UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6452
Fidelity Union Street Trust II
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | August 31 |
Date of reporting period: | August 31, 2015 |
Item 1.
Reports to Stockholders
|
Fidelity® Arizona Municipal Income Fund Fidelity® Arizona Municipal Money Market Fund Annual Report August 31, 2015 |
 |
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Fidelity® Arizona Municipal Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year.
The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred.
How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended August 31, 2015 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Arizona Municipal Income Fund | 3.28% | 4.16% | 4.30% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Arizona Municipal Income Fund on August 31, 2005.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® Municipal Bond Index performed over the same period.
| Period Ending Values | ||
|
| $15,242 | Fidelity® Arizona Municipal Income Fund |
|
| $15,513 | Barclays® Municipal Bond Index |
Fidelity® Arizona Municipal Income Fund
Management's Discussion of Fund Performance
Market Recap: Tax-exempt municipal bonds posted a modestly positive return for the 12 months ending August 31, 2015, with the Barclays® Municipal Bond Index advancing 2.52%. The strongest performance occurred in the first half of the period, when many issuers exercised a level of fiscal conservatism that led to limited supply. Later in the period, new issuance increased strongly and negative headlines related to a few isolated issuers weighed on the market. Much of this new issuance was used for the purpose of refunding existing debt. Pension underfunding and partisan squabbling in Illinois, New Jersey and the city of Chicago, along with an evolving debt crisis in Puerto Rico, gave muni investors pause, despite a stable credit environment for U.S. states and local governments more broadly. Muni bonds still managed to outperform the broader taxable investment-grade bond market the past 12 months. The tax advantages of munis continued to appeal to investors, in light of higher federal income-tax rates for top earners that took effect in 2013, as well as the 3.8% Medicare tax on unearned, non-municipal investment income. At period end, investors continued to watch the flow of economic data, which the U.S. Federal Reserve has stated will help it determine the timing of any policy interest-rate increase. Comments from Portfolio Manager Kevin Ramundo: For the year, the fund outpaced the 3.19% return of the Barclays® Arizona 4+ Year Enhanced Municipal Bond Index. I sought to generate attractive income for the fund and protect shareholder capital. I kept the fund’s duration – a measure of its sensitivity to interest rate changes – roughly in line with the index. The fund’s overweighting in health care bonds helped relative performance, as did holdings in that sector that benefited from mergers and acquisitions. Health care securities were among the muni market’s best performers, driven by their higher yields and strong demand. Additionally, the fund’s overweighting in bonds issued by a number of hospital systems helped performance, including John C. Lincoln Health Network and the University of Arizona Medical Center Tucson. Overweighting certificates of participation (COP) issued by the state was another plus; they benefited from the state's credit-rating upgrades during the period. Holding more premium-coupon bonds and having lower-than-benchmark exposure to non-callable bonds was helpful overall, although having more exposure to a specific highly rated non-callable special-tax bond that underperformed was a drag on performance.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.Fidelity® Arizona Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of August 31, 2015
| % of fund's net assets | % of fund's net assets 6 months ago | |
| General Obligations | 21.1 | 22.9 |
| Health Care | 16.3 | 19.1 |
| Education | 16.1 | 14.8 |
| Electric Utilities | 12.1 | 10.0 |
| Water & Sewer | 11.5 | 11.0 |
Weighted Average Maturity as of August 31, 2015
| 6 months ago | ||
| Years | 6.6 | 6.2 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM.
Duration as of August 31, 2015
| 6 months ago | ||
| Years | 6.9 | 6.3 |
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration.
Quality Diversification (% of fund's net assets)
| As of August 31, 2015 | ||
| AAA | 2.4% | |
| AA,A | 83.4% | |
| BBB | 9.0% | |
| Not Rated | 4.1% | |
| Short-Term Investments and Net Other Assets | 1.1% | |
| As of February 28, 2015 | ||
| AAA | 2.3% | |
| AA,A | 81.2% | |
| BBB | 12.5% | |
| Not Rated | 2.8% | |
| Short-Term Investments and Net Other Assets | 1.2% | |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Fidelity® Arizona Municipal Income Fund
Investments August 31, 2015
Showing Percentage of Net Assets
| Municipal Bonds - 98.9% | |||
| Principal Amount | Value | ||
| Arizona - 98.0% | |||
| Arizona Board of Regents Arizona State Univ. Rev.: | |||
| (Polytechnic Campus Proj.) Series 2008 C, 5.75% 7/1/23 (Pre-Refunded to 7/1/18 @ 100) | $250,000 | $283,175 | |
| Series 2012 A, 5% 7/1/26 | 1,000,000 | 1,158,030 | |
| Series 2015 B, 5% 7/1/31 | 1,510,000 | 1,759,739 | |
| Arizona Board of Regents Ctfs. of Prtn. (Univ. of Arizona Projs.) Series 2012 C, 5% 6/1/26 | 3,035,000 | 3,464,665 | |
| Arizona Ctfs. of Prtn.: | |||
| Series 2010 A, 5% 10/1/29 (FSA Insured) | 5,000,000 | 5,599,100 | |
| Series 2013 A, 5% 10/1/25 | 1,870,000 | 2,154,483 | |
| Series 2015, 5% 9/1/27 | 1,500,000 | 1,767,330 | |
| Arizona Game and Fish Dept. and Commission (AGF Administration Bldg. Proj.) Series 2006: | |||
| 5% 7/1/21 | 1,280,000 | 1,324,902 | |
| 5% 7/1/32 | 470,000 | 484,777 | |
| Arizona Health Facilities Auth. Hosp. Sys. Rev. Series 2012 A, 5% 2/1/23 | 1,285,000 | 1,434,638 | |
| Arizona Health Facilities Auth. Rev.: | |||
| (Banner Health Sys. Proj.): | |||
| Series 2007 A, 5% 1/1/21 | 1,000,000 | 1,054,670 | |
| Series 2007 B, 1% 1/1/37 (a) | 1,000,000 | 881,100 | |
| Series 2008 A, 5.25% 1/1/31 | 1,000,000 | 1,073,530 | |
| Series 2008 D: | |||
| 5.375% 1/1/32 | 1,005,000 | 1,080,787 | |
| 5.5% 1/1/38 | 100,000 | 107,753 | |
| 6% 1/1/27 | 1,000,000 | 1,101,090 | |
| (Scottsdale Lincoln Hospitals Proj.) Series 2014 A: | |||
| 5% 12/1/26 | 2,000,000 | 2,331,300 | |
| 5% 12/1/42 | 2,000,000 | 2,159,580 | |
| Series 2011 B1, 5.25% 3/1/39 | 1,000,000 | 1,088,870 | |
| Series 2012 A, 5% 1/1/43 | 3,500,000 | 3,845,520 | |
| Arizona State Lottery Rev. Series 2010 A, 5% 7/1/21 (FSA Insured) | 1,000,000 | 1,144,300 | |
| Arizona Trans. Board Excise Tax Rev. Series 2014, 5% 7/1/25 | 1,000,000 | 1,212,790 | |
| Arizona Trans. Board Hwy. Rev. Series 2011 A, 5.25% 7/1/26 | 1,250,000 | 1,474,650 | |
| Arizona Wtr. Infrastructure Fin. Auth. Rev. Series A, 5% 10/1/28 | 2,000,000 | 2,387,660 | |
| Avondale Muni. Dev. Corp. Excise Tax Rev. 5% 7/1/28 | 500,000 | 551,340 | |
| Buckeye Excise Tax Rev. Series 2015: | |||
| 5% 7/1/27 | 350,000 | 409,185 | |
| 5% 7/1/28 | 500,000 | 581,315 | |
| 5% 7/1/29 | 455,000 | 525,234 | |
| Chandler Gen. Oblig. Series 2014, 5% 7/1/26 | 1,000,000 | 1,203,930 | |
| Cottonwood Wtr. Sys. Rev.: | |||
| 5% 7/1/26 (XL Cap. Assurance, Inc. Insured) | 1,405,000 | 1,435,770 | |
| 5% 7/1/30 (XL Cap. Assurance, Inc. Insured) | 1,125,000 | 1,146,836 | |
| 5% 7/1/35 (XL Cap. Assurance, Inc. Insured) | 1,300,000 | 1,319,864 | |
| Dysart Unified School District #89 Gen. Oblig. Series 2014: | |||
| 5% 7/1/23 | 700,000 | 833,560 | |
| 5% 7/1/27 | 1,300,000 | 1,520,051 | |
| Glendale Gen. Oblig. Series 2015, 5% 7/1/22 (FSA Insured) | 1,000,000 | 1,163,490 | |
| Glendale Indl. Dev. Auth. (Midwestern Univ. Proj.) Series 2007, 5.25% 5/15/19 | 1,000,000 | 1,115,700 | |
| Glendale Indl. Dev. Auth. Hosp. Rev. (John C. Lincoln Health Network Proj.) Series 2007: | |||
| 5% 12/1/27 (Pre-Refunded to 12/1/17 @ 100) | 1,000,000 | 1,092,990 | |
| 5% 12/1/32 (Pre-Refunded to 12/1/17 @ 100) | 1,000,000 | 1,092,990 | |
| Glendale Sr. Excise Tax Rev. Series 2015 A, 5% 7/1/28 | 1,000,000 | 1,157,110 | |
| Goodyear McDowell Road Commercial Corridor Impt. District 5.25% 1/1/17 (AMBAC Insured) | 1,580,000 | 1,675,479 | |
| Goodyear Pub. Impt. Corp. Facilities Rev. Series 2008, 6% 7/1/31 | 1,000,000 | 1,132,150 | |
| Marana Muni. Property Corp. Facilities Rev. Series A, 5.25% 7/1/22 | 1,620,000 | 1,808,584 | |
| Maricopa County Indl. Dev. Auth. Health Facilities Rev. (Catholic Healthcare West Proj.): | |||
| Series 2007 A, 5.25% 7/1/32 | 1,000,000 | 1,060,800 | |
| Series 2009 A, 6% 7/1/39 | 1,000,000 | 1,138,340 | |
| Maricopa County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 5% 6/1/35 | 6,000,000 | 6,630,120 | |
| Maricopa County School District #28 Kyrene Elementary: | |||
| Series 2010 B: | |||
| 5.25% 7/1/28 | 690,000 | 803,843 | |
| 5.5% 7/1/29 | 480,000 | 567,552 | |
| 5.5% 7/1/30 | 400,000 | 470,508 | |
| Series 2010 C, 4% 7/1/29 | 650,000 | 695,799 | |
| McAllister Academic Village LLC Rev. (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2008, 5% 7/1/38 | 1,000,000 | 1,083,780 | |
| Mesa Util. Sys. Rev. Series 2006, 5% 7/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,219,030 | |
| Northern Ariz Univ. Ctfs. of Prtn.: | |||
| (Univ. Proj.) Series 2013, 5% 9/1/24 | 1,000,000 | 1,146,390 | |
| Series 2015: | |||
| 3% 9/1/15 (FSA Insured) | 285,000 | 285,000 | |
| 3% 9/1/16 (FSA Insured) | 1,490,000 | 1,527,503 | |
| 5% 9/1/20 (FSA Insured) | 440,000 | 504,249 | |
| Northern Arizona Univ. Revs.: | |||
| Series 2012: | |||
| 5% 6/1/36 | 860,000 | 942,018 | |
| 5% 6/1/41 | 1,250,000 | 1,352,150 | |
| Series 2013, 5% 8/1/27 | 1,000,000 | 1,146,720 | |
| Series 2015, 5% 6/1/30 | 1,000,000 | 1,139,730 | |
| Phoenix Civic Impt. Board Arpt. Rev.: | |||
| Series 2008 A, 5% 7/1/33 | 1,000,000 | 1,085,790 | |
| Series 2013: | |||
| 5% 7/1/26 (b) | 1,100,000 | 1,262,349 | |
| 5% 7/1/29 (b) | 500,000 | 562,600 | |
| Phoenix Civic Impt. Corp. District Rev. (Plaza Expansion Proj.) Series 2005 B, 5.5% 7/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,515,740 | |
| Phoenix Gen. Oblig. Series 2014, 4% 7/1/26 | 2,000,000 | 2,236,280 | |
| Phoenix-Mesa Gateway Arpt. Auth. (Mesa Proj.) Series 2012: | |||
| 5% 7/1/24 (b) | 380,000 | 431,866 | |
| 5% 7/1/27 (b) | 400,000 | 447,472 | |
| Pima County Ctfs. of Prtn.: | |||
| (Justice Bldg. Proj.) Series 2007 A: | |||
| 5% 7/1/19 (AMBAC Insured) | 650,000 | 694,876 | |
| 5% 7/1/21 (AMBAC Insured) | 910,000 | 972,490 | |
| Series 2013 A, 5% 12/1/22 | 1,000,000 | 1,168,290 | |
| Series 2014, 5% 12/1/27 | 1,745,000 | 2,010,554 | |
| Pima County Swr. Sys. Rev.: | |||
| Series 2011 B: | |||
| 5% 7/1/22 | 1,635,000 | 1,903,516 | |
| 5% 7/1/25 | 1,000,000 | 1,157,670 | |
| Series 2012 A: | |||
| 5% 7/1/25 | 1,600,000 | 1,879,200 | |
| 5% 7/1/26 | 1,000,000 | 1,166,920 | |
| Pima County Unified School District #1 Tucson (Proj. of 2004): | |||
| Series 2007 C, 5% 7/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,072,440 | |
| Series 2008 D, 5% 7/1/25 (FSA Insured) | 1,000,000 | 1,102,090 | |
| Queen Creek Excise Tax & State Shared Rev. 5% 8/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,125,000 | 1,210,849 | |
| Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev.: | |||
| Series 2008 A: | |||
| 5% 1/1/24 | 1,075,000 | 1,173,685 | |
| 5% 1/1/33 | 1,000,000 | 1,079,270 | |
| 5% 1/1/38 | 2,400,000 | 2,579,952 | |
| Series 2009 A, 5% 1/1/26 | 2,950,000 | 3,308,396 | |
| Series 2015 A, 5% 12/1/34 | 1,500,000 | 1,746,270 | |
| Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007: | |||
| 5% 12/1/37 | 1,500,000 | 1,624,530 | |
| 5.5% 12/1/29 | 3,000,000 | 3,524,220 | |
| Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.): | |||
| Series 2006 C, 5% 9/1/35 (FSA Insured) | 420,000 | 461,143 | |
| Series 2008 A, 5% 9/1/23 | 355,000 | 387,862 | |
| Surprise Pledged Rev. Series 2015, 5% 7/1/26 | 1,010,000 | 1,211,243 | |
| Tempe Excise Tax Rev. Series 2012, 5% 7/1/25 | 1,090,000 | 1,277,949 | |
| Tempe Transit Excise Tax Rev. Series 2008, 4.75% 7/1/38 | 60,000 | 64,599 | |
| Tucson Ctfs. of Prtn.: | |||
| Series 2007, 5% 7/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,069,040 | |
| Series 2014: | |||
| 4% 7/1/20 (FSA Insured) | 500,000 | 550,150 | |
| 5% 7/1/28 (FSA Insured) | 1,000,000 | 1,156,580 | |
| Tucson Wtr. Rev.: | |||
| Series 2015, 5% 7/1/31 | 1,000,000 | 1,158,030 | |
| 5% 7/1/27 | 1,000,000 | 1,194,480 | |
| 5% 7/1/28 | 2,000,000 | 2,370,000 | |
| Univ. Med. Ctr. Corp. Hosp. Rev.: | |||
| Series 2011, 6% 7/1/39 (Pre-Refunded to 7/1/21 @ 100) | 2,235,000 | 2,763,220 | |
| 5.625% 7/1/36 (Pre-Refunded to 7/1/23 @ 100) | 1,000,000 | 1,244,210 | |
| Univ. of Arizona Univ. Revs.: | |||
| Series 2009 A, 5% 6/1/39 | 1,000,000 | 1,106,920 | |
| Series 2012 A, 5% 6/1/37 | 2,225,000 | 2,464,699 | |
| Series 2014, 5% 8/1/28 | 1,000,000 | 1,165,550 | |
| Series 2015 A 5% 6/1/30 | 2,500,000 | 2,926,550 | |
| Yavapai County Indl. Dev. Auth.: | |||
| (Northern Healthcare Sys. Proj.) Series 2011, 5% 10/1/20 | 1,000,000 | 1,151,460 | |
| Series 2012 A, 5.25% 8/1/33 | 2,000,000 | 2,192,180 | |
| Yuma Indl. Dev. Auth. Hosp. Rev. Series 2014 A, 5% 8/1/27 | 2,000,000 | 2,277,140 | |
| TOTAL ARIZONA | 147,963,869 | ||
| Guam - 0.7% | |||
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | |||
| 5% 10/1/18 (b) | 300,000 | 327,072 | |
| 6.375% 10/1/43 (b) | 200,000 | 234,222 | |
| Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/21 (FSA Insured) | 400,000 | 466,348 | |
| TOTAL GUAM | 1,027,642 | ||
| Virgin Islands - 0.2% | |||
| Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/25 | 300,000 | 329,679 | |
| TOTAL MUNICIPAL BONDS | |||
| (Cost $141,882,437) | 149,321,190 | ||
| TOTAL INVESTMENT PORTFOLIO - 98.9% | |||
| (Cost $141,882,437) | 149,321,190 | ||
| NET OTHER ASSETS (LIABILITIES) - 1.1% | 1,663,917 | ||
| NET ASSETS - 100% | $150,985,107 |
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
Investment Valuation
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Other Information
The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):
| General Obligations | 21.1% |
| Health Care | 16.3% |
| Education | 16.1% |
| Electric Utilities | 12.1% |
| Water & Sewer | 11.5% |
| Special Tax | 10.7% |
| Others (Individually Less Than 5%)(a) | 12.2% |
| 100.0% |
(a) Includes net other assets
See accompanying notes which are an integral part of the financial statements.
Fidelity® Arizona Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
| August 31, 2015 | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $141,882,437) | $149,321,190 | |
| Cash | 414,978 | |
| Receivable for fund shares sold | 46,365 | |
| Interest receivable | 1,428,637 | |
| Other receivables | 861 | |
| Total assets | 151,212,031 | |
| Liabilities | ||
| Payable for fund shares redeemed | $23,082 | |
| Distributions payable | 134,154 | |
| Accrued management fee | 69,688 | |
| Total liabilities | 226,924 | |
| Net Assets | $150,985,107 | |
| Net Assets consist of: | ||
| Paid in capital | $142,252,495 | |
| Undistributed net investment income | 46,128 | |
| Accumulated undistributed net realized gain (loss) on investments | 1,247,731 | |
| Net unrealized appreciation (depreciation) on investments | 7,438,753 | |
| Net Assets, for 12,452,773 shares outstanding | $150,985,107 | |
| Net Asset Value, offering price and redemption price per share ($150,985,107 ÷ 12,452,773 shares) | $12.12 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Year ended August 31, 2015 | ||
| Investment Income | ||
| Interest | $5,504,496 | |
| Expenses | ||
| Management fee | $833,357 | |
| Independent trustees' compensation | 632 | |
| Miscellaneous | 218 | |
| Total expenses before reductions | 834,207 | |
| Expense reductions | (2,052) | 832,155 |
| Net investment income (loss) | 4,672,341 | |
| Realized and Unrealized Gain (Loss)
Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 1,307,805 | |
| Total net realized gain (loss) | 1,307,805 | |
| Change in net unrealized appreciation (depreciation) on investment securities | (1,089,243) | |
| Net gain (loss) | 218,562 | |
| Net increase (decrease) in net assets resulting from operations | $4,890,903 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Year ended August 31, 2015 | Year ended August 31, 2014 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $4,672,341 | $4,834,377 |
| Net realized gain (loss) | 1,307,805 | 515,340 |
| Change in net unrealized appreciation (depreciation) | (1,089,243) | 9,853,367 |
| Net increase (decrease) in net assets resulting from operations | 4,890,903 | 15,203,084 |
| Distributions to shareholders from net investment income | (4,675,085) | (4,818,486) |
| Distributions to shareholders from net realized gain | (97,580) | (384,484) |
| Total distributions | (4,772,665) | (5,202,970) |
| Share transactions | ||
| Proceeds from sales of shares | 27,606,839 | 24,985,147 |
| Reinvestment of distributions | 3,093,920 | 3,308,880 |
| Cost of shares redeemed | (25,619,263) | (48,563,480) |
| Net increase (decrease) in net assets resulting from share transactions | 5,081,496 | (20,269,453) |
| Redemption fees | 1,002 | 4,678 |
| Total increase (decrease) in net assets | 5,200,736 | (10,264,661) |
| Net Assets | ||
| Beginning of period | 145,784,371 | 156,049,032 |
| End of period (including undistributed net investment income of $46,128 and undistributed net investment income of $58,432, respectively) | $150,985,107 | $145,784,371 |
| Other Information
Shares | ||
| Sold | 2,263,762 | 2,145,415 |
| Issued in reinvestment of distributions | 254,009 | 281,835 |
| Redeemed | (2,102,640) | (4,189,157) |
| Net increase (decrease) | 415,131 | (1,761,907) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Arizona Municipal Income Fund
| August 31, | |||||
| Years ended August 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $12.11 | $11.31 | $12.19 | $11.55 | $11.76 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .375 | .399 | .382 | .413 | .420 |
| Net realized and unrealized gain (loss) | .018 | .831 | (.855) | .641 | (.210) |
| Total from investment operations | .393 | 1.230 | (.473) | 1.054 | .210 |
| Distributions from net investment income | (.375) | (.398) | (.382) | (.412) | (.420) |
| Distributions from net realized gain | (.008) | (.032) | (.025) | (.002) | – |
| Total distributions | (.383) | (.430) | (.407) | (.414) | (.420) |
| Redemption fees added to paid in capitalA,B | – | – | – | – | – |
| Net asset value, end of period | $12.12 | $12.11 | $11.31 | $12.19 | $11.55 |
| Total ReturnC | 3.28% | 11.06% | (4.03)% | 9.26% | 1.92% |
| Ratios to Average Net AssetsD | |||||
| Expenses before reductions | .55% | .55% | .55% | .55% | .55% |
| Expenses net of fee waivers, if any | .55% | .55% | .55% | .55% | .55% |
| Expenses net of all reductions | .55% | .55% | .55% | .55% | .55% |
| Net investment income (loss) | 3.08% | 3.40% | 3.16% | 3.47% | 3.71% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $150,985 | $145,784 | $156,049 | $183,907 | $160,378 |
| Portfolio turnover rate | 17% | 8% | 20% | 12% | 10% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Arizona Municipal Money Market Fund
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
| Days | % of fund's investments 8/31/15 | % of fund's investments 2/28/15 | % of fund's investments 8/31/14 |
| 1 - 7 | 17.1 | 80.9 | 84.0 |
| 8 - 30 | 67.5 | 2.6 | 0.8 |
| 31 - 60 | 6.1 | 3.1 | 4.1 |
| 61 - 90 | 0.0 | 0.0 | 2.5 |
| 91 - 180 | 3.2 | 12.4 | 2.9 |
| > 180 | 6.1 | 1.0 | 5.7 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Weighted Average Maturity
| 8/31/15 | 2/28/15 | 8/31/14 | |
| Fidelity Arizona Municipal Money Market Fund | 29 Days | 24 Days | 29 Days |
| All Tax-Free Money Market Funds Average(a) | 32 Days | 32 Days | 38 Days |
(a) Source: iMoneyNet, Inc.
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM.
Weighted Average Life
| 8/31/15 | 2/28/15 | 8/31/14 | |
| Fidelity Arizona Municipal Money Market Fund | 30 Days | 24 Days | 29 Days |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security.
Asset Allocation (% of fund's net assets)
| As of August 31, 2015 | ||
| Variable Rate Demand Notes (VRDNs) | 66.4% | |
| Other Municipal Debt | 20.2% | |
| Investment Companies | 8.3% | |
| Net Other Assets (Liabilities) | 5.1% | |
| As of February 28, 2015 | ||
| Variable Rate Demand Notes (VRDNs) | 69.0% | |
| Other Municipal Debt | 19.8% | |
| Investment Companies | 9.4% | |
| Net Other Assets (Liabilities) | 1.8% | |
Current And Historical 7-Day Yields
| 8/31/15 | 5/31/15 | 2/28/15 | 11/30/14 | 8/31/14 | |
| Fidelity® Arizona Municipal Money Market Fund | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
Yield refers to the income paid by the Fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending August 31, 2015, the most recent period shown in the table, would have been -0.43%.
Fidelity® Arizona Municipal Money Market Fund
Investments August 31, 2015
Showing Percentage of Net Assets
| Variable Rate Demand Note - 66.4% | |||
| Principal Amount | Value | ||
| Alabama - 0.1% | |||
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.22% 9/8/15, VRDN (a)(b) | $200,000 | $200,000 | |
| Arizona - 63.8% | |||
| Arizona Board of Regents Arizona State Univ. Rev.: | |||
| Participating VRDN Series 33 85X, 0.03% 9/8/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 6,665,000 | 6,665,000 | |
| Series 2008 B, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 7,800,000 | 7,800,000 | |
| Arizona Health Facilities Auth. Rev.: | |||
| (Banner Health Sys. Proj.): | |||
| Series 2008 E, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 6,400,000 | 6,400,000 | |
| Series 2008 F, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 6,565,000 | 6,565,000 | |
| Series 2008 G, 0.01% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 34,285,000 | 34,285,000 | |
| (Catholic Healthcare West Proj.): | |||
| Series 2005 B, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 12,160,000 | 12,160,000 | |
| Series 2008 B, 0.01% 9/8/15, LOC PNC Bank NA, VRDN (a) | 14,000,000 | 14,000,000 | |
| Series 2009 F, 0.01% 9/8/15, LOC Mizuho Corporate Bank Ltd., VRDN (a) | 24,200,000 | 24,200,000 | |
| Arizona Hsg. Fin. Auth. Multi-family Hsg. Rev. (Santa Carolina Apts. Proj.) Series 2005, 0.05% 9/8/15, LOC Fannie Mae, VRDN (a)(b) | 3,645,000 | 3,645,000 | |
| BB&T Muni. Trust Participating VRDN Series BBT 08 09, 0.02% 9/8/15 (Liquidity Facility Branch Banking & Trust Co.) (a)(c) | 6,960,000 | 6,960,000 | |
| Casa Grande Indl. Dev. Auth. Indl. Dev. Rev. (Price Companies, Inc. Proj.) Series A, 0.17% 9/8/15, LOC Bank of America NA, VRDN (a)(b) | 730,000 | 730,000 | |
| Coconino County Poll. Cont. Corp. Rev.: | |||
| (Arizona Pub. Svc. Co. Navajo Proj.) Series 2009 B, 0.02% 9/1/15, LOC JPMorgan Chase Bank, VRDN (a)(b) | 11,700,000 | 11,700,000 | |
| (Tucson Elec. Pwr. Co. Navajo Proj.) Series 2010 A, 0.05% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(b) | 7,200,000 | 7,200,000 | |
| Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
| (Glenn Oaks Apts. Proj.) Series 2001, 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(b) | 2,139,675 | 2,139,675 | |
| (Ranchwood Apts. Proj.) Series 2001 A, 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(b) | 1,400,000 | 1,400,000 | |
| (San Angelin Apts. Proj.) Series 2004, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(b) | 1,300,000 | 1,300,000 | |
| (San Martin Apts. Proj.) Series A1, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(b) | 6,000,000 | 6,000,000 | |
| (San Remo Apts. Proj.) Series 2002, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(b) | 8,675,000 | 8,675,000 | |
| (Village at Sun Valley Apts. Proj.) Series 2008, 0.05% 9/8/15, LOC Freddie Mac, VRDN (a)(b) | 12,440,000 | 12,440,000 | |
| (Village Square Apts. Proj.) Series 2004, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
| Maricopa County Indl. Dev. Auth. Rev.: | |||
| (Clayton Homes, Inc. Proj.) Series 1998, 0.17% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
| (Valley of the Sun YMCA Proj.) Series 2008, 0.03% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 5,900,000 | 5,900,000 | |
| Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 0.25% 9/8/15, VRDN (a) | 2,100,000 | 2,100,000 | |
| Mesa Util. Sys. Rev. Participating VRDN Series ROC II R 11959X, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(c) | 7,250,000 | 7,250,000 | |
| Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Participating VRDN Series Putters 3458, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,000,000 | 4,000,000 | |
| Phoenix Gen. Oblig. Participating VRDN Series BBT 2012, 0.02% 9/8/15 (Liquidity Facility Branch Banking & Trust Co.) (a)(c) | 10,815,000 | 10,815,000 | |
| Phoenix Indl. Dev. Auth. Multi-family Hsg. Rev. (Del Mar Terrace Apts. Proj.) Series 1999 A, 0.02% 9/8/15, LOC Freddie Mac, VRDN (a) | 9,800,000 | 9,800,000 | |
| Phoenix Indl. Dev. Auth. Rev.: | |||
| (Desert Botanical Garden Proj.) Series 2000, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 600,000 | 600,000 | |
| (Independent Newspaper, Inc. Proj.) Series 2000, 0.2% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(b) | 595,000 | 595,000 | |
| Pima County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
| (River Point Proj.) Series 2001, 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(b) | 5,420,000 | 5,420,000 | |
| Series A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(b) | 3,145,000 | 3,145,000 | |
| Pima County Indl. Dev. Auth. Rev. (Broadway Proper Congregate Proj.) Series 2000 A, 0.03% 9/8/15, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a) | 2,920,000 | 2,920,000 | |
| Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Participating VRDN: | |||
| Series BC 10 21W, 0.06% 9/8/15 (Liquidity Facility Barclays Bank PLC) (a)(c) | 1,500,000 | 1,500,000 | |
| Series MS 3078, 0.02% 9/8/15 (Liquidity Facility Cr. Suisse AG) (a)(c) | 1,500,000 | 1,500,000 | |
| Series ROC II R 11980 X, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(c) | 700,000 | 700,000 | |
| Scottsdale Gen. Oblig. Participating VRDN Series BBT 08 20, 0.02% 9/8/15 (Liquidity Facility Branch Banking & Trust Co.) (a)(c) | 10,920,000 | 10,920,000 | |
| Tempe Indl. Dev. Auth. Rev. (ASUF Brickyard Proj.) Series 2004 A, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 11,950,000 | 11,950,000 | |
| 255,379,675 | |||
| Arkansas - 0.1% | |||
| Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.2% 9/8/15, LOC Royal Bank of Scotland PLC, VRDN (a)(b) | 400,000 | 400,000 | |
| Delaware - 0.2% | |||
| Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | |||
| Series 1987, 0.14% 9/1/15, VRDN (a)(b) | 100,000 | 100,000 | |
| Series 1988, 0.14% 9/1/15, VRDN (a)(b) | 300,000 | 300,000 | |
| Series 1994, 0.14% 9/1/15, VRDN (a)(b) | 200,000 | 200,000 | |
| Series 1999 A, 0.1% 9/8/15, VRDN (a) | 400,000 | 400,000 | |
| 1,000,000 | |||
| Georgia - 0.4% | |||
| Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Bowen Proj.) First Series 2009, 0.23% 9/8/15, VRDN (a) | 1,300,000 | 1,300,000 | |
| Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.) Second Series 1995, 0.25% 9/1/15, VRDN (a) | 200,000 | 200,000 | |
| Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Scherer Proj.) First Series 2009, 0.27% 9/8/15, VRDN (a) | 300,000 | 300,000 | |
| 1,800,000 | |||
| Louisiana - 0.1% | |||
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 A1, 0.21% 9/8/15, VRDN (a) | 360,000 | 360,000 | |
| Missouri - 0.4% | |||
| Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Series 2013 B, 0.01% 9/1/15, LOC Bank of America NA, VRDN (a) | 1,465,000 | 1,465,000 | |
| Nebraska - 0.0% | |||
| Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.22% 9/8/15, VRDN (a)(b) | 200,000 | 200,000 | |
| Nevada - 0.1% | |||
| Clark County Arpt. Rev. Series 2008 C3, 0.02% 9/8/15, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | 500,000 | 500,000 | |
| New Jersey - 0.3% | |||
| Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.): | |||
| Series 2003 B1, 0.14% 9/8/15, VRDN (a) | 900,000 | 900,000 | |
| Series 2012 A, 0.14% 9/8/15, VRDN (a)(b) | 200,000 | 200,000 | |
| 1,100,000 | |||
| North Carolina - 0.1% | |||
| Parson County Indl. Facilities and Poll. Cont. Fing. Auth. (CertainTeed Gypsum NC, Inc. Proj.) Series 2010, 0.02% 9/8/15, LOC Cr. Industriel et Commercial, VRDN (a) | 600,000 | 600,000 | |
| Tennessee - 0.2% | |||
| Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. (Tennessee County Ln. Pool Prog.) Series 2002, 0.02% 9/1/15, LOC Bank of America NA, VRDN (a) | 730,000 | 730,000 | |
| Texas - 0.5% | |||
| Calhoun Port Auth. Envir. Facilities Rev. (Formosa Plastics Corp. Proj.) Series 2012, 0.03% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(b) | 400,000 | 400,000 | |
| Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.03% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(b) | 200,000 | 200,000 | |
| Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
| Series 2001 A, 0.3% 9/1/15, VRDN (a) | 850,000 | 850,000 | |
| Series 2004, 0.27% 9/8/15, VRDN (a)(b) | 200,000 | 200,000 | |
| Series 2010 B, 0.3% 9/1/15, VRDN (a) | 200,000 | 200,000 | |
| 1,850,000 | |||
| Wyoming - 0.1% | |||
| Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 0.2% 9/8/15, VRDN (a)(b) | 250,000 | 250,000 | |
| TOTAL VARIABLE RATE DEMAND NOTE | |||
| (Cost $265,834,675) | 265,834,675 | ||
| Other Municipal Debt - 20.2% | |||
| Arizona - 18.9% | |||
| Arizona Ctfs. of Prtn. Bonds: | |||
| Series 2010 A, 5% 10/1/15 | 750,000 | 752,872 | |
| Series 2015, 1% 9/1/15 | 2,365,000 | 2,365,000 | |
| Arizona School Facilities Board Ctfs. of Prtn. Bonds: | |||
| Series 2005 A1, 5% 9/1/15 | 3,995,000 | 3,995,000 | |
| Series 2015 A, 2% 9/1/15 | 4,000,000 | 4,000,000 | |
| Arizona State Lottery Rev. Bonds Series 2010 A, 5% 7/1/16 | 3,490,000 | 3,622,677 | |
| Arizona Trans. Board Hwy. Rev. Bonds Series 2005 B, 5% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | 2,500,000 | 2,539,891 | |
| Arizona Wtr. Infrastructure Fin. Auth. Rev. Bonds Series 2009 A, 5% 10/1/15 | 1,100,000 | 1,104,345 | |
| Phoenix Civic Impt. Corp.: | |||
| Series 2014 A1: | |||
| 0.05% 10/5/15, LOC Bank of America NA, CP | 4,000,000 | 4,000,000 | |
| 0.06% 10/2/15, LOC Bank of America NA, CP | 4,000,000 | 4,000,000 | |
| Series 2014 A2, 0.09% 10/5/15, LOC Barclays Bank PLC, CP | 4,000,000 | 4,000,000 | |
| Series 2014 B1, 0.05% 10/5/15, LOC Bank of America NA, CP (b) | 3,900,000 | 3,900,000 | |
| Pima County Reg'l. Trans. Auth. Excise Tax Rev. Bonds Series 2014, 4% 6/1/16 | 1,595,000 | 1,638,771 | |
| Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev.: | |||
| Bonds: | |||
| (Arizona Salt River Proj.) Series 2009 B, 4% 1/1/16 | 2,425,000 | 2,455,218 | |
| Series 2005 A: | |||
| 4.75% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | 2,050,000 | 2,080,314 | |
| 5% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | 4,000,000 | 4,063,911 | |
| Series 2006 A, 5% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | 1,000,000 | 1,015,563 | |
| Series C: | |||
| 0.03% 9/15/15, CP | 3,900,000 | 3,900,000 | |
| 0.05% 10/5/15, CP | 4,000,000 | 4,000,000 | |
| 0.08% 9/3/15, CP | 4,200,000 | 4,200,000 | |
| Surprise Pledged Rev. Bonds Series 2015, 3% 7/1/16 | 2,685,000 | 2,742,813 | |
| Tempe Excise Tax Rev. Bonds Series 2015, 2% 7/1/16 | 4,000,000 | 4,055,710 | |
| Tucson Gen. Oblig. Bonds Series 2015, 2% 7/1/16 | 5,700,000 | 5,773,147 | |
| Tucson Street & Hwy. User Rev. Bonds Series 2015, 3% 7/1/16 | 1,700,000 | 1,735,890 | |
| Tucson Wtr. Rev. Bonds Series 2012 A, 4% 7/1/16 | 3,480,000 | 3,586,295 | |
| 75,527,417 | |||
| Georgia - 0.4% | |||
| Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A1, 0.08%, tender 2/1/16 (Liquidity Facility Royal Bank of Canada) (a) | 1,500,000 | 1,500,000 | |
| Kentucky - 0.0% | |||
| Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.25% tender 9/18/15, CP mode | 200,000 | 200,000 | |
| New Hampshire - 0.5% | |||
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
| Series 1990 A, 0.45% tender 9/28/15, CP mode (b) | 500,000 | 500,000 | |
| Series 1990 A1, 0.5% tender 10/9/15, CP mode (b) | 1,400,000 | 1,400,000 | |
| 1,900,000 | |||
| Virginia - 0.4% | |||
| Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1992, 0.45% tender 9/23/15, CP mode (b) | 300,000 | 300,000 | |
| Prince William County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1986, 0.4% tender 9/23/15, CP mode | 1,200,000 | 1,200,000 | |
| 1,500,000 | |||
| West Virginia - 0.0% | |||
| Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1996, 0.45% tender 10/8/15, CP mode (b) | 100,000 | 100,000 | |
| TOTAL OTHER MUNICIPAL DEBT | |||
| (Cost $80,727,417) | 80,727,417 | ||
| Shares | Value | ||
| Investment Company - 8.3% | |||
| Fidelity Municipal Cash Central Fund, 0.02% (d)(e) | 33,017,000 | 33,017,000 | |
| (Cost $33,017,000) | |||
| TOTAL INVESTMENT PORTFOLIO - 94.9% | |||
| (Cost $379,579,092) | 379,579,092 | ||
| NET OTHER ASSETS (LIABILITIES) - 5.1% | 20,552,816 | ||
| NET ASSETS - 100% | $400,131,908 |
Security Type Abbreviations
CP – COMMERCIAL PAPER
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(c) Provides evidence of ownership in one or more underlying municipal bonds.
(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Municipal Cash Central Fund | $15,565 |
Investment Valuation
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Arizona Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
| August 31, 2015 | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $346,562,092) | $346,562,092 | |
| Fidelity Central Funds (cost $33,017,000) | 33,017,000 | |
| Total Investments (cost $379,579,092) | $379,579,092 | |
| Cash | 19,801,700 | |
| Receivable for fund shares sold | 3,474,432 | |
| Interest receivable | 390,882 | |
| Distributions receivable from Fidelity Central Funds | 480 | |
| Receivable from investment adviser for expense reductions | 4,471 | |
| Other receivables | 550 | |
| Total assets | 403,251,607 | |
| Liabilities | ||
| Payable for fund shares redeemed | $3,101,088 | |
| Distributions payable | 208 | |
| Accrued management fee | 18,394 | |
| Other affiliated payables | 9 | |
| Total liabilities | 3,119,699 | |
| Net Assets | $400,131,908 | |
| Net Assets consist of: | ||
| Paid in capital | $400,123,344 | |
| Accumulated undistributed net realized gain (loss) on investments | 8,564 | |
| Net Assets, for 399,865,143 shares outstanding | $400,131,908 | |
| Net Asset Value, offering price and redemption price per share ($400,131,908 ÷ 399,865,143 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Year ended August 31, 2015 | ||
| Investment Income | ||
| Interest | $289,059 | |
| Income from Fidelity Central Funds | 15,565 | |
| Total income | 304,624 | |
| Expenses | ||
| Management fee | $2,075,348 | |
| Independent trustees' compensation | 1,744 | |
| Miscellaneous | 4,521 | |
| Total expenses before reductions | 2,081,613 | |
| Expense reductions | (1,818,515) | 263,098 |
| Net investment income (loss) | 41,526 | |
| Realized and Unrealized Gain (Loss)
Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 32,995 | |
| Total net realized gain (loss) | 32,995 | |
| Net increase in net assets resulting from operations | $74,521 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Year ended August 31, 2015 | Year ended August 31, 2014 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $41,526 | $40,719 |
| Net realized gain (loss) | 32,995 | 11,323 |
| Net increase in net assets resulting from operations | 74,521 | 52,042 |
| Distributions to shareholders from net investment income | (41,500) | (40,804) |
| Share transactions at net asset value of $1.00 per share | ||
| Proceeds from sales of shares | 1,097,997,054 | 1,152,542,029 |
| Reinvestment of distributions | 38,708 | 38,505 |
| Cost of shares redeemed | (1,115,202,618) | (1,143,354,086) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (17,166,856) | 9,226,448 |
| Total increase (decrease) in net assets | (17,133,835) | 9,237,686 |
| Net Assets | ||
| Beginning of period | 417,265,743 | 408,028,057 |
| End of period | $400,131,908 | $417,265,743 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Arizona Municipal Money Market Fund
| August 31, | |||||
| Years ended August 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | – | – | – | – | – |
| Net realized and unrealized gain (loss)A | – | – | – | – | – |
| Total from Investment OperationsA | – | – | – | – | – |
| Distributions from net investment incomeA | – | – | – | – | – |
| Distributions from net realized gain | – | – | –A | – | – |
| Total DistributionsA | – | – | – | – | – |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB | .01% | .01% | .02% | .01% | .01% |
| Ratios to Average Net AssetsC,D | |||||
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .06% | .09% | .16% | .19% | .26% |
| Expenses net of all reductions | .06% | .09% | .16% | .19% | .26% |
| Net investment income (loss) | .01% | .01% | .01% | .01% | .01% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $400,132 | $417,266 | $408,028 | $388,993 | $382,688 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended August 31, 2015
1. Organization.
Fidelity Arizona Municipal Income Fund (the Income Fund) is a fund of Fidelity Union Street Trust. Fidelity Arizona Municipal Money Market Fund (the Money Market Fund) is a fund of Fidelity Union Street Trust II. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Union Street Trust and Fidelity Union Street Trust II (the Trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. The Income Fund is a non-diversified fund. Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. Each Fund may be affected by economic and political developments in the state of Arizona.
2. Investments in Fidelity Central Funds.
The Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Income Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Income Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Income Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Income Fund's investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
For the Income Fund, debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
For the Money Market Fund, as permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and net asset value (NAV) include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. During the period, the Money Market Fund incurred a corporate tax liability on undistributed short-term capital gain and undistributed long-term capital gain which is included in Miscellaneous expense on the Statement of Operations. As of August 31, 2015, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, each Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount and deferred trustees compensation.
The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities | |
| Fidelity Arizona Municipal Income Fund | $141,855,465 | $7,841,490 | $(375,765) | $7,465,725 |
| Fidelity Arizona Municipal Money Market Fund | 379,579,092 | – | – | – |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| Undistributed tax-exempt income | Undistributed long-term capital gain | Net unrealized appreciation (depreciation) on securities and other investments | |
| Fidelity Arizona Municipal Income Fund | $19,158 | $1,247,731 | $7,465,725 |
| Fidelity Arizona Municipal Money Market Fund | 145 | 8,422 | – |
The tax character of distributions paid was as follows:
| August 31, 2015 | |||
| Tax-Exempt Income | Long-term Capital Gains | Total | |
| Fidelity Arizona Municipal Income Fund | $4,675,085 | $97,580 | $4,772,665 |
| Fidelity Arizona Municipal Money Market Fund | 41,500 | – | 41,500 |
| August 31, 2014 | |||
| Tax-Exempt Income | Long-term Capital Gains | Total | |
| Fidelity Arizona Municipal Income Fund | $4,818,486 | $384,484 | $5,202,970 |
| Fidelity Arizona Municipal Money Market Fund | 40,804 | – | 40,804 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Income Fund less than 30 days may be subject to a redemption fee equal to .50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Rule Issuance. In July 2014, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF, which amends the rules governing money market funds. The final amendments impose different implementation dates for the changes that certain money market funds will need to make. Management is currently evaluating the implication of these amendments and their impact of the Final Rule to the Money Market Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $37,041,327 and $25,791,963, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provides the Funds with investment management related services for which the Funds pay a monthly management fee. The investment adviser pays all other expenses, except the compensation of the independent Trustees and certain exceptions such as interest expense, including commitment fees. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees. Each Fund's management fee is equal to the following annual rate of average net assets:
| Fidelity Arizona Municipal Income Fund | .55% |
| Fidelity Arizona Municipal Money Market Fund | .50% |
6. Committed Line of Credit.
The Income Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
| Fidelity Arizona Municipal Income Fund | $218 |
During the period, the Income Fund did not borrow on this line of credit.
7. Expense Reductions.
The investment adviser or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $1,814,760.
In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's management fee. During the period, these credits reduced management fee by the following amounts:
| Fidelity Arizona Municipal Income Fund | $2,052 |
| Fidelity Arizona Municipal Money Market Fund | 3,755 |
8. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Union Street Trust and Fidelity Union Street Trust II and the Shareholders of Fidelity Arizona Municipal Income Fund and Fidelity Arizona Municipal Money Market Fund:
In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Arizona Municipal Income Fund (a fund of Fidelity Union Street Trust) and Fidelity Arizona Municipal Money Market Fund (a fund of Fidelity Union Street Trust II) at August 31, 2015, the results of each of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity Union Street Trust's and Fidelity Union Street Trust II's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 13, 2015
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trusts and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Elizabeth S. Acton and John Engler, each of the Trustees oversees 235 funds. Ms. Acton and Mr. Engler each oversees 219 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the month in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trusts or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors/trustees for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present), K12 Inc. (technology-based education company, 2012-present), and the Annie E. Casey Foundation (2004-present). Previously, Mr. Engler served as a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011) and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Member of the Advisory Board
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2012
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (diversified financial services company, 2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012).
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and Chief Legal Officer of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as an officer of other funds and is an employee of Fidelity Investments (2001-present). Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-present), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-present) and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-present); General Counsel, Secretary, and Senior Vice President of FMR (investment adviser firm, 2008-present) and FMR Co., Inc. (investment adviser firm, 2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-present) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2008-present). Previously, Mr. Goebel served as Secretary and CLO of certain Fidelity® funds (2008-2015), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Timothy Huyck (1964)
Year of Election or Appointment: 2015
Vice President of Fidelity's Money Market Funds
Mr. Huyck also serves as Vice President of other funds. Mr. Huyck serves as Chief Investment Officer of Fidelity's Money Market Funds (2015-present) and is an employee of Fidelity Investments (1990-present).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of Pyramis Global Advisors, LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond of FMR (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2014), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2009
Assistant Treasurer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stephen Sadoski (1971)
Year of Election or Appointment: 2013
Deputy Treasurer
Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013
Deputy Treasurer
Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).
Christine J. Thompson (1958)
Year of Election or Appointment: 2015
Vice President of Fidelity's Bond Funds
Ms. Thompson also serves as Vice President of other funds. Ms. Thompson also serves as Chief Investment Officer of FMR's Bond Group (2010-present) and is an employee of Fidelity Investments (1985-present). Previously, Ms. Thompson served as Vice President of Fidelity's Bond Funds (2010-2012).
Michael H. Whitaker (1967)
Year of Election or Appointment: 2008
Chief Compliance Officer
Mr. Whitaker also serves as Chief Compliance Officer of other funds. Mr. Whitaker also serves as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2014-present), FMR (investment adviser firm, 2014-present), and Fidelity Investments Money Management, Inc. (investment adviser firm, 2014-present) and is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011
Deputy Treasurer
Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments (1991-present). Previously, Mr. Zambello served as Vice President of the Program Management Group of FMR (investment adviser firm, 2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2015 to August 31, 2015).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio-A | Beginning Account Value March 1, 2015 | Ending Account Value August 31, 2015 | Expenses Paid During Period-B March 1, 2015 to August 31, 2015 |
|
| Fidelity Arizona Municipal Income Fund | .55% | |||
| Actual | $1,000.00 | $1,005.60 | $2.78 | |
| Hypothetical-C | $1,000.00 | $1,022.43 | $2.80 | |
| Fidelity Arizona Municipal Money Market Fund | .07% | |||
| Actual | $1,000.00 | $1,000.10 | $.35 | |
| Hypothetical-C | $1,000.00 | $1,024.85 | $.36 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses.
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
| Fund | Pay Date | Record Date | Capital Gains |
| Fidelity Arizona Municipal Income Fund | 10/12/15 | 10/09/15 | $0.102 |
| Fidelity Arizona Municipal Money Market Fund | 10/12/15 | 10/09/15 | $0.000 |
During fiscal year ended 2015, 100% of each fund's income dividends were free from federal income tax, and 1.81% and 18.02% of Fidelity Arizona Municipal Income Fund and Fidelity Arizona Municipal Money Market Fund's income dividends were subject to the federal alternative minimum tax.
The funds hereby designate as a capital gain dividend with respect to the taxable year ended August 31, 2015, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity Arizona Municipal Income Fund | $1,307,800 |
| Fidelity Arizona Municipal Money Market Fund | $27,961 |
The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
AZI-SPZ-ANN-1015
1.536826.118
|
Fidelity® Municipal Money Market Fund Annual Report August 31, 2015 |
|
|
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
| Days | % of fund's investments 8/31/15 | % of fund's investments 2/28/15 | % of fund's investments 8/31/14 |
| 1 - 7 | 18.4 | 72.6 | 75.7 |
| 8 - 30 | 64.3 | 2.5 | 2.6 |
| 31 - 60 | 4.8 | 4.7 | 4.8 |
| 61 - 90 | 1.8 | 2.7 | 2.8 |
| 91 - 180 | 3.6 | 12.3 | 5.2 |
| > 180 | 7.1 | 5.2 | 8.9 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Weighted Average Maturity
| 8/31/15 | 2/28/15 | 8/31/14 | |
| Fidelity Municipal Money Market Fund | 30 Days | 34 Days | 42 Days |
| All Tax-Free Money Market Funds Average(a) | 32 Days | 32 Days | 38 Days |
(a) Source: iMoneyNet, Inc.
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM.
Weighted Average Life
| 8/31/15 | 2/28/15 | 8/31/14 | |
| Fidelity Municipal Money Market Fund | 33 Days | 34 Days | 42 Days |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security.
Asset Allocation (% of fund's net assets)
| As of August 31, 2015 | ||
| Variable Rate Demand Notes (VRDNs) | 62.0% | |
| Other Municipal Debt | 23.5% | |
| Investment Companies | 10.6% | |
| Net Other Assets (Liabilities) | 3.9% | |
| As of February 28, 2015 | ||
| Variable Rate Demand Notes (VRDNs) | 60.3% | |
| Other Municipal Debt | 30.9% | |
| Investment Companies | 9.0% | |
Current And Historical 7-Day Yields
| 8/31/15 | 5/31/15 | 2/28/15 | 11/30/14 | 8/31/14 | |
| Fidelity® Municipal Money Market Fund | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending August 31, 2015, the most recent period shown in the table, would have been -0.33%.
Investments August 31, 2015
Showing Percentage of Net Assets
| Variable Rate Demand Note - 62.0% | |||
| Principal Amount (000s) | Value (000s) | ||
| Alabama - 0.9% | |||
| Columbia Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.): | |||
| Series 2014 A, 0.05% 9/1/15, VRDN (a) | $10,600 | $10,600 | |
| Series 2014 B, 0.05% 9/1/15, VRDN (a) | 7,500 | 7,500 | |
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.22% 9/8/15, VRDN (a)(b)(c) | 36,315 | 36,315 | |
| Eutaw Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.) 0.05% 9/1/15, VRDN (a) | 1,800 | 1,800 | |
| Mobile Indl. Dev. Board Dock & Wharf Rev. (Holnam, Inc. Proj.) Series 1999 A, 0.03% 9/8/15, LOC Bayerische Landesbank Girozentrale, VRDN (a) | 21,000 | 21,000 | |
| Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2009, 0.05% 9/1/15, VRDN (a) | 3,000 | 3,000 | |
| Mobile Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Second Series 2009, 0.05% 9/1/15, VRDN (a) | 18,300 | 18,300 | |
| Univ. of Alabama at Birmingham Hosp. Rev.: | |||
| Series 2012 B, 0.01% 9/8/15, LOC Bank of America NA, VRDN (a) | 19,500 | 19,500 | |
| Series 2012 C, 0.01% 9/8/15, LOC PNC Bank NA, VRDN (a) | 31,300 | 31,300 | |
| Washington County Indl. Dev. Auth. Rev. (Sempra Energy Proj.) Series 2007, 0.01% 9/8/15, LOC UBS AG, VRDN (a) | 43,160 | 43,160 | |
| West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 0.05% 9/1/15, VRDN (a)(c) | 31,800 | 31,800 | |
| Wilsonville Indl. Dev. Board Poll. Cont. Rev.: | |||
| (Alabama Pwr. Co. Gaston Plant Proj.) Series 2008, 0.05% 9/1/15, VRDN (a)(c) | 15,000 | 15,000 | |
| (Alabama Pwr. Co. Proj.) Series D, 0.01% 9/1/15, VRDN (a) | 21,450 | 21,450 | |
| 260,725 | |||
| Alaska - 0.6% | |||
| Alaska Indl. Dev. & Export Auth. Rev.: | |||
| (Greater Fairbanks Cmnty. Hosp. Foundation Proj.) Series 2009 A, 0.02% 9/8/15, LOC MUFG Union Bank NA, VRDN (a) | 19,725 | 19,725 | |
| Participating VRDN Series Putters 4722, 0.02% 9/8/15 (Liquidity Facility Bank of America NA) (a)(d) | 16,665 | 16,665 | |
| Alaska Int'l. Arpts. Revs. Series 2009 A, 0.02% 9/8/15, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 8,900 | 8,900 | |
| Valdez Marine Term. Rev.: | |||
| (ConocoPhillips Proj.) Series 1994 A, 0.01% 9/8/15 (ConocoPhillips Co. Guaranteed), VRDN (a) | 82,600 | 82,600 | |
| (Phillips Trans. Alaska, Inc. Proj.): | |||
| Series 1994 B, 0.01% 9/8/15 (ConocoPhillips Co. Guaranteed), VRDN (a) | 26,000 | 26,000 | |
| Series 1994 C, 0.01% 9/8/15 (ConocoPhillips Co. Guaranteed), VRDN (a) | 3,000 | 3,000 | |
| Series 2002, 0.01% 9/8/15, VRDN (a) | 15,700 | 15,700 | |
| 172,590 | |||
| Arizona - 1.4% | |||
| Arizona Board of Regents Arizona State Univ. Rev. Series 2008 B, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 25,095 | 25,095 | |
| Arizona Health Facilities Auth. Rev.: | |||
| (Banner Health Sys. Proj.): | |||
| Series 2008 E, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 10,300 | 10,300 | |
| Series 2008 F, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 64,375 | 64,375 | |
| Series 2008 G, 0.01% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 18,830 | 18,830 | |
| (Catholic Healthcare West Proj.): | |||
| Series 2005 B, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 13,930 | 13,930 | |
| Series 2008 A, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 33,500 | 33,500 | |
| Series 2008 B, 0.01% 9/8/15, LOC PNC Bank NA, VRDN (a) | 23,800 | 23,800 | |
| Series 2009 F, 0.01% 9/8/15, LOC Mizuho Corporate Bank Ltd., VRDN (a) | 39,750 | 39,750 | |
| Coconino County Poll. Cont. Corp. Rev.: | |||
| (Arizona Pub. Svc. Co. Navajo Proj.) Series 2009 A, 0.21% 9/8/15, VRDN (a) | 4,000 | 4,000 | |
| (Tucson Elec. Pwr. Co. Navajo Proj.) Series 2010 A, 0.05% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 29,500 | 29,500 | |
| Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
| (Ranchwood Apts. Proj.) Series 2001 A, 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 2,295 | 2,295 | |
| (San Angelin Apts. Proj.) Series 2004, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 14,900 | 14,900 | |
| (San Clemente Apts. Proj.) Series 2004, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 10,600 | 10,600 | |
| (San Fernando Apts. Proj.) Series 2004, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 14,500 | 14,500 | |
| (San Lucas Apts. Proj.) Series 2003, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 13,700 | 13,700 | |
| (San Martin Apts. Proj.): | |||
| Series A1, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 5,700 | 5,700 | |
| Series A2, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 4,300 | 4,300 | |
| (San Miguel Apts. Proj.) Series 2003, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 14,900 | 14,900 | |
| (San Remo Apts. Proj.) Series 2002, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 4,100 | 4,100 | |
| (Sands Apts. Proj.) Series 2001 A, 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 2,595 | 2,595 | |
| (Village Square Apts. Proj.) Series 2004, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 2,500 | 2,500 | |
| Maricopa County Indl. Dev. Auth. Rev. (Clayton Homes, Inc. Proj.) Series 1998, 0.17% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a)(c) | 4,200 | 4,200 | |
| Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 0.25% 9/8/15, VRDN (a) | 5,000 | 5,000 | |
| Phoenix Indl. Dev. Auth. Multi-family Hsg. Rev. (Del Mar Terrace Apts. Proj.) Series 1999 A, 0.02% 9/8/15, LOC Freddie Mac, VRDN (a) | 7,200 | 7,200 | |
| Pima County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
| (Cimarron Place Apts. Proj.) 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 4,500 | 4,500 | |
| Series A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 2,480 | 2,480 | |
| Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Participating VRDN: | |||
| Series BC 10 21W, 0.06% 9/8/15 (Liquidity Facility Barclays Bank PLC) (a)(d) | 5,200 | 5,200 | |
| Series Putters 3307, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 6,395 | 6,395 | |
| Series Putters XM0009, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 4,000 | 4,000 | |
| Series ROC II R 14060, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 4,000 | 4,000 | |
| Tempe Indl. Dev. Auth. Rev. (ASUF Brickyard Proj.) Series 2004 A, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 1,000 | 1,000 | |
| 397,145 | |||
| Arkansas - 0.4% | |||
| Arkansas Dev. Fin. Auth. Multi-family Hsg. Rev. (Kiehl Partners LP Proj.) Series 2004 A, 0.08% 9/8/15, LOC Fannie Mae, VRDN (a) | 6,730 | 6,730 | |
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 0.27% 9/8/15, VRDN (a)(c) | 34,400 | 34,400 | |
| Fort Smith Gen. Oblig. (Mitsubishi Pwr. Systems Americas Proj.) Series 2010, 0.07% 9/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 2,310 | 2,310 | |
| Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.2% 9/8/15, LOC Royal Bank of Scotland PLC, VRDN (a)(c) | 74,300 | 74,300 | |
| 117,740 | |||
| California - 1.9% | |||
| ABAG Fin. Auth. for Nonprofit Corps. Multi-family Hsg. Rev. Series 2011 A, 0.01% 9/8/15, LOC Freddie Mac, VRDN (a) | 16,600 | 16,600 | |
| ABAG Fin. Auth. for Nonprofit Corps. Rev. (Sharp HealthCare Proj.) Series 2009 C, 0.01% 9/8/15, LOC Citibank NA, VRDN (a) | 41,800 | 41,800 | |
| Anaheim Hsg. Auth. Multi-family Hsg. Rev. (Park Vista Apt. Proj.) Series 2000 D, 0.03% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 3,600 | 3,600 | |
| Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN: | |||
| Series EGL 06 83 Class A, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 35,600 | 35,600 | |
| Series II R 11901, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 2,100 | 2,100 | |
| California Edl. Facilities Auth. Rev. Participating VRDN: | |||
| Series BA 08 1207, 0.07% 9/8/15 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d) | 11,110 | 11,110 | |
| Series ROC II R 11974, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 4,555 | 4,555 | |
| California Gen. Oblig.: | |||
| Series 2003 A1, 0.01% 9/1/15, LOC JPMorgan Chase Bank, VRDN (a) | 5,385 | 5,385 | |
| Series 2003 C1, 0.01% 9/8/15, LOC Bank of America NA, VRDN (a) | 15,100 | 15,100 | |
| Series 2005 A2-1, 0.01% 9/8/15, LOC Barclays Bank PLC, VRDN (a) | 25,000 | 25,000 | |
| Series 2005 B1, 0.01% 9/8/15, LOC Bank of America NA, VRDN (a) | 17,500 | 17,500 | |
| Series 2005 B4, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 18,100 | 18,100 | |
| California Health Facilities Fing. Auth. Rev.: | |||
| (Scripps Health Proj.) Series 2010 B, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 17,300 | 17,300 | |
| (St. Joseph Health Sys. Proj.) Series 2011 A, 0.01% 9/8/15, LOC MUFG Union Bank NA, VRDN (a) | 10,100 | 10,100 | |
| Participating VRDN Series DB 3294, 0.17% 9/8/15 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d) | 10,125 | 10,125 | |
| California Hsg. Fin. Agcy. Rev. Series 2001 E, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 9,820 | 9,820 | |
| California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (Pacific Gas & Elec. Co. Proj.) Series 1996 E, 0.01% 9/1/15, LOC JPMorgan Chase Bank, VRDN (a) | 16,500 | 16,500 | |
| California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. (Maple Square Apt. Proj.) Series AA, 0.03% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 5,455 | 5,455 | |
| El Dorado Irrigation District Rev. Ctfs. of Prtn. Series 2008 A, 0.01% 9/8/15, LOC Citibank NA, VRDN (a) | 61,745 | 61,745 | |
| Los Angeles Cmnty. College District Participating VRDN: | |||
| Series MS 3096, 0.17% 9/8/15 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d) | 1,500 | 1,500 | |
| Series ROC II R 11728, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 7,040 | 7,040 | |
| Los Angeles Dept. of Wtr. & Pwr. Rev. Participating VRDN Series Putters 3902 Z, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 3,380 | 3,380 | |
| Los Angeles Multi-family Hsg. Rev. (Tri-City Hsg. Proj.) Series 1, 0.02% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 1,600 | 1,600 | |
| Milpitas Multi-family Rev. (Crossing at Montague Proj.) Series A, 0.05% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 29,000 | 29,000 | |
| Modesto Pub. Fing. Auth. Lease Rev. Series 2008 B, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 15,915 | 15,915 | |
| Newport Mesa Unified School District Participating VRDN Series WF 11 70Z, 0.03% 9/8/15 (Liquidity Facility Wells Fargo Bank NA) (a)(d) | 15,555 | 15,555 | |
| Riverside Ctfs. of Prtn. (Riverside Renaissance Proj.) Series 2008, 0.01% 9/8/15, LOC Bank of America NA, VRDN (a) | 62,150 | 62,150 | |
| Sacramento Muni. Util. District Elec. Rev. Series 2012 M, 0.01% 9/8/15, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 16,240 | 16,240 | |
| San Jose Multi-family Hsg. Rev. (Las Ventanas Apts. Proj.) Series 2008 B, 0.02% 9/8/15, LOC Freddie Mac, VRDN (a) | 5,000 | 5,000 | |
| San Juan Capistrano Gen. Oblig. Participating VRDN Series Putters 0048, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 10,050 | 10,050 | |
| Santa Clara County Fing. Auth. Lease Rev. (Multiple Facilities Proj.) Series 2008 M, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 20,900 | 20,900 | |
| Southern California Pub. Pwr. Auth. Rev. (Magnolia Pwr. Proj.) Series 2009-1, 0.01% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 16,285 | 16,285 | |
| Stanislaus County Cap. Impts. Fing. Auth. Rev. Series 2004, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 8,590 | 8,590 | |
| 540,700 | |||
| Colorado - 1.0% | |||
| Adams County Hsg. Auth. (Semper Village Apts. Proj.) Series 2004 A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 14,000 | 14,000 | |
| Aurora Hsg. Auth. Multi-family Hsg. Rev. (Liberty Creek Proj.) Series 2008, 0.05% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 27,580 | 27,580 | |
| Colorado Edl. & Cultural Facilities Auth. Rev. (Clyfford Still Museum Proj.) Series 2008, 0.12% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 1,025 | 1,025 | |
| Colorado Health Facilities Auth. Retirement Hsg. Rev. Participating VRDN Series Putters 1390, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 40,460 | 40,460 | |
| Colorado Health Facilities Auth. Rev. (Boulder Cmnty. Hosp. Proj.) Series 2000, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 49,140 | 49,140 | |
| Colorado Hsg. & Fin. Auth. Solid Waste Rev.: | |||
| (Waste Mgmt., Inc. Proj.) 0.03% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(c) | 7,000 | 7,000 | |
| (Waste Mgmt., Inc. Proj.) 0.03% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 14,160 | 14,160 | |
| Colorado State Univ. Board of Governors Enterprise Sys. Rev. Participating VRDN: | |||
| Series MS 3316, 0.02% 9/8/15 (Liquidity Facility Cr. Suisse AG) (a)(d) | 14,030 | 14,030 | |
| Series Putters 4386, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 7,500 | 7,500 | |
| Colorado Univ. Co. Hosp. Auth. Rev. Series 2011 A, 0.02% 9/1/15, LOC Wells Fargo Bank NA, VRDN (a) | 32,200 | 32,200 | |
| Lakewood Hsg. Auth. Multi-family Rev.: | |||
| (Ridgemoor Apts. Proj.) Series 2003 A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 13,325 | 13,325 | |
| (Timberleaf Apts. Proj.) 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 11,165 | 11,165 | |
| Moffat County Poll. Cont. Rev. (Tri-State Generation and Transmission Assoc., Inc. Proj.) Series 2009, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 35,075 | 35,075 | |
| Univ. of Colorado Enterprise Sys. Rev. Participating VRDN Series Putters 15 XM0007, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 5,600 | 5,600 | |
| 272,260 | |||
| Connecticut - 0.7% | |||
| Connecticut Gen. Oblig. Participating VRDN Series MT 842, 0.02% 9/8/15 (Liquidity Facility Bank of America NA) (a)(d) | 1,500 | 1,500 | |
| Connecticut Health & Edl. Facilities Auth. Rev.: | |||
| (Yale Univ. Proj.): | |||
| Series U1, 0.01% 9/8/15, VRDN (a) | 10,500 | 10,500 | |
| Series U2, 0.01% 9/8/15, VRDN (a) | 10,245 | 10,245 | |
| Participating VRDN Series BA 15 XF0247, 0.06% 9/8/15 (Liquidity Facility Bank of America NA) (a)(d) | 8,614 | 8,614 | |
| Series 2014 D, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 52,230 | 52,230 | |
| Connecticut Hsg. Fin. Auth.: | |||
| (Hsg. Mtg. Fin. Prog.): | |||
| Series 2011 C2, 0.02% 9/8/15 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(c) | 40,200 | 40,200 | |
| Series 2012 D3, 0.02% 9/8/15 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(c) | 5,000 | 5,000 | |
| Series 2013 B5, 0.02% 9/8/15 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(c) | 12,010 | 12,010 | |
| (Mtg. Fin. Prog.) Series C3, 0.01% 9/8/15 (Liquidity Facility Royal Bank of Canada), VRDN (a) | 5,500 | 5,500 | |
| Series 2008 E, 0.04% 9/8/15 (Liquidity Facility Bank of America NA), VRDN (a)(c) | 40,345 | 40,345 | |
| Series 2011 E3, 0.01% 9/8/15 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a) | 2,000 | 2,000 | |
| Series 2011 E4, 0.02% 9/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a)(c) | 15,900 | 15,900 | |
| 204,044 | |||
| Delaware - 0.2% | |||
| Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | |||
| Series 1987, 0.14% 9/1/15, VRDN (a)(c) | 1,100 | 1,100 | |
| Series 1988, 0.14% 9/1/15, VRDN (a)(c) | 6,900 | 6,900 | |
| Series 1993 C, 0.15% 9/8/15, VRDN (a) | 5,450 | 5,450 | |
| Series 1994, 0.14% 9/1/15, VRDN (a)(c) | 18,300 | 18,300 | |
| Series 1999 A, 0.1% 9/8/15, VRDN (a) | 2,300 | 2,300 | |
| Series 1999 B, 0.1% 9/8/15, VRDN (a)(c) | 9,900 | 9,900 | |
| 43,950 | |||
| District Of Columbia - 0.8% | |||
| District of Columbia Gen. Oblig. Participating VRDN Series MS 4301, 0.03% 9/8/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 9,000 | 9,000 | |
| District of Columbia Hsg. Fin. Agcy. Multi-family Hsg. Rev.: | |||
| (Pentacle Apts. Proj.) Series 2008, 0.03% 9/8/15, LOC Freddie Mac, VRDN (a) | 3,500 | 3,500 | |
| (Trenton Park Apts. Proj.) Series 2001, 0.08% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 5,435 | 5,435 | |
| District of Columbia Income Tax Rev. Participating VRDN: | |||
| Series BC 13 15U, 0.06% 9/8/15 (Liquidity Facility Barclays Bank PLC) (a)(d) | 4,200 | 4,200 | |
| Series EGL 14 0039, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 6,200 | 6,200 | |
| Series Putters 3369, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 6,495 | 6,495 | |
| Series Putters 4020, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 7,250 | 7,250 | |
| District of Columbia Rev.: | |||
| (Fort Lincoln New Town/Premium Distributors LLC Proj.) Series 2000, 0.15% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(c) | 6,005 | 6,005 | |
| (Medlantic/Helix Proj.): | |||
| Series 1998 A Tranche II, 0.01% 9/8/15, LOC TD Banknorth, NA, VRDN (a) | 6,480 | 6,480 | |
| Series 1998 A Tranche III, 0.03% 9/8/15, LOC PNC Bank NA, VRDN (a) | 8,975 | 8,975 | |
| (The AARP Foundation Proj.) Series 2004, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 11,900 | 11,900 | |
| (Washington Drama Society, Inc. Proj.) Series 2008, 0.03% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 59,615 | 59,615 | |
| District of Columbia Univ. Rev.: | |||
| (American Univ. Proj.): | |||
| Series 2006 A, 0.02% 9/8/15, LOC Royal Bank of Canada, VRDN (a) | 25,000 | 25,000 | |
| Series 2006 B, 0.02% 9/8/15, LOC Royal Bank of Canada, VRDN (a) | 9,200 | 9,200 | |
| (Georgetown Univ. Proj.): | |||
| Series 2007 B2, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 18,585 | 18,585 | |
| Series 2007 C2, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 28,025 | 28,025 | |
| Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2009 D1, 0.02% 9/8/15, LOC TD Banknorth, NA, VRDN (a) | 8,770 | 8,770 | |
| 224,635 | |||
| Florida - 3.0% | |||
| Brevard County Hsg. Fin. Auth. (Manatee Cove Apts. Proj.) 0.04% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 10,035 | 10,035 | |
| Broward County Arpt. Facilities Rev. Series 2007 A, 0.04% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 11,350 | 11,350 | |
| Broward County Fin. Auth. Multi-family Hsg. Rev.: | |||
| (Pinnacle Village Apts. Proj.) Series 2004, 0.05% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 6,100 | 6,100 | |
| (Sanctuary Apts Proj.) Series A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 15,520 | 15,520 | |
| Broward County Indl. Dev. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2015, 0.01% 9/1/15, VRDN (a)(c) | 64,100 | 64,100 | |
| Broward County Port Facilities Rev. (Port Everglades Proj.) Series 2008, 0.03% 9/8/15, LOC Royal Bank of Canada, VRDN (a)(c) | 7,820 | 7,820 | |
| Collier County Hsg. Fin. Auth. Multi-family Rev.: | |||
| (Sawgrass Pines Apts. Proj.) 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 6,800 | 6,800 | |
| (Summer Lakes Phase II Apts. Proj.) 0.04% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 17,380 | 17,380 | |
| Dade County Indl. Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1993, 0.01% 9/1/15, VRDN (a) | 39,000 | 39,000 | |
| Florida Board of Ed. Pub. Ed. Cap. Outlay Participating VRDN: | |||
| Series EGL 14 0007, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 21,445 | 21,445 | |
| Series Putters 3834 Z, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 9,000 | 9,000 | |
| Series ROC II R 11884X, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 13,600 | 13,600 | |
| Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: | |||
| (Avalon Reserve Apts. Proj.) Series 2003 R1, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 13,870 | 13,870 | |
| (Clarcona Groves Apts. Proj.) Series A, 0.04% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 8,425 | 8,425 | |
| (Collins Cove Sr. Apts. Proj.) Series 2003 W, 0.04% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 5,100 | 5,100 | |
| (Grande Court at North Port Apts. Proj.) Series 2004 E, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 5,300 | 5,300 | |
| (Hunters Run Apts. Proj.) Series G, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 7,125 | 7,125 | |
| (Lynn Lake Apts. Proj.) Series B1, 0.04% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 20,210 | 20,210 | |
| (Mill Creek Apts. Proj.) Series 2004 K, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 13,900 | 13,900 | |
| (Pinnacle Grove Apts. Proj.) Series 2003 A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 7,150 | 7,150 | |
| (Riverwalk I Apts. Proj.) Series 2008 E, 0.03% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 4,955 | 4,955 | |
| (Savannah Springs Apts. Proj.) Series G, 0.04% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 6,760 | 6,760 | |
| Series 2006 H, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 6,295 | 6,295 | |
| Florida Hsg. Fin. Corp. Rev.: | |||
| (Tuscany Lakes Apts. Proj.) Series 2002 K1, 0.06% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 4,000 | 4,000 | |
| (Valencia Village Apts. Proj.) Series G, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 10,850 | 10,850 | |
| (Waterford Pointe Apts. Proj.) Series 2000 E1, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 8,155 | 8,155 | |
| Florida Keys Aqueduct Auth. Wtr. Rev. Series 2008, 0.01% 9/8/15, LOC TD Banknorth, NA, VRDN (a) | 15,850 | 15,850 | |
| Highlands County Health Facilities Auth. Rev. Participating VRDN Series ROC II R 11830, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 10,875 | 10,875 | |
| Hillsborough County Hsg. Fin. Auth. Multi-family Rev.: | |||
| (Claymore Crossings Apt. Proj.) Series 2005, 0.04% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 10,320 | 10,320 | |
| (Grande Oaks Apts. Proj.) Series A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 6,900 | 6,900 | |
| (Hunters Run Apts. Proj.) Series 2002 A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 7,970 | 7,970 | |
| (Meridian Pointe Apts. Proj.) Series 2005, 0.04% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 11,100 | 11,100 | |
| (Morgan Creek Apts. Proj.) Series 2003, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 12,700 | 12,700 | |
| (Royal Palm Key Apts. Proj.) Series 2002, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 8,780 | 8,780 | |
| Hillsborough County Indl. Dev. Auth. Indl. Dev. Rev. (Vigo Importing Co. Proj.) Series 1996, 0.37% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 205 | 205 | |
| Jacksonville Elec. Auth. Elec. Sys. Rev. Participating VRDN Series BA 09 1209X, 0.07% 9/8/15 (Liquidity Facility Bank of America NA) (a)(d) | 5,310 | 5,310 | |
| Jacksonville Hsg. Fin. Auth. Multi-family Hsg. Rev. (Brookwood Forest Apts. Proj.) 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 8,585 | 8,585 | |
| Jacksonville Port Auth. Rev. (Mitsui O.S.K. Lines Ltd. Proj.) 0.02% 9/8/15, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(c) | 63,100 | 63,100 | |
| Lee County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Univ. Club Apts. Proj.) Series A, 0.05% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 7,500 | 7,500 | |
| Martin County Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2000, 0.01% 9/1/15, VRDN (a) | 4,000 | 4,000 | |
| Miami-Dade County: | |||
| Series 2014 A, 0.02% 9/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 59,800 | 59,800 | |
| Series 2014 B, 0.03% 9/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(c) | 12,150 | 12,150 | |
| Miami-Dade County Hsg. Fin. Auth. Multi-family Mtg. Rev. (22nd Avenue Apts., 183rd Street Apts. & 187th Street Apts. Proj.) Series 2003 3, 0.04% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 14,665 | 14,665 | |
| Miami-Dade County Indl. Dev. Auth. Rev. (Tarmac America Proj.) Series 2004, 0.05% 9/8/15, LOC HSBC Bank U.S.A., NA, VRDN (a)(c) | 19,400 | 19,400 | |
| Ocean Hwy. & Port Auth. Rev. 0.06% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(c) | 2,000 | 2,000 | |
| Orange County Health Facilities Auth. Rev. (The Nemours Foundation Proj.): | |||
| Series 2009 B, 0.01% 9/8/15, LOC Northern Trust Co., VRDN (a) | 21,165 | 21,165 | |
| Series 2009 C1, 0.02% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 3,735 | 3,735 | |
| Series 2009 C2, 0.02% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 22,565 | 22,565 | |
| Orange County Hsg. Fin. Auth. Multi-family Rev.: | |||
| (Alta Westgate Apts. Proj.) Series C, 0.04% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 12,235 | 12,235 | |
| (Glenn Millenia Proj.) Series 2001 C, 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 3,400 | 3,400 | |
| (Osprey Ridge Apts. Proj.) Series 2000 H, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 6,860 | 6,860 | |
| Osceola County Hsg. Fin. Auth. Multi-family Rev. (Regatta Bay Apts. Proj.) Series A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 12,920 | 12,920 | |
| Palm Beach County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Renaissance Apts. Proj.) 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 19,900 | 19,900 | |
| Palm Beach County Rev.: | |||
| (Benjamin Private School Proj.) 0.04% 9/8/15, LOC Northern Trust Co., VRDN (a) | 4,935 | 4,935 | |
| (Hospice of Palm Beach Proj.) Series 2001, 0.03% 9/8/15, LOC Northern Trust Co., VRDN (a) | 3,000 | 3,000 | |
| (Raymond F. Kravis Ctr. Proj.) Series 2002, 0.02% 9/8/15, LOC Northern Trust Co., VRDN (a) | 5,045 | 5,045 | |
| (The Norton Gallery and School of Arts, Inc. Proj.) Series 2000, 0.02% 9/8/15, LOC Northern Trust Co., VRDN (a) | 14,800 | 14,800 | |
| Palm Beach County Solid Waste Auth. Rev. Participating VRDN Series ROC II 14003, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 6,400 | 6,400 | |
| Palm Beach County Wtr. & Swr. Rev. Participating VRDN Series 15 XF0085, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 405 | 405 | |
| Pinellas County Health Facilities Auth. Rev.: | |||
| (BayCare Health Sys. Proj.) Series 2009 A3, 0.02% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 25,850 | 25,850 | |
| (Suncoast Hospice Proj.) Series 2004, 0.02% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 11,785 | 11,785 | |
| Polk County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Cambridge Cove Apts. Proj.) Series 2001, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 7,400 | 7,400 | |
| Sunshine State Govt. Fing. Commission Rev. (Miami-Dade County Prog.) Series 2010 A, 0.02% 9/8/15, LOC Bank of New York, New York, VRDN (a) | 16,105 | 16,105 | |
| 823,960 | |||
| Georgia - 1.9% | |||
| Atlanta Urban Residential Fin. Auth. Multi-family Hsg. Rev. (Collegetown at Harris Homes Phase I Proj.) Series 2003, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 7,230 | 7,230 | |
| Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Bowen Proj.) First Series 2009, 0.23% 9/8/15, VRDN (a) | 37,700 | 37,700 | |
| Bulloch County Dev. Auth. Indl. Dev. Rev. (Gold Kist, Inc. Proj.) Series 1995, 0.15% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(c) | 4,000 | 4,000 | |
| Burke County Indl. Dev. Auth. Poll. Cont. Rev.: | |||
| (Georgia Pwr. Co. Plant Vogtle Proj.): | |||
| Second Series 1995, 0.25% 9/1/15, VRDN (a) | 10,400 | 10,400 | |
| Series 2012, 0.27% 9/1/15, VRDN (a)(c) | 2,000 | 2,000 | |
| Series 2013, 0.23% 9/8/15, VRDN (a) | 68,000 | 68,000 | |
| (Oglethorpe Pwr. Corp. Proj.): | |||
| Series 2010 A, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 47,400 | 47,400 | |
| Series 2010 B, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 30,505 | 30,505 | |
| Canton Hsg. Auth. Multi-family Hsg. Rev. (Alta Ridgewalk Apts. Proj.) Series 2003, 0.04% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 20,450 | 20,450 | |
| Cobb County Kennestone Hosp. Auth. Rev. (WellStar Health Sys. Proj.) Series 2005 A, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 44,400 | 44,400 | |
| DeKalb County Hsg. Auth. Multi-family Hsg. Rev. (Eagles Trace Apts. Proj.) Series 1996, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 6,750 | 6,750 | |
| Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
| (Proj. One) Series 2008 B, 0.01% 9/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 19,225 | 19,225 | |
| Series 1985 B, 0.02% 9/8/15, LOC Barclays Bank PLC, VRDN (a) | 9,100 | 9,100 | |
| Gwinnett County Dev. Auth. Indl. Dev. Rev. (Curtis 1000, Inc. Proj.) Series 1996, 0.04% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(c) | 6,460 | 6,460 | |
| Gwinnett County Hsg. Auth. Multi-family Hsg. Rev. (Herrington Woods Apt. Proj.) Series 1996 A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 9,235 | 9,235 | |
| Gwinnett County Wtr. & Swr. Auth. Rev. Participating VRDN Series ROC II R 11910, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 4,035 | 4,035 | |
| Heard County Dev. Auth. Poll. Cont. Rev. (Oglethorpe Pwr. Corp. Scherer Proj.) Series 2009 A, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 3,600 | 3,600 | |
| Kennesaw Dev. Auth. Multi-family Hsg. Rev. (Alta Ridenour Apts. Proj.) Series 2008, 0.04% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 7,030 | 7,030 | |
| Loganville Hsg. Auth. Multi-family Hsg. Rev. (Alexander Crossing Apt. Proj.) 0.03% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 15,555 | 15,555 | |
| Monroe County Dev. Auth. Poll. Cont. Rev.: | |||
| (Georgia Pwr. Co. Plant Scherer Proj.) First Series 2009, 0.27% 9/8/15, VRDN (a) | 23,300 | 23,300 | |
| (Oglethorpe Pwr. Corp. Proj.) Series 2009 B, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 63,100 | 63,100 | |
| (Oglethorpe Pwr. Corp. Scherer Proj.) Series 2009 A, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 10,940 | 10,940 | |
| Newnan Dev. Auth. Multi-family Hsg. Rev. (The Club at Newnan Crossing Proj.) 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 9,300 | 9,300 | |
| Private Colleges & Univs. Auth. Rev. Participating VRDN: | |||
| Series BC 13 20U, 0.06% 9/8/15 (Liquidity Facility Barclays Bank PLC) (a)(d) | 4,000 | 4,000 | |
| Series WF 11 32C, 0.03% 9/8/15 (Liquidity Facility Wells Fargo Bank NA) (a)(d) | 5,800 | 5,800 | |
| Savannah Econ. Dev. Auth. Rev. (Home Depot, Inc. Proj.) Series 1995 A, 0.05% 9/8/15, VRDN (a)(c) | 57,400 | 57,400 | |
| 526,915 | |||
| Hawaii - 0.1% | |||
| Hawaii Gen. Oblig. Participating VRDN Series Putters 4007, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 6,665 | 6,665 | |
| Hawaii State Hsg. Fin. & Dev. Corp. Rev. (Lokahi Kau Apts. Proj.) Series 2008, 0.02% 9/8/15, LOC Freddie Mac, VRDN (a) | 6,755 | 6,755 | |
| Honolulu City and County Wastewtr. Sys. Participating VRDN Series ROC II R 11989, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 4,005 | 4,005 | |
| 17,425 | |||
| Illinois - 4.2% | |||
| Carol Stream Multi-family Rev. (Saint Charles Square Proj.) Series 1997, 0.05% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 1,800 | 1,800 | |
| Chicago Metropolitan Wtr. Reclamation District Greater Chicago Participating VRDN Series Solar 06 75, 0.04% 9/8/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d) | 19,740 | 19,740 | |
| Chicago Midway Arpt. Rev. Series 2014 C, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 76,440 | 76,440 | |
| Chicago O'Hare Int'l. Arpt. Rev. Series 2005 D, 0.03% 9/8/15, LOC Barclays Bank PLC, VRDN (a) | 60,900 | 60,900 | |
| Chicago Wtr. Rev.: | |||
| Series 2000, 0.1% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 22,900 | 22,900 | |
| Series 2000-1, 0.1% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 23,200 | 23,200 | |
| Series 2004 A1, 0.1% 9/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 81,165 | 81,165 | |
| Series 2004 A2, 0.1% 9/8/15, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 46,715 | 46,715 | |
| Series 2004 A3, 0.1% 9/8/15, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 35,900 | 35,900 | |
| DuPage County Gen. Oblig. Participating VRDN Series Merlots 00 A9, 0.03% 9/8/15 (Liquidity Facility Wells Fargo Bank NA) (a)(d) | 7,595 | 7,595 | |
| Illinois Dev. Fin. Auth. Indl. Dev. Rev.: | |||
| (Delta-Unibus Corp. Proj.) Series 2001, 0.17% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 2,800 | 2,800 | |
| (R&R Enterprises 2nd Proj.) Series 1999 A, 0.14% 9/8/15, LOC BMO Harris Bank NA, VRDN (a)(c) | 1,510 | 1,510 | |
| Illinois Dev. Fin. Auth. Rev. (Rich Prods. Corp. Proj.) Series 1998, 0.05% 9/8/15, LOC HSBC Bank U.S.A., NA, VRDN (a)(c) | 7,825 | 7,825 | |
| Illinois Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 0.03% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 16,900 | 16,900 | |
| Illinois Fin. Auth. Multi-family Rev. (Hidden Glen Apts. Proj.) Series 2007, 0.03% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a)(c) | 6,855 | 6,855 | |
| Illinois Fin. Auth. Rev.: | |||
| (Edward Hosp. Obligated Group Proj.): | |||
| Series 2008 B1, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 37,525 | 37,525 | |
| Series 2008 B2, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 36,725 | 36,725 | |
| (Little Co. of Mary Hosp. Proj.): | |||
| Series 2008 A, 0.02% 9/8/15, LOC Barclays Bank PLC, VRDN (a) | 30,545 | 30,545 | |
| Series 2008 B, 0.02% 9/8/15, LOC Barclays Bank PLC, VRDN (a) | 30,540 | 30,540 | |
| (Museum of Science & Industry Proj.): | |||
| Series 2009 A, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 15,500 | 15,500 | |
| Series 2009 C, 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 12,870 | 12,870 | |
| Series 2009 D, 0.02% 9/8/15, LOC Northern Trust Co., VRDN (a) | 15,500 | 15,500 | |
| (Northwest Cmnty. Hosp. Proj.) Series 2008 B, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 14,420 | 14,420 | |
| (Rockford Mem. Hosp. Proj.) 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 60,800 | 60,800 | |
| (The Carle Foundation Proj.) Series 2009 C, 0.02% 9/8/15, LOC Northern Trust Co., VRDN (a) | 9,100 | 9,100 | |
| Participating VRDN: | |||
| Series BA 15 XF0248, 0.06% 9/8/15 (Liquidity Facility Bank of America NA) (a)(d) | 12,855 | 12,855 | |
| Series EGL 06 115, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 5,445 | 5,445 | |
| Series Floaters 3342, 0.03% 9/8/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 3,300 | 3,300 | |
| Series MS 3332, 0.14% 9/8/15 (Liquidity Facility Cr. Suisse AG) (a)(d) | 5,700 | 5,700 | |
| Series Putters 0022, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 11,205 | 11,205 | |
| Series Putters 3435, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 2,105 | 2,105 | |
| 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 3,000 | 3,000 | |
| Series 2009 A, 0.02% 9/8/15, LOC BMO Harris Bank NA, VRDN (a) | 21,680 | 21,680 | |
| Series 2009 B, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 15,500 | 15,500 | |
| Series 2011 B, 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 24,220 | 24,220 | |
| Illinois Gen. Oblig.: | |||
| Series 2003 B, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 63,600 | 63,600 | |
| Series 2003 B3, 0.02% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 31,500 | 31,500 | |
| Series 2003 B4, 0.01% 9/8/15, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 8,500 | 8,500 | |
| Illinois Health Facilities Auth. Rev. (Herman M. Finch Univ. of Health Sciences/The Chicago Med. School Proj.) Series 2003, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 25,100 | 25,100 | |
| Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev.: | |||
| (Prairie Station Apts. Proj.) 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 17,900 | 17,900 | |
| (Valley View Apts. Proj.) 0.04% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a)(c) | 10,885 | 10,885 | |
| 0.02% 9/8/15, LOC Freddie Mac, VRDN (a) | 11,600 | 11,600 | |
| Illinois Toll Hwy. Auth. Toll Hwy. Rev.: | |||
| Series 2007 A 2D, 0.02% 9/8/15, LOC Royal Bank of Canada, VRDN (a) | 39,500 | 39,500 | |
| Series 2007 A-2A, 0.02% 9/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 17,000 | 17,000 | |
| Series 2007 A1, 0.02% 9/8/15, LOC Citibank NA, VRDN (a) | 117,900 | 117,900 | |
| Lake County Multi-family Hsg. Rev. (Whispering Oaks Apts. Proj.) Series 2008, 0.02% 9/8/15, LOC Freddie Mac, VRDN (a) | 19,900 | 19,900 | |
| Lake County Solid Waste Disp. Facilities Rev. (Countryside Landfill, Inc. Proj.) Series B, 0.09% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 4,320 | 4,320 | |
| Lisle Village Multi-family Hsg. Rev. (Devonshire of Lisle Proj.) Series 1991, 0.04% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 6,000 | 6,000 | |
| Univ. of Illinois Rev. (UIC South Campus Dev. Proj.) Series 2008, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 7,320 | 7,320 | |
| 1,161,805 | |||
| Indiana - 1.4% | |||
| Dearborn County Econ. Dev. Rev. (Dearborn County Hosp. Proj.) Series 2006, 0.11% 9/8/15, LOC Fifth Third Bank, Cincinnati, VRDN (a) | 5,900 | 5,900 | |
| Elkhart County Hosp. Auth. Rev. (Elkhart Gen. Hosp. Proj.) Series 2008, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 20,600 | 20,600 | |
| Hammond Swr. & Solid Waste Disp. Rev. (Cargill, Inc. Proj.) 0.03% 9/8/15, VRDN (a)(c) | 39,000 | 39,000 | |
| Indiana Dev. Fin. Auth. Econ. (Archer-Daniels-Midland Co. Proj.) Series 2012, 0.02% 9/8/15 (Archer Daniels Midland Co. Guaranteed), VRDN (a) | 17,300 | 17,300 | |
| Indiana Dev. Fin. Auth. Envir. Rev. (Duke Energy Indiana, Inc. Proj.) Series 2009 A3, 0.02% 9/8/15, LOC Mizuho Bank Ltd., VRDN (a) | 32,450 | 32,450 | |
| Indiana Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): | |||
| Series 2002 A, 0.03% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 21,700 | 21,700 | |
| Series 2002 B, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 14,000 | 14,000 | |
| Indiana Edl. Facilities Auth. Rev. (Franklin College Proj.) Series 2003, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 6,725 | 6,725 | |
| Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.): | |||
| Series 2008 A, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 53,695 | 53,695 | |
| Series 2008 B, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 35,690 | 35,690 | |
| Series 2008 G, 0.02% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 3,000 | 3,000 | |
| Series 2008 H, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 50,695 | 50,695 | |
| Series 2008 I, 0.02% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 8,000 | 8,000 | |
| Indiana Fin. Auth. Hosp. Rev.: | |||
| (Indiana Univ. Health Obligated Group Proj.): | |||
| Series 2011 C, 0.01% 9/8/15, LOC Northern Trust Co., VRDN (a) | 2,000 | 2,000 | |
| Series 2011 D, 0.01% 9/8/15, LOC Northern Trust Co., VRDN (a) | 4,620 | 4,620 | |
| (Parkview Health Sys. Oblig. Group Proj.) Series 2009 B, 0.02% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 7,000 | 7,000 | |
| Series 2011 A, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 14,980 | 14,980 | |
| Indiana Fin. Auth. Rev. (Ascension Health Subordinate Cr. Proj.) Series 2008 E5, 0.01% 9/8/15, VRDN (a) | 5,000 | 5,000 | |
| Indianapolis Econ. Dev. Rev. (Pine Glen Apts. Proj.) 0.07% 9/8/15, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (a)(c) | 6,035 | 6,035 | |
| Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.) Series 2008 H, 0.02% 9/8/15, LOC Bank of Nova Scotia, VRDN (a) | 5,500 | 5,500 | |
| Marion Econ. Dev. Rev. (Indiana Wesleyan Univ. Proj.) Series 2006, 0.03% 9/8/15, LOC Bank of America NA, VRDN (a) | 15,000 | 15,000 | |
| Saint Joseph County Hosp. Auth. Health Sys. Rev. (Memorial Health Sys. Proj.) Series 2008 A, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 31,395 | 31,395 | |
| 400,285 | |||
| Iowa - 0.2% | |||
| Iowa Fin. Auth. Series 2005 C, 0.03% 9/8/15 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(c) | 1,070 | 1,070 | |
| Iowa Fin. Auth. Health Facilities Rev.: | |||
| Series 2013 B1, 0.01% 9/8/15, LOC MUFG Union Bank NA, VRDN (a) | 21,455 | 21,455 | |
| Series 2013 B2, 0.01% 9/8/15, LOC MUFG Union Bank NA, VRDN (a) | 10,830 | 10,830 | |
| Iowa Fin. Auth. Poll. Cont. Facility Rev. (MidAmerican Energy Proj.) Series 2008 B, 0.07% 9/8/15, VRDN (a) | 14,000 | 14,000 | |
| Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Proj.) Series 2008 A, 0.08% 9/8/15, VRDN (a)(c) | 3,100 | 3,100 | |
| Iowa Fin. Auth. Wellness Facilities Rev. (Cmnty. Y of Marshalltown Proj.) Series 2001, 0.05% 9/8/15, LOC Northern Trust Co., VRDN (a) | 5,200 | 5,200 | |
| Iowa Higher Ed. Ln. Auth. Rev. (Univ. of Dubuque Proj.): | |||
| Series 2004, 0.03% 9/1/15, LOC Fifth Third Bank, Cincinnati, VRDN (a) | 2,050 | 2,050 | |
| Series 2007, 0.03% 9/1/15, LOC Fifth Third Bank, Cincinnati, VRDN (a) | 4,000 | 4,000 | |
| 61,705 | |||
| Kansas - 0.1% | |||
| Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.) Series 2000, 0.1% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 25,100 | 25,100 | |
| Lenexa Multi-family Hsg. Rev. (Meadows Apts. Proj.) Series A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 14,005 | 14,005 | |
| 39,105 | |||
| Kentucky - 1.4% | |||
| Carroll County Envir. Facilities Rev. (Kentucky Utils. Co. Proj.): | |||
| Series 2004 A, 0.02% 9/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(c) | 16,800 | 16,800 | |
| Series 2006 B, 0.02% 9/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(c) | 28,500 | 28,500 | |
| Series 2008 A, 0.02% 9/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(c) | 68,600 | 68,600 | |
| Daviess County Exempt Facilities Rev. (Kimberly-Clark Tissue Co. Proj.) Series 1999, 0.05% 9/8/15 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(c) | 4,870 | 4,870 | |
| Daviess County Solid Waste Disp. Facilities Rev. (Scott Paper Co. Proj.): | |||
| Series 1993 A, 0.05% 9/8/15 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(c) | 67,250 | 67,250 | |
| Series 1993 B, 0.05% 9/8/15 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(c) | 37,700 | 37,700 | |
| Elizabethtown Indl. Bldg. Rev. (Altec Industries, Inc. Proj.) Series 1997, 0.05% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(c) | 5,000 | 5,000 | |
| Henderson County Indl. Dev. Auth. (Pittsburg Tank & Tower Co. Proj.) 0.04% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a)(c) | 100 | 100 | |
| Kentucky Higher Ed. Student Ln. Corp. Rev.: | |||
| Series 2008 A1, 0.01% 9/8/15, LOC State Street Bank & Trust Co., Boston, VRDN (a)(c) | 55,905 | 55,905 | |
| Series 2008 A2, 0.01% 9/8/15, LOC State Street Bank & Trust Co., Boston, VRDN (a)(c) | 31,000 | 31,000 | |
| Kentucky Hsg. Corp. Conduit Multi-family Mtg. Rev. (Gleneagles Apts. Proj.) 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 9,100 | 9,100 | |
| Kentucky Hsg. Corp. Multi-family Rev. (Canterbury Southgate Hsg. Proj.) 0.03% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 12,565 | 12,565 | |
| Logan County Solid Waste Disp. (Waste Mgmt. of Kentucky LLC Proj.) 0.04% 9/8/15, LOC PNC Bank NA, VRDN (a)(c) | 7,450 | 7,450 | |
| Louisville & Jefferson County: | |||
| Series 2011 A, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 19,400 | 19,400 | |
| Series 2011 B, 0.01% 9/1/15, LOC JPMorgan Chase Bank, VRDN (a) | 12,100 | 12,100 | |
| Mercer County Solid Waste Disp. Facility Rev. (Kentucky Utils. Co. Proj.) Series 2000 A, 0.02% 9/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(c) | 12,900 | 12,900 | |
| Minor Lane Heights Solid Waste Disp. Rev. (Waste Mgmt. of Kentucky, LLC Proj. D) Series 2003, 0.04% 9/8/15, LOC PNC Bank NA, VRDN (a)(c) | 11,000 | 11,000 | |
| 400,240 | |||
| Louisiana - 1.1% | |||
| East Baton Rouge Parish Pub. Impt. Sales Tax Rev. Series 2008 A, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 19,000 | 19,000 | |
| Louisiana Gas & Fuel Tax Rev. Participating VRDN: | |||
| Series EGL 14 0049, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 61,900 | 61,900 | |
| Series Putters 3806, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 9,990 | 9,990 | |
| Louisiana Hsg. Fin. Agcy. Rev. (Canterbury House Apts. Proj.) Series 2007, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a) | 10,670 | 10,670 | |
| Louisiana Hsg. Fin. Auth. Multi-family Hsg. Rev. (The Reserve at Jefferson Proj.) Series 2008, 0.05% 9/8/15, LOC Freddie Mac, VRDN (a) | 4,095 | 4,095 | |
| Louisiana Offshore Term. Auth. Deepwater Port Rev. (LOOP LLC Proj.) Series 2013 B, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 23,300 | 23,300 | |
| Louisiana Pub. Facilities Auth. Gulf Opportunity Zone Rev. (Celtic Mgmt. Corp. Proj.) Series 2008, 0.03% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 13,115 | 13,115 | |
| Louisiana Pub. Facilities Auth. Rev.: | |||
| (Air Products & Chemicals, Inc. Proj.): | |||
| Series 2002, 0.02% 9/8/15, VRDN (a)(c) | 1,000 | 1,000 | |
| Series 2003, 0.02% 9/8/15, VRDN (a)(c) | 15,650 | 15,650 | |
| (C-Port LLC Proj.) Series 2008, 0.06% 9/8/15, LOC Bank of America NA, VRDN (a) | 4,720 | 4,720 | |
| (Christus Health Proj.): | |||
| Series 2009 B2, 0.01% 9/8/15, LOC Bank of New York, New York, VRDN (a) | 6,700 | 6,700 | |
| Series 2009 B3, 0.01% 9/8/15, LOC Bank of New York, New York, VRDN (a) | 9,470 | 9,470 | |
| Saint James Parish Gen. Oblig.: | |||
| (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 0.22% 9/8/15, VRDN (a) | 36,800 | 36,800 | |
| (NuStar Logistics, L.P. Proj.): | |||
| Series 2010 A, 0.03% 9/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 34,300 | 34,300 | |
| Series 2010 B, 0.03% 9/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 51,400 | 51,400 | |
| 302,110 | |||
| Maine - 0.2% | |||
| Maine Fin. Auth. Solid Waste Disposable Rev. (Casella Waste Systems, Inc. Proj.) 0.1% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 3,600 | 3,600 | |
| Maine Health & Higher Ed. Facilities Auth. Rev. Series 2008 A, 0.03% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 25,150 | 25,150 | |
| Maine Hsg. Auth. Multi-family Dev. Rev. (Park Village Apts. Proj.) 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 24,000 | 24,000 | |
| 52,750 | |||
| Maryland - 0.5% | |||
| Maryland Cmnty. Dev. Administration Dept. of Hsg. & Cmnty. Dev.: | |||
| (Barrington Apts. Proj.) Series A, 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 12,190 | 12,190 | |
| (Parlane Apts. Proj.) Series 2001 C, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 3,400 | 3,400 | |
| Maryland Health & Higher Edl. Facilities Auth. Rev.: | |||
| (Adventist Healthcare Proj.) Series 2005 A, 0.02% 9/8/15, LOC MUFG Union Bank NA, VRDN (a) | 25,000 | 25,000 | |
| (Anne Arundel Health Sys. Proj.) Series 2009 B, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 28,900 | 28,900 | |
| Maryland Trans. Auth. Passenger Facility Charge Rev. Series 2012 C, 0.03% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(c) | 20,500 | 20,500 | |
| Maryland Trans. Auth. Trans. Facility Projects Rev. Participating VRDN: | |||
| Series BA 15 XF0246, 0.07% 9/8/15 (Liquidity Facility Bank of America NA) (a)(d) | 5,055 | 5,055 | |
| Series ROC II R 11437, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 10,000 | 10,000 | |
| Montgomery County Gen. Oblig. Participating VRDN Series 15 XF0110, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 6,020 | 6,020 | |
| Montgomery County Hsg. Opportunities Commission Multi-family Hsg. Rev. (Oak Mill II Apts. Proj.) Series 2010 B, 0.01% 9/8/15, LOC Bank of America NA, VRDN (a) | 5,100 | 5,100 | |
| Montgomery County Hsg. Opportunity Commission Single Family Mtg. Rev.: | |||
| Series 2007 F, 0.03% 9/8/15, LOC PNC Bank NA, VRDN (a)(c) | 10,000 | 10,000 | |
| Series 2008 C, 0.03% 9/8/15, LOC PNC Bank NA, VRDN (a)(c) | 8,450 | 8,450 | |
| 134,615 | |||
| Massachusetts - 0.2% | |||
| Massachusetts Clean Wtr. Trust Participating VRDN Series Clipper 06 11, 0.05% 9/8/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d) | 49,205 | 49,205 | |
| Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN: | |||
| Series EGL 14 0012, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 10,000 | 10,000 | |
| Series Putters 3990, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 2,000 | 2,000 | |
| 61,205 | |||
| Michigan - 0.4% | |||
| Michigan Fin. Auth. Rev.: | |||
| Participating VRDN Series 15 XF0126, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 4,890 | 4,890 | |
| Series 22 A, 0.02% 9/8/15, LOC State Street Bank & Trust Co., Boston, VRDN (a)(c) | 20,300 | 20,300 | |
| Michigan Hosp. Fin. Auth. Rev.: | |||
| (Trinity Health Sys. Proj.) Series 2005 E, 0.01% 9/8/15, VRDN (a) | 22,825 | 22,825 | |
| Series B, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 8,290 | 8,290 | |
| Michigan State Univ. Revs. Participating VRDN Series WF 11 33 C, 0.03% 9/8/15 (Liquidity Facility Wells Fargo Bank NA) (a)(d) | 3,000 | 3,000 | |
| Michigan Strategic Fund Ltd. Oblig. Rev. (Consumers Energy Co. Proj.): | |||
| 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 33,100 | 33,100 | |
| 0.03% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 6,000 | 6,000 | |
| 98,405 | |||
| Minnesota - 0.4% | |||
| Edina Multi-family Rev. (Edina Park Plaza Proj.) Series 1999, 0.02% 9/8/15, LOC Freddie Mac, VRDN (a) | 4,040 | 4,040 | |
| Hennepin County Gen. Oblig. Series 2013 C, 0.01% 9/8/15 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (a) | 32,800 | 32,800 | |
| Hennepin County Hsg. & Redev. Auth. Multi-family Rev. (Stone Arch Apts. Proj.) 0.07% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 9,800 | 9,800 | |
| Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (Allina Health Sys. Proj.) Series 2007 C1, 0.01% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 44,000 | 44,000 | |
| Minneapolis Multi-family Rev. (Stone Arch Apt. Proj.) Series 2002, 0.07% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 3,600 | 3,600 | |
| Minnesota State Gen. Fdg. Rev. Participating VRDN Series 15 ZF0175, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 3,335 | 3,335 | |
| Oak Park Heights Multi-family Rev. 0.02% 9/8/15, LOC Freddie Mac, VRDN (a) | 7,775 | 7,775 | |
| 105,350 | |||
| Mississippi - 0.1% | |||
| Mississippi Bus. Fin. Corp. Rev. (Jackson Med. Mall Foundation Prog.) Series 2008 A, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 7,000 | 7,000 | |
| Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 0.02% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 10,000 | 10,000 | |
| Mississippi Dev. Bank Spl. Oblig. (Harrison County Proj.) Series 2008 A2, 0.03% 9/8/15, LOC Bank of America NA, VRDN (a) | 14,000 | 14,000 | |
| Mississippi Home Corp. Multi-family Hsg. Rev. (Bristol Park Apts. Proj.) Series 2001 1, 0.08% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(c) | 7,600 | 7,600 | |
| 38,600 | |||
| Missouri - 0.5% | |||
| Grandview Indl. Dev. Auth. Multi-family Hsg. Rev. (Briarwood Apts. Proj.) 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 11,400 | 11,400 | |
| Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev.: | |||
| (Saint Louis Univ. Proj.): | |||
| Series 2008 A1, 0.01% 9/1/15, LOC Wells Fargo Bank NA, VRDN (a) | 2,400 | 2,400 | |
| Series 2008 B1, 0.01% 9/1/15, LOC Barclays Bank PLC, VRDN (a) | 18,530 | 18,530 | |
| Participating VRDN: | |||
| Series EGL 07 0001, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 6,000 | 6,000 | |
| Series Putters 3546, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 11,300 | 11,300 | |
| Series Putters 3929, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 2,785 | 2,785 | |
| Missouri Health & Edl. Facilities Auth. Rev.: | |||
| (Ascension Health Cr. Group Proj.): | |||
| Series 2003 C2, 0.01% 9/8/15, VRDN (a) | 23,200 | 23,200 | |
| Series 2003 C3, 0.01% 9/8/15, VRDN (a) | 14,300 | 14,300 | |
| (Ascension Health Sr. Cr. Group Proj.) Series 2008 C4, 0.01% 9/8/15, VRDN (a) | 23,200 | 23,200 | |
| Saint Louis Indl. Dev. Auth.: | |||
| (Metropolitan Lofts Apts. Proj.) Series 2003 A, 0.05% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 26,700 | 26,700 | |
| (Saint Luke's Plaza Apts. Proj.) Series 2009, 0.04% 9/8/15 (Liquidity Facility Freddie Mac), VRDN (a) | 1,900 | 1,900 | |
| St. Charles County Pub. Wtr. Sup Series 2011, 0.02% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 2,900 | 2,900 | |
| 144,615 | |||
| Montana - 0.0% | |||
| Forsyth Poll. Cont. Rev. Series 2008 A, 0.2% 9/8/15, VRDN (a)(c) | 450 | 450 | |
| Nebraska - 0.6% | |||
| Douglas County Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.03% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 10,000 | 10,000 | |
| Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: | |||
| Series 2010 B, 0.01% 9/8/15 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a) | 28,300 | 28,300 | |
| Series 2010 C, 0.01% 9/8/15 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(c) | 97,440 | 97,440 | |
| Series 2013 F, 0.01% 9/8/15 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(c) | 22,400 | 22,400 | |
| Series 2014 B, 0.01% 9/8/15 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(c) | 8,700 | 8,700 | |
| Washington County Indl. Dev. Rev. (Cargill Dow Polymers LLC Proj.) Series 2000, 0.03% 9/8/15 (Cargill, Inc. Guaranteed) (The Dow Chemical Co. Guaranteed), LOC Wells Fargo Bank NA, VRDN (a)(c) | 10,000 | 10,000 | |
| 176,840 | |||
| Nevada - 2.7% | |||
| Clark County Arpt. Rev.: | |||
| Series 2008 A2, 0.01% 9/8/15, LOC State Street Bank & Trust Co., Boston, VRDN (a)(c) | 37,650 | 37,650 | |
| Series 2008 B2, 0.02% 9/8/15, LOC State Street Bank & Trust Co., Boston, VRDN (a)(c) | 49,460 | 49,460 | |
| Series 2008 C1, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 122,900 | 122,900 | |
| Series 2008 C2, 0.01% 9/8/15, LOC State Street Bank & Trust Co., Boston, VRDN (a)(c) | 16,975 | 16,975 | |
| Series 2008 C3, 0.02% 9/8/15, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(c) | 44,475 | 44,475 | |
| Series 2008 D 2A, 0.01% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 4,500 | 4,500 | |
| Series 2008 D 2B, 0.01% 9/8/15, LOC Royal Bank of Canada, VRDN (a) | 11,975 | 11,975 | |
| Series 2008 D3, 0.01% 9/8/15, LOC Bank of America NA, VRDN (a) | 80,060 | 80,060 | |
| Series 2011 B1, 0.02% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 87,725 | 87,725 | |
| Series 2011 B2, 0.02% 9/8/15, LOC Royal Bank of Canada, VRDN (a)(c) | 89,795 | 89,795 | |
| Clark County Fuel Tax Participating VRDN: | |||
| ROC II R 11836, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 7,500 | 7,500 | |
| Series Putters 3158, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 32,110 | 32,110 | |
| Series ROC II R 11507, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 2,400 | 2,400 | |
| Clark County Indl. Dev. Rev.: | |||
| (Southwest Gas Corp. Proj.) Series 2009 A, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 11,500 | 11,500 | |
| Series 2008 A, 0.03% 9/8/15, LOC MUFG Union Bank NA, VRDN (a)(c) | 42,800 | 42,800 | |
| Clark County McCarran Int'l. Arpt. Passenger Facility Charge Rev. Series 2010 F2, 0.01% 9/8/15, LOC MUFG Union Bank NA, VRDN (a) | 69,850 | 69,850 | |
| Nevada Hsg. Division (Horizon Apt. Hsg. Proj.) Series 2000 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 7,410 | 7,410 | |
| Reno Cap. Impt. Rev. Series 2005 A, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 12,200 | 12,200 | |
| Reno Hosp. Rev. (Renown Reg'l. Med. Ctr. Proj.): | |||
| Series 2008 A, 0.02% 9/8/15, LOC MUFG Union Bank NA, VRDN (a) | 7,800 | 7,800 | |
| Series 2009 A, 0.02% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 17,900 | 17,900 | |
| Series 2009 B, 0.02% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 6,900 | 6,900 | |
| 763,885 | |||
| New Hampshire - 0.1% | |||
| New Hampshire Hsg. Fin. Auth. Multi-family Rev. (Pheasant Run Proj.) 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 16,400 | 16,400 | |
| New Jersey - 0.1% | |||
| New Jersey Health Care Facilities Fing. Auth. Rev. (AHS Hosp. Corp. Proj.) Series 2008 C, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 9,000 | 9,000 | |
| Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.): | |||
| Series 2003 B1, 0.14% 9/8/15, VRDN (a) | 9,500 | 9,500 | |
| Series 2012 A, 0.14% 9/8/15, VRDN (a)(c) | 16,100 | 16,100 | |
| 34,600 | |||
| New Mexico - 0.0% | |||
| New Mexico Fin. Auth. Trans. Rev. Series 2008 A1, 0.01% 9/8/15, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 5,175 | 5,175 | |
| New York - 17.1% | |||
| Long Island Pwr. Auth. Elec. Sys. Rev. Series 2012 C, 0.02% 9/8/15, LOC Barclays Bank PLC, VRDN (a) | 34,005 | 34,005 | |
| Nassau Health Care Corp. Rev.: | |||
| Series 2009 D1, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 14,980 | 14,980 | |
| Series 2009 D2, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 17,300 | 17,300 | |
| New York City Gen. Oblig.: | |||
| Participating VRDN: | |||
| Series Putters 14 0004, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 5,695 | 5,695 | |
| Series Putters 14 0013, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 6,650 | 6,650 | |
| Series ROC II R 14045, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 5,400 | 5,400 | |
| Series 2004 A2, 0.01% 9/8/15, LOC Bank of America NA, VRDN (a) | 35,700 | 35,700 | |
| Series 2004 A3, 0.01% 9/8/15, LOC Morgan Stanley Bank, West Valley City Utah, VRDN (a) | 10,990 | 10,990 | |
| Series 2004 H2 0.01% 9/8/15, LOC California Pub. Employees Retirement Sys., VRDN (a) | 31,950 | 31,950 | |
| Series 2004 H3, 0.01% 9/8/15, LOC California Pub. Employees Retirement Sys., VRDN (a) | 29,005 | 29,005 | |
| Series 2004 H6, 0.01% 9/8/15, LOC Bank of America NA, VRDN (a) | 15,105 | 15,105 | |
| Series 2004 H8, 0.01% 9/8/15 (Liquidity Facility Bank of America NA), VRDN (a) | 11,635 | 11,635 | |
| Series 2006 E3, 0.01% 9/8/15, LOC Bank of America NA, VRDN (a) | 54,200 | 54,200 | |
| Series 2006 E4, 0.01% 9/8/15, LOC Bank of America NA, VRDN (a) | 44,600 | 44,600 | |
| Series 2006 I7, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 20,900 | 20,900 | |
| Series 2008 J10, 0.01% 9/8/15 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a) | 31,465 | 31,465 | |
| Series 2011 A4, 0.02% 9/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 39,000 | 39,000 | |
| Series 2012 G, 0.01% 9/8/15 (Liquidity Facility Citibank NA), VRDN (a) | 22,200 | 22,200 | |
| Series 2012 G3, 0.01% 9/8/15 (Liquidity Facility Citibank NA), VRDN (a) | 115,850 | 115,850 | |
| Series 2013 A5, 0.01% 9/8/15 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (a) | 13,605 | 13,605 | |
| Series 2013 F3, 0.01% 9/1/15 (Liquidity Facility Bank of America NA), VRDN (a) | 9,575 | 9,575 | |
| Series 2014 D3, 0.01% 9/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 8,400 | 8,400 | |
| Series 2015 F4, 0.01% 9/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 30,600 | 30,600 | |
| Series 2015 F5, 0.01% 9/1/15 (Liquidity Facility Barclays Bank PLC), VRDN (a) | 32,200 | 32,200 | |
| Series 2015 F6, 0.01% 9/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 30,500 | 30,500 | |
| Series 2104 1, 0.01% 9/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 4,000 | 4,000 | |
| New York City Health & Hosp. Corp. Rev.: | |||
| Series 2008 D, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 19,180 | 19,180 | |
| Series 2008 E, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 22,385 | 22,385 | |
| New York City Hsg. Dev. Corp. Multi-family Mtg. Rev.: | |||
| (245 East 124th Street Proj.) Series 2008 A, 0.01% 9/8/15, LOC Freddie Mac, VRDN (a) | 16,100 | 16,100 | |
| (270 East Burnside Avenue Apts.) Series A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 6,400 | 6,400 | |
| (89 Murray St. Proj.) Series A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 34,000 | 34,000 | |
| (941 Hoe Avenue Apts. Proj.) Series A, 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 6,660 | 6,660 | |
| (Beacon Mews Dev. Proj.) Series 2006 A, 0.03% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 8,000 | 8,000 | |
| (Cook Street Apts. Proj.) Series A, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 4,480 | 4,480 | |
| (Courtland Avenue Apts. Proj.) Series A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 7,905 | 7,905 | |
| (East 165th Street Proj.) Series A, 0.04% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 7,665 | 7,665 | |
| (Elliott Chelsea Dev. Proj.) Series 2010 A, 0.02% 9/8/15, LOC Freddie Mac, VRDN (a) | 9,525 | 9,525 | |
| (First Avenue Dev. Proj.) Series 2002 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 14,000 | 14,000 | |
| (Intervale Gardens Apts.) Series A, 0.04% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 3,115 | 3,115 | |
| (Louis Nine Boulevard Apts. Proj.) Series A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 7,300 | 7,300 | |
| (Manhattan Court Dev. Proj.) Series A, 0.04% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 16,500 | 16,500 | |
| (Morris Ave. Apts. Proj.) Series A, 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 14,700 | 14,700 | |
| (Peter Cintron Apts. Proj.) Series C, 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 4,140 | 4,140 | |
| (State Renaissance Court Proj.) Series A, 0.03% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 28,700 | 28,700 | |
| (Villa Avenue Apts. Proj.) Series 2006 A, 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 5,990 | 5,990 | |
| (West 48th Street Dev. Proj.) Series 2001 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 14,000 | 13,999 | |
| Series 2011 A, 0.01% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 9,350 | 9,350 | |
| New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev.: | |||
| (155 West 21st Street Dev. Proj.) Series 2007 A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 37,900 | 37,900 | |
| (255 West 9th Street Proj.) Series 2001 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 69,435 | 69,435 | |
| (90 Washington Street Proj.) Series 2005 A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a) | 13,100 | 13,100 | |
| (Brittany Dev. Proj.) Series A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 44,500 | 44,500 | |
| (James Tower Dev. Proj.) Series 2002 A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a) | 4,700 | 4,700 | |
| (Linden Plaza Proj.) Series 2008 A, 0.02% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 64,455 | 64,455 | |
| (Morris Avenue Apts. Proj.) Series A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 36,000 | 36,000 | |
| (One Columbus Place Dev. Proj.) Series A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 71,015 | 71,015 | |
| (Related-Tribeca Tower Proj.) Series 1997 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 15,000 | 15,000 | |
| (Rivereast Apts. Proj.) Series A, 0.03% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 4,150 | 4,150 | |
| (Sierra Dev. Proj.) Series A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 41,935 | 41,935 | |
| (Two Gold Street Proj.) Series 2006 A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a) | 1,000 | 1,000 | |
| (Westport Dev. Proj.) Series 2004 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 61,000 | 61,000 | |
| Series 2002 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 51,500 | 51,500 | |
| Series 2009 A: | |||
| 0.01% 9/8/15, LOC Freddie Mac, VRDN (a) | 11,700 | 11,700 | |
| 0.02% 9/8/15, LOC Freddie Mac, VRDN (a) | 8,700 | 8,700 | |
| New York City Indl. Dev. Agcy. Civic Facility Rev. (Casa Proj.) Series 2000, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 14,000 | 14,000 | |
| New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | |||
| Participating VRDN: | |||
| Series BC 13 16U, 0.05% 9/8/15 (Liquidity Facility Barclays Bank PLC) (a)(d) | 1,000 | 1,000 | |
| Series EGL 06 69 Class A, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 16,400 | 16,400 | |
| Series EGL 06 74 Class A, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 7,045 | 7,045 | |
| Series EGL 09 46A, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 19,130 | 19,130 | |
| Series putters 3231Z, 0.01% 9/1/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 8,675 | 8,675 | |
| Series Putters 3384, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 3,750 | 3,750 | |
| Series Putters 3496Z, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 7,025 | 7,025 | |
| Series ROC II R 11931, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 3,750 | 3,750 | |
| Series 2000 C, 0.01% 9/8/15 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (a) | 5,000 | 5,000 | |
| Series 2008 B1: | |||
| 0.01% 9/8/15 (Liquidity Facility Royal Bank of Canada), VRDN (a) | 5,000 | 5,000 | |
| 0.01% 9/8/15 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (a) | 40,000 | 40,000 | |
| Series 2008 B3, 0.01% 9/1/15 (Liquidity Facility Bank of America NA), VRDN (a) | 30,300 | 30,300 | |
| Series 2008 BB3, 0.01% 9/8/15 (Liquidity Facility Royal Bank of Canada), VRDN (a) | 42,900 | 42,900 | |
| Series 2008 BB4, 0.01% 9/8/15 (Liquidity Facility Royal Bank of Canada), VRDN (a) | 13,200 | 13,200 | |
| Series 2011 DD, 0.01% 9/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 10,000 | 10,000 | |
| Series 2012 B, 0.01% 9/1/15 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (a) | 19,100 | 19,100 | |
| Series 2012 B2, 0.01% 9/1/15 (Liquidity Facility California Pub. Employees Retirement Sys.), VRDN (a) | 9,800 | 9,800 | |
| Series 2014 AA, 0.01% 9/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 10,230 | 10,230 | |
| Series 2014 BB1, 0.01% 9/1/15 (Liquidity Facility Bank of America NA), VRDN (a) | 10,000 | 10,000 | |
| Series 2015 BB3, 0.01% 9/8/15 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (a) | 58,650 | 58,650 | |
| New York City Transitional Fin. Auth. Rev.: | |||
| Participating VRDN: | |||
| Series Putters 4084Z, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 3,850 | 3,850 | |
| Series ROC II R 11994, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 4,500 | 4,500 | |
| Series ROC II R 14082, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 6,200 | 6,200 | |
| Series 1999 A2, 0.01% 9/8/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 14,400 | 14,400 | |
| Series 2001 A, 0.01% 9/8/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 59,450 | 59,450 | |
| Series 2003 1E, 0.02% 9/8/15 (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (a) | 10,710 | 10,710 | |
| Series 2003 A2, 0.01% 9/2/15 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a) | 36,100 | 36,100 | |
| Series 2013 A, 0.01% 9/8/15 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | 7,650 | 7,650 | |
| New York City Trust Cultural Resources Rev.: | |||
| (The New York Botanical Garden Proj.) Series 2009 A, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 20,025 | 20,025 | |
| (The Pierpont Morgan Library Proj.) Series 2004, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 13,600 | 13,600 | |
| New York Dorm. Auth. Personal Income Tax Rev. Participating VRDN: | |||
| Series Putters 3518, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 2,640 | 2,640 | |
| Series ROC II R 14005, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 14,030 | 14,030 | |
| New York Dorm. Auth. Revs.: | |||
| (City Univ. Proj.) Series 2008 C, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 135,300 | 135,300 | |
| (Fordham Univ. Proj.) Series 2008 A1, 0.01% 9/8/15, LOC Bank of America NA, VRDN (a) | 36,360 | 36,360 | |
| (Rockefeller Univ. Proj.) Series 2009 B, 0.01% 9/8/15 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (a) | 2,275 | 2,275 | |
| (Univ. of Rochester Proj.) Series 2003 C, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 33,385 | 33,385 | |
| Participating VRDN: | |||
| ROC II R 11944, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 5,150 | 5,150 | |
| Series EGL 07 0002, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 18,000 | 18,000 | |
| Series EGL 07 0066, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 31,025 | 31,025 | |
| Series ROC II R 11535, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 3,590 | 3,590 | |
| Series ROC II R 11722, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 2,935 | 2,935 | |
| Series ROC II R 11943, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 5,580 | 5,580 | |
| Series 2006 A2, 0.02% 9/8/15, LOC TD Banknorth, NA, VRDN (a) | 8,300 | 8,300 | |
| New York Hsg. Fin. Agcy. Rev.: | |||
| (10 Barclay Street Hsg. Proj.) Series 2004 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a) | 78,045 | 78,045 | |
| (101 West End Hsg. Proj.): | |||
| Series 1998 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 38,400 | 38,400 | |
| Series 1999 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 52,850 | 52,850 | |
| Series 2000 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 21,000 | 21,000 | |
| (125 West 31st Street Proj.) Series 2005 A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 97,300 | 97,300 | |
| (150 East 44th Street Hsg. Proj.): | |||
| Series 2000 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 49,900 | 49,900 | |
| Series 2001 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 6,900 | 6,900 | |
| (1500 Lexington Avenue Proj.) Series A, 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 8,000 | 8,000 | |
| (240 East 39th Street Hsg. Proj.) Series 1997 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 111,800 | 111,800 | |
| (250 West 50th Street Hsg. Proj.) Series 1997 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 13,495 | 13,495 | |
| (316 Eleventh Ave. Hsg. Proj.) Series 2007 A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 86,500 | 86,500 | |
| (360 West 43rd Street Hsg. Proj.) Series A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 9,900 | 9,900 | |
| (55 West 25th Street Hsg. Proj.) Series 2005 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 105,400 | 105,400 | |
| (600 West and 42nd St. Hsg. Proj.) Series 2007 A: | |||
| 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 62,100 | 62,100 | |
| 0.03% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 30,000 | 30,000 | |
| (66 West 38th Street Hsg. Proj.) Series A: | |||
| 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 4,000 | 4,000 | |
| 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 44,300 | 44,300 | |
| (750 Sixth Avenue Hsg. Proj.) Series 1998 A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 39,500 | 39,500 | |
| (8 East 102nd Street Hsg. Proj.) Series 2010 A, 0.01% 9/8/15, LOC TD Banknorth, NA, VRDN (a) | 3,700 | 3,700 | |
| (88 Leonard Street Proj.) Series 2005 A, 0.02% 9/8/15, LOC Landesbank Hessen-Thuringen, VRDN (a) | 11,100 | 11,100 | |
| (900 Eighth Avenue Hsg. Proj.) Series 2002 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 59,000 | 59,000 | |
| (Biltmore Tower Hsg. Proj.) Series A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 43,300 | 43,300 | |
| (Chelsea Apts. Proj.) Series 2003 A, 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 40,500 | 40,500 | |
| (Chelsea Arms Hsg. Proj.) Series 1998 A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 7,000 | 7,000 | |
| (Clinton Green South Hsg. Proj.) Series 2005 A, 0.01% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 68,800 | 68,800 | |
| (Clinton Park Phase II Hsg. Proj.) Series 2011 A2, 0.02% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 34,400 | 34,400 | |
| (East 39th Street Hsg. Proj.): | |||
| Series 1999 A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 21,700 | 21,700 | |
| Series 2000 A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 21,000 | 21,000 | |
| (Grace Towers Hsg. Proj.) Series 2004 A, 0.02% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 11,530 | 11,530 | |
| (Helena Hsg. Proj.) Series 2003 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 9,000 | 9,000 | |
| (Reverend Polite Ave. Apt. Hsg. Proj.) Series 2005 A, 0.05% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 7,435 | 7,435 | |
| (Sea Park West Hsg. Proj.) Series 2004 A, 0.05% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 11,300 | 11,300 | |
| (Shore Hill Hsg. Proj.) Series 2008 A, 0.01% 9/8/15, LOC Freddie Mac, VRDN (a) | 19,500 | 19,500 | |
| (South Cove Plaza Proj.) Series A, 0.03% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 28,000 | 28,000 | |
| (Taconic West 17th St. Proj.) Series 2009 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a) | 9,050 | 9,050 | |
| (Theatre Row Tower Hsg. Proj.): | |||
| Series 2001 A, 0.01% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 10,000 | 10,000 | |
| Series 2002 A, 0.01% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 3,500 | 3,500 | |
| (Tower 31 Hsg. Proj.) Series 2005 A, 0.01% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 74,800 | 74,800 | |
| (Tribeca Park Proj.) Series 1997 A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 74,100 | 74,100 | |
| (West 20th Street Proj.) Series 2001 A: | |||
| 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 28,875 | 28,875 | |
| 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 51,000 | 51,000 | |
| (West 23rd Street Hsg. Proj.): | |||
| Series 2001 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 26,000 | 26,000 | |
| Series 2002 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 62,600 | 62,600 | |
| (West 33rd Street Hsg. Proj.) Series 2003 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 26,700 | 26,700 | |
| (West 38th Street Hsg. Proj.) Series 2002 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 16,000 | 16,000 | |
| (Worth Street Hsg. Proj.) Series A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 47,600 | 47,600 | |
| Series 1997 A, 0.01% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 35,000 | 35,000 | |
| Series 2000 A, 0.01% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 14,500 | 14,500 | |
| Series 2001 A, 0.01% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 31,300 | 31,300 | |
| Series 2004 A, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 52,950 | 52,950 | |
| Series 2008 A: | |||
| 0.01% 9/8/15, LOC Freddie Mac, VRDN (a) | 13,400 | 13,400 | |
| 0.02% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 51,700 | 51,700 | |
| Series 2009 B, 0.01% 9/8/15, LOC Freddie Mac, VRDN (a) | 10,700 | 10,700 | |
| Series 2010 A: | |||
| 0.01% 9/8/15, LOC Freddie Mac, VRDN (a) | 33,055 | 33,055 | |
| 0.01% 9/8/15, LOC Freddie Mac, VRDN (a) | 27,800 | 27,800 | |
| Series 2012 A, 0.02% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 19,300 | 19,300 | |
| Series 2012 A1, 0.01% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 19,600 | 19,600 | |
| Series 2013 A: | |||
| 0.01% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 6,000 | 6,000 | |
| 0.01% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 59,700 | 59,700 | |
| 0.01% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 13,000 | 13,000 | |
| 0.02% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 29,500 | 29,500 | |
| Series 2013 A3, 0.01% 9/8/15, LOC Bank of America NA, VRDN (a) | 39,150 | 39,150 | |
| Series 2014 A: | |||
| 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 15,250 | 15,250 | |
| 0.01% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 22,750 | 22,750 | |
| 0.01% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 14,200 | 14,200 | |
| 0.01% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 14,800 | 14,800 | |
| Series 2015 A, 0.01% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 13,350 | 13,350 | |
| Series 2015 A2: | |||
| 0.01% 9/8/15, LOC Bank of America NA, VRDN (a) | 5,200 | 5,200 | |
| 0.01% 9/8/15, LOC Bank of New York, New York, VRDN (a) | 1,000 | 1,000 | |
| Series A, 0.01% 9/8/15, LOC Freddie Mac, VRDN (a) | 2,400 | 2,400 | |
| New York Hsg. Fin. Svc. Contract Rev.: | |||
| Series 2003 L, 0.01% 9/8/15, LOC Bank of America NA, VRDN (a) | 24,100 | 24,100 | |
| Series 2003 M1, 0.01% 9/8/15, LOC Bank of America NA, VRDN (a) | 12,355 | 12,355 | |
| New York Liberty Dev. Corp. Participating VRDN Series Putters 4083, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank)(a)(d) | 5,910 | 5,910 | |
| New York Local Govt. Assistance Corp.: | |||
| Series 2008 B3V, 0.01% 9/8/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 99,345 | 99,344 | |
| Series 2008 B7V, 0.01% 9/8/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 25,000 | 25,000 | |
| New York Metropolitan Trans. Auth. Rev. Series 2005 A, 0.01% 9/8/15, LOC Royal Bank of Canada, VRDN (a) | 8,000 | 8,000 | |
| New York Sales Tax Asset Receivables Corp. Participating VRDN Series 2015 ZF0209, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 5,250 | 5,250 | |
| New York State Energy Research & Dev. Auth. Facilities Rev.: | |||
| (Consolidated Edison Co. of New York, Inc. Proj.): | |||
| Series 2004 C1, 0.02% 9/8/15, LOC Mizuho Bank Ltd., VRDN (a)(c) | 17,800 | 17,800 | |
| Series 2004 C2, 0.01% 9/8/15, LOC Mizuho Bank Ltd., VRDN (a)(c) | 4,000 | 4,000 | |
| Series 2005 A1, 0.01% 9/8/15, LOC Mizuho Bank Ltd., VRDN (a) | 4,150 | 4,150 | |
| Series 2010 A4, 0.01% 9/8/15, LOC Bank of Nova Scotia, VRDN (a)(c) | 16,500 | 16,500 | |
| New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Participating VRDN Series ROC II R 11997, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 4,800 | 4,800 | |
| New York Urban Dev. Corp. Rev. Series 2008 A5, 0.01% 9/8/15, LOC TD Banknorth, NA, VRDN (a) | 4,900 | 4,900 | |
| Onondaga County Indl. Dev. Auth. Civic Facility Rev. (Syracuse Research Corp. Facility Proj.) Series 2008 B, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 9,690 | 9,690 | |
| Syracuse Indl. Dev. Agcy. Civic Facility Rev. (Syracuse Univ. Proj.) Series 2005 B, 0.01% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 15,700 | 15,700 | |
| Triborough Bridge & Tunnel Auth. Revs. Series 2005 B2, 0.01% 9/1/15, LOC Wells Fargo Bank NA, VRDN (a) | 4,500 | 4,500 | |
| Yonkers Indl. Dev. Agcy. Civic Facility Rev. (Consumers Union of United States, Inc. Proj.) Series 2005, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 15,800 | 15,800 | |
| 4,791,988 | |||
| New York And New Jersey - 0.5% | |||
| Port Auth. of New York & New Jersey Participating VRDN Series EGL 06 107 Class A, 0.06% 9/8/15 (Liquidity Facility Citibank NA) (a)(c)(d) | 151,450 | 151,450 | |
| North Carolina - 1.5% | |||
| Charlotte Ctfs. of Prtn. Participating VRDN Series Putters 4724, 0.02% 9/8/15 (Liquidity Facility Bank of America NA) (a)(d) | 11,680 | 11,680 | |
| Charlotte Int'l. Arpt. Rev. (Charlotte Douglas Int'l. Arpt. Proj.) Series 2008 D, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 37,615 | 37,615 | |
| Charlotte Wtr. & Swr. Sys. Rev.: | |||
| Participating VRDN Series BC 09 43W, 0.06% 9/8/15 (Liquidity Facility Barclays Bank PLC) (a)(d) | 5,000 | 5,000 | |
| Series 2006 B, 0.01% 9/8/15 (Liquidity Facility Wells Fargo Bank NA), VRDN (a) | 1,160 | 1,160 | |
| Greensboro Combined Enterprise Sys. Rev. Series 2014 A, 0.04% 9/8/15 (Liquidity Facility Bank of America NA), VRDN (a) | 13,410 | 13,410 | |
| Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 0.3% 9/8/15, VRDN (a)(c) | 5,000 | 5,000 | |
| Lower Cape Fear Wtr. & Swr. Auth. Rev. (Bladen Bluffs Proj.) Series 2010, 0.01% 9/8/15, LOC Rabobank Nederland New York Branch, VRDN (a) | 13,185 | 13,185 | |
| North Carolina Cap. Facilities Fin. Agcy. Rev. Participating VRDN: | |||
| Series EGL 14 0050, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 38,165 | 38,165 | |
| Series EGL 14 0051, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 14,220 | 14,220 | |
| Series EGL 14 0052, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 58,165 | 58,165 | |
| Series ROC II R 11850, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 12,600 | 12,600 | |
| North Carolina Med. Care Commission Health Care Facilities Rev.: | |||
| (Cape Fear Valley Health Sys. Proj.) Series 2008 A1, 0.02% 9/8/15, LOC Branch Banking & Trust Co., VRDN (a) | 2,875 | 2,875 | |
| (WakeMed Proj.): | |||
| Series 2009 B, 0.02% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 26,200 | 26,200 | |
| Series 2009 C, 0.02% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 31,800 | 31,800 | |
| Participating VRDN: | |||
| Series 15 XF0147, 0.03% 9/8/15 (Liquidity Facility Toronto-Dominion Bank) (a)(d) | 9,365 | 9,365 | |
| Series BC 10 31W, 0.06% 9/8/15 (Liquidity Facility Barclays Bank PLC) (a)(d) | 3,625 | 3,625 | |
| North Carolina Med. Care Commission Hosp. Rev. (CaroMont Health Proj.) Series 2003 A, 0.02% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 38,585 | 38,585 | |
| Parson County Indl. Facilities and Poll. Cont. Fing. Auth. (CertainTeed Gypsum NC, Inc. Proj.) Series 2010, 0.02% 9/8/15, LOC Cr. Industriel et Commercial, VRDN (a) | 48,280 | 48,280 | |
| Piedmont Triad Arpt. Auth. Series 2008 B, 0.04% 9/8/15, LOC Branch Banking & Trust Co., VRDN (a)(c) | 7,000 | 7,000 | |
| Raleigh Combined Enterprise Sys. Rev. Participating VRDN Series EGL 07 0010, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 4,950 | 4,950 | |
| Univ. of North Carolina at Chapel Hill Rev. Participating VRDN Series EGL 05 3014 Class A, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 28,900 | 28,900 | |
| 411,780 | |||
| North Dakota - 0.0% | |||
| Cass County Solid Waste Disp. Rev. (Tharaldson Ethanol Plant I, LLC Proj.) Series 2007, 0.32% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 300 | 300 | |
| Ohio - 0.8% | |||
| Columbus Gen. Oblig. Participating VRDN Series Clipper 08 2, 0.02% 9/8/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d) | 7,985 | 7,985 | |
| Hamilton County Hosp. Facilities Rev. (Children's Hosp. Med. Ctr. Proj.): | |||
| Series 1997 A, 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 8,900 | 8,900 | |
| Series 2000, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 31,700 | 31,700 | |
| Series 2007 M, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 5,000 | 5,000 | |
| Hamilton County Student Hsg. Rev. (Block 3 Proj.) Series 2004, 0.13% 9/8/15, LOC Bank of New York, New York, LOC Citizens Bank of Pennsylvania, VRDN (a) | 32,600 | 32,600 | |
| Middletown Hosp. Facilities Rev. Series 2008 A, 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 11,800 | 11,800 | |
| Ohio Gen. Oblig. (Common Schools Proj.) Series 2005 B, 0.01% 9/8/15, VRDN (a) | 8,400 | 8,400 | |
| Ohio Higher Edl. Facility Commission Rev. (Case Western Reserve Univ. Proj.) Series 2008 A, 0.01% 9/8/15, LOC PNC Bank NA, VRDN (a) | 5,100 | 5,100 | |
| Ohio Hosp. Facilities Rev. Participating VRDN: | |||
| Series Putters 3552, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 3,500 | 3,500 | |
| Series Putters 3558, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 4,800 | 4,800 | |
| Ohio Hsg. Fin. Agcy. Mtg. Rev.: | |||
| (Mtg.-Backed Securities Prog.) Series B, 0.03% 9/8/15 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(c) | 10,490 | 10,490 | |
| Series 2004 D, 0.04% 9/8/15 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(c) | 1,300 | 1,300 | |
| Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Series 2008 B, 0.03% 9/8/15 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(c) | 5,500 | 5,500 | |
| Ohio State Univ. Gen. Receipts: | |||
| Series 2001, 0.01% 9/8/15, VRDN (a) | 17,880 | 17,880 | |
| Series 2010 E, 0.01% 9/8/15, VRDN (a) | 77,700 | 77,700 | |
| Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 0.04% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 2,900 | 2,900 | |
| 235,555 | |||
| Oklahoma - 0.0% | |||
| Tulsa Arpts. Impt. Trust Spl. Facility Rev. 0.04% 9/8/15, LOC Landesbank Hessen-Thuringen, VRDN (a)(c) | 10,120 | 10,120 | |
| Univ. Hospitals Trust Rev. Series 2005 A, 0.03% 9/8/15, LOC Bank of America NA, VRDN (a) | 1,250 | 1,250 | |
| 11,370 | |||
| Oregon - 0.6% | |||
| Clackamas County Hosp. Facility Auth. (Legacy Health Sys. Proj.): | |||
| Series 2008 A, 0.01% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 10,300 | 10,300 | |
| Series 2008 C, 0.01% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 16,500 | 16,500 | |
| Oregon Facilities Auth. Rev. (PeaceHealth Proj.) Series 2008 A, 0.01% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 2,000 | 2,000 | |
| Oregon Gen. Oblig. Participating VRDN: | |||
| Series ROC II R 11949, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 3,615 | 3,615 | |
| Series WF11 57 C, 0.03% 9/8/15 (Liquidity Facility Wells Fargo Bank NA) (a)(d) | 10,795 | 10,795 | |
| Oregon State Dept. of Administrative Svcs. Lottery Rev. Participating VRDN Series BC 11 5W, 0.06% 9/8/15 (Liquidity Facility Barclays Bank PLC) (a)(d) | 6,555 | 6,555 | |
| Port of Portland Arpt. Rev.: | |||
| Series Eighteen A, 0.01% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a)(c) | 34,730 | 34,730 | |
| Series Eighteen B, 0.03% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(c) | 46,350 | 46,350 | |
| Portland Hsg. Auth. Rev.: | |||
| (New Columbia - Cecelia Proj.) Series 2004, 0.04% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 3,400 | 3,400 | |
| (New Columbia - Trouton Proj.) Series 2005, 0.04% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 5,525 | 5,525 | |
| Portland Multi-family Hsg. Rev. (The Village at Lovejoy Fountain Proj.) Series 2009, 0.05% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 15,000 | 15,000 | |
| Salem Hosp. Facility Auth. Rev. (Salem Hosp. Proj.) Series 2008 B, 0.02% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 9,500 | 9,500 | |
| 164,270 | |||
| Pennsylvania - 0.8% | |||
| Allegheny County Hosp. Dev. Auth. Rev. (Children's Institute Pittsburgh Proj.): | |||
| Series 2005 A, 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 8,665 | 8,665 | |
| Series 2005 B, 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 6,885 | 6,885 | |
| BB&T Muni. Trust Participating VRDN Series BBT 08 1, 0.03% 9/8/15 (Liquidity Facility Branch Banking & Trust Co.) (a)(d) | 1,490 | 1,490 | |
| Bucks County Indl. Dev. Auth. Hosp. Rev. (Grand View Hosp. Proj.) Series 2008 A, 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 12,835 | 12,835 | |
| Bucks County Indl. Dev. Auth. Rev. (Lutheran Cmnty. at Telford Healthcare Ctr., Inc. Proj.) Series 2007 B, 0.22% 9/8/15, LOC Citizens Bank of Pennsylvania, VRDN (a) | 2,210 | 2,210 | |
| Butler County Gen. Auth. Rev. (Erie School District Proj.) Series 2011, 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 11,015 | 11,015 | |
| Chester County Health & Ed. Auth. Rev. (Jenner's Pond Proj.) Series 2006, 0.02% 9/8/15, LOC Citizens Bank of Pennsylvania, VRDN (a) | 19,290 | 19,290 | |
| Erie County Hosp. Auth. Rev. (Saint Vincent Health Ctr. Proj.) Series 2010 B, 0.04% 9/8/15, LOC Manufacturers & Traders Trust Co., VRDN (a) | 11,340 | 11,340 | |
| Geisinger Auth. Health Sys. Rev. Participating VRDN Series Putters 3490Z, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 4,555 | 4,555 | |
| Lackawanna Hotel Room Rental Tax Rev. Series 2013, 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 8,670 | 8,670 | |
| Lancaster Indl. Dev. Auth. Rev. (Willow Valley Retirement Proj.) Series 2009 B, 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 15,705 | 15,705 | |
| Lawrence County Gen. Oblig. Indl. Dev. Auth. 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 7,245 | 7,245 | |
| Luzerne County Convention Ctr. Series 2012, 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 6,200 | 6,200 | |
| Montgomery County Indl. Dev. Auth. Rev. (Foulkeways at Gwynedd Proj.) Series 2006 B, 0.02% 9/8/15, LOC Citizens Bank of Pennsylvania, VRDN (a) | 9,900 | 9,900 | |
| Northeastern Pennsylvania Hosp. and Ed. Auth. Rev. (The Commonwealth Med. College Proj.) Series 2009, 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 7,760 | 7,760 | |
| Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Series 1996 D5, 0.17% 9/8/15, LOC PNC Bank NA, VRDN (a)(c) | 300 | 300 | |
| Pennsylvania Econ. Dev. Fing. Auth. Manufacturing Facility Rev. (Dodge Realty Partners Proj.) Series 2007, 0.09% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 2,085 | 2,085 | |
| Pennsylvania Gen. Oblig. Participating VRDN Series Putters 3352Z, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 3,590 | 3,590 | |
| Philadelphia Arpt. Rev.: | |||
| Series 2005 C1, 0.02% 9/8/15, LOC TD Banknorth, NA, VRDN (a)(c) | 18,705 | 18,705 | |
| Series 2005 C2, 0.03% 9/8/15, LOC Royal Bank of Canada, VRDN (a)(c) | 10,855 | 10,855 | |
| Philadelphia Auth. for Indl. Dev. Rev. (Spl. People in Northeast, Inc. Proj.) Series 2006, 0.35% 9/8/15, LOC Citizens Bank of Pennsylvania, VRDN (a) | 985 | 985 | |
| Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.): | |||
| Eighth Series C, 0.02% 9/8/15, LOC Barclays Bank PLC, VRDN (a) | 6,900 | 6,900 | |
| Eighth Series E, 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 4,000 | 4,000 | |
| Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev. Series 2008 B1, 0.01% 9/8/15, LOC Bank of America NA, VRDN (a) | 11,400 | 11,400 | |
| Washington County Hosp. Auth. Rev. (Monongahela Valley Hosp. Proj.): | |||
| Series 2011 A, 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 2,540 | 2,540 | |
| Series 2011 B, 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 10,175 | 10,175 | |
| Westmoreland County Indl. Dev. Auth. Rev. (Excela Health Proj.) Series 2010 B, 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 2,745 | 2,745 | |
| 208,045 | |||
| Rhode Island - 0.5% | |||
| Narragansett Bay Commission Wastewtr. Sys. Rev. Series 2008 A, 0.02% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 32,800 | 32,800 | |
| Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev.: | |||
| (Bryant Univ. Proj.) Series 2008, 0.02% 9/8/15, LOC TD Banknorth, NA, VRDN (a) | 22,200 | 22,200 | |
| (Rhode Island School of Design Proj.): | |||
| Series 2008 A, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 48,740 | 48,740 | |
| Series 2008 B, 0.01% 9/8/15, LOC TD Banknorth, NA, VRDN (a) | 7,510 | 7,510 | |
| (Roger Williams Univ. Proj.) Series 2008 B, 0.02% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 15,170 | 15,170 | |
| 126,420 | |||
| South Carolina - 0.4% | |||
| Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.): | |||
| Series 1999 A, 0.01% 9/1/15, VRDN (a) | 1,000 | 1,000 | |
| Series 1999 B, 0.02% 9/1/15, VRDN (a)(c) | 2,300 | 2,300 | |
| South Carolina Jobs-Econ. Dev. Auth. (AnMed Health Proj.) Series 2009 D, 0.01% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 4,970 | 4,970 | |
| South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev.: | |||
| (Bon Secours Health Sys. Proj.): | |||
| Series 2008 D, 0.02% 9/8/15, LOC Bank of New York, New York, VRDN (a) | 9,870 | 9,870 | |
| 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 50,000 | 50,000 | |
| (Waste Mgmt. of South Carolina, Inc. Proj.) Series 2003 A, 0.06% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(c) | 15,000 | 15,000 | |
| South Carolina Jobs-Econ. Dev. Auth. Indl. Rev.: | |||
| (South Carolina Elec. & Gas Co. Proj.) Series 2008, 0.04% 9/8/15, LOC TD Banknorth, NA, VRDN (a)(c) | 13,790 | 13,790 | |
| (South Carolina Generating Co., Inc. Proj.) Series 2008, 0.04% 9/8/15, LOC TD Banknorth, NA, VRDN (a)(c) | 20,700 | 20,700 | |
| 117,630 | |||
| South Dakota - 0.0% | |||
| South Dakota Hsg. Dev. Auth. (Harmony Heights Proj.) Series 2001, 0.05% 9/8/15, LOC Fannie Mae, VRDN(a)(c) | 6,500 | 6,500 | |
| Tennessee - 1.5% | |||
| Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.): | |||
| Series 2001, 0.02% 9/1/15, LOC Bank of America NA, VRDN (a) | 14,475 | 14,475 | |
| Series 2003, 0.02% 9/1/15, LOC Bank of America NA, VRDN (a) | 11,010 | 11,010 | |
| Series 2004, 0.02% 9/1/15, LOC Bank of America NA, VRDN (a) | 11,010 | 11,010 | |
| Series 2005, 0.02% 9/1/15, LOC Bank of America NA, VRDN (a) | 35,135 | 35,135 | |
| Series 2008, 0.02% 9/1/15, LOC Bank of America NA, VRDN (a) | 25,160 | 25,160 | |
| Henderson TN IDB Rev. (Arvin Sango, Inc. Proj.) Series 2012, 0.06% 9/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(c) | 5,000 | 5,000 | |
| Johnson City Health & Edl. Hosp. Rev.: | |||
| (Mountain States Health Alliance Proj.): | |||
| Series 2011 A, 0.02% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 31,510 | 31,510 | |
| Series 2011 B, 0.02% 9/8/15, LOC PNC Bank NA, VRDN (a) | 4,240 | 4,240 | |
| Series 2013 A, 0.02% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 4,075 | 4,075 | |
| Lewisburg Indl. Dev. Board (Waste Mgmt., Inc., Proj.) 0.04% 9/8/15, LOC PNC Bank NA, VRDN (a)(c) | 25,000 | 25,000 | |
| Loudon County Indl. Dev. Board Exempt Facilities Rev. (Kimberly-Clark Corp. Proj.) 0.05% 9/8/15, VRDN (a)(c) | 11,600 | 11,600 | |
| Loudon Indl. Dev. Board Solid Waste Disp. Rev. (Tate & Lyle Ingredients Americas, Inc. Proj.) Series 2006, 0.05% 9/8/15, LOC Rabobank Nederland, VRDN (a)(c) | 29,700 | 29,700 | |
| Memphis Health, Edl. & Hsg. Facilities Board: | |||
| (Ashland Lakes Apts. Proj.) Series A, 0.04% 9/8/15, LOC U.S. Bank NA, Cincinnati, VRDN (a)(c) | 10,000 | 10,000 | |
| (Watergrove Apts. Proj.) Series 2004, 0.02% 9/8/15, LOC Freddie Mac, VRDN (a) | 18,170 | 18,170 | |
| Metropolitan Govt. Nashville & Davidson County Health & Edl. Facilities Board (Whispering Oaks Apts. Proj.) 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 15,000 | 15,000 | |
| Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev.: | |||
| (Tennessee County Ln. Pool Prog.): | |||
| Series 1999, 0.03% 9/8/15, LOC Bank of America NA, VRDN (a) | 13,845 | 13,845 | |
| Series 2002, 0.02% 9/1/15, LOC Bank of America NA, VRDN (a) | 4,290 | 4,290 | |
| Series 2004, 0.02% 9/1/15, LOC Bank of America NA, VRDN (a) | 21,810 | 21,810 | |
| Series 2006, 0.02% 9/1/15, LOC Bank of America NA, VRDN (a) | 10,545 | 10,545 | |
| Series 2008, 0.02% 9/1/15, LOC Bank of America NA, VRDN (a) | 15,090 | 15,090 | |
| Nashville and Davidson County Metropolitan Govt. Gen. Oblig. Participating VRDN Series Putters 2631, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 67,475 | 67,475 | |
| Nashville and Davidson County Metropolitan Govt. Health & Edl. Facilities Board Rev. Bonds Series 2001 B1, 0.2%, tender 3/28/16 (a) | 14,675 | 14,675 | |
| Rutherford County Health & Edl. Facilities Board Rev. Participating VRDN Series 2014 ZF0208, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 5,000 | 5,000 | |
| 403,815 | |||
| Texas - 5.8% | |||
| Austin Arpt. Sys. Rev.: | |||
| Series 2005 1, 0.03% 9/8/15, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(c) | 49,700 | 49,700 | |
| Series 2005 2, 0.03% 9/8/15, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(c) | 49,650 | 49,650 | |
| Series 2005 3, 0.03% 9/8/15, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(c) | 28,000 | 28,000 | |
| Austin Wtr. & Wastewtr. Sys. Rev.: | |||
| Participating VRDN Series ROC II R 11992, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 3,810 | 3,810 | |
| Series 2008, 0.02% 9/8/15, LOC Citibank NA, VRDN (a) | 15,880 | 15,880 | |
| Board of Regents of The Texas A&M Univ. Sys. Permanent Univ. Fund Participating VRDN Series WF 10 53C, 0.03% 9/8/15 (Liquidity Facility Wells Fargo Bank NA) (a)(d) | 5,540 | 5,540 | |
| Brazos River Hbr. Navigation District of Brazoria County Envir. Facilities Rev. (Merey Sweeny LP Proj.): | |||
| Series 2000 A, 0.02% 9/1/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 3,800 | 3,800 | |
| Series 2002 A, 0.02% 9/1/15, LOC Bank of America NA, VRDN (a)(c) | 2,100 | 2,100 | |
| Brownsville Indl. Dev. Corp. Rev. (Rich-Seapak Corp. Proj.) Series 1997, 0.05% 9/8/15, LOC HSBC Bank U.S.A., NA, VRDN (a)(c) | 6,250 | 6,250 | |
| Calhoun County Navigation District Envir. Facilities Rev. (Formosa Plastics Corp. Proj.) 0.03% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 13,775 | 13,775 | |
| Calhoun County Navigation District Poll. Cont. Rev. (Formosa Plastics Corp., Texas Proj.) Series 2002, 0.03% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 10,000 | 10,000 | |
| Calhoun County Navigation District Port Rev. (Formosa Plastics Corp. Proj.) Series 2000, 0.04% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 5,500 | 5,500 | |
| Calhoun County Solid Waste Disp. Rev. (Formosa Plastics Corp. Proj.): | |||
| Series 2000, 0.03% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 12,500 | 12,500 | |
| Series 2001, 0.03% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 17,500 | 17,500 | |
| Calhoun Port Auth. Envir. Facilities Rev.: | |||
| (Formosa Plastics Corp. Proj.) Series 2012, 0.03% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 24,800 | 24,800 | |
| (Formosa Plastics Corp. Texas Proj.): | |||
| Series 2007 A, 0.04% 9/8/15, LOC PNC Bank NA, VRDN (a)(c) | 47,300 | 47,300 | |
| Series 2008, 0.04% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 40,000 | 40,000 | |
| Cap. Area Hsg. Fin. Corp. Multi-family Hsg. Rev. (Marble Falls Vistas Apts. Proj.) 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 5,390 | 5,390 | |
| Dallas Hsg. Fin. Corp. Multi-family Hsg. Rev. (The Masters Apts. Proj.) 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 6,980 | 6,980 | |
| Dallas Performing Arts Cultural Facilities Corp. Cultural Facility Rev. (Dallas Ctr. For The Performing Arts Foundation, Inc. Proj.) Series 2008 A, 0.02% 9/8/15, LOC Bank of America NA, VRDN (a) | 14,400 | 14,400 | |
| Frisco Independent School District Participating VRDN Series ROC II R 11960, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 6,310 | 6,310 | |
| Gilmer Indl. Dev. Corp. (Duoline Technologies LP Proj.) Series 2008 A, 0.15% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(c) | 8,260 | 8,260 | |
| Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.03% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 14,100 | 14,100 | |
| Harris County Cultural Ed. Facilities Fin. Corp. Rev.: | |||
| (Mermann Health Sys. Proj.) Series 2013 C, 0.01% 9/8/15, VRDN (a) | 31,100 | 31,100 | |
| (YMCA of the Greater Houston Area Proj.): | |||
| Series 2013 B, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 27,100 | 27,100 | |
| Series 2013 D, 0.01% 9/8/15, VRDN (a) | 8,500 | 8,500 | |
| Participating VRDN Series Putters 15 3, 0.03% 9/1/15 (Liquidity Facility JPMorgan Securities LLC) (a)(d) | 13,965 | 13,965 | |
| Series 2014 C, 0.01% 9/8/15, VRDN (a) | 10,000 | 10,000 | |
| Series 2014 D, 0.01% 9/8/15, VRDN (a) | 16,300 | 16,300 | |
| Harris County Health Facilities Dev. Corp. Rev. (Saint Dominic Village Proj.) Series 2000, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 2,205 | 2,205 | |
| Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev.: | |||
| (Lafayette Village Apts. Proj.) Series 2006, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 6,515 | 6,515 | |
| (Louetta Village Apts. Proj.) Series 2005, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 6,280 | 6,280 | |
| (Primrose Aldine Bender Apt. Proj.) Series 2004, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 7,310 | 7,310 | |
| (Primrose at Bammel Apts. Proj.) Series 2005, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 7,880 | 7,880 | |
| (Quail Chase Apts. Proj.) Series 1999, 0.04% 9/8/15, LOC Gen. Elec. Cap. Corp., VRDN (a)(c) | 11,110 | 11,110 | |
| (Wellington Park Apts. Proj.) Series 2004, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 11,550 | 11,550 | |
| Houston Arpt. Sys. Rev. Series 2010, 0.03% 9/8/15, LOC Barclays Bank PLC, VRDN (a) | 69,815 | 69,815 | |
| Houston Gen. Oblig. Participating VRDN Series Putters 4338, 0.06% 9/8/15 (Liquidity Facility JPMorgan Chase & Co.) (a)(d) | 6,345 | 6,345 | |
| Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Participating VRDN Series ROC II R 11860, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 6,000 | 6,000 | |
| Houston Hsg. Fin. Corp. Multi-family Hsg. Rev.: | |||
| (Fairlake Cove Apts. Proj.) Series 2005, 0.04% 9/8/15, LOC Citibank NA, VRDN (a)(c) | 8,720 | 8,720 | |
| (Little Nell Apts. Proj.) Series 2003, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 11,900 | 11,900 | |
| (Mayfair Park Apts. Proj.) Series 2004, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 5,500 | 5,500 | |
| Houston Util. Sys. Rev.: | |||
| Participating VRDN: | |||
| Series Putters 4719, 0.02% 9/8/15 (Liquidity Facility Bank of America NA) (a)(d) | 14,400 | 14,400 | |
| Series ROC II R 11411, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 9,290 | 9,290 | |
| Series 2004 B3, 0.01% 9/8/15, LOC Sumitomo Mitsui Banking Corp., VRDN (a) | 10,600 | 10,600 | |
| Series 2004 B4, 0.01% 9/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 41,700 | 41,700 | |
| Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) 0.22% 9/8/15, VRDN (a)(c) | 12,600 | 12,600 | |
| Judson Independent School District Participating VRDN Series MS 06 1859, 0.02% 9/8/15 (Liquidity Facility Wells Fargo & Co.) (a)(d) | 7,890 | 7,890 | |
| Klein Independent School District Participating VRDN Series ROCS II R 11942, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 5,145 | 5,145 | |
| Leander Independent School District Participating VRDN Series BC 10 28W, 0.06% 9/8/15 (Liquidity Facility Barclays Bank PLC) (a)(d) | 9,250 | 9,250 | |
| Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev. (Onyx Envir. Svcs. Proj.) Series 2003, 0.1% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 11,950 | 11,950 | |
| Montgomery County Hsg. Fin. Corp. Multi-family Hsg. Rev. (Conroe Lodge at Silverdale Apt. Homes Proj.) 0.04% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 7,470 | 7,470 | |
| North East Texas Independent School District Participating VRDN Series EGL 14 0018, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 22,305 | 22,305 | |
| Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
| Series 2001 A, 0.3% 9/1/15, VRDN (a) | 3,200 | 3,200 | |
| Series 2004, 0.27% 9/8/15, VRDN (a)(c) | 99,850 | 99,850 | |
| Series 2009 A, 0.3% 9/1/15, VRDN (a) | 1,300 | 1,300 | |
| Series 2009 B, 0.3% 9/1/15, VRDN (a) | 25,390 | 25,390 | |
| Series 2009 C, 0.3% 9/1/15, VRDN (a) | 5,800 | 5,800 | |
| Series 2010 D, 0.3% 9/1/15, VRDN (a) | 5,800 | 5,800 | |
| Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev.: | |||
| (Air Products Proj.): | |||
| Series 2000, 0.02% 9/8/15, VRDN (a)(c) | 24,000 | 24,000 | |
| Series 2001, 0.02% 9/8/15, VRDN (a)(c) | 25,000 | 25,000 | |
| Series 2010 A, 0.03% 9/8/15 (Total SA Guaranteed), VRDN (a) | 1,000 | 1,000 | |
| Series 2012, 0.03% 9/8/15 (Total SA Guaranteed), VRDN (a) | 15,000 | 15,000 | |
| (Total Petrochemicals and Refining U.S.A., Inc. Proj.) Series 2012 A, 0.03% 9/8/15 (Total SA Guaranteed), VRDN (a) | 34,200 | 34,200 | |
| Riesel Indl. Dev. Corp. (Sandy Creek Energy Assoc. Proj.): | |||
| 0.02% 9/8/15, LOC BNP Paribas SA, VRDN (a)(c) | 50,000 | 50,000 | |
| 0.02% 9/8/15, LOC MUFG Union Bank NA, VRDN (a)(c) | 50,000 | 50,000 | |
| San Antonio Elec. & Gas Sys. Rev. Participating VRDN: | |||
| Series Putters 3344, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 1,700 | 1,700 | |
| Series Putters 3560, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 9,015 | 9,015 | |
| Series Putters 3688Z, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 4,570 | 4,570 | |
| Series Putters 4356, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 17,750 | 17,750 | |
| San Antonio Indl. Dev. Auth. Indl. Dev. Rev. (Tindall Corp. Proj.) Series 2008 A, 0.05% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(c) | 6,315 | 6,315 | |
| San Antonio Pub. Facilities Corp. and Rfdg. Lease Participating VRDN Series CTE 12 3AX, 0.02% 9/8/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d) | 7,465 | 7,465 | |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | |||
| (Baylor Health Care Sys. Proj.): | |||
| Series 2011 D, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 12,870 | 12,870 | |
| Series 2011 E, 0.01% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 18,365 | 18,365 | |
| (Methodist Hospitals of Dallas Proj.) Series 2008, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 58,900 | 58,900 | |
| (Scott and White Memorial Hosp. and Scott, Sherwood and Brindley Foundation Proj.) Series 2008 1, 0.01% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 22,430 | 22,430 | |
| Participating VRDN Series Putters 4363, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 11,625 | 11,625 | |
| Tarrant County Health Facilities Dev. Corp. Hosp. Rev. Participating VRDN Series Putters 0028, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 6,750 | 6,750 | |
| Tarrant County Health Facilities Dev. Corp. Rev. (Carter Blood Care Proj.) Series 1998, 0.11% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 1,950 | 1,950 | |
| Texas A&M Univ. Rev. Participating VRDN Series BC 10 39W, 0.06% 9/8/15 (Liquidity Facility Barclays Bank PLC) (a)(d) | 1,580 | 1,580 | |
| Texas City Indl. Dev. Corp. (Del Papa Realty Hldgs. LP Proj.) Series 2011, 0.03% 9/8/15, LOC Bank of America NA, VRDN (a) | 11,180 | 11,180 | |
| Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev.: | |||
| (Bristol Apts. Proj.) Series 2004, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 11,500 | 11,500 | |
| (Chisholm Trail Proj.) Series 2004, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 5,100 | 5,100 | |
| (Pinnacle Apts. Proj.) Series 2004, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 13,265 | 13,265 | |
| (Residences at Sunset Pointe Proj.) Series 2006, 0.08% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 15,000 | 15,000 | |
| (St. Augustine Estate Proj.) Series 2005, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 5,980 | 5,980 | |
| (Windshire Apts. Proj.) Series 2007, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 13,300 | 13,300 | |
| Series 2004, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 11,100 | 11,100 | |
| Series 2006, 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 13,490 | 13,490 | |
| Texas Gen. Oblig.: | |||
| (Veterans' Hsg. Assistance Prog.): | |||
| Fund II Series 2005 B, 0.02% 9/8/15 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(c) | 19,900 | 19,900 | |
| Fund II Series 2007 A, 0.02% 9/8/15 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(c) | 33,875 | 33,875 | |
| Participating VRDN: | |||
| Series 15 XF0075, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 11,915 | 11,915 | |
| Series DB 448, 0.08% 9/8/15 (Liquidity Facility Deutsche Bank AG) (a)(c)(d) | 5,565 | 5,565 | |
| Series MS 3404, 0.03% 9/8/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 11,550 | 11,550 | |
| Series Putters 3478, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 4,995 | 4,995 | |
| Series Putters 3480, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 7,495 | 7,495 | |
| Series 2012 A, 0.01% 9/8/15 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | 16,600 | 16,600 | |
| Series 2015 B, 0.01% 9/8/15 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | 21,300 | 21,300 | |
| Travis County Hsg. Fin. Corp. (Rosemont at Old Manor Apts.) Series 2004, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 9,185 | 9,185 | |
| Univ. of Texas Board of Regents Sys. Rev.: | |||
| Participating VRDN Series 15 XF0067, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 2,180 | 2,180 | |
| Series 2008 B2, 0.01% 9/8/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), VRDN (a) | 20,800 | 20,800 | |
| Univ. of Texas Permanent Univ. Fund Rev. Series 2008 A, 0.01% 9/8/15, VRDN (a) | 13,300 | 13,300 | |
| 1,612,640 | |||
| Utah - 0.2% | |||
| Carbon County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.02% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a) | 8,865 | 8,865 | |
| Emery County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.02% 9/8/15, LOC Canadian Imperial Bank of Commerce, VRDN (a) | 12,170 | 12,170 | |
| Murray City Hosp. Rev. (IHC Health Svcs., Inc. Proj.) Series 2005 A, 0.01% 9/1/15 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 11,000 | 11,000 | |
| Utah County Hosp. Rev. Participating VRDN Series 15 ZF0221, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 11,665 | 11,665 | |
| Utah Hsg. Corp. Multi-family Hsg. Rev. (Springwood Apts. Proj.) Series 2005 A, 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 8,485 | 8,485 | |
| 52,185 | |||
| Virginia - 0.8% | |||
| Alexandria Redev. & Hsg. Auth. Multi-family Hsg. Rev. (Fairfield Village Square Proj.) Series A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 21,720 | 21,720 | |
| Arlington County Indl. Dev. Auth. Multi-family Hsg. Rev. Series A, 0.04% 9/8/15, LOC Freddie Mac, VRDN (a)(c) | 4,000 | 4,000 | |
| Fairfax County Indl. Dev. Auth.: | |||
| (Inova Health Sys. Proj.) Series 2005 A2, 0.02% 9/8/15, VRDN (a) | 28,270 | 28,270 | |
| Participating VRDN Series MS 3309, 0.02% 9/8/15 (Liquidity Facility Cr. Suisse AG) (a)(d) | 2,300 | 2,300 | |
| Hampton Indl. Dev. Auth. Exempt Facilities Rev. (U.S.A. Waste of Virginia Landfills, Inc. Proj.) Series 2000, 0.05% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(c) | 10,000 | 10,000 | |
| Hanover County Econ. Dev. Auth. Rev. (Bon Secours Health Sys. Proj.) Series 2008 D1, 0.02% 9/8/15, LOC Bank of New York, New York, VRDN (a) | 1,000 | 1,000 | |
| Loudoun County Indl. Dev. Auth. (Howard Hughes Med. Institute Proj.): | |||
| Series 2003 A, 0.01% 9/8/15, VRDN (a) | 13,430 | 13,430 | |
| Series 2003 C, 0.01% 9/8/15, VRDN (a) | 15,000 | 15,000 | |
| Series 2003 D, 0.01% 9/8/15, VRDN (a) | 14,840 | 14,840 | |
| Series 2003 E, 0.01% 9/8/15, VRDN (a) | 32,950 | 32,950 | |
| Series 2003 F, 0.01% 9/8/15, VRDN (a) | 27,900 | 27,900 | |
| Newport News Indl. Dev. Auth. (CNU Warwick LLC Student Apts. Proj.) 0.08% 9/8/15, LOC Bank of America NA, VRDN (a) | 3,500 | 3,500 | |
| Prince William County Indl. Dev. Auth. Sewage Disp. Facilities Rev. (Dale Svc. Corp. Proj.): | |||
| Series 2000, 0.05% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(c) | 3,240 | 3,240 | |
| Series 2001, 0.05% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(c) | 2,750 | 2,750 | |
| Series 2006, 0.05% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(c) | 4,200 | 4,200 | |
| Sussex County Indl. Dev. Auth. Solid Waste Disp. Rev. (Atlantic Waste Disp. Proj.) 0.04% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 10,000 | 10,000 | |
| Univ. of Virginia Gen. Rev. Participating VRDN Series EGL 14 0048, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 24,390 | 24,390 | |
| Virginia Commonwealth Trans. Board Rev. Participating VRDN Series RBC O 67, 0.02% 9/8/15 (Liquidity Facility Royal Bank of Canada) (a)(d) | 6,770 | 6,770 | |
| Virginia Resources Auth. Clean Wtr. Rev. Participating VRDN: | |||
| Series Putters 3036, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 3,370 | 3,370 | |
| Series ROC II R 11923, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 3,680 | 3,680 | |
| Virginia Small Bus. Fing. Auth. Health Care Facilities Rev. Participating VRDN Series Putters 3791Z, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 1,015 | 1,015 | |
| 234,325 | |||
| Washington - 3.1% | |||
| Central Puget Sound Reg'l. Trans. Auth. Sales & Use Tax Rev. Participating VRDN Series Putters 2866, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 8,280 | 8,280 | |
| Chelan County Pub. Util. District #1 Rev. Series 2008 B, 0.02% 9/8/15 (Liquidity Facility MUFG Union Bank NA), VRDN (a) | 12,000 | 12,000 | |
| King County Gen. Oblig. Participating VRDN Series BC 10 66W, 0.06% 9/8/15 (Liquidity Facility Barclays Bank PLC) (a)(d) | 2,500 | 2,499 | |
| King County Hsg. Auth. Rev. (Overlake TOD Hsg. Proj.) 0.04% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 16,540 | 16,540 | |
| King County Swr. Rev. Participating VRDN: | |||
| Series EGL 14 0047, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 21,775 | 21,775 | |
| Series Putters 15 XM0012, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 6,950 | 6,950 | |
| Series ROC II R 11962, 0.02% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 2,200 | 2,200 | |
| Port of Seattle Rev.: | |||
| Series 1997, 0.03% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 108,830 | 108,830 | |
| Series 2008, 0.02% 9/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(c) | 128,715 | 128,715 | |
| Port of Vancouver Rev. (United Grain Corp. of Oregon Proj.) Series 2009, 0.03% 9/8/15, LOC Bank of America NA, VRDN (a) | 25,000 | 25,000 | |
| Seattle Wtr. Sys. Rev. Participating VRDN Series MS 06 2170, 0.04% 9/8/15 (Liquidity Facility Wells Fargo & Co.) (a)(d) | 2,530 | 2,530 | |
| Snohomish County Hsg. Auth. Hsg. Rev. (Ebey Arms Centerhouse Proj.) Series 2003, 0.03% 9/8/15, LOC Bank of America NA, VRDN (a) | 7,535 | 7,535 | |
| Washington Econ. Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): | |||
| Series D, 0.03% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 20,000 | 20,000 | |
| Series E, 0.03% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a)(c) | 17,300 | 17,300 | |
| Washington Gen. Oblig. Participating VRDN: | |||
| Series Clipper 05 39, 0.02% 9/8/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d) | 14,136 | 14,136 | |
| Series GS 06 7T, 0.02% 9/8/15 (Liquidity Facility Wells Fargo & Co.) (a)(d) | 16,395 | 16,395 | |
| Series MS 33 864X, 0.03% 9/8/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 2,500 | 2,500 | |
| Series Putters 3385, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 12,295 | 12,295 | |
| Series Putters 3388, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 5,000 | 5,000 | |
| Series Putters 3501Z, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 11,660 | 11,660 | |
| Series Putters 3539, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 10,000 | 10,000 | |
| Series Putters 3854, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 3,500 | 3,500 | |
| Series putters 4033, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 5,100 | 5,100 | |
| Series ROC 14090, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 4,700 | 4,700 | |
| Series ROC II R 14074, 0.03% 9/8/15 (Liquidity Facility Citibank NA) (a)(d) | 8,000 | 8,000 | |
| Series WF 11-16C, 0.03% 9/8/15 (Liquidity Facility Wells Fargo Bank NA) (a)(d) | 20,100 | 20,100 | |
| Washington Health Care Facilities Auth. Rev. Participating VRDN: | |||
| Series 15 XF0083, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 9,375 | 9,375 | |
| Series 15 XF0132, 0.03% 9/8/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 7,065 | 7,065 | |
| Series 15 XF0148, 0.02% 9/8/15 (Liquidity Facility Bank of America NA) (a)(d) | 7,485 | 7,485 | |
| Series 2015 XF0150, 0.06% 9/8/15 (Liquidity Facility Bank of America NA) (a)(d) | 4,355 | 4,355 | |
| Series Solar 07 66, 0.02% 9/8/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d) | 19,570 | 19,570 | |
| Washington Hsg. Fin. Commission Multi-family Hsg. Rev.: | |||
| (Avalon Ridge Apts. Proj.) Series 1999, 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 18,105 | 18,105 | |
| (Ballard Landmark Inn Proj.) Series 2015 A, 0.04% 9/8/15, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a)(c) | 26,890 | 26,890 | |
| (Crestview Apts. Proj.) Series 2004, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 14,000 | 14,000 | |
| (Discovery Heights Apt. Proj.) Series 2010, 0.02% 9/8/15, LOC Freddie Mac, VRDN (a) | 11,700 | 11,700 | |
| (Echo Lake Sr. Apts. Proj.) Series 2006, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 17,970 | 17,970 | |
| (Fairwinds Redmond Proj.) Series A, 0.04% 9/8/15, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a)(c) | 19,250 | 19,250 | |
| (Gardens Univ. Village Apt. Proj.) Series A, 0.03% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 48,540 | 48,540 | |
| (Highland Park Apts. Proj.) Series A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 9,040 | 9,040 | |
| (Interurban Sr. Living Apts. Proj.) Series 2012, 0.02% 9/8/15, LOC Freddie Mac, VRDN (a) | 7,375 | 7,375 | |
| (Merrill Gardens at Renton Centre Proj.) Series A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 20,790 | 20,790 | |
| (Pinehurst Apts. Proj.) Series A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 12,000 | 12,000 | |
| (Reserve at Renton Apts. Proj.) Series 2014, 0.03% 9/8/15, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a) | 4,000 | 4,000 | |
| (Reserve at SeaTac Apts. Proj.) Series 2015, 0.02% 9/8/15, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a) | 7,500 | 7,500 | |
| (Silver Creek Apts. Proj.) Series A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 12,250 | 12,250 | |
| (The Cambridge Apts. Proj.) Series 2009, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a) | 10,500 | 10,500 | |
| (The Lodge at Eagle Ridge Proj.) Series A, 0.04% 9/8/15, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a)(c) | 9,485 | 9,485 | |
| (The Vintage at Everett Sr. Living Proj.) Series 2004 A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 15,750 | 15,750 | |
| (The Vintage at Richland Sr. Living Proj.) Series 2004 A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 7,535 | 7,535 | |
| (Urban Ctr. Apts. Proj.) Series 2012, 0.02% 9/8/15, LOC Freddie Mac, VRDN (a) | 25,400 | 25,400 | |
| (Vintage Mount Vernon Proj.) Series A, 0.04% 9/8/15, LOC Fannie Mae, VRDN (a)(c) | 7,500 | 7,500 | |
| (Washington Terrace Sr. Apts. Proj.) Series 2010, 0.02% 9/8/15, LOC Fannie Mae, VRDN (a) | 3,750 | 3,750 | |
| (Willow Tree Grove Apts. Proj.) Series 2011, 0.02% 9/8/15, LOC Freddie Mac, VRDN (a) | 4,585 | 4,585 | |
| 855,305 | |||
| West Virginia - 0.8% | |||
| Harrison County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.03% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 8,420 | 8,420 | |
| Marion County Solid Waste Disp. Rev. (Grant Town Cogeneration Proj.): | |||
| Series 1990 A, 0.02% 9/8/15, LOC Deutsche Bank AG, VRDN (a)(c) | 8,700 | 8,700 | |
| Series 1990 B, 0.02% 9/8/15, LOC Deutsche Bank AG, VRDN (a)(c) | 8,700 | 8,700 | |
| Series 1990 C, 0.02% 9/8/15, LOC Deutsche Bank AG, VRDN (a)(c) | 4,400 | 4,400 | |
| Series 1990 D, 0.02% 9/8/15, LOC Deutsche Bank AG, VRDN (a)(c) | 4,500 | 4,500 | |
| West Virginia Econ. Dev. Auth. Energy (Morgantown Energy Associates Proj.) Series 2011, 0.03% 9/8/15, LOC MUFG Union Bank NA, VRDN (a)(c) | 43,200 | 43,200 | |
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
| (Appalachian Pwr. Co. - Amos Proj.): | |||
| Series 2008 B, 0.03% 9/8/15, LOC Mizuho Bank Ltd., VRDN (a)(c) | 45,775 | 45,775 | |
| Series 2009 A, 0.02% 9/8/15, LOC Sumitomo Mitsui Banking Corp., VRDN (a) | 25,775 | 25,775 | |
| Series 2009 B, 0.02% 9/8/15, LOC Sumitomo Mitsui Banking Corp., VRDN (a) | 1,800 | 1,800 | |
| (Appalachian Pwr. Co. - Mountaineer Proj.) Series 2008 A, 0.02% 9/8/15, LOC Mizuho Bank Ltd., VRDN (a)(c) | 59,700 | 59,700 | |
| West Virginia Hosp. Fin. Auth. Rev.: | |||
| (Charleston Area Med. Ctr., Inc. Proj.) Series 2008 A, 0.02% 9/8/15, LOC Branch Banking & Trust Co., VRDN (a) | 6,400 | 6,400 | |
| (Pallottine Health Svcs. Proj.) 0.1% 9/8/15, LOC Fifth Third Bank, Cincinnati, VRDN (a) | 175 | 175 | |
| Wood County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.03% 9/8/15, LOC Bank of America NA, VRDN (a)(c) | 6,580 | 6,580 | |
| 224,125 | |||
| Wisconsin - 0.4% | |||
| Appleton Redev. Auth. Rev. (Fox Cities Performing Arts Ctr. Proj.) Series 2001 B, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 20,700 | 20,700 | |
| Wisconsin Health & Edl. Facilities Participating VRDN Series MS 3337, 0.02% 9/8/15 (Liquidity Facility Cr. Suisse AG) (a)(d) | 5,000 | 5,000 | |
| Wisconsin Health & Edl. Facilities Auth. Rev.: | |||
| (Aurora Health Care, Inc. Proj.) Series 1999 C, 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 41,880 | 41,880 | |
| (Oakwood Village Proj.) Series 2005, 0.02% 9/8/15, LOC BMO Harris Bank NA, VRDN (a) | 19,610 | 19,610 | |
| Participating VRDN Series Floaters 3184, 0.03% 9/8/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 11,860 | 11,860 | |
| Series 2011 B, 0.02% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 3,500 | 3,500 | |
| 0.01% 9/8/15, LOC JPMorgan Chase Bank, VRDN (a) | 8,100 | 8,100 | |
| 110,650 | |||
| Wyoming - 0.1% | |||
| Converse County Envir. Impt. Rev. Series 1995, 0.23% 9/8/15, VRDN (a)(c) | 1,200 | 1,200 | |
| Laramie County Indl. Dev. Rev. (Cheyenne Lt., Fuel & Pwr. Co. Proj.) Series 2009 A, 0.05% 9/8/15, LOC Wells Fargo Bank NA, VRDN (a)(c) | 5,000 | 5,000 | |
| Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 0.2% 9/8/15, VRDN (a)(c) | 19,500 | 19,500 | |
| Lincoln County Poll. Cont. Rev. (Exxon Corp. Proj.) Series 1987 C, 0.01% 9/1/15, VRDN (a)(c) | 1,800 | 1,800 | |
| Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.02% 9/8/15, LOC Bank of Nova Scotia, VRDN (a) | 10,630 | 10,630 | |
| 38,130 | |||
| TOTAL VARIABLE RATE DEMAND NOTE | |||
| (Cost $17,356,712) | 17,356,712 | ||
| Other Municipal Debt - 23.5% | |||
| Alabama - 0.0% | |||
| Alabama Pub. School & College Auth. Rev. Bonds Series 2007, 5% 12/1/15 | 2,325 | 2,353 | |
| Alaska - 0.4% | |||
| Alaska Gen. Oblig. BAN Series 2015 A, 5% 3/18/16 | 105,500 | 108,242 | |
| Anchorage Gen. Oblig. Bonds: | |||
| Series A, 1.25% 9/1/15 | 1,655 | 1,655 | |
| Series D, 1.25% 9/1/15 | 7,200 | 7,200 | |
| 117,097 | |||
| Arizona - 0.3% | |||
| Phoenix Civic Impt. Corp.: | |||
| Series 2014 A1: | |||
| 0.05% 10/5/15, LOC Bank of America NA, CP | 6,000 | 6,000 | |
| 0.06% 10/2/15, LOC Bank of America NA, CP | 8,500 | 8,500 | |
| Series 2014 A2, 0.09% 10/5/15, LOC Barclays Bank PLC, CP | 18,800 | 18,800 | |
| Series 2014 B1, 0.05% 10/5/15, LOC Bank of America NA, CP (c) | 36,100 | 36,100 | |
| Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series C: | |||
| 0.03% 9/15/15, CP | 15,400 | 15,400 | |
| 0.05% 10/5/15, CP | 10,200 | 10,200 | |
| 95,000 | |||
| California - 1.5% | |||
| California Gen. Oblig. Bonds 6% 4/1/16 | 4,435 | 4,584 | |
| Los Angeles County Gen. Oblig. TRAN 5% 6/30/16 | 109,865 | 114,136 | |
| Los Angeles Dept. of Wtr. & Pwr. Rev. 0.09% 9/23/15 (Liquidity Facility Wells Fargo Bank NA), CP | 10,500 | 10,500 | |
| Los Angeles Gen. Oblig. TRAN 2% 6/30/16 | 277,000 | 280,849 | |
| 410,069 | |||
| Colorado - 0.6% | |||
| Colorado Gen. Fdg. Rev. TRAN 1.75% 6/28/16 | 105,000 | 106,266 | |
| Colorado Univ. Co. Hosp. Auth. Rev. Bonds: | |||
| Series 2015 A, 0.2%, tender 3/28/16 (a) | 41,540 | 41,540 | |
| Series 2015 B, 0.2%, tender 3/28/16 (a) | 8,570 | 8,570 | |
| Series 2015 C, 0.2%, tender 3/28/16 (a) | 11,645 | 11,645 | |
| 168,021 | |||
| Connecticut - 0.4% | |||
| Connecticut Dev. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1999, 0.5% tender 10/1/15, CP mode | 4,600 | 4,600 | |
| Connecticut Gen. Oblig. Bonds: | |||
| Series 2013 A, 0.1% 7/1/16 (a) | 20,900 | 20,900 | |
| Series 2014 C, 4% 6/15/16 | 22,700 | 23,356 | |
| Series 2014 E, 2% 9/1/15 | 15,000 | 15,000 | |
| Series 2015 A, 2% 3/15/16 | 8,800 | 8,884 | |
| Series 2015 B, 2% 6/15/16 | 11,900 | 12,059 | |
| Series 2015 D, 0.1% 6/15/16 (a) | 11,770 | 11,770 | |
| Danbury Gen. Oblig. BAN Series 2015, 2% 7/21/16 | 7,000 | 7,103 | |
| Greenwich Gen. Oblig. BAN 1.25% 1/21/16 | 15,000 | 15,062 | |
| 118,734 | |||
| Delaware - 0.0% | |||
| Delaware Gen. Oblig. Bonds Series 2009 C, 5% 10/1/15 | 8,000 | 8,032 | |
| District Of Columbia - 0.4% | |||
| District of Columbia Rev. Bonds Series 2000, 0.03% tender 9/8/15, LOC JPMorgan Chase Bank, CP mode | 5,000 | 5,000 | |
| District of Columbia Wtr. & Swr. Auth. Pub. Util. Rev. Series B: | |||
| 0.05% 10/2/15, LOC Landesbank Hessen-Thuringen, CP | 12,500 | 12,500 | |
| 0.08% 9/3/15, LOC Landesbank Hessen-Thuringen, CP | 6,000 | 6,000 | |
| Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Series 1: | |||
| 0.05% 10/6/15, LOC JPMorgan Chase Bank, CP | 20,300 | 20,300 | |
| 0.07% 11/2/15, LOC JPMorgan Chase Bank, CP | 10,200 | 10,200 | |
| 0.07% 11/4/15, LOC JPMorgan Chase Bank, CP | 30,400 | 30,400 | |
| 0.11% 12/8/15, LOC JPMorgan Chase Bank, CP | 13,600 | 13,600 | |
| 98,000 | |||
| Florida - 2.3% | |||
| Alachua County Health Facilities Auth. Health Facilities Rev. Bonds (Shands Teaching Hosp. & Clinics, Inc. Proj.) Series 2008 A, 0.1% tender 10/5/15, LOC Bank of America NA, CP mode | 21,140 | 21,140 | |
| Florida Board of Ed. Bonds Series 2014 B, 5% 1/1/16 | 37,239 | 37,836 | |
| Florida Board of Ed. Lottery Rev. Bonds Series 2010 E, 5% 7/1/16 | 1,800 | 1,867 | |
| Florida Board of Ed. Pub. Ed. Cap. Outlay Bonds: | |||
| Series 2009 A, 5% 6/1/16 | 4,080 | 4,225 | |
| Series 2009 D, 5.5% 6/1/16 | 7,910 | 8,217 | |
| Florida Dept. of Envir. Protection Rev. Bonds Series 2014 A, 5% 7/1/16 | 4,865 | 5,057 | |
| Florida Dept. of Trans. Tpk. Rev. Bonds Series Solar 07 30, 0.12%, tender 9/24/15 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) | 22,000 | 22,000 | |
| Florida Gen. Oblig. Bonds Series 2015 A, 4% 7/1/16 (f) | 7,780 | 8,021 | |
| Florida Local Govt. Fin. Cmnty. Series 2011 A1: | |||
| 0.05% 10/6/15, LOC JPMorgan Chase Bank, CP | 22,295 | 22,295 | |
| 0.08% 9/8/15, LOC JPMorgan Chase Bank, CP | 29,256 | 29,256 | |
| Hillsborough County Cap. Impt. Prog. Rev. Series A: | |||
| 0.05% 9/24/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 13,600 | 13,600 | |
| 0.06% 10/15/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 5,610 | 5,610 | |
| 0.07% 11/19/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 26,700 | 26,700 | |
| Jacksonville Elec. Auth. Elec. Sys. Rev. Bonds 1% 10/1/15 | 1,515 | 1,516 | |
| Jacksonville Gen. Oblig. Series 2004 A, 0.08% 9/4/15, LOC Barclays Bank PLC, CP | 31,310 | 31,310 | |
| Jea Bulk Pwr. Supply Sys. Rev. Bonds (Scherer 4 Proj.) Series 2014 A, 2% 10/1/15 | 2,095 | 2,098 | |
| JEA Saint Johns River Pwr. Park Sys. Rev. Bonds Series 23, 5% 10/1/15 | 1,925 | 1,933 | |
| Miami-Dade County School District: | |||
| Bonds Series 2015, 5% 3/15/16 | 2,325 | 2,385 | |
| TAN Series 2015, 1% 2/25/16 | 220,000 | 220,874 | |
| Orlando Utils. Commission Util. Sys. Rev. Bonds: | |||
| Series 2005 B: | |||
| 5% 10/1/15 (Pre-Refunded to 10/1/15 @ 100) | 3,000 | 3,012 | |
| 5% 10/1/15 (Pre-Refunded to 10/1/15 @ 100) | 3,000 | 3,012 | |
| Series 2009 C, 5% 10/1/15 | 2,000 | 2,008 | |
| Series 2011 A, 0.2%, tender 3/28/16 (a) | 24,600 | 24,600 | |
| Polk County Indl. Dev. Auth. Health Sys. Rev. Bonds: | |||
| Series 2014 A, 0.22%, tender 3/28/16 (a) | 28,200 | 28,200 | |
| Series 2014 A1, 0.22%, tender 3/28/16 (a) | 20,300 | 20,300 | |
| RBC Muni. Products, Inc. Trust Bonds: | |||
| Series RBC E 62, 0.11%, tender 11/2/15 (Liquidity Facility Royal Bank of Canada New York Branch) (a)(d)(e) | 28,500 | 28,500 | |
| Series RBC E 64, 0.11%, tender 1/4/16 (Liquidity Facility Royal Bank of Canada New York Branch) (a)(d)(e) | 17,800 | 17,800 | |
| Series RBC E 65, 0.11%, tender 1/4/16 (Liquidity Facility Royal Bank of Canada New York Branch) (a)(d)(e) | 7,200 | 7,200 | |
| Series RBC E 66, 0.11%, tender 11/2/15 (Liquidity Facility Royal Bank of Canada New York Branch) (a)(d)(e) | 6,645 | 6,645 | |
| Tampa Health Sys. Rev. Bonds Series 2012 B, 0.22%, tender 3/28/16 (a) | 26,415 | 26,415 | |
| 633,632 | |||
| Georgia - 1.3% | |||
| Atlanta Arpt. Rev.: | |||
| Series E2, 0.16% 2/3/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP (c) | 460 | 460 | |
| Series E3, 0.14% 2/3/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 2,223 | 2,223 | |
| Series E4, 0.16% 2/3/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP (c) | 3,500 | 3,500 | |
| Fulton County Gen. Oblig. TAN 5% 12/31/15 | 129,500 | 131,568 | |
| Georgia Gen. Oblig. Bonds: | |||
| Series 2011 E2, 4.5% 9/1/15 | 3,000 | 3,000 | |
| Series 2012 A, 5% 7/1/16 | 3,040 | 3,157 | |
| Series 2014 A, 5% 2/1/16 | 13,990 | 14,268 | |
| Series 2015 A, 5% 2/1/16 | 19,500 | 19,889 | |
| Series PZ 271, 0.04%, tender 10/1/15 (Liquidity Facility Wells Fargo & Co.) (a)(d)(e) | 5,045 | 5,045 | |
| Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
| Bonds (Gen. Resolution Proj.) Series 1985 A: | |||
| 0.05% tender 10/7/15, LOC Barclays Bank PLC, CP mode | 11,500 | 11,500 | |
| 0.1% tender 9/4/15, LOC Barclays Bank PLC, CP mode | 1,050 | 1,050 | |
| Series A, 0.1% 10/14/15, LOC Wells Fargo Bank NA, CP | 5,465 | 5,465 | |
| Series B: | |||
| 0.03% 10/2/15, LOC TD Banknorth, NA, CP | 17,900 | 17,900 | |
| 0.05% 10/5/15, LOC TD Banknorth, NA, CP | 40,522 | 40,522 | |
| Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A2, 0.08%, tender 12/1/15 (Liquidity Facility Royal Bank of Canada) (a) | 102,940 | 102,940 | |
| 362,487 | |||
| Hawaii - 0.1% | |||
| Hawaii Gen. Oblig. Bonds Series 2011 EB, 5% 12/1/15 | 3,900 | 3,947 | |
| Honolulu City & County Gen. Oblig. Bonds: | |||
| Series 2009 F, 5% 9/1/15 | 3,115 | 3,115 | |
| Series A, 5% 10/1/15 | 7,890 | 7,922 | |
| 14,984 | |||
| Idaho - 0.0% | |||
| Idaho Health Facilities Auth. Hosp. Rev. Bonds Series 2013 ID, 0.07%, tender 9/1/15 (a) | 11,418 | 11,418 | |
| Illinois - 0.8% | |||
| Chicago O'Hare Int'l. Arpt. Rev.: | |||
| Series 2011 B1, 0.13% 9/17/15, LOC Wells Fargo Bank NA, CP (c) | 8,500 | 8,500 | |
| Series 2011 B2, 0.12% 9/17/15, LOC Wells Fargo Bank NA, CP | 4,723 | 4,723 | |
| Series 2011 D1, 0.1% 9/17/15, LOC BMO Harris Bank NA, CP (c) | 8,628 | 8,628 | |
| Series 2011 D2, 0.08% 9/17/15, LOC BMO Harris Bank NA, CP | 2,751 | 2,751 | |
| Illinois Fin. Auth. Ed. Rev. Series L: | |||
| 0.06% 10/1/15, LOC PNC Bank NA, CP | 25,100 | 25,100 | |
| 0.08% 9/4/15, LOC PNC Bank NA, CP | 25,100 | 25,100 | |
| Illinois Fin. Auth. Rev. Bonds: | |||
| (Advocate Health Care Network Proj.) Series 2011 B, 0.22%, tender 3/28/16 (a) | 32,850 | 32,850 | |
| (Advocate Health Care Proj.) Series 2008 C B3, 0.35%, tender 7/21/16 (a) | 5,245 | 5,245 | |
| (Hosp. Sister Svcs. Proj.): | |||
| Series 2012 H: | |||
| 0.07% tender 11/2/15, CP mode | 16,900 | 16,900 | |
| 0.1% tender 10/5/15, CP mode | 2,685 | 2,685 | |
| Series 2012 I: | |||
| 0.07% tender 10/2/15, CP mode | 26,760 | 26,760 | |
| 0.1% tender 10/5/15, CP mode | 25,000 | 25,000 | |
| Series 2009 B, 0.09% tender 10/2/15, CP mode | 17,000 | 17,000 | |
| Illinois Unemployment Ins. Fund Bldg. Receipts Bonds Series 2012 A: | |||
| 5% 12/15/15 | 8,740 | 8,861 | |
| 5% 6/15/16 | 7,735 | 8,019 | |
| 218,122 | |||
| Indiana - 0.6% | |||
| Indiana Fin. Auth. Rev. Bonds (Trinity Health Sys. Proj.) Series 2008 D2: | |||
| 0.02% tender 9/15/15, CP mode | 20,300 | 20,300 | |
| 0.03% tender 9/8/15, CP mode | 55,235 | 55,235 | |
| 0.03% tender 9/9/15, CP mode | 44,945 | 44,945 | |
| Indiana Health Facility Fing. Auth. Rev. Bonds Series 2001 A1, 0.3%, tender 2/3/16 (a) | 14,700 | 14,706 | |
| Indianapolis Gas Util. Sys. Rev. 0.08% 10/15/15, LOC JPMorgan Chase Bank, CP | 33,900 | 33,900 | |
| 169,086 | |||
| Kansas - 0.0% | |||
| Kansas Dept. of Trans. Hwy. Rev. Bonds Series 2014 B, 0.116% 9/1/15 (a) | 7,400 | 7,400 | |
| Kentucky - 0.0% | |||
| Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.25% tender 9/18/15, CP mode | 10,800 | 10,800 | |
| Maryland - 0.9% | |||
| Anne Arundel County Gen. Oblig. Bonds: | |||
| (Consolidated Golf Course Projs.) Series 2015, 5% 4/1/16 | 905 | 930 | |
| Series 2012, 5% 4/1/16 | 6,060 | 6,228 | |
| Series 2013, 5% 4/1/16 | 6,960 | 7,153 | |
| Series 2014, 5% 4/1/16 | 5,215 | 5,359 | |
| Series 2015: | |||
| 5% 4/1/16 | 1,645 | 1,690 | |
| 5% 4/1/16 | 670 | 688 | |
| 5% 4/1/16 | 2,590 | 2,662 | |
| Baltimore County Gen. Oblig.: | |||
| Bonds 5% 2/1/16 | 2,000 | 2,040 | |
| 0.03% 10/2/15 (Liquidity Facility Mizuho Bank Ltd.), CP | 33,800 | 33,800 | |
| 0.04% 10/1/15 (Liquidity Facility Mizuho Bank Ltd.), CP | 43,600 | 43,600 | |
| 0.07% 9/2/15 (Liquidity Facility Mizuho Bank Ltd.), CP | 21,400 | 21,400 | |
| 0.09% 9/3/15 (Liquidity Facility Mizuho Bank Ltd.), CP | 33,900 | 33,900 | |
| Howard County Gen. Oblig. Bonds (Consolidated Pub. Impt. Proj.) Series 2015 A, 5% 2/15/16 | 4,805 | 4,910 | |
| Maryland Gen. Oblig. Bonds: | |||
| Series 2003 A, 5.25% 3/1/16 | 5,000 | 5,125 | |
| Series 2007, 5% 3/15/16 | 1,000 | 1,026 | |
| Series 2008 1, 5% 3/1/16 | 3,000 | 3,072 | |
| Series 2013 A, 5% 3/1/16 | 1,415 | 1,448 | |
| 5% 3/15/16 | 8,880 | 9,108 | |
| Montgomery County Gen. Oblig. Bonds: | |||
| Series 2013 MD, 0.1%, tender 12/1/15 (a) | 40,000 | 40,000 | |
| Series 2014 A, 5% 11/1/15 | 12,500 | 12,601 | |
| Northeast Maryland Waste Disp. Auth. Solid Waste Rev. Bonds Series 2013, 4% 4/1/16 (c) | 22,230 | 22,703 | |
| Prince Georges County Gen. Oblig. Bonds Series 2011 A, 5% 9/15/15 | 3,465 | 3,471 | |
| 262,914 | |||
| Massachusetts - 0.3% | |||
| Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds 0.45% tender 9/28/15 (Massachusetts Elec. Co. Guaranteed), CP mode (c) | 28,000 | 28,000 | |
| Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1992, 0.4% tender 9/28/15, CP mode | 24,100 | 24,100 | |
| Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Bonds Series 2015 A, 5% 1/15/16 | 20,300 | 20,663 | |
| Massachusetts State Dev. Fin. Agcy. Elec. Util. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2007, 0.5% tender 10/2/15 (Massachusetts Elec. Co. Guaranteed), CP mode (c) | 8,100 | 8,100 | |
| 80,863 | |||
| Michigan - 1.5% | |||
| Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, 0.22%, tender 3/28/16 (a) | 8,445 | 8,445 | |
| Michigan Bldg. Auth. Rev. Series 6, 0.04% 9/1/15, LOC State Street Bank & Trust Co., Boston, LOC U.S. Bank NA, Cincinnati, CP | 114,710 | 114,710 | |
| Michigan Fin. Auth. Rev. Bonds Series 2013 M1, 0.1%, tender 12/1/15 (a) | 24,770 | 24,770 | |
| Michigan Hosp. Fin. Auth. Rev. Bonds: | |||
| (Ascension Health Sr. Cr. Group Proj.) Series 2010 F: | |||
| 0.2%, tender 3/28/16 (a) | 19,655 | 19,655 | |
| 0.2%, tender 3/28/16 (a) | 14,210 | 14,210 | |
| 0.2%, tender 3/28/16 (a) | 33,770 | 33,770 | |
| (Trinity Health Sys. Proj.) Series 2008 C: | |||
| 0.03% tender 10/2/15, CP mode | 54,300 | 54,300 | |
| 0.07% tender 11/2/15, CP mode | 41,855 | 41,855 | |
| 0.07% tender 11/3/15, CP mode | 17,600 | 17,600 | |
| Univ. of Michigan Rev.: | |||
| Bonds Series 2009 B: | |||
| 0.04% tender 10/1/15, CP mode | 7,600 | 7,600 | |
| 0.04% tender 10/22/15, CP mode | 20,700 | 20,700 | |
| 0.05% tender 10/15/15, CP mode | 9,510 | 9,510 | |
| 0.06% tender 9/2/15, CP mode | 12,800 | 12,800 | |
| Series J1: | |||
| 0.04% 10/6/15, CP | 5,250 | 5,250 | |
| 0.06% 10/1/15, CP | 5,000 | 5,000 | |
| 0.08% 9/18/15, CP | 16,365 | 16,365 | |
| 406,540 | |||
| Minnesota - 0.3% | |||
| Minnesota Gen. Oblig. Bonds Series 2005, 5% 10/1/15 | 2,650 | 2,660 | |
| Minnesota State Gen. Fdg. Rev. Bonds Series 2012 B, 4% 3/1/16 | 9,820 | 10,006 | |
| Univ. of Minnesota Gen. Oblig. Series 2009 D, 0.09% 10/2/15, CP | 7,700 | 7,700 | |
| Univ. of Minnesota Rev.: | |||
| Series 2005 A: | |||
| 0.04% 10/1/15, CP | 17,750 | 17,750 | |
| 0.04% 10/5/15, CP | 10,900 | 10,900 | |
| 0.06% 10/15/15, CP | 11,760 | 11,760 | |
| Series A, 0.06% 10/2/15, CP | 18,000 | 18,000 | |
| 78,776 | |||
| Missouri - 0.1% | |||
| Curators of the Univ. of Missouri Series A: | |||
| 0.06% 9/2/15, CP | 1,000 | 1,000 | |
| 0.06% 10/5/15, CP | 2,745 | 2,745 | |
| Missouri Highways & Trans. Commission State Road Rev. Bonds Series 2006 B, 5% 5/1/16 (Pre-Refunded to 5/1/16 @ 100) | 3,675 | 3,790 | |
| Saint Louis Gen. Fund Rev. TRAN 2% 6/1/16 | 13,600 | 13,767 | |
| 21,302 | |||
| Nebraska - 0.5% | |||
| Lincoln Elec. Sys. Rev. Bonds Series 2005, 5% 9/1/15 (Pre-Refunded to 9/1/15 @ 100) | 14,965 | 14,965 | |
| Nebraska Pub. Pwr. District Rev.: | |||
| Bonds: | |||
| Series 2012 A, 3% 1/1/16 | 1,250 | 1,261 | |
| Series 2012 C, 5% 1/1/16 | 2,215 | 2,250 | |
| Series 2013 A, 5% 1/1/16 | 1,000 | 1,016 | |
| Series A: | |||
| 0.03% 9/15/15, CP | 16,700 | 16,700 | |
| 0.05% 10/5/15, CP | 13,700 | 13,700 | |
| 0.07% 9/3/15, CP | 16,300 | 16,300 | |
| 0.08% 10/15/15, CP | 16,200 | 16,200 | |
| Omaha Pub. Pwr. District Elec. Rev.: | |||
| Bonds Series 2011 C, 3% 2/1/16 | 3,780 | 3,823 | |
| Series A: | |||
| 0.03% 9/16/15, CP | 7,500 | 7,500 | |
| 0.04% 9/17/15, CP | 7,500 | 7,500 | |
| 0.05% 9/30/15, CP | 6,750 | 6,750 | |
| 0.06% 9/23/15, CP | 12,000 | 12,000 | |
| 0.07% 9/1/15, CP | 7,150 | 7,150 | |
| 0.07% 9/24/15, CP | 1,370 | 1,370 | |
| 0.07% 9/25/15, CP | 7,000 | 7,000 | |
| 135,485 | |||
| Nevada - 0.3% | |||
| Clark County Fuel Tax Bonds Series 2006 A, 5% 6/1/16 | 1,885 | 1,952 | |
| Clark County School District Bonds: | |||
| Series 2012 A, 5% 6/15/16 | 14,300 | 14,821 | |
| Series 2014 A, 5.5% 6/15/16 | 8,000 | 8,323 | |
| Nevada Unemployment Compensation Fund Spl. Rev. Bonds Series 2013, 4% 12/1/15 | 1,200 | 1,211 | |
| Truckee Meadows Wtr. Auth. Wtr. Rev.: | |||
| Series 2006 A: | |||
| 0.07% 11/2/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 12,900 | 12,900 | |
| 0.15% 12/1/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 8,750 | 8,750 | |
| Series 2006 B: | |||
| 0.03% 10/15/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 6,750 | 6,750 | |
| 0.11% 10/1/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 23,000 | 23,000 | |
| 77,707 | |||
| New Hampshire - 0.3% | |||
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
| Series 1990 A: | |||
| 0.45% tender 9/28/15, CP mode (c) | 24,960 | 24,960 | |
| 0.45% tender 10/8/15, CP mode (c) | 4,200 | 4,200 | |
| Series 1990 A1: | |||
| 0.5% tender 10/2/15, CP mode (c) | 23,700 | 23,700 | |
| 0.5% tender 10/9/15, CP mode (c) | 4,500 | 4,500 | |
| Series 1990 B: | |||
| 0.47% tender 9/28/15, CP mode | 16,100 | 16,100 | |
| 0.5% tender 9/25/15, CP mode | 1,000 | 1,000 | |
| 74,460 | |||
| New Jersey - 1.6% | |||
| Essex County Gen. Oblig. BAN Series 2015, 1.25% 9/22/15 | 13,250 | 13,259 | |
| North Brunswick Township Gen. Oblig. BAN Series 2015 A, 2% 7/29/16 | 3,100 | 3,146 | |
| Parsippany Troy Hills Township Gen. Oblig. BAN 1.25% 9/25/15 | 9,182 | 9,188 | |
| RBC Muni. Products, Inc. Trust Bonds Series RBC E 61, 0.11%, tender 1/4/16 (Liquidity Facility Royal Bank of Canada New York Branch) (a)(d)(e) | 372,700 | 372,700 | |
| Union County Gen. Oblig. BAN 2% 6/24/16 | 53,100 | 53,812 | |
| 452,105 | |||
| New York - 0.7% | |||
| JPMorgan Chase Bonds Series Putters 4410, 0.1%, tender 11/12/15 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | 23,995 | 23,995 | |
| New York City Gen. Oblig. Bonds: | |||
| Series 2012, 5% 8/1/16 | 5,000 | 5,216 | |
| Series 2015 1, 2% 8/1/16 | 14,965 | 15,186 | |
| Series 2015 D, 2% 8/1/16 | 4,030 | 4,089 | |
| New York City Transitional Fin. Auth. Rev. Bonds: | |||
| Series 2012 A: | |||
| 5% 11/1/15 | 4,810 | 4,849 | |
| 5% 11/1/15 (Escrowed to Maturity) | 760 | 766 | |
| Series 2013 D, 5% 11/1/15 | 4,655 | 4,693 | |
| 5% 11/1/15 | 6,765 | 6,820 | |
| New York Metropolitan Trans. Auth. Rev.: | |||
| Series 2B, 0.09% 9/10/15, LOC Barclays Bank PLC, CP | 57,700 | 57,700 | |
| Series 2D: | |||
| 0.02% 9/10/15, LOC Citibank NA, CP | 35,100 | 35,100 | |
| 0.06% 9/11/15, LOC Citibank NA, CP | 18,000 | 18,000 | |
| New York State Gen. Oblig. Bonds Series 2011 C, 4% 9/1/15 | 2,025 | 2,025 | |
| Three Village Central School District BAN Series 2015, 2% 8/26/16 | 15,900 | 16,165 | |
| 194,604 | |||
| North Carolina - 0.2% | |||
| Board of Governors of the Univ. of North Carolina Series D: | |||
| 0.05% 10/15/15, CP | 10,000 | 10,000 | |
| 0.05% 10/15/15, CP | 15,900 | 15,900 | |
| 0.06% 10/15/15, CP | 5,000 | 5,000 | |
| North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Bonds Series 2005 A, 5% 1/1/16 (Escrowed to Maturity) | 1,000 | 1,015 | |
| North Carolina Gen. Oblig. Bonds Series 2009 A, 5% 3/1/16 | 6,320 | 6,471 | |
| North Carolina Ltd. Oblig. Bonds Series 2014 C, 5% 5/1/16 | 10,080 | 10,397 | |
| North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Bonds: | |||
| Series 2012 A: | |||
| 3% 1/1/16 | 1,220 | 1,230 | |
| 3% 1/1/16 (Escrowed to Maturity) | 280 | 282 | |
| 5% 1/1/16 | 4,520 | 4,591 | |
| 5% 1/1/16 (Escrowed to Maturity) | 1,010 | 1,026 | |
| Series A: | |||
| 5.25% 1/1/16 | 2,030 | 2,063 | |
| 5.25% 1/1/16 (Escrowed to Maturity) | 1,880 | 1,911 | |
| 59,886 | |||
| Ohio - 0.5% | |||
| Franklin County Rev. Bonds Series 2013 OH, 0.03%, tender 12/1/15 (a) | 18,050 | 18,050 | |
| Ohio Higher Edl. Facility Commission Rev. Bonds (The Cleveland Clinic Foundation Proj.): | |||
| Series 2008 B5: | |||
| 0.13% tender 11/5/15, CP mode | 8,700 | 8,700 | |
| 0.14% tender 12/3/15, CP mode | 21,200 | 21,200 | |
| 0.16% tender 2/3/16, CP mode | 15,700 | 15,700 | |
| 0.17% tender 1/6/16, CP mode | 23,350 | 23,350 | |
| Series 2008 B6: | |||
| 0.09% tender 9/1/15, CP mode | 22,400 | 22,400 | |
| 0.12% tender 10/5/15, CP mode | 14,100 | 14,100 | |
| 0.13% tender 11/5/15, CP mode | 6,600 | 6,600 | |
| 130,100 | |||
| Oklahoma - 0.1% | |||
| Oklahoma City Wtr. Utils. Trust Wtr. and Swr. Rev. Series A: | |||
| 0.04% 10/6/15, LOC State Street Bank & Trust Co., Boston, CP | 1,000 | 1,000 | |
| 0.05% 10/6/15, LOC State Street Bank & Trust Co., Boston, CP | 500 | 500 | |
| 0.06% 10/6/15, LOC State Street Bank & Trust Co., Boston, CP | 7,000 | 7,000 | |
| 0.06% 10/6/15, LOC State Street Bank & Trust Co., Boston, CP | 500 | 500 | |
| 0.09% 9/1/15, LOC State Street Bank & Trust Co., Boston, CP | 8,500 | 8,500 | |
| Oklahoma Dev. Fin. Auth. Health Sys. Rev. Bonds Series 2015 B, 0.2%, tender 3/28/16 (a) | 12,185 | 12,185 | |
| 29,685 | |||
| Oregon - 0.1% | |||
| Oregon Gen. Oblig. Bonds Series 2011 L, 5% 5/1/16 | 1,950 | 2,012 | |
| Portland Swr. Sys. Rev. Bonds: | |||
| Series 2015 A, 5% 6/1/16 | 30,100 | 31,169 | |
| Series 2015 B, 5% 6/1/16 | 3,745 | 3,878 | |
| Portland Wtr. Sys. Rev. Bonds Series 2013 A, 5% 10/1/15 | 2,970 | 2,982 | |
| 40,041 | |||
| Pennsylvania - 0.1% | |||
| Pennsylvania Gen. Oblig. Bonds Series 2006, 5% 3/1/16 | 3,795 | 3,885 | |
| Philadelphia Gen. Oblig. TRAN Series 2015 A, 2% 6/30/16 | 19,100 | 19,371 | |
| 23,256 | |||
| South Carolina - 0.7% | |||
| Anderson County School District #5 Gen. Oblig. BAN 1.5% 4/15/16 | 18,300 | 18,446 | |
| Charleston County School District BAN Series 2015 A, 0.75% 11/13/15 | 33,425 | 33,467 | |
| Richland County Gen. Oblig. Bonds Series 2014 B, 4% 3/1/16 | 2,665 | 2,715 | |
| Scago Edl. Facilities Corp. for Pickens School District Bonds (School District of Pickens County Proj.) Series 2015, 5% 12/1/15 | 2,500 | 2,529 | |
| South Carolina Assoc. of Governmental Organizations Ctfs. of Prtn. Bonds: | |||
| Series 2015 A, 1.5% 3/1/16 | 29,660 | 29,851 | |
| Series 2015 D, 2% 3/1/16 (f) | 104,160 | 105,061 | |
| South Carolina Gen. Oblig. Bonds: | |||
| Series 2011 A, 5% 3/1/16 | 11,000 | 11,262 | |
| Series 2015 A: | |||
| 5% 4/1/16 | 2,140 | 2,198 | |
| 5% 4/1/16 | 1,560 | 1,603 | |
| 207,132 | |||
| Tennessee - 0.0% | |||
| Tennessee Gen. Oblig. Bonds: | |||
| Series 2004 C, 5.25% 9/1/15 | 1,000 | 1,000 | |
| Series 2010 A, 4% 5/1/16 | 8,055 | 8,252 | |
| 9,252 | |||
| Texas - 4.2% | |||
| Joya Independent School District Bonds Series 2015, 2% 2/15/16 (Permanent School Fund of Texas Guaranteed) | 4,225 | 4,260 | |
| Porte Independent School District Bonds Series 2015, 3% 2/15/16 (Permanent School Fund of Texas Guaranteed) | 6,390 | 6,471 | |
| Austin Elec. Util. Sys. Rev. Series A: | |||
| 0.1% 9/17/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 6,150 | 6,150 | |
| 0.11% 10/1/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 36,200 | 36,200 | |
| Calhoun County Independent School District Bonds Series 2014, 3% 2/15/16 (Permanent School Fund of Texas Guaranteed) | 5,315 | 5,383 | |
| Dallas Area Rapid Transit Sales Tax Rev. Bonds Series 2009 A, 5% 12/1/15 | 1,785 | 1,806 | |
| Dallas Wtrwks. & Swr. Sys. Rev. Bonds Series 2011, 5% 10/1/15 | 1,015 | 1,019 | |
| Garland Series 2015, 0.1% 9/3/15, LOC Citibank NA, CP | 5,000 | 5,000 | |
| Grand Prairie Independent School District Bonds 0% 2/15/16 (Permanent School Fund of Texas Guaranteed) | 3,775 | 3,771 | |
| Harris County Cultural Ed. Facilities Fin. Corp. Rev. Bonds (Texas Children's Hosp. Proj.) Series 2015 2, 0.22%, tender 3/28/16 (a) | 33,900 | 33,900 | |
| Harris County Gen. Oblig.: | |||
| Bonds 0% 10/1/15 | 9,045 | 9,043 | |
| Series D, 0.02% 9/15/15 (Liquidity Facility JPMorgan Chase Bank), CP | 13,118 | 13,118 | |
| Harris County Metropolitan Trans. Auth.: | |||
| Series A1: | |||
| 0.15% 12/10/15 (Liquidity Facility JPMorgan Chase Bank), CP | 25,950 | 25,950 | |
| 0.16% 12/15/15 (Liquidity Facility JPMorgan Chase Bank), CP | 20,800 | 20,800 | |
| 0.17% 1/15/16 (Liquidity Facility JPMorgan Chase Bank), CP | 20,000 | 20,000 | |
| Series A3: | |||
| 0.15% 12/10/15 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 4,500 | 4,500 | |
| 0.16% 12/15/15 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | 7,000 | 7,000 | |
| Houston Arpt. Sys. Rev. Series A: | |||
| 0.11% 9/10/15, LOC Royal Bank of Canada, CP (c) | 15,000 | 15,000 | |
| 0.12% 11/10/15, LOC Royal Bank of Canada, CP (c) | 10,000 | 10,000 | |
| 0.12% 12/9/15, LOC Royal Bank of Canada, CP (c) | 19,500 | 19,500 | |
| Houston Gen. Oblig.: | |||
| Bonds Series 2011 A, 5% 3/1/16 | 5,000 | 5,119 | |
| Series E1, 0.05% 9/30/15, LOC Citibank NA, CP | 5,000 | 5,000 | |
| Houston Independent School District Bonds: | |||
| Series 2005 A, 0% 2/15/16 (Permanent School Fund of Texas Guaranteed) | 5,500 | 5,496 | |
| Series 2014 B, 5% 2/15/16 (Permanent School Fund of Texas Guaranteed) | 3,915 | 4,001 | |
| Houston Util. Sys. Rev.: | |||
| Bonds Series 2011 E, 5% 11/15/15 | 5,510 | 5,565 | |
| Series B3: | |||
| 0.05% 10/6/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 13,500 | 13,500 | |
| 0.05% 10/8/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 5,000 | 5,000 | |
| 0.07% 9/1/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 16,900 | 16,900 | |
| Series B4: | |||
| 0.04% 10/1/15, LOC State Street Bank & Trust Co., Boston, CP | 5,000 | 5,000 | |
| 0.07% 9/10/15, LOC State Street Bank & Trust Co., Boston, CP | 10,000 | 10,000 | |
| 0.12% 10/6/15, LOC State Street Bank & Trust Co., Boston, CP | 10,000 | 10,000 | |
| Karnes City Independent School District Bonds Series 2015, 3% 8/15/16 (Permanent School Fund of Texas Guaranteed) | 5,545 | 5,687 | |
| Lower Colorado River Auth. Rev.: | |||
| Bonds: | |||
| (LCRA Transmission Svcs. Corp. Proj.) Series 2015, 4% 5/15/16 | 5,025 | 5,152 | |
| 5% 5/15/16 | 7,610 | 7,855 | |
| Series A: | |||
| 0.05% 10/5/15, LOC JPMorgan Chase Bank, CP | 13,100 | 13,100 | |
| 0.05% 10/6/15, LOC JPMorgan Chase Bank, CP | 41,385 | 41,385 | |
| 0.06% 9/3/15, LOC JPMorgan Chase Bank, CP | 34,000 | 34,000 | |
| 0.06% 11/3/15, LOC JPMorgan Chase Bank, CP | 10,341 | 10,341 | |
| 0.1% 10/6/15, LOC JPMorgan Chase Bank, CP | 20,300 | 20,300 | |
| Series B, 0.05% 9/4/15, LOC State Street Bank & Trust Co., Boston, CP | 9,173 | 9,173 | |
| 0.06% 11/3/15, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP | 12,600 | 12,600 | |
| McKinney Independent School District Bonds Series 2015 A, 1.5% 2/15/16 (Permanent School Fund of Texas Guaranteed) | 7,780 | 7,827 | |
| Richardson Independent School District Bonds: | |||
| Series 2015 A, 1% 2/15/16 (Permanent School Fund of Texas Guaranteed) | 3,025 | 3,036 | |
| Series 2015, 1% 2/15/16 (Permanent School Fund of Texas Guaranteed) | 7,470 | 7,496 | |
| San Antonio Elec. & Gas Sys. Rev. Bonds Series 2009 A, 5% 2/1/16 | 1,000 | 1,020 | |
| San Antonio Gen. Oblig. Bonds: | |||
| Series 2014, 5% 2/1/16 | 6,315 | 6,440 | |
| Series 2015, 5% 2/1/16 | 13,700 | 13,974 | |
| San Antonio Independent School District Bonds Series 2015, 1.25% 2/15/16 (Permanent School Fund of Texas Guaranteed) | 8,615 | 8,655 | |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Bonds (Baylor Health Care Sys. Proj.): | |||
| Series 2011 B, 0.22%, tender 3/28/16 (a) | 23,200 | 23,200 | |
| Series 2013 B, 0.22%, tender 3/28/16 (a) | 21,100 | 21,100 | |
| Texas A&M Univ. Rev. Series 1993 B, 0.1% 10/1/15, CP | 16,305 | 16,305 | |
| Texas Gen. Oblig. Bonds: | |||
| Series 2006, 5% 4/1/16 (Pre-Refunded to 4/1/16 @ 100) | 5,000 | 5,133 | |
| Series 2008 A, 5% 10/1/15 | 6,495 | 6,521 | |
| Series 2009 A, 5% 10/1/15 | 700 | 703 | |
| Series 2010 A, 5% 10/1/15 | 1,000 | 1,004 | |
| Series 2010 B, 5% 4/1/16 | 1,700 | 1,747 | |
| Series 2011, 5% 10/1/15 | 4,080 | 4,096 | |
| Series 2015 B, 2% 10/1/15 | 1,535 | 1,537 | |
| Texas Muni. Pwr. Agcy. Rev. Series 2005: | |||
| 0.05% 10/7/15, LOC Barclays Bank PLC, CP | 5,300 | 5,300 | |
| 0.1% 9/4/15, LOC Barclays Bank PLC, CP | 45,200 | 45,200 | |
| 0.1% 10/9/15, LOC Barclays Bank PLC, CP | 22,685 | 22,685 | |
| Texas Pub. Fin. Auth. Rev. Bonds: | |||
| Series 2014 A, 5% 7/1/16 | 7,400 | 7,688 | |
| Series 2015 A, 1% 2/1/16 | 6,815 | 6,838 | |
| Series 2015 C, 1% 2/1/16 | 4,470 | 4,485 | |
| Texas Trans. Commission State Hwy. Fund Rev. Bonds: | |||
| Series 2006 A, 4.5% 4/1/16 | 2,465 | 2,525 | |
| Series 2007, 5% 4/1/16 | 2,785 | 2,861 | |
| Travis County Gen. Oblig. Bonds Series 2006: | |||
| 4.25% 3/1/16 (Pre-Refunded to 3/1/16 @ 100) | 2,370 | 2,417 | |
| 4.5% 3/1/16 (Pre-Refunded to 3/1/16 @ 100) | 3,020 | 3,083 | |
| Univ. of Texas Board of Regents Sys. Rev. Series A: | |||
| 0.02% 9/17/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 10,200 | 10,200 | |
| 0.03% 9/11/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 16,900 | 16,900 | |
| 0.03% 9/14/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 6,431 | 6,431 | |
| 0.03% 9/15/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 16,900 | 16,900 | |
| 0.04% 9/18/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 14,900 | 14,900 | |
| 0.05% 10/15/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 15,768 | 15,768 | |
| 0.05% 10/16/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 16,900 | 16,900 | |
| 0.05% 11/2/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 16,800 | 16,800 | |
| 0.05% 11/3/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 16,900 | 16,900 | |
| 0.05% 12/2/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 11,500 | 11,500 | |
| 0.05% 12/4/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 13,600 | 13,600 | |
| 0.06% 9/2/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 18,400 | 18,400 | |
| 0.06% 9/9/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 20,000 | 20,000 | |
| 0.06% 10/2/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 13,454 | 13,454 | |
| 0.06% 10/5/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 17,000 | 17,000 | |
| 0.06% 11/2/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 16,900 | 16,900 | |
| 0.06% 11/3/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 16,900 | 16,900 | |
| 0.06% 11/4/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 14,500 | 14,500 | |
| 0.06% 11/6/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 12,400 | 12,400 | |
| 0.08% 9/1/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 7,560 | 7,560 | |
| 0.08% 9/1/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 16,630 | 16,630 | |
| 0.08% 9/2/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 17,000 | 17,000 | |
| 0.08% 9/3/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 15,232 | 15,232 | |
| 0.08% 9/18/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 17,000 | 17,000 | |
| 0.09% 10/1/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 16,900 | 16,900 | |
| 0.09% 10/6/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 14,200 | 14,200 | |
| 0.09% 10/7/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 21,705 | 21,705 | |
| 0.12% 12/3/15 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | 16,200 | 16,200 | |
| Univ. of Texas Permanent Univ. Fund Rev. Bonds Series 2015 B, 2% 7/1/16 | 8,745 | 8,868 | |
| Upper Trinity Reg'l. Wtr. District 0.06% 10/15/15, LOC Bank of America NA, CP | 16,300 | 16,300 | |
| 1,180,869 | |||
| Utah - 0.1% | |||
| Intermountain Pwr. Agcy. Pwr. Supply Rev.: | |||
| Bonds Series 2013 A, 5% 7/1/16 | 5,000 | 5,192 | |
| Series 2013 B1, 0.08% 11/20/15 (Liquidity Facility JPMorgan Chase Bank), CP | 12,000 | 12,000 | |
| Utah Gen. Oblig. Bonds Series 2010 A, 5% 7/1/16 | 5,050 | 5,248 | |
| 22,440 | |||
| Virginia - 0.8% | |||
| Fairfax County Gen. Oblig. Bonds: | |||
| Series 2014 B, 1.5% 10/1/15 | 8,500 | 8,509 | |
| Series 2015 A, 2% 10/1/15 | 11,370 | 11,387 | |
| Fairfax County Indl. Dev. Auth. Bonds (Inova Health Sys. Proj.) Series 2012 C, 0.2%, tender 3/28/16 (a) | 37,900 | 37,900 | |
| Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1992, 0.45% tender 9/23/15, CP mode (c) | 23,400 | 23,400 | |
| Norfolk Econ. Dev. Auth. Hosp. Facilities Rev. Bonds (Sentara Healthcare Proj.): | |||
| Series 2010 B, 0.22%, tender 3/28/16 (a) | 24,835 | 24,835 | |
| Series 2010 C, 0.22%, tender 3/28/16 (a) | 13,688 | 13,688 | |
| Series 2012 A, 0.22%, tender 3/28/16 (a) | 38,570 | 38,570 | |
| Norfolk Econ. Dev. Auth. Rev. Series 1997, 0.03% 9/15/15, CP | 23,800 | 23,800 | |
| Prince William County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1986, 0.4% tender 9/23/15, CP mode | 5,500 | 5,500 | |
| Virginia College Bldg. Auth. Edl. Facilities Rev. Bonds: | |||
| (21st Century College and Equip. Progs.) Series 2015 D, 5% 2/1/16 | 8,325 | 8,492 | |
| (Pub. Higher Ed. Fing. Prog.) Series 2010 A1, 5% 9/1/15 | 3,700 | 3,700 | |
| 21st Century College and Equip. Progs.) Series 2011 A, 5% 2/1/16 | 2,615 | 2,667 | |
| Series 2012 A: | |||
| 5% 9/1/15 | 5,000 | 5,000 | |
| 5% 2/1/16 | 5,955 | 6,074 | |
| Series 2014 A, 5% 2/1/16 | 500 | 510 | |
| Virginia College Bldg. Auth. Edl. Facilities Rev. Rfdg. Bonds Series 2014 B, 3% 9/1/15 | 7,785 | 7,785 | |
| Virginia Commonwealth Trans. Board Rev. Bonds (U.S. Route 58 Corridor Dev. Prog.) Series 2014 B, 5% 5/15/16 | 5,000 | 5,166 | |
| Virginia Resources Auth. Clean Wtr. Rev. Bonds Series 2007, 5% 10/1/15 | 1,000 | 1,004 | |
| Virginia Small Bus. Fing. Auth. Health Care Facilities Rev. Bonds Series 2010, 5% 11/1/15 | 3,000 | 3,024 | |
| 231,011 | |||
| Washington - 0.4% | |||
| Energy Northwest Elec. Rev. Bonds: | |||
| Series 2006 A, 5% 7/1/16 (Pre-Refunded to 7/1/16 @ 100) | 4,450 | 4,619 | |
| Series 2008 A, 5.25% 7/1/16 | 2,535 | 2,637 | |
| Series 2014 A, 3% 7/1/16 | 6,545 | 6,689 | |
| King County #405 Bellevue Bonds Series 2014, 5% 12/1/15 (Washington Gen. Oblig. Guaranteed) | 4,613 | 4,667 | |
| Port of Seattle Rev. Series B1, 0.12% 9/4/15, LOC Bank of America NA, CP (c) | 15,055 | 15,055 | |
| Seattle Gen. Oblig. Bonds Series 2015 A, 5% 6/1/16 | 6,095 | 6,308 | |
| Seattle Muni. Lt. & Pwr. Rev. Bonds: | |||
| Series 2010 B, 5% 2/1/16 | 2,250 | 2,294 | |
| 5% 9/1/15 | 15,260 | 15,260 | |
| Seattle Wtr. Sys. Rev. Bonds Series 2015: | |||
| 2% 11/1/15 | 4,350 | 4,363 | |
| 2% 5/1/16 | 12,880 | 13,028 | |
| Univ. of Washington Univ. Revs.: | |||
| Series 8, 0.1% 11/9/15, CP | 12,500 | 12,500 | |
| Series A, 0.12% 11/4/15, CP | 15,900 | 15,900 | |
| Washington Gen. Oblig. Bonds 5% 1/1/16 | 3,000 | 3,048 | |
| Washington Pub. Pwr. Supply Sys. Nuclear Proj. #1 Rev. Bonds Series 1989 B, 7.125% 7/1/16 (Bonneville Pwr. Administration Guaranteed) | 4,715 | 4,982 | |
| 111,350 | |||
| West Virginia - 0.1% | |||
| Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1996: | |||
| 0.45% tender 10/8/15, CP mode (c) | 3,700 | 3,700 | |
| 0.45% tender 10/8/15, CP mode (c) | 10,700 | 10,700 | |
| 14,400 | |||
| Wisconsin - 1.0% | |||
| Milwaukee Gen. Oblig. Bonds: | |||
| Series 2014 N2, 5% 4/1/16 | 12,195 | 12,537 | |
| Series 2015 N2, 2% 3/15/16 | 21,585 | 21,791 | |
| Wisconsin Gen. Oblig.: | |||
| Bonds: | |||
| Series 1998 1, 5.5% 11/1/15 | 4,885 | 4,928 | |
| Series 2010 C, 5% 5/1/16 | 1,950 | 2,011 | |
| Series 2014 2, 4% 5/1/16 | 3,500 | 3,587 | |
| Series 2005 A, 0.03% 9/16/15 (Liquidity Facility Bank of New York, New York), CP | 14,441 | 14,441 | |
| Series 2006 A, 0.05% 10/15/15 (Liquidity Facility Bank of New York, New York), CP | 27,053 | 27,053 | |
| Series 2013 A: | |||
| 0.05% 10/15/15 (Liquidity Facility Bank of New York, New York), CP | 19,915 | 19,915 | |
| 0.09% 9/1/15 (Liquidity Facility Bank of New York, New York), CP | 5,385 | 5,385 | |
| Wisconsin Health & Edl. Facilities Bonds: | |||
| Series 2013 B, 0.2%, tender 3/28/16 (a) | 37,235 | 37,235 | |
| Series 2014 B1, 0.22%, tender 3/28/16 (a) | 23,400 | 23,400 | |
| Series 2014 B2, 0.22%, tender 3/28/16 (a) | 19,150 | 19,150 | |
| Wisconsin Trans. Rev.: | |||
| Series 1997 A: | |||
| 0.05% 10/2/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 17,999 | 17,999 | |
| 0.05% 10/5/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 16,179 | 16,179 | |
| Series 2006 A: | |||
| 0.05% 10/2/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 1,301 | 1,301 | |
| 0.05% 10/5/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 11,484 | 11,484 | |
| Series 2013 A: | |||
| 0.09% 9/1/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 35,015 | 35,015 | |
| 0.11% 10/8/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (Liquidity Facility California Teachers Retirement Sys.), CP | 11,900 | 11,900 | |
| 285,311 | |||
| TOTAL OTHER MUNICIPAL DEBT | |||
| (Cost $6,574,724) | 6,574,724 | ||
| Shares | Value (000s) | ||
| Investment Company - 10.6% | |||
| Fidelity Municipal Cash Central Fund, 0.02% (g)(h) | |||
| (Cost $2,968,469) | 2,968,468,134 | 2,968,469 | |
| TOTAL INVESTMENT PORTFOLIO - 96.1% | |||
| (Cost $26,899,905) | 26,899,905 | ||
| NET OTHER ASSETS (LIABILITIES) - 3.9% | 1,087,380 | ||
| NET ASSETS - 100% | $27,987,285 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
CP – COMMERCIAL PAPER
TAN – TAX ANTICIPATION NOTE
TRAN – TAX AND REVENUE ANTICIPATION NOTE
VRDN – Variable Rate Demand Note (A debt instrument that is payable upon demand, either daily, weekly or monthly)
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) A portion of the security sold on a delayed delivery basis.
(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(d) Provides evidence of ownership in one or more underlying municipal bonds.
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $483,885,000 or 1.7% of net assets.
(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(g) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(h) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Cost (000s) |
| Florida Dept. of Trans. Tpk. Rev. Bonds Series Solar 07 30, 0.12%, tender 9/24/15 (Liquidity Facility U.S. Bank NA, Cincinnati) | 3/26/15 | $22,000 |
| Georgia Gen. Oblig. Bonds Series PZ 271, 0.04%, tender 10/1/15 (Liquidity Facility Wells Fargo & Co.) | 8/12/15 | $5,045 |
| JPMorgan Chase Bonds Series Putters 4410, 0.1%, tender 11/12/15 (Liquidity Facility JPMorgan Chase Bank) | 10/31/13 | $23,995 |
| RBC Muni. Products, Inc. Trust Bonds Series RBC E 61, 0.11%, tender 9/3/15 (Liquidity Facility Royal Bank of Canada New York Branch) | 7/2/15 | $372,700 |
| RBC Muni. Products, Inc. Trust Bonds Series RBC E 62, 0.11%, tender 11/2/15 (Liquidity Facility Royal Bank of Canada New York Branch) | 7/30/15 | $28,500 |
| RBC Muni. Products, Inc. Trust Bonds Series RBC E 64, 0.11%, tender 1/4/16 (Liquidity Facility Royal Bank of Canada New York Branch) | 7/9/15 | $17,800 |
| RBC Muni. Products, Inc. Trust Bonds Series RBC E 65, 0.11%, tender 1/4/16 (Liquidity Facility Royal Bank of Canada New York Branch) | 7/16/15 | $7,200 |
| RBC Muni. Products, Inc. Trust Bonds Series RBC E 66, 0.11%, tender 11/2/15 (Liquidity Facility Royal Bank of Canada New York Branch) | 8/3/15 | $6,645 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| (Amounts in thousands) | |
| Fidelity Municipal Cash Central Fund | $1,157 |
| Total | $1,157 |
Investment Valuation
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| Amounts in thousands (except per-share amount) | August 31, 2015 | |
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $23,931,436) | $23,931,436 | |
| Fidelity Central Funds (cost $2,968,469) | 2,968,469 | |
| Total Investments (cost $26,899,905) | $26,899,905 | |
| Cash | 1,278,350 | |
| Receivable for securities sold on a delayed delivery basis | 2,900 | |
| Receivable for fund shares sold | 363,637 | |
| Interest receivable | 18,746 | |
| Distributions receivable from Fidelity Central Funds | 56 | |
| Prepaid expenses | 95 | |
| Other receivables | 237 | |
| Total assets | 28,563,926 | |
| Liabilities | ||
| Payable for investments purchased | ||
| Regular delivery | $62,473 | |
| Delayed delivery | 113,082 | |
| Payable for fund shares redeemed | 399,581 | |
| Distributions payable | 25 | |
| Accrued management fee | 1,028 | |
| Other affiliated payables | 127 | |
| Other payables and accrued expenses | 325 | |
| Total liabilities | 576,641 | |
| Net Assets | $27,987,285 | |
| Net Assets consist of: | ||
| Paid in capital | $27,987,072 | |
| Accumulated undistributed net realized gain (loss) on investments | 213 | |
| Net Assets, for 27,976,800 shares outstanding | $27,987,285 | |
| Net Asset Value, offering price and redemption price per share ($27,987,285 ÷ 27,976,800 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Amounts in thousands | Year ended August 31, 2015 | |
| Investment Income | ||
| Interest | $19,656 | |
| Income from Fidelity Central Funds | 1,157 | |
| Total income | 20,813 | |
| Expenses | ||
| Management fee | $74,050 | |
| Transfer agent fees | 38,047 | |
| Accounting fees and expenses | 1,499 | |
| Custodian fees and expenses | 295 | |
| Independent trustees' compensation | 120 | |
| Registration fees | 341 | |
| Audit | 80 | |
| Legal | 94 | |
| Miscellaneous | 168 | |
| Total expenses before reductions | 114,694 | |
| Expense reductions | (96,719) | 17,975 |
| Net investment income (loss) | 2,838 | |
| Realized and Unrealized Gain (Loss)
Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 1,838 | |
| Net increase in net assets resulting from operations | $4,676 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Amounts in thousands | Year ended August 31, 2015 | Year ended August 31, 2014 |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $2,838 | $2,963 |
| Net realized gain (loss) | 1,838 | 2,773 |
| Net increase in net assets resulting from operations | 4,676 | 5,736 |
| Distributions to shareholders from net investment income | (2,840) | (2,914) |
| Distributions to shareholders from net realized gain | (1,692) | (1,154) |
| Total distributions | (4,532) | (4,068) |
| Share transactions at net asset value of $1.00 per share | ||
| Proceeds from sales of shares | 83,865,666 | 83,642,529 |
| Reinvestment of distributions | 4,111 | 3,752 |
| Cost of shares redeemed | (84,530,489) | (83,592,348) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (660,712) | 53,933 |
| Total increase (decrease) in net assets | (660,568) | 55,601 |
| Net Assets | ||
| Beginning of period | 28,647,853 | 28,592,252 |
| End of period | $27,987,285 | $28,647,853 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Municipal Money Market Fund
| Years ended August 31, | 2015 | 2014 | 2013 | 2012 | 2011 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | – | – | – | – | – |
| Net realized and unrealized gain (loss)A | – | – | – | – | – |
| Total from Investment OperationsA | – | – | – | – | – |
| Distributions from net investment incomeA | – | – | – | – | – |
| Distributions from net realized gain | –A | –A | – | – | – |
| Total distributionsA | – | – | – | – | – |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB | .02% | .01% | .01% | .01% | .01% |
| Ratios to Average Net AssetsC,D | |||||
| Expenses before reductions | .40% | .40% | .41% | .42% | .43% |
| Expenses net of fee waivers, if any | .06% | .09% | .15% | .18% | .26% |
| Expenses net of all reductions | .06% | .09% | .15% | .18% | .26% |
| Net investment income (loss) | .01% | .01% | .01% | .01% | .01% |
| Supplemental Data | |||||
| Net assets, end of period (in millions) | $27,987 | $28,648 | $28,592 | $24,688 | $23,224 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended August 31, 2015
(Amounts in thousands except percentages)
1. Organization.
Fidelity Municipal Money Market Fund (the Fund) is a fund of Fidelity Union Street Trust II (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between 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.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of August 31, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to deferred due trustees compensation.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
| Gross unrealized appreciation | $– |
| Gross unrealized depreciation | – |
| Net unrealized appreciation (depreciation) on securities | $– |
| Tax Cost | $26,899,905 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed tax-exempt income | $226 |
| Undistributed long-term capital gain | $174 |
The tax character of distributions paid was as follows:
| August 31, 2015 | August 31, 2014 | |
| Tax-exempt Income | 2,840 | 2,914 |
| Long-term Capital Gains | 1,692 | 1,154 |
| Total | $4,532 | $ 4,068 |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Rule Issuance. In July 2014, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF, which amends the rules governing money market funds. The final amendments impose different implementation dates for the changes that certain money market funds will need to make. Management is currently evaluating the implication of these amendments and their impact of the Final Rule to the Money Market Fund's financial statements and related disclosures.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .15% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .26% of the Fund's average net assets.
Transfer Agent Fees. Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to an annual rate of .13% of average net assets.
Prior to May 1, 2015, Citibank, N.A. was the transfer, dividend disbursing and shareholder servicing agent for the Fund. Prior to May 8, 2015, Citibank, N.A. was the custodian for the Fund.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
5. Expense Reductions.
The investment adviser or its affiliates voluntarily agreed to waive certain fees in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $96,471.
Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $186.
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $62.
6. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Union Street Trust II and Shareholders of Fidelity® Municipal Money Market Fund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity® Municipal Money Market Fund (a fund of Fidelity Union Street Trust II) at August 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fidelity® Municipal Money Market Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 15, 2015
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Elizabeth S. Acton and John Engler, each of the Trustees oversees 235 funds. Ms. Acton and Mr. Engler each oversees 219 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the month in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors/trustees for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present), K12 Inc. (technology-based education company, 2012-present), and the Annie E. Casey Foundation (2004-present). Previously, Mr. Engler served as a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011) and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2006
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Member of the Advisory Board
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2012
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (diversified financial services company, 2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012).
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and Chief Legal Officer of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as an officer of other funds and is an employee of Fidelity Investments (2001-present). Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-present), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-present) and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-present); General Counsel, Secretary, and Senior Vice President of FMR (investment adviser firm, 2008-present) and FMR Co., Inc. (investment adviser firm, 2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-present) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2008-present). Previously, Mr. Goebel served as Secretary and CLO of certain Fidelity® funds (2008-2015), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Timothy Huyck (1964)
Year of Election or Appointment: 2015
Vice President of Fidelity's Money Market Funds
Mr. Huyck also serves as Vice President of other funds. Mr. Huyck serves as Chief Investment Officer of Fidelity's Money Market Funds (2015-present) and is an employee of Fidelity Investments (1990-present).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of Pyramis Global Advisors, LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond of FMR (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2014), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2009
Assistant Treasurer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stephen Sadoski (1971)
Year of Election or Appointment: 2013
Deputy Treasurer
Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013
Deputy Treasurer
Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present).
Michael H. Whitaker (1967)
Year of Election or Appointment: 2008
Chief Compliance Officer
Mr. Whitaker also serves as Chief Compliance Officer of other funds. Mr. Whitaker also serves as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2014-present), FMR (investment adviser firm, 2014-present), and Fidelity Investments Money Management, Inc. (investment adviser firm, 2014-present) and is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011
Deputy Treasurer
Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments (1991-present). Previously, Mr. Zambello served as Vice President of the Program Management Group of FMR (investment adviser firm, 2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2015 to August 31, 2015).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized Expense Ratio-A | Beginning Account Value March 1, 2015 | Ending Account Value August 31, 2015 | Expenses Paid During Period-B March 1, 2015 to August 31, 2015 |
|
| Actual | .07% | $1,000.00 | $1,000.10 | $.35 |
| Hypothetical-C | $1,000.00 | $1,024.85 | $.36 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
C 5% return per year before expenses.
Distributions (Unaudited)
The fund hereby designates as a capital gain dividend with respect to the taxable year ended August 31, 2015, $1,500,927 or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended 2015, 100% of the fund's income dividends was free from federal income tax, and 26.4% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
MMM-ANN-1015
1.538360.118
Item 2.
Code of Ethics
As of the end of the period, August 31, 2015, Fidelity Union Street Trust II (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Arizona Municipal Money Market Fund and Fidelity Municipal Money Market Fund (the “Funds”):
Services Billed by PwC
August 31, 2015 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Arizona Municipal Money Market Fund | $34,000 | $- | $2,100 | $1,700 |
Fidelity Municipal Money Market Fund | $60,000 | $- | $2,100 | $10,700 |
August 31, 2014 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Arizona Municipal Money Market Fund | $33,000 | $- | $2,200 | $1,800 |
Fidelity Municipal Money Market Fund | $59,000 | $- | $2,200 | $9,400 |
A Amounts may reflect rounding.
The following table presents fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company (“FMR”) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds (“Fund Service Providers”):
Services Billed by PwC
August 31, 2015A | August 31, 2014A | |
Audit-Related Fees | $4,730,000 | $4,935,000 |
Tax Fees | $- | $- |
All Other Fees | $- | $20,000 |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:
Billed By | August 31, 2015A | August 31, 2014A,B |
PwC | $6,065,000 | $6,080,000 |
A Amounts may reflect rounding.
B Reflects current period presentation.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the Funds, taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Funds and their related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds’ last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Union Street Trust II
By: | /s/Stephanie J. Dorsey |
Stephanie J. Dorsey | |
President and Treasurer | |
Date: | October 28, 2015 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stephanie J. Dorsey |
Stephanie J. Dorsey | |
President and Treasurer | |
Date: | October 28, 2015 |
By: | /s/Howard J. Galligan III |
Howard J. Galligan III | |
Chief Financial Officer | |
Date: | October 28, 2015 |