UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6452
Fidelity Union Street Trust II
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, 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: | August 31, 2019 |
Item 1.
Reports to Stockholders
Fidelity® Arizona Municipal Income Fund
Fidelity® Arizona Municipal Money Market Fund
Annual Report August 31, 2019 |
 |
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| Account Type | Website | Phone Number |
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Contents
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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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended August 31, 2019 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Arizona Municipal Income Fund | 8.56% | 3.79% | 4.60% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Arizona Municipal Income Fund on August 31, 2009.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays Municipal Bond Index performed over the same period.
| Period Ending Values |
| $15,679 | Fidelity® Arizona Municipal Income Fund |
| $15,703 | Bloomberg Barclays Municipal Bond Index |
Fidelity® Arizona Municipal Income Fund
Management's Discussion of Fund Performance
Market Recap: Tax-exempt municipal bonds posted a healthy gain for the 12 months ending August 31, 2019, supported by below-average bond issuance and strong investor demand. The Bloomberg Barclays Municipal Bond Index gained 8.72% for the period. Gross municipal bond issuance remained below the long-term historical average, due to the elimination of tax-exempt advance refundings under the new tax law, historically a significant source of supply. Munis gained in 2019, partly driven by stability in the U.S. Federal Reserve’s policy rate during the first half of the year and a cut to the Fed’s policy rate in July. Demand for fixed-income assets, in general, was strong, amid increased market volatility due to slowing global economic growth and rising international trade tension. In particular, demand for tax-exempt debt increased as wealthy taxpayers felt the full impact of tax reform passed in late 2017. The cap on the federal deduction for state and local taxes made tax-exempt debt more attractive, particularly in high-tax states. For the period, general obligation bonds gained 8.53%, while bonds tied to specific revenue streams or projects rose 9.13%. Looking ahead, market volatility is possible, due to uncertainty about how the Fed will react to labor and inflation trends in the face of negative domestic economic ramifications from trade conflict.
Comments from Co-Portfolio Managers Cormac Cullen, Elizah McLaughlin and Kevin Ramundo: For the fiscal year, the fund gained 8.56%, roughly in line, net of fees, with the 8.72% advance of the Bloomberg Barclays Arizona 2+ Year Enhanced Municipal Bond Index Linked. In managing the fund the past 12 months, we continued to focus on longer-term objectives and sought to generate attractive tax-exempt income and competitive risk-adjusted return over time. The fund's performance versus the state index benefited from favorable duration and yield-curve positioning. The fund had slightly longer duration, which proved advantageous because muni yields declined. We overweighed bonds with durations of seven to 10 years, which outperformed and therefore contributed. An overweighting in lower-rated investment-grade municipal bonds also boosted relative performance. These bonds, typically rated A or BBB, posted better total returns than higher-quality securities. Turning to detractors, differences in the way fund holdings and index components were priced meaningfully hurt relative performance. Lastly, the fund's smaller-than-index allocation to a strong-performing prepaid gas bond modestly detracted.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to shareholders: Mark Sommer retired from Fidelity on December 31, 2018, after 27 years with the firm.
Fidelity® Arizona Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of August 31, 2019
| | % of fund's net assets |
| Education | 21.6 |
| Health Care | 19.5 |
| General Obligations | 19.0 |
| Special Tax | 10.7 |
| Transportation | 9.3 |
Quality Diversification (% of fund's net assets)
| As of August 31, 2019 |
| | AAA | 2.2% |
| | AA,A | 89.7% |
| | BBB | 2.9% |
| | Not Rated | 2.1% |
| | Short-Term Investments and Net Other Assets | 3.1% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Fidelity® Arizona Municipal Income Fund
Schedule of Investments August 31, 2019
Showing Percentage of Net Assets
| Municipal Bonds - 97.3% | | | |
| | | Principal Amount | Value |
| Arizona - 97.0% | | | |
| Arizona Board of Regents Arizona State Univ. Rev.: | | | |
| Series 2012 A: | | $ | $ |
| 5% 7/1/26 | | 550,000 | 606,953 |
| 5% 7/1/26 (Pre-Refunded to 7/1/22 @ 100) | | 450,000 | 498,411 |
| Series 2015 A, 5% 7/1/35 | | 2,215,000 | 2,628,806 |
| Series 2015 B, 5% 7/1/31 | | 1,525,000 | 1,820,820 |
| Series 2015 D: | | | |
| 5% 7/1/34 | | 500,000 | 594,355 |
| 5% 7/1/35 | | 900,000 | 1,068,138 |
| 5% 7/1/41 | | 485,000 | 569,278 |
| Arizona Board of Regents Ctfs. of Prtn. (Univ. of Arizona Projs.) Series 2012 C, 5% 6/1/26 | | 3,035,000 | 3,332,430 |
| Arizona Ctfs. of Prtn.: | | | |
| Series 2013 A, 5% 10/1/25 | | 1,870,000 | 2,087,593 |
| Series 2015, 5% 9/1/27 | | 1,500,000 | 1,827,840 |
| Series 2016, 5% 10/1/21 | | 500,000 | 540,085 |
| Series 2019 A, 5% 10/1/24 | | 4,000,000 | 4,767,040 |
| Arizona Game and Fish Dept. and Commission (AGF Administration Bldg. Proj.) Series 2006: | | | |
| 5% 7/1/21 | | 675,000 | 676,917 |
| 5% 7/1/32 | | 470,000 | 471,274 |
| Arizona Health Facilities Auth. Hosp. Sys. Rev. Series 2012 A, 5% 2/1/23 | | 1,285,000 | 1,392,901 |
| Arizona Health Facilities Auth. Rev.: | | | |
| (Banner Health Sys. Proj.) Series 2007 B, 3 month U.S. LIBOR + 0.810% 2.364%, tender 1/1/37 (a)(b) | | 1,000,000 | 976,110 |
| (Scottsdale Lincoln Hospitals Proj.) Series 2014 A: | | | |
| 5% 12/1/26 | | 2,000,000 | 2,369,060 |
| 5% 12/1/42 | | 2,020,000 | 2,307,850 |
| Series 2011 B1, 5.25% 3/1/39 | | 1,000,000 | 1,054,260 |
| Series 2012 A, 5% 1/1/43 | | 2,000,000 | 2,152,460 |
| Arizona State Lottery Rev. Series 2019, 5% 7/1/29 (c) | | 2,000,000 | 2,648,620 |
| Arizona State Trans. Board: | | | |
| Series 2017 A, 5% 7/1/32 | | 1,500,000 | 1,886,145 |
| Series 2017A, 5% 7/1/31 | | 385,000 | 485,801 |
| Arizona Wtr. Infrastructure Fin. Auth. Rev. Series A, 5% 10/1/28 (Pre-Refunded to 10/1/24 @ 100) | | 2,000,000 | 2,389,420 |
| Buckeye Excise Tax Rev. Series 2015: | | | |
| 5% 7/1/27 | | 350,000 | 422,251 |
| 5% 7/1/28 | | 500,000 | 600,560 |
| 5% 7/1/29 | | 455,000 | 544,803 |
| Central Wtr. Conservation District (Central Arizona Proj.) Series 2016 A, 5% 1/1/36 | | 500,000 | 599,730 |
| Chandler Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Intel Corp. Proj.): | | | |
| Series 2007, 2.7%, tender 8/14/23 (a)(d) | | 2,000,000 | 2,089,880 |
| Series 2019, 5%, tender 6/3/24 (a)(d) | | 1,000,000 | 1,160,100 |
| Dysart Unified School District #89 Gen. Oblig. Series 2014: | | | |
| 5% 7/1/23 | | 700,000 | 798,266 |
| 5% 7/1/27 | | 1,300,000 | 1,519,076 |
| Glendale Gen. Oblig.: | | | |
| Series 2015, 5% 7/1/22 (FSA Insured) | | 1,000,000 | 1,107,680 |
| Series 2017: | | | |
| 5% 7/1/30 | | 2,310,000 | 2,895,585 |
| 5% 7/1/32 | | 1,000,000 | 1,239,930 |
| Glendale Indl. Dev. Auth. (Terraces of Phoenix Proj.) Series 2018 A: | | | |
| 4% 7/1/28 | | 265,000 | 277,701 |
| 5% 7/1/33 | | 435,000 | 476,686 |
| Glendale Sr. Excise Tax Rev. Series 2015 A, 5% 7/1/28 | | 1,000,000 | 1,206,090 |
| Goodyear Pub. Impt. Corp. Facilities Rev. Series 2016 A, 5% 7/1/29 | | 1,000,000 | 1,239,140 |
| Maricopa County Indl. Dev. Auth. Series 2019 A: | | | |
| 5% 9/1/33 | | 250,000 | 309,650 |
| 5% 9/1/34 | | 680,000 | 838,195 |
| 5% 9/1/35 | | 395,000 | 485,439 |
| Maricopa County Indl. Dev. Auth. Sr. Living Facilities Series 2016: | | | |
| 5.75% 1/1/36 (e) | | 250,000 | 266,615 |
| 6% 1/1/48 (e) | | 500,000 | 531,570 |
| Maricopa County Phoenix Union High School District #210 Series 2017 B: | | | |
| 5% 7/1/32 | | 1,180,000 | 1,509,999 |
| 5% 7/1/34 | | 585,000 | 744,530 |
| Maricopa County Rev. Series 2016 A: | | | |
| 5% 1/1/34 | | 3,000,000 | 3,678,600 |
| 5% 1/1/38 | | 1,215,000 | 1,466,396 |
| Maricopa County School District #28 Kyrene Elementary: | | | |
| Series 2010 B: | | | |
| 5.25% 7/1/28 (Pre-Refunded to 7/1/23 @ 100) | | 690,000 | 798,923 |
| 5.5% 7/1/29 (Pre-Refunded to 7/1/23 @ 100) | | 480,000 | 560,266 |
| 5.5% 7/1/30 (Pre-Refunded to 7/1/23 @ 100) | | 400,000 | 466,888 |
| Series 2010 C, 4% 7/1/29 | | 650,000 | 741,332 |
| Series 2019 A, 5% 7/1/37 | | 1,000,000 | 1,261,340 |
| Maricopa County Spl. Health Care District Gen. Oblig. Series 2018 C, 5% 7/1/36 | | 1,000,000 | 1,249,600 |
| Maricopa County Unified School District #48 Scottsdale Series 2017 B, 5% 7/1/33 | | 3,000,000 | 3,761,850 |
| Maricopa School District # 214 (High School Inprovement Proj.) Series 2018 A, 5% 7/1/31 | | 350,000 | 439,870 |
| McAllister Academic Village LLC Rev.: | | | |
| (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2016: | | | |
| 5% 7/1/37 | | 2,000,000 | 2,418,440 |
| 5% 7/1/38 | | 3,850,000 | 4,645,872 |
| Series 2016, 5% 7/1/39 | | 2,270,000 | 2,733,988 |
| Mesa Util. Sys. Rev.: | | | |
| Series 2017, 4% 7/1/25 | | 2,000,000 | 2,317,080 |
| Series 2019 A, 5% 7/1/43 | | 2,000,000 | 2,531,220 |
| Northern Arizona Univ. Ctfs. of Prtn.: | | | |
| (Univ. Proj.) Series 2013, 5% 9/1/24 | | 1,000,000 | 1,103,940 |
| Series 2015, 5% 9/1/20 (FSA Insured) | | 440,000 | 456,033 |
| Northern Arizona Univ. Revs.: | | | |
| Series 2012: | | | |
| 5% 6/1/36 | | 860,000 | 909,106 |
| 5% 6/1/41 | | 1,250,000 | 1,319,388 |
| Series 2013, 5% 8/1/27 | | 1,000,000 | 1,131,080 |
| Series 2014, 5% 6/1/29 | | 500,000 | 579,345 |
| Series 2015, 5% 6/1/30 | | 1,000,000 | 1,188,740 |
| Phoenix Civic Impt. Board Arpt. Rev.: | | | |
| Series 2013: | | | |
| 5% 7/1/26 (d) | | 1,100,000 | 1,254,418 |
| 5% 7/1/29 (d) | | 500,000 | 566,180 |
| Series 2015 A, 5% 7/1/45 | | 4,100,000 | 4,784,901 |
| Series 2017 A: | | | |
| 5% 7/1/35 (d) | | 2,425,000 | 2,962,210 |
| 5% 7/1/42 (d) | | 2,000,000 | 2,406,360 |
| Series 2017 D, 5% 7/1/31 | | 2,000,000 | 2,500,140 |
| 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 | 3,036,420 |
| Phoenix Civic Impt. Corp. Wastewtr. Sys. Rev. Series 2016, 5% 7/1/33 | | 1,000,000 | 1,226,810 |
| Phoenix Gen. Oblig. Series 2014, 4% 7/1/26 | | 2,000,000 | 2,270,440 |
| Phoenix IDA Student Hsg. Rev. Series 2018 A, (Downtown Phoenix Student Hsg., LLC AZ State Univ. Proj.) 5% 7/1/42 | | 1,500,000 | 1,763,685 |
| Phoenix-Mesa Gateway Arpt. Auth. (Mesa Proj.) Series 2012: | | | |
| 5% 7/1/24 (d) | | 380,000 | 418,460 |
| 5% 7/1/27 (d) | | 400,000 | 435,708 |
| Pima County Ctfs. of Prtn.: | | | |
| Series 2013 A, 5% 12/1/22 | | 1,000,000 | 1,123,210 |
| Series 2014, 5% 12/1/27 | | 1,745,000 | 2,011,950 |
| Pima County Swr. Sys. Rev.: | | | |
| Series 2011 B, 5% 7/1/22 | | 1,050,000 | 1,124,571 |
| Series 2012 A: | | | |
| 5% 7/1/23 | | 30,000 | 33,248 |
| 5% 7/1/25 | | 1,600,000 | 1,773,232 |
| Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2015 A: | | | |
| 5% 12/1/34 | | 1,500,000 | 1,795,815 |
| 5% 12/1/45 | | 1,035,000 | 1,216,725 |
| Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007: | | | |
| 5% 12/1/37 | | 1,675,000 | 2,320,863 |
| 5.25% 12/1/19 | | 1,000,000 | 1,009,227 |
| 5.5% 12/1/29 | | 3,000,000 | 3,983,220 |
| Scottsdale Gen. Oblig. Series 2017, 4% 7/1/32 | | 400,000 | 465,204 |
| Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.) Series 2006 C, 5% 9/1/35 (FSA Insured) | | 420,000 | 434,713 |
| Scottsdale Muni. Property Corp. Excise Tax Rev. Series 2015, 5% 7/1/34 | | 1,355,000 | 1,619,862 |
| Surprise Pledged Rev. Series 2015, 5% 7/1/26 | | 1,010,000 | 1,226,342 |
| Tempe Excise Tax Rev.: | | | |
| Series 2012, 5% 7/1/25 | | 1,090,000 | 1,208,974 |
| Series 2016: | | | |
| 5% 7/1/28 | | 315,000 | 392,903 |
| 5% 7/1/29 | | 500,000 | 621,415 |
| 5% 7/1/30 | | 325,000 | 399,770 |
| 5% 7/1/31 | | 375,000 | 459,330 |
| Tempe Indl. Dev. Auth. Rev. (Mirabella At ASU, Inc. Proj.) Series 2017 B, 6% 10/1/37 (e) | | 500,000 | 580,765 |
| Tucson Ctfs. of Prtn.: | | | |
| Series 2014: | | | |
| 4% 7/1/20 (FSA Insured) | | 500,000 | 511,911 |
| 5% 7/1/28 (FSA Insured) | | 1,000,000 | 1,163,160 |
| Series 2015, 5% 7/1/23 (FSA Insured) | | 555,000 | 632,683 |
| Series 2016, 5% 7/1/27 (FSA Insured) | | 1,245,000 | 1,532,321 |
| Tucson Wtr. Rev.: | | | |
| Series 2015, 5% 7/1/31 | | 1,000,000 | 1,202,640 |
| Series 2017, 5% 7/1/34 | | 1,000,000 | 1,250,420 |
| 5% 7/1/27 | | 1,000,000 | 1,215,190 |
| 5% 7/1/28 | | 2,000,000 | 2,424,680 |
| Univ. Med. Ctr. Corp. Hosp. Rev. 5.625% 7/1/36 (Pre-Refunded to 7/1/23 @ 100) | | 1,000,000 | 1,165,750 |
| Univ. of Arizona Univ. Revs.: | | | |
| Series 2012 A, 5% 6/1/37 | | 2,225,000 | 2,421,668 |
| Series 2014, 5% 8/1/28 | | 1,000,000 | 1,173,100 |
| Series 2015 A 5% 6/1/30 | | 2,500,000 | 2,974,175 |
| Series 2019 A, 5% 6/1/41 | | 1,965,000 | 2,500,738 |
| 5% 6/1/38 | | 1,000,000 | 1,208,070 |
| Yavapai County Indl. Dev. Auth.: | | | |
| Series 2012 A, 5.25% 8/1/33 | | 2,000,000 | 2,288,180 |
| Series 2016, 5% 8/1/36 | | 1,305,000 | 1,554,973 |
| Series 2019: | | | |
| 5% 8/1/24 | | 325,000 | 382,272 |
| 5% 8/1/25 | | 400,000 | 482,484 |
| 5% 8/1/26 | | 600,000 | 739,302 |
| 5% 8/1/27 | | 625,000 | 783,700 |
| 5% 8/1/39 | | 1,000,000 | 1,247,440 |
| Yavapai County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds Series 2010, 1.5%, tender 9/3/19 (a) | | 1,000,000 | 1,000,000 |
| Yuma Indl. Dev. Auth. Hosp. Rev. Series 2014 A, 5% 8/1/27 | | 2,000,000 | 2,328,720 |
|
| TOTAL ARIZONA | | | 175,385,988 |
|
| Guam - 0.3% | | | |
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.375% 10/1/43 (d) | | 200,000 | 234,308 |
| Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/21 (FSA Insured) | | 400,000 | 429,496 |
|
| TOTAL GUAM | | | 663,804 |
|
| TOTAL MUNICIPAL BONDS | | | |
| (Cost $163,174,726) | | | 176,049,792 |
|
| Municipal Notes - 3.1% | | | |
| Arizona - 3.1% | | | |
| Arizona Health Facilities Auth. Rev. Series 2015 B, 1.4% 9/3/19, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | | 800,000 | $800,000 |
| Arizona Indl. Dev. Auth. Hosp. Rev.: | | | |
| Series 2019 A, 1.37% 9/3/19, LOC JPMorgan Chase Bank, VRDN (a) | | 3,865,000 | 3,865,000 |
| Series 2019 B, 1.39% 9/3/19, LOC Bank of America NA, VRDN (a) | | 900,000 | 900,000 |
| TOTAL MUNICIPAL NOTES | | | |
| (Cost $5,565,000) | | | 5,565,000 |
| TOTAL INVESTMENT IN SECURITIES - 100.4% | | | |
| (Cost $168,739,726) | | | 181,614,792 |
| NET OTHER ASSETS (LIABILITIES) - (0.4)% | | | (755,225) |
| NET ASSETS - 100% | | | $180,859,567 |
Security Type Abbreviations
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) 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 or a portion of the security purchased on a delayed delivery or when-issued basis.
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,378,950 or 0.8% of net assets.
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 | 21.6% |
| Health Care | 19.5% |
| General Obligations | 19.0% |
| Special Tax | 10.7% |
| Transportation | 9.3% |
| Water & Sewer | 8.7% |
| Others* (Individually Less Than 5%) | 11.2% |
| | 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
| | | August 31, 2019 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $168,739,726) | | $181,614,792 |
| Cash | | 123,094 |
| Receivable for fund shares sold | | 205,605 |
| Interest receivable | | 1,467,961 |
| Other receivables | | 839 |
| Total assets | | 183,412,291 |
| Liabilities | | |
| Payable for investments purchased on a delayed delivery basis | $2,321,040 | |
| Payable for fund shares redeemed | 20,967 | |
| Distributions payable | 128,581 | |
| Accrued management fee | 82,136 | |
| Total liabilities | | 2,552,724 |
| Net Assets | | $180,859,567 |
| Net Assets consist of: | | |
| Paid in capital | | $168,039,916 |
| Total distributable earnings (loss) | | 12,819,651 |
| Net Assets, for 14,441,148 shares outstanding | | $180,859,567 |
| Net Asset Value, offering price and redemption price per share ($180,859,567 ÷ 14,441,148 shares) | | $12.52 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended August 31, 2019 |
| Investment Income | | |
| Interest | | $5,097,260 |
| Expenses | | |
| Management fee | $922,422 | |
| Independent trustees' fees and expenses | 772 | |
| Commitment fees | 448 | |
| Total expenses before reductions | 923,642 | |
| Expense reductions | (1,264) | |
| Total expenses after reductions | | 922,378 |
| Net investment income (loss) | | 4,174,882 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | | (142,077) |
| Total net realized gain (loss) | | (142,077) |
| Change in net unrealized appreciation (depreciation) on investment securities | | 9,902,624 |
| Net gain (loss) | | 9,760,547 |
| Net increase (decrease) in net assets resulting from operations | | $13,935,429 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended August 31, 2019 | Year ended August 31, 2018 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $4,174,882 | $4,398,242 |
| Net realized gain (loss) | (142,077) | 387,127 |
| Change in net unrealized appreciation (depreciation) | 9,902,624 | (5,092,455) |
| Net increase (decrease) in net assets resulting from operations | 13,935,429 | (307,086) |
| Distributions to shareholders | (4,145,505) | – |
| Distributions to shareholders from net investment income | – | (4,394,356) |
| Distributions to shareholders from net realized gain | – | (1,204,002) |
| Total distributions | (4,145,505) | (5,598,358) |
| Share transactions | | |
| Proceeds from sales of shares | 24,527,413 | 25,011,994 |
| Reinvestment of distributions | 2,563,458 | 3,581,986 |
| Cost of shares redeemed | (26,578,108) | (33,871,663) |
| Net increase (decrease) in net assets resulting from share transactions | 512,763 | (5,277,683) |
| Total increase (decrease) in net assets | 10,302,687 | (11,183,127) |
| Net Assets | | |
| Beginning of period | 170,556,880 | 181,740,007 |
| End of period | $180,859,567 | $170,556,880 |
| Other Information | | |
| Undistributed net investment income end of period | | $74,648 |
| Shares | | |
| Sold | 2,029,870 | 2,097,424 |
| Issued in reinvestment of distributions | 213,227 | 300,483 |
| Redeemed | (2,235,331) | (2,844,414) |
| Net increase (decrease) | 7,766 | (446,507) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Arizona Municipal Income Fund
| | | | | | |
| Years ended August 31, | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.82 | $12.21 | $12.50 | $12.12 | $12.11 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .298 | .300 | .311 | .335 | .375 |
| Net realized and unrealized gain (loss) | .698 | (.309) | (.267) | .498 | .018 |
| Total from investment operations | .996 | (.009) | .044 | .833 | .393 |
| Distributions from net investment income | (.296) | (.300) | (.310) | (.335) | (.375) |
| Distributions from net realized gain | – | (.081) | (.024) | (.118) | (.008) |
| Total distributions | (.296) | (.381) | (.334) | (.453) | (.383) |
| Redemption fees added to paid in capitalA | – | – | –B | –B | –B |
| Net asset value, end of period | $12.52 | $11.82 | $12.21 | $12.50 | $12.12 |
| Total ReturnC | 8.56% | (.05)% | .43% | 7.01% | 3.28% |
| Ratios to Average Net AssetsD | | | | | |
| Expenses before reductions | .55% | .55% | .55% | .55% | .55% |
| Expenses net of fee waivers, if any | .55% | .55% | .55% | .55% | .55% |
| Expenses net of all reductions | .55% | .55% | .55% | .55% | .55% |
| Net investment income (loss) | 2.49% | 2.52% | 2.58% | 2.73% | 3.08% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $180,860 | $170,557 | $181,740 | $192,725 | $150,985 |
| Portfolio turnover rate | 13% | 12% | 18% | 7% | 17% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed 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.
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 August 31, 2019
| Days | % of fund's investments 8/31/19 |
| 1 - 7 | 95.5 |
| 8 - 30 | 2.5 |
| 31 - 60 | 1.6 |
| >180 | 0.4 |
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 August 31, 2019 |
| | Variable Rate Demand Notes (VRDNs) | 79.4% |
| | Tender Option Bond | 12.6% |
| | Other Municipal Security | 5.4% |
| | Investment Companies | 2.5% |
| | Net Other Assets (Liabilities) | 0.1% |
Current 7-Day Yields
| | 8/30/19 |
| Fidelity® Arizona Municipal Money Market Fund | 0.93% |
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 August 31, 2019
Showing Percentage of Net Assets
| Variable Rate Demand Note - 79.4% | | | |
| | | Principal Amount | Value |
| Alabama - 0.3% | | | |
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.52% 9/6/19, VRDN (a)(b) | | $300,000 | $300,000 |
| Arizona - 77.9% | | | |
| Arizona Board of Regents Arizona State Univ. Rev. Series 2008 A, 1.35% 9/6/19, VRDN (a) | | 2,295,000 | 2,295,000 |
| Arizona Health Facilities Auth. Rev.: | | | |
| (Banner Health Sys. Proj.) Series 2008 E, 1.38% 9/6/19, LOC Bank of America NA, VRDN (a) | | 1,000,000 | 1,000,000 |
| (Catholic Healthcare West Proj.) Series 2009 F, 1.45% 9/6/19, LOC Mizuho Corporate Bank Ltd., VRDN (a) | | 8,700,000 | 8,700,000 |
| Series 2015 C, 1.37% 9/3/19, LOC Bank of America NA, VRDN (a) | | 700,000 | 700,000 |
| Arizona Indl. Dev. Auth. Hosp. Rev.: | | | |
| Series 2019 A, 1.37% 9/3/19, LOC JPMorgan Chase Bank, VRDN (a) | | 1,410,000 | 1,410,000 |
| Series 2019 B, 1.39% 9/3/19, LOC Bank of America NA, VRDN (a) | | 2,450,000 | 2,450,000 |
| Maricopa County Indl. Dev. Auth. Rev. (Clayton Homes, Inc. Proj.) Series 1998, 1.4% 9/6/19, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | | 2,600,000 | 2,600,000 |
| Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 1.4% 9/6/19, VRDN (a) | | 7,600,000 | 7,600,000 |
| Maricopa County Rev. Series 2019 E, 1.36% 9/6/19, VRDN (a) | | 2,400,000 | 2,400,000 |
| FHLMC Pima County Indl. Dev. Auth. Rev. (Broadway Proper Congregate Proj.) Series 2000 A, 1.35% 9/6/19, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a) | | 270,000 | 270,000 |
| FNMA: | | | |
| Arizona Hsg. Fin. Auth. Multi-family Hsg. Rev. (Santa Carolina Apts. Proj.) Series 2005, 1.4% 9/6/19, 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, 1.45% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 4,195,000 | 4,195,000 |
| (Ranchwood Apts. Proj.) Series 2001 A, 1.45% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 1,165,000 | 1,165,000 |
| (San Angelin Apts. Proj.) Series 2004, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 8,900,000 | 8,900,001 |
| (San Fernando Apts. Proj.) Series 2004, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 1,200,000 | 1,200,000 |
| (San Martin Apts. Proj.) Series A2, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 4,300,000 | 4,300,000 |
| (San Miguel Apts. Proj.) Series 2003, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 1,600,000 | 1,600,000 |
| (San Remo Apts. Proj.) Series 2002, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 6,750,000 | 6,750,000 |
| (Village Square Apts. Proj.) Series 2004, 1.38% 9/6/19, 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, 1.45% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 4,575,000 | 4,575,000 |
| Series A, 1.44% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 2,975,000 | 2,975,000 |
| | | | 72,230,001 |
| Indiana - 0.7% | | | |
| Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 B, 1.57% 9/6/19, VRDN (a)(b) | | 580,000 | 580,000 |
| Kansas - 0.3% | | | |
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.) Series 2007 B, 1.6% 9/6/19, VRDN (a) | | 100,000 | 100,000 |
| St. Mary's Kansas Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994, 1.59% 9/6/19, VRDN (a) | | 200,000 | 200,000 |
| | | | 300,000 |
| Nebraska - 0.2% | | | |
| Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.52% 9/6/19, VRDN (a)(b) | | 200,000 | 200,000 |
| TOTAL VARIABLE RATE DEMAND NOTE | | | |
| (Cost $73,610,001) | | | 73,610,001 |
|
| Tender Option Bond - 12.6% | | | |
| Arizona - 10.0% | | | |
| Arizona Tourism & Sports Auth. Tax Rev. Participating VRDN Series Floaters E85, 1.38% 9/6/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 1,045,000 | 1,045,000 |
| Arizona Trans. Board Hwy. Rev. Participating VRDN Series Floaters XX 10 05, 1.38% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 1,360,000 | 1,360,000 |
| Mesa Util. Sys. Rev.: | | | |
| Bonds Series Solar 17 0026, 1.48%, tender 9/12/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | | 1,880,000 | 1,880,000 |
| Participating VRDN Series ROC II R 11959X, 1.38% 9/6/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 1,500,000 | 1,500,000 |
| Phoenix Civic Impt. Board Arpt. Rev. Participating VRDN Series Floaters ZF 27 58, 1.41% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) | | 1,100,000 | 1,100,000 |
| Rowan Univ. Participating VRDN Series 2016 XF 2337, 1.39% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 2,400,000 | 2,400,000 |
| | | | 9,285,000 |
| California - 0.6% | | | |
| Dignity Health Participating VRDN Series DBE 80 11, 1.57% 9/6/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(d) | | 500,000 | 500,000 |
| Illinois - 0.2% | | | |
| Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d)(e) | | 195,000 | 195,000 |
| Ohio - 0.2% | | | |
| Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d)(e) | | 95,000 | 95,000 |
| Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d)(e) | | 100,000 | 100,000 |
| | | | 195,000 |
| Pennsylvania - 0.1% | | | |
| Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d)(e) | | 100,000 | 100,000 |
| Utah - 1.5% | | | |
| Salt Lake City Arpt. Rev. Participating VRDN Series DBE 8034, 1.6% 9/6/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(d) | | 1,400,000 | 1,400,000 |
| TOTAL TENDER OPTION BOND | | | |
| (Cost $11,675,000) | | | 11,675,000 |
|
| Other Municipal Security - 5.4% | | | |
| Arizona - 4.6% | | | |
| Arizona Ctfs. of Prtn. Bonds Series 2019 A, 5% 10/1/19 | | 1,000,000 | 1,002,364 |
| Maricopa County Indl. Dev. Auth. Bonds Series 2019 A, 5% 9/1/19 | | 2,245,000 | 2,245,000 |
| Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2019, 1.53% 9/5/19, CP | | 1,000,000 | 1,000,000 |
| | | | 4,247,364 |
| Florida - 0.4% | | | |
| Florida Dev. Fin. Corp. Surface T Bonds (Virgin Trains U.S.A. Passenger Rail Proj.) Series 2019 B, 1.9%, tender 3/17/20 (a)(b) | | 400,000 | 400,000 |
| New Hampshire - 0.4% | | | |
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds Series 1990 A1, 1.99% tender 9/25/19, CP mode (b) | | 400,000 | 400,000 |
| TOTAL OTHER MUNICIPAL SECURITY | | | |
| (Cost $5,047,364) | | | 5,047,364 |
| | | Shares | Value |
|
| Investment Company - 2.5% | | | |
| Fidelity Municipal Cash Central Fund 1.46% (f)(g) | | | |
| (Cost $2,318,869)�� | | 2,318,666 | 2,318,869 |
| TOTAL INVESTMENT IN SECURITIES - 99.9% | | | |
| (Cost $92,651,234) | | | 92,651,234 |
| NET OTHER ASSETS (LIABILITIES) - 0.1% | | | 83,724 |
| NET ASSETS - 100% | | | $92,734,958 |
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 rates are determined by re-marketing agents based on current market conditions.
(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 $490,000 or 0.5% 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) | 1/18/18 | $100,000 |
| Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) | 8/16/18 | $195,000 |
| Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) | 9/14/17 | $95,000 |
| Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) | 3/9/17 | $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 | $110,367 |
| Total | $110,367 |
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
| | | August 31, 2019 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $90,332,365) | $90,332,365 | |
| Fidelity Central Funds (cost $2,318,869) | 2,318,869 | |
| Total Investment in Securities (cost $92,651,234) | | $92,651,234 |
| Receivable for fund shares sold | | 43,647 |
| Interest receivable | | 165,399 |
| Distributions receivable from Fidelity Central Funds | | 2,681 |
| Other receivables | | 13 |
| Total assets | | 92,862,974 |
| Liabilities | | |
| Payable to custodian bank | $33,239 | |
| Payable for fund shares redeemed | 48,155 | |
| Distributions payable | 7,808 | |
| Accrued management fee | 38,814 | |
| Total liabilities | | 128,016 |
| Net Assets | | $92,734,958 |
| Net Assets consist of: | | |
| Paid in capital | | $92,730,221 |
| Total distributable earnings (loss) | | 4,737 |
| Net Assets, for 92,595,396 shares outstanding | | $92,734,958 |
| Net Asset Value, offering price and redemption price per share ($92,734,958 ÷ 92,595,396 shares) | | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended August 31, 2019 |
| Investment Income | | |
| Interest | | $1,557,442 |
| Income from Fidelity Central Funds | | 110,367 |
| Total income | | 1,667,809 |
| Expenses | | |
| Management fee | $503,417 | |
| Independent trustees' fees and expenses | 475 | |
| Total expenses before reductions | 503,892 | |
| Expense reductions | (22) | |
| Total expenses after reductions | | 503,870 |
| Net investment income (loss) | | 1,163,939 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 7,783 | |
| Total net realized gain (loss) | | 7,783 |
| Net increase in net assets resulting from operations | | $1,171,722 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended August 31, 2019 | Year ended August 31, 2018 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $1,163,939 | $940,417 |
| Net realized gain (loss) | 7,783 | (1,839) |
| Net increase in net assets resulting from operations | 1,171,722 | 938,578 |
| Distributions to shareholders | (1,164,874) | – |
| Distributions to shareholders from net investment income | – | (940,442) |
| Total distributions | (1,164,874) | (940,442) |
| Share transactions | | |
| Proceeds from sales of shares | 23,231,595 | 15,241,482 |
| Reinvestment of distributions | 1,064,277 | 882,867 |
| Cost of shares redeemed | (38,805,699) | (52,137,656) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (14,509,827) | (36,013,307) |
| Total increase (decrease) in net assets | (14,502,979) | (36,015,171) |
| Net Assets | | |
| Beginning of period | 107,237,937 | 143,253,108 |
| End of period | $92,734,958 | $107,237,937 |
| Other Information | | |
| Shares | | |
| Sold | 23,231,595 | 15,241,482 |
| Issued in reinvestment of distributions | 1,064,277 | 882,867 |
| Redeemed | (38,805,699) | (52,137,656) |
| Net increase (decrease) | (14,509,827) | (36,013,307) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Arizona Municipal Money Market Fund
| | | | | | |
| Years ended August 31, | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss) | .012 | .008 | .003 | –A | –A |
| Net realized and unrealized gain (loss) | –A | –A | .002 | –A | –A |
| Total from investment operations | .012 | .008 | .005 | –A | –A |
| Distributions from net investment income | (.012) | (.008) | (.003) | –A | –A |
| Distributions from net realized gain | –A | – | (.002) | –A | – |
| Total distributions | (.012) | (.008) | (.005) | –A | –A |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB | 1.16% | .78% | .48% | .02% | .01% |
| Ratios to Average Net AssetsC,D | | | | | |
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .50% | .50% | .20% | .06% |
| Expenses net of all reductions | .50% | .50% | .50% | .20% | .06% |
| Net investment income (loss) | 1.16% | .76% | .29% | .01% | .01% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $92,735 | $107,238 | $143,253 | $242,046 | $400,132 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C 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.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended August 31, 2019
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 do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, 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 Income 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 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. As of August 31, 2019, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Money Market Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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, capital loss carryforwards and losses deferred due to excise tax regulations.
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 | $168,670,805 | $12,969,288 | $(25,301) | $12,943,987 |
| Fidelity Arizona Municipal Money Market Fund | 92,651,234 | - | - | - |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| | Undistributed tax-exempt income | Undistributed ordinary income | Undistributed long-term capital gain | Capital loss carryforward | Net unrealized appreciation (depreciation) on securities and other investments |
| Fidelity Arizona Municipal Income Fund | $37,303 | $-- | $-- | $ (161,639) | $12,943,987 |
| Fidelity Arizona Municipal Money Market Fund | 226 | 145 | 4,365 | - | - |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are 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 fiscal period end and is subject to adjustment.
| | No expiration | | | |
| | Short-term | Long-term | Total no expiration | Total capital loss carryfoward |
| Fidelity Arizona Municipal Income Fund | $(128,595) | $(33,044) | $(161,639) | $(161,639) |
The tax character of distributions paid was as follows:
| August 31, 2019 | | | |
| | Tax-Exempt Income | Ordinary Income | Total |
| Fidelity Arizona Municipal Income Fund | $4,145,505 | $-- | $4,145,505 |
| Fidelity Arizona Municipal Money Market Fund | 1,163,825 | 1,049 | 1,164,874 |
| August, 31, 2018 | | | |
| | Tax-Exempt Income | Long-term Capital Gains | Total |
| Fidelity Arizona Municipal Income Fund | $4,394,356 | $1,204,002 | $5,598,358 |
| Fidelity Arizona Municipal Money Market Fund | 940,442 | - | 940,442 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund's Schedule of Investments. Certain Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
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 Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Funds' financial statements have been combined or removed for the current period as outlined in the table below.
| Financial Statement | Current Line-Item Presentation (As Applicable) | Prior Line-Item Presentation (As Applicable) |
| Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) |
| Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
| Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $26,933,210 and $20,613,568, 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 Commitment fees on the Statement of Operations, and are as follows:
| Fidelity Arizona Municipal Income Fund | $448 |
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 | $1,264 |
| Fidelity Arizona Municipal Money Market Fund | 22 |
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.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Union Street Trust and Fidelity Union Street Trust II and the Shareholders of Fidelity Arizona Municipal Income Fund and Fidelity Arizona Municipal Money Market Fund:
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Arizona Municipal Income Fund (one of the funds constituting Fidelity Union Street Trust) and Fidelity Arizona Municipal Money Market Fund (one of the funds constituting Fidelity Union Street Trust II (hereafter collectively referred to as the “Funds”) as of August 31, 2019, the related statements of operations for the year ended August 31, 2019, the statements of changes in net assets for each of the two years in the period ended August 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2019 and each of the financial highlights for each of the five years in the period ended August 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 11, 2019
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trusts and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 276 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust[s] or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a Member of the Advisory Board of certain Fidelity® funds (2018), a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as interim president of Michigan State University (2018-2019), a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds and on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as Secretary and CLO of other funds. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President of Fixed Income (2014-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), and President, Money Market and Short Duration Bond Group of Fidelity Management & Research Company (FMR) (investment adviser firm, 2013-2014).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2019 to August 31, 2019).
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. 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. 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 RatioA | Beginning
Account Value
March 1, 2019 | Ending
Account Value
August 31, 2019 | Expenses Paid
During Period-B
March 1, 2019
to August 31, 2019 |
| Fidelity Arizona Municipal Income Fund | .55% | | | |
| Actual | | $1,000.00 | $1,060.40 | $2.86 |
| Hypothetical-C | | $1,000.00 | $1,022.43 | $2.80 |
| Fidelity Arizona Municipal Money Market Fund | .50% | | | |
| Actual | | $1,000.00 | $1,005.90 | $2.53 |
| Hypothetical-C | | $1,000.00 | $1,022.68 | $2.55 |
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 184/ 365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended August 31, 2019, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity Arizona Municipal Income Fund | $0 |
| Fidelity Arizona Municipal Money Market Fund | $4,365 |
|
During fiscal year ended 2019, 100% of each fund's income dividends were free from federal income tax, and 5.77% and 55.31% of Fidelity Arizona Municipal Income Fund and Fidelity Arizona Municipal Money Market Fund's income dividends were subject to the federal alternative minimum tax.
The funds will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.
AZI-SPZ-ANN-1019
1.536826.122
Fidelity® Municipal Money Market Fund
Annual Report August 31, 2019 |
|
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
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. © 2019 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
| Days | % of fund's investments 8/31/19 |
| 1 - 7 | 80.5 |
| 8 - 30 | 1.6 |
| 31 - 60 | 3.1 |
| 61 - 90 | 0.9 |
| 91 - 180 | 2.0 |
| > 180 | 11.9 |
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 August 31, 2019 |
| | Variable Rate Demand Notes (VRDNs) | 50.7% |
| | Tender Option Bond | 20.9% |
| | Other Municipal Security | 23.3% |
| | Investment Companies | 8.6% |
| | Net Other Assets (Liabilities)* | (3.5)% |
* Net Other Assets (Liabilities) are not included in the pie chart
Current 7-Day Yields
| | 8/31/19 |
| Fidelity® Municipal Money Market Fund | 1.07% |
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 August 31, 2019
Showing Percentage of Net Assets
| Variable Rate Demand Note - 50.7% | | | |
| | | Principal Amount (000s) | Value (000s) |
| Alabama - 2.2% | | | |
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.52% 9/6/19, VRDN (a)(b) | | $49,015 | $49,015 |
| Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 1.45% 9/6/19, VRDN (a) | | 35,950 | 35,950 |
| Mobile Indl. Dev. Board Rev. (Alabama Pwr. Co. Proj.) Series 2001 B, 1.46% 9/3/19, VRDN (a)(b) | | 5,200 | 5,200 |
| Mobile Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Second Series 2009, 1.42% 9/3/19, VRDN (a) | | 6,650 | 6,650 |
| Walker County Econ. & Indl. Dev. Auth. Solid Waste Disp. Rev. (Alabama Pwr. Co. Plant Gorgas Proj.) Series 2007, 1.47% 9/3/19, VRDN (a)(b) | | 3,600 | 3,600 |
| West Jefferson Indl. Dev. Series 2008, 1.45% 9/6/19, VRDN (a) | | 25,700 | 25,700 |
| West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 1.47% 9/3/19, VRDN (a)(b) | | 11,810 | 11,810 |
| Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Gaston Plant Proj.) Series 2008, 1.47% 9/3/19, VRDN (a)(b) | | 3,200 | 3,200 |
| | | | 141,125 |
| Alaska - 0.2% | | | |
| Valdez Marine Term. Rev. (Phillips Trans. Alaska, Inc. Proj.) Series 1994 B, 1.38% 9/6/19 (ConocoPhillips Co. Guaranteed), VRDN (a) | | 13,975 | 13,975 |
| Arizona - 1.8% | | | |
| Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 E, 1.38% 9/6/19, LOC Bank of America NA, VRDN (a) | | 17,120 | 17,120 |
| Maricopa County Indl. Dev. Auth. Rev. (Clayton Homes, Inc. Proj.) Series 1998, 1.4% 9/6/19, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | | 2,600 | 2,600 |
| Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 1.4% 9/6/19, VRDN (a) | | 13,550 | 13,550 |
| FNMA: | | | |
| Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: | | | |
| (Ranchwood Apts. Proj.) Series 2001 A, 1.45% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 1,915 | 1,915 |
| (San Angelin Apts. Proj.) Series 2004, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 9,100 | 9,100 |
| (San Fernando Apts. Proj.) Series 2004, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 13,300 | 13,300 |
| (San Lucas Apts. Proj.) Series 2003, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 13,700 | 13,700 |
| (San Martin Apts. Proj.) Series A1, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 14,000 | 14,000 |
| (San Miguel Apts. Proj.) Series 2003, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 14,600 | 14,600 |
| (San Remo Apts. Proj.) Series 2002, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 6,950 | 6,950 |
| (Sands Apts. Proj.) Series 2001 A, 1.45% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 2,185 | 2,185 |
| Pima County Indl. Dev. Auth. Multi-family Hsg. Rev.: | | | |
| (Cimarron Place Apts. Proj.) 1.45% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 4,500 | 4,500 |
| Series A, 1.44% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 2,350 | 2,350 |
| | | | 115,870 |
| Arkansas - 0.2% | | | |
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1998, 1.52% 9/6/19, VRDN (a)(b) | | 10,200 | 10,200 |
| Colorado - 0.6% | | | |
| Colorado Edl. & Cultural Facilities Auth. Rev. (Clyfford Still Museum Proj.) Series 2008, 1.46% 9/6/19, LOC Wells Fargo Bank NA, VRDN (a) | | 285 | 285 |
| FNMA: | | | |
| Adams County Hsg. Auth. (Semper Village Apts. Proj.) Series 2004 A, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 14,000 | 14,000 |
| Lakewood Hsg. Auth. Multi-family Rev.: | | | |
| (Ridgemoor Apts. Proj.) Series 2003 A, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 13,325 | 13,325 |
| (Timberleaf Apts. Proj.) 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 11,165 | 11,165 |
| | | | 38,775 |
| Connecticut - 1.5% | | | |
| Connecticut Gen. Oblig. Series 2016 C, 1.44% 9/6/19 (Liquidity Facility Bank of America NA), VRDN (a) | | 73,370 | 73,370 |
| Connecticut Hsg. Fin. Auth.: | | | |
| Series 2019 A, 1.38% 9/6/19 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (a)(b) | | 8,900 | 8,900 |
| Series D 3, 1.41% 9/6/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (a)(b) | | 18,400 | 18,400 |
| | | | 100,670 |
| Delaware - 0.3% | | | |
| Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | | | |
| Series 1999 A, 1.47% 9/6/19, VRDN (a) | | 15,730 | 15,730 |
| Series 1999 B, 1.51% 9/6/19, VRDN (a)(b) | | 5,600 | 5,600 |
| | | | 21,330 |
| District Of Columbia - 0.1% | | | |
| District of Columbia Hsg. Fin. Agcy. Multi-family Hsg. Rev. (Trenton Park Apts. Proj.) Series 2001, 1.49% 9/6/19, LOC Bank of America NA, VRDN (a)(b) | | 4,860 | 4,860 |
| District of Columbia Rev. (Fort Lincoln New Town/Premium Distributors LLC Proj.) Series 2000, 1.49% 9/6/19, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 4,440 | 4,440 |
| | | | 9,300 |
| Florida - 3.9% | | | |
| Brevard County Hsg. Fin. Auth. (Manatee Cove Apts. Proj.) 1.41% 9/6/19, LOC Citibank NA, VRDN (a)(b) | | 9,045 | 9,045 |
| Broward County Arpt. Facilities Rev. Series 2007 A, 1.41% 9/6/19, LOC Citibank NA, VRDN (a)(b) | | 5,105 | 5,105 |
| Broward County Fin. Auth. Multi-family Hsg. Rev. (Pinnacle Village Apts. Proj.) Series 2004, 1.4% 9/6/19, LOC Citibank NA, VRDN (a)(b) | | 5,400 | 5,400 |
| Broward County Indl. Dev. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2018 B, 1.48% 9/3/19, VRDN (a)(b) | | 20,300 | 20,300 |
| Collier County Hsg. Fin. Auth. Multi-family Rev.: | | | |
| (George Washington Carver Apts. Proj.) Series 2005, 1.43% 9/6/19, LOC PNC Bank NA, VRDN (a)(b) | | 3,270 | 3,270 |
| (Summer Lakes Phase II Apts. Proj.) 1.41% 9/6/19, LOC Citibank NA, VRDN (a)(b) | | 10,795 | 10,795 |
| Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: | | | |
| (Clarcona Groves Apts. Proj.) Series A, 1.42% 9/6/19, LOC Citibank NA, VRDN (a)(b) | | 10,015 | 10,015 |
| (Collins Cove Sr. Apts. Proj.) Series 2003 W, 1.42% 9/6/19, LOC Citibank NA, VRDN (a)(b) | | 4,500 | 4,500 |
| (Pinnacle Pointe Apts. Proj.) Series 2003 N, 1.42% 9/6/19, LOC Citibank NA, VRDN (a)(b) | | 9,200 | 9,200 |
| (Savannah Springs Apts. Proj.) Series G, 1.41% 9/6/19, LOC Citibank NA, VRDN (a)(b) | | 12,440 | 12,440 |
| Hillsborough County Hsg. Fin. Auth. Multi-family Rev.: | | | |
| (Claymore Crossings Apt. Proj.) Series 2005, 1.41% 9/6/19, LOC Citibank NA, VRDN (a)(b) | | 10,475 | 10,475 |
| (Meridian Pointe Apts. Proj.) Series 2005, 1.41% 9/6/19, LOC Citibank NA, VRDN (a)(b) | | 9,660 | 9,660 |
| Jacksonville Port Auth. Rev. (Mitsui O.S.K. Lines Ltd. Proj.) 1.38% 9/6/19, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | | 68,510 | 68,510 |
| Lee County Indl. Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.) 1.5% 9/3/19, VRDN (a)(b) | | 10,300 | 10,300 |
| Orange County Hsg. Fin. Auth. Multi-family Rev. (Alta Westgate Apts. Proj.) Series C, 1.41% 9/6/19, LOC Citibank NA, VRDN (a)(b) | | 11,040 | 11,040 |
| FNMA: | | | |
| Broward County Fin. Auth. Multi-family Hsg. Rev. (Sanctuary Apts Proj.) Series A, 1.4% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 13,205 | 13,205 |
| Clay County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Nassau Club Apts. Proj.) 1.41% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 4,945 | 4,945 |
| Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: | | | |
| (Hunters Run Apts. Proj.) Series G, 1.43% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 6,225 | 6,225 |
| (Pinnacle Grove Apts. Proj.) Series 2003 A, 1.4% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 6,350 | 6,350 |
| Series 2006 H, 1.41% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 5,995 | 5,995 |
| Hillsborough County Hsg. Fin. Auth. Multi-family Rev.: | | | |
| (Grande Oaks Apts. Proj.) Series A, 1.4% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 5,905 | 5,905 |
| (Morgan Creek Apts. Proj.) Series 2003, 1.4% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 9,500 | 9,500 |
| | | | 252,180 |
| Georgia - 2.1% | | | |
| Burke County Indl. Dev. Auth. Poll. Cont. Rev.: | | | |
| (Georgia Pwr. Co. Plant Vogtle Proj.) Series 2018, 1.46% 9/3/19, VRDN (a) | | 5,000 | 5,000 |
| (Oglethorpe Pwr. Corp. Proj.) Series 2010 A, 1.42% 9/6/19, LOC Bank of America NA, VRDN (a) | | 3,500 | 3,500 |
| Gwinnett County Dev. Auth. Indl. Dev. Rev. (Curtis 1000, Inc. Proj.) Series 1996, 1.46% 9/6/19, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 6,460 | 6,460 |
| Monroe County Dev. Auth. Poll. Cont. Rev.: | | | |
| (Oglethorpe Pwr. Corp. Proj.) Series 2009 B, 1.39% 9/6/19, LOC JPMorgan Chase Bank, VRDN (a) | | 3,850 | 3,850 |
| Series 2010 A, 1.4% 9/6/19, LOC Bank of Montreal, VRDN (a) | | 4,600 | 4,600 |
| Savannah Econ. Dev. Auth. Rev. (Home Depot, Inc. Proj.) Series 1995 A, 1.42% 9/6/19, VRDN (a)(b) | | 63,400 | 63,400 |
| FHLMC: | | | |
| Canton Hsg. Auth. Multi-family Hsg. Rev. (Alta Ridgewalk Apts. Proj.) Series 2003, 1.41% 9/6/19, LOC Freddie Mac, VRDN (a)(b) | | 19,370 | 19,370 |
| Kennesaw Dev. Auth. Multi-family Hsg. Rev. (Alta Ridenour Apts. Proj.) Series 2008, 1.41% 9/6/19, LOC Freddie Mac, VRDN (a)(b) | | 12,770 | 12,770 |
| FNMA: | | | |
| Atlanta Urban Residential Fin. Auth. Multi-family Hsg. Rev. (Collegetown at Harris Homes Phase I Proj.) Series 2003, 1.41% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 7,230 | 7,230 |
| Newnan Dev. Auth. Multi-family Hsg. Rev. (The Club at Newnan Crossing Proj.) 1.42% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 8,400 | 8,400 |
| | | | 134,580 |
| Illinois - 2.2% | | | |
| Chicago Midway Arpt. Rev. Series 2014 C, 1.44% 9/6/19, LOC Barclays Bank PLC, VRDN (a)(b) | | 73,710 | 73,710 |
| Chicago O'Hare Int'l. Arpt. Rev.: | | | |
| Series 2005 C, 1.38% 9/6/19, LOC Bank of America NA, VRDN (a) | | 22,500 | 22,500 |
| Series 2005 D, 1.37% 9/6/19, LOC Barclays Bank PLC, VRDN (a) | | 5,500 | 5,500 |
| Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev. (Lufthansa German Airlines Proj.) Series 2001, 1.4% 9/6/19, LOC Bayerische Landesbank, VRDN (a)(b) | | 3,770 | 3,770 |
| Illinois Dev. Fin. Auth. Indl. Dev. Rev. (Delta-Unibus Corp. Proj.) Series 2001, 1.44% 9/6/19, LOC Bank of America NA, VRDN (a)(b) | | 1,200 | 1,200 |
| Illinois Fin. Auth. Multi-family Rev. (Hidden Glen Apts. Proj.) Series 2007, 1.4% 9/6/19, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | | 6,370 | 6,370 |
| Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev. (Valley View Apts. Proj.) 1.4% 9/6/19, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | | 10,545 | 10,545 |
| Lake County Solid Waste Disp. Facilities Rev. (Countryside Landfill, Inc. Proj.) Series B, 1.45% 9/6/19, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 4,320 | 4,320 |
| FHLMC: | | | |
| Illinois Fin. Auth. Multi-family Rev. (Villagebrook Apts Proj.) Series 2005, 1.41% 9/6/19, LOC Freddie Mac, VRDN (a)(b) | | 8,395 | 8,395 |
| Lisle Village Multi-family Hsg. Rev. (Devonshire of Lisle Proj.) Series 1991, 1.44% 9/6/19, LOC Freddie Mac, VRDN (a)(b) | | 6,000 | 6,000 |
| | | | 142,310 |
| Indiana - 1.0% | | | |
| Indiana Dev. Fin. Auth. Econ. (Archer-Daniels-Midland Co. Proj.) Series 2012, 1.42% 9/6/19 (Archer Daniels Midland Co. Guaranteed), VRDN (a) | | 13,440 | 13,440 |
| Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.): | | | |
| Series 2003 A, 1.52% 9/6/19, VRDN (a)(b) | | 12,950 | 12,950 |
| Series 2003 B, 1.57% 9/6/19, VRDN (a)(b) | | 12,300 | 12,300 |
| Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.): | | | |
| Series H, 1.49% 9/6/19, VRDN (a) | | 17,525 | 17,525 |
| Series I, 1.49% 9/6/19, VRDN (a) | | 6,200 | 6,200 |
| | | | 62,415 |
| Iowa - 1.1% | | | |
| Iowa Fin. Auth. Solid Disp. Waste Rev.: | | | |
| (MidAmerican Energy Co. Proj.) Series 2016 B, 1.42% 9/6/19, VRDN (a)(b) | | 26,400 | 26,400 |
| (MidAmerican Energy Proj.) Series 2008 A, 1.42% 9/6/19, VRDN (a)(b) | | 45,100 | 45,100 |
| Iowa Fin. Auth. Solid Waste Facilities (Mid-American Energy Co. Proj.) Series 2017, 1.43% 9/6/19, VRDN (a)(b) | | 3,800 | 3,800 |
| | | | 75,300 |
| Kansas - 1.1% | | | |
| Cygne Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994 B, 1.59% 9/6/19, VRDN (a) | | 17,200 | 17,200 |
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.): | | | |
| Series 2007 A, 1.6% 9/6/19, VRDN (a) | | 2,000 | 2,000 |
| Series 2007 B, 1.6% 9/6/19, VRDN (a) | | 9,400 | 9,400 |
| Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.): | | | |
| Series 2000, 1.5% 9/6/19, LOC Bank of America NA, VRDN (a)(b) | | 25,100 | 25,100 |
| Series 2002, 1.55% 9/6/19, LOC Bank of America NA, VRDN (a)(b) | | 7,000 | 7,000 |
| Lenexa Multi-family Hsg. Rev. (Heather Glen Apts. Proj.) Series 2007, 1.41% 9/6/19, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | | 9,600 | 9,600 |
| Wamego Kansas Poll. Cont. Rfdg. Rev. (Kansas Gas & Elec. Co. Proj.) Series 1994, 1.59% 9/6/19, VRDN (a) | | 1,700 | 1,700 |
| | | | 72,000 |
| Kentucky - 5.1% | | | |
| Carroll County Envir. Facilities Rev. (Kentucky Utils. Co. Proj.): | | | |
| Series 2004 A, 1.47% 9/6/19, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | | 37,500 | 37,500 |
| Series 2006 B, 1.47% 9/6/19, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | | 33,600 | 33,600 |
| Series 2008 A, 1.48% 9/6/19, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | | 19,300 | 19,300 |
| Daviess County Exempt Facilities Rev. (Kimberly-Clark Tissue Co. Proj.) Series 1999, 1.43% 9/6/19 (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, 1.43% 9/6/19 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | | 70,000 | 70,000 |
| Series 1993 B, 1.43% 9/6/19 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | | 40,000 | 40,000 |
| Mercer County Solid Waste Disp. Facility Rev. (Kentucky Utils. Co. Proj.) Series 2000 A, 1.4% 9/6/19, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | | 12,500 | 12,500 |
| Trimble County Poll. Cont. Rev. (Louisville Gas and Elec. Co. Proj.) Series 2016 A, 1.44% 9/6/19, VRDN (a)(b) | | 101,500 | 101,500 |
| FHLMC Kentucky Hsg. Corp. Multi-family Rev. (Canterbury Southgate Hsg. Proj.) 1.38% 9/6/19, LOC Freddie Mac, VRDN (a)(b) | | 12,565 | 12,565 |
| | | | 334,835 |
| Louisiana - 1.4% | | | |
| Louisiana Pub. Facilities Auth. Rev. (Air Products & Chemicals, Inc. Proj.): | | | |
| Series 2002, 1.4% 9/6/19, VRDN (a)(b) | | 14,000 | 14,000 |
| Series 2003, 1.4% 9/6/19, VRDN (a)(b) | | 15,850 | 15,850 |
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | | | |
| Series 2010 A1, 1.47% 9/6/19, VRDN (a) | | 16,435 | 16,435 |
| Series 2010 B1, 1.5% 9/6/19, VRDN (a) | | 46,460 | 46,460 |
| | | | 92,745 |
| Maryland - 0.5% | | | |
| FNMA Maryland Cmnty. Dev. Administration Dept. of Hsg. & Cmnty. Dev. (Barrington Apts. Proj.) Series A, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 33,200 | 33,200 |
| Michigan - 0.1% | | | |
| Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2008 C, 1.39% 9/6/19, LOC Bank of New York, New York, VRDN (a) | | 1,745 | 1,745 |
| Michigan Bldg. Auth. Rev. Series 2007 1, 1.33% 9/6/19, LOC Citibank NA, VRDN (a) | | 2,900 | 2,900 |
| | | | 4,645 |
| Mississippi - 0.2% | | | |
| Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 1.44% 9/6/19, LOC Bank of America NA, VRDN (a)(b) | | 10,000 | 10,000 |
| Nebraska - 1.5% | | | |
| Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: | | | |
| Series 2014 B, 1.39% 9/6/19 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | | 11,075 | 11,075 |
| Series 2015 D, 1.39% 9/6/19 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | | 28,525 | 28,525 |
| Series 2016 D, 1.39% 9/6/19 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | | 6,890 | 6,890 |
| Series 2018 D, 1.39% 9/6/19 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | | 22,615 | 22,615 |
| Series B, 1.39% 9/6/19 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | | 27,100 | 27,100 |
| Stanton County Indl. Dev. Rev.: | | | |
| (Nucor Corp. Proj.) Series 1996, 1.52% 9/6/19, VRDN (a)(b) | | 1,200 | 1,200 |
| Series 1998, 1.52% 9/6/19, VRDN (a)(b) | | 1,200 | 1,200 |
| | | | 98,605 |
| Nevada - 3.5% | | | |
| Clark County Arpt. Rev.: | | | |
| Series 2008 B2, 1.39% 9/6/19, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | | 26,785 | 26,785 |
| Series 2008 C1, 1.41% 9/6/19, LOC Bank of America NA, VRDN (a)(b) | | 87,550 | 87,550 |
| Series 2008 C3, 1.4% 9/6/19, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | | 44,490 | 44,490 |
| Series 2011 B1, 1.39% 9/6/19, LOC Citibank NA, VRDN (a)(b) | | 26,470 | 26,470 |
| Clark County Indl. Dev. Rev. (Southwest Gas Corp. Proj.) 1.42% 9/6/19, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 44,195 | 44,195 |
| | | | 229,490 |
| New York - 4.8% | | | |
| New York City Hsg. Dev. Corp. Multi-family Mtg. Rev.: | | | |
| (15 East Clark Place Apts. Proj.) Series A, 1.37% 9/6/19, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 5,330 | 5,330 |
| (East 165th Street Proj.) Series A, 1.42% 9/6/19, LOC Citibank NA, VRDN (a)(b) | | 6,165 | 6,165 |
| (Manhattan Court Dev. Proj.) Series A, 1.42% 9/6/19, LOC Citibank NA, VRDN (a)(b) | | 8,250 | 8,250 |
| (Related-Upper East Proj.) Series A, 1.4% 9/6/19, LOC Landesbank Baden-Wurttemberg, VRDN (a)(b) | | 17,100 | 17,100 |
| New York Hsg. Fin. Agcy. Rev.: | | | |
| (350 West 43rd Street Hsg. Proj.) Series 2001 A, 1.48% 9/3/19, LOC Landesbank Hessen-Thuringen, VRDN (a)(b) | | 10,525 | 10,525 |
| (455 West 37th Street Hsg. Proj.) Series A, 1.48% 9/3/19, LOC Landesbank Hessen-Thuringen, VRDN (a)(b) | | 17,800 | 17,800 |
| New York State Energy Research & Dev. Auth. Facilities Rev.: | | | |
| (Consolidated Edison Co. of New York, Inc. Proj.) Series 2010 A2, 1.37% 9/6/19, LOC Bank of Nova Scotia, VRDN (a)(b) | | 31,700 | 31,700 |
| Series 2010 A4, 1.4% 9/6/19, LOC Bank of Nova Scotia, VRDN (a)(b) | | 27,300 | 27,300 |
| FHLMC New York Hsg. Fin. Agcy. Rev. (Theatre Row Tower Hsg. Proj.): | | | |
| Series 2000 A, 1.37% 9/6/19, LOC Freddie Mac, VRDN (a)(b) | | 3,600 | 3,600 |
| Series 2002 A, 1.37% 9/6/19, LOC Freddie Mac, VRDN (a)(b) | | 3,500 | 3,500 |
| FNMA: | | | |
| New York City Hsg. Dev. Corp. Multi-family Mtg. Rev. (89 Murray St. Proj.) Series A, 1.39% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 12,950 | 12,950 |
| New York Hsg. Fin. Agcy. Rev.: | | | |
| (1500 Lexington Avenue Proj.) Series A, 1.42% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 18,000 | 18,000 |
| (316 Eleventh Ave. Hsg. Proj.) Series 2007 A, 1.37% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 9,370 | 9,370 |
| (600 West and 42nd St. Hsg. Proj.) Series 2007 A, 1.43% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 105,185 | 105,185 |
| (750 Sixth Avenue Hsg. Proj.) Series 1998 A, 1.37% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 22,600 | 22,600 |
| (East 39th Street Hsg. Proj.) Series 1999 A, 1.37% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 10,900 | 10,900 |
| (Union Square South Proj.) Series 1996 A, 1.39% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 7,000 | 7,000 |
| | | | 317,275 |
| North Carolina - 0.3% | | | |
| Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.53% 9/6/19, VRDN (a)(b) | | 1,500 | 1,500 |
| Raleigh Combined Enterprise Sys. Rev. Series 2008 B, 1.39% 9/6/19 (Liquidity Facility Bank of America NA), VRDN (a) | | 19,680 | 19,680 |
| | | | 21,180 |
| Ohio - 0.0% | | | |
| Cuyahoga County Health Care Facilities Rev. (The A.M. McGregor Home Proj.) Series 2014, 1.42% 9/6/19, LOC Northern Trust Co., VRDN (a) | | 2,785 | 2,785 |
| Oregon - 0.3% | | | |
| Portland Hsg. Auth. Rev.: | | | |
| (New Columbia - Cecelia Proj.) Series 2004, 1.45% 9/6/19, LOC Bank of America NA, VRDN (a)(b) | | 3,005 | 3,005 |
| (New Columbia - Trouton Proj.) Series 2005, 1.44% 9/6/19, LOC Bank of America NA, VRDN (a)(b) | | 4,930 | 4,930 |
| FHLMC Portland Multi-family Hsg. Rev. (The Village at Lovejoy Fountain Proj.) Series 2009, 1.46% 9/6/19, LOC Freddie Mac, VRDN (a)(b) | | 12,800 | 12,800 |
| | | | 20,735 |
| Pennsylvania - 0.2% | | | |
| Allegheny County Indl. Dev. Auth. Rev. Series 2002, 1.42% 9/6/19, LOC RBS Citizens NA, VRDN (a) | | 4,000 | 4,000 |
| Lancaster Indl. Dev. Auth. Rev. (Mennonite Home Proj.) 1.45% 9/6/19, 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, 1.53% 9/6/19, LOC RBS Citizens NA, VRDN (a) | | 705 | 705 |
| Washington County Hosp. Auth. Rev. (Monongahela Valley Hosp. Proj.) Series 2018 C, 1.42% 9/6/19, LOC RBS Citizens NA, VRDN (a) | | 2,645 | 2,645 |
| | | | 14,255 |
| South Carolina - 0.7% | | | |
| Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1995, 1.52% 9/6/19, VRDN (a)(b) | | 1,000 | 1,000 |
| South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. (Waste Mgmt. of South Carolina, Inc. Proj.) Series 2003 A, 1.44% 9/6/19, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 14,300 | 14,300 |
| South Carolina Jobs-Econ. Dev. Auth. Indl. Rev. (South Carolina Generating Co., Inc. Proj.) Series 2008, 1.4% 9/6/19, LOC TD Banknorth, NA, VRDN (a)(b) | | 29,765 | 29,765 |
| | | | 45,065 |
| South Dakota - 0.1% | | | |
| FNMA South Dakota Hsg. Dev. Auth. (Harmony Heights Proj.) Series 2001, 1.46% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 5,185 | 5,185 |
| Tennessee - 1.0% | | | |
| Loudon County Indl. Dev. Board Exempt Facilities Rev. (Kimberly-Clark Corp. Proj.) 1.43% 9/6/19, VRDN (a)(b) | | 11,600 | 11,600 |
| Loudon Indl. Dev. Board Solid Waste Disp. Rev. (Tate & Lyle Ingredients Americas, Inc. Proj.) Series 2006, 1.43% 9/6/19, LOC Rabobank Nederland, VRDN (a)(b) | | 29,700 | 29,700 |
| Memphis Health, Edl. & Hsg. Facilities Board (Ashland Lakes Apts. Proj.) Series A, 1.4% 9/6/19, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | | 10,000 | 10,000 |
| FNMA Metropolitan Govt. Nashville & Davidson County Health & Edl. Facilities Board (Whispering Oaks Apts. Proj.) 1.41% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 15,000 | 15,000 |
| | | | 66,300 |
| Texas - 6.5% | | | |
| Calhoun County Navigation District Envir. Facilities Rev. (Formosa Plastics Corp. Proj.) 1.39% 9/6/19, LOC Citibank NA, VRDN (a)(b) | | 13,775 | 13,775 |
| Calhoun County Navigation District Poll. Cont. Rev. (Formosa Plastics Corp., Texas Proj.) Series 2002, 1.39% 9/6/19, LOC Citibank NA, VRDN (a)(b) | | 10,000 | 10,000 |
| Calhoun County Navigation District Port Rev. (Formosa Plastics Corp. Proj.) Series 2000, 1.42% 9/6/19, LOC Bank of America NA, VRDN (a)(b) | | 5,500 | 5,500 |
| Calhoun County Solid Waste Disp. Rev. (Formosa Plastics Corp. Proj.) Series 2001, 1.39% 9/6/19, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 24,100 | 24,100 |
| Calhoun Port Auth. Envir. Facilities Rev. (Formosa Plastics Corp. Texas Proj.) Series 2007 A, 1.42% 9/6/19, LOC PNC Bank NA, VRDN (a)(b) | | 2,700 | 2,700 |
| Converse Hsg. Fin. Corp. Multi-family Hsg. Rev. (Town Square Apts. Proj.) 1.42% 9/6/19, LOC Citibank NA, VRDN (a)(b) | | 11,560 | 11,560 |
| Gilmer Indl. Dev. Corp. (Duoline Technologies LP Proj.) Series 2008 A, 1.51% 9/6/19, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 6,520 | 6,520 |
| Gulf Coast Waste Disp. Auth. Envir. Facilities Rev. (Exxon Mobil Proj.) Series 2002, 1.38% 9/3/19 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | | 10,610 | 10,610 |
| Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) 1.52% 9/6/19, VRDN (a)(b) | | 12,600 | 12,600 |
| Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev.: | | | |
| (Mobil Oil Corp. Proj.) Series 1999, 1.38% 9/3/19, VRDN (a)(b) | | 10,300 | 10,300 |
| (Onyx Envir. Svcs. Proj.) Series 2003, 1.42% 9/6/19, 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, 1.4% 9/6/19, VRDN (a)(b) | | 14,200 | 14,200 |
| Series 2001, 1.4% 9/6/19, VRDN (a)(b) | | 23,900 | 23,900 |
| Series 2002, 1.4% 9/6/19, VRDN (a)(b) | | 22,000 | 22,000 |
| Series 2012, 1.39% 9/6/19 (Total SA Guaranteed), VRDN (a) | | 9,100 | 9,100 |
| (Total Petrochemicals & Refining U.S.A., Inc. Proj.) Series 2012 B, 1.39% 9/6/19 (Total SA Guaranteed), VRDN (a) | | 2,600 | 2,600 |
| Port Arthur Navigation District Jefferson County Rev. Series 2000 B, 1.42% 9/6/19 (Total SA Guaranteed), VRDN (a)(b) | | 10,000 | 10,000 |
| Texas Gen. Oblig.: | | | |
| Series 2002 A, 1.52% 9/6/19 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | | 11,865 | 11,865 |
| Series 2003 A, 1.52% 9/6/19 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | | 19,650 | 19,650 |
| Series 2004 B, 1.52% 9/6/19 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | | 5,190 | 5,190 |
| Series 2006 A, 1.52% 9/6/19 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | | 10,485 | 10,485 |
| Series 2019, 1.39% 9/6/19 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 12,340 | 12,340 |
| FHLMC: | | | |
| Montgomery County Hsg. Fin. Corp. Multi-family Hsg. Rev. (Conroe Lodge at Silverdale Apt. Homes Proj.) 1.38% 9/6/19, LOC Freddie Mac, VRDN (a)(b) | | 7,170 | 7,170 |
| Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev. Series 2003 A, 1.38% 9/6/19, LOC Freddie Mac, VRDN (a)(b) | | 6,970 | 6,970 |
| FNMA: | | | |
| Cap. Area Hsg. Fin. Corp. Multi-family Hsg. Rev. (Marble Falls Vistas Apts. Proj.) 1.39% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 4,865 | 4,865 |
| Dallas Hsg. Fin. Corp. Multi-family Hsg. Rev. (The Masters Apts. Proj.) 1.39% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 6,480 | 6,480 |
| Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev.: | | | |
| (Lafayette Village Apts. Proj.) Series 2006, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 12,115 | 12,115 |
| (Louetta Village Apts. Proj.) Series 2005, 1.39% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 5,680 | 5,680 |
| (Primrose Aldine Bender Apt. Proj.) Series 2004, 1.41% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 6,810 | 6,810 |
| (Primrose at Bammel Apts. Proj.) Series 2005, 1.41% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 7,180 | 7,180 |
| Houston Hsg. Fin. Corp. Multi-family Hsg. Rev.: | | | |
| (Little Nell Apts. Proj.) Series 2003, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 10,600 | 10,600 |
| (Mayfair Park Apts. Proj.) Series 2004, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 2,895 | 2,895 |
| Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev.: | | | |
| (Bristol Apts. Proj.) Series 2004, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 10,800 | 10,800 |
| (Chisholm Trail Proj.) Series 2004, 1.39% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 9,305 | 9,305 |
| (Pinnacle Apts. Proj.) Series 2004, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 12,465 | 12,465 |
| (Residences at Sunset Pointe Proj.) Series 2006, 1.48% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 15,000 | 15,000 |
| (St. Augustine Estate Proj.) Series 2005, 1.39% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 5,480 | 5,480 |
| (Windshire Apts. Proj.) Series 2007, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 12,600 | 12,600 |
| Series 2004, 1.38% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 10,100 | 10,100 |
| Travis County Hsg. Fin. Corp. (Rosemont at Old Manor Apts.) Series 2004, 1.41% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 8,485 | 8,485 |
| | | | 424,555 |
| Utah - 0.2% | | | |
| Emery County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 1.46% 9/6/19, VRDN (a) | | 5,500 | 5,500 |
| FNMA Utah Hsg. Corp. Multi-family Hsg. Rev. (Springwood Apts. Proj.) Series 2005 A, 1.41% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 8,485 | 8,485 |
| | | | 13,985 |
| Virginia - 0.3% | | | |
| Loudoun County Indl. Dev. Auth. (Howard Hughes Med. Institute Proj.) Series 2003 F, 1.37% 9/6/19, VRDN (a) | | 2,570 | 2,570 |
| FNMA Alexandria Redev. & Hsg. Auth. Multi-family Hsg. Rev. (Fairfield Village Square Proj.) Series A, 1.39% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 19,920 | 19,920 |
| | | | 22,490 |
| Washington - 3.1% | | | |
| King County Hsg. Auth. Rev. (Overlake TOD Hsg. Proj.) 1.49% 9/6/19, LOC Bank of America NA, VRDN (a)(b) | | 16,005 | 16,005 |
| Port of Seattle Rev.: | | | |
| Series 1997, 1.38% 9/6/19, LOC Bank of America NA, VRDN (a)(b) | | 29,880 | 29,880 |
| Series 2008, 1.38% 9/6/19, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | | 16,235 | 16,235 |
| Port of Vancouver Rev. (United Grain Corp. of Oregon Proj.) Series 2009, 1.4% 9/6/19, LOC Bank of America NA, VRDN (a) | | 25,000 | 25,000 |
| FHLMC Washington Hsg. Fin. Commission Multi-family Hsg. Rev.: | | | |
| (Fairwinds Redmond Proj.) Series A, 1.39% 9/6/19, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a)(b) | | 19,250 | 19,250 |
| (The Lodge at Eagle Ridge Proj.) Series A, 1.39% 9/6/19, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a)(b) | | 9,485 | 9,485 |
| FNMA Washington Hsg. Fin. Commission Multi-family Hsg. Rev.: | | | |
| (Crestview Apts. Proj.) Series 2004, 1.39% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 8,610 | 8,610 |
| (Echo Lake Sr. Apts. Proj.) Series 2006, 1.39% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 17,970 | 17,970 |
| (Highland Park Apts. Proj.) Series A, 1.39% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 9,040 | 9,040 |
| (Merrill Gardens at Renton Centre Proj.) Series A, 1.39% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 8,990 | 8,990 |
| (Pinehurst Apts. Proj.) Series A, 1.39% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 12,000 | 12,000 |
| (The Vintage at Everett Sr. Living Proj.) Series 2004 A, 1.39% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 15,750 | 15,750 |
| (The Vintage at Richland Sr. Living Proj.) Series 2004 A, 1.39% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 7,535 | 7,535 |
| Series A, 1.39% 9/6/19, LOC Fannie Mae, VRDN (a)(b) | | 4,620 | 4,620 |
| | | | 200,370 |
| West Virginia - 1.4% | | | |
| Harrison County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 1.42% 9/6/19, LOC Bank of America NA, VRDN (a)(b) | | 4,720 | 4,720 |
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | | | |
| (Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.51% 9/6/19, VRDN (a)(b) | | 35,975 | 35,975 |
| (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.51% 9/6/19, VRDN (a)(b) | | 46,200 | 46,200 |
| Wood County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 1.4% 9/6/19, LOC Bank of America NA, VRDN (a)(b) | | 6,280 | 6,280 |
| | | | 93,175 |
| Wisconsin - 0.7% | | | |
| Green Bay Redev. Auth. (Green Bay Packaging, Inc. Proj.) 1.41% 9/6/19, LOC Wells Fargo Bank NA, VRDN (a)(b)(c) | | 44,300 | 44,300 |
| Wyoming - 0.5% | | | |
| Converse County Envir. Impt. Rev. Series 1995, 1.45% 9/6/19, VRDN (a)(b) | | 5,300 | 5,300 |
| Converse County Poll. Cont. Rev. (PacifiCorp Projs.) Series 1994, 1.44% 9/6/19, VRDN (a) | | 1,395 | 1,395 |
| Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 1.46% 9/6/19, VRDN (a)(b) | | 20,850 | 20,850 |
| Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.): | | | |
| Series 1992 B, 1.44% 9/6/19, VRDN (a) | | 600 | 600 |
| Series 1994, 1.44% 9/6/19, VRDN (a) | | 3,800 | 3,800 |
| | | | 31,945 |
| TOTAL VARIABLE RATE DEMAND NOTE | | | |
| (Cost $3,317,150) | | | 3,317,150 |
|
| Tender Option Bond - 20.9% | | | |
| Alabama - 0.0% | | | |
| Black Belt Energy Gas District Participating VRDN Series Floaters XL 00 98, 1.44% 9/6/19 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 1,400 | 1,400 |
| Alaska - 0.3% | | | |
| Alaska Indl. Dev. & Expt. Auth. Rev. Participating VRDN Series 16 XM 0236, 1.38% 9/6/19 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 16,665 | 16,665 |
| Arizona - 0.3% | | | |
| Arizona Trans. Board Hwy. Rev. Participating VRDN Series Floaters XX 10 05, 1.38% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 3,330 | 3,330 |
| Mesa Util. Sys. Rev. Bonds Series Solar 17 0026, 1.48%, tender 9/12/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 5,325 | 5,325 |
| Phoenix Civic Impt. Board Arpt. Rev. Participating VRDN Series Floaters ZF 27 58, 1.41% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(e) | | 1,925 | 1,925 |
| Rowan Univ. Participating VRDN Series 2016 XF 2337, 1.39% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 7,700 | 7,700 |
| | | | 18,280 |
| California - 0.7% | | | |
| California Gen. Oblig. Participating VRDN Series Floaters XF 10 38, 1.45% 9/6/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 3,625 | 3,625 |
| Dignity Health Participating VRDN: | | | |
| Series 17 04, 1.47% 10/11/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)(f) | | 800 | 800 |
| Series DBE 80 11, 1.57% 9/6/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 40,700 | 40,700 |
| Los Angeles Dept. Arpt. Rev. Participating VRDN Series Floaters ZF 05 81, 1.41% 9/6/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e) | | 2,360 | 2,360 |
| | | | 47,485 |
| Colorado - 2.5% | | | |
| Colorado Health Facilities Auth. Participating VRDN: | | | |
| Series XF 08 05, 1.38% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 1,850 | 1,850 |
| Series XG 02 51, 1.4% 9/6/19 (Liquidity Facility Bank of America NA) (a)(c)(d)(e) | | 2,600 | 2,600 |
| Series XM 07 52, 1.38% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 2,380 | 2,380 |
| Series XM 07 67, 1.4% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 1,400 | 1,400 |
| Series ZF 08 09, 1.4% 9/6/19 (Liquidity Facility Bank of America NA) (a)(c)(d)(e) | | 1,000 | 1,000 |
| Colorado Reg'l. Trans. District Sales Tax Rev. Participating VRDN Series Floaters 16 XF1031, 1.45% 9/6/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 2,815 | 2,815 |
| Commonspirit Health Participating VRDN Series Floaters XF 10 03, 1.4% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 3,400 | 3,400 |
| Denver City & County Arpt. Rev.: | | | |
| Bonds Series G-114, 1.6%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e)(f) | | 1,600 | 1,600 |
| Participating VRDN: | | | |
| Series DBE 8027, 1.6% 9/6/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(d)(e) | | 15,140 | 15,140 |
| Series Floaters XF 07 57, 1.43% 9/6/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 2,905 | 2,905 |
| Series Floaters XF 10 36, 1.45% 9/6/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 4,550 | 4,550 |
| Series Floaters XG 01 96, 1.42% 9/6/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 47,905 | 47,905 |
| Series Floaters XG 01 97, 1.43% 9/6/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 1,800 | 1,800 |
| Series Floaters XL 00 83, 1.43% 9/6/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 23,200 | 23,200 |
| Series Floaters XL 00 84, 1.43% 9/6/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 12,065 | 12,065 |
| Series Floaters ZF 06 88, 1.43% 9/6/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 15,700 | 15,700 |
| Series Floaters ZF 06 89, 1.43% 9/6/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 2,190 | 2,190 |
| Series Floaters ZF 06 90, 1.43% 9/6/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 9,315 | 9,315 |
| Series Floaters ZF 06 91, 1.43% 9/6/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 1,840 | 1,840 |
| Denver City & County Board Wtr. Rev. Bonds Series Solar 17 0032, 1.48%, tender 9/5/19 (Liquidity Facility U.S. Bank NA, Cincinnati)(a)(d)(e) | | 4,155 | 4,155 |
| Univ. of Colorado Enterprise Sys. Rev. Bonds Series Solar 0065, 1.48%, tender 9/19/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 6,240 | 6,240 |
| | | | 164,050 |
| Connecticut - 0.7% | | | |
| Connecticut Gen. Oblig. Participating VRDN: | | | |
| Series 15 YX1002, 1.41% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 7,675 | 7,675 |
| Series 2017, 1.41% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 1,975 | 1,975 |
| Series Floaters 016, 1.39% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 5,300 | 5,300 |
| Series Floaters XL 00 66, 1.41% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 3,200 | 3,200 |
| Series Floaters XM 05 22, 1.41% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 5,000 | 5,000 |
| Series Floaters XM 07 07, 1.41% 9/6/19 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 4,600 | 4,600 |
| Series XM 07 62, 1.41% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 2,900 | 2,900 |
| Connecticut Spl. Tax Oblig. Participating VRDN Series Floaters 16 YX1026, 1.41% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 2,500 | 2,500 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | | | |
| Bonds Series Floaters G 110, 1.53%, tender 4/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f) | | 3,100 | 3,100 |
| Participating VRDN: | | | |
| Series Floaters YX 10 77, 1.41% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 2,455 | 2,455 |
| Series ROC II R 14073, 1.43% 9/6/19 (Liquidity Facility Citibank NA) (a)(d)(e) | | 700 | 700 |
| State of Connecticut Gen. Oblig. Bonds Participating VRDN Series Floaters XM 03 39, 1.41% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 3,700 | 3,700 |
| | | | 43,105 |
| District Of Columbia - 0.2% | | | |
| District of Columbia Gen. Oblig. Bonds: | | | |
| Series 2016 23, 1.48%, tender 10/31/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 1,470 | 1,470 |
| Series Solar 0035, 1.48%, tender 11/28/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 2,470 | 2,470 |
| District of Columbia Income Tax Rev. Participating VRDN Series XF 23 41, 1.39% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 4,800 | 4,800 |
| Metropolitan Washington DC Arpts. Auth. Sys. Rev. Participating VRDN: | | | |
| Series Floaters XF 06 94, 1.44% 9/6/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 1,000 | 1,000 |
| Series Floaters XF 27 94, 1.4% 9/6/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d)(e) | | 1,545 | 1,545 |
| Series Floaters ZM 05 54, 1.41% 9/6/19 (Liquidity Facility Citibank NA) (a)(b)(d)(e) | | 2,500 | 2,500 |
| | | | 13,785 |
| Florida - 1.4% | | | |
| Alachua County Health Facilities Auth. Health Facilities Rev. Participating VRDN Series BAML 7006, 1.4% 9/6/19 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 2,400 | 2,400 |
| Florida Board of Ed. Pub. Ed. Cap. Outlay Bonds: | | | |
| Series Solar 0049, 1.48%, tender 9/12/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 3,000 | 3,000 |
| Series Solar 0054, 1.48%, tender 9/19/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 2,140 | 2,140 |
| Florida Dept. of Trans. Tpk. Rev. Bonds Series Solar 17 02, 1.48%, tender 10/31/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 200 | 200 |
| Florida Gen. Oblig. Bonds: | | | |
| Series Solar 042, 1.48%, tender 9/12/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 8,200 | 8,200 |
| Series Solar 2017 37, 1.48%, tender 10/3/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 2,840 | 2,840 |
| Gainesville Utils. Sys. Rev. Bonds Series Solar 0061, 1.53%, tender 11/7/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 15,720 | 15,720 |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | | | |
| Bonds Series Floaters G 25, 1.6%, tender 4/1/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e)(f) | | 3,000 | 3,000 |
| Participating VRDN Series Floaters ZF 25 03, 1.41% 9/6/19 (Liquidity Facility Citibank NA) (a)(b)(d)(e) | | 3,750 | 3,750 |
| Lee Memorial Health Sys. Hosp. Rev. Participating VRDN Series Floaters XG 02 34, 1.4% 9/6/19 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 2,855 | 2,855 |
| Miami Beach Resort Tax Rev. Participating VRDN Series RBC 15 ZM0119, 1.4% 9/6/19 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 7,500 | 7,500 |
| Miami-Dade County Aviation Rev. Participating VRDN Series XG 00 65 1.45% 9/6/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 9,255 | 9,255 |
| Miami-Dade County Expressway Auth. Participating VRDN Series XG 00 99, 1.45% 9/6/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 8,040 | 8,040 |
| Miami-Dade County Gen. Oblig. Participating VRDN: | | | |
| Series Floaters E 70, 1.38% 9/6/19 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 1,070 | 1,070 |
| Series Floaters XM 07 09, 1.4% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 2,075 | 2,075 |
| Palm Beach County Solid Waste Auth. Rev. Participating VRDN Series ROC II 14003, 1.38% 9/6/19 (Liquidity Facility Citibank NA) (a)(d)(e) | | 6,400 | 6,400 |
| Pinellas County Fla School Board Ctfs. Participating VRDN Series Floaters ZF 05 86, 1.42% 9/6/19 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e) | | 5,000 | 5,000 |
| Tallahassee Memorial Healthcare Participating VRDN Series Floaters ML 70 01, 1.4% 9/6/19 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 7,700 | 7,700 |
| Tampa Health Sys. Rev. Series 2012 B, SIFMA Municipal Swap Index + 0.300% 1.65%, tender 3/27/20(a)(d)(e)(f)(g) | | 3,100 | 3,100 |
| | | | 94,245 |
| Georgia - 0.6% | | | |
| Brookhaven Dev. Auth. Rev. Participating VRDN: | | | |
| Series XG 02 44, 1.39% 9/6/19 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 3,000 | 3,000 |
| Series XM 07 51, 1.4% 9/6/19 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 1,500 | 1,500 |
| Series XM 07 66, 1.38% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 5,260 | 5,260 |
| Burke County Indl. Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 107, 1.41% 9/6/19 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 13,800 | 13,800 |
| Heard County Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 105, 1.41% 9/6/19 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 2,300 | 2,300 |
| Metropolitan Atlanta Rapid Transit Auth. Sales Tax Rev. Bonds Series Solar 0047, 1.48%, tender 11/14/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 6,310 | 6,310 |
| Monroe County Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 106, 1.41% 9/6/19 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 5,000 | 5,000 |
| | | | 37,170 |
| Hawaii - 0.5% | | | |
| Eclipse Fdg. Trust Various States Bonds Series 2019, 1.49%, tender 11/21/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 3,900 | 3,900 |
| Hawaii Dept. of Budget & Fin. Spl. Purp. Rev. Participating VRDN Series Floaters XM 06 19, 1.42% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(e) | | 12,290 | 12,290 |
| Hawaii Gen. Oblig.: | | | |
| Bonds Series Solar 17 0031, 1.48%, tender 10/17/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 5,075 | 5,075 |
| Participating VRDN Series 16 XF0439, 1.39% 9/6/19 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 6,000 | 6,000 |
| Honolulu City and County Wastewtr. Sys. Participating VRDN Series ROC II R 11989, 1.38% 9/6/19 (Liquidity Facility Citibank NA) (a)(d)(e) | | 4,005 | 4,005 |
| | | | 31,270 |
| Illinois - 2.1% | | | |
| Chicago Gen. Oblig. Participating VRDN Series Floaters XL 01 05, 1.41% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 6,400 | 6,400 |
| Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN: | | | |
| Series Floaters XF 07 23, 1.43% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e) | | 11,270 | 11,270 |
| Series Floaters XG 02 19, 1.43% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e) | | 6,475 | 6,475 |
| Series Floaters XM 06 86, 1.43% 9/6/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 3,960 | 3,960 |
| Chicago Transit Auth. Participating VRDN Series Floaters XM 04 50, 1.39% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 12,600 | 12,600 |
| City of Chicago Gen. Oblig. Bonds Participating VRDN Series Floaters XF 23 42, 1.41% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 1,900 | 1,900 |
| Cook County Ill Sales Tax Rev. Participating VRDN Series Floaters XF 25 01, 1.41% 9/6/19 (Liquidity Facility Citibank NA) (a)(d)(e) | | 2,782 | 2,782 |
| Deutsche Bank Spears/Lifers Trust Participating VRDN Series Floaters XF 10 12, 1.41% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 4,400 | 4,400 |
| Illinois Fin. Auth. Rev. Participating VRDN: | | | |
| Series Floaters 017, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)(f) | | 18,115 | 18,115 |
| Series XF 23 38, 1.39% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 10,800 | 10,800 |
| Series XL 01 16, 1.38% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 3,255 | 3,255 |
| Illinois Gen. Oblig. Participating VRDN: | | | |
| Series 15 XF 1006, 1.41% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 7,000 | 7,000 |
| Series Floaters XF 10 43, 1.41% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 2,950 | 2,950 |
| Series Floaters XX 10 81, 1.45% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 10,900 | 10,900 |
| Series Floaters YX 10 72, 1.45% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 3,625 | 3,625 |
| Series Floaters YX 10 86, 1.41% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 4,100 | 4,100 |
| Series XM 07 59, 1.47% 9/6/19 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 4,400 | 4,400 |
| Illinois Toll Hwy. Auth. Toll Hwy. Rev. Participating VRDN: | | | |
| Series 15 XF0277, 1.43% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 2,000 | 2,000 |
| Series 15 XM 0078, 1.43% 9/6/19 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 15,375 | 15,375 |
| Series XF 08 01, 1.4% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 2,300 | 2,300 |
| | | | 134,607 |
| Indiana - 0.2% | | | |
| Hamilton County HealthCare Facilities Rev. Participating VRDN Series XF 10 26, 1.45% 9/6/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 13,000 | 13,000 |
| Iowa - 0.1% | | | |
| RIB Floater Trust Various States Participating VRDN Series Floaters 007, 1.4% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 3,400 | 3,400 |
| Kansas - 0.1% | | | |
| Kansas Dev. Fin. Agcy. Participating VRDN Series ROC II R 14067, 1.38% 9/6/19 (Liquidity Facility Citibank NA) (a)(d)(e) | | 5,420 | 5,420 |
| Kentucky - 0.2% | | | |
| Kentucky Econ. Dev. Fin. Auth. Participating VRDN Series Floaters XF 10 24, 1.4% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 10,400 | 10,400 |
| Louisiana - 1.8% | | | |
| Louisiana Gas & Fuel Tax Rev. Participating VRDN Series EGL 14 0049, 1.39% 9/6/19 (Liquidity Facility Citibank NA) (a)(d)(e) | | 114,600 | 114,600 |
| Touro Infirmary Participating VRDN Series Floaters ML 70 03, 1.4% 9/6/19 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 4,365 | 4,365 |
| | | | 118,965 |
| Maryland - 0.2% | | | |
| Baltimore Proj. Rev. Bonds Series Floaters G 28, 1.55%, tender 1/2/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f) | | 1,500 | 1,500 |
| Maryland Health & Higher Edl. Facilities Auth. Rev. Participating VRDN Series 15 XF0130, 1.38% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 7,275 | 7,275 |
| Montgomery County Gen. Oblig. Participating VRDN Series Floaters XG 02 15, 1.42% 9/6/19 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 1,600 | 1,600 |
| | | | 10,375 |
| Massachusetts - 0.2% | | | |
| Massachusetts Clean Wtr. Trust Participating VRDN Series Clipper 09 30, 1.38% 9/6/19 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d)(e) | | 14,470 | 14,470 |
| Michigan - 0.3% | | | |
| Michigan Fin. Auth. Rev. Participating VRDN: | | | |
| Series 15 XF0126, 1.4% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 5,290 | 5,290 |
| Series 16 ZM0166, 1.38% 9/6/19 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 2,240 | 2,240 |
| Series Floaters XF 07 71, 1.38% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 2,900 | 2,900 |
| Series Floaters ZF 07 90, 1.45% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 530 | 530 |
| Series Floaters ZF 07 96, 1.45% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 750 | 750 |
| Series Floaters ZF 28 25, 1.43% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 1,300 | 1,300 |
| Series XM 07 48, 1.38% 9/6/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) | | 4,900 | 4,900 |
| Series XX 1043, 1.38% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 1,600 | 1,600 |
| | | | 19,510 |
| Missouri - 0.9% | | | |
| Missouri Health & Edl. Facilities Auth. Rev. Participating VRDN Series Floaters C16, 1.41% 9/6/19 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 23,500 | 23,500 |
| Missouri Health & Edl. Facilities Rev. Participating VRDN: | | | |
| Series Floaters XF 07 63, 1.41% 9/6/19 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 3,000 | 3,000 |
| Series Floaters XG 01 84, 1.4% 9/6/19 (Liquidity Facility Citibank NA) (a)(d)(e) | | 2,300 | 2,300 |
| Missouri Hefa Edl. Facilities Rev. Participating VRDN: | | | |
| Series Floaters 17 010, 1.39% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 25,715 | 25,715 |
| Series Floaters C17, 1.39% 9/6/19 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 4,900 | 4,900 |
| | | | 59,415 |
| Nebraska - 0.2% | | | |
| Douglas County School District #1 Bonds Series Solar 0059, 1.48%, tender 10/3/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 5,175 | 5,175 |
| Nebraska Invt. Fin. Auth. Single Family Hsg. Rev. Participating VRDN Series XF 26 71, 1.38% 9/6/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) | | 2,565 | 2,565 |
| Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series Floaters XX 10 04, 1.39% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 5,710 | 5,710 |
| | | | 13,450 |
| Nevada - 0.1% | | | |
| Clark County Fuel Tax Bonds: | | | |
| Series Solar 0068, 1.48%, tender 10/3/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 3,545 | 3,545 |
| Series Solar 17 25, 1.48%, tender 9/19/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 5,530 | 5,530 |
| | | | 9,075 |
| New Jersey - 0.3% | | | |
| New Jersey Econ. Dev. Auth. Natural Gas Facilities Rev. Participating VRDN Series ZF 08 12, 1.38% 9/6/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 7,450 | 7,450 |
| New Jersey Econ. Dev. Auth. Rev. Participating VRDN: | | | |
| Series Floaters 011, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 2,490 | 2,490 |
| Series Floaters 012, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 9,000 | 9,000 |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Participating VRDN Series Floaters XG 01 78, 1.39% 9/6/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 3,065 | 3,065 |
| | | | 22,005 |
| New York - 0.7% | | | |
| Battery Park City Auth. Rev. Participating VRDN Series Putters 5012, 1.42% 9/3/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 44,390 | 44,390 |
| New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Participating VRDN Series Floaters XF 10 11, 1.38% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 1,000 | 1,000 |
| New York Liberty Dev. Corp. Participating VRDN Series Floaters XF 10 27, 1.45% 9/6/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 2,500 | 2,500 |
| | | | 47,890 |
| North Carolina - 0.3% | | | |
| City of Charlotte Wtr. Swr. Sys. Rev. Participating VRDN Series XL 00 12, 1.39% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 5,000 | 5,000 |
| Greensboro Combined Enterprise Sys. Rev. Bonds Series Solar 0045, 1.48%, tender 11/21/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 2,715 | 2,715 |
| North Carolina Hsg. Fin. Agcy. Participating VRDN Series Floaters YX 10 52, 1.38% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 2,500 | 2,500 |
| North Carolina Med. Care Commission Health Care Facilities Rev. Participating VRDN Series 15 XF0147, 1.39% 9/6/19 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e) | | 9,365 | 9,365 |
| | | | 19,580 |
| Ohio - 0.5% | | | |
| Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 1.47% 9/6/19 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 1,200 | 1,200 |
| Erie County Hosp. Facilities Rev. Participating VRDN Series BAML 5019, 1.4% 9/6/19 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 10,200 | 10,200 |
| Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)(f) | | 7,510 | 7,510 |
| Montgomery County Hosp. Rev. Participating VRDN Series Floaters BAML 50 02, 1.4% 9/6/19 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 4,800 | 4,800 |
| Ohio Higher Edl. Facility Commission Rev. Participating VRDN: | | | |
| Series 2017, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)(f) | | 7,610 | 7,610 |
| Series XG 00 69, 1.45% 9/6/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 750 | 750 |
| Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.55%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f) | | 1,400 | 1,400 |
| | | | 33,470 |
| Oklahoma - 0.1% | | | |
| Edmond Pub. Works Auth. Sales Tax & Util. Sys. Rev. Participating VRDN Series Floaters XM 05 59, 1.41% 9/6/19 (Liquidity Facility Citibank NA) (a)(d)(e) | | 7,800 | 7,800 |
| Oregon - 0.3% | | | |
| Clackamas County School District #7J Bonds Series Solar 0053, 1.48%, tender 9/26/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 6,810 | 6,810 |
| Oregon Gen. Oblig. Participating VRDN Series ROC II R 11949, 1.38% 9/6/19 (Liquidity Facility Citibank NA) (a)(d)(e) | | 3,615 | 3,615 |
| Portland Wtr. Sys. Rev. Bonds Series 2016 24, 1.48%, tender 9/5/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 6,300 | 6,300 |
| | | | 16,725 |
| Pennsylvania - 1.4% | | | |
| Allegheny County Participating VRDN Series Floaters XM 06 63, 1.45% 9/6/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) | | 2,920 | 2,920 |
| Allegheny County Hosp. Dev. Auth. Rev. Bonds Series Floaters E72, 1.52%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f) | | 68,500 | 68,500 |
| Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)(f) | | 11,500 | 11,500 |
| Lehigh County Gen. Purp. Hosp. Rev. Participating VRDN Series Floaters 2019 003, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)(f) | | 5,435 | 5,435 |
| Pennsylvania Econ. Dev. Fing. Auth. Rev. Participating VRDN Series Floaters 16 YX1028, 1.45% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 2,415 | 2,415 |
| Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, 1.52%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f) | | 1,100 | 1,100 |
| Pennsylvania Tpk. Commission Tpk. Rev. Participating VRDN Series DBE 8032, 1.6% 9/6/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 600 | 600 |
| | | | 92,470 |
| South Carolina - 0.4% | | | |
| Berkeley County School District Bonds Series Solar 17 0030, 1.48%, tender 11/14/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 3,035 | 3,035 |
| Columbia Wtrwks. & Swr. Rev. Bonds Series 2016 21, 1.48%, tender 10/10/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 7,880 | 7,880 |
| Lancaster County School District Bonds Series Solar 17 21, 1.48%, tender 9/5/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 3,570 | 3,570 |
| Lexington County School District #1 Bonds Series Solar 0058, 1.48%, tender 10/31/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 3,575 | 3,575 |
| South Carolina Jobs-Econ. Dev. Auth. Participating VRDN Series Floaters BAML 50 04, 1.4% 9/6/19 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 5,160 | 5,160 |
| South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.55%, tender 4/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f) | | 1,100 | 1,100 |
| | | | 24,320 |
| Tennessee - 0.2% | | | |
| Nashville and Davidson County Metropolitan Govt. Health & Edl. Facilities Board Rev. Participating VRDN Series Floaters XL 00 62, 1.41% 9/6/19 (Liquidity Facility Citibank NA) (a)(d)(e) | | 2,320 | 2,320 |
| Rutherford County Health & Edl. Facilities Board Rev. Participating VRDN Series 2014 ZF0208, 1.45% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 5,000 | 5,000 |
| Vanderbilt Hosp. Participating VRDN 1.39% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 4,475 | 4,475 |
| | | | 11,795 |
| Texas - 1.0% | | | |
| Brazos County Health Facilities Dv Corp. Participating VRDN Series BAML 50 21, 1.48% 9/6/19 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 2,900 | 2,900 |
| Eclipse Fdg. Trust Various States Bonds Series 2019, 1.48%, tender 12/5/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 3,500 | 3,500 |
| Frisco Independent School District: | | | |
| Bonds Series Solar 0002, 1.48%, tender 11/21/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 1,100 | 1,100 |
| Participating VRDN Series ROC II R 11960, 1.38% 9/6/19 (Liquidity Facility Citibank NA) (a)(d)(e) | | 6,310 | 6,310 |
| Harris County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series Floaters 010, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)(f) | | 15,265 | 15,265 |
| Hays Consolidated Independent School District Bonds Series Solar 0050, 1.48%, tender 10/10/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 2,795 | 2,795 |
| Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Participating VRDN Series ROC II R 11860, 1.38% 9/6/19 (Liquidity Facility Citibank NA) (a)(d)(e) | | 6,000 | 6,000 |
| Houston Util. Sys. Rev. Participating VRDN Series 16 XM 0235, 1.38% 9/6/19 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 14,400 | 14,400 |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Participating VRDN Series 16 XF0411, 1.4% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 6,900 | 6,900 |
| Tarrant County Health Facilities Dev. Corp. Hosp. Rev. Participating VRDN Series Putters 0028, 1.4% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 4,000 | 4,000 |
| Wells Fargo Stage Trs Var States Participating VRDN Series Floaters XF 23 21, 1.38% 9/6/19 (Liquidity Facility Wells Fargo Bank NA) (a)(d)(e) | | 4,095 | 4,095 |
| | | | 67,265 |
| Utah - 0.3% | | | |
| Salt Lake City Arpt. Rev. Participating VRDN Series DBE 8034, 1.6% 9/6/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(d)(e) | | 20,060 | 20,060 |
| Virginia - 0.3% | | | |
| Hampton Roads Sanitation District Wastewtr. Rev. Bonds Series Solar 0064, 1.48%, tender 10/31/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 6,500 | 6,500 |
| Loudoun County Gen. Oblig. Bonds Series Solar 2017 38, 1.48%, tender 10/10/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 2,910 | 2,910 |
| Univ. of Virginia Gen. Rev. Bonds Series Solar 17 17, 1.48%, tender 11/28/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 3,385 | 3,385 |
| Virginia Commonwealth Trans. Board Rev. Participating VRDN Series 16 XM0142, 1.38% 9/6/19 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 6,770 | 6,770 |
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 1.55%, tender 2/3/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f) | | 2,800 | 2,800 |
| | | | 22,365 |
| Washington - 1.4% | | | |
| Commonspirit Health Participating VRDN Series XF 1017, 1.4% 9/6/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 12,100 | 12,100 |
| King County Swr. Rev. Participating VRDN Series ROC II R 11962, 1.38% 9/6/19 (Liquidity Facility Citibank NA) (a)(d)(e) | | 2,200 | 2,200 |
| Port of Seattle Rev. Participating VRDN: | | | |
| Series Floaters XF 05 22, 1.44% 9/6/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(d)(e) | | 3,600 | 3,600 |
| Series Floaters XM 06 65, 1.45% 9/6/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e) | | 12,700 | 12,700 |
| Series Floaters ZM 06 69, 1.43% 9/6/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d)(e) | | 9,700 | 9,700 |
| Series XF 28 28, 1.45% 9/6/19 (Liquidity Facility Cr. Suisse AG) (a)(b)(d)(e) | | 1,800 | 1,800 |
| Port of Tacoma Rev. Participating VRDN Series Floaters XF 06 58, 1.43% 9/6/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 5,410 | 5,410 |
| Seattle Muni. Lt. & Pwr. Rev. Bonds: | | | |
| Series Solar 0055, 1.48%, tender 9/26/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 6,090 | 6,090 |
| Series Solar 17 19, 1.48%, tender 11/28/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 3,860 | 3,860 |
| Seattle Wtr. Sys. Rev. Bonds Series Solar 17 5, 1.48%, tender 10/24/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 7,525 | 7,525 |
| Washington Convention Ctr. Pub. Facilities Participating VRDN: | | | |
| Series Floaters XM 06 81, 1.41% 9/6/19 (Liquidity Facility Citibank NA) (a)(d)(e) | | 17,700 | 17,700 |
| Series Floaters ZM 06 79, 1.41% 9/6/19 (Liquidity Facility Citibank NA)(a)(d)(e) | | 7,500 | 7,500 |
| Washington Health Care Facilities Auth. Rev. Participating VRDN Series Floaters XF 24 92, 1.41% 9/6/19 (Liquidity Facility Citibank NA) (a)(d)(e) | | 1,745 | 1,745 |
| | | | 91,930 |
| Wisconsin - 0.1% | | | |
| Milwaukee Metropolitan Swr. District Bonds Series Solar 0036, 1.48%, tender 9/12/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 3,100 | 3,100 |
| Wisconsin Health& Edl. Facilities Participating VRDN Series Floaters XG 00 72, 1.45% 9/6/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 4,200 | 4,200 |
| | | | 7,300 |
| TOTAL TENDER OPTION BOND | | | |
| (Cost $1,364,517) | | | 1,364,517 |
|
| Other Municipal Security - 23.3% | | | |
| Alabama - 0.1% | | | |
| Huntsville Health Care Auth. Rev. Series 2019, 1.47% 9/5/19, CP | | 8,700 | 8,700 |
| Arizona - 0.1% | | | |
| Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2019, 1.53% 9/5/19, CP | | 5,000 | 5,000 |
| California - 1.6% | | | |
| California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Bonds: | | | |
| Series 2010 A, SIFMA Municipal Swap Index + 0.100% 1.45%, tender 11/1/19 (Liquidity Facility Royal Bank of Canada) (a)(g) | | 75,305 | 75,305 |
| Series 2010 B, SIFMA Municipal Swap Index + 0.000% 1.45%, tender 11/1/19 (Liquidity Facility Royal Bank of Canada) (a)(g) | | 26,365 | 26,365 |
| | | | 101,670 |
| Connecticut - 0.6% | | | |
| Bethel Gen. Oblig. BAN Series 2019, 3% 7/24/20 | | 8,815 | 8,947 |
| Connecticut Gen. Oblig. Bonds: | | | |
| Series 2012 A, SIFMA Municipal Swap Index + 1.250% 2.6% 4/15/20(a)(g) | | 2,200 | 2,214 |
| Series 2013 A, 5% 10/15/19 | | 4,175 | 4,190 |
| Series 2014 H, 5% 11/15/19 | | 1,200 | 1,207 |
| Series 2018 E, 5% 9/15/20 | | 5,000 | 5,193 |
| Series 2018 F, 5% | | 1,500 | 1,558 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series 2018 B, 5% 10/1/19 | | 10,320 | 10,344 |
| East Hampton Gen. Oblig. BAN Series 2018, 2.75% 9/12/19 | | 1,713 | 1,713 |
| North Haven Gen. Oblig. BAN Series 2018, 3% 11/7/19 | | 6,400 | 6,411 |
| | | | 41,777 |
| Florida - 3.8% | | | |
| Florida Dev. Fin. Corp. Surface T Bonds (Virgin Trains U.S.A. Passenger Rail Proj.) Series 2019 B, 1.9%, tender 3/17/20 (a)(b) | | 95,000 | 95,000 |
| Miami-Dade County Series A1: | | | |
| 1.52% 10/16/19, LOC Bank of America NA, CP (b) | | 48,243 | 48,243 |
| 1.6% 9/17/19, LOC Bank of America NA, CP (b) | | 6,100 | 6,100 |
| Polk County Indl. Dev. Auth. Health Sys. Rev. Bonds: | | | |
| Series 2014 A, SIFMA Municipal Swap Index + 0.300% 1.65%, tender 3/27/20 (a)(g) | | 28,200 | 28,200 |
| Series 2014 A1, SIFMA Municipal Swap Index + 0.250% 1.6%, tender 3/27/20 (a)(g) | | 28,900 | 28,900 |
| Tampa Health Sys. Rev. Bonds Series 2012 B, SIFMA Municipal Swap Index + 0.300% 1.65%, tender 3/27/20 (a)(g) | | 42,015 | 42,015 |
| | | | 248,458 |
| Georgia - 4.5% | | | |
| Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds: | | | |
| Series 2010 A1, SIFMA Municipal Swap Index + 0.100% 1.45%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) (a)(g) | | 92,240 | 92,240 |
| Series 2010 A2, SIFMA Municipal Swap Index + 0.100% 1.45%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) (a)(g) | | 199,685 | 199,685 |
| | | | 291,925 |
| Illinois - 0.9% | | | |
| Illinois Fin. Auth. Rev. Bonds: | | | |
| (Advocate Health Care Network Proj.) Series 2011 B, SIFMA Municipal Swap Index + 0.300% 1.65%, tender 3/27/20 (a)(g) | | 40,850 | 40,850 |
| Series 12I, 1.47% tender 9/5/19, CP mode | | 11,200 | 11,200 |
| Series 2012 H, 1.58% tender 9/17/19, CP mode | | 7,385 | 7,385 |
| Illinois Toll Hwy. Auth. Toll Hwy. Rev. Bonds Series 2018 A, 5% 1/1/20 | | 900 | 909 |
| | | | 60,344 |
| Kentucky - 1.3% | | | |
| Kentucky Asset/Liability Commission Gen. Fund Rev. TRAN Series 2019 A, 3% 6/25/20 | | 82,600 | 83,661 |
| Massachusetts - 0.2% | | | |
| Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds Series 05, 1.6% tender 9/6/19 (Massachusetts Elec. Co. Guaranteed), CP mode (b) | | 10,600 | 10,600 |
| Michigan - 0.3% | | | |
| Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 1.6%, tender 3/27/20 (a)(g) | | 17,245 | 17,245 |
| Montana - 0.2% | | | |
| Montana Board of Invt. Bonds: | | | |
| Series 2007, 1.87%, tender 3/2/20 (a) | | 8,385 | 8,385 |
| Series 2013, 1.87%, tender 3/2/20 (a) | | 4,615 | 4,615 |
| | | | 13,000 |
| New Hampshire - 0.7% | | | |
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds: | | | |
| Series 1990 A, 1.6% tender 9/6/19, CP mode (b) | | 23,300 | 23,300 |
| Series 1990 A1, 1.99% tender 9/25/19, CP mode (b) | | 25,700 | 25,700 |
| | | | 49,000 |
| New Jersey - 1.3% | | | |
| Avalon Borough Gen. Oblig. BAN Series 2019, 3% 2/14/20 | | 4,450 | 4,470 |
| Bergen County Gen. Oblig. BAN Series 2018 B, 3.25% 12/12/19 | | 28,000 | 28,099 |
| Camden County BAN Series 2018 A, 3% 10/23/19 | | 6,300 | 6,308 |
| Cedar Grove Township Gen. Oblig. BAN Series 2019, 2.5% 7/16/20 | | 19,463 | 19,630 |
| East Windsor Township Gen. Oblig. BAN Series 2018, 3.5% 12/6/19 | | 8,200 | 8,226 |
| Montgomery Township Gen. Oblig. BAN Series 2019, 2% 8/28/20 | | 2,800 | 2,820 |
| Morris Township Gen. Oblig. BAN Series 2018, 3% 9/5/19 | | 10,666 | 10,667 |
| Wayne Township Wtr. Util. BAN Series 2019, 2.5% 6/24/20 | | 7,900 | 7,964 |
| | | | 88,184 |
| New York - 0.9% | | | |
| Kings Park Central School District BAN Series 2018, 3% 9/13/19 | | 9,000 | 9,003 |
| Wappingers Central School District BAN Series 2019 B, 2.25% 8/13/20 | | 51,366 | 51,847 |
| | | | 60,850 |
| Ohio - 0.4% | | | |
| American Muni. Pwr. BAN (City of Wapakoneta Proj.) Series 2019, 2.5% 6/25/20 (Ohio Gen. Oblig. Guaranteed) | | 2,750 | 2,771 |
| Butler County Gen. Oblig. BAN Series 2019, 3% 1/23/20 | | 2,600 | 2,610 |
| Fairfield County Gen. Oblig. BAN Series 2018, 3% 4/29/20 | | 2,000 | 2,015 |
| Hudson City Gen. Oblig. BAN Series 2018, 3.5% 12/19/19 | | 2,200 | 2,208 |
| Indian Valley Loc School District BAN Series 2019, 2.5% 2/11/20 | | 2,500 | 2,505 |
| Kent Various Purp. Bond BAN Series 2019, 2.25% 8/20/20 | | 1,000 | 1,009 |
| Mahoning County BAN Series 2019, 3% 9/16/20 (h) | | 2,185 | 2,222 |
| Southwest Local School District BAN Series 2018, 2.625% 11/13/19 (Ohio Gen. Oblig. Guaranteed) | | 1,650 | 1,652 |
| Union Township Clermont County Gen. Oblig. BAN: | | | |
| Series 2018, 3% 9/5/19 (Ohio Gen. Oblig. Guaranteed) | | 5,342 | 5,343 |
| Series 2019, 2.25% 9/2/20 (Ohio Gen. Oblig. Guaranteed) (h) | | 5,000 | 5,049 |
| Worthington Ohio BAN Series 2019, 3% 9/26/19 (Ohio Gen. Oblig. Guaranteed) | | 1,230 | 1,231 |
| | | | 28,615 |
| Oklahoma - 0.4% | | | |
| Oklahoma City Wtr. Utils. Trust Wtr. and Swr. Rev. Series A, 1.55% 10/3/19 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | | 4,900 | 4,900 |
| Oklahoma Dev. Fin. Auth. Health Sys. Rev. Bonds Series 2015 B, SIFMA Municipal Swap Index + 0.350% 1.7%, tender 3/27/20 (a)(g) | | 19,640 | 19,640 |
| | | | 24,540 |
| Tennessee - 0.6% | | | |
| Metropolitan Govt. Nashville & Davidson County Wtr. & Swr. Sys. Rev. Series A: | | | |
| 1.54% 9/4/19, LOC State Street Bank & Trust Co., Boston, CP | | 29,300 | 29,300 |
| 1.65% 9/10/19, LOC State Street Bank & Trust Co., Boston, CP | | 9,800 | 9,800 |
| | | | 39,100 |
| Texas - 5.4% | | | |
| Garland Util. Sys. Rev. Series 2018: | | | |
| 1.53% 9/4/19, LOC Bank of America NA, CP | | 2,900 | 2,900 |
| 1.56% 9/4/19, LOC Bank of America NA, CP | | 4,900 | 4,900 |
| Harris County Cultural Ed. Facilities Fin. Corp. Rev. Bonds: | | | |
| (Texas Children's Hosp. Proj.) Series 2015 2, SIFMA Municipal Swap Index + 0.200% 1.55%, tender 3/27/20 (a)(g) | | 33,900 | 33,900 |
| Series 2014 B, 1.93%, tender 12/1/19 (a) | | 5,100 | 5,102 |
| Harris County Flood District Cont. Ctfs. of Prtn. Series H, 1.57% 10/10/19 (Liquidity Facility JPMorgan Chase Bank), CP | | 2,900 | 2,900 |
| Harris County Metropolitan Trans. Auth. Series A1, 1.59% 10/24/19 (Liquidity Facility JPMorgan Chase Bank), CP | | 10,100 | 10,100 |
| Lower Colorado River Auth. Rev. Series B, 1.5% 10/3/19, LOC State Street Bank & Trust Co., Boston, CP | | 6,568 | 6,568 |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Bonds (Baylor Health Care Sys. Proj.): | | | |
| Series 2011 B, BMA Municipal Swap Index + 0.300% 1.65%, tender 3/27/20 (a)(g) | | 31,700 | 31,700 |
| Series 2013 B, SIFMA Municipal Swap Index + 0.300% 1.65%, tender 3/27/20 (a)(g) | | 31,000 | 31,000 |
| Texas Gen. Oblig. TRAN Series 2019, 4% 8/27/20 (h) | | 216,300 | 221,986 |
| Univ. of Texas Board of Regents Sys. Rev. Series A, 1.67% 9/26/19 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | | 3,200 | 3,200 |
| | | | 354,256 |
| TOTAL OTHER MUNICIPAL SECURITY | | | |
| (Cost $1,526,925) | | | 1,526,925 |
| | | Shares (000s) | Value (000s) |
|
| Investment Company - 8.6% | | | |
| Fidelity Municipal Cash Central Fund 1.46% (i)(j) | | | |
| (Cost $564,616) | | 564,561 | 564,616 |
| TOTAL INVESTMENT IN SECURITIES - 103.5% | | | |
| (Cost $6,773,208) | | | 6,773,208 |
| NET OTHER ASSETS (LIABILITIES) - (3.5)% | | | (227,615) |
| NET ASSETS - 100% | | | $6,545,593 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
CP – COMMERCIAL PAPER
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) 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 $47,900,000 or 0.7% of net assets.
(d) Provides evidence of ownership in one or more underlying municipal bonds.
(e) Coupon rates are determined by re-marketing agents based on current market conditions.
(f) 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 $153,435,000 or 2.3% of net assets.
(g) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(h) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(i) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(j) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Cost (000s) |
| Allegheny County Hosp. Dev. Auth. Rev. Bonds Series Floaters E72, 1.52%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) | 6/1/16 - 1/19/18 | $68,500 |
| Baltimore Proj. Rev. Bonds Series Floaters G 28, 1.55%, tender 1/2/20 (Liquidity Facility Royal Bank of Canada) | 7/12/18 | $1,500 |
| Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) | 1/18/18 - 1/18/19 | $11,500 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.53%, tender 4/1/20 (Liquidity Facility Royal Bank of Canada) | 5/16/19 | $3,100 |
| Denver City & County Arpt. Rev. Bonds Series G-114, 1.6%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) | 6/6/19 | $1,600 |
| Dignity Health Participating VRDN Series 17 04, 1.47% 10/11/19 (Liquidity Facility Barclays Bank PLC) | 1/18/19 | $800 |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 1.6%, tender 4/1/20 (Liquidity Facility Royal Bank of Canada) | 7/12/18 | $3,000 |
| Harris County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series Floaters 010, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) | 5/31/18 - 3/25/19 | $15,265 |
| Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) | 8/16/18 - 3/4/19 | $18,115 |
| Lehigh County Gen. Purp. Hosp. Rev. Participating VRDN Series Floaters 2019 003, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) | 1/17/19 | $5,435 |
| Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) | 9/14/17 - 7/13/18 | $7,510 |
| Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.5% 10/11/19 (Liquidity Facility Barclays Bank PLC) | 3/9/17 - 7/13/18 | $7,610 |
| Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.55%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) | 7/12/18 | $1,400 |
| Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, 1.52%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) | 8/3/18 - 10/9/18 | $1,100 |
| South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.55%, tender 4/1/20 (Liquidity Facility Royal Bank of Canada) | 5/16/19 | $1,100 |
| Tampa-Hillsborough Co. Ex Auth. Bonds Series G-113, 1.55%, tender 1/2/20 (Liquidity Facility Royal Bank of Canada) | 6/6/19 | $3,100 |
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 1.55%, tender 2/3/20 (Liquidity Facility Royal Bank of Canada) | 8/2/18 | $2,800 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| | (Amounts in thousands) |
| Fidelity Municipal Cash Central Fund | $3,472 |
| Total | $3,472 |
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) | | August 31, 2019 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $6,208,592) | $6,208,592 | |
| Fidelity Central Funds (cost $564,616) | 564,616 | |
| Total Investment in Securities (cost $6,773,208) | | $6,773,208 |
| Cash | | 1,606 |
| Receivable for securities sold on a delayed delivery basis | | 5,860 |
| Receivable for fund shares sold | | 2,152 |
| Interest receivable | | 15,411 |
| Distributions receivable from Fidelity Central Funds | | 434 |
| Prepaid expenses | | 15 |
| Other receivables | | 233 |
| Total assets | | 6,798,919 |
| Liabilities | | |
| Payable for investments purchased | | |
| Regular delivery | $13,933 | |
| Delayed delivery | 229,257 | |
| Payable for fund shares redeemed | 7,290 | |
| Distributions payable | 252 | |
| Accrued management fee | 1,393 | |
| Other affiliated payables | 894 | |
| Other payables and accrued expenses | 307 | |
| Total liabilities | | 253,326 |
| Net Assets | | $6,545,593 |
| Net Assets consist of: | | |
| Paid in capital | | $6,546,721 |
| Total distributable earnings (loss) | | (1,128) |
| Net Assets, for 6,535,204 shares outstanding | | $6,545,593 |
| Net Asset Value, offering price and redemption price per share ($6,545,593 ÷ 6,535,204 shares) | | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Amounts in thousands | | Year ended August 31, 2019 |
| Investment Income | | |
| Interest | | $121,846 |
| Income from Fidelity Central Funds | | 3,472 |
| Total income | | 125,318 |
| Expenses | | |
| Management fee | $18,684 | |
| Transfer agent fees | 11,282 | |
| Accounting fees and expenses | 612 | |
| Custodian fees and expenses | 56 | |
| Independent trustees' fees and expenses | 35 | |
| Registration fees | 78 | |
| Audit | 47 | |
| Legal | 12 | |
| Miscellaneous | 35 | |
| Total expenses before reductions | 30,841 | |
| Expense reductions | (41) | |
| Total expenses after reductions | | 30,800 |
| Net investment income (loss) | | 94,518 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 475 | |
| Total net realized gain (loss) | | 475 |
| Net increase in net assets resulting from operations | | $94,993 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Amounts in thousands | Year ended August 31, 2019 | Year ended August 31, 2018 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $94,518 | $83,305 |
| Net realized gain (loss) | 475 | (1,232) |
| Net increase in net assets resulting from operations | 94,993 | 82,073 |
| Distributions to shareholders | (94,594) | – |
| Distributions to shareholders from net investment income | – | (83,306) |
| Total distributions | (94,594) | (83,306) |
| Share transactions | | |
| Proceeds from sales of shares | 1,152,073 | 1,180,415 |
| Reinvestment of distributions | 90,618 | 79,839 |
| Cost of shares redeemed | (2,916,748) | (4,097,142) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (1,674,057) | (2,836,888) |
| Total increase (decrease) in net assets | (1,673,658) | (2,838,121) |
| Net Assets | | |
| Beginning of period | 8,219,251 | 11,057,372 |
| End of period | $6,545,593 | $8,219,251 |
| Other Information | | |
| Distributions in excess of net investment income end of period | | $(52) |
| Shares | | |
| Sold | 1,152,073 | 1,180,415 |
| Issued in reinvestment of distributions | 90,618 | 79,839 |
| Redeemed | (2,916,748) | (4,097,142) |
| Net increase (decrease) | (1,674,057) | (2,836,888) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Municipal Money Market Fund
| | | | | | |
| Years ended August 31, | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss) | .013 | .009 | .004 | –A | –A |
| Net realized and unrealized gain (loss)A | – | – | – | – | – |
| Total from investment operations | .013 | .009 | .004 | –A | –A |
| Distributions from net investment income | (.013) | (.009) | (.004) | –A | –A |
| Distributions from net realized gain | –A | – | –A | –A | –A |
| Total distributions | (.013) | (.009) | (.004) | –A | –A |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB | 1.30% | .89% | .42% | .04% | .02% |
| Ratios to Average Net AssetsC,D | | | | | |
| Expenses before reductions | .42% | .41% | .40% | .41% | .40% |
| Expenses net of fee waivers, if any | .42% | .41% | .40% | .18% | .06% |
| Expenses net of all reductions | .42% | .41% | .40% | .18% | .06% |
| Net investment income (loss) | 1.29% | .87% | .41% | .03% | .01% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $6,546 | $8,219 | $11,057 | $16,719 | $27,987 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C 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.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended August 31, 2019
(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 ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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) for the Fund, certain independent Trustees have elected 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 of $231 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.
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. As of August 31, 2019, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are 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 deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
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 | $6,773,208 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed tax-exempt income | $180 |
| Capital loss carryforward | $(1,078) |
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 fiscal period end and is subject to adjustment.
| Fiscal year of expiration | |
| No expiration | |
| Short-term | $(1,078) |
The tax character of distributions paid was as follows:
| | August 31, 2019 | August 31, 2018 |
| Tax-exempt Income | $94,516 | $83,306 |
| Ordinary Income | 78 | – |
| Total | $94,594 | $ 83,306 |
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.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.
| Financial Statement | Current Line-Item Presentation (As Applicable) | Prior Line-Item Presentation (As Applicable) |
| Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) |
| Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
| Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
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 .10% 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 annual management fee rate was .25% 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 annual rate of .15% 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. For the period, the fees were equivalent to an annual rate of .01%.
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 uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $2.
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $39.
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.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Union Street Trust II and Shareholders of Fidelity Municipal Money Market Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Municipal Money Market Fund (one of the funds constituting Fidelity Union Street Trust II, referred to hereafter as the “Fund”) as of August 31, 2019, the related statement of operations for the year ended August 31, 2019, the statement of changes in net assets for each of the two years in the period ended August 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2019 and the financial highlights for each of the five years in the period ended August 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 11, 2019
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 276 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a Member of the Advisory Board of certain Fidelity® funds (2018), a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as interim president of Michigan State University (2018-2019), a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds and on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as Secretary and CLO of other funds. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President of Fixed Income (2014-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), and President, Money Market and Short Duration Bond Group of Fidelity Management & Research Company (FMR) (investment adviser firm, 2013-2014).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2019 to August 31, 2019).
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. 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. 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
March 1, 2019 | Ending
Account Value
August 31, 2019 | Expenses Paid
During Period-B
March 1, 2019
to August 31, 2019 |
| Actual | .42% | $1,000.00 | $1,006.50 | $2.12 |
| Hypothetical-C | | $1,000.00 | $1,023.09 | $2.14 |
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 184/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
During fiscal year ended 2019, 100% of the fund's income dividends was free from federal income tax, and 46.60% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.
MMM-ANN-1019
1.538360.122
Item 2.
Code of Ethics
As of the end of the period, August 31, 2019, Fidelity Union Street Trust II (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Arizona Municipal Money Market Fund and Fidelity Municipal Money Market Fund (the “Funds”):
Services Billed by PwC
August 31, 2019 FeesA
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Arizona Municipal Money Market Fund | $32,000 | $2,600 | $2,000 | $1,500 |
Fidelity Municipal Money Market Fund | $39,000 | $3,200 | $2,000 | $1,800 |
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Arizona Municipal Money Market Fund | $33,000 | $2,800 | $2,000 | $1,600 |
Fidelity Municipal Money Market Fund | $40,000 | $3,400 | $2,000 | $1,900 |
AAmounts may reflect rounding.
The following table presents fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company (“FMR”) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds (“Fund Service Providers”):
Services Billed by PwC
| | |
| August 31, 2019A | August 31, 2018A |
Audit-Related Fees | $7,775,000 | $7,745,000 |
Tax Fees | $10,000 | $20,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:
| | |
Billed By | August 31, 2019A | August 31, 2018A |
PwC | $12,470,000 | $10,915,000 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the Funds, taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Funds and their related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds’ last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.
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 trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s 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 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.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
| | |
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(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/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer |
| |
Date: | October 25, 2019 |
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/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer |
| |
Date: | October 25, 2019 |
| |
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer |
| |
Date: | October 25, 2019 |
