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Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following the end of this reporting period, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
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.
| Variable Rate Demand Note - 44.7% | | | |
| | | Principal Amount (000s) | Value (000s) |
| Alabama - 2.1% | | | |
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.33% 3/6/20, VRDN (a)(b) | | $49,015 | $49,015 |
| Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 1.25% 3/6/20, VRDN (a) | | 35,950 | 35,950 |
| West Jefferson Indl. Dev. Series 2008, 1.25% 3/6/20, VRDN (a) | | 25,700 | 25,700 |
| West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 1.32% 3/2/20, VRDN (a)(b) | | 10,425 | 10,425 |
| Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Gaston Plant Proj.) Series 2008, 1.32% 3/2/20, VRDN (a)(b) | | 4,035 | 4,035 |
| | | | 125,125 |
| Alaska - 0.2% | | | |
| Valdez Marine Term. Rev. (Phillips Trans. Alaska, Inc. Proj.) Series 1994 B, 1.24% 3/6/20 (ConocoPhillips Co. Guaranteed), VRDN (a) | | 14,575 | 14,575 |
| Arizona - 1.2% | | | |
| Maricopa County Indl. Dev. Auth. Rev. (Clayton Homes, Inc. Proj.) Series 1998, 1.22% 3/6/20, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | | 2,600 | 2,600 |
| FNMA: | | | |
| Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: | | | |
| (San Angelin Apts. Proj.) Series 2004, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 9,100 | 9,100 |
| (San Fernando Apts. Proj.) Series 2004, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 10,300 | 10,300 |
| (San Lucas Apts. Proj.) Series 2003, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 13,600 | 13,600 |
| (San Martin Apts. Proj.) Series A1, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 14,000 | 14,000 |
| (San Miguel Apts. Proj.) Series 2003, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 14,420 | 14,420 |
| (San Remo Apts. Proj.) Series 2002, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 6,850 | 6,850 |
| Pima County Indl. Dev. Auth. Multi-family Hsg. Rev. Series A, 1.24% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 2,260 | 2,260 |
| | | | 73,130 |
| Arkansas - 0.7% | | | |
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.): | | | |
| Series 1998, 1.33% 3/6/20, VRDN (a)(b) | | 10,200 | 10,200 |
| Series 2002, 1.31% 3/6/20, VRDN (a)(b) | | 400 | 400 |
| Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 1.2% 3/6/20, LOC Goldman Sachs Bank Usa, VRDN (a)(b) | | 30,000 | 30,000 |
| | | | 40,600 |
| Colorado - 0.7% | | | |
| Colorado Edl. & Cultural Facilities Auth. Rev. (Clyfford Still Museum Proj.) Series 2008, 1.28% 3/6/20, LOC Wells Fargo Bank NA, VRDN (a) | | 285 | 285 |
| Colorado Health Facilities Auth. Rev. (Boulder Cmnty. Hosp. Proj.) Series 2000, 1.21% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a) | | 6,295 | 6,295 |
| FNMA: | | | |
| Adams County Hsg. Auth. (Semper Village Apts. Proj.) Series 2004 A, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 13,775 | 13,775 |
| Lakewood Hsg. Auth. Multi-family Rev.: | | | |
| (Ridgemoor Apts. Proj.) Series 2003 A, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 13,325 | 13,325 |
| (Timberleaf Apts. Proj.) 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 11,165 | 11,165 |
| | | | 44,845 |
| Connecticut - 1.3% | | | |
| Connecticut Gen. Oblig. Series 2016 C, 1.24% 3/6/20 (Liquidity Facility Bank of America NA), VRDN (a) | | 73,370 | 73,370 |
| Connecticut Hsg. Fin. Auth.: | | | |
| (Hsg. Mtg. Fin. Proj.) Series 2012 D3, 1.26% 3/6/20 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (a)(b) | | 2,000 | 2,000 |
| Series 2019 B2, 1.2% 3/6/20 (Liquidity Facility Bank of America NA), VRDN (a)(b) | | 4,670 | 4,670 |
| | | | 80,040 |
| Delaware - 0.5% | | | |
| Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | | | |
| Series 1994, 1.27% 3/2/20, VRDN (a)(b) | | 10,700 | 10,700 |
| Series 1999 A, 1.28% 3/6/20, VRDN (a) | | 15,730 | 15,730 |
| Series 1999 B, 1.29% 3/6/20, VRDN (a)(b) | | 5,700 | 5,700 |
| | | | 32,130 |
| District Of Columbia - 0.1% | | | |
| District of Columbia Hsg. Fin. Agcy. Multi-family Hsg. Rev. (Trenton Park Apts. Proj.) Series 2001, 1.23% 3/6/20, LOC Bank of America NA, VRDN (a)(b) | | 4,775 | 4,775 |
| District of Columbia Rev. (Fort Lincoln New Town/Premium Distributors LLC Proj.) Series 2000, 1.31% 3/6/20, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 3,990 | 3,990 |
| | | | 8,765 |
| Florida - 4.0% | | | |
| Brevard County Hsg. Fin. Auth. (Manatee Cove Apts. Proj.) 1.18% 3/6/20, LOC Citibank NA, VRDN (a)(b) | | 8,925 | 8,925 |
| Broward County Arpt. Facilities Rev. Series 2007 A, 1.19% 3/6/20, LOC Citibank NA, VRDN (a)(b) | | 10,880 | 10,880 |
| Broward County Fin. Auth. Multi-family Hsg. Rev. (Pinnacle Village Apts. Proj.) Series 2004, 1.22% 3/6/20, LOC Citibank NA, VRDN (a)(b) | | 5,300 | 5,300 |
| Collier County Hsg. Fin. Auth. Multi-family Rev.: | | | |
| (George Washington Carver Apts. Proj.) Series 2005, 1.18% 3/6/20, LOC PNC Bank NA, VRDN (a)(b) | | 3,255 | 3,255 |
| (Summer Lakes Phase II Apts. Proj.) 1.18% 3/6/20, LOC Citibank NA, VRDN (a)(b) | | 10,635 | 10,635 |
| Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: | | | |
| (Clarcona Groves Apts. Proj.) Series A, 1.22% 3/6/20, LOC Citibank NA, VRDN (a)(b) | | 9,915 | 9,915 |
| (Pinnacle Pointe Apts. Proj.) Series 2003 N, 1.2% 3/6/20, LOC Citibank NA, VRDN (a)(b) | | 9,035 | 9,035 |
| (Savannah Springs Apts. Proj.) Series G, 1.21% 3/6/20, LOC Citibank NA, VRDN (a)(b) | | 12,330 | 12,330 |
| Hillsborough County Hsg. Fin. Auth. Multi-family Rev.: | | | |
| (Claymore Crossings Apt. Proj.) Series 2005, 1.18% 3/6/20, LOC Citibank NA, VRDN (a)(b) | | 10,345 | 10,345 |
| (Meridian Pointe Apts. Proj.) Series 2005, 1.18% 3/6/20, LOC Citibank NA, VRDN (a)(b) | | 9,530 | 9,530 |
| Jacksonville Port Auth. Rev. (Mitsui O.S.K. Lines Ltd. Proj.) 1.24% 3/6/20, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | | 64,855 | 64,855 |
| Miami-Dade County Series 2014 B, 1.21% 3/6/20, LOC PNC Bank NA, VRDN (a)(b) | | 6,800 | 6,800 |
| Orange County Hsg. Fin. Auth. Multi-family Rev. (Alta Westgate Apts. Proj.) Series C, 1.18% 3/6/20, LOC Citibank NA, VRDN (a)(b) | | 10,925 | 10,925 |
| FNMA: | | | |
| Broward County Fin. Auth. Multi-family Hsg. Rev. (Sanctuary Apts. Proj.) Series A, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 13,020 | 13,020 |
| Clay County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Nassau Club Apts. Proj.) 1.17% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 4,820 | 4,820 |
| Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: | | | |
| (Hunters Run Apts. Proj.) Series G, 1.22% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 6,125 | 6,125 |
| (Mill Creek Apts. Proj.) Series 2004 K, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 12,105 | 12,105 |
| Series 2006 H, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 5,895 | 5,895 |
| Florida Hsg. Fin. Corp. Rev. (Valencia Village Apts. Proj.) Series G, 1.17% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 3,015 | 3,015 |
| Hillsborough County Hsg. Fin. Auth. Multi-family Rev.: | | | |
| (Grande Oaks Apts. Proj.) Series A, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 5,810 | 5,810 |
| (Morgan Creek Apts. Proj.) Series 2003, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 11,000 | 11,000 |
| Palm Beach County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Renaissance Apts. Proj.) 1.17% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 7,610 | 7,610 |
| | | | 242,130 |
| Georgia - 1.5% | | | |
| Gwinnett County Dev. Auth. Indl. Dev. Rev. (Curtis 1000, Inc. Proj.) Series 1996, 1.24% 3/6/20, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 6,460 | 6,460 |
| Heard County Dev. Auth. Poll. Cont. Rev. Series 2007, 1.34% 3/2/20, VRDN (a)(b) | | 1,000 | 1,000 |
| Monroe County Dev. Auth. Poll. Cont. Rev.: | | | |
| (Oglethorpe Pwr. Corp. Proj.) Series 2009 B, 1.24% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a) | | 5,750 | 5,750 |
| (Oglethorpe Pwr. Corp. Scherer Proj.) Series 2009 A, 1.25% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a) | | 1,550 | 1,550 |
| Savannah Econ. Dev. Auth. Rev. (Home Depot, Inc. Proj.) Series 1995 A, 1.2% 3/6/20, VRDN (a)(b) | | 48,400 | 48,400 |
| FHLMC: | | | |
| Kennesaw Dev. Auth. Multi-family Hsg. Rev. (Alta Ridenour Apts. Proj.) Series 2008, 1.21% 3/6/20, LOC Freddie Mac, VRDN (a)(b) | | 12,685 | 12,685 |
| Loganville Hsg. Auth. Multi-family Hsg. Rev. (Alexander Crossing Apt. Proj.) 1.23% 3/6/20, LOC Freddie Mac, VRDN (a)(b) | | 1,300 | 1,300 |
| FNMA: | | | |
| Atlanta Urban Residential Fin. Auth. Multi-family Hsg. Rev. (Collegetown at Harris Homes Phase I Proj.) Series 2003, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 7,230 | 7,230 |
| Newnan Dev. Auth. Multi-family Hsg. Rev. (The Club at Newnan Crossing Proj.) 1.22% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 8,300 | 8,300 |
| | | | 92,675 |
| Illinois - 1.7% | | | |
| Chicago Midway Arpt. Rev. Series 2014 C, 1.3% 3/6/20, LOC Barclays Bank PLC, VRDN (a)(b) | | 73,710 | 73,710 |
| Illinois Dev. Fin. Auth. Indl. Dev. Rev. (Delta-Unibus Corp. Proj.) Series 2001, 1.29% 3/6/20, LOC Bank of America NA, VRDN (a)(b) | | 800 | 800 |
| Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev. (Valley View Apts. Proj.) 1.2% 3/6/20, 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, 1.21% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 4,320 | 4,320 |
| FHLMC: | | | |
| Illinois Fin. Auth. Multi-family Rev. (Villagebrook Apts. Proj.) Series 2005, 1.21% 3/6/20, LOC Freddie Mac, VRDN (a)(b) | | 8,230 | 8,230 |
| Lisle Village Multi-family Hsg. Rev. (Devonshire of Lisle Proj.) Series 1991, 1.24% 3/6/20, LOC Freddie Mac, VRDN (a)(b) | | 6,000 | 6,000 |
| | | | 103,605 |
| Indiana - 1.0% | | | |
| Hammond Swr. & Solid Waste Disp. Rev. (Cargill, Inc. Proj.) 1.23% 3/6/20, VRDN (a)(b) | | 13,500 | 13,500 |
| Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.): | | | |
| Series 2003 A, 1.22% 3/6/20, VRDN (a)(b) | | 13,450 | 13,450 |
| Series 2003 B, 1.26% 3/6/20, VRDN (a)(b) | | 13,300 | 13,300 |
| Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.) Series H, 1.28% 3/6/20, VRDN (a) | | 17,725 | 17,725 |
| | | | 57,975 |
| Iowa - 0.8% | | | |
| Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Proj.) Series 2008 A, 1.21% 3/6/20, VRDN (a)(b) | | 45,100 | 45,100 |
| Iowa Fin. Auth. Solid Waste Facilities (Mid-American Energy Co. Proj.) Series 2017, 1.18% 3/6/20, VRDN (a)(b) | | 3,800 | 3,800 |
| | | | 48,900 |
| Kansas - 1.2% | | | |
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.): | | | |
| Series 2007 A, 1.3% 3/6/20, VRDN (a) | | 2,000 | 2,000 |
| Series 2007 B, 1.3% 3/6/20, VRDN (a) | | 9,400 | 9,400 |
| Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.): | | | |
| Series 2000, 1.23% 3/6/20, LOC Bank of America NA, VRDN (a)(b) | | 25,100 | 25,100 |
| Series 2002, 1.27% 3/6/20, LOC Bank of America NA, VRDN (a)(b) | | 7,000 | 7,000 |
| Lenexa Multi-family Hsg. Rev. (Heather Glen Apts. Proj.) Series 2007, 1.21% 3/6/20, 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, 1.25% 3/6/20, VRDN (a) | | 1,700 | 1,700 |
| La Cygne Poll. Cont. Rev. (Kansas Gas and Electric Company Project) Series 1994 B, 1.25% 3/6/20, VRDN (a) | | 17,200 | 17,200 |
| | | | 72,000 |
| Kentucky - 4.0% | | | |
| Daviess County Exempt Facilities Rev. (Kimberly-Clark Tissue Co. Proj.) Series 1999, 1.13% 3/6/20 (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, 1.13% 3/6/20 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | | 70,000 | 70,000 |
| Series 1993 B, 1.13% 3/6/20 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | | 40,000 | 40,000 |
| Trimble County Poll. Cont. Rev. (Louisville Gas and Elec. Co. Proj.) Series 2016 A, 1.3% 3/6/20, VRDN (a)(b) | | 109,500 | 109,500 |
| FHLMC Kentucky Hsg. Corp. Multi-family Rev. (Canterbury Southgate Hsg. Proj.) 1.21% 3/6/20, LOC Freddie Mac, VRDN (a)(b) | | 12,565 | 12,565 |
| | | | 239,935 |
| Louisiana - 1.3% | | | |
| Louisiana Pub. Facilities Auth. Rev. (Air Products & Chemicals, Inc. Proj.): | | | |
| Series 2002, 1.21% 3/6/20, VRDN (a)(b) | | 14,000 | 14,000 |
| Series 2003, 1.21% 3/6/20, VRDN (a)(b) | | 18,050 | 18,050 |
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | | | |
| Series 2010 A1, 1.29% 3/6/20, VRDN (a) | | 1,735 | 1,735 |
| Series 2010 B1, 1.27% 3/6/20, VRDN (a) | | 41,960 | 41,960 |
| | | | 75,745 |
| Maryland - 0.6% | | | |
| FNMA Maryland Cmnty. Dev. Administration Dept. of Hsg. & Cmnty. Dev. (Barrington Apts. Proj.) Series A, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 33,200 | 33,200 |
| Mississippi - 0.2% | | | |
| Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 1.3% 3/6/20, 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, 1.25% 3/6/20 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | | 11,725 | 11,725 |
| Series 2015 D, 1.25% 3/6/20 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | | 15,310 | 15,310 |
| Series 2016 D, 1.25% 3/6/20 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | | 6,705 | 6,705 |
| Series 2018 D, 1.25% 3/6/20 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | | 23,615 | 23,615 |
| Series B, 1.25% 3/6/20 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | | 32,000 | 32,000 |
| Stanton County Indl. Dev. Rev.: | | | |
| (Nucor Corp. Proj.) Series 1996, 1.33% 3/6/20, VRDN (a)(b) | | 1,200 | 1,200 |
| Series 1998, 1.33% 3/6/20, VRDN (a)(b) | | 1,200 | 1,200 |
| | | | 91,755 |
| Nevada - 4.2% | | | |
| Clark County Arpt. Rev.: | | | |
| Series 2008 B2, 1.19% 3/6/20, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | | 21,300 | 21,300 |
| Series 2008 C1, 1.19% 3/6/20, LOC Bank of America NA, VRDN (a)(b) | | 83,050 | 83,050 |
| Series 2008 C2, 1.25% 3/6/20, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | | 56,300 | 56,300 |
| Series 2008 C3, 1.2% 3/6/20, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | | 44,635 | 44,635 |
| Clark County Indl. Dev. Rev. (Southwest Gas Corp. Proj.) 1.28% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 44,195 | 44,195 |
| | | | 249,480 |
| New York - 1.8% | | | |
| New York Hsg. Fin. Agcy. Rev. (455 West 37th Street Hsg. Proj.) Series A, 1.32% 3/2/20, LOC Landesbank Hessen-Thuringen, VRDN (a)(b) | | 4,865 | 4,865 |
| New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. of New York, Inc. Proj.) Series 2004 C1, 1.18% 3/6/20, LOC Mizuho Bank Ltd., VRDN (a)(b) | | 21,700 | 21,700 |
| FNMA: | | | |
| New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev. (255 West 9th Street Proj.) Series 2001 A, 1.19% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 15,800 | 15,800 |
| New York Hsg. Fin. Agcy. Rev.: | | | |
| (316 Eleventh Ave. Hsg. Proj.) Series 2007 A, 1.23% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 20,900 | 20,900 |
| (600 West and 42nd St. Hsg. Proj.) Series 2007 A, 1.19% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 30,000 | 30,000 |
| (West 20th Street Proj.) Series 2001 A, 1.19% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 15,000 | 15,000 |
| | | | 108,265 |
| North Carolina - 0.0% | | | |
| Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.31% 3/6/20, VRDN (a)(b) | | 1,500 | 1,500 |
| Ohio - 0.1% | | | |
| Cuyahoga County Health Care Facilities Rev. (The A.M. McGregor Home Proj.) Series 2014, 1.22% 3/6/20, LOC Northern Trust Co., VRDN (a) | | 2,785 | 2,785 |
| Montgomery County Hosp. Rev. Series 2019 B, 1.15% 3/6/20, LOC PNC Bank NA, VRDN (a) | | 2,800 | 2,800 |
| Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 1.18% 3/6/20, LOC Bank of America NA, VRDN (a)(b) | | 800 | 800 |
| | | | 6,385 |
| Oregon - 0.3% | | | |
| Portland Hsg. Auth. Rev.: | | | |
| (New Columbia - Cecelia Proj.) Series 2004, 1.23% 3/6/20, LOC Bank of America NA, VRDN (a)(b) | | 2,950 | 2,950 |
| (New Columbia - Trouton Proj.) Series 2005, 1.22% 3/6/20, LOC Bank of America NA, VRDN (a)(b) | | 4,850 | 4,850 |
| FHLMC Portland Multi-family Hsg. Rev. (The Village at Lovejoy Fountain Proj.) Series 2009, 1.23% 3/6/20, LOC Freddie Mac, VRDN (a)(b) | | 12,800 | 12,800 |
| | | | 20,600 |
| Pennsylvania - 0.2% | | | |
| Allegheny County Indl. Dev. Auth. Rev. Series 2002, 1.2% 3/6/20, LOC RBS Citizens NA, VRDN (a) | | 4,000 | 4,000 |
| Lancaster Indl. Dev. Auth. Rev. (Mennonite Home Proj.) 1.25% 3/6/20, 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, 1.22% 3/6/20, LOC RBS Citizens NA, VRDN (a) | | 665 | 665 |
| Washington County Hosp. Auth. Rev. (Monongahela Valley Hosp. Proj.) Series 2018 C, 1.2% 3/6/20, LOC RBS Citizens NA, VRDN (a) | | 2,645 | 2,645 |
| | | | 14,215 |
| Rhode Island - 0.2% | | | |
| FHLMC Rhode Island Hsg. & Mtg. Fin. Corp. Series 2006, 1.3% 3/6/20, LOC Freddie Mac, VRDN (a)(b) | | 10,000 | 10,000 |
| South Carolina - 0.3% | | | |
| Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1995, 1.33% 3/6/20, 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, 1.3% 3/6/20, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 14,300 | 14,300 |
| | | | 15,300 |
| South Dakota - 0.1% | | | |
| FNMA South Dakota Hsg. Dev. Auth. (Harmony Heights Proj.) Series 2001, 1.26% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 5,185 | 5,185 |
| Tennessee - 1.1% | | | |
| Loudon County Indl. Dev. Board Exempt Facilities Rev. (Kimberly-Clark Corp. Proj.) 1.13% 3/6/20, VRDN (a)(b) | | 11,600 | 11,600 |
| Loudon Indl. Dev. Board Solid Waste Disp. Rev. (Tate & Lyle Ingredients Americas, Inc. Proj.) Series 2006, 1.22% 3/6/20, LOC Rabobank Nederland, VRDN (a)(b) | | 29,700 | 29,700 |
| Memphis Health, Edl. & Hsg. Facilities Board (Ashland Lakes Apts. Proj.) Series A, 1.2% 3/6/20, 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.) 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 15,000 | 15,000 |
| | | | 66,300 |
| Texas - 6.0% | | | |
| Calhoun County Navigation District Envir. Facilities Rev. (Formosa Plastics Corp. Proj.) 1.18% 3/6/20, LOC Citibank NA, VRDN (a)(b) | | 13,775 | 13,775 |
| Calhoun County Navigation District Poll. Cont. Rev. (Formosa Plastics Corp., Texas Proj.) Series 2002, 1.18% 3/6/20, LOC Citibank NA, VRDN (a)(b) | | 8,400 | 8,400 |
| Calhoun County Navigation District Port Rev. (Formosa Plastics Corp. Proj.) Series 2000, 1.21% 3/6/20, LOC Bank of America NA, VRDN (a)(b) | | 5,500 | 5,500 |
| Calhoun County Solid Waste Disp. Rev. (Formosa Plastics Corp. Proj.): | | | |
| Series 2000, 1.2% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 17,700 | 17,700 |
| Series 2001, 1.2% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 11,700 | 11,700 |
| Calhoun Port Auth. Envir. Facilities Rev.: | | | |
| (Formosa Plastics Corp. Proj.) Series 2012, 1.2% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 3,400 | 3,400 |
| (Formosa Plastics Corp. Texas Proj.) Series 2007 A, 1.21% 3/6/20, LOC PNC Bank NA, VRDN (a)(b) | | 2,700 | 2,700 |
| Converse Hsg. Fin. Corp. Multi-family Hsg. Rev. (Town Square Apts. Proj.) 1.22% 3/6/20, LOC Citibank NA, VRDN (a)(b) | | 11,465 | 11,465 |
| Gilmer Indl. Dev. Corp. (Duoline Technologies LP Proj.) Series 2008 A, 1.33% 3/6/20, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 6,085 | 6,085 |
| Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) 1.33% 3/6/20, VRDN (a)(b) | | 12,600 | 12,600 |
| Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev. (Onyx Envir. Svcs. Proj.) Series 2003, 1.21% 3/6/20, 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, 1.21% 3/6/20, VRDN (a)(b) | | 16,500 | 16,500 |
| Series 2001, 1.21% 3/6/20, VRDN (a)(b) | | 23,900 | 23,900 |
| Series 2002, 1.21% 3/6/20, VRDN (a)(b) | | 22,000 | 22,000 |
| Port Arthur Navigation District Jefferson County Rev. Series 2000 B, 1.22% 3/6/20 (Total SA Guaranteed), VRDN (a)(b) | | 10,000 | 10,000 |
| Texas Gen. Oblig.: | | | |
| Series 2001 A2, 1.23% 3/6/20 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | | 11,100 | 11,100 |
| Series 2002 A, 1.23% 3/6/20 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | | 21,155 | 21,155 |
| Series 2002 A2, 1.23% 3/6/20 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | | 5,065 | 5,065 |
| Series 2003 A, 1.23% 3/6/20 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | | 18,840 | 18,840 |
| Series 2004 B, 1.23% 3/6/20 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | | 4,965 | 4,965 |
| Series 2006 A, 1.23% 3/6/20 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | | 10,170 | 10,170 |
| Series 2013 A, 1.18% 3/6/20 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | | 7,555 | 7,555 |
| Series 2019, 1.25% 3/6/20 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | | 4,690 | 4,690 |
| FNMA: | | | |
| Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev.: | | | |
| (Louetta Village Apts. Proj.) Series 2005, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 5,580 | 5,580 |
| (Primrose Aldine Bender Apt. Proj.) Series 2004, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 6,710 | 6,710 |
| (Primrose at Bammel Apts. Proj.) Series 2005, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 7,180 | 7,180 |
| Houston Hsg. Fin. Corp. Multi-family Hsg. Rev.: | | | |
| (Little Nell Apts. Proj.) Series 2003, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 10,400 | 10,400 |
| (Mayfair Park Apts. Proj.) Series 2004, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 2,860 | 2,860 |
| Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev.: | | | |
| (Bristol Apts. Proj.) Series 2004, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 10,700 | 10,700 |
| (Chisholm Trail Proj.) Series 2004, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 9,105 | 9,105 |
| (Residences at Sunset Pointe Proj.) Series 2006, 1.28% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 15,000 | 15,000 |
| (St. Augustine Estate Proj.) Series 2005, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 5,380 | 5,380 |
| (Windshire Apts. Proj.) Series 2007, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 10,100 | 10,100 |
| Travis County Hsg. Fin. Corp. (Rosemont at Old Manor Apts.) Series 2004, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 8,285 | 8,285 |
| | | | 361,125 |
| Utah - 0.5% | | | |
| Emery County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 1.21% 3/6/20, VRDN (a) | | 20,300 | 20,300 |
| FNMA Utah Hsg. Corp. Multi-family Hsg. Rev. (Springwood Apts. Proj.) Series 2005 A, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 8,485 | 8,485 |
| | | | 28,785 |
| Virginia - 0.4% | | | |
| FNMA Alexandria Redev. & Hsg. Auth. Multi-family Hsg. Rev. (Fairfield Village Square Proj.) Series A, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 21,720 | 21,720 |
| Washington - 2.2% | | | |
| King County Hsg. Auth. Rev. (Overlake TOD Hsg. Proj.) 1.21% 3/6/20, LOC Bank of America NA, VRDN (a)(b) | | 15,855 | 15,855 |
| Port of Seattle Rev. Series 2008, 1.19% 3/6/20, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | | 15,370 | 15,370 |
| FHLMC Washington Hsg. Fin. Commission Multi-family Hsg. Rev.: | | | |
| (Fairwinds Redmond Proj.) Series A, 1.2% 3/6/20, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a)(b) | | 19,250 | 19,250 |
| (The Lodge at Eagle Ridge Proj.) Series A, 1.2% 3/6/20, 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, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 8,465 | 8,465 |
| (Echo Lake Sr. Apts. Proj.) Series 2006, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 17,970 | 17,970 |
| (Merrill Gardens at Renton Centre Proj.) Series A, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 10,390 | 10,390 |
| (Pinehurst Apts. Proj.) Series A, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 12,000 | 12,000 |
| (The Vintage at Everett Sr. Living Proj.) Series 2004 A, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 15,750 | 15,750 |
| (The Vintage at Richland Sr. Living Proj.) Series 2004 A, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b) | | 7,535 | 7,535 |
| | | | 132,070 |
| West Virginia - 1.4% | | | |
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | | | |
| (Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.27% 3/6/20, VRDN (a)(b) | | 36,175 | 36,175 |
| (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.28% 3/6/20, VRDN (a)(b) | | 46,200 | 46,200 |
| | | | 82,375 |
| Wisconsin - 0.7% | | | |
| Green Bay Redev. Auth. (Green Bay Packaging, Inc. Proj.) 1.17% 3/6/20, LOC Wells Fargo Bank NA, VRDN (a)(b)(c) | | 44,800 | 44,800 |
| Wyoming - 0.6% | | | |
| Converse County Envir. Impt. Rev. Series 1995, 1.28% 3/6/20, VRDN (a)(b) | | 5,300 | 5,300 |
| Converse County Poll. Cont. Rev. (PacifiCorp Projs.) Series 1994, 1.24% 3/6/20, VRDN (a) | | 1,395 | 1,395 |
| Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 1.25% 3/6/20, VRDN (a)(b) | | 22,000 | 22,000 |
| Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.): | | | |
| Series 1992 B, 1.3% 3/6/20, VRDN (a) | | 600 | 600 |
| Series 1994, 1.24% 3/6/20, VRDN (a) | | 3,800 | 3,800 |
| | | | 33,095 |
| TOTAL VARIABLE RATE DEMAND NOTE | | | |
| (Cost $2,688,330) | | | 2,688,330 |
|
| Tender Option Bond - 22.6% | | | |
| Alabama - 0.0% | | | |
| Black Belt Energy Gas District Participating VRDN Series Floaters XL 00 98, 1.24% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 1,400 | 1,400 |
| Arizona - 0.4% | | | |
| Arizona Trans. Board Hwy. Rev. Participating VRDN Series Floaters XX 10 05, 1.18% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 3,330 | 3,330 |
| Mesa Util. Sys. Rev. Participating VRDN Series Solar 17 0026, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 5,300 | 5,300 |
| Phoenix Civic Impt. Board Arpt. Rev. Participating VRDN: | | | |
| Series Floaters ZF 27 58, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(e) | | 1,925 | 1,925 |
| Series XF 08 46, 1.25% 3/6/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(d)(e) | | 6,780 | 6,780 |
| Rowan Univ. Participating VRDN Series 2016 XF 2337, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 7,700 | 7,700 |
| | | | 25,035 |
| California - 0.9% | | | |
| California Gen. Oblig. Participating VRDN Series Floaters XF 10 38, 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 3,625 | 3,625 |
| Dignity Health Participating VRDN: | | | |
| Series 17 04, 1.27% 4/10/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 800 | 800 |
| Series DBE 80 11, 1.37% 3/6/20 (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, 1.21% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e) | | 2,360 | 2,360 |
| Series ZM 04 73, 1.21% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e) | | 2,505 | 2,505 |
| Series ZM 04 87, 1.21% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e) | | 1,470 | 1,470 |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN Series Floaters XL 01 01, 1.2% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e) | | 1,500 | 1,500 |
| | | | 52,960 |
| Colorado - 2.6% | | | |
| Colorado Health Facilities Auth. Participating VRDN: | | | |
| Series XG 02 51, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(c)(d)(e) | | 3,900 | 3,900 |
| Series XM 07 67, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 1,400 | 1,400 |
| Series ZF 08 09, 1.2% 3/6/20 (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, 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 2,815 | 2,815 |
| CommonSpirit Health Participating VRDN Series Floaters XF 10 03, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 3,400 | 3,400 |
| Denver City & County Arpt. Rev.: | | | |
| Bonds Series G-114, 1.4%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e)(f) | | 2,000 | 2,000 |
| Participating VRDN: | | | |
| Series DBE 8027, 1.4% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(d)(e) | | 15,140 | 15,140 |
| Series Floaters XF 07 57, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 4,780 | 4,780 |
| Series Floaters XF 10 36, 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 4,550 | 4,550 |
| Series Floaters XG 01 96, 1.22% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 47,905 | 47,905 |
| Series Floaters XG 01 97, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 1,800 | 1,800 |
| Series Floaters XL 00 83, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 23,200 | 23,200 |
| Series Floaters XL 00 84, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 12,065 | 12,065 |
| Series Floaters ZF 06 88, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 15,700 | 15,700 |
| Series Floaters ZF 06 89, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 2,190 | 2,190 |
| Series Floaters ZF 06 90, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 9,315 | 9,315 |
| Series Floaters ZF 06 91, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 1,840 | 1,840 |
| Univ. of Colorado Enterprise Sys. Rev. Participating VRDN Series Solar 0065, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 6,180 | 6,180 |
| | | | 159,180 |
| Connecticut - 0.7% | | | |
| Connecticut Gen. Oblig. Participating VRDN: | | | |
| Series 15 YX1002, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 7,675 | 7,675 |
| Series 2017, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 1,965 | 1,965 |
| Series Floaters 016, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 8,055 | 8,055 |
| Series Floaters G66, 1.18% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 1,000 | 1,000 |
| Series Floaters XL 00 66, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 3,200 | 3,200 |
| Series Floaters XM 07 07, 1.21% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 4,600 | 4,600 |
| Series XM 07 62, 1.21% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 2,900 | 2,900 |
| Series YX 11 07, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 1,300 | 1,300 |
| Connecticut Spl. Tax Oblig. Participating VRDN Series Floaters 16 YX1026, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 2,500 | 2,500 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | | | |
| Bonds Series Floaters G 110, 1.33%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f) | | 3,100 | 3,100 |
| Participating VRDN: | | | |
| Series Floaters YX 10 77, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 2,455 | 2,455 |
| Series ROC II R 14073, 1.23% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e) | | 700 | 700 |
| State of Connecticut Gen. Oblig. Bonds Participating VRDN Series Floaters XM 03 39, 1.21% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 3,700 | 3,700 |
| | | | 43,150 |
| District Of Columbia - 0.3% | | | |
| District of Columbia Gen. Oblig. Participating VRDN Series Solar 0035, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 2,465 | 2,465 |
| District of Columbia Income Tax Rev. Participating VRDN Series XF 23 41, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 4,800 | 4,800 |
| Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Participating VRDN Series XG 02 67, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(c)(d)(e) | | 7,295 | 7,295 |
| Metropolitan Washington DC Arpts. Auth. Sys. Rev. Participating VRDN: | | | |
| Series Floaters XF 06 94, 1.24% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 1,000 | 1,000 |
| Series Floaters XF 27 94, 1.2% 3/6/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d)(e) | | 1,545 | 1,545 |
| Series Floaters ZM 05 54, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(b)(d)(e) | | 2,500 | 2,500 |
| | | | 19,605 |
| Florida - 2.0% | | | |
| Broward County Port Facilities Rev.: | | | |
| Bonds Series G 115, 1.4%, tender 9/1/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e)(f) | | 2,600 | 2,600 |
| Participating VRDN: | | | |
| Series XF 08 17, 1.22% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) | | 3,150 | 3,150 |
| Series ZF 08 26, 1.22% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e) | | 2,635 | 2,635 |
| Escambia County Health Facilities Auth. Health Facilities Rev. Participating VRDN: | | | |
| Series XG 02 75, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 3,515 | 3,515 |
| Series ZF 08 84, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 1,400 | 1,400 |
| Fort Myers Util. Sys. Rev. Participating VRDN Series XF 08 13, 1.25% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 1,100 | 1,100 |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | | | |
| Bonds Series Floaters G 25, 1.4%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e)(f) | | 3,000 | 3,000 |
| Participating VRDN: | | | |
| Series Floaters ZF 25 03, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(b)(d)(e) | | 3,750 | 3,750 |
| Series XF 08 61, 1.23% 3/6/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(d)(e) | | 3,970 | 3,970 |
| Series XM 08 04, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 3,800 | 3,800 |
| Series ZF 08 22, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 8,200 | 8,200 |
| Series ZM 07 79, 1.23% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c)(d)(e) | | 2,420 | 2,420 |
| Jacksonville Elec. Auth. Elec. Sys. Rev. Participating VRDN Series 2019, 1.45% 4/10/20 (Liquidity Facility Wells Fargo Bank NA) (a)(d)(e) | | 16,800 | 16,800 |
| Lee Memorial Health Sys. Hosp. Rev. Participating VRDN Series Floaters XG 02 34, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 2,185 | 2,185 |
| Miami Beach Resort Tax Rev. Participating VRDN Series RBC 15 ZM0119, 1.2% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 7,500 | 7,500 |
| Miami-Dade County Aviation Rev. Participating VRDN Series XG 00 65 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 4,070 | 4,070 |
| Miami-Dade County Expressway Auth. Participating VRDN: | | | |
| Series Floaters XG 02 52, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 3,500 | 3,500 |
| Series XG 00 99, 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 8,040 | 8,040 |
| Miami-Dade County Gen. Oblig. Participating VRDN Series Floaters XM 07 09, 1.2% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 2,075 | 2,075 |
| North Carolina Med. Care Commission Health Care Facilities Rev. Participating VRDN Series XF 28 40, 1.22% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(e) | | 9,550 | 9,550 |
| Palm Beach County Health Facilities Auth. Hosp. Rev. Participating VRDN: | | | |
| Series XG 02 55, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 2,895 | 2,895 |
| Series XM 07 82, 1.25% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 1,290 | 1,290 |
| Palm Beach County Solid Waste Auth. Rev. Participating VRDN Series ROC II 14003, 1.18% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e) | | 6,400 | 6,400 |
| Pinellas County Fla School Board Ctfs. Participating VRDN Series Floaters ZF 05 86, 1.22% 3/6/20 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e) | | 5,000 | 5,000 |
| Tallahassee Memorial Healthcare Participating VRDN Series Floaters ML 70 01, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 7,700 | 7,700 |
| Tampa-Hillsborough Co. Ex Auth. Bonds Series G-113, 1.35%, tender 7/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f) | | 3,400 | 3,400 |
| | | | 119,945 |
| Georgia - 1.2% | | | |
| Atlanta Arpt. Rev. Participating VRDN: | | | |
| Series XF 08 15, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 810 | 810 |
| Series XM 07 97, 1.2% 3/6/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d)(e) | | 4,065 | 4,065 |
| Brookhaven Dev. Auth. Rev. Participating VRDN: | | | |
| Series XG 02 44, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 2,395 | 2,395 |
| Series XM 07 51, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 1,500 | 1,500 |
| Burke County Indl. Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 107, 1.21% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 13,800 | 13,800 |
| Georgia Muni. Elec. Auth. Pwr. Rev. Participating VRDN: | | | |
| Series XF 08 23, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 7,925 | 7,925 |
| Series XG 02 56, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 9,000 | 9,000 |
| Series XG 02 57, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(c)(d)(e) | | 1,200 | 1,200 |
| Heard County Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 105, 1.21% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 2,300 | 2,300 |
| Main Street Natural Gas, Inc. Participating VRDN Series XX 11 12, 1.2% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 3,600 | 3,600 |
| Monroe County Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 106, 1.21% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 5,000 | 5,000 |
| Muni. Elec. Auth. of Georgia Participating VRDN Series XG 02 54, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 10,800 | 10,800 |
| Private Colleges & Univs. Auth. Rev. Participating VRDN Series Floaters XM 04 35, 1.18% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 11,000 | 11,000 |
| | | | 73,395 |
| Hawaii - 0.4% | | | |
| Hawaii Dept. of Budget & Fin. Spl. Purp. Rev. Participating VRDN Series Floaters XM 06 19, 1.22% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(e) | | 12,290 | 12,290 |
| Hawaii Gen. Oblig. Participating VRDN: | | | |
| Series 16 XF0439, 1.19% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 6,000 | 6,000 |
| Series Solar 17 0031, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 5,075 | 5,075 |
| Honolulu City and County Wastewtr. Sys. Participating VRDN Series ROC II R 11989, 1.18% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 3,270 | 3,270 |
| | | | 26,635 |
| Illinois - 2.3% | | | |
| Chicago Gen. Oblig. Participating VRDN Series Floaters XL 01 05, 1.21% 3/6/20 (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, 1.23% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e) | | 11,270 | 11,270 |
| Series Floaters XG 02 19, 1.23% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e) | | 6,475 | 6,475 |
| Series Floaters XM 06 86, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 3,960 | 3,960 |
| Chicago Transit Auth. Participating VRDN Series Floaters XM 04 50, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 14,190 | 14,190 |
| City of Chicago Gen. Oblig. Bonds Participating VRDN Series Floaters XF 23 42, 1.21% 3/6/20 (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, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e) | | 2,782 | 2,782 |
| Deutsche Bank Spears/Lifers Trust Participating VRDN Series Floaters XF 10 12, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 4,400 | 4,400 |
| Illinois Fin. Auth. Rev. Participating VRDN: | | | |
| Series 17 XM 0492, 1.18% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 1,950 | 1,950 |
| Series Floaters 017, 1.3% 4/10/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 18,115 | 18,115 |
| Series XF 07 11, 1.2% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 7,450 | 7,450 |
| Illinois Gen. Oblig. Participating VRDN: | | | |
| Series 15 XF 1006, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 7,000 | 7,000 |
| Series Floaters XF 10 43, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 2,950 | 2,950 |
| Series Floaters XX 10 81, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 12,000 | 12,000 |
| Series Floaters YX 10 72, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 3,625 | 3,625 |
| Series Floaters YX 10 86, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 4,100 | 4,100 |
| Series XF 28 41, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 5,300 | 5,300 |
| Series XM 07 59, 1.27% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 4,400 | 4,400 |
| Series XM 07 85, 1.27% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 1,600 | 1,600 |
| Illinois Toll Hwy. Auth. Toll Hwy. Rev. Participating VRDN: | | | |
| Series 15 XF0277, 1.23% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 2,000 | 2,000 |
| Series 15 XM 0078, 1.21% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 15,375 | 15,375�� |
| Series XF 08 01, 1.2% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 3,800 | 3,800 |
| | | | 141,042 |
| Indiana - 0.2% | | | |
| Hamilton County HealthCare Facilities Rev. Participating VRDN Series XF 10 26, 1.25% 3/6/20 (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, 1.2% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 3,375 | 3,375 |
| Kansas - 0.1% | | | |
| Kansas Dev. Fin. Agcy. Participating VRDN Series ROC II R 14067, 1.18% 3/6/20 (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, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 10,400 | 10,400 |
| Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 1.35%, tender 5/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f) | | 1,200 | 1,200 |
| | | | 11,600 |
| Louisiana - 2.0% | | | |
| Louisiana Gas & Fuel Tax Rev. Participating VRDN Series EGL 14 0049, 1.19% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e) | | 114,600 | 114,600 |
| Touro Infirmary Bonds Series Floaters ML 70 03, 1.33%, tender 8/12/20 (Liquidity Facility Bank of America NA) (a)(d)(e)(f) | | 4,365 | 4,365 |
| | | | 118,965 |
| Maryland - 0.2% | | | |
| Baltimore Proj. Rev. Bonds Series Floaters G 28, 1.35%, tender 7/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f) | | 1,800 | 1,800 |
| Maryland Health & Higher Edl. Facilities Auth. Rev. Participating VRDN Series 15 XF0130, 1.18% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 7,275 | 7,275 |
| Montgomery County Gen. Oblig. Participating VRDN Series Floaters XG 02 15, 1.22% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 1,600 | 1,600 |
| | | | 10,675 |
| Massachusetts - 0.3% | | | |
| Massachusetts Clean Wtr. Trust Bonds Series Clipper 09 30, 1.33%, tender 4/2/20 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d)(e)(f) | | 14,470 | 14,470 |
| Massachusetts Gen. Oblig. Bonds Series Clipper 09 69, 1.33%, tender 4/2/20 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d)(e)(f) | | 1,200 | 1,200 |
| Massachusetts Spl. Oblig. Dedicated Tax Rev. Bonds Series Floaters G 29, 1.33%, tender 7/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f) | | 500 | 500 |
| | | | 16,170 |
| Michigan - 0.4% | | | |
| Michigan Fin. Auth. Rev. Participating VRDN: | | | |
| Series 15 XF0126, 1.2% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 5,290 | 5,290 |
| Series 16 ZM0166, 1.18% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 2,740 | 2,740 |
| Series Floaters ZF 07 90, 1.25% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 530 | 530 |
| Series Floaters ZF 07 96, 1.25% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 750 | 750 |
| Series Floaters ZF 28 25, 1.23% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 1,300 | 1,300 |
| Series XM 07 48, 1.25% 3/6/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) | | 4,900 | 4,900 |
| Series XX 1043, 1.18% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 5,520 | 5,520 |
| | | | 21,030 |
| Missouri - 1.6% | | | |
| Missouri Health & Edl. Facilities Auth. Rev. Participating VRDN Series Floaters C16, 1.21% 3/6/20 (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, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 3,000 | 3,000 |
| Series Floaters XG 01 84, 1.2% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e) | | 2,300 | 2,300 |
| Missouri Health and Edl. Facilities Rev. Participating VRDN: | | | |
| Series Floaters 14, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 20,550 | 20,550 |
| Series Floaters 17 010, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 40,415 | 40,415 |
| Series Floaters C17, 1.19% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 5,500 | 5,500 |
| | | | 95,265 |
| Nebraska - 0.1% | | | |
| Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series Floaters XX 10 04, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 5,710 | 5,710 |
| New Jersey - 0.3% | | | |
| New Jersey Econ. Dev. Auth. Rev. Participating VRDN: | | | |
| Series Floaters 011, 1.3% 4/10/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 2,475 | 2,475 |
| Series Floaters 012, 1.3% 4/10/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 8,960 | 8,960 |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Participating VRDN Series Floaters XG 01 78, 1.19% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 3,010 | 3,010 |
| New Jersey Trans. Trust Fund Auth. Participating VRDN Series XF 08 37, 1.2% 3/6/20 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e) | | 2,200 | 2,200 |
| | | | 16,645 |
| New York - 0.0% | | | |
| New York Liberty Dev. Corp. Participating VRDN Series Floaters XF 10 27, 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 2,500 | 2,500 |
| North Carolina - 0.2% | | | |
| City of Charlotte Wtr. Swr. Sys. Rev. Participating VRDN Series XL 00 12, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 5,000 | 5,000 |
| North Carolina Med. Care Commission Health Care Facilities Rev. Participating VRDN Series 15 XF0147, 1.19% 3/6/20 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e) | | 9,365 | 9,365 |
| | | | 14,365 |
| Ohio - 0.6% | | | |
| Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 1.27% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 1,200 | 1,200 |
| Erie County Hosp. Facilities Rev. Participating VRDN Series BAML 5019, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 14,500 | 14,500 |
| Hamilton County HealthCare Facilities Rev. Participating VRDN Series XF 10 50, 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 400 | 400 |
| Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.3% 4/10/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 7,510 | 7,510 |
| Montgomery County Hosp. Rev. Participating VRDN Series Floaters BAML 50 02, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 4,800 | 4,800 |
| Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series XG 00 69, 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 1,250 | 1,250 |
| Ohio Hosp. Rev. Participating VRDN: | | | |
| Series 002, 1.3% 4/10/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 3,900 | 3,900 |
| Series XL 01 26, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 1,250 | 1,250 |
| Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.35%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f) | | 1,400 | 1,400 |
| | | | 36,210 |
| Oklahoma - 0.3% | | | |
| Edmond Pub. Works Auth. Sales Tax & Util. Sys. Rev. Participating VRDN Series Floaters XM 05 59, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e) | | 7,800 | 7,800 |
| Oklahoma Dev. Fin. Auth. Health Sys. Rev. Participating VRDN Series Floaters XX 10 96, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 10,535 | 10,535 |
| | | | 18,335 |
| Oregon - 0.2% | | | |
| Oregon Gen. Oblig. Participating VRDN Series ROC II R 11949, 1.18% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 2,950 | 2,950 |
| Portland Wtr. Sys. Rev. Participating VRDN Series 2016 24, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 6,275 | 6,275 |
| Salem Hosp. Facility Auth. Rev. Participating VRDN Series XM 08 13, 1.2% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e) | | 1,000 | 1,000 |
| | | | 10,225 |
| Pennsylvania - 1.4% | | | |
| Allegheny County Participating VRDN Series Floaters XM 06 63, 1.25% 3/6/20 (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, 1.32%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f) | | 68,500 | 68,500 |
| Lehigh County Gen. Purp. Hosp. Rev. Participating VRDN Series Floaters 2019 003, 1.3% 4/10/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 5,435 | 5,435 |
| Pennsylvania Econ. Dev. Fing. Auth. Rev. Participating VRDN Series Floaters 16 YX1028, 1.25% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 2,415 | 2,415 |
| Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, 1.32%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f) | | 1,100 | 1,100 |
| Pennsylvania Tpk. Commission Tpk. Rev. Participating VRDN Series DBE 8032, 1.4% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 600 | 600 |
| Philadelphia Auth. for Indl. Dev. Participating VRDN Series XG 02 53, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 2,100 | 2,100 |
| | | | 83,070 |
| South Carolina - 0.4% | | | |
| Columbia Wtrwks. & Swr. Rev. Participating VRDN Series 2016 21, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 7,850 | 7,850 |
| Lexington County School District #1 Participating VRDN Series Solar 0058, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 3,565 | 3,565 |
| South Carolina Jobs-Econ. Dev. Auth. Participating VRDN Series Floaters BAML 50 04, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 5,160 | 5,160 |
| South Carolina Ports Auth. Ports Rev. Participating VRDN: | | | |
| Series XF 08 20, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 3,805 | 3,805 |
| Series ZF 08 24, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(c)(d)(e) | | 2,050 | 2,050 |
| South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.35%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f) | | 1,100 | 1,100 |
| | | | 23,530 |
| Tennessee - 0.3% | | | |
| Metropolitan Nashville Arpt. Auth. Rev. Participating VRDN Series XG 02 68, 1.22% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 2,900 | 2,900 |
| Nashville and Davidson County Metropolitan Govt. Health & Edl. Facilities Board Rev. Participating VRDN: | | | |
| Series Floaters XG 01 45, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 2,000 | 2,000 |
| Series Floaters XL 00 62, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e) | | 2,320 | 2,320 |
| Rutherford County Health & Edl. Facilities Board Rev. Participating VRDN Series 2014 ZF0208, 1.25% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 5,000 | 5,000 |
| Vanderbilt Hosp. Participating VRDN 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 4,475 | 4,475 |
| | | | 16,695 |
| Texas - 1.0% | | | |
| Brazos County Health Facilities Dev. Corp. Participating VRDN Series BAML 50 21, 1.28% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 4,225 | 4,225 |
| El Paso Independent School District Participating VRDN Series ZF 08 64, 1.19% 3/6/20 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e) | | 1,735 | 1,735 |
| Frisco Independent School District: | | | |
| Bonds Series 00 01, 1.19%, tender 3/5/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 2,300 | 2,300 |
| Participating VRDN Series ROC II R 11960, 1.18% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 5,100 | 5,100 |
| Galena Park Independent School District Bonds Series 00 15, 1.19%, tender 3/5/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 2,395 | 2,395 |
| Grand Parkway Trans. Corp. Participating VRDN Series XF 08 91, 1.19% 3/6/20 (Liquidity Facility Toronto-Dominion Bank) (a)(c)(d)(e) | | 3,115 | 3,115 |
| Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Participating VRDN Series ROC II R 11860, 1.18% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e) | | 6,000 | 6,000 |
| Houston Util. Sys. Rev. Participating VRDN Series 16 XM 0235, 1.18% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 14,400 | 14,400 |
| North Ft. Bend Wtr. Auth. Participating VRDN Series XF 08 16, 1.25% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 4,000 | 4,000 |
| North Texas Tollway Auth. Rev. Participating VRDN Series Floaters XF 23 21, 1.18% 3/6/20 (Liquidity Facility Wells Fargo Bank NA) (a)(d)(e) | | 4,095 | 4,095 |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Participating VRDN: | | | |
| Series 16 XF0411, 1.2% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 6,900 | 6,900 |
| Series XG 02 78, 1.19% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 1,200 | 1,200 |
| Tarrant County Health Facilities Dev. Corp. Hosp. Rev. Participating VRDN Series Putters 0028, 1.2% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 4,000 | 4,000 |
| Texas A&M Univ. Rev. Participating VRDN Series Floaters XM 04 43, 1.18% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | | 3,100 | 3,100 |
| | | | 62,565 |
| Utah - 0.3% | | | |
| Salt Lake City Arpt. Rev. Participating VRDN Series DBE 8034, 1.4% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(d)(e) | | 20,060 | 20,060 |
| Virginia - 0.3% | | | |
| Loudoun County Gen. Oblig. Participating VRDN Series Solar 2017 38, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 2,910 | 2,910 |
| Univ. of Virginia Gen. Rev. Participating VRDN Series Solar 17 17, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | | 3,360 | 3,360 |
| Virginia Commonwealth Trans. Board Rev. Participating VRDN Series 16 XM0142, 1.18% 3/6/20 (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, 1.35%, tender 8/3/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f) | | 2,800 | 2,800 |
| | | | 15,840 |
| Washington - 1.2% | | | |
| King County Swr. Rev. Participating VRDN Series ROC II R 11962, 1.18% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | | 1,780 | 1,780 |
| Port of Seattle Rev. Participating VRDN: | | | |
| Series Floaters XF 05 22, 1.24% 3/6/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(d)(e) | | 3,600 | 3,600 |
| Series Floaters XM 06 65, 1.25% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e) | | 12,700 | 12,700 |
| Series Floaters ZM 06 69, 1.23% 3/6/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d)(e) | | 9,700 | 9,700 |
| Series XF 28 28, 1.25% 3/6/20 (Liquidity Facility Cr. Suisse AG) (a)(b)(d)(e) | | 7,140 | 7,140 |
| Port of Tacoma Rev. Participating VRDN Series Floaters XF 06 58, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 5,410 | 5,410 |
| Washington Convention Ctr. Pub. Facilities Participating VRDN: | | | |
| Series Floaters XM 06 80, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e) | | 1,600 | 1,600 |
| Series Floaters XM 06 81, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e) | | 17,700 | 17,700 |
| Series Floaters ZM 06 79, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e) | | 7,500 | 7,500 |
| Washington Health Care Facilities Auth. Rev. Participating VRDN Series Floaters XF 24 92, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e) | | 1,745 | 1,745 |
| Washington Higher Ed. Facilities Auth. Rev. Participating VRDN Series XG 02 74, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e) | | 1,880 | 1,880 |
| | | | 70,755 |
| Wisconsin - 0.1% | | | |
| Wisconsin Health & Edl. Facilities Participating VRDN Series Floaters XG 00 72, 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) | | 4,200 | 4,200 |
| TOTAL TENDER OPTION BOND | | | |
| (Cost $1,358,552) | | | 1,358,552 |
|
| Other Municipal Security - 28.8% | | | |
| Alabama - 0.1% | | | |
| Huntsville Health Care Auth. Rev. Series 2020, 1.2% 3/18/20, CP | | 7,700 | 7,700 |
| Arizona - 0.0% | | | |
| Phoenix Civic Impt. Board Arpt. Rev. Bonds Series 2013, 5% 7/1/20 (b) | | 2,000 | 2,024 |
| California - 1.7% | | | |
| California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Bonds: | | | |
| Series 2010 A, SIFMA Municipal Swap Index + 0.100% 1.25%, tender 5/1/20 (Liquidity Facility Royal Bank of Canada) (a)(g) | | 73,595 | 73,595 |
| Series 2010 B, SIFMA Municipal Swap Index + 0.100% 1.25%, tender 5/1/20 (Liquidity Facility Royal Bank of Canada) (a)(g) | | 26,365 | 26,365 |
| | | | 99,960 |
| Colorado - 0.5% | | | |
| Colorado Gen. Fdg. Rev. TRAN Series 2019, 5% 6/26/20 | | 30,000 | 30,347 |
| Connecticut - 0.4% | | | |
| Bethel Gen. Oblig. BAN Series 2019, 3% 7/24/20 | | 8,815 | 8,874 |
| Connecticut Gen. Oblig. Bonds: | | | |
| Series 2012 A, 2.4% 4/15/20 (a)(g) | | 2,200 | 2,203 |
| Series 2018 A, 5% 4/15/20 | | 2,000 | 2,009 |
| Series 2018 E, 5% 9/15/20 | | 5,000 | 5,101 |
| Series 2018 F, 5% 9/15/20 | | 1,500 | 1,530 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds: | | | |
| Series 2015 A, 5% 8/1/20 | | 1,700 | 1,726 |
| Series 2016 A, 5% 9/1/20 | | 1,040 | 1,059 |
| East Haddam Gen. Oblig. BAN Series 2020, 2% 12/3/20 | | 1,800 | 1,813 |
| Stratford Gen. Oblig. BAN Series 2019, 2% 9/17/20 | | 1,244 | 1,249 |
| | | | 25,564 |
| Florida - 5.6% | | | |
| 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) | | 100,200 | 100,200 |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series 2019 A, 5% 10/1/20 (b) | | 6,400 | 6,539 |
| Miami-Dade County Series A1: | | | |
| 1.25% 3/5/20, LOC Bank of America NA, CP (b) | | 48,643 | 48,643 |
| 1.3% 3/10/20, LOC Bank of America NA, CP (b) | | 13,100 | 13,100 |
| 1.3% 3/17/20, LOC Bank of America NA, CP (b) | | 9,700 | 9,700 |
| Palm Beach County School District TAN Series 2019, 2.25% 8/28/20 | | 44,700 | 44,907 |
| Pinellas County School District TAN Series 2019, 2.25% 6/30/20 | | 14,500 | 14,548 |
| Polk County Indl. Dev. Auth. Health Sys. Rev. Bonds: | | | |
| Series 2014 A, SIFMA Municipal Swap Index + 0.300% 1.45%, tender 9/25/20 (a)(g) | | 28,200 | 28,200 |
| Series 2014 A1, SIFMA Municipal Swap Index + 0.250% 1.4%, tender 9/25/20 (a)(g) | | 28,900 | 28,900 |
| Tampa Health Sys. Rev. Bonds Series 2012 B, SIFMA Municipal Swap Index + 0.300% 1.45%, tender 9/25/20 (a)(g) | | 42,015 | 42,015 |
| | | | 336,752 |
| Georgia - 5.8% | | | |
| Atlanta Arpt. Rev.: | | | |
| Series J1, 1.45% 3/23/20, LOC Bank of America NA, CP | | 2,600 | 2,600 |
| Series J2: | | | |
| 1.26% 3/23/20, LOC Bank of America NA, CP (b) | | 1,600 | 1,600 |
| 1.5% 3/23/20, LOC Bank of America NA, CP (b) | | 3,900 | 3,900 |
| Series K1, 1.45% 3/23/20, LOC PNC Bank NA, CP | | 22,600 | 22,600 |
| Series K2: | | | |
| 1.28% 3/23/20, LOC PNC Bank NA, CP (b) | | 13,865 | 13,865 |
| 1.5% 3/23/20, LOC PNC Bank NA, CP (b) | | 9,700 | 9,700 |
| Series L2: | | | |
| 1.42% 3/23/20, LOC JPMorgan Chase Bank, CP (b) | | 1,935 | 1,935 |
| 1.5% 3/23/20, LOC JPMorgan Chase Bank, CP (b) | | 4,185 | 4,185 |
| Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds: | | | |
| Series 2010 A1, SIFMA Municipal Swap Index + 0.100% 1.25%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada) (a)(g) | | 90,730 | 90,730 |
| Series 2010 A2, SIFMA Municipal Swap Index + 0.100% 1.25%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada) (a)(g) | | 199,685 | 199,685 |
| | | | 350,800 |
| Illinois - 0.8% | | | |
| Illinois Fin. Auth. Rev. Bonds: | | | |
| (Advocate Health Care Network Proj.) Series 2011 B, SIFMA Municipal Swap Index + 0.300% 1.45%, tender 9/25/20 (a)(g) | | 40,850 | 40,850 |
| Series 2019, 1.19% tender 3/5/20, CP mode | | 8,300 | 8,300 |
| | | | 49,150 |
| Kentucky - 1.5% | | | |
| Jefferson County Poll. Cont. Rev. Bonds Series A, 1.1% tender 3/2/20, CP mode | | 4,500 | 4,500 |
| Kentucky Asset/Liability Commission Gen. Fund Rev. TRAN Series 2019 A, 3% 6/25/20 | | 82,600 | 83,013 |
| | | | 87,513 |
| Maryland - 0.0% | | | |
| Baltimore County Gen. Oblig. BAN Series 2019, 4% 3/19/20 | | 2,000 | 2,003 |
| Michigan - 0.3% | | | |
| Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 1.4%, tender 9/25/20 (a)(g) | | 17,245 | 17,245 |
| Montana - 0.2% | | | |
| Montana Board of Invt. Bonds: | | | |
| Series 2007, 1.87%, tender (a) | | 8,385 | 8,385 |
| Series 2013, 1.87%, tender (a) | | 4,615 | 4,615 |
| | | | 13,000 |
| Nebraska - 0.0% | | | |
| Central Plains Energy Proj. Gas Supply Bonds Series 2019, 4% 8/1/20 (Royal Bank of Canada Guaranteed) | | 800 | 809 |
| New Hampshire - 0.1% | | | |
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds Series A1, 1.27% tender 3/25/20, CP mode (b) | | 7,400 | 7,400 |
| New Jersey - 2.1% | | | |
| Borough of Maywood BAN Series 2019, 2.25% 11/6/20 | | 5,000 | 5,031 |
| Burlington County Bridge Commission Lease Rev. BAN (Governmental Leasing Prog.) Series 2019 C1, 3% 11/20/20 | | 23,000 | 23,287 |
| Camden County BAN Series 2019 A, 2% 10/21/20 | | 13,000 | 13,064 |
| Cedar Grove Township Gen. Oblig. BAN Series 2019, 2.5% 7/16/20 | | 19,463 | 19,535 |
| Clifton Gen. Oblig. BAN Series 2019, 2.25% 10/1/20 | | 32,436 | 32,610 |
| Fort Lee Gen. Oblig. BAN Series 2019 A, 2.25% 11/6/20 | | 7,100 | 7,148 |
| Hudson County Impt. Auth. Rev. BAN Series 2019 C, 2.5% 9/18/20 (Hudson County Gen. Oblig. Guaranteed) | | 1,400 | 1,408 |
| Montgomery Township Gen. Oblig. BAN Series 2019, 2% 8/28/20 | | 2,800 | 2,810 |
| Stone Hbr. BAN Series 2019, 2.25% 10/30/20 | | 14,459 | 14,549 |
| Wayne Township Wtr. Util. BAN Series 2019, 2.5% 6/24/20 | | 7,900 | 7,925 |
| | | | 127,367 |
| New York - 0.9% | | | |
| Wappingers Central School District BAN Series 2019 B, 2.25% 8/13/20 | | 51,366 | 51,595 |
| Ohio - 0.7% | | | |
| American Muni. Pwr. BAN (City of Wapakoneta Proj.) Series 2019, 2.5% 6/25/20 (Ohio Gen. Oblig. Guaranteed) | | 2,750 | 2,758 |
| Avon Local School District BAN Series 2019, 2% 9/30/20 | | 3,200 | 3,213 |
| Belmont County BAN Series 2019, 2% 8/27/20 | | 1,800 | 1,806 |
| East Knox Local School District BAN Series 2019, 2.375% 6/11/20 | | 1,900 | 1,905 |
| Fairfield County Gen. Oblig. BAN Series 2018, 3% 4/29/20 | | 2,000 | 2,004 |
| Hudson City Gen. Oblig. BAN Series 2019, 2% 12/18/20 | | 4,200 | 4,225 |
| Kent Various Purp. Bond BAN Series 2019, 2.25% 8/20/20 | | 1,000 | 1,004 |
| Mahoning County BAN Series 2019, 3% 9/16/20 | | 2,185 | 2,205 |
| Newark Gen. Oblig. BAN Series 2019, 2.25% 10/1/20 | | 2,900 | 2,913 |
| Southwest Local School District BAN Series 2019, 2% 11/12/20 (Ohio Gen. Oblig. Guaranteed) | | 3,200 | 3,215 |
| Sycamore Cmnty. School District BAN Series 2019, 2.25% 4/15/20 | | 7,100 | 7,109 |
| Union Township Clermont County Gen. Oblig. BAN Series 2019, 2.25% 9/2/20 (Ohio Gen. Oblig. Guaranteed) | | 6,900 | 6,933 |
| Worthington BAN Series 2019, 2.25% 9/25/20 (Ohio Gen. Oblig. Guaranteed) | | 2,640 | 2,655 |
| | | | 41,945 |
| Oklahoma - 0.3% | | | |
| Oklahoma Dev. Fin. Auth. Health Sys. Rev. Bonds Series 2015 B, SIFMA Municipal Swap Index + 0.350% 1.5%, tender 9/25/20 (a)(g) | | 19,640 | 19,640 |
| Tennessee - 0.0% | | | |
| Nashville and Davidson County Metropolitan Govt. Health & Edl. Facilities Board Rev. Bonds Series 2001 B, 1.55%, tender 11/3/20 (a) | | 2,175 | 2,179 |
| Texas - 7.2% | | | |
| Austin Elec. Util. Sys. Rev. Series A: | | | |
| 1.18% 6/2/20 (Liquidity Facility JPMorgan Chase Bank), CP | | 3,800 | 3,800 |
| 1.21% 3/4/20 (Liquidity Facility JPMorgan Chase Bank), CP | | 6,200 | 6,200 |
| Brownsville Util. Sys. Rev. Series A, 1.29% 5/5/20, LOC Bank of America NA, CP | | 2,800 | 2,800 |
| Dallas Fort Worth Int'l. Arpt. Rev. Bonds: | | | |
| Series 2012 E, 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b) | | 530 | 543 |
| Series 2012 F: | | | |
| 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b) | | 6,015 | 6,161 |
| 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b) | | 1,000 | 1,025 |
| Series 2013 A: | | | |
| 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b) | | 3,750 | 3,846 |
| 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b) | | 1,370 | 1,403 |
| 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b) | | 16,580 | 16,982 |
| 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b) | | 390 | 399 |
| Garland Util. Sys. Rev. Series 2018, 1.25% 3/4/20, LOC Bank of America NA, CP | | 1,500 | 1,500 |
| Harris County Cultural Ed. Facilities Fin. Corp. Rev. Bonds: | | | |
| (Texas Children's Hosp. Proj.) Series 2015 2, SIFMA Municipal Swap Index + 0.200% 1.35%, tender 9/25/20 (a)(g) | | 33,900 | 33,900 |
| Series 2019 A, 5% 12/1/20 | | 1,000 | 1,028 |
| Harris County Flood District Cont. Ctfs. of Prtn. Series H: | | | |
| 1.19% 3/12/20 (Liquidity Facility JPMorgan Chase Bank), CP | | 7,600 | 7,600 |
| 1.19% 3/12/20 (Liquidity Facility JPMorgan Chase Bank), CP | | 20,345 | 20,345 |
| Harris County Gen. Oblig. Series D2, 1.2% 4/2/20 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | | 3,575 | 3,575 |
| Harris County Metropolitan Trans. Auth. Series A1: | | | |
| 1.2% 3/12/20 (Liquidity Facility JPMorgan Chase Bank), CP | | 9,950 | 9,950 |
| 1.22% 3/19/20 (Liquidity Facility JPMorgan Chase Bank), CP | | 9,850 | 9,850 |
| Houston Arpt. Sys. Rev. Series B, 1.22% 3/18/20, LOC Sumitomo Mitsui Banking Corp., CP (b) | | 7,200 | 7,200 |
| Lower Colorado River Auth. Rev. Series B, 1.26% 6/10/20, LOC State Street Bank & Trust Co., Boston, CP | | 1,289 | 1,289 |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Bonds (Baylor Health Care Sys. Proj.): | | | |
| Series 2011 B, BMA Municipal Swap Index + 0.300% 1.45%, tender 9/25/20 (a)(g) | | 31,700 | 31,700 |
| Series 2013 B, SIFMA Municipal Swap Index + 0.300% 1.45%, tender 9/25/20 (a)(g) | | 31,000 | 31,000 |
| Texas A&M Univ. Rev. Series B: | | | |
| 1.35% 3/3/20, CP | | 5,700 | 5,700 |
| 1.35% 3/3/20, CP | | 3,700 | 3,700 |
| Texas Gen. Oblig. TRAN Series 2019, 4% 8/27/20 | | 216,300 | 219,143 |
| | | | 430,639 |
| Washington - 0.1% | | | |
| Port of Seattle Rev. Bonds Series 2012 B, 5% 8/1/20 (b) | | 3,490 | 3,542 |
| Wisconsin - 0.5% | | | |
| Madison Metropolitan School District TRAN Series 2019, 2.25% 9/4/20 | | 26,400 | 26,524 |
| TOTAL OTHER MUNICIPAL SECURITY | | | |
| (Cost $1,733,698) | | | 1,733,698 |
| | | Shares (000s) | Value (000s) |
|
| Investment Company - 3.9% | | | |
| Fidelity Municipal Cash Central Fund 1.19% (h)(i) | | | |
| (Cost $232,023) | | 232,005 | 232,023 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $6,012,603) | | | 6,012,603 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (1,679) |
| NET ASSETS - 100% | | | $6,010,924 |
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
(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 $68,930,000 or 1.1% 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 (including private placements) - 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 $112,535,000 or 1.9% 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) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(i) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
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.
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.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
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.
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
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 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 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:
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.
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 Internal Revenue Service (IRS)will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
4. Fees and Other Transactions with Affiliates.
5. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $6.
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.
7. Coronavirus (Covid-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2019 to February 29, 2020).
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.
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.
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2019 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Approval of Amended and Restated Advisory Contracts. At its September 2019 meeting, the Board also unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) in connection with an upcoming consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, Fidelity Investments Money Management, Inc. (FIMM) expects to merge with and into FMR and, after the merger, FMR expects to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FIMM upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile and considered that the definition of "group assets" for purposes of the fund's group fee would be modified to avoid double-counting assets once the reorganization is complete. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund.
The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a peer group of funds with similar objectives (peer group).
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the gross performance of appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors.
The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
c.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2018.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.
The Board noted that the fund's total expense ratio ranked below the competitive median for 2018.
The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the fund's business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and meets periodically, to evaluate potential fall-out benefits. The Board noted that the committee was expected to, among other things: (i) discuss the legal framework surrounding potential fall-out benefits; (ii) review the Board's responsibilities and approach to potential fall-out benefits; and (iii) review practices employed by competitor funds regarding the review of potential fall-out benefits. The Board noted that it would consider the committee's findings in connection with future consideration of contract renewals.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the practices of certain sub-advisers regarding their receipt of research from broker-dealers that execute the funds' portfolio transactions; (vi) the terms of Fidelity's voluntary expense limitation agreements; (vii) the methodology with respect to competitive fund data and peer group classifications; (viii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (ix) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (x) the impact on fund profitability of recent changes in total net assets for Fidelity's money market funds, anticipated changes to the competitive landscape for money market funds, and the level of investor comfort with gates, fees, and floating NAVs; (xi) the funds' share class structures and distribution channels; and (xii) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed and the fund's Amended and Restated Contracts should be approved.
