax Rev. Series 2013, 0.02% 3/7/16, LOC PNC Bank NA, VRDN (a) | 8,670 | 8,670 | |
Lancaster Indl. Dev. Auth. Rev. (Willow Valley Retirement Proj.) Series 2009 B, 0.03% 3/7/16, LOC PNC Bank NA, VRDN (a) | 7,200 | 7,200 | |
Lawrence County Gen. Oblig. Indl. Dev. Auth. 0.02% 3/7/16, LOC PNC Bank NA, VRDN (a) | 7,135 | 7,135 | |
Luzerne County Convention Ctr. Series 2012, 0.02% 3/7/16, LOC PNC Bank NA, VRDN (a) | 6,100 | 6,100 | |
Montgomery County Indl. Dev. Auth. Rev. (Foulkeways at Gwynedd Proj.) Series 2006 B, 0.02% 3/7/16, LOC Citizens Bank of Pennsylvania, VRDN (a) | 9,765 | 9,765 | |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Series 1996 D5, 0.14% 3/7/16, LOC PNC Bank NA, VRDN (a)(b) | 300 | 300 | |
Pennsylvania Econ. Dev. Fing. Auth. Manufacturing Facility Rev. (Dodge Realty Partners Proj.) Series 2007, 0.07% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 2,085 | 2,085 | |
Pennsylvania Gen. Oblig. Participating VRDN Series Putters 3352Z, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,590 | 3,590 | |
Philadelphia Arpt. Rev.: | |||
Series 2005 C1, 0.04% 3/7/16, LOC TD Banknorth, NA, VRDN (a)(b) | 18,705 | 18,705 | |
Series 2005 C2, 0.03% 3/7/16, LOC Royal Bank of Canada, VRDN (a)(b) | 10,855 | 10,855 | |
Philadelphia Auth. for Indl. Dev. Rev. (Spl. People in Northeast, Inc. Proj.) Series 2006, 0.17% 3/7/16, LOC Citizens Bank of Pennsylvania, VRDN (a) | 955 | 955 | |
Philadelphia Auth. Indl. Dev. Lease Rev. Series 2007 B2, 0.01% 3/7/16, LOC TD Banknorth, NA, VRDN (a) | 4,800 | 4,800 | |
Washington County Hosp. Auth. Rev. (Monongahela Valley Hosp. Proj.): | |||
Series 2011 A, 0.02% 3/7/16, LOC PNC Bank NA, VRDN (a) | 2,540 | 2,540 | |
Series 2011 B, 0.02% 3/7/16, LOC PNC Bank NA, VRDN (a) | 10,175 | 10,175 | |
Westmoreland County Indl. Dev. Auth. Rev. (Excela Health Proj.) Series 2010 B, 0.02% 3/7/16, LOC PNC Bank NA, VRDN (a) | 2,745 | 2,745 | |
140,175 | |||
Rhode Island - 0.2% | |||
Narragansett Bay Commission Wastewtr. Sys. Rev. Series 2008 A, 0.01% 3/7/16, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 32,800 | 32,800 | |
Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev. (Rhode Island School of Design Proj.) Series 2008 B, 0.01% 3/7/16, LOC TD Banknorth, NA, VRDN (a) | 7,510 | 7,510 | |
40,310 | |||
South Carolina - 0.3% | |||
Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.): | |||
Series 1999 A, 0.01% 3/1/16, VRDN (a) | 1,000 | 1,000 | |
Series 1999 B, 0.02% 3/1/16, VRDN (a)(b) | 2,300 | 2,300 | |
South Carolina Jobs-Econ. Dev. Auth. (AnMed Health Proj.) Series 2009 D, 0.01% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a) | 4,955 | 4,955 | |
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev.: | |||
(Bon Secours Health Sys. Proj.) 0.02% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 25,000 | 25,000 | |
(Waste Mgmt. of South Carolina, Inc. Proj.) Series 2003 A, 0.06% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 15,000 | 15,000 | |
South Carolina Jobs-Econ. Dev. Auth. Indl. Rev.: | |||
(South Carolina Elec. & Gas Co. Proj.) Series 2008, 0.03% 3/7/16, LOC TD Banknorth, NA, VRDN (a)(b) | 13,790 | 13,790 | |
(South Carolina Generating Co., Inc. Proj.) Series 2008, 0.03% 3/7/16, LOC TD Banknorth, NA, VRDN (a)(b) | 20,700 | 20,700 | |
82,745 | |||
South Dakota - 0.0% | |||
South Dakota Hsg. Dev. Auth. (Harmony Heights Proj.) Series 2001, 0.04% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 6,050 | 6,050 | |
Tennessee - 1.6% | |||
Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.): | |||
Series 2001, 0.02% 3/1/16, LOC Bank of America NA, VRDN (a) | 13,750 | 13,750 | |
Series 2003, 0.02% 3/1/16, LOC Bank of America NA, VRDN (a) | 11,010 | 11,010 | |
Series 2004, 0.02% 3/1/16, LOC Bank of America NA, VRDN (a) | 11,010 | 11,010 | |
Series 2005, 0.02% 3/1/16, LOC Bank of America NA, VRDN (a) | 35,135 | 35,135 | |
Series 2008, 0.02% 3/1/16, LOC Bank of America NA, VRDN (a) | 25,160 | 25,160 | |
Henderson TN IDB Rev. (Arvin Sango, Inc. Proj.) Series 2012, 0.06% 3/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | 5,000 | 5,000 | |
Johnson City Health & Edl. Hosp. Rev. (Mountain States Health Alliance Proj.) Series 2011 A, 0.02% 3/7/16, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 31,510 | 31,510 | |
Lewisburg Indl. Dev. Board (Waste Mgmt., Inc., Proj.) 0.02% 3/7/16, LOC PNC Bank NA, VRDN (a)(b) | 25,000 | 25,000 | |
Loudon County Indl. Dev. Board Exempt Facilities Rev. (Kimberly-Clark Corp. Proj.) 0.05% 3/7/16, VRDN (a)(b) | 11,600 | 11,600 | |
Loudon Indl. Dev. Board Solid Waste Disp. Rev. (Tate & Lyle Ingredients Americas, Inc. Proj.) Series 2006, 0.04% 3/7/16, LOC Rabobank Nederland, VRDN (a)(b) | 29,700 | 29,700 | |
Memphis Health, Edl. & Hsg. Facilities Board (Ashland Lakes Apts. Proj.) Series A, 0.03% 3/7/16, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 10,000 | 10,000 | |
Metropolitan Govt. Nashville & Davidson County Health & Edl. Facilities Board (Whispering Oaks Apts. Proj.) 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 15,000 | 15,000 | |
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev.: | |||
(Tennessee County Ln. Pool Prog.): | |||
Series 1999, 0.03% 3/7/16, LOC Bank of America NA, VRDN (a) | 13,845 | 13,845 | |
Series 2002, 0.02% 3/1/16, LOC Bank of America NA, VRDN (a) | 4,290 | 4,290 | |
Series 2004, 0.02% 3/1/16, LOC Bank of America NA, VRDN (a) | 21,605 | 21,605 | |
Series 2006, 0.02% 3/1/16, LOC Bank of America NA, VRDN (a) | 9,750 | 9,750 | |
Series 2008, 0.02% 3/1/16, LOC Bank of America NA, VRDN (a) | 18,665 | 18,665 | |
Nashville and Davidson County Metropolitan Govt. Gen. Oblig. Participating VRDN Series Putters 2631, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 67,475 | 67,475 | |
Nashville and Davidson County Metropolitan Govt. Health & Edl. Facilities Board Rev. Bonds Series 2001 B1, 0.19%, tender 9/26/16 (a) | 23,390 | 23,390 | |
Rutherford County Health & Edl. Facilities Board Rev. Participating VRDN Series 2014 ZF0208, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,000 | 5,000 | |
387,895 | |||
Texas - 6.4% | |||
Austin Arpt. Sys. Rev.: | |||
Series 2005 1, 0.02% 3/7/16, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | 45,500 | 45,500 | |
Series 2005 2, 0.02% 3/7/16, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | 45,450 | 45,450 | |
Series 2005 3, 0.02% 3/7/16, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | 25,635 | 25,635 | |
Austin Wtr. & Wastewtr. Sys. Rev. Participating VRDN Series ROC II R 11992, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 3,795 | 3,795 | |
Brazos River Hbr. Navigation District of Brazoria County Envir. Facilities Rev. (Merey Sweeny LP Proj.): | |||
Series 2000 A, 0.01% 3/1/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 3,800 | 3,800 | |
Series 2002 A, 0.01% 3/1/16, LOC Bank of America NA, VRDN (a)(b) | 2,100 | 2,100 | |
Brownsville Indl. Dev. Corp. Rev. (Rich-Seapak Corp. Proj.) Series 1997, 0.06% 3/7/16, LOC HSBC Bank U.S.A., NA, VRDN (a)(b) | 6,250 | 6,250 | |
Calhoun County Navigation District Envir. Facilities Rev. (Formosa Plastics Corp. Proj.) 0.02% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 13,775 | 13,775 | |
Calhoun County Navigation District Poll. Cont. Rev. (Formosa Plastics Corp., Texas Proj.) Series 2002, 0.02% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 10,000 | 10,000 | |
Calhoun County Navigation District Port Rev. (Formosa Plastics Corp. Proj.) Series 2000, 0.05% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 5,500 | 5,500 | |
Calhoun County Solid Waste Disp. Rev. (Formosa Plastics Corp. Proj.): | |||
Series 2000, 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 12,500 | 12,500 | |
Series 2001, 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 21,250 | 21,250 | |
Calhoun Port Auth. Envir. Facilities Rev.: | |||
(Formosa Plastics Corp. Proj.) Series 2012, 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 30,700 | 30,700 | |
(Formosa Plastics Corp. Texas Proj.): | |||
Series 2007 A, 0.05% 3/7/16, LOC PNC Bank NA, VRDN (a)(b) | 47,300 | 47,300 | |
Series 2008, 0.05% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 40,000 | 40,000 | |
Cap. Area Hsg. Fin. Corp. Multi-family Hsg. Rev. (Marble Falls Vistas Apts. Proj.) 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 5,285 | 5,285 | |
Dallas Hsg. Fin. Corp. Multi-family Hsg. Rev. (The Masters Apts. Proj.) 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 6,880 | 6,880 | |
Dallas Performing Arts Cultural Facilities Corp. Cultural Facility Rev. (Dallas Ctr. For The Performing Arts Foundation, Inc. Proj.) Series 2008 A, 0.02% 3/7/16, LOC Bank of America NA, VRDN (a) | 37,300 | 37,300 | |
Frisco Independent School District Participating VRDN Series ROC II R 11960, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 6,310 | 6,310 | |
Gilmer Indl. Dev. Corp. (Duoline Technologies LP Proj.) Series 2008 A, 0.15% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 7,825 | 7,825 | |
Gulf Coast Indl. Dev. Auth. TX Rev. (ExxonMobil Proj.) Series 2012, 0.01% 3/1/16, VRDN (a) | 71,095 | 71,095 | |
Gulf Coast Waste Disp. Auth. Envir. Facilities Rev.: | |||
(Exxon Mobil Corp. Proj.) Series 2003, 0.01% 3/1/16, VRDN (a)(b) | 2,450 | 2,450 | |
(ExxonMobil Proj.): | |||
Series 2001 A, 0.01% 3/1/16 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | 1,400 | 1,400 | |
Series 2001 B, 0.01% 3/1/16 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | 19,700 | 19,700 | |
Gulf Coast Waste Disp. Auth. Poll. Cont. Rev. 0.01% 3/1/16, VRDN (a) | 3,750 | 3,750 | |
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 14,100 | 14,100 | |
Harris County Cultural Ed. Facilities Fin. Corp. Rev.: | |||
(YMCA of the Greater Houston Area Proj.) Series 2013 D, 0.01% 3/7/16, VRDN (a) | 8,500 | 8,500 | |
Participating VRDN Series Putters 15 3, 0.01% 3/1/16 (Liquidity Facility JPMorgan Securities LLC) (a)(c) | 33,065 | 33,065 | |
Series 2014 D, 0.01% 3/7/16, VRDN (a) | 16,300 | 16,300 | |
Harris County Cultural Ed. Facilities Fin. Corp. Spl. Facilities Rev. (Texas Med. Ctr. Proj.) Series 2008 B1, 0.01% 3/1/16, LOC JPMorgan Chase Bank, VRDN (a) | 4,100 | 4,100 | |
Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev.: | |||
(Lafayette Village Apts. Proj.) Series 2006, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 6,465 | 6,465 | |
(Louetta Village Apts. Proj.) Series 2005, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 6,280 | 6,280 | |
(Primrose Aldine Bender Apt. Proj.) Series 2004, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 7,310 | 7,310 | |
(Primrose at Bammel Apts. Proj.) Series 2005, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 7,780 | 7,780 | |
(Quail Chase Apts. Proj.) Series 1999, 0.04% 3/7/16, LOC Gen. Elec. Cap. Corp., VRDN (a)(b) | 11,110 | 11,110 | |
(Wellington Park Apts. Proj.) Series 2004, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 11,450 | 11,450 | |
Harris County Indl. Dev. Corp. Poll. Cont. Rev. 0.01% 3/1/16, VRDN (a) | 13,200 | 13,200 | |
Harris County Indl. Dev. Corp. Solid Waste Disp. Rev. (Exxon Proj.) 0.01% 3/1/16, VRDN (a)(b) | 19,700 | 19,700 | |
Houston Arpt. Sys. Rev. Series 2010, 0.02% 3/7/16, LOC Barclays Bank PLC, VRDN (a) | 69,815 | 69,815 | |
Houston Gen. Oblig. Participating VRDN Series Putters 4338, 0.05% 3/7/16 (Liquidity Facility JPMorgan Chase & Co.) (a)(c) | 6,325 | 6,325 | |
Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Participating VRDN Series ROC II R 11860, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 6,000 | 6,000 | |
Houston Hsg. Fin. Corp. Multi-family Hsg. Rev.: | |||
(Fairlake Cove Apts. Proj.) Series 2005, 0.03% 3/7/16, LOC Citibank NA, VRDN (a)(b) | 8,620 | 8,620 | |
(Little Nell Apts. Proj.) Series 2003, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 11,700 | 11,700 | |
(Mayfair Park Apts. Proj.) Series 2004, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 5,500 | 5,500 | |
Houston Util. Sys. Rev. Participating VRDN Series Putters 4719, 0.01% 3/7/16 (Liquidity Facility Bank of America NA) (a)(c) | 14,400 | 14,400 | |
Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) 0.45% 3/7/16, VRDN (a)(b) | 12,600 | 12,600 | |
Judson Independent School District Participating VRDN Series MS 06 1859, 0.01% 3/7/16 (Liquidity Facility Wells Fargo & Co.) (a)(c) | 7,890 | 7,890 | |
Klein Independent School District Participating VRDN Series ROCS II R 11942, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 5,145 | 5,145 | |
Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev.: | |||
(ExxonMobil Proj.): | |||
Series 2001 A, 0.01% 3/1/16 (Exxon Mobil Corp. Guaranteed), VRDN (a) | 14,700 | 14,700 | |
Series 2001 B, 0.01% 3/1/16 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | 15,040 | 15,040 | |
Series 2006 B3, 0.01% 3/1/16, VRDN (a)(b) | 3,635 | 3,635 | |
(Onyx Envir. Svcs. Proj.) Series 2003, 0.11% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 11,950 | 11,950 | |
Montgomery County Hsg. Fin. Corp. Multi-family Hsg. Rev. (Conroe Lodge at Silverdale Apt. Homes Proj.) 0.03% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 7,470 | 7,470 | |
North East Texas Independent School District Participating VRDN Series EGL 14 0018, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 22,305 | 22,305 | |
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
Series 2001 A, 0.17% 3/1/16, VRDN (a) | 5,200 | 5,200 | |
Series 2004, 0.23% 3/7/16, VRDN (a)(b) | 99,850 | 99,850 | |
Series 2009 A, 0.17% 3/1/16, VRDN (a) | 1,300 | 1,300 | |
Series 2009 B, 0.17% 3/1/16, VRDN (a) | 25,390 | 25,390 | |
Series 2009 C, 0.17% 3/1/16, VRDN (a) | 5,800 | 5,800 | |
Series 2010 D, 0.17% 3/1/16, VRDN (a) | 5,800 | 5,800 | |
Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev.: | |||
(Air Products Proj.): | |||
Series 2000, 0.04% 3/7/16, VRDN (a)(b) | 24,000 | 24,000 | |
Series 2001, 0.04% 3/7/16, VRDN (a)(b) | 25,000 | 25,000 | |
Series 2010 A, 0.02% 3/7/16 (Total SA Guaranteed), VRDN (a) | 1,000 | 1,000 | |
Series 2012, 0.02% 3/7/16 (Total SA Guaranteed), VRDN (a) | 15,000 | 15,000 | |
(Total Petrochemicals and Refining U.S.A., Inc. Proj.) Series 2012 A, 0.02% 3/7/16 (Total SA Guaranteed), VRDN (a) | 34,200 | 34,200 | |
Riesel Indl. Dev. Corp. (Sandy Creek Energy Assoc. Proj.): | |||
0.03% 3/7/16, LOC BNP Paribas SA, VRDN (a)(b) | 50,000 | 50,000 | |
0.03% 3/7/16, LOC MUFG Union Bank NA, VRDN (a)(b) | 50,000 | 50,000 | |
San Antonio Elec. & Gas Sys. Rev. Participating VRDN: | |||
Series 2015 ZF0211, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,000 | 5,000 | |
Series Putters 3344, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 1,700 | 1,700 | |
Series Putters 4356, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 17,750 | 17,750 | |
Series XF 0293, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 9,020 | 9,020 | |
San Antonio Pub. Facilities Corp. and Rfdg. Lease Participating VRDN Series CTE 12 3AX, 0.01% 3/7/16 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 7,465 | 7,465 | |
Southeast Texas Hsg. Fin. Corp. Multi-family Hsg. Rev. (Oaks of Hitchcock Apt. Proj.) Series 2000 A, 0.04% 3/7/16, LOC Gen. Elec. Cap. Corp., VRDN (a)(b) | 5,150 | 5,150 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | |||
(Methodist Hospitals of Dallas Proj.) Series 2008: | |||
0.01% 3/1/16, LOC TD Banknorth, NA, VRDN (a) | 4,560 | 4,560 | |
0.02% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 57,615 | 57,615 | |
Participating VRDN: | |||
Series 16 ZF 0282, 0.03% 3/7/16 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | 1,460 | 1,460 | |
Series Putters 4363, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 11,625 | 11,625 | |
Tarrant County Health Facilities Dev. Corp. Hosp. Rev. Participating VRDN Series Putters 0028, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,750 | 6,750 | |
Tarrant County Health Facilities Dev. Corp. Rev. (Carter Blood Care Proj.) Series 1998, 0.09% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a) | 1,820 | 1,820 | |
Texas A&M Univ. Rev. Participating VRDN Series BC 10 39W, 0.03% 3/7/16 (Liquidity Facility Barclays Bank PLC) (a)(c) | 1,580 | 1,580 | |
Texas City Indl. Dev. Corp. (Del Papa Realty Hldgs. LP Proj.) Series 2011, 0.04% 3/7/16, LOC Bank of America NA, VRDN (a) | 10,555 | 10,555 | |
Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev.: | |||
(Bristol Apts. Proj.) Series 2004, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 11,400 | 11,400 | |
(Chisholm Trail Proj.) Series 2004, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 5,100 | 5,100 | |
(Pinnacle Apts. Proj.) Series 2004, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 13,265 | 13,265 | |
(Residences at Sunset Pointe Proj.) Series 2006, 0.07% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 15,000 | 15,000 | |
(St. Augustine Estate Proj.) Series 2005, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 5,880 | 5,880 | |
(Windshire Apts. Proj.) Series 2007, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 13,300 | 13,300 | |
Series 2004, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 10,900 | 10,900 | |
Texas Gen. Oblig.: | |||
Participating VRDN: | |||
Series 15 XF0075, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 11,915 | 11,915 | |
Series MS 3404, 0.02% 3/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 11,550 | 11,550 | |
Series Putters 3478, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,995 | 4,995 | |
Series Putters 3480, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 7,495 | 7,495 | |
Series 2015 B, 0.01% 3/7/16 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | 36,225 | 36,225 | |
Travis County Hsg. Fin. Corp. (Rosemont at Old Manor Apts.) Series 2004, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 9,085 | 9,085 | |
Univ. of Texas Board of Regents Sys. Rev.: | |||
Participating VRDN Series 15 XF0067, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,180 | 2,180 | |
Series 2008 B2, 0.01% 3/7/16 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), VRDN (a) | 25,800 | 25,800 | |
Univ. of Texas Permanent Univ. Fund Rev. Series 2008 A, 0.01% 3/7/16, VRDN (a) | 17,400 | 17,400 | |
1,544,085 | |||
Utah - 0.2% | |||
Emery County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.02% 3/7/16, LOC Canadian Imperial Bank of Commerce, VRDN (a) | 12,170 | 12,170 | |
Murray City Hosp. Rev. (IHC Health Svcs., Inc. Proj.) Series 2005 A, 0.01% 3/1/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 11,000 | 11,000 | |
Riverton Hosp. Rev. Participating VRDN Series RBC ZF 0274, 0.03% 3/7/16 (Liquidity Facility Royal Bank of Canada New York Branch) (a)(c) | 14,900 | 14,900 | |
Utah Hsg. Corp. Multi-family Hsg. Rev. (Springwood Apts. Proj.) Series 2005 A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 8,485 | 8,485 | |
46,555 | |||
Virginia - 0.4% | |||
Alexandria Redev. & Hsg. Auth. Multi-family Hsg. Rev. (Fairfield Village Square Proj.) Series A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 21,720 | 21,720 | |
Arlington County Indl. Dev. Auth. Multi-family Hsg. Rev. Series A, 0.04% 3/7/16, LOC Freddie Mac, VRDN (a)(b) | 4,000 | 4,000 | |
Fairfax County Indl. Dev. Auth. Participating VRDN Series MS 3309, 0.01% 3/7/16 (Liquidity Facility Cr. Suisse AG) (a)(c) | 2,300 | 2,300 | |
Hampton Indl. Dev. Auth. Exempt Facilities Rev. (U.S.A. Waste of Virginia Landfills, Inc. Proj.) Series 2000, 0.05% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 10,000 | 10,000 | |
Newport News Indl. Dev. Auth. (CNU Warwick LLC Student Apts. Proj.) 0.1% 3/7/16, LOC Bank of America NA, VRDN (a) | 3,445 | 3,445 | |
Prince William County Indl. Dev. Auth. Sewage Disp. Facilities Rev. (Dale Svc. Corp. Proj.): | |||
Series 2000, 0.05% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 2,700 | 2,700 | |
Series 2001, 0.05% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 2,100 | 2,100 | |
Series 2006, 0.05% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 3,650 | 3,650 | |
Sussex County Indl. Dev. Auth. Solid Waste Disp. Rev. (Atlantic Waste Disp. Proj.) 0.02% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 10,000 | 10,000 | |
Univ. of Virginia Gen. Rev. Participating VRDN Series EGL 14 0048, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 24,390 | 24,390 | |
Virginia Commonwealth Trans. Board Rev. Participating VRDN Series RBC O 67, 0.02% 3/7/16 (Liquidity Facility Royal Bank of Canada) (a)(c) | 6,770 | 6,770 | |
Virginia Resources Auth. Clean Wtr. Rev. Participating VRDN: | |||
Series Putters 3036, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,370 | 3,370 | |
Series ROC II R 11923, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 3,660 | 3,660 | |
Virginia Small Bus. Fing. Auth. Health Care Facilities Rev. Participating VRDN Series Putters 3791Z, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 1,015 | 1,015 | |
99,120 | |||
Washington - 3.2% | |||
Central Puget Sound Reg'l. Trans. Auth. Sales & Use Tax Rev. Participating VRDN: | |||
Series 15 XF2158, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 2,885 | 2,885 | |
Series 5002, 0.01% 3/1/16 (Liquidity Facility JPMorgan Securities LLC) (a)(c) | 22,988 | 22,988 | |
King County Gen. Oblig. Participating VRDN Series BC 10 66W, 0.03% 3/7/16 (Liquidity Facility Barclays Bank PLC) (a)(c) | 2,500 | 2,499 | |
King County Hsg. Auth. Rev. (Overlake TOD Hsg. Proj.) 0.05% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 16,430 | 16,430 | |
King County Swr. Rev. Participating VRDN: | |||
Series EGL 14 0047, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 21,775 | 21,775 | |
Series Putters 15 XM0012, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,950 | 6,950 | |
Series ROC II R 11962, 0.01% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 2,200 | 2,200 | |
Pierce County School District #10 Tacoma Participating VRDN Series 15 XF2166, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 2,700 | 2,700 | |
Port of Seattle Rev.: | |||
Series 1997, 0.01% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 72,055 | 72,055 | |
Series 2008, 0.01% 3/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | 123,620 | 123,620 | |
Port of Vancouver Rev. (United Grain Corp. of Oregon Proj.) Series 2009, 0.03% 3/7/16, LOC Bank of America NA, VRDN (a) | 25,000 | 25,000 | |
Seattle Wtr. Sys. Rev. Participating VRDN Series MS 06 2170, 0.03% 3/7/16 (Liquidity Facility Wells Fargo & Co.) (a)(c) | 2,530 | 2,530 | |
Snohomish County Hsg. Auth. Hsg. Rev. (Ebey Arms Centerhouse Proj.) Series 2003, 0.04% 3/7/16, LOC Bank of America NA, VRDN (a) | 7,300 | 7,300 | |
Washington Econ. Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): | |||
Series D, 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 20,000 | 20,000 | |
Series E, 0.03% 3/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | 17,300 | 17,300 | |
Washington Gen. Oblig. Participating VRDN: | |||
Series Clipper 05 39, 0.01% 3/7/16 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 9,230 | 9,230 | |
Series GS 06 7T, 0.02% 3/7/16 (Liquidity Facility Wells Fargo & Co.) (a)(c) | 16,395 | 16,395 | |
Series MS 33 864X, 0.02% 3/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 2,500 | 2,500 | |
Series Putters 3385, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 12,295 | 12,295 | |
Series Putters 3388, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,000 | 5,000 | |
Series Putters 3501Z, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 11,660 | 11,660 | |
Series Putters 3539, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 10,000 | 10,000 | |
Series Putters 3854, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,500 | 3,500 | |
Series putters 4033, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,100 | 5,100 | |
Series ROC 14090, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 4,700 | 4,700 | |
Series ROC II R 14074, 0.02% 3/7/16 (Liquidity Facility Citibank NA) (a)(c) | 8,000 | 8,000 | |
0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,250 | 2,250 | |
Washington Health Care Facilities Auth. Rev. Participating VRDN: | |||
Series 15 XF0083, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 16,875 | 16,875 | |
Series 15 XF0132, 0.02% 3/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 7,065 | 7,065 | |
Series 15 XF0148, 0.03% 3/7/16 (Liquidity Facility Bank of America NA) (a)(c) | 7,485 | 7,485 | |
Series 2015 XF0150, 0.05% 3/7/16 (Liquidity Facility Bank of America NA) (a)(c) | 4,355 | 4,355 | |
Series Solar 07 66, 0.01% 3/7/16 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 19,570 | 19,570 | |
Washington Hsg. Fin. Commission Multi-family Hsg. Rev.: | |||
(Avalon Ridge Apts. Proj.) Series 1999, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 17,830 | 17,830 | |
(Ballard Landmark Inn Proj.) Series 2015 A, 0.03% 3/7/16, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a)(b) | 26,890 | 26,890 | |
(Crestview Apts. Proj.) Series 2004, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 14,000 | 14,000 | |
(Discovery Heights Apt. Proj.) Series 2010, 0.02% 3/7/16, LOC Freddie Mac, VRDN (a) | 11,625 | 11,625 | |
(Echo Lake Sr. Apts. Proj.) Series 2006, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 17,970 | 17,970 | |
(Fairwinds Redmond Proj.) Series A, 0.02% 3/7/16, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a)(b) | 19,250 | 19,250 | |
(Gardens Univ. Village Apt. Proj.) Series A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 48,540 | 48,540 | |
(Highland Park Apts. Proj.) Series A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 9,040 | 9,040 | |
(Interurban Sr. Living Apts. Proj.) Series 2012, 0.02% 3/7/16, LOC Freddie Mac, VRDN (a) | 7,320 | 7,320 | |
(Merrill Gardens at Renton Centre Proj.) Series A, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 20,790 | 20,790 | |
(Pinehurst Apts. Proj.) Series A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 12,000 | 12,000 | |
(Reserve at Renton Apts. Proj.) Series 2014, 0.02% 3/7/16, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a) | 4,000 | 4,000 | |
(Reserve at SeaTac Apts. Proj.) Series 2015, 0.02% 3/7/16, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a) | 7,500 | 7,500 | |
(Silver Creek Apts. Proj.) Series A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 12,250 | 12,250 | |
(The Cambridge Apts. Proj.) Series 2009, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a) | 11,450 | 11,450 | |
(The Lodge at Eagle Ridge Proj.) Series A, 0.02% 3/7/16, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a)(b) | 9,485 | 9,485 | |
(The Vintage at Everett Sr. Living Proj.) Series 2004 A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 15,750 | 15,750 | |
(The Vintage at Richland Sr. Living Proj.) Series 2004 A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 7,535 | 7,535 | |
(Urban Ctr. Apts. Proj.) Series 2012, 0.01% 3/7/16, LOC Freddie Mac, VRDN (a) | 65 | 65 | |
(Vintage Mount Vernon Proj.) Series A, 0.03% 3/7/16, LOC Fannie Mae, VRDN (a)(b) | 7,500 | 7,500 | |
(Washington Terrace Sr. Apts. Proj.) Series 2010, 0.02% 3/7/16, LOC Fannie Mae, VRDN (a) | 3,750 | 3,750 | |
776,752 | |||
West Virginia - 0.7% | |||
Harrison County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.03% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 8,420 | 8,420 | |
Marion County Solid Waste Disp. Rev. (Grant Town Cogeneration Proj.): | |||
Series 1990 A, 0.04% 3/7/16, LOC Deutsche Bank AG, VRDN (a)(b) | 5,200 | 5,200 | |
Series 1990 B, 0.04% 3/7/16, LOC Deutsche Bank AG, VRDN (a)(b) | 5,200 | 5,200 | |
Series 1990 C, 0.04% 3/7/16, LOC Deutsche Bank AG, VRDN (a)(b) | 2,700 | 2,700 | |
Series 1990 D, 0.04% 3/7/16, LOC Deutsche Bank AG, VRDN (a)(b) | 2,700 | 2,700 | |
West Virginia Econ. Dev. Auth. Energy (Morgantown Energy Associates Proj.) Series 2011, 0.02% 3/7/16, LOC MUFG Union Bank NA, VRDN (a)(b) | 41,775 | 41,775 | |
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
(Appalachian Pwr. Co. - Amos Proj.): | |||
Series 2008 B, 0.02% 3/7/16, LOC Mizuho Bank Ltd., VRDN (a)(b) | 45,775 | 45,775 | |
Series 2009 A, 0.02% 3/7/16, LOC Sumitomo Mitsui Banking Corp., VRDN (a) | 25,775 | 25,775 | |
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 0.4% 3/7/16, VRDN (a)(b) | 14,900 | 14,900 | |
West Virginia Hosp. Fin. Auth. Rev. (Pallottine Health Svcs. Proj.) 0.1% 3/7/16, LOC Fifth Third Bank, Cincinnati, VRDN (a) | 175 | 175 | |
Wood County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.03% 3/7/16, LOC Bank of America NA, VRDN (a)(b) | 6,580 | 6,580 | |
159,200 | |||
Wisconsin - 0.2% | |||
Wisconsin Health & Edl. Facilities Participating VRDN Series MS 3337, 0.01% 3/7/16 (Liquidity Facility Cr. Suisse AG) (a)(c) | 5,000 | 5,000 | |
Wisconsin Health & Edl. Facilities Auth. Rev.: | |||
(Aurora Health Care, Inc. Proj.) Series 2012 B, 0.01% 3/1/16, LOC Bank of Montreal Chicago CD Prog., VRDN (a) | 4,600 | 4,600 | |
(Oakwood Village Proj.) Series 2005, 0.02% 3/7/16, LOC BMO Harris Bank NA, VRDN (a) | 19,610 | 19,610 | |
Participating VRDN Series Floaters 3184, 0.02% 3/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 11,860 | 11,860 | |
41,070 | |||
Wyoming - 0.3% | |||
Converse County Envir. Impt. Rev. Series 1995, 0.22% 3/7/16, VRDN (a)(b) | 1,200 | 1,200 | |
Laramie County Indl. Dev. Rev. (Cheyenne Lt., Fuel & Pwr. Co. Proj.): | |||
Series 2009 A, 0.05% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 10,000 | 10,000 | |
Series 2009 B, 0.05% 3/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | 2,300 | 2,300 | |
Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 0.19% 3/7/16, VRDN (a)(b) | 19,500 | 19,500 | |
Lincoln County Poll. Cont. Rev. (Exxon Corp. Proj.) Series 1987 C, 0.01% 3/1/16, VRDN (a)(b) | 8,290 | 8,290 | |
Uinta County Poll. Cont. Rev. (Chevron Corp. Proj.) Series 1993, 0.01% 3/1/16 (Chevron Corp. Guaranteed), VRDN (a) | 35,800 | 35,800 | |
77,090 | |||
TOTAL VARIABLE RATE DEMAND NOTE | |||
(Cost $14,581,768) | 14,581,768 | ||
Other Municipal Debt - 24.4% | |||
Alaska - 0.5% | |||
Alaska Gen. Oblig. BAN Series 2015 A, 5% 3/18/16 | 105,500 | 105,734 | |
North Slope Borough Gen. Oblig. Bonds Series 2015 A, 2% 6/30/16 | 8,645 | 8,696 | |
114,430 | |||
Arizona - 0.1% | |||
Phoenix Civic Impt. Corp. Series 2014 B1, 0.03% 3/1/16, LOC Bank of America NA, CP (b) | 7,000 | 7,000 | |
Pima County Ctfs. of Prtn. Bonds Series 2015, 2% 12/1/16 | 3,980 | 4,022 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series C, 0.02% 3/2/16, CP | 14,200 | 14,200 | |
25,222 | |||
California - 2.1% | |||
California Gen. Oblig. Bonds 6% 4/1/16 | 4,435 | 4,457 | |
California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Bonds: | |||
Series 2010 A, 0.07%, tender 7/1/16 (Liquidity Facility Royal Bank of Canada) (a) | 42,100 | 42,100 | |
Series 2010 B, 0.07%, tender 5/2/16 (Liquidity Facility Royal Bank of Canada) (a) | 28,500 | 28,500 | |
Los Angeles County Gen. Oblig. TRAN 5% 6/30/16 | 109,865 | 111,571 | |
Los Angeles Dept. of Wtr. & Pwr. Rev. Series A, 0.06% 3/29/16 (Liquidity Facility Wells Fargo Bank NA), CP | 11,100 | 11,100 | |
Los Angeles Gen. Oblig. TRAN 2% 6/30/16 | 277,000 | 278,537 | |
Newport Mesa Unified School District Bonds Series WF 11 70Z, 0.14%, tender 3/3/16 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(e) | 16,155 | 16,155 | |
RBC Muni. Products, Inc. Trust Bonds Series RBC E 63, 0.11%, tender 6/1/16 (Liquidity Facility Royal Bank of Canada New York Branch) (a)(c)(e) | 5,000 | 5,000 | |
497,420 | |||
Colorado - 0.9% | |||
Colorado Ed. Ln. Prog. TRAN Series 2015 B, 3% 6/29/16 | 4,000 | 4,037 | |
Colorado Gen. Fdg. Rev. TRAN 1.75% 6/28/16 | 105,000 | 105,501 | |
Colorado Univ. Co. Hosp. Auth. Rev. Bonds: | |||
Series 2015 A, 0.26%, tender 9/26/16 (a) | 83,010 | 83,010 | |
Series 2015 B, 0.26%, tender 9/26/16 (a) | 8,570 | 8,570 | |
Series 2015 C, 0.26%, tender 9/26/16 (a) | 24,370 | 24,370 | |
225,488 | |||
Connecticut - 0.6% | |||
Connecticut Gen. Oblig. Bonds: | |||
Series 2011 C, 0.66% 5/15/16 (a) | 3,750 | 3,755 | |
Series 2013 A, 0.13% 7/1/16 (a) | 20,115 | 20,115 | |
Series 2014 C, 4% 6/15/16 | 25,300 | 25,570 | |
Series 2015 A, 2% 3/15/16 | 8,800 | 8,806 | |
Series 2015 B, 2% 6/15/16 | 11,900 | 11,958 | |
Series 2015 D, 0.09% 6/15/16 (a) | 11,770 | 11,770 | |
Series 2015 F, 2% 11/15/16 | 32,500 | 32,862 | |
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series 2010 A, 5% 11/1/16 | 5,000 | 5,149 | |
Danbury Gen. Oblig. BAN Series 2015, 2% 7/21/16 | 7,000 | 7,045 | |
Guilford Gen. Oblig. BAN 1% 8/10/16 | 6,030 | 6,049 | |
Rocky Hill Gen. Oblig. BAN 2% 11/17/16 | 9,200 | 9,305 | |
South Windsor Gen. Oblig. BAN 2% 2/16/17 | 13,385 | 13,586 | |
155,970 | |||
District Of Columbia - 0.6% | |||
District of Columbia Gen. Oblig. TRAN 1.5% 9/30/16 | 108,900 | 109,575 | |
District of Columbia Rev. Bonds Series 2000, 0.02% tender 3/3/16, LOC JPMorgan Chase Bank, CP mode | 10,000 | 10,000 | |
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Series 1: | |||
0.02% 3/2/16, LOC JPMorgan Chase Bank, CP | 9,100 | 9,100 | |
0.04% 3/7/16, LOC JPMorgan Chase Bank, CP | 20,500 | 20,500 | |
149,175 | |||
Florida - 1.8% | |||
Alachua County Health Facilities Auth. Health Facilities Rev. Bonds (Shands Teaching Hospitals & Clinics, Inc. Proj.) Series 2008 A, 0.04% tender 3/2/16, LOC Bank of America NA, CP mode | 21,400 | 21,400 | |
Florida Board of Ed. Lottery Rev. Bonds: | |||
Series 2006 B, 5% 7/1/16 | 1,150 | 1,168 | |
Series 2010 C, 5% 7/1/16 | 1,550 | 1,575 | |
Series 2010 D, 5% 7/1/16 | 5,345 | 5,427 | |
Series 2010 E, 5% 7/1/16 | 1,800 | 1,827 | |
Series 2011 A, 5% 7/1/16 | 11,620 | 11,803 | |
5% 7/1/16 | 3,250 | 3,302 | |
Florida Board of Ed. Pub. Ed. Cap. Outlay Bonds: | |||
Series 2009 A, 5% 6/1/16 | 4,080 | 4,129 | |
Series 2009 D, 5.5% 6/1/16 | 7,910 | 8,013 | |
Series 2012 A, 5% 6/1/16 | 1,700 | 1,720 | |
Florida Dept. of Envir. Protection Rev. Bonds: | |||
Series 2007 A, 5% 7/1/16 | 2,445 | 2,483 | |
Series 2011 B, 5% 7/1/16 | 6,900 | 7,009 | |
Series 2012 A, 4% 7/1/16 | 6,915 | 7,002 | |
Series 2014 A, 5% 7/1/16 | 4,865 | 4,942 | |
Florida Gen. Oblig. Bonds Series 2015 A, 4% 7/1/16 | 7,780 | 7,877 | |
Florida Local Govt. Fin. Cmnty. Series 2011 A1: | |||
0.05% 3/1/16, LOC JPMorgan Chase Bank, CP | 2,500 | 2,500 | |
0.05% 3/2/16, LOC JPMorgan Chase Bank, CP | 27,105 | 27,105 | |
0.05% 4/5/16, LOC JPMorgan Chase Bank, CP | 28,500 | 28,500 | |
Hillsborough County Cap. Impt. Prog. Rev. Series A, 0.02% 3/17/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 14,800 | 14,800 | |
Jacksonville Elec. Auth. Elec. Sys. Rev. Bonds Series III 5% 10/1/16 | 4,140 | 4,254 | |
Jacksonville Gen. Oblig. Series 2004 A: | |||
0.06% 3/1/16, LOC Barclays Bank PLC, CP | 18,200 | 18,200 | |
0.08% 4/4/16, LOC Barclays Bank PLC, CP | 31,810 | 31,810 | |
JEA Saint Johns River Pwr. Park Sys. Rev. Bonds Series 25, 5% 10/1/16 | 1,000 | 1,027 | |
Miami-Dade County Edl. Facilities Rev. Bonds Series 2008 A, 5.5% 4/1/16 (Pre-Refunded to 4/1/16 @ 100) | 10,900 | 10,948 | |
Miami-Dade County School District Bonds Series 2015, 5% 3/15/16 | 2,325 | 2,329 | |
Orlando Utils. Commission Util. Sys. Rev. Bonds Series 2011 A, 0.26%, tender 9/26/16 (a) | 41,900 | 41,900 | |
Palm Beach County Pub. Impt. Rev. Bonds Series 2012, 5% 6/1/16 | 8,315 | 8,415 | |
Polk County Indl. Dev. Auth. Health Sys. Rev. Bonds: | |||
Series 2014 A, 0.21%, tender 9/26/16 (a) | 28,200 | 28,200 | |
Series 2014 A1, 0.21%, tender 9/26/16 (a) | 28,900 | 28,900 | |
RBC Muni. Products, Inc. Trust Bonds: | |||
Series RBC E 62, 0.1%, tender 5/2/16 (Liquidity Facility Royal Bank of Canada New York Branch) (a)(c)(e) | 28,500 | 28,500 | |
Series RBC E 64, 0.1%, tender 7/1/16 (Liquidity Facility Royal Bank of Canada New York Branch) (a)(c)(e) | 17,800 | 17,800 | |
Series RBC E 65, 0.1%, tender 7/1/16 (Liquidity Facility Royal Bank of Canada New York Branch) (a)(c)(e) | 15,400 | 15,400 | |
Series RBC E 66, 0.1%, tender 5/2/16 (Liquidity Facility Royal Bank of Canada New York Branch) (a)(c)(e) | 12,195 | 12,195 | |
Tampa Health Sys. Rev. Bonds Series 2012 B, 0.21%, tender 9/26/16 (a) | 26,415 | 26,415 | |
438,875 | |||
Georgia - 0.7% | |||
Georgia Gen. Oblig. Bonds: | |||
Series 2006 B, 4.5% 3/1/16 (Pre-Refunded to 3/1/16 @ 100) | 3,930 | 3,930 | |
Series 2012 A, 5% 7/1/16 | 3,040 | 3,087 | |
Series 2014 A, 5% 2/1/17 | 5,000 | 5,211 | |
Series PZ 271, 0.06%, tender 3/17/16 (Liquidity Facility Wells Fargo & Co.) (a)(c)(e) | 5,045 | 5,045 | |
Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
Bonds (Gen. Resolution Proj.) Series 1985 A, 0.03% tender 3/2/16, LOC Barclays Bank PLC, CP mode | 2,400 | 2,400 | |
Series B, 0.02% 3/2/16, LOC TD Banknorth, NA, CP | 33,018 | 33,018 | |
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A2, 0.07%, tender 8/1/16 (Liquidity Facility Royal Bank of Canada) (a) | 106,640 | 106,640 | |
Private Colleges & Univs. Auth. Rev. Bonds: | |||
Series 2011 A, 5% 9/1/16 | 2,500 | 2,559 | |
Series WF 11 32C, 0.14%, tender 3/10/16 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(e) | 5,800 | 5,800 | |
167,690 | |||
Idaho - 0.0% | |||
Idaho Health Facilities Auth. Hosp. Rev. Bonds Series 2013 ID, 0.13%, tender 6/1/16 (a) | 3,935 | 3,935 | |
Illinois - 0.9% | |||
Illinois Fin. Auth. Ed. Rev. Series L: | |||
0.03% 3/1/16, LOC PNC Bank NA, CP | 9,800 | 9,800 | |
0.06% 3/1/16, LOC PNC Bank NA, CP | 18,600 | 18,600 | |
Illinois Fin. Auth. Rev. Bonds: | |||
(Advocate Health Care Network Proj.) Series 2011 B, 0.21%, tender 9/26/16 (a) | 32,850 | 32,850 | |
(Advocate Health Care Proj.) Series 2008 C B3, 0.35%, tender 7/21/16 (a) | 5,245 | 5,245 | |
(Hosp. Sister Svcs. Proj.): | |||
Series 2012 H: | |||
0.04% tender 4/4/16, CP mode | 17,200 | 17,200 | |
0.04% tender 4/4/16, CP mode | 10,900 | 10,900 | |
0.06% tender 3/1/16, CP mode | 17,100 | 17,100 | |
Series 2012 I: | |||
0.02% tender 3/1/16, CP mode | 17,200 | 17,200 | |
0.04% tender 4/4/16, CP mode | 17,200 | 17,200 | |
0.05% tender 4/4/16, CP mode | 27,260 | 27,260 | |
Illinois Unemployment Ins. Fund Bldg. Receipts Bonds Series 2012 A: | |||
5% 6/15/16 | 46,345 | 46,986 | |
5% 12/15/16 | 7,710 | 7,983 | |
228,324 | |||
Indiana - 0.2% | |||
Delaware County Ind. Hosp. Auth. Bonds Series 2006: | |||
5% 8/1/16 (Pre-Refunded to 8/1/16 @ 100) | 1,170 | 1,193 | |
5.25% 8/1/16 (Pre-Refunded to 8/1/16 @ 100) | 2,000 | 2,042 | |
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 2001 A2, 1.6%, tender 2/1/17 (a) | 4,190 | 4,228 | |
Indianapolis Gas Util. Sys. Rev. 0.03% 3/16/16, LOC JPMorgan Chase Bank, CP | 34,400 | 34,400 | |
41,863 | |||
Kentucky - 0.3% | |||
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.25% tender 3/15/16, CP mode | 10,300 | 10,300 | |
Louisville & Jefferson County Gen. Oblig. BAN Series 2015 A, 2% 12/1/16 | 62,385 | 63,089 | |
73,389 | |||
Maryland - 0.7% | |||
Anne Arundel County Gen. Oblig. Bonds: | |||
(Consolidated Golf Course Projs.) Series 2015, 5% 4/1/16 | 905 | 909 | |
Series 2012, 5% 4/1/16 | 6,060 | 6,084 | |
Series 2013, 5% 4/1/16 | 6,960 | 6,988 | |
Series 2014, 5% 4/1/16 | 5,215 | 5,236 | |
Series 2015: | |||
5% 4/1/16 | 1,645 | 1,652 | |
5% 4/1/16 | 670 | 673 | |
5% 4/1/16 | 2,590 | 2,600 | |
Baltimore County Gen. Oblig.: | |||
0.02% 3/1/16 (Liquidity Facility Mizuho Bank Ltd.), CP | 34,400 | 34,400 | |
0.02% 3/2/16 (Liquidity Facility Mizuho Bank Ltd.), CP | 43,100 | 43,100 | |
Maryland Gen. Oblig. Bonds: | |||
Series 2003 A, 5.25% 3/1/16 | 5,335 | 5,335 | |
Series 2006 A, 5% 3/1/16 | 7,250 | 7,250 | |
Series 2007, 5% 3/15/16 | 1,000 | 1,002 | |
Series 2008 1, 5% 3/1/16 | 4,000 | 4,000 | |
Series 2009 C, 5% 3/1/16 | 3,000 | 3,000 | |
Series 2010 B, 5% 8/1/16 | 4,875 | 4,970 | |
Series 2013 A, 5% 3/1/16 | 1,415 | 1,415 | |
4.15% 3/1/16 (Pre-Refunded to 3/1/16 @ 100) | 1,000 | 1,000 | |
5% 3/15/16 | 14,450 | 14,477 | |
Montgomery County Gen. Oblig. Bonds Series 2013 MD, 0.13%, tender 6/1/16 (a) | 7,300 | 7,300 | |
Northeast Maryland Waste Disp. Auth. Solid Waste Rev. Bonds Series 2013, 4% 4/1/16 (b) | 22,230 | 22,299 | |
173,690 | |||
Massachusetts - 0.6% | |||
Massachusetts Gen. Oblig. RAN Series 2015 A, 2% 4/27/16 | 125,300 | 125,664 | |
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds: | |||
(New England Pwr. Co. Proj.): | |||
Series 1992, 0.4% tender 4/8/16, CP mode | 10,000 | 10,000 | |
Series 1993 A, 0.4% tender 3/10/16, CP mode | 3,800 | 3,800 | |
(New England Pwr. Co.Proj.) Series 1993 B, 0.48% tender 3/21/16, CP mode | 10,650 | 10,650 | |
Massachusetts State Dev. Fin. Agcy. Elec. Util. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2007, 0.5% tender 4/7/16 (Massachusetts Elec. Co. Guaranteed), CP mode (b) | 3,200 | 3,200 | |
153,314 | |||
Michigan - 0.8% | |||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, 0.26%, tender 9/26/16 (a) | 15,445 | 15,445 | |
Michigan Fin. Auth. Rev. Bonds Series 2013 M1, 0.13%, tender 6/1/16 (a) | 9,020 | 9,020 | |
Michigan Hosp. Fin. Auth. Rev. Bonds: | |||
(Ascension Health Sr. Cr. Group Proj.) Series 2010 F: | |||
0.19%, tender 9/26/16 (a) | 19,655 | 19,655 | |
0.19%, tender 9/26/16 (a) | 23,770 | 23,770 | |
0.19%, tender 9/26/16 (a) | 33,770 | 33,770 | |
(Trinity Health Sys. Proj.) Series 2008 C, 0.07% tender 3/15/16, CP mode | 48,935 | 48,935 | |
Michigan State Univ. Revs. Bonds Series WF 11 33 C, 0.14%, tender 3/10/16 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(e) | 3,000 | 3,000 | |
Univ. of Michigan Rev. Bonds: | |||
Series 2009 B: | |||
0.02% tender 3/1/16, CP mode | 13,700 | 13,700 | |
0.02% tender 3/8/16, CP mode | 20,900 | 20,900 | |
0.02% tender 3/2/16, CP mode | 3,100 | 3,100 | |
191,295 | |||
Minnesota - 0.4% | |||
Minnesota Gen. Oblig. Bonds: | |||
Series 2006, 5% 11/1/16 (Pre-Refunded to 11/1/16 @ 100) | 4,075 | 4,198 | |
Series 2007, 5% 8/1/16 | 1,000 | 1,020 | |
Series 2015 B, 3% 8/1/16 | 7,750 | 7,838 | |
5% 6/1/16 | 1,335 | 1,351 | |
5% 8/1/16 | 6,500 | 6,629 | |
Minnesota State Gen. Fdg. Rev. Bonds Series 2012 B, 4% 3/1/16 | 14,825 | 14,825 | |
Univ. of Minnesota Gen. Oblig.: | |||
Series 2007 C, 0.03% 3/1/16, CP | 18,000 | 18,000 | |
Series 2009 D, 0.02% 3/2/16, CP | 7,700 | 7,700 | |
Univ. of Minnesota Rev. Series 2005 A: | |||
0.02% 3/2/16, CP | 17,790 | 17,790 | |
0.04% 4/4/16, CP | 13,800 | 13,800 | |
93,151 | |||
Missouri - 0.1% | |||
Missouri Highways & Trans. Commission State Road Rev. Bonds Series 2006 B: | |||
5% 5/1/16 (Pre-Refunded to 5/1/16 @ 100) | 10,585 | 10,671 | |
5% 5/1/16 (Pre-Refunded to 5/1/16 @ 100) | 3,675 | 3,704 | |
5% 5/1/16 (Pre-Refunded to 5/1/16 @ 100) | 4,705 | 4,742 | |
Saint Louis Gen. Fund Rev. TRAN 2% 6/1/16 | 13,600 | 13,656 | |
32,773 | |||
Montana - 0.1% | |||
Montana Board of Invt. Bonds: | |||
(INTERCAP Revolving Prog.) Series 2010, 0.23%, tender 3/1/17 (a) | 5,975 | 5,975 | |
Series 1998, 0.23%, tender 3/1/17 (a) | 11,695 | 11,695 | |
Series 2013, 0.23%, tender 3/1/17 (a) | 1,900 | 1,900 | |
19,570 | |||
Nebraska - 0.6% | |||
Nebraska Pub. Pwr. District Rev.: | |||
Bonds: | |||
Series 2012 C, 5% 1/1/17 | 2,000 | 2,074 | |
Series 2014, 4% 7/1/16 | 1,500 | 1,518 | |
Series A: | |||
0.02% 3/2/16, CP | 16,900 | 16,900 | |
0.02% 3/3/16, CP | 13,300 | 13,300 | |
0.02% 3/14/16, CP | 13,575 | 13,575 | |
0.02% 3/15/16, CP | 7,500 | 7,500 | |
0.03% 3/10/16, CP | 16,500 | 16,500 | |
Omaha Pub. Pwr. District Elec. Rev. Series A: | |||
0.02% 3/2/16, CP | 7,500 | 7,500 | |
0.02% 3/8/16, CP | 10,300 | 10,300 | |
0.02% 3/9/16, CP | 6,750 | 6,750 | |
0.02% 3/15/16, CP | 12,000 | 12,000 | |
0.03% 3/16/16, CP | 14,300 | 14,300 | |
0.08% 3/21/16, CP | 14,000 | 14,000 | |
136,217 | |||
Nevada - 0.4% | |||
Clark County Fuel Tax Bonds: | |||
Series 2006 A, 5% 6/1/16 | 1,885 | 1,907 | |
5% 11/1/16 (f) | 10,155 | 10,468 | |
Clark County School District Bonds: | |||
Series 2007 A, 4% 6/15/16 | 3,600 | 3,639 | |
Series 2012 A, 5% 6/15/16 | 14,300 | 14,492 | |
Series 2014 A, 5.5% 6/15/16 | 8,000 | 8,119 | |
Series 2015 D, 5% 6/15/16 | 5,165 | 5,236 | |
Nevada Unemployment Compensation Fund Spl. Rev. Bonds Series 2013: | |||
5% 6/1/16 | 11,500 | 11,641 | |
5% 12/1/16 | 16,385 | 16,934 | |
Truckee Meadows Wtr. Auth. Wtr. Rev.: | |||
Series 2006 A, 0.06% 3/3/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 15,750 | 15,750 | |
Series 2006 B, 0.05% 3/1/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 6,750 | 6,750 | |
94,936 | |||
New Hampshire - 0.4% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 1990 A: | |||
0.45% tender 3/10/16, CP mode (b) | 5,200 | 5,200 | |
0.45% tender 3/11/16, CP mode (b) | 38,500 | 38,500 | |
Series 1990 A1: | |||
0.5% tender 3/22/16, CP mode (b) | 22,400 | 22,400 | |
0.5% tender 3/24/16, CP mode (b) | 6,300 | 6,300 | |
Series 1990 B, 0.48% tender 3/10/16, CP mode | 16,600 | 16,600 | |
89,000 | |||
New Jersey - 2.7% | |||
Bergen County Gen. Oblig. BAN 2% 12/15/16 | 65,600 | 66,362 | |
Essex County Gen. Oblig. BAN Series 2015, 2% 9/16/16 | 19,300 | 19,471 | |
Hudson County Gen. Oblig. BAN Series 2015, 2% 12/16/16 | 39,976 | 40,410 | |
Mercer County Gen. Oblig. BAN 2% 9/1/16 | 32,500 | 32,753 | |
North Brunswick Township Gen. Oblig. BAN Series 2015 A, 2% 7/29/16 | 3,100 | 3,121 | |
Parsippany Troy Hills Township Gen. Oblig. BAN Series 2015, 2% 9/23/16 | 14,751 | 14,890 | |
Passaic County Gen. Oblig. BAN Series 2015 A, 2% 12/13/16 | 27,100 | 27,419 | |
RBC Muni. Products, Inc. Trust Bonds Series RBC E 61, 0.1%, tender 6/28/16 (Liquidity Facility Royal Bank of Canada New York Branch) (a)(c)(e) | 392,400 | 392,397 | |
Union County Gen. Oblig. BAN 2% 6/24/16 | 53,100 | 53,376 | |
650,199 | |||
New York - 0.7% | |||
Erie County Gen. Oblig. RAN Series 2015, 1.5% 6/30/16 | 19,260 | 19,327 | |
JPMorgan Chase Bonds Series Putters 4410, 0.08%, tender 4/21/16 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(e) | 23,855 | 23,855 | |
New York City Gen. Oblig. Bonds: | |||
Series 2011 B, 5% 8/1/16 | 3,295 | 3,360 | |
Series 2012 A1, 5% 10/1/16 | 5,000 | 5,133 | |
Series 2012, 5% 8/1/16 | 5,000 | 5,099 | |
Series 2013 E, 5% 8/1/16 | 1,500 | 1,530 | |
Series 2014 D, 5% 8/1/16 | 1,250 | 1,274 | |
Series 2014 J, 3% 8/1/16 | 6,000 | 6,068 | |
Series 2015 1, 2% 8/1/16 | 14,965 | 15,066 | |
Series 2015 C, 2% 8/1/16 | 5,135 | 5,169 | |
Series 2015 D, 2% 8/1/16 | 4,030 | 4,057 | |
New York City Transitional Fin. Auth. Rev. Bonds: | |||
Series 2015 A, 4% 8/1/16 | 6,325 | 6,424 | |
Series 2015 B, 4% 8/1/16 | 7,800 | 7,922 | |
New York Dorm. Auth. Personal Income Tax Rev. Bonds Series 2008 A, 5% 12/15/16 | 1,215 | 1,258 | |
New York Pwr. Auth. Series 1, 0.03% 4/1/16, CP | 13,166 | 13,166 | |
New York Thruway Auth. Personal Income Tax Rev. Bonds Series 2011 E, 5% 3/15/16 | 2,850 | 2,855 | |
New York Urban Dev. Corp. Rev. Bonds Series 2015 A, 5% 9/15/16 | 22,285 | 22,837 | |
Three Village Central School District BAN Series 2015, 2% 8/26/16 | 15,900 | 16,031 | |
Tobacco Settlement Fing. Corp. Bonds Series 2011, 5% 6/1/16 | 5,000 | 5,059 | |
Triborough Bridge & Tunnel Auth. Revs. Bonds: | |||
Series 2009 A1, 5% 11/15/16 | 4,125 | 4,257 | |
Series 2013 C, 3% 11/15/16 | 2,845 | 2,896 | |
172,643 | |||
New York And New Jersey - 0.0% | |||
Port Auth. of New York & New Jersey Bonds Series 193, 1.5% 10/15/16 (b) | 10,295 | 10,362 | |
North Carolina - 0.1% | |||
North Carolina Gen. Oblig. Bonds: | |||
Series 2005 C, 5% 4/1/16 | 1,695 | 1,702 | |
Series 2009 A, 5% 3/1/16 | 6,320 | 6,320 | |
North Carolina Ltd. Oblig. Bonds Series 2014 C, 5% 5/1/16 | 10,080 | 10,160 | |
Wake County Gen. Oblig. Bonds: | |||
Series 2007, 5% 3/1/16 | 5,750 | 5,750 | |
Series 2009 C, 5% 3/1/16 | 1,505 | 1,505 | |
25,437 | |||
Ohio - 0.3% | |||
Franklin County Hosp. Rev. Bonds Series 2011 D, 4%, tender 8/1/16 (a) | 300 | 304 | |
Franklin County Rev. Bonds Series 2013 OH, 0.13%, tender 6/1/16 (a) | 9,245 | 9,245 | |
Hamilton Ohio Elec. Rev. BAN Series 2015, 0.43% 9/27/16 (Ohio Gen. Oblig. Guaranteed) | 9,500 | 9,500 | |
Ohio Higher Edl. Facility Commission Rev. Bonds (The Cleveland Clinic Foundation Proj.): | |||
Series 2008 B5, 0.18% tender 5/4/16, CP mode | 21,350 | 21,350 | |
Series 2008 B6, 0.14% tender 3/1/16, CP mode | 22,400 | 22,400 | |
62,799 | |||
Oklahoma - 0.1% | |||
Oklahoma City Wtr. Utils. Trust Wtr. and Swr. Rev. Series A: | |||
0.02% 3/3/16, LOC State Street Bank & Trust Co., Boston, CP | 9,600 | 9,600 | |
0.05% 3/1/16, LOC State Street Bank & Trust Co., Boston, CP | 11,600 | 11,600 | |
0.05% 4/1/16, LOC State Street Bank & Trust Co., Boston, CP | 500 | 500 | |
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Bonds Series 2015 B, 0.19%, tender 9/26/16 (a) | 12,185 | 12,185 | |
33,885 | |||
Oregon - 0.2% | |||
Oregon Facilities Auth. Rev. Bonds 0.24%, tender 9/30/16 (a) | 4,215 | 4,217 | |
Oregon Gen. Oblig. Bonds: | |||
(ODOT Proj.) Series 2012 I, 5% 5/1/16 | 3,705 | 3,735 | |
(Various Projs.) Series 2012 H, 5% 5/1/16 | 1,000 | 1,008 | |
Series 2011 L, 5% 5/1/16 | 1,950 | 1,965 | |
Series WF11 57 C, 0.16%, tender 5/12/16 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(e) | 10,790 | 10,790 | |
Portland Swr. Sys. Rev. Bonds: | |||
Series 2015 A, 5% 6/1/16 | 30,100 | 30,459 | |
Series 2015 B, 5% 6/1/16 | 3,745 | 3,790 | |
55,964 | |||
Pennsylvania - 0.1% | |||
Pennsylvania Gen. Oblig. Bonds: | |||
Series 2006, 5% 3/1/16 | 3,795 | 3,795 | |
Series 2013 1, 5% 4/1/16 | 3,000 | 3,012 | |
Philadelphia Gen. Oblig. TRAN Series 2015 A, 2% 6/30/16 | 19,100 | 19,208 | |
26,015 | |||
South Carolina - 1.2% | |||
Anderson County School District #5 Gen. Oblig. BAN 1.5% 4/15/16 | 18,300 | 18,329 | |
Greenville County School District Bonds 2% 6/1/16 | 61,760 | 62,037 | |
Lancaster County School District Bonds Series 2015, 5% 3/1/16 | 8,400 | 8,400 | |
Richland County Gen. Oblig.: | |||
BAN Series 2015, 2% 10/28/16 | 36,200 | 36,587 | |
Bonds: | |||
Series 2014 B, 4% 3/1/16 | 2,665 | 2,665 | |
Series 2015 A, 5% 3/1/16 | 3,800 | 3,800 | |
South Carolina Assoc. of Governmental Organizations Ctfs. of Prtn. Bonds: | |||
Series 2015 A, 1.5% 3/1/16 | 29,660 | 29,660 | |
Series 2015 D, 2% 3/1/16 | 104,400 | 104,400 | |
South Carolina Gen. Oblig. Bonds: | |||
Series 2011 A: | |||
5% 3/1/16 | 11,000 | 11,000 | |
5% 3/1/16 | 5,000 | 5,000 | |
Series 2015 A: | |||
5% 4/1/16 | 2,140 | 2,149 | |
5% 4/1/16 | 1,560 | 1,566 | |
285,593 | |||
Tennessee - 0.0% | |||
Tennessee Gen. Oblig. Bonds Series 2010 A, 4% 5/1/16 | 8,055 | 8,105 | |
Texas - 3.2% | |||
Austin Elec. Util. Sys. Rev. Series A: | |||
0.02% 3/2/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 6,670 | 6,670 | |
0.02% 3/3/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 45,235 | 45,235 | |
Board of Regents of The Texas A&M Univ. Sys. Permanent Univ. Fund Bonds Series WF 10 53C, 0.16%, tender 5/12/16 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(e) | 5,540 | 5,540 | |
Garland Series 2015, 0.04% 3/10/16, LOC Citibank NA, CP | 5,000 | 5,000 | |
Harris County Cultural Ed. Facilities Fin. Corp. Rev. Bonds (Texas Children's Hosp. Proj.) Series 2015 2, 0.21%, tender 9/26/16 (a) | 33,900 | 33,900 | |
Harris County Gen. Oblig.: | |||
Series A1, 0.02% 3/3/16 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 3,600 | 3,600 | |
Series D, 0.02% 3/3/16 (Liquidity Facility JPMorgan Chase Bank), CP | 10,973 | 10,973 | |
Harris County Metropolitan Trans. Auth.: | |||
Series A1: | |||
0.03% 3/15/16 (Liquidity Facility JPMorgan Chase Bank), CP | 23,750 | 23,750 | |
0.06% 4/14/16 (Liquidity Facility JPMorgan Chase Bank), CP | 16,800 | 16,800 | |
Series A3: | |||
0.03% 3/15/16 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 4,500 | 4,500 | |
0.06% 4/14/16 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 14,000 | 14,000 | |
Houston Arpt. Sys. Rev.: | |||
Series A: | |||
0.07% 4/1/16, LOC Royal Bank of Canada, CP (b) | 5,000 | 5,000 | |
0.09% 3/17/16, LOC Royal Bank of Canada, CP (b) | 19,500 | 19,500 | |
0.1% 5/11/16, LOC Royal Bank of Canada, CP (b) | 15,000 | 15,000 | |
0.09% 3/17/16, LOC Royal Bank of Canada, CP (b) | 10,000 | 10,000 | |
Houston Gen. Oblig.: | |||
Bonds Series 2011 A, 5% 3/1/16 | 5,000 | 5,000 | |
Series E1: | |||
0.04% 3/1/16, LOC Citibank NA, CP | 5,000 | 5,000 | |
0.04% 3/29/16, LOC Citibank NA, CP | 10,000 | 10,000 | |
0.04% 4/1/16, LOC Citibank NA, CP | 4,000 | 4,000 | |
0.04% 4/1/16, LOC Citibank NA, CP | 4,000 | 4,000 | |
Houston Util. Sys. Rev.: | |||
Bonds 3% 11/15/16 (f) | 7,735 | 7,876 | |
Series B3: | |||
0.03% 3/1/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 17,200 | 17,200 | |
0.04% 3/1/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 13,600 | 13,600 | |
0.04% 3/1/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 10,000 | 10,000 | |
Series B4: | |||
0.03% 3/1/16, LOC State Street Bank & Trust Co., Boston, CP | 13,700 | 13,700 | |
0.03% 3/1/16, LOC State Street Bank & Trust Co., Boston, CP | 5,000 | 5,000 | |
0.04% 3/1/16, LOC State Street Bank & Trust Co., Boston, CP | 13,700 | 13,700 | |
Karnes City Independent School District Bonds Series 2015, 3% 8/15/16 (Permanent School Fund of Texas Guaranteed) | 5,545 | 5,613 | |
Lower Colorado River Auth. Rev.: | |||
Bonds: | |||
(LCRA Transmission Svcs. Corp. Proj.) Series 2015, 4% 5/15/16 | 5,025 | 5,062 | |
Series 2013, 5% 5/15/16 | 2,500 | 2,524 | |
Series 2015 D, 3% 5/15/16 | 17,000 | 17,091 | |
5% 5/15/16 | 15,930 | 16,083 | |
Series A: | |||
0.03% 3/8/16, LOC JPMorgan Chase Bank, CP | 23,400 | 23,400 | |
0.04% 3/1/16, LOC JPMorgan Chase Bank, CP | 14,900 | 14,900 | |
0.04% 4/4/16, LOC JPMorgan Chase Bank, CP | 20,900 | 20,900 | |
0.02% 3/8/16, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 9,602 | 9,602 | |
0.03% 3/22/16, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 8,980 | 8,980 | |
0.04% 3/1/16, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 12,606 | 12,606 | |
Mesquite Independent School District Bonds Series 2014 B, 5% 8/15/16 (Permanent School Fund of Texas Guaranteed) | 6,000 | 6,128 | |
North East Texas Independent School District Bonds Series 2011 C, 5% 8/1/16 (Permanent School Fund of Texas Guaranteed) | 4,620 | 4,712 | |
North Texas Muni. Wtr. District Wtr. Sys. Rev. Bonds Series 2012, 5% 9/1/16 | 10,645 | 10,887 | |
Spring Independent School District Bonds Series 2015, 2% 8/15/16 (Permanent School Fund of Texas Guaranteed) | 3,005 | 3,025 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Bonds (Baylor Health Care Sys. Proj.): | |||
Series 2011 B, 0.21%, tender 9/26/16 (a) | 31,700 | 31,700 | |
Series 2013 B, 0.21%, tender 9/26/16 (a) | 21,100 | 21,100 | |
Texas A&M Univ. Rev. Series 1993 B, 0.02% 3/2/16, CP | 15,227 | 15,227 | |
Texas Gen. Oblig. Bonds: | |||
Series 2006: | |||
5% 4/1/16 (Pre-Refunded to 4/1/16 @ 100) | 2,800 | 2,811 | |
5% 4/1/16 (Pre-Refunded to 4/1/16 @ 100) | 5,000 | 5,019 | |
Series 2010 B, 5% 4/1/16 | 1,855 | 1,862 | |
Series 2012 A, 5% 8/1/16 | 1,050 | 1,070 | |
Series 2014, 5% 4/1/16 | 5,425 | 5,448 | |
Texas Muni. Pwr. Agcy. Rev. Series 2005: | |||
0.03% 3/1/16, LOC Barclays Bank PLC, CP | 36,900 | 36,900 | |
0.03% 3/2/16, LOC Barclays Bank PLC, CP | 41,185 | 41,185 | |
Texas Pub. Fin. Auth. Rev. Bonds Series 2014 A, 5% 7/1/16 | 12,600 | 12,796 | |
Texas Trans. Commission State Hwy. Fund Rev. Bonds: | |||
Series 2006 A: | |||
4.5% 4/1/16 | 3,465 | 3,477 | |
5% 4/1/16 (Pre-Refunded to 4/1/16 @ 100) | 5,000 | 5,021 | |
5% 4/1/16 (Pre-Refunded to 4/1/16 @ 100) | 1,000 | 1,004 | |
5% 4/1/16 (Pre-Refunded to 4/1/16 @ 100) | 1,150 | 1,155 | |
5% 4/1/16 (Pre-Refunded to 4/1/16 @ 100) | 4,565 | 4,584 | |
Series 2006: | |||
5% 4/1/16 (Pre-Refunded to 4/1/16 @ 100) | 1,100 | 1,105 | |
5% 4/1/16 (Pre-Refunded to 4/1/16 @ 100) | 2,000 | 2,008 | |
5% 4/1/16 (Pre-Refunded to 4/1/16 @ 100) | 5,345 | 5,367 | |
5% 4/1/16 (Pre-Refunded to 4/1/16 @ 100) | 1,975 | 1,983 | |
Series 2007, 5% 4/1/16 | 2,785 | 2,796 | |
Travis County Gen. Oblig. Bonds Series 2006: | |||
4.25% 3/1/16 (Pre-Refunded to 3/1/16 @ 100) | 2,370 | 2,370 | |
4.5% 3/1/16 (Pre-Refunded to 3/1/16 @ 100) | 3,020 | 3,020 | |
Univ. of Texas Board of Regents Sys. Rev.: | |||
Bonds Series 2006 B: | |||
5% 8/15/16 (Pre-Refunded to 8/15/16 @ 100) | 5,000 | 5,106 | |
5% 8/15/16 (Pre-Refunded to 8/15/16 @ 100) | 1,945 | 1,987 | |
Series A: | |||
0.02% 3/9/16 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 14,400 | 14,400 | |
0.02% 3/14/16 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 7,800 | 7,800 | |
0.03% 3/9/16 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 7,275 | 7,275 | |
0.03% 3/22/16 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 13,800 | 13,800 | |
Univ. of Texas Permanent Univ. Fund Rev. Bonds Series 2015 B, 2% 7/1/16 | 8,745 | 8,794 | |
Upper Trinity Reg'l. Wtr. District: | |||
0.02% 3/1/16, LOC Bank of America NA, CP | 16,500 | 16,500 | |
0.04% 3/1/16, LOC Bank of America NA, CP | 4,000 | 4,000 | |
0.04% 4/4/16, LOC Bank of America NA, CP | 5,400 | 5,400 | |
784,127 | |||
Utah - 0.1% | |||
Intermountain Pwr. Agcy. Pwr. Supply Rev. Bonds: | |||
Series 2007 A, 5% 7/1/16 | 1,000 | 1,015 | |
Series 2013 A, 5% 7/1/16 | 5,750 | 5,839 | |
Utah Gen. Oblig. Bonds Series 2010 A, 5% 7/1/16 | 5,450 | 5,536 | |
12,390 | |||
Vermont - 0.0% | |||
Vermont Econ. Dev. Auth. Rev. Series B, 0.04% 4/15/16, LOC JPMorgan Chase Bank, CP | 4,700 | 4,700 | |
Virginia - 0.8% | |||
Fairfax County Indl. Dev. Auth. Bonds (Inova Health Sys. Proj.) Series 2012 C, 0.19%, tender 9/26/16 (a) | 49,405 | 49,405 | |
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1992, 0.5% tender 3/21/16, CP mode (b) | 21,900 | 21,900 | |
Norfolk Econ. Dev. Auth. Hosp. Facilities Rev. Bonds (Sentara Healthcare Proj.): | |||
Series 2010 B, 0.21%, tender 9/26/16 (a) | 24,750 | 24,750 | |
Series 2010 C, 0.21%, tender 9/26/16 (a) | 13,643 | 13,643 | |
Series 2012 A, 0.21%, tender 9/26/16 (a) | 38,375 | 38,375 | |
Norfolk Econ. Dev. Auth. Rev. Series 1997, 0.02% 3/3/16, CP | 23,400 | 23,400 | |
Prince William County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1986, 0.45% tender 3/21/16, CP mode | 5,100 | 5,100 | |
Virginia Commonwealth Trans. Board Rev. Bonds (U.S. Route 58 Corridor Dev. Prog.) Series 2014 B, 5% 5/15/16 | 5,000 | 5,049 | |
181,622 | |||
Washington - 1.1% | |||
Energy Northwest Elec. Rev. Bonds: | |||
Series 2004 A, 5.25% 7/1/16 | 3,460 | 3,519 | |
Series 2006 A, 5% 7/1/16 (Pre-Refunded to 7/1/16 @ 100) | 4,450 | 4,518 | |
Series 2007 A, 5% 7/1/16 | 1,500 | 1,524 | |
Series 2008 A, 5.25% 7/1/16 | 5,535 | 5,626 | |
Series 2014 A, 3% 7/1/16 | 6,545 | 6,603 | |
King & Snohomish Counties School District #417 Northshore Bonds 1.5% 6/1/16 (Washington Gen. Oblig. Guaranteed) | 5,125 | 5,141 | |
King County #405 Bellevue School District Bonds Series 2015, 5% 12/1/16 (Washington Gen. Oblig. Guaranteed) | 8,900 | 9,204 | |
King County School District #403 Bonds Series 2015, 5% 12/1/16 (Washington Gen. Oblig. Guaranteed) | 6,255 | 6,471 | |
King County School District #409, Tahoma Bonds Series 2015, 2% 12/1/16 (Washington Gen. Oblig. Guaranteed) | 1,705 | 1,724 | |
King County Swr. Rev. Bonds: | |||
Series 2015 A: | |||
2%, tender 11/16/16 (a) | 40,000 | 40,444 | |
2%, tender 11/16/16 (a) | 24,900 | 25,177 | |
Series 2015 B, 5% 7/1/16 | 3,965 | 4,028 | |
Pierce County Puyallup School District #3 Bonds Series 2016, 2% 12/1/16 (Washington Gen. Oblig. Guaranteed) | 5,780 | 5,845 | |
Port of Seattle Rev. Series B1, 0.04% 3/2/16, LOC Bank of America NA, CP (b) | 21,655 | 21,655 | |
Seattle Gen. Oblig. Bonds: | |||
Series 2010 B, 5% 8/1/16 | 2,000 | 2,039 | |
Series 2015 A, 5% 6/1/16 | 6,095 | 6,167 | |
Seattle Muni. Lt. & Pwr. Rev. Bonds: | |||
Series 2016 B, 5% 10/1/16 | 1,535 | 1,576 | |
Series WF 11-18C, 0.16%, tender 5/12/16 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(e) | 6,730 | 6,730 | |
Seattle Wtr. Sys. Rev. Bonds Series 2015, 2% 5/1/16 | 12,880 | 12,917 | |
Spokane County School District #81 Bonds (Washington State School Disctrict Cr. Enhancement Prog.) Series 2015 A, 5% 12/1/16 (Washington Gen. Oblig. Guaranteed) | 6,175 | 6,382 | |
Washington Gen. Oblig.: | |||
Bonds: | |||
Series 2009 A, 5% 7/1/16 | 1,250 | 1,270 | |
Series 2012 D, 5% 2/1/17 | 4,440 | 4,625 | |
Series 2014 B, 5% 8/1/16 | 2,200 | 2,243 | |
Series R 2010 A, 5% 1/1/17 | 3,690 | 3,830 | |
Series R 2016 A, 5% 7/1/16 | 13,200 | 13,409 | |
Series WF 11-16C, 0.16%, tender 5/19/16 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(e) | 33,900 | 33,900 | |
5% 2/1/17 | 4,560 | 4,753 | |
TAN Series 2016 B, 5% 8/1/16 | 3,870 | 3,947 | |
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #1 Rev. Bonds Series 1989 B, 7.125% 7/1/16 (Bonneville Pwr. Administration Guaranteed) | 9,215 | 9,427 | |
254,694 | |||
West Virginia - 0.1% | |||
Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1996, 0.45% tender 3/10/16, CP mode (b) | 14,400 | 14,400 | |
Wisconsin - 0.9% | |||
Milwaukee Gen. Oblig. Bonds: | |||
Series 2014 N2, 5% 4/1/16 | 12,195 | 12,245 | |
Series 2015 N2, 2% 3/15/16 | 21,585 | 21,600 | |
Wisconsin Gen. Oblig.: | |||
Bonds: | |||
Series 1, 5% 5/1/16 | 335 | 338 | |
Series 2010 C, 5% 5/1/16 | 2,225 | 2,242 | |
Series 2011 2, 4% 11/1/16 | 1,000 | 1,024 | |
Series 2014 2: | |||
4% 5/1/16 | 3,500 | 3,522 | |
5% 5/1/16 | 4,930 | 4,970 | |
Series 2014 A, 4% 5/1/16 | 4,475 | 4,504 | |
Series 2005 A, 0.02% 3/2/16 (Liquidity Facility Bank of New York, New York), CP | 14,641 | 14,641 | |
Series 2013 A, 0.14% 3/1/16 (Liquidity Facility Bank of New York, New York), CP | 7,235 | 7,235 | |
Wisconsin Health & Edl. Facilities Bonds: | |||
Series 2013 B, 0.19%, tender 9/26/16 (a) | 36,290 | 36,290 | |
Series 2014 B1, 0.21%, tender 9/26/16 (a) | 23,400 | 23,400 | |
Series 2014 B2, 0.21%, tender 9/26/16 (a) | 19,150 | 19,150 | |
Wisconsin Trans. Rev.: | |||
Series 1997 A: | |||
0.02% 3/3/16 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 6,730 | 6,730 | |
0.1% 3/3/16 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 17,999 | 17,999 | |
Series 2006 A: | |||
0.02% 3/3/16 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 11,484 | 11,484 | |
0.1% 3/3/16 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 1,301 | 1,301 | |
Series 2013 A: | |||
0.07% 4/7/16 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 12,100 | 12,100 | |
0.14% 3/1/16 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 28,665 | 28,665 | |
229,440 | |||
TOTAL OTHER MUNICIPAL DEBT | |||
(Cost $5,918,102) | 5,918,102 | ||
Shares | Value (000s) | ||
Investment Company - 12.5% | |||
Fidelity Municipal Cash Central Fund, 0.02% (g)(h) | |||
(Cost $3,035,508) | 3,035,508,134 | 3,035,508 | |
TOTAL INVESTMENT PORTFOLIO - 96.9% | |||
(Cost $23,535,378) | 23,535,378 | ||
NET OTHER ASSETS (LIABILITIES) - 3.1% | 756,497 | ||
NET ASSETS - 100% | $24,291,875 |
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)
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.
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(c) Provides evidence of ownership in one or more underlying municipal bonds.
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $32,350,000 or 0.1% of net assets.
(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 $582,110,000 or 2.4% of net assets.
(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(g) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(h) 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.
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, 0.16%, tender 5/12/16 (Liquidity Facility Wells Fargo Bank NA) | 9/16/13 | $5,540 |
Georgia Gen. Oblig. Bonds Series PZ 271, 0.06%, tender 3/17/16 (Liquidity Facility Wells Fargo & Co.) | 8/12/15 | $5,045 |
JPMorgan Chase Bonds Series Putters 4410, 0.08%, tender 4/21/16 (Liquidity Facility JPMorgan Chase Bank) | 10/31/13 | $23,855 |
Michigan State Univ. Revs. Bonds Series WF 11 33 C, 0.14%, tender 3/10/16 (Liquidity Facility Wells Fargo Bank NA) | 9/24/14 | $3,000 |
Newport Mesa Unified School District Bonds Series WF 11 70Z, 0.14%, tender 3/3/16 (Liquidity Facility Wells Fargo Bank NA) | 7/17/12 - 1/29/16 | $16,155 |
Oregon Gen. Oblig. Bonds Series WF11 57 C, 0.16%, tender 5/12/16 (Liquidity Facility Wells Fargo Bank NA) | 9/24/14 | $10,790 |
Private Colleges & Univs. Auth. Rev. Bonds Series WF 11 32C, 0.14%, tender 3/10/16 (Liquidity Facility Wells Fargo Bank NA) | 8/8/11 | $5,800 |
RBC Muni. Products, Inc. Trust Bonds Series RBC E 61, 0.1%, tender 3/3/16 (Liquidity Facility Royal Bank of Canada New York Branch) | 7/2/15 - 2/24/16 | $392,400 |
RBC Muni. Products, Inc. Trust Bonds Series RBC E 62, 0.1%, tender 5/2/16 (Liquidity Facility Royal Bank of Canada New York Branch) | 7/30/15 | $28,500 |
RBC Muni. Products, Inc. Trust Bonds Series RBC E 63, 0.11%, tender 6/1/16 (Liquidity Facility Royal Bank of Canada New York Branch) | 12/3/15 | $5,000 |
RBC Muni. Products, Inc. Trust Bonds Series RBC E 64, 0.1%, tender 7/1/16 (Liquidity Facility Royal Bank of Canada New York Branch) | 7/9/15 | $17,800 |
RBC Muni. Products, Inc. Trust Bonds Series RBC E 65, 0.1%, tender 7/1/16 (Liquidity Facility Royal Bank of Canada New York Branch) | 7/16/15 - 1/4/16 | $15,400 |
RBC Muni. Products, Inc. Trust Bonds Series RBC E 66, 0.1%, tender 5/2/16 (Liquidity Facility Royal Bank of Canada New York Branch) | 8/3/15 - 11/2/15 | $12,195 |
Seattle Muni. Lt. & Pwr. Rev. Bonds Series WF 11-18C, 0.16%, tender 5/12/16 (Liquidity Facility Wells Fargo Bank NA) | 2/11/16 | $6,730 |
Washington Gen. Oblig. Bonds Series WF 11-16C, 0.16%, tender 5/19/16 (Liquidity Facility Wells Fargo Bank NA) | 11/1/12 - 2/18/16 | $33,900 |
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 |
(Amounts in thousands) | |
Fidelity Municipal Cash Central Fund | $324 |
Total | $324 |
Investment Valuation
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.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) | February 29, 2016 (Unaudited) | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $20,499,870) | $20,499,870 | |
Fidelity Central Funds (cost $3,035,508) | 3,035,508 | |
Total Investments (cost $23,535,378) | $23,535,378 | |
Cash | 316,091 | |
Receivable for investments sold | 540,635 | |
Receivable for fund shares sold | 198,735 | |
Interest receivable | 33,390 | |
Distributions receivable from Fidelity Central Funds | 51 | |
Prepaid expenses | 41 | |
Other receivables | 233 | |
Total assets | 24,624,554 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $100,875 | |
Delayed delivery | 18,344 | |
Payable for fund shares redeemed | 210,318 | |
Distributions payable | 26 | |
Accrued management fee | 278 | |
Other affiliated payables | 182 | |
Other payables and accrued expenses | 2,656 | |
Total liabilities | 332,679 | |
Net Assets | $24,291,875 | |
Net Assets consist of: | ||
Paid in capital | $24,290,402 | |
Accumulated undistributed net realized gain (loss) on investments | 1,473 | |
Net Assets, for 24,280,130 shares outstanding | $24,291,875 | |
Net Asset Value, offering price and redemption price per share ($24,291,875 ÷ 24,280,130 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended February 29, 2016 (Unaudited) | |
Investment Income | ||
Interest | $7,729 | |
Income from Fidelity Central Funds | 324 | |
Total income | 8,053 | |
Expenses | ||
Management fee | $36,096 | |
Transfer agent fees | 18,542 | |
Accounting fees and expenses | 742 | |
Custodian fees and expenses | 85 | |
Independent trustees' compensation | 59 | |
Registration fees | 254 | |
Audit | 34 | |
Legal | 50 | |
Miscellaneous | 2,543 | |
Total expenses before reductions | 58,405 | |
Expense reductions | (51,732) | 6,673 |
Net investment income (loss) | 1,380 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 1,539 | |
Total net realized gain (loss) | 1,539 | |
Net increase in net assets resulting from operations | $2,919 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended February 29, 2016 (Unaudited) | Year ended August 31, 2015 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,380 | $2,838 |
Net realized gain (loss) | 1,539 | 1,838 |
Net increase in net assets resulting from operations | 2,919 | 4,676 |
Distributions to shareholders from net investment income | (1,380) | (2,840) |
Distributions to shareholders from net realized gain | (279) | (1,692) |
Total distributions | (1,659) | (4,532) |
Share transactions at net asset value of $1.00 per share | ||
Proceeds from sales of shares | 38,225,155 | 83,865,666 |
Reinvestment of distributions | 1,461 | 4,111 |
Cost of shares redeemed | (41,923,286) | (84,530,489) |
Net increase (decrease) in net assets and shares resulting from share transactions | (3,696,670) | (660,712) |
Total increase (decrease) in net assets | (3,695,410) | (660,568) |
Net Assets | ||
Beginning of period | 27,987,285 | 28,647,853 |
End of period | $24,291,875 | $27,987,285 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Municipal Money Market Fund
Six months ended February 29, (Unaudited) | Years ended | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
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)A | – | – | – | – | – | – |
Net realized and unrealized gain (loss)A | – | – | – | – | – | – |
Total from investment operationsA | – | – | – | – | – | – |
Distributions from net investment incomeA | – | – | – | – | – | – |
Distributions from net realized gain | –A | –A | –A | – | – | – |
Total distributionsA | – | – | – | – | – | – |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnB,C | .01% | .02% | .01% | .01% | .01% | .01% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | .42%F | .40% | .40% | .41% | .42% | .43% |
Expenses net of fee waivers, if any | .05%F | .06% | .09% | .15% | .18% | .26% |
Expenses net of all reductions | .05%F | .06% | .09% | .15% | .18% | .26% |
Net investment income (loss) | .01%F | .01% | .01% | .01% | .01% | .01% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $24,292 | $27,987 | $28,648 | $28,592 | $24,688 | $23,224 |
A Amount represents less than $.0005 per share.
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 Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended February 29, 2016
(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 affiliated 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. Effective January 1, 2016 shares of the Fund are only available for purchase by retail shareholders.
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, 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 .005%.
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:
Investment 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.
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 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 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 | $23,535,378 |
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 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.
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 average .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.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives 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.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.
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 $51,582.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $92.
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $58.
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.
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, 2015 to February 29, 2016).
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.
Annualized Expense Ratio-A | Beginning Account Value September 1, 2015 | Ending Account Value February 29, 2016 | Expenses Paid During Period-B September 1, 2015 to February 29, 2016 | |
Actual | .05% | $1,000.00 | $1,000.10 | $.25 |
Hypothetical-C | $1,000.00 | $1,024.61 | $.25 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
C 5% return per year before expenses
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 all of the Fidelity funds.
At its September 2015 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, 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; and (iv) the extent to which (if any) economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
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 considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.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, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.The Board 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) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) reducing management fees and total expenses for certain index funds and diversified international 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 active fixed-income exchange-traded funds; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (ix) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (x) modifying the eligibility criteria for certain share classes to accommodate roll-over assets from employer-sponsored retirement plans; (xi) launching a new Class W of the Freedom Index Funds to attract and retain Fidelity record-kept retirement plan assets; and (xii) implementing changes to Fidelity's money market product line in response to recent money market regulatory reforms.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 representatives of 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 considers annualized return information for the fund for different time periods, measured against a peer group of funds with similar objectives ("peer group").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; 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 shareholders of the fund.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 created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. 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.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) 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 and the number of funds in the Total Mapped Group 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.Fidelity Municipal Money Market Fund
Proxy Voting Results
A special meeting of shareholders was held on February 12, 2016. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees. | ||
# of Votes | % of Votes | |
Elizabeth S. Acton | ||
Affirmative | 9,652,569,340.76 | 95.616 |
Withheld | 442,614,963.88 | 4.384 |
TOTAL | 10,095,184,304.64 | 100.000 |
John Engler | ||
Affirmative | 9,649,804,955.69 | 95.589 |
Withheld | 445,379,348.95 | 4.411 |
TOTAL | 10,095,184,304.64 | 100.000 |
Albert R. Gamper, Jr. | ||
Affirmative | 9,649,672,225.14 | 95.587 |
Withheld | 445,512,079.50 | 4.413 |
TOTAL | 10,095,184,304.64 | 100.000 |
Robert F. Gartland | ||
Affirmative | 9,661,589,028.79 | 95.705 |
Withheld | 433,595,275.85 | 4.295 |
TOTAL | 10,095,184,304.64 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 9,634,058,945.09 | 95.433 |
Withheld | 461,125,359.55 | 4.567 |
TOTAL | 10,095,184,304.64 | 100.000 |
Arthur E. Johnson | ||
Affirmative | 9,648,412,467.63 | 95.575 |
Withheld | 446,771,837.01 | 4.425 |
TOTAL | 10,095,184,304.64 | 100.000 |
Michael E. Kenneally | ||
Affirmative | 9,663,695,871.70 | 95.726 |
Withheld | 431,488,432.94 | 4.274 |
TOTAL | 10,095,184,304.64 | 100.000 |
James H. Keyes | ||
Affirmative | 9,655,350,989.13 | 95.644 |
Withheld | 439,833,315.51 | 4.356 |
TOTAL | 10,095,184,304.64 | 100.000 |
Marie L. Knowles | ||
Affirmative | 9,641,514,099.89 | 95.507 |
Withheld | 453,670,204.75 | 4.493 |
TOTAL | 10,095,184,304.64 | 100.000 |
Geoffrey A. von Kuhn | ||
Affirmative | 9,653,951,403.83 | 95.630 |
Withheld | 441,232,900.81 | 4.370 |
TOTAL | 10,095,184,304.64 | 100.000 |
Proposal 1 reflects trust wide proposal and voting results. |
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
MMM-SANN-0416
1.703548.118
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 22, 2016 |
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 22, 2016 |
By: | /s/Howard J. Galligan III |
Howard J. Galligan III | |
Chief Financial Officer | |
Date: | April 22, 2016 |