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, 2018 |
Item 1.
Reports to Stockholders
Fidelity® Arizona Municipal Income Fund Fidelity® Arizona Municipal Money Market Fund Semi-Annual Report February 28, 2018 |
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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. © 2018 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, 2018
% of fund's net assets | |
Education | 25.2 |
General Obligations | 17.1 |
Health Care | 15.1 |
Special Tax | 10.5 |
Transportation | 8.3 |
Quality Diversification (% of fund's net assets)
As of February 28, 2018 | ||
AAA | 1.6% | |
AA,A | 88.2% | |
BBB | 6.4% | |
Not Rated | 1.9% | |
Short-Term Investments and Net Other Assets | 1.9% |
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
Schedule of Investments February 28, 2018 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.1% | |||
Principal Amount | Value | ||
Arizona - 97.5% | |||
Arizona Board of Regents Arizona State Univ. Rev.: | |||
(Arizona State Univ. Revs. Proj.) Series 2017 B, 5% 7/1/43 | $1,200,000 | $1,362,636 | |
Series 2012 A: | |||
5% 7/1/26 | 550,000 | 615,439 | |
5% 7/1/26 (Pre-Refunded to 7/1/22 @ 100) | 450,000 | 505,125 | |
Series 2015 A, 5% 7/1/35 | 2,215,000 | 2,512,275 | |
Series 2015 B, 5% 7/1/31 | 1,525,000 | 1,749,160 | |
Series 2015 D: | |||
5% 7/1/34 | 500,000 | 568,520 | |
5% 7/1/35 | 900,000 | 1,020,789 | |
5% 7/1/41 | 485,000 | 545,329 | |
5% 7/1/46 | 3,000,000 | 3,362,730 | |
Arizona Board of Regents Ctfs. of Prtn. (Univ. of Arizona Projs.) Series 2012 C, 5% 6/1/26 | 3,035,000 | 3,368,577 | |
Arizona Ctfs. of Prtn.: | |||
Series 2010 A, 5% 10/1/29 (FSA Insured) | 5,000,000 | 5,245,747 | |
Series 2013 A, 5% 10/1/25 | 1,870,000 | 2,081,385 | |
Series 2015, 5% 9/1/27 | 1,500,000 | 1,737,150 | |
Series 2016, 5% 10/1/21 | 500,000 | 553,400 | |
Arizona Game and Fish Dept. and Commission (AGF Administration Bldg. Proj.) Series 2006: | |||
5% 7/1/21 | 1,280,000 | 1,283,635 | |
5% 7/1/32 | 470,000 | 471,213 | |
Arizona Health Facilities Auth. Hosp. Sys. Rev. Series 2012 A, 5% 2/1/23 | 1,285,000 | 1,407,563 | |
Arizona Health Facilities Auth. Rev.: | |||
(Banner Health Sys. Proj.) Series 2007 B, 3 month U.S. LIBOR + 0.810% 1.945%, tender 1/1/37 (a)(b) | 1,000,000 | 921,060 | |
(Scottsdale Lincoln Hospitals Proj.) Series 2014 A: | |||
5% 12/1/26 | 2,000,000 | 2,277,960 | |
5% 12/1/42 | 2,020,000 | 2,226,101 | |
Series 2011 B1, 5.25% 3/1/39 | 1,000,000 | 1,071,570 | |
Series 2012 A, 5% 1/1/43 | 3,500,000 | 3,765,475 | |
Arizona State Trans. Board: | |||
Series 2017 A, 5% 7/1/32 | 1,500,000 | 1,758,510 | |
Series 2017A, 5% 7/1/31 | 385,000 | 452,729 | |
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series A, 5% 10/1/28 | 2,000,000 | 2,309,480 | |
Avondale Muni. Dev. Corp. Excise Tax Rev. 5% 7/1/28 (Pre-Refunded to 7/1/18 @ 100) | 500,000 | 505,955 | |
Buckeye Excise Tax Rev. Series 2015: | |||
5% 7/1/27 | 350,000 | 406,231 | |
5% 7/1/28 | 500,000 | 577,440 | |
5% 7/1/29 | 455,000 | 522,204 | |
Central Wtr. Conservation District (Central Arizona Proj.) Series 2016 A, 5% 1/1/36 | 500,000 | 565,580 | |
Dysart Unified School District #89 Gen. Oblig. Series 2014: | |||
5% 7/1/23 | 700,000 | 797,300 | |
5% 7/1/27 | 1,300,000 | 1,471,262 | |
Glendale Gen. Oblig.: | |||
Series 2015, 5% 7/1/22 (FSA Insured) | 1,000,000 | 1,119,860 | |
Series 2017, 5% 7/1/32 | 1,000,000 | 1,154,640 | |
Glendale Indl. Dev. Auth. (Midwestern Univ. Proj.) Series 2007, 5.25% 5/15/19 | 1,000,000 | 1,040,600 | |
Glendale Sr. Excise Tax Rev. Series 2015 A, 5% 7/1/28 | 1,000,000 | 1,147,700 | |
Goodyear Pub. Impt. Corp. Facilities Rev. Series 2016 A, 5% 7/1/29 | 1,000,000 | 1,155,990 | |
Maricopa County Indl. Dev. Auth. Health Facilities Rev. (Catholic Healthcare West Proj.) Series 2009 A, 6% 7/1/39 | 1,000,000 | 1,047,780 | |
Maricopa County Indl. Dev. Auth. Rev. Series 2016 A: | |||
5% 1/1/34 | 3,000,000 | 3,414,900 | |
5% 1/1/38 | 1,215,000 | 1,363,145 | |
Maricopa County Indl. Dev. Auth. Sr. Living Facilities Series 2016: | |||
5.75% 1/1/36 (c) | 250,000 | 252,215 | |
6% 1/1/48 (c) | 250,000 | 253,565 | |
Maricopa County Phoenix Union High School District #210 Series E, 5% 7/1/22 | 1,000,000 | 1,124,710 | |
Maricopa County School District #28 Kyrene Elementary: | |||
Series 2010 B: | |||
5.25% 7/1/28 (Pre-Refunded to 7/1/23 @ 100) | 690,000 | 801,697 | |
5.5% 7/1/29 (Pre-Refunded to 7/1/23 @ 100) | 480,000 | 563,736 | |
5.5% 7/1/30 (Pre-Refunded to 7/1/23 @ 100) | 400,000 | 469,780 | |
Series 2010 C, 4% 7/1/29 | 650,000 | 691,145 | |
Maricopa County Unified School District #48 Scottsdale Series 2017 B, 5% 7/1/33 | 3,000,000 | 3,503,640 | |
Maricopa School District # 214 (High School Inprovement Proj.) Series 2018 A, 5% 7/1/31 | 350,000 | 410,176 | |
McAllister Academic Village LLC Rev.: | |||
(Arizona State Univ. Hassayampa Academic Village Proj.) Series 2016: | |||
5% 7/1/37 | 2,000,000 | 2,269,160 | |
5% 7/1/38 | 3,850,000 | 4,362,127 | |
Series 2016, 5% 7/1/39 | 2,270,000 | 2,568,392 | |
Mesa Util. Sys. Rev. Series 2017, 4% 7/1/25 | 2,000,000 | 2,206,800 | |
Northern Arizona Univ. Ctfs. of Prtn.: | |||
(Univ. Proj.) Series 2013, 5% 9/1/24 | 1,000,000 | 1,101,690 | |
Series 2015, 5% 9/1/20 (FSA Insured) | 440,000 | 473,224 | |
Northern Arizona Univ. Revs.: | |||
Series 2012: | |||
5% 6/1/36 | 860,000 | 918,299 | |
5% 6/1/41 | 1,250,000 | 1,333,538 | |
Series 2013, 5% 8/1/27 | 1,000,000 | 1,118,310 | |
Series 2014, 5% 6/1/29 | 500,000 | 558,675 | |
Series 2015, 5% 6/1/30 | 1,000,000 | 1,139,840 | |
Phoenix Civic Impt. Board Arpt. Rev.: | |||
Series 2013: | |||
5% 7/1/26 (d) | 1,100,000 | 1,228,260 | |
5% 7/1/29 (d) | 500,000 | 555,145 | |
Series 2015 A, 5% 7/1/45 | 4,100,000 | 4,564,489 | |
Series 2017 A, 5% 7/1/35 (d) | 2,425,000 | 2,751,575 | |
Series 2017 D, 5% 7/1/31 | 2,000,000 | 2,321,600 | |
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 | 2,511,120 | |
Phoenix Civic Impt. Corp. Wastewtr. Sys. Rev. Series 2016, 5% 7/1/33 | 1,000,000 | 1,151,990 | |
Phoenix Gen. Oblig. Series 2014, 4% 7/1/26 | 2,000,000 | 2,185,620 | |
Phoenix-Mesa Gateway Arpt. Auth. (Mesa Proj.) Series 2012: | |||
5% 7/1/24 (d) | 380,000 | 421,386 | |
5% 7/1/27 (d) | 400,000 | 437,004 | |
Pima County Ctfs. of Prtn.: | |||
Series 2013 A, 5% 12/1/22 | 1,000,000 | 1,121,690 | |
Series 2014, 5% 12/1/27 | 1,745,000 | 1,946,443 | |
Pima County Swr. Sys. Rev.: | |||
Series 2011 B, 5% 7/1/22 | 1,050,000 | 1,158,476 | |
Series 2012 A: | |||
5% 7/1/23 | 30,000 | 33,689 | |
5% 7/1/25 | 1,600,000 | 1,790,368 | |
5% 7/1/26 | 1,000,000 | 1,117,660 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev.: | |||
(Arizona Salt River Proj.) Series A: | |||
5% 1/1/31 | 3,000,000 | 3,520,770 | |
5% 1/1/38 | 1,000,000 | 1,149,920 | |
Series 2015 A: | |||
5% 12/1/34 | 1,500,000 | 1,711,860 | |
5% 12/1/45 | 1,035,000 | 1,163,143 | |
Series 2017 A, 5% 1/1/33 | 1,000,000 | 1,180,340 | |
Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007: | |||
5% 12/1/37 | 1,500,000 | 1,755,240 | |
5.5% 12/1/29 | 3,000,000 | 3,592,890 | |
Scottsdale Gen. Oblig. Series 2017, 4% 7/1/32 | 400,000 | 429,632 | |
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.): | |||
Series 2006 C, 5% 9/1/35 (FSA Insured) | 420,000 | 448,211 | |
Series 2008 A, 5% 9/1/23 | 355,000 | 360,364 | |
Scottsdale Muni. Property Corp. Excise Tax Rev.: | |||
Series 2015, 5% 7/1/34 | 1,355,000 | 1,547,410 | |
Series 2017, 5% 7/1/31 | 4,320,000 | 5,118,898 | |
Surprise Pledged Rev. Series 2015, 5% 7/1/26 | 1,010,000 | 1,176,660 | |
Tempe Excise Tax Rev.: | |||
Series 2012, 5% 7/1/25 | 1,090,000 | 1,225,934 | |
Series 2016: | |||
5% 7/1/28 | 315,000 | 368,204 | |
5% 7/1/29 | 500,000 | 582,020 | |
5% 7/1/30 | 325,000 | 376,740 | |
5% 7/1/31 | 375,000 | 433,196 | |
Tempe Indl. Dev. Auth. Rev. (Mirabella At Asu, Inc. Proj.) Series 2017 B, 6% 10/1/37 (c) | 500,000 | 510,930 | |
Tempe Transit Excise Tax Rev. Series 2008: | |||
4.75% 7/1/38 | 35,000 | 35,347 | |
4.75% 7/1/38 (Pre-Refunded to 7/1/18 @ 100) | 25,000 | 25,286 | |
Tucson Ctfs. of Prtn.: | |||
Series 2014: | |||
4% 7/1/20 (FSA Insured) | 500,000 | 525,335 | |
5% 7/1/28 (FSA Insured) | 1,000,000 | 1,127,400 | |
Series 2015, 5% 7/1/23 (FSA Insured) | 555,000 | 630,652 | |
Series 2016, 5% 7/1/27 (FSA Insured) | 1,245,000 | 1,437,216 | |
Tucson Wtr. Rev.: | |||
Series 2015, 5% 7/1/31 | 1,000,000 | 1,146,990 | |
Series 2017, 5% 7/1/34 | 1,000,000 | 1,163,450 | |
5% 7/1/27 | 1,000,000 | 1,165,010 | |
5% 7/1/28 | 2,000,000 | 2,319,860 | |
Univ. Med. Ctr. Corp. Hosp. Rev. 5.625% 7/1/36 (Pre-Refunded to 7/1/23 @ 100) | 1,000,000 | 1,172,450 | |
Univ. of Arizona Univ. Revs.: | |||
Series 2012 A, 5% 6/1/37 | 2,225,000 | 2,457,201 | |
Series 2014, 5% 8/1/28 | 1,000,000 | 1,139,020 | |
Series 2015 A 5% 6/1/30 | 2,500,000 | 2,870,750 | |
5% 6/1/38 | 2,000,000 | 2,269,900 | |
5% 6/1/39 | 1,910,000 | 2,164,794 | |
Yavapai County Indl. Dev. Auth.: | |||
(Northern Healthcare Sys. Proj.) Series 2011, 5% 10/1/20 | 1,000,000 | 1,081,000 | |
Series 2012 A, 5.25% 8/1/33 | 2,000,000 | 2,200,180 | |
Series 2016, 5% 8/1/36 | 1,305,000 | 1,410,000 | |
Yuma Indl. Dev. Auth. Hosp. Rev. Series 2014 A, 5% 8/1/27 | 2,000,000 | 2,260,400 | |
TOTAL ARIZONA | 166,135,982 | ||
Guam - 0.6% | |||
Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | |||
5% 10/1/18 (d) | 300,000 | 304,575 | |
6.375% 10/1/43 (d) | 200,000 | 227,382 | |
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/21 (FSA Insured) | 400,000 | 436,636 | |
TOTAL GUAM | 968,593 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $164,911,686) | 167,104,575 | ||
TOTAL INVESTMENT IN SECURITIES - 98.1% | |||
(Cost $164,911,686) | 167,104,575 | ||
NET OTHER ASSETS (LIABILITIES) - 1.9% | 3,317,534 | ||
NET ASSETS - 100% | $170,422,109 |
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(c) 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 $1,016,710 or 0.6% of net assets.
(d) 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 | 17.1% |
Health Care | 15.1% |
Special Tax | 10.5% |
Transportation | 8.3% |
Water & Sewer | 8.3% |
Electric Utilities | 6.8% |
Others* (Individually Less Than 5%) | 8.7% |
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, 2018 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $164,911,686) | $167,104,575 | |
Cash | 2,594,147 | |
Receivable for fund shares sold | 7,009 | |
Interest receivable | 1,530,481 | |
Other receivables | 443 | |
Total assets | 171,236,655 | |
Liabilities | ||
Payable for investments purchased | $410,536 | |
Payable for fund shares redeemed | 203,695 | |
Distributions payable | 121,112 | |
Accrued management fee | 79,203 | |
Total liabilities | 814,546 | |
Net Assets | $170,422,109 | |
Net Assets consist of: | ||
Paid in capital | $168,072,067 | |
Undistributed net investment income | 23,675 | |
Accumulated undistributed net realized gain (loss) on investments | 133,478 | |
Net unrealized appreciation (depreciation) on investments | 2,192,889 | |
Net Assets, for 14,475,751 shares outstanding | $170,422,109 | |
Net Asset Value, offering price and redemption price per share ($170,422,109 ÷ 14,475,751 shares) | $11.77 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended February 28, 2018 (Unaudited) | ||
Investment Income | ||
Interest | $2,687,861 | |
Expenses | ||
Management fee | $491,040 | |
Independent trustees' fees and expenses | 339 | |
Miscellaneous | 260 | |
Total expenses before reductions | 491,639 | |
Expense reductions | (1,145) | 490,494 |
Net investment income (loss) | 2,197,367 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 540,166 | |
Total net realized gain (loss) | 540,166 | |
Change in net unrealized appreciation (depreciation) on investment securities | (5,872,008) | |
Net gain (loss) | (5,331,842) | |
Net increase (decrease) in net assets resulting from operations | $(3,134,475) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended February 28, 2018 (Unaudited) | Year ended August 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $2,197,367 | $4,591,618 |
Net realized gain (loss) | 540,166 | 1,044,744 |
Change in net unrealized appreciation (depreciation) | (5,872,008) | (5,535,598) |
Net increase (decrease) in net assets resulting from operations | (3,134,475) | 100,764 |
Distributions to shareholders from net investment income | (2,195,026) | (4,576,975) |
Distributions to shareholders from net realized gain | (1,204,002) | (370,311) |
Total distributions | (3,399,028) | (4,947,286) |
Share transactions | ||
Proceeds from sales of shares | 12,646,706 | 33,452,973 |
Reinvestment of distributions | 2,178,203 | 3,162,383 |
Cost of shares redeemed | (19,609,304) | (42,753,902) |
Net increase (decrease) in net assets resulting from share transactions | (4,784,395) | (6,138,546) |
Redemption fees | – | 71 |
Total increase (decrease) in net assets | (11,317,898) | (10,984,997) |
Net Assets | ||
Beginning of period | 181,740,007 | 192,725,004 |
End of period | $170,422,109 | $181,740,007 |
Other Information | ||
Undistributed net investment income end of period | $23,675 | $21,334 |
Shares | ||
Sold | 1,050,192 | 2,771,855 |
Issued in reinvestment of distributions | 181,656 | 262,497 |
Redeemed | (1,635,986) | (3,572,932) |
Net increase (decrease) | (404,138) | (538,580) |
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 endedAugust 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $12.21 | $12.50 | $12.12 | $12.11 | $11.31 | $12.19 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .148 | .311 | .335 | .375 | .399 | .382 |
Net realized and unrealized gain (loss) | (.359) | (.267) | .498 | .018 | .831 | (.855) |
Total from investment operations | (.211) | .044 | .833 | .393 | 1.230 | (.473) |
Distributions from net investment income | (.148) | (.310) | (.335) | (.375) | (.398) | (.382) |
Distributions from net realized gain | (.081) | (.024) | (.118) | (.008) | (.032) | (.025) |
Total distributions | (.229) | (.334) | (.453) | (.383) | (.430) | (.407) |
Redemption fees added to paid in capitalA | – | –B | –B | –B | –B | –B |
Net asset value, end of period | $11.77 | $12.21 | $12.50 | $12.12 | $12.11 | $11.31 |
Total ReturnC,D | (1.75)% | .43% | 7.01% | 3.28% | 11.06% | (4.03)% |
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) | 2.48%F | 2.58% | 2.73% | 3.08% | 3.40% | 3.16% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $170,422 | $181,740 | $192,725 | $150,985 | $145,784 | $156,049 |
Portfolio turnover rate | 15%F | 18% | 7% | 17% | 8% | 20% |
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 as of February 28, 2018
Days | % of fund's investments 2/28/18 |
1 - 7 | 93.1 |
8 - 30 | 0.2 |
31 - 60 | 1.3 |
61 - 90 | 0.2 |
91 - 180 | 4.9 |
> 180 | 0.3 |
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, 2018 | ||
Variable Rate Demand Notes (VRDNs) | 67.5% | |
Tender Option Bond | 14.2% | |
Other Municipal Security | 6.7% | |
Investment Companies | 11.5% | |
Net Other Assets (Liabilities) | 0.1% |
Current 7-Day Yield
2/28/18 | |
Fidelity® Arizona Municipal Money Market Fund | 0.63% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.
Fidelity® Arizona Municipal Money Market Fund
Schedule of Investments February 28, 2018 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 67.5% | |||
Principal Amount | Value | ||
Alabama - 0.2% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.43% 3/7/18, VRDN (a)(b) | $300,000 | $300,000 | |
Arizona - 65.5% | |||
Arizona Health Facilities Auth. Rev. (Catholic Healthcare West Proj.) Series 2009 F, 1.16% 3/7/18, LOC Mizuho Corporate Bank Ltd., VRDN (a) | 15,600,000 | 15,600,000 | |
Coconino County Poll. Cont. Corp. Rev. (Tucson Elec. Pwr. Co. Navajo Proj.) Series 2010 A, 1.17% 3/7/18, LOC JPMorgan Chase Bank, VRDN (a)(b) | 5,700,000 | 5,700,000 | |
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 1.17% 3/7/18, VRDN (a) | 12,500,000 | 12,500,000 | |
Phoenix Indl. Dev. Auth. Rev. (Independent Newspaper, Inc. Proj.) Series 2000, 1.32% 3/7/18, LOC Wells Fargo Bank NA, VRDN (a)(b) | 375,000 | 375,000 | |
FHLMC Phoenix Indl. Dev. Auth. Multi-family Hsg. Rev. (Del Mar Terrace Apts. Proj.) Series 1999 A, 1.15% 3/7/18, LOC Freddie Mac, VRDN (a) | 6,200,000 | 6,200,000 | |
FNMA: | |||
Arizona Hsg. Fin. Auth. Multi-family Hsg. Rev. (Santa Carolina Apts. Proj.) Series 2005, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 3,645,000 | 3,645,000 | |
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Glenn Oaks Apts. Proj.) Series 2001, 1.2% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 4,520,000 | 4,520,000 | |
(Ranchwood Apts. Proj.) Series 2001 A, 1.2% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 1,250,000 | 1,250,000 | |
(San Angelin Apts. Proj.) Series 2004, 1.17% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 8,900,000 | 8,900,000 | |
(San Martin Apts. Proj.) Series A2, 1.17% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 4,300,000 | 4,300,000 | |
(San Remo Apts. Proj.) Series 2002, 1.17% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 7,000,000 | 7,000,000 | |
(Village Square Apts. Proj.) Series 2004, 1.17% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 3,500,000 | 3,500,000 | |
Pima County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
(River Point Proj.) Series 2001, 1.2% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 4,895,000 | 4,895,000 | |
Series A, 1.16% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 3,030,000 | 3,030,000 | |
81,415,000 | |||
Arkansas - 0.2% | |||
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 1.3% 3/7/18, LOC Royal Bank of Scotland PLC, VRDN (a)(b) | 300,000 | 300,000 | |
Indiana - 1.0% | |||
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 B, 1.26% 3/7/18, VRDN (a)(b) | 1,180,000 | 1,180,000 | |
Nebraska - 0.2% | |||
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.43% 3/7/18, VRDN (a)(b) | 200,000 | 200,000 | |
North Carolina - 0.1% | |||
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.36% 3/7/18, VRDN (a)(b) | 100,000 | 100,000 | |
West Virginia - 0.3% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.32% 3/7/18, VRDN (a)(b) | 400,000 | 400,000 | |
TOTAL VARIABLE RATE DEMAND NOTE | |||
(Cost $83,895,000) | 83,895,000 | ||
Tender Option Bond - 14.2% | |||
Arizona - 12.1% | |||
Arizona Board of Regents Arizona State Univ. Rev. Participating VRDN Series 33 85X, 1.12% 3/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 5,665,000 | 5,665,000 | |
Mesa Util. Sys. Rev.: | |||
Bonds Series Solar 17 0026, SIFMA Municipal Swap Index + 0.050% 1.14%, tender 3/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 1,890,000 | 1,890,000 | |
Participating VRDN Series ROC II R 11959X, 1.12% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 1,500,000 | 1,500,000 | |
Rowan Univ. Participating VRDN Series 2016 XF 2337, 1.13% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 3,400,000 | 3,400,000 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Participating VRDN Series Floaters XF 21 92, 1.12% 3/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 2,600,000 | 2,600,000 | |
15,055,000 | |||
Colorado - 0.1% | |||
Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters XF 22 41, 1.19% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 100,000 | 100,000 | |
Florida - 0.6%�� | |||
Central Fla Expwy Auth. Rev. Participating VRDN Series Floaters 004, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) (a)(c)(e) | 500,000 | 500,000 | |
Central Florida Expressway Bonds Series RBC E 62, SIFMA Municipal Swap Index + 0.170% 1.26%, tender 5/1/18 (Liquidity Facility Royal Bank of Canada) (a)(c)(d)(e) | 300,000 | 300,000 | |
800,000 | |||
Illinois - 0.5% | |||
Chicago Board of Ed. Participating VRDN Series Floaters 003, 1.34% 4/11/18 (Liquidity Facility Barclays Bank PLC) (a)(c)(e) | 600,000 | 600,000 | |
Montana - 0.5% | |||
Missoula Mont Wtr. Sys. Rev. Participating VRDN Series Floaters 011, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) (a)(c)(e) | 600,000 | 600,000 | |
New Jersey - 0.1% | |||
New Jersey St. Trans. Trust Fund Auth. Participating VRDN Series Floaters 16 XF1059, 1.26% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 100,000 | 100,000 | |
Ohio - 0.1% | |||
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) (a)(c)(e) | 95,000 | 95,000 | |
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) (a)(c)(e) | 100,000 | 100,000 | |
195,000 | |||
Pennsylvania - 0.2% | |||
Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) (a)(c)(e) | 100,000 | 100,000 | |
Pennsylvania Higher Edl. Facilities Auth. Bonds Series 2016 E75, SIFMA Municipal Swap Index + 0.170% 1.26%, tender 4/2/18 (Liquidity Facility Royal Bank of Canada) (a)(c)(d)(e) | 100,000 | 100,000 | |
200,000 | |||
TOTAL TENDER OPTION BOND | |||
(Cost $17,650,000) | 17,650,000 | ||
Other Municipal Security - 6.7% | |||
Arizona - 6.3% | |||
Arizona Board of Regents Ctfs. of Prtn. Bonds (Univ. of Arizona Univ. Revs.) Series 2018A, 5% 6/1/18 | 1,000,000 | 1,009,094 | |
Arizona Health Facilities Auth. Rev. Bonds (Banner Health Sys. Proj.) Series 2015 A, 5% 1/1/19 | 400,000 | 411,725 | |
Phoenix Civic Impt. Board Arpt. Rev. Bonds: | |||
Series 2008 A: | |||
5% 7/1/18 (Pre-Refunded to 7/1/18 @ 100) | 1,000,000 | 1,011,875 | |
5% 7/1/18 (Pre-Refunded to 7/1/18 @ 100) | 1,300,000 | 1,315,485 | |
Series 2017, 5% 7/1/18 (b) | 1,760,000 | 1,782,478 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series C, 1.13% 3/5/18, CP | 1,300,000 | 1,300,000 | |
Scottsdale Gen. Oblig. Bonds Series 2014, 3% 7/1/18 | 1,000,000 | 1,006,202 | |
7,836,859 | |||
Kentucky - 0.1% | |||
Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 1.32% tender 4/6/18, CP mode | 100,000 | 100,000 | |
New Hampshire - 0.1% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series B, 1.45% tender 3/1/18, CP mode | 200,000 | 200,000 | |
West Virginia - 0.2% | |||
Grant County Cmnty. Solid Waste Disp. Rev. Bonds Series 96, 1.3% tender 3/28/18, CP mode (b) | 200,000 | 200,000 | |
TOTAL OTHER MUNICIPAL SECURITY | |||
(Cost $8,336,859) | 8,336,859 | ||
Shares | Value | ||
Investment Company - 11.5% | |||
Fidelity Municipal Cash Central Fund, 1.18%(f)(g) | |||
(Cost $14,374,869) | 14,373,460 | 14,374,869 | |
TOTAL INVESTMENT IN SECURITIES - 99.9% | |||
(Cost $124,256,728) | 124,256,728 | ||
NET OTHER ASSETS (LIABILITIES) - 0.1% | 86,913 | ||
NET ASSETS - 100% | $124,343,641 |
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) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,395,000 or 1.9% 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 |
Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) | 1/18/18 | $100,000 |
Central Fla Expwy Auth. Rev. Participating VRDN Series Floaters 004, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) | 1/18/18 | $500,000 |
Central Florida Expressway Bonds Series RBC E 62, SIFMA Municipal Swap Index + 0.170% 1.26%, tender 5/1/18 (Liquidity Facility Royal Bank of Canada) | 2/14/18 | $300,000 |
Chicago Board of Ed. Participating VRDN Series Floaters 003, 1.34% 3/1/18 (Liquidity Facility Barclays Bank PLC) | 2/1/18 | $600,000 |
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) | 9/14/17 | $95,000 |
Missoula Mont Wtr. Sys. Rev. Participating VRDN Series Floaters 011, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) | 7/20/17 - 2/2/18 | $600,000 |
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) | 3/9/17 | $100,000 |
Pennsylvania Higher Edl. Facilities Auth. Bonds Series 2016 E75, 1.26%, tender 4/2/18 (Liquidity Facility Royal Bank of Canada) | 2/2/18 | $100,000 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $61,613 |
Total | $61,613 |
Amounts in the income column in the above table exclude any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
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, 2018 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $109,881,859) | $109,881,859 | |
Fidelity Central Funds (cost $14,374,869) | 14,374,869 | |
Total Investment in Securities (cost $124,256,728) | $124,256,728 | |
Cash | 186,097 | |
Receivable for investments sold | 100,000 | |
Receivable for fund shares sold | 339,967 | |
Interest receivable | 136,905 | |
Distributions receivable from Fidelity Central Funds | 10,121 | |
Other receivables | 33 | |
Total assets | 125,029,851 | |
Liabilities | ||
Payable for investments purchased | $123 | |
Payable for fund shares redeemed | 630,533 | |
Distributions payable | 3,284 | |
Accrued management fee | 52,270 | |
Total liabilities | 686,210 | |
Net Assets | $124,343,641 | |
Net Assets consist of: | ||
Paid in capital | $124,343,103 | |
Distributions in excess of net investment income | (8) | |
Accumulated undistributed net realized gain (loss) on investments | 546 | |
Net Assets, for 124,208,663 shares outstanding | $124,343,641 | |
Net Asset Value, offering price and redemption price per share ($124,343,641 ÷ 124,208,663 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended February 28, 2018 (Unaudited) | ||
Investment Income | ||
Interest | $657,868 | |
Income from Fidelity Central Funds | 61,613 | |
Total income | 719,481 | |
Expenses | ||
Management fee | $330,276 | |
Independent trustees' fees and expenses | 254 | |
Total expenses before reductions | 330,530 | |
Expense reductions | (290) | 330,240 |
Net investment income (loss) | 389,241 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (202) | |
Fidelity Central Funds | 269 | |
Capital gain distributions from Fidelity Central Funds | 341 | |
Total net realized gain (loss) | 408 | |
Net increase in net assets resulting from operations | $389,649 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended February 28, 2018 (Unaudited) | Year ended August 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $389,241 | $532,579 |
Net realized gain (loss) | 408 | 19,768 |
Net increase in net assets resulting from operations | 389,649 | 552,347 |
Distributions to shareholders from net investment income | (389,249) | (532,572) |
Distributions to shareholders from net realized gain | – | (343,231) |
Total distributions | (389,249) | (875,803) |
Share transactions at net asset value of $1.00 per share | ||
Proceeds from sales of shares | 9,455,711 | 15,739,222 |
Reinvestment of distributions | 365,572 | 828,727 |
Cost of shares redeemed | (28,731,150) | (115,036,936) |
Net increase (decrease) in net assets and shares resulting from share transactions | (18,909,867) | (98,468,987) |
Total increase (decrease) in net assets | (18,909,467) | (98,792,443) |
Net Assets | ||
Beginning of period | 143,253,108 | 242,045,551 |
End of period | $124,343,641 | $143,253,108 |
Other Information | ||
Distributions in excess of net investment income end of period | $(8) | $– |
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 endedAugust 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
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) | .003 | .003 | –A | –A | –A | –A |
Net realized and unrealized gain (loss) | –A | .002 | –A | –A | –A | –A |
Total from investment operations | .003 | .005 | –A | –A | –A | –A |
Distributions from net investment income | (.003) | (.003) | –A | –A | –A | –A |
Distributions from net realized gain | – | (.002) | –A | – | – | –A |
Total distributions | (.003) | (.005) | –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 | .30% | .48% | .02% | .01% | .01% | .02% |
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 | .50% | .20% | .06% | .09% | .16% |
Expenses net of all reductions | .50%F | .50% | .20% | .06% | .09% | .16% |
Net investment income (loss) | .59%F | .29% | .01% | .01% | .01% | .01% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $124,344 | $143,253 | $242,046 | $400,132 | $417,266 | $408,028 |
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, 2018
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.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the 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.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Arizona Municipal Income Fund | $164,835,532 | $4,175,226 | $(1,906,183) | $2,269,043 |
Fidelity Arizona Municipal Money Market Fund | 124,256,728 | – | – | – |
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.
New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $12,944,851 and $20,455,913, 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 other expenses 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 | $260 |
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 | $1,145 |
Fidelity Arizona Municipal Money Market Fund | 290 |
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 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, 2017 to February 28, 2018).
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.
Annualized Expense Ratio-A | Beginning Account Value September 1, 2017 | Ending Account Value February 28, 2018 | Expenses Paid During Period-B September 1, 2017 to February 28, 2018 | |
Fidelity Arizona Municipal Income Fund | .55% | |||
Actual | $1,000.00 | $982.50 | $2.70 | |
Hypothetical-C | $1,000.00 | $1,022.07 | $2.76 | |
Fidelity Arizona Municipal Money Market Fund | .50% | |||
Actual | $1,000.00 | $1,003.00 | $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. FMR and the sub-advisers are referred to herein as the Investment Advisers. 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 review 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 2017 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 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 Fidelity's investment research process, which includes meetings with management of issuers in which the funds invest, 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) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance (for Fidelity Arizona Municipal Income Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods.Investment Performance (for Fidelity Arizona Municipal Money Market Fund). The Board 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
![](https://capedge.com/proxy/N-CSRS/0001379491-18-001576/img363620353.jpg)
Fidelity Arizona Municipal Money Market Fund
![](https://capedge.com/proxy/N-CSRS/0001379491-18-001576/img363620443.jpg)
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
AZI-SPZ-SANN-0418
1.700927.120
Fidelity® Municipal Money Market Fund Semi-Annual Report February 28, 2018 |
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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. © 2018 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 as of February 28, 2018
Days | % of fund's investments 2/28/18 |
1 - 7 | 64.5 |
8 - 30 | 3.4 |
31 - 60 | 7.5 |
61 - 90 | 4.7 |
91 - 180 | 8.2 |
> 180 | 11.7 |
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, 2018 | ||
Variable Rate Demand Notes (VRDNs) | 34.6% | |
Tender Option Bond | 19.6% | |
Other Municipal Security | 42.3% | |
Investment Companies | 3.0% | |
Net Other Assets (Liabilities) | 0.5% |
Current 7-Day Yield
2/28/18 | |
Fidelity® Municipal Money Market Fund | 0.78% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.
Schedule of Investments February 28, 2018 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 34.6% | |||
Principal Amount (000s) | Value (000s) | ||
Alabama - 1.7% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.43% 3/7/18, VRDN (a)(b) | $49,015 | $49,015 | |
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 1.18% 3/7/18, VRDN(a) | 35,550 | 35,550 | |
Mobile Indl. Dev. Board Rev.: | |||
(Alabama Pwr. Co. Proj.) Series 2001 B, 1.32% 3/1/18, VRDN (a)(b) | 2,750 | 2,750 | |
(Alabama Pwr. Theodore Plant Proj.) Series A, 1.32% 3/1/18, VRDN (a)(b) | 9,500 | 9,500 | |
Walker County Econ. & Indl. Dev. Auth. Solid Waste Disp. Rev. (Alabama Pwr. Co. Plant Gorgas Proj.) Series 2007, 1.32% 3/1/18, VRDN (a)(b) | 18,400 | 18,400 | |
West Jefferson Indl. Dev. Series 2008, 1.18% 3/7/18, VRDN (a) | 20,300 | 20,300 | |
West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 1.32% 3/1/18, VRDN (a)(b) | 19,790 | 19,790 | |
Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Gaston Plant Proj.) Series 2008, 1.32% 3/1/18, VRDN (a)(b) | 8,740 | 8,740 | |
164,045 | |||
Alaska - 1.3% | |||
Valdez Marine Term. Rev.: | |||
(ConocoPhillips Proj.) Series 1994 A, 1.2% 3/7/18, VRDN (a) | 30,400 | 30,400 | |
(Phillips Trans. Alaska, Inc. Proj.): | |||
Series 1994 B, 1.25% 3/7/18, VRDN (a) | 41,075 | 41,075 | |
Series 1994 C, 1.13% 3/7/18, VRDN (a) | 54,900 | 54,900 | |
126,375 | |||
Arizona - 0.7% | |||
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 1.17% 3/7/18, VRDN (a) | 11,650 | 11,650 | |
FNMA: | |||
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Ranchwood Apts. Proj.) Series 2001 A, 1.2% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 2,040 | 2,040 | |
(San Fernando Apts. Proj.) Series 2004, 1.17% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 12,000 | 12,000 | |
(San Lucas Apts. Proj.) Series 2003, 1.17% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 13,700 | 13,700 | |
(San Martin Apts. Proj.) Series A1, 1.17% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 14,000 | 14,000 | |
(San Remo Apts. Proj.) Series 2002, 1.17% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 7,200 | 7,200 | |
(Sands Apts. Proj.) Series 2001 A, 1.2% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 2,285 | 2,285 | |
Pima County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Cimarron Place Apts. Proj.) 1.2% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 4,500 | 4,500 | |
Series A, 1.16% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 2,395 | 2,395 | |
69,770 | |||
Arkansas - 1.0% | |||
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.): | |||
Series 1998, 1.43% 3/7/18, VRDN (a)(b) | 10,200 | 10,200 | |
Series 2002, 1.36% 3/7/18, VRDN (a)(b) | 8,200 | 8,200 | |
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 1.3% 3/7/18, LOC Royal Bank of Scotland PLC, VRDN (a)(b) | 69,800 | 69,800 | |
FNMA Arkansas Dev. Fin. Auth. Multi-family Hsg. Rev. (Kiehl Partners LP Proj.) Series 2004 A, 1.22% 3/7/18, LOC Fannie Mae, VRDN (a) | 6,235 | 6,235 | |
94,435 | |||
Colorado - 0.5% | |||
Colorado Edl. & Cultural Facilities Auth. Rev. (Clyfford Still Museum Proj.) Series 2008, 1.22% 3/7/18, LOC Wells Fargo Bank NA, VRDN (a) | 385 | 385 | |
Colorado Health Facilities Auth. Rev. (Boulder Cmnty. Hosp. Proj.) Series 2000, 1.15% 3/7/18, LOC JPMorgan Chase Bank, VRDN (a) | 12,090 | 12,090 | |
FNMA: | |||
Adams County Hsg. Auth. (Semper Village Apts. Proj.) Series 2004 A, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 12,500 | 12,500 | |
Lakewood Hsg. Auth. Multi-family Rev.: | |||
(Ridgemoor Apts. Proj.) Series 2003 A, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 13,325 | 13,325 | |
(Timberleaf Apts. Proj.) 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 11,165 | 11,165 | |
49,465 | |||
Connecticut - 1.6% | |||
Connecticut Gen. Oblig. Series 2016 C, 1.22% 3/7/18 (Liquidity Facility Bank of America NA), VRDN (a) | 82,700 | 82,700 | |
Connecticut Hsg. Fin. Auth.: | |||
(Hsg. Mtg. Fin. Prog.) Series 2011 C2, 1.12% 3/7/18 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(b) | 3,600 | 3,600 | |
(Hsg. Mtg. Fin. Proj.) Series 2012 D3, 1.25% 3/7/18 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(b) | 8,000 | 8,000 | |
Series 2008 E, 1.18% 3/7/18 (Liquidity Facility Bank of America NA), VRDN (a)(b) | 50,365 | 50,365 | |
Series E 3, 1.11% 3/7/18 (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | 10,900 | 10,900 | |
155,565 | |||
Delaware - 0.4% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | |||
Series 1994, 1.37% 3/1/18, VRDN (a)(b) | 17,200 | 17,200 | |
Series 1999 A, 1.25% 3/7/18, VRDN (a) | 15,730 | 15,730 | |
Series 1999 B, 1.3% 3/7/18, VRDN (a)(b) | 5,600 | 5,600 | |
38,530 | |||
District Of Columbia - 0.1% | |||
District of Columbia Hsg. Fin. Agcy. Multi-family Hsg. Rev. (Trenton Park Apts. Proj.) Series 2001, 1.18% 3/7/18, LOC Bank of America NA, VRDN (a)(b) | 5,095 | 5,095 | |
District of Columbia Rev. (Fort Lincoln New Town/Premium Distributors LLC Proj.) Series 2000, 1.25% 3/7/18, LOC Wells Fargo Bank NA, VRDN (a)(b) | 4,865 | 4,865 | |
9,960 | |||
Florida - 4.3% | |||
Brevard County Hsg. Fin. Auth. (Manatee Cove Apts. Proj.) 1.17% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 9,375 | 9,375 | |
Broward County Arpt. Facilities Rev. Series 2007 A, 1.23% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 11,500 | 11,500 | |
Broward County Fin. Auth. Multi-family Hsg. Rev. (Pinnacle Village Apts. Proj.) Series 2004, 1.16% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 5,700 | 5,700 | |
Broward County Indl. Dev. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2015, 1.26% 3/1/18, VRDN (a)(b) | 46,200 | 46,200 | |
Collier County Hsg. Fin. Auth. Multi-family Rev.: | |||
(George Washington Carver Apts. Proj.) Series 2005, 1.14% 3/7/18, LOC PNC Bank NA, VRDN (a)(b) | 3,310 | 3,310 | |
(Summer Lakes Phase II Apts. Proj.) 1.17% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 16,355 | 16,355 | |
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: | |||
(Clarcona Groves Apts. Proj.) Series A, 1.21% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 10,435 | 10,435 | |
(Collins Cove Sr. Apts. Proj.) Series 2003 W, 1.21% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 4,700 | 4,700 | |
(Pinnacle Pointe Apts. Proj.) Series 2003 N, 1.21% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 11,615 | 11,615 | |
(Savannah Springs Apts. Proj.) Series G, 1.15% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 12,745 | 12,745 | |
Hillsborough County Hsg. Fin. Auth. Multi-family Rev.: | |||
(Claymore Crossings Apt. Proj.) Series 2005, 1.17% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 11,560 | 11,560 | |
(Meridian Pointe Apts. Proj.) Series 2005, 1.17% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 10,200 | 10,200 | |
Jacksonville Port Auth. Rev. (Mitsui O.S.K. Lines Ltd. Proj.) 1.23% 3/7/18, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | 72,015 | 72,015 | |
Orange County Hsg. Fin. Auth. Multi-family Rev. (Alta Westgate Apts. Proj.) Series C, 1.17% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 11,570 | 11,570 | |
Palm Beach County Rev. (Benjamin Private School Proj.) 1.17% 3/7/18, LOC Northern Trust Co., VRDN (a) | 7,960 | 7,960 | |
FNMA: | |||
Broward County Fin. Auth. Multi-family Hsg. Rev. (Sanctuary Apts Proj.) Series A, 1.13% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 14,650 | 14,650 | |
Clay County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Nassau Club Apts. Proj.) 1.16% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 8,405 | 8,405 | |
Collier County Hsg. Fin. Auth. Multi-family Rev. (Sawgrass Pines Apts. Proj.) 1.13% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 6,400 | 6,400 | |
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: | |||
(Grande Court at North Port Apts. Proj.) Series 2004 E, 1.13% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 5,000 | 5,000 | |
(Hunters Run Apts. Proj.) Series G, 1.19% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 6,625 | 6,625 | |
(Mill Creek Apts. Proj.) Series 2004 K, 1.13% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 13,200 | 13,200 | |
(Pinnacle Grove Apts. Proj.) Series 2003 A, 1.13% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 6,650 | 6,650 | |
Series 2006 H, 1.14% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 6,095 | 6,095 | |
Hillsborough County Hsg. Fin. Auth. Multi-family Rev.: | |||
(Grande Oaks Apts. Proj.) Series A, 1.13% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 6,400 | 6,400 | |
(Hunters Run Apts. Proj.) Series 2002 A, 1.16% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 7,330 | 7,330 | |
(Morgan Creek Apts. Proj.) Series 2003, 1.13% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 11,900 | 11,900 | |
(Royal Palm Key Apts. Proj.) Series 2002, 1.16% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 8,680 | 8,680 | |
Jacksonville Hsg. Fin. Auth. Multi-family Hsg. Rev. (Brookwood Forest Apts. Proj.) 1.16% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 8,040 | 8,040 | |
Lee County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Univ. Club Apts. Proj.) Series A, 1.14% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 7,370 | 7,370 | |
Osceola County Hsg. Fin. Auth. Multi-family Rev. (Regatta Bay Apts. Proj.) Series A, 1.16% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 10,400 | 10,400 | |
Palm Beach County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Renaissance Apts. Proj.) 1.16% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 18,700 | 18,700 | |
Polk County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Cambridge Cove Apts. Proj.) Series 2001, 1.16% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 6,900 | 6,900 | |
Saint Johns County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Ponce Hbr. Apts. Proj.) Series 2001 A, 1.16% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 4,785 | 4,785 | |
Volusia County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Saxon Trace Apts. Proj.) Series 2003, 1.16% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 7,800 | 7,800 | |
410,570 | |||
Georgia - 1.4% | |||
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.) Series 2012, 1.3% 3/1/18, VRDN (a)(b) | 11,100 | 11,100 | |
Gwinnett County Dev. Auth. Indl. Dev. Rev. (Curtis 1000, Inc. Proj.) Series 1996, 1.22% 3/7/18, LOC Wells Fargo Bank NA, VRDN (a)(b) | 6,460 | 6,460 | |
Heard County Dev. Auth. Poll. Cont. Rev. Series 2007, 1.37% 3/1/18, VRDN (a)(b) | 10,600 | 10,600 | |
Monroe County Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2017, 1.26% 3/1/18, VRDN (a)(b) | 2,000 | 2,000 | |
Savannah Econ. Dev. Auth. Rev. (Home Depot, Inc. Proj.) Series 1995 A, 1.16% 3/7/18, VRDN (a)(b) | 63,400 | 63,400 | |
FHLMC: | |||
Canton Hsg. Auth. Multi-family Hsg. Rev. (Alta Ridgewalk Apts. Proj.) Series 2003, 1.14% 3/7/18, LOC Freddie Mac, VRDN (a)(b) | 19,890 | 19,890 | |
Kennesaw Dev. Auth. Multi-family Hsg. Rev. (Alta Ridenour Apts. Proj.) Series 2008, 1.14% 3/7/18, LOC Freddie Mac, VRDN (a)(b) | 6,960 | 6,960 | |
FNMA: | |||
Atlanta Urban Residential Fin. Auth. Multi-family Hsg. Rev. (Collegetown at Harris Homes Phase I Proj.) Series 2003, 1.14% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 7,230 | 7,230 | |
Newnan Dev. Auth. Multi-family Hsg. Rev. (The Club at Newnan Crossing Proj.) 1.19% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 8,800 | 8,800 | |
136,440 | |||
Illinois - 0.9% | |||
Chicago Midway Arpt. Rev. Series 2014 C, 1.17% 3/7/18, LOC Barclays Bank PLC, VRDN (a)(b) | 42,310 | 42,310 | |
Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev. (Lufthansa German Airlines Proj.) Series 2001, 1.21% 3/7/18, LOC Bayerische Landesbank, VRDN (a)(b) | 3,770 | 3,770 | |
Illinois Dev. Fin. Auth. Indl. Dev. Rev. (Delta-Unibus Corp. Proj.) Series 2001, 1.27% 3/7/18, LOC Bank of America NA, VRDN (a)(b) | 1,600 | 1,600 | |
Illinois Fin. Auth. Multi-family Rev. (Hidden Glen Apts. Proj.) Series 2007, 1.13% 3/7/18, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 6,500 | 6,500 | |
Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev. (Valley View Apts. Proj.) 1.12% 3/7/18, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 10,730 | 10,730 | |
Lake County Solid Waste Disp. Facilities Rev. (Countryside Landfill, Inc. Proj.) Series B, 1.18% 3/7/18, LOC JPMorgan Chase Bank, VRDN (a)(b) | 4,320 | 4,320 | |
FHLMC: | |||
Illinois Fin. Auth. Multi-family Rev. (Villagebrook Apts Proj.) Series 2005, 1.14% 3/7/18, LOC Freddie Mac, VRDN (a)(b) | 7,530 | 7,530 | |
Lisle Village Multi-family Hsg. Rev. (Devonshire of Lisle Proj.) Series 1991, 1.16% 3/7/18, LOC Freddie Mac, VRDN (a)(b) | 6,000 | 6,000 | |
FNMA Carol Stream Multi-family Rev. (Saint Charles Square Proj.) Series 1997, 1.16% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 2,915 | 2,915 | |
85,675 | |||
Indiana - 0.4% | |||
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.): | |||
Series 2003 A, 1.3% 3/7/18, VRDN (a)(b) | 4,700 | 4,700 | |
Series 2003 B, 1.26% 3/7/18, VRDN (a)(b) | 18,400 | 18,400 | |
Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.): | |||
Series H, 1.24% 3/7/18, VRDN (a) | 7,400 | 7,400 | |
Series I, 1.24% 3/7/18, VRDN (a) | 3,200 | 3,200 | |
33,700 | |||
Iowa - 1.3% | |||
Iowa Fin. Auth. Solid Disp. Waste Rev.: | |||
(MidAmerican Energy Co. Proj.) Series 2016 B, 1.14% 3/7/18, VRDN (a)(b) | 30,000 | 30,000 | |
(MidAmerican Energy Proj.) Series 2008 A, 1.14% 3/7/18, VRDN (a)(b) | 45,100 | 45,100 | |
Iowa Fin. Auth. Solid Waste Facilities (Mid-American Energy Co. Proj.) Series 2017, 1.14% 3/7/18, VRDN (a)(b) | 50,900 | 50,900 | |
126,000 | |||
Kansas - 0.4% | |||
Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.): | |||
Series 2000, 1.18% 3/7/18, LOC Bank of America NA, VRDN (a)(b) | 25,100 | 25,100 | |
Series 2002, 1.18% 3/7/18, LOC Bank of America NA, VRDN (a)(b) | 7,000 | 7,000 | |
Lenexa Multi-family Hsg. Rev. (Heather Glen Apts. Proj.) Series 2007, 1.16% 3/7/18, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 1,030 | 1,030 | |
33,130 | |||
Kentucky - 3.0% | |||
Carroll County Envir. Facilities Rev. (Kentucky Utils. Co. Proj.) Series 2006 B, 1.22% 3/7/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | 33,500 | 33,500 | |
Daviess County Exempt Facilities Rev. (Kimberly-Clark Tissue Co. Proj.) Series 1999, 1.15% 3/7/18 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | 7,870 | 7,870 | |
Daviess County Solid Waste Disp. Facilities Rev. (Scott Paper Co. Proj.): | |||
Series 1993 A, 1.15% 3/7/18 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | 70,000 | 70,000 | |
Series 1993 B, 1.15% 3/7/18 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | 40,000 | 40,000 | |
Trimble County Poll. Cont. Rev. (Louisville Gas and Elec. Co. Proj.) Series 2016 A, 1.18% 3/7/18, VRDN (a)(b) | 125,000 | 125,000 | |
FHLMC Kentucky Hsg. Corp. Multi-family Rev. (Canterbury Southgate Hsg. Proj.) 1.15% 3/7/18, LOC Freddie Mac, VRDN (a)(b) | 12,565 | 12,565 | |
288,935 | |||
Louisiana - 1.5% | |||
Louisiana Pub. Facilities Auth. Rev. (Air Products & Chemicals, Inc. Proj.): | |||
Series 2002, 1.17% 3/7/18, VRDN (a)(b) | 14,000 | 14,000 | |
Series 2003, 1.17% 3/7/18, VRDN (a)(b) | 18,650 | 18,650 | |
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 1.4% 3/7/18, VRDN (a) | 52,035 | 52,035 | |
Series 2010 B1, 1.33% 3/7/18, VRDN (a) | 57,260 | 57,260 | |
FHLMC Louisiana Hsg. Fin. Auth. Multi-family Hsg. Rev. (The Reserve at Jefferson Proj.) Series 2008, 1.14% 3/7/18, LOC Freddie Mac, VRDN (a) | 4,095 | 4,095 | |
146,040 | |||
Maryland - 0.0% | |||
Montgomery County Hsg. Opportunity Commission Single Family Mtg. Rev. Series 2008 C, 1.12% 3/7/18, LOC PNC Bank NA, VRDN (a)(b) | 3,290 | 3,290 | |
Mississippi - 0.1% | |||
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 1.12% 3/7/18, LOC Bank of America NA, VRDN (a)(b) | 10,000 | 10,000 | |
Missouri - 0.4% | |||
FNMA: | |||
Grandview Indl. Dev. Auth. Multi-family Hsg. Rev. (Briarwood Apts. Proj.) 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 10,700 | 10,700 | |
Saint Louis Indl. Dev. Auth. (Metropolitan Lofts Apts. Proj.) Series 2003 A, 1.18% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 24,900 | 24,900 | |
35,600 | |||
Nebraska - 0.2% | |||
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: | |||
Series 2014 B, 1.12% 3/7/18 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 10,555 | 10,555 | |
Series 2015 D, 1.12% 3/7/18 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 3,400 | 3,400 | |
Series 2016 D, 1.12% 3/7/18 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 2,300 | 2,300 | |
16,255 | |||
Nevada - 1.8% | |||
Clark County Arpt. Rev.: | |||
Series 2008 B2, 1.15% 3/7/18, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | 46,235 | 46,235 | |
Series 2008 C2, 1.1% 3/7/18, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | 37,415 | 37,415 | |
Series 2008 C3, 1.15% 3/7/18, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | 6,900 | 6,900 | |
Series 2011 B1, 1.15% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 48,400 | 48,400 | |
Clark County Indl. Dev. Rev. (Southwest Gas Corp. Proj.) 1.17% 3/7/18, LOC JPMorgan Chase Bank, VRDN (a)(b) | 35,200 | 35,200 | |
174,150 | |||
New York - 4.0% | |||
New York City Hsg. Dev. Corp. Multi-family Mtg. Rev.: | |||
(15 East Clark Place Apts. Proj.) Series A, 1.14% 3/7/18, LOC JPMorgan Chase Bank, VRDN (a)(b) | 5,430 | 5,430 | |
(Urban Horizons II Dev. Proj.) Series 2005 A, 1.19% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 5,165 | 5,165 | |
New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. of New York, Inc. Proj.) Series 2004 C3, 1.14% 3/7/18, LOC Mizuho Bank Ltd., VRDN (a)(b) | 10,300 | 10,300 | |
FHLMC New York Hsg. Fin. Agcy. Rev.: | |||
(Clinton Green North Hsg. Proj.) Series 2005 A, 1.13% 3/7/18, LOC Freddie Mac, VRDN (a)(b) | 50,000 | 50,000 | |
(Clinton Green South Hsg. Proj.): | |||
Series 2005 A, 1.13% 3/7/18, LOC Freddie Mac, VRDN (a)(b) | 49,000 | 49,000 | |
Series 2006 A, 1.13% 3/7/18, LOC Freddie Mac, VRDN(a)(b) | 34,700 | 34,700 | |
(Theatre Row Tower Hsg. Proj.): | |||
Series 2000 A, 1.13% 3/7/18, LOC Freddie Mac, VRDN (a)(b) | 3,600 | 3,600 | |
Series 2002 A, 1.13% 3/7/18, LOC Freddie Mac, VRDN (a)(b) | 3,500 | 3,500 | |
FNMA New York Hsg. Fin. Agcy. Rev.: | |||
(316 Eleventh Ave. Hsg. Proj.) Series 2007 A, 1.13% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 89,500 | 89,500 | |
(East 39th Street Hsg. Proj.) Series 1999 A, 1.14% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 10,900 | 10,900 | |
(Tribeca Park Proj.) Series 1997 A, 1.13% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 70,300 | 70,300 | |
(Worth Street Hsg. Proj.) Series A, 1.13% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 47,600 | 47,600 | |
New York City Hsg. Dev. Corp. Multi-family Mtg. Rev. (La Casa del Sol Proj.) Series 2005 A, 1.19% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 4,250 | 4,250 | |
384,245 | |||
North Carolina - 0.0% | |||
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.36% 3/7/18, VRDN (a)(b) | 3,800 | 3,800 | |
Oklahoma - 0.1% | |||
Tulsa Arpts. Impt. Trust Spl. Facility Rev. 1.21% 3/7/18, LOC Landesbank Hessen-Thuringen, VRDN (a)(b) | 10,120 | 10,120 | |
Oregon - 0.1% | |||
Portland Hsg. Auth. Rev.: | |||
(New Columbia - Cecelia Proj.) Series 2004, 1.18% 3/7/18, LOC Bank of America NA, VRDN (a)(b) | 3,160 | 3,160 | |
(New Columbia - Trouton Proj.) Series 2005, 1.18% 3/7/18, LOC Bank of America NA, VRDN (a)(b) | 5,170 | 5,170 | |
8,330 | |||
Pennsylvania - 0.1% | |||
Lancaster Indl. Dev. Auth. Rev. (Mennonite Home Proj.) 1.19% 3/7/18, LOC Manufacturers & Traders Trust Co., VRDN (a) | 6,905 | 6,905 | |
Philadelphia Auth. for Indl. Dev. Rev. (Spl. People in Northeast, Inc. Proj.) Series 2006, 1.16% 3/7/18, LOC Citizens Bank of Pennsylvania, VRDN (a) | 825 | 825 | |
7,730 | |||
South Carolina - 0.2% | |||
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. (Waste Mgmt. of South Carolina, Inc. Proj.) Series 2003 A, 1.19% 3/7/18, LOC Wells Fargo Bank NA, VRDN (a)(b) | 15,000 | 15,000 | |
South Dakota - 0.1% | |||
FNMA South Dakota Hsg. Dev. Auth. (Harmony Heights Proj.) Series 2001, 1.2% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 5,185 | 5,185 | |
Tennessee - 0.8% | |||
Loudon County Indl. Dev. Board Exempt Facilities Rev. (Kimberly-Clark Corp. Proj.) 1.15% 3/7/18, VRDN (a)(b) | 11,600 | 11,600 | |
Loudon Indl. Dev. Board Solid Waste Disp. Rev. (Tate & Lyle Ingredients Americas, Inc. Proj.) Series 2006, 1.22% 3/7/18, LOC Rabobank Nederland, VRDN (a)(b) | 29,700 | 29,700 | |
Memphis Health, Edl. & Hsg. Facilities Board (Ashland Lakes Apts. Proj.) Series A, 1.12% 3/7/18, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 10,000 | 10,000 | |
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. (Tennessee County Ln. Pool Prog.) Series 1999, 1.2% 3/7/18, LOC Bank of America NA, VRDN (a) | 9,760 | 9,760 | |
FNMA Metropolitan Govt. Nashville & Davidson County Health & Edl. Facilities Board (Whispering Oaks Apts. Proj.) 1.14% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 15,000 | 15,000 | |
76,060 | |||
Texas - 3.7% | |||
Calhoun County Navigation District Envir. Facilities Rev. (Formosa Plastics Corp. Proj.) 1.11% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 13,775 | 13,775 | |
Calhoun County Navigation District Poll. Cont. Rev. (Formosa Plastics Corp., Texas Proj.) Series 2002, 1.11% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 10,000 | 10,000 | |
Calhoun County Navigation District Port Rev. (Formosa Plastics Corp. Proj.) Series 2000, 1.18% 3/7/18, LOC Bank of America NA, VRDN (a)(b) | 5,500 | 5,500 | |
Calhoun Port Auth. Envir. Facilities Rev.: | |||
(Formosa Plastics Corp. Proj.) Series 2012, 1.12% 3/7/18, LOC JPMorgan Chase Bank, VRDN (a)(b) | 8,000 | 8,000 | |
(Formosa Plastics Corp. Texas Proj.) Series 2007 A, 1.18% 3/7/18, LOC PNC Bank NA, VRDN (a)(b) | 2,700 | 2,700 | |
Converse Hsg. Fin. Corp. Multi-family Hsg. Rev. (Town Square Apts. Proj.) 1.21% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 12,770 | 12,770 | |
Gilmer Indl. Dev. Corp. (Duoline Technologies LP Proj.) Series 2008 A, 1.27% 3/7/18, LOC Wells Fargo Bank NA, VRDN (a)(b) | 6,955 | 6,955 | |
Houston Hsg. Fin. Corp. Multi-family Hsg. Rev. (Fairlake Cove Apts. Proj.) Series 2005, 1.21% 3/7/18, LOC Citibank NA, VRDN (a)(b) | 8,185 | 8,185 | |
Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) 1.43% 3/7/18, VRDN (a)(b) | 12,600 | 12,600 | |
Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev. (Onyx Envir. Svcs. Proj.) Series 2003, 1.18% 3/7/18, LOC Bank of America NA, VRDN (a)(b) | 20,560 | 20,560 | |
Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev.: | |||
(Air Products Proj.): | |||
Series 2000, 1.17% 3/7/18, VRDN (a)(b) | 21,900 | 21,900 | |
Series 2001, 1.17% 3/7/18, VRDN (a)(b) | 19,200 | 19,200 | |
Series 2002, 1.17% 3/7/18, VRDN (a)(b) | 22,500 | 22,500 | |
Series 2012, 1.16% 3/7/18 (Total SA Guaranteed), VRDN (a) | 9,100 | 9,100 | |
(Total Petrochemicals & Refining U.S.A., Inc. Proj.) Series 2012 B, 1.16% 3/7/18 (Total SA Guaranteed), VRDN (a) | 2,600 | 2,600 | |
Port Arthur Navigation District Jefferson County Rev. Series 2000 B, 1.25% 3/7/18 (Total SA Guaranteed), VRDN (a)(b) | 8,000 | 8,000 | |
FHLMC: | |||
Montgomery County Hsg. Fin. Corp. Multi-family Hsg. Rev. (Conroe Lodge at Silverdale Apt. Homes Proj.) 1.15% 3/7/18, LOC Freddie Mac, VRDN (a)(b) | 7,470 | 7,470 | |
Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev. Series 2003 A, 1.15% 3/7/18, LOC Freddie Mac, VRDN (a)(b) | 8,150 | 8,150 | |
FNMA: | |||
Cap. Area Hsg. Fin. Corp. Multi-family Hsg. Rev. (Marble Falls Vistas Apts. Proj.) 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 5,075 | 5,075 | |
Dallas Hsg. Fin. Corp. Multi-family Hsg. Rev. (The Masters Apts. Proj.) 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 6,680 | 6,680 | |
Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev.: | |||
(Lafayette Village Apts. Proj.) Series 2006, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 12,415 | 12,415 | |
(Louetta Village Apts. Proj.) Series 2005, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 5,980 | 5,980 | |
(Primrose Aldine Bender Apt. Proj.) Series 2004, 1.14% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 7,010 | 7,010 | |
(Primrose at Bammel Apts. Proj.) Series 2005, 1.14% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 7,480 | 7,480 | |
(Wellington Park Apts. Proj.) Series 2004, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 10,850 | 10,850 | |
Houston Hsg. Fin. Corp. Multi-family Hsg. Rev.: | |||
(Little Nell Apts. Proj.) Series 2003, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 11,100 | 11,100 | |
(Mayfair Park Apts. Proj.) Series 2004, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 2,965 | 2,965 | |
Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev.: | |||
(Bristol Apts. Proj.) Series 2004, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 11,100 | 11,100 | |
(Chisholm Trail Proj.) Series 2004, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 4,600 | 4,600 | |
(Pinnacle Apts. Proj.) Series 2004, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 12,865 | 12,865 | |
(Residences at Sunset Pointe Proj.) Series 2006, 1.22% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 15,000 | 15,000 | |
(St. Augustine Estate Proj.) Series 2005, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 5,680 | 5,680 | |
(Windshire Apts. Proj.) Series 2007, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 12,900 | 12,900 | |
Series 2004, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 10,400 | 10,400 | |
Travis County Hsg. Fin. Corp. (Rosemont at Old Manor Apts.) Series 2004, 1.14% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 8,685 | 8,685 | |
350,750 | |||
Utah - 0.1% | |||
FNMA Utah Hsg. Corp. Multi-family Hsg. Rev. (Springwood Apts. Proj.) Series 2005 A, 1.14% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 8,485 | 8,485 | |
Virginia - 0.2% | |||
King George County Indl. Dev. Auth. Solid Waste Disp. Fac. Rev. (Garnet of Virginia, Inc. Proj.) Series 1996, 1.17% 3/7/18, LOC JPMorgan Chase Bank, VRDN (a)(b) | 5,250 | 5,250 | |
Newport News Indl. Dev. Auth. (CNU Warwick LLC Student Apts. Proj.) 1.19% 3/7/18, LOC Bank of America NA, VRDN (a) | 3,440 | 3,440 | |
FHLMC Arlington County Indl. Dev. Auth. Multi-family Hsg. Rev. Series A, 1.13% 3/7/18, LOC Freddie Mac, VRDN (a)(b) | 7,000 | 7,000 | |
15,690 | |||
Washington - 1.3% | |||
King County Hsg. Auth. Rev. (Overlake TOD Hsg. Proj.) 1.18% 3/7/18, LOC Bank of America NA, VRDN (a)(b) | 16,155 | 16,155 | |
Port of Vancouver Rev. (United Grain Corp. of Oregon Proj.) Series 2009, 1.17% 3/7/18, LOC Bank of America NA, VRDN (a) | 25,000 | 25,000 | |
Snohomish County Hsg. Auth. Hsg. Rev. (Ebey Arms Centerhouse Proj.) Series 2003, 1.17% 3/7/18, LOC Bank of America NA, VRDN (a) | 6,800 | 6,800 | |
FHLMC Washington Hsg. Fin. Commission Multi-family Hsg. Rev.: | |||
(Fairwinds Redmond Proj.) Series A, 1.11% 3/7/18, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a)(b) | 19,250 | 19,250 | |
(The Lodge at Eagle Ridge Proj.) Series A, 1.12% 3/7/18, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a)(b) | 9,485 | 9,485 | |
FNMA Washington Hsg. Fin. Commission Multi-family Hsg. Rev.: | |||
(Highland Park Apts. Proj.) Series A, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 9,040 | 9,040 | |
(Pinehurst Apts. Proj.) Series A, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 12,000 | 12,000 | |
(Silver Creek Apts. Proj.) Series A, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 12,250 | 12,250 | |
(The Vintage at Richland Sr. Living Proj.) Series 2004 A, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 7,535 | 7,535 | |
(Vintage Mount Vernon Proj.) Series A, 1.15% 3/7/18, LOC Fannie Mae, VRDN (a)(b) | 3,500 | 3,500 | |
121,015 | |||
West Virginia - 0.6% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
(Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.22% 3/7/18, VRDN (a)(b) | 22,775 | 22,775 | |
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.32% 3/7/18, VRDN (a)(b) | 26,900 | 26,900 | |
West Virginia Hosp. Fin. Auth. Rev. (Pallottine Health Svcs. Proj.) 1.17% 3/7/18, LOC Fifth Third Bank, Cincinnati, VRDN (a) | 230 | 230 | |
Wood County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 1.17% 3/7/18, LOC Bank of America NA, VRDN (a)(b) | 6,580 | 6,580 | |
56,485 | |||
Wyoming - 0.3% | |||
Converse County Envir. Impt. Rev. Series 1995, 1.22% 3/7/18, VRDN (a)(b) | 1,200 | 1,200 | |
Converse County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 1.25% 3/7/18, VRDN (a) | 3,595 | 3,595 | |
Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 1.3% 3/7/18, VRDN (a)(b) | 20,350 | 20,350 | |
Lincoln County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 1.25% 3/7/18, VRDN (a) | 3,800 | 3,800 | |
Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1992 A, 1.13% 3/7/18, VRDN (a) | 3,800 | 3,800 | |
32,745 | |||
TOTAL VARIABLE RATE DEMAND NOTE | |||
(Cost $3,303,570) | 3,303,570 | ||
Tender Option Bond - 19.6% | |||
Alaska - 0.2% | |||
Alaska Indl. Dev. & Expt. Auth. Rev. Participating VRDN Series 16 XM 0236, 1.12% 3/7/18 (Liquidity Facility Bank of America NA) (a)(c) | 16,665 | 16,665 | |
Arizona - 0.2% | |||
Mesa Util. Sys. Rev. Bonds Series Solar 17 0026, SIFMA Municipal Swap Index + 0.050% 1.14%, tender 3/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 5,370 | 5,370 | |
Rowan Univ. Participating VRDN Series 2016 XF 2337, 1.13% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 7,700 | 7,700 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Participating VRDN: | |||
Series Floaters XF 21 92, 1.12% 3/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 5,245 | 5,245 | |
Series ROC II R 14060, 1.12% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 4,000 | 4,000 | |
22,315 | |||
California - 0.3% | |||
Newport Mesa Unified School District Bonds Series WF 11 70Z, SIFMA Municipal Swap Index + 0.280% 1.37%, tender 3/1/18 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d)(e) | 16,775 | 16,775 | |
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN Series 2015 XF 1033, 1.14% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c) | 10,240 | 10,240 | |
27,015 | |||
Colorado - 0.8% | |||
Children's Hosp. Assoc., Co. Participating VRDN Series Floaters XF 23 05, 1.13% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 3,885 | 3,885 | |
Colorado Health Facilities Auth. Rev. Participating VRDN: | |||
Series Floaters XF 22 41, 1.19% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 4,300 | 4,300 | |
Series ZF 04 17, 1.21% 3/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,200 | 4,200 | |
Colorado Reg'l. Trans. District Sales Tax Rev. Participating VRDN Series Floaters 16 XF1031, 1.14% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 21,625 | 21,625 | |
Colorado Univ. Co. Hosp. Auth. Rev. Participating VRDN Series EGL 17 0002, 1.13% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 24,800 | 24,800 | |
Denver City & County Arpt. Rev. Participating VRDN Series Floaters XF 10 36, 1.15% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 2,300 | 2,300 | |
Denver City & County Board Wtr. Rev. Bonds Series Solar 17 0032, SIFMA Municipal Swap Index + 0.150% 1.24%, tender 3/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 4,215 | 4,215 | |
RBC Muni. Products, Inc. Trust Participating VRDN Series 2018 E-112, 1.14% 3/7/18 (Liquidity Facility Royal Bank of Canada) (a)(c) | 8,400 | 8,400 | |
Univ. of Colorado Enterprise Sys. Rev. Bonds Series Solar 0065, 1.14%, tender 3/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 6,300 | 6,300 | |
80,025 | |||
Connecticut - 0.2% | |||
Connecticut Gen. Oblig. Participating VRDN: | |||
Series 15 YX1002, 1.15% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 3,000 | 3,000 | |
Series Floaters 016, SIFMA Municipal Swap Index + 0.040% 1.15% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 5,500 | 5,500 | |
Series Floaters XM 05 22, 1.15% 3/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,000 | 5,000 | |
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Participating VRDN Series Floaters YX 10 77, 1.15% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 2,455 | 2,455 | |
State of Connecticut Gen. Oblig. Bonds Participating VRDN Series XM 03 39, 1.15% 3/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,700 | 3,700 | |
19,655 | |||
District Of Columbia - 0.4% | |||
Children's Nat'l. Med. Ctr., Participating VRDN Series 2015 XF 1047, 1.16% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 6,300 | 6,300 | |
District of Columbia Gen. Oblig. Bonds Series Solar 0035, SIFMA Municipal Swap Index + 0.150% 1.24%, tender 3/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 2,495 | 2,495 | |
District of Columbia Income Tax Rev. Participating VRDN: | |||
Series EGL 14 0039, 1.13% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 12,400 | 12,400 | |
Series XF 23 41, 1.13% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 4,800 | 4,800 | |
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Participating VRDN: | |||
Series Floaters XM 05 52, 1.17% 3/7/18 (Liquidity Facility Cr. Suisse AG) (a)(b)(c) | 5,700 | 5,700 | |
Series Floaters ZM 05 54, 1.15% 3/7/18 (Liquidity Facility Citibank NA) (a)(b)(c) | 2,500 | 2,500 | |
34,195 | |||
Florida - 1.8% | |||
Central Fla Expwy Auth. Rev. Participating VRDN Series Floaters 004, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) (a)(c)(e) | 37,800 | 37,800 | |
Central Florida Expressway Bonds Series RBC E 62, SIFMA Municipal Swap Index + 0.170% 1.26%, tender 5/1/18 (Liquidity Facility Royal Bank of Canada) (a)(c)(d)(e) | 49,730 | 49,730 | |
Eclipse Fdg. Trust Various States Bonds Series Solar 2017 37, SIFMA Municipal Swap Index + 0.050% 1.14%, tender 3/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 2,900 | 2,900 | |
Florida Board of Ed. Pub. Ed. Cap. Outlay Bonds: | |||
Series Solar 0049, 1.24%, tender 3/15/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 3,000 | 3,000 | |
Series Solar 0054, 1.24%, tender 3/22/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 2,150 | 2,150 | |
Florida Gen. Oblig. Bonds Series Solar 042, SIFMA Municipal Swap Index + 0.050% 1.14%, tender 3/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 8,255 | 8,255 | |
Gainesville Utils. Sys. Rev. Bonds Series Solar 0061, 1.24%, tender 5/10/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 15,900 | 15,900 | |
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Participating VRDN Series Floaters ZF 25 03, 1.15% 3/7/18 (Liquidity Facility Citibank NA) (a)(b)(c) | 3,750 | 3,750 | |
Jacksonville Elec. Auth. Elec. Sys. Rev. Participating VRDN Series 16 ZF0339, 1.15% 3/7/18 (Liquidity Facility Bank of America NA) (a)(c) | 2,160 | 2,160 | |
Miami Beach Resort Tax Rev. Participating VRDN Series RBC 15 ZM0119, 1.14% 3/7/18 (Liquidity Facility Royal Bank of Canada) (a)(c) | 7,500 | 7,500 | |
Miami-Dade County Aviation Rev. Participating VRDN Series XG 00 65 1.15% 3/7/18 (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, 1.15% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 8,040 | 8,040 | |
Miami-Dade County School Board Ctfs. of Prtn. Participating VRDN Series ZF 03 29, 1.19% 3/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,175 | 2,175 | |
Palm Beach County School Board Ctfs. of Prtn. Participating VRDN Series 2017 01, 1.13% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 10,490 | 10,490 | |
Palm Beach County Solid Waste Auth. Rev. Participating VRDN Series ROC II 14003, 1.12% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 6,400 | 6,400 | |
Pinellas County Fla School Board Ctfs. Participating VRDN Series Floaters ZF 05 86, 1.16% 3/7/18 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | 5,000 | 5,000 | |
174,505 | |||
Georgia - 0.3% | |||
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 107, 1.15% 3/7/18 (Liquidity Facility Royal Bank of Canada) (a)(c) | 10,800 | 10,800 | |
Clarke County Hosp. Auth. Participating VRDN Series 2017 ZF 2413, 1.14% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 4,800 | 4,800 | |
Heard County Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 105, 1.15% 3/7/18 (Liquidity Facility Royal Bank of Canada) (a)(c) | 2,300 | 2,300 | |
Metropolitan Atlanta Rapid Transit Auth. Sales Tax Rev. Bonds Series Solar 0047, SIFMA Municipal Swap Index + 0.150% 1.24%, tender 5/17/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 6,325 | 6,325 | |
Monroe County Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 106, 1.15% 3/7/18 (Liquidity Facility Royal Bank of Canada) (a)(c) | 5,000 | 5,000 | |
Private Colleges & Univs. Auth. Rev. Participating VRDN Series Floaters XM 04 35, 1.12% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 4,000 | 4,000 | |
33,225 | |||
Hawaii - 0.2% | |||
Hawaii Gen. Oblig.: | |||
Bonds Series Solar 17 0031, SIFMA Municipal Swap Index + 0.050% 1.14%, tender 3/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 5,120 | 5,120 | |
Participating VRDN: | |||
Series 16 XF0439, 1.13% 3/7/18 (Liquidity Facility Bank of America NA) (a)(c) | 6,000 | 6,000 | |
Series Floaters XF 05 18, 1.13% 3/7/18 (Liquidity Facility Royal Bank of Canada) (a)(c) | 3,835 | 3,835 | |
Honolulu City and County Wastewtr. Sys. Participating VRDN Series ROC II R 11989, 1.12% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 4,005 | 4,005 | |
18,960 | |||
Illinois - 1.8% | |||
Chicago Board of Ed. Participating VRDN Series Floaters 003, 1.34% 4/11/18 (Liquidity Facility Barclays Bank PLC) (a)(c)(e) | 47,700 | 47,700 | |
Chicago Transit Auth. Participating VRDN Series Floaters XM 04 50, 1.13% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 12,600 | 12,600 | |
City of Chicago Gen. Oblig. Bonds Participating VRDN Series XF 23 42, 1.24% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 1,900 | 1,900 | |
Cook County Ill Sales Tax Rev. Participating VRDN Series Floaters XF 25 01, 1.15% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 5,100 | 5,100 | |
Illinois Fin. Auth. Rev. Participating VRDN: | |||
Series 15 XM0050, 1.12% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 3,000 | 3,000 | |
Series 15 XM0114, 1.12% 3/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 6,240 | 6,240 | |
Series Floaters XF 25 00, 1.15% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 4,980 | 4,980 | |
Series XF 23 38, 1.13% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 10,800 | 10,800 | |
Illinois Gen. Oblig. Participating VRDN: | |||
Series Floaters E97, 1.14% 3/7/18 (Liquidity Facility Royal Bank of Canada) (a)(c) | 40,745 | 40,745 | |
Series Floaters YX 10 72, 1.15% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 3,625 | 3,625 | |
Illinois Sales Tax Rev. Participating VRDN Series XF 24 06, 1.13% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 4,055 | 4,055 | |
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Participating VRDN: | |||
Series 15 XF0277, 1.17% 3/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,000 | 2,000 | |
Series 15 XM 0078, 1.14% 3/7/18 (Liquidity Facility Royal Bank of Canada) (a)(c) | 15,375 | 15,375 | |
The County of Cook Participating VRDN Series XF 23 13, 1.13% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 4,500 | 4,500 | |
Will Cnty. Gen. Oblig. Participating VRDN Series Floaters ZF 05 11, 1.15% 3/7/18 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | 6,000 | 6,000 | |
168,620 | |||
Indiana - 1.1% | |||
Hamilton County HealthCare Facilities Rev. Participating VRDN Series XF 10 26, 1.16% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 13,000 | 13,000 | |
Indiana Fin. Auth. Rev. Participating VRDN Series 15 XF0106, 1.12% 3/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 17,180 | 17,180 | |
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds Series 16 E71, SIFMA Municipal Swap Index + 0.170% 1.26%, tender 3/1/18 (Liquidity Facility Royal Bank of Canada) (a)(c)(d)(e) | 75,280 | 75,280 | |
105,460 | |||
Iowa - 0.2% | |||
Iowa Student Ln. Liquidity Corp. Student Ln. Rev. Participating VRDN Series Floaters E 114, 1.19% 3/7/18 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | 20,000 | 20,000 | |
Kansas - 0.1% | |||
Kansas Dev. Fin. Agcy. Participating VRDN Series ROC II R 14067, 1.12% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 5,420 | 5,420 | |
Univ. of Kansas Hosp. Auth. Health Facilities Rev. Participating VRDN Series XF 10 51, 1.14% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 7,625 | 7,625 | |
13,045 | |||
Kentucky - 0.1% | |||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. Participating VRDN Series Floaters XG 01 23, 1.13% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 5,295 | 5,295 | |
Louisiana - 1.3% | |||
Louisiana Gas & Fuel Tax Rev. Participating VRDN Series EGL 14 0049, 1.14% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 114,600 | 114,600 | |
Louisiana Local Govt. Envir. Facilities Participating VRDN Series 2016 XF 2336, 1.13% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 10,400 | 10,400 | |
125,000 | |||
Maryland - 0.3% | |||
Baltimore County Gen. Oblig. Bonds Series Solar 17 22, SIFMA Municipal Swap Index + 0.050% 1.14%, tender 3/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 7,770 | 7,770 | |
Maryland Health & Higher Ed. Facilities Auth. Rev. Participating VRDN Series XF 10 21, 1.17% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 13,400 | 13,400 | |
Maryland Health & Higher Edl. Facilities Auth. Rev. Participating VRDN Series 15 XF0130, 1.12% 3/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 7,275 | 7,275 | |
28,445 | |||
Massachusetts - 1.1% | |||
Massachusetts Clean Wtr. Trust Bonds Series Clipper 09 30, SIFMA Municipal Swap Index + 0.180% 1.27%, tender 3/8/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)(d)(e) | 17,410 | 17,410 | |
Massachusetts Gen. Oblig. Bonds: | |||
Series Clipper 09 67, SIFMA Municipal Swap Index + 0.050% 1.14%, tender 3/1/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)(d) | 71,570 | 71,570 | |
Series Clipper 09 69, SIFMA Municipal Swap Index + 0.180% 1.27%, tender 3/8/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)(d)(e) | 15,913 | 15,913 | |
104,893 | |||
Michigan - 0.4% | |||
Eastern Michigan Univ. Revs. Participating VRDN Series Floaters 17 012, 1.14% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 28,700 | 28,700 | |
Michigan Fin. Auth. Rev. Participating VRDN: | |||
Series 15 XF0126, 1.14% 3/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,290 | 5,290 | |
Series 16 ZM0166, 1.12% 3/7/18 (Liquidity Facility Royal Bank of Canada) (a)(c) | 2,240 | 2,240 | |
36,230 | |||
Mississippi - 0.1% | |||
Mississippi Gen. Oblig. Participating VRDN: | |||
Series Clipper 09 60, SIFMA Municipal Swap Index + 0.050% 1.14% 3/1/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)(d) | 3,500 | 3,500 | |
Series ROC II R 14027, 1.12% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 3,680 | 3,680 | |
7,180 | |||
Missouri - 0.3% | |||
Missouri St Hefa Edl. Facilities Rev. Participating VRDN Series Floaters 17 010, 1.14% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 28,040 | 28,040 | |
Montana - 0.0% | |||
Missoula Mont Wtr. Sys. Rev. Participating VRDN Series Floaters 011, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) (a)(c)(e) | 4,600 | 4,600 | |
Nebraska - 0.2% | |||
Douglas County School District #1 Bonds Series Solar 0059, SIFMA Municipal Swap Index + 0.050% 1.14%, tender 3/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 5,200 | 5,200 | |
Omaha Pub. Pwr. District Elec. Rev. Participating VRDN: | |||
Series 16 XF1053, 1.16% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 12,200 | 12,200 | |
Series Floaters XX 10 04, 1.14% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 5,710 | 5,710 | |
23,110 | |||
Nevada - 0.1% | |||
Clark County Fuel Tax Bonds: | |||
Series Solar 0068, 1.14%, tender 3/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 3,600 | 3,600 | |
Series Solar 17 25, SIFMA Municipal Swap Index + 0.150% 1.24%, tender 3/22/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 5,540 | 5,540 | |
9,140 | |||
New Jersey - 0.2% | |||
New Jersey Gen. Oblig. Participating VRDN Series Floaters E 103, 1.12% 3/7/18 (Liquidity Facility Royal Bank of Canada) (a)(c) | 7,500 | 7,500 | |
New Jersey St. Trans. Trust Fund Auth. Participating VRDN Series Floaters 16 XF1059, 1.26% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 5,521 | 5,521 | |
Union County Impt. Auth. Participating VRDN Series XF 10 19, 1.14% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 4,100 | 4,100 | |
Union County Impt. Auth. Rev. Participating VRDN Series XG 00 57, 1.15% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 3,200 | 3,200 | |
20,321 | |||
North Carolina - 1.9% | |||
City of Charlotte Wtr. Swr. Sys. Rev. Participating VRDN Series XL 00 12, 1.14% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 5,000 | 5,000 | |
Greensboro Combined Enterprise Sys. Rev. Bonds Series Solar 0045, SIFMA Municipal Swap Index + 0.050% 1.24%, tender 5/24/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 2,720 | 2,720 | |
North Carolina Cap. Facilities Fin. Agcy. Rev. Participating VRDN: | |||
Series EGL 14 0050, 1.13% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 63,665 | 63,665 | |
Series EGL 14 0051: | |||
1.13% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 16,300 | 16,300 | |
1.13% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 14,220 | 14,220 | |
Series EGL 14 0052, 1.13% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 64,735 | 64,735 | |
North Carolina Cap. Impt. Ltd. Bonds Series WF 11 136C, SIFMA Municipal Swap Index + 0.280% 1.37%, tender 4/5/18 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d)(e) | 2,765 | 2,765 | |
North Carolina Med. Care Commission Health Care Facilities Rev. Participating VRDN Series 15 XF0147, 1.13% 3/7/18 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | 9,365 | 9,365 | |
178,770 | |||
Ohio - 0.2% | |||
Hamilton County HealthCare Facilities Rev. Participating VRDN Series XF 10 50, 1.15% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 2,800 | 2,800 | |
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) (a)(c)(e) | 7,015 | 7,015 | |
Ohio Higher Edl. Facility Commission Rev. Participating VRDN: | |||
Series 2017, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) (a)(c)(e) | 6,010 | 6,010 | |
Series XG 00 69, 1.15% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 750 | 750 | |
16,575 | |||
Oklahoma - 0.1% | |||
Edmond Pubs Sales & Uti Rev. Participating VRDN Series Floaters XM 05 59, 1.15% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 7,800 | 7,800 | |
Oregon - 0.3% | |||
Clackamas County School District #7J Bonds Series Solar 0053, SIFMA Municipal Swap Index + 0.050% 1.14%, tender 3/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 6,890 | 6,890 | |
Oregon Facilities Auth. Rev. Participating VRDN Series DB 15 XF1049, 1.14% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 1,045 | 1,045 | |
Oregon Gen. Oblig.: | |||
Bonds Series WF11 57 C, SIFMA Municipal Swap Index + 0.280% 1.37%, tender 7/26/18 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d)(e) | 10,760 | 10,760 | |
Participating VRDN Series ROC II R 11949, 1.12% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 3,615 | 3,615 | |
Portland Wtr. Sys. Rev. Bonds Series 2016 24, SIFMA Municipal Swap Index + 0.150% 1.24%, tender 3/8/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 6,370 | 6,370 | |
28,680 | |||
Pennsylvania - 1.0% | |||
Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) (a)(c)(e) | 11,000 | 11,000 | |
Pennsylvania Econ. Dev. Participating VRDN Series XM 0048, 1.14% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 1,500 | 1,500 | |
Pennsylvania Econ. Dev. Fing. Auth. Rev. Participating VRDN Series Floaters 16 YX1028, 1.14% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 2,415 | 2,415 | |
Pennsylvania Gen. Oblig. Participating VRDN Series Floaters XF 24 54, 1.12% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 5,630 | 5,630 | |
Pennsylvania Health & Edl. Facilities Fing. Auth. Rev. Bonds Series E72, SIFMA Municipal Swap Index + 0.170% 1.26%, tender 3/1/18 (Liquidity Facility Royal Bank of Canada) (a)(c)(d)(e) | 68,500 | 68,500 | |
Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series WF 11 26C, SIFMA Municipal Swap Index + 0.280% 1.37%, tender 7/26/18 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d)(e) | 2,600 | 2,600 | |
91,645 | |||
South Carolina - 0.7% | |||
Berkeley County School District Bonds Series Solar 17 0030, SIFMA Municipal Swap Index + 0.150% 1.24%, tender 5/17/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 3,045 | 3,045 | |
Columbia Wtrwks. & Swr. Rev. Participating VRDN: | |||
Series 2016 21, SIFMA Municipal Swap Index + 0.050% 1.12% 3/7/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 7,960 | 7,960 | |
Series Floaters XM 04 42, 1.14% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 3,000 | 3,000 | |
Lancaster County School District Bonds Series Solar 17 21, SIFMA Municipal Swap Index + 0.150% 1.24%, tender 3/8/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 3,595 | 3,595 | |
Lexington County Health Svcs. District, Inc. Hosp. Rev. Participating VRDN Series Floaters XF 23 68 1.13% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 2,995 | 2,995 | |
Lexington County School District #1 Bonds Series Solar 0058, 1.24%, tender 5/3/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 3,600 | 3,600 | |
South Carolina Pub. Svc. Auth. Rev. Participating VRDN: | |||
Series 2017 XF 2425, 1.13% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 33,065 | 33,065 | |
Series Floaters XG 01 49, 1.13% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 9,360 | 9,360 | |
66,620 | |||
Tennessee - 0.1% | |||
Nashville and Davidson County Metropolitan Govt. Health & Edl. Facilities Board Rev. Participating VRDN Series Floaters XG 01 45, 1.13% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 4,585 | 4,585 | |
Rutherford County Health & Edl. Facilities Board Rev. Participating VRDN Series 2014 ZF0208, 1.19% 3/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 5,000 | 5,000 | |
9,585 | |||
Texas - 0.8% | |||
Board of Regents of The Texas A&M Univ. Sys. Permanent Univ. Fund Bonds Series WF 10 53C, SIFMA Municipal Swap Index + 0.280% 1.37%, tender 7/26/18 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d)(e) | 5,535 | 5,535 | |
Boerne Independent School District Participating VRDN Series Floaters XG 01 64, 1.14% 3/7/18 (Liquidity Facility Bank of America NA) (a)(c) | 2,795 | 2,795 | |
Frisco Independent School District Participating VRDN Series ROC II R 11960, 1.12% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 6,310 | 6,310 | |
Harris County Gen. Oblig. Bonds Series Clipper 09 73, SIFMA Municipal Swap Index + 0.040% 1.13%, tender 3/1/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)(d) | 4,600 | 4,600 | |
Hays Consolidated Independent School District Bonds Series Solar 0050, SIFMA Municipal Swap Index + 0.050% 1.24%, tender 4/12/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 2,795 | 2,795 | |
Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Participating VRDN Series ROC II R 11860, 1.12% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 6,000 | 6,000 | |
Houston Util. Sys. Rev. Participating VRDN Series 16 XM 0235, 1.12% 3/7/18 (Liquidity Facility Bank of America NA) (a)(c) | 14,400 | 14,400 | |
Katy Independent School District Participating VRDN Series Floaters XG 01 63, 1.14% 3/7/18 (Liquidity Facility Bank of America NA) (a)(c) | 1,105 | 1,105 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Participating VRDN Series 16 XF0411, 1.14% 3/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,900 | 6,900 | |
Tarrant County Health Facilities Dev. Corp. Hosp. Rev. Participating VRDN Series Putters 0028, 1.14% 3/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,000 | 4,000 | |
Texas A&M Univ. Rev. Participating VRDN Series Floaters XM 04 43, 1.13% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 1,580 | 1,580 | |
Texas Gen. Oblig. Bonds Series WF 1183C, SIFMA Municipal Swap Index + 0.350% 1.44%, tender 3/29/18 (Liquidity Facility Wells Fargo Bank NA) (a)(b)(c)(d)(e) | 15,045 | 15,045 | |
Texas State Univ. Sys. Fing. Rev. Participating VRDN Series 16 ZF 0307, 1.12% 3/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,800 | 2,800 | |
73,865 | |||
Utah - 0.2% | |||
Riverton Hosp. Rev. Participating VRDN Series RBC ZF 0274, 1.14% 3/7/18 (Liquidity Facility Royal Bank of Canada) (a)(c) | 14,900 | 14,900 | |
Utah Transit Auth. Sales Tax Rev. Participating VRDN Series 2017, 1.12% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 1,100 | 1,100 | |
16,000 | |||
Vermont - 0.0% | |||
Vermont Edl. and Health Buildings Fing. Agcy. Participating VRDN Series XF 23 61, 1.13% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 3,875 | 3,875 | |
Virginia - 1.0% | |||
Hampton Roads Sanitation District Wastewtr. Rev. Bonds Series Solar 0064, 1.24%, tender 5/3/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 6,500 | 6,500 | |
Loudoun County Gen. Oblig. Bonds Series Solar 2017 38, SIFMA Municipal Swap Index + 0.050% 1.24%, tender 4/12/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 2,915 | 2,915 | |
Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series EGL 17 0005, 1.13% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 31,565 | 31,565 | |
Univ. of Virginia Gen. Rev.: | |||
Bonds Series Solar 17 17, SIFMA Municipal Swap Index + 0.150% 1.24%, tender 3/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 3,430 | 3,430 | |
Participating VRDN Series EGL 14 0048, 1.13% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 41,105 | 41,105 | |
Virginia Commonwealth Trans. Board Rev. Participating VRDN Series 16 XM0142, 1.12% 3/7/18 (Liquidity Facility Royal Bank of Canada) (a)(c) | 6,770 | 6,770 | |
92,285 | |||
Washington - 1.2% | |||
King County Gen. Oblig. Participating VRDN Series Floaters XM 04 41, 1.14% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 2,500 | 2,500 | |
King County Swr. Rev. Participating VRDN: | |||
Series EGL 14 0047, 1.13% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 39,785 | 39,785 | |
Series ROC II R 11962, 1.12% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 2,200 | 2,200 | |
Port of Seattle Rev. Participating VRDN Series Floaters XF 05 22, 1.18% 3/7/18 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | 3,600 | 3,600 | |
Seattle Muni. Lt. & Pwr. Rev. Bonds: | |||
Series Solar 0055, 1.24%, tender 3/29/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 6,190 | 6,190 | |
Series Solar 17 19, SIFMA Municipal Swap Index + 0.150% 1.24%, tender 3/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 3,875 | 3,875 | |
Series WF 11-18C, SIFMA Municipal Swap Index + 0.280% 1.37%, tender 7/26/18 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d)(e) | 6,730 | 6,730 | |
Seattle Wtr. Sys. Rev. Bonds Series Solar 17 5, SIFMA Municipal Swap Index + 0.150% 1.24%, tender 4/26/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 7,605 | 7,605 | |
Washington Gen. Oblig. Bonds Series WF 11-16C, SIFMA Municipal Swap Index + 0.280% 1.37%, tender 7/26/18 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d)(e) | 33,900 | 33,900 | |
Washington Health Care Facilities Auth. Rev. Participating VRDN: | |||
Series 2015 XF0150, 1.12% 3/7/18 (Liquidity Facility Bank of America NA) (a)(c) | 4,355 | 4,355 | |
Series Floaters XF 24 92, 1.15% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 1,745 | 1,745 | |
112,485 | |||
Wisconsin - 0.4% | |||
Agnesian Healthcare Participating VRDN Series Floaters XF 24 83, 1.13% 3/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) | 4,700 | 4,700 | |
Milwaukee Metropolitan Swr. District Bonds Series Solar 0036, SIFMA Municipal Swap Index + 0.150% 1.24%, tender 3/15/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | 3,100 | 3,100 | |
Wisconsin Gen. Oblig. Participating VRDN Series Clipper 09 53, SIFMA Municipal Swap Index + 0.180% 1.27% 3/8/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)(d)(e) | 12,745 | 12,745 | |
Wisconsin Health & Edl. Facilities Participating VRDN: | |||
Series Floaters XF 24 18, 1.12% 3/7/18 (Liquidity Facility Citibank NA) (a)(c) | 5,000 | 5,000 | |
Series Floaters XG 00 72, 1.16% 3/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 4,200 | 4,200 | |
Wisconsin Health & Edl. Facilities Auth. Rev. Participating VRDN Series Floaters 3184, 1.12% 3/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 11,860 | 11,860 | |
41,605 | |||
TOTAL TENDER OPTION BOND | |||
(Cost $1,865,729) | 1,865,729 | ||
Other Municipal Security - 42.3% | |||
Alabama - 0.6% | |||
Huntsville Health Care Auth. Rev.: | |||
Series 2017, 1.14% 3/2/18, CP | 15,800 | 15,800 | |
Series 2018: | |||
1.24% 6/1/18, CP | 17,400 | 17,400 | |
1.26% 4/4/18, CP | 3,000 | 3,000 | |
1.3% 6/18/18, CP | 4,000 | 4,000 | |
1.32% 7/6/18, CP | 13,000 | 13,000 | |
53,200 | |||
Alaska - 0.1% | |||
North Slope Borough Gen. Oblig. Bonds: | |||
Series 2014 A, 5% 6/30/18 | 7,435 | 7,523 | |
Series 2017 A, 5% 6/30/18 | 3,530 | 3,574 | |
11,097 | |||
Arizona - 0.2% | |||
Phoenix Civic Impt. Board Arpt. Rev. Bonds Series 2008 A, 5% 7/1/18 (Pre-Refunded to 7/1/18 @ 100) | 13,500 | 13,661 | |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series C, 1.13% 3/5/18, CP | 8,500 | 8,500 | |
22,161 | |||
California - 1.5% | |||
California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Bonds: | |||
Series 2010 A, SIFMA Municipal Swap Index + 0.100% 1.19%, tender 3/1/18 (Liquidity Facility Royal Bank of Canada) (a)(d) | 76,875 | 76,875 | |
Series 2010 B, SIFMA Municipal Swap Index + 0.100% 1.19%, tender 3/1/18 (Liquidity Facility Royal Bank of Canada) (a)(d) | 27,500 | 27,500 | |
Los Angeles Dept. of Wtr. & Pwr. Rev. Series 2018, 1.41% 7/19/18 (Liquidity Facility Royal Bank of Canada), CP | 28,600 | 28,600 | |
Sacramento Muni. Util. District Elec. Rev. Series 2018 L-1, 1.34% 3/13/18, LOC Barclays Bank PLC, CP | 12,600 | 12,600 | |
145,575 | |||
Colorado - 0.2% | |||
Colorado Gen. Fdg. Rev. TRAN Series 2017 A, 5% 6/27/18 | 2,900 | 2,936 | |
Colorado Springs Utils. Rev. Series A, 1.37% 4/5/18, LOC Bank of America NA, CP | 2,800 | 2,800 | |
Colorado State Bldg. Excellent Schools Today Ctfs. of Prtn. Bonds (Colorado St Proj.) Series 2017 K, 2% 3/15/18 | 2,900 | 2,901 | |
Denver City & County Arpt. Rev. Bonds Series 2017 A, 4% 11/15/18 (b) | 7,995 | 8,135 | |
16,772 | |||
Connecticut - 3.0% | |||
Brookfield Gen. Oblig. BAN Series A, 2.25% 11/15/18 | 6,990 | 7,039 | |
Colchester Gen. Oblig. BAN Series 2018, 2.5% 10/17/18 | 7,950 | 8,000 | |
Connecticut Gen. Oblig.: | |||
BAN Series 2017 A, 5% 9/14/18 | 160,500 | 163,511 | |
Bonds: | |||
Series 2014 C, 5% 6/15/18 | 300 | 303 | |
Series 2014 H, 5% 11/15/18 | 3,195 | 3,272 | |
Series 2016 A, 4% 3/15/18 | 13,595 | 13,610 | |
Series 2017 B, 3% 4/15/18 | 22,840 | 22,892 | |
Connecticut Health & Edl. Facilities Auth. Rev. Bonds Series S1, 1.12% tender 4/3/18, CP mode | 5,060 | 5,060 | |
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series 2014 A, 4% 9/1/18 | 2,480 | 2,514 | |
East Haddam Gen. Oblig. BAN Series 2017, 2.25% 3/8/18 | 2,800 | 2,801 | |
Greenwich Gen. Oblig. BAN Series 2018, 2% 1/18/19 | 31,140 | 31,289 | |
Ledyard Gen. Oblig. BAN Series 2018, 2% 6/13/18 | 10,200 | 10,218 | |
North Haven Gen. Oblig. BAN Series 2017, 2.25% 11/8/18 | 5,775 | 5,818 | |
Watertown Gen. Oblig. BAN Series 2018, 2.5% 10/25/18 | 5,800 | 5,836 | |
282,163 | |||
District Of Columbia - 0.3% | |||
District of Columbia Rev. Bonds Series 2000, 1.15% tender 3/8/18, LOC JPMorgan Chase Bank, CP mode | 5,400 | 5,400 | |
District of Columbia Univ. Rev. Bonds (Georgetown Univ. Proj.) Series 2001 B, 4.7%, tender 4/1/18 (a) | 8,500 | 8,524 | |
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Series 1, 1.03% 3/21/18, LOC JPMorgan Chase Bank, CP | 13,700 | 13,700 | |
27,624 | |||
Florida - 3.5% | |||
Florida Local Govt. Fin. Cmnty.: | |||
Series 11A1, 1.21% 4/4/18, LOC JPMorgan Chase Bank, CP | 37,912 | 37,912 | |
Series 2018, 1.34% 3/6/18, LOC JPMorgan Chase Bank, CP | 40,944 | 40,944 | |
Jacksonville Gen. Oblig. Series 04A, 1.36% 4/4/18, LOC Bank of America NA, CP | 9,700 | 9,700 | |
Miami-Dade County Series A1, 1.29% 5/21/18, LOC Bank of America NA, CP (b) | 14,343 | 14,343 | |
Miami-Dade County Aviation Rev. Series C: | |||
1.29% 5/21/18, LOC Bank of America NA, CP (b) | 19,600 | 19,600 | |
1.35% 6/5/18, LOC Bank of America NA, CP (b) | 19,900 | 19,900 | |
1.36% 3/13/18, LOC Bank of America NA, CP (b) | 20,000 | 20,000 | |
1.4% 5/10/18, LOC Bank of America NA, CP (b) | 30,000 | 30,000 | |
Miami-Dade County School Board Ctfs. of Prtn. Bonds: | |||
(Miami-Dade County School District Proj.): | |||
Series 2008 B, 5.25% 5/1/18 (Pre-Refunded to 5/1/18 @ 100) | 14,300 | 14,396 | |
Series 2015 A, 5% 5/1/18 | 2,860 | 2,877 | |
(Miami-Dade County School District) Series 2008 B, 5.25% 5/1/18 (Pre-Refunded to 5/1/18 @ 100) | 15,700 | 15,803 | |
Palm Beach Fla Series 2018, 1.3% 4/5/18, LOC Citibank NA, CP | 6,911 | 6,911 | |
Polk County Indl. Dev. Auth. Health Sys. Rev. Bonds: | |||
Series 2014 A, SIFMA Municipal Swap Index + 0.300% 1.39%, tender 9/26/18 (a)(d) | 28,200 | 28,200 | |
Series 2014 A1, SIFMA Municipal Swap Index + 0.250% 1.34%, tender 9/26/18 (a)(d) | 28,900 | 28,900 | |
Tampa Health Sys. Rev. Bonds Series 2012 B, SIFMA Municipal Swap Index + 0.300% 1.39%, tender 9/26/18 (a)(d) | 42,015 | 42,015 | |
331,501 | |||
Georgia - 6.2% | |||
Atlanta Arpt. Rev.: | |||
Series D1: | |||
1.3% 6/18/18, LOC Bank of America NA, CP | 19,400 | 19,400 | |
1.35% 6/18/18, LOC Bank of America NA, CP | 1,017 | 1,017 | |
Series D2: | |||
1.35% 6/18/18, LOC Bank of America NA, CP (b) | 63,761 | 63,761 | |
1.4% 6/18/18, LOC Bank of America NA, CP (b) | 3,360 | 3,360 | |
Series D3, 1.3% 6/18/18, LOC Bank of America NA, CP | 3,113 | 3,113 | |
Series D4: | |||
1.35% 6/18/18, LOC Bank of America NA, CP (b) | 13,000 | 13,000 | |
1.45% 6/18/18, LOC Bank of America NA, CP (b) | 346 | 346 | |
Series E1: | |||
1.31% 6/18/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 9,700 | 9,700 | |
1.31% 6/18/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 9,700 | 9,700 | |
1.35% 6/18/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 1,013 | 1,013 | |
Series E2: | |||
1.36% 6/18/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP (b) | 31,881 | 31,881 | |
1.36% 6/18/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP (b) | 31,881 | 31,881 | |
1.4% 6/18/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP (b) | 1,730 | 1,730 | |
1.5% 6/18/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP (b) | 1,730 | 1,730 | |
Series E3: | |||
1.31% 6/18/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 1,498 | 1,498 | |
1.31% 6/18/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 1,498 | 1,498 | |
Series E4: | |||
1.36% 6/18/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP (b) | 6,533 | 6,533 | |
1.36% 6/18/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP (b) | 6,534 | 6,534 | |
1.5% 6/18/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP (b) | 173 | 173 | |
Atlanta Wtr. & Wastewtr. Rev.: | |||
Series 15A1: | |||
1.2% 4/2/18, LOC PNC Bank NA, CP | 40,100 | 40,100 | |
1.22% 4/2/18, LOC PNC Bank NA, CP | 2,500 | 2,500 | |
Series 15A2, 1.2% 4/2/18, LOC Wells Fargo Bank NA, CP | 6,300 | 6,300 | |
Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
Bonds (Gen. Resolution Projs.) Series 85 A, 1.16% tender 4/5/18, LOC Barclays Bank PLC, CP mode | 12,400 | 12,400 | |
Series B, 1.17% 4/16/18, LOC PNC Bank NA, CP | 23,000 | 23,000 | |
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds: | |||
Series 2010 A1, SIFMA Municipal Swap Index + 0.100% 1.19%, tender 4/2/18 (Liquidity Facility Royal Bank of Canada) (a)(d) | 89,620 | 89,620 | |
Series 2010 A2, SIFMA Municipal Swap Index + 0.100% 1.19%, tender 4/2/18 (Liquidity Facility Royal Bank of Canada) (a)(d) | 204,690 | 204,690 | |
586,478 | |||
Hawaii - 0.1% | |||
Honolulu City & County Gen. Oblig. Bonds Series 2009 B, 5.25% 7/1/18 | 5,800 | 5,878 | |
Idaho - 0.4% | |||
Idaho Gen. Oblig. TAN Series 2017, 4% 6/29/18 | 32,775 | 33,064 | |
Idaho Health Facilities Auth. Hosp. Rev. Bonds Series 2013 ID, 1.1%, tender 5/1/18 (a) | 5,200 | 5,200 | |
38,264 | |||
Illinois - 1.8% | |||
Chicago O'Hare Int'l. Arpt. Rev.: | |||
Series 16A1, 1.25% 3/14/18, LOC Bank of America NA, CP (b) | 11,715 | 11,715 | |
Series 16A2, 1.23% 3/14/18, LOC Bank of America NA, CP | 1,800 | 1,800 | |
Series 16B1, 1.27% 3/14/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP (b) | 15,243 | 15,243 | |
Series 16B2, 1.2% 3/14/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 2,600 | 2,600 | |
Series 16C1, 1.27% 3/14/18, LOC Barclays Bank PLC, CP (b) | 3,400 | 3,400 | |
Series 16C2, 1.23% 3/14/18, LOC Barclays Bank PLC, CP | 3,400 | 3,400 | |
Illinois Fin. Auth. Ed. Rev.: | |||
Series 2018, 1.38% 4/3/18, LOC PNC Bank NA, CP | 7,940 | 7,940 | |
Series LOY: | |||
1.18% 4/2/18, LOC PNC Bank NA, CP | 3,000 | 3,000 | |
1.32% 7/6/18, LOC PNC Bank NA, CP | 10,800 | 10,800 | |
Illinois Fin. Auth. Rev. Bonds: | |||
(Advocate Health Care Network Proj.) Series 2011 B, SIFMA Municipal Swap Index + 0.300% 1.39%, tender 9/26/18 (a)(d) | 40,850 | 40,850 | |
(Hosp. Sisters Svcs., Inc.) Series 2018, 1.38% tender 4/3/18, CP mode | 14,200 | 14,200 | |
Series 12H: | |||
1.14% tender 3/5/18, CP mode | 20,000 | 20,000 | |
1.18% tender 4/4/18, CP mode | 14,300 | 14,300 | |
1.33% tender 6/5/18, CP mode | 3,200 | 3,200 | |
Series 12I: | |||
1.3% tender 5/21/18, CP mode | 7,860 | 7,860 | |
1.33% tender 6/5/18, CP mode | 13,500 | 13,500 | |
173,808 | |||
Indiana - 0.3% | |||
Indianapolis Gas Util. Sys. Rev. Series 2017, 1.14% 3/6/18, LOC JPMorgan Chase Bank, CP | 28,700 | 28,700 | |
Kansas - 0.3% | |||
Wyandotte County/Kansas City Unified Govt. Gen. Oblig. BAN Series 2017-I, 1.5% 3/1/18 | 30,600 | 30,600 | |
Kentucky - 0.1% | |||
Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 1.32% tender 4/6/18, CP mode | 6,100 | 6,100 | |
Maryland - 0.4% | |||
Baltimore County Gen. Oblig. BAN Series 2017, 3% 3/16/18 | 4,345 | 4,348 | |
Maryland Gen. Oblig. Bonds Series 2012 B, 5% 3/15/18 | 12,835 | 12,854 | |
Montgomery County Gen. Oblig. Bonds Series 2013 MD, 1.14%, tender 6/1/18 (a) | 19,020 | 19,020 | |
36,222 | |||
Massachusetts - 1.2% | |||
Massachusetts Gen. Oblig. RAN Series 2017 B, 2% 5/21/18 | 5,750 | 5,758 | |
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1992: | |||
1.25% tender 4/12/18, CP mode | 6,100 | 6,100 | |
1.27% tender 4/2/18, CP mode | 19,500 | 19,500 | |
Massachusetts Port Auth. Rev. Series 12B: | |||
1.24% 6/6/18, LOC TD Banknorth, NA, CP (b) | 5,900 | 5,900 | |
1.38% 5/9/18, LOC TD Banknorth, NA, CP (b) | 5,000 | 5,000 | |
1.4% 9/14/18, LOC TD Banknorth, NA, CP (b) | 14,400 | 14,400 | |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | |||
Series 2018 B, 1.37% 3/7/18, LOC Citibank NA, CP | 16,100 | 16,100 | |
Series B, 1.1% 3/7/18, LOC Citibank NA, CP | 10,800 | 10,800 | |
Series C: | |||
1.19% 3/9/18, LOC Barclays Bank PLC, CP | 3,600 | 3,600 | |
1.22% 3/5/18, LOC Barclays Bank PLC, CP | 11,400 | 11,400 | |
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Series 99: | |||
1.08% 3/7/18, LOC State Street Bank & Trust Co., Boston, CP | 9,435 | 9,435 | |
1.14% 4/4/18, LOC State Street Bank & Trust Co., Boston, CP | 8,400 | 8,400 | |
116,393 | |||
Michigan - 1.4% | |||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 1.34%, tender 9/26/18 (a)(d) | 16,745 | 16,745 | |
Michigan Bldg. Auth. Rev.: | |||
Bonds: | |||
(Michigan Gen. Oblig. Proj.) Series 2009 I, 5% 10/15/18 | 8,475 | 8,668 | |
(Michigan Gen. Oblig.) Series 2016, 5% 4/15/18 | 2,750 | 2,762 | |
Series 7, 1.24% 5/10/18, LOC State Street Bank & Trust Co., Boston, LOC U.S. Bank NA, Cincinnati, CP | 17,960 | 17,960 | |
Michigan Fin. Auth. Rev. Bonds Series 2013 M1, 1.14%, tender 6/1/18 (a) | 37,275 | 37,275 | |
Michigan Hosp. Fin. Auth. Rev. Bonds: | |||
(McLaren Health Care Corp. Proj.) Series 2008 A, 5.75% 5/15/18 (Pre-Refunded to 5/15/18 @ 100) | 7,850 | 7,925 | |
Series 2010 F1, 2%, tender 5/30/18 (a) | 1,200 | 1,203 | |
Univ. of Michigan Rev.: | |||
Bonds: | |||
Series 09B, 1.26% tender 6/1/18, CP mode | 3,800 | 3,800 | |
Series 2010 C, 5% 4/1/18 | 1,000 | 1,003 | |
Series 2018 K-1: | |||
1.33% 3/12/18, CP | 10,700 | 10,700 | |
1.35% 3/6/18, CP | 5,800 | 5,800 | |
Series 2018 K-2, 1.35% 10/9/18, CP | 2,700 | 2,700 | |
Series K1, 1.16% 3/1/18, CP | 5,135 | 5,135 | |
Series K2, 1.15% 9/7/18, CP | 13,200 | 13,200 | |
134,876 | |||
Minnesota - 0.5% | |||
Minneapolis Gen. Oblig. Bonds Series 2017, 5% 12/1/18 | 6,300 | 6,478 | |
Minnesota Gen. Oblig. Bonds Series 2013 A, 5% 8/1/18 | 11,885 | 12,068 | |
Univ. of Minnesota Gen. Oblig.: | |||
Series 07C, 1.13% 3/6/18, CP | 5,900 | 5,900 | |
Series 09D, 1.31% 3/12/18, CP | 8,000 | 8,000 | |
Series 17F, 1.26% 6/1/18, CP | 3,800 | 3,800 | |
Series 2018 B, 1.37% 3/2/18, CP | 2,800 | 2,800 | |
Univ. of Minnesota Rev.: | |||
Series 2018 A, 1.44% 4/2/18, CP | 400 | 400 | |
Series A, 1.07% 4/2/18, CP | 9,400 | 9,400 | |
48,846 | |||
Missouri - 0.1% | |||
Curators of the Univ. of Missouri Series A, 1.11% 3/6/18, CP | 6,800 | 6,800 | |
Montana - 0.2% | |||
Montana Board of Invt. Bonds: | |||
(Intercap Revolving Prog.) Series 2017, 1.2%, tender 3/1/19 (a) | 5,800 | 5,800 | |
Series 2007, 1.2%, tender 3/1/19 (a) | 6,435 | 6,435 | |
Series 2013, 1.2%, tender 3/1/19 (a) | 2,665 | 2,665 | |
14,900 | |||
Nebraska - 0.5% | |||
Omaha Pub. Pwr. District Elec. Rev.: | |||
Series 2018 A: | |||
1.36% 4/4/18, CP | 8,500 | 8,500 | |
1.36% 4/5/18, CP | 7,700 | 7,700 | |
Series A: | |||
1.12% 3/5/18, CP | 8,000 | 8,000 | |
1.16% 3/2/18, CP | 6,900 | 6,900 | |
1.2% 4/3/18, CP | 7,700 | 7,700 | |
1.22% 5/1/18, CP | 1,390 | 1,390 | |
1.32% 7/6/18, CP | 4,700 | 4,700 | |
44,890 | |||
Nevada - 0.1% | |||
Clark County School District Bonds Series 2014 B, 5% 6/15/18 | 2,800 | 2,828 | |
Truckee Meadows Wtr. Auth. Wtr. Rev. Series 2018, 1.36% 4/4/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 9,100 | 9,100 | |
11,928 | |||
New Hampshire - 0.8% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds: | |||
(New England Pwr. Co. Proj.) Series B, 1.45% tender 3/1/18, CP mode | 12,840 | 12,840 | |
Series 1990 A: | |||
1.3% tender 4/6/18, CP mode (b) | 27,000 | 27,000 | |
1.3% tender 4/12/18, CP mode (b) | 10,300 | 10,300 | |
Series A1, 1.35% tender 3/7/18, CP mode (b) | 24,100 | 24,100 | |
74,240 | |||
New Jersey - 2.0% | |||
Bloomfield Township Gen. Oblig. BAN Series 2018, 1.75% 4/12/18 | 14,700 | 14,705 | |
Burlington County Bridge Commission Lease Rev. BAN (Governmental Leasing Prog.) Series 2017 C, 2.5% 12/12/18 | 4,300 | 4,333 | |
Camden County BAN Series 2017 A, 3% 10/25/18 | 11,591 | 11,720 | |
Englewood Gen. Oblig. BAN Series 2017, 2.5% 4/4/18 | 10,931 | 10,944 | |
Fairfield TWP NJ BD NTS. BAN Series 2017, 2.25% 6/14/18 | 5,700 | 5,718 | |
Freehold Township BAN Series 2017, 2.5% 11/7/18 | 5,900 | 5,953 | |
Hudson County Gen. Oblig. BAN Series 2017, 3% 12/12/18 | 39,084 | 39,536 | |
Montclair Township Gen. Oblig. BAN Series 2017: | |||
2.5% 11/2/18 | 9,200 | 9,281 | |
2.5% 11/2/18 | 3,670 | 3,702 | |
Mount Laurel Township Gen. Oblig. BAN Series 2018 A, 3% 3/5/19 | 9,200 | 9,325 | |
Ocean City Gen. Oblig. BAN Series 2017 A, 2.5% 11/28/18 | 8,000 | 8,072 | |
Passaic County Gen. Oblig. BAN Series A, 2.5% 12/6/18 | 23,500 | 23,695 | |
Stone Hbr. BAN Series 2017, 2.5% 11/2/18 | 17,175 | 17,329 | |
Township of Bridgewater BAN Series 2017, 2.25% 8/10/18 | 21,632 | 21,715 | |
West Caldwell Township BAN Series 2017, 3% 12/14/18 | 3,564 | 3,604 | |
189,632 | |||
New York - 1.0% | |||
Albany County Gen. Oblig. BAN Series 2017, 4% 5/24/18 | 6,790 | 6,831 | |
Coxsackie Athens N Y Cent School District BAN Series 2017, 2.5% 6/8/18 | 12,000 | 12,042 | |
East Meadow Union Free School District BAN Series 2018 B, 2.75% 3/1/19(f) | 2,404 | 2,432 | |
New York Pwr. Auth. Series 2, 1.2% 3/15/18, CP | 2,700 | 2,700 | |
Starpoint Central School District BAN Series 2017, 2.25% 6/22/18 | 13,875 | 13,921 | |
Westchester County Gen. Oblig.: | |||
BAN Series A, 3% 12/14/18 | 4,000 | 4,049 | |
TAN Series 2018, 2% 5/29/18 | 54,700 | 54,798 | |
96,773 | |||
New York And New Jersey - 0.1% | |||
Port Auth. of New York & New Jersey Series A: | |||
1.18% 4/4/18, CP (b) | 9,785 | 9,785 | |
1.29% 3/1/18, CP (b) | 3,255 | 3,255 | |
13,040 | |||
North Carolina - 0.3% | |||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Bonds Series 2009 B, 5% 1/1/19 (Pre-Refunded to 1/1/19 @ 100) | 15,500 | 15,964 | |
North Carolina Gen. Oblig. Bonds: | |||
Series 2009 A, 5% 3/1/18 | 6,375 | 6,375 | |
Series 2014 A, 5% 6/1/18 | 7,200 | 7,268 | |
29,607 | |||
Ohio - 1.1% | |||
Big Walnut Local School District BAN Series 2017, 2.625% 5/1/18 | 1,900 | 1,904 | |
Brunswick Ohio City School District BAN Series 2018, 2.5% 5/31/18 | 6,405 | 6,421 | |
Butler County Gen. Oblig. BAN: | |||
Series 2017, 2.5% 7/26/18 | 3,380 | 3,397 | |
Series 2018, 3% 1/24/19 | 2,000 | 2,025 | |
Delaware Gen. Oblig. BAN Series 2017, 2% 4/12/18 | 3,815 | 3,818 | |
Franklin County Rev. Bonds Series 2013 OH, NULL 1.1%, tender 5/1/18 (a) | 9,000 | 9,000 | |
Highland Local School District BAN Series 2017, 2.5% 6/28/18 | 1,600 | 1,605 | |
Hudson City Gen. Oblig. BAN Series 2017 2, 3% 12/28/18 | 4,040 | 4,087 | |
Independence Gen. Oblig. BAN Series 2017, 2% 12/5/18 | 500 | 502 | |
Lake County Gen. Oblig. BAN (Ohio Gen. Oblig.) Series 2018, 2% 1/17/19 (Ohio Gen. Oblig. Guaranteed) | 5,200 | 5,218 | |
Licking County BAN Series 2017, 2% 5/23/18 | 1,200 | 1,202 | |
Mason Gen. Oblig. BAN Series 2016, 2.5% 5/22/18 | 4,000 | 4,011 | |
North Ridgeville Gen. Oblig. BAN Series 2017, 2% 6/18/18 | 3,700 | 3,709 | |
Ohio Higher Edl. Facility Commission Rev. Bonds: | |||
(the Cleveland Clinic Foundation) Series 2018 B-6, 1.36% tender 4/5/18, CP mode | 21,200 | 21,200 | |
Series 08B5, 1.29% tender 4/12/18, CP mode | 10,800 | 10,800 | |
Ohio State Univ. Gen. Receipts Rev. Bonds Series 03C, 1.13% tender 3/6/18, CP mode | 7,380 | 7,380 | |
Sandusky Gen. Oblig. BAN Series 2017, 2.25% 10/4/18 | 2,900 | 2,913 | |
Shaker Heights City School District BAN Series 2017, 3% 7/12/18 | 3,900 | 3,923 | |
Southwest Local School District BAN Series 2017, 2.5% 11/14/18 | 3,900 | 3,924 | |
Uhrichsville Recreational Facilities BAN Series 2017, 2% 6/28/18 (Ohio Gen. Oblig. Guaranteed) | 1,630 | 1,634 | |
Upper Arlington City School District BAN Series 2017, 3.125% 4/1/18 | 6,300 | 6,309 | |
Willoughby BAN Series 2017, 2.25% 5/24/18 | 4,550 | 4,560 | |
109,542 | |||
Oklahoma - 0.2% | |||
Oklahoma City Wtr. Utils. Trust Wtr. and Swr. Rev. Series A, 1.19% 3/5/18 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 1,700 | 1,700 | |
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Bonds Series 2015 B, SIFMA Municipal Swap Index + 0.350% 1.44%, tender 9/26/18 (a)(d) | 21,105 | 21,105 | |
22,805 | |||
Oregon - 0.1% | |||
Port of Portland Arpt. Rev. Series B, 1.33% 3/27/18, LOC Barclays Bank PLC, CP (b) | 5,400 | 5,400 | |
Pennsylvania - 0.5% | |||
Allegheny County Hosp. Dev. Auth. Rev. Bonds Series 2008, 5% 6/15/18 | 2,655 | 2,684 | |
Northampton County Gen. Purp. Auth. Hosp. Rev. Bonds (St Lukes Hosp. & Health Ntw Proj.) Series 2008 A: | |||
5.5% 8/15/18 (Pre-Refunded to 8/15/18 @ 100) | 1,860 | 1,896 | |
5.5% 8/15/18 (Pre-Refunded to 8/15/18 @ 100) | 4,550 | 4,636 | |
Pennsylvania Gen. Oblig. Bonds: | |||
Series 2009, 5% 7/1/18 | 1,705 | 1,726 | |
Series 2012, 5% 7/1/18 | 2,740 | 2,774 | |
Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. Bonds Series 2009, 5% 6/15/18 | 2,100 | 2,123 | |
Pennsylvania Tpk. Commission Tpk. Rev. Bonds (PA St Tpk. Subordinated Proj.) Series 2008 B-1, 5.25% 6/1/18 (Pre-Refunded to 6/1/18 @ 100) | 5,535 | 5,591 | |
Philadelphia Arpt. Rev. Series B2, 1.32% 5/7/18, LOC PNC Bank NA, CP (b) | 9,000 | 9,000 | |
Philadelphia Gen. Oblig. TRAN Series 2017 A, 2% 6/29/18 | 9,800 | 9,822 | |
Southcentral Pennsylvania Gen. Auth. Rev. Bonds 6% 6/1/18 (Pre-Refunded to 6/1/18 @ 100) | 8,365 | 8,468 | |
48,720 | |||
Tennessee - 0.7% | |||
Metropolitan Govt. Nashville & Davidson County Wtr. & Swr. Sys. Rev. Series A, 1.3% 4/5/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 13,900 | 13,900 | |
Nashville and Davidson County Metropolitan Govt. Gen. Oblig.: | |||
Series 2018 B-1, 1.34% 3/6/18 (Liquidity Facility JPMorgan Chase Bank), CP | 7,100 | 7,100 | |
Series B1: | |||
1.12% 3/8/18 (Liquidity Facility JPMorgan Chase Bank), CP | 4,450 | 4,450 | |
1.13% 3/1/18 (Liquidity Facility JPMorgan Chase Bank), CP | 14,400 | 14,400 | |
1.2% 3/26/18 (Liquidity Facility JPMorgan Chase Bank), CP | 13,500 | 13,500 | |
Series B2: | |||
1.14% 3/1/18 (Liquidity Facility MUFG Union Bank NA), CP | 5,800 | 5,800 | |
1.18% 4/2/18 (Liquidity Facility MUFG Union Bank NA), CP | 5,400 | 5,400 | |
1.19% 4/2/18 (Liquidity Facility MUFG Union Bank NA), CP | 5,400 | 5,400 | |
69,950 | |||
Texas - 10.1% | |||
Austin Elec. Util. Sys. Rev.: | |||
Bonds 0% 5/15/18 | 14,300 | 14,262 | |
Series 2018: | |||
1.39% 3/5/18 (Liquidity Facility JPMorgan Chase Bank), CP | 7,100 | 7,100 | |
1.43% 3/1/18 (Liquidity Facility JPMorgan Chase Bank), CP | 9,800 | 9,800 | |
Series A: | |||
1.14% 3/6/18 (Liquidity Facility JPMorgan Chase Bank), CP | 57,905 | 57,905 | |
1.22% 3/5/18 (Liquidity Facility JPMorgan Chase Bank), CP | 2,750 | 2,750 | |
Fort Bend Independent School District: | |||
Series 2017, 1.14% 3/7/18 (Liquidity Facility JPMorgan Chase Bank), CP | 3,500 | 3,500 | |
Series 2018: | |||
1.35% 6/5/18 (Liquidity Facility JPMorgan Chase Bank), CP | 18,600 | 18,600 | |
1.35% 6/5/18 (Liquidity Facility JPMorgan Chase Bank), CP | 2,600 | 2,600 | |
Harris County Cultural Ed. Facilities Fin. Corp. Rev. Bonds: | |||
(Texas Children's Hosp. Proj.) Series 2015 2, 0.002% x SIFMA Municipal Swap Index 1.29%, tender 9/26/18 (a)(d) | 33,900 | 33,900 | |
Series 16B1, 1.24% tender 5/2/18, CP mode | 27,100 | 27,100 | |
Series 16B2, 1.02% tender 3/5/18, CP mode | 29,300 | 29,300 | |
Series 16B3, 1.17% tender 4/4/18, CP mode | 23,600 | 23,600 | |
Harris County Gen. Oblig.: | |||
Series A1, 1.06% 3/8/18 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 13,700 | 13,700 | |
Series E1, 1.12% 3/22/18, LOC Landesbank Hessen-Thuringen, CP | 4,300 | 4,300 | |
Series E2, 1.12% 3/22/18, LOC Barclays Bank PLC, CP | 2,640 | 2,640 | |
Harris County Metropolitan Trans. Auth.: | |||
Series 2018 A-1: | |||
1.35% 5/3/18 (Liquidity Facility JPMorgan Chase Bank), CP | 14,450 | 14,450 | |
1.36% 4/4/18 (Liquidity Facility JPMorgan Chase Bank), CP | 16,400 | 16,400 | |
Series A1: | |||
1.27% 5/15/18 (Liquidity Facility JPMorgan Chase Bank), CP | 16,500 | 16,500 | |
1.28% 5/17/18 (Liquidity Facility JPMorgan Chase Bank), CP | 7,900 | 7,900 | |
Series A3: | |||
1.27% 5/15/18 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 7,000 | 7,000 | |
1.28% 5/17/18 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 1,200 | 1,200 | |
Houston Arpt. Sys. Rev. Series A: | |||
1.25% 3/5/18, LOC Sumitomo Mitsui Banking Corp., CP (b) | 4,900 | 4,900 | |
1.27% 4/12/18, LOC Sumitomo Mitsui Banking Corp., CP (b) | 45,500 | 45,500 | |
1.33% 4/4/18, LOC Sumitomo Mitsui Banking Corp., CP (b) | 24,500 | 24,500 | |
Houston Gen. Oblig. Bonds Series 2013 A, 5% 3/1/18 | 6,700 | 6,700 | |
Lower Colorado River Auth. Rev.: | |||
Series 2017, 1.04% 4/3/18, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 7,800 | 7,800 | |
Series 2018 B, 1.16% 3/5/18, LOC State Street Bank & Trust Co., Boston, CP | 1,220 | 1,220 | |
Series 2018: | |||
1.15% 3/1/18, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 9,404 | 9,404 | |
1.16% 3/1/18, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 6,451 | 6,451 | |
1.18% 4/3/18, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 4,800 | 4,800 | |
1.21% 3/1/18, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 3,300 | 3,300 | |
Series B, 1.3% 5/21/18, LOC State Street Bank & Trust Co., Boston, CP | 16,400 | 16,400 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Bonds (Baylor Health Care Sys. Proj.): | |||
Series 2011 B, BMA Municipal Swap Index + 0.300% 1.39%, tender 9/26/18 (a)(d) | 31,700 | 31,700 | |
Series 2013 B, SIFMA Municipal Swap Index + 0.300% 1.39%, tender 9/26/18 (a)(d) | 31,000 | 31,000 | |
Texas A&M Univ. Rev. Series B: | |||
1.23% 4/10/18, CP | 11,500 | 11,500 | |
1.25% 6/5/18, CP | 5,100 | 5,100 | |
Texas Gen. Oblig. TRAN Series 2017, 4% 8/30/18 | 359,315 | 364,056 | |
Univ. of Texas Board of Regents Sys. Rev.: | |||
Bonds Series 2017 C, 3% 8/15/18 | 2,590 | 2,610 | |
Series 2018 A, 1.34% 3/7/18 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 5,200 | 5,200 | |
Series 2018, 1.23% 4/2/18 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 13,600 | 13,600 | |
Series A: | |||
1.05% 4/5/18 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 14,800 | 14,800 | |
1.33% 3/22/18 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 14,200 | 14,200 | |
Univ. of Texas Permanent Univ. Fund Rev. Series 2018 A, 1.38% 4/3/18, CP | 14,200 | 14,200 | |
Upper Trinity Reg'l. Wtr. District: | |||
Series 2017, 1.17% 3/5/18, LOC Bank of America NA, CP | 5,700 | 5,700 | |
Series 2018: | |||
1.34% 3/5/18, LOC Bank of America NA, CP | 2,500 | 2,500 | |
1.35% 7/6/18, LOC Bank of America NA, CP | 5,450 | 5,450 | |
967,098 | |||
Vermont - 0.1% | |||
Vermont Econ. Dev. Auth. Rev. Series D, 1.19% 4/11/18, LOC JPMorgan Chase Bank, CP (b) | 8,900 | 8,900 | |
Virginia - 0.6% | |||
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds Series 1992, 1.27% tender 3/20/18, CP mode (b) | 15,100 | 15,100 | |
Norfolk Econ. Dev. Auth. Rev. Series 2017, 1.14% 3/6/18, CP | 6,800 | 6,800 | |
Univ. of Virginia Gen. Rev.: | |||
Series 03 A, 1.14% 3/6/18, CP | 9,500 | 9,500 | |
Series 03A: | |||
1.1% 3/27/18, CP | 2,800 | 2,800 | |
1.12% 3/19/18, CP | 4,500 | 4,500 | |
1.23% 3/5/18, CP | 5,200 | 5,200 | |
1.23% 3/6/18, CP | 4,300 | 4,300 | |
Virginia Pub. School Auth. Bonds (Virginia Gen. Oblig.) Series 2012 A, 5% 8/1/18 | 9,465 | 9,606 | |
57,806 | |||
Washington - 0.7% | |||
Energy Northwest Elec. Rev. Bonds: | |||
Series 2010 A, 5% 7/1/18 | 4,785 | 4,843 | |
Series 2011 A, 5% 7/1/18 | 3,205 | 3,244 | |
Series 2012 A, 5% 7/1/18 | 2,000 | 2,024 | |
Series 2014-A, 5% 7/1/18 | 16,400 | 16,599 | |
Seattle Muni. Lt. & Pwr. Rev. Bonds Series 2015 A, 5% 5/1/18 | 3,630 | 3,653 | |
Univ. of Washington Univ. Revs. Series 8, 1.13% 3/6/18, CP | 14,300 | 14,300 | |
Washington Gen. Oblig. Bonds: | |||
Series 2011 B, 5% 7/1/18 | 8,500 | 8,603 | |
Series 2013 B, 5% 7/1/18 | 13,800 | 13,967 | |
67,233 | |||
West Virginia - 0.1% | |||
Grant County Cmnty. Solid Waste Disp. Rev. Bonds Series 96, 1.3% tender 3/28/18, CP mode (b) | 11,500 | 11,500 | |
Wisconsin - 0.9% | |||
Wisconsin Gen. Oblig.: | |||
Series 06A, 1.35% 7/6/18 (Liquidity Facility BMO Harris Bank NA), CP | 5,736 | 5,736 | |
Series 2018 A: | |||
1.34% 3/6/18 (Liquidity Facility BMO Harris Bank NA), CP | 32,000 | 32,000 | |
1.34% 3/6/18 (Liquidity Facility BMO Harris Bank NA), CP | 14,800 | 14,800 | |
1.43% 5/22/18 (Liquidity Facility BMO Harris Bank NA), CP | 9,300 | 9,300 | |
Wisconsin Health & Edl. Facilities Bonds Series 2013: | |||
4%, tender 3/1/18 (a) | 20 | 20 | |
4%, tender 3/1/18 (a) | 14,385 | 14,385 | |
Wisconsin Trans. Rev. Series 13A, 1.3% 6/4/18 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 9,900 | 9,900 | |
86,141 | |||
TOTAL OTHER MUNICIPAL SECURITY | |||
(Cost $4,033,163) | 4,033,163 | ||
Shares (000s) | Value (000s) | ||
Investment Company - 3.0% | |||
Fidelity Municipal Cash Central Fund, 1.18% (g)(h) | |||
(Cost $283,151) | 283,129 | 283,151 | |
TOTAL INVESTMENT IN SECURITIES - 99.5% | |||
(Cost $9,485,613) | 9,485,613 | ||
NET OTHER ASSETS (LIABILITIES) - 0.5% | 43,298 | ||
NET ASSETS - 100% | $9,528,911 |
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) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $447,813,000 or 4.7% of net assets.
(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(g) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(h) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Cost (000s) |
Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) | 1/18/18 | $11,000 |
Board of Regents of The Texas A&M Univ. Sys. Permanent Univ. Fund Bonds Series WF 10 53C, SIFMA Municipal Swap Index + 0.280% 1.37%, tender 7/26/18 (Liquidity Facility Wells Fargo Bank NA) | 9/16/13 | $5,535 |
Central Fla Expwy Auth. Rev. Participating VRDN Series Floaters 004, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) | 1/18/18 | $37,800 |
Central Florida Expressway Bonds Series RBC E 62, SIFMA Municipal Swap Index + 0.170% 1.26%, tender 5/1/18 (Liquidity Facility Royal Bank of Canada) | 8/1/16 - 8/1/17 | $49,730 |
Chicago Board of Ed. Participating VRDN Series Floaters 003, 1.34% 3/1/18 (Liquidity Facility Barclays Bank PLC) | 2/1/18 | $47,700 |
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds Series 16 E71, 1.26%, tender 3/1/18 (Liquidity Facility Royal Bank of Canada) | 6/1/16 - 9/1/16 | $75,280 |
Massachusetts Clean Wtr. Trust Bonds Series Clipper 09 30, SIFMA Municipal Swap Index + 0.180% 1.27%, tender 3/8/18 (Liquidity Facility State Street Bank & Trust Co., Boston) | 4/3/09 | $17,410 |
Massachusetts Gen. Oblig. Bonds Series Clipper 09 69, SIFMA Municipal Swap Index + 0.180% 1.27%, tender 3/8/18 (Liquidity Facility State Street Bank & Trust Co., Boston) | 9/28/16 | $15,913 |
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) | 9/14/17 | $7,015 |
Missoula Mont Wtr. Sys. Rev. Participating VRDN Series Floaters 011, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) | 9/29/17 - 1/25/18 | $4,600 |
Newport Mesa Unified School District Bonds Series WF 11 70Z, SIFMA Municipal Swap Index + 0.280% 1.37%, tender 3/1/18 (Liquidity Facility Wells Fargo Bank NA) | 7/17/12 - 8/1/16 | $16,775 |
North Carolina Cap. Impt. Ltd. Bonds Series WF 11 136C, SIFMA Municipal Swap Index + 0.280% 1.37%, tender 4/5/18 (Liquidity Facility Wells Fargo Bank NA) | 10/21/16 | $2,765 |
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.27% 4/11/18 (Liquidity Facility Barclays Bank PLC) | 3/9/17 - 1/11/18 | $6,010 |
Oregon Gen. Oblig. Bonds Series WF11 57 C, SIFMA Municipal Swap Index + 0.280% 1.37%, tender 7/26/18 (Liquidity Facility Wells Fargo Bank NA) | 9/24/14 | $10,760 |
Pennsylvania Health & Edl. Facilities Fing. Auth. Rev. Bonds Series E72, SIFMA Municipal Swap Index + 0.170% 1.26%, tender 3/1/18 (Liquidity Facility Royal Bank of Canada) | 6/1/16 - 1/19/18 | $68,500 |
Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series WF 11 26C, SIFMA Municipal Swap Index + 0.280% 1.37%, tender 7/26/18 (Liquidity Facility Wells Fargo Bank NA) | 8/11/16 - 11/10/16 | $2,600 |
Seattle Muni. Lt. & Pwr. Rev. Bonds Series WF 11-18C, SIFMA Municipal Swap Index + 0.280% 1.37%, tender 7/26/18 (Liquidity Facility Wells Fargo Bank NA) | 2/11/16 | $6,730 |
Texas Gen. Oblig. Bonds Series WF 1183C, SIFMA Municipal Swap Index + 0.350% 1.44%, tender 3/29/18 (Liquidity Facility Wells Fargo Bank NA) | 3/30/16 - 8/11/16 | $15,045 |
Washington Gen. Oblig. Bonds Series WF 11-16C, SIFMA Municipal Swap Index + 0.280% 1.37%, tender 7/26/18 (Liquidity Facility Wells Fargo Bank NA) | 11/1/12 - 2/18/16 | $33,900 |
Wisconsin Gen. Oblig. Participating VRDN Series Clipper 09 53, SIFMA Municipal Swap Index + 0.180% 1.27% 3/1/18 (Liquidity Facility State Street Bank & Trust Co., Boston) | 9/12/16 | $12,745 |
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 | $1,299 |
Total | $1,299 |
Amounts in the income column in the above table exclude any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
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, 2018 (Unaudited) | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $9,202,462) | $9,202,462 | |
Fidelity Central Funds (cost $283,151) | 283,151 | |
Total Investment in Securities (cost $9,485,613) | $9,485,613 | |
Cash | 24 | |
Receivable for investments sold | 49,427 | |
Receivable for fund shares sold | 3,240 | |
Interest receivable | 29,295 | |
Distributions receivable from Fidelity Central Funds | 208 | |
Prepaid expenses | 13 | |
Other receivables | 276 | |
Total assets | 9,568,096 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $12,325 | |
Delayed delivery | 2,432 | |
Payable for fund shares redeemed | 20,624 | |
Distributions payable | 226 | |
Accrued management fee | 2,056 | |
Other affiliated payables | 1,204 | |
Other payables and accrued expenses | 318 | |
Total liabilities | 39,185 | |
Net Assets | $9,528,911 | |
Net Assets consist of: | ||
Paid in capital | $9,529,691 | |
Distributions in excess of net investment income | (107) | |
Accumulated undistributed net realized gain (loss) on investments | (673) | |
Net Assets, for 9,518,113 shares outstanding | $9,528,911 | |
Net Asset Value, offering price and redemption price per share ($9,528,911 ÷ 9,518,113 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, 2018 (Unaudited) | |
Investment Income | ||
Interest | $55,455 | |
Income from Fidelity Central Funds | 1,299 | |
Total income | 56,754 | |
Expenses | ||
Management fee | $13,164 | |
Transfer agent fees | 7,208 | |
Accounting fees and expenses | 414 | |
Custodian fees and expenses | 38 | |
Independent trustees' fees and expenses | 20 | |
Registration fees | 43 | |
Audit | 24 | |
Legal | 16 | |
Miscellaneous | 15 | |
Total expenses before reductions | 20,942 | |
Expense reductions | (32) | 20,910 |
Net investment income (loss) | 35,844 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (367) | |
Fidelity Central Funds | (23) | |
Capital gain distributions from Fidelity Central Funds | 21 | |
Total net realized gain (loss) | (369) | |
Net increase in net assets resulting from operations | $35,475 |
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, 2018 (Unaudited) | Year ended August 31, 2017 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $35,844 | $54,392 |
Net realized gain (loss) | (369) | (304) |
Net increase in net assets resulting from operations | 35,475 | 54,088 |
Distributions to shareholders from net investment income | (35,900) | (54,394) |
Distributions to shareholders from net realized gain | – | (293) |
Total distributions | (35,900) | (54,687) |
Share transactions at net asset value of $1.00 per share | ||
Proceeds from sales of shares | 580,852 | 1,076,162 |
Reinvestment of distributions | 34,404 | 52,473 |
Cost of shares redeemed | (2,143,292) | (6,790,111) |
Net increase (decrease) in net assets and shares resulting from share transactions | (1,528,036) | (5,661,476) |
Total increase (decrease) in net assets | (1,528,461) | (5,662,075) |
Net Assets | ||
Beginning of period | 11,057,372 | 16,719,447 |
End of period | $9,528,911 | $11,057,372 |
Other Information | ||
Distributions in excess of net investment income end of period | $(107) | $(51) |
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 endedAugust 31, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
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) | .004 | .004 | –A | –A | –A | –A |
Net realized and unrealized gain (loss)A | – | – | – | – | – | – |
Total from investment operations | .004 | .004 | –A | –A | –A | –A |
Distributions from net investment income | (.004) | (.004) | –A | –A | –A | –A |
Distributions from net realized gain | – | –A | –A | –A | –A | – |
Total distributions | (.004) | (.004) | –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 | .35% | .42% | .04% | .02% | .01% | .01% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | .41%F | .40% | .41% | .40% | .40% | .41% |
Expenses net of fee waivers, if any | .41%F | .40% | .18% | .06% | .09% | .15% |
Expenses net of all reductions | .41%F | .40% | .18% | .06% | .09% | .15% |
Net investment income (loss) | .70%F | .41% | .03% | .01% | .01% | .01% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $9,529 | $11,057 | $16,719 | $27,987 | $28,648 | $28,592 |
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, 2018
(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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
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.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
Gross unrealized appreciation | $– |
Gross unrealized depreciation | – |
Net unrealized appreciation (depreciation) | $– |
Tax cost | $9,485,613 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $(304) |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .15% of the Fund's average net assets and an annualized group fee rate that 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 .14% 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.
Through arrangements with the Fund's custodian, credits realized as a result of certain univested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expense by $2.
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $30.
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 a 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 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, 2017 to February 28, 2018).
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, 2017 | Ending Account Value February 28, 2018 | Expenses Paid During Period-B September 1, 2017 to February 28, 2018 | |
Actual | .41% | $1,000.00 | $1,003.50 | $2.04 |
Hypothetical-C | $1,000.00 | $1,022.76 | $2.06 |
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. FMR and the sub-advisers are referred to herein as the Investment Advisers. 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 review 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 2017 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.
Amendment to Group Fee Rate. The Board also approved an amendment to the management contract for the fund to add an additional breakpoint to the group fee schedule, effective October 1, 2017. The Board noted that the additional breakpoint would result in lower management fee rates as Fidelity's assets under management increase above the new breakpoint.
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 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 Fidelity's investment research process, which includes meetings with management of issuers in which the funds invest, 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) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.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
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Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
MMM-SANN-0418
1.703548.120
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Union Street Trust II’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Union Street Trust II’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Union Street Trust II
By: | /s/Stephanie J. Dorsey |
Stephanie J. Dorsey | |
President and Treasurer | |
Date: | April 24, 2018 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stephanie J. Dorsey |
Stephanie J. Dorsey | |
President and Treasurer | |
Date: | April 24, 2018 |
By: | /s/Howard J. Galligan III |
Howard J. Galligan III | |
Chief Financial Officer | |
Date: | April 24, 2018 |