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 28, 2017 |
Item 1.
Reports to Stockholders
Fidelity® Arizona Municipal Income Fund Fidelity® Arizona Municipal Money Market Fund Semi-Annual Report February 28, 2017 |
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
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All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2017 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.institutional.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 28, 2017
% of fund's net assets | % of fund's net assets 6 months ago | |
Education | 25.2 | 23.3 |
General Obligations | 20.7 | 17.4 |
Health Care | 14.3 | 12.9 |
Water & Sewer | 9.7 | 8.4 |
Special Tax | 7.6 | 9.4 |
Quality Diversification (% of fund's net assets)
As of February 28, 2017 | ||
AAA | 2.7% | |
AA,A | 86.0% | |
BBB | 6.6% | |
Not Rated | 3.2% | |
Short-Term Investments and Net Other Assets | 1.5% |
As of August 31, 2016 | ||
AAA | 2.5% | |
AA,A | 86.8% | |
BBB | 5.5% | |
Not Rated | 2.4% | |
Short-Term Investments and Net Other Assets | 2.8% |
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 28, 2017 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.5% | |||
Principal Amount | Value | ||
Arizona - 97.7% | |||
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 | $265,895 | |
Series 2012 A, 5% 7/1/26 | 1,000,000 | 1,156,350 | |
Series 2015 A, 5% 7/1/35 | 2,215,000 | 2,509,551 | |
Series 2015 B, 5% 7/1/31 | 1,525,000 | 1,771,394 | |
Series 2015 D: | |||
5% 7/1/34 | 500,000 | 568,450 | |
5% 7/1/35 | 900,000 | 1,019,682 | |
5% 7/1/41 | 485,000 | 545,339 | |
5% 7/1/46 | 3,000,000 | 3,361,620 | |
Series 2016 B, 5% 7/1/22 | 425,000 | 495,431 | |
Arizona Board of Regents Ctfs. of Prtn. (Univ. of Arizona Projs.) Series 2012 C, 5% 6/1/26 | 3,035,000 | 3,463,330 | |
Arizona Ctfs. of Prtn.: | |||
Series 2010 A, 5% 10/1/29 (FSA Insured) | 5,000,000 | 5,446,150 | |
Series 2013 A, 5% 10/1/25 | 1,870,000 | 2,144,460 | |
Series 2015, 5% 9/1/27 | 1,500,000 | 1,743,015 | |
Series 2016, 5% 10/1/21 | 500,000 | 569,765 | |
Arizona Game and Fish Dept. and Commission (AGF Administration Bldg. Proj.) Series 2006: | |||
5% 7/1/21 | 1,280,000 | 1,305,293 | |
5% 7/1/32 | 470,000 | 479,287 | |
Arizona Health Facilities Auth. Hosp. Sys. Rev. Series 2012 A, 5% 2/1/23 | 1,285,000 | 1,442,053 | |
Arizona Health Facilities Auth. Rev.: | |||
(Banner Health Sys. Proj.): | |||
Series 2007 B, 1.479%, tender 1/1/37 (a) | 1,000,000 | 850,630 | |
Series 2008 D, 5.5% 1/1/38 (Pre-Refunded to 1/1/18 @ 100) | 100,000 | 103,877 | |
(Scottsdale Lincoln Hospitals Proj.) Series 2014 A: | |||
5% 12/1/26 | 2,000,000 | 2,305,860 | |
5% 12/1/42 | 2,000,000 | 2,172,180 | |
Series 2011 B1, 5.25% 3/1/39 | 1,000,000 | 1,075,130 | |
Series 2012 A, 5% 1/1/43 | 3,500,000 | 3,838,695 | |
Arizona State Lottery Rev. Series 2010 A, 5% 7/1/21 (FSA Insured) | 1,000,000 | 1,092,160 | |
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series A, 5% 10/1/28 | 2,000,000 | 2,344,680 | |
Avondale Muni. Dev. Corp. Excise Tax Rev. 5% 7/1/28 (Pre-Refunded to 7/1/18 @ 100) | 500,000 | 526,510 | |
Buckeye Excise Tax Rev. Series 2015: | |||
5% 7/1/27 | 350,000 | 409,381 | |
5% 7/1/28 | 500,000 | 581,995 | |
5% 7/1/29 | 455,000 | 520,520 | |
Central Wtr. Conservation District (Central Arizona Proj.) Series 2016 A, 5% 1/1/36 | 500,000 | 566,250 | |
Dysart Unified School District #89 Gen. Oblig. Series 2014: | |||
5% 7/1/23 | 700,000 | 820,582 | |
5% 7/1/27 | 1,300,000 | 1,498,471 | |
Glendale Gen. Oblig. Series 2015, 5% 7/1/22 (FSA Insured) | 1,000,000 | 1,160,750 | |
Glendale Indl. Dev. Auth. (Midwestern Univ. Proj.) Series 2007, 5.25% 5/15/19 | 1,000,000 | 1,078,800 | |
Glendale Sr. Excise Tax Rev. Series 2015 A, 5% 7/1/28 | 1,000,000 | 1,145,580 | |
Goodyear Pub. Impt. Corp. Facilities Rev. Series 2016 A, 5% 7/1/29 | 1,000,000 | 1,183,070 | |
Marana Muni. Property Corp. Facilities Rev. Series A, 5.25% 7/1/22 | 1,620,000 | 1,710,121 | |
Maricopa County Cmnty. College District Series 2016, 5% 7/1/21 | 2,000,000 | 2,299,480 | |
Maricopa County Indl. Dev. Auth. Health Facilities Rev. (Catholic Healthcare West Proj.): | |||
Series 2007 A, 5.25% 7/1/32 (Pre-Refunded to 7/1/17 @ 100) | 1,000,000 | 1,015,830 | |
Series 2009 A, 6% 7/1/39 | 1,000,000 | 1,092,660 | |
Maricopa County Indl. Dev. Auth. Rev. Series 2016 A, 5% 1/1/34 | 3,000,000 | 3,398,040 | |
Maricopa County Indl. Dev. Auth. Sr. Living Facilities Series 2016: | |||
5.75% 1/1/36 (b) | 250,000 | 232,598 | |
6% 1/1/48 (b) | 250,000 | 232,793 | |
Maricopa County Phoenix Union High School District #210: | |||
Series 2017 E, 5% 7/1/21 | 1,000,000 | 1,142,950 | |
Series E, 5% 7/1/22 | 1,000,000 | 1,162,400 | |
Maricopa County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 5% 6/1/35 | 6,000,000 | 6,554,636 | |
Maricopa County School District #28 Kyrene Elementary: | |||
Series 2010 B: | |||
5.25% 7/1/28 | 690,000 | 815,897 | |
5.5% 7/1/29 | 480,000 | 575,587 | |
5.5% 7/1/30 | 400,000 | 479,392 | |
Series 2010 C, 4% 7/1/29 | 650,000 | 698,061 | |
McAllister Academic Village LLC Rev.: | |||
(Arizona State Univ. Hassayampa Academic Village Proj.) Series 2016: | |||
5% 7/1/37 | 2,000,000 | 2,231,840 | |
5% 7/1/38 | 3,850,000 | 4,293,058 | |
Series 2016, 5% 7/1/39 | 2,270,000 | 2,525,511 | |
Northern Arizona Univ. Ctfs. of Prtn.: | |||
(Univ. Proj.) Series 2013, 5% 9/1/24 | 1,000,000 | 1,141,380 | |
Series 2015, 5% 9/1/20 (FSA Insured) | 440,000 | 491,599 | |
Northern Arizona Univ. Revs.: | |||
Series 2012: | |||
5% 6/1/36 | 860,000 | 955,933 | |
5% 6/1/41 | 1,250,000 | 1,380,900 | |
Series 2013, 5% 8/1/27 | 1,000,000 | 1,149,780 | |
Series 2014, 5% 6/1/29 | 500,000 | 575,190 | |
Series 2015, 5% 6/1/30 | 1,000,000 | 1,141,940 | |
Phoenix Civic Impt. Board Arpt. Rev.: | |||
Series 2008 A, 5% 7/1/33 | 1,000,000 | 1,045,420 | |
Series 2013: | |||
5% 7/1/26 (c) | 1,100,000 | 1,248,962 | |
5% 7/1/29 (c) | 500,000 | 563,055 | |
Series 2015 A, 5% 7/1/45 | 3,400,000 | 3,781,072 | |
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 | 2,527,700 | |
Phoenix Civic Impt. Corp. Wastewtr. Sys. Rev. Series 2016, 5% 7/1/33 | 1,000,000 | 1,162,520 | |
Phoenix Gen. Oblig. Series 2014, 4% 7/1/26 | 2,000,000 | 2,226,600 | |
Phoenix-Mesa Gateway Arpt. Auth. (Mesa Proj.) Series 2012: | |||
5% 7/1/24 (c) | 380,000 | 420,899 | |
5% 7/1/27 (c) | 400,000 | 439,724 | |
Pima County Ctfs. of Prtn.: | |||
(Justice Bldg. Proj.) Series 2007 A, 5% 7/1/19 (Pre-Refunded to 7/1/17 @ 100) | 650,000 | 659,152 | |
Series 2013 A, 5% 12/1/22 | 1,000,000 | 1,149,710 | |
Series 2014, 5% 12/1/27 | 1,745,000 | 1,986,281 | |
Pima County Gen. Oblig. Series 2016, 4% 7/1/22 | 2,000,000 | 2,220,380 | |
Pima County Swr. Sys. Rev.: | |||
Series 2011 B: | |||
5% 7/1/22 | 1,050,000 | 1,201,043 | |
5% 7/1/22 (Pre-Refunded to 7/1/21 @ 100) | 585,000 | 671,270 | |
Series 2012 A: | |||
5% 7/1/23 | 30,000 | 34,823 | |
5% 7/1/25 | 1,600,000 | 1,853,664 | |
5% 7/1/26 | 1,000,000 | 1,157,990 | |
Series 2016, 5% 7/1/21 | 3,000,000 | 3,450,570 | |
Pima County Unified School District #1 Tucson (Proj. of 2004) Series 2008 D, 5% 7/1/25 (Pre-Refunded to 7/1/18 @ 100) | 1,000,000 | 1,053,710 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2015 A: | |||
5% 12/1/34 | 1,500,000 | 1,722,330 | |
5% 12/1/45 | 3,035,000 | 3,430,339 | |
Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007: | |||
5% 12/1/37 | 1,500,000 | 1,703,145 | |
5.5% 12/1/29 | 3,000,000 | 3,588,540 | |
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.): | |||
Series 2006 C, 5% 9/1/35 (FSA Insured) | 420,000 | 461,727 | |
Series 2008 A, 5% 9/1/23 | 355,000 | 372,161 | |
Scottsdale Muni. Property Corp. Excise Tax Rev. Series 2015, 5% 7/1/34 | 1,355,000 | 1,559,808 | |
Surprise Pledged Rev. Series 2015, 5% 7/1/26 | 1,010,000 | 1,189,598 | |
Tempe Excise Tax Rev.: | |||
Series 2012, 5% 7/1/25 | 1,090,000 | 1,262,809 | |
Series 2016: | |||
5% 7/1/28 | 315,000 | 376,674 | |
5% 7/1/29 | 500,000 | 594,250 | |
5% 7/1/30 | 325,000 | 384,498 | |
5% 7/1/31 | 375,000 | 439,609 | |
Tempe Transit Excise Tax Rev. Series 2008, 4.75% 7/1/38 | 60,000 | 62,391 | |
Tucson Ctfs. of Prtn.: | |||
Series 2014: | |||
4% 7/1/20 (FSA Insured) | 500,000 | 541,605 | |
5% 7/1/28 (FSA Insured) | 1,000,000 | 1,141,950 | |
Series 2015, 5% 7/1/23 (FSA Insured) | 555,000 | 647,025 | |
Series 2016, 5% 7/1/27 (FSA Insured) | 1,245,000 | 1,465,079 | |
Tucson Wtr. Rev.: | |||
Series 2015, 5% 7/1/31 | 1,000,000 | 1,163,180 | |
5% 7/1/27 | 1,000,000 | 1,185,220 | |
5% 7/1/28 | 2,000,000 | 2,358,920 | |
Univ. Med. Ctr. Corp. Hosp. Rev.: | |||
Series 2011, 6% 7/1/39 (Pre-Refunded to 7/1/21 @ 100) | 2,235,000 | 2,642,508 | |
5.625% 7/1/36 (Pre-Refunded to 7/1/23 @ 100) | 1,000,000 | 1,211,120 | |
Univ. of Arizona Univ. Revs.: | |||
Series 2009 A, 5% 6/1/39 (Pre-Refunded to 6/1/19 @ 100) | 1,000,000 | 1,087,140 | |
Series 2012 A, 5% 6/1/37 | 2,225,000 | 2,514,250 | |
Series 2014, 5% 8/1/28 | 1,000,000 | 1,162,270 | |
Series 2015 A 5% 6/1/30 | 2,500,000 | 2,916,325 | |
5% 6/1/38 | 2,000,000 | 2,287,760 | |
5% 6/1/39 | 1,910,000 | 2,183,149 | |
Yavapai County Indl. Dev. Auth.: | |||
(Northern Healthcare Sys. Proj.) Series 2011, 5% 10/1/20 | 1,000,000 | 1,117,760 | |
Series 2012 A, 5.25% 8/1/33 | 2,000,000 | 2,165,940 | |
Series 2016, 5% 8/1/36 | 1,305,000 | 1,384,383 | |
Yuma Indl. Dev. Auth. Hosp. Rev. Series 2014 A, 5% 8/1/27 | 2,000,000 | 2,249,840 | |
TOTAL ARIZONA | 166,287,610 | ||
Guam - 0.8% | |||
Guam Gov't. Ltd. Oblig. Rev. Series 2016 A, 5% 12/1/29 | 300,000 | 328,836 | |
Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | |||
5% 10/1/18 (c) | 300,000 | 313,050 | |
6.375% 10/1/43 (c) | 200,000 | 224,268 | |
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/21 (FSA Insured) | 400,000 | 447,768 | |
TOTAL GUAM | 1,313,922 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $163,905,622) | 167,601,532 | ||
TOTAL INVESTMENT PORTFOLIO - 98.5% | |||
(Cost $163,905,622) | 167,601,532 | ||
NET OTHER ASSETS (LIABILITIES) - 1.5% | 2,630,266 | ||
NET ASSETS - 100% | $170,231,798 |
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) 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 $465,391 or 0.3% of net assets.
(c) 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 | 25.2% |
General Obligations | 20.7% |
Health Care | 14.3% |
Water & Sewer | 9.7% |
Special Tax | 7.6% |
Electric Utilities | 7.2% |
Escrowed/Pre-Refunded | 5.5% |
Others* (Individually Less Than 5%) | 9.8% |
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 28, 2017 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $163,905,622) | $167,601,532 | |
Cash | 1,472,075 | |
Receivable for fund shares sold | 8,133 | |
Interest receivable | 1,558,940 | |
Other receivables | 604 | |
Total assets | 170,641,284 | |
Liabilities | ||
Payable for fund shares redeemed | $214,428 | |
Distributions payable | 117,276 | |
Accrued management fee | 77,782 | |
Total liabilities | 409,486 | |
Net Assets | $170,231,798 | |
Net Assets consist of: | ||
Paid in capital | $165,602,811 | |
Undistributed net investment income | 71,430 | |
Accumulated undistributed net realized gain (loss) on investments | 861,647 | |
Net unrealized appreciation (depreciation) on investments | 3,695,910 | |
Net Assets, for 14,293,399 shares outstanding | $170,231,798 | |
Net Asset Value, offering price and redemption price per share ($170,231,798 ÷ 14,293,399 shares) | $11.91 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended February 28, 2017 (Unaudited) | ||
Investment Income | ||
Interest | $2,818,059 | |
Expenses | ||
Management fee | $494,769 | |
Independent trustees' fees and expenses | 385 | |
Miscellaneous | 306 | |
Total expenses before reductions | 495,460 | |
Expense reductions | (727) | 494,733 |
Net investment income (loss) | 2,323,326 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 996,938 | |
Total net realized gain (loss) | 996,938 | |
Change in net unrealized appreciation (depreciation) on investment securities | (9,904,585) | |
Net gain (loss) | (8,907,647) | |
Net increase (decrease) in net assets resulting from operations | $(6,584,321) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended February 28, 2017 (Unaudited) | Year ended August 31, 2016 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $2,323,326 | $4,612,423 |
Net realized gain (loss) | 996,938 | 454,128 |
Change in net unrealized appreciation (depreciation) | (9,904,585) | 6,161,742 |
Net increase (decrease) in net assets resulting from operations | (6,584,321) | 11,228,293 |
Distributions to shareholders from net investment income | (2,321,497) | (4,585,437) |
Distributions to shareholders from net realized gain | (370,311) | (1,470,954) |
Total distributions | (2,691,808) | (6,056,391) |
Share transactions | ||
Proceeds from sales of shares | 15,532,671 | 53,870,172 |
Reinvestment of distributions | 1,726,659 | 3,919,964 |
Cost of shares redeemed | (30,476,478) | (21,224,023) |
Net increase (decrease) in net assets resulting from share transactions | (13,217,148) | 36,566,113 |
Redemption fees | 71 | 1,882 |
Total increase (decrease) in net assets | (22,493,206) | 41,739,897 |
Net Assets | ||
Beginning of period | 192,725,004 | 150,985,107 |
End of period | $170,231,798 | $192,725,004 |
Other Information | ||
Undistributed net investment income end of period | $71,430 | $69,601 |
Shares | ||
Sold | 1,285,384 | 4,372,214 |
Issued in reinvestment of distributions | 143,605 | 319,923 |
Redeemed | (2,554,059) | (1,726,441) |
Net increase (decrease) | (1,125,070) | 2,965,696 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Arizona Municipal Income Fund
Six months ended (Unaudited) February 28, | Years ended August 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $12.50 | $12.12 | $12.11 | $11.31 | $12.19 | $11.55 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .155 | .335 | .375 | .399 | .382 | .413 |
Net realized and unrealized gain (loss) | (.566) | .498 | .018 | .831 | (.855) | .641 |
Total from investment operations | (.411) | .833 | .393 | 1.230 | (.473) | 1.054 |
Distributions from net investment income | (.155) | (.335) | (.375) | (.398) | (.382) | (.412) |
Distributions from net realized gain | (.024) | (.118) | (.008) | (.032) | (.025) | (.002) |
Total distributions | (.179) | (.453) | (.383) | (.430) | (.407) | (.414) |
Redemption fees added to paid in capitalA,B | – | – | – | – | – | – |
Net asset value, end of period | $11.91 | $12.50 | $12.12 | $12.11 | $11.31 | $12.19 |
Total ReturnC,D | (3.29)% | 7.01% | 3.28% | 11.06% | (4.03)% | 9.26% |
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) | 2.60%F | 2.73% | 3.08% | 3.40% | 3.16% | 3.47% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $170,232 | $192,725 | $150,985 | $145,784 | $156,049 | $183,907 |
Portfolio turnover rate | 15%F | 7% | 17% | 8% | 20% | 12% |
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 2/28/17 | % of fund's investments 8/31/16 | % of fund's investments 2/29/16 |
1 - 7 | 76.7 | 89.6 | 80.0 |
8 - 30 | 1.9 | 0.6 | 0.3 |
31 - 60 | 3.1 | 4.1 | 0.3 |
91 - 180 | 8.9 | 4.5 | 16.2 |
> 180 | 9.4 | 1.2 | 3.2 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
As of February 28, 2017 | ||
Variable Rate Demand Notes (VRDNs) | 47.0% | |
Tender Option Bond | 18.9% | |
Other Municipal Security | 25.2% | |
Investment Companies | 7.8% | |
Net Other Assets (Liabilities) | 1.1% |
As of August 31, 2016 | ||
Variable Rate Demand Notes (VRDNs) | 62.6% | |
Tender Option Bond | 10.2% | |
Other Municipal Security | 17.2% | |
Investment Companies | 10.5% | |
Net Other Assets (Liabilities)* | (0.5)% |
* Net Other Assets (Liabilities) are not included in the pie chart
Current And Historical 7-Day Yields
2/28/17 | 11/30/16 | 8/31/16 | 5/31/16 | 2/29/16 | |
Fidelity® Arizona Municipal Money Market Fund | 0.21% | 0.11% | 0.12% | 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.
Fidelity® Arizona Municipal Money Market Fund
Investments February 28, 2017 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 47.0% | |||
Principal Amount | Value | ||
Alabama - 0.1% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.85% 3/7/17, VRDN (a)(b) | $200,000 | $200,000 | |
Arizona - 44.5% | |||
Arizona Health Facilities Auth. Rev. (Catholic Healthcare West Proj.) Series 2009 F, 0.66% 3/7/17, LOC Mizuho Corporate Bank Ltd., VRDN (a) | 18,900,000 | 18,899,998 | |
Casa Grande Indl. Dev. Auth. Indl. Dev. Rev. (Price Companies, Inc. Proj.) Series A, 0.9% 3/7/17, LOC Bank of America NA, VRDN (a)(b) | 345,000 | 345,000 | |
Coconino County Poll. Cont. Corp. Rev. (Tucson Elec. Pwr. Co. Navajo Proj.) Series 2010 A, 0.67% 3/7/17, 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, 0.68% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 2,004,675 | 2,004,675 | |
(Ranchwood Apts. Proj.) Series 2001 A, 0.68% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 1,330,000 | 1,330,000 | |
(Village at Sun Valley Apts. Proj.) Series 2008, 0.7% 3/7/17, LOC Freddie Mac, VRDN (a)(b) | 12,440,000 | 12,440,000 | |
Maricopa County Indl. Dev. Auth. Rev. (Clayton Homes, Inc. Proj.) Series 1998, 0.7% 3/7/17, 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, 0.72% 3/7/17, VRDN (a) | 7,100,000 | 7,100,000 | |
Phoenix Indl. Dev. Auth. Multi-family Hsg. Rev. (Del Mar Terrace Apts. Proj.) Series 1999 A, 0.67% 3/7/17, LOC Freddie Mac, VRDN (a) | 12,600,000 | 12,600,000 | |
Phoenix Indl. Dev. Auth. Rev. (Independent Newspaper, Inc. Proj.) Series 2000, 0.82% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a)(b) | 490,000 | 490,000 | |
Pima County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
(River Point Proj.) Series 2001, 0.68% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 5,115,000 | 5,115,000 | |
Series A, 0.7% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 3,090,000 | 3,090,000 | |
Tempe Indl. Dev. Auth. Rev. (ASUF Brickyard Proj.) Series 2004 A, 0.65% 3/7/17, LOC Bank of America NA, VRDN(a) | 5,700,000 | 5,700,000 | |
77,314,673 | |||
Arkansas - 0.9% | |||
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.85% 3/7/17, LOC Royal Bank of Scotland PLC, VRDN (a)(b) | 1,500,000 | 1,500,000 | |
Delaware - 0.0% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1988, 0.82% 3/1/17, VRDN (a)(b) | 100,000 | 100,000 | |
Indiana - 0.7% | |||
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 B, 0.81% 3/7/17, VRDN (a)(b) | 1,180,000 | 1,180,000 | |
Louisiana - 0.2% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 A1, 0.8% 3/7/17, VRDN (a) | 360,000 | 360,000 | |
Nebraska - 0.1% | |||
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.85% 3/7/17, VRDN (a)(b) | 200,000 | 200,000 | |
Texas - 0.1% | |||
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.) Series 2004, 0.83% 3/7/17, VRDN (a)(b) | 200,000 | 200,000 | |
West Virginia - 0.4% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
(Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 0.87% 3/7/17, VRDN (a)(b) | 300,000 | 300,000 | |
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 0.91% 3/7/17, VRDN (a)(b) | 400,000 | 400,000 | |
700,000 | |||
TOTAL VARIABLE RATE DEMAND NOTE | |||
(Cost $81,754,673) | 81,754,673 | ||
Tender Option Bond - 18.9% | |||
Arizona - 18.7% | |||
Arizona Board of Regents Arizona State Univ. Rev. Participating VRDN Series 33 85X, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 6,665,000 | 6,665,000 | |
Maricopa County Indl. Dev. Auth. Rev. Participating VRDN: | |||
Series Floaters XF 05 19, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,100,000 | 2,100,000 | |
Series Floaters YX 10 32, 0.67% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 2,100,000 | 2,100,000 | |
Mesa Util. Sys. Rev. Participating VRDN Series ROC II R 11959X, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 1,190,000 | 1,190,000 | |
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Participating VRDN Series Floaters XM 04 20, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,900,000 | 6,900,000 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev.: | |||
Bonds Series 2016 22, 0.71%, tender 3/2/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 2,000,000 | 2,000,000 | |
Participating VRDN: | |||
Series Floaters XF 21 92, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 2,600,000 | 2,600,000 | |
Series Floaters XM 04 47, 0.69% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 5,100,000 | 5,100,000 | |
Series Putters XM0009, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 1,000,000 | 1,000,000 | |
Series XL 00 16, 0.69% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 2,800,000 | 2,800,000 | |
32,455,000 | |||
Colorado - 0.0% | |||
Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters XF 22 41, 0.84% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 100,000 | 100,000 | |
Nebraska - 0.0% | |||
Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series 16 XF1053, 0.82% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 100,000 | 100,000 | |
New Jersey - 0.1% | |||
New Jersey St. Trans. Trust Fund Auth. Participating VRDN Series Floaters 16 XF1059, 0.83% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 100,000 | 100,000 | |
Washington - 0.1% | |||
Catholic Health Initiatives Participating VRDN Series XF 1017, 0.94% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 100,000 | 100,000 | |
TOTAL TENDER OPTION BOND | |||
(Cost $32,855,000) | 32,855,000 | ||
Other Municipal Security - 25.2% | |||
Arizona - 23.2% | |||
Arizona Health Facilities Auth. Rev. Bonds (Banner Health Sys. Proj.) Series 2008 D, 5.5% 1/1/18 (Pre-Refunded to 1/1/18 @ 100) | 2,000,000 | 2,073,842 | |
Arizona School Facilities Board Ctfs. of Prtn. Bonds Series 2008, 5.5% 9/1/17 | 3,100,000 | 3,170,900 | |
Arizona School Facilities Board Rev. Bonds 5% 7/1/17 | 4,275,000 | 4,332,345 | |
Arizona Trans. Board Excise Tax Rev. Bonds Series 2007: | |||
5% 7/1/17 (Pre-Refunded to 7/1/17 @ 100) | 2,000,000 | 2,026,970 | |
5% 7/1/17 (Pre-Refunded to 7/1/17 @ 100) | 2,000,000 | 2,027,567 | |
5% 7/1/17 (Pre-Refunded to 7/1/17 @ 100) | 2,000,000 | 2,027,567 | |
Arizona Trans. Board Hwy. Rev. Bonds Series 2011 A, 5% 7/1/17 | 3,625,000 | 3,675,883 | |
Gilbert Wtr. Resources Municpial Property Corp. Bonds Series 2007, 5% 10/1/17 (Pre-Refunded to 10/1/17 @ 100) | 2,100,000 | 2,149,959 | |
Phoenix Civic Impt. Corp.: | |||
Series 14 B2, 0.78% 4/6/17, LOC Barclays Bank PLC, CP (b) | 1,800,000 | 1,800,000 | |
Series 14B1: | |||
0.75% 4/4/17, LOC Bank of America NA, CP (b) | 1,800,000 | 1,800,000 | |
0.76% 4/5/17, LOC Bank of America NA, CP (b) | 1,800,000 | 1,800,000 | |
0.8% 3/1/17, LOC Bank of America NA, CP (b) | 1,900,000 | 1,900,000 | |
Phoenix Civic Impt. Corp. Wastewtr. Sys. Rev. Bonds Series 2016, 5% 7/1/17 | 1,150,000 | 1,166,416 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev.: | |||
Bonds: | |||
(Arizona Salt River Proj.) Series 2009 B, 4% 1/1/18 | 1,715,000 | 1,756,385 | |
(Salt River Proj.) Series 2011 A, 4% 12/1/17 | 1,310,000 | 1,339,686 | |
Series 2008 A: | |||
5% 1/1/18 (Pre-Refunded to 1/1/18 @ 100) | 2,400,000 | 2,476,924 | |
5% 1/1/18 (Pre-Refunded to 1/1/18 @ 100) | 3,000,000 | 3,096,024 | |
Series C, 0.75% 3/16/17, CP | 1,800,000 | 1,800,000 | |
40,420,468 | |||
Georgia - 0.7% | |||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds: | |||
Series 2010 A1, 0.75%, tender 6/1/17 (Liquidity Facility Royal Bank of Canada) (a) | 795,000 | 795,000 | |
Series 2010 A2, 0.75%, tender 6/1/17 (Liquidity Facility Royal Bank of Canada) (a) | 500,000 | 500,000 | |
1,295,000 | |||
Kentucky - 0.1% | |||
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.82% tender 3/1/17, CP mode | 100,000 | 100,000 | |
Massachusetts - 0.5% | |||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds: | |||
(New England Pwr. Co. Proj.): | |||
Series 1992: | |||
0.75% tender 3/16/17, CP mode | 100,000 | 100,000 | |
0.8% tender 3/9/17, CP mode | 300,000 | 300,000 | |
Series 93B, 0.85% tender 3/30/17, CP mode | 200,000 | 200,000 | |
(New England Pwr. Co., Proj.) Series 1993 B, 0.85% tender 3/2/17, CP mode | 200,000 | 200,000 | |
800,000 | |||
New Hampshire - 0.5% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 1990 A: | |||
0.8% tender 3/16/17, CP mode (b) | 100,000 | 100,000 | |
0.85% tender 3/10/17, CP mode (b) | 400,000 | 400,000 | |
Series A1, 0.94% tender 3/14/17, CP mode (b) | 300,000 | 300,000 | |
800,000 | |||
Virginia - 0.1% | |||
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1992, 0.92% tender 3/1/17, CP mode (b) | 200,000 | 200,000 | |
West Virginia - 0.1% | |||
Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 96, 0.8% tender 3/16/17, CP mode (b) | 100,000 | 100,000 | |
TOTAL OTHER MUNICIPAL SECURITY | |||
(Cost $43,715,468) | 43,715,468 | ||
Shares | Value | ||
Investment Company - 7.8% | |||
Fidelity Municipal Cash Central Fund, 0.68% (d)(e) | |||
(Cost $13,615,210) | 13,615,210 | 13,615,210 | |
TOTAL INVESTMENT PORTFOLIO - 98.9% | |||
(Cost $171,940,351) | 171,940,351 | ||
NET OTHER ASSETS (LIABILITIES) - 1.1% | 1,906,638 | ||
NET ASSETS - 100% | $173,846,989 |
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 | $55,572 |
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 28, 2017 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $158,325,141) | $158,325,141 | |
Fidelity Central Funds (cost $13,615,210) | 13,615,210 | |
Total Investments (cost $171,940,351) | $171,940,351 | |
Receivable for investments sold | 2,660,000 | |
Receivable for fund shares sold | 797 | |
Interest receivable | 431,571 | |
Distributions receivable from Fidelity Central Funds | 6,349 | |
Other receivables | 831 | |
Total assets | 175,039,899 | |
Liabilities | ||
Payable to custodian bank | $30,066 | |
Payable for investments purchased | 200,000 | |
Payable for fund shares redeemed | 887,671 | |
Distributions payable | 1,466 | |
Accrued management fee | 73,699 | |
Other affiliated payables | 8 | |
Total liabilities | 1,192,910 | |
Net Assets | $173,846,989 | |
Net Assets consist of: | ||
Paid in capital | $173,977,557 | |
Undistributed net investment income | 1 | |
Accumulated undistributed net realized gain (loss) on investments | (130,569) | |
Net Assets, for 173,578,711 shares outstanding | $173,846,989 | |
Net Asset Value, offering price and redemption price per share ($173,846,989 ÷ 173,578,711 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended February 28, 2017 (Unaudited) | ||
Investment Income | ||
Interest | $670,603 | |
Income from Fidelity Central Funds | 55,572 | |
Total income | 726,175 | |
Expenses | ||
Management fee | $504,162 | |
Independent trustees' fees and expenses | 451 | |
Total expenses before reductions | 504,613 | |
Expense reductions | (999) | 503,614 |
Net investment income (loss) | 222,561 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 19,361 | |
Fidelity Central Funds | 210 | |
Total net realized gain (loss) | 19,571 | |
Net increase in net assets resulting from operations | $242,132 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended February 28, 2017 (Unaudited) | Year ended August 31, 2016 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $222,561 | $40,918 |
Net realized gain (loss) | 19,571 | 203,412 |
Net increase in net assets resulting from operations | 242,132 | 244,330 |
Distributions to shareholders from net investment income | (222,560) | (40,931) |
Distributions to shareholders from net realized gain | (209,328) | (12,130) |
Total distributions | (431,888) | (53,061) |
Share transactions at net asset value of $1.00 per share | ||
Proceeds from sales of shares | 6,112,455 | 612,721,804 |
Reinvestment of distributions | 410,842 | 49,488 |
Cost of shares redeemed | (74,532,103) | (771,048,918) |
Net increase (decrease) in net assets and shares resulting from share transactions | (68,008,806) | (158,277,626) |
Total increase (decrease) in net assets | (68,198,562) | (158,086,357) |
Net Assets | ||
Beginning of period | 242,045,551 | 400,131,908 |
End of period | $173,846,989 | $242,045,551 |
Other Information | ||
Undistributed net investment income end of period | $1 | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Arizona Municipal Money Market Fund
Six months ended (Unaudited) February 28, | Years ended August 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |
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) | .001 | –A | –A | –A | –A | –A |
Net realized and unrealized gain (loss) | .001 | –A | –A | –A | –A | –A |
Total from investment operations | .002 | –A | –A | –A | –A | –A |
Distributions from net investment income | (.001) | –A | –A | –A | –A | –A |
Distributions from net realized gain | (.001) | –A | – | – | –A | – |
Total distributions | (.002) | –A | –A | –A | –A | –A |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnB,C | .20% | .02% | .01% | .01% | .02% | .01% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | .50%F | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50%F | .20% | .06% | .09% | .16% | .19% |
Expenses net of all reductions | .50%F | .20% | .06% | .09% | .16% | .19% |
Net investment income (loss) | .22%F | .01% | .01% | .01% | .01% | .01% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $173,847 | $242,046 | $400,132 | $417,266 | $408,028 | $388,993 |
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 28, 2017
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. 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 Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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 net asset value (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.
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 | $163,899,810 | $5,910,329 | $(2,208,607) | $3,701,722 |
Fidelity Arizona Municipal Money Market Fund | 171,940,351 | – | – | – |
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. In November 2016, the Board of Trustees approved the elimination of these redemption fees effective December 12, 2016.
Restricted Securities. The Funds 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 each applicable Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $13,138,162 and $22,943,337, 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. 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 | $306 |
During the period, the Income Fund did not borrow on this line of credit.
7. Expense Reductions.
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 | $727 |
Fidelity Arizona Municipal Money Market Fund | 999 |
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, 2016 to February 28, 2017).
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, 2016 | Ending Account Value February 28, 2017 | Expenses Paid During Period-B September 1, 2016 to February 28, 2017 | |
Fidelity Arizona Municipal Income Fund | .55% | |||
Actual | $1,000.00 | $967.10 | $2.68 | |
Hypothetical-C | $1,000.00 | $1,022.07 | $2.76 | |
Fidelity Arizona Municipal Money Market Fund | .50% | |||
Actual | $1,000.00 | $1,002.00 | $2.48 | |
Hypothetical-C | $1,000.00 | $1,022.32 | $2.51 |
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 181/365 (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 2016 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 relationships 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 investment personnel 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, 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) broadening eligibility requirements for certain lower-priced share classes of, and streamlining the fee structure for, certain existing equity index funds; (v) lowering expense caps for certain existing funds and classes to reduce expenses paid by shareholders; (vi) eliminating redemption fees for certain variable insurance product funds and classes; (vii) 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; (viii) launching a lower cost share class for use by the Freedom Index Fund product line; (ix) rationalizing product lines and gaining increased efficiencies through fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (xi) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (xii) accelerating the conversion of all remaining Class B shares to Class A shares, which have a lower expense structure; and (xiii) implementing changes to Fidelity's money market fund product line in response to recent 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 noted that there was a portfolio management change for the fund in May 2016.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 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 the gross performance of 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 continue to 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
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
AZI-SPZ-SANN-0417
1.700927.119
Fidelity® Municipal Money Market Fund Semi-Annual Report February 28, 2017 |
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.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2017 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.institutional.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 2/28/17 | % of fund's investments 8/31/16 | % of fund's investments 2/29/16 |
1 - 7 | 72.0 | 67.7 | 82.3 |
8 - 30 | 5.5 | 4.4 | 3.0 |
31 - 60 | 5.9 | 5.4 | 2.3 |
61 - 90 | 2.4 | 2.2 | 1.1 |
91 - 180 | 9.1 | 6.8 | 5.2 |
>180 | 5.1 | 13.5 | 6.1 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
As of February 28, 2017 | ||
Variable Rate Demand Notes (VRDNs) | 44.1% | |
Tender Option Bond | 20.4% | |
Other Municipal Security | 33.5% | |
Investment Companies | 2.7% | |
Net Other Assets (Liabilities)* | (0.7)% |
* Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart
As of August 31, 2016 | ||
Variable Rate Demand Notes (VRDNs) | 41.5% | |
Tender Option Bond | 13.3% | |
Other Municipal Security | 35.8% | |
Investment Companies | 8.4% | |
Net Other Assets (Liabilities) | 1.0% |
Current And Historical 7-Day Yields
2/28/17 | 11/30/16 | 8/31/16 | 5/31/16 | 2/29/16 | |
Fidelity® Municipal Money Market Fund | 0.30% | 0.25% | 0.23% | 0.07% | 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.
Investments February 28, 2017 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 44.1% | |||
Principal Amount (000s) | Value (000s) | ||
Alabama - 0.9% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.85% 3/7/17, VRDN (a)(b) | $36,315 | $36,315 | |
Eutaw Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.) 0.67% 3/1/17, VRDN (a) | 2,800 | 2,800 | |
Mobile Indl. Dev. Board Dock & Wharf Rev. (Holnam, Inc. Proj.) Series 1999 A, 0.7% 3/7/17, LOC Bayerische Landesbank, VRDN (a) | 8,155 | 8,155 | |
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.): | |||
Series 2007 C, 0.68% 3/7/17, VRDN (a) | 11,750 | 11,750 | |
Series 2009, 0.67% 3/1/17, VRDN (a) | 2,300 | 2,300 | |
Mobile Indl. Dev. Board Rev. (Alabama Pwr. Theodore Plant Proj.) Series A, 0.69% 3/1/17, VRDN (a)(b) | 10,000 | 10,000 | |
Mobile Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Second Series 2009, 0.67% 3/1/17, VRDN (a) | 7,100 | 7,100 | |
Tuscaloosa County Indl. Dev. Gulf Opportunity Series 2012 A, 0.67% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) | 3,500 | 3,500 | |
West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 0.69% 3/1/17, VRDN (a)(b) | 38,320 | 38,320 | |
Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Gaston Plant Proj.) Series 2008, 0.69% 3/1/17, VRDN (a)(b) | 3,000 | 3,000 | |
123,240 | |||
Alaska - 1.3% | |||
Valdez Marine Term. Rev.: | |||
(ConocoPhillips Proj.) Series 1994 A, 0.67% 3/7/17, VRDN (a) | 82,600 | 82,600 | |
(Phillips Trans. Alaska, Inc. Proj.): | |||
Series 1994 B, 0.67% 3/7/17, VRDN (a) | 39,250 | 39,250 | |
Series 1994 C, 0.67% 3/7/17, VRDN (a) | 25,300 | 25,300 | |
Series 2002, 0.66% 3/7/17, VRDN (a) | 15,700 | 15,700 | |
162,850 | |||
Arizona - 0.7% | |||
Arizona Health Facilities Auth. Rev. (Catholic Healthcare West Proj.) Series 2009 F, 0.66% 3/7/17, LOC Mizuho Corporate Bank Ltd., VRDN (a) | 44,050 | 44,050 | |
Coconino County Poll. Cont. Corp. Rev. (Tucson Elec. Pwr. Co. Navajo Proj.) Series 2010 A, 0.67% 3/7/17, 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, 0.68% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 2,165 | 2,165 | |
(Sands Apts. Proj.) Series 2001 A, 0.68% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 2,390 | 2,390 | |
Maricopa County Indl. Dev. Auth. Rev. (Clayton Homes, Inc. Proj.) Series 1998, 0.7% 3/7/17, 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, 0.72% 3/7/17, VRDN (a) | 5,750 | 5,750 | |
Pima County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Cimarron Place Apts. Proj.) 0.68% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 4,500 | 4,500 | |
Series A, 0.7% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 2,435 | 2,435 | |
94,990 | |||
Arkansas - 0.4% | |||
Arkansas Dev. Fin. Auth. Multi-family Hsg. Rev. (Kiehl Partners LP Proj.) Series 2004 A, 0.79% 3/7/17, LOC Fannie Mae, VRDN (a) | 6,440 | 6,440 | |
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.): | |||
Series 1998, 0.85% 3/7/17, VRDN (a)(b) | 8,400 | 8,400 | |
Series 2002, 0.88% 3/7/17, VRDN (a)(b) | 4,500 | 4,500 | |
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.85% 3/7/17, LOC Royal Bank of Scotland PLC, VRDN (a)(b) | 26,700 | 26,700 | |
46,040 | |||
California - 0.0% | |||
San Francisco City & County Redev. Agcy. Multi-family Hsg. Rev. (Ocean Beach Apts. Proj.) Series B, 0.7% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 3,845 | 3,845 | |
Stanislaus County Cap. Impts. Fing. Auth. Rev. Series 2004, 0.66% 3/7/17, LOC Bank of America NA, VRDN (a) | 300 | 300 | |
4,145 | |||
Colorado - 0.4% | |||
Colorado Edl. & Cultural Facilities Auth. Rev. (Clyfford Still Museum Proj.) Series 2008, 0.72% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a) | 585 | 585 | |
Colorado Health Facilities Auth. Rev. (Boulder Cmnty. Hosp. Proj.) Series 2000, 0.68% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) | 24,715 | 24,715 | |
Colorado Hsg. & Fin. Auth. Solid Waste Rev.: | |||
(Waste Mgmt., Inc. Proj.) 0.68% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a)(b) | 10,000 | 10,000 | |
(Waste Mgmt., Inc. Proj.) 0.68% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) | 14,160 | 14,160 | |
49,460 | |||
Connecticut - 1.2% | |||
Connecticut Health & Edl. Facilities Auth. Rev. Series 2011 B, 0.69% 3/7/17, LOC Bank of America NA, VRDN (a) | 15,085 | 15,085 | |
Connecticut Hsg. Fin. Auth.: | |||
(Hsg. Mtg. Fin. Prog.): | |||
Series 1989 D, 0.66% 3/7/17 (Liquidity Facility Royal Bank of Canada), VRDN (a)(b) | 8,590 | 8,590 | |
Series 2011 C2, 0.66% 3/7/17 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(b) | 45,205 | 45,205 | |
Series 2012 D3, 0.68% 3/7/17 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(b) | 48,955 | 48,955 | |
Series 2008 E, 0.68% 3/7/17 (Liquidity Facility Bank of America NA), VRDN (a)(b) | 24,315 | 24,315 | |
Series D 3, 0.66% 3/7/17 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(b) | 15,000 | 15,000 | |
157,150 | |||
Delaware - 0.3% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | |||
Series 1987, 0.82% 3/1/17, VRDN (a)(b) | 400 | 400 | |
Series 1988, 0.82% 3/1/17, VRDN (a)(b) | 8,100 | 8,100 | |
Series 1993 C, 0.85% 3/7/17, VRDN (a) | 4,400 | 4,400 | |
Series 1994, 0.82% 3/1/17, VRDN (a)(b) | 5,500 | 5,500 | |
Series 1999 A, 0.73% 3/7/17, VRDN (a) | 15,230 | 15,230 | |
33,630 | |||
District Of Columbia - 1.0% | |||
District of Columbia Hsg. Fin. Agcy. Multi-family Hsg. Rev.: | |||
(Pentacle Apts. Proj.) Series 2008, 0.68% 3/7/17, LOC Freddie Mac, VRDN (a) | 3,340 | 3,340 | |
(Trenton Park Apts. Proj.) Series 2001, 0.71% 3/7/17, LOC Bank of America NA, VRDN (a)(b) | 5,240 | 5,240 | |
District of Columbia Rev.: | |||
(American Psychological Assoc. Proj.) Series 2003, 0.7% 3/7/17, LOC Bank of America NA, VRDN (a) | 1,000 | 1,000 | |
(Fort Lincoln New Town/Premium Distributors LLC Proj.) Series 2000, 0.75% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a)(b) | 5,265 | 5,265 | |
(Washington Drama Society, Inc. Proj.) Series 2008, 0.67% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) | 78,300 | 78,300 | |
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2011 A, 0.66% 3/7/17, LOC Royal Bank of Canada, VRDN (a)(b) | 38,700 | 38,700 | |
131,845 | |||
Florida - 3.4% | |||
Brevard County Hsg. Fin. Auth. (Manatee Cove Apts. Proj.) 0.69% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 9,690 | 9,690 | |
Broward County Arpt. Facilities Rev. Series 2007 A, 0.7% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 11,350 | 11,350 | |
Broward County Fin. Auth. Multi-family Hsg. Rev.: | |||
(Pinnacle Village Apts. Proj.) Series 2004, 0.69% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 5,900 | 5,900 | |
(Sanctuary Apts Proj.) Series A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 14,920 | 14,920 | |
Broward County Indl. Dev. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2015, 0.71% 3/1/17, VRDN (a)(b) | 17,000 | 17,000 | |
Broward County Port Facilities Rev. (Port Everglades Proj.) Series 2008, 0.67% 3/7/17, LOC Royal Bank of Canada, VRDN (a)(b) | 27,415 | 27,415 | |
Collier County Hsg. Fin. Auth. Multi-family Rev.: | |||
(Sawgrass Pines Apts. Proj.) 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 6,600 | 6,600 | |
(Summer Lakes Phase II Apts. Proj.) 0.69% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 16,670 | 16,670 | |
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: | |||
(Avalon Reserve Apts. Proj.) Series 2003 R1, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 13,370 | 13,370 | |
(Clarcona Groves Apts. Proj.) Series A, 0.73% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 10,780 | 10,780 | |
(Collins Cove Sr. Apts. Proj.) Series 2003 W, 0.71% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 4,900 | 4,900 | |
(Grande Court at North Port Apts. Proj.) Series 2004 E, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 5,100 | 5,100 | |
(Hunters Run Apts. Proj.) Series G, 0.67% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 6,825 | 6,825 | |
(Mill Creek Apts. Proj.) Series 2004 K, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 13,500 | 13,500 | |
(Pinnacle Grove Apts. Proj.) Series 2003 A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 6,850 | 6,850 | |
(Pinnacle Pointe Apts. Proj.) Series 2003 N, 0.71% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 11,975 | 11,975 | |
(Riverwalk I Apts. Proj.) Series 2008 E, 0.66% 3/7/17, LOC Freddie Mac, VRDN (a)(b) | 4,850 | 4,850 | |
(Savannah Springs Apts. Proj.) Series G, 0.68% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 12,955 | 12,955 | |
Series 2006 H, 0.67% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 6,195 | 6,195 | |
Florida Hsg. Fin. Corp. Rev.: | |||
(Tuscany Lakes Apts. Proj.) Series 2002 K1, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 4,000 | 4,000 | |
(Valencia Village Apts. Proj.) Series G, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 10,350 | 10,350 | |
(Waterford Pointe Apts. Proj.) Series 2000 E1, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 8,155 | 8,155 | |
Hillsborough County Hsg. Fin. Auth. Multi-family Rev.: | |||
(Claymore Crossings Apt. Proj.) Series 2005, 0.69% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 11,790 | 11,790 | |
(Grande Oaks Apts. Proj.) Series A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 6,600 | 6,600 | |
(Hunters Run Apts. Proj.) Series 2002 A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 7,545 | 7,545 | |
(Meridian Pointe Apts. Proj.) Series 2005, 0.69% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 10,600 | 10,600 | |
(Morgan Creek Apts. Proj.) Series 2003, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 12,600 | 12,600 | |
(Royal Palm Key Apts. Proj.) Series 2002, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 8,780 | 8,780 | |
Jacksonville Hsg. Fin. Auth. Multi-family Hsg. Rev. (Brookwood Forest Apts. Proj.) 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 8,255 | 8,255 | |
Jacksonville Port Auth. Rev. (Mitsui O.S.K. Lines Ltd. Proj.) 0.71% 3/7/17, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | 75,375 | 75,375 | |
Lee County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Univ. Club Apts. Proj.) Series A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 7,500 | 7,500 | |
Orange County Hsg. Fin. Auth. Multi-family Rev.: | |||
(Alta Westgate Apts. Proj.) Series C, 0.69% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 11,890 | 11,890 | |
(Glenn Millenia Proj.) Series 2001 C, 0.67% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 3,500 | 3,500 | |
(Osprey Ridge Apts. Proj.) Series 2000 H, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 6,560 | 6,560 | |
Osceola County Hsg. Fin. Auth. Multi-family Rev. (Regatta Bay Apts. Proj.) Series A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 12,920 | 12,920 | |
Palm Beach County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Renaissance Apts. Proj.) 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 19,200 | 19,200 | |
Palm Beach County Rev. (Benjamin Private School Proj.) 0.71% 3/7/17, LOC Northern Trust Co., VRDN (a) | 8,820 | 8,820 | |
Polk County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Cambridge Cove Apts. Proj.) Series 2001, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 7,100 | 7,100 | |
448,385 | |||
Georgia - 2.8% | |||
Atlanta Urban Residential Fin. Auth. Multi-family Hsg. Rev. (Collegetown at Harris Homes Phase I Proj.) Series 2003, 0.67% 3/7/17, 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, 0.7% 3/7/17, VRDN (a) | 121,800 | 121,800 | |
Bartow County Dev. Auth. Rev.: | |||
(VMC Specialty Alloys LLC Proj.) Series 2014, 0.69% 3/7/17, LOC Comerica Bank, VRDN (a)(b) | 1,100 | 1,100 | |
Series 2016, 0.69% 3/7/17, LOC Comerica Bank, VRDN (a)(b) | 3,965 | 3,965 | |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.): | |||
Series 2012, 0.67% 3/1/17, VRDN (a)(b) | 7,350 | 7,350 | |
Series 2013, 0.7% 3/7/17, VRDN (a) | 61,200 | 61,200 | |
Canton Hsg. Auth. Multi-family Hsg. Rev. (Alta Ridgewalk Apts. Proj.) Series 2003, 0.67% 3/7/17, LOC Freddie Mac, VRDN (a)(b) | 20,185 | 20,185 | |
Effingham County Indl. Dev. Auth. Poll Cont. 0.72% 3/1/17, VRDN (a) | 7,500 | 7,500 | |
Gwinnett County Dev. Auth. Indl. Dev. Rev. (Curtis 1000, Inc. Proj.) Series 1996, 0.77% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a)(b) | 6,460 | 6,460 | |
Heard County Dev. Auth. Poll. Cont. Rev. Series 2007, 0.7% 3/1/17, VRDN (a)(b) | 17,700 | 17,700 | |
Kennesaw Dev. Auth. Multi-family Hsg. Rev. (Alta Ridenour Apts. Proj.) Series 2008, 0.67% 3/7/17, LOC Freddie Mac, VRDN (a)(b) | 6,960 | 6,960 | |
Loganville Hsg. Auth. Multi-family Hsg. Rev. (Alexander Crossing Apt. Proj.) 0.69% 3/7/17, LOC Freddie Mac, VRDN (a)(b) | 11,755 | 11,755 | |
Monroe County Dev. Auth. Poll. Cont. Rev.: | |||
(Georgia Pwr. Co. Plant Scherer Proj.) First Series 2009, 0.7% 3/7/17, VRDN (a) | 24,200 | 24,200 | |
(Georgia Pwr. Plant Co. Scherer Proj.) Series 2008, 0.69% 3/1/17, VRDN (a) | 4,600 | 4,600 | |
Newnan Dev. Auth. Multi-family Hsg. Rev. (The Club at Newnan Crossing Proj.) 0.67% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 9,000 | 9,000 | |
Savannah Econ. Dev. Auth. Rev. (Home Depot, Inc. Proj.) Series 1995 A, 0.72% 3/7/17, VRDN (a)(b) | 57,400 | 57,400 | |
368,405 | |||
Illinois - 2.9% | |||
Carol Stream Multi-family Rev. (Saint Charles Square Proj.) Series 1997, 0.68% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 1,800 | 1,800 | |
Chicago Midway Arpt. Rev.: | |||
Series 2004 C2, 0.7% 3/7/17, LOC Bank of Montreal Chicago, VRDN (a)(b) | 7,825 | 7,825 | |
Series 2014 C, 0.7% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) | 102,940 | 102,940 | |
Chicago O'Hare Int'l. Arpt. Rev. Series 2005 D, 0.68% 3/7/17, LOC Barclays Bank PLC, VRDN (a) | 83,500 | 83,500 | |
Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev. (Lufthansa German Airlines Proj.) Series 2001, 0.7% 3/7/17, LOC Bayerische Landesbank, VRDN (a)(b) | 43,770 | 43,770 | |
Illinois Dev. Fin. Auth. Indl. Dev. Rev.: | |||
(Delta-Unibus Corp. Proj.) Series 2001, 0.81% 3/7/17, LOC Bank of America NA, VRDN (a)(b) | 2,000 | 2,000 | |
(R&R Enterprises 2nd Proj.) Series 1999 A, 0.7% 3/7/17, LOC BMO Harris Bank NA, VRDN (a)(b) | 1,195 | 1,195 | |
Illinois Dev. Fin. Auth. Rev. (Var-Sinai Cmnty. Inst Proj.) Series 1997, 0.68% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) | 5,000 | 5,000 | |
Illinois Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): | |||
0.68% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) | 20,000 | 20,000 | |
0.68% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a)(b) | 30,000 | 30,000 | |
Illinois Fin. Auth. Multi-family Rev. (Villagebrook Apts Proj.) Series 2005, 0.67% 3/7/17, LOC Freddie Mac, VRDN (a)(b) | 7,775 | 7,775 | |
Illinois Fin. Auth. Rev.: | |||
(Edward Hosp. Obligated Group Proj.) Series 2008 B2, 0.67% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) | 19,500 | 19,500 | |
(Museum of Science & Industry Proj.) Series 2009 A, 0.67% 3/7/17, LOC Bank of America NA, VRDN (a) | 11,000 | 11,000 | |
Series 2009 B, 0.67% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) | 14,900 | 14,900 | |
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2007 A 2C, 0.66% 3/7/17, LOC Landesbank Hessen-Thuringen, VRDN (a) | 20,000 | 20,000 | |
Lake County Solid Waste Disp. Facilities Rev. (Countryside Landfill, Inc. Proj.) Series B, 0.72% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) | 4,320 | 4,320 | |
Lisle Village Multi-family Hsg. Rev. (Devonshire of Lisle Proj.) Series 1991, 0.7% 3/7/17, LOC Freddie Mac, VRDN (a)(b) | 6,000 | 6,000 | |
381,525 | |||
Indiana - 1.3% | |||
Dearborn County Econ. Dev. Rev. (Dearborn County Hosp. Proj.) Series 2006, 0.74% 3/7/17, LOC Fifth Third Bank, Cincinnati, VRDN (a) | 5,750 | 5,750 | |
Elkhart County Hosp. Auth. Rev. (Elkhart Gen. Hosp. Proj.) Series 2008, 0.68% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) | 23,535 | 23,535 | |
Indiana Dev. Fin. Auth. Econ. (Archer-Daniels-Midland Co. Proj.) Series 2012, 0.69% 3/7/17 (Archer Daniels Midland Co. Guaranteed), VRDN (a) | 22,840 | 22,840 | |
Indiana Dev. Fin. Auth. Envir. Rev.: | |||
(Duke Energy Indiana, Inc. Proj.) Series 2009 A3, 0.67% 3/7/17, LOC Mizuho Bank Ltd., VRDN (a) | 46,775 | 46,775 | |
(PSI Energy Proj.) Series 2003 B, 0.81% 3/7/17, VRDN (a)(b) | 13,800 | 13,800 | |
Indiana Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): | |||
Series 2002 A, 0.68% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) | 25,000 | 25,000 | |
Series 2002 B, 0.68% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) | 14,000 | 14,000 | |
Indianapolis Econ. Dev. Rev. (Pine Glen Apts. Proj.) 0.7% 3/7/17, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (a)(b) | 5,960 | 5,960 | |
Richmond Econ. Dev. Rev. (Friends Fellowship Cmnty. Proj.) Series 1997, 0.69% 3/7/17, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 600 | 600 | |
Saint Joseph County Hosp. Auth. Health Sys. Rev. (Memorial Health Sys. Proj.) Series 2008 A, 0.69% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) | 6,050 | 6,050 | |
164,310 | |||
Iowa - 0.3% | |||
Iowa Fin. Auth. Midwestern Disaster Area Econ. Dev. Series 2012 A, 0.67% 3/7/17, VRDN (a) | 19,500 | 19,500 | |
Iowa Fin. Auth. Solid Disp. Waste Rev.: | |||
(MidAmerican Energy Co. Proj.) Series 2016 B, 0.72% 3/7/17, VRDN (a)(b) | 10,500 | 10,500 | |
(MidAmerican Energy Proj.) Series 2008 A, 0.72% 3/7/17, VRDN (a)(b) | 3,100 | 3,100 | |
33,100 | |||
Kansas - 0.3% | |||
Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.) Series 2000, 0.73% 3/7/17, LOC Bank of America NA, VRDN (a)(b) | 25,100 | 25,100 | |
Lenexa Multi-family Hsg. Rev.: | |||
(Heather Glen Apts. Proj.) Series 2007, 0.67% 3/7/17, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 1,040 | 1,040 | |
(Meadows Apts. Proj.) Series A, 0.67% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 13,500 | 13,500 | |
39,640 | |||
Kentucky - 2.5% | |||
Carroll County Envir. Facilities Rev. (Kentucky Utils. Co. Proj.): | |||
Series 2004 A, 0.7% 3/7/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | 15,300 | 15,300 | |
Series 2008 A, 0.7% 3/7/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | 68,307 | 68,307 | |
Daviess County Exempt Facilities Rev. (Kimberly-Clark Tissue Co. Proj.) Series 1999, 0.69% 3/7/17 (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, 0.69% 3/7/17 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | 67,250 | 67,250 | |
Series 1993 B, 0.69% 3/7/17 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | 37,700 | 37,700 | |
Elizabethtown Indl. Bldg. Rev. (Altec Industries, Inc. Proj.) Series 1997, 0.73% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a)(b) | 5,000 | 5,000 | |
Henderson County Indl. Dev. Auth. (Pittsburg Tank & Tower Co. Proj.) 0.69% 3/7/17, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 100 | 100 | |
Kentucky Higher Ed. Student Ln. Corp. Rev. Series 2008 A1, 0.7% 3/7/17, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | 38,605 | 38,605 | |
Kentucky Hsg. Corp. Conduit Multi-family Mtg. Rev. (Gleneagles Apts. Proj.) 0.67% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 8,900 | 8,900 | |
Logan County Solid Waste Disp. (Waste Mgmt. of Kentucky LLC Proj.) 0.67% 3/7/17, LOC PNC Bank NA, VRDN (a)(b) | 7,450 | 7,450 | |
Mercer County Solid Waste Disp. Facility Rev. (Kentucky Utils. Co. Proj.) Series 2000 A, 0.73% 3/7/17, 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, 0.67% 3/7/17, LOC PNC Bank NA, VRDN (a)(b) | 11,000 | 11,000 | |
Trimble County Poll. Cont. Rev. (Louisville Gas and Elec. Co. Proj.) Series 2016 A, 0.7% 3/7/17, VRDN (a)(b) | 51,800 | 51,800 | |
329,182 | |||
Louisiana - 1.5% | |||
Louisiana Hsg. Fin. Auth. Multi-family Hsg. Rev. (The Reserve at Jefferson Proj.) Series 2008, 0.7% 3/7/17, LOC Freddie Mac, VRDN (a) | 4,095 | 4,095 | |
Louisiana Pub. Facilities Auth. Gulf Opportunity Zone Rev. (Celtic Mgmt. Corp. Proj.) Series 2008, 0.67% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) | 11,890 | 11,890 | |
Louisiana Pub. Facilities Auth. Rev.: | |||
(Air Products & Chemicals, Inc. Proj.): | |||
Series 2002, 0.66% 3/7/17, VRDN (a)(b) | 7,000 | 7,000 | |
Series 2003, 0.66% 3/7/17, VRDN (a)(b) | 18,650 | 18,650 | |
(C-Port LLC Proj.) Series 2008, 0.69% 3/7/17, LOC Bank of America NA, VRDN (a) | 8,450 | 8,450 | |
Saint James Parish Gen. Oblig.: | |||
(Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 0.8% 3/7/17, VRDN (a) | 45,735 | 45,735 | |
Series 2010 B1, 0.8% 3/7/17, VRDN (a) | 17,660 | 17,660 | |
(NuStar Logistics, L.P. Proj.): | |||
Series 2010 A, 0.67% 3/7/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 15,700 | 15,700 | |
Series 2010 B, 0.67% 3/7/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 61,300 | 61,300 | |
190,480 | |||
Maine - 0.2% | |||
Maine Health & Higher Ed. Facilities Auth. Rev. Series 2008 A, 0.66% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) | 27,780 | 27,780 | |
Maryland - 0.2% | |||
Maryland Trans. Auth. Passenger Facility Charge Rev. Series 2012 C, 0.68% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a)(b) | 10,300 | 10,300 | |
Montgomery County Hsg. Opportunity Commission Single Family Mtg. Rev.: | |||
Series 2007 F, 0.67% 3/7/17, LOC PNC Bank NA, VRDN (a)(b) | 10,000 | 10,000 | |
Series 2008 C, 0.67% 3/7/17, LOC PNC Bank NA, VRDN (a)(b) | 8,450 | 8,450 | |
28,750 | |||
Michigan - 0.5% | |||
Michigan Fin. Auth. Rev. Series 22 A, 0.67% 3/7/17, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | 27,495 | 27,495 | |
Michigan Strategic Fund Ltd. Oblig. Rev. (Consumers Energy Co. Proj.) 0.69% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) | 33,100 | 33,100 | |
60,595 | |||
Minnesota - 0.1% | |||
Hennepin County Hsg. & Redev. Auth. Multi-family Rev. (Stone Arch Apts. Proj.) 0.7% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 9,800 | 9,800 | |
Minneapolis Multi-family Rev. (Stone Arch Apt. Proj.) Series 2002, 0.7% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 3,400 | 3,400 | |
13,200 | |||
Mississippi - 0.2% | |||
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 0.7% 3/7/17, LOC Bank of America NA, VRDN (a)(b) | 10,000 | 10,000 | |
Mississippi Dev. Bank Spl. Oblig. (Harrison County Proj.) Series 2008 A2, 0.68% 3/7/17, LOC Bank of America NA, VRDN (a) | 14,000 | 14,000 | |
24,000 | |||
Missouri - 0.2% | |||
Saint Louis Indl. Dev. Auth. (Metropolitan Lofts Apts. Proj.) Series 2003 A, 0.67% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 25,600 | 25,600 | |
Nebraska - 0.1% | |||
Douglas County Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.68% 3/7/17, LOC Bank of America NA, VRDN (a)(b) | 10,000 | 10,000 | |
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: | |||
Series 2015 D, 0.65% 3/7/17 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 695 | 695 | |
Series 2016 D, 0.65% 3/7/17 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 195 | 195 | |
10,890 | |||
Nevada - 1.5% | |||
Clark County Indl. Dev. Rev.: | |||
(Southwest Gas Corp. Proj.): | |||
Series 2009 A, 0.7% 3/7/17, LOC Bank of America NA, VRDN (a) | 25,650 | 25,650 | |
0.66% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) | 38,000 | 38,000 | |
Series 2008 A, 0.67% 3/7/17, LOC MUFG Union Bank NA, VRDN (a)(b) | 42,800 | 42,800 | |
Nevada Hsg. Division (Horizon Apt. Hsg. Proj.) Series 2000 A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 7,280 | 7,280 | |
Reno Cap. Impt. Rev. Series 2005 A, 0.71% 3/7/17, LOC Bank of America NA, VRDN (a) | 38,100 | 38,100 | |
Washoe County Gas Facilities Rev.: | |||
Series 2016 C, 0.69% 3/7/17, VRDN (a)(b) | 24,900 | 24,900 | |
Series 2016 D, 0.69% 3/7/17, VRDN (a)(b) | 9,400 | 9,400 | |
Series 2016 E, 0.69% 3/7/17, VRDN (a)(b) | 11,200 | 11,200 | |
197,330 | |||
New York - 8.1% | |||
New York City Gen. Oblig. Series 2004 A3, 0.68% 3/7/17, LOC Morgan Stanley Bank, West Valley City Utah, VRDN (a) | 14,890 | 14,890 | |
New York City Hsg. Dev. Corp. Multi-family Mtg. Rev.: | |||
(270 East Burnside Avenue Apts.) Series A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 6,400 | 6,400 | |
(Beacon Mews Dev. Proj.) Series 2006 A, 0.66% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 8,000 | 8,000 | |
(Courtland Avenue Apts. Proj.) Series A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 7,905 | 7,905 | |
(East 165th Street Proj.) Series A, 0.69% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 7,665 | 7,665 | |
(Intervale Gardens Apts.) Series A, 0.69% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 3,115 | 3,115 | |
(La Casa del Sol Proj.) Series 2005 A, 0.7% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 4,350 | 4,350 | |
(Louis Nine Boulevard Apts. Proj.) Series A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 7,300 | 7,300 | |
(Manhattan Court Dev. Proj.) Series A, 0.69% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 16,500 | 16,500 | |
(Morris Ave. Apts. Proj.) Series A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 14,700 | 14,700 | |
(Peter Cintron Apts. Proj.) Series C, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 7,840 | 7,840 | |
(Urban Horizons II Dev. Proj.) Series 2005 A, 0.7% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 5,265 | 5,265 | |
(Villa Avenue Apts. Proj.) Series 2006 A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 5,990 | 5,990 | |
Series 2011 A, 0.67% 3/7/17, 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, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 37,900 | 37,900 | |
(Linden Plaza Proj.) Series 2008 A, 0.67% 3/7/17, LOC Freddie Mac, VRDN (a)(b) | 61,930 | 61,930 | |
New York City Transitional Fin. Auth. Rev. Series 2003 A2, 0.62% 3/2/17 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a) | 36,100 | 36,100 | |
New York Hsg. Fin. Agcy. Rev.: | |||
(125 West 31st Street Proj.) Series 2005 A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 62,700 | 62,700 | |
(316 Eleventh Ave. Hsg. Proj.) Series 2007 A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 89,500 | 89,500 | |
(360 West 43rd Street Hsg. Proj.) Series A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 9,900 | 9,900 | |
(600 West and 42nd St. Hsg. Proj.) Series 2007 A, 0.67% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 62,100 | 62,100 | |
(750 Sixth Avenue Hsg. Proj.): | |||
Series 1998 A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 39,500 | 39,500 | |
Series 1999 A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 28,500 | 28,500 | |
(Chelsea Arms Hsg. Proj.) Series 1998 A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 7,000 | 7,000 | |
(Clinton Green South Hsg. Proj.): | |||
Series 2005 A, 0.66% 3/7/17, LOC Freddie Mac, VRDN (a)(b) | 68,800 | 68,800 | |
Series 2006 A, 0.66% 3/7/17, LOC Freddie Mac, VRDN (a)(b) | 21,500 | 21,500 | |
(Clinton Park Phase II Hsg. Proj.) Series 2011 A2, 0.66% 3/7/17, LOC Wells Fargo Bank NA, VRDN(a) | 41,950 | 41,950 | |
(Helena Hsg. Proj.) Series 2003 A, 0.67% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 9,000 | 9,000 | |
(Reverend Polite Ave. Apt. Hsg. Proj.) Series 2005 A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 7,435 | 7,435 | |
(Sea Park East Hsg. Proj.) Series 2004 A, 0.66% 3/7/17, LOC Freddie Mac, VRDN (a)(b) | 13,300 | 13,300 | |
(Sea Park West Hsg. Proj.) Series 2004 A, 0.66% 3/7/17, LOC Freddie Mac, VRDN (a)(b) | 14,100 | 14,100 | |
(Theatre Row Tower Hsg. Proj.): | |||
Series 2001 A, 0.66% 3/7/17, LOC Freddie Mac, VRDN (a)(b) | 10,000 | 10,000 | |
Series 2002 A, 0.66% 3/7/17, LOC Freddie Mac, VRDN (a)(b) | 3,500 | 3,500 | |
(Tower 31 Hsg. Proj.) Series 2005 A, 0.66% 3/7/17, LOC Freddie Mac, VRDN (a)(b) | 74,800 | 74,800 | |
(Tribeca Park Proj.) Series 1997 A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 74,100 | 74,100 | |
(West 20th Street Proj.) Series 2001 A, 0.67% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 51,000 | 51,000 | |
(Worth Street Hsg. Proj.) Series A, 0.66% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 47,600 | 47,600 | |
Series 2004 A, 0.67% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 53,950 | 53,950 | |
New York State Energy Research & Dev. Auth. Facilities Rev.: | |||
(Consolidated Edison Co. of New York, Inc. Proj.) Series 2004 C3, 0.66% 3/7/17, LOC Mizuho Bank Ltd., VRDN (a)(b) | 15,500 | 15,500 | |
Series 2010 A, 0.66% 3/7/17, LOC Bank of Nova Scotia, VRDN (a)(b) | 2,000 | 2,000 | |
1,062,935 | |||
North Carolina - 0.4% | |||
Lower Cape Fear Wtr. & Swr. Auth. Rev. (Bladen Bluffs Proj.) Series 2010, 0.72% 3/7/17, LOC Rabobank Nederland New York Branch, VRDN (a) | 3,300 | 3,300 | |
North Carolina Med. Care Commission Health Care Facilities Rev.: | |||
(Cape Fear Valley Health Sys. Proj.) Series 2008 A2, 0.69% 3/7/17, LOC Branch Banking & Trust Co., VRDN (a) | 28,500 | 28,500 | |
Series 1998, 0.69% 3/1/17, LOC Branch Banking & Trust Co., VRDN (a) | 6,915 | 6,915 | |
North Carolina Med. Care Commission Hosp. Rev. (Wayne Memorial Hosp. Proj.) Series 2009, 0.67% 3/7/17, LOC Branch Banking & Trust Co., VRDN (a) | 6,880 | 6,880 | |
45,595 | |||
Ohio - 0.3% | |||
Greene County Hosp. Facilities Rev. Series A, 0.7% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) | 1,965 | 1,965 | |
Hamilton County Student Hsg. Rev. (Block 3 Proj.) Series 2004, 0.7% 3/7/17, LOC Bank of New York, New York, LOC Citizens Bank of Pennsylvania, VRDN (a) | 31,660 | 31,660 | |
Ohio Hsg. Fin. Agcy. Mtg. Rev.: | |||
(Mtg.-Backed Securities Prog.): | |||
Series B, 0.7% 3/7/17 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 995 | 995 | |
Series F, 0.7% 3/7/17 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 2,485 | 2,485 | |
Series 2004 D, 0.67% 3/7/17 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 950 | 950 | |
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Series 2016 G, 0.7% 3/7/17 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 3,920 | 3,920 | |
Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 0.69% 3/7/17, LOC Bank of America NA, VRDN (a)(b) | 2,900 | 2,900 | |
44,875 | |||
Oklahoma - 0.1% | |||
Tulsa Arpts. Impt. Trust Spl. Facility Rev. 0.7% 3/7/17, LOC Landesbank Hessen-Thuringen, VRDN (a)(b) | 10,120 | 10,120 | |
Univ. Hospitals Trust Rev. Series 2005 A, 0.71% 3/7/17, LOC Bank of America NA, VRDN (a) | 5,955 | 5,955 | |
16,075 | |||
Oregon - 0.1% | |||
Portland Hsg. Auth. Rev.: | |||
(New Columbia - Cecelia Proj.) Series 2004, 0.68% 3/7/17, LOC Bank of America NA, VRDN (a)(b) | 3,260 | 3,260 | |
(New Columbia - Trouton Proj.) Series 2005, 0.68% 3/7/17, LOC Bank of America NA, VRDN (a)(b) | 5,315 | 5,315 | |
Portland Multi-family Hsg. Rev. (The Village at Lovejoy Fountain Proj.) Series 2009, 0.67% 3/7/17, LOC Freddie Mac, VRDN (a)(b) | 9,500 | 9,500 | |
18,075 | |||
Pennsylvania - 0.2% | |||
Allegheny County Hosp. Dev. Auth. Rev. (Jefferson Reg'l. Med. Ctr.) Series 2010 A, 0.65% 3/7/17, LOC PNC Bank NA, VRDN (a) | 115 | 115 | |
Bucks County Indl. Dev. Auth. Rev. (Lutheran Cmnty. at Telford Healthcare Ctr., Inc. Proj.) Series 2007 B, 0.82% 3/7/17, LOC Citizens Bank of Pennsylvania, VRDN (a) | 2,095 | 2,095 | |
Erie County Hosp. Auth. Rev. (Saint Vincent Health Ctr. Proj.) Series 2010 B, 0.69% 3/7/17, LOC Manufacturers & Traders Trust Co., VRDN (a) | 11,340 | 11,340 | |
Lancaster Indl. Dev. Auth. Rev.: | |||
(Mennonite Home Proj.) 0.74% 3/7/17, LOC Manufacturers & Traders Trust Co., VRDN (a) | 6,905 | 6,905 | |
(Willow Valley Retirement Proj.) Series 2009 B, 0.66% 3/7/17, LOC PNC Bank NA, VRDN (a) | 7,200 | 7,200 | |
Philadelphia Auth. for Indl. Dev. Rev. (Spl. People in Northeast, Inc. Proj.) Series 2006, 0.72% 3/7/17, LOC Citizens Bank of Pennsylvania, VRDN (a) | 895 | 895 | |
28,550 | |||
South Carolina - 0.5% | |||
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. (Waste Mgmt. of South Carolina, Inc. Proj.) Series 2003 A, 0.69% 3/7/17, 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, 0.67% 3/7/17, LOC TD Banknorth, NA, VRDN (a)(b) | 22,865 | 22,865 | |
(South Carolina Generating Co., Inc. Proj.) Series 2008, 0.67% 3/7/17, LOC TD Banknorth, NA, VRDN (a)(b) | 29,900 | 29,900 | |
67,765 | |||
South Dakota - 0.0% | |||
South Dakota Hsg. Dev. Auth. (Harmony Heights Proj.) Series 2001, 0.75% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 5,185 | 5,185 | |
Tennessee - 0.9% | |||
Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.) Series 2008, 0.68% 3/1/17, LOC Bank of America NA, VRDN (a) | 14,490 | 14,490 | |
Henderson TN IDB Rev. (Arvin Sango, Inc. Proj.) Series 2012, 0.68% 3/7/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | 10,000 | 10,000 | |
Lewisburg Indl. Dev. Board (Waste Mgmt., Inc., Proj.) 0.67% 3/7/17, LOC PNC Bank NA, VRDN (a)(b) | 25,000 | 25,000 | |
Loudon County Indl. Dev. Board Exempt Facilities Rev. (Kimberly-Clark Corp. Proj.) 0.69% 3/7/17, VRDN (a)(b) | 11,600 | 11,600 | |
Loudon Indl. Dev. Board Solid Waste Disp. Rev. (Tate & Lyle Ingredients Americas, Inc. Proj.) Series 2006, 0.74% 3/7/17, LOC Rabobank Nederland, VRDN (a)(b) | 29,700 | 29,700 | |
Metropolitan Govt. Nashville & Davidson County Health & Edl. Facilities Board (Whispering Oaks Apts. Proj.) 0.67% 3/7/17, 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, 0.7% 3/7/17, LOC Bank of America NA, VRDN (a) | 11,620 | 11,620 | |
117,410 | |||
Texas - 6.9% | |||
Austin Arpt. Sys. Rev.: | |||
Series 2005 1, 0.65% 3/7/17, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | 44,775 | 44,775 | |
Series 2005 2, 0.65% 3/7/17, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | 44,750 | 44,750 | |
Series 2005 3, 0.65% 3/7/17, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | 44,775 | 44,775 | |
Calhoun County Navigation District Port Rev. (Formosa Plastics Corp. Proj.) Series 2000, 0.66% 3/7/17, LOC Bank of America NA, VRDN (a)(b) | 5,500 | 5,500 | |
Calhoun County Solid Waste Disp. Rev. (Formosa Plastics Corp. Proj.): | |||
Series 2000, 0.66% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) | 25,000 | 25,000 | |
Series 2001, 0.66% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) | 25,000 | 25,000 | |
Calhoun Port Auth. Envir. Facilities Rev.: | |||
(Formosa Plastics Corp. Proj.) Series 2012, 0.66% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) | 50,000 | 50,000 | |
(Formosa Plastics Corp. Texas Proj.): | |||
Series 2007 A, 0.66% 3/7/17, LOC PNC Bank NA, VRDN (a)(b) | 2,700 | 2,700 | |
Series 2008, 0.66% 3/7/17, LOC Bank of America NA, VRDN (a)(b) | 50,000 | 50,000 | |
Converse Hsg. Fin. Corp. Multi-family Hsg. Rev. (Town Square Apts. Proj.) 0.71% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 12,970 | 12,970 | |
Gilmer Indl. Dev. Corp. (Duoline Technologies LP Proj.) Series 2008 A, 0.77% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a)(b) | 7,390 | 7,390 | |
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.68% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) | 34,300 | 34,300 | |
Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev.: | |||
(Primrose Aldine Bender Apt. Proj.) Series 2004, 0.67% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 7,210 | 7,210 | |
(Primrose at Bammel Apts. Proj.) Series 2005, 0.67% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 7,680 | 7,680 | |
Houston Arpt. Sys. Rev. Series 2010, 0.68% 3/7/17, LOC Barclays Bank PLC, VRDN (a) | 64,375 | 64,375 | |
Houston Hsg. Fin. Corp. Multi-family Hsg. Rev. (Fairlake Cove Apts. Proj.) Series 2005, 0.71% 3/7/17, LOC Citibank NA, VRDN (a)(b) | 8,415 | 8,415 | |
Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) 0.85% 3/7/17, VRDN (a)(b) | 12,600 | 12,600 | |
Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev. (Onyx Envir. Svcs. Proj.) Series 2003, 0.77% 3/7/17, LOC Bank of America NA, VRDN (a)(b) | 11,950 | 11,950 | |
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
Series 2001 A, 0.7% 3/1/17, VRDN (a) | 12,625 | 12,625 | |
Series 2004, 0.83% 3/7/17, VRDN (a)(b) | 99,850 | 99,850 | |
Series 2009 A, 0.7% 3/1/17, VRDN (a) | 4,700 | 4,700 | |
Series 2009 B, 0.7% 3/1/17, VRDN (a) | 19,190 | 19,190 | |
Series 2009 C, 0.7% 3/1/17, VRDN (a) | 18,000 | 18,000 | |
Series 2010 B, 0.7% 3/1/17, VRDN (a) | 27,335 | 27,335 | |
Series 2010 C, 0.7% 3/1/17, VRDN (a) | 11,600 | 11,600 | |
Series 2010 D: | |||
0.7% 3/1/17, VRDN (a) | 18,825 | 18,825 | |
0.7% 3/1/17, VRDN (a) | 11,085 | 11,085 | |
Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev.: | |||
(Air Products Proj.): | |||
Series 2000, 0.66% 3/7/17, VRDN (a)(b) | 25,000 | 25,000 | |
Series 2001, 0.66% 3/7/17, VRDN (a)(b) | 2,500 | 2,500 | |
Series 2002, 0.66% 3/7/17, VRDN (a)(b) | 17,500 | 17,500 | |
Series 2010 A, 0.69% 3/7/17 (Total SA Guaranteed), VRDN (a) | 1,000 | 1,000 | |
Series 2012, 0.69% 3/7/17 (Total SA Guaranteed), VRDN (a) | 35,300 | 35,300 | |
(Total Petrochemicals & Refining U.S.A., Inc. Proj.) Series 2012 B, 0.69% 3/7/17 (Total SA Guaranteed), VRDN (a) | 11,600 | 11,600 | |
(Total Petrochemicals and Refining U.S.A., Inc. Proj.) Series 2012 A, 0.69% 3/7/17 (Total SA Guaranteed), VRDN (a) | 34,200 | 34,200 | |
Port Arthur Navigation District Jefferson County Rev. Series 2000 B, 0.73% 3/7/17 (Total SA Guaranteed), VRDN (a)(b) | 4,700 | 4,700 | |
Port Port Arthur Nav District Exempt Facilities (Var-Total Petrochemicals Proj.) Series 2009, 0.69% 3/7/17 (Total SA Guaranteed), VRDN (a) | 5,300 | 5,300 | |
Riesel Indl. Dev. Corp. (Sandy Creek Energy Assoc. Proj.) 0.67% 3/7/17, LOC BNP Paribas SA, VRDN (a)(b) | 50,000 | 50,000 | |
Southeast Texas Hsg. Fin. Corp. Multi-family Hsg. Rev. (Oaks of Hitchcock Apt. Proj.) Series 2000 A, 0.7% 3/7/17, LOC Gen. Elec. Co., VRDN (a)(b) | 5,150 | 5,150 | |
Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev. (Residences at Sunset Pointe Proj.) Series 2006, 0.79% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 15,000 | 15,000 | |
Travis County Hsg. Fin. Corp. (Rosemont at Old Manor Apts.) Series 2004, 0.67% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 8,885 | 8,885 | |
898,735 | |||
Utah - 0.1% | |||
Utah Hsg. Corp. Multi-family Hsg. Rev. (Springwood Apts. Proj.) Series 2005 A, 0.67% 3/7/17, LOC Fannie Mae, VRDN (a)(b) | 8,485 | 8,485 | |
Virginia - 0.3% | |||
Arlington County Indl. Dev. Auth. Multi-family Hsg. Rev. Series A, 0.66% 3/7/17, LOC Freddie Mac, VRDN (a)(b) | 8,000 | 8,000 | |
Hampton Indl. Dev. Auth. Exempt Facilities Rev. (U.S.A. Waste of Virginia Landfills, Inc. Proj.) Series 2000, 0.67% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a)(b) | 10,000 | 10,000 | |
Newport News Indl. Dev. Auth. (CNU Warwick LLC Student Apts. Proj.) 0.71% 3/7/17, LOC Bank of America NA, VRDN (a) | 3,295 | 3,295 | |
Prince William County Indl. Dev. Auth. Sewage Disp. Facilities Rev. (Dale Svc. Corp. Proj.): | |||
Series 2000, 0.67% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a)(b) | 2,160 | 2,160 | |
Series 2001, 0.67% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a)(b) | 1,450 | 1,450 | |
Series 2006, 0.67% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a)(b) | 3,050 | 3,050 | |
Sussex County Indl. Dev. Auth. Solid Waste Disp. Rev. (Atlantic Waste Disp. Proj.) 0.67% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) | 10,000 | 10,000 | |
37,955 | |||
Washington - 1.3% | |||
King County Hsg. Auth. Rev. (Overlake TOD Hsg. Proj.) 0.68% 3/7/17, LOC Bank of America NA, VRDN (a)(b) | 16,305 | 16,305 | |
Port of Seattle Rev. Series 2008, 0.71% 3/7/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | 76,550 | 76,550 | |
Port of Vancouver Rev. (United Grain Corp. of Oregon Proj.) Series 2009, 0.68% 3/7/17, LOC Bank of America NA, VRDN (a) | 25,000 | 25,000 | |
Snohomish County Hsg. Auth. Hsg. Rev. (Ebey Arms Centerhouse Proj.) Series 2003, 0.68% 3/7/17, LOC Bank of America NA, VRDN (a) | 7,055 | 7,055 | |
Washington Econ. Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): | |||
Series D, 0.68% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) | 20,000 | 20,000 | |
Series E, 0.68% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) | 20,000 | 20,000 | |
164,910 | |||
West Virginia - 0.5% | |||
Harrison County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.68% 3/7/17, 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, 0.8% 3/7/17, LOC Deutsche Bank AG, VRDN (a)(b) | 1,400 | 1,400 | |
Series 1990 B, 0.8% 3/7/17, LOC Deutsche Bank AG, VRDN (a)(b) | 1,400 | 1,400 | |
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
(Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 0.87% 3/7/17, VRDN (a)(b) | 22,775 | 22,775 | |
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 0.91% 3/7/17, VRDN (a)(b) | 26,900 | 26,900 | |
West Virginia Hosp. Fin. Auth. Rev. (Pallottine Health Svcs. Proj.) 0.72% 3/7/17, LOC Fifth Third Bank, Cincinnati, VRDN (a) | 100 | 100 | |
Wood County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.68% 3/7/17, LOC Bank of America NA, VRDN (a)(b) | 6,580 | 6,580 | |
67,575 | |||
Wisconsin - 0.0% | |||
Kohler Solid Waste Disp. (Kohler Co. Proj.) Series 1997, 0.84% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a)(b) | 3,300 | 3,300 | |
Wyoming - 0.2% | |||
Converse County Envir. Impt. Rev. Series 1995, 0.76% 3/7/17, VRDN (a)(b) | 1,200 | 1,200 | |
Converse County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.75% 3/7/17, VRDN (a) | 1,500 | 1,500 | |
Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 0.77% 3/7/17, VRDN (a)(b) | 20,350 | 20,350 | |
Lincoln County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.75% 3/7/17, VRDN (a) | 3,800 | 3,800 | |
26,850 | |||
TOTAL VARIABLE RATE DEMAND NOTE | |||
(Cost $5,760,797) | 5,760,797 | ||
Tender Option Bond - 20.4% | |||
Alabama - 0.0% | |||
Alabama Spl. Care Facilities Fing. Auth. Birmingham Rev. Participating VRDN Series 16 ZM0206, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 2,975 | 2,975 | |
Alaska - 0.1% | |||
Alaska Indl. Dev. & Expt. Auth. Rev. Participating VRDN Series 16 XM 0236, 0.68% 3/7/17 (Liquidity Facility Bank of America NA) (a)(c) | 16,665 | 16,665 | |
Arizona - 0.3% | |||
Maricopa County Indl. Dev. Auth. Rev. Participating VRDN Series Floaters YX 10 32, 0.67% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 3,515 | 3,515 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev.: | |||
Bonds Series 2016 22, 0.71%, tender 3/2/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 9,400 | 9,400 | |
Participating VRDN: | |||
Series 16 XM 02 45, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,395 | 6,395 | |
Series Floaters XF 21 92, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 5,245 | 5,245 | |
Series Floaters XM 04 47, 0.69% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 5,200 | 5,200 | |
Series Putters XM0009, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,000 | 4,000 | |
Series ROC II R 14060, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 4,000 | 4,000 | |
37,755 | |||
California - 0.4% | |||
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN Series II R 11901, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 2,100 | 2,100 | |
California Edl. Facilities Auth. Rev. Participating VRDN Series ROC II R 11974, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 4,555 | 4,555 | |
Dignity Health Participating VRDN Series 17 04, 0.72% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 10,825 | 10,825 | |
Los Angeles Cmnty. College District Participating VRDN Series MS 3096, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 1,500 | 1,500 | |
Los Angeles Dept. of Wtr. & Pwr. Rev. Participating VRDN Series 16 ZF0321, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,380 | 3,380 | |
Newport Mesa Unified School District Bonds Series WF 11 70Z, 0.84%, tender 8/31/17 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | 16,775 | 16,775 | |
San Juan Capistrano Gen. Oblig. Participating VRDN Series Putters 0048, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 10,050 | 10,050 | |
49,185 | |||
Colorado - 1.8% | |||
Cherry Creek School District No. 5 Gen. Oblig. Bonds Series Solar 17 3, 0.84%, tender 4/20/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 3,820 | 3,820 | |
Colorado Health Facilities Auth. Retirement Hsg. Rev. Participating VRDN Series Putters 1390, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 42,860 | 42,860 | |
Colorado Health Facilities Auth. Rev. Participating VRDN: | |||
Series Floaters XF 22 41, 0.84% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 4,300 | 4,300 | |
Series ZF 04 17, 0.79% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,800 | 3,800 | |
Colorado Reg'l. Trans. District Sales Tax Rev. Participating VRDN: | |||
Series EGL 16 0003, 0.68% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 23,000 | 23,000 | |
Series EGL 16 0005, 0.68% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 23,150 | 23,150 | |
Series EGL 16 0006, 0.68% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 18,810 | 18,810 | |
Series EGL 16 0007, 0.68% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 9,440 | 9,440 | |
Series Floaters 16 XF1031, 0.83% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 21,625 | 21,625 | |
Colorado State Univ. Board of Governors Enterprise Sys. Rev. Participating VRDN Series MS 3316, 0.67% 3/7/17 (Liquidity Facility Cr. Suisse AG) (a)(c) | 14,030 | 14,030 | |
Denver City & County Wastewtr. Dept. of Pub. Works Bonds Series 2016 12, 0.71%, tender 3/2/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 10,800 | 10,800 | |
Univ. of Colorado Enterprise Sys. Rev.: | |||
Bonds Series RBC E 55, 0.84%, tender 5/1/17 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | 46,725 | 46,725 | |
Participating VRDN Series Floaters XM 03 85, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 7,500 | 7,500 | |
Participating VRDN Series Putters 15 XM0007, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,600 | 5,600 | |
235,460 | |||
Connecticut - 0.1% | |||
Connecticut Health & Edl. Facilities Auth. Rev. Participating VRDN Series BA 15 XF0247, 0.7% 3/7/17 (Liquidity Facility Bank of America NA) (a)(c) | 8,614 | 8,614 | |
District Of Columbia - 0.5% | |||
District Columbia Income Tax Rev. Participating VRDN Series XM 02 84, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 11,000 | 11,000 | |
District of Columbia Gen. Oblig. Participating VRDN: | |||
Series 16 XM 03 25, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 7,500 | 7,500 | |
Series Floaters YX 10 39, 0.67% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 6,655 | 6,655 | |
Series MS 4301, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 9,000 | 9,000 | |
District of Columbia Income Tax Rev. Participating VRDN: | |||
Series EGL 14 0039, 0.68% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 12,400 | 12,400 | |
Series Floaters XM 04 12, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 1,000 | 1,000 | |
Series Floaters XM 04 37, 0.67% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 8,400 | 8,400 | |
Series XF 23 41, 0.75% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 4,800 | 4,800 | |
60,755 | |||
Florida - 1.4% | |||
Brooks Health Sys. Participating VRDN Series XG 0064, 0.81% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 14,905 | 14,905 | |
Central Florida Expressway Bonds Series RBC E 62, 0.84%, tender 5/1/17 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | 69,685 | 69,685 | |
Florida Board of Ed. Pub. Ed. Cap. Outlay Participating VRDN Series ROC II R 12017, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 19,700 | 19,700 | |
Jacksonville Elec. Auth. Elec. Sys. Rev. Participating VRDN Series 16 ZF0339, 0.71% 3/7/17 (Liquidity Facility Bank of America NA) (a)(c) | 2,160 | 2,160 | |
Miami Beach Resort Tax Rev. Participating VRDN: | |||
Series 15 XF0260, 0.68% 3/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | 16,160 | 16,160 | |
Series RBC 15 ZM0119, 0.69% 3/7/17 (Liquidity Facility Royal Bank of Canada) (a)(c) | 7,500 | 7,500 | |
Miami-Dade County Aviation Rev. Participating VRDN Series XG 00 65 0.83% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 9,255 | 9,255 | |
Miami-Dade County Expressway Auth. Participating VRDN Series XG 00 99, 0.83% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 8,040 | 8,040 | |
Miami-Dade County Gen. Oblig. Participating VRDN Series XM 04 70, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,930 | 6,930 | |
Miami-Dade County School Board Ctfs. of Prtn. Participating VRDN Series ZF 03 29, 0.79% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,175 | 2,175 | |
Palm Beach County Solid Waste Auth. Rev. Participating VRDN Series ROC II 14003, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 6,400 | 6,400 | |
RBC Muni. Products, Inc. Trust Bonds Series E70, 0.84%, tender 5/1/17 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | 10,595 | 10,595 | |
Tampa Health Sys. Rev. Participating VRDN: | |||
Series 16 XF2213, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 6,800 | 6,800 | |
Series 16 XF2214, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 4,800 | 4,800 | |
185,105 | |||
Georgia - 0.2% | |||
Fulton County Gen. Oblig. Bonds Series 2017 07, 0.71%, tender 3/2/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 8,080 | 8,080 | |
Private Colleges & Univs. Auth. Rev. Participating VRDN: | |||
Series Floaters XM 04 35, 0.67% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 4,000 | 4,000 | |
Series Floaters ZM 01 52, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 3,735 | 3,735 | |
Private Colleges & Univs. Auth. Rev. Emory Univ. Bonds Series WF 11 32C, 0.84%, tender 3/9/17 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | 5,800 | 5,800 | |
21,615 | |||
Hawaii - 0.2% | |||
Eclipse Fdg. Trust Various States Bonds Series 2016, 0.71%, tender 3/2/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 6,000 | 6,000 | |
Hawaii Gen. Oblig. Participating VRDN: | |||
Series Floaters XF 05 18, 0.68% 3/7/17 (Liquidity Facility Royal Bank of Canada) (a)(c) | 3,835 | 3,835 | |
Series Floaters XM 04 29, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,665 | 6,665 | |
Honolulu City and County Wastewtr. Sys. Participating VRDN Series ROC II R 11989, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 4,005 | 4,005 | |
20,505 | |||
Illinois - 0.9% | |||
City of Chicago Gen. Oblig. Bonds Participating VRDN Series XF 23 42, 0.89% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 1,900 | 1,900 | |
Illinois Fin. Auth. Rev. Participating VRDN: | |||
Series 15 XF0253, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,250 | 2,250 | |
Series 15 XM0114, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 6,240 | 6,240 | |
Series 17 XM 0492, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,250 | 5,250 | |
Series BA 15 XF0248, 0.7% 3/7/17 (Liquidity Facility Bank of America NA) (a)(c) | 12,855 | 12,855 | |
Series Floaters XM 04 19, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,110 | 2,110 | |
Series MS 3332, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 5,700 | 5,700 | |
Series Putters 0022, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 11,205 | 11,205 | |
Series XL 00 21, 0.67% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 3,950 | 3,950 | |
Series ZF 04 78, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,960 | 2,960 | |
0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 3,000 | 3,000 | |
Illinois Sales Tax Rev. Participating VRDN Series XF 24 06, 0.74% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 4,055 | 4,055 | |
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Participating VRDN: | |||
Series 15 XF0277, 0.72% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,000 | 2,000 | |
Series 15 XM 0078, 0.69% 3/7/17 (Liquidity Facility Royal Bank of Canada) (a)(c) | 10,285 | 10,285 | |
Series 15 ZM0118, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 3,335 | 3,335 | |
Series Floaters XL 00 41, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 8,940 | 8,940 | |
Series MS 16 XF 2212, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 2,767 | 2,767 | |
Series XM 04 75, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 9,375 | 9,375 | |
Series ZF 24 03, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 6,665 | 6,665 | |
The County of Cook Participating VRDN Series XF 23 13, 0.79% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 4,500 | 4,500 | |
Will Cnty. Gen. Oblig. Participating VRDN Series Floaters ZF 05 11, 0.7% 3/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | 6,000 | 6,000 | |
115,342 | |||
Indiana - 0.8% | |||
Hamilton County HealthCare Facilities Rev. Participating VRDN Series XF 10 26, 0.84% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 13,000 | 13,000 | |
Indiana Fin. Auth. Rev. Participating VRDN Series 15 XF0106, 0.7% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 17,180 | 17,180 | |
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds Series 16 E71, 0.84%, tender 6/1/17 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | 75,280 | 75,280 | |
105,460 | |||
Kansas - 0.1% | |||
Univ. of Kansas Hosp. Auth. Health Facilities Rev. Participating VRDN Series XF 10 51, 0.81% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 7,625 | 7,625 | |
Louisiana - 0.9% | |||
Louisiana Gas & Fuel Tax Rev. Participating VRDN: | |||
Series EGL 14 0049, 0.69% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 108,700 | 108,700 | |
Series XM 02 89, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 9,990 | 9,990 | |
118,690 | |||
Maryland - 0.2% | |||
Maryland Health & Higher Ed. Facilities Auth. Rev. Participating VRDN Series XF 10 21, 0.9% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 13,400 | 13,400 | |
Maryland Trans. Auth. Trans. Facility Projects Rev. Participating VRDN Series BA 15 XF0246, 0.71% 3/7/17 (Liquidity Facility Bank of America NA) (a)(c) | 5,055 | 5,055 | |
Montgomery County Gen. Oblig. Participating VRDN Series 15 XF0110, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,020 | 6,020 | |
24,475 | |||
Massachusetts - 0.8% | |||
Massachusetts Clean Wtr. Trust Participating VRDN Series Clipper 06 11, 0.68% 3/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 17,410 | 17,410 | |
Massachusetts Gen. Oblig. Participating VRDN: | |||
Series Clipper 07 39, 0.68% 3/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 71,570 | 71,570 | |
Series Clipper 07 41, 0.68% 3/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 17,600 | 17,600 | |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN Series Putters 3990, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,000 | 2,000 | |
108,580 | |||
Michigan - 0.2% | |||
Michigan Bldg. Auth. Rev. Participating VRDN: | |||
Series Floaters XM 03 92, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 4,300 | 4,300 | |
Series Floaters XM 04 65, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 5,535 | 5,535 | |
Michigan Fin. Auth. Rev. Participating VRDN: | |||
Series 15 XF0126, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,890 | 4,890 | |
Series 16 ZM0166, 0.67% 3/7/17 (Liquidity Facility Royal Bank of Canada) (a)(c) | 2,240 | 2,240 | |
Series XM 04 72, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 1,750 | 1,750 | |
Michigan State Univ. Revs. Bonds Series WF 11 33 C, 0.84%, tender 3/9/17 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | 3,000 | 3,000 | |
Univ. of Michigan Rev. Participating VRDN Series ZM 04 74, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 7,500 | 7,500 | |
29,215 | |||
Minnesota - 0.0% | |||
Minnesota State Gen. Fdg. Rev. Participating VRDN Series 15 ZF0175, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,335 | 3,335 | |
Mississippi - 0.1% | |||
Mississippi Gen. Oblig. Participating VRDN: | |||
Series Clipper 09 60, 0.68% 3/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 10,500 | 10,500 | |
Series ROC II R 14027, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 3,680 | 3,680 | |
14,180 | |||
Missouri - 0.1% | |||
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Participating VRDN Series XL 00 37, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,785 | 2,785 | |
Missouri Health & Edl. Facilities Rev. Participating VRDN Series XF 0292, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 11,305 | 11,305 | |
14,090 | |||
Nebraska - 0.2% | |||
Douglas County School District #1 Bonds Series 2016 27, 0.84%, tender 3/30/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 15,200 | 15,200 | |
Omaha Pub. Pwr. District Elec. Rev. Participating VRDN: | |||
Series 16 XF1053, 0.82% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 7,700 | 7,700 | |
Series Floaters XX 10 04, 0.7% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 5,410 | 5,410 | |
28,310 | |||
Nevada - 0.5% | |||
Clark County Participating VRDN Series XM 02 80, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 32,115 | 32,115 | |
Clark County Fuel Tax Participating VRDN Series ROC II R 11507, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 2,400 | 2,400 | |
Clark County Wtr. Reclamation District Participating VRDN: | |||
Series 16 ZF0446, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 7,005 | 7,005 | |
Series ZF 04 79, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 12,000 | 12,000 | |
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig. Participating VRDN: | |||
Series 16 ZF0382, 0.68% 3/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | 4,685 | 4,685 | |
Series Floaters XM 04 66, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 3,225 | 3,225 | |
61,430 | |||
New Hampshire - 0.0% | |||
New Hampshire Health and Ed. Facilities Auth. Rev. Participating VRDN Series Floaters 16 025, 0.69% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 4,412 | 4,412 | |
New Jersey - 0.0% | |||
New Jersey St. Trans. Trust Fund Auth. Participating VRDN Series Floaters 16 XF1059, 0.83% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 5,100 | 5,100 | |
New York - 0.6% | |||
New York City Gen. Oblig. Participating VRDN Series ROC II R 14045, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 11,600 | 11,600 | |
New York City Muni. Wtr. Fin. Auth. Participating VRDN Series XM 02 86, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,750 | 3,750 | |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Participating VRDN Series 16 ZF0449, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 7,025 | 7,025 | |
New York City Transitional Fin. Auth. Rev. Participating VRDN: | |||
Series ROC II R 11994, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 4,500 | 4,500 | |
Series ROC II R 14082, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 6,200 | 6,200 | |
0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,850 | 3,850 | |
New York Dorm. Auth. Personal Income Tax Rev. Participating VRDN: | |||
Series Floaters XF 05 25, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,640 | 2,640 | |
Series ROC II R 14005, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 14,030 | 14,030 | |
New York Dorm. Auth. Revs. Participating VRDN: | |||
ROC II R 11944, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 5,150 | 5,150 | |
Series ROC II R 11943, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 5,580 | 5,580 | |
New York Liberty Dev. Corp. Participating VRDN Series 16 XF0406, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,910 | 5,910 | |
New York Sales Tax Asset Receivables Corp. Participating VRDN Series 2015 ZF0209, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,250 | 5,250 | |
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Participating VRDN Series ROC II R 11997, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 4,800 | 4,800 | |
80,285 | |||
North Carolina - 1.8% | |||
City of Charlotte Wtr. Swr. Sys. Rev. Participating VRDN Series XL 00 12, 0.69% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 5,000 | 5,000 | |
North Carolina Cap. Facilities Fin. Agcy. Rev. Participating VRDN: | |||
Series 15 XF2167, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 4,800 | 4,800 | |
Series EGL 14 0050, 0.68% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 63,665 | 63,665 | |
Series EGL 14 0051: | |||
0.68% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 16,300 | 16,300 | |
0.68% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 14,220 | 14,220 | |
Series EGL 14 0052, 0.68% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 64,735 | 64,735 | |
Series MS 15 XF2165, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 8,385 | 8,385 | |
Series MS 15 ZM0105, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 2,280 | 2,280 | |
Series ROC II R 11850, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 12,600 | 12,600 | |
Series XM 02 82, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 11,000 | 11,000 | |
North Carolina Cap. Facilities Fin. Agcy. Rev. Bonds Participating VRDN Series Floaters ZM 00 98, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 3,335 | 3,335 | |
North Carolina Cap. Impt. Ltd.: | |||
Bonds Series WF 11 136C, 0.84%, tender 4/6/17 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | 2,765 | 2,765 | |
Participating VRDN Series ROC II R 14028, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 4,000 | 4,000 | |
North Carolina Med. Care Commission Health Care Facilities Rev. Participating VRDN: | |||
Series 15 XF0147, 0.68% 3/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | 9,365 | 9,365 | |
Series Floaters XM 04 44, 0.69% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 3,625 | 3,625 | |
Raleigh Combined Enterprise Sys. Rev. Bonds Series 2016 13, 0.71%, tender 3/2/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 4,700 | 4,700 | |
230,775 | |||
North Dakota - 0.1% | |||
North Dakota Hsg. Fin. Agcy. Rev. Bonds Series RBC E58, 0.84%, tender 4/3/17 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | 17,695 | 17,695 | |
Ohio - 0.3% | |||
Hamilton County HealthCare Facilities Rev. Participating VRDN Series XF 10 50, 0.81% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 2,800 | 2,800 | |
Lucas County Gen. Oblig. Bonds Series 2016 26, 0.84%, tender 3/30/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 5,250 | 5,250 | |
Ohio Hosp. Facilities Rev. Participating VRDN: | |||
Series 2015 XF0105, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 20,000 | 20,000 | |
Series 2016 ZF0355, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,800 | 4,800 | |
Series Putters 3550, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,745 | 6,745 | |
Series XL 00 31, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,500 | 3,500 | |
43,095 | |||
Oklahoma - 0.0% | |||
Eclipse Fdg. Trust Various States Bonds Series 2016, 0.71%, tender 3/2/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 6,105 | 6,105 | |
Oregon - 0.2% | |||
Oregon Gen. Oblig.: | |||
Bonds Series WF11 57 C, 0.94%, tender 8/10/17 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | 10,775 | 10,775 | |
Participating VRDN Series ROC II R 11949, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 3,615 | 3,615 | |
Portland Wtr. Sys. Rev. Bonds Series 2016 24, 0.94%, tender 6/8/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 6,400 | 6,400 | |
20,790 | |||
Pennsylvania - 1.6% | |||
Geisinger Auth. Health Sys. Rev. Participating VRDN: | |||
Series 16 XF0425, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,560 | 4,560 | |
Series Putters 0047, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 1,000 | 1,000 | |
Montgomery Cnty. Indl. Dev. Auth. Rev. Participating VRDN Series Floaters 62 144, 0.69% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 5,630 | 5,630 | |
Pennsylvania Gen. Oblig. Participating VRDN Series 16 ZF0424, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,590 | 3,590 | |
Pennsylvania Health & Edl. Facilities Fing. Auth. Rev. Bonds Series E72, 0.84%, tender 6/1/17 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | 74,700 | 74,700 | |
Pennsylvania Higher Edl. Facilities Auth. Bonds Series 2016 E75, 0.84%, tender 4/3/17 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | 6,995 | 6,995 | |
Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series WF 11 26C, 0.94%, tender 8/10/17 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | 2,600 | 2,600 | |
Philadelphia Auth. For Indl. Dev. Participating VRDN Series 15 ZF0167, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 1,000 | 1,000 | |
Univ. of Pittsburgh Med. Ctr. Bonds Series RBC E53, 0.84%, tender 4/3/17 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | 107,810 | 107,810 | |
207,885 | |||
South Carolina - 0.3% | |||
Columbia Wtrwks. & Swr. Rev. Bonds Series 2016 21, 0.71%, tender 3/2/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 8,000 | 8,000 | |
Lexington County Health Svcs. District, Inc. Hosp. Rev. Participating VRDN Series Floaters XF 23 68 0.74% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 2,995 | 2,995 | |
South Carolina Pub. Svc. Auth. Rev. Participating VRDN Series Floaters XM 03 84, 0.76% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,470 | 2,470 | |
South Carolina St. Pub. Svc. Auth. Rev. Participating VRDN Series XG 0046, 0.73% 3/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | 25,245 | 25,245 | |
38,710 | |||
Tennessee - 0.3% | |||
Nashville and Davidson County Metropolitan Govt. Gen. Oblig.: | |||
Bonds Series Solar 17 11, 0.71%, tender 3/2/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 16,880 | 16,880 | |
Participating VRDN Series Putters 2631, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 18,230 | 18,230 | |
Rutherford County Health & Edl. Facilities Board Rev. Participating VRDN Series 2014 ZF0208, 0.74% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,000 | 5,000 | |
40,110 | |||
Texas - 2.0% | |||
Austin Wtr. & Wastewtr. Sys. Rev. Participating VRDN Series ROC II R 11992, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 3,760 | 3,760 | |
Board of Regents of The Texas A&M Univ. Sys. Permanent Univ. Fund Bonds Series WF 10 53C, 0.94%, tender 8/10/17 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | 5,540 | 5,540 | |
Board of Regents of The Univ. of Texas Participating VRDN Series Floaters 16 ZM0399, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,000 | 5,000 | |
City of Dallas Wtrwks. and Swr. Sys. Rev. Participating VRDN Series XF 23 34, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 6,000 | 6,000 | |
Cleburne Independent School District Participating VRDN Series ZF 04 95, 0.67% 3/7/17 (Liquidity Facility Royal Bank of Canada) (a)(c) | 5,600 | 5,600 | |
Conroe Independent School District Bonds Series 2016 15, 0.71%, tender 3/2/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 10,370 | 10,370 | |
Cypress-Fairbanks Independent School District Bonds Series 2016 7, 0.71%, tender 3/2/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 6,400 | 6,400 | |
Frisco Independent School District Participating VRDN Series ROC II R 11960, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 6,310 | 6,310 | |
Harris County Gen. Oblig. Participating VRDN Series Clipper 07 46, 0.68% 3/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 4,600 | 4,600 | |
Houston Arpt. Sys. Rev. Participating VRDN Series RBC 16 ZM0169, 0.67% 3/7/17 (Liquidity Facility Royal Bank of Canada) (a)(c) | 4,165 | 4,165 | |
Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Participating VRDN Series ROC II R 11860, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 6,000 | 6,000 | |
Houston Util. Sys. Rev. Participating VRDN Series 16 XM 0235, 0.68% 3/7/17 (Liquidity Facility Bank of America NA) (a)(c) | 14,400 | 14,400 | |
Klein Independent School District Participating VRDN Series ROCS II R 11942, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 5,145 | 5,145 | |
Leander Independent School District Participating VRDN Series BC 10 28W, 0.69% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 2,250 | 2,250 | |
North East Texas Independent School District Participating VRDN Series EGL 14 0018, 0.68% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 22,305 | 22,305 | |
North Texas Muni. Wtr. District Wtr. Sys. Rev. Bonds Series 2016 14, 0.71%, tender 3/2/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 10,235 | 10,235 | |
San Antonio Elec. & Gas Sys. Rev. Participating VRDN: | |||
Series 2015 ZF0211, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,000 | 5,000 | |
Series Floaters XM 03 77, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 17,750 | 17,750 | |
Series XF 0293, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 9,020 | 9,020 | |
San Antonio Pub. Facilities Corp. Lease Rev. Participating VRDN Series 16 ZF 0456, 0.67% 3/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 7,465 | 7,465 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Participating VRDN: | |||
Series 16 XF0411, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 11,625 | 11,625 | |
Series 16 ZF 0282, 0.68% 3/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | 3,760 | 3,760 | |
Series XY1001, 0.69% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 4,620 | 4,620 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN: | |||
Series Floaters XM 04 02, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 1,300 | 1,300 | |
Series Floaters ZM 04 07, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 6,250 | 6,250 | |
Tarrant County Health Facilities Dev. Corp. Hosp. Rev. Participating VRDN Series Putters 0028, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,750 | 6,750 | |
Texas A&M Univ. Rev. Participating VRDN Series Floaters XM 04 43, 0.69% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 1,580 | 1,580 | |
Texas Gen. Oblig.: | |||
Bonds Series WF 1183C, 0.91%, tender 3/30/17 (Liquidity Facility Wells Fargo Bank NA) (a)(b)(c)(d) | 15,090 | 15,090 | |
Participating VRDN: | |||
Series 15 XF0075, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 11,915 | 11,915 | |
Series 16 ZF0248, 0.68% 3/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | 2,640 | 2,640 | |
Series EGL 07 139, 0.68% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 8,685 | 8,685 | |
Series Floaters XM 04 04, 0.67% 3/7/17 (Liquidity Facility Wells Fargo Bank NA) (a)(c) | 3,750 | 3,750 | |
Series MS 3390, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 4,000 | 4,000 | |
Series Putters 3478, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,995 | 4,995 | |
Texas St. Wtr. Finl. Auth. Rev. Participating VRDN Series 16 XM 02 56, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 7,500 | 7,500 | |
West Harris County Reg'l. Wtr. Auth. Wtr. Sys. Rev. Participating VRDN Series Solar 07 103, 0.69% 3/7/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 3,500 | 3,500 | |
255,275 | |||
Utah - 0.3% | |||
Riverton Hosp. Rev. Participating VRDN Series RBC ZF 0274, 0.69% 3/7/17 (Liquidity Facility Royal Bank of Canada) (a)(c) | 14,900 | 14,900 | |
Utah County Hosp. Rev. Participating VRDN: | |||
Series XM 03 64, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,730 | 6,730 | |
Series ZF 04 96, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 11,100 | 11,100 | |
32,730 | |||
Vermont - 0.0% | |||
Vermont Edl. and Health Buildings Fing. Agcy. Participating VRDN Series XF 23 61, 0.74% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 3,875 | 3,875 | |
Virginia - 0.6% | |||
Fairfax County Indl. Dev. Auth. Participating VRDN Series MS 3309, 0.67% 3/7/17 (Liquidity Facility Cr. Suisse AG) (a)(c) | 2,300 | 2,300 | |
Fairfax County Indl. Dev. Auth. Rev. Participating VRDN Series XG 00 21, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 6,660 | 6,660 | |
Univ. of Virginia Gen. Rev.: | |||
Bonds Series Solar 17 17, 0.82%, tender 5/25/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 3,435 | 3,435 | |
Participating VRDN Series EGL 14 0048, 0.68% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 41,105 | 41,105 | |
Virginia College Bldg. Auth. Edl. Facilities Rev. Participating VRDN Series Floaters XL 00 11, 0.72% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 3,335 | 3,335 | |
Virginia Commonwealth Trans. Board Rev. Participating VRDN Series 16 XM0142, 0.67% 3/7/17 (Liquidity Facility Royal Bank of Canada) (a)(c) | 6,770 | 6,770 | |
Virginia Gen. Oblig. Bonds Series 2016 11, 0.71%, tender 3/2/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 4,700 | 4,700 | |
Virginia Resources Auth. Clean Wtr. Rev. Participating VRDN: | |||
Series Putters 3036, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,370 | 3,370 | |
Series ROC II R 11923, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 3,620 | 3,620 | |
Virginia Small Bus. Fing. Auth. Health Care Facilities Rev. Participating VRDN 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 1,015 | 1,015 | |
76,310 | |||
Washington - 2.0% | |||
Catholic Health Initiatives Participating VRDN Series XF 1017, 0.94% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 5,700 | 5,700 | |
Central Puget Sound Reg'l. Trans. Auth. Sales & Use Tax Rev. Participating VRDN: | |||
Series 15 XF2158, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 2,885 | 2,885 | |
Series Floaters XF 05 33, 0.67% 3/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 9,495 | 9,495 | |
Series Floaters ZF 04 72, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,000 | 5,000 | |
Series Floaters ZF 04 73, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,140 | 4,140 | |
King County Gen. Oblig. Participating VRDN Series Floaters XM 04 41, 0.69% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 2,500 | 2,500 | |
King County Swr. Rev. Participating VRDN: | |||
Series EGL 14 0047, 0.68% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 39,785 | 39,785 | |
Series Putters 15 XM0012, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,950 | 6,950 | |
Series ROC II R 11962, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 2,200 | 2,200 | |
Pierce County School District #10 Tacoma Participating VRDN Series 15 XF2166, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 2,700 | 2,700 | |
Seattle Muni. Lt. & Pwr. Rev. Bonds: | |||
Series Solar 17 19, 0.82%, tender 5/25/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 3,885 | 3,885 | |
Series WF 11-18C, 0.94%, tender 8/10/17 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | 6,730 | 6,730 | |
Seattle Wtr. Sys. Rev. Bonds Series Solar 17 5, 0.84%, tender 4/27/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 7,675 | 7,675 | |
Washington Gen. Oblig.: | |||
Bonds Series WF 11-16C, 0.94%, tender 8/17/17 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | 33,900 | 33,900 | |
Participating VRDN: | |||
Series 16 XM 02 55, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,005 | 5,005 | |
Series 16 XM0216, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 13,835 | 13,835 | |
Series 16 XM0218, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 11,635 | 11,635 | |
Series 16 XM0219, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 11,790 | 11,790 | |
Series 16 ZF0352, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 11,660 | 11,660 | |
Series MS 33 864X, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 3,300 | 3,300 | |
Series Putters 3854, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,500 | 3,500 | |
Series ROC 14090, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 9,400 | 9,400 | |
Series ROC II R 11889, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 2,250 | 2,250 | |
Series ROC II R 14074, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) | 8,000 | 8,000 | |
Series XF 0294, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,000 | 4,000 | |
0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,250 | 2,250 | |
Washington Health Care Facilities Auth. Rev. Participating VRDN: | |||
Series 15 XF0083, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 16,875 | 16,875 | |
Series 15 XF0132, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 7,065 | 7,065 | |
Series 15 XF0148, 0.68% 3/7/17 (Liquidity Facility Bank of America NA) (a)(c) | 7,485 | 7,485 | |
Series 2015 XF0150, 0.7% 3/7/17 (Liquidity Facility Bank of America NA) (a)(c) | 4,355 | 4,355 | |
Washington State Motor Vehicle Fuel Tax Auth. Gen. Oblig. Participating VRDN Series XL 00 39, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,100 | 5,100 | |
261,050 | |||
Wisconsin - 0.5% | |||
Wisconsin Gen. Oblig. Participating VRDN: | |||
Series Clipper 09 36, 0.68% 3/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 26,200 | 26,200 | |
Series Clipper 09 53, 0.68% 3/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 12,745 | 12,745 | |
Wisconsin Health & Edl. Facilities Participating VRDN: | |||
Series MS 3337, 0.67% 3/7/17 (Liquidity Facility Cr. Suisse AG) (a)(c) | 5,000 | 5,000 | |
Series XM 04 79, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 4,500 | 4,500 | |
Wisconsin Health & Edl. Facilities Auth. Rev. Participating VRDN: | |||
Series 2015 ZF0216, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,000 | 5,000 | |
Series Floaters 3184, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 11,860 | 11,860 | |
65,305 | |||
TOTAL TENDER OPTION BOND | |||
(Cost $2,658,873) | 2,658,873 | ||
Other Municipal Security - 33.5% | |||
Alabama - 0.3% | |||
Huntsville Health Care Auth. Rev.: | |||
Series 2016, 0.85% 3/2/17, CP | 21,600 | 21,600 | |
0.7% 3/6/17, CP | 17,800 | 17,800 | |
39,400 | |||
Arizona - 1.3% | |||
Arizona School Facilities Board Ctfs. of Prtn. Bonds Series 2008, 5.5% 9/1/17 | 4,815 | 4,925 | |
Arizona School Facilities Board Rev. Bonds 5% 7/1/17 | 1,000 | 1,014 | |
Arizona Trans. Board Excise Tax Rev. Bonds Series 2007, 5% 7/1/17 (Pre-Refunded to 7/1/17 @ 100) | 8,000 | 8,110 | |
Arizona Trans. Board Hwy. Rev. Bonds Series 2011 A, 5% 7/1/17 | 10,700 | 10,852 | |
Gilbert Wtr. Resources Municpial Property Corp. Bonds Series 2007, 5% 10/1/17 (Pre-Refunded to 10/1/17 @ 100) | 3,600 | 3,685 | |
Phoenix Civic Impt. Corp.: | |||
Series 14 B2, 0.78% 4/6/17, LOC Barclays Bank PLC, CP (b) | 13,200 | 13,200 | |
Series 14B1: | |||
0.75% 4/4/17, LOC Bank of America NA, CP (b) | 23,200 | 23,200 | |
0.76% 4/5/17, LOC Bank of America NA, CP (b) | 23,200 | 23,200 | |
0.8% 3/1/17, LOC Bank of America NA, CP (b) | 48,100 | 48,100 | |
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Bonds Series 2014 B, 5% 7/1/17 | 8,275 | 8,389 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev.: | |||
Bonds (Arizona Salt River Proj.) Series 2009 B, 4% 1/1/18 | 3,775 | 3,866 | |
Series C, 0.75% 3/16/17, CP | 25,000 | 25,000 | |
173,541 | |||
California - 2.1% | |||
California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Bonds: | |||
Series 2010 A, 0.75%, tender 5/1/17 (Liquidity Facility Royal Bank of Canada) (a) | 78,330 | 78,330 | |
Series 2010 B, 0.75%, tender 5/1/17 (Liquidity Facility Royal Bank of Canada) (a) | 28,025 | 28,025 | |
Los Angeles Dept. of Wtr. & Pwr. Rev. Series 2016, 0.99% 4/4/17 (Liquidity Facility Royal Bank of Canada), CP | 34,600 | 34,600 | |
Los Angeles Gen. Oblig. TRAN Series 2016, 3% 6/29/17 | 25,300 | 25,492 | |
Riverside County Gen. Oblig. TRAN Series 2016, 3% 6/30/17 | 103,800 | 104,593 | |
271,040 | |||
Colorado - 1.2% | |||
Colorado Ed. Ln. Prog. TRAN: | |||
Series 2016 A, 5% 6/29/17 | 37,300 | 37,797 | |
Series 2016 B, 4% 6/29/17 | 64,900 | 65,593 | |
Colorado Gen. Fdg. Rev. TRAN Series 2016 A, 2% 6/27/17 | 39,575 | 39,714 | |
Colorado Springs Utils. Rev. Series A: | |||
0.8% 4/7/17, LOC Bank of America NA, CP | 3,500 | 3,500 | |
0.8% 6/6/17, LOC Bank of America NA, CP | 5,000 | 5,000 | |
0.8% 6/15/17, LOC Bank of America NA, CP | 11,000 | 11,000 | |
162,604 | |||
Connecticut - 1.1% | |||
Brookfield Gen. Oblig. BAN Series B, 2% 11/16/17 | 5,800 | 5,846 | |
Connecticut Gen. Oblig. Bonds: | |||
Series 2011 D, 5% 11/1/17 | 4,685 | 4,811 | |
Series 2013 A: | |||
0.69% 7/1/17 (a) | 6,800 | 6,800 | |
0.69% 1/1/18 (a) | 2,300 | 2,300 | |
Series 2014 C, 5% 6/15/17 | 2,105 | 2,131 | |
Series 2015 A, 3% 3/15/17 | 2,000 | 2,002 | |
Series 2016 E, 2% 10/15/17 | 14,900 | 14,997 | |
Series 2016 G, 4% 11/1/17 | 27,300 | 27,817 | |
Connecticut Health & Edl. Facilities Auth. Rev. Bonds Series S2: | |||
0.78% tender 3/1/17, CP mode | 10,400 | 10,400 | |
0.78% tender 3/6/17, CP mode | 6,625 | 6,625 | |
Danbury Gen. Oblig. BAN Series 2016, 2% 7/20/17 | 15,365 | 15,430 | |
Enfield Gen. Oblig. BAN Series 2016, 2% 8/9/17 | 24,000 | 24,132 | |
Rocky Hill Gen. Oblig. BAN Series 2016, 1.5% 6/22/17 | 12,500 | 12,528 | |
Univ. of Connecticut Gen. Oblig. Bonds Series 2016 A, 4% 3/15/17 | 6,540 | 6,548 | |
142,367 | |||
Delaware - 0.1% | |||
Delaware Gen. Oblig. Bonds Series 2016 B, 5% 3/1/17 (b) | 10,035 | 10,035 | |
District Of Columbia - 0.6% | |||
District of Columbia Rev. Bonds (American Nat'l. Red Cross Proj.) Series 2000 L, 0.7% tender 3/2/17, LOC JPMorgan Chase Bank, CP mode | 6,500 | 6,500 | |
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev.: | |||
Series 01: | |||
0.72% 3/23/17, LOC JPMorgan Chase Bank, CP | 13,500 | 13,500 | |
0.78% 6/6/17, LOC JPMorgan Chase Bank, CP | 14,900 | 14,900 | |
Series 1: | |||
0.68% 3/3/17, LOC JPMorgan Chase Bank, CP | 33,700 | 33,700 | |
0.77% 3/3/17, LOC JPMorgan Chase Bank, CP | 9,800 | 9,800 | |
78,400 | |||
Florida - 2.4% | |||
Charlotte County School District TAN Series 2016, 2% 3/31/17 | 500 | 501 | |
Florida Board of Ed. Lottery Rev. Bonds Series 2007 A, 5% 7/1/17 | 1,250 | 1,267 | |
Florida Board of Ed. Pub. Ed. Cap. Outlay Bonds Series 2014 C, 5% 6/1/17 | 2,320 | 2,344 | |
Florida Local Govt. Fin. Cmnty. Series 11A1: | |||
0.74% 4/4/17, LOC JPMorgan Chase Bank, CP | 35,100 | 35,100 | |
0.78% 3/7/17, LOC JPMorgan Chase Bank, CP | 37,500 | 37,500 | |
Hillsborough County Cap. Impt. Prog. Rev. Series A: | |||
0.75% 4/27/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 5,610 | 5,610 | |
0.84% 3/16/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 1,200 | 1,200 | |
Miami-Dade County Aviation Rev.: | |||
Bonds: | |||
Series 2007 C, 5.25% 10/1/17 (Pre-Refunded to 10/1/17 @ 100) (b) | 20,000 | 20,486 | |
Series 2007, 5% 10/1/17 (Pre-Refunded to 10/1/17 @ 100) (b) | 25,240 | 25,823 | |
Series C: | |||
0.75% 4/4/17, LOC Bank of America NA, CP (b) | 15,000 | 15,000 | |
0.78% 3/1/17, LOC Bank of America NA, CP (b) | 5,000 | 5,000 | |
0.85% 3/7/17, LOC Bank of America NA, CP (b) | 20,000 | 20,000 | |
Miami-Dade County Wtr. & Swr. Rev. Series A1: | |||
0.8% 3/7/17, LOC Barclays Bank PLC, CP | 28,600 | 28,600 | |
0.8% 3/7/17, LOC Barclays Bank PLC, CP | 12,500 | 12,500 | |
Polk County Indl. Dev. Auth. Health Sys. Rev. Bonds: | |||
Series 2014 A, 0.94%, tender 9/26/17 (a) | 28,200 | 28,200 | |
Series 2014 A1, 0.89%, tender 9/26/17 (a) | 28,900 | 28,900 | |
Tampa Health Sys. Rev. Bonds Series 2012 B, 0.94%, tender 9/26/17 (a) | 42,015 | 42,015 | |
310,046 | |||
Georgia - 2.5% | |||
Atlanta Arpt. Rev.: | |||
Series D4, 0.79% 3/9/17, LOC Bank of America NA, CP (b) | 5,368 | 5,368 | |
Series E1, 0.82% 3/9/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 2,460 | 2,460 | |
Series E2: | |||
0.79% 3/9/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP (b) | 4,133 | 4,133 | |
0.85% 3/9/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP (b) | 4,486 | 4,486 | |
Series E3: | |||
0.77% 3/9/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 2,439 | 2,439 | |
0.85% 3/9/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 247 | 247 | |
Atlanta Wtr. & Wastewtr. Rev. Series 15A1, 0.82% 4/10/17, LOC PNC Bank NA, CP | 19,300 | 19,300 | |
Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
Bonds (Auth. Gen. Resolution Projs.) Series 85A, 0.8% tender 3/9/17, LOC Barclays Bank PLC, CP mode | 11,400 | 11,400 | |
Series B, 0.75% 4/7/17, LOC PNC Bank NA, CP | 28,900 | 28,900 | |
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds: | |||
Series 2010 A1, 0.75%, tender 6/1/17 (Liquidity Facility Royal Bank of Canada) (a) | 63,825 | 63,825 | |
Series 2010 A2, 0.75%, tender 6/1/17 (Liquidity Facility Royal Bank of Canada) (a) | 179,100 | 179,100 | |
321,658 | |||
Hawaii - 0.3% | |||
Honolulu City & County Gen. Oblig.: | |||
Series B1, 0.7% 3/8/17, LOC Sumitomo Mitsui Banking Corp., CP | 15,000 | 15,000 | |
Series B2: | |||
0.77% 3/8/17, LOC Sumitomo Mitsui Banking Corp., CP | 6,600 | 6,600 | |
0.81% 3/8/17, LOC Sumitomo Mitsui Banking Corp., CP | 13,300 | 13,300 | |
34,900 | |||
Idaho - 0.8% | |||
Idaho Gen. Oblig. TAN Series 2016, 2% 6/30/17 | 88,480 | 88,848 | |
Idaho Health Facilities Auth. Hosp. Rev. Bonds Series 2013 ID, 0.75%, tender 6/1/17 (a) | 10,300 | 10,300 | |
99,148 | |||
Illinois - 1.6% | |||
Chicago O'Hare Int'l. Arpt. Rev. Bonds Series 2008 A: | |||
5% 1/1/18 (Pre-Refunded to 1/1/18 @ 100) | 4,235 | 4,373 | |
5% 1/1/18 (Pre-Refunded to 1/1/18 @ 100) | 3,900 | 4,026 | |
5% 1/1/18 (Pre-Refunded to 1/1/18 @ 100) | 18,250 | 18,840 | |
Illinois Fin. Auth. Ed. Rev. Series LOY, 0.77% 3/1/17, LOC PNC Bank NA, CP | 22,740 | 22,740 | |
Illinois Fin. Auth. Rev. Bonds: | |||
(Advocate Health Care Network Proj.) Series 2011 B, 0.95%, tender 9/26/17 (a) | 40,850 | 40,850 | |
(Hosp. Sisters Svcs., Inc. Proj.): | |||
Series 2012 H: | |||
0.75% tender 3/9/17, CP mode | 16,400 | 16,400 | |
0.81% tender 7/6/17, CP mode | 26,500 | 26,500 | |
Series 2012 I, 0.75% tender 4/6/17, CP mode | 25,660 | 25,660 | |
(Hosp. Sisters Svcs., Inc. Proj.) Series 2012 I, 0.77% tender 3/20/17, CP mode | 16,400 | 16,400 | |
Series 12I, 0.78% tender 3/1/17, CP mode | 16,500 | 16,500 | |
Series E, 5%, tender 5/1/17 (a) | 4,300 | 4,331 | |
Southwestern Ill Dev. Auth. Heal Bonds (Hosp. Sisters Svcs., Inc. Proj.) Series 2017 B, 0.69% tender 3/3/17, CP mode | 9,700 | 9,700 | |
206,320 | |||
Indiana - 0.5% | |||
Indiana Fin. Auth. Rev. Bonds (Trinity Health Proj.) Series D-2, 0.72% tender 4/5/17, CP mode | 28,400 | 28,400 | |
Indianapolis Gas Util. Sys. Rev.: | |||
Series 2017, 0.77% 3/8/17, LOC JPMorgan Chase Bank, CP | 16,400 | 16,400 | |
Series A2, 0.77% 3/9/17, LOC JPMorgan Chase Bank, CP | 16,400 | 16,400 | |
61,200 | |||
Kansas - 0.2% | |||
Wyandotte County/Kansas City Unified Govt. Gen. Oblig. BAN Series 2017-I, 1.5% 3/1/18 | 30,600 | 30,701 | |
Kentucky - 0.1% | |||
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.82% tender 3/1/17, CP mode | 7,600 | 7,600 | |
Louisville Reg'l. Arpt. Auth. Sys. Rev. Bonds Series 2011 A, 5% 7/1/17 (Escrowed to Maturity) (b) | 3,000 | 3,040 | |
10,640 | |||
Maryland - 0.6% | |||
Baltimore County Gen. Oblig. Series 2017, 0.75% 3/2/17 (Liquidity Facility Mizuho Bank Ltd.), CP | 42,100 | 42,100 | |
Baltimore Proj. Rev. Bonds (Baltimore Proj.) Series 2007 C, 5% 7/1/17 (Pre-Refunded to 7/1/17 @ 100) | 4,000 | 4,055 | |
Maryland Health & Higher Edl. Facilities Auth. Rev. Bonds (Mercy Med. Ctr. Proj.) Series 2007 A, 5.5% 7/1/17 (Pre-Refunded to 7/1/17 @ 100) | 11,000 | 11,169 | |
Maryland Trans. Auth. Grant Rev. Bonds Series 2007, 5% 3/1/17 | 6,700 | 6,700 | |
Montgomery County Gen. Oblig. Bonds Series 2013 MD, 0.75%, tender 6/1/17 (a) | 20,100 | 20,100 | |
84,124 | |||
Massachusetts - 1.6% | |||
Massachusetts Gen. Oblig.: | |||
Bonds Series B, 1.12% 2/1/18 (a)(e) | 53,300 | 53,385 | |
RAN: | |||
Series 2016 B 2% 5/22/17 | 20,200 | 20,254 | |
Series 2016 C 2% 6/26/17 | 52,500 | 52,716 | |
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 1992, 0.75% tender 3/16/17, CP mode | 9,100 | 9,100 | |
Series 1993 A, 0.8% tender 3/9/17, CP mode | 22,100 | 22,100 | |
Series 93B, 0.85% tender 3/30/17, CP mode | 12,100 | 12,100 | |
Massachusetts Port Auth. Rev. Series 12B, 0.77% 3/8/17, LOC TD Banknorth, NA, CP (b) | 25,000 | 25,000 | |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Series B, 0.76% 3/14/17, LOC Citibank NA, CP | 17,700 | 17,700 | |
212,355 | |||
Michigan - 1.3% | |||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, 0.89%, tender 9/26/17 (a) | 16,745 | 16,745 | |
Michigan Fin. Auth. Rev. Bonds: | |||
Series 2012 A, 5% 7/1/17 | 26,900 | 27,271 | |
Series 2013 M1, 0.75%, tender 6/1/17 (a) | 35,000 | 35,000 | |
Michigan Gen. Oblig. Bonds (Envir. Prog.) Series 2008 A, 5% 5/1/17 | 18,680 | 18,810 | |
Michigan Hosp. Fin. Auth. Rev. Bonds: | |||
(Ascension Health Cr. Group Proj.) 1.5%, tender 3/15/17 (a) | 26,100 | 26,106 | |
Series 2010 F2, 1.5%, tender 3/1/17 (a) | 9,275 | 9,275 | |
Univ. of Michigan Rev.: | |||
Series K1, 0.78% 3/6/17, CP | 22,900 | 22,900 | |
Series K2, 0.73% 10/30/17, CP | 14,400 | 14,400 | |
170,507 | |||
Minnesota - 0.2% | |||
Minnesota Gen. Oblig. Bonds Series 2009 F, 4% 8/1/17 | 3,025 | 3,065 | |
Univ. of Minnesota Gen. Oblig.: | |||
Series 07C, 0.72% 4/4/17, CP | 17,050 | 17,050 | |
Series 09D, 0.73% 4/5/17, CP | 10,000 | 10,000 | |
30,115 | |||
Missouri - 0.1% | |||
Saint Louis Gen. Fund Rev. TRAN Series 2016, 2% 6/1/17 | 18,900 | 18,957 | |
Montana - 0.2% | |||
Montana Board of Invt. Bonds: | |||
(INTERCAP Revolving Prog.) Series 2010, 0.52%, tender 3/1/18 (a) | 5,975 | 5,975 | |
Series 1998, 0.52%, tender 3/1/18 (a) | 11,695 | 11,695 | |
Series 2007, 0.52%, tender 3/1/18 (a) | 5,435 | 5,435 | |
Series 2013, 0.52%, tender 3/1/18 (a) | 2,665 | 2,665 | |
25,770 | |||
Nebraska - 0.9% | |||
Nebraska Pub. Pwr. District Rev.: | |||
Bonds Series 2010 C, 5% 1/1/18 | 2,160 | 2,229 | |
Series A: | |||
0.7% 3/7/17, CP | 16,100 | 16,100 | |
0.71% 3/14/17, CP | 9,325 | 9,325 | |
0.78% 3/8/17, CP | 9,000 | 9,000 | |
0.78% 3/16/17, CP | 12,925 | 12,925 | |
Omaha Pub. Pwr. District Elec. Rev. Series A: | |||
0.72% 3/1/17, CP | 7,800 | 7,800 | |
0.72% 3/13/17, CP | 9,300 | 9,300 | |
0.73% 3/20/17, CP | 5,700 | 5,700 | |
0.75% 4/4/17, CP | 3,500 | 3,500 | |
0.76% 5/4/17, CP | 8,900 | 8,900 | |
0.78% 3/6/17, CP | 8,630 | 8,630 | |
0.8% 4/3/17, CP | 9,200 | 9,200 | |
0.8% 4/6/17, CP | 9,800 | 9,800 | |
112,409 | |||
Nevada - 0.4% | |||
Clark County School District Bonds Series 2007 C, 5% 6/15/17 | 1,060 | 1,073 | |
Truckee Meadows Wtr. Auth. Wtr. Rev.: | |||
Series 06A: | |||
0.7% 3/7/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 14,000 | 14,000 | |
0.77% 3/2/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 13,850 | 13,850 | |
0.8% 3/8/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 13,950 | 13,950 | |
Series 06B, 0.79% 3/6/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 13,300 | 13,300 | |
56,173 | |||
New Hampshire - 0.6% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds: | |||
(New England Pwr. Co. Proj.): | |||
Series 1990 A: | |||
0.8% tender 3/16/17, CP mode (b) | 9,390 | 9,390 | |
0.85% tender 3/10/17, CP mode (b) | 27,100 | 27,100 | |
Series 1990 A1, 0.94% tender 3/13/17, CP mode (b) | 2,500 | 2,500 | |
Series A1, 0.94% tender 3/14/17, CP mode (b) | 23,800 | 23,800 | |
(New England Pwr., Co. Proj.) Series 1990 B, 0.85% tender 3/2/17, CP mode | 15,300 | 15,300 | |
New Hampshire Health & Ed. Facilities Auth. Rev. Bonds Series 2007, 5% 10/1/17 (Pre-Refunded to 10/1/17 @ 100) | 2,000 | 2,046 | |
80,136 | |||
New Jersey - 1.3% | |||
Burlington County Bridge Commission Lease Rev. BAN Series 2016 B, 2% 4/26/17 | 11,500 | 11,521 | |
Burlington County Gen. Oblig. BAN Series 2016 A, 2% 5/16/17 | 21,700 | 21,758 | |
Englewood Gen. Oblig. BAN 2.25% 4/6/17 | 16,069 | 16,091 | |
Hamilton Township Mercer County BAN Series 2016, 2% 6/8/17 | 19,247 | 19,302 | |
Hudson County Gen. Oblig. BAN Series 2016, 2.5% 12/14/17 | 16,200 | 16,364 | |
Middlesex County Gen. Oblig. BAN 2% 6/15/17 | 23,700 | 23,789 | |
New Jersey Econ. Dev. Auth. Rev. Bonds 5% 12/15/17 (Escrowed to Maturity) | 4,018 | 4,140 | |
Paramus BAN Series 2017, 2% 2/16/18 | 14,697 | 14,826 | |
Passaic County Gen. Oblig. BAN Series 2016 A, 2% 12/11/17 | 19,000 | 19,122 | |
Township of Bridgewater BAN Series 2016, 2% 8/15/17 | 8,032 | 8,061 | |
Union County Gen. Oblig. BAN Series 2016, 2% 6/23/17 | 12,600 | 12,644 | |
Upper Saddle River Gen. Oblig. BAN Series 2017, 2% 2/16/18 | 3,824 | 3,859 | |
171,477 | |||
New York - 1.6% | |||
Albany County Gen. Oblig. BAN Series 2016, 2% 5/25/17 | 18,000 | 18,049 | |
Bay Shore Union Free School District TAN Series 2016, 2% 6/23/17 | 24,400 | 24,474 | |
Bayport-Blue Point Union Free School District TAN Series 2016, 2% 6/27/17 | 6,600 | 6,621 | |
Harborfields Central School District Greenlawn TAN 1.5% 6/23/17 | 6,600 | 6,617 | |
Islip Union Free School District TAN Series 2016, 2% 6/23/17 | 13,200 | 13,241 | |
Lockport City School District BAN Series 2016, 2% 8/4/17 | 13,030 | 13,102 | |
New York City Transitional Fin. Auth. Rev. Bonds: | |||
Series 2003 A, 5% 11/1/17 | 1,650 | 1,694 | |
Series 2011 E, 5% 11/1/17 | 12,350 | 12,678 | |
New York City Trust For Cultural Bonds (American Museum of Natural History Proj.) Series 2014 B1, 0.74%, tender 10/6/17 (a) | 7,600 | 7,600 | |
New York Dorm. Auth. Personal Income Tax Rev. Bonds Series 2015 E, 3% 3/15/17 | 2,000 | 2,002 | |
New York Dorm. Auth. Revs.: | |||
Bonds Series 2007, 5% 7/1/17 (Pre-Refunded to 7/1/17 @ 100) | 8,080 | 8,191 | |
Series 2016, 0.79% 3/7/17, CP | 5,000 | 5,000 | |
New York Dorm. Auth. Sales Tax Rev. Bonds Series 2015 A, 3% 3/15/17 | 16,100 | 16,114 | |
New York Pwr. Auth. Series 2, 0.77% 3/7/17, CP | 31,700 | 31,700 | |
New York Thruway Auth. Personal Income Tax Rev. Bonds Series 2012 A, 5% 3/15/17 | 2,500 | 2,504 | |
Rochester Gen. Oblig. BAN: | |||
Series 2016 III, 1.25% 3/1/17 | 11,300 | 11,300 | |
Series I, 2% 8/4/17 | 14,700 | 14,772 | |
Tonawanda Town BAN Series 2016, 2% 8/31/17 | 9,875 | 9,917 | |
Westchester County Gen. Oblig. BAN Series 2016 A, 2% 12/15/17 | 6,160 | 6,200 | |
211,776 | |||
New York And New Jersey - 0.1% | |||
Port Auth. of New York & New Jersey Series A, 0.78% 6/1/17, CP (b) | 14,605 | 14,605 | |
North Carolina - 0.0% | |||
North Carolina Gen. Oblig. Bonds Series 2009 A, 5% 3/1/17 | 1,625 | 1,625 | |
North Carolina Med. Care Commission Health Care Facilities Rev. Bonds Series 2016 A, 5% 6/1/17 | 2,150 | 2,172 | |
3,797 | |||
Ohio - 1.3% | |||
Avon Gen. Oblig. BAN: | |||
Series 2017 A, 2% 9/21/17 | 1,200 | 1,205 | |
Series 2017 B, 2% 1/24/18 | 2,575 | 2,591 | |
Clark County Gen. Oblig. BAN Series 2016 2, 1.75% 5/3/17 | 4,100 | 4,105 | |
Columbus Gen. Oblig. BAN Series 2016, 1.75% 8/4/17 | 2,900 | 2,912 | |
Fairborn City School District BAN Series 2016, 2.25% 5/18/17 | 1,000 | 1,002 | |
Franklin County Rev. Bonds Series 2013 OH, 0.75%, tender 6/1/17 (a) | 19,800 | 19,800 | |
Huber Heights BAN 2% 6/1/17 | 3,263 | 3,272 | |
Independence Gen. Oblig. BAN Series 2016 2, 2% 12/6/17 | 1,250 | 1,258 | |
Kenston Local School District BAN Series 2016, 2% 6/29/17 | 5,700 | 5,723 | |
Lucas County Gen. Oblig. BAN Series 2016, 2% 7/12/17 | 11,450 | 11,503 | |
Ohio Dept. of Administrative Svcs. Ctfs. of Prtn. Bonds (Ohio Administrative Knowledge Sys. Proj.) Series 2016, 5% 9/1/17 | 1,515 | 1,547 | |
Ohio Gen. Oblig. Bonds Series 2016 B, 2% 9/1/17 | 4,475 | 4,502 | |
Ohio Higher Edl. Facility Commission Rev. Bonds: | |||
(Cleveland Clinic Foundation Proj.): | |||
Series 2008 B5: | |||
0.78% tender 3/23/17, CP mode | 3,300 | 3,300 | |
0.78% tender 4/5/17, CP mode | 16,000 | 16,000 | |
Series 2008 B6: | |||
0.78% tender 3/23/17, CP mode | 12,800 | 12,800 | |
0.78% tender 4/5/17, CP mode | 10,300 | 10,300 | |
(Cleveland Clinic Fountation Proj.) Series 08 B5, 0.77% tender 5/24/17, CP mode | 4,200 | 4,200 | |
Series 08B6, 0.8% tender 3/9/17, CP mode | 26,200 | 26,200 | |
Ohio State Univ. Gen. Receipts Rev. Bonds Series 03C, 0.8% tender 4/4/17, CP mode | 7,955 | 7,955 | |
Ohio Wtr. Dev. Auth. Wtr. Poll. Cont. Rev. Bonds Series 2005, 5.25% 6/1/17 | 10,500 | 10,617 | |
Tallmadge School District Gen. Oblig. BAN Series 2017, 2% 6/1/17 | 10,389 | 10,416 | |
Winton Woods City School District BAN Series 2017, 1.75% 7/27/17 (Ohio Gen. Oblig. Guaranteed) | 2,800 | 2,809 | |
164,017 | |||
Oklahoma - 0.2% | |||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Bonds Series 2015 B, 0.99%, tender 9/26/17 (a) | 21,680 | 21,680 | |
Oregon - 0.0% | |||
Oregon Gen. Oblig. TAN Series 2016 A, 2% 6/30/17 | 3,750 | 3,764 | |
Pennsylvania - 0.3% | |||
Pennsylvania Gen. Oblig. Bonds 5% 6/1/17 | 3,565 | 3,603 | |
Philadelphia Arpt. Rev. Series B3, 0.83% 3/8/17, LOC Wells Fargo Bank NA, CP (b) | 8,500 | 8,500 | |
Philadelphia Gas Works Rev. Series 2, 0.82% 4/3/17, LOC PNC Bank NA, CP | 11,800 | 11,800 | |
Univ. of Pittsburgh Commonwealth Sys. of Higher Ed.: | |||
BAN Series 2016, 2% 8/15/17 | 4,225 | 4,245 | |
Bonds: | |||
Series 05B, 0.8% tender 4/4/17, CP mode | 9,800 | 9,800 | |
Series 2007 B, 0.8% tender 5/1/17, CP mode | 4,000 | 4,000 | |
41,948 | |||
South Carolina - 0.4% | |||
Spartanburg County School District No. 7 BAN Series 2016 D, 2% 11/15/17 | 49,575 | 49,961 | |
Tennessee - 0.1% | |||
Metropolitan Govt. Nashville & Davidson County Wtr. & Swr. Sys. Rev. Series A, 0.82% 3/16/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 16,600 | 16,600 | |
Texas - 5.7% | |||
Austin Elec. Util. Sys. Rev. Series A: | |||
0.7% 3/7/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 9,200 | 9,200 | |
0.73% 4/6/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 8,900 | 8,900 | |
0.77% 3/6/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 22,940 | 22,940 | |
0.77% 3/9/17, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 25,515 | 25,515 | |
Fort Bend Independent School District: | |||
Series 2017, 0.78% 3/3/17 (Liquidity Facility JPMorgan Chase Bank), CP | 2,500 | 2,500 | |
0.72% 3/29/17 (Liquidity Facility JPMorgan Chase Bank), CP | 3,750 | 3,750 | |
Garland Series 15, 0.78% 3/2/17, LOC Citibank NA, CP | 6,600 | 6,600 | |
Harris County Cultural Ed. Facilities Fin. Corp. Rev. Bonds: | |||
(Memorial Hermann Hosp. Sys. Proj.) Series 2016 B3, 0.75% tender 5/3/17, CP mode | 26,000 | 26,000 | |
(Texas Children's Hosp. Proj.) Series 2015 2, 0.84%, tender 9/26/17 (a) | 33,900 | 33,900 | |
Series 16B1, 1% tender 3/3/17, CP mode | 34,600 | 34,600 | |
Series 16B2, 0.8% tender 4/3/17, CP mode | 30,000 | 30,000 | |
Harris County Gen. Oblig.: | |||
Series A1, 0.69% 3/9/17 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 12,400 | 12,400 | |
Series D, 0.69% 3/9/17 (Liquidity Facility JPMorgan Chase Bank), CP | 21,021 | 21,021 | |
Harris County Metropolitan Trans. Auth.: | |||
Series A1: | |||
0.8% 4/3/17 (Liquidity Facility JPMorgan Chase Bank), CP | 19,300 | 19,300 | |
0.82% 4/13/17 (Liquidity Facility JPMorgan Chase Bank), CP | 20,150 | 20,150 | |
0.95% 4/11/17 (Liquidity Facility JPMorgan Chase Bank), CP | 23,550 | 23,550 | |
Series A3: | |||
0.82% 4/13/17 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 8,500 | 8,500 | |
0.95% 4/11/17 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 9,000 | 9,000 | |
Houston Arpt. Sys. Rev. Series A: | |||
0.75% 3/22/17, LOC Sumitomo Mitsui Banking Corp., CP (b) | 37,500 | 37,500 | |
0.75% 4/10/17, LOC Sumitomo Mitsui Banking Corp., CP (b) | 12,250 | 12,250 | |
Houston Gen. Oblig.: | |||
Bonds Series 2010 A, 5% 3/1/17 | 1,000 | 1,000 | |
Series E1: | |||
0.79% 3/3/17, LOC Citibank NA, CP | 5,000 | 5,000 | |
0.84% 3/14/17, LOC Citibank NA, CP | 5,000 | 5,000 | |
TRAN Series 2016: | |||
2% 6/30/17 | 7,900 | 7,928 | |
3% 6/30/17 | 1,500 | 1,510 | |
Lower Colorado River Auth. Rev.: | |||
Series 2016, 0.8% 4/6/17, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 6,020 | 6,020 | |
Series 2017, 0.73% 3/13/17, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 6,697 | 6,697 | |
Series A: | |||
0.7% 3/2/17, LOC JPMorgan Chase Bank, CP | 14,200 | 14,200 | |
0.71% 3/16/17, LOC JPMorgan Chase Bank, CP | 16,200 | 16,200 | |
0.74% 4/3/17, LOC JPMorgan Chase Bank, CP | 8,400 | 8,400 | |
0.78% 3/1/17, LOC JPMorgan Chase Bank, CP | 11,400 | 11,400 | |
0.85% 5/3/17, LOC JPMorgan Chase Bank, CP | 15,400 | 15,400 | |
0.82% 8/3/17, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 7,717 | 7,717 | |
North Texas Tollway Auth. Rev. Bonds: | |||
Series 2008 F, 5.75% 1/1/18 (Pre-Refunded to 1/1/18 @ 100) | 5,000 | 5,190 | |
5.75% 1/1/18 (Pre-Refunded to 1/1/18 @ 100) | 5,255 | 5,456 | |
San Antonio Wtr. Sys. Rev. Bonds Series 2017 A, 3% 5/15/17 | 8,170 | 8,208 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Bonds (Baylor Health Care Sys. Proj.): | |||
Series 2011 B, 0.95%, tender 9/26/17 (a) | 31,700 | 31,700 | |
Series 2013 B, 0.95%, tender 9/26/17 (a) | 31,000 | 31,000 | |
Texas A&M Univ. Rev. Series B: | |||
0.74% 4/3/17, CP | 13,700 | 13,700 | |
0.8% 3/1/17, CP | 6,600 | 6,600 | |
Texas Muni. Pwr. Agcy. Rev.: | |||
Bonds Series 2015, 0% 9/1/17 (Escrowed to Maturity) | 9,600 | 9,552 | |
Series 05, 0.7% 3/7/17, LOC Barclays Bank PLC, CP | 57,800 | 57,800 | |
Texas Trans. Commission State Hwy. Fund Rev. Bonds Series 2007: | |||
5% 4/1/17 (Pre-Refunded to 4/1/17 @ 100) | 6,700 | 6,724 | |
5% 4/1/17 (Pre-Refunded to 4/1/17 @ 100) | 1,500 | 1,505 | |
5% 4/1/17 (Pre-Refunded to 4/1/17 @ 100) | 18,255 | 18,321 | |
Univ. of Texas Board of Regents Sys. Rev.: | |||
Bonds Series 2016 J, 5% 8/15/17 | 11,800 | 12,019 | |
Series A, 0.72% 3/16/17 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 16,200 | 16,200 | |
Univ. of Texas Permanent Univ. Fund Rev. Series A, 0.87% 8/14/17, CP | 16,200 | 16,200 | |
Upper Trinity Reg'l. Wtr. District: | |||
0.77% 6/1/17, LOC Bank of America NA, CP | 5,400 | 5,400 | |
0.81% 7/6/17, LOC Bank of America NA, CP | 18,200 | 18,200 | |
737,823 | |||
Vermont - 0.0% | |||
Vermont Econ. Dev. Auth. Rev. Series D, 0.75% 3/23/17, LOC JPMorgan Chase Bank, CP (b) | 3,700 | 3,700 | |
Virginia - 0.2% | |||
Commonwealth Trans. Board Grant Anticipation Rev. Bonds Series 2016, 2% 3/15/17 | 5,200 | 5,203 | |
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1992, 0.92% tender 3/1/17, CP mode (b) | 14,100 | 14,100 | |
Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series 2016 C, 4% 8/1/17 (b) | 4,420 | 4,478 | |
23,781 | |||
Washington - 0.4% | |||
Energy Northwest Elec. Rev. Bonds Series 2014 A, 5% 7/1/17 | 1,650 | 1,673 | |
Port of Seattle Rev. Series B1, 0.87% 4/6/17, LOC Bank of America NA, CP (b) | 20,655 | 20,655 | |
Univ. of Washington Univ. Revs. Series 8: | |||
0.8% 4/3/17, CP | 16,700 | 16,700 | |
0.82% 5/2/17, CP | 16,400 | 16,400 | |
55,428 | |||
West Virginia - 0.1% | |||
Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 96, 0.8% tender 3/16/17, CP mode (b) | 11,200 | 11,200 | |
Wisconsin - 0.8% | |||
Wisconsin Gen. Oblig.: | |||
Bonds Series 2015 B, 4% 5/1/17 | 7,580 | 7,622 | |
Series 06A, 0.73% 4/5/17 (Liquidity Facility BMO Harris Bank NA), CP | 10,953 | 10,953 | |
Series 13A, 0.77% 3/3/17 (Liquidity Facility BMO Harris Bank NA), CP | 19,310 | 19,310 | |
Series 16A, 0.79% 3/3/17 (Liquidity Facility BMO Harris Bank NA), CP | 13,200 | 13,200 | |
Wisconsin Health & Edl. Facilities Bonds Series 2013 B, 4%, tender 3/1/18 (a) | 5,500 | 5,661 | |
Wisconsin Trans. Rev.: | |||
Series 06A, 0.77% 3/8/17 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 7,400 | 7,400 | |
Series 13A: | |||
0.77% 3/3/17 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 18,865 | 18,865 | |
0.86% 4/6/17 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 8,730 | 8,730 | |
Series 97A, 0.78% 3/2/17 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 11,200 | 11,200 | |
102,941 | |||
TOTAL OTHER MUNICIPAL SECURITY | |||
(Cost $4,377,044) | 4,377,044 | ||
Shares (000s) | Value (000s) | ||
Investment Company - 2.7% | |||
Fidelity Municipal Cash Central Fund, 0.68% (f)(g) | |||
(Cost $349,025) | 349,025 | 349,025 | |
TOTAL INVESTMENT PORTFOLIO - 100.7% | |||
(Cost $13,145,739) | 13,145,739 | ||
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (97,328) | ||
NET ASSETS - 100% | $13,048,411 |
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) 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 $512,460,000 or 3.9% of net assets.
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $53,385,000 or 0.4% of net assets.
(f) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(g) 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, 0.94%, tender 8/10/17 (Liquidity Facility Wells Fargo Bank NA) | 9/16/13 | $5,540 |
Central Florida Expressway Bonds Series RBC E 62, 0.84%, tender 5/1/17 (Liquidity Facility Royal Bank of Canada) | 7/30/15 - 8/1/16 | $69,685 |
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds Series 16 E71, 0.84%, tender 6/1/17 (Liquidity Facility Royal Bank of Canada) | 6/1/16 - 9/1/16 | $75,280 |
Michigan State Univ. Revs. Bonds Series WF 11 33 C, 0.84%, tender 3/9/17 (Liquidity Facility Wells Fargo Bank NA) | 9/24/14 | $3,000 |
Newport Mesa Unified School District Bonds Series WF 11 70Z, 0.84%, tender 8/31/17 (Liquidity Facility Wells Fargo Bank NA) | 7/17/12 - 8/1/16 | $16,775 |
North Carolina Cap. Impt. Ltd. Bonds Series WF 11 136C, 0.84%, tender 4/6/17 (Liquidity Facility Wells Fargo Bank NA) | 10/21/16 | $2,765 |
North Dakota Hsg. Fin. Agcy. Rev. Bonds Series RBC E58, 0.84%, tender 4/3/17 (Liquidity Facility Royal Bank of Canada) | 3/31/16 | $17,695 |
Oregon Gen. Oblig. Bonds Series WF11 57 C, 0.94%, tender 8/10/17 (Liquidity Facility Wells Fargo Bank NA) | 9/24/14 | $10,775 |
Pennsylvania Health & Edl. Facilities Fing. Auth. Rev. Bonds Series E72, 0.84%, tender 6/1/17 (Liquidity Facility Royal Bank of Canada) | 6/1/16 - 12/1/16 | $74,700 |
Pennsylvania Higher Edl. Facilities Auth. Bonds Series 2016 E75, 0.84%, tender 4/3/17 (Liquidity Facility Royal Bank of Canada) | 7/1/16 | $6,995 |
Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series WF 11 26C, 0.94%, tender 8/10/17 (Liquidity Facility Wells Fargo Bank NA) | 8/11/16 - 11/10/16 | $2,600 |
Private Colleges & Univs. Auth. Rev. Emory Univ. Bonds Series WF 11 32C, 0.84%, tender 3/9/17 (Liquidity Facility Wells Fargo Bank NA) | 8/8/11 | $5,800 |
RBC Muni. Products, Inc. Trust Bonds Series E70, 0.84%, tender 5/1/17 (Liquidity Facility Royal Bank of Canada) | 11/1/16 - 2/1/17 | $10,595 |
Seattle Muni. Lt. & Pwr. Rev. Bonds Series WF 11-18C, 0.94%, tender 8/10/17 (Liquidity Facility Wells Fargo Bank NA) | 2/11/16 | $6,730 |
Texas Gen. Oblig. Bonds Series WF 1183C, 0.91%, tender 3/30/17 (Liquidity Facility Wells Fargo Bank NA) | 3/30/16 - 8/11/16 | $15,090 |
Univ. of Colorado Enterprise Sys. Rev. Bonds Series RBC E 55, 0.84%, tender 5/1/17 (Liquidity Facility Royal Bank of Canada) | 5/26/16 - 8/1/16 | $46,725 |
Univ. of Pittsburgh Med. Ctr. Bonds Series RBC E53, 0.84%, tender 4/3/17 (Liquidity Facility Royal Bank of Canada) | 3/31/16 - 10/3/16 | $107,810 |
Washington Gen. Oblig. Bonds Series WF 11-16C, 0.94%, tender 8/17/17 (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 | $2,475 |
Total | $2,475 |
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 28, 2017 (Unaudited) | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $12,796,714) | $12,796,714 | |
Fidelity Central Funds (cost $349,025) | 349,025 | |
Total Investments (cost $13,145,739) | $13,145,739 | |
Cash | 104 | |
Receivable for investments sold | 28,170 | |
Receivable for fund shares sold | 5,319 | |
Interest receivable | 26,890 | |
Distributions receivable from Fidelity Central Funds | 137 | |
Prepaid expenses | 23 | |
Other receivables | 229 | |
Total assets | 13,206,611 | |
Liabilities | ||
Payable for investments purchased | $125,776 | |
Payable for fund shares redeemed | 27,640 | |
Distributions payable | 125 | |
Accrued management fee | 2,866 | |
Other affiliated payables | 1,500 | |
Other payables and accrued expenses | 293 | |
Total liabilities | 158,200 | |
Net Assets | $13,048,411 | |
Net Assets consist of: | ||
Paid in capital | $13,049,383 | |
Distributions in excess of net investment income | (2) | |
Accumulated undistributed net realized gain (loss) on investments | (970) | |
Net Assets, for 13,037,805 shares outstanding | $13,048,411 | |
Net Asset Value, offering price and redemption price per share ($13,048,411 ÷ 13,037,805 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 28, 2017 (Unaudited) | |
Investment Income | ||
Interest | $50,976 | |
Income from Fidelity Central Funds | 2,475 | |
Total income | 53,451 | |
Expenses | ||
Management fee | $18,972 | |
Transfer agent fees | 9,169 | |
Accounting fees and expenses | 504 | |
Custodian fees and expenses | 56 | |
Independent trustees' fees and expenses | 32 | |
Registration fees | 67 | |
Audit | 24 | |
Legal | 27 | |
Miscellaneous | 30 | |
Total expenses before reductions | 28,881 | |
Expense reductions | (43) | 28,838 |
Net investment income (loss) | 24,613 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (920) | |
Fidelity Central Funds | (1) | |
Total net realized gain (loss) | (921) | |
Net increase in net assets resulting from operations | $23,692 |
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 28, 2017 (Unaudited) | Year ended August 31, 2016 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $24,613 | $7,782 |
Net realized gain (loss) | (921) | 1,603 |
Net increase in net assets resulting from operations | 23,692 | 9,385 |
Distributions to shareholders from net investment income | (24,615) | (7,769) |
Distributions to shareholders from net realized gain | (293) | (279) |
Total distributions | (24,908) | (8,048) |
Share transactions at net asset value of $1.00 per share | ||
Proceeds from sales of shares | 614,014 | 49,657,197 |
Reinvestment of distributions | 23,878 | 7,508 |
Cost of shares redeemed | (4,307,712) | (60,933,880) |
Net increase (decrease) in net assets and shares resulting from share transactions | (3,669,820) | (11,269,175) |
Total increase (decrease) in net assets | (3,671,036) | (11,267,838) |
Net Assets | ||
Beginning of period | 16,719,447 | 27,987,285 |
End of period | $13,048,411 | $16,719,447 |
Other Information | ||
Distributions in excess of net investment income end of period | $(2) | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Municipal Money Market Fund
Six months ended (Unaudited) February 28, | Years ended August 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |
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) | .002 | –A | –A | –A | –A | –A |
Net realized and unrealized gain (loss)A | – | – | – | – | – | – |
Total from investment operations | .002 | –A | –A | –A | –A | –A |
Distributions from net investment income | (.002) | –A | –A | –A | –A | –A |
Distributions from net realized gain | –A | –A | –A | –A | – | – |
Total distributions | (.002) | –A | –A | –A | –A | –A |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnB,C | .17% | .04% | .02% | .01% | .01% | .01% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | .40%F | .41% | .40% | .40% | .41% | .42% |
Expenses net of fee waivers, if any | .40%F | .18% | .06% | .09% | .15% | .18% |
Expenses net of all reductions | .40%F | .18% | .06% | .09% | .15% | .18% |
Net investment income (loss) | .34%F | .03% | .01% | .01% | .01% | .01% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $13,048 | $16,719 | $27,987 | $28,648 | $28,592 | $24,688 |
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 28, 2017
(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. 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, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .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 | $13,145,739 |
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 averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .26% of the Fund's average net assets.
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.
During the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $43.
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, 2016 to February 28, 2017).
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, 2016 | Ending Account Value February 28, 2017 | Expenses Paid During Period-B September 1, 2016 to February 28, 2017 | |
Actual | .40% | $1,000.00 | $1,001.70 | $1.99 |
Hypothetical-C | $1,000.00 | $1,022.81 | $2.01 |
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 181/365 (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 2016 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 relationships 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 investment personnel 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, 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) broadening eligibility requirements for certain lower-priced share classes of, and streamlining the fee structure for, certain existing equity index funds; (v) lowering expense caps for certain existing funds and classes to reduce expenses paid by shareholders; (vi) eliminating redemption fees for certain variable insurance product funds and classes; (vii) 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; (viii) launching a lower cost share class for use by the Freedom Index Fund product line; (ix) rationalizing product lines and gaining increased efficiencies through fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; (xi) implementing investment enhancements to further strengthen Fidelity's target date product line to increase investors' probability of success in achieving their goals; (xii) accelerating the conversion of all remaining Class B shares to Class A shares, which have a lower expense structure; and (xiii) implementing changes to Fidelity's money market fund product line in response to recent 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 the gross performance of 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 continue to 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
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
MMM-SANN-0417
1.703548.119
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: | May 1, 2017 |
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: | May 1, 2017 |
By: | /s/Howard J. Galligan III |
Howard J. Galligan III | |
Chief Financial Officer | |
Date: | May 1, 2017 |