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Early in 2020, the outbreak and spread of COVID-19 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. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem 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.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, 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. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending February 28, 2022, the most recent period shown in the table, would have been (0.19)%.
| Variable Rate Demand Note - 29.2% | | | |
| | | Principal Amount (000s) | Value (000s) |
| Alabama - 2.3% | | | |
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.31% 3/7/22, VRDN (a)(b) | | $49,015 | $49,015 |
| Mobile Indl. Dev. Board Dock & Wharf Rev. (Holnam, Inc. Proj.) Series 1999 A, 0.22% 3/7/22, LOC Bayerische Landesbank, VRDN (a) | | 8,600 | 8,600 |
| Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 0.32% 3/7/22, VRDN (a) | | 35,950 | 35,950 |
| West Jefferson Indl. Dev. Series 2008, 0.32% 3/7/22, VRDN (a) | | 3,000 | 3,000 |
| West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 0.13% 3/1/22, VRDN (a)(b) | | 4,800 | 4,800 |
| | | | 101,365 |
| Alaska - 1.1% | | | |
| Valdez Marine Term. Rev. (Phillips Trans. Alaska, Inc. Proj.): | | | |
| Series 1994 B, 0.25% 3/7/22 (ConocoPhillips Co. Guaranteed), VRDN (a) | | 21,900 | 21,900 |
| Series 1994 C, 0.25% 3/7/22 (ConocoPhillips Co. Guaranteed), VRDN (a) | | 25,700 | 25,700 |
| | | | 47,600 |
| Arizona - 0.1% | | | |
| Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 0.3% 3/7/22, VRDN (a) | | 2,400 | 2,400 |
| FNMA Pima County Indl. Dev. Auth. Multi-family Hsg. Rev. Series A, 0.26% 3/7/22, LOC Fannie Mae, VRDN (a)(b) | | 2,160 | 2,160 |
| | | | 4,560 |
| Arkansas - 0.3% | | | |
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.): | | | |
| Series 1998, 0.31% 3/7/22, VRDN (a)(b) | | 10,200 | 10,200 |
| Series 2002, 0.29% 3/7/22, VRDN (a)(b) | | 5,100 | 5,100 |
| | | | 15,300 |
| California - 0.4% | | | |
| San Diego Hsg. Auth. Multi-family Hsg. Rev. Series 2017 A, 0.26% 3/7/22, LOC Bank of America NA, VRDN (a) | | 17,360 | 17,360 |
| Colorado - 0.0% | | | |
| Colorado Edl. & Cultural Facilities Auth. Rev. (Clyfford Still Museum Proj.) Series 2008, 0.3% 3/7/22, LOC Wells Fargo Bank NA, VRDN (a) | | 200 | 200 |
| Delaware - 0.2% | | | |
| Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 B, 0.26% 3/7/22, VRDN (a)(b) | | 8,200 | 8,200 |
| District Of Columbia - 0.1% | | | |
| District of Columbia Rev. (Fort Lincoln New Town/Premium Distributors LLC Proj.) Series 2000, 0.33% 3/7/22, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 3,010 | 3,010 |
| Florida - 1.6% | | | |
| Brevard County Hsg. Fin. Auth. (Manatee Cove Apts. Proj.) Series 2005, 0.22% 3/7/22, LOC Citibank NA, VRDN (a)(b) | | 8,275 | 8,275 |
| Broward County Indl. Dev. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2018 B, 0.16% 3/1/22, VRDN (a)(b) | | 1,995 | 1,995 |
| Collier County Hsg. Fin. Auth. Multi-family Rev. (Summer Lakes Phase II Apts. Proj.) Series 2005, 0.22% 3/7/22, LOC Citibank NA, VRDN (a)(b) | | 9,970 | 9,970 |
| Florida Hsg. Fin. Corp. Multi-family Mtg. Rev. (Savannah Springs Apts. Proj.) Series G, 0.23% 3/7/22, LOC Citibank NA, VRDN (a)(b) | | 11,905 | 11,905 |
| Hillsborough County Hsg. Fin. Auth. Multi-family Rev.: | | | |
| (Claymore Crossings Apt. Proj.) Series 2005, 0.22% 3/7/22, LOC Citibank NA, VRDN (a)(b) | | 9,750 | 9,750 |
| (Meridian Pointe Apts. Proj.) Series 2005, 0.22% 3/7/22, LOC Citibank NA, VRDN (a)(b) | | 8,585 | 8,585 |
| FNMA: | | | |
| Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: | | | |
| (Hunters Run Apts. Proj.) Series G, 0.24% 3/7/22, LOC Fannie Mae, VRDN (a)(b) | | 5,525 | 5,525 |
| Series 2006 H, 0.26% 3/7/22, LOC Fannie Mae, VRDN (a)(b) | | 5,695 | 5,695 |
| Hillsborough County Hsg. Fin. Auth. Multi-family Rev. (Morgan Creek Apts. Proj.) Series 2003, 0.23% 3/7/22, LOC Fannie Mae, VRDN (a)(b) | | 10,100 | 10,100 |
| | | | 71,800 |
| Georgia - 0.3% | | | |
| Gwinnett County Dev. Auth. Indl. Dev. Rev. (Curtis 1000, Inc. Proj.) Series 1996, 0.34% 3/7/22, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 6,460 | 6,460 |
| FNMA Atlanta Urban Residential Fin. Auth. Multi-family Hsg. Rev. (Collegetown at Harris Homes Phase I Proj.) Series 2003, 0.26% 3/7/22, LOC Fannie Mae, VRDN (a)(b) | | 7,230 | 7,230 |
| | | | 13,690 |
| Illinois - 3.5% | | | |
| Chicago Midway Arpt. Rev. Series 2014 C, 0.24% 3/7/22, LOC Barclays Bank PLC, VRDN (a)(b) | | 66,310 | 66,310 |
| Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev. (Lufthansa German Airlines Proj.) Series 2001, 0.23% 3/7/22, LOC Bayerische Landesbank, VRDN (a)(b) | | 37,770 | 37,770 |
| Illinois Dev. Fin. Auth. Rev. (Lyric Opera of Chicago Proj.) Series 1994, 0.23% 3/7/22, LOC BMO Harris Bank NA, LOC Northern Trust Co., VRDN (a) | | 35,100 | 35,100 |
| Illinois Fin. Auth. Rev. Series 2011 B, 0.25% 3/7/22, LOC Sumitomo Mitsui Banking Corp., VRDN (a) | | 1,300 | 1,300 |
| FHLMC: | | | |
| Illinois Fin. Auth. Multi-family Rev. (Villagebrook Apts. Proj.) Series 2005, 0.26% 3/7/22, LOC Freddie Mac, VRDN (a)(b) | | 7,520 | 7,520 |
| Lisle Village Multi-family Hsg. Rev. (Devonshire of Lisle Proj.) Series 1991, 0.26% 3/7/22, LOC Freddie Mac, VRDN (a)(b) | | 6,000 | 6,000 |
| | | | 154,000 |
| Indiana - 1.5% | | | |
| Indiana Dev. Fin. Auth. Econ. (Archer-Daniels-Midland Co. Proj.) Series 2012, 0.23% 3/7/22 (Archer Daniels Midland Co. Guaranteed), VRDN (a) | | 8,500 | 8,500 |
| Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.): | | | |
| Series 2003 A, 0.26% 3/7/22, VRDN (a)(b) | | 18,000 | 18,000 |
| Series 2003 B, 0.25% 3/7/22, VRDN (a)(b) | | 39,500 | 39,494 |
| | | | 65,994 |
| Iowa - 3.4% | | | |
| Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Co. Proj.): | | | |
| Series 2008 A, 0.25% 3/7/22, VRDN (a)(b) | | 45,100 | 45,100 |
| Series 2016 B, 0.25% 3/7/22, VRDN (a)(b) | | 2,600 | 2,600 |
| Iowa Fin. Auth. Solid Waste Facilities (MidAmerican Energy Co. Proj.) Series 2017, 0.23% 3/7/22, VRDN (a)(b) | | 100,760 | 100,760 |
| | | | 148,460 |
| Kansas - 1.6% | | | |
| Cygne Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994 B, 0.27% 3/7/22, VRDN (a) | | 17,200 | 17,200 |
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.): | | | |
| Series 2007 A, 0.3% 3/7/22, VRDN (a) | | 2,400 | 2,400 |
| Series 2007 B, 0.3% 3/7/22, VRDN (a) | | 9,400 | 9,400 |
| Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.): | | | |
| Series 2000, 0.23% 3/7/22, LOC Bank of America NA, VRDN (a)(b) | | 25,100 | 25,100 |
| Series 2002, 0.23% 3/7/22, LOC Bank of America NA, VRDN (a)(b) | | 7,000 | 7,000 |
| Wamego Kansas Poll. Cont. Rfdg. Rev.: | | | |
| (Kansas Gas & Elec. Co. Proj.) Series 1994, 0.27% 3/7/22, VRDN (a) | | 4,100 | 4,100 |
| (Western Resources, Inc. Proj.) Series 1994, 0.27% 3/7/22, VRDN (a) | | 5,200 | 5,200 |
| | | | 70,400 |
| Kentucky - 1.3% | | | |
| Daviess County Exempt Facilities Rev. (Kimberly-Clark Tissue Co. Proj.) Series 1999, 0.24% 3/7/22 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | | 5,900 | 5,900 |
| Daviess County Solid Waste Disp. Facilities Rev. (Scott Paper Co. Proj.): | | | |
| Series 1993 A, 0.24% 3/7/22 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | | 8,900 | 8,900 |
| Series 1993 B, 0.24% 3/7/22 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | | 29,800 | 29,800 |
| Louisville Reg'l. Arpt. Auth. Series 2006 A, 0.12% 3/1/22, VRDN (a)(b) | | 12,000 | 12,000 |
| | | | 56,600 |
| Louisiana - 0.1% | | | |
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 0.26% 3/7/22, VRDN (a) | | 2,600 | 2,600 |
| Nebraska - 0.0% | | | |
| Stanton County Indl. Dev. Rev.: | | | |
| (Nucor Corp. Proj.) Series 1996, 0.31% 3/7/22, VRDN (a)(b) | | 1,200 | 1,200 |
| Series 1998, 0.31% 3/7/22, VRDN (a)(b) | | 1,200 | 1,200 |
| | | | 2,400 |
| Nevada - 0.5% | | | |
| Clark County Arpt. Rev.: | | | |
| Series 2008 C1, 0.23% 3/7/22, LOC Bank of America NA, VRDN (a)(b) | | 8,800 | 8,800 |
| Series 2008 C2, 0.25% 3/7/22, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | | 12,525 | 12,525 |
| | | | 21,325 |
| New York - 1.0% | | | |
| New York City Hsg. Dev. Corp. Multi-family Mtg. Rev. (Related-Upper East Proj.) Series A, 0.25% 3/7/22, LOC Landesbank Baden-Wurttemberg, VRDN (a)(b) | | 21,500 | 21,500 |
| FNMA New York Hsg. Fin. Agcy. Rev.: | | | |
| (East 39th Street Hsg. Proj.) Series 2000 A, 0.19% 3/7/22, LOC Fannie Mae, VRDN (a)(b) | | 10,500 | 10,500 |
| Series 2008 A, 0.21% 3/7/22, LOC Fannie Mae, VRDN (a)(b) | | 12,075 | 12,075 |
| | | | 44,075 |
| New York And New Jersey - 0.1% | | | |
| Port Auth. of New York & New Jersey: | | | |
| Series 1992 2, 0.25% 3/30/22, VRDN (a)(c) | | 500 | 500 |
| Series 1995 4, 0.28% 3/30/22, VRDN (a)(b)(c) | | 3,900 | 3,900 |
| | | | 4,400 |
| North Carolina - 0.3% | | | |
| Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 0.29% 3/7/22, VRDN (a)(b) | | 4,300 | 4,300 |
| Parson County Indl. Facilities and Poll. Cont. Fing. Auth. (CertainTeed Gypsum NC, Inc. Proj.) Series 2010, 0.24% 3/7/22, LOC Cr. Industriel et Commercial, VRDN (a) | | 8,800 | 8,800 |
| | | | 13,100 |
| Oregon - 0.2% | | | |
| Portland Hsg. Auth. Rev.: | | | |
| (New Columbia - Cecelia Proj.) Series 2004, 0.25% 3/7/22, LOC Bank of America NA, VRDN (a)(b) | | 2,770 | 2,770 |
| (New Columbia - Trouton Proj.) Series 2005, 0.25% 3/7/22, LOC Bank of America NA, VRDN (a)(b) | | 4,500 | 4,500 |
| | | | 7,270 |
| Pennsylvania - 0.5% | | | |
| Allegheny County Hosp. Dev. Auth. Rev. Series 2016 A, 0.28% 3/7/22, LOC Truist Bank, VRDN (a) | | 3,400 | 3,400 |
| Allegheny County Indl. Dev. Auth. Rev. Series 2002, 0.24% 3/7/22, LOC Citizens Bank NA, VRDN (a) | | 5,000 | 5,000 |
| Beaver County Indl. Dev. Auth. Series 2018 A, 0.28% 3/7/22, LOC Truist Bank, VRDN (a) | | 700 | 700 |
| Lancaster Indl. Dev. Auth. Rev. (Mennonite Home Proj.) Series 2007, 0.27% 3/7/22, LOC Manufacturers & Traders Trust Co., VRDN (a) | | 6,905 | 6,905 |
| Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. Series 2009 C, 0.29% 3/7/22, LOC MUFG Bank Ltd., VRDN (a) | | 7,475 | 7,475 |
| Philadelphia Auth. for Indl. Dev. Rev. (Spl. People in Northeast, Inc. Proj.) Series 2006, 0.25% 3/7/22, LOC Citizens Bank NA, VRDN (a) | | 600 | 600 |
| | | | 24,080 |
| South Carolina - 0.5% | | | |
| Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1995, 0.31% 3/7/22, 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, 0.24% 3/7/22, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 6,400 | 6,400 |
| South Carolina Jobs-Econ. Dev. Auth. Indl. Rev. (South Carolina Generating Co., Inc. Proj.) Series 2008, 0.24% 3/7/22, LOC TD Banknorth, NA, VRDN (a)(b) | | 15,000 | 15,000 |
| | | | 22,400 |
| Tennessee - 0.6% | | | |
| Loudon County Indl. Dev. Board Exempt Facilities Rev. (Kimberly-Clark Corp. Proj.) Series 1999, 0.24% 3/7/22, VRDN (a)(b) | | 10,500 | 10,500 |
| FNMA Metropolitan Govt. Nashville & Davidson County Health & Edl. Facilities Board (Whispering Oaks Apts. Proj.) Series 2007, 0.26% 3/7/22, LOC Fannie Mae, VRDN (a)(b) | | 15,000 | 15,000 |
| | | | 25,500 |
| Texas - 3.2% | | | |
| Calhoun Port Auth. Envir. Facilities Rev. Series 2007 A, 0.23% 3/7/22, LOC PNC Bank NA, VRDN (a)(b) | | 2,700 | 2,700 |
| Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2003, 0.31% 3/7/22, VRDN (a)(b) | | 12,600 | 12,600 |
| Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev. (Onyx Envir. Svcs. Proj.) Series 2003, 0.23% 3/7/22, 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 2010 A, 0.26% 3/7/22 (Total SA Guaranteed), VRDN (a) | | 20,000 | 20,000 |
| Port Arthur Navigation District Jefferson County Rev. Series 2000 B, 0.28% 3/7/22 (Total SA Guaranteed), VRDN (a)(b) | | 10,000 | 10,000 |
| Texas Gen. Oblig.: | | | |
| Series 2001 A2, 0.24% 3/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | | 3,790 | 3,790 |
| Series 2002 A, 0.24% 3/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | | 20,770 | 20,770 |
| Series 2003 A, 0.24% 3/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | | 5,705 | 5,705 |
| Series 2004 B, 0.24% 3/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | | 3,200 | 3,200 |
| Series 2006 A, 0.24% 3/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | | 8,660 | 8,660 |
| Series 2007 B, 0.24% 3/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | | 12,345 | 12,345 |
| FNMA: | | | |
| Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev. (Primrose at Bammel Apts. Proj.) Series 2005, 0.26% 3/7/22, LOC Fannie Mae, VRDN (a)(b) | | 6,780 | 6,780 |
| Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev. (Residences at Sunset Pointe Proj.) Series 2006, 0.34% 3/7/22, LOC Fannie Mae, VRDN (a)(b) | | 14,650 | 14,650 |
| | | | 141,760 |
| Washington - 1.1% | | | |
| King County Hsg. Auth. Rev. (Overlake TOD Hsg. Proj.) Series 2000, 0.23% 3/7/22, LOC Bank of America NA, VRDN (a)(b) | | 15,555 | 15,555 |
| Port of Seattle Rev. Series 2008, 0.24% 3/7/22, LOC MUFG Bank Ltd., VRDN (a)(b) | | 31,970 | 31,970 |
| | | | 47,525 |
| West Virginia - 2.0% | | | |
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | | | |
| (Appalachian Pwr. Co. Amos Proj.) Series 2008 B, 0.28% 3/7/22, VRDN (a)(b) | | 37,475 | 37,475 |
| (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 0.27% 3/7/22, VRDN (a)(b) | | 51,400 | 51,400 |
| | | | 88,875 |
| Wisconsin - 1.2% | | | |
| Green Bay Redev. Auth. (Green Bay Packaging, Inc. Proj.) Series 2019, 0.25% 3/7/22, LOC Wells Fargo Bank NA, VRDN (a)(b)(d) | | 53,200 | 53,200 |
| Wyoming - 0.2% | | | |
| Converse County Envir. Impt. Rev. Series 1995, 0.24% 3/7/22, VRDN (a)(b) | | 1,700 | 1,700 |
| Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 0.25% 3/7/22, VRDN (a)(b) | | 5,500 | 5,500 |
| | | | 7,200 |
| TOTAL VARIABLE RATE DEMAND NOTE | | | |
| (Cost $1,284,249) | | | 1,284,249 |
|
| Tender Option Bond - 37.9% | | | |
| Alabama - 0.1% | | | |
| Huntsville Health Care Auth. Participating VRDN Series XG 03 01, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 3,800 | 3,800 |
| Arizona - 1.2% | | | |
| Arizona Indl. Dev. Auth. Hosp. Rev. Participating VRDN Series 20 XF 09 90, 0.25% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) | | 7,570 | 7,570 |
| Arizona Tourism & Sports Auth. Tax Rev. Participating VRDN Series Floaters E85, 0.23% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 6,200 | 6,200 |
| Mesa Util. Sys. Rev. Participating VRDN Series Solar 17 0026, 0.25% 3/7/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e)(f) | | 2,870 | 2,870 |
| Phoenix Civic Impt. Board Arpt. Rev. Participating VRDN: | | | |
| Series Floaters ZF 27 58, 0.26% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 2,025 | 2,025 |
| Series XF 08 46, 0.23% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(e)(f) | | 19,345 | 19,345 |
| Series YX 11 54, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 2,190 | 2,190 |
| Rowan Univ. Participating VRDN Series 2016 XF 2337, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 13,800 | 13,800 |
| | | | 54,000 |
| California - 3.2% | | | |
| California Health Facilities Fing. Auth. Rev. Participating VRDN: | | | |
| Series 17 04, 0.32% 4/11/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 800 | 800 |
| Series DBE 80 11, 0.34% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 40,800 | 40,800 |
| Series Floaters XF 24 67, 0.23% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) | | 3,500 | 3,500 |
| Series Floaters ZM 05 43, 0.23% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) | | 4,000 | 4,000 |
| Los Angeles Dept. Arpt. Rev. Participating VRDN: | | | |
| Series 2021 XL 01 87, 0.24% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) | | 5,400 | 5,400 |
| Series Floaters XF 06 99, 0.24% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(e)(f) | | 6,520 | 6,520 |
| Series Floaters XG 02 32, 0.24% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) | | 4,000 | 4,000 |
| Series Floaters XX 10 28, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 8,000 | 8,000 |
| Series XL 01 61, 0.24% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) | | 9,335 | 9,335 |
| Series XM 08 69, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 5,780 | 5,780 |
| Series ZM 04 73, 0.26% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(e)(f) | | 425 | 425 |
| Series ZM 04 87, 0.26% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(e)(f) | | 1,470 | 1,470 |
| Sacramento City Fing. Auth. Rev. Participating VRDN Series Floaters XG 01 00, 0.26% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 2,900 | 2,900 |
| San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Participating VRDN: | | | |
| Series 2021 XX 11 70, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 7,500 | 7,500 |
| Series XF 28 50, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 2,650 | 2,650 |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN: | | | |
| Series Floaters XL 01 01, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 1,235 | 1,235 |
| Series XF 28 76, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 10,700 | 10,700 |
| Series YX 11 31, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 6,955 | 6,955 |
| San Jose Int. Arpt. Rev. Participating VRDN Series 2017, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 800 | 800 |
| Sanger Unified School District Participating VRDN Series Floaters XF 24 63, 0.23% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) | | 10,105 | 10,105 |
| Solano Cmnty. College District Participating VRDN Series Floaters XF 24 59, 0.23% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) | | 3,145 | 3,145 |
| Univ. of California Revs. Participating VRDN Series Floaters ZF 26 70, 0.23% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) | | 4,200 | 4,200 |
| | | | 140,220 |
| Colorado - 3.3% | | | |
| Colorado Health Facilities Auth. Participating VRDN: | | | |
| Series XG 02 51, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 3,470 | 3,470 |
| Series XM 08 29, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 3,900 | 3,900 |
| Series XM 08 38, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 3,550 | 3,550 |
| Series XM 08 41, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 4,000 | 4,000 |
| Series XX 11 30, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 3,880 | 3,880 |
| Series ZF 08 09, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 1,000 | 1,000 |
| Colorado State Bldg. Excellent Schools Today Ctfs. of Prtn. Participating VRDN Series 2021 XF 12 68, 0.23% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 5,600 | 5,600 |
| Colorado State Univ. Board of Governors Enterprise Sys. Rev. Participating VRDN Series E 143, 0.23% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 6,900 | 6,900 |
| Denver City & County Arpt. Rev.: | | | |
| Bonds Series G-114, 0.45%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(e)(f) | | 1,600 | 1,600 |
| Participating VRDN: | | | |
| Series Floaters XF 07 57, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) | | 2,915 | 2,915 |
| Series Floaters XG 01 96, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) | | 47,905 | 47,905 |
| Series Floaters XG 01 97, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) | | 1,800 | 1,800 |
| Series Floaters XL 00 83, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) | | 23,665 | 23,665 |
| Series Floaters XL 00 84, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) | | 13,665 | 13,665 |
| Series Floaters ZF 06 89, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) | | 2,190 | 2,190 |
| Series Floaters ZF 06 90, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) | | 9,315 | 9,315 |
| Series Floaters ZF 06 91, 0.27% 3/7/22 (Liquidity Facility Bank of America NA)(a)(b)(e)(f) | | 3,680 | 3,680 |
| Univ. of Colorado Enterprise Sys. Rev. Participating VRDN Series Solar 0065, 0.25% 3/7/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e)(f) | | 6,010 | 6,010 |
| | | | 145,045 |
| Connecticut - 2.7% | | | |
| Connecticut Gen. Oblig. Participating VRDN: | | | |
| Series 2017, 0.23% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 4,950 | 4,950 |
| Series Floaters 016, 0.32% 4/11/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 79,720 | 79,720 |
| Series Floaters XL 00 66, 0.23% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 2,530 | 2,530 |
| Series XM 07 62, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 1,890 | 1,890 |
| Series XM 08 57, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 5,200 | 5,200 |
| Series XM 08 58, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 4,440 | 4,440 |
| Series YX 11 07, 0.23% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 1,500 | 1,500 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | | | |
| Bonds Series Floaters G 110, 0.38%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (a)(c)(e)(f) | | 5,400 | 5,400 |
| Participating VRDN: | | | |
| Series Floaters YX 10 77, 0.23% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 4,110 | 4,110 |
| Series ROC II R 14073, 0.26% 3/7/22 (Liquidity Facility Citibank NA) (a)(e)(f) | | 1,500 | 1,500 |
| Series XM 08 67, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 2,500 | 2,500 |
| Series YX 11 37, 0.23% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 1,680 | 1,680 |
| State of Connecticut Gen. Oblig. Bonds Participating VRDN Series Floaters XM 03 39, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 3,700 | 3,700 |
| | | | 119,120 |
| District Of Columbia - 0.7% | | | |
| District of Columbia Gen. Oblig. Participating VRDN: | | | |
| Series Floaters YX 10 39, 0.23% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 1,700 | 1,700 |
| Series MS 4301, 0.23% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) | | 5,600 | 5,600 |
| Series Solar 0035, 0.25% 3/7/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e)(f) | | 2,435 | 2,435 |
| District of Columbia Income Tax Rev. Participating VRDN Series XF 23 41, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 1,800 | 1,800 |
| Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Participating VRDN: | | | |
| Series XF 09 20, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 2,145 | 2,145 |
| Series XG 02 67, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 6,185 | 6,185 |
| Metropolitan Washington DC Arpts. Auth. Sys. Rev. Participating VRDN: | | | |
| Series Floaters XF 06 94, 0.28% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) | | 8,110 | 8,110 |
| Series Floaters XF 27 94, 0.28% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) | | 1,545 | 1,545 |
| Series Floaters ZM 05 54, 0.24% 3/7/22 (Liquidity Facility Citibank NA) (a)(b)(e)(f) | | 2,500 | 2,500 |
| | | | 32,020 |
| Florida - 3.7% | | | |
| Broward County Arpt. Sys. Rev. Participating VRDN: | | | |
| Series Floaters XL 00 88, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 15,950 | 15,950 |
| Series XF 09 15, 0.25% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(e)(f) | | 2,810 | 2,810 |
| Broward County Port Facilities Rev.: | | | |
| Bonds Series G 115, 0.45%, tender 9/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(e)(f) | | 1,925 | 1,925 |
| Participating VRDN: | | | |
| Series XF 08 17, 0.27% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(e)(f) | | 10,440 | 10,440 |
| Series XF 09 52, 0.26% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(e)(f) | | 4,425 | 4,425 |
| Series ZF 08 26, 0.29% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(e)(f) | | 2,635 | 2,635 |
| Escambia County Health Facilities Auth. Health Facilities Rev. Participating VRDN: | | | |
| Series XG 02 75, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 5,480 | 5,480 |
| Series XG 02 81, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 1,800 | 1,800 |
| Series ZF 09 31, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 1,605 | 1,605 |
| Fort Myers Util. Sys. Rev. Participating VRDN Series XF 08 13, 0.29% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 1,100 | 1,100 |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | | | |
| Bonds Series Floaters G 25, 0.45%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(e)(f) | | 2,200 | 2,200 |
| Participating VRDN: | | | |
| Series Floaters ZF 25 03, 0.24% 3/7/22 (Liquidity Facility Citibank NA) (a)(b)(e)(f) | | 3,750 | 3,750 |
| Series XF 28 77, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 8,800 | 8,800 |
| Series XL 01 66, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 4,695 | 4,695 |
| Series XM 08 90, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 8,765 | 8,765 |
| Series XM 08 96, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 10,200 | 10,200 |
| Series ZF 08 22, 0.28% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) | | 8,200 | 8,200 |
| Series ZF 09 74, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 2,635 | 2,635 |
| Series ZM 07 79, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 2,820 | 2,820 |
| Lee County Arpt. Rev. Participating VRDN Series XF 11 26, 0.27% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(e)(f) | | 3,435 | 3,435 |
| Lee Memorial Health Sys. Hosp. Rev. Participating VRDN Series Floaters XG 02 34, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 2,185 | 2,185 |
| Miami-Dade County Participating VRDN Series XF 29 46, 0.27% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 30,005 | 30,005 |
| Miami-Dade County Expressway Auth. Participating VRDN Series Floaters XG 02 52, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 3,500 | 3,500 |
| Miami-Dade County Wtr. & Swr. Rev. Participating VRDN Series 2021 XM 09 42, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 3,480 | 3,480 |
| Palm Beach County Health Facilities Auth. Hosp. Rev. Participating VRDN Series XM 07 82, 0.26% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 3,190 | 3,190 |
| Pinellas County Fla School Board Ctfs. Participating VRDN Series Floaters ZF 05 86, 0.25% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) | | 5,000 | 5,000 |
| Pittsburg WTSW Participating VRDN Series XM 00 06, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 6,400 | 6,400 |
| South Broward Hosp. District Rev. Participating VRDN Series XG 03 45, 0.23% 3/7/22 (Liquidity Facility Wells Fargo Bank NA) (a)(e)(f) | | 5,470 | 5,470 |
| South Miami Health Facilities Auth. Hosp. Rev. Participating VRDN: | | | |
| Series XF 25 23, 0.26% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 1,300 | 1,300 |
| Series XM 08 68, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 700 | 700 |
| | | | 164,900 |
| Georgia - 2.2% | | | |
| Atlanta Arpt. Rev. Participating VRDN: | | | |
| Series XF 08 15, 0.28% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) | | 3,000 | 3,000 |
| Series XM 07 97, 0.26% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) | | 4,065 | 4,065 |
| Bainbridge Combined Utils. Rev. Participating VRDN Series XG 03 49, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 4,000 | 4,000 |
| Brookhaven Dev. Auth. Rev. Participating VRDN Series XM 07 51, 0.23% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 1,500 | 1,500 |
| Burke County Indl. Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 107, 0.25% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 13,800 | 13,800 |
| Fayette County Hosp. Auth. Rev. Participating VRDN Series XM 08 92, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 2,100 | 2,100 |
| Gainesville & Hall County Hosp. Auth. Rev. Participating VRDN Series XG 02 85, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 11,100 | 11,100 |
| Georgia Muni. Elec. Auth. Pwr. Rev. Participating VRDN: | | | |
| Series 2021 XL 01 88, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 3,375 | 3,375 |
| Series XF 08 23, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 2,945 | 2,945 |
| Series XG 02 56, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 11,000 | 11,000 |
| Series XG 02 57, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 1,200 | 1,200 |
| Georgia Port Auth. Rev. Participating VRDN Series 2021 XL 01 93, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 2,700 | 2,700 |
| Georgia Road & Thruway Auth. Rev. Participating VRDN Series 2021 XM 09 61, 0.23% 3/7/22 (Liquidity Facility Wells Fargo Bank NA) (a)(e)(f) | | 3,515 | 3,515 |
| Heard County Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 105, 0.25% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 3,400 | 3,400 |
| Monroe County Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 106, 0.25% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 5,000 | 5,000 |
| Muni. Elec. Auth. of Georgia Participating VRDN Series XG 02 54, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 10,800 | 10,800 |
| Private Colleges & Univs. Auth. Rev. Participating VRDN Series Floaters XM 04 35, 0.23% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 12,000 | 12,000 |
| | | | 95,500 |
| Hawaii - 0.5% | | | |
| Hawaii Dept. of Budget & Fin. Spl. Purp. Rev. Participating VRDN Series Floaters XM 06 19, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 12,290 | 12,290 |
| Hawaii Gen. Oblig. Participating VRDN: | | | |
| Series 16 XF0439, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 6,000 | 6,000 |
| Series Solar 17 0031, 0.25% 3/7/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e)(f) | | 5,030 | 5,030 |
| | | | 23,320 |
| Illinois - 4.0% | | | |
| Chicago Gen. Oblig. Participating VRDN: | | | |
| Series 2022 XM 09 78, 0.35% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 800 | 800 |
| Series E 151, 0.24% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 14,900 | 14,900 |
| Series Floaters XL 01 05, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 6,400 | 6,400 |
| Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN: | | | |
| Series Floaters XF 07 23, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 11,270 | 11,270 |
| Series Floaters XG 02 19, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 6,475 | 6,475 |
| Series Floaters XM 06 86, 0.28% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) | | 4,480 | 4,480 |
| Series XF 28 66, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 3,650 | 3,650 |
| Deutsche Bank Spears/Lifers Trust Participating VRDN Series Floaters XF 10 12, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 4,400 | 4,400 |
| Illinois Fin. Auth. Participating VRDN: | | | |
| Series XF 09 80, 0.25% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) | | 7,125 | 7,125 |
| Series XG 02 99, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 2,500 | 2,500 |
| Illinois Fin. Auth. Rev. Participating VRDN: | | | |
| Series Floaters 017, 0.32% 4/11/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 15,975 | 15,975 |
| Series XF 07 11, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 11,050 | 11,050 |
| Illinois Gen. Oblig. Participating VRDN: | | | |
| Series 15 XF 1006, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 7,000 | 7,000 |
| Series Floaters XF 10 43, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 3,650 | 3,650 |
| Series Floaters XX 10 81, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 15,200 | 15,200 |
| Series Floaters YX 10 72, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 2,595 | 2,595 |
| Series Floaters YX 10 86, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 1,660 | 1,660 |
| Series XF 10 10, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 7,500 | 7,500 |
| Series XF 28 41, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 3,150 | 3,150 |
| Series XM 07 59, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 5,050 | 5,050 |
| Series XX 11 41, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 1,400 | 1,400 |
| Series YX 11 50, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 2,590 | 2,590 |
| Series YX 11 51, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 5,975 | 5,975 |
| Illinois Toll Hwy. Auth. Toll Hwy. Rev. Participating VRDN: | | | |
| Series 15 XF0277, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 2,000 | 2,000 |
| Series 15 XM 0078, 0.26% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 15,375 | 15,375 |
| Series 2022 XF 12 88, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 10,500 | 10,500 |
| Series XF 08 01, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 3,800 | 3,800 |
| Portofino Landings Cmnty. Dev. D Participating VRDN Series 2021 XM 09 38, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 700 | 700 |
| | | | 177,170 |
| Indiana - 0.2% | | | |
| Hamilton County Healthcare Facilities Rev. Participating VRDN Series XF 10 26, 0.26% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 9,400 | 9,400 |
| Iowa - 0.1% | | | |
| Iowa Fin. Auth. Health Facilities Rev. Participating VRDN Series ZF 26 27, 0.24% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) | | 2,800 | 2,800 |
| Kentucky - 0.8% | | | |
| CommonSpirit Health Participating VRDN Series MIZ 90 21, 0.3% 3/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (a)(e)(f) | | 3,295 | 3,295 |
| Kentucky Bd Dev. Corp. Indl. Bldg. Participating VRDN Series XX 11 24, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 1,900 | 1,900 |
| Kentucky Econ. Dev. Fin. Auth. Participating VRDN: | | | |
| Series Floaters XF 10 24, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 10,400 | 10,400 |
| Series Floaters XF 24 85, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 10,300 | 10,300 |
| Series XM 08 39, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 2,390 | 2,390 |
| Series XM 08 42, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 2,575 | 2,575 |
| Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 0.4%, tender 5/2/22 (Liquidity Facility Royal Bank of Canada) (a)(c)(e)(f) | | 2,400 | 2,400 |
| | | | 33,260 |
| Louisiana - 3.0% | | | |
| Louisiana Gas & Fuel Tax Rev. Participating VRDN Series EGL 14 0049, 0.23% 3/7/22 (Liquidity Facility Citibank NA) (a)(e)(f) | | 114,600 | 114,600 |
| Louisiana Pub. Facilities Auth. Rev. Participating VRDN Series XF 12 02, 0.25% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) | | 8,215 | 8,215 |
| New Orleans Aviation Board Rev. Participating VRDN Series Floaters XL 00 46, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 11,240 | 11,240 |
| | | | 134,055 |
| Maryland - 0.0% | | | |
| Montgomery County Gen. Oblig. Participating VRDN Series Floaters XG 02 15, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 1,600 | 1,600 |
| Michigan - 0.6% | | | |
| Grand Traverse County Hosp. Fin. Auth. Participating VRDN Series 2021 XG 03 19, 0.28% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 5,600 | 5,600 |
| Michigan Bldg. Auth. Rev. Participating VRDN Series Floaters XM 07 43, 0.23% 3/7/22 (Liquidity Facility Wells Fargo Bank NA) (a)(e)(f) | | 2,000 | 2,000 |
| Michigan Fin. Auth. Rev. Participating VRDN: | | | |
| Series 15 XF0126, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 2,525 | 2,525 |
| Series 16 XM0223, 0.24% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) | | 2,400 | 2,400 |
| Series Floaters ZF 07 90, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 530 | 530 |
| Series Floaters ZF 07 96, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 750 | 750 |
| Series Floaters ZF 28 25, 0.26% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 1,300 | 1,300 |
| Series XM 04 72, 0.23% 3/7/22 (Liquidity Facility Citibank NA) (a)(e)(f) | | 4,050 | 4,050 |
| Series XM 07 48, 0.28% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) | | 3,900 | 3,900 |
| Monroe Mich Pub. Schools Participating VRDN Series XL 01 46, 0.29% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 2,100 | 2,100 |
| | | | 25,155 |
| Mississippi - 0.1% | | | |
| Mississippi Bus. Fin. Corp. Rev. Participating VRDN Series 2021 XF 11 05, 0.27% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 2,935 | 2,935 |
| Missouri - 1.2% | | | |
| Kansas City Indl. Dev. Auth. Participating VRDN Series YX 11 59, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 2,200 | 2,200 |
| Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Participating VRDN: | | | |
| Series Floaters 17 010, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 16,870 | 16,870 |
| Series Floaters XF 07 63, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 3,000 | 3,000 |
| Series Floaters XG 01 84, 0.25% 3/7/22 (Liquidity Facility Citibank NA) (a)(e)(f) | | 2,300 | 2,300 |
| Missouri Health & Edl. Facilities Auth. Rev. Participating VRDN Series Floaters C16, 0.25% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 23,500 | 23,500 |
| Missouri Health & Edl. Facilities Rev. Participating VRDN Series Floaters C17, 0.24% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 5,500 | 5,500 |
| | | | 53,370 |
| Nebraska - 0.0% | | | |
| Univ. of Nebraska Facilities Corp. Participating VRDN Series 2021 XF 11 03, 0.26% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 800 | 800 |
| Nevada - 0.0% | | | |
| Las Vegas Convention & Visitors Auth. Participating VRDN Series XM 08 66, 0.24% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 2,100 | 2,100 |
| New Jersey - 0.8% | | | |
| New Jersey Econ. Dev. Auth. Lease Rev. Participating VRDN Series Floaters XF 25 25, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 2,000 | 2,000 |
| New Jersey Econ. Dev. Auth. Rev. Participating VRDN: | | | |
| Series Floaters XF 23 93, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 1,750 | 1,750 |
| Series Floaters XL 00 52, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 6,625 | 6,625 |
| Series XG 02 60, 0.23% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 5,800 | 5,800 |
| Series XG 02 61, 0.23% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 3,010 | 3,010 |
| Series YX 11 60, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 3,115 | 3,115 |
| New Jersey Gen. Oblig. Participating VRDN Series ZF 12 07, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 3,400 | 3,400 |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Participating VRDN Series Floaters XG 01 78, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) | | 1,450 | 1,450 |
| New Jersey Trans. Trust Fund Auth. Participating VRDN: | | | |
| Series Floaters XG 02 05, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 1,300 | 1,300 |
| Series Floaters XX 10 93, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 3,900 | 3,900 |
| Series YX 11 38, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 1,600 | 1,600 |
| Union County Impt. Auth. Participating VRDN Series XF 10 19, 0.23% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 600 | 600 |
| | | | 34,550 |
| New York - 1.8% | | | |
| New York City Gen. Oblig. Participating VRDN Series 2020 003, 0.35% 4/11/22 (Liquidity Facility Wells Fargo Bank NA) (a)(e)(f) | | 1,225 | 1,225 |
| New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Participating VRDN Series Floaters E 129, 0.23% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 28,000 | 28,000 |
| New York Metropolitan Trans. Auth. Rev. Participating VRDN: | | | |
| Series RBC E 126, 0.25% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 400 | 400 |
| Series XF 04 99, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 6,400 | 6,400 |
| Series XF 24 19, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 5,625 | 5,625 |
| Series XF 28 68, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 9,000 | 9,000 |
| Series XF 28 78, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 4,800 | 4,800 |
| Series XG 02 90, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 22,530 | 22,530 |
| | | | 77,980 |
| New York And New Jersey - 1.6% | | | |
| Port Auth. of New York & New Jersey Participating VRDN: | | | |
| Series 16 XF0407, 0.25% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 5,770 | 5,770 |
| Series 20 XF 09 86, 0.25% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 1,440 | 1,440 |
| Series 20 ZF 09 83, 0.25% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 850 | 850 |
| Series 20 ZF 09 84, 0.25% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 4,035 | 4,035 |
| Series 20 ZF 09 87, 0.25% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 1,060 | 1,060 |
| Series Floaters XF 05 65, 0.23% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) | | 8,430 | 8,430 |
| Series Floaters XF 06 83, 0.24% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(e)(f) | | 2,000 | 2,000 |
| Series Floaters XF 24 88, 0.25% 3/7/22 (Liquidity Facility Citibank NA) (a)(b)(e)(f) | | 2,500 | 2,500 |
| Series Floaters XM 06 16, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 11,050 | 11,050 |
| Series ROC 14086, 0.25% 3/7/22 (Liquidity Facility Citibank NA) (a)(b)(e)(f) | | 9,510 | 9,510 |
| Series XF 08 08, 0.25% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 1,900 | 1,900 |
| Series XF 09 38, 0.25% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 12,300 | 12,300 |
| Series XF 29 80, 0.25% 3/7/22 (Liquidity Facility Citibank NA) (a)(b)(e)(f) | | 7,200 | 7,200 |
| Series ZF 09 96, 0.25% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 3,690 | 3,690 |
| | | | 71,735 |
| North Carolina - 0.5% | | | |
| Charlotte Int'l. Arpt. Rev. Participating VRDN: | | | |
| Series 2021 XF 29 38, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 6,380 | 6,380 |
| Series 2022 ZF 12 73, 0.24% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 3,750 | 3,750 |
| North Carolina Med. Care Commission Health Care Facilities Rev. Participating VRDN: | | | |
| Series 15 XF0147, 0.25% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) | | 8,000 | 8,000 |
| Series XF 08 85, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 2,195 | 2,195 |
| | | | 20,325 |
| North Dakota - 0.0% | | | |
| Grand Forks Health Care Sys. Rev. Participating VRDN Series 2021 XG 03 44, 0.29% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 2,100 | 2,100 |
| Ohio - 0.6% | | | |
| CommonSpirit Health Participating VRDN Series MIZ 90 20, 0.3% 3/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (a)(e)(f) | | 1,775 | 1,775 |
| Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 0.3% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 1,200 | 1,200 |
| Hamilton County Healthcare Facilities Rev. Participating VRDN Series XF 10 50, 0.26% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 1,100 | 1,100 |
| Hamilton County Hosp. Facilities Rev. Participating VRDN Series XF 28 89, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 2,300 | 2,300 |
| Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 003, 0.32% 4/11/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 7,510 | 7,510 |
| Montgomery County Hosp. Rev. Participating VRDN Series Floaters E 132, 0.23% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 3,800 | 3,800 |
| Ohio Hosp. Rev. Participating VRDN: | | | |
| Series 002, 0.32% 4/11/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 3,900 | 3,900 |
| Series C18, 0.24% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 2,400 | 2,400 |
| Series XF 09 67, 0.25% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) | | 1,835 | 1,835 |
| Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 0.4%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) (a)(c)(e)(f) | | 2,500 | 2,500 |
| | | | 28,320 |
| Oklahoma - 0.2% | | | |
| Oklahoma Dev. Fin. Auth. Health Sys. Rev. Participating VRDN: | | | |
| Series Floaters XG 02 10, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 310 | 310 |
| Series Floaters XX 10 96, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 10,535 | 10,535 |
| | | | 10,845 |
| Oregon - 0.4% | | | |
| Port of Portland Arpt. Rev. Participating VRDN: | | | |
| Series 2022 XM 09 73, 0.27% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(e)(f) | | 6,800 | 6,800 |
| Series 2022 YX 11 77, 0.26% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 8,500 | 8,500 |
| Salem Hosp. Facility Auth. Rev. Participating VRDN Series XM 08 13, 0.25% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 1,750 | 1,750 |
| | | | 17,050 |
| Pennsylvania - 0.4% | | | |
| Geisinger Auth. Health Sys. Rev. Participating VRDN: | | | |
| Series Floaters YX 10 49, 0.26% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 2,320 | 2,320 |
| Series XF 09 69, 0.27% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 1,600 | 1,600 |
| Series XM 08 87, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 1,230 | 1,230 |
| Pennsylvania Higher Edl. Facilities Auth. Rev. Participating VRDN Series Floaters XF 25 53, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 3,680 | 3,680 |
| Pennsylvania State Univ. Participating VRDN Series XM 08 27, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 3,100 | 3,100 |
| Pennsylvania Tpk. Commission Tpk. Rev. Participating VRDN Series XX 11 34, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 1,600 | 1,600 |
| Philadelphia Auth. for Indl. Dev. Participating VRDN Series XG 02 53, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 2,100 | 2,100 |
| | | | 15,630 |
| South Carolina - 0.7% | | | |
| Columbia Wtrwks. & Swr. Rev. Participating VRDN Series 2016 21, 0.25% 3/7/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e)(f) | | 7,715 | 7,715 |
| South Carolina Jobs-Econ. Dev. Auth. Participating VRDN Series Floaters BAML 50 04, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 5,160 | 5,160 |
| South Carolina Jobs-Econ. Dev. Auth. Hosp. Impt. Rev. Participating VRDN: | | | |
| Series XF 09 30, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 3,800 | 3,800 |
| Series XF 28 83, 0.3% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) | | 2,300 | 2,300 |
| South Carolina Ports Auth. Ports Rev. Participating VRDN: | | | |
| Series XF 08 20, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) | | 6,410 | 6,410 |
| Series ZF 08 24, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) | | 4,575 | 4,575 |
| South Carolina St. Pub. Svc. Auth. Rev. Participating VRDN Series XG 0046, 0.24% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) | | 580 | 580 |
| | | | 30,540 |
| Tennessee - 0.4% | | | |
| Metropolitan Nashville Arpt. Auth. Rev. Participating VRDN: | | | |
| Series 2021 XL 01 89, 0.27% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(e)(f) | | 1,500 | 1,500 |
| Series XG 02 68, 0.26% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) | | 2,900 | 2,900 |
| Series YX 11 39, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 3,000 | 3,000 |
| Nashville and Davidson County Metropolitan Govt. Health & Edl. Facilities Board Rev. Participating VRDN: | | | |
| Series Floaters XG 01 45, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 2,000 | 2,000 |
| Series Floaters XL 00 62, 0.25% 3/7/22 (Liquidity Facility Citibank NA) (a)(e)(f) | | 2,320 | 2,320 |
| Vanderbilt Hosp. Participating VRDN Series 2016 XF 10 54, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 4,475 | 4,475 |
| | | | 16,195 |
| Texas - 0.6% | | | |
| Dallas County Util. and Reclamation District Participating VRDN Series Floaters CTFS G 99, 0.23% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | | 1,630 | 1,630 |
| El Paso Independent School District Participating VRDN Series ZF 08 64, 0.25% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) | | 3,335 | 3,335 |
| Houston Arpt. Sys. Rev. Participating VRDN Series XF 11 11, 0.27% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(e)(f) | | 400 | 400 |
| North Ft. Bend Wtr. Auth. Participating VRDN Series XF 08 16, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 4,000 | 4,000 |
| North Texas Tollway Auth. Rev. Bonds Series G-112, 0.4%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) (a)(c)(e)(f) | | 3,000 | 3,000 |
| San Antonio Pub. Facilities Corp. and Rfdg. Lease Participating VRDN Series Floaters XF 06 41, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 2,000 | 2,000 |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Participating VRDN: | | | |
| Series 16 XF0411, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank)(a)(e)(f) | | 6,900 | 6,900 |
| Series XG 02 78, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 2,880 | 2,880 |
| | | | 24,145 |
| Virginia - 0.5% | | | |
| Loudoun County Gen. Oblig. Participating VRDN Series Solar 2017 38, 0.25% 3/7/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e)(f) | | 2,900 | 2,900 |
| Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series MIZ 90 25, 0.29% 3/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (a)(e)(f) | | 7,730 | 7,730 |
| Univ. of Virginia Gen. Rev. Participating VRDN Series Solar 17 17, 0.25% 3/7/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e)(f) | | 3,225 | 3,225 |
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 0.4%, tender 8/1/22 (Liquidity Facility Royal Bank of Canada) (a)(c)(e)(f) | | 1,300 | 1,300 |
| Virginia Small Bus. Fing. Auth. Health Care Facilities Rev. Participating VRDN: | | | |
| Series XF 09 26, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 3,935 | 3,935 |
| Series ZF 09 27, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 3,200 | 3,200 |
| | | | 22,290 |
| Washington - 1.7% | | | |
| CommonSpirit Health Participating VRDN Series XF 1017, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 10,200 | 10,200 |
| Port of Seattle Rev. Participating VRDN: | | | |
| Series Floaters XF 05 22, 0.26% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(e)(f) | | 3,600 | 3,600 |
| Series Floaters XM 06 65, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 12,700 | 12,700 |
| Series Floaters ZM 06 69, 0.3% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) | | 9,700 | 9,700 |
| Series XF 26 30, 0.25% 3/7/22 (Liquidity Facility Cr. Suisse AG) (a)(b)(e)(f) | | 8,480 | 8,480 |
| Series XF 28 28, 0.27% 3/7/22 (Liquidity Facility Cr. Suisse AG) (a)(b)(e)(f) | | 7,340 | 7,340 |
| Series XM 08 75, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 2,950 | 2,950 |
| Series XM 09 59, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | | 5,400 | 5,400 |
| Port of Tacoma Rev. Participating VRDN Series Floaters XF 06 58, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) | | 5,410 | 5,410 |
| Washington Convention Ctr. Pub. Facilities Participating VRDN: | | | |
| Series XG 02 92, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 3,700 | 3,700 |
| Series XG 02 96, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 2,700 | 2,700 |
| Washington Higher Ed. Facilities Auth. Rev. Participating VRDN Series XG 02 74, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 2,280 | 2,280 |
| | | | 74,460 |
| West Virginia - 0.1% | | | |
| West Virginia Hosp. Fin. Auth. Hosp. Rev. Participating VRDN Series 2022 XM 09 77, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) | | 3,750 | 3,750 |
| TOTAL TENDER OPTION BOND | | | |
| (Cost $1,670,485) | | | 1,670,485 |
|
| Other Municipal Security - 29.5% | | | |
| Alabama - 0.4% | | | |
| Huntsville Health Care Auth. Rev. Series 2022: | | | |
| 0.12% 3/4/22, CP | | 15,800 | 15,800 |
| 0.3% 4/6/22, CP | | 2,100 | 2,100 |
| | | | 17,900 |
| Arizona - 0.1% | | | |
| Phoenix Civic Impt. Board Arpt. Rev. Bonds Series 2017 D, 5% 7/1/22 | | 3,430 | 3,485 |
| California - 2.0% | | | |
| California Gen. Oblig.: | | | |
| Bonds: | | | |
| Series 2013, 5% 10/1/22 | | 525 | 539 |
| Series 2019, 5% 4/1/22 | | 3,500 | 3,515 |
| Series 2020: | | | |
| 3% 3/1/22 | | 13,060 | 13,060 |
| 4% 3/1/22 | | 2,730 | 2,730 |
| Series 2022 A1, 0.16% 3/10/22, LOC Wells Fargo Bank NA, CP | | 13,995 | 13,995 |
| Series 2022 A3, 0.14% 3/2/22, LOC UBS AG, CP | | 4,000 | 4,000 |
| Series 2022 A4, 0.28% 4/27/22, LOC Toronto-Dominion Bank, CP | | 14,100 | 14,100 |
| Los Angeles County Gen. Oblig. Series 2022 C, 0.5% 5/4/22, LOC Wells Fargo Bank NA, CP | | 4,800 | 4,800 |
| Los Angeles Dept. Arpt. Rev.: | | | |
| Bonds Series 2016 A, 5% 5/15/22 (b) | | 575 | 581 |
| Series 2021 B1, 0.13% 3/16/22, LOC Sumitomo Mitsui Banking Corp., CP (b) | | 7,934 | 7,934 |
| Series 2022: | | | |
| 0.14% 5/4/22, LOC Sumitomo Mitsui Banking Corp., CP (b) | | 3,569 | 3,569 |
| 0.45% 6/3/22, LOC Bank of America NA, CP (b) | | 12,644 | 12,644 |
| San Bernardino County Trans. Auth. Sales Tax Rev. Series 2022 A, 0.12% 4/6/22, LOC Barclays Bank PLC, CP | | 7,868 | 7,868 |
| | | | 89,335 |
| Connecticut - 0.1% | | | |
| New London BAN Series 2021, 2% 3/17/22 | | 2,700 | 2,702 |
| District Of Columbia - 0.1% | | | |
| District of Columbia Wtr. & Swr. Auth. Pub. Util. Rev. Series 2021 B, 0.13% 4/5/22, LOC TD Banknorth, NA, CP | | 2,930 | 2,930 |
| Metropolitan Washington DC Arpts. Auth. Sys. Rev. Bonds: | | | |
| Series 2013 A, 5% 10/1/22 (b) | | 1,000 | 1,027 |
| Series 2015 B, 5% 10/1/22 (b) | | 1,050 | 1,079 |
| Series 2021 A, 5% 10/1/22 (b) | | 1,060 | 1,085 |
| | | | 6,121 |
| Florida - 2.8% | | | |
| Broward County School District TAN Series 2021, 2% 6/30/22 | | 1,875 | 1,885 |
| Florida Board of Ed. Pub. Ed. Cap. Outlay Bonds Series 2019 A, 5% 6/1/22 | | 7,800 | 7,894 |
| Florida Dept. of Trans. Tpk. Rev. Bonds Series 2015 A, 5% 7/1/22 | | 1,965 | 1,995 |
| Florida Local Govt. Fin. Cmnty. Series 2022 A1, 0.26% 4/1/22, LOC JPMorgan Chase Bank, CP | | 6,636 | 6,636 |
| Miami-Dade County Series 2022 B1, 0.15% 4/5/22, LOC Bank of America NA, CP (b) | | 4,500 | 4,500 |
| Miami-Dade County Aviation Rev. Series 2022, 0.14% 3/4/22, LOC Bank of America NA, CP (b) | | 1,670 | 1,670 |
| Polk County Indl. Dev. Auth. Health Sys. Rev. Bonds: | | | |
| Series 2014 A, SIFMA Municipal Swap Index + 0.300% 0.5%, tender 9/26/22 (a)(g) | | 28,200 | 28,200 |
| Series 2014 A1, SIFMA Municipal Swap Index + 0.250% 0.45%, tender 9/26/22 (a)(g) | | 28,900 | 28,900 |
| Tampa Health Sys. Rev. Bonds Series 2012 B, SIFMA Municipal Swap Index + 0.300% 0.5%, tender 9/26/22 (a)(g) | | 42,015 | 42,015 |
| | | | 123,695 |
| Georgia - 2.3% | | | |
| Atlanta Arpt. Rev.: | | | |
| Bonds Series 2021 C, 5% 7/1/22 (b) | | 1,350 | 1,372 |
| Series 2022 J1, 0.29% 4/4/22, LOC Bank of America NA, CP | | 6,636 | 6,636 |
| Series 2022 K2: | | | |
| 0.16% 4/13/22, LOC PNC Bank NA, CP (b) | | 37,923 | 37,923 |
| 0.16% 4/13/22, LOC PNC Bank NA, CP (b) | | 5,520 | 5,520 |
| 0.25% 4/13/22, LOC PNC Bank NA, CP (b) | | 25,905 | 25,905 |
| Series 2022 L2, 0.33% 4/13/22, LOC JPMorgan Chase Bank, CP (b) | | 23,100 | 23,100 |
| | | | 100,456 |
| Idaho - 0.1% | | | |
| Idaho Health Facilities Auth. Hosp. Rev. Bonds Series 2013 ID, 0.23%, tender 5/2/22 (a) | | 4,300 | 4,300 |
| Illinois - 1.1% | | | |
| Chicago Midway Arpt. Rev. Series 2021 A, 0.16% 3/15/22, LOC JPMorgan Chase Bank, CP (b) | | 5,427 | 5,427 |
| Illinois Fin. Auth. Rev. Bonds: | | | |
| (Advocate Health Care Network Proj.) Series 2011 B, SIFMA Municipal Swap Index + 0.300% 0.5%, tender 9/26/22 (a)(g) | | 40,690 | 40,690 |
| Series 2012 A, 4.5% 5/15/22 (Pre-Refunded to 5/15/22 @ 100) | | 555 | 560 |
| | | | 46,677 |
| Kentucky - 0.0% | | | |
| Kentucky State Property & Buildings Commission Rev. Bonds Series 2018, 5% 5/1/22 | | 275 | 277 |
| Louisiana - 0.1% | | | |
| Louisiana Gas & Fuel Tax Rev. Bonds Series 2012 A1, 4% 5/1/22 (Pre-Refunded to 5/1/22 @ 100) | | 2,455 | 2,471 |
| Maryland - 0.2% | | | |
| Montgomery County Gen. Oblig. Bonds Series 2013 MD, 0.12%, tender 6/1/22 (a) | | 9,425 | 9,425 |
| Massachusetts - 0.2% | | | |
| Massachusetts Dev. Fin. Agcy. Elec. Util. Rev. Bonds Series 2022, 0.42% tender 3/9/22 (Massachusetts Elec. Co. Guaranteed), CP mode (b) | | 2,200 | 2,200 |
| Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds Series 2022, 0.32% tender 3/1/22, CP mode | | 5,400 | 5,400 |
| | | | 7,600 |
| Michigan - 1.4% | | | |
| Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 0.45%, tender 9/26/22 (a)(g) | | 17,245 | 17,245 |
| Michigan Bldg. Auth. Rev. Series 2022 8, 0.2% 4/28/22, LOC State Street Bank & Trust Co., Boston, LOC U.S. Bank NA, Cincinnati, CP | | 20,600 | 20,600 |
| Michigan Fin. Auth. Rev. Bonds Series 2013 M1, 0.12%, tender 6/1/22 (a) | | 18,125 | 18,125 |
| Univ. of Michigan Rev. Bonds Series 2022 B, 0.24% tender 3/17/22, CP mode | | 7,300 | 7,300 |
| | | | 63,270 |
| Minnesota - 0.1% | | | |
| Univ. of Minnesota Gen. Oblig. Series 2022 G, 0.25% 3/15/22, CP | | 3,600 | 3,600 |
| Montana - 0.1% | | | |
| Montana Board of Invt. Bonds Series 2007, 0.15%, tender (a) | | 3,100 | 3,098 |
| Nebraska - 1.3% | | | |
| Omaha Pub. Pwr. District Elec. Rev.: | | | |
| Series 2021 A: | | | |
| 0.13% 3/1/22, CP | | 2,300 | 2,300 |
| 0.13% 3/2/22, CP | | 6,000 | 6,000 |
| 0.13% 4/7/22, CP | | 5,800 | 5,800 |
| 0.14% 4/5/22, CP | | 2,980 | 2,980 |
| 0.14% 4/6/22, CP | | 2,900 | 2,900 |
| Series 2022 A: | | | |
| 0.1% 3/8/22, CP | | 5,600 | 5,600 |
| 0.11% 3/7/22, CP | | 3,950 | 3,950 |
| 0.11% 3/10/22, CP | | 3,900 | 3,900 |
| 0.23% 3/17/22, CP | | 5,700 | 5,700 |
| 0.23% 3/18/22, CP | | 6,200 | 6,200 |
| 0.28% 4/4/22, CP | | 6,200 | 6,200 |
| 0.39% 5/5/22, CP | | 4,100 | 4,100 |
| | | | 55,630 |
| New Jersey - 1.0% | | | |
| Hudson County Impt. Auth. Rev. BAN Series 2021 C1, 1% 8/16/22 (Hudson County Gen. Oblig. Guaranteed) | | 1,800 | 1,807 |
| New Jersey Tpk. Auth. Tpk. Rev. Bonds Series 2013 A, 5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) | | 7,880 | 8,003 |
| Ship Bottom Gen. Impt. Wtr. Swr. Util. BAN Series 2021, 1.5% 10/20/22 | | 10,231 | 10,311 |
| Summit Gen. Oblig. BAN Series 2021, 2% 10/21/22 | | 9,032 | 9,135 |
| Tenafly BAN Series 2021, 2% 5/27/22 | | 6,428 | 6,455 |
| Westfield Gen. Oblig. BAN Series 2021, 1.5% 8/17/22 | | 9,900 | 9,960 |
| | | | 45,671 |
| New York - 3.0% | | | |
| Babylon Union Free School District TAN Series 2021, 1.5% 6/17/22 | | 3,000 | 3,012 |
| Burnt Hills Ballston Lake NY BAN Series 2021, 2% 6/23/22 | | 8,000 | 8,046 |
| City of Kingston BAN Series 2021 B, 1.25% 8/19/22 | | 6,278 | 6,303 |
| Half Hollow Hills Central School District of Huntington & Babylon TAN Series 2021, 1% 6/24/22 | | 18,700 | 18,748 |
| Hauppauge Union Free School District TAN Series 2021, 1.5% 6/24/22 | | 11,000 | 11,047 |
| Longwood Central School District TAN Series 2021, 1.5% 6/24/22 | | 20,100 | 20,186 |
| Middle Country Century School District TAN Series 2021, 1% 6/24/22 | | 13,200 | 13,235 |
| Miller Place Union Free School District TAN Series 2021, 1.5% 6/24/22 | | 4,700 | 4,720 |
| New York Dorm. Auth. Rev. Bonds Series 2012 A, 5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) | | 2,205 | 2,238 |
| Patchogue Medford Union Free School District TAN Series 2021, 1.5% 6/24/22 | | 16,100 | 16,170 |
| Sayville Union Free School District TAN Series 2021, 1.5% 6/24/22 | | 2,800 | 2,811 |
| Southampton Union Free School District TAN Series 2021, 1.5% 6/23/22 | | 6,700 | 6,728 |
| Syosset Central School District TAN Series 2021, 1.5% 6/24/22 | | 5,300 | 5,323 |
| Village of Mount Kisco BAN Series 2021 B, 1.5% 10/5/22 | | 3,600 | 3,628 |
| Village of Sleepy Hollow Westchester County BAN Series 2021, 1.5% 11/18/22 | | 5,143 | 5,188 |
| West Islip Union Free School District TAN Series 2021, 1.5% 6/24/22 | | 4,000 | 4,016 |
| | | | 131,399 |
| New York And New Jersey - 2.7% | | | |
| Port Auth. of New York & New Jersey: | | | |
| Bonds Series 2014 186, 5% 10/15/22 (b) | | 5,325 | 5,466 |
| Series 2021 A: | | | |
| 0.15% 3/17/22, CP (b) | | 18,200 | 18,200 |
| 0.16% 4/7/22, CP (b) | | 9,100 | 9,100 |
| 0.16% 5/4/22, CP (b) | | 20,100 | 20,100 |
| 0.17% 5/18/22, CP (b) | | 11,800 | 11,800 |
| 0.18% 6/1/22, CP (b) | | 13,935 | 13,935 |
| Series 2021 B: | | | |
| 0.15% 3/9/22, CP | | 1,855 | 1,855 |
| 0.17% 4/6/22, CP | | 5,700 | 5,700 |
| 0.17% 5/4/22, CP | | 5,600 | 5,600 |
| Series 2022 A: | | | |
| 0.25% 6/16/22, CP (b) | | 10,075 | 10,075 |
| 0.6% 7/14/22, CP (b) | | 12,710 | 12,710 |
| Series 2022 B, 0.55% 5/11/22, CP | | 3,000 | 3,000 |
| | | | 117,541 |
| North Carolina - 0.2% | | | |
| North Carolina Med. Care Commission Health Care Facilities Rev. Bonds Series 2012 A, 5% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) | | 1,000 | 1,012 |
| Univ. of North Carolina Charlotte Gen. Rev. Bonds Series 2012 A: | | | |
| 5% 4/1/22 (Pre-Refunded to 4/1/22 @ 100) | | 3,900 | 3,916 |
| 5% 4/1/22 (Pre-Refunded to 4/1/22 @ 100) | | 2,825 | 2,837 |
| | | | 7,765 |
| Ohio - 1.3% | | | |
| Allen County Hosp. Facilities Rev. Bonds Series 2012 A, 5% 5/1/22 (Pre-Refunded to 5/1/22 @ 100) | | 6,065 | 6,113 |
| Buckeye Tobacco Settlement Fing. Auth. Bonds Series 2007 A3, 6.25% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) | | 760 | 771 |
| Franklin County Rev. Bonds Series 2013 OH, 0.23%, tender 5/2/22 (a) | | 6,400 | 6,400 |
| Ohio Higher Edl. Facility Commission Rev. Bonds: | | | |
| Series 2021 B5, 0.13% tender 3/16/22, CP mode | | 19,145 | 19,145 |
| Series 2022 B5: | | | |
| 0.13% tender 5/4/22, CP mode | | 7,800 | 7,800 |
| 0.45% tender 6/1/22, CP mode | | 5,900 | 5,900 |
| Series 2022 B6, 0.45% tender 6/1/22, CP mode | | 12,400 | 12,400 |
| | | | 58,529 |
| Oklahoma - 0.1% | | | |
| Oklahoma City Wtr. Utils. Trust Wtr. and Swr. Rev. Series 2022 A: | | | |
| 0.11% 4/1/22 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | | 3,600 | 3,600 |
| 0.18% 4/1/22 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | | 1,500 | 1,500 |
| 0.19% 4/1/22 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | | 500 | 500 |
| | | | 5,600 |
| Pennsylvania - 0.4% | | | |
| Commonwealth Fing. Auth. Rev. Bonds Series 2015 B1, 5% 6/1/22 | | 1,550 | 1,569 |
| Univ. of Pittsburgh Commonwealth Sys. of Higher Ed. Bonds: | | | |
| Series 2021 B2, 0.27% tender 6/24/22, CP mode | | 8,500 | 8,500 |
| Series 2022 B1, 0.3% tender 5/3/22, CP mode | | 8,900 | 8,900 |
| | | | 18,969 |
| South Carolina - 0.1% | | | |
| Charleston County School District: | | | |
| BAN (Sales Tax Phase IV Projs.) Series 2021 B, 4% 5/11/22 | | 4,490 | 4,524 |
| Bonds Series 2021 A, 2% 3/1/22 | | 1,400 | 1,400 |
| | | | 5,924 |
| Tennessee - 0.1% | | | |
| Memphis Gen. Oblig. Series 2022 A, 0.09% 3/17/22 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | | 5,900 | 5,900 |
| Tennessee School Board Auth. Bonds Series 2012 A, 5% 5/1/22 (Pre-Refunded to 5/1/22 @ 100) | | 880 | 887 |
| | | | 6,787 |
| Texas - 7.2% | | | |
| Austin Elec. Util. Sys. Rev.: | | | |
| Series 2021 A, 0.11% 3/7/22 (Liquidity Facility JPMorgan Chase Bank), CP | | 3,600 | 3,600 |
| Series 2022 A: | | | |
| 0.2% 3/2/22 (Liquidity Facility JPMorgan Chase Bank), CP | | 3,100 | 3,100 |
| 0.52% 5/3/22 (Liquidity Facility JPMorgan Chase Bank), CP | | 4,400 | 4,400 |
| Brownsville Util. Sys. Rev. Series 2021 A, 0.16% 4/14/22, LOC Bank of America NA, CP | | 3,000 | 3,000 |
| Dallas Area Rapid Transit Sales Tax Rev. Series 2022 III, 0.13% 9/30/22, CP | | 2,500 | 2,500 |
| Dallas Fort Worth Int'l. Arpt. Rev. Bonds Series 2013 A, 5% 11/1/22 (Pre-Refunded to 11/1/22 @ 100) (b) | | 1,000 | 1,030 |
| Fort Bend Independent School District Series 2022, 0.6% 5/27/22 (Liquidity Facility JPMorgan Chase Bank), CP | | 8,200 | 8,200 |
| Harris County Cultural Ed. Facilities Fin. Corp. Rev. Bonds: | | | |
| (Texas Children's Hosp. Proj.) Series 2015 2, SIFMA Municipal Swap Index + 0.200% 0.4%, tender 9/26/22 (a)(g) | | 33,900 | 33,900 |
| Series 2022 B2, 0.14% tender 5/5/22, CP mode | | 15,400 | 15,400 |
| Series 2022 B3, 0.41% tender 6/2/22, CP mode | | 15,900 | 15,900 |
| Series 2022 C1, 0.35% tender 5/3/22, CP mode | | 9,940 | 9,940 |
| Series 2022 C2, 0.35% tender 5/3/22, CP mode | | 11,900 | 11,900 |
| Harris County Gen. Oblig.: | | | |
| Series 2022 A1: | | | |
| 0.17% 3/9/22 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | | 1,725 | 1,725 |
| 0.23% 3/9/22 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | | 1,975 | 1,975 |
| Series 2022 C, 0.2% 3/2/22, LOC Sumitomo Mitsui Banking Corp., CP | | 9,015 | 9,015 |
| Series 2022 D, 0.17% 3/9/22 (Liquidity Facility JPMorgan Chase Bank), CP | | 8,000 | 8,000 |
| Harris County Metropolitan Trans. Auth.: | | | |
| Series 2021 A3, 0.13% 4/5/22 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | | 5,100 | 5,100 |
| Series 2022 A1, 0.4% 4/13/22 (Liquidity Facility JPMorgan Chase Bank), CP | | 10,250 | 10,250 |
| Houston Arpt. Sys. Rev.: | | | |
| Bonds: | | | |
| Series 2012 A: | | | |
| 5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) (b) | | 495 | 503 |
| 5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) (b) | | 9,100 | 9,247 |
| 5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) (b) | | 545 | 554 |
| Series 2012, 5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) (b) | | 500 | 507 |
| Series 2022 A: | | | |
| 0.28% 3/17/22, LOC Sumitomo Mitsui Banking Corp., CP (b) | | 15,300 | 15,300 |
| 0.37% 4/7/22, LOC Sumitomo Mitsui Banking Corp., CP (b) | | 10,400 | 10,400 |
| Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Series 2022 A, 0.1% 4/4/22, CP | | 2,070 | 2,070 |
| Lower Colorado River Auth. Rev.: | | | |
| Series 2021 B, 0.12% 3/3/22, LOC State Street Bank & Trust Co., Boston, CP | | 1,090 | 1,090 |
| Series 2021: | | | |
| 0.11% 3/3/22, LOC State Street Bank & Trust Co., Boston, CP | | 1,345 | 1,345 |
| 0.13% 3/23/22, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | | 9,829 | 9,829 |
| Series 2022 B: | | | |
| 0.13% 4/5/22, LOC State Street Bank & Trust Co., Boston, CP | | 5,800 | 5,800 |
| 0.26% 3/3/22, LOC State Street Bank & Trust Co., Boston, CP | | 2,946 | 2,946 |
| 0.3% 3/24/22, LOC State Street Bank & Trust Co., Boston, CP | | 1,209 | 1,209 |
| Series 2022: | | | |
| 0.12% 3/23/22, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | | 1,465 | 1,465 |
| 0.22% 3/23/22, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | | 5,514 | 5,514 |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Bonds (Baylor Health Care Sys. Proj.): | | | |
| Series 2011 B, BMA Municipal Swap Index + 0.300% 0.5%, tender 9/26/22 (a)(g) | | 31,700 | 31,700 |
| Series 2013 B, SIFMA Municipal Swap Index + 0.300% 0.5%, tender 9/26/22 (a)(g) | | 31,000 | 31,000 |
| Texas Pub. Fin. Auth. Rev. Series 2022 A, 0.26% 3/16/22 (Liquidity Facility Texas Gen. Oblig.), CP | | 7,730 | 7,730 |
| Univ. of Texas Board of Regents Sys. Rev. Series 2022 A: | | | |
| 0.1% 3/7/22 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | | 8,000 | 8,000 |
| 0.25% 3/7/22 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | | 1,650 | 1,650 |
| Univ. of Texas Permanent Univ. Fund Rev. Series 2022 A: | | | |
| 0.1% 3/15/22, CP | | 9,900 | 9,900 |
| 0.31% 5/4/22, CP | | 9,900 | 9,900 |
| Upper Trinity Reg'l. Wtr. District Series 2022, 0.1% 3/4/22, LOC Bank of America NA, CP | | 2,400 | 2,400 |
| | | | 318,994 |
| Virginia - 0.1% | | | |
| Fairfax County Indl. Dev. Auth. Bonds (Inova Health Sys. Proj.) Series 2012 B, 5% 5/15/22 | | 2,000 | 2,020 |
| Roanoke Econ. Dev. Authority. Bonds Series 2012, 5% 7/1/22 | | 1,000 | 1,016 |
| | | | 3,036 |
| Washington - 0.6% | | | |
| King County Gen. Oblig. Series 2022 A: | | | |
| 0.3% 5/17/22, CP | | 5,255 | 5,255 |
| 0.4% 6/2/22, CP | | 9,600 | 9,600 |
| 0.43% 5/24/22, CP | | 10,400 | 10,400 |
| 0.45% 6/9/22, CP | | 2,675 | 2,675 |
| | | | 27,930 |
| Wisconsin - 0.3% | | | |
| Wisconsin Gen. Oblig. Series 2022 A: | | | |
| 0.09% 3/2/22 (Liquidity Facility PNC Bank NA), CP | | 2,800 | 2,800 |
| 0.18% 3/3/22 (Liquidity Facility PNC Bank NA), CP | | 5,200 | 5,200 |
| 0.18% 3/3/22 (Liquidity Facility PNC Bank NA), CP | | 4,100 | 4,100 |
| | | | 12,100 |
| TOTAL OTHER MUNICIPAL SECURITY | | | |
| (Cost $1,300,287) | | | 1,300,287 |
| | | Shares (000s) | Value (000s) |
|
| Investment Company - 3.8% | | | |
| Fidelity Municipal Cash Central Fund 0.15% (h)(i) | | | |
| (Cost $165,497) | | 165,470 | 165,497 |
| TOTAL INVESTMENT IN SECURITIES - 100.4% | | | |
| (Cost $4,420,518) | | | 4,420,518 |
| NET OTHER ASSETS (LIABILITIES) - (0.4)% | | | (18,820) |
| NET ASSETS - 100% | | | $4,401,698 |
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) 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 $24,725,000 or 0.6% of net assets.
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $53,200,000 or 1.2% of net assets.
(e) Provides evidence of ownership in one or more underlying municipal bonds.
(f) Coupon rates are determined by re-marketing agents based on current market conditions.
(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 generally 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.
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Amounts in the income column in the above table include 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.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. 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 to deferred Trustee compensation and capital loss carryforwards.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
4. Fees and Other Transactions with Affiliates.
During the period, the investment adviser or its affiliates waived a portion of these fees.
During the period, the investment adviser or its affiliates waived a portion of these fees.
5. Expense Reductions.
The investment adviser or its affiliates voluntarily agreed to waive certain fees in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $6,556.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $37.
6. Other.
A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a 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, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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, 2021 to February 28, 2022).
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
**If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
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 LLC (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 2021 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 relative to peer funds of the fund's management fee and total expense; (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.
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 also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and 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, cybersecurity, 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. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at 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 to the Board 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; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs 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 the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their 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 an appropriate 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 Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods.
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. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.
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-Sized 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 2020.
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. 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 also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.
The Board noted that the fund's total expense ratio ranked above the similar sales load structure group competitive median for 2020 and above the ASPG competitive median for 2020. The Board considered that the competitive data reflects periods for which many competitor funds waived fees or reimbursed expenses in order to maintain a minimum yield. The Board noted that, excluding fee waivers and reimbursements, the fund's total expense ratio ranked below the similar sales load structure group competitive median and the ASPG competitive median.
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.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The 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 certain fund profitability information and its conformity to established allocation methodologies. After considering the 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 funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
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 also considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. 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) the extent to which current market conditions have affected retention and recruitment of personnel; (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 terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.
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.
