N-CSRS 1 filing883.htm PRIMARY DOCUMENT

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   811-06452


Fidelity Union Street Trust II

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

August 31



Date of reporting period:

February 28, 2022


Item 1.

Reports to Stockholders




Fidelity® Municipal Money Market Fund



Semi-Annual Report

February 28, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary/Performance

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


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You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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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. © 2022 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary/Performance (Unaudited)

Effective Maturity Diversification as of February 28, 2022

Days % of fund's investments 
1 - 7 70.5 
8 - 30 4.0 
31 - 60 8.0 
61 - 90 4.1 
91 - 180 6.5 
> 180 6.9 

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Asset Allocation (% of fund's net assets)

As of February 28, 2022 
   Variable Rate Demand Notes (VRDNs) 29.2% 
   Tender Option Bond 37.9% 
   Other Municipal Security 29.5% 
   Investment Companies 3.8% 
 Net Other Assets (Liabilities)* (0.4)% 


 * Net Other Assets (Liabilities) are not included in the pie chart

Current 7-Day Yields

 2/28/22 
Fidelity® Municipal Money Market Fund 0.01% 

Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending February 28, 2022, the most recent period shown in the table, would have been (0.19)%.

Schedule of Investments February 28, 2022 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 29.2%   
 Principal Amount (000s) Value (000s) 
Alabama - 2.3%   
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.31% 3/7/22, VRDN (a)(b) $49,015 $49,015 
Mobile Indl. Dev. Board Dock & Wharf Rev. (Holnam, Inc. Proj.) Series 1999 A, 0.22% 3/7/22, LOC Bayerische Landesbank, VRDN (a) 8,600 8,600 
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 0.32% 3/7/22, VRDN (a) 35,950 35,950 
West Jefferson Indl. Dev. Series 2008, 0.32% 3/7/22, VRDN (a) 3,000 3,000 
West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 0.13% 3/1/22, VRDN (a)(b) 4,800 4,800 
  101,365 
Alaska - 1.1%   
Valdez Marine Term. Rev. (Phillips Trans. Alaska, Inc. Proj.):   
Series 1994 B, 0.25% 3/7/22 (ConocoPhillips Co. Guaranteed), VRDN (a) 21,900 21,900 
Series 1994 C, 0.25% 3/7/22 (ConocoPhillips Co. Guaranteed), VRDN (a) 25,700 25,700 
  47,600 
Arizona - 0.1%   
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 0.3% 3/7/22, VRDN (a) 2,400 2,400 
FNMA Pima County Indl. Dev. Auth. Multi-family Hsg. Rev. Series A, 0.26% 3/7/22, LOC Fannie Mae, VRDN (a)(b) 2,160 2,160 
  4,560 
Arkansas - 0.3%   
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.):   
Series 1998, 0.31% 3/7/22, VRDN (a)(b) 10,200 10,200 
Series 2002, 0.29% 3/7/22, VRDN (a)(b) 5,100 5,100 
  15,300 
California - 0.4%   
San Diego Hsg. Auth. Multi-family Hsg. Rev. Series 2017 A, 0.26% 3/7/22, LOC Bank of America NA, VRDN (a) 17,360 17,360 
Colorado - 0.0%   
Colorado Edl. & Cultural Facilities Auth. Rev. (Clyfford Still Museum Proj.) Series 2008, 0.3% 3/7/22, LOC Wells Fargo Bank NA, VRDN (a) 200 200 
Delaware - 0.2%   
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 B, 0.26% 3/7/22, VRDN (a)(b) 8,200 8,200 
District Of Columbia - 0.1%   
District of Columbia Rev. (Fort Lincoln New Town/Premium Distributors LLC Proj.) Series 2000, 0.33% 3/7/22, LOC Wells Fargo Bank NA, VRDN (a)(b) 3,010 3,010 
Florida - 1.6%   
Brevard County Hsg. Fin. Auth. (Manatee Cove Apts. Proj.) Series 2005, 0.22% 3/7/22, LOC Citibank NA, VRDN (a)(b) 8,275 8,275 
Broward County Indl. Dev. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2018 B, 0.16% 3/1/22, VRDN (a)(b) 1,995 1,995 
Collier County Hsg. Fin. Auth. Multi-family Rev. (Summer Lakes Phase II Apts. Proj.) Series 2005, 0.22% 3/7/22, LOC Citibank NA, VRDN (a)(b) 9,970 9,970 
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev. (Savannah Springs Apts. Proj.) Series G, 0.23% 3/7/22, LOC Citibank NA, VRDN (a)(b) 11,905 11,905 
Hillsborough County Hsg. Fin. Auth. Multi-family Rev.:   
(Claymore Crossings Apt. Proj.) Series 2005, 0.22% 3/7/22, LOC Citibank NA, VRDN (a)(b) 9,750 9,750 
(Meridian Pointe Apts. Proj.) Series 2005, 0.22% 3/7/22, LOC Citibank NA, VRDN (a)(b) 8,585 8,585 
FNMA:   
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.:   
(Hunters Run Apts. Proj.) Series G, 0.24% 3/7/22, LOC Fannie Mae, VRDN (a)(b) 5,525 5,525 
Series 2006 H, 0.26% 3/7/22, LOC Fannie Mae, VRDN (a)(b) 5,695 5,695 
Hillsborough County Hsg. Fin. Auth. Multi-family Rev. (Morgan Creek Apts. Proj.) Series 2003, 0.23% 3/7/22, LOC Fannie Mae, VRDN (a)(b) 10,100 10,100 
  71,800 
Georgia - 0.3%   
Gwinnett County Dev. Auth. Indl. Dev. Rev. (Curtis 1000, Inc. Proj.) Series 1996, 0.34% 3/7/22, LOC Wells Fargo Bank NA, VRDN (a)(b) 6,460 6,460 
FNMA Atlanta Urban Residential Fin. Auth. Multi-family Hsg. Rev. (Collegetown at Harris Homes Phase I Proj.) Series 2003, 0.26% 3/7/22, LOC Fannie Mae, VRDN (a)(b) 7,230 7,230 
  13,690 
Illinois - 3.5%   
Chicago Midway Arpt. Rev. Series 2014 C, 0.24% 3/7/22, LOC Barclays Bank PLC, VRDN (a)(b) 66,310 66,310 
Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev. (Lufthansa German Airlines Proj.) Series 2001, 0.23% 3/7/22, LOC Bayerische Landesbank, VRDN (a)(b) 37,770 37,770 
Illinois Dev. Fin. Auth. Rev. (Lyric Opera of Chicago Proj.) Series 1994, 0.23% 3/7/22, LOC BMO Harris Bank NA, LOC Northern Trust Co., VRDN (a) 35,100 35,100 
Illinois Fin. Auth. Rev. Series 2011 B, 0.25% 3/7/22, LOC Sumitomo Mitsui Banking Corp., VRDN (a) 1,300 1,300 
FHLMC:   
Illinois Fin. Auth. Multi-family Rev. (Villagebrook Apts. Proj.) Series 2005, 0.26% 3/7/22, LOC Freddie Mac, VRDN (a)(b) 7,520 7,520 
Lisle Village Multi-family Hsg. Rev. (Devonshire of Lisle Proj.) Series 1991, 0.26% 3/7/22, LOC Freddie Mac, VRDN (a)(b) 6,000 6,000 
  154,000 
Indiana - 1.5%   
Indiana Dev. Fin. Auth. Econ. (Archer-Daniels-Midland Co. Proj.) Series 2012, 0.23% 3/7/22 (Archer Daniels Midland Co. Guaranteed), VRDN (a) 8,500 8,500 
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.):   
Series 2003 A, 0.26% 3/7/22, VRDN (a)(b) 18,000 18,000 
Series 2003 B, 0.25% 3/7/22, VRDN (a)(b) 39,500 39,494 
  65,994 
Iowa - 3.4%   
Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Co. Proj.):   
Series 2008 A, 0.25% 3/7/22, VRDN (a)(b) 45,100 45,100 
Series 2016 B, 0.25% 3/7/22, VRDN (a)(b) 2,600 2,600 
Iowa Fin. Auth. Solid Waste Facilities (MidAmerican Energy Co. Proj.) Series 2017, 0.23% 3/7/22, VRDN (a)(b) 100,760 100,760 
  148,460 
Kansas - 1.6%   
Cygne Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994 B, 0.27% 3/7/22, VRDN (a) 17,200 17,200 
Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.):   
Series 2007 A, 0.3% 3/7/22, VRDN (a) 2,400 2,400 
Series 2007 B, 0.3% 3/7/22, VRDN (a) 9,400 9,400 
Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.):   
Series 2000, 0.23% 3/7/22, LOC Bank of America NA, VRDN (a)(b) 25,100 25,100 
Series 2002, 0.23% 3/7/22, LOC Bank of America NA, VRDN (a)(b) 7,000 7,000 
Wamego Kansas Poll. Cont. Rfdg. Rev.:   
(Kansas Gas & Elec. Co. Proj.) Series 1994, 0.27% 3/7/22, VRDN (a) 4,100 4,100 
(Western Resources, Inc. Proj.) Series 1994, 0.27% 3/7/22, VRDN (a) 5,200 5,200 
  70,400 
Kentucky - 1.3%   
Daviess County Exempt Facilities Rev. (Kimberly-Clark Tissue Co. Proj.) Series 1999, 0.24% 3/7/22 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) 5,900 5,900 
Daviess County Solid Waste Disp. Facilities Rev. (Scott Paper Co. Proj.):   
Series 1993 A, 0.24% 3/7/22 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) 8,900 8,900 
Series 1993 B, 0.24% 3/7/22 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) 29,800 29,800 
Louisville Reg'l. Arpt. Auth. Series 2006 A, 0.12% 3/1/22, VRDN (a)(b) 12,000 12,000 
  56,600 
Louisiana - 0.1%   
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 0.26% 3/7/22, VRDN (a) 2,600 2,600 
Nebraska - 0.0%   
Stanton County Indl. Dev. Rev.:   
(Nucor Corp. Proj.) Series 1996, 0.31% 3/7/22, VRDN (a)(b) 1,200 1,200 
Series 1998, 0.31% 3/7/22, VRDN (a)(b) 1,200 1,200 
  2,400 
Nevada - 0.5%   
Clark County Arpt. Rev.:   
Series 2008 C1, 0.23% 3/7/22, LOC Bank of America NA, VRDN (a)(b) 8,800 8,800 
Series 2008 C2, 0.25% 3/7/22, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) 12,525 12,525 
  21,325 
New York - 1.0%   
New York City Hsg. Dev. Corp. Multi-family Mtg. Rev. (Related-Upper East Proj.) Series A, 0.25% 3/7/22, LOC Landesbank Baden-Wurttemberg, VRDN (a)(b) 21,500 21,500 
FNMA New York Hsg. Fin. Agcy. Rev.:   
(East 39th Street Hsg. Proj.) Series 2000 A, 0.19% 3/7/22, LOC Fannie Mae, VRDN (a)(b) 10,500 10,500 
Series 2008 A, 0.21% 3/7/22, LOC Fannie Mae, VRDN (a)(b) 12,075 12,075 
  44,075 
New York And New Jersey - 0.1%   
Port Auth. of New York & New Jersey:   
Series 1992 2, 0.25% 3/30/22, VRDN (a)(c) 500 500 
Series 1995 4, 0.28% 3/30/22, VRDN (a)(b)(c) 3,900 3,900 
  4,400 
North Carolina - 0.3%   
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 0.29% 3/7/22, VRDN (a)(b) 4,300 4,300 
Parson County Indl. Facilities and Poll. Cont. Fing. Auth. (CertainTeed Gypsum NC, Inc. Proj.) Series 2010, 0.24% 3/7/22, LOC Cr. Industriel et Commercial, VRDN (a) 8,800 8,800 
  13,100 
Oregon - 0.2%   
Portland Hsg. Auth. Rev.:   
(New Columbia - Cecelia Proj.) Series 2004, 0.25% 3/7/22, LOC Bank of America NA, VRDN (a)(b) 2,770 2,770 
(New Columbia - Trouton Proj.) Series 2005, 0.25% 3/7/22, LOC Bank of America NA, VRDN (a)(b) 4,500 4,500 
  7,270 
Pennsylvania - 0.5%   
Allegheny County Hosp. Dev. Auth. Rev. Series 2016 A, 0.28% 3/7/22, LOC Truist Bank, VRDN (a) 3,400 3,400 
Allegheny County Indl. Dev. Auth. Rev. Series 2002, 0.24% 3/7/22, LOC Citizens Bank NA, VRDN (a) 5,000 5,000 
Beaver County Indl. Dev. Auth. Series 2018 A, 0.28% 3/7/22, LOC Truist Bank, VRDN (a) 700 700 
Lancaster Indl. Dev. Auth. Rev. (Mennonite Home Proj.) Series 2007, 0.27% 3/7/22, LOC Manufacturers & Traders Trust Co., VRDN (a) 6,905 6,905 
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. Series 2009 C, 0.29% 3/7/22, LOC MUFG Bank Ltd., VRDN (a) 7,475 7,475 
Philadelphia Auth. for Indl. Dev. Rev. (Spl. People in Northeast, Inc. Proj.) Series 2006, 0.25% 3/7/22, LOC Citizens Bank NA, VRDN (a) 600 600 
  24,080 
South Carolina - 0.5%   
Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1995, 0.31% 3/7/22, VRDN (a)(b) 1,000 1,000 
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. (Waste Mgmt. of South Carolina, Inc. Proj.) Series 2003 A, 0.24% 3/7/22, LOC Wells Fargo Bank NA, VRDN (a)(b) 6,400 6,400 
South Carolina Jobs-Econ. Dev. Auth. Indl. Rev. (South Carolina Generating Co., Inc. Proj.) Series 2008, 0.24% 3/7/22, LOC TD Banknorth, NA, VRDN (a)(b) 15,000 15,000 
  22,400 
Tennessee - 0.6%   
Loudon County Indl. Dev. Board Exempt Facilities Rev. (Kimberly-Clark Corp. Proj.) Series 1999, 0.24% 3/7/22, VRDN (a)(b) 10,500 10,500 
FNMA Metropolitan Govt. Nashville & Davidson County Health & Edl. Facilities Board (Whispering Oaks Apts. Proj.) Series 2007, 0.26% 3/7/22, LOC Fannie Mae, VRDN (a)(b) 15,000 15,000 
  25,500 
Texas - 3.2%   
Calhoun Port Auth. Envir. Facilities Rev. Series 2007 A, 0.23% 3/7/22, LOC PNC Bank NA, VRDN (a)(b) 2,700 2,700 
Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2003, 0.31% 3/7/22, VRDN (a)(b) 12,600 12,600 
Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev. (Onyx Envir. Svcs. Proj.) Series 2003, 0.23% 3/7/22, LOC Bank of America NA, VRDN (a)(b) 20,560 20,560 
Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev. (Air Products Proj.) Series 2010 A, 0.26% 3/7/22 (Total SA Guaranteed), VRDN (a) 20,000 20,000 
Port Arthur Navigation District Jefferson County Rev. Series 2000 B, 0.28% 3/7/22 (Total SA Guaranteed), VRDN (a)(b) 10,000 10,000 
Texas Gen. Oblig.:   
Series 2001 A2, 0.24% 3/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) 3,790 3,790 
Series 2002 A, 0.24% 3/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) 20,770 20,770 
Series 2003 A, 0.24% 3/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) 5,705 5,705 
Series 2004 B, 0.24% 3/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) 3,200 3,200 
Series 2006 A, 0.24% 3/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) 8,660 8,660 
Series 2007 B, 0.24% 3/7/22 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) 12,345 12,345 
FNMA:   
Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev. (Primrose at Bammel Apts. Proj.) Series 2005, 0.26% 3/7/22, LOC Fannie Mae, VRDN (a)(b) 6,780 6,780 
Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev. (Residences at Sunset Pointe Proj.) Series 2006, 0.34% 3/7/22, LOC Fannie Mae, VRDN (a)(b) 14,650 14,650 
  141,760 
Washington - 1.1%   
King County Hsg. Auth. Rev. (Overlake TOD Hsg. Proj.) Series 2000, 0.23% 3/7/22, LOC Bank of America NA, VRDN (a)(b) 15,555 15,555 
Port of Seattle Rev. Series 2008, 0.24% 3/7/22, LOC MUFG Bank Ltd., VRDN (a)(b) 31,970 31,970 
  47,525 
West Virginia - 2.0%   
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.:   
(Appalachian Pwr. Co. Amos Proj.) Series 2008 B, 0.28% 3/7/22, VRDN (a)(b) 37,475 37,475 
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 0.27% 3/7/22, VRDN (a)(b) 51,400 51,400 
  88,875 
Wisconsin - 1.2%   
Green Bay Redev. Auth. (Green Bay Packaging, Inc. Proj.) Series 2019, 0.25% 3/7/22, LOC Wells Fargo Bank NA, VRDN (a)(b)(d) 53,200 53,200 
Wyoming - 0.2%   
Converse County Envir. Impt. Rev. Series 1995, 0.24% 3/7/22, VRDN (a)(b) 1,700 1,700 
Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 0.25% 3/7/22, VRDN (a)(b) 5,500 5,500 
  7,200 
TOTAL VARIABLE RATE DEMAND NOTE   
(Cost $1,284,249)  1,284,249 
Tender Option Bond - 37.9%   
Alabama - 0.1%   
Huntsville Health Care Auth. Participating VRDN Series XG 03 01, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 3,800 3,800 
Arizona - 1.2%   
Arizona Indl. Dev. Auth. Hosp. Rev. Participating VRDN Series 20 XF 09 90, 0.25% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) 7,570 7,570 
Arizona Tourism & Sports Auth. Tax Rev. Participating VRDN Series Floaters E85, 0.23% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 6,200 6,200 
Mesa Util. Sys. Rev. Participating VRDN Series Solar 17 0026, 0.25% 3/7/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e)(f) 2,870 2,870 
Phoenix Civic Impt. Board Arpt. Rev. Participating VRDN:   
Series Floaters ZF 27 58, 0.26% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 2,025 2,025 
Series XF 08 46, 0.23% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(e)(f) 19,345 19,345 
Series YX 11 54, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 2,190 2,190 
Rowan Univ. Participating VRDN Series 2016 XF 2337, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 13,800 13,800 
  54,000 
California - 3.2%   
California Health Facilities Fing. Auth. Rev. Participating VRDN:   
Series 17 04, 0.32% 4/11/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 800 800 
Series DBE 80 11, 0.34% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 40,800 40,800 
Series Floaters XF 24 67, 0.23% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) 3,500 3,500 
Series Floaters ZM 05 43, 0.23% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) 4,000 4,000 
Los Angeles Dept. Arpt. Rev. Participating VRDN:   
Series 2021 XL 01 87, 0.24% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) 5,400 5,400 
Series Floaters XF 06 99, 0.24% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(e)(f) 6,520 6,520 
Series Floaters XG 02 32, 0.24% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) 4,000 4,000 
Series Floaters XX 10 28, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 8,000 8,000 
Series XL 01 61, 0.24% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) 9,335 9,335 
Series XM 08 69, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 5,780 5,780 
Series ZM 04 73, 0.26% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(e)(f) 425 425 
Series ZM 04 87, 0.26% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(e)(f) 1,470 1,470 
Sacramento City Fing. Auth. Rev. Participating VRDN Series Floaters XG 01 00, 0.26% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 2,900 2,900 
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Participating VRDN:   
Series 2021 XX 11 70, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 7,500 7,500 
Series XF 28 50, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 2,650 2,650 
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN:   
Series Floaters XL 01 01, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 1,235 1,235 
Series XF 28 76, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 10,700 10,700 
Series YX 11 31, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 6,955 6,955 
San Jose Int. Arpt. Rev. Participating VRDN Series 2017, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 800 800 
Sanger Unified School District Participating VRDN Series Floaters XF 24 63, 0.23% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) 10,105 10,105 
Solano Cmnty. College District Participating VRDN Series Floaters XF 24 59, 0.23% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) 3,145 3,145 
Univ. of California Revs. Participating VRDN Series Floaters ZF 26 70, 0.23% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) 4,200 4,200 
  140,220 
Colorado - 3.3%   
Colorado Health Facilities Auth. Participating VRDN:   
Series XG 02 51, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 3,470 3,470 
Series XM 08 29, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 3,900 3,900 
Series XM 08 38, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 3,550 3,550 
Series XM 08 41, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 4,000 4,000 
Series XX 11 30, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 3,880 3,880 
Series ZF 08 09, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 1,000 1,000 
Colorado State Bldg. Excellent Schools Today Ctfs. of Prtn. Participating VRDN Series 2021 XF 12 68, 0.23% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 5,600 5,600 
Colorado State Univ. Board of Governors Enterprise Sys. Rev. Participating VRDN Series E 143, 0.23% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 6,900 6,900 
Denver City & County Arpt. Rev.:   
Bonds Series G-114, 0.45%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(e)(f) 1,600 1,600 
Participating VRDN:   
Series Floaters XF 07 57, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) 2,915 2,915 
Series Floaters XG 01 96, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) 47,905 47,905 
Series Floaters XG 01 97, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) 1,800 1,800 
Series Floaters XL 00 83, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) 23,665 23,665 
Series Floaters XL 00 84, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) 13,665 13,665 
Series Floaters ZF 06 89, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) 2,190 2,190 
Series Floaters ZF 06 90, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) 9,315 9,315 
Series Floaters ZF 06 91, 0.27% 3/7/22 (Liquidity Facility Bank of America NA)(a)(b)(e)(f) 3,680 3,680 
Univ. of Colorado Enterprise Sys. Rev. Participating VRDN Series Solar 0065, 0.25% 3/7/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e)(f) 6,010 6,010 
  145,045 
Connecticut - 2.7%   
Connecticut Gen. Oblig. Participating VRDN:   
Series 2017, 0.23% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 4,950 4,950 
Series Floaters 016, 0.32% 4/11/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 79,720 79,720 
Series Floaters XL 00 66, 0.23% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 2,530 2,530 
Series XM 07 62, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 1,890 1,890 
Series XM 08 57, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 5,200 5,200 
Series XM 08 58, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 4,440 4,440 
Series YX 11 07, 0.23% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 1,500 1,500 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.:   
Bonds Series Floaters G 110, 0.38%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (a)(c)(e)(f) 5,400 5,400 
Participating VRDN:   
Series Floaters YX 10 77, 0.23% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 4,110 4,110 
Series ROC II R 14073, 0.26% 3/7/22 (Liquidity Facility Citibank NA) (a)(e)(f) 1,500 1,500 
Series XM 08 67, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 2,500 2,500 
Series YX 11 37, 0.23% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 1,680 1,680 
State of Connecticut Gen. Oblig. Bonds Participating VRDN Series Floaters XM 03 39, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 3,700 3,700 
  119,120 
District Of Columbia - 0.7%   
District of Columbia Gen. Oblig. Participating VRDN:   
Series Floaters YX 10 39, 0.23% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 1,700 1,700 
Series MS 4301, 0.23% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) 5,600 5,600 
Series Solar 0035, 0.25% 3/7/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e)(f) 2,435 2,435 
District of Columbia Income Tax Rev. Participating VRDN Series XF 23 41, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 1,800 1,800 
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Participating VRDN:   
Series XF 09 20, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 2,145 2,145 
Series XG 02 67, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 6,185 6,185 
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Participating VRDN:   
Series Floaters XF 06 94, 0.28% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) 8,110 8,110 
Series Floaters XF 27 94, 0.28% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) 1,545 1,545 
Series Floaters ZM 05 54, 0.24% 3/7/22 (Liquidity Facility Citibank NA) (a)(b)(e)(f) 2,500 2,500 
  32,020 
Florida - 3.7%   
Broward County Arpt. Sys. Rev. Participating VRDN:   
Series Floaters XL 00 88, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 15,950 15,950 
Series XF 09 15, 0.25% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(e)(f) 2,810 2,810 
Broward County Port Facilities Rev.:   
Bonds Series G 115, 0.45%, tender 9/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(e)(f) 1,925 1,925 
Participating VRDN:   
Series XF 08 17, 0.27% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(e)(f) 10,440 10,440 
Series XF 09 52, 0.26% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(e)(f) 4,425 4,425 
Series ZF 08 26, 0.29% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(e)(f) 2,635 2,635 
Escambia County Health Facilities Auth. Health Facilities Rev. Participating VRDN:   
Series XG 02 75, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 5,480 5,480 
Series XG 02 81, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 1,800 1,800 
Series ZF 09 31, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 1,605 1,605 
Fort Myers Util. Sys. Rev. Participating VRDN Series XF 08 13, 0.29% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 1,100 1,100 
Greater Orlando Aviation Auth. Arpt. Facilities Rev.:   
Bonds Series Floaters G 25, 0.45%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(e)(f) 2,200 2,200 
Participating VRDN:   
Series Floaters ZF 25 03, 0.24% 3/7/22 (Liquidity Facility Citibank NA) (a)(b)(e)(f) 3,750 3,750 
Series XF 28 77, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 8,800 8,800 
Series XL 01 66, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 4,695 4,695 
Series XM 08 90, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 8,765 8,765 
Series XM 08 96, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 10,200 10,200 
Series ZF 08 22, 0.28% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) 8,200 8,200 
Series ZF 09 74, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 2,635 2,635 
Series ZM 07 79, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 2,820 2,820 
Lee County Arpt. Rev. Participating VRDN Series XF 11 26, 0.27% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(e)(f) 3,435 3,435 
Lee Memorial Health Sys. Hosp. Rev. Participating VRDN Series Floaters XG 02 34, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 2,185 2,185 
Miami-Dade County Participating VRDN Series XF 29 46, 0.27% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 30,005 30,005 
Miami-Dade County Expressway Auth. Participating VRDN Series Floaters XG 02 52, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 3,500 3,500 
Miami-Dade County Wtr. & Swr. Rev. Participating VRDN Series 2021 XM 09 42, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 3,480 3,480 
Palm Beach County Health Facilities Auth. Hosp. Rev. Participating VRDN Series XM 07 82, 0.26% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 3,190 3,190 
Pinellas County Fla School Board Ctfs. Participating VRDN Series Floaters ZF 05 86, 0.25% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) 5,000 5,000 
Pittsburg WTSW Participating VRDN Series XM 00 06, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 6,400 6,400 
South Broward Hosp. District Rev. Participating VRDN Series XG 03 45, 0.23% 3/7/22 (Liquidity Facility Wells Fargo Bank NA) (a)(e)(f) 5,470 5,470 
South Miami Health Facilities Auth. Hosp. Rev. Participating VRDN:   
Series XF 25 23, 0.26% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 1,300 1,300 
Series XM 08 68, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 700 700 
  164,900 
Georgia - 2.2%   
Atlanta Arpt. Rev. Participating VRDN:   
Series XF 08 15, 0.28% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) 3,000 3,000 
Series XM 07 97, 0.26% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) 4,065 4,065 
Bainbridge Combined Utils. Rev. Participating VRDN Series XG 03 49, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 4,000 4,000 
Brookhaven Dev. Auth. Rev. Participating VRDN Series XM 07 51, 0.23% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 1,500 1,500 
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 107, 0.25% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 13,800 13,800 
Fayette County Hosp. Auth. Rev. Participating VRDN Series XM 08 92, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 2,100 2,100 
Gainesville & Hall County Hosp. Auth. Rev. Participating VRDN Series XG 02 85, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 11,100 11,100 
Georgia Muni. Elec. Auth. Pwr. Rev. Participating VRDN:   
Series 2021 XL 01 88, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 3,375 3,375 
Series XF 08 23, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 2,945 2,945 
Series XG 02 56, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 11,000 11,000 
Series XG 02 57, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 1,200 1,200 
Georgia Port Auth. Rev. Participating VRDN Series 2021 XL 01 93, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 2,700 2,700 
Georgia Road & Thruway Auth. Rev. Participating VRDN Series 2021 XM 09 61, 0.23% 3/7/22 (Liquidity Facility Wells Fargo Bank NA) (a)(e)(f) 3,515 3,515 
Heard County Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 105, 0.25% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 3,400 3,400 
Monroe County Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 106, 0.25% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 5,000 5,000 
Muni. Elec. Auth. of Georgia Participating VRDN Series XG 02 54, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 10,800 10,800 
Private Colleges & Univs. Auth. Rev. Participating VRDN Series Floaters XM 04 35, 0.23% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 12,000 12,000 
  95,500 
Hawaii - 0.5%   
Hawaii Dept. of Budget & Fin. Spl. Purp. Rev. Participating VRDN Series Floaters XM 06 19, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 12,290 12,290 
Hawaii Gen. Oblig. Participating VRDN:   
Series 16 XF0439, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 6,000 6,000 
Series Solar 17 0031, 0.25% 3/7/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e)(f) 5,030 5,030 
  23,320 
Illinois - 4.0%   
Chicago Gen. Oblig. Participating VRDN:   
Series 2022 XM 09 78, 0.35% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 800 800 
Series E 151, 0.24% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 14,900 14,900 
Series Floaters XL 01 05, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 6,400 6,400 
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN:   
Series Floaters XF 07 23, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 11,270 11,270 
Series Floaters XG 02 19, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 6,475 6,475 
Series Floaters XM 06 86, 0.28% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) 4,480 4,480 
Series XF 28 66, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 3,650 3,650 
Deutsche Bank Spears/Lifers Trust Participating VRDN Series Floaters XF 10 12, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 4,400 4,400 
Illinois Fin. Auth. Participating VRDN:   
Series XF 09 80, 0.25% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) 7,125 7,125 
Series XG 02 99, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 2,500 2,500 
Illinois Fin. Auth. Rev. Participating VRDN:   
Series Floaters 017, 0.32% 4/11/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 15,975 15,975 
Series XF 07 11, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 11,050 11,050 
Illinois Gen. Oblig. Participating VRDN:   
Series 15 XF 1006, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 7,000 7,000 
Series Floaters XF 10 43, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 3,650 3,650 
Series Floaters XX 10 81, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 15,200 15,200 
Series Floaters YX 10 72, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 2,595 2,595 
Series Floaters YX 10 86, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 1,660 1,660 
Series XF 10 10, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 7,500 7,500 
Series XF 28 41, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 3,150 3,150 
Series XM 07 59, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 5,050 5,050 
Series XX 11 41, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 1,400 1,400 
Series YX 11 50, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 2,590 2,590 
Series YX 11 51, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 5,975 5,975 
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Participating VRDN:   
Series 15 XF0277, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 2,000 2,000 
Series 15 XM 0078, 0.26% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 15,375 15,375 
Series 2022 XF 12 88, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 10,500 10,500 
Series XF 08 01, 0.24% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 3,800 3,800 
Portofino Landings Cmnty. Dev. D Participating VRDN Series 2021 XM 09 38, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 700 700 
  177,170 
Indiana - 0.2%   
Hamilton County Healthcare Facilities Rev. Participating VRDN Series XF 10 26, 0.26% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 9,400 9,400 
Iowa - 0.1%   
Iowa Fin. Auth. Health Facilities Rev. Participating VRDN Series ZF 26 27, 0.24% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) 2,800 2,800 
Kentucky - 0.8%   
CommonSpirit Health Participating VRDN Series MIZ 90 21, 0.3% 3/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (a)(e)(f) 3,295 3,295 
Kentucky Bd Dev. Corp. Indl. Bldg. Participating VRDN Series XX 11 24, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 1,900 1,900 
Kentucky Econ. Dev. Fin. Auth. Participating VRDN:   
Series Floaters XF 10 24, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 10,400 10,400 
Series Floaters XF 24 85, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 10,300 10,300 
Series XM 08 39, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 2,390 2,390 
Series XM 08 42, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 2,575 2,575 
Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 0.4%, tender 5/2/22 (Liquidity Facility Royal Bank of Canada) (a)(c)(e)(f) 2,400 2,400 
  33,260 
Louisiana - 3.0%   
Louisiana Gas & Fuel Tax Rev. Participating VRDN Series EGL 14 0049, 0.23% 3/7/22 (Liquidity Facility Citibank NA) (a)(e)(f) 114,600 114,600 
Louisiana Pub. Facilities Auth. Rev. Participating VRDN Series XF 12 02, 0.25% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) 8,215 8,215 
New Orleans Aviation Board Rev. Participating VRDN Series Floaters XL 00 46, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 11,240 11,240 
  134,055 
Maryland - 0.0%   
Montgomery County Gen. Oblig. Participating VRDN Series Floaters XG 02 15, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 1,600 1,600 
Michigan - 0.6%   
Grand Traverse County Hosp. Fin. Auth. Participating VRDN Series 2021 XG 03 19, 0.28% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 5,600 5,600 
Michigan Bldg. Auth. Rev. Participating VRDN Series Floaters XM 07 43, 0.23% 3/7/22 (Liquidity Facility Wells Fargo Bank NA) (a)(e)(f) 2,000 2,000 
Michigan Fin. Auth. Rev. Participating VRDN:   
Series 15 XF0126, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 2,525 2,525 
Series 16 XM0223, 0.24% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) 2,400 2,400 
Series Floaters ZF 07 90, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 530 530 
Series Floaters ZF 07 96, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 750 750 
Series Floaters ZF 28 25, 0.26% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 1,300 1,300 
Series XM 04 72, 0.23% 3/7/22 (Liquidity Facility Citibank NA) (a)(e)(f) 4,050 4,050 
Series XM 07 48, 0.28% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) 3,900 3,900 
Monroe Mich Pub. Schools Participating VRDN Series XL 01 46, 0.29% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 2,100 2,100 
  25,155 
Mississippi - 0.1%   
Mississippi Bus. Fin. Corp. Rev. Participating VRDN Series 2021 XF 11 05, 0.27% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 2,935 2,935 
Missouri - 1.2%   
Kansas City Indl. Dev. Auth. Participating VRDN Series YX 11 59, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 2,200 2,200 
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Participating VRDN:   
Series Floaters 17 010, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 16,870 16,870 
Series Floaters XF 07 63, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 3,000 3,000 
Series Floaters XG 01 84, 0.25% 3/7/22 (Liquidity Facility Citibank NA) (a)(e)(f) 2,300 2,300 
Missouri Health & Edl. Facilities Auth. Rev. Participating VRDN Series Floaters C16, 0.25% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 23,500 23,500 
Missouri Health & Edl. Facilities Rev. Participating VRDN Series Floaters C17, 0.24% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 5,500 5,500 
  53,370 
Nebraska - 0.0%   
Univ. of Nebraska Facilities Corp. Participating VRDN Series 2021 XF 11 03, 0.26% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 800 800 
Nevada - 0.0%   
Las Vegas Convention & Visitors Auth. Participating VRDN Series XM 08 66, 0.24% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 2,100 2,100 
New Jersey - 0.8%   
New Jersey Econ. Dev. Auth. Lease Rev. Participating VRDN Series Floaters XF 25 25, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 2,000 2,000 
New Jersey Econ. Dev. Auth. Rev. Participating VRDN:   
Series Floaters XF 23 93, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 1,750 1,750 
Series Floaters XL 00 52, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 6,625 6,625 
Series XG 02 60, 0.23% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 5,800 5,800 
Series XG 02 61, 0.23% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 3,010 3,010 
Series YX 11 60, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 3,115 3,115 
New Jersey Gen. Oblig. Participating VRDN Series ZF 12 07, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 3,400 3,400 
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Participating VRDN Series Floaters XG 01 78, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) 1,450 1,450 
New Jersey Trans. Trust Fund Auth. Participating VRDN:   
Series Floaters XG 02 05, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 1,300 1,300 
Series Floaters XX 10 93, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 3,900 3,900 
Series YX 11 38, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 1,600 1,600 
Union County Impt. Auth. Participating VRDN Series XF 10 19, 0.23% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 600 600 
  34,550 
New York - 1.8%   
New York City Gen. Oblig. Participating VRDN Series 2020 003, 0.35% 4/11/22 (Liquidity Facility Wells Fargo Bank NA) (a)(e)(f) 1,225 1,225 
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Participating VRDN Series Floaters E 129, 0.23% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 28,000 28,000 
New York Metropolitan Trans. Auth. Rev. Participating VRDN:   
Series RBC E 126, 0.25% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 400 400 
Series XF 04 99, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 6,400 6,400 
Series XF 24 19, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 5,625 5,625 
Series XF 28 68, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 9,000 9,000 
Series XF 28 78, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 4,800 4,800 
Series XG 02 90, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 22,530 22,530 
  77,980 
New York And New Jersey - 1.6%   
Port Auth. of New York & New Jersey Participating VRDN:   
Series 16 XF0407, 0.25% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 5,770 5,770 
Series 20 XF 09 86, 0.25% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 1,440 1,440 
Series 20 ZF 09 83, 0.25% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 850 850 
Series 20 ZF 09 84, 0.25% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 4,035 4,035 
Series 20 ZF 09 87, 0.25% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 1,060 1,060 
Series Floaters XF 05 65, 0.23% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) 8,430 8,430 
Series Floaters XF 06 83, 0.24% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(e)(f) 2,000 2,000 
Series Floaters XF 24 88, 0.25% 3/7/22 (Liquidity Facility Citibank NA) (a)(b)(e)(f) 2,500 2,500 
Series Floaters XM 06 16, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 11,050 11,050 
Series ROC 14086, 0.25% 3/7/22 (Liquidity Facility Citibank NA) (a)(b)(e)(f) 9,510 9,510 
Series XF 08 08, 0.25% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 1,900 1,900 
Series XF 09 38, 0.25% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 12,300 12,300 
Series XF 29 80, 0.25% 3/7/22 (Liquidity Facility Citibank NA) (a)(b)(e)(f) 7,200 7,200 
Series ZF 09 96, 0.25% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 3,690 3,690 
  71,735 
North Carolina - 0.5%   
Charlotte Int'l. Arpt. Rev. Participating VRDN:   
Series 2021 XF 29 38, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 6,380 6,380 
Series 2022 ZF 12 73, 0.24% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 3,750 3,750 
North Carolina Med. Care Commission Health Care Facilities Rev. Participating VRDN:   
Series 15 XF0147, 0.25% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) 8,000 8,000 
Series XF 08 85, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 2,195 2,195 
  20,325 
North Dakota - 0.0%   
Grand Forks Health Care Sys. Rev. Participating VRDN Series 2021 XG 03 44, 0.29% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 2,100 2,100 
Ohio - 0.6%   
CommonSpirit Health Participating VRDN Series MIZ 90 20, 0.3% 3/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (a)(e)(f) 1,775 1,775 
Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 0.3% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 1,200 1,200 
Hamilton County Healthcare Facilities Rev. Participating VRDN Series XF 10 50, 0.26% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 1,100 1,100 
Hamilton County Hosp. Facilities Rev. Participating VRDN Series XF 28 89, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 2,300 2,300 
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 003, 0.32% 4/11/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 7,510 7,510 
Montgomery County Hosp. Rev. Participating VRDN Series Floaters E 132, 0.23% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 3,800 3,800 
Ohio Hosp. Rev. Participating VRDN:   
Series 002, 0.32% 4/11/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 3,900 3,900 
Series C18, 0.24% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 2,400 2,400 
Series XF 09 67, 0.25% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) 1,835 1,835 
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 0.4%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) (a)(c)(e)(f) 2,500 2,500 
  28,320 
Oklahoma - 0.2%   
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Participating VRDN:   
Series Floaters XG 02 10, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 310 310 
Series Floaters XX 10 96, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 10,535 10,535 
  10,845 
Oregon - 0.4%   
Port of Portland Arpt. Rev. Participating VRDN:   
Series 2022 XM 09 73, 0.27% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(e)(f) 6,800 6,800 
Series 2022 YX 11 77, 0.26% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 8,500 8,500 
Salem Hosp. Facility Auth. Rev. Participating VRDN Series XM 08 13, 0.25% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 1,750 1,750 
  17,050 
Pennsylvania - 0.4%   
Geisinger Auth. Health Sys. Rev. Participating VRDN:   
Series Floaters YX 10 49, 0.26% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 2,320 2,320 
Series XF 09 69, 0.27% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 1,600 1,600 
Series XM 08 87, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 1,230 1,230 
Pennsylvania Higher Edl. Facilities Auth. Rev. Participating VRDN Series Floaters XF 25 53, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 3,680 3,680 
Pennsylvania State Univ. Participating VRDN Series XM 08 27, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 3,100 3,100 
Pennsylvania Tpk. Commission Tpk. Rev. Participating VRDN Series XX 11 34, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 1,600 1,600 
Philadelphia Auth. for Indl. Dev. Participating VRDN Series XG 02 53, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 2,100 2,100 
  15,630 
South Carolina - 0.7%   
Columbia Wtrwks. & Swr. Rev. Participating VRDN Series 2016 21, 0.25% 3/7/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e)(f) 7,715 7,715 
South Carolina Jobs-Econ. Dev. Auth. Participating VRDN Series Floaters BAML 50 04, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 5,160 5,160 
South Carolina Jobs-Econ. Dev. Auth. Hosp. Impt. Rev. Participating VRDN:   
Series XF 09 30, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 3,800 3,800 
Series XF 28 83, 0.3% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) 2,300 2,300 
South Carolina Ports Auth. Ports Rev. Participating VRDN:   
Series XF 08 20, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) 6,410 6,410 
Series ZF 08 24, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) 4,575 4,575 
South Carolina St. Pub. Svc. Auth. Rev. Participating VRDN Series XG 0046, 0.24% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) 580 580 
  30,540 
Tennessee - 0.4%   
Metropolitan Nashville Arpt. Auth. Rev. Participating VRDN:   
Series 2021 XL 01 89, 0.27% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(e)(f) 1,500 1,500 
Series XG 02 68, 0.26% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) 2,900 2,900 
Series YX 11 39, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) 3,000 3,000 
Nashville and Davidson County Metropolitan Govt. Health & Edl. Facilities Board Rev. Participating VRDN:   
Series Floaters XG 01 45, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 2,000 2,000 
Series Floaters XL 00 62, 0.25% 3/7/22 (Liquidity Facility Citibank NA) (a)(e)(f) 2,320 2,320 
Vanderbilt Hosp. Participating VRDN Series 2016 XF 10 54, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 4,475 4,475 
  16,195 
Texas - 0.6%   
Dallas County Util. and Reclamation District Participating VRDN Series Floaters CTFS G 99, 0.23% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) 1,630 1,630 
El Paso Independent School District Participating VRDN Series ZF 08 64, 0.25% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) 3,335 3,335 
Houston Arpt. Sys. Rev. Participating VRDN Series XF 11 11, 0.27% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(e)(f) 400 400 
North Ft. Bend Wtr. Auth. Participating VRDN Series XF 08 16, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 4,000 4,000 
North Texas Tollway Auth. Rev. Bonds Series G-112, 0.4%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) (a)(c)(e)(f) 3,000 3,000 
San Antonio Pub. Facilities Corp. and Rfdg. Lease Participating VRDN Series Floaters XF 06 41, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 2,000 2,000 
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Participating VRDN:   
Series 16 XF0411, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank)(a)(e)(f) 6,900 6,900 
Series XG 02 78, 0.24% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 2,880 2,880 
  24,145 
Virginia - 0.5%   
Loudoun County Gen. Oblig. Participating VRDN Series Solar 2017 38, 0.25% 3/7/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e)(f) 2,900 2,900 
Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series MIZ 90 25, 0.29% 3/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (a)(e)(f) 7,730 7,730 
Univ. of Virginia Gen. Rev. Participating VRDN Series Solar 17 17, 0.25% 3/7/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e)(f) 3,225 3,225 
Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 0.4%, tender 8/1/22 (Liquidity Facility Royal Bank of Canada) (a)(c)(e)(f) 1,300 1,300 
Virginia Small Bus. Fing. Auth. Health Care Facilities Rev. Participating VRDN:   
Series XF 09 26, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 3,935 3,935 
Series ZF 09 27, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 3,200 3,200 
  22,290 
Washington - 1.7%   
CommonSpirit Health Participating VRDN Series XF 1017, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 10,200 10,200 
Port of Seattle Rev. Participating VRDN:   
Series Floaters XF 05 22, 0.26% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(e)(f) 3,600 3,600 
Series Floaters XM 06 65, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 12,700 12,700 
Series Floaters ZM 06 69, 0.3% 3/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) 9,700 9,700 
Series XF 26 30, 0.25% 3/7/22 (Liquidity Facility Cr. Suisse AG) (a)(b)(e)(f) 8,480 8,480 
Series XF 28 28, 0.27% 3/7/22 (Liquidity Facility Cr. Suisse AG) (a)(b)(e)(f) 7,340 7,340 
Series XM 08 75, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 2,950 2,950 
Series XM 09 59, 0.28% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) 5,400 5,400 
Port of Tacoma Rev. Participating VRDN Series Floaters XF 06 58, 0.27% 3/7/22 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) 5,410 5,410 
Washington Convention Ctr. Pub. Facilities Participating VRDN:   
Series XG 02 92, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 3,700 3,700 
Series XG 02 96, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 2,700 2,700 
Washington Higher Ed. Facilities Auth. Rev. Participating VRDN Series XG 02 74, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 2,280 2,280 
  74,460 
West Virginia - 0.1%   
West Virginia Hosp. Fin. Auth. Hosp. Rev. Participating VRDN Series 2022 XM 09 77, 0.25% 3/7/22 (Liquidity Facility Bank of America NA) (a)(e)(f) 3,750 3,750 
TOTAL TENDER OPTION BOND   
(Cost $1,670,485)  1,670,485 
Other Municipal Security - 29.5%   
Alabama - 0.4%   
Huntsville Health Care Auth. Rev. Series 2022:   
0.12% 3/4/22, CP 15,800 15,800 
0.3% 4/6/22, CP 2,100 2,100 
  17,900 
Arizona - 0.1%   
Phoenix Civic Impt. Board Arpt. Rev. Bonds Series 2017 D, 5% 7/1/22 3,430 3,485 
California - 2.0%   
California Gen. Oblig.:   
Bonds:   
Series 2013, 5% 10/1/22 525 539 
Series 2019, 5% 4/1/22 3,500 3,515 
Series 2020:   
3% 3/1/22 13,060 13,060 
4% 3/1/22 2,730 2,730 
Series 2022 A1, 0.16% 3/10/22, LOC Wells Fargo Bank NA, CP 13,995 13,995 
Series 2022 A3, 0.14% 3/2/22, LOC UBS AG, CP 4,000 4,000 
Series 2022 A4, 0.28% 4/27/22, LOC Toronto-Dominion Bank, CP 14,100 14,100 
Los Angeles County Gen. Oblig. Series 2022 C, 0.5% 5/4/22, LOC Wells Fargo Bank NA, CP 4,800 4,800 
Los Angeles Dept. Arpt. Rev.:   
Bonds Series 2016 A, 5% 5/15/22 (b) 575 581 
Series 2021 B1, 0.13% 3/16/22, LOC Sumitomo Mitsui Banking Corp., CP (b) 7,934 7,934 
Series 2022:   
0.14% 5/4/22, LOC Sumitomo Mitsui Banking Corp., CP (b) 3,569 3,569 
0.45% 6/3/22, LOC Bank of America NA, CP (b) 12,644 12,644 
San Bernardino County Trans. Auth. Sales Tax Rev. Series 2022 A, 0.12% 4/6/22, LOC Barclays Bank PLC, CP 7,868 7,868 
  89,335 
Connecticut - 0.1%   
New London BAN Series 2021, 2% 3/17/22 2,700 2,702 
District Of Columbia - 0.1%   
District of Columbia Wtr. & Swr. Auth. Pub. Util. Rev. Series 2021 B, 0.13% 4/5/22, LOC TD Banknorth, NA, CP 2,930 2,930 
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Bonds:   
Series 2013 A, 5% 10/1/22 (b) 1,000 1,027 
Series 2015 B, 5% 10/1/22 (b) 1,050 1,079 
Series 2021 A, 5% 10/1/22 (b) 1,060 1,085 
  6,121 
Florida - 2.8%   
Broward County School District TAN Series 2021, 2% 6/30/22 1,875 1,885 
Florida Board of Ed. Pub. Ed. Cap. Outlay Bonds Series 2019 A, 5% 6/1/22 7,800 7,894 
Florida Dept. of Trans. Tpk. Rev. Bonds Series 2015 A, 5% 7/1/22 1,965 1,995 
Florida Local Govt. Fin. Cmnty. Series 2022 A1, 0.26% 4/1/22, LOC JPMorgan Chase Bank, CP 6,636 6,636 
Miami-Dade County Series 2022 B1, 0.15% 4/5/22, LOC Bank of America NA, CP (b) 4,500 4,500 
Miami-Dade County Aviation Rev. Series 2022, 0.14% 3/4/22, LOC Bank of America NA, CP (b) 1,670 1,670 
Polk County Indl. Dev. Auth. Health Sys. Rev. Bonds:   
Series 2014 A, SIFMA Municipal Swap Index + 0.300% 0.5%, tender 9/26/22 (a)(g) 28,200 28,200 
Series 2014 A1, SIFMA Municipal Swap Index + 0.250% 0.45%, tender 9/26/22 (a)(g) 28,900 28,900 
Tampa Health Sys. Rev. Bonds Series 2012 B, SIFMA Municipal Swap Index + 0.300% 0.5%, tender 9/26/22 (a)(g) 42,015 42,015 
  123,695 
Georgia - 2.3%   
Atlanta Arpt. Rev.:   
Bonds Series 2021 C, 5% 7/1/22 (b) 1,350 1,372 
Series 2022 J1, 0.29% 4/4/22, LOC Bank of America NA, CP 6,636 6,636 
Series 2022 K2:   
0.16% 4/13/22, LOC PNC Bank NA, CP (b) 37,923 37,923 
0.16% 4/13/22, LOC PNC Bank NA, CP (b) 5,520 5,520 
0.25% 4/13/22, LOC PNC Bank NA, CP (b) 25,905 25,905 
Series 2022 L2, 0.33% 4/13/22, LOC JPMorgan Chase Bank, CP (b) 23,100 23,100 
  100,456 
Idaho - 0.1%   
Idaho Health Facilities Auth. Hosp. Rev. Bonds Series 2013 ID, 0.23%, tender 5/2/22 (a) 4,300 4,300 
Illinois - 1.1%   
Chicago Midway Arpt. Rev. Series 2021 A, 0.16% 3/15/22, LOC JPMorgan Chase Bank, CP (b) 5,427 5,427 
Illinois Fin. Auth. Rev. Bonds:   
(Advocate Health Care Network Proj.) Series 2011 B, SIFMA Municipal Swap Index + 0.300% 0.5%, tender 9/26/22 (a)(g) 40,690 40,690 
Series 2012 A, 4.5% 5/15/22 (Pre-Refunded to 5/15/22 @ 100) 555 560 
  46,677 
Kentucky - 0.0%   
Kentucky State Property & Buildings Commission Rev. Bonds Series 2018, 5% 5/1/22 275 277 
Louisiana - 0.1%   
Louisiana Gas & Fuel Tax Rev. Bonds Series 2012 A1, 4% 5/1/22 (Pre-Refunded to 5/1/22 @ 100) 2,455 2,471 
Maryland - 0.2%   
Montgomery County Gen. Oblig. Bonds Series 2013 MD, 0.12%, tender 6/1/22 (a) 9,425 9,425 
Massachusetts - 0.2%   
Massachusetts Dev. Fin. Agcy. Elec. Util. Rev. Bonds Series 2022, 0.42% tender 3/9/22 (Massachusetts Elec. Co. Guaranteed), CP mode (b) 2,200 2,200 
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds Series 2022, 0.32% tender 3/1/22, CP mode 5,400 5,400 
  7,600 
Michigan - 1.4%   
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 0.45%, tender 9/26/22 (a)(g) 17,245 17,245 
Michigan Bldg. Auth. Rev. Series 2022 8, 0.2% 4/28/22, LOC State Street Bank & Trust Co., Boston, LOC U.S. Bank NA, Cincinnati, CP 20,600 20,600 
Michigan Fin. Auth. Rev. Bonds Series 2013 M1, 0.12%, tender 6/1/22 (a) 18,125 18,125 
Univ. of Michigan Rev. Bonds Series 2022 B, 0.24% tender 3/17/22, CP mode 7,300 7,300 
  63,270 
Minnesota - 0.1%   
Univ. of Minnesota Gen. Oblig. Series 2022 G, 0.25% 3/15/22, CP 3,600 3,600 
Montana - 0.1%   
Montana Board of Invt. Bonds Series 2007, 0.15%, tender (a) 3,100 3,098 
Nebraska - 1.3%   
Omaha Pub. Pwr. District Elec. Rev.:   
Series 2021 A:   
0.13% 3/1/22, CP 2,300 2,300 
0.13% 3/2/22, CP 6,000 6,000 
0.13% 4/7/22, CP 5,800 5,800 
0.14% 4/5/22, CP 2,980 2,980 
0.14% 4/6/22, CP 2,900 2,900 
Series 2022 A:   
0.1% 3/8/22, CP 5,600 5,600 
0.11% 3/7/22, CP 3,950 3,950 
0.11% 3/10/22, CP 3,900 3,900 
0.23% 3/17/22, CP 5,700 5,700 
0.23% 3/18/22, CP 6,200 6,200 
0.28% 4/4/22, CP 6,200 6,200 
0.39% 5/5/22, CP 4,100 4,100 
  55,630 
New Jersey - 1.0%   
Hudson County Impt. Auth. Rev. BAN Series 2021 C1, 1% 8/16/22 (Hudson County Gen. Oblig. Guaranteed) 1,800 1,807 
New Jersey Tpk. Auth. Tpk. Rev. Bonds Series 2013 A, 5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 7,880 8,003 
Ship Bottom Gen. Impt. Wtr. Swr. Util. BAN Series 2021, 1.5% 10/20/22 10,231 10,311 
Summit Gen. Oblig. BAN Series 2021, 2% 10/21/22 9,032 9,135 
Tenafly BAN Series 2021, 2% 5/27/22 6,428 6,455 
Westfield Gen. Oblig. BAN Series 2021, 1.5% 8/17/22 9,900 9,960 
  45,671 
New York - 3.0%   
Babylon Union Free School District TAN Series 2021, 1.5% 6/17/22 3,000 3,012 
Burnt Hills Ballston Lake NY BAN Series 2021, 2% 6/23/22 8,000 8,046 
City of Kingston BAN Series 2021 B, 1.25% 8/19/22 6,278 6,303 
Half Hollow Hills Central School District of Huntington & Babylon TAN Series 2021, 1% 6/24/22 18,700 18,748 
Hauppauge Union Free School District TAN Series 2021, 1.5% 6/24/22 11,000 11,047 
Longwood Central School District TAN Series 2021, 1.5% 6/24/22 20,100 20,186 
Middle Country Century School District TAN Series 2021, 1% 6/24/22 13,200 13,235 
Miller Place Union Free School District TAN Series 2021, 1.5% 6/24/22 4,700 4,720 
New York Dorm. Auth. Rev. Bonds Series 2012 A, 5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 2,205 2,238 
Patchogue Medford Union Free School District TAN Series 2021, 1.5% 6/24/22 16,100 16,170 
Sayville Union Free School District TAN Series 2021, 1.5% 6/24/22 2,800 2,811 
Southampton Union Free School District TAN Series 2021, 1.5% 6/23/22 6,700 6,728 
Syosset Central School District TAN Series 2021, 1.5% 6/24/22 5,300 5,323 
Village of Mount Kisco BAN Series 2021 B, 1.5% 10/5/22 3,600 3,628 
Village of Sleepy Hollow Westchester County BAN Series 2021, 1.5% 11/18/22 5,143 5,188 
West Islip Union Free School District TAN Series 2021, 1.5% 6/24/22 4,000 4,016 
  131,399 
New York And New Jersey - 2.7%   
Port Auth. of New York & New Jersey:   
Bonds Series 2014 186, 5% 10/15/22 (b) 5,325 5,466 
Series 2021 A:   
0.15% 3/17/22, CP (b) 18,200 18,200 
0.16% 4/7/22, CP (b) 9,100 9,100 
0.16% 5/4/22, CP (b) 20,100 20,100 
0.17% 5/18/22, CP (b) 11,800 11,800 
0.18% 6/1/22, CP (b) 13,935 13,935 
Series 2021 B:   
0.15% 3/9/22, CP 1,855 1,855 
0.17% 4/6/22, CP 5,700 5,700 
0.17% 5/4/22, CP 5,600 5,600 
Series 2022 A:   
0.25% 6/16/22, CP (b) 10,075 10,075 
0.6% 7/14/22, CP (b) 12,710 12,710 
Series 2022 B, 0.55% 5/11/22, CP 3,000 3,000 
  117,541 
North Carolina - 0.2%   
North Carolina Med. Care Commission Health Care Facilities Rev. Bonds Series 2012 A, 5% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) 1,000 1,012 
Univ. of North Carolina Charlotte Gen. Rev. Bonds Series 2012 A:   
5% 4/1/22 (Pre-Refunded to 4/1/22 @ 100) 3,900 3,916 
5% 4/1/22 (Pre-Refunded to 4/1/22 @ 100) 2,825 2,837 
  7,765 
Ohio - 1.3%   
Allen County Hosp. Facilities Rev. Bonds Series 2012 A, 5% 5/1/22 (Pre-Refunded to 5/1/22 @ 100) 6,065 6,113 
Buckeye Tobacco Settlement Fing. Auth. Bonds Series 2007 A3, 6.25% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) 760 771 
Franklin County Rev. Bonds Series 2013 OH, 0.23%, tender 5/2/22 (a) 6,400 6,400 
Ohio Higher Edl. Facility Commission Rev. Bonds:   
Series 2021 B5, 0.13% tender 3/16/22, CP mode 19,145 19,145 
Series 2022 B5:   
0.13% tender 5/4/22, CP mode 7,800 7,800 
0.45% tender 6/1/22, CP mode 5,900 5,900 
Series 2022 B6, 0.45% tender 6/1/22, CP mode 12,400 12,400 
  58,529 
Oklahoma - 0.1%   
Oklahoma City Wtr. Utils. Trust Wtr. and Swr. Rev. Series 2022 A:   
0.11% 4/1/22 (Liquidity Facility State Street Bank & Trust Co., Boston), CP 3,600 3,600 
0.18% 4/1/22 (Liquidity Facility State Street Bank & Trust Co., Boston), CP 1,500 1,500 
0.19% 4/1/22 (Liquidity Facility State Street Bank & Trust Co., Boston), CP 500 500 
  5,600 
Pennsylvania - 0.4%   
Commonwealth Fing. Auth. Rev. Bonds Series 2015 B1, 5% 6/1/22 1,550 1,569 
Univ. of Pittsburgh Commonwealth Sys. of Higher Ed. Bonds:   
Series 2021 B2, 0.27% tender 6/24/22, CP mode 8,500 8,500 
Series 2022 B1, 0.3% tender 5/3/22, CP mode 8,900 8,900 
  18,969 
South Carolina - 0.1%   
Charleston County School District:   
BAN (Sales Tax Phase IV Projs.) Series 2021 B, 4% 5/11/22 4,490 4,524 
Bonds Series 2021 A, 2% 3/1/22 1,400 1,400 
  5,924 
Tennessee - 0.1%   
Memphis Gen. Oblig. Series 2022 A, 0.09% 3/17/22 (Liquidity Facility State Street Bank & Trust Co., Boston), CP 5,900 5,900 
Tennessee School Board Auth. Bonds Series 2012 A, 5% 5/1/22 (Pre-Refunded to 5/1/22 @ 100) 880 887 
  6,787 
Texas - 7.2%   
Austin Elec. Util. Sys. Rev.:   
Series 2021 A, 0.11% 3/7/22 (Liquidity Facility JPMorgan Chase Bank), CP 3,600 3,600 
Series 2022 A:   
0.2% 3/2/22 (Liquidity Facility JPMorgan Chase Bank), CP 3,100 3,100 
0.52% 5/3/22 (Liquidity Facility JPMorgan Chase Bank), CP 4,400 4,400 
Brownsville Util. Sys. Rev. Series 2021 A, 0.16% 4/14/22, LOC Bank of America NA, CP 3,000 3,000 
Dallas Area Rapid Transit Sales Tax Rev. Series 2022 III, 0.13% 9/30/22, CP 2,500 2,500 
Dallas Fort Worth Int'l. Arpt. Rev. Bonds Series 2013 A, 5% 11/1/22 (Pre-Refunded to 11/1/22 @ 100) (b) 1,000 1,030 
Fort Bend Independent School District Series 2022, 0.6% 5/27/22 (Liquidity Facility JPMorgan Chase Bank), CP 8,200 8,200 
Harris County Cultural Ed. Facilities Fin. Corp. Rev. Bonds:   
(Texas Children's Hosp. Proj.) Series 2015 2, SIFMA Municipal Swap Index + 0.200% 0.4%, tender 9/26/22 (a)(g) 33,900 33,900 
Series 2022 B2, 0.14% tender 5/5/22, CP mode 15,400 15,400 
Series 2022 B3, 0.41% tender 6/2/22, CP mode 15,900 15,900 
Series 2022 C1, 0.35% tender 5/3/22, CP mode 9,940 9,940 
Series 2022 C2, 0.35% tender 5/3/22, CP mode 11,900 11,900 
Harris County Gen. Oblig.:   
Series 2022 A1:   
0.17% 3/9/22 (Liquidity Facility State Street Bank & Trust Co., Boston), CP 1,725 1,725 
0.23% 3/9/22 (Liquidity Facility State Street Bank & Trust Co., Boston), CP 1,975 1,975 
Series 2022 C, 0.2% 3/2/22, LOC Sumitomo Mitsui Banking Corp., CP 9,015 9,015 
Series 2022 D, 0.17% 3/9/22 (Liquidity Facility JPMorgan Chase Bank), CP 8,000 8,000 
Harris County Metropolitan Trans. Auth.:   
Series 2021 A3, 0.13% 4/5/22 (Liquidity Facility State Street Bank & Trust Co., Boston), CP 5,100 5,100 
Series 2022 A1, 0.4% 4/13/22 (Liquidity Facility JPMorgan Chase Bank), CP 10,250 10,250 
Houston Arpt. Sys. Rev.:   
Bonds:   
Series 2012 A:   
5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) (b) 495 503 
5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) (b) 9,100 9,247 
5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) (b) 545 554 
Series 2012, 5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) (b) 500 507 
Series 2022 A:   
0.28% 3/17/22, LOC Sumitomo Mitsui Banking Corp., CP (b) 15,300 15,300 
0.37% 4/7/22, LOC Sumitomo Mitsui Banking Corp., CP (b) 10,400 10,400 
Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Series 2022 A, 0.1% 4/4/22, CP 2,070 2,070 
Lower Colorado River Auth. Rev.:   
Series 2021 B, 0.12% 3/3/22, LOC State Street Bank & Trust Co., Boston, CP 1,090 1,090 
Series 2021:   
0.11% 3/3/22, LOC State Street Bank & Trust Co., Boston, CP 1,345 1,345 
0.13% 3/23/22, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP 9,829 9,829 
Series 2022 B:   
0.13% 4/5/22, LOC State Street Bank & Trust Co., Boston, CP 5,800 5,800 
0.26% 3/3/22, LOC State Street Bank & Trust Co., Boston, CP 2,946 2,946 
0.3% 3/24/22, LOC State Street Bank & Trust Co., Boston, CP 1,209 1,209 
Series 2022:   
0.12% 3/23/22, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP 1,465 1,465 
0.22% 3/23/22, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP 5,514 5,514 
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Bonds (Baylor Health Care Sys. Proj.):   
Series 2011 B, BMA Municipal Swap Index + 0.300% 0.5%, tender 9/26/22 (a)(g) 31,700 31,700 
Series 2013 B, SIFMA Municipal Swap Index + 0.300% 0.5%, tender 9/26/22 (a)(g) 31,000 31,000 
Texas Pub. Fin. Auth. Rev. Series 2022 A, 0.26% 3/16/22 (Liquidity Facility Texas Gen. Oblig.), CP 7,730 7,730 
Univ. of Texas Board of Regents Sys. Rev. Series 2022 A:   
0.1% 3/7/22 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP 8,000 8,000 
0.25% 3/7/22 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP 1,650 1,650 
Univ. of Texas Permanent Univ. Fund Rev. Series 2022 A:   
0.1% 3/15/22, CP 9,900 9,900 
0.31% 5/4/22, CP 9,900 9,900 
Upper Trinity Reg'l. Wtr. District Series 2022, 0.1% 3/4/22, LOC Bank of America NA, CP 2,400 2,400 
  318,994 
Virginia - 0.1%   
Fairfax County Indl. Dev. Auth. Bonds (Inova Health Sys. Proj.) Series 2012 B, 5% 5/15/22 2,000 2,020 
Roanoke Econ. Dev. Authority. Bonds Series 2012, 5% 7/1/22 1,000 1,016 
  3,036 
Washington - 0.6%   
King County Gen. Oblig. Series 2022 A:   
0.3% 5/17/22, CP 5,255 5,255 
0.4% 6/2/22, CP 9,600 9,600 
0.43% 5/24/22, CP 10,400 10,400 
0.45% 6/9/22, CP 2,675 2,675 
  27,930 
Wisconsin - 0.3%   
Wisconsin Gen. Oblig. Series 2022 A:   
0.09% 3/2/22 (Liquidity Facility PNC Bank NA), CP 2,800 2,800 
0.18% 3/3/22 (Liquidity Facility PNC Bank NA), CP 5,200 5,200 
0.18% 3/3/22 (Liquidity Facility PNC Bank NA), CP 4,100 4,100 
  12,100 
TOTAL OTHER MUNICIPAL SECURITY   
(Cost $1,300,287)  1,300,287 
 Shares (000s) Value (000s) 
Investment Company - 3.8%   
Fidelity Municipal Cash Central Fund 0.15% (h)(i)   
(Cost $165,497) 165,470 165,497 
TOTAL INVESTMENT IN SECURITIES - 100.4%   
(Cost $4,420,518)  4,420,518 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (18,820) 
NET ASSETS - 100%  $4,401,698 

Security Type Abbreviations

BAN – BOND ANTICIPATION NOTE

CP – COMMERCIAL PAPER

TAN – TAX ANTICIPATION NOTE

VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

Legend

 (a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

 (c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $24,725,000 or 0.6% of net assets.

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $53,200,000 or 1.2% of net assets.

 (e) Provides evidence of ownership in one or more underlying municipal bonds.

 (f) Coupon rates are determined by re-marketing agents based on current market conditions.

 (g) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (h) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

 (i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Additional information on each restricted holding is as follows:

Security Acquisition Date Cost (000s) 
Broward County Port Facilities Rev. Bonds Series G 115, 0.45%, tender 9/1/22 (Liquidity Facility Royal Bank of Canada) 3/1/21 $1,925 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 0.38%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $5,400 
Denver City & County Arpt. Rev. Bonds Series G-114, 0.45%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) 6/1/21 $1,600 
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 0.45%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $2,200 
Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 0.4%, tender 5/2/22 (Liquidity Facility Royal Bank of Canada) 5/3/21 $2,400 
North Texas Tollway Auth. Rev. Bonds Series G-112, 0.4%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) 7/1/21 $3,000 
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 0.4%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) 6/1/21 $2,500 
Port Auth. of New York & New Jersey Series 1992 2, 0.25% 3/30/22, VRDN 7/15/20 $500 
Port Auth. of New York & New Jersey Series 1995 4, 0.28% 3/30/22, VRDN 8/17/20 $3,900 
Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 0.4%, tender 8/1/22 (Liquidity Facility Royal Bank of Canada) 2/1/21 $1,300 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Municipal Cash Central Fund 0.15% $453,999 $849,847 $1,138,349 $53 $-- $-- $165,497 9.2% 
Total $453,999 $849,847 $1,138,349 $53 $-- $-- $165,497  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

Investment Valuation

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)  February 28, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $4,255,021) 		$4,255,021  
Fidelity Central Funds (cost $165,497) 165,497  
Total Investment in Securities (cost $4,420,518)  $4,420,518 
Cash  1 
Receivable for investments sold  8,309 
Receivable for fund shares sold  1,134 
Interest receivable  3,636 
Distributions receivable from Fidelity Central Funds  10 
Prepaid expenses  3 
Total assets  4,433,611 
Liabilities   
Payable for investments purchased $25,250  
Payable for fund shares redeemed 5,924  
Distributions payable 2  
Accrued management fee 673  
Other affiliated payables 32  
Other payables and accrued expenses 32  
Total liabilities  31,913 
Net Assets  $4,401,698 
Net Assets consist of:   
Paid in capital  $4,401,774 
Total accumulated earnings (loss)  (76) 
Net Assets  $4,401,698 
Net Asset Value, offering price and redemption price per share ($4,401,698 ÷ 4,394,135 shares)  $1.00 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended February 28, 2022 (Unaudited) 
Investment Income   
Interest  $3,001 
Income from Fidelity Central Funds  52 
Total income  3,053 
Expenses   
Management fee $5,611  
Transfer agent fees 3,508  
Accounting fees and expenses 197  
Custodian fees and expenses 21  
Independent trustees' fees and expenses 8  
Registration fees 47  
Audit 21  
Legal 3  
Miscellaneous 4  
Total expenses before reductions 9,420  
Expense reductions (6,594)  
Total expenses after reductions  2,826 
Net investment income (loss)  227 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 250  
Capital gain distributions from Fidelity Central Funds 1  
Total net realized gain (loss)  251 
Net increase in net assets resulting from operations  $478 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended February 28, 2022 (Unaudited) Year ended August 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $227 $503 
Net realized gain (loss) 251 750 
Net increase in net assets resulting from operations 478 1,253 
Distributions to shareholders (822) (501) 
Share transactions   
Proceeds from sales of shares 341,361 453,452 
Reinvestment of distributions 771 477 
Cost of shares redeemed (587,886) (1,237,254) 
Net increase (decrease) in net assets and shares resulting from share transactions (245,754) (783,325) 
Total increase (decrease) in net assets (246,098) (782,573) 
Net Assets   
Beginning of period 4,647,796 5,430,369 
End of period $4,401,698 $4,647,796 
Other Information   
Shares   
Sold 341,361 453,452 
Issued in reinvestment of distributions 771 477 
Redeemed (587,886) (1,237,254) 
Net increase (decrease) (245,754) (783,325) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Municipal Money Market Fund

 Six months ended (Unaudited) February 28, Years endedAugust 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Income from Investment Operations       
Net investment income (loss)A –B –B .007 .013 .009 .004 
Net realized and unrealized gain (loss) –B –B .001 –B –B –B 
Total from investment operations –B –B .008 .013 .009 .004 
Distributions from net investment income –B –B (.007) (.013) (.009) (.004) 
Distributions from net realized gain –B – (.001) –B – –B 
Total distributions –B –B (.008) (.013) (.009) (.004) 
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Total ReturnC,D .02% .01% .76% 1.30% .89% .42% 
Ratios to Average Net AssetsA,E,F       
Expenses before reductions .42%G .41% .42% .42% .41% .40% 
Expenses net of fee waivers, if any .13%G .16% .41% .42% .41% .40% 
Expenses net of all reductions .13%G .16% .41% .42% .41% .40% 
Net investment income (loss) .01%G .01% .71% 1.29% .87% .41% 
Supplemental Data       
Net assets, end of period (in millions) $4,402 $4,648 $5,430 $6,546 $8,219 $11,057 

 A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended February 28, 2022
(Amounts in thousands except percentages)

1. Organization.

Fidelity Municipal Money Market Fund (the Fund) is a fund of Fidelity Union Street Trust II (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Shares of the Fund are only available for purchase by retail shareholders.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – Unadjusted 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to deferred Trustee compensation and capital loss carryforwards.

The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:

Gross unrealized appreciation $– 
Gross unrealized depreciation – 
Net unrealized appreciation (depreciation) $– 
Tax cost $4,420,518 

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .15% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .25% of the Fund's average net assets.

During the period, the investment adviser or its affiliates waived a portion of these fees.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to an annualized rate of .16% of average net assets.

During the period, the investment adviser or its affiliates waived a portion of these fees.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Municipal Money Market Fund .01 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Municipal Money Market Fund 113,086 179,637 (4) 

5. Expense Reductions.

The investment adviser or its affiliates voluntarily agreed to waive certain fees in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $6,556.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $37.

6. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

7. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2021 to February 28, 2022).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
September 1, 2021 		Ending
Account Value
February 28, 2022 		Expenses Paid
During Period-B
September 1, 2021
to February 28, 2022 
Fidelity Municipal Money Market Fund .13%    
Actual  $1,000.00 $1,000.20 $.64** 
Hypothetical-C  $1,000.00 $1,024.15 $.65** 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

**If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:

 Annualized Expense Ratio-(a)
 		Expenses Paid
 
Fidelity Municipal Money Market Fund .42%  
Actual  $2.08 
Hypothetical-(b)  $2.11 

 (a) Annualized expense ratio reflects expenses net of applicable fee waivers.

 (b) 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Municipal Money Market Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

Resources Dedicated to Investment Management and Support Services.  The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate peer group of funds with similar objectives (peer group).

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the gross performance of appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods.

The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2020.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the fund's total expense ratio ranked above the similar sales load structure group competitive median for 2020 and above the ASPG competitive median for 2020. The Board considered that the competitive data reflects periods for which many competitor funds waived fees or reimbursed expenses in order to maintain a minimum yield. The Board noted that, excluding fee waivers and reimbursements, the fund's total expense ratio ranked below the similar sales load structure group competitive median and the ASPG competitive median.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board also considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

MMM-SANN-0422
1.703548.124

Fidelity® Arizona Municipal Income Fund

Fidelity® Arizona Municipal Money Market Fund



Semi-Annual Report

February 28, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Fidelity® Arizona Municipal Income Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Arizona Municipal Money Market Fund

Investment Summary/Performance

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


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Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Fidelity® Arizona Municipal Income Fund

Investment Summary (Unaudited)

Top Five Sectors as of February 28, 2022

 % of fund's net assets 
Education 25.2 
Health Care 22.6 
General Obligations 15.0 
Transportation 11.4 
Water & Sewer 8.0 

Quality Diversification (% of fund's net assets)

As of February 28, 2022 
   AAA 1.3% 
   AA,A 93.1% 
   BBB 2.0% 
   Not Rated 2.1% 
   Short-Term Investments and Net Other Assets 1.5% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Fidelity® Arizona Municipal Income Fund

Schedule of Investments February 28, 2022 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.5%   
 Principal Amount Value 
Arizona - 98.3%   
Arizona Board of Regents Arizona State Univ. Rev.:   
Series 2015 A, 5% 7/1/35 $2,215,000 $2,469,392 
Series 2015 B, 5% 7/1/31 1,525,000 1,703,842 
Series 2015 D:   
5% 7/1/34 500,000 557,425 
5% 7/1/35 900,000 1,003,365 
5% 7/1/41 525,000 584,389 
Arizona Ctfs. of Prtn.:   
Series 2013 A, 5% 10/1/25 1,870,000 1,914,921 
Series 2015, 5% 9/1/27 1,500,000 1,675,738 
Arizona Game and Fish Dept. and Commission (AGF Administration Bldg. Proj.) Series 2006, 5% 7/1/32 470,000 471,688 
Arizona Health Facilities Auth. Rev.:   
(Banner Health Sys. Proj.) Series 2007 B, 3 month U.S. LIBOR + 0.810% 0.954%, tender 1/1/37 (a)(b) 1,000,000 970,629 
(Scottsdale Lincoln Hospitals Proj.) Series 2014 A:   
5% 12/1/26 2,000,000 2,195,789 
5% 12/1/42 2,325,000 2,530,880 
Arizona Indl. Dev. Auth. Hosp. Rev.:   
Series 2020 A:   
4% 2/1/50 2,005,000 2,189,310 
5% 2/1/40 700,000 841,526 
Series 2021 A:   
4% 2/1/39 500,000 568,351 
4% 2/1/40 1,000,000 1,132,673 
Arizona Indl. Dev. Auth. Lease Rev. Series 2020 A:   
4% 9/1/35 200,000 228,014 
4% 9/1/36 355,000 404,591 
4% 9/1/46 1,000,000 1,110,867 
Arizona State Trans. Board:   
Series 2017 A, 5% 7/1/32 1,500,000 1,751,747 
Series 2017A, 5% 7/1/31 385,000 450,472 
Arizona State Univ. Revs.:   
Series 2019 A, 5% 7/1/43 1,000,000 1,210,288 
Series 2020 A:   
4% 7/1/40 1,300,000 1,479,115 
5% 7/1/39 390,000 480,061 
5% 7/1/43 2,925,000 3,574,703 
Series 2021 C, 5% 7/1/41 1,000,000 1,251,062 
Buckeye Excise Tax Rev. Series 2015:   
5% 7/1/27 350,000 390,924 
5% 7/1/28 500,000 557,425 
5% 7/1/29 455,000 507,257 
Central Wtr. Conservation District (Central Arizona Proj.) Series 2016 A, 5% 1/1/36 500,000 558,594 
Chandler Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Intel Corp. Proj.):   
Series 2007, 2.7%, tender 8/14/23 (a)(c) 2,000,000 2,043,103 
Series 2019, 5%, tender 6/3/24 (a)(c) 3,700,000 3,979,923 
Dysart Unified School District #89 Gen. Oblig. Series 2014, 5% 7/1/27 1,300,000 1,403,946 
Glendale Union School District 205 Series A:   
4% 7/1/38 (Assured Guaranty Muni. Corp. Insured) 1,000,000 1,164,485 
4% 7/1/39 (Assured Guaranty Muni. Corp. Insured) 1,000,000 1,162,129 
Glendale Gen. Oblig. Series 2017:   
5% 7/1/30 2,310,000 2,702,831 
5% 7/1/32 1,000,000 1,163,950 
Glendale Indl. dev auth Sr Living Facilities Rev. (Royal Oaks Inspirata Pointe Proj.) Series 2020 A, 5% 5/15/56 1,000,000 1,088,984 
Glendale Indl. Dev. Auth. (Terraces of Phoenix Proj.) Series 2018 A:   
4% 7/1/28 265,000 269,389 
5% 7/1/33 435,000 455,461 
Glendale Sr. Excise Tax Rev. Series 2015 A, 5% 7/1/28 1,000,000 1,111,398 
Goodyear Pub. Impt. Corp. Facilities Rev. Series 2016 A, 5% 7/1/29 1,000,000 1,144,913 
Maricopa County Indl. Dev. Auth.:   
(Creighton Univ. Proj.) Series 2020, 5% 7/1/47 2,000,000 2,356,937 
Series 2019 A:   
5% 9/1/29 310,000 373,737 
5% 9/1/33 275,000 328,986 
5% 9/1/34 680,000 812,829 
5% 9/1/35 395,000 471,780 
Series 2021 A, 4% 9/1/51 1,500,000 1,666,027 
Maricopa County Indl. Dev. Auth. Sr. Living Facilities Series 2016:   
5.75% 1/1/36 (d) 500,000 453,776 
6% 1/1/48 (d) 500,000 440,054 
Maricopa County Phoenix Union High School District #210 Series 2017 B:   
5% 7/1/32 1,180,000 1,411,943 
5% 7/1/34 585,000 698,911 
Maricopa County Rev.:   
Bonds:   
Series 2019 D, 5%, tender 5/15/26 (a) 200,000 226,732 
Series C, 5%, tender 10/18/24 (a) 125,000 136,314 
Series 2016 A:   
4% 1/1/24 255,000 267,717 
5% 1/1/23 40,000 41,360 
5% 1/1/24 275,000 293,676 
5% 1/1/25 105,000 115,221 
5% 1/1/34 2,935,000 3,373,924 
5% 1/1/38 2,205,000 2,525,946 
Series 2019 F, 4% 1/1/45 1,000,000 1,109,472 
Maricopa County School District #214 Tolleson Series 2018 A, 5% 7/1/31 350,000 409,520 
Maricopa County School District #28 Kyrene Elementary:   
Series 2015 C, 4% 7/1/29 650,000 701,173 
Series 2019 A, 5% 7/1/37 1,000,000 1,195,423 
Maricopa County Spl. Health Care District Gen. Oblig. Series 2018 C, 5% 7/1/36 1,000,000 1,189,531 
Maricopa County Unified School District #48 Scottsdale:   
Series 2017 B, 5% 7/1/33 3,015,000 3,526,042 
Series D, 4% 7/1/34 350,000 405,555 
McAllister Academic Village LLC Rev.:   
(Arizona State Univ. Hassayampa Academic Village Proj.) Series 2016:   
5% 7/1/37 2,000,000 2,279,006 
5% 7/1/38 3,850,000 4,381,899 
Series 2016, 5% 7/1/39 2,270,000 2,581,576 
Mesa Util. Sys. Rev.:   
Series 2019 A, 5% 7/1/43 2,015,000 2,420,413 
Series 2021, 5% 7/1/45 1,000,000 1,241,312 
Northern Arizona Univ. Ctfs. of Prtn. (Univ. Proj.) Series 2013, 5% 9/1/24 1,000,000 1,016,812 
Northern Arizona Univ. Revs.:   
Series 2013, 5% 8/1/27 1,000,000 1,044,027 
Series 2014, 5% 6/1/29 500,000 535,906 
Series 2015, 5% 6/1/30 1,000,000 1,102,177 
Series 2020 B, 5% 6/1/37 (Build America Mutual Assurance Insured) 1,000,000 1,223,826 
Phoenix Civic Impt. Board Arpt. Rev.:   
Series 2013:   
5% 7/1/26 (c) 1,100,000 1,153,628 
5% 7/1/29 (c) 500,000 522,679 
Series 2015 A, 5% 7/1/45 4,100,000 4,531,391 
Series 2017 A:   
5% 7/1/33 (c) 25,000 28,700 
5% 7/1/35 (c) 2,425,000 2,784,059 
5% 7/1/42 (c) 2,000,000 2,297,553 
Series 2017 D, 5% 7/1/31 2,000,000 2,334,432 
Series 2019 A, 5% 7/1/49 2,220,000 2,613,612 
Phoenix Civic Impt. Corp. Series 2019 A:   
5% 7/1/29 185,000 221,552 
5% 7/1/35 1,000,000 1,188,367 
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 2,799,175 
Phoenix Civic Impt. Corp. Wastewtr. Sys. Rev. Series 2016, 5% 7/1/33 1,000,000 1,138,156 
Phoenix Civic Impt. Corp. Wtr. Sys. Rev.:   
Series 2020 A, 5% 7/1/44 1,000,000 1,218,359 
Series 2021 A, 5% 7/1/45 3,730,000 4,622,968 
Phoenix Gen. Oblig. Series 2014, 4% 7/1/26 2,000,000 2,120,439 
Phoenix IDA Student Hsg. Rev.:   
(Downtown Phoenix Student Hsg. II LLC Arizona State Univ. Proj.) Series 2019 A, 5% 7/1/36 1,175,000 1,355,292 
Series 2018 A, (Downtown Phoenix Student Hsg., LLC AZ State Univ. Proj.) 5% 7/1/42 1,500,000 1,694,811 
Phoenix-Mesa Gateway Arpt. Auth. (Mesa Proj.) Series 2012:   
5% 7/1/24 (c) 380,000 385,251 
5% 7/1/27 (c) 400,000 405,258 
Pima County Ctfs. of Prtn. Series 2014, 5% 12/1/27 1,745,000 1,858,923 
Pima County Indl. Dev. Auth. Rev. Series 2021 A, 4% 4/1/46 2,000,000 2,231,812 
Pima County Swr. Sys. Rev. Series 2012 A:   
5% 7/1/23 (Pre-Refunded to 7/1/22 @ 100) 30,000 30,432 
5% 7/1/25 1,600,000 1,624,593 
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev.:   
Series 2015 A, 5% 12/1/34 1,600,000 1,777,415 
Series A, 5% 1/1/37 520,000 637,716 
Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007:   
5% 12/1/37 2,910,000 3,704,589 
5.5% 12/1/29 3,000,000 3,650,215 
Scottsdale Gen. Oblig. Series 2017, 4% 7/1/32 400,000 445,748 
Tempe Excise Tax Rev. Series 2016:   
5% 7/1/28 315,000 361,218 
5% 7/1/29 500,000 571,779 
5% 7/1/30 325,000 370,923 
5% 7/1/31 375,000 427,820 
Tempe Indl. Dev. Auth. Rev. (Friendship Village of Tempe Proj.) Series 2021 A, 4% 12/1/46 500,000 515,881 
Tucson Ctfs. of Prtn. Series 2016, 5% 7/1/27 (Assured Guaranty Muni. Corp. Insured) 1,245,000 1,416,445 
Tucson Wtr. Rev. Series 2017, 5% 7/1/34 1,000,000 1,162,290 
Univ. of Arizona Univ. Revs.:   
Series 2014, 5% 8/1/28 1,000,000 1,085,551 
Series 2015 A 5% 6/1/30 2,500,000 2,786,483 
Series 2016, 5% 6/1/38 1,000,000 1,137,557 
Series 2019 A, 5% 6/1/41 1,965,000 2,370,794 
Series 2020 C:   
5% 8/1/24 800,000 872,236 
5% 8/1/26 800,000 922,356 
5% 8/1/28 900,000 1,084,140 
Western Maricopa Ed. Ctr. District Series 2019 B:   
5% 7/1/27 1,000,000 1,176,762 
5% 7/1/28 1,315,000 1,582,121 
Yavapai County Indl. Dev. Auth.:   
Series 2012 A, 5.25% 8/1/33 2,000,000 2,109,857 
Series 2016, 5% 8/1/36 1,305,000 1,478,846 
Series 2019:   
4% 8/1/43 350,000 384,536 
5% 8/1/24 325,000 352,723 
5% 8/1/25 400,000 446,558 
5% 8/1/26 600,000 687,610 
5% 8/1/27 625,000 732,640 
5% 8/1/39 1,060,000 1,270,885 
Yuma Indl. Dev. Auth. Hosp. Rev. Series 2014 A, 5% 8/1/27 2,000,000 2,165,632 
TOTAL ARIZONA  171,665,858 
Guam - 0.0%   
Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.375% 10/1/43 (c) 95,000 101,047 
Puerto Rico - 0.2%   
Puerto Rico Indl., Tourist, Edl., Med. And Envir. Cont. Facilities Fing. Auth. Series 2021:   
4% 7/1/41 50,000 54,714 
5% 7/1/27 125,000 143,913 
5% 7/1/32 95,000 115,533 
TOTAL PUERTO RICO  314,160 
TOTAL MUNICIPAL BONDS   
(Cost $167,417,725)  172,081,065 
TOTAL INVESTMENT IN SECURITIES - 98.5%   
(Cost $167,417,725)  172,081,065 
NET OTHER ASSETS (LIABILITIES) - 1.5%  2,589,476 
NET ASSETS - 100%  $174,670,541 

Legend

 (a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (b) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $893,830 or 0.5% of net assets.

Investment Valuation

The following is a summary of the inputs used, as of February 28, 2022, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Municipal Securities $172,081,065 $-- $172,081,065 $-- 
Total Investments in Securities: $172,081,065 $-- $172,081,065 $-- 

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

Education 25.2% 
Health Care 22.6% 
General Obligations 15.0% 
Transportation 11.4% 
Water & Sewer 8.0% 
Special Tax 7.2% 
Others* (Individually Less Than 5%) 10.6% 
 100.0% 

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.


Fidelity® Arizona Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

  February 28, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $167,417,725) 		 $172,081,065 
Cash  2,018,692 
Receivable for fund shares sold  21,586 
Interest receivable  1,390,873 
Other receivables  2,080 
Total assets  175,514,296 
Liabilities   
Payable for fund shares redeemed $661,459  
Distributions payable 99,899  
Accrued management fee 82,397  
Total liabilities  843,755 
Net Assets  $174,670,541 
Net Assets consist of:   
Paid in capital  $169,717,419 
Total accumulated earnings (loss)  4,953,122 
Net Assets  $174,670,541 
Net Asset Value, offering price and redemption price per share ($174,670,541 ÷ 14,486,058 shares)  $12.06 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended February 28, 2022 (Unaudited) 
Investment Income   
Interest  $2,331,592 
Expenses   
Management fee $518,335  
Independent trustees' fees and expenses 323  
Total expenses before reductions 518,658  
Expense reductions (2,519)  
Total expenses after reductions  516,139 
Net investment income (loss)  1,815,453 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers  270,365 
Total net realized gain (loss)  270,365 
Change in net unrealized appreciation (depreciation) on investment securities  (8,350,461) 
Net gain (loss)  (8,080,096) 
Net increase (decrease) in net assets resulting from operations  $(6,264,643) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended February 28, 2022 (Unaudited) Year ended August 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,815,453 $3,813,140 
Net realized gain (loss) 270,365 603,142 
Change in net unrealized appreciation (depreciation) (8,350,461) 1,509,583 
Net increase (decrease) in net assets resulting from operations (6,264,643) 5,925,865 
Distributions to shareholders (2,459,818) (4,496,086) 
Share transactions   
Proceeds from sales of shares 16,997,352 35,061,844 
Reinvestment of distributions 1,566,547 2,813,122 
Cost of shares redeemed (25,182,875) (28,166,131) 
Net increase (decrease) in net assets resulting from share transactions (6,618,976) 9,708,835 
Total increase (decrease) in net assets (15,343,437) 11,138,614 
Net Assets   
Beginning of period 190,013,978 178,875,364 
End of period $174,670,541 $190,013,978 
Other Information   
Shares   
Sold 1,361,936 2,787,014 
Issued in reinvestment of distributions 126,445 224,116 
Redeemed (2,046,221) (2,239,628) 
Net increase (decrease) (557,840) 771,502 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Arizona Municipal Income Fund

 Six months ended (Unaudited) February 28, Years endedAugust 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $12.63 $12.53 $12.52 $11.82 $12.21 $12.50 
Income from Investment Operations       
Net investment income (loss)A,B .119 .257 .277 .298 .300 .311 
Net realized and unrealized gain (loss) (.528) .148 .009 .698 (.309) (.267) 
Total from investment operations (.409) .405 .286 .996 (.009) .044 
Distributions from net investment income (.119) (.257) (.276) (.296) (.300) (.310) 
Distributions from net realized gain (.042) (.048) – – (.081) (.024) 
Total distributions (.161) (.305) (.276) (.296) (.381) (.334) 
Redemption fees added to paid in capitalA – – – – – –C 
Net asset value, end of period $12.06 $12.63 $12.53 $12.52 $11.82 $12.21 
Total ReturnD,E (3.26)% 3.27% 2.33% 8.56% (.05)% .43% 
Ratios to Average Net AssetsB,F,G       
Expenses before reductions .55%H .55% .55% .55% .55% .55% 
Expenses net of fee waivers, if any .55%H .55% .55% .55% .55% .55% 
Expenses net of all reductions .55%H .55% .55% .55% .55% .55% 
Net investment income (loss) 1.94%H 2.04% 2.23% 2.49% 2.52% 2.58% 
Supplemental Data       
Net assets, end of period (000 omitted) $174,671 $190,014 $178,875 $180,860 $170,557 $181,740 
Portfolio turnover rateI 7%H 8% 17% 13% 12% 18% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.0005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity® Arizona Municipal Money Market Fund

Investment Summary/Performance (Unaudited)

Effective Maturity Diversification as of February 28, 2022

Days % of fund's investments 2/28/22 
1 - 7 79.3 
31 - 60 0.6 
91 - 180 19.7 
> 180 0.4 

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Asset Allocation (% of fund's net assets)

As of February 28, 2022 
   Variable Rate Demand Notes (VRDNs) 22.0% 
   Tender Option Bond 42.5% 
   Other Municipal Security 24.6% 
   Investment Companies 9.8% 
   Net Other Assets (Liabilities) 1.1% 


Current 7-Day Yields

 2/28/22 
Fidelity® Arizona Municipal Money Market Fund 0.01% 

Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending February 28, 2022, the most recent period shown in the table, would have been -.34%.

Fidelity® Arizona Municipal Money Market Fund

Schedule of Investments February 28, 2022 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 22.0%   
 Principal Amount Value 
Alabama - 0.4%   
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.31% 3/7/22, VRDN (a)(b) $300,000 $300,000 
Arizona - 20.5%   
Arizona Board of Regents Arizona State Univ. Rev.:   
Series 2008 A, 0.19% 3/7/22, VRDN (a) 1,400,000 1,400,000 
Series 2008 B, 0.18% 3/7/22, VRDN (a) 1,600,000 1,600,000 
Arizona Health Facilities Auth. Rev. Series 2015 C, 0.06% 3/1/22, LOC Bank of America NA, VRDN (a) 320,000 320,000 
Arizona Indl. Dev. Auth. Hosp. Rev. Series 2019 A, 0.06% 3/1/22, LOC JPMorgan Chase Bank, VRDN (a) 225,000 225,000 
Maricopa County Indl. Dev. Auth. Rev. (Clayton Homes, Inc. Proj.) Series 1998, 0.21% 3/7/22, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) 2,600,000 2,600,000 
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 0.3% 3/7/22, VRDN (a) 1,300,000 1,300,000 
Tempe Indl. Dev. Auth. Rev. (ASUF Brickyard Proj.) Series 2004 A, 0.23% 3/7/22, LOC Bank of America NA, VRDN (a) 200,000 200,000 
FNMA:   
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev. (Village Square Apts. Proj.) Series 2004, 0.1% 3/7/22, LOC Fannie Mae, VRDN (a)(b) 3,400,000 3,400,000 
Pima County Indl. Dev. Auth. Multi-family Hsg. Rev. Series A, 0.26% 3/7/22, LOC Fannie Mae, VRDN (a)(b) 2,765,000 2,765,000 
  13,810,000 
Arkansas - 0.2%   
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1998, 0.31% 3/7/22, VRDN (a)(b) 100,000 100,000 
Kansas - 0.4%   
Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.) Series 2007 B, 0.3% 3/7/22, VRDN (a) 100,000 100,000 
St. Mary's Kansas Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994, 0.27% 3/7/22, VRDN (a) 200,000 200,000 
  300,000 
Louisiana - 0.2%   
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 0.26% 3/7/22, VRDN (a) 100,000 100,000 
Nebraska - 0.2%   
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.31% 3/7/22, VRDN (a)(b) 100,000 100,000 
West Virginia - 0.1%   
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 0.27% 3/7/22, VRDN (a)(b) 100,000 100,000 
TOTAL VARIABLE RATE DEMAND NOTE   
(Cost $14,810,000)  14,810,000 
Tender Option Bond - 42.5%   
Arizona - 41.2%   
Arizona Indl. Dev. Auth. Hosp. Rev. Participating VRDN Series 20 XF 09 90, 0.25% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(c)(d) 3,300,000 3,300,000 
Arizona Tourism & Sports Auth. Tax Rev. Participating VRDN Series Floaters E85, 0.23% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) 2,920,000 2,920,000 
Maricopa County Indl. Dev. Auth. Participating VRDN Series E 147, 0.23% 3/7/22 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) 7,500,000 7,500,003 
Maricopa County Rev. Participating VRDN:   
Series XL 01 52, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) 1,000,000 1,000,000 
Series ZF 12 05, 0.23% 3/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) 1,665,000 1,665,000 
Mesa Util. Sys. Rev. Participating VRDN Series Solar 17 0026, 0.25% 3/7/22 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) 4,400,000 4,400,000 
Phoenix Civic Impt. Board Arpt. Rev. Participating VRDN:   
Series Floaters ZF 27 58, 0.26% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) 2,100,000 2,100,000 
Series XF 08 46, 0.23% 3/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c)(d) 800,000 800,000 
Series YX 11 54, 0.25% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) 935,000 935,000 
Rowan Univ. Participating VRDN Series 2016 XF 2337, 0.24% 3/7/22 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) 3,100,000 3,100,000 
  27,720,003 
California - 0.3%   
California Health Facilities Fing. Auth. Rev. Participating VRDN Series DBE 80 11, 0.34% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(d) 200,000 200,000 
Florida - 0.2%   
Lee County Arpt. Rev. Participating VRDN Series XF 11 26, 0.27% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(d) 100,000 100,000 
Illinois - 0.3%   
Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 0.32% 4/11/22 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) 190,000 190,000 
Ohio - 0.4%   
Columbus Gen. Oblig. Participating VRDN Series DB 80 75, 0.26% 3/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(d) 100,000 100,000 
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 003, 0.32% 4/11/22 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) 95,000 95,000 
Ohio Hosp. Rev. Participating VRDN Series 002, 0.32% 4/11/22 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) 100,000 100,000 
  295,000 
Virginia - 0.1%   
Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series MIZ 90 25, 0.29% 3/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (a)(c)(d) 100,000 100,000 
TOTAL TENDER OPTION BOND   
(Cost $28,605,003)  28,605,003 
Other Municipal Security - 24.6%   
Arizona - 24.6%   
Arizona Board of Regents Arizona State Univ. Rev. Bonds:   
Series 2012 A:   
5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 100,000 101,637 
5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 550,000 558,817 
5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 110,000 111,743 
Series 2012 A. 5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 125,000 126,998 
Series 2013 A, 5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 160,000 162,451 
Arizona Board of Regents Ctfs. of Prtn. Bonds:   
(Univ. of Arizona Projs.) Series 2012 C:   
5% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) 130,000 131,537 
5% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) 120,000 121,402 
Series 2015 A, 5% 6/1/22 645,000 652,589 
Arizona Trans. Board Excise Tax Rev. Bonds Series 2014, 5% 7/1/22 3,450,000 3,506,774 
Arizona Trans. Board Hwy. Rev. Bonds Series 2013 A:   
5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 200,000 203,261 
5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 105,000 106,656 
5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 200,000 203,258 
5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 230,000 233,481 
5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 150,000 152,297 
5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 375,000 380,968 
Bullhead City Excise Taxes Bonds Series 2021 2, 4% 7/1/22 1,000,000 1,013,104 
Goodyear Pub. Impt. Corp. Facilities Rev. Bonds Series 2011 A:   
5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 100,000 101,617 
5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 320,000 325,299 
Maricopa County Rev. Bonds Series B, 5%, tender 10/18/22 (a) 235,000 241,901 
Mesa Util. Sys. Rev. Bonds Series 2015, 5% 7/1/22 125,000 127,019 
Phoenix Civic Impt. Board Arpt. Rev. Bonds Series 2017 D, 5% 7/1/22 700,000 711,174 
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2022 C, 0.09% 3/3/22, CP 3,200,000 3,200,000 
Scottsdale Gen. Oblig. Bonds Series 2021, 4% 7/1/22 1,125,000 1,139,984 
Tempe Excise Tax Rev. Bonds Series 2012, 5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 1,090,000 1,107,664 
Tucson Wtr. Rev. Bonds Series 2016 A, 5% 7/1/22 995,000 1,011,446 
Univ. of Arizona Univ. Revs. Bonds:   
Series 2012 A, 5% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) 300,000 303,701 
Series 2012, 5% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) 135,000 136,598 
Series 2015 A, 5% 6/1/22 400,000 404,913 
TOTAL OTHER MUNICIPAL SECURITY   
(Cost $16,578,289)  16,578,289 
 Shares Value 
   
Investment Company - 9.8%   
Fidelity Municipal Cash Central Fund 0.15% (e)(f)   
(Cost $6,549,929) 6,548,752 6,549,929 
TOTAL INVESTMENT IN SECURITIES - 98.9%   
(Cost $66,543,221)  66,543,221 
NET OTHER ASSETS (LIABILITIES) - 1.1%  767,435 
NET ASSETS - 100%  $67,310,656 

Security Type Abbreviations

CP – COMMERCIAL PAPER

VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

Legend

 (a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

 (c) Provides evidence of ownership in one or more underlying municipal bonds.

 (d) Coupon rates are determined by re-marketing agents based on current market conditions.

 (e) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Municipal Cash Central Fund 0.15% $9,008,929 $5,510,000 $7,969,000 $2,831 $-- $-- $6,549,929 0.4% 
Total $9,008,929 $5,510,000 $7,969,000 $2,831 $-- $-- $6,549,929  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

Investment Valuation

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Arizona Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

  February 28, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $59,993,292) 		$59,993,292  
Fidelity Central Funds (cost $6,549,929) 6,549,929  
Total Investment in Securities (cost $66,543,221)  $66,543,221 
Receivable for investments sold  800,000 
Receivable for fund shares sold  8,584 
Interest receivable  119,536 
Distributions receivable from Fidelity Central Funds  592 
Other receivables  260 
Total assets  67,472,193 
Liabilities   
Payable to custodian bank $59,739  
Payable for fund shares redeemed 93,091  
Distributions payable 51  
Accrued management fee 8,656  
Total liabilities  161,537 
Net Assets  $67,310,656 
Net Assets consist of:   
Paid in capital  $67,306,799 
Total accumulated earnings (loss)  3,857 
Net Assets  $67,310,656 
Net Asset Value, offering price and redemption price per share ($67,310,656 ÷ 67,191,755 shares)  $1.00 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended February 28, 2022 (Unaudited) 
Investment Income   
Interest  $32,480 
Income from Fidelity Central Funds  2,704 
Total income  35,184 
Expenses   
Management fee $176,360  
Independent trustees' fees and expenses 124  
Total expenses before reductions 176,484  
Expense reductions (144,799)  
Total expenses after reductions  31,685 
Net investment income (loss)  3,499 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 4,333  
Capital gain distributions from Fidelity Central Funds 127  
Total net realized gain (loss)  4,460 
Net increase in net assets resulting from operations  $7,959 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended February 28, 2022 (Unaudited) Year ended August 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $3,499 $7,857 
Net realized gain (loss) 4,460 16,477 
Net increase in net assets resulting from operations 7,959 24,334 
Distributions to shareholders (3,491) (61,874) 
Share transactions   
Proceeds from sales of shares 2,216,498 8,024,955 
Reinvestment of distributions 3,079 52,025 
Cost of shares redeemed (8,145,548) (20,629,280) 
Net increase (decrease) in net assets and shares resulting from share transactions (5,925,971) (12,552,300) 
Total increase (decrease) in net assets (5,921,503) (12,589,840) 
Net Assets   
Beginning of period 73,232,159 85,821,999 
End of period $67,310,656 $73,232,159 
Other Information   
Shares   
Sold 2,216,498 8,024,955 
Issued in reinvestment of distributions 3,079 52,025 
Redeemed (8,145,548) (20,629,280) 
Net increase (decrease) (5,925,971) (12,552,300) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Arizona Municipal Money Market Fund

 Six months ended (Unaudited) February 28, Years endedAugust 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Income from Investment Operations       
Net investment income (loss)A –B –B .006 .012 .008 .003 
Net realized and unrealized gain (loss) –B .001 –B –B –B .002 
Total from investment operations –B .001 .006 .012 .008 .005 
Distributions from net investment income –B –B (.006) (.012) (.008) (.003) 
Distributions from net realized gain – (.001) –B –B – (.002) 
Total distributions –B (.001) (.006) (.012) (.008) (.005) 
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Total ReturnC,D - %E .08% .61% 1.16% .78% .48% 
Ratios to Average Net AssetsA,F,G       
Expenses before reductions .50%H .50% .50% .50% .50% .50% 
Expenses net of fee waivers, if any .09%H .10% .39% .50% .50% .50% 
Expenses net of all reductions .09%H .10% .39% .50% .50% .50% 
Net investment income (loss) .01%H .01% .61% 1.16% .76% .29% 
Supplemental Data       
Net assets, end of period (000 omitted) $67,311 $73,232 $85,822 $92,735 $107,238 $143,253 

 A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Amount represents less than .005%.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended February 28, 2022

1. Organization.

Fidelity Arizona Municipal Income Fund (the Income Fund) is a fund of Fidelity Union Street Trust. Fidelity Arizona Municipal Money Market Fund (the Money Market Fund) is a fund of Fidelity Union Street Trust II. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Union Street Trust and Fidelity Union Street Trust II (the Trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. The Income Fund is a non-diversified fund. Each Fund is authorized to issue an unlimited number of shares. Shares of the Money Market Fund are only available for purchase by retail shareholders. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. Each Fund may be affected by economic and political developments in the state of Arizona.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Income Fund's investments to the Fair Value Committee (the Committee) established by the Income Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Income Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Income Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Income Fund's investments and ratifies the fair value determinations of the Committee.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – Unadjusted 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. The aggregate value of investments by input level as of February 28, 2022 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to market discount and losses deferred due to excise tax regulations.

The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Fidelity Arizona Municipal Income Fund $167,363,101 $6,303,443 $(1,585,479) $4,717,964 
Fidelity Arizona Municipal Money Market Fund 66,543,221 – – – 

Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2020 to August 31, 2021. Loss deferrals were as follows:

 Capital losses 
Fidelity Arizona Municipal Money Market Fund (612) 

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Arizona Municipal Income Fund 6,588,290 11,593,498 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provides the Funds with investment management related services for which the Funds pay a monthly management fee. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees. Each Fund's management fee is equal to the following annual rate of average net assets:

Fidelity Arizona Municipal Income Fund .55% 
Fidelity Arizona Municipal Money Market Fund .50% 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. For the Income Fund, any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Arizona Municipal Income Fund – 1,692,528 30,751 
Fidelity Arizona Municipal Money Market Fund 6,092,528 3,600,000 – 

6. Committed Line of Credit.

Certain Funds participate 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 commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings 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 avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $144,341.

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 expenses. All of the applicable expense reductions are noted in the table below.

 Custodian credits 
Fidelity Arizona Municipal Income Fund $2,519 
Fidelity Arizona Municipal Money Market Fund 458 

8. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

9. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2021 to February 28, 2022).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
September 1, 2021 		Ending
Account Value
February 28, 2022 		Expenses Paid
During Period-B
September 1, 2021
to February 28, 2022 
Fidelity Arizona Municipal Income Fund .55%    
Actual  $1,000.00 $967.40 $2.68 
Hypothetical-C  $1,000.00 $1,022.07 $2.76 
Fidelity Arizona Municipal Money Market Fund .09%    
Actual  $1,000.00 $1,000.00 $.45** 
Hypothetical-C  $1,000.00 $1,024.35 $.45** 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

**If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:

 Annualized Expense Ratio-(a)
 		Expenses Paid
 
Fidelity Arizona Municipal Money Market Fund .50%  
Actual  $2.48 
Hypothetical-(b)  $2.51 

 (a) Annualized expense ratio reflects expenses net of applicable fee waivers.

 (b) 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Arizona Municipal Income Fund / Fidelity Arizona Municipal Money Market Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2021 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

Resources Dedicated to Investment Management and Support Services.  The Board reviewed the general qualifications and capabilities of Fidelity’s investment staff, including its size, education, experience, and resources, as well as Fidelity’s approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity’s global investment organization, and that Fidelity’s analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity’s investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity’s trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

Investment Performance (for Fidelity Arizona Municipal Income Fund).  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to appropriate peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

Investment Performance (for Fidelity Arizona Municipal Money Market Fund).  The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate peer group.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the gross performance of appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods.

The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board. Because the vast majority of competitor funds' management fees do not cover expenses beyond portfolio management, in prior years, each fund was compared on the basis of a hypothetical "net management fee," which was derived by subtracting payments made by Fidelity for expenses beyond portfolio management (including transfer agent fees, pricing and bookkeeping fees, and fees paid to non-affiliated custodians) from the fund's all-inclusive fee. Given the funds' competitive management fee rates, Fidelity no longer calculates hypothetical net management fees for the fund and, as a result, the charts do not include hypothetical net management fees for periods after 2016.

Fidelity Arizona Municipal Income Fund


The Board noted that the fund's management fee rate ranked above the median of its Total Mapped Group and above the median of its ASPG for 2020. The Board noted that the management fee rate was 7 BP above the Total Mapped Group and 7 BP above the ASPG median. Arizona Municipal Income Fund has an all-inclusive management fee that covers expenses beyond portfolio management, whereas the majority of its competitors do not have all-inclusive fees. When compared to the total expenses of its load-type competitors, the fund ranks below its load-type group median.

Fidelity Arizona Municipal Money Market Fund


The Board noted that the fund's management fee rate ranked above the median of its Total Mapped Group and above the median of its ASPG for 2020. The Board noted that the management fee rate was 17 BP above the Total Mapped Group and 17 BP above the ASPG median. The Board noted that because there is a relatively small number of state-specific funds in the Lipper objective, Fidelity combines Lipper's separate categories for state-specific funds with all state and national municipal money market funds to create a single mapped group. The Board considered that Fidelity is the only firm that offers an Arizona money market fund.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each fund's total expense ratio, the Board considered the fund's all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for each fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that each fund's total expense ratio ranked below the similar sales load structure group competitive median for 2020 and below the ASPG competitive median for 2020.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to each fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that each fund's Advisory Contracts should be renewed.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Arizona Municipal Income Fund (the Income Fund) has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Income Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Income Fund’s Board of Trustees (the Board) has designated the Income Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

AZI-SPZ-SANN-0422
1.700927.124

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Union Street Trust II’s Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Union Street Trust II’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable



assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Union Street Trust II



By:

/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer


Date:

April 21, 2022


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer


Date:

April 21, 2022



By:

/s/John J. Burke III

John J. Burke III

Chief Financial Officer


Date:

April 21, 2022