Quarterly Holdings Report
for
Fidelity® SAI Conservative Income Municipal Bond Fund
April 30, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
CIM-NPRT1-0624
1.9910241.100
| Municipal Bonds - 51.5% | |||
Principal Amount (a) | Value ($) | ||
| Alabama - 1.1% | |||
| Black Belt Energy Gas District: | |||
| Bonds Series 2022 D1, 4%, tender 6/1/27 (b) | 2,055,000 | 2,060,708 | |
| Series 2022 C, 5.25% 6/1/24 | 55,000 | 55,019 | |
| Series 2022 C1: | |||
5.25% 12/1/24 | 150,000 | 150,653 | |
5.25% 12/1/25 | 195,000 | 197,814 | |
5.25% 6/1/26 | 445,000 | 453,306 | |
| Series 2022 E: | |||
5% 6/1/24 | 555,000 | 555,204 | |
5% 6/1/25 | 580,000 | 584,054 | |
5% 6/1/26 | 795,000 | 806,715 | |
| Series 2023 C: | |||
5.5% 6/1/26 | 430,000 | 441,436 | |
5.5% 6/1/27 | 140,000 | 145,266 | |
| Jefferson County Swr. Rev. Series 2024: | |||
| 5% 10/1/24 | 115,000 | 115,434 | |
| 5% 10/1/25 | 520,000 | 528,468 | |
| 5% 10/1/26 | 310,000 | 319,700 | |
| 5% 10/1/27 | 290,000 | 303,765 | |
| Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds (Alabama Pwr. Co. Barry Plant Proj.): | |||
| Series 2007 C, 3.78%, tender 6/16/26 (b) | 505,000 | 502,418 | |
| Series 2008, 3.65%, tender 1/10/25 (b) | 3,865,000 | 3,848,322 | |
| Southeast Alabama Gas Supply District Bonds (Proj. No. 2) Series 2018 A, 4%, tender 6/1/24 (b) | 3,615,000 | 3,613,987 | |
| Southeast Energy Auth. Rev. (Proj. No. 2) Series 2021 B1: | |||
| 4% 6/1/24 | 185,000 | 184,865 | |
| 4% 6/1/25 | 225,000 | 223,919 | |
TOTAL ALABAMA | 15,091,053 | ||
| Alaska - 0.0% | |||
| Alaska Int'l. Arpts. Revs. Series 2021 C, 5% 10/1/25 (c) | 620,000 | 629,167 | |
| Arizona - 4.0% | |||
| Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A, 5% 12/1/24 | 365,000 | 367,056 | |
| Arizona St Indl. Dev. Auth. Multi Bonds (Unity at West Glendale Proj.) Series 2024, 5%, tender 9/1/26 (b) | 1,082,000 | 1,101,369 | |
| Chandler Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Intel Corp. Proj.): | |||
| Series 2019, 5%, tender 6/3/24 (b)(c) | 17,675,000 | 17,681,720 | |
| Series 2022 2, 5%, tender 9/1/27 (b)(c) | 7,300,000 | 7,455,224 | |
| Coconino County Poll. Cont. Corp. Rev. Bonds (Navada Pwr. Co. Projs.) Series 2017 A, 4.125%, tender 3/31/26 (b)(c) | 940,000 | 931,040 | |
| Maricopa County Indl. Dev. Auth. Series 2024 D: | |||
| 5% 12/1/25 (d) | 2,640,000 | 2,679,577 | |
| 5% 12/1/26 (d) | 3,345,000 | 3,440,214 | |
| 5% 12/1/27 (d) | 2,685,000 | 2,804,806 | |
| Maricopa County Rev. Bonds: | |||
| Series 2019 D, 5%, tender 5/15/26 (b) | 1,500,000 | 1,536,496 | |
| Series 2023 A1, 5%, tender 5/15/26 (b) | 4,270,000 | 4,373,891 | |
| Series C, 5%, tender 10/18/24 (b) | 345,000 | 346,354 | |
| Phoenix Civic Impt. Board Arpt. Rev.: | |||
| Series 2018: | |||
5% 7/1/24 (c) | 285,000 | 285,341 | |
5% 7/1/25 (c) | 1,460,000 | 1,479,697 | |
| Series 2019 B, 5% 7/1/25 (c) | 1,500,000 | 1,520,237 | |
| Series 2023: | |||
5% 7/1/24 (c) | 330,000 | 330,395 | |
5% 7/1/26 (c) | 2,430,000 | 2,498,688 | |
| Phoenix Indl. Solid Waste Disp. Rev. Bonds (Republic Svc., Inc. Proj.) Series 2013, 4.1%, tender 5/1/24 (b)(c) | 3,335,000 | 3,335,000 | |
| Yuma Pledged Rev. Series 2021, 4% 7/1/24 | 110,000 | 109,987 | |
TOTAL ARIZONA | 52,277,092 | ||
| California - 4.1% | |||
| Anaheim Pub. Fing. Auth. Lease Rev. Series 1997, 0% 9/1/25 (Assured Guaranty Muni. Corp. Insured) | 3,645,000 | 3,479,646 | |
| California Health Facilities Fing. Auth. Rev. Bonds Series 2016 B2, 4%, tender 10/1/24 (b) | 4,770,000 | 4,763,215 | |
| California Muni. Fin. Auth. Envir. Bonds (Aymium Williams Proj.) Series 2023, 4%, tender 6/26/24 (b)(c)(e) | 2,555,000 | 2,551,079 | |
| California Muni. Fin. Auth. Solid Waste Disp. Rev. Bonds: | |||
| (Republic Svcs., Inc. Proj.): | |||
Series 2021 A, 4%, tender 10/1/24 (b)(c) | 2,900,000 | 2,897,881 | |
Series 2021 B, 4%, tender 7/15/24 (b)(c) | 5,545,000 | 5,535,476 | |
| (Waste Mgmt., Inc. Proj.): | |||
Series 2009 A, 1.3%, tender 2/3/25 (b)(e) | 275,000 | 266,161 | |
Series 2017 A, 4.25%, tender 12/2/24 (b)(c) | 4,595,000 | 4,591,491 | |
| California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds: | |||
| (Republic Svcs. INC. Proj.) Series 2023, 4.125%, tender 8/15/24 (b)(c)(e) | 4,800,000 | 4,790,531 | |
| (Republic Svcs., Inc. Proj.) Series 2017 A1, 4.05%, tender 7/15/24 (b)(c)(e) | 7,350,000 | 7,349,350 | |
| California Pub. Works Board Lease Rev. (Various Cap. Projs.) Series 2022 C, 5% 8/1/24 | 700,000 | 702,082 | |
| Los Angeles Dept. Arpt. Rev.: | |||
| Series 2018 D, 5% 5/15/25 (c) | 2,000,000 | 2,024,671 | |
| Series 2019 A, 5% 5/15/24 (c) | 255,000 | 255,066 | |
| Series 2020 C, 5% 5/15/24 (c) | 180,000 | 180,046 | |
| Series 2022 C: | |||
5% 5/15/25 (c) | 540,000 | 546,661 | |
5% 5/15/26 (c) | 1,310,000 | 1,343,459 | |
| Series 2022 G, 5% 5/15/25 (c) | 365,000 | 369,502 | |
| Series 2023 A: | |||
5% 5/15/24 (c) | 255,000 | 255,066 | |
5% 5/15/25 (c) | 170,000 | 172,097 | |
5% 5/15/26 (c) | 295,000 | 302,535 | |
| Series B, 5% 5/15/24 (c) | 390,000 | 390,101 | |
| Los Angeles Unified School District Series 2024 A, 5% 7/1/25 | 2,850,000 | 2,902,432 | |
| Port of Oakland Rev. Series H, 5% 5/1/26 (c) | 1,005,000 | 1,027,353 | |
| San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Series 2019 B, 5% 7/1/24 (c) | 180,000 | 180,153 | |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: | |||
| Series 2017 D, 5% 5/1/24 (c) | 365,000 | 365,000 | |
| Series 2019 H: | |||
5% 5/1/24 (Escrowed to Maturity) (c) | 200,000 | 200,000 | |
5% 5/1/27 (c) | 2,190,000 | 2,270,315 | |
| Series 2023 A: | |||
5% 5/1/24 (c) | 910,000 | 910,000 | |
5% 5/1/25 (c) | 550,000 | 556,286 | |
5% 5/1/26 (c) | 2,160,000 | 2,211,385 | |
| San Jose Int. Arpt. Rev. Series 2021 B, 5% 3/1/25 | 135,000 | 136,751 | |
TOTAL CALIFORNIA | 53,525,791 | ||
| Colorado - 1.4% | |||
| Colorado Health Facilities Auth. Rev. Bonds: | |||
| Bonds: | |||
Series 2019 B, 5%, tender 8/1/25 (b) | 1,000,000 | 1,010,972 | |
Series 2022 B, 5%, tender 8/17/26 (b) | 3,200,000 | 3,292,317 | |
| Series 2016 B, 5% 11/15/27 | 2,370,000 | 2,448,622 | |
| Series 2022 A: | |||
5% 11/1/24 | 155,000 | 155,863 | |
5% 11/1/25 | 145,000 | 148,004 | |
| Colorado Hsg. & Fin. Auth. Multi-family Hsg. Rev. Bonds (The Reserves at Eagle Point Proj.) Series 2024, 3.5%, tender 11/1/26 (b) | 2,910,000 | 2,882,157 | |
| Colorado Univ. Co. Hosp. Auth. Rev. Bonds Series 2019 C, 5%, tender 11/15/24 (b) | 255,000 | 255,067 | |
| Denver City & County Arpt. Rev.: | |||
| Series 2017 A, 5% 11/15/24 (c) | 300,000 | 301,602 | |
| Series 2018 A, 5% 12/1/27 (c) | 1,625,000 | 1,695,040 | |
| Series 2022 A: | |||
5% 11/15/24 (c) | 365,000 | 366,949 | |
5% 11/15/25 (c) | 995,000 | 1,014,147 | |
| Series 2022 D: | |||
5% 11/15/25 (c) | 1,460,000 | 1,488,094 | |
5.25% 11/15/26 (c) | 1,820,000 | 1,891,519 | |
| Maiker Hsg. Partners Colo Multi Bonds Series 2023, 4.5%, tender 5/1/26 (b) | 1,158,000 | 1,158,400 | |
TOTAL COLORADO | 18,108,753 | ||
| Connecticut - 1.7% | |||
| Connecticut Gen. Oblig.: | |||
| Series 2013 A, 4.76% 3/1/25 (b) | 390,000 | 391,409 | |
| Series 2016 B, 5% 5/15/25 | 185,000 | 187,990 | |
| Series 2021 D, 5% 7/15/24 | 640,000 | 641,631 | |
| Connecticut Health & Edl. Facilities Auth. Rev.: | |||
| Bonds: | |||
Series 1999 U2, 1.1%, tender 2/11/25 (b) | 1,315,000 | 1,281,795 | |
Series 2010 A3, 2.95%, tender 7/1/27 (b) | 4,850,000 | 4,760,220 | |
Series 2010 A4, 1.1%, tender 2/11/25 (b) | 3,300,000 | 3,216,671 | |
Series 2014 B, 1.8%, tender 7/1/24 (b) | 355,000 | 353,121 | |
Series 2017 B2, 3.2%, tender 7/1/26 (b) | 1,135,000 | 1,126,400 | |
Series 2017 C2, 2.8%, tender 2/3/26 (b) | 6,410,000 | 6,275,600 | |
| Series 2022 L, 5% 7/1/25 | 165,000 | 167,245 | |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | |||
| Series 2015 A, 5% 8/1/26 | 365,000 | 371,337 | |
| Series 2021 A: | |||
5% 5/1/25 | 1,445,000 | 1,466,978 | |
5% 5/1/26 | 465,000 | 479,549 | |
| Hartford Gen. Oblig. Series 2015 C, 5% 7/15/25 (Assured Guaranty Muni. Corp. Insured) | 695,000 | 707,498 | |
| New Haven Gen. Oblig. Series 2023: | |||
| 5% 8/1/24 | 220,000 | 220,288 | |
| 5% 8/1/25 | 180,000 | 182,074 | |
| 5% 8/1/26 (Build America Mutual Assurance Insured) | 255,000 | 262,558 | |
| 5% 8/1/27 (Build America Mutual Assurance Insured) | 235,000 | 245,546 | |
TOTAL CONNECTICUT | 22,337,910 | ||
| Delaware - 0.0% | |||
| Delaware Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr. & Lt. Co. Proj.) Series A, 1.05%, tender 7/1/25 (b) | 210,000 | 201,800 | |
| Delaware Trans. Auth. Grant Series 2020, 5% 9/1/24 | 310,000 | 311,356 | |
TOTAL DELAWARE | 513,156 | ||
| District Of Columbia - 0.7% | |||
| Metropolitan Washington DC Arpts. Auth. Sys. Rev.: | |||
| Series 2014 A, 5% 10/1/26 (c) | 345,000 | 345,497 | |
| Series 2018 A, 5% 10/1/24 (c) | 2,070,000 | 2,076,639 | |
| Series 2019 A: | |||
5% 10/1/24 (c) | 1,095,000 | 1,098,512 | |
5% 10/1/26 (c) | 610,000 | 629,057 | |
5% 10/1/27 (c) | 1,000,000 | 1,044,120 | |
| Series 2020 A, 5% 10/1/24 (c) | 2,625,000 | 2,633,419 | |
| Series 2022 A, 5% 10/1/24 (c) | 475,000 | 476,523 | |
| Series 2023 A, 5% 10/1/26 (c) | 715,000 | 737,337 | |
| Washington Metropolitan Area Transit Auth. Series 2023 A, 5% 7/15/25 | 365,000 | 371,477 | |
TOTAL DISTRICT OF COLUMBIA | 9,412,581 | ||
| Florida - 2.3% | |||
| Broward County Arpt. Sys. Rev. Series 2017, 5% 10/1/24 (c) | 180,000 | 180,481 | |
| Broward County Fin. Auth. Multi-family Hsg. Rev. Bonds Series 2023, 4.05%, tender 3/1/26 (b) | 684,000 | 683,422 | |
| Broward County Port Facilities Rev. Series 2022, 5% 9/1/27 (c) | 730,000 | 754,463 | |
| Broward County School Board Ctfs. of Prtn. Series 2022 A, 5% 7/1/25 | 580,000 | 589,120 | |
| Citizens Property Ins. Corp. Series 2015 A1, 5% 6/1/25 (Pre-Refunded to 12/1/24 @ 100) | 1,715,000 | 1,725,643 | |
| Duval County School Board Ctfs. of Prtn. Series 2022 A: | |||
| 5% 7/1/25 (Assured Guaranty Muni. Corp. Insured) | 1,020,000 | 1,036,623 | |
| 5% 7/1/26 (Assured Guaranty Muni. Corp. Insured) | 1,785,000 | 1,845,954 | |
| Florida Dev. Fin. Corp. Healthcare Facility Rev. (Tampa Gen. Hosp. Proj.): | |||
| Series 2024 A: | |||
5% 8/1/26 | 440,000 | 452,955 | |
5% 8/1/27 | 1,000,000 | 1,043,970 | |
| Series 2024 B, 5% 8/1/25 | 435,000 | 441,202 | |
| Florida Hsg. Fin. Corp. Multi-family Mtg. Rev. Bonds: | |||
| Series 2023 B, 5%, tender 2/1/26 (b) | 565,000 | 574,013 | |
| Series 2023 C, 5%, tender 12/1/25 (b) | 405,000 | 409,563 | |
| Series 2024 B, 3.35%, tender 10/26/26 (b) | 2,500,000 | 2,457,122 | |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Series 2016 A, 5% 10/1/25 (Escrowed to Maturity) (c) | 210,000 | 212,816 | |
| Hillsborough Co. Sldwst and Resource Receivables Series 2016 A, 5% 9/1/26 (c) | 825,000 | 845,165 | |
| Hillsborough County Aviation Auth. Rev. Series 2022 A: | |||
| 5% 10/1/24 (c) | 1,665,000 | 1,670,818 | |
| 5% 10/1/25 (c) | 780,000 | 792,608 | |
| Jacksonville Spl. Rev. Series 2022 A: | |||
| 5% 10/1/24 | 210,000 | 211,032 | |
| 5% 10/1/25 | 165,000 | 168,456 | |
| Lee County Arpt. Rev. Series 2021 A, 5% 10/1/24 (c) | 560,000 | 561,498 | |
| Lee County Hsg. Fin. Auth. Multi-family Hsg. Rev. Bonds Series 2023 A, 3.55%, tender 8/1/27 (b) | 912,000 | 899,446 | |
| Miami Dade County Hsg. Multifamily Hsg. Rev. Bonds: | |||
| Series 2023 B, 4.05%, tender 9/1/25 (b) | 395,000 | 393,261 | |
| Series 2023: | |||
3.55%, tender 1/1/26 (b) | 1,755,000 | 1,724,924 | |
5%, tender 9/1/25 (b) | 1,390,000 | 1,401,472 | |
5%, tender 9/1/25 (b) | 760,000 | 767,645 | |
5%, tender 10/1/25 (b) | 2,330,000 | 2,363,421 | |
| Series 2024, 3.4%, tender 10/1/26 (b) | 1,900,000 | 1,865,574 | |
| Miami-Dade County Aviation Rev. Series 2012 A, 5% 10/1/24 | 325,000 | 325,246 | |
| Miami-Dade County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds Series 2011, 5%, tender 11/1/24 (b)(c) | 1,370,000 | 1,371,462 | |
| Okeechobee County Solid Waste Rev. Bonds (Waste Mgmt., Inc.-Okeechobee Landfill Proj.) Series 2004 A, 0.55%, tender 7/1/24 (b) | 545,000 | 541,534 | |
| Orange County Health Facilities Auth. Bonds Series 2021 C, 5%, tender 11/15/26 (b) | 1,045,000 | 1,076,522 | |
| Orlando Utils. Commission Util. Sys. Rev. Series 2013 A, 5% 10/1/24 | 180,000 | 180,958 | |
| Pasco County Tax Alloc Series 2023 A, 5.25% 9/1/25 (Assured Guaranty Muni. Corp. Insured) | 90,000 | 91,646 | |
| Pasco County School Board Ctfs. of Prtn. Series 2022 A, 5% 8/1/26 (Assured Guaranty Muni. Corp. Insured) | 380,000 | 392,241 | |
| Polk County Hsg. Fin. Auth. Multi-family Hsg. Rev. Bonds Series 2023, 4.15%, tender 6/1/26 (b) | 844,000 | 845,640 | |
TOTAL FLORIDA | 30,897,916 | ||
| Georgia - 0.9% | |||
| Atlanta Arpt. Rev. Series 2020 B, 5% 7/1/25 (c) | 405,000 | 410,187 | |
| Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Vogtle Proj.): | |||
| Series 1994 4, 3.8%, tender 5/21/26 (b) | 1,085,000 | 1,085,105 | |
| Series 2012, 2.875%, tender 8/19/25 (b) | 1,305,000 | 1,274,266 | |
| Series 2013 1, 3.375%, tender 3/12/27 (b) | 610,000 | 601,605 | |
| Fayette County Hosp. Auth. Rev. Bonds (Piedmont Healthcare, Inc. Proj.) Series 2019 A, 5%, tender 7/1/24 (b) | 415,000 | 415,674 | |
| Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
| Series 2021 A, 5% 1/1/25 (Assured Guaranty Muni. Corp. Insured) | 75,000 | 75,622 | |
| Series 2022 A: | |||
5% 7/1/24 (Assured Guaranty Muni. Corp. Insured) | 120,000 | 120,162 | |
5% 7/1/25 (Assured Guaranty Muni. Corp. Insured) | 130,000 | 131,887 | |
5% 7/1/26 (Assured Guaranty Muni. Corp. Insured) | 135,000 | 139,218 | |
| Main Street Natural Gas, Inc.: | |||
| Bonds: | |||
Series 2019 B, 4%, tender 12/2/24 (b) | 1,070,000 | 1,070,142 | |
Series 2021 A, 4%, tender 9/1/27 (b) | 1,750,000 | 1,747,085 | |
| Series 2022 A, 4% 12/1/25 | 460,000 | 455,182 | |
| Series 2023 B: | |||
5% 9/1/25 | 130,000 | 131,022 | |
5% 9/1/26 | 245,000 | 249,032 | |
| Series 2023 D: | |||
5% 12/1/24 | 110,000 | 110,067 | |
5% 12/1/25 | 200,000 | 201,068 | |
5% 12/1/26 | 110,000 | 111,173 | |
| Series 2024 A1: | |||
5% 3/1/25 | 195,000 | 195,775 | |
5% 9/1/25 | 180,000 | 181,416 | |
5% 3/1/26 | 250,000 | 252,876 | |
5% 9/1/26 | 200,000 | 203,292 | |
5% 3/1/27 | 400,000 | 407,864 | |
5% 9/1/27 | 355,000 | 363,909 | |
| Series 2024 B, 5% 3/1/27 | 400,000 | 407,864 | |
| Monroe County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Scherer Proj.) Series 2012, 3.875%, tender 3/6/26 (b) | 990,000 | 991,410 | |
TOTAL GEORGIA | 11,332,903 | ||
| Guam - 0.1% | |||
| Guam Pwr. Auth. Rev. Series 2022 A: | |||
| 5% 10/1/24 | 450,000 | 450,557 | |
| 5% 10/1/25 | 565,000 | 569,625 | |
TOTAL GUAM | 1,020,182 | ||
| Hawaii - 0.2% | |||
| Honolulu City & County Multi-family housing Rev. Bonds Series 2023, 5%, tender 6/1/26 (b) | 2,000,000 | 2,039,071 | |
| Illinois - 4.2% | |||
| Chicago Midway Arpt. Rev.: | |||
| Series 2023, 5% 1/1/27 (Build America Mutual Assurance Insured) (c) | 365,000 | 376,702 | |
| Series 2024 A: | |||
5% 1/1/25 (c) | 400,000 | 402,063 | |
5% 1/1/26 (c) | 1,000,000 | 1,016,127 | |
5% 1/1/27 (c) | 1,000,000 | 1,028,479 | |
5% 1/1/28 (c) | 1,000,000 | 1,040,229 | |
| Chicago O'Hare Int'l. Arpt. Rev.: | |||
| Series 2022 A, 5% 1/1/25 (c) | 400,000 | 402,011 | |
| Series 2022 C: | |||
5% 1/1/25 (c) | 820,000 | 824,122 | |
5% 1/1/26 (c) | 440,000 | 447,238 | |
| Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2021, 5% 6/1/24 | 230,000 | 230,090 | |
| Chicago Wtr. Rev.: | |||
| Series 2017 2, 5% 11/1/24 | 365,000 | 367,185 | |
| Series 2023 B: | |||
5% 11/1/24 | 745,000 | 749,460 | |
5% 11/1/25 | 415,000 | 423,631 | |
| Cook County Gen. Oblig.: | |||
| Series 2021 A, 5% 11/15/24 | 165,000 | 166,026 | |
| Series 2022 A: | |||
5% 11/15/24 | 2,235,000 | 2,248,901 | |
5% 11/15/25 | 1,605,000 | 1,639,901 | |
| Cook County Sales Tax Rev. Series 2022 A, 5% 11/15/25 | 245,000 | 250,512 | |
| Illinois Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2019, 5%, tender 11/1/24 (b)(c) | 4,760,000 | 4,765,081 | |
| Illinois Fin. Auth. Series 2022 A, 5% 10/1/24 | 60,000 | 59,920 | |
| Illinois Fin. Auth. Rev. Series 2016, 5% 7/1/27 | 2,030,000 | 2,084,806 | |
| Illinois Gen. Oblig.: | |||
| Series 2016, 5% 11/1/24 | 290,000 | 291,395 | |
| Series 2017 D: | |||
5% 11/1/24 | 9,650,000 | 9,696,367 | |
5% 11/1/26 | 530,000 | 546,550 | |
5% 11/1/27 | 540,000 | 564,765 | |
| Series 2019 B, 5% 9/1/25 | 215,000 | 218,176 | |
| Series 2021 A, 5% 3/1/27 | 295,000 | 305,307 | |
| Series 2022 A, 5% 3/1/25 | 755,000 | 761,596 | |
| Series 2022 B: | |||
5% 3/1/25 | 5,930,000 | 5,979,873 | |
5% 3/1/26 | 2,405,000 | 2,456,701 | |
| Series 2023 C, 5% 5/1/26 | 1,460,000 | 1,495,029 | |
| Series 2023 D, 5% 7/1/25 | 4,580,000 | 4,638,343 | |
| Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev. Bonds Series 2023: | |||
| 4%, tender 6/1/25 (b) | 1,072,000 | 1,066,516 | |
| 5%, tender 2/1/26 (b) | 512,000 | 518,096 | |
| 5%, tender 2/1/26 (b) | 554,000 | 560,597 | |
| Illinois Sales Tax Rev.: | |||
| Series 2021 A, 4% 6/15/24 | 1,165,000 | 1,166,845 | |
| Series 2021 C, 5% 6/15/25 | 100,000 | 101,397 | |
| Kane, Cook & DuPage Counties School District #46 Elgin Series 2024: | |||
| 5% 1/1/25 | 1,500,000 | 1,510,446 | |
| 5% 1/1/26 | 500,000 | 511,032 | |
| 5% 1/1/28 | 450,000 | 475,196 | |
| McHenry County Conservation District Gen. Oblig. Series 2014, 5% 2/1/25 | 730,000 | 736,489 | |
| Metropolitan Pier & Exposition: | |||
| Series 2010 B1, 0% 6/15/26 (Assured Guaranty Muni. Corp. Insured) | 410,000 | 378,382 | |
| Series 2022 A, 3% 6/15/24 | 680,000 | 678,444 | |
| Railsplitter Tobacco Settlement Auth. Rev. Series 2017: | |||
| 5% 6/1/24 (Escrowed to Maturity) | 560,000 | 560,330 | |
| 5% 6/1/26 (Escrowed to Maturity) | 365,000 | 375,600 | |
| St Clair County Ill Cmnty. Unit Series 2024 A: | |||
| 5% 1/1/25 (Assured Guaranty Muni. Corp. Insured) | 175,000 | 175,864 | |
| 5% 1/1/26 (Assured Guaranty Muni. Corp. Insured) | 125,000 | 126,908 | |
| 5% 1/1/27 (Assured Guaranty Muni. Corp. Insured) | 150,000 | 154,461 | |
| 5% 1/1/28 (Assured Guaranty Muni. Corp. Insured) | 225,000 | 235,140 | |
| Univ. of Illinois Rev. Series 2023, 5% 10/1/27 | 145,000 | 151,447 | |
TOTAL ILLINOIS | 54,959,776 | ||
| Indiana - 1.0% | |||
| Indiana Fin. Auth. Econ. Dev. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2012, 4.2%, tender 6/3/24 (b)(c) | 2,900,000 | 2,898,439 | |
| Indianapolis Local Pub. Impt.: | |||
| (Indianapolis Arpt. Auth. Proj.) Series 2019 D, 5% 1/1/25 (c) | 2,100,000 | 2,110,555 | |
| Indianapolis Arpt. Auth. Proj. Series 2019 D, 5% 1/1/26 (c) | 3,740,000 | 3,801,522 | |
| Series 2016, 5% 1/1/26 (c) | 730,000 | 742,008 | |
| Series 2022 G2: | |||
5% 1/1/25 (c) | 30,000 | 30,151 | |
5% 1/1/26 (c) | 150,000 | 152,467 | |
| Indianapolis Local Pub. Impt. Bond Bank (Indianapolis Arpt. Auth. Proj.) Series 2023 I2: | |||
| 5% 1/1/25 (c) | 625,000 | 628,141 | |
| 5% 1/1/26 (c) | 385,000 | 391,333 | |
| 5% 1/1/27 (c) | 765,000 | 786,786 | |
| Whiting Envir. Facilities Rev. Bonds (BP Products North America, Inc. Proj.) Series 2017, 5%, tender 11/1/24 (b)(c) | 2,240,000 | 2,242,822 | |
TOTAL INDIANA | 13,784,224 | ||
| Iowa - 0.1% | |||
| Iowa Fin. Auth. Solid Waste Facilities Bonds (Gevo NW Iowa RNG, LLC Renewable Natural Gas Proj.) Series 2021, 3.875%, tender 4/1/26, LOC Citibank NA (b)(c) | 670,000 | 666,631 | |
| Iowa Student Ln. Liquidity Corp. Student Ln. Rev.: | |||
| Series 2015 A, 5% 12/1/24 (c) | 180,000 | 180,785 | |
| Series 2023 B, 5% 12/1/26 (c) | 220,000 | 223,789 | |
TOTAL IOWA | 1,071,205 | ||
| Kansas - 0.0% | |||
| Olathe Gen. Oblig. Series 2017 230, 2.5% 10/1/27 | 410,000 | 385,422 | |
| Kentucky - 0.7% | |||
| Kentucky Asset/Liability Commission Gen. Fund Rev. Series 2021 A, 5% 11/1/24 | 365,000 | 367,078 | |
| Kentucky Econ. Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series A, 4.2%, tender 6/3/24 (b)(c) | 1,700,000 | 1,699,085 | |
| Kentucky, Inc. Pub. Energy Bonds Series C1, 4%, tender 6/1/25 (b) | 1,850,000 | 1,849,524 | |
| Knott County Indl. Bldg. Rev. Bonds (Solid Waste Proj.) Series 2024, 4%, tender 4/1/25 (b)(c)(e) | 900,000 | 897,336 | |
| Trimble County Envirl Facilities Re Bonds Series 2023, 4.7%, tender 6/1/27 (b)(c) | 4,740,000 | 4,744,396 | |
TOTAL KENTUCKY | 9,557,419 | ||
| Louisiana - 0.2% | |||
| New Orleans Aviation Board Rev. (North Term. Proj.) Series 2015 B, 5% 1/1/25 (c) | 2,000,000 | 2,010,053 | |
| St. John Baptist Parish Rev. Bonds (Marathon Oil Corp.) Series 2017, 4.05%, tender 7/1/26 (b) | 1,040,000 | 1,029,135 | |
TOTAL LOUISIANA | 3,039,188 | ||
| Maryland - 0.4% | |||
| Maryland Cmnty. Dev. Admin Dept. Hsg. & Cmnty. Dev. Series 2023 D, 3.5% 1/1/26 | 2,760,000 | 2,720,415 | |
| Maryland Dept. of Trans. Series 2022 A, 5% 12/1/24 | 200,000 | 201,603 | |
| Maryland Health & Higher Edl. Bonds Series 2020, 5%, tender 7/1/25 (b) | 1,005,000 | 1,011,750 | |
| Maryland Stadium Auth. Built to Learn Rev. Series 2022 A: | |||
| 5% 6/1/24 | 265,000 | 265,184 | |
| 5% 6/1/25 | 330,000 | 334,740 | |
| Maryland Trans. Auth. Passenger Facility Charge Rev. Series 2019, 5% 6/1/24 (c) | 365,000 | 365,105 | |
TOTAL MARYLAND | 4,898,797 | ||
| Massachusetts - 1.1% | |||
| Massachusetts Dev. Fin. Agcy. Rev.: | |||
| Series 2016 I, 5% 7/1/25 | 420,000 | 425,618 | |
| Series 2021 I, 5% 10/1/24 | 330,000 | 331,018 | |
| Massachusetts Edl. Fing. Auth. Rev.: | |||
| Series 2014 I, 5% 1/1/25 (c) | 1,240,000 | 1,247,906 | |
| Series 2017 A, 5% 7/1/25 (c) | 3,540,000 | 3,583,592 | |
| Series 2018 B, 5% 7/1/25 (c) | 2,010,000 | 2,034,751 | |
| Series 2019 B, 5% 7/1/25 (c) | 365,000 | 369,495 | |
| Series 2020 C, 5% 7/1/24 (c) | 220,000 | 220,295 | |
| Series 2022 B: | |||
5% 7/1/24 (c) | 190,000 | 190,255 | |
5% 7/1/25 (c) | 1,120,000 | 1,133,792 | |
| Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Series 2015 C, 5% 8/15/27 | 1,680,000 | 1,714,725 | |
| Massachusetts State College Bldg. Auth. Rev. Series 1999, 0% 5/1/26 (Escrowed to Maturity) | 3,385,000 | 3,144,534 | |
TOTAL MASSACHUSETTS | 14,395,981 | ||
| Michigan - 0.7% | |||
| Grand Rapids Pub. Schools Series 2024: | |||
| 5% 5/1/25 (Assured Guaranty Muni. Corp. Insured) | 1,065,000 | 1,078,909 | |
| 5% 5/1/26 (Assured Guaranty Muni. Corp. Insured) | 1,000,000 | 1,028,967 | |
| Michigan Fin. Auth. Rev.: | |||
| (Detroit Reg'l. Convention Facility Auth. Local Proj.) Series 2014 H1, 5% 10/1/24 | 310,000 | 310,236 | |
| Series 2015 D1, 0.55% 10/15/24 | 620,000 | 609,735 | |
| Series 2022: | |||
5% 4/15/25 | 1,085,000 | 1,098,625 | |
5% 4/15/26 | 1,725,000 | 1,775,034 | |
| Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Series 2022 A, 2.5% 6/1/25 | 445,000 | 433,365 | |
| Oakland Univ. Rev.: | |||
| Series 2022 A, 5% 3/1/25 | 75,000 | 75,745 | |
| Series 2022 B, 5% 3/1/25 | 430,000 | 434,274 | |
| Southfield Pub. Schools Series 2023: | |||
| 5% 5/1/25 | 730,000 | 740,250 | |
| 5% 5/1/26 | 850,000 | 876,281 | |
| Wayne County Arpt. Auth. Rev.: | |||
| Series 2015 F, 5% 12/1/26 (c) | 325,000 | 329,438 | |
| Series 2017 E, 4% 12/1/25 (c)(e) | 630,000 | 629,878 | |
TOTAL MICHIGAN | 9,420,737 | ||
| Minnesota - 0.5% | |||
| Coon Rapids Minn Series 2016 A, 2% 4/1/27 | 1,000,000 | 932,705 | |
| Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2022 B: | |||
| 5% 1/1/25 (c) | 500,000 | 502,513 | |
| 5% 1/1/26 (c) | 330,000 | 335,428 | |
| Minneapolis Rev. (YMCA of the Greater Twin Cities Proj.) Series 2016, 3% 6/1/25 | 405,000 | 398,516 | |
| Minnesota Hsg. Fin. Agcy.: | |||
| Series 2022 A, 5% 8/1/24 | 330,000 | 330,804 | |
| Series 2022 B: | |||
5% 8/1/24 | 420,000 | 421,023 | |
5% 8/1/25 | 625,000 | 635,270 | |
5% 8/1/26 | 620,000 | 640,550 | |
| Series H, 0.7% 7/1/24 (c) | 75,000 | 74,337 | |
| Northern Muni. Pwr. Agcy. Elec. Sys. Rev.: | |||
| Series 2023: | |||
5% 1/1/25 | 120,000 | 120,914 | |
5% 1/1/26 | 135,000 | 137,979 | |
5% 1/1/27 | 210,000 | 217,825 | |
| Series 2024, 5% 1/1/28 | 1,000,000 | 1,056,047 | |
| Wadena Minn Rev. (Wadena Cancer Ctr. Proj.) Series 2024 A: | |||
| 5% 12/1/26 | 200,000 | 206,862 | |
| 5% 12/1/27 | 260,000 | 273,453 | |
TOTAL MINNESOTA | 6,284,226 | ||
| Missouri - 0.1% | |||
| Kansas City Planned Indl. Expansion Bonds Series 2023, 5%, tender 7/1/27 (b) | 877,000 | 898,606 | |
| Nebraska - 0.1% | |||
| Central Plains Energy Proj. Rev. Bonds Series 2019, 2.5%, tender 8/1/25 (b) | 1,280,000 | 1,248,758 | |
| Nebraska Pub. Pwr. District Rev. Series 2017 B, 5% 1/1/25 | 235,000 | 237,082 | |
TOTAL NEBRASKA | 1,485,840 | ||
| Nevada - 0.5% | |||
| Clark County Arpt. Rev. Series 2021 B, 5% 7/1/24 (c) | 1,355,000 | 1,356,240 | |
| Clark County Poll. Cont. Rev. Bonds (Nevada Pwr. Co. Proj.) Series 2017, 3.75%, tender 3/31/26 (b) | 525,000 | 518,981 | |
| Clark County School District: | |||
| Series 2015 C, 5% 6/15/27 | 655,000 | 669,168 | |
| Series 2016 F, 4% 6/15/24 | 180,000 | 179,942 | |
| Series 2020 A, 3% 6/15/25 (Assured Guaranty Muni. Corp. Insured) | 180,000 | 177,917 | |
| Series 2021 C, 5% 6/15/25 | 1,780,000 | 1,808,823 | |
| Nevada Dept. of Bus. & Industry Bonds (Republic Svcs., Inc. Proj.) Series 2001, 4.5%, tender 6/3/24 (b)(c)(e) | 1,600,000 | 1,599,423 | |
TOTAL NEVADA | 6,310,494 | ||
| New Hampshire - 0.3% | |||
| Nat'l. Fin. Auth. Solid Bonds (Waste Mgmt., Inc. Proj.) Series 2019 A2, 2.15%, tender 7/1/24 (b)(c) | 1,460,000 | 1,454,460 | |
| New Hampshire Health & Ed. Facilities Auth. Series 2023 B, 5.5% 11/1/26 (c) | 110,000 | 113,724 | |
| New Hampshire St Hsg. Fin.: | |||
| Series 2023 3: | |||
3.8% 7/1/26 | 390,000 | 388,651 | |
3.85% 1/1/27 | 620,000 | 617,322 | |
| Series 2023 4: | |||
3.625% 4/1/26 | 210,000 | 207,023 | |
3.7% 1/1/27 | 675,000 | 661,311 | |
TOTAL NEW HAMPSHIRE | 3,442,491 | ||
| New Jersey - 3.3% | |||
| Camden County Improvment Auth. Mult-Family Hsg. Bonds (Northgate I Apts. Proj.) Series 2024, 5%, tender 3/1/26 (b) | 3,450,000 | 3,506,725 | |
| Harrison Township Series 2023, 5% 11/27/24 | 1,657,000 | 1,667,608 | |
| Millburn Township Board of Ed. Series 2023, 0.05% 8/15/25 | 420,000 | 396,816 | |
| New Jersey Econ. Dev. Auth.: | |||
| Series 2022 A: | |||
5% 11/1/24 | 300,000 | 301,529 | |
5% 11/1/25 | 365,000 | 371,950 | |
| Series 2023 RRR: | |||
5% 3/1/25 | 2,570,000 | 2,594,129 | |
5% 3/1/26 | 2,005,000 | 2,052,013 | |
| Series 2024 SSS, 5% 6/15/26 | 1,320,000 | 1,357,167 | |
| New Jersey Econ. Dev. Auth. Rev.: | |||
| Series 2015 XX: | |||
4% 6/15/24 | 490,000 | 489,873 | |
5% 6/15/24 | 1,310,000 | 1,311,194 | |
| Series 2019: | |||
5.25% 9/1/24 (e) | 4,630,000 | 4,646,140 | |
5.25% 9/1/26 (e) | 1,060,000 | 1,100,023 | |
| New Jersey Edl. Facility: | |||
| Series 2016 A, 5% 7/1/24 | 1,730,000 | 1,732,185 | |
| Series 2016 C, 5% 7/1/24 (Assured Guaranty Muni. Corp. Insured) | 365,000 | 365,582 | |
| New Jersey Gen. Oblig.: | |||
| Series 2020 A: | |||
5% 6/1/24 | 395,000 | 395,309 | |
5% 6/1/25 | 1,715,000 | 1,741,637 | |
| Series 2021, 2% 6/1/25 | 580,000 | 564,279 | |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | |||
| Series 2016 1A, 5% 12/1/24 (c) | 1,605,000 | 1,614,479 | |
| Series 2017 1A: | |||
5% 12/1/24 (c) | 545,000 | 548,219 | |
5% 12/1/25 (c) | 1,045,000 | 1,060,589 | |
| Series 2018 B, 5% 12/1/26 (c) | 365,000 | 373,076 | |
| Series 2019 A, 5% 12/1/24 | 200,000 | 201,204 | |
| Series 2020, 5% 12/1/24 (c) | 400,000 | 402,362 | |
| Series 2021 A, 5% 12/1/24 (c) | 120,000 | 120,709 | |
| Series 2022 A: | |||
5% 12/1/24 (c) | 155,000 | 155,915 | |
5% 12/1/25 (c) | 200,000 | 202,984 | |
| Series 2022 B: | |||
5% 12/1/24 (c) | 645,000 | 648,810 | |
5% 12/1/25 (c) | 955,000 | 969,247 | |
| New Jersey Tobacco Settlement Fing. Corp. Series 2018 A: | |||
| 5% 6/1/24 | 1,840,000 | 1,841,036 | |
| 5% 6/1/25 | 910,000 | 921,520 | |
| 5% 6/1/27 | 1,120,000 | 1,161,613 | |
| New Jersey Tpk. Auth. Tpk. Rev. Series 2024, 5% 1/1/27 (d) | 6,000,000 | 6,235,459 | |
| New Jersey Trans. Trust Fund Auth.: | |||
| Series 2006 C, 0% 12/15/24 | 60,000 | 58,544 | |
| Series 2008 A, 0% 12/15/25 | 890,000 | 836,771 | |
| Series 2010 A, 0% 12/15/25 | 385,000 | 361,974 | |
| Series 2016 A1, 5% 6/15/24 | 355,000 | 355,360 | |
| Series 2018 A, 5% 6/15/24 | 440,000 | 440,446 | |
| Series 2022 AA: | |||
5% 6/15/24 | 395,000 | 395,360 | |
5% 6/15/25 | 155,000 | 157,068 | |
TOTAL NEW JERSEY | 43,656,904 | ||
| New Mexico - 0.2% | |||
| New Mexico Edl. Assistance Foundation Series 2021 1A: | |||
| 5% 9/1/25 (c) | 2,080,000 | 2,104,655 | |
| 5% 9/1/27 (c) | 80,000 | 82,257 | |
TOTAL NEW MEXICO | 2,186,912 | ||
| New York - 2.7% | |||
| East Hampton Union Free School District Series 2017, 2.1% 6/1/27 | 735,000 | 681,843 | |
| Long Island Pwr. Auth. Elec. Sys. Rev.: | |||
| Bonds Series 2019 B, 1.65%, tender 9/1/24 (b) | 1,075,000 | 1,063,321 | |
| Series 2021, 1% 9/1/25 | 800,000 | 760,933 | |
| Monroe County Indl. Dev. Agcy. Bonds (Andrews Terrace Cmnty. Partners, L.P. Proj.) Series 2023 B1, 5%, tender 7/1/27 (b) | 593,000 | 608,238 | |
| New York City Gen. Oblig. Bonds Series 2015 F4, 5%, tender 12/1/25 (f) | 330,000 | 333,623 | |
| New York City Hsg. Dev. Corp. Multifamily Hsg. Bonds Series 2021 K2, 0.9%, tender 1/1/26 (b) | 455,000 | 425,130 | |
| New York City Indl. Dev. Agcy. Rev. Series 2021 A, 5% 1/1/26 (Assured Guaranty Muni. Corp. Insured) | 220,000 | 224,707 | |
| New York City Transitional Fin. Auth. Rev. Series 2015 C, 5% 11/1/27 | 1,095,000 | 1,109,456 | |
| New York Metropolitan Trans. Auth. Rev.: | |||
| Bonds: | |||
Series 2019 A1, 5%, tender 11/15/24 (b) | 8,655,000 | 8,690,883 | |
Series 2020 A2, 5%, tender 5/15/24 (b) | 935,000 | 935,299 | |
| Series 2015 C1, 5% 11/15/26 | 5,400,000 | 5,522,349 | |
| Series 2017 B, 5% 11/15/26 | 730,000 | 758,588 | |
| Series 2017 C1, 5% 11/15/25 | 380,000 | 388,120 | |
| New York State Hsg. Fin. Agcy. Rev. Bonds: | |||
| Series 2023 E2, 3.8%, tender 5/1/27 (b) | 675,000 | 673,397 | |
| Series 2024 A, 3.375%, tender 11/1/27 (b) | 6,430,000 | 6,329,222 | |
| New York Thruway Auth. Gen. Rev. Series 2016 A, 5% 1/1/28 | 1,375,000 | 1,403,335 | |
| New York Trans. Dev. Corp.: | |||
| (Term. 4 JFK Int'l. Arpt. Proj.): | |||
Series 2020 A, 5% 12/1/25 (c) | 1,080,000 | 1,093,117 | |
Series 2020 C, 5% 12/1/24 | 365,000 | 366,861 | |
| (Term. 4 John F. Kennedy Int'l. Arpt. Proj.) Series 2022, 5% 12/1/26 (c) | 1,825,000 | 1,867,123 | |
| St. Lawrence County Indl. Dev. (St. Lawrence Univ. Proj.) Series 2022: | |||
| 5% 7/1/25 | 150,000 | 152,092 | |
| 5% 7/1/26 | 145,000 | 149,136 | |
| Syracuse Reg'l. Arpt. Auth. Series 2021, 5% 7/1/24 (c) | 280,000 | 280,076 | |
| Tobacco Settlement Asset Securitization Corp. Series 2017 A, 5% 6/1/25 | 1,135,000 | 1,149,576 | |
| Triborough Bridge & Tunnel Auth. Bonds Series 2021 A2, 2%, tender 5/15/26 (b) | 365,000 | 347,793 | |
TOTAL NEW YORK | 35,314,218 | ||
| New York And New Jersey - 1.2% | |||
| Port Auth. of New York & New Jersey: | |||
| Series 188, 5% 5/1/24 (c) | 725,000 | 725,000 | |
| Series 2013, 5% 7/15/25 (c) | 370,000 | 370,241 | |
| Series 2014 186, 5% 10/15/26 (c) | 1,905,000 | 1,914,157 | |
| Series 2016 195, 5% 10/1/25 (c) | 705,000 | 715,910 | |
| Series 2018, 5% 9/15/25 (c) | 2,670,000 | 2,713,308 | |
| Series 2020 221, 5% 7/15/25 (c) | 730,000 | 740,147 | |
| Series 2021 226, 5% 10/15/25 (c) | 2,260,000 | 2,296,184 | |
| Series 2023 242: | |||
5% 12/1/24 (c) | 465,000 | 468,019 | |
5% 12/1/25 (c) | 1,535,000 | 1,562,220 | |
5% 12/1/26 (c) | 3,155,000 | 3,249,114 | |
| Series 223: | |||
5% 7/15/24 (c) | 1,185,000 | 1,187,157 | |
5% 7/15/25 (c) | 190,000 | 192,641 | |
TOTAL NEW YORK AND NEW JERSEY | 16,134,098 | ||
| North Carolina - 0.5% | |||
| Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Bonds: | |||
| Series 2018 C, 3.45%, tender 10/31/25 (b) | 1,965,000 | 1,955,703 | |
| Series 2021 B, 5%, tender 12/2/24 (b) | 920,000 | 926,271 | |
| Series 2023 D, 3.625%, tender 6/15/27 (b) | 1,635,000 | 1,615,808 | |
| North Carolina Med. Care Commission Hosp. Rev. Bonds Series 2021 B, 5%, tender 2/1/26 (b) | 1,450,000 | 1,479,534 | |
TOTAL NORTH CAROLINA | 5,977,316 | ||
| Ohio - 0.7% | |||
| American Muni. Pwr., Inc. Rev. Series 2023 A: | |||
| 5% 2/15/25 | 320,000 | 322,910 | |
| 5% 2/15/26 | 1,795,000 | 1,838,763 | |
| 5% 2/15/27 | 2,820,000 | 2,941,820 | |
| Columbus-Franklin County Fin. Auth. Bonds (Dering Family Homes Proj.) Series 2023, 5%, tender 2/1/27 (b) | 765,000 | 779,643 | |
| Lancaster Port Auth. Gas Rev. Bonds Series 2019, 5%, tender 2/1/25 (b) | 740,000 | 745,338 | |
| Montgomery County Hosp. Rev. (Kettering Health Network Obligated Group Proj.) Series 2021, 5% 8/1/24 | 75,000 | 75,116 | |
| Northeast Ohio Med. Univ. Series 2022: | |||
| 5% 12/1/24 (Build America Mutual Assurance Insured) | 90,000 | 90,536 | |
| 5% 12/1/25 (Build America Mutual Assurance Insured) | 95,000 | 96,446 | |
| Ohio Higher Edl. Facility Commission Rev.: | |||
| (Xavier Univ. 2020 Proj.) Series 2020, 5% 5/1/26 | 400,000 | 411,224 | |
| Bonds (Case Western Reserve Univ. Proj.) Series 2019 C, 1.625%, tender 12/1/26 (b) | 420,000 | 388,809 | |
| Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. (Mtg.-Backed Securities Prog.) Series 2024 A: | |||
| 5% 3/1/25 | 455,000 | 460,447 | |
| 5% 9/1/25 | 415,000 | 422,895 | |
| 5% 3/1/26 | 125,000 | 128,323 | |
| 5% 9/1/26 | 120,000 | 123,859 | |
| 5% 3/1/27 | 75,000 | 77,854 | |
| 5% 9/1/27 | 100,000 | 104,472 | |
| 5% 3/1/28 | 150,000 | 157,667 | |
| Ohio Tpk. Commission Tpk. Rev. (Infrastructure Projs.) Series 2022 A, 5% 2/15/25 | 670,000 | 677,445 | |
TOTAL OHIO | 9,843,567 | ||
| Oklahoma - 0.4% | |||
| Oklahoma County Fin. Auth. Edl. Facilities (Midwest City-Del City Pub. Schools Proj.) Series 2024: | |||
| 5% 10/1/24 | 330,000 | 331,446 | |
| 5% 10/1/25 | 175,000 | 178,232 | |
| 5% 10/1/26 | 125,000 | 129,292 | |
| 5% 10/1/27 | 145,000 | 152,550 | |
| Oklahoma County Independent School District #89 Oklahoma City Series 2023 A, 3% 7/1/26 | 4,095,000 | 4,030,661 | |
TOTAL OKLAHOMA | 4,822,181 | ||
| Oregon - 0.5% | |||
| Gilliam County Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.): | |||
| Series 2000 A, 3.95%, tender 5/1/24 (b)(c) | 1,915,000 | 1,915,000 | |
| Series 2003 A, 3.95%, tender 5/1/24 (b)(c) | 1,825,000 | 1,825,000 | |
| Port of Portland Arpt. Rev.: | |||
| Series 2020 26B, 5% 7/1/26 | 685,000 | 698,334 | |
| Series 2022: | |||
5% 7/1/24 (c) | 730,000 | 730,801 | |
5% 7/1/25 (c) | 1,125,000 | 1,139,408 | |
| Series 24B, 5% 7/1/25 (c) | 365,000 | 369,675 | |
TOTAL OREGON | 6,678,218 | ||
| Pennsylvania - 3.9% | |||
| Allegheny County Arpt. Auth. Rev.: | |||
| Series 2021 A, 5% 1/1/27 (c) | 375,000 | 385,679 | |
| Series 2023 A, 5% 1/1/27 (Assured Guaranty Muni. Corp. Insured) (c) | 310,000 | 319,701 | |
| Geisinger Auth. Health Sys. Rev. Bonds Series 2020 B, 5%, tender 2/15/27 (b) | 2,280,000 | 2,347,091 | |
| Pennsylvania Econ. Dev. Fing. Auth.: | |||
| Series 2021 A, 4% 10/15/24 | 310,000 | 310,257 | |
| Series 2022 A: | |||
5% 2/15/25 | 60,000 | 60,590 | |
5% 2/15/26 | 75,000 | 76,808 | |
| Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. Bonds: | |||
| (Republic Svcs., Inc. Proj.): | |||
Series 2014, 4%, tender 7/1/24 (b)(c) | 10,700,000 | 10,697,747 | |
Series 2019 B2, 4%, tender 7/15/24 (b)(c) | 3,755,000 | 3,748,551 | |
| (Waste Mgmt., Inc. Proj.) Series 2013, 4.1%, tender 5/1/24 (b)(c) | 3,100,000 | 3,100,000 | |
| (Waste Mgmt., Inc. Proj.): | |||
Series 2017 A, 0.58%, tender 8/1/24 (b)(c) | 800,000 | 792,417 | |
Series 2021 A, SIFMA Municipal Swap Index + 0.400% 4.17%, tender 5/2/24 (b)(c)(g) | 1,040,000 | 1,039,603 | |
Series 2021 A2, 4.6%, tender 10/1/26 (b)(c) | 9,115,000 | 9,228,998 | |
| Series 2011, 2.15%, tender 7/1/24 (b)(c) | 310,000 | 308,218 | |
| Pennsylvania Gen. Oblig.: | |||
| Series 2019, 5% 7/15/26 | 1,150,000 | 1,190,391 | |
| Series 2023: | |||
5% 9/1/26 | 4,640,000 | 4,814,363 | |
5% 9/1/27 | 10,670,000 | 11,280,684 | |
| Pennsylvania Hsg. Fin. Agcy.: | |||
| Series 2021 135 B, 5% 4/1/25 (c) | 140,000 | 140,663 | |
| Series 2022 138: | |||
5% 10/1/24 | 720,000 | 722,394 | |
5% 10/1/25 | 400,000 | 406,509 | |
| Philadelphia Arpt. Rev. Series 2021: | |||
| 5% 7/1/24 (c) | 345,000 | 345,264 | |
| 5% 7/1/26 (c) | 365,000 | 373,330 | |
TOTAL PENNSYLVANIA | 51,689,258 | ||
| Rhode Island - 0.1% | |||
| Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev. Series 2024: | |||
| 5% 6/1/25 | 200,000 | 202,818 | |
| 5% 6/1/26 | 350,000 | 360,581 | |
| 5% 6/1/27 | 260,000 | 273,046 | |
| Rhode Island Student Ln. Auth. Student Ln. Rev. Series 2018 A, 5% 12/1/25 (c) | 320,000 | 324,088 | |
TOTAL RHODE ISLAND | 1,160,533 | ||
| South Carolina - 0.3% | |||
| South Carolina Ports Auth. Ports Rev.: | |||
| Series 2015 (AMT), 5% 7/1/45 (Pre-Refunded to 7/1/25 @ 100) (c) | 950,000 | 962,708 | |
| Series 2015: | |||
5.25% 7/1/50 (Pre-Refunded to 7/1/25 @ 100) (c) | 1,650,000 | 1,676,721 | |
5.25% 7/1/55 (Pre-Refunded to 7/1/25 @ 100) (c) | 790,000 | 802,794 | |
TOTAL SOUTH CAROLINA | 3,442,223 | ||
| South Dakota - 0.2% | |||
| South Dakota Hsg. Dev. Auth. Bonds Series 2023 J, 3.875%, tender 12/12/24 (b) | 2,675,000 | 2,673,078 | |
| Tennessee - 0.9% | |||
| Lewisburg Indl. Dev. Board Bonds (Waste Mgmt. Tennessee Proj.) Series 2012, 4.1%, tender 5/1/24 (b)(c) | 2,400,000 | 2,400,000 | |
| Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2021 C, 1.875% 7/1/25 (c) | 455,000 | 435,661 | |
| Metropolitan Gov Nashvle&David Ind. Bonds (Waste Mgmt., Inc. Proj.) Series 2001, 0.58%, tender 8/1/24 (b)(c) | 330,000 | 326,872 | |
| Metropolitan Nashville Arpt. Auth. Rev. Series 2022 B: | |||
| 5% 7/1/26 (c) | 245,000 | 250,950 | |
| 5% 7/1/27 (c) | 375,000 | 388,786 | |
| Tennergy Corp. Gas Rev. Bonds Series 2019 A, 5%, tender 10/1/24 (b) | 7,750,000 | 7,781,285 | |
TOTAL TENNESSEE | 11,583,554 | ||
| Texas - 7.1% | |||
| Alvin Independent School District Series 2024: | |||
| 5% 2/15/25 | 1,500,000 | 1,515,424 | |
| 5% 2/15/26 | 1,175,000 | 1,207,821 | |
| Austin Arpt. Sys. Rev.: | |||
| Series 2019, 5% 11/15/24 (c) | 1,500,000 | 1,505,713 | |
| Series 2022, 5% 11/15/25 (c) | 695,000 | 705,360 | |
| Bexar County Gen. Oblig. Series 2014, 5% 6/15/25 | 670,000 | 671,420 | |
| Boerne Independent School District Bonds Series 2023, 3.125%, tender 2/1/27 (b) | 5,735,000 | 5,644,480 | |
| Clear Creek Independent School District Bonds Series 2013 B, 3.6%, tender 8/15/25 (b) | 530,000 | 528,874 | |
| Crandall Independent School District Series 2021 A, 0% 8/15/24 | 280,000 | 276,701 | |
| Cuero Independent School District Series 2017, 5% 8/15/26 | 715,000 | 740,154 | |
| Dallas Gen. Oblig.: | |||
| Series 2023 A, 5% 2/15/25 | 1,355,000 | 1,370,301 | |
| Series 2023, 5% 2/15/25 | 2,015,000 | 2,037,128 | |
| Series 2024 A: | |||
5% 2/15/25 | 5,450,000 | 5,509,850 | |
5% 2/15/26 | 5,450,000 | 5,602,233 | |
5% 2/15/27 | 5,450,000 | 5,707,632 | |
| Dallas Hsg. Fin. Corp. Multi-family Hsg. Rev. Bonds Series 2023: | |||
| 5%, tender 12/1/25 (b) | 857,000 | 867,702 | |
| 5%, tender 3/1/26 (b) | 1,069,000 | 1,081,474 | |
| 5%, tender 7/1/27 (b) | 1,138,000 | 1,166,325 | |
| Hays Consolidated Independent School District Series 2022: | |||
| 5% 2/15/25 | 180,000 | 181,851 | |
| 5% 2/15/26 | 255,000 | 262,078 | |
| Houston Convention and Entertainment Facilities Dept. Hotel Occupancy Tax and Spl. Rev. Series 2014, 5% 9/1/26 | 545,000 | 546,715 | |
| Houston Hsg. Fin. Corp. Multi-family Hsg. Rev. Bonds Series 2023, 5%, tender 8/1/26 (b) | 620,000 | 630,593 | |
| Houston Independent School District Bonds: | |||
| Series 2014 A2, 3.5%, tender 6/1/25 (b) | 3,510,000 | 3,481,794 | |
| Series 2023 C, 4%, tender 6/1/25 (b) | 2,930,000 | 2,921,756 | |
| Houston Util. Sys. Rev. Series 2024 A, 5% 11/15/25 (d) | 5,000,000 | 5,116,229 | |
| Lower Colorado River Auth. Rev.: | |||
| (LCRA Transmission Svcs. Corp. Proj.): | |||
Series 2015, 5% 5/15/24 | 435,000 | 435,144 | |
Series 2018, 5% 5/15/24 | 765,000 | 765,253 | |
Series 2020, 5% 5/15/25 | 210,000 | 213,015 | |
| Series 2020, 5% 5/15/24 | 350,000 | 350,116 | |
| Series 2022, 5% 5/15/24 (Assured Guaranty Muni. Corp. Insured) | 595,000 | 595,197 | |
| Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds: | |||
| (Republic Svcs., Inc. Proj.): | |||
Series 2008 A, 4.1%, tender 5/1/24 (b)(c) | 1,300,000 | 1,300,000 | |
Series 2020 A, 4.1%, tender 5/1/24 (b)(c) | 9,900,000 | 9,900,000 | |
| (Waste Mgmt., Inc. Proj.): | |||
Series 2018, 0.000% x SIFMA Municipal Swap Index 4.145%, tender 5/2/24 (b)(c)(g) | 2,495,000 | 2,491,498 | |
Series 2020 B, 4.1%, tender 6/3/24 (b)(c) | 5,200,000 | 5,196,910 | |
| North East Texas Independent School District Series 2015, 3% 8/1/27 | 625,000 | 609,095 | |
| North Texas Tollway Auth. Rev. Series 2021 B, 5% 1/1/26 | 420,000 | 431,061 | |
| Northside Independent School District Bonds: | |||
| Series 2023 B, 3%, tender 8/1/26 (b) | 3,460,000 | 3,392,880 | |
| Series 2024 B, 3.45%, tender 8/1/27 (d) | 2,740,000 | 2,736,609 | |
| Port Arthur Independent School District Series 2015 A, 5% 2/15/25 | 225,000 | 227,506 | |
| Prosper Independent School District Bonds Series 2019 B, 4%, tender 8/15/26 (b) | 605,000 | 605,999 | |
| San Antonio Elec. & Gas Sys. Rev.: | |||
| Bonds: | |||
Series 2018, SIFMA Municipal Swap Index + 0.870% 4.64%, tender 12/1/25 (b)(g) | 3,090,000 | 3,085,295 | |
Series 2023, 3.65%, tender 12/1/26 (b) | 500,000 | 496,856 | |
| Series 2022, 5% 2/1/26 | 330,000 | 338,579 | |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Bonds (Baylor Scott & White Health Proj.) Series 2022 E, 5%, tender 5/15/26 (b) | 2,545,000 | 2,606,128 | |
| Texas Affordable Hsg. Corp. Multi-family Hsg. Rev. Bonds Series 2023, 3.625%, tender 1/1/27 (b) | 785,000 | 768,910 | |
| Texas Gen. Oblig.: | |||
| Series 2016: | |||
5.5% 8/1/25 (c) | 1,445,000 | 1,474,764 | |
5.5% 8/1/26 (c) | 370,000 | 383,222 | |
| Series 2018, 5% 8/1/25 (c) | 2,000,000 | 2,029,136 | |
| Texas Muni. Gas Acquisition & Supply Corp.: | |||
| Series 2023 A: | |||
5.25% 1/1/25 | 320,000 | 321,662 | |
5.25% 1/1/26 | 365,000 | 370,151 | |
5.25% 1/1/27 | 465,000 | 476,432 | |
| Series 2023 B: | |||
5.25% 1/1/25 | 220,000 | 221,142 | |
5.25% 1/1/26 | 440,000 | 446,210 | |
| Travis County Hsg. Fin. Corp. Bonds Series 2023, 3.75%, tender 8/1/25 (b) | 180,000 | 178,361 | |
| Wylie Independent School District Series 2020 A, 0% 8/15/25 | 2,240,000 | 2,130,170 | |
TOTAL TEXAS | 93,856,909 | ||
| Utah - 0.3% | |||
| Salt Lake City Arpt. Rev.: | |||
| Series 2018 A, 5% 7/1/24 (c) | 1,000,000 | 1,000,766 | |
| Series 2021 A: | |||
5% 7/1/24 (c) | 365,000 | 365,280 | |
5% 7/1/25 (c) | 485,000 | 490,108 | |
| Series 2023 A: | |||
5% 7/1/25 (c) | 360,000 | 363,792 | |
5% 7/1/26 (c) | 365,000 | 373,330 | |
5% 7/1/27 (c) | 345,000 | 357,370 | |
| Utah County Hosp. Rev. Bonds: | |||
| Series 2018 B2, 5%, tender 8/1/24 (b) | 355,000 | 355,149 | |
| Series 2020 B2, 5%, tender 8/1/26 (b) | 900,000 | 921,808 | |
TOTAL UTAH | 4,227,603 | ||
| Vermont - 0.0% | |||
| Vermont Student Assistant Corp. Ed. Ln. Rev. Series 2016 A, 5% 6/15/26 (c) | 620,000 | 630,504 | |
| Virginia - 0.5% | |||
| Gloucester County Indl. Dev. Auth. Bonds Series 2003 A, 3.95%, tender 5/1/24 (b)(c) | 630,000 | 630,000 | |
| Southampton County Indl. Bonds (PRTA-Virginia One, LLC Proj.) Series 2023, 4.875%, tender 12/12/24 (b)(c) | 4,660,000 | 4,649,933 | |
| Wise County Indl. Dev. Auth. Waste & Sewage Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2010 A, 1.2%, tender 5/31/24 (b) | 685,000 | 682,783 | |
TOTAL VIRGINIA | 5,962,716 | ||
| Washington - 1.1% | |||
| King County Swr. Rev. Bonds Series 2020 B, 0.875%, tender 1/1/26 (b) | 1,965,000 | 1,821,586 | |
| Port of Seattle Rev.: | |||
| Series 2016 B, 5% 10/1/27 (c) | 365,000 | 371,399 | |
| Series 2018 A, 5% 5/1/27 (c) | 1,500,000 | 1,553,717 | |
| Series 2018 B: | |||
5% 5/1/24 (c) | 320,000 | 320,000 | |
5% 5/1/26 (c) | 3,225,000 | 3,292,914 | |
| Series 2019, 5% 4/1/25 (c) | 420,000 | 423,265 | |
| Series 2021 C, 5% 8/1/24 (c) | 1,705,000 | 1,707,416 | |
| Series 2021, 5% 9/1/24 (c) | 810,000 | 811,974 | |
| Series 2022 B: | |||
5% 8/1/24 (c) | 975,000 | 976,382 | |
5% 8/1/25 (c) | 915,000 | 925,467 | |
5% 8/1/26 (c) | 575,000 | 589,029 | |
| Seattle Hsg. Auth. Rev. (Juniper Apts. Proj.) Series 2023, 5% 6/1/27 | 440,000 | 449,922 | |
| Washington Hsg. Fin. Commission Multi-family Hsg. Rev. Bonds (Ardea At Totem Lake Apts. Proj.) Series 2023, 5%, tender 2/1/27 (b) | 808,000 | 822,709 | |
TOTAL WASHINGTON | 14,065,780 | ||
| West Virginia - 0.3% | |||
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds (Allegheny Metallurgical Proj.) Series 2023, 4.75%, tender 8/1/24 (b)(c) | 4,015,000 | 4,011,014 | |
| Wisconsin - 0.9% | |||
| Milwaukee County Arpt. Rev.: | |||
| Series 2023 A: | |||
5% 12/1/24 (c) | 85,000 | 85,357 | |
5% 12/1/26 (c) | 290,000 | 298,852 | |
| Series 2023 B, 5% 12/1/24 (c) | 600,000 | 602,523 | |
| Milwaukee Gen. Oblig. Series 2016, 2% 3/1/27 | 1,125,000 | 1,044,982 | |
| Pub. Fin. Auth. Health Care Sys. Rev. Series 2023 A, 5% 10/1/24 | 1,620,000 | 1,627,456 | |
| Pub. Fin. Auth. Solid Waste Bonds (Waste Mgmt., Inc. Proj.) Series 2017 A2, 4.1%, tender 5/1/24 (b)(c) | 3,100,000 | 3,100,000 | |
| Wisconsin Health & Edl. Facilities Auth. Rev.: | |||
| (Forensic Science and Protective Medicine Collaboration, Inc. Proj.) Series 2024, 5% 8/1/27 (e) | 2,445,000 | 2,487,113 | |
| Series 2022: | |||
5% 10/1/24 | 1,630,000 | 1,636,030 | |
5% 10/1/25 | 335,000 | 340,646 | |
| Wisconsin Hsg. & Econ. Dev. Auth. Hsg. Rev. Bonds: | |||
| Series 2021 C, 0.61%, tender 5/1/24 (b) | 10,000 | 10,000 | |
| Series 2023 E, 3.875%, tender 5/1/27 (b) | 690,000 | 679,254 | |
TOTAL WISCONSIN | 11,912,213 | ||
| TOTAL MUNICIPAL BONDS (Cost $679,970,292) | 676,948,780 | ||
| Municipal Notes - 47.8% | |||
Principal Amount (a) | Value ($) | ||
| Alabama - 4.8% | |||
| Black Belt Energy Gas District Participating VRDN: | |||
| Series XF 30 73, 4.07% 5/7/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i) | 7,185,000 | 7,185,000 | |
| Series XM 11 10, 4.07% 5/7/24 (Liquidity Facility Royal Bank of Canada) (b)(h)(i) | 4,375,000 | 4,375,000 | |
| Series ZL 03 96, 4.07% 5/7/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i) | 1,605,000 | 1,605,000 | |
| Series ZL 03 97, 4.07% 5/7/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i) | 1,635,000 | 1,635,000 | |
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 4.21% 5/7/24, VRDN (b)(c) | 1,410,000 | 1,410,000 | |
| Health Care Auth. for Baptist Health Series 2013 B, 5.19% 5/7/24, VRDN (b) | 1,678,000 | 1,678,000 | |
| Southeast Energy Auth. Rev. Participating VRDN: | |||
| Series XG 04 10, 4.07% 5/7/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i) | 21,400,000 | 21,400,000 | |
| Series XM 10 62, 4.07% 5/7/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i) | 12,900,000 | 12,900,000 | |
| Walker County Econ. & Indl. Dev. Auth. Solid Waste Disp. Rev. (Alabama Pwr. Co. Plant Gorgas Proj.) Series 2023, 3.65% 5/1/24, VRDN (b)(c) | 8,400,000 | 8,400,000 | |
| Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Gaston Plant Proj.) Series 2008, 3.65% 5/1/24, VRDN (b)(c) | 2,490,000 | 2,490,000 | |
TOTAL ALABAMA | 63,078,000 | ||
| Arizona - 3.4% | |||
| Arizona St Indl. Dev. Auth. Multi Participating VRDN Series XF 31 74, 4.14% 5/7/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 1,095,000 | 1,095,000 | |
| Maricopa County Poll. Cont. Rev.: | |||
| Series 2009 C, 3.9% 5/7/24, VRDN (b) | 30,550,000 | 30,550,000 | |
| Series 2009 D, 3.9% 5/7/24, VRDN (b) | 12,630,000 | 12,630,000 | |
| Mizuho Floater / Residual Trust V Participating VRDN Series Floater 91 57, 4.14% 6/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 1,094,031 | 1,094,031 | |
TOTAL ARIZONA | 45,369,031 | ||
| Arkansas - 0.1% | |||
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1998, 4.21% 5/7/24, VRDN (b)(c) | 900,000 | 900,000 | |
| California - 6.1% | |||
| California Cmnty. Choice Fing. Auth. Clean Energy Proj. Rev. Participating VRDN Series XF 30 07, 4.07% 5/7/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i) | 16,315,000 | 16,315,000 | |
| California Hsg. Fin. Agcy. Ltd. Obl Participating VRDN Series XF 31 27, 4.14% 5/7/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 1,010,000 | 1,010,000 | |
| California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. Participating VRDN: | |||
| Series MIZ 91 21, 3.8% 5/1/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(h)(i) | 3,610,000 | 3,610,000 | |
| Series MIZ 91 22, 3.8% 5/1/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(h)(i) | 7,559,756 | 7,559,756 | |
| Los Angeles Cmnty. Redev. Agcy. Multi-family Hsg. Rev. Participating VRDN: | |||
| Series 2022 MIZ 90 89, 3.8% 5/1/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(h)(i) | 18,695,000 | 18,695,000 | |
| Series 2022 MIZ 90 90, 3.8% 5/1/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(h)(i) | 14,095,000 | 14,095,000 | |
| Mizuho Floater / Residual Trust V Participating VRDN: | |||
| Series Floater MIZ 90 97, 4.14% 5/7/24, LOC Mizuho Cap. Markets LLC (b)(h)(i) | 1,059,387 | 1,059,387 | |
| Series Floater MIZ 91 62, 4.14% 6/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 660,000 | 660,000 | |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN Series 2022 XF 30 51, 4.07% 5/7/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(h)(i) | 2,300,000 | 2,300,000 | |
| San Francisco City & County Multi-family Hsg. Rev. Participating VRDN Series MIZ 91 15, 4.14% 6/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j) | 14,585,000 | 14,585,000 | |
TOTAL CALIFORNIA | 79,889,143 | ||
| Colorado - 0.8% | |||
| Colorado Edl. & Cultural Facilities Auth. Rev. (Mesivta of Greater Los Angeles Proj.) Series 2005, 4.12% 5/7/24, LOC Deutsche Bank AG, VRDN (b) | 530,000 | 530,000 | |
| Colorado Health Facilities Auth. Rev. Bonds Participating VRDN: | |||
| Series XM 10 59, 3.92% 5/7/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 920,000 | 920,000 | |
| Series XM 10 61, 3.92% 5/7/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 1,525,000 | 1,525,000 | |
| Denver City & County Arpt. Rev. Participating VRDN Series Floaters XM 07 15, 4.07% 5/7/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(h)(i) | 7,470,000 | 7,470,000 | |
TOTAL COLORADO | 10,445,000 | ||
| Connecticut - 0.4% | |||
| Colchester Gen. Oblig. BAN Series 2024, 4.5% 10/17/24 | 3,735,000 | 3,741,251 | |
| West Haven Gen. Oblig. BAN Series 2024, 5% 2/13/25 (Build America Mutual Assurance Insured) | 2,000,000 | 2,010,373 | |
TOTAL CONNECTICUT | 5,751,624 | ||
| Florida - 3.5% | |||
| Florida Ins. Assistance Interlo Series 2023 A2, 4.65% 5/7/24 (Liquidity Facility Florida Gen. Oblig.), VRDN (b) | 14,540,000 | 14,540,000 | |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Participating VRDN Series XM 10 93, 3.65% 5/1/24 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i) | 4,240,000 | 4,240,000 | |
| Hillsborough County Aviation Auth. Rev. Participating VRDN Series XL 02 90, 4.07% 5/7/24 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(h)(i) | 13,190,000 | 13,190,000 | |
| Lee Memorial Health Sys. Hosp. Rev. Series 2019 B, 4.36% 5/7/27, VRDN (b) | 7,255,000 | 7,255,000 | |
| Miami Dade County Hsg. Multifamily Hsg. Rev. Participating VRDN Series Floater MIZ 90 87, 4.14% 6/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j) | 585,000 | 585,000 | |
| Miami-Dade County Aviation Rev. Participating VRDN Series 2022 025, 4.07% 6/11/24 (Liquidity Facility Barclays Bank PLC) (b)(c)(h)(i) | 4,845,000 | 4,845,000 | |
| Miami-Dade County Expressway Auth. Participating VRDN Series 11 87 1X, 4.02% 5/7/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i) | 1,050,000 | 1,050,000 | |
TOTAL FLORIDA | 45,705,000 | ||
| Georgia - 0.6% | |||
| Bartow County Dev. Auth. (Georgia Pwr. Co. Plant Bowen Proj.) Series 2022, 3.7% 5/1/24, VRDN (b)(c) | 1,450,000 | 1,450,000 | |
| Buford Hsg. Auth. Multifamily Participating VRDN Series XF 31 18, 4.14% 5/7/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 1,064,857 | 1,064,857 | |
| Heard County Dev. Auth. Poll. Cont. Rev. Series 2007, 3.65% 5/1/24, VRDN (b)(c) | 5,200,000 | 5,200,000 | |
TOTAL GEORGIA | 7,714,857 | ||
| Hawaii - 0.7% | |||
| Hawaii Arpts. Sys. Rev. Participating VRDN Series XG 03 86, 4.07% 5/7/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(h)(i) | 9,600,000 | 9,600,000 | |
| Illinois - 1.9% | |||
| Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN: | |||
| Series XM 10 38, 4.02% 5/7/24 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i) | 13,300,000 | 13,300,000 | |
| Series XM 10 78, 4.02% 5/7/24 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i) | 11,900,000 | 11,900,000 | |
TOTAL ILLINOIS | 25,200,000 | ||
| Indiana - 1.0% | |||
| Indiana Fin. Auth. Exempt Facilities Rev. Bonds Series MS 00 22, 4.64%, tender 5/7/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(h)(i) | 13,800,000 | 13,800,000 | |
| Iowa - 0.8% | |||
| Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Co. Proj.): | |||
| Series 2008 A, 4.1% 5/7/24, VRDN (b)(c) | 5,780,000 | 5,780,000 | |
| Series 2016 B, 4.1% 5/7/24, VRDN (b)(c) | 4,400,000 | 4,400,000 | |
TOTAL IOWA | 10,180,000 | ||
| Kentucky - 1.5% | |||
| Meade County Indl. Bldg. Rev. (Nucor Steel Brandenburg Proj.): | |||
| Series 2020 A1, 3.98% 5/1/24, VRDN (b)(c) | 7,525,000 | 7,525,000 | |
| Series 2020 B1, 3.98% 5/1/24, VRDN (b)(c) | 12,735,000 | 12,735,000 | |
TOTAL KENTUCKY | 20,260,000 | ||
| Louisiana - 1.2% | |||
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
| Series 2010 A1, 4% 5/7/24, VRDN (b) | 14,645,000 | 14,645,000 | |
| Series 2010 B1, 4.05% 5/7/24, VRDN (b) | 600,000 | 600,000 | |
TOTAL LOUISIANA | 15,245,000 | ||
| Maine - 0.1% | |||
| Reg'l. School Unit # 14 BAN Series 2024, 5% 5/15/25 | 1,200,000 | 1,214,365 | |
| Maryland - 0.7% | |||
| Baltimore County Gen. Oblig. Participating VRDN Series 2022 032, 4.12% 6/11/24 (Liquidity Facility Barclays Bank PLC) (b)(h)(i) | 1,175,000 | 1,175,000 | |
| Integrace Obligated Group Participating VRDN Series 2022 024, 4.12% 6/11/24 (Liquidity Facility Barclays Bank PLC) (b)(h)(i) | 2,515,000 | 2,515,000 | |
| Riderwood Vlg, Inc. Participating VRDN Series 2022 029, 4.03% 6/11/24 (Liquidity Facility Barclays Bank PLC) (b)(h)(i) | 2,940,000 | 2,940,000 | |
| Tender Option Bond Trust Receipts Participating VRDN Series XF 32 22, 4.14% 5/7/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 2,600,000 | 2,600,000 | |
TOTAL MARYLAND | 9,230,000 | ||
| Mississippi - 0.3% | |||
| Mississippi Bus. Fin. Corp. Mississippi Pwr. Co. Proj.) Series 2022, 3.65% 5/1/24, VRDN (b)(c) | 3,100,000 | 3,100,000 | |
| Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Mississippi Pwr. Co. Proj.) Series 1998, 3.8% 5/1/24, VRDN (b)(c) | 800,000 | 800,000 | |
TOTAL MISSISSIPPI | 3,900,000 | ||
| Missouri - 0.2% | |||
| Kansas City Indl. Dev. Auth. Participating VRDN Series XM 11 08, 3.65% 5/1/24 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i) | 1,310,000 | 1,310,000 | |
| Mizuho Floater / Residual Trust V Participating VRDN Series Floater MIZ 91 53, 4.14% 6/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 1,130,499 | 1,130,499 | |
TOTAL MISSOURI | 2,440,499 | ||
| Nebraska - 0.2% | |||
| Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 4.21% 5/7/24, VRDN (b)(c) | 2,100,000 | 2,100,000 | |
| New Hampshire - 0.5% | |||
| Tender Option Bond Trust Receipts Participating VRDN Series MS 00 23, 4.07% 5/7/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i) | 7,100,000 | 7,100,000 | |
| New Jersey - 2.8% | |||
| Clifton Gen. Oblig. BAN Series 2023, 5% 11/26/24 | 136,000 | 136,843 | |
| Elmwood Park BAN Series 2023, 5% 10/9/24 | 1,825,000 | 1,831,698 | |
| Hazlet Township NJ BAN Series 2023, 5% 11/8/24 | 2,715,000 | 2,729,273 | |
| Jersey City Muni. Utils. Auth. Wtr. Rev. BAN Series 2024 A, 5% 5/1/25 | 2,350,000 | 2,371,582 | |
| Jersey City N J Muni. Utils. Auth. BAN Series 2024 B, 5% 5/1/25 | 1,900,000 | 1,917,450 | |
| Lacey Township Gen. Oblig. BAN Series 2024, 4.5% 5/7/25 (d) | 4,621,000 | 4,650,196 | |
| Manasquan N J BAN Series 2023, 5% 10/3/24 | 1,605,000 | 1,611,370 | |
| Manchester Township Gen. Oblig. BAN Series 2024 A, 4.5% 5/8/25 (d) | 2,189,554 | 2,201,696 | |
| New Jersey Trans. Trust Fund Auth. Participating VRDN: | |||
| Series XL 04 50, 3.92% 5/7/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 3,750,000 | 3,750,000 | |
| Series XM 09 29, 3.92% 5/7/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 2,295,000 | 2,295,000 | |
| Series XM 10 47, 3.92% 5/7/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 3,525,000 | 3,525,000 | |
| Newark Gen. Oblig. BAN Series 2024 B, 5% 5/13/25 (d) | 6,200,000 | 6,251,026 | |
| Ridgewood Gen. Oblig. BAN Series 2023 B, 5% 10/11/24 | 4,121,000 | 4,136,504 | |
TOTAL NEW JERSEY | 37,407,638 | ||
| New Mexico - 0.1% | |||
| New Mexico St Hosp. Equip. Ln. Co. Participating VRDN Series 2022 034, 4.12% 6/11/24 (Liquidity Facility Barclays Bank PLC) (b)(h)(i) | 1,530,000 | 1,530,000 | |
| New York - 2.0% | |||
| Albany City School District BAN Series 2023 B, 4.75% 6/27/24 | 2,260,000 | 2,262,103 | |
| Liberty Dev. Corp. Rev. Participating VRDN Series MS 1207, 4.12% 5/7/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i) | 791,500 | 791,500 | |
| New York Metropolitan Trans. Auth. Rev. Participating VRDN: | |||
| Series XF 13 21, 4.09% 5/7/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 1,860,000 | 1,860,000 | |
| Series XF 13 55, 4.09% 5/7/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 2,555,000 | 2,555,000 | |
| Series XF 16 49, 4.09% 5/7/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 2,570,000 | 2,570,000 | |
| New York State Hsg. Fin. Agcy. Rev. Participating VRDN Series Floater 2022 007, 4.22% 6/11/24 (Liquidity Facility Barclays Bank PLC) (b)(c)(h)(i) | 16,010,000 | 16,010,000 | |
| Oyster Bay Gen. Oblig. BAN Series 2024, 4% 3/7/25 | 80,000 | 80,263 | |
TOTAL NEW YORK | 26,128,866 | ||
| Ohio - 2.1% | |||
| Allen County Hosp. Facilities Rev. Series 2012 B, 4% 5/7/24 (Liquidity Facility Ohio Gen. Oblig.), VRDN (b) | 5,800,000 | 5,800,000 | |
| Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 003, 4.07% 6/11/24 (Liquidity Facility Barclays Bank PLC) (b)(h)(i) | 14,785,000 | 14,785,000 | |
| Ohio Hosp. Rev.: | |||
| Series 2013 B, 4.3% 5/7/27, VRDN (b) | 3,645,000 | 3,645,000 | |
| Series 2015 B, 4.3% 5/7/27, VRDN (b) | 2,870,000 | 2,870,000 | |
TOTAL OHIO | 27,100,000 | ||
| Oklahoma - 0.5% | |||
| Oklahoma Dev. Fin. Auth. Health Sys. Rev. Series 2020 B, 4.41% 5/7/24, VRDN (b) | 5,325,000 | 5,325,000 | |
| Steele Duncan Plaza, LLC Participating VRDN Series MIZ 91 03, 4.14% 6/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j) | 942,957 | 942,957 | |
TOTAL OKLAHOMA | 6,267,957 | ||
| Pennsylvania - 1.9% | |||
| Montgomery County Higher Ed. & Health Auth. Rev. Series 2018 D, 4.7% 5/7/24, VRDN (b) | 9,520,000 | 9,520,000 | |
| Philadelphia Auth. for Indl. Dev.: | |||
| Participating VRDN Series MIZ 90 51, 4.14% 6/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j) | 339,968 | 339,968 | |
| Series 2017 B, 4.69% 5/7/24, VRDN (b) | 14,590,000 | 14,590,000 | |
TOTAL PENNSYLVANIA | 24,449,968 | ||
| South Carolina - 2.0% | |||
| Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1995, 4.21% 5/7/24, VRDN (b)(c) | 700,000 | 700,000 | |
| South Carolina Jobs-Econ. Dev. Auth. Series 2018 C, 4.58% 5/7/24, VRDN (b) | 650,000 | 650,000 | |
| South Carolina Pub. Svc. Auth. Rev. Participating VRDN: | |||
| Series 2021 XF 12 43, 4.07% 5/7/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 6,125,000 | 6,125,000 | |
| Series Floaters XM 03 84, 4.07% 5/7/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 19,000,000 | 19,000,000 | |
TOTAL SOUTH CAROLINA | 26,475,000 | ||
| Tennessee - 0.7% | |||
| Chattanooga Health Ed. & Hsg. Facility Board Rev. (Catholic Health Initiatives Proj.) Series C, 3.95% 5/7/24, VRDN (b) | 8,300,000 | 8,300,000 | |
| Mizuho Floater / Residual Trust V Participating VRDN Series Floater MIZ 91 63, 4.14% 6/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 884,342 | 884,342 | |
TOTAL TENNESSEE | 9,184,342 | ||
| Texas - 3.7% | |||
| Austin Arpt. Sys. Rev. Participating VRDN Series XG 04 27, 4.07% 5/7/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(h)(i) | 250,000 | 250,000 | |
| Brazos County Tex Hsg. Fin. Corp. M Participating VRDN Series XF 31 29, 4.14% 5/7/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 911,693 | 911,693 | |
| Ep Machuca Lp Participating VRDN Series MIZ 91 04, 4.14% 6/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j) | 1,334,718 | 1,334,718 | |
| Mizuho Floater / Residual Trust V Participating VRDN Series MIZ 91 24, 4.14% 6/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j) | 7,603,517 | 7,603,517 | |
| Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
| Series 2004, 4.15% 5/7/24, VRDN (b)(c) | 27,600,000 | 27,600,000 | |
| Series 2010 B, 3.6% 5/1/24, VRDN (b) | 220,000 | 220,000 | |
| Series 2010 C, 3.65% 5/1/24, VRDN (b) | 800,000 | 800,000 | |
| Series 2010 D: | |||
4.08% 5/7/24, VRDN (b) | 1,355,000 | 1,355,000 | |
4.1% 5/7/24, VRDN (b) | 9,185,000 | 9,185,000 | |
TOTAL TEXAS | 49,259,928 | ||
| Utah - 1.3% | |||
| Box Elder County Poll. Cont. Rev. Series 2003, 4.15% 5/7/24, VRDN (b) | 200,000 | 200,000 | |
| Salt Lake City Arpt. Rev. Participating VRDN: | |||
| Series XM 11 07, 3.65% 5/1/24 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i) | 5,510,000 | 5,510,000 | |
| Series XM 11 47, 4.07% 5/7/24 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i) | 11,200,000 | 11,200,000 | |
TOTAL UTAH | 16,910,000 | ||
| Virginia - 1.0% | |||
| Lynchburg Econ. Dev. Participating VRDN Series XL 00 75, 4.07% 5/7/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 9,900,000 | 9,900,000 | |
| Nat'l. Sr. Campuses Participating VRDN Series 2022 028, 4.12% 6/11/24 (Liquidity Facility Barclays Bank PLC) (b)(h)(i) | 2,615,000 | 2,615,000 | |
TOTAL VIRGINIA | 12,515,000 | ||
| West Virginia - 0.2% | |||
| West Virginia Hosp. Fin. Auth. Hosp. Rev. Series 2018 E, 4.38% 5/7/27, VRDN (b) | 3,005,000 | 3,005,000 | |
| Wyoming - 0.7% | |||
| Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 4.45% 5/7/24, VRDN (b)(c) | 5,100,000 | 5,100,000 | |
| Lincoln County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 4.35% 5/1/24, VRDN (b) | 400,000 | 400,000 | |
| Sweetwater County Env Imp Rev. (Pacificorp Proj.) Series 1995, 3.75% 5/1/24, VRDN (b)(c) | 1,600,000 | 1,600,000 | |
| Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 4.35% 5/1/24, VRDN (b) | 2,260,000 | 2,260,000 | |
TOTAL WYOMING | 9,360,000 | ||
| TOTAL MUNICIPAL NOTES (Cost $628,768,034) | 628,716,218 | ||
| Money Market Funds - 2.6% | |||
| Shares | Value ($) | ||
Fidelity Municipal Cash Central Fund 3.61% (k)(l) (Cost $34,284,847) | 34,277,999 | 34,288,279 | |
| TOTAL INVESTMENT IN SECURITIES - 101.9% (Cost $1,343,023,173) | 1,339,953,277 |
NET OTHER ASSETS (LIABILITIES) - (1.9)% | (25,288,640) |
| NET ASSETS - 100.0% | 1,314,664,637 |
Security Type Abbreviations
| BAN | - | BOND ANTICIPATION NOTE |
| VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend
| (a) | Amount is stated in United States dollars unless otherwise noted. |
| (b) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
| (c) | Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
| (d) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $26,317,034 or 2.0% of net assets. |
| (f) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
| (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) | Provides evidence of ownership in one or more underlying municipal bonds. |
| (i) | Coupon rates are determined by re-marketing agents based on current market conditions. |
| (j) | 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 $25,391,160 or 1.9% of net assets. |
| (k) | Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
| (l) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| Additional information on each restricted holding is as follows: | ||
| Security | Acquisition Date | Acquisition Cost ($) |
| Ep Machuca Lp Participating VRDN Series MIZ 91 04, 4.14% 6/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) | 1/19/24 | 1,334,718 |
| Miami Dade County Hsg. Multifamily Hsg. Rev. Participating VRDN Series Floater MIZ 90 87, 4.14% 6/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) | 1/19/24 | 585,000 |
| Mizuho Floater / Residual Trust V Participating VRDN Series MIZ 91 24, 4.14% 6/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) | 1/19/24 | 7,603,517 |
| Philadelphia Auth. for Indl. Dev. Participating VRDN Series MIZ 90 51, 4.14% 6/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) | 1/19/24 | 339,968 |
| San Francisco City & County Multi-family Hsg. Rev. Participating VRDN Series MIZ 91 15, 4.14% 6/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) | 1/19/24 | 14,585,000 |
| Steele Duncan Plaza, LLC Participating VRDN Series MIZ 91 03, 4.14% 6/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) | 1/19/24 | 942,957 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | 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 3.61% | 64,088,860 | 68,979,953 | 98,782,930 | 333,097 | 5,375 | (2,979) | 34,288,279 | 1.7% |
| Total | 64,088,860 | 68,979,953 | 98,782,930 | 333,097 | 5,375 | (2,979) | 34,288,279 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized 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 investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal Bonds and Municipal Notes are valued by pricing services 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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