Fidelity Pennsylvania Municipal Income Fund NCSR Certified annual shareholder report (management investment company)

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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

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Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended December 31, 2023	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 4.00% sales charge)	2.51%	1.17%	2.65%
Class M (incl. 4.00% sales charge)	2.53%	1.19%	2.67%
Class C (incl. contingent deferred sales charge)	5.01%	1.25%	2.63%
Fidelity® Municipal Income Fund	7.12%	2.35%	3.27%
Class I	7.04%	2.25%	3.22%
Class Z	7.17%	2.37%	3.28%

Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on March 1, 2018. Returns prior to March 1, 2018, are those of Fidelity® Municipal Income Fund, the original class of the fund, which has no 12b-1 fee. Had Class A's 12b-1 fee been reflected, returns prior to March 1, 2018, would have been lower.

Class M shares bear a 0.25% 12b-1 fee. The initial offering of Class M shares took place on March 1, 2018. Returns prior to March 1, 2018, are those of Fidelity® Municipal Income Fund, the original class of the fund, which has no 12b-1 fee. Had Class M's 12b-1 fee been reflected, returns prior to March 1, 2018, would have been lower.

Class C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on March 1, 2018. Returns prior to March 1, 2018, are those of Fidelity® Municipal Income Fund, the original class of the fund, which has no 12b-1 fee. Had Class C's 12b-1 fee been reflected, returns prior to March 1, 2018, would have been lower.

The initial offering of Class I shares took place on March 1, 2018. Returns prior to March 1, 2018 are those of Fidelity® Municipal Income Fund, the original class of the fund.

The initial offering of Class Z shares took place on October 2, 2018. Returns between March 1, 2018 and October 2, 2018, are those of Class I. Returns prior to March 1, 2018 are those of Fidelity Municipal Income Fund, the original class of the fund.

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Municipal Income Fund, a class of the fund, on December 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Municipal Bond Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

Tax-exempt municipal bonds gained 6.40% for the 12 months ending December 31, 2023, according to the Bloomberg Municipal Bond Index, buoyed by outsized gains late in the year. Munis posted a notable advance in January, when the bond market reacted positively to a slowdown in the pace of the U.S. Federal Reserve's campaign to bring down inflation by raising interest rates. But munis retreated in several of the following months, when mixed economic data fueled worries that the central bank would continue its hiking cycle for longer than the market expected at the beginning of the year, then declined markedly in August and September when the Fed explicitly adopted a "higher for longer" message on interest rates. In November, however, muni bonds kicked off a powerful two-month rally, posting their biggest monthly gain (+6.35%) since the 1980s, and then rising another 2.32% in December. During both months, the Fed held interest rates steady, while inflation reports came in milder than expected. By year-end, the central bank had indicated they were ready to consider rate cuts for 2024. For the full 12 months, muni tax-backed credit fundamentals remained solid, and the risk of credit-rating downgrades appeared low for most issuers. Lower-quality investment-grade bonds (rated BAA) and longer-term securities (15+ years) delivered the muni market's best returns.

Comments from Co-Portfolio Managers Cormac Cullen, Michael Maka and Elizah McLaughlin:

For the year, the fund's share classes (excluding sales charges, if any), gained roughly 6% to 7%, versus the 6.81% advance of the Bloomberg 3+ Year Municipal Bond Index and the 6.40% gain of the benchmark, the Bloomberg Municipal Bond Index. The past 12 months, we focused on long-term objectives and sought to generate attractive tax-exempt income and a competitive risk-adjusted return. Versus the 3+ Year index, the fund's overweight to lower-quality investment-grade and select below-investment grade munis contributed to performance, as these securities outpaced higher-quality bonds. An overweight to the health care sector also contributed to relative performance, as the group's credit quality improved and investor demand for higher-yielding securities strengthened during the year. The fund's carry advantage, meaning its larger-than-index exposure to high-coupon bonds that were somewhat cushioned from rising interest rates, also helped. The fund had more interest rate sensitivity, as measured by its longer duration, than the benchmark, which further boosted the relative result in the final months of 2023, when muni yields sharply declined. In contrast, differences in the way fund holdings and index components were priced hurt relative performance. Fund holdings are priced by a third-party pricing service and validated daily by Fidelity Management and Research's fair-value processes. Securities within the index, however, are priced by the index provider.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary December 31, 2023 (Unaudited)

Top Five States (% of Fund's net assets)

Illinois	16.3
Pennsylvania	8.2
New York	7.5
Florida	6.2
New Jersey	5.3

Revenue Sources (% of Fund's net assets)
Transportation	22.9
Health Care	22.4
General Obligations	21.8
Education	9.0
Special Tax	8.1
State G.O.	5.1
Others* (Individually Less Than 5%)	10.7
	100.0

*Includes net other assets

Quality Diversification (% of Fund's net assets)

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.

Schedule of Investments December 31, 2023

Showing Percentage of Net Assets

Municipal Bonds - 98.6%
	Principal Amount (a) (000s)	Value ($) (000s)
Alabama - 1.4%
Auburn Univ. Gen. Fee Rev. Series 2018 A, 5% 6/1/43	2,565	2,727
Black Belt Energy Gas District Bonds Series 2022 E, 5%, tender 6/1/28 (b)	8,020	8,399
Jefferson County Gen. Oblig. Series 2018 A, 5% 4/1/26	2,400	2,513
Montgomery Med. Clinic Facilities Series 2015, 5% 3/1/33	4,140	3,601
Southeast Energy Auth. Coop. Dis Bonds (Proj. No. 6) Series 2023 B, 5%, tender 6/1/30 (b)	17,760	18,956
Southeast Energy Auth. Rev.:
(Proj. No. 2) Series 2021 B1:
4% 6/1/29	1,475	1,498
4% 6/1/30	1,115	1,131
4% 6/1/31	975	977
Bonds (Proj. No. 2) Series 2021 B1, 4%, tender 12/1/31 (b)	23,655	23,614
TOTAL ALABAMA		63,416
Arizona - 2.0%
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2007 B, S&P Muni. Bond 7 Day High Grade Rate Index + 0.810% 4.97%, tender 1/1/37 (b)(c)	2,485	2,286
Arizona Indl. Dev. Auth. Hosp. Rev. Series 2021 A:
5% 2/1/30	1,300	1,469
5% 2/1/31	1,250	1,436
5% 2/1/32	1,250	1,458
Arizona Indl. Dev. Auth. Rev.:
(Provident Group-Eastern Michigan Univ. Parking Proj.) Series 2018:
5% 5/1/48	910	501
5% 5/1/51	910	501
Series 2019 2, 3.625% 5/20/33	2,734	2,589
Chandler Indl. Dev. Auth. Indl. Dev. Rev. (Intel Corp. Proj.) Series 2022 2, 5%, tender 9/1/27 (b)(d)	4,580	4,763
Glendale Gen. Oblig. Series 2017:
5% 7/1/30	2,080	2,253
5% 7/1/31	3,105	3,354
Glendale Indl. Dev. Auth. (Terraces of Phoenix Proj.) Series 2018 A:
5% 7/1/38	235	226
5% 7/1/48	295	259
Maricopa County Indl. Dev. Auth. (Creighton Univ. Proj.) Series 2020, 5% 7/1/47	2,400	2,540
Maricopa County Indl. Dev. Auth. Sr. Living Facilities Series 2016:
5.75% 1/1/36 (e)	2,140	1,728
6% 1/1/48 (e)	5,260	3,738
Maricopa County Rev.:
Series 2016 A:
5% 1/1/32	8,280	8,760
5% 1/1/33	4,965	5,246
Series 2017 D, 3% 1/1/48	5,970	4,672
Series 2019 E, 3% 1/1/49	3,535	2,733
Phoenix Ariz Indl. Dev. Auth. Rev.:
(Guam Facilities Foundation, Inc. Projs.) Series 2014, 5.375% 2/1/41	3,825	3,635
(Guam Facilities Foundation, Inc. Proj.) Series 2014, 5.125% 2/1/34	2,655	2,610
Phoenix Civic Impt. Board Arpt. Rev.:
Series 2017 A:
5% 7/1/33 (d)	910	964
5% 7/1/36 (d)	1,450	1,527
5% 7/1/37 (d)	1,075	1,127
Series 2017 B:
5% 7/1/29	2,070	2,246
5% 7/1/33	2,900	3,136
5% 7/1/36	3,310	3,559
5% 7/1/37	2,070	2,216
Phoenix Civic Impt. Corp. Series 2019 A, 5% 7/1/45	6,100	6,415
Phoenix IDA Student Hsg. Rev. (Downtown Phoenix Student Hsg. II LLC Arizona State Univ. Proj.) Series 2019 A:
5% 7/1/44	1,000	1,012
5% 7/1/49	1,125	1,127
5% 7/1/54	1,330	1,327
5% 7/1/59	2,000	1,979
Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007, 5.5% 12/1/29	7,370	8,051
TOTAL ARIZONA		91,443
California - 4.8%
ABC Unified School District Series 1997 C, 0% 8/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,250	2,851
California Gen. Oblig.:
Series 2004:
5.25% 12/1/33	150	150
5.5% 4/1/28	10	10
5.5% 4/1/30	5	5
Series 2021, 5% 10/1/37	7,740	9,021
California Hsg. Fin. Agcy.:
Series 2021 1, 3.5% 11/20/35	3,044	2,964
Series 2023 A1, 4.375% 9/20/36	8,936	8,968
California Muni. Fin. Auth. Student Hsg. (CHF-Davis I, LLC - West Village Student Hsg. Proj.) Series 2018, 5% 5/15/38	7,200	7,502
California Pub. Works Board Lease Rev. (Various Cap. Projs.) Series 2022 C:
5% 8/1/31	1,365	1,623
5% 8/1/34	2,535	3,006
California Statewide Cmntys. Dev. Auth. Rev.:
Series 2015, 5% 2/1/45	2,695	1,428
Series 2018 A, 5% 3/1/42	195	202
Eastern Muni. Wtr. District Fing. Auth. Series 2020 A:
4% 7/1/38	1,400	1,473
5% 7/1/36	1,600	1,856
5% 7/1/37	1,000	1,153
Folsom Cordova Union School District No. 4 Series A, 0% 10/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,520	1,203
Fresno Arpt. Rev. Series 2023 A:
5% 7/1/30 (Build America Mutual Assurance Insured) (d)	2,000	2,221
5% 7/1/31 (Build America Mutual Assurance Insured) (d)	1,000	1,122
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev. Series 2021 B2, 0% 6/1/66	69,825	8,215
Kern Cmnty. College District Gen. Oblig. Series 2006:
0% 11/1/28 (Assured Guaranty Muni. Corp. Insured)	4,100	3,562
0% 11/1/30 (Assured Guaranty Muni. Corp. Insured)	4,140	3,380
Long Beach Unified School District Series 2009, 5.5% 8/1/29	155	155
Los Angeles Dept. Arpt. Rev.:
Series 2020 C, 5% 5/15/45 (d)	2,900	3,060
Series 2021 D:
5% 5/15/35 (d)	1,610	1,818
5% 5/15/35 (Pre-Refunded to 11/15/31 @ 100) (d)	90	103
Los Angeles Hbr. Dept. Rev. Series 2019 A:
5% 8/1/25 (d)	3,515	3,623
5% 8/1/26 (d)	1,350	1,421
Los Angeles Unified School District Ctfs. of Prtn. Series 2023 A:
5% 10/1/30	3,805	4,435
5% 10/1/31	8,845	10,498
Monrovia Unified School District Series B, 0% 8/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,745	3,165
Mount Diablo Unified School District Series 2022 B:
4% 8/1/29	1,595	1,747
4% 8/1/30	465	512
Poway Unified School District:
(District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32	4,885	3,779
Series 2011, 0% 8/1/46	950	356
Series B:
0% 8/1/37	6,455	4,061
0% 8/1/38	6,890	4,101
0% 8/1/39	19,705	11,118
Poway Unified School District Pub. Fing. Series 2015 A:
5% 9/1/24	825	832
5% 9/1/26	1,050	1,078
5% 9/1/29	2,185	2,246
5% 9/1/31	985	1,012
Sacramento City Fing. Auth. Rev. Series A, 0% 12/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,140	3,768
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Series 2021 B:
5% 7/1/46 (d)	10,000	10,541
5% 7/1/56 (d)	7,000	7,295
San Diego Unified School District:
Series 2008 C, 0% 7/1/34	2,980	2,143
Series 2008 E, 0% 7/1/47 (f)	7,205	5,643
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.:
Series 2019 A, 5% 5/1/49 (d)	1,000	1,035
Series 2019 B, 5% 5/1/49	3,765	4,023
Series 2022 A:
5% 5/1/26 (d)	6,315	6,556
5% 5/1/27 (d)	6,395	6,757
5% 5/1/28 (d)	8,530	9,173
5% 5/1/29 (d)	5,710	6,242
Series 2022 B, 5% 5/1/52	17,310	19,019
San Marcos Unified School District Series 2010 B, 0% 8/1/47	17,635	6,690
San Mateo County Cmnty. College District Series A, 0% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,495	4,184
Univ. of California Revs. Series 2021 Q, 3% 5/15/51	6,765	5,569
Washington Township Health Care District Gen. Oblig. Series 2013 A, 5.5% 8/1/38	3,725	3,758
TOTAL CALIFORNIA		223,431
Colorado - 2.1%
Arkansas River Pwr. Auth. Rev. Series 2018 A:
5% 10/1/38	2,080	2,156
5% 10/1/43	2,600	2,674
Colorado Health Facilities Auth. Rev. Bonds:
(Parkview Med. Ctr., Inc. Proj.) Series 2016:
4% 9/1/35	1,365	1,388
4% 9/1/36	1,075	1,090
5% 9/1/46	6,045	6,165
Series 2019 A1, 4% 8/1/44	4,395	4,334
Series 2019 A2:
3.25% 8/1/49	4,110	3,071
4% 8/1/49	17,455	16,742
5% 8/1/37	1,000	1,070
5% 8/1/44	6,145	6,399
Series 2020 A, 4% 9/1/50	1,525	1,461
Colorado Hsg. & Fin. Auth. Series 2019 H, 4.25% 11/1/49	855	859
Denver City & County Arpt. Rev.:
Series 2017 A:
5% 11/15/26 (d)	2,855	3,001
5% 11/15/27 (d)	2,440	2,614
Series 2018 A:
5% 12/1/34 (d)	4,245	4,891
5% 12/1/36 (d)	4,140	4,385
5% 12/1/37 (d)	8,280	8,718
Series 2022 A:
5% 11/15/33 (d)	1,185	1,362
5% 11/15/36 (d)	10,000	11,308
5.5% 11/15/38 (d)	12,500	14,473
TOTAL COLORADO		98,161
Connecticut - 1.7%
Connecticut Gen. Oblig.:
Series 2015 B, 5% 6/15/32	1,895	1,950
Series 2020 A:
4% 1/15/34	8,385	8,947
4% 1/15/38	1,000	1,037
Series 2021 A:
3% 1/15/35	1,000	983
3% 1/15/39	1,475	1,336
3% 1/15/40	1,770	1,579
Series 2021 B:
3% 6/1/38	1,850	1,701
3% 6/1/40	1,740	1,550
4% 1/15/39	3,305	3,442
Series 2022 B, 3% 1/15/40	3,710	3,310
Connecticut Health & Edl. Facilities Auth. Rev.:
(Sacred Heart Univ., CT. Proj.) Series 2017 I-1:
5% 7/1/26	415	435
5% 7/1/27	290	310
5% 7/1/28	525	560
5% 7/1/29	330	353
Series 2016 K, 4% 7/1/46	7,315	6,779
Series 2018 K-3, 5% 7/1/36	895	918
Series 2019 A:
5% 7/1/39 (e)	3,930	3,658
5% 7/1/49 (e)	285	248
Series 2020 A:
4% 7/1/37	2,500	2,540
4% 7/1/38	1,120	1,135
5% 7/1/32	2,000	2,201
5% 7/1/34	3,500	3,844
Series 2020 K, 5% 7/1/44 (e)	1,525	1,462
Series 2021 S, 4% 6/1/51	1,675	1,671
Series 2022 M:
4% 7/1/36	4,000	4,060
4% 7/1/52	2,515	2,392
Series G, 5% 7/1/50 (e)	1,800	1,657
Series K1:
5% 7/1/27	415	429
5% 7/1/29	1,060	1,105
5% 7/1/30	830	864
5% 7/1/31	1,400	1,455
5% 7/1/32	1,000	1,037
5% 7/1/33	2,500	2,589
5% 7/1/34	620	641
Connecticut Hsg. Fin. Auth. Series 2021 B1, 3% 11/15/49	1,565	1,517
Hbr. Point Infrastructure Impt. District Series 2017:
5% 4/1/30 (e)	3,485	3,564
5% 4/1/39 (e)	4,865	4,918
New Britain Gen. Oblig. Series 2017 C, 5% 3/1/29 (Assured Guaranty Muni. Corp. Insured)	885	948
Steelpointe Hbr. Infrastructure Impt. District (Steelpointe Hbr. Proj.) Series 2021, 4% 4/1/36 (e)	1,390	1,255
TOTAL CONNECTICUT		80,380
District Of Columbia - 1.3%
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev.:
(Dulles Metrorail and Cap. Impt. Projs.):
Series 2019 A:
5% 10/1/35	2,115	2,291
5% 10/1/37	2,125	2,279
5% 10/1/39	2,000	2,125
5% 10/1/44	7,000	7,380
Series 2019 B, 3% 10/1/50 (Assured Guaranty Muni. Corp. Insured)	6,355	4,993
(Dulles Metrorail And Cap. Impt. Projs.) Series 2019 B, 4% 10/1/49	7,815	7,374
(Dulles Metrorail and Cap. Impt. Projs.) Series 2019 B, 5% 10/1/47	7,150	7,432
(Dulles Metrorail and Cap. Impts. Projs.) Series 2022 A, 3% 10/1/53 (Assured Guaranty Muni. Corp. Insured)	3,600	2,750
Metropolitan Washington DC Arpts. Auth. Sys. Rev.:
Series 2017 A:
5% 10/1/31 (d)	1,200	1,277
5% 10/1/32 (d)	1,855	1,973
5% 10/1/33 (d)	910	966
5% 10/1/35 (d)	2,070	2,187
5% 10/1/42 (d)	4,140	4,289
Series 2020 A:
5% 10/1/26 (d)	9,015	9,452
5% 10/1/27 (d)	3,125	3,340
5% 10/1/28 (d)	1,560	1,695
TOTAL DISTRICT OF COLUMBIA		61,803
Florida - 6.2%
Brevard County School Board Ctfs. of Prtn. Series 2015 C, 5% 7/1/28	1,445	1,487
Broward County Arpt. Sys. Rev.:
Series 2017:
5% 10/1/25 (d)	205	210
5% 10/1/26 (d)	930	973
5% 10/1/27 (d)	830	884
5% 10/1/29 (d)	2,200	2,343
5% 10/1/30 (d)	610	646
5% 10/1/32 (d)	2,900	3,073
5% 10/1/33 (d)	1,080	1,140
5% 10/1/34 (d)	1,055	1,111
5% 10/1/35 (d)	1,240	1,301
5% 10/1/36 (d)	1,655	1,731
5% 10/1/37 (d)	1,865	1,941
5% 10/1/42 (d)	3,520	3,627
5% 10/1/47 (d)	4,965	5,077
Series A:
5% 10/1/28 (d)	2,485	2,541
5% 10/1/30 (d)	2,900	2,965
5% 10/1/31 (d)	2,485	2,540
5% 10/1/32 (d)	2,320	2,371
Broward County School Board Ctfs. of Prtn.:
(Broward County School District Proj.) Series 2016 A, 5% 7/1/28	555	585
Series 2015 A, 5% 7/1/27	830	856
Series 2016, 5% 7/1/32	1,820	1,895
Cap. Projs. Fin. Auth. Student Hsg. Rev. (Cap. Projs. Ln. Prog. - Florida Univs.) Series 2020 A, 5% 10/1/28	2,000	2,092
Duval County School Board Ctfs. of Prtn.:
Series 2015 B:
5% 7/1/28	1,705	1,756
5% 7/1/32	10,120	10,403
Series 2016 A, 5% 7/1/33	1,110	1,158
Escambia County Health Facilities Auth. Health Facilities Rev. Series 2020 A:
4% 8/15/45	2,820	2,590
4% 8/15/50	1,525	1,341
Florida Dept. of Trans. Tpk. Rev.:
Series 2020 A, 3% 7/1/35	3,540	3,460
Series 2022 B:
4% 7/1/36	4,155	4,428
4% 7/1/37	4,525	4,784
4% 7/1/38	4,710	4,945
Florida Higher Edl. Facilities Fing. Auth. (Rollins College Proj.) Series 2020 A, 3% 12/1/48	5,015	3,908
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev. Bonds Series 2023 C, 5%, tender 12/1/25 (b)	2,050	2,106
Florida Mid-Bay Bridge Auth. Rev.:
Series 2015 A, 5% 10/1/35	5,300	5,400
Series 2015 C:
5% 10/1/30	2,705	2,765
5% 10/1/40	1,655	1,673
Florida Muni. Pwr. Agcy. Rev.:
(Requirements Pwr. Supply Proj.) Series 2016 A:
5% 10/1/30	1,810	1,898
5% 10/1/31	1,975	2,069
Series 2015 B:
5% 10/1/28	830	856
5% 10/1/30	1,490	1,534
Greater Orlando Aviation Auth. Arpt. Facilities Rev.:
Series 2016 A, 5% 10/1/46 (d)	830	841
Series 2016:
5% 10/1/26 (d)	1,405	1,469
5% 10/1/27 (d)	830	884
Series 2017 A:
5% 10/1/25 (d)	275	282
5% 10/1/25 (Escrowed to Maturity) (d)	555	570
5% 10/1/27 (d)	385	409
5% 10/1/27 (Escrowed to Maturity) (d)	1,270	1,354
5% 10/1/29 (Pre-Refunded to 10/1/27 @ 100) (d)	2,485	2,658
5% 10/1/30 (Pre-Refunded to 10/1/27 @ 100) (d)	2,665	2,850
5% 10/1/34 (d)	4,965	5,228
5% 10/1/37 (d)	5,175	5,387
Halifax Hosp. Med. Ctr. Rev. Series 2015, 5% 6/1/24	230	231
JEA Wtr. & Swr. Sys. Rev. Series 2021 A:
4% 10/1/37	4,560	4,796
4% 10/1/38	1,090	1,139
Miami-Dade County Aviation Rev.:
Series 2014 A, 5% 10/1/28 (d)	4,140	4,162
Series 2015 A:
5% 10/1/29 (d)	1,310	1,329
5% 10/1/31 (d)	1,100	1,112
5% 10/1/35 (d)	4,555	4,572
Series 2016 A:
5% 10/1/29	1,200	1,256
5% 10/1/31	1,450	1,515
Series 2017 B, 5% 10/1/40 (d)	10,760	11,093
Series 2019 A, 5% 10/1/49 (d)	11,860	12,237
Miami-Dade County Expressway Auth.:
Series 2014 B, 5% 7/1/28	830	837
Series 2016 A:
5% 7/1/32	3,560	3,704
5% 7/1/33	3,020	3,142
Miami-Dade County School Board Ctfs. of Prtn.:
Series 2015 A, 5% 5/1/29	3,375	3,452
Series 2016 A, 5% 5/1/30	6,225	6,522
Miami-Dade County Wtr. & Swr. Rev.:
Series 2017 B, 4% 10/1/35	3,900	4,005
Series 2021:
5% 10/1/31	1,250	1,465
5% 10/1/32	645	755
Orange County Health Facilities Auth. Series 2016 A:
5% 10/1/39	2,200	2,266
5% 10/1/44	1,605	1,641
Palm Beach County Arpt. Sys. Rev. Series 2016:
5% 10/1/24 (d)	1,140	1,152
5% 10/1/27 (d)	830	865
5% 10/1/29 (d)	860	892
5% 10/1/30 (d)	1,530	1,587
5% 10/1/31 (d)	1,075	1,115
5% 10/1/32 (d)	1,655	1,715
5% 10/1/33 (d)	3,555	3,684
5% 10/1/34 (d)	3,730	3,862
5% 10/1/35 (d)	3,930	4,062
Palm Beach County Health Facilities Auth. Hosp. Rev. Series 2019, 4% 8/15/49	9,880	9,444
Palm Beach County Health Facilities Auth. Rev. Series 2019 B, 5% 5/15/53	5,695	4,200
Palm Beach County School Board Ctfs. of Prtn. Series 2015 D, 5% 8/1/28	3,905	4,017
Pinellas County Idr (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Proj.) Series 2019:
5% 7/1/29	400	410
5% 7/1/39	810	813
South Florida Wtr. Mgmt. District Ctfs. of Prtn. Series 2015:
5% 10/1/29	4,140	4,347
5% 10/1/32	5,190	5,434
South Miami Health Facilities Auth. Hosp. Rev. (Baptist Med. Ctr., FL. Proj.) Series 2017:
4% 8/15/33	2,070	2,128
5% 8/15/26	2,815	2,958
5% 8/15/27	1,865	2,002
5% 8/15/28	1,240	1,335
5% 8/15/30	2,685	2,861
5% 8/15/31	2,590	2,753
5% 8/15/32	1,930	2,049
5% 8/15/34	5,360	5,680
5% 8/15/35	3,555	3,757
5% 8/15/42	5,465	5,647
5% 8/15/47	8,115	8,329
Tallahassee Health Facilities Rev.:
(Tallahassee Memorial Healthcare, Inc. Proj.) Series 2016 A, 5% 12/1/41	910	919
Series 2015 A, 5% 12/1/40	1,820	1,834
Volusia County Edl. Facilities Auth. Rev. (Embry-Riddle Aeronautical Univ., Inc. Proj.) Series 2020 A:
5% 10/15/44	905	960
5% 10/15/49	1,705	1,789
Volusia County School Board Ctfs. of Prtn. (Florida Master Lease Prog.) Series 2016 A:
5% 8/1/29 (Build America Mutual Assurance Insured)	830	863
5% 8/1/32 (Build America Mutual Assurance Insured)	4,140	4,298
TOTAL FLORIDA		289,387
Georgia - 4.3%
Atlanta Arpt. Passenger Facilities Charge Rev. Series 2023 E, 5% 7/1/39 (d)	3,230	3,586
Atlanta Arpt. Rev. Series 2019 B, 5% 7/1/25 (d)	1,870	1,915
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Transmission Corp. Proj.) Series 2012, 2.75% 1/1/52 (b)	4,320	3,068
Columbus Med. Ctr. Hosp. Auth. Bonds (Piedmont Healthcare, Inc. Proj.) Series 2019 B, 5%, tender 7/1/29 (b)	6,900	7,523
Fulton County Dev. Auth. Rev. Series 2019, 4% 6/15/49	1,515	1,475
Gainesville & Hall County Hosp. Auth. Rev. Series 2020 A, 3% 2/15/47	13,420	10,710
Georgia Gen. Oblig. Series 2022 A:
5% 7/1/33	6,885	8,320
5% 7/1/35	24,240	29,138
Georgia Hsg. & Fin. Auth. Series 2021 A, 2.25% 12/1/36	2,750	2,290
Glynn-Brunswick Memorial Hosp. Auth. Rev. (Southeast Georgia Health Sys. Proj.) Series 2017:
4% 8/1/43	1,860	1,742
5% 8/1/39	1,705	1,721
5% 8/1/43	2,275	2,306
Hosp. Auth. of Savannah Auth. Rev. Series 2019 A:
4% 7/1/35	1,400	1,428
4% 7/1/36	4,500	4,585
4% 7/1/43	6,160	6,113
Main Street Natural Gas, Inc. Bonds:
Series 2021 A, 4%, tender 9/1/27 (b)	25,000	25,147
Series 2021 C, 4%, tender 12/1/28 (b)	23,425	23,585
Series 2023 C, 5%, tender 9/1/30 (b)	23,910	25,579
Series 2023 D, 5%, tender 12/1/30 (b)	35,455	37,708
Private Colleges & Univs. Auth. Rev.:
(Agnes Scott College) Series 2019 A, 5% 6/1/28	1,000	1,078
Series 2019 A, 5% 6/1/29	800	877
TOTAL GEORGIA		199,894
Hawaii - 0.4%
Hawaii Arpts. Sys. Rev.:
Series 2018 A:
5% 7/1/29 (d)	1,055	1,138
5% 7/1/30 (d)	1,240	1,331
5% 7/1/31 (d)	1,215	1,302
5% 7/1/32 (d)	1,240	1,328
5% 7/1/33 (d)	1,265	1,354
Series 2022 A, 5% 7/1/42 (d)	9,480	10,225
Hawaii Gen. Oblig. Series 2020 A, 4% 7/1/34 (d)	750	780
TOTAL HAWAII		17,458
Idaho - 0.0%
Idaho Hsg. & Fin. Assoc. Single Family Mtg. Series 2019 A, 4% 1/1/50	440	440
Illinois - 16.3%
Chicago Board of Ed.:
Series 2012 A, 5% 12/1/42	7,630	7,533
Series 2015 C, 5.25% 12/1/39	1,405	1,404
Series 2016 B, 6.5% 12/1/46	660	691
Series 2017 A, 7% 12/1/46 (e)	2,320	2,499
Series 2017 C:
5% 12/1/24	4,770	4,801
5% 12/1/25	2,725	2,775
5% 12/1/26	800	826
5% 12/1/30	2,105	2,156
5% 12/1/34	1,245	1,269
Series 2017 D:
5% 12/1/24	1,030	1,037
5% 12/1/31	3,565	3,649
Series 2017 H, 5% 12/1/36	95	96
Series 2018 A:
5% 12/1/25	830	845
5% 12/1/26	830	856
5% 12/1/28	3,915	4,104
5% 12/1/30	1,655	1,709
5% 12/1/32	950	976
5% 12/1/34	1,140	1,167
5% 12/1/35	830	847
Series 2018 C, 5% 12/1/46	3,250	3,232
Series 2019 A:
4% 12/1/27	5,000	5,019
5% 12/1/27	1,625	1,695
5% 12/1/28	2,910	3,050
5% 12/1/28	2,000	2,096
5% 12/1/33	1,300	1,350
Chicago Gen. Oblig.:
Series 2017 A, 6% 1/1/38	1,000	1,050
Series 2020 A:
5% 1/1/27	430	450
5% 1/1/29	3,175	3,409
5% 1/1/30	3,555	3,861
5% 1/1/31	3,760	4,068
Series 2021 A, 5% 1/1/32	5,335	5,835
Series 2023 A:
5.25% 1/1/38	11,380	12,370
5.5% 1/1/39	12,000	13,173
5.5% 1/1/40	6,750	7,375
Chicago Midway Arpt. Rev.:
Series 2014 A:
5% 1/1/28 (d)	9,150	9,192
5% 1/1/33 (d)	4,450	4,470
5% 1/1/34 (d)	2,150	2,160
Series 2016 A, 5% 1/1/28 (d)	1,655	1,696
Series 2016 B:
4% 1/1/35	1,305	1,322
5% 1/1/36	1,655	1,702
5% 1/1/37	2,235	2,293
Chicago O'Hare Int'l. Arpt. Rev.:
Series 2015 A, 5% 1/1/31 (d)	5,000	5,044
Series 2015 C, 5% 1/1/46 (d)	1,985	1,991
Series 2016 B, 5% 1/1/34	5,050	5,239
Series 2016 C:
5% 1/1/33	2,255	2,340
5% 1/1/34	2,610	2,708
Series 2016 G:
5% 1/1/37 (d)	1,655	1,715
5% 1/1/42 (d)	1,655	1,697
5.25% 1/1/29 (d)	290	306
5.25% 1/1/31 (d)	330	348
Series 2017 A, 5% 1/1/31	2,925	3,112
Series 2017 B:
5% 1/1/35	1,740	1,847
5% 1/1/37	7,080	7,474
Series 2017 C:
5% 1/1/30	495	527
5% 1/1/31	495	527
5% 1/1/32	540	574
Series 2017 D:
5% 1/1/28 (d)	2,475	2,602
5% 1/1/29 (d)	2,070	2,179
5% 1/1/32 (d)	2,235	2,344
5% 1/1/34 (d)	3,360	3,507
5% 1/1/35 (d)	2,485	2,590
5% 1/1/36 (d)	3,090	3,212
5% 1/1/37 (d)	1,655	1,715
Series 2018 A:
5% 1/1/48 (d)	2,215	2,282
5% 1/1/53 (d)	3,790	3,887
Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev. Series 2018:
5% 7/1/38 (d)	2,185	2,248
5% 7/1/48 (d)	9,030	9,100
Chicago Transit Auth. Series 2017, 5% 12/1/46	3,395	3,481
Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2017:
5% 6/1/25	255	261
5% 6/1/26	205	213
Cook County Gen. Oblig. Series 2016 A:
5% 11/15/26	4,420	4,705
5% 11/15/27	2,320	2,457
5% 11/15/28	3,020	3,198
5% 11/15/29	3,760	3,981
5% 11/15/30	4,140	4,384
DuPage & Cook Counties Cmnty. Unit School District #205 Series 2021 A, 2% 1/1/39	4,200	3,191
Illinois Fin. Auth.:
Series 2020 A:
3% 5/15/50	10,870	7,877
3% 5/15/50 (Build America Mutual Assurance Insured)	5,040	3,976
3.25% 8/15/49	8,905	7,040
Series 2020, 5% 7/1/36	5,850	6,685
Series 2022 A, 5% 8/15/47	3,500	3,743
Illinois Fin. Auth. Rev.:
(Bradley Univ. Proj.) Series 2017 C:
5% 8/1/29	1,090	1,150
5% 8/1/30	760	801
5% 8/1/32	1,015	1,067
(Depaul Univ. Proj.) Series 2016 A:
4% 10/1/34	830	844
5% 10/1/29	830	875
5% 10/1/30	830	874
(OSF Healthcare Sys.) Series 2018 A:
4.125% 5/15/47	25,725	25,323
5% 5/15/43	34,525	36,050
(Presence Health Proj.) Series 2016 C:
3.625% 2/15/32	950	951
4% 2/15/33	225	231
5% 2/15/29	5,110	5,415
5% 2/15/36	1,535	1,602
(Rosalind Franklin Univ. Research Bldg. Proj.) Series 2017 C, 5% 8/1/46	830	839
(Rush Univ. Med. Ctr. Proj.) Series 2015 A, 5% 11/15/34	415	421
Series 2013:
5% 11/15/28	2,380	2,382
5% 11/15/29	1,160	1,161
Series 2015 A, 5% 11/15/35	1,985	2,020
Series 2015 C:
4.125% 8/15/37	735	726
5% 8/15/44	24,675	25,013
Series 2016 A:
5% 2/15/29	4,255	4,436
5% 2/15/30	4,490	4,680
5% 7/1/30 (Pre-Refunded to 7/1/26 @ 100)	590	624
5% 2/15/31	3,620	3,773
5% 2/15/32	3,520	3,669
5% 8/15/35 (Pre-Refunded to 8/15/26 @ 100)	420	443
5% 8/15/36 (Pre-Refunded to 8/15/26 @ 100)	1,685	1,776
5.25% 8/15/31 (Pre-Refunded to 8/15/26 @ 100)	495	525
Series 2016 B:
5% 8/15/31	6,095	6,472
5% 8/15/32	5,000	5,291
5% 8/15/34	6,220	6,562
5% 8/15/36	8,680	9,096
Series 2016 C:
3.75% 2/15/34	1,215	1,220
4% 2/15/36	5,160	5,255
4% 2/15/41	20,725	20,507
5% 2/15/31	12,595	13,316
5% 2/15/32	3,660	3,864
5% 2/15/34	2,920	3,072
Series 2016:
4% 2/15/41 (Pre-Refunded to 2/15/27 @ 100)	30	31
5% 5/15/29	1,040	1,082
5% 12/1/29	1,420	1,478
5% 5/15/30	2,200	2,284
5% 12/1/33	835	865
5% 12/1/46	11,065	11,263
Series 2017 A, 5% 8/1/42	730	743
Series 2017:
5% 1/1/29	2,775	2,972
5% 7/1/34	4,640	4,962
5% 7/1/35	3,900	4,162
Series 2019:
4% 9/1/37	600	507
4% 9/1/41	1,000	794
5% 9/1/36	1,000	963
Illinois Gen. Oblig.:
Series 2014:
5% 2/1/25	3,005	3,008
5% 2/1/26	2,270	2,272
5% 4/1/28	1,895	1,902
5% 5/1/28	1,780	1,789
5.25% 2/1/31	360	360
Series 2016:
5% 6/1/26	995	1,040
5% 2/1/27	5,585	5,912
Series 2018 A, 5% 10/1/28	230	251
Series 2020, 5.75% 5/1/45	3,865	4,254
Series 2021 A:
5% 3/1/32	2,750	3,087
5% 3/1/33	1,500	1,678
5% 3/1/34	2,220	2,474
5% 3/1/35	5,450	6,046
5% 3/1/36	4,500	4,968
5% 3/1/37	5,500	6,042
5% 3/1/46	7,635	8,086
Series 2022 A:
5% 3/1/29	4,600	5,046
5% 3/1/32	4,490	5,108
5% 3/1/33	6,690	7,581
5% 3/1/34	5,110	5,765
Series 2022 B, 5% 10/1/34	16,015	18,141
Series 2023 B:
5% 5/1/29	11,295	12,423
5% 5/1/35	8,085	9,094
5% 5/1/36	3,550	3,967
5% 5/1/37	1,770	1,964
5.25% 5/1/41	4,360	4,827
5.25% 5/1/43	320	351
Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev. Series 2019, 2.9% 7/1/35	5,931	5,390
Illinois Hsg. Dev. Auth. Rev. Series 2019 D, 2.7% 10/1/34	760	703
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A, 5% 2/1/31	3,370	3,456
Illinois Sales Tax Rev. Series 2021 A, 3% 6/15/33 (Build America Mutual Assurance Insured)	4,230	3,947
Illinois Toll Hwy. Auth. Toll Hwy. Rev.:
Series 2016 A, 5% 12/1/31	5,825	6,070
Series 2019 A, 5% 1/1/44	1,260	1,364
Series A:
5% 1/1/36	1,000	1,155
5% 1/1/38	350	395
5% 1/1/40	2,390	2,656
Kendall, Kane & Will Counties Cmnty. Unit School District #308 Series 2016:
5% 2/1/34	5,795	5,960
5% 2/1/35	4,140	4,250
5% 2/1/36	7,120	7,294
Lake County Cmnty. Consolidated School District #73 Gen. Oblig. Series 2021, 2.25% 1/1/40	1,000	785
Metropolitan Pier & Exposition:
(McCormick Place Expansion Proj.):
Series 2002 A, 0% 6/15/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,645	1,701
Series 2010 B1:
0% 6/15/43 (Assured Guaranty Muni. Corp. Insured)	41,985	18,780
0% 6/15/44 (Assured Guaranty Muni. Corp. Insured)	8,205	3,471
0% 6/15/45 (Assured Guaranty Muni. Corp. Insured)	25,250	10,098
0% 6/15/46 (Assured Guaranty Muni. Corp. Insured)	2,890	1,087
0% 6/15/47 (Assured Guaranty Muni. Corp. Insured)	3,000	1,064
Series 2012 B, 0% 12/15/51	10,845	2,892
Series 1996 A, 0% 6/15/24	2,535	2,493
Series 2002 A, 0% 6/15/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,690	1,143
Series 2002, 0% 12/15/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	13,280	8,328
Series 2017 B:
5% 12/15/25	830	858
5% 12/15/26	2,755	2,903
5% 12/15/27	295	317
5% 12/15/31	560	596
5% 12/15/34	330	351
Series 2022 A:
4% 12/15/42	7,330	7,326
4% 12/15/47	560	540
4% 6/15/52	2,000	1,882
Northern Illinois Univ. Revs. Series 2020 B:
5% 4/1/26 (Build America Mutual Assurance Insured)	1,400	1,450
5% 4/1/28 (Build America Mutual Assurance Insured)	1,300	1,390
5% 4/1/30 (Build America Mutual Assurance Insured)	1,000	1,089
5% 4/1/32 (Build America Mutual Assurance Insured)	1,295	1,399
Railsplitter Tobacco Settlement Auth. Rev. Series 2017:
5% 6/1/27 (Pre-Refunded to 6/1/26 @ 100)	4,345	4,579
5% 6/1/28 (Pre-Refunded to 6/1/26 @ 100)	2,275	2,397
Sales Tax Securitization Corp. Series 2023 C, 5% 1/1/32	7,305	8,387
Schaumburg Village Gen. Oblig. Series 2023:
4% 12/1/30	2,235	2,376
4% 12/1/31	2,350	2,513
Univ. of Illinois Rev. Series 2018 A, 5% 4/1/30	3,425	3,736
Will County Cmnty. Unit School District #365-U Series 2007 B, 0% 11/1/26 (Pre-Refunded to 11/1/26 @ 100)	5,095	4,687
TOTAL ILLINOIS		761,541
Indiana - 1.2%
Indiana Fin. Auth. Health Sys. Rev. Series 2016 A, 4% 11/1/51	20,960	18,897
Indiana Fin. Auth. Rev. Series 2016:
5% 9/1/26	1,075	1,132
5% 9/1/28	2,535	2,685
5% 9/1/29	1,240	1,313
5% 9/1/30	1,160	1,227
Indiana Hsg. & Cmnty. Dev. Auth. (Glasswater Creek of Whitestown Proj.) Series 2020, 5.375% 10/1/40 (e)	2,045	1,685
Indianapolis Local Pub. Impt.:
(Indianapolis Arpt. Auth. Proj.) Series 2019 I, 5% 1/1/44	5,100	5,496
Series 2016:
4% 1/1/32 (d)	830	841
4% 1/1/33 (d)	830	839
4% 1/1/34 (d)	1,010	1,016
4% 1/1/35 (d)	2,300	2,303
5% 1/1/26 (d)	875	902
Purdue Univ. Rev. Series 2018 DD:
5% 7/1/34	995	1,094
5% 7/1/35	1,960	2,152
5% 7/1/36	2,130	2,328
5% 7/1/37	1,970	2,142
5% 7/1/38	2,345	2,538
Saint Joseph County Econ. Dev. Auth. Rev. (St. Mary's College Proj.):
Series 2019:
4% 4/1/38	260	261
4% 4/1/46	6,035	5,634
5% 4/1/43	460	482
Series 2020:
4% 4/1/38	1,510	1,514
5% 4/1/32	1,805	1,976
TOTAL INDIANA		58,457
Iowa - 0.2%
Iowa Fin. Auth. Rev.:
Series 2019 A1, 4% 5/15/55	2,000	1,204
Series A:
5% 5/15/43	1,145	922
5% 5/15/48	1,885	1,438
Iowa Student Ln. Liquidity Corp. Student Ln. Rev. Series 2019 B:
5% 12/1/26 (d)	1,850	1,924
5% 12/1/27 (d)	1,965	2,076
Tobacco Settlement Auth. Tobacco Settlement Rev. Series 2021 B1, 4% 6/1/49	3,285	3,303
TOTAL IOWA		10,867
Kentucky - 1.3%
Ashland Med. Ctr. Rev. Series 2019, 3% 2/1/40 (Assured Guaranty Muni. Corp. Insured)	2,545	2,135
Kenton County Arpt. Board Arpt. Rev. Series 2016:
5% 1/1/28	1,310	1,364
5% 1/1/31	1,240	1,287
5% 1/1/32	1,240	1,287
Kentucky Econ. Dev. Fin. Auth.:
Series 2019 A1:
5% 8/1/35	1,000	1,086
5% 8/1/44	1,000	1,041
Series 2019 A2, 5% 8/1/44	2,995	3,119
Kentucky State Property & Buildings Commission Rev. (Proj. No. 119) Series 2018:
5% 5/1/26	830	873
5% 5/1/29	4,510	4,932
5% 5/1/32	1,185	1,296
5% 5/1/33	915	1,000
5% 5/1/34	1,045	1,138
5% 5/1/35	615	665
5% 5/1/36	520	561
Kentucky, Inc. Pub. Energy Bonds:
Series 2024 A1, 5.25%, tender 2/1/32 (b)	13,375	14,577
Series A, 4%, tender 6/1/26 (b)	10,000	9,946
Louisville & Jefferson County:
Bonds:
Series 2020 C, 5%, tender 10/1/26 (b)	1,695	1,771
Series 2020 D, 5%, tender 10/1/29 (b)	2,030	2,209
Series 2020 A:
3% 10/1/43	8,660	6,788
5% 10/1/37	2,405	2,559
5% 10/1/38	2,300	2,434
TOTAL KENTUCKY		62,068
Louisiana - 0.8%
Jefferson Parish Consolidated Wtrwks. District No. 2 Series 2022, 5% 2/1/42 (Build America Mutual Assurance Insured)	10,390	11,428
Louisiana Hsg. Corp. Single Fami (Home Ownership Prog.) Series 2023 C, 5.75% 12/1/53	1,550	1,705
Louisiana Pub. Facilities Auth. Hosp. Rev. (Franciscan Missionaries of Our Lady Health Sys. Proj.) Series 2017 A, 5% 7/1/47	1,950	1,988
Louisiana Pub. Facilities Auth. Rev.:
(Tulane Univ. of Louisiana Proj.) Series 2016 A:
5% 12/15/28	1,655	1,756
5% 12/15/29	1,175	1,245
5% 12/15/30	2,320	2,457
Series 2018 E:
5% 7/1/37	1,615	1,729
5% 7/1/38	1,260	1,343
New Orleans Aviation Board Rev.:
(North Term. Proj.):
Series 2015 B:
5% 1/1/29 (d)	4,295	4,329
5% 1/1/31 (d)	2,070	2,084
Series 2017 B:
5% 1/1/27 (d)	330	346
5% 1/1/28 (d)	205	214
5% 1/1/32 (d)	330	345
5% 1/1/33 (d)	580	606
5% 1/1/34 (d)	180	188
5% 1/1/35 (d)	330	344
Series 2017 D2:
5% 1/1/27 (d)	415	434
5% 1/1/28 (d)	595	622
5% 1/1/31 (d)	530	554
5% 1/1/33 (d)	850	887
5% 1/1/34 (d)	1,020	1,065
5% 1/1/36 (d)	775	806
5% 1/1/37 (d)	1,275	1,321
TOTAL LOUISIANA		37,796
Maine - 0.9%
Brunswick Series 2020, 2.5% 11/1/39	720	597
Maine Health & Higher Edl. Facilities Auth. Rev.:
Series 2016 A:
4% 7/1/41	1,935	1,782
4% 7/1/46	3,180	2,753
5% 7/1/41	8,620	8,636
5% 7/1/46	22,975	21,551
Series 2017 B:
4% 7/1/25	375	379
4% 7/1/31	580	594
4% 7/1/32	415	425
4% 7/1/34	835	853
5% 7/1/26	270	283
5% 7/1/28	420	448
5% 7/1/29	330	351
5% 7/1/33	830	882
5% 7/1/35	630	667
Maine Tpk. Auth. Tpk. Rev. Series 2015:
5% 7/1/32	870	895
5% 7/1/36	2,150	2,202
5% 7/1/38	555	566
TOTAL MAINE		43,864
Maryland - 1.5%
Anne Arundel County Gen. Oblig.:
Series 2012, 3% 10/1/36	3,625	3,564
Series 2021, 3% 10/1/37	1,970	1,906
Baltimore County Gen. Oblig. Series 2021, 3% 3/1/37	1,285	1,256
Baltimore Gen. Oblig. Series 2022 A:
5% 10/15/36	1,015	1,204
5% 10/15/38	2,935	3,417
5% 10/15/39	3,085	3,569
5% 10/15/42	3,315	3,781
City of Westminster Series 2016:
5% 11/1/27	2,150	2,246
5% 11/1/28	2,275	2,379
5% 11/1/29	2,410	2,521
5% 11/1/30	2,555	2,669
Maryland Cmnty. Dev. Admin Dept. Hsg. & Cmnty. Dev. Series 2019 B, 4% 9/1/49	1,960	1,957
Maryland Dept. of Trans. Series 2022 A, 5% 12/1/25	1,000	1,045
Maryland Econ. Dev. Auth. Rev. (Ports America Chesapeake LLC. Proj.) Series 2017 A:
5% 6/1/30	1,035	1,102
5% 6/1/35	1,655	1,751
Maryland Gen. Oblig. Series 2022 A, 5% 6/1/35	10,210	12,226
Maryland Health & Higher Edl. Series 2021 A, 3% 7/1/51	6,445	4,703
Maryland Health & Higher Edl. Facilities Auth. Rev. Series 2016 A:
4% 7/1/42	1,430	1,361
5% 7/1/35	575	594
Maryland Stadium Auth. Built to Learn Rev. Series 2021:
4% 6/1/46	1,280	1,287
4% 6/1/51	3,000	2,972
Washington Metropolitan Area Transit Auth.:
Series 2020 A, 5% 7/15/38	9,900	11,111
Series 2021 A, 5% 7/15/46	2,000	2,190
TOTAL MARYLAND		70,811
Massachusetts - 3.8%
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2021 A1:
5% 7/1/32	2,235	2,647
5% 7/1/33	2,500	2,959
5% 7/1/34	1,260	1,482
5% 7/1/35	3,180	3,713
Massachusetts Commonwealth Trans. Fund Rev. Series 2021 A, 5% 6/1/51	5,900	6,336
Massachusetts Dev. Fin. Agcy. Rev.:
(Lesley Univ. Proj.) Series 2016, 5% 7/1/39	1,360	1,379
(Partners Healthcare Sys., Inc. Proj.):
Series 2017 S:
5% 7/1/30	3,210	3,488
5% 7/1/34	3,500	3,793
Series 2017, 4% 7/1/41	8,280	8,328
(Univ. of Massachusetts Health Cr., Inc. Proj.) Series 2017 L, 4% 7/1/44	830	778
(Wentworth Institute of Technology Proj.) Series 2017:
5% 10/1/27	830	858
5% 10/1/28	875	906
5% 10/1/29	920	952
5% 10/1/31	1,015	1,048
5% 10/1/32	1,065	1,098
Series 2016 I, 5% 7/1/41	1,925	1,949
Series 2016:
5% 10/1/29	830	872
5% 10/1/30	1,240	1,302
5% 7/1/31	1,385	1,440
5% 10/1/31	1,340	1,405
5% 10/1/43	8,995	9,072
Series 2017:
5% 7/1/34	1,325	1,369
5% 7/1/35	1,000	1,031
Series 2019, 5% 9/1/59	6,925	7,314
Series 2020 A, 4% 7/1/45	12,200	10,774
Series 2022, 5% 10/1/37	1,720	2,003
Series M:
4% 10/1/50	12,425	10,527
5% 10/1/45	9,360	9,445
Massachusetts Edl. Fing. Auth. Rev. Series 2019 B:
5% 7/1/27 (d)	1,000	1,044
5% 7/1/28 (d)	1,915	2,033
Massachusetts Gen. Oblig.:
Series 2019 C, 5% 5/1/49	4,175	4,450
Series 2020 D, 5% 7/1/48	5,670	6,135
Series 2022 C, 5.25% 10/1/47	30,000	33,949
Massachusetts Port Auth. Rev.:
Series 2016 A:
5% 7/1/33	1,740	1,834
5% 7/1/34	895	943
5% 7/1/38	1,300	1,355
Series 2016 B, 5% 7/1/43 (d)	7,110	7,245
Series 2021 E:
5% 7/1/38 (d)	2,875	3,143
5% 7/1/39 (d)	4,480	4,871
5% 7/1/40 (d)	2,835	3,069
5% 7/1/51 (d)	10,000	10,480
TOTAL MASSACHUSETTS		178,819
Michigan - 2.0%
Detroit Downtown Dev. Auth. Tax Series 2018 A, 5% 7/1/32 (Assured Guaranty Muni. Corp. Insured)	1,000	1,007
Detroit Gen. Oblig. Series 2021 A, 5% 4/1/50	2,600	2,645
Flint Hosp. Bldg. Auth. Rev. Series 2020, 5% 7/1/38	1,515	1,562
Grand Traverse County Hosp. Fin. Auth. Series 2021, 3% 7/1/51	2,780	1,964
Great Lakes Wtr. Auth. Sew Disp. Sys. Series 2018 A:
5% 7/1/43	2,030	2,142
5% 7/1/48	8,725	9,096
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016:
5% 5/15/28	1,945	2,027
5% 5/15/28 (Pre-Refunded to 5/15/26 @ 100)	10	11
Michigan Bldg. Auth. Rev. Series 2015 I:
5% 4/15/30	3,960	4,120
5% 4/15/30 (Pre-Refunded to 10/15/25 @ 100)	180	187
Michigan Fin. Auth. Rev.:
(Charter County of Wayne Criminal Justice Ctr. Proj.) Series 2018, 5% 11/1/43	2,570	2,744
Series 2019 A:
3% 12/1/49	3,935	3,096
5% 11/15/48	2,105	2,187
Series 2020 A, 4% 6/1/49	2,545	2,350
Michigan Hosp. Fin. Auth. Rev. Series 2008 C:
5% 12/1/32	1,110	1,197
5% 12/1/32 (Pre-Refunded to 12/1/27 @ 100)	130	142
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Series A, 3.5% 12/1/50	1,510	1,490
Michigan State Hsg. Dev. Auth. Series 2021 A, 2.45% 10/1/46	4,870	3,433
Oakland Univ. Rev. Series 2019:
5% 3/1/44	8,540	8,963
5% 3/1/50	13,450	13,982
Portage Pub. Schools Series 2016:
5% 11/1/30	2,365	2,477
5% 11/1/31	2,090	2,184
5% 11/1/36	205	213
Univ. of Michigan Rev. Series 2020 A, 5% 4/1/50	1,165	1,261
Wayne County Arpt. Auth. Rev.:
Series 2015 G, 5% 12/1/28 (d)	4,555	4,650
Series 2017 A:
4% 12/1/33 (Assured Guaranty Muni. Corp. Insured)	1,230	1,273
4% 12/1/34 (Assured Guaranty Muni. Corp. Insured)	1,020	1,054
4% 12/1/35 (Assured Guaranty Muni. Corp. Insured)	995	1,025
4% 12/1/36 (Assured Guaranty Muni. Corp. Insured)	1,035	1,063
5% 12/1/31	310	334
5% 12/1/32	315	339
5% 12/1/34	580	624
5% 12/1/35	540	579
5% 12/1/37	355	376
Series 2017 B:
5% 12/1/29 (d)	495	523
5% 12/1/30 (d)	580	610
5% 12/1/31 (d)	660	693
5% 12/1/32 (d)	420	446
5% 12/1/32 (d)	540	567
5% 12/1/34 (d)	495	522
5% 12/1/35 (d)	540	568
5% 12/1/37 (d)	705	734
5% 12/1/42 (d)	830	857
Series 2018 D, 5% 12/1/29 (d)	3,645	3,932
TOTAL MICHIGAN		91,249
Minnesota - 1.0%
Duluth Econ. Dev. Auth. Health Care Facilities Rev. Series 2018 A, 5% 2/15/48	6,000	6,108
Maple Grove Health Care Sys. Rev.:
Series 2015, 5% 9/1/29	2,345	2,403
Series 2017, 5% 5/1/25	660	672
Minnesota Higher Ed. Facilities Auth. Rev. Series 2018 A:
5% 10/1/30	615	662
5% 10/1/45	1,370	1,397
Minnesota Hsg. Fin. Agcy. Series 2023 F, 5.75% 7/1/53	1,045	1,128
Minnesota Muni. Gas Agcy. Rev. Bonds Series 2022 A, 4%, tender 12/1/27 (b)	18,275	18,389
Minnesota Office of Higher Ed. Series 2023:
5% 11/1/30 (d)	3,800	4,152
5% 11/1/31 (d)	4,200	4,620
5% 11/1/32 (d)	4,400	4,877
Moorhead Edl. Facilities Rev. (The Concordia College Corp. Proj.) Series 2016, 5% 12/1/25	520	524
Shakopee Sr. Hsg. Rev. Bonds Series 2018, 5.85%, tender 11/1/25 (b)(e)	3,665	3,556
TOTAL MINNESOTA		48,488
Mississippi - 0.2%
Mississippi Bus. finance Corp. Exempt Facilities Rev. Bonds (Enviva, Inc. Proj.) Series 2022, 7.75%, tender 7/15/32 (b)(d)	15,100	9,460
Missouri - 0.8%
Cape Girardeau County Indl. Dev. Auth. (Southeast Hosp. Proj.) Series 2017 A:
5% 3/1/30	580	613
5% 3/1/31	870	919
5% 3/1/36	1,725	1,810
Kansas City Wtr. Rev. Series 2020 A, 4% 12/1/42	1,200	1,224
Missouri Health & Edl. Facilities Rev.:
Series 2015 B:
3.125% 2/1/27	830	832
3.25% 2/1/28	830	834
5% 2/1/29	1,025	1,052
5% 2/1/31	2,150	2,205
5% 2/1/33	2,375	2,432
5% 2/1/36	2,235	2,287
Series 2019 A:
4% 10/1/48	2,850	2,807
5% 10/1/46	5,575	5,937
Missouri Hsg. Dev. Commission Single Family Mtg. Rev.:
(First Place Homeownership Ln. Prog.) Series 2021 C, 3.25% 11/1/52	2,915	2,846
Series 2019, 4% 5/1/50	505	505
Saint Louis Arpt. Rev. Series 2019 C:
5% 7/1/33	2,390	2,663
5% 7/1/34	1,750	1,944
Saint Louis County Indl. Dev. Auth. Sr. Living Facilities Rev.:
Series 2017, 5% 9/1/48	1,000	872
Series 2018 A:
5.125% 9/1/48	3,325	2,953
5.125% 9/1/49	2,665	2,352
TOTAL MISSOURI		37,087
Montana - 0.1%
Montana Board Hsg. Single Family:
Series 2017 B, 4% 12/1/48 (d)	215	215
Series 2019 B, 4% 6/1/50	310	311
Montana Facility Fin. Auth. Series 2021 A, 3% 6/1/50	4,010	2,905
TOTAL MONTANA		3,431
Nebraska - 0.7%
Central Plains Energy Proj. Rev. Bonds (Proj. No. 4) Series 2023 A1, 5%, tender 11/1/29 (b)	15,135	16,044
Douglas County Neb Edl. Facilities Rev.:
(Creighton Univ. Proj.) Series 2017:
4% 7/1/34	830	856
5% 7/1/36	570	601
(Creighton Univ. Projs.) Series 2021 A, 3% 7/1/51	1,795	1,294
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.:
Series 2019 B, 4% 9/1/49 (d)	1,405	1,397
Series 2019 E, 3.75% 9/1/49 (d)	1,450	1,436
Series 2020 A, 3.5% 9/1/50	1,330	1,315
Nebraska Pub. Pwr. District Rev. Series 2016 B:
5% 1/1/37	2,050	2,109
5% 1/1/40	935	958
Omaha Arpt. Auth. Arpt. Rev. Series 2017 A:
5% 12/15/25 (d)	185	191
5% 12/15/25 (Escrowed to Maturity) (d)	145	151
5% 12/15/26 (d)	660	695
5% 12/15/26 (Escrowed to Maturity) (d)	530	564
5% 12/15/27 (d)	455	477
5% 12/15/27 (Pre-Refunded to 12/15/26 @ 100) (d)	375	399
5% 12/15/30 (d)	685	711
5% 12/15/30 (Pre-Refunded to 12/15/26 @ 100) (d)	555	590
5% 12/15/31 (d)	360	374
5% 12/15/31 (Pre-Refunded to 12/15/26 @ 100) (d)	290	308
5% 12/15/33 (d)	365	378
5% 12/15/33 (Pre-Refunded to 12/15/26 @ 100) (d)	295	314
5% 12/15/35 (d)	910	940
5% 12/15/35 (Pre-Refunded to 12/15/26 @ 100) (d)	745	792
5% 12/15/36 (d)	230	237
5% 12/15/36 (Pre-Refunded to 12/15/26 @ 100) (d)	190	202
TOTAL NEBRASKA		33,333
Nevada - 0.2%
Clark County School District Series 2020 B, 3% 6/15/39	3,710	3,280
Nevada Hsg. Division Single Family Mtg. Rev. Series 2019 B, 4% 10/1/49	800	801
Tahoe-Douglas Visitors Auth. Series 2020:
5% 7/1/40	1,000	1,027
5% 7/1/45	2,605	2,637
TOTAL NEVADA		7,745
New Hampshire - 2.0%
Nat'l. Fin. Auth. Hosp. Rev. (St. Luke's Univ. Health Network Proj.) Series 2021 B, 3% 8/15/51 (Assured Guaranty Muni. Corp. Insured)	3,445	2,615
Nat'l. Fin. Auth. Rev. (Presbyterian Sr. Living Proj.) Series 2023 A, 5.25% 7/1/48	1,480	1,515
Nat'l. Finnance Auth.:
Series 2020 1, 4.125% 1/20/34	5,780	5,714
Series 2023 2A, 3.875% 1/20/38	10,547	10,211
New Hampshire Health & Ed. Facilities Auth.:
(Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A:
5% 8/1/28	895	959
5% 8/1/29	855	916
5% 8/1/30	850	908
(Partners Healthcare Sys., Inc. Proj.):
Series 2017 5% 7/1/29	3,275	3,563
Series 2017:
5% 7/1/30	2,125	2,309
5% 7/1/31	4,750	5,158
5% 7/1/32	3,185	3,454
5% 7/1/33	2,900	3,143
5% 7/1/34	4,415	4,785
5% 7/1/35	4,635	5,015
5% 7/1/36	4,870	5,248
5% 7/1/37	4,290	4,600
Series 2017, 5% 7/1/44	1,590	1,554
Series 2023 B, 5% 11/1/43 (d)	3,615	3,945
New Hampshire Health & Ed. Facilities Auth. Rev.:
Series 2012:
4% 7/1/32	2,295	2,295
5% 7/1/24	830	831
5% 7/1/25	980	981
5% 7/1/27	415	415
Series 2016:
4% 10/1/38	2,010	1,971
5% 10/1/24	1,755	1,774
5% 10/1/25	1,740	1,793
5% 10/1/29	5,525	5,728
5% 10/1/31	4,315	4,447
5% 10/1/33	3,355	3,447
5% 10/1/38	6,185	6,340
TOTAL NEW HAMPSHIRE		95,634
New Jersey - 5.3%
Atlantic County Impt. Auth. (Atlantic City Campus Proj.) Series 2016 A:
5% 7/1/28 (Assured Guaranty Muni. Corp. Insured)	860	908
5% 7/1/30 (Assured Guaranty Muni. Corp. Insured)	2,105	2,215
5% 7/1/32 (Assured Guaranty Muni. Corp. Insured)	1,035	1,083
5% 7/1/33 (Assured Guaranty Muni. Corp. Insured)	1,075	1,126
Lyndhurst Township N J School District Series 2020, 2% 9/1/34	1,000	854
New Jersey Econ. Dev. Auth.:
(White Horse HMT Urban Renewal LLC Proj.) Series 2020, 5% 1/1/40 (e)	1,000	700
Series 2015, 5.25% 6/15/27	6,525	6,725
Series A, 5% 11/1/40	8,915	9,600
Series QQQ, 4% 6/15/46	8,255	8,170
New Jersey Econ. Dev. Auth. Rev.:
(Black Horse EHT Urban Renewal LLC Proj.) Series 2019 A, 5% 10/1/39 (e)	910	600
Series LLL, 5% 6/15/44	2,680	2,848
New Jersey Edl. Facility Series 2016 A:
5% 7/1/31	1,740	1,807
5% 7/1/32	1,985	2,060
New Jersey Gen. Oblig.:
Series 2020 A, 5% 6/1/29	3,685	4,158
Series 2021:
2% 6/1/30	3,745	3,453
2% 6/1/32	3,155	2,793
2% 6/1/36	1,775	1,458
New Jersey Health Care Facilities Fing. Auth. Rev.:
Series 2016 A:
5% 7/1/27	620	655
5% 7/1/28	300	317
5% 7/1/29 (Pre-Refunded to 7/1/26 @ 100)	580	612
5% 7/1/30	830	876
Series 2016:
4% 7/1/48	2,400	2,205
5% 7/1/41	2,865	2,899
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.:
Series 2017 1A, 5% 12/1/26 (d)	830	864
Series 2018 B:
5% 12/1/25 (d)	3,495	3,593
5% 12/1/26 (d)	1,035	1,077
Series 2023 A:
5% 12/1/31 (d)	2,475	2,726
5% 12/1/32 (d)	2,475	2,747
5% 12/1/33 (d)	2,400	2,688
Series 2023 B:
5% 12/1/30 (d)	3,420	3,729
5% 12/1/31 (d)	4,610	5,078
5% 12/1/32 (d)	11,000	12,210
New Jersey Tobacco Settlement Fing. Corp. Series 2018 B, 5% 6/1/46	1,590	1,614
New Jersey Tpk. Auth. Tpk. Rev. Series 2022 B:
4.25% 1/1/43	1,680	1,737
4.5% 1/1/48	20,000	20,704
New Jersey Trans. Trust Fund Auth.:
(Trans. Prog.) Series 2019 AA, 5.25% 6/15/43	21,525	22,977
Series 2006 C:
0% 12/15/30 (FGIC Insured)	1,200	964
0% 12/15/33 (Assured Guaranty Muni. Corp. Insured)	7,625	5,586
0% 12/15/34	1,220	863
Series 2008 A, 0% 12/15/38	1,500	852
Series 2010 A, 0% 12/15/27	9,485	8,373
Series 2014 BB2:
5% 6/15/32	5,810	6,728
5% 6/15/33	1,635	1,887
5% 6/15/34	1,060	1,217
Series 2016 A:
5% 6/15/27	2,250	2,363
5% 6/15/29	1,865	1,961
Series 2019 BB, 4% 6/15/50	2,625	2,545
Series 2021 A, 5% 6/15/33	2,980	3,439
Series 2022 A:
4% 6/15/39	5,030	5,152
4% 6/15/40	5,410	5,508
4% 6/15/42	7,290	7,363
Series 2022 AA:
5% 6/15/32	8,500	10,004
5% 6/15/34	7,460	8,698
5% 6/15/36	2,215	2,549
5% 6/15/37	4,235	4,844
Series A, 5% 12/15/33	680	762
Series AA:
4% 6/15/35	1,500	1,572
4% 6/15/40	1,680	1,707
4% 6/15/45	7,950	7,930
4% 6/15/50	4,865	4,717
5% 6/15/35	490	555
5% 6/15/39	3,000	3,322
Series BB, 5% 6/15/50	1,885	1,964
South Jersey Trans. Auth. Trans. Sys. Rev. Series 2022 A, 4.625% 11/1/47	3,500	3,619
TOTAL NEW JERSEY		246,910
New Mexico - 0.0%
New Mexico Mtg. Fin. Auth. Series 2019 D, 3.75% 1/1/50	1,270	1,263
Santa Fe Retirement Fac. Series 2019 A:
5% 5/15/34	275	264
5% 5/15/39	205	186
5% 5/15/44	215	188
5% 5/15/49	425	354
TOTAL NEW MEXICO		2,255
New York - 7.5%
Dorm. Auth. New York Univ. Rev.:
(Fordham Univ. Proj.) Series 2017:
4% 7/1/33	1,035	1,070
4% 7/1/34	1,035	1,069
Series 2017:
5% 12/1/24 (e)	1,100	1,104
5% 12/1/25 (e)	1,200	1,204
Hempstead Local Dev. Corp. Rev. (Hofstra Univ. Proj.) Series 2021 A, 3% 7/1/51	3,310	2,386
MTA Hudson Rail Yards Trust Oblig. Series 2016 A, 5% 11/15/56	26,320	26,319
New York City Edl. Construction Fund Series 2021 B, 5% 4/1/46	5,215	5,614
New York City Gen. Oblig. Series 2016 E, 5% 8/1/28	3,645	3,861
New York City Hsg. Dev. Corp. Multifamily Hsg.:
Series 2019 J, 3.05% 11/1/49	1,930	1,558
Series 2021 F1, 2.4% 11/1/46	2,680	1,886
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.:
Series 2022 EE, 5% 6/15/45	11,240	12,561
Series GG 1, 5% 6/15/48	3,500	3,770
New York City Transitional Fin. Auth. Series 2024:
5% 11/1/31 (g)	8,000	9,509
5% 11/1/33 (g)	8,000	9,834
New York City Transitional Fin. Auth. Bldg. Aid Rev. Series 2015 S2, 5% 7/15/35	1,465	1,500
New York City Transitional Fin. Auth. Rev. Series 2024 A1, 5% 5/1/42	4,870	5,574
New York Dorm. Auth. Rev. Series 2022 A:
5% 7/15/37	785	839
5% 7/15/42	2,210	2,290
5% 7/15/50	5,710	5,787
New York Dorm. Auth. Sales Tax Rev. Series 2023 A1, 5% 3/15/41	26,245	30,169
New York Metropolitan Trans. Auth. Rev.:
Series 2014 B, 5% 11/15/44	8,280	8,291
Series 2015 A1, 5% 11/15/45	6,170	6,219
Series 2020 A1:
4% 11/15/51	3,550	3,370
4% 11/15/52	3,855	3,646
Series 2020 D:
4% 11/15/46	39,325	38,066
4% 11/15/47	2,710	2,611
New York State Dorm. Auth.:
Series 2019 D, 3% 2/15/49	7,555	6,063
Series 2021 E:
3% 3/15/50	3,275	2,611
4% 3/15/45	13,955	14,001
New York State Mtg. Agcy. Homeowner Mtg. Series 221, 3.5% 10/1/32 (d)	610	600
New York State Urban Dev. Corp.:
Series 2020 A, 5% 3/15/42	2,000	2,215
Series 2020 E:
3% 3/15/50	4,230	3,346
4% 3/15/44	28,000	28,348
4% 3/15/45	22,500	22,728
New York Trans. Dev. Corp.:
(Laguardia Arpt. Term. Redev. Proj.) Series 2016 A, 5% 7/1/41 (d)	3,560	3,564
(Term. 4 John F. Kennedy Int'l. Arpt. Proj.) Series 2022:
5% 12/1/32 (d)	2,755	3,083
5% 12/1/33 (d)	4,270	4,773
5% 12/1/34 (d)	4,665	5,202
5% 12/1/35 (d)	2,330	2,583
5% 12/1/36 (d)	1,590	1,748
5% 12/1/37 (d)	4,240	4,616
5% 12/1/38 (d)	10,300	11,129
5% 12/1/39 (d)	7,875	8,455
5% 12/1/40 (d)	6,665	7,120
5% 12/1/41 (d)	6,060	6,423
5% 12/1/42 (d)	3,030	3,196
New York Urban Dev. Corp. Rev.:
(New York State Gen. Oblig. Proj.) Series 2017 A, 5% 3/15/34	5,215	5,573
Gen. Oblig. (New York State Gen. Oblig. Proj.) Series 2017 A, 5% 3/15/32	4,470	4,790
Oneida County Local Dev. Corp. Rev. (Mohawk Valley Health Sys. Proj.) Series 2019 A:
4% 12/1/33 (Assured Guaranty Muni. Corp. Insured)	1,200	1,231
5% 12/1/31 (Assured Guaranty Muni. Corp. Insured)	1,500	1,663
Onondaga Civic Dev. Corp. (Le Moyne College Proj.) Series 2018, 5% 1/1/43	830	848
Suffolk County Econ. Dev. Corp. Rev. Series 2021:
4.625% 11/1/31 (e)	750	676
5.375% 11/1/54 (e)	1,150	887
Triborough Bridge & Tunnel Auth. Revs. Series 2015 A, 5.25% 11/15/45	4,140	4,224
TOTAL NEW YORK		351,803
New York And New Jersey - 0.2%
Port Auth. of New York & New Jersey:
Series 194, 5.25% 10/15/55	3,750	3,824
Series 2023 238:
5% 7/15/38 (d)	2,085	2,320
5% 7/15/39 (d)	1,275	1,410
5% 7/15/40 (d)	1,120	1,232
TOTAL NEW YORK AND NEW JERSEY		8,786
North Carolina - 0.6%
Charlotte Ctfs. of Prtn. (Convention Facility Projs.) Series 2019 A:
5% 6/1/44	4,000	4,303
5% 6/1/46	2,120	2,270
Charlotte Int'l. Arpt. Rev.:
Series 2017 A:
5% 7/1/30	1,265	1,372
5% 7/1/33	1,040	1,125
5% 7/1/37	2,910	3,116
Series 2017 B:
5% 7/1/25 (d)	85	87
5% 7/1/26 (d)	85	89
5% 7/1/27 (d)	160	170
5% 7/1/28 (d)	135	143
5% 7/1/29 (d)	195	207
5% 7/1/30 (d)	210	223
5% 7/1/31 (d)	395	419
5% 7/1/32 (d)	420	445
5% 7/1/33 (d)	440	465
5% 7/1/34 (d)	460	486
5% 7/1/35 (d)	315	332
5% 7/1/36 (d)	255	268
5% 7/1/37 (d)	300	314
5% 7/1/42 (d)	975	1,008
Series 2017 C, 4% 7/1/32	1,190	1,231
New Hanover County Hosp. Rev. Series 2017, 5% 10/1/27 (Escrowed to Maturity)	275	298
North Carolina Grant Anticipation Rev. Series 2021, 2% 3/1/36	5,490	4,498
North Carolina Med. Care Commission Health Care Facilities Rev.:
Series 2020 A, 3% 7/1/45	2,590	2,097
Series 2021 A:
4% 3/1/41	1,050	843
4% 3/1/51	2,075	1,472
North Carolina State Ed. Assistance Auth. Student Ln. Rev. Series 2023 A, 5% 6/1/43 (d)	1,095	1,134
TOTAL NORTH CAROLINA		28,415
North Dakota - 0.1%
Univ. of North Dakota Series 2021 A, 3% 6/1/61 (Assured Guaranty Muni. Corp. Insured)	5,480	3,891
Ohio - 2.1%
Akron Bath Copley Hosp. District Rev. Series 2016, 5.25% 11/15/46	7,285	7,394
Allen County Hosp. Facilities Rev. (Mercy Health) Series 2017 A:
5% 8/1/25	2,475	2,549
5% 8/1/26	1,645	1,730
5% 8/1/27	2,060	2,212
5% 8/1/28	2,060	2,238
5% 8/1/29	4,130	4,482
5% 8/1/30	3,520	3,818
Buckeye Tobacco Settlement Fing. Auth.:
Series 2020 A2:
3% 6/1/48	3,870	2,982
4% 6/1/48	1,265	1,168
5% 6/1/30	2,000	2,196
5% 6/1/32	1,665	1,824
5% 6/1/33	2,000	2,189
5% 6/1/34	420	459
Series 2020 B2, 5% 6/1/55	9,315	8,754
Columbus City School District Series 2016 A, 5% 12/1/29	1,740	1,838
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013, 5.25% 6/15/43	3,470	3,253
Franklin County Convention Facilities Auth. (Greater Columbus Convention Ctr. Hotel Expansion Proj.) Series 2019:
5% 12/1/44	470	448
5% 12/1/46	4,700	4,986
5% 12/1/51	6,900	7,269
Lancaster Port Auth. Gas Rev. Bonds Series 2019, 5%, tender 2/1/25 (b)	1,850	1,874
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013, 5% 2/15/33	3,685	3,685
Ohio Hosp. Rev. Series 2020 A, 4% 1/15/50	975	921
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.:
(Mtg. Backed Securities Prog.) Series 2019 B, 4.5% 3/1/50	395	399
(Mtg.-Backed Securities Prog.) Series 2023 B, 6% 3/1/55	2,525	2,809
Ohio Tpk. Commission Tpk. Rev.:
(Infrastructure Proj.) Series 2005 A, 0% 2/15/42	2,150	1,023
(Infrastructure Projs.) Series 2022 A:
5% 2/15/32	4,930	5,838
5% 2/15/38	1,155	1,340
5% 2/15/39	240	276
Scioto County Hosp. Facilities Rev.:
Series 2016:
5% 2/15/29	1,815	1,872
5% 2/15/34	370	378
Series 2019, 5% 2/15/29	3,125	3,266
Univ. of Akron Gen. Receipts Series 2016 A, 5% 1/1/35	3,725	3,864
Washington County Hosp. Rev. Series 2022:
6% 12/1/28	1,550	1,595
6% 12/1/29	1,645	1,702
6% 12/1/30	1,750	1,818
6% 12/1/31	1,850	1,927
TOTAL OHIO		96,376
Oklahoma - 0.2%
Oklahoma City Pub. Property Auth. Hotel Tax Rev. Series 2015:
5% 10/1/28	1,050	1,089
5% 10/1/29	1,160	1,203
5% 10/1/36	830	852
5% 10/1/39	1,655	1,683
Oklahoma Dev. Fin. Auth. Rev. (Oklahoma City Univ. Proj.) Series 2019, 5% 8/1/44	1,915	1,920
Oklahoma Hsg. Fin. Agcy. Single Family Mtg. Rev. (Homeownership Ln. Prog.) Series 2023 C, 6% 3/1/54	465	517
TOTAL OKLAHOMA		7,264
Oregon - 1.1%
Lake Oswego Ore Series 2019 A:
2.7% 6/1/37	1,850	1,661
2.75% 6/1/38	1,960	1,720
Multnomah County School District #1J Portland Series 2020 B, 3% 6/15/36	1,525	1,488
Oregon Health and Science Univ. Spl. Rev. Series 2021 A, 3% 7/1/51	8,100	6,320
Oregon State Hsg. & Cmnty. Svcs. Dept.:
(Single Family Mtg. Prog.) Series A, 3.5% 1/1/51	1,800	1,779
(Single-Family Mtg. Prog.) Series 2019 A, 2.65% 7/1/39	1,065	901
Series 2019 A, 4% 7/1/50	4,590	4,580
Port of Portland Arpt. Rev.:
Series 2020 27A, 5% 7/1/45 (d)	2,980	3,140
Series 2022 28:
5% 7/1/41 (d)	12,420	13,458
5% 7/1/52 (d)	10,500	11,045
Salem Hosp. Facility Auth. Rev.:
(Salem Health Projs.) Series 2019 A, 3% 5/15/49	5,975	4,510
Series 2016 A, 4% 5/15/41	1,680	1,682
TOTAL OREGON		52,284
Pennsylvania - 8.2%
Allegheny County Arpt. Auth. Rev. Series 2021 A:
4% 1/1/38 (d)	2,545	2,557
4% 1/1/39 (d)	3,075	3,065
4% 1/1/40 (d)	10,000	9,956
4% 1/1/41 (d)	10,000	9,967
5% 1/1/29 (d)	4,185	4,528
5% 1/1/30 (d)	4,000	4,387
5% 1/1/31 (d)	3,000	3,331
5% 1/1/32 (d)	4,000	4,427
5% 1/1/51 (d)	20,480	21,306
5% 1/1/56 (d)	12,420	12,891
Allegheny County Indl. Dev. Auth. Rev. Series 2021:
3.5% 12/1/31	1,200	981
4% 12/1/41	2,450	1,704
4.25% 12/1/50	2,730	1,764
Bucks County Indl. Dev. Auth. Hosp. Rev. Series 2021:
5% 7/1/32	495	473
5% 7/1/33	1,150	1,092
5% 7/1/40	3,100	2,755
Cap. Region Wtr. Wtr. Rev. Series 2018:
5% 7/15/27	830	897
5% 7/15/29	1,290	1,419
5% 7/15/32	830	908
Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2016 A:
5% 6/1/28	885	923
5% 6/1/29	970	1,010
Delaware County Auth. Rev. (Cabrini College) Series 2017, 5% 7/1/47	3,310	3,344
Doylestown Hosp. Auth. Hosp. Rev. Series 2016 A:
5% 7/1/46	980	850
5% 7/1/46 (Pre-Refunded to 7/1/26 @ 100)	225	237
Dubois Hosp. Auth. Hosp. Rev.:
(Penn Highlands Healthcare Proj.) Series 2018:
4% 7/15/33	2,070	2,101
4% 7/15/35	2,135	2,169
4% 7/15/37	4,140	4,168
5% 7/15/25	330	337
5% 7/15/26	1,035	1,076
5% 7/15/27	1,745	1,841
5% 7/15/28	1,285	1,369
5% 7/15/29	1,385	1,472
5% 7/15/30	1,815	1,927
5% 7/15/31	1,240	1,314
5% 7/15/32	1,305	1,382
5% 7/15/34	1,405	1,488
5% 7/15/36	4,150	4,363
5% 7/15/38	4,990	5,177
5% 7/15/43	5,795	5,957
Series 2020, 4% 7/15/45	2,900	2,721
Lancaster County Hosp. Auth. Health Ctr. Rev. Series 2021, 5% 11/1/51	3,595	3,761
Lehigh County Gen. Purp. Auth. Rev. (Muhlenberg College Proj.) Series 2017, 5% 2/1/39	2,140	2,218
Monroe County Hosp. Auth. Rev. Series 2016:
5% 7/1/26	830	866
5% 7/1/27	830	868
5% 7/1/28	830	867
5% 7/1/34	3,045	3,140
5% 7/1/36	1,655	1,701
Montgomery County Higher Ed. & Health Auth. Rev.:
Series 2014 A:
5% 10/1/24	965	963
5% 10/1/25	865	863
5% 10/1/27	415	415
Series 2016 A:
5% 10/1/28	1,255	1,255
5% 10/1/29	2,150	2,151
5% 10/1/31	3,790	3,788
5% 10/1/36	6,790	6,757
5% 10/1/40	4,700	4,551
Northampton County Gen. Purp. Auth. Hosp. Rev.:
(St. Luke's Univ. Health Network Proj.):
Series 2016 A, 5% 8/15/36	615	636
Series 2018 A, 4% 8/15/48	10,545	9,806
Series 2016 A, 5% 8/15/46	24,835	25,283
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. (Presbyterian Sr. Living Proj.) Series 2023 B2, 5% 7/1/38	1,625	1,686
Pennsylvania Gen. Oblig. Series 2023, 5% 9/1/32	10,000	11,930
Pennsylvania Higher Edl. Facilities Auth. Rev.:
(Drexel Univ. Proj.):
Series 2016, 5% 5/1/35	2,880	2,962
Series 2017:
5% 5/1/35	1,025	1,070
5% 5/1/37	1,295	1,342
5% 5/1/41	5,860	5,987
Series 2016:
5% 5/1/28	415	429
5% 5/1/32	1,040	1,072
5% 5/1/33	1,405	1,445
Pennsylvania State Univ. Series 2020 A, 4% 9/1/50	2,950	2,912
Pennsylvania Tpk. Commission Tpk. Rev. Series 2021 B, 5% 12/1/38	6,680	7,574
Philadelphia Arpt. Rev.:
Series 2017 A:
5% 7/1/25	830	856
5% 7/1/26	830	878
5% 7/1/27	660	714
Series 2017 B:
5% 7/1/26 (d)	2,485	2,586
5% 7/1/27 (d)	2,070	2,195
5% 7/1/28 (d)	2,485	2,622
5% 7/1/29 (d)	1,860	1,964
5% 7/1/32 (d)	2,485	2,621
5% 7/1/33 (d)	1,865	1,963
5% 7/1/34 (d)	3,310	3,475
5% 7/1/37 (d)	3,725	3,872
Philadelphia Auth. for Indl. Dev. Series 2017, 5% 11/1/47	5,425	5,518
Philadelphia Gas Works Rev. Series 16 A, 4% 8/1/45 (Assured Guaranty Muni. Corp. Insured)	2,685	2,698
Philadelphia School District:
Series 2016 D:
5% 9/1/26	7,600	8,016
5% 9/1/27	8,020	8,412
5% 9/1/28	6,705	7,020
Series 2016 F:
5% 9/1/28	11,600	12,145
5% 9/1/29	7,540	7,879
Series 2018 A:
5% 9/1/36	1,575	1,677
5% 9/1/37	910	964
5% 9/1/38	1,450	1,529
Series 2018 B, 5% 9/1/43	2,115	2,221
Series 2019 A:
4% 9/1/35	5,215	5,399
5% 9/1/33 (Assured Guaranty Muni. Corp. Insured)	2,480	2,770
5% 9/1/34	7,225	7,942
Series 2019 C, 5% 9/1/33	2,540	2,823
Series F:
5% 9/1/30	5,625	5,863
5% 9/1/30 (Pre-Refunded to 9/1/26 @ 100)	20	21
Philadelphia Wtr. & Wastewtr. Rev.:
Series 2018 A:
5% 10/1/35	4,190	4,588
5% 10/1/36	6,210	6,736
5% 10/1/48	6,000	6,316
Series 2023 B, 5.5% 9/1/53 (Assured Guaranty Muni. Corp. Insured)	4,210	4,821
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev.:
Series 2019 A, 5% 9/1/39 (Assured Guaranty Muni. Corp. Insured)	2,315	2,539
Series 2019 A, 5% 9/1/44 (Assured Guaranty Muni. Corp. Insured)	775	833
State Pub. School Bldg. Auth. Lease Rev. (The School District of Philadelphia Proj.) Series 2015 A, 5% 6/1/26	1,055	1,081
Union County Hosp. Auth. Rev. Series 2018 B:
5% 8/1/43	4,605	4,772
5% 8/1/48	5,335	5,488
TOTAL PENNSYLVANIA		385,749
Puerto Rico - 1.6%
Puerto Rico Commonwealth Aqueduct & Swr. Auth.:
Series 2020 A, 5% 7/1/35 (e)	3,435	3,467
Series 2021 B:
4% 7/1/42 (e)	1,085	957
5% 7/1/33 (e)	1,580	1,603
5% 7/1/37 (e)	6,625	6,654
Series 2022 A, 4% 7/1/42 (e)	5,545	4,893
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2021 A1:
0% 7/1/33	16,679	10,398
4% 7/1/33	11,631	11,388
4% 7/1/35	4,213	4,073
5.625% 7/1/27	1,360	1,438
5.625% 7/1/29	3,903	4,233
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.:
Series 2018 A1:
0% 7/1/31	9,290	6,799
4.55% 7/1/40	2,000	2,010
Series 2019 A2, 4.329% 7/1/40	15,855	15,739
TOTAL PUERTO RICO		73,652
Rhode Island - 0.5%
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev.:
Series 2016 B:
5% 9/1/31	655	655
5% 9/1/36	5,810	5,702
Series 2016, 5% 5/15/39	5,215	5,272
Rhode Island Hsg. & Mtg. Fin. Corp. Series 2019 70, 4% 10/1/49	800	800
Rhode Island Student Ln. Auth. Student Ln. Rev.:
Series 2021 A, 5% 12/1/28 (d)	1,480	1,596
Series 2023 A, 5% 12/1/31 (d)	4,830	5,366
Series A:
3.5% 12/1/34 (d)	1,200	1,138
5% 12/1/25 (d)	1,000	1,030
TOTAL RHODE ISLAND		21,559
South Carolina - 1.5%
Charleston County Arpt. District Series 2019, 5% 7/1/43	2,085	2,229
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015:
5% 12/1/25	2,275	2,334
5% 12/1/28	4,690	4,812
South Carolina Hsg. Fin. & Dev. Auth. Mtg. Rev.:
Series 2019 A, 4% 1/1/50	1,545	1,547
Series 2023 B, 6% 1/1/54	1,550	1,725
South Carolina Jobs-Econ. Dev. Auth. Series 2019 C:
5% 7/1/32	1,010	1,101
5% 7/1/33	4,200	4,566
South Carolina Ports Auth. Ports Rev. Series 2015, 5.25% 7/1/55 (Pre-Refunded to 7/1/25 @ 100) (d)	910	936
South Carolina Pub. Svc. Auth. Rev.:
Series 2016 A:
5% 12/1/29	2,485	2,588
5% 12/1/38	250	255
Series 2016 B:
5% 12/1/31	910	952
5% 12/1/41	12,515	12,773
Spartanburg County Reg'l. Health Series 2017 A:
4% 4/15/43	15,510	15,227
4% 4/15/48	10,815	10,250
5% 4/15/48	10,595	10,970
TOTAL SOUTH CAROLINA		72,265
South Dakota - 0.1%
South Dakota Health & Edl. Facilities Auth. Rev.:
(Avera Health Proj.) Series 2017, 5% 7/1/31	540	582
Series 2017:
5% 7/1/26	250	262
5% 7/1/28	250	270
5% 7/1/29	470	508
Series 2020 A, 3% 9/1/45	3,355	2,612
TOTAL SOUTH DAKOTA		4,234
Tennessee - 0.5%
Chattanooga Health Ed. & Hsg. Facility Board Rev.:
Series 2019 A1:
4% 8/1/44	2,200	2,169
5% 8/1/31	1,000	1,094
5% 8/1/33	1,250	1,367
Series 2019 A2, 5% 8/1/35	765	831
Metropolitan Nashville Arpt. Auth. Rev.:
Series 2015 B, 4% 7/1/25 (d)	1,755	1,766
Series 2019 B, 5% 7/1/54 (d)	9,580	9,883
Tennessee Hsg. Dev. Agcy.:
Series 2015 A, 3.5% 7/1/45	1,235	1,225
Series 2022 2, 5% 1/1/53	4,750	4,983
Tennessee Hsg. Dev. Agcy. Residential:
Series 2019 3:
2.6% 7/1/39	415	343
2.8% 7/1/44	505	402
Series 2019 4, 2.9% 7/1/39	300	261
TOTAL TENNESSEE		24,324
Texas - 4.7%
Austin Arpt. Sys. Rev.:
Series 2014:
5% 11/15/26 (d)	830	836
5% 11/15/27 (d)	1,035	1,042
5% 11/15/28 (d)	1,240	1,248
5% 11/15/39 (d)	2,725	2,732
Series 2017 B:
5% 11/15/28 (d)	830	863
5% 11/15/30 (d)	1,275	1,321
5% 11/15/32 (d)	1,005	1,040
5% 11/15/35 (d)	1,035	1,068
5% 11/15/36 (d)	1,385	1,425
5% 11/15/37 (d)	1,165	1,194
5% 11/15/41 (d)	4,725	4,802
Brazos County Gen. Oblig. Series 2020:
1.75% 9/1/34	1,380	1,137
1.875% 9/1/35	700	573
Bryan Tex For Previous Issuess Series 2020, 2.125% 8/15/34	1,150	999
Central Reg'l. Mobility Auth. Series 2015 A:
5% 1/1/28	1,075	1,110
5% 1/1/31 (Pre-Refunded to 7/1/25 @ 100)	395	407
Collin County Series 2022, 4% 2/15/39	1,800	1,873
Coppell Tex Series 2020, 1.375% 2/1/34	1,395	1,097
Dallas Wtrwks. & Swr. Sys. Rev. Series 2020 C:
4% 10/1/35	1,000	1,072
4% 10/1/39	5,000	5,186
4% 10/1/40	2,000	2,061
Grand Parkway Trans. Corp.:
Series 2018 A, 5% 10/1/38	2,655	2,844
Series 2020 C, 4% 10/1/49	3,100	3,056
Harris County Cultural Ed. Facilities Fin. Corp. Rev. (Texas Childrens Hosp., Proj.) Series 2015-1 5% 10/1/29	1,115	1,155
Harris County Gen. Oblig. Series 2002:
0% 8/15/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,485	2,366
0% 8/15/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,140	3,628
Houston Arpt. Sys. Rev.:
Series 2018 A, 5% 7/1/41 (d)	1,000	1,040
Series 2018 C:
5% 7/1/29 (d)	1,655	1,786
5% 7/1/30 (d)	1,765	1,889
5% 7/1/31 (d)	1,240	1,329
5% 7/1/32 (d)	1,450	1,553
Houston Gen. Oblig. Series 2017 A:
5% 3/1/31	3,835	4,120
5% 3/1/32	1,635	1,755
Houston Util. Sys. Rev. Series 2020 C:
5% 11/15/33	2,000	2,308
5% 11/15/34	2,500	2,878
Irving Hosp. Auth. Hosp. Rev. Series 2017 A:
5% 10/15/28	390	406
5% 10/15/30	1,570	1,630
5% 10/15/32	830	859
5% 10/15/36	545	560
5% 10/15/37	930	953
5% 10/15/38	1,325	1,354
5% 10/15/44	1,310	1,327
Love Field Arpt. Modernization Rev.:
Series 2015:
5% 11/1/26 (d)	830	846
5% 11/1/27 (d)	1,780	1,817
5% 11/1/28 (d)	2,755	2,810
5% 11/1/29 (d)	1,655	1,685
5% 11/1/32 (d)	3,055	3,103
Series 2017:
5% 11/1/24 (d)	830	839
5% 11/1/25 (d)	830	853
5% 11/1/26 (d)	830	869
5% 11/1/27 (d)	830	866
5% 11/1/28 (d)	1,450	1,507
5% 11/1/29 (d)	1,035	1,075
5% 11/1/30 (d)	830	860
5% 11/1/31 (d)	1,840	1,900
5% 11/1/32 (d)	2,135	2,204
5% 11/1/33 (d)	830	856
5% 11/1/34 (d)	830	856
5% 11/1/36 (d)	830	851
Lower Colorado River Auth. Rev. Series 2015 D:
5% 5/15/28	1,820	1,861
5% 5/15/30	4,140	4,231
Mansfield Tex Series 2020, 2.25% 2/15/35	1,385	1,187
New Hope Cultural Ed. Facilities Fin. Corp. (Childrens Med. Ctr. of Dallas) Series 2017 A:
5% 8/15/27	625	674
5% 8/15/29	1,655	1,788
5% 8/15/47	1,890	1,953
Newark Higher Ed. Fin. Corp. (Abilene Christian Univ. Proj.) Series 2016 A:
5% 4/1/27	595	619
5% 4/1/30	2,825	2,946
North Texas Tollway Auth. Rev.:
(Sr. Lien Proj.) Series 2017 A:
5% 1/1/31	830	867
5% 1/1/33	975	1,036
5% 1/1/34	1,240	1,317
5% 1/1/34	2,485	2,992
5% 1/1/35	1,820	1,930
5% 1/1/36	4,965	5,251
5% 1/1/37	6,625	6,976
(Sub Lien Proj.) Series 2017 B:
5% 1/1/30	350	363
5% 1/1/31	495	513
Series 2015 A, 5% 1/1/32	2,775	2,821
Series 2016 A, 5% 1/1/36	1,035	1,074
Series 2021 B, 3% 1/1/51	16,575	12,617
Prosper Independent School District Series 2021 A, 3% 2/15/39	3,000	2,758
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ., TX. Proj.) Series 2017:
5% 10/1/29	375	406
5% 10/1/30	580	625
5% 10/1/31	520	560
5% 10/1/39	1,030	1,086
5% 10/1/40	830	872
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev.:
Series 2016 A, 4% 2/15/35	4,140	4,216
Series 2018 B, 5% 7/1/43	1,500	1,577
Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev. Series 2019, 2.95% 7/1/36	4,327	3,892
Texas Dept. of Hsg. & Cmnty. Affairs Residential Mtg. Rev. Series 2023 B, 6% 1/1/54	6,460	7,191
Texas Dept. of Hsg. & Cmnty. Affairs Single Family Mtg. Rev.:
Series 2019 A, 4% 3/1/50	3,150	3,153
Series A, 3.5% 3/1/51	2,945	2,899
Texas Gen. Oblig. Series 2022, 5% 8/1/34 (d)	3,185	3,637
Texas Muni. Gas Acquisition & Su Bonds Series 2023 B, 5.5%, tender 1/1/34 (b)	1,980	2,200
Texas State Univ. Sys. Fing. Rev. Series 2017 A:
5% 3/15/29	3,530	3,801
5% 3/15/31	2,690	2,883
Texas Wtr. Dev. Board Rev.:
Series 2020, 3% 8/1/39	1,165	1,065
Series 2021, 2.5% 10/15/39	3,000	2,525
Univ. of Houston Univ. Revs. Series 2017 A:
5% 2/15/33	3,310	3,452
5% 2/15/34	4,140	4,314
5% 2/15/36	2,485	2,582
Univ. of North Texas Univ. Rev. Series 2017 A, 5% 4/15/32	1,740	1,862
Univ. of Texas Board of Regents Sys. Rev. Series 2019 A, 5% 8/15/29	1,850	2,108
Univ. of Texas Permanent Univ. Fund Rev. Series 2016 B, 5% 7/1/29	1,685	1,773
Waco Gen. Oblig. Series 2020:
2% 2/1/34	3,395	2,929
2.375% 2/1/38	1,035	877
Waller Independent School District Series 2020, 3% 2/15/39	1,850	1,693
Weatherford Independent School District Series 2002, 0% 2/15/33	5,785	4,323
TOTAL TEXAS		219,954
Utah - 1.4%
Salt Lake City Arpt. Rev.:
Series 2017 A:
5% 7/1/25 (d)	1,655	1,692
5% 7/1/27 (d)	3,500	3,712
5% 7/1/29 (d)	3,090	3,268
5% 7/1/30 (d)	2,275	2,406
5% 7/1/31 (d)	4,345	4,592
5% 7/1/33 (d)	3,310	3,489
5% 7/1/35 (d)	3,310	3,474
5% 7/1/36 (d)	4,470	4,676
5% 7/1/37 (d)	3,520	3,668
Series 2018 A:
5% 7/1/31 (d)	2,000	2,144
5% 7/1/32 (d)	4,310	4,618
5% 7/1/33 (d)	1,420	1,521
5.25% 7/1/48 (d)	5,655	5,878
Series 2023 A, 5.25% 7/1/41 (d)	2,000	2,215
Utah County Hosp. Rev. Series 2020 A:
5% 5/15/43	5,500	5,963
5% 5/15/50	9,000	9,535
Weber School District Utah (Utah School District Bond Guaranty Prog.) Series 2019, 2.25% 6/15/34	1,230	1,105
TOTAL UTAH		63,956
Vermont - 0.6%
Vermont Edl. & Health Bldg. Fin. Agcy. Rev.:
(Champlain College Proj.) Series 2016 A:
5% 10/15/41	3,810	3,651
5% 10/15/46	4,720	4,339
(Middlebury College Proj.) Series 2020, 5% 11/1/49	18,500	19,668
Vermont Student Assistant Corp. Ed. Ln. Rev. Series 2019 A, 5% 6/15/28 (d)	1,430	1,514
TOTAL VERMONT		29,172
Virginia - 0.5%
Fredericksburg Econ. Dev. Auth. Rev. Series 2014:
5% 6/15/25	3,860	3,881
5% 6/15/30	1,035	1,042
Lynchburg Econ. Dev. Series 2021, 3% 1/1/51	3,000	2,234
Stafford County Econ. Dev. Auth. Hosp. Facilities Rev.:
(Mary Washington Hosp. Proj.) Series 2016, 3% 6/15/29	525	522
Series 2016:
4% 6/15/37 ��	595	597
5% 6/15/27	1,240	1,293
5% 6/15/30	540	560
5% 6/15/33	350	361
5% 6/15/34	665	685
5% 6/15/35	1,820	1,871
Virginia Commonwealth Trans. Board Rev. (Virginia Gen. Oblig. Proj.) Series 2017 A, 5% 5/15/32	725	788
Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Series 2019 A, 4% 8/1/36	4,505	4,731
Winchester Econ. Dev. Auth. Series 2015:
5% 1/1/31	2,070	2,143
5% 1/1/34	1,240	1,281
5% 1/1/35	1,240	1,281
5% 1/1/44	830	846
TOTAL VIRGINIA		24,116
Washington - 2.9%
Port of Seattle Rev.:
Series 2016 B:
5% 10/1/28 (d)	2,900	3,005
5% 10/1/30 (d)	1,655	1,706
Series 2019 A, 4% 4/1/44 (d)	2,525	2,451
Washington Convention Ctr. Pub. Facilities:
Series 2021 B:
3% 7/1/43	865	705
3% 7/1/58 (Assured Guaranty Muni. Corp. Insured)	12,930	9,451
Series 2021, 4% 7/1/31	17,595	17,513
Washington Gen. Oblig.:
Series 2020 A, 5% 8/1/33	1,260	1,423
Series 2021 C, 5% 2/1/44	270	299
Series 2022 A, 5% 8/1/37	33,745	39,414
Series 2022 C, 4% 7/1/35	4,200	4,570
Series 2022 D:
4% 7/1/35	1,800	1,959
4% 7/1/36	5,735	6,168
4% 7/1/37	4,000	4,259
Series R-2017 A, 5% 8/1/30	1,685	1,780
Washington Health Care Facilities Auth. Rev.:
(Overlake Hosp. Med. Ctr., WA. Proj.) Series 2017 B:
5% 7/1/25	675	684
5% 7/1/27	1,285	1,330
5% 7/1/28	1,570	1,636
5% 7/1/29	615	641
5% 7/1/30	735	766
5% 7/1/31	1,120	1,167
5% 7/1/32	1,655	1,723
5% 7/1/33	2,345	2,438
5% 7/1/34	540	560
5% 7/1/42	4,685	4,772
Series 2019 A1, 5% 8/1/38	1,000	1,062
Series 2019 A2, 5% 8/1/33	2,000	2,188
Washington Higher Ed. Facilities Auth. Rev.:
(Gonzaga Univ. Proj.) Series 2019 A, 3% 4/1/49	5,005	3,670
(Whitworth Univ. Proj.):
Series 2016 A:
5% 10/1/27	1,770	1,845
5% 10/1/28	1,825	1,905
5% 10/1/35	1,880	1,944
5% 10/1/36	2,845	2,933
5% 10/1/40	2,795	2,847
Series 2019, 4% 10/1/49	3,515	3,103
Washington Hsg. Fin. Commission Nonprofit Hsg. Rev. (Judson Park Proj.) Series 2018:
4% 7/1/28 (e)	100	96
5% 7/1/33 (e)	125	124
5% 7/1/38 (e)	100	95
5% 7/1/48 (e)	400	346
Washington Hsg. Fin. Commission Nonprofit Rev. (Seattle Academy of Arts and Sciences Proj.) Series 2023, 6.375% 7/1/63 (e)	4,125	4,501
TOTAL WASHINGTON		137,079
West Virginia - 0.1%
West Virginia Hosp. Fin. Auth. Hosp. Rev. Series 2018 A:
5% 1/1/31	1,355	1,394
5% 1/1/32	1,120	1,151
West Virginia Hsg. Dev. Fund Series 2018 A, 3.45% 11/1/33	1,250	1,251
TOTAL WEST VIRGINIA		3,796
Wisconsin - 1.7%
Blue Ridge Healthcare Pub. Fin. Auth. Series 2020 A:
5% 1/1/35	1,210	1,299
5% 1/1/40	540	563
Howard Suamico Scd Series 2021, 2% 3/1/38	1,780	1,380
Kohler Wis School District Series 2021, 2% 3/1/39	1,230	930
Pub. Fin. Auth. Hosp. Rev.:
(Renown Reg'l. Med. Ctr. Proj.) Series 2020 A, 5% 6/1/29	820	884
Series 2019 A, 5% 10/1/44	7,550	7,886
Series 2020 A, 3% 6/1/45	9,350	7,276
Pub. Fin. Auth. Sr. Living Rev. (Mary's Woods At Marylhurst, Inc. Proj.) Series 2017 A:
5% 5/15/25 (e)	700	695
5% 5/15/28 (e)	1,095	1,078
5.25% 5/15/37 (e)	415	398
5.25% 5/15/42 (e)	415	385
5.25% 5/15/47 (e)	410	370
5.25% 5/15/52 (e)	775	684
Pub. Fin. Auth. Wisconsin Retirement Facility Rev. Series 2018:
5% 10/1/43 (e)	945	824
5% 10/1/48 (e)	1,055	886
5% 10/1/53 (e)	2,330	1,912
Roseman Univ. of Health:
Series 2020:
5% 4/1/40 (e)	720	696
5% 4/1/40 (Pre-Refunded to 4/1/30 @ 100) (e)	30	34
5% 4/1/50 (e)	520	471
Series 2021 A:
3% 7/1/50	2,640	2,005
4.5% 6/1/56 (e)	14,095	10,885
Series 2021 B, 6.5% 6/1/56 (e)	4,700	3,923
Westosha Cent High School District Series 2021:
1.625% 3/1/32	1,010	841
2% 3/1/35	1,000	852
2% 3/1/36	1,005	836
Wisconsin Health & Edl. Facilities:
Series 2013 B2, 4% 11/15/43	3,890	3,804
Series 2014, 4% 5/1/33	2,920	2,925
Series 2016 A:
5% 2/15/28	1,965	2,025
5% 2/15/29	2,550	2,627
5% 2/15/30	2,805	2,887
Series 2016, 4% 12/1/46	4,350	4,267
Series 2017 A:
4% 4/1/39	2,140	2,131
5% 9/1/31 (Pre-Refunded to 9/1/27 @ 100)	830	897
5% 9/1/33 (Pre-Refunded to 9/1/27 @ 100)	1,425	1,540
5% 9/1/35 (Pre-Refunded to 9/1/27 @ 100)	1,575	1,702
Series 2019 A, 5% 11/1/46	540	435
Series 2019 B1, 2.825% 11/1/28	1,245	1,117
Wisconsin Rapids School District Series 2021:
1.7% 4/1/32	1,600	1,365
2% 4/1/38	2,100	1,567
TOTAL WISCONSIN		77,282
TOTAL MUNICIPAL BONDS (Cost $4,657,601)		4,611,585

Money Market Funds - 0.6%
	Shares	Value ($) (000s)
Fidelity Municipal Cash Central Fund 4.24% (h)(i) (Cost $30,158)	30,153,291	30,159

TOTAL INVESTMENT IN SECURITIES - 99.2% (Cost $4,687,759)	4,641,744
NET OTHER ASSETS (LIABILITIES) - 0.8%	36,185
NET ASSETS - 100.0%	4,677,929

Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

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

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

(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 $81,116,000 or 1.7% of net assets.

(f)	Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(g)	Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

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

Affiliate (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 4.24%	111,110	483,007	563,966	4,396	-	8	30,159	1.2%
Total	111,110	483,007	563,966	4,396	-	8	30,159

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2023, 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 (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Municipal Securities	4,611,585	-	4,611,585	-

Money Market Funds	30,159	30,159	-	-
Total Investments in Securities:	4,641,744	30,159	4,611,585	-

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				December 31, 2023

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $4,657,601)	$	4,611,585
Fidelity Central Funds (cost $30,158)		30,159


Total Investment in Securities (cost $4,687,759)			$	4,641,744
Cash				100
Receivable for fund shares sold				7,940
Interest receivable				60,568
Distributions receivable from Fidelity Central Funds				134
Prepaid expenses				4
Total assets				4,710,490
Liabilities
Payable for investments purchased on a delayed delivery basis	$	18,817
Payable for fund shares redeemed		8,019
Distributions payable		3,693
Accrued management fee		1,331
Distribution and service plan fees payable		92
Other affiliated payables		498
Other payables and accrued expenses		111
Total Liabilities				32,561
Net Assets			$	4,677,929
Net Assets consist of:
Paid in capital			$	4,759,224
Total accumulated earnings (loss)				(81,295)
Net Assets			$	4,677,929

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($285,414 ÷ 23,134 shares)(a)			$	12.34
Maximum offering price per share (100/96.00 of $12.34)			$	12.85
Class M :
Net Asset Value and redemption price per share ($76,093 ÷ 6,162 shares)(a)			$	12.35
Maximum offering price per share (100/96.00 of $12.35)			$	12.86
Class C :
Net Asset Value and offering price per share ($22,521 ÷ 1,825 shares)(a)			$	12.34
Fidelity Municipal Income Fund :
Net Asset Value, offering price and redemption price per share ($2,783,280 ÷ 225,439 shares)			$	12.35
Class I :
Net Asset Value, offering price and redemption price per share ($1,155,918 ÷ 93,688 shares)			$	12.34
Class Z :
Net Asset Value, offering price and redemption price per share ($354,703 ÷ 28,740 shares)			$	12.34
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
Amounts in thousands				Year ended December 31, 2023
Investment Income
Interest			$	148,439
Income from Fidelity Central Funds				4,396
Total Income				152,835
Expenses
Management fee	$	15,460
Transfer agent fees		5,131
Distribution and service plan fees		1,118
Accounting fees and expenses		638
Custodian fees and expenses		40
Independent trustees' fees and expenses		16
Registration fees		150
Audit		68
Legal		5
Miscellaneous		55
Total expenses before reductions		22,681
Expense reductions		(144)
Total expenses after reductions				22,537
Net Investment income (loss)				130,298
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(6,995)
Total net realized gain (loss)				(6,995)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		182,313
Fidelity Central Funds		8
Total change in net unrealized appreciation (depreciation)				182,321
Net gain (loss)				175,326
Net increase (decrease) in net assets resulting from operations			$	305,624

Statement of Changes in Net Assets

Amount in thousands		Year ended December 31, 2023		Year ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	130,298	$	114,716
Net realized gain (loss)		(6,995)		(30,793)
Change in net unrealized appreciation (depreciation)		182,321		(596,229)
Net increase (decrease) in net assets resulting from operations		305,624		(512,306)
Distributions to shareholders		(128,164)		(114,383)

Share transactions - net increase (decrease)		277,844		(275,639)
Total increase (decrease) in net assets		455,304		(902,328)

Net Assets
Beginning of period		4,222,625		5,124,953
End of period	$	4,677,929	$	4,222,625

Financial Highlights

Fidelity Advisor® Municipal Income Fund Class A

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	11.86	$	13.56	$	13.59	$	13.39	$	12.75
Income from Investment Operations
Net investment income (loss) A,B		.316		.282		.281		.305		.330
Net realized and unrealized gain (loss)		.474		(1.700)		.057		.257		.689
Total from investment operations		.790		(1.418)		.338		.562		1.019
Distributions from net investment income		(.310)		(.282)		(.281)		(.304)		(.328)
Distributions from net realized gain		-		-		(.087)		(.058)		(.051)
Total distributions		(.310)		(.282)		(.368)		(.362)		(.379)
Net asset value, end of period	$	12.34	$	11.86	$	13.56	$	13.59	$	13.39
Total Return C,D		6.78%		(10.48)%		2.51%		4.28%		8.06%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.79%		.78%		.78%		.78%		.79%
Expenses net of fee waivers, if any		.79%		.78%		.78%		.78%		.79%
Expenses net of all reductions		.79%		.78%		.78%		.78%		.79%
Net investment income (loss)		2.64%		2.31%		2.06%		2.29%		2.49%
Supplemental Data
Net assets, end of period (in millions)	$	285	$	268	$	249	$	233	$	241
Portfolio turnover rate G		4%		23%		13%		16%		16%

ACalculated based on average shares outstanding during the period.

BNet 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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

DTotal returns do not include the effect of the sales charges.

EFees 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.

FExpense 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.

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

Fidelity Advisor® Municipal Income Fund Class M

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	11.87	$	13.57	$	13.60	$	13.40	$	12.76
Income from Investment Operations
Net investment income (loss) A,B		.319		.286		.285		.308		.333
Net realized and unrealized gain (loss)		.474		(1.701)		.056		.258		.689
Total from investment operations		.793		(1.415)		.341		.566		1.022
Distributions from net investment income		(.313)		(.285)		(.284)		(.308)		(.331)
Distributions from net realized gain		-		-		(.087)		(.058)		(.051)
Total distributions		(.313)		(.285)		(.371)		(.366)		(.382)
Net asset value, end of period	$	12.35	$	11.87	$	13.57	$	13.60	$	13.40
Total Return C,D		6.80%		(10.45)%		2.53%		4.30%		8.08%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.76%		.77%		.76%		.76%		.77%
Expenses net of fee waivers, if any		.76%		.76%		.76%		.76%		.77%
Expenses net of all reductions		.76%		.76%		.76%		.76%		.77%
Net investment income (loss)		2.66%		2.33%		2.08%		2.31%		2.51%
Supplemental Data
Net assets, end of period (in millions)	$	76	$	80	$	106	$	109	$	120
Portfolio turnover rate G		4%		23%		13%		16%		16%

ACalculated based on average shares outstanding during the period.

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

DTotal returns do not include the effect of the sales charges.

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

Fidelity Advisor® Municipal Income Fund Class C

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	11.86	$	13.56	$	13.59	$	13.39	$	12.75
Income from Investment Operations
Net investment income (loss) A,B		.230		.194		.181		.206		.231
Net realized and unrealized gain (loss)		.473		(1.701)		.056		.257		.689
Total from investment operations		.703		(1.507)		.237		.463		.920
Distributions from net investment income		(.223)		(.193)		(.180)		(.205)		(.229)
Distributions from net realized gain		-		-		(.087)		(.058)		(.051)
Total distributions		(.223)		(.193)		(.267)		(.263)		(.280)
Net asset value, end of period	$	12.34	$	11.86	$	13.56	$	13.59	$	13.39
Total Return C,D		6.01%		(11.13)%		1.75%		3.51%		7.26%
Ratios to Average Net Assets B,E,F
Expenses before reductions		1.51%		1.51%		1.52%		1.53%		1.53%
Expenses net of fee waivers, if any		1.51%		1.51%		1.52%		1.53%		1.53%
Expenses net of all reductions		1.51%		1.51%		1.52%		1.53%		1.53%
Net investment income (loss)		1.91%		1.58%		1.32%		1.54%		1.75%
Supplemental Data
Net assets, end of period (in millions)	$	23	$	25	$	35	$	52	$	58
Portfolio turnover rate G		4%		23%		13%		16%		16%

ACalculated based on average shares outstanding during the period.

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

DTotal returns do not include the effect of the contingent deferred sales charge.

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

Fidelity® Municipal Income Fund

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	11.87	$	13.57	$	13.60	$	13.40	$	12.75
Income from Investment Operations
Net investment income (loss) A,B		.355		.324		.327		.350		.374
Net realized and unrealized gain (loss)		.475		(1.702)		.057		.257		.699
Total from investment operations		.830		(1.378)		.384		.607		1.073
Distributions from net investment income		(.350)		(.322)		(.327)		(.349)		(.372)
Distributions from net realized gain		-		-		(.087)		(.058)		(.051)
Total distributions		(.350)		(.322)		(.414)		(.407)		(.423)
Net asset value, end of period	$	12.35	$	11.87	$	13.57	$	13.60	$	13.40
Total Return C		7.12%		(10.18)%		2.85%		4.63%		8.50%
Ratios to Average Net Assets B,D,E
Expenses before reductions		.46%		.46%		.45%		.45%		.45%
Expenses net of fee waivers, if any		.46%		.46%		.45%		.45%		.45%
Expenses net of all reductions		.46%		.46%		.45%		.45%		.45%
Net investment income (loss)		2.97%		2.64%		2.39%		2.62%		2.83%
Supplemental Data
Net assets, end of period (in millions)	$	2,783	$	2,780	$	3,787	$	3,805	$	3,955
Portfolio turnover rate F		4%		23%		13%		16%		16%

ACalculated based on average shares outstanding during the period.

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

DFees 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.

EExpense 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.

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

Fidelity Advisor® Municipal Income Fund Class I

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	11.86	$	13.56	$	13.59	$	13.39	$	12.75
Income from Investment Operations
Net investment income (loss) A,B		.344		.311		.315		.339		.363
Net realized and unrealized gain (loss)		.475		(1.699)		.057		.257		.689
Total from investment operations		.819		(1.388)		.372		.596		1.052
Distributions from net investment income		(.339)		(.312)		(.315)		(.338)		(.361)
Distributions from net realized gain		-		-		(.087)		(.058)		(.051)
Total distributions		(.339)		(.312)		(.402)		(.396)		(.412)
Net asset value, end of period	$	12.34	$	11.86	$	13.56	$	13.59	$	13.39
Total Return C		7.04%		(10.26)%		2.76%		4.54%		8.33%
Ratios to Average Net Assets B,D,E
Expenses before reductions		.54%		.54%		.53%		.53%		.53%
Expenses net of fee waivers, if any		.54%		.54%		.53%		.53%		.53%
Expenses net of all reductions		.54%		.54%		.53%		.53%		.53%
Net investment income (loss)		2.88%		2.55%		2.31%		2.54%		2.75%
Supplemental Data
Net assets, end of period (in millions)	$	1,156	$	834	$	714	$	619	$	647
Portfolio turnover rate F		4%		23%		13%		16%		16%

ACalculated based on average shares outstanding during the period.

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

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

Fidelity Advisor® Municipal Income Fund Class Z

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	11.86	$	13.57	$	13.60	$	13.39	$	12.75
Income from Investment Operations
Net investment income (loss) A,B		.359		.327		.331		.352		.378
Net realized and unrealized gain (loss)		.476		(1.710)		.057		.269		.689
Total from investment operations		.835		(1.383)		.388		.621		1.067
Distributions from net investment income		(.355)		(.327)		(.331)		(.353)		(.376)
Distributions from net realized gain		-		-		(.087)		(.058)		(.051)
Total distributions		(.355)		(.327)		(.418)		(.411)		(.427)
Net asset value, end of period	$	12.34	$	11.86	$	13.57	$	13.60	$	13.39
Total Return C		7.17%		(10.22)%		2.88%		4.74%		8.45%
Ratios to Average Net Assets B,D,E
Expenses before reductions		.42%		.42%		.42%		.42%		.42%
Expenses net of fee waivers, if any		.42%		.42%		.42%		.42%		.42%
Expenses net of all reductions		.42%		.42%		.42%		.42%		.42%
Net investment income (loss)		3.01%		2.67%		2.42%		2.65%		2.86%
Supplemental Data
Net assets, end of period (in millions)	$	355	$	235	$	235	$	196	$	97
Portfolio turnover rate F		4%		23%		13%		16%		16%

ACalculated based on average shares outstanding during the period.

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

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

Notes to Financial Statements

For the period ended December 31, 2023

(Amounts in thousands except percentages)

1. Organization.

Fidelity Municipal Income Fund (the Fund) is a fund of Fidelity Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. 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 Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Municipal Income Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

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 RatioA
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. 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 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 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 the Fund's 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 securities 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 open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of December 31, 2023 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's 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. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 (ETFs). 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 (ETF). 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. During the period, the Fund incurred a corporate tax liability on undistributed net investment income which is included in Miscellaneous expense on the Statement of Operations. As of December 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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 declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to market discount 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, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$105,014
Gross unrealized depreciation	(148,348)
Net unrealized appreciation (depreciation)	$(43,334)
Tax Cost	$4,685,078

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$(37,793)
Net unrealized appreciation (depreciation) on securities and other investments	$(43,334)

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

Short-term	$(15,066)
Long-term	(22,727)
Total capital loss carryforward	$(37,793)

The tax character of distributions paid was as follows:

	December 31, 2023	December 31, 2022
Tax-exempt Income	$128,164	$114,383

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities (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 Municipal Income Fund	579,119	191,494

5. 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 .25% 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 annual management fee rate was .35% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.25%	$687	$25
Class M	- %	.25%	194	-A
Class C	.75%	.25%	237	37
			$1,118	$62

(A) Amount represents less than five hundred dollars.

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, .75% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$15
Class M	3
Class C A	-B
	$18

A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

B Amount represents less than five hundred dollars.

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Class A	0.1688%
Class M	0.1454%
Class C	0.1461%
Fidelity Municipal Income Fund	0.0926%
Class I	0.1749%

Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Class A	$468	.17
Class M	114	.15
Class C	35	.15
Fidelity Municipal Income Fund	2,570	.09
Class I	1,797	.18
Class Z	147	.05
	$5,131

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Municipal Income Fund	0.0141%

Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

	% of Average Net Assets
Fidelity Municipal Income Fund	.01

Subsequent Event - Management Fee. Effective March 1, 2024, the Fund's management contract will be amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate will pay certain expenses of managing and operating the Fund out of each class's management fee.

Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.

When determining a class's management fee, a mandate rate will be calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate will be subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class.

The annual management fee rate for a class of shares of the Fund will be the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Class A	0.51
Class M	0.49
Class C	0.49
Fidelity Municipal Income Fund	0.43
Class I	0.52
Class Z	0.39

One-twelfth of the management fee rate for a class will be applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month.

A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.

Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

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. 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 Municipal Income Fund	-	12,700	-

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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity Municipal Income Fund	$8

7. Expense Reductions.

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. During the period, custodian credits reduced the Fund's expenses by $2.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $142.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2023	Year ended December 31, 2022
Fidelity Municipal Income Fund
Distributions to shareholders
Class A	$7,118	$5,541
Class M	2,028	2,073
Class C	442	435
Fidelity Municipal Income Fund	80,821	81,658
Class I	29,017	18,130
Class Z	8,738	6,546
Total	$128,164	$114,383

9. Share Transactions.

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2023	Year ended December 31, 2022	Year ended December 31, 2023	Year ended December 31, 2022
Fidelity Municipal Income Fund
Class A
Shares sold	3,568	9,594	$42,727	$115,427
Reinvestment of distributions	535	411	6,403	4,981
Shares redeemed	(3,599)	(5,727)	(42,868)	(69,759)
Net increase (decrease)	504	4,278	$6,262	$50,649
Class M
Shares sold	162	276	$1,943	$3,355
Reinvestment of distributions	150	150	1,790	1,825
Shares redeemed	(891)	(1,491)	(10,686)	(18,102)
Net increase (decrease)	(579)	(1,065)	$(6,953)	$(12,922)
Class C
Shares sold	420	511	$5,060	$6,199
Reinvestment of distributions	34	34	411	410
Shares redeemed	(767)	(967)	(9,192)	(11,857)
Net increase (decrease)	(313)	(422)	$(3,721)	$(5,248)
Fidelity Municipal Income Fund
Shares sold	25,181	40,481	$299,407	$491,259
Reinvestment of distributions	4,986	4,697	59,681	57,042
Shares redeemed	(38,976)	(89,945)	(465,366)	(1,101,537)
Net increase (decrease)	(8,809)	(44,767)	$(106,278)	$(553,236)
Class I
Shares sold	54,308	56,827	$648,131	$682,902
Reinvestment of distributions	944	657	11,282	7,979
Shares redeemed	(31,890)	(39,781)	(378,696)	(480,093)
Net increase (decrease)	23,362	17,703	$280,717	$210,788
Class Z
Shares sold	16,561	26,980	$198,051	$329,960
Reinvestment of distributions	582	414	6,953	5,017
Shares redeemed	(8,184)	(24,933)	(97,187)	(300,647)
Net increase (decrease)	8,959	2,461	$107,817	$34,330

10. 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.

11. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Municipal Trust and Shareholders of Fidelity Municipal Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Municipal Income Fund (one of the funds constituting Fidelity Municipal Trust, referred to hereafter as the "Fund") as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian and broker; when replies were not received from broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 9, 2024

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

TRUSTEES AND OFFICERS

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 314 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's alternative investment, high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.

Christine J. Thompson (1958)

Year of Election or Appointment: 2023

Trustee

Ms. Thompson also serves as a Trustee of other Fidelity® funds. Ms. Thompson serves as Leader of Advanced Technologies for Investment Management at Fidelity Investments (2018-present). Previously, Ms. Thompson served as Chief Investment Officer in the Bond group at Fidelity Management & Research Company (2010-2018) and held various other roles including Director of municipal bond portfolio managers and Portfolio Manager of certain Fidelity® funds.

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).

Laura M. Bishop (1961)

Year of Election or Appointment: 2023

Trustee

Ms. Bishop also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting). Previously, Ms. Bishop served as a Member of the Advisory Board of certain Fidelity® funds (2022-2023).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Robert W. Helm (1957)

Year of Election or Appointment: 2023

Trustee

Mr. Helm also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon. Previously, Mr. Helm served as a Member of the Advisory Board of certain Fidelity® funds (2021-2023).

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).

Carol J. Zierhoffer (1960)

Year of Election or Appointment: 2023

Trustee

Ms. Zierhoffer also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016), and as a Member of the Advisory Board of certain Fidelity® funds (2023).

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupation

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter is a Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments. Mr. Carter serves as Chief Legal Officer of Fidelity Investments Institutional Operations Company LLC - Shareholder Division (transfer agent, 2020-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).

Robin Foley (1964)

Year of Election or Appointment: 2023

Vice President

Ms. Foley also serves as Vice President of other funds. Ms. Foley serves as Head of Fidelity's Fixed Income division (2023-present) and is an employee of Fidelity Investments. Previously, Ms. Foley served as Chief Investment Officer of Bonds (2017-2023).

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia is a Senior Vice President of Asset Management Compliance (2019-present) and is an employee of Fidelity Investments. Mr. Gouveia serves as Compliance Officer of Fidelity Management Trust Company (2023-present). Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

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 (July 1, 2023 to December 31, 2023).

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 July 1, 2023	Ending Account Value December 31, 2023	Expenses Paid During Period- C July 1, 2023 to December 31, 2023
Fidelity® Municipal Income Fund
Class A	.78%
Actual		$ 1,000	$ 1,037.90	$ 4.01
Hypothetical-B		$ 1,000	$ 1,021.27	$ 3.97
Class M	.75%
Actual		$ 1,000	$ 1,037.10	$ 3.85
Hypothetical-B		$ 1,000	$ 1,021.42	$ 3.82
Class C	1.49%
Actual		$ 1,000	$ 1,033.20	$ 7.64
Hypothetical-B		$ 1,000	$ 1,017.69	$ 7.58
Fidelity® Municipal Income Fund	.45%
Actual		$ 1,000	$ 1,039.50	$ 2.31
Hypothetical-B		$ 1,000	$ 1,022.94	$ 2.29
Class I	.53%
Actual		$ 1,000	$ 1,039.10	$ 2.72
Hypothetical-B		$ 1,000	$ 1,022.53	$ 2.70
Class Z	.41%
Actual		$ 1,000	$ 1,038.90	$ 2.11
Hypothetical-B		$ 1,000	$ 1,023.14	$ 2.09

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

B 5% return per year before expenses

C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

During fiscal year ended 2023, 100% of the fund's income dividends was free from federal income tax, and 17.98% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Municipal Income Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's 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's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. 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 from time to time 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 2023 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 the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees in 2022); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (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. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

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 in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. 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.

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, managing, training, 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 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 Fidelity 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 Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity 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 fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of 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 and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to 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 considered annualized return information for the fund for different time periods, measured against appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered 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 over different 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. 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.

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 was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees]. The Board 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.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for 2022 and below the competitive median of the asset size peer group for 2022. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for 2022 and below the competitive median of the total expense asset size peer group for 2022.

The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, and Class Z of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 0.80%, 0.80%, 1.55%, 0.55%, and 0.46% through April 30, 2024.

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, 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. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund 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 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 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 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 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 Fidelity's views regarding portfolio manager investment in the Fidelity funds that they manage; (iii) hiring, training, and retaining personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers 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, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends and market conditions; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (x) information concerning expense limitations applicable to certain funds; and (xi) matters related to money market funds, exchange-traded funds, and target date funds.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2024.

Proxy Voting Results

A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
	# of Votes	% of Votes
Abigail P. Johnson
Affirmative	11,160,118,778.550	97.240
Withheld	316,510,692.230	2.760
TOTAL	11,476,629,470.780	100.000
Jennifer Toolin McAuliffe
Affirmative	11,160,843,041.160	97.250
Withheld	315,786,429.620	2.750
TOTAL	11,476,629,470.780	100.000
Christine J. Thompson
Affirmative	11,156,602,115.000	97.210
Withheld	320,027,355.780	2.790
TOTAL	11,476,629,470.780	100.000
Elizabeth S. Acton
Affirmative	11,110,214,430.850	96.810
Withheld	366,415,039.930	3.190
TOTAL	11,476,629,470.780	100.000
Laura M. Bishop
Affirmative	11,132,012,161.210	97.000
Withheld	344,617,309.570	3.000
TOTAL	11,476,629,470.780	100.000
Ann E. Dunwoody
Affirmative	11,125,767,777.290	96.940
Withheld	350,861,693.490	3.060
TOTAL	11,476,629,470.780	100.000
John Engler
Affirmative	11,009,456,697.420	95.930
Withheld	467,172,773.360	4.070
TOTAL	11,476,629,470.780	100.000
Robert F. Gartland
Affirmative	11,139,433,974.390	97.060
Withheld	337,195,496.390	2.940
TOTAL	11,476,629,470.780	100.000
Robert W. Helm
Affirmative	11,140,155,147.040	97.070
Withheld	336,474,323.740	2.930
TOTAL	11,476,629,470.780	100.000
Arthur E. Johnson
Affirmative	11,087,922,630.810	96.610
Withheld	388,706,839.970	3.390
TOTAL	11,476,629,470.780	100.000
Michael E. Kenneally
Affirmative	11,003,372,175.210	95.880
Withheld	473,257,295.570	4.120
TOTAL	11,476,629,470.780	100.000
Mark A. Murray
Affirmative	11,139,176,322.830	97.060
Withheld	337,453,147.950	2.940
TOTAL	11,476,629,470.780	100.000
Carol J. Zierhoffer
Affirmative	11,137,882,609.000	97.050
Withheld	338,746,861.780	2.950
TOTAL	11,476,629,470.780	100.000

Proposal 1 reflects trust wide proposal and voting results.

1.539263.126

HIY-ANN-0224

Fidelity® Conservative Income Municipal Bond Fund

Annual Report

December 31, 2023

Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2023	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 1.50% sales charge)	1.98%	1.03%	0.90%
Fidelity® Conservative Income Municipal Bond Fund	3.66%	1.36%	1.07%
Class I	3.64%	1.36%	1.06%
Class Z	3.67%	1.37%	1.07%

The initial offering of Classes A, I and Z shares took place on May 25, 2023. Returns prior to May 25, 2023 are those of Fidelity Conservative Income Municipal Bond Fund.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Conservative Income Municipal Bond Fund, a class of the fund, on December 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Municipal Bond 1 Year (1-2 Y) Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

Comments from Co-Portfolio Managers Cormac Cullen, Michael Maka and Elizah McLaughlin:

For the year, the fund's share classes (excluding sales charges, if any), gained roughly 3.5% to 3.7%, versus the 3.39% advance of 50% Bloomberg 1-Year Municipal Bond Index/50% iMoneyNet Tax-Free National Retail Blend Index, and the identical gain of the benchmark, the Bloomberg Municipal 1 Year (1-2Y) Bond Index. The past 12 months, we focused on long-term objectives and sought to generate attractive tax-exempt income and a competitive risk-adjusted return. Versus the 50% Bloomberg 1-year/50% iMoneynet index, the fund's carry advantage, meaning its larger-than-index exposure to high-coupon bonds that were somewhat cushioned from rising interest rates, added value. The fund had less interest rate sensitivity, as measured by its shorter duration, than the index, which also boosted the relative result as short-term bond yields rose. Yield-curve positioning further helped, particularly the fund's overweights to weekly rate reset Variable Rate Demand Notes and Tender Option Bonds. In contrast, the fund's exposure to low-coupon securities trading at par (face) value detracted from relative performance. Differences in the way fund holdings and index components were priced also hurt the relative result. Fund holdings are priced by a third-party pricing service and validated daily by Fidelity Management and Research's fair-value processes. Securities within the index, however, are priced by the index provider.

Note to shareholders:

In March 2023, the Board of Trustees approved a proposal to consolidate the fund's Retail and Institutional share classes into a single share class. The consolidation took place at the close of business on March 31, and the surviving class was renamed Fidelity Conservative Income Municipal Bond Fund. As part of this initiative, the $1 million purchase minimum was removed. The changes do not impact how the fund is managed.

Investment Summary December 31, 2023 (Unaudited)

Top Five States (% of Fund's net assets)

California	14.1
Texas	11.4
Pennsylvania	7.0
Illinois	5.5
New York	5.4

Revenue Sources (% of Fund's net assets)
Synthetics	23.2
General Obligations	12.6
Industrial Development	12.2
Transportation	10.7
Resource Recovery	10.1
Health Care	6.8
Electric Utilities	5.6
Others* (Individually Less Than 5%)	18.8
	100.0

*Includes net other assets

Quality Diversification (% of Fund's net assets)

Maturity Diversification (% of Fund's Investments)
Days
1 - 7	35.2
8 - 30	1.1
31 - 60	12.8
61 - 90	0.9
91 - 180	6.3
> 180	43.7
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

Schedule of Investments December 31, 2023

Showing Percentage of Net Assets

Municipal Bonds - 57.6%
	Principal Amount (a)	Value ($)
Alabama - 1.5%
Black Belt Energy Gas District:
Bonds Series 2022 D1, 4%, tender 6/1/27 (b)	5,640,000	5,671,041
Series 2022 C, 5.25% 6/1/24	145,000	145,884
Series 2022 C1:
5.25% 12/1/24	405,000	410,768
5.25% 12/1/25	530,000	546,500
5.25% 6/1/26	1,225,000	1,272,392
Series 2022 E:
5% 6/1/24	1,520,000	1,528,537
5% 6/1/25	1,585,000	1,614,863
5% 6/1/26	2,185,000	2,257,021
Series 2023 C:
5.5% 6/1/26	900,000	928,823
5.5% 6/1/27	385,000	402,289
Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds (Alabama Pwr. Co. Barry Plant Proj.):
Series 2007 C, 3.78%, tender 6/16/26 (b)	1,380,000	1,392,802
Series 2008, 3.65%, tender 1/10/25 (b)	10,600,000	10,617,651
Southeast Alabama Gas Supply District Bonds:
(Proj. No. 2) Series 2018 A, 4%, tender 6/1/24 (b)	9,915,000	9,919,790
Series 2018 A, 4%, tender 4/1/24 (b)	1,185,000	1,185,472
Southeast Energy Auth. Rev. (Proj. No. 2) Series 2021 B1:
4% 6/1/24	510,000	510,307
4% 6/1/25	615,000	617,363
TOTAL ALABAMA		39,021,503
Alaska - 0.1%
Alaska Int'l. Arpts. Revs. Series 2021 C, 5% 10/1/25 (c)	1,695,000	1,740,433
Arizona - 3.4%
Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A, 5% 12/1/24	1,000,000	1,016,345
Chandler Indl. Dev. Auth. Indl. Dev. Rev.:
(Intel Corp. Proj.) Series 2022 2, 5%, tender 9/1/27 (b)(c)	19,750,000	20,541,092
Bonds (Intel Corp. Proj.) Series 2019, 5%, tender 6/3/24 (b)(c)	47,785,000	47,877,846
Coconino County Poll. Cont. Corp. Rev. Bonds (Navada Pwr. Co. Projs.) Series 2017 A, 4.125%, tender 3/31/26 (b)(c)	2,300,000	2,320,432
Maricopa County Rev. Bonds:
Series 2023 A1, 5%, tender 5/15/26 (b)	3,760,000	3,920,611
Series C, 5%, tender 10/18/24 (b)	945,000	958,123
Phoenix Civic Impt. Board Arpt. Rev.:
Series 2018, 5% 7/1/24 (c)	785,000	790,977
Series 2023:
5% 7/1/24 (c)	900,000	906,853
5% 7/1/26 (c)	1,815,000	1,893,378
Phoenix Indl. Solid Waste Disp. Rev. Bonds (Republic Svc., Inc. Proj.) Series 2013, 4.9%, tender 2/1/24 (b)(c)	8,035,000	8,036,152
Yuma Pledged Rev. Series 2021, 4% 7/1/24	300,000	301,412
TOTAL ARIZONA		88,563,221
California - 5.2%
Anaheim Pub. Fing. Auth. Lease Rev. Series 1997, 0% 9/1/25 (Assured Guaranty Muni. Corp. Insured)	10,000,000	9,486,778
California Health Facilities Fing. Auth. Rev. Bonds Series 2016 B2, 4%, tender 10/1/24 (b)	13,085,000	13,115,628
California Muni. Fin. Auth. Envir. Bonds (Aymium Williams Proj.) Series 2023, 4%, tender 6/21/24 (b)(c)(d)	7,000,000	7,000,064
California Muni. Fin. Auth. Solid Waste Disp. Rev. Bonds:
(Republic Svcs., Inc. Proj.):
Series 2021 A, 4.7%, tender 4/1/24 (b)(c)	13,300,000	13,305,373
Series 2021 B, 4.2%, tender 1/16/24 (b)(c)	10,300,000	10,297,930
(Waste Mgmt., Inc. Proj.):
Series 2009 A, 1.3%, tender 2/3/25 (b)(d)	750,000	728,732
Series 2017 A, 4.25%, tender 12/2/24 (b)(c)	12,600,000	12,622,006
Series 2020, 4.5%, tender 3/1/24 (b)(c)	13,100,000	13,102,586
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs. INC. Proj.) Series 2023, 4.25%, tender 2/15/24 (b)(c)(d)	19,100,000	19,088,704
California Pub. Works Board Lease Rev. (Various Cap. Projs.) Series 2022 C, 5% 8/1/24	1,925,000	1,949,417
Los Angeles Dept. Arpt. Rev.:
Series 2019 A, 5% 5/15/24 (c)	705,000	709,277
Series 2020 C, 5% 5/15/24 (c)	500,000	503,033
Series 2022 C:
5% 5/15/25 (c)	1,475,000	1,509,686
5% 5/15/26 (c)	3,595,000	3,740,609
Series 2022 G, 5% 5/15/25 (c)	995,000	1,018,398
Series 2023 A:
5% 5/15/24 (c)	700,000	704,247
5% 5/15/25 (c)	465,000	475,935
5% 5/15/26 (c)	805,000	837,605
Series B, 5% 5/15/24 (c)	1,065,000	1,071,461
Port of Oakland Rev. Series H, 5% 5/1/26 (c)	2,750,000	2,870,482
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Series 2019 B, 5% 7/1/24 (c)	500,000	503,562
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.:
Series 2017 D, 5% 5/1/24 (c)	1,000,000	1,005,688
Series 2019 H:
5% 5/1/24 (Escrowed to Maturity) (c)	550,000	553,327
5% 5/1/27 (c)	6,000,000	6,343,560
Series 2023 A:
5% 5/1/24 (c)	2,500,000	2,514,220
5% 5/1/25 (c)	1,510,000	1,548,122
5% 5/1/26 (c)	5,920,000	6,145,544
San Jose Int. Arpt. Rev. Series 2021 B, 5% 3/1/25	375,000	385,152
TOTAL CALIFORNIA		133,137,126
Colorado - 0.9%
Colorado Health Facilities Auth. Rev. Bonds Series 2022 A:
5% 11/1/24	430,000	434,926
5% 11/1/25	400,000	411,051
Colorado Univ. Co. Hosp. Auth. Rev. Bonds Series 2019 C, 5%, tender 11/15/24 (b)	700,000	703,964
Denver City & County Arpt. Rev.:
Series 2017 A, 5% 11/15/24 (c)	825,000	834,735
Series 2018 A, 5% 12/1/27 (c)	4,450,000	4,754,698
Series 2022 A:
5% 11/15/24 (c)	1,000,000	1,011,800
5% 11/15/25 (c)	2,450,000	2,519,908
Series 2022 D:
5% 11/15/25 (c)	4,000,000	4,127,324
5.25% 11/15/26 (c)	4,985,000	5,273,870
Maiker Hsg. Partners Colo Multi Bonds Series 2023, 4.5%, tender 5/1/26 (b)	3,175,000	3,177,729
TOTAL COLORADO		23,250,005
Connecticut - 1.6%
Connecticut Gen. Oblig.:
Series 2013 A, 4.86% 3/1/25 (b)	1,075,000	1,080,469
Series 2016 B, 5% 5/15/25	505,000	519,954
Series 2021 D, 5% 7/15/24	1,760,000	1,779,161
Series A:
3% 1/15/24	500,000	499,978
3% 4/15/24	500,000	499,915
4% 1/15/24	465,000	465,148
Connecticut Health & Edl. Facilities Auth. Rev.:
Bonds:
Series 1999 U2, 1.1%, tender 2/11/25 (b)	3,600,000	3,498,940
Series 2010 A3, 0.25%, tender 2/9/24 (b)	11,800,000	11,758,753
Series 2010 A4, 1.1%, tender 2/11/25 (b)	9,050,000	8,795,947
Series 2014 B, 1.8%, tender 7/1/24 (b)	980,000	969,249
Series 2017 B2, 3.2%, tender 7/1/26 (b)	2,910,000	2,940,285
Series 2022 L, 5% 7/1/25	450,000	462,725
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.:
Series 2015 A, 5% 8/1/26	1,000,000	1,035,261
Series 2021 A, 5% 5/1/26	1,270,000	1,340,007
Series 2021 C, 5% 1/1/24	1,340,000	1,340,000
Hartford Gen. Oblig. Series 2015 C, 5% 7/15/25 (Assured Guaranty Muni. Corp. Insured)	1,910,000	1,974,307
New Haven Gen. Oblig. Series 2023:
5% 8/1/24	600,000	605,712
5% 8/1/25	500,000	514,244
5% 8/1/26 (Build America Mutual Assurance Insured)	700,000	736,943
5% 8/1/27 (Build America Mutual Assurance Insured)	650,000	698,069
TOTAL CONNECTICUT		41,515,067
Delaware - 0.1%
Delaware Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr. & Lt. Co. Proj.) Series A, 1.05%, tender 7/1/25 (b)	580,000	557,203
Delaware Trans. Auth. Grant Series 2020, 5% 9/1/24	850,000	861,875
TOTAL DELAWARE		1,419,078
District Of Columbia - 0.9%
District of Columbia Gen. Oblig. Series 2021 D, 4% 2/1/24	325,000	325,271
Metropolitan Washington DC Arpts. Auth. Sys. Rev.:
Series 2014 A, 5% 10/1/26 (c)	950,000	956,692
Series 2018 A, 5% 10/1/24 (c)	5,675,000	5,734,950
Series 2019 A:
5% 10/1/24 (c)	3,000,000	3,031,691
5% 10/1/26 (c)	1,300,000	1,362,992
Series 2020 A, 5% 10/1/24 (c)	7,200,000	7,276,059
Series 2022 A, 5% 10/1/24 (c)	1,300,000	1,313,733
Series 2023 A, 5% 10/1/26 (c)	1,965,000	2,060,214
Washington Metropolitan Area Transit Auth. Series 2023 A, 5% 7/15/25	1,000,000	1,034,127
TOTAL DISTRICT OF COLUMBIA		23,095,729
Florida - 2.6%
Broward County Arpt. Sys. Rev. Series 2017, 5% 10/1/24 (c)	500,000	504,951
Broward County Fin. Auth. Multi-family Hsg. Rev. Bonds Series 2023, 4.05%, tender 3/1/26 (b)	1,875,000	1,899,194
Broward County Port Facilities Rev. Series 2022, 5% 9/1/27 (c)	1,995,000	2,110,582
Broward County School Board Ctfs. of Prtn. Series 2022 A, 5% 7/1/25	1,590,000	1,640,850
Citizens Property Ins. Corp. Series 2015 A1, 5% 6/1/25 (Pre-Refunded to 12/1/24 @ 100)	4,705,000	4,777,655
Duval County School Board Ctfs. of Prtn. Series 2022 A:
5% 7/1/25 (Assured Guaranty Muni. Corp. Insured)	2,795,000	2,874,862
5% 7/1/26 (Assured Guaranty Muni. Corp. Insured)	4,900,000	5,173,098
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev. Bonds:
Series 2023 B, 5%, tender 2/1/26 (b)	1,550,000	1,598,730
Series 2023 C, 5%, tender 12/1/25 (b)	1,110,000	1,140,509
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Series 2016 A, 5% 10/1/25 (Escrowed to Maturity) (c)	575,000	591,397
Hillsborough Co. Sldwst and Resource Receivables Series 2016 A, 5% 9/1/26 (c)	2,260,000	2,390,968
Hillsborough County Aviation Auth. Rev. Series 2022 A:
5% 10/1/24 (c)	4,570,000	4,621,307
5% 10/1/25 (c)	1,860,000	1,914,317
Jacksonville Spl. Rev. Series 2022 A:
5% 10/1/24	580,000	589,302
5% 10/1/25	455,000	473,399
Lee County Arpt. Rev. Series 2021 A, 5% 10/1/24 (c)	1,530,000	1,546,050
Lee County Hsg. Fin. Auth. Multi-family Hsg. Rev. Bonds Series 2023 A, 3.55%, tender 8/1/27 (b)	2,500,000	2,498,331
Miami Dade County Hsg. Multifamily Hsg. Rev. Bonds:
Series 2023 B, 4.05%, tender 9/1/25 (b)	1,090,000	1,099,771
Series 2023:
3.55%, tender 1/1/26 (b)	4,670,000	4,672,415
5%, tender 9/1/25 (b)	3,805,000	3,885,802
5%, tender 9/1/25 (b)	2,090,000	2,141,514
5%, tender 10/1/25 (b)	6,385,000	6,579,135
Miami-Dade County Aviation Rev. Series 2012 A, 5% 10/1/24	895,000	896,188
Miami-Dade County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds Series 2011, 5%, tender 11/1/24 (b)(c)	3,750,000	3,768,870
Okeechobee County Solid Waste Rev. Bonds (Waste Mgmt., Inc.-Okeechobee Landfill Proj.) Series 2004 A, 0.55%, tender 7/1/24 (b)	1,500,000	1,474,193
Orange County Health Facilities Auth. Bonds Series 2021 C, 5%, tender 11/15/26 (b)	2,860,000	3,022,382
Orlando Utils. Commission Util. Sys. Rev. Series 2013 A, 5% 10/1/24	500,000	507,759
Pasco County Tax Alloc Series 2023 A, 5.25% 9/1/25 (Assured Guaranty Muni. Corp. Insured)	250,000	258,760
Pasco County School Board Ctfs. of Prtn. Series 2022 A, 5% 8/1/26	1,045,000	1,103,352
Polk County Hsg. Fin. Auth. Multi-family Hsg. Rev. Bonds Series 2023, 4.15%, tender 6/1/26 (b)	2,040,000	2,079,353
TOTAL FLORIDA		67,834,996
Georgia - 0.8%
Atlanta Arpt. Rev.:
Series 2014 C, 5% 1/1/24 (c)	2,400,000	2,400,000
Series 2020 B, 5% 7/1/25 (c)	1,115,000	1,141,601
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)	2,970,000	2,992,514
Series 2012, 2.875%, tender 8/19/25 (b)	3,575,000	3,511,370
Fayette County Hosp. Auth. Rev. Bonds (Piedmont Healthcare, Inc. Proj.) Series 2019 A, 5%, tender 7/1/24 (b)	1,140,000	1,141,248
Georgia Muni. Elec. Auth. Pwr. Rev.:
Series 2021 A:
5% 1/1/24	335,000	335,000
5% 1/1/25 (Assured Guaranty Muni. Corp. Insured)	200,000	203,699
Series 2022 A:
5% 7/1/24 (Assured Guaranty Muni. Corp. Insured)	335,000	337,616
5% 7/1/25 (Assured Guaranty Muni. Corp. Insured)	350,000	359,071
5% 7/1/26 (Assured Guaranty Muni. Corp. Insured)	365,000	384,801
Main Street Natural Gas, Inc.:
Bonds Series 2019 B, 4%, tender 12/2/24 (b)	2,030,000	2,034,506
Series 2022 A, 4% 12/1/25	1,260,000	1,261,138
Series 2023 B:
5% 9/1/25	350,000	357,716
5% 9/1/26	675,000	701,596
Series 2023 D:
5% 12/1/24	300,000	302,506
5% 12/1/25	550,000	561,030
5% 12/1/26	305,000	314,881
Monroe County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Scherer Proj.) Series 2012, 3.875%, tender 3/6/26 (b)	2,715,000	2,737,695
TOTAL GEORGIA		21,077,988
Guam - 0.1%
Guam Pwr. Auth. Rev. Series 2022 A:
5% 10/1/24	1,235,000	1,245,776
5% 10/1/25	1,545,000	1,580,348
TOTAL GUAM		2,826,124
Hawaii - 0.2%
Honolulu City & County Multi-family housing Rev. Bonds Series 2023, 5%, tender 6/1/26 (b)	5,480,000	5,699,239
Illinois - 5.2%
Chicago Midway Arpt. Rev. Series 2023, 5% 1/1/27 (Build America Mutual Assurance Insured) (c)	1,000,000	1,050,182
Chicago O'Hare Int'l. Arpt. Rev.:
Series 2022 A, 5% 1/1/25 (c)	1,095,000	1,110,625
Series 2022 C:
5% 1/1/25 (c)	2,250,000	2,282,105
5% 1/1/26 (c)	1,200,000	1,237,122
Chicago Park District Gen. Oblig.:
Series 2014 B, 5% 1/1/24	615,000	615,000
Series 2021 D, 4% 1/1/24	100,000	100,000
Series 2021 E, 4% 1/1/24	1,340,000	1,340,000
Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2021, 5% 6/1/24	625,000	628,510
Chicago Wtr. Rev.:
Series 2017 2, 5% 11/1/24	1,000,000	1,013,503
Series 2023 B:
5% 11/1/24	1,250,000	1,266,879
5% 11/1/25	1,000,000	1,032,835
Cook County Gen. Oblig.:
Series 2021 A, 5% 11/15/24	450,000	457,550
Series 2022 A:
5% 11/15/24	5,940,000	6,039,659
5% 11/15/25	4,370,000	4,541,336
Cook County Sales Tax Rev. Series 2022 A, 5% 11/15/25	675,000	701,465
Illinois Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2019, 5%, tender 11/1/24 (b)(c)	12,500,000	12,562,900
Illinois Fin. Auth. Series 2022 A, 5% 10/1/24	160,000	160,647
Illinois Gen. Oblig.:
Series 2016, 5% 11/1/24	800,000	811,504
Series 2017 D:
5% 11/1/24	26,200,000	26,578,582
5% 11/1/26	1,460,000	1,539,542
Series 2019 B, 5% 9/1/25	595,000	612,866
Series 2022 A, 5% 3/1/25	2,070,000	2,112,841
Series 2022 B:
5% 3/1/24	4,105,000	4,114,944
5% 3/1/25	16,255,000	16,591,413
5% 3/1/26	6,060,000	6,300,560
Series 2023 C, 5% 5/1/26	4,000,000	4,175,927
Series 2023 D, 5% 7/1/25	12,565,000	12,907,805
Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev. Bonds Series 2023:
4%, tender 6/1/25 (b)	2,940,000	2,957,332
5%, tender 2/1/26 (b)	1,405,000	1,446,039
5%, tender 2/1/26 (b)	1,520,000	1,564,398
Illinois Sales Tax Rev.:
Series 2021 A, 4% 6/15/24	3,195,000	3,205,108
Series 2021 C, 5% 6/15/25	270,000	276,134
Metropolitan Pier & Exposition:
Series 2010 B1, 0% 6/15/26 (Assured Guaranty Muni. Corp. Insured)	1,130,000	1,043,109
Series 2022 A, 3% 6/15/24	1,870,000	1,861,902
Railsplitter Tobacco Settlement Auth. Rev. Series 2017:
5% 6/1/24 (Escrowed to Maturity)	1,535,000	1,547,084
5% 6/1/26 (Escrowed to Maturity)	1,000,000	1,053,799
Sales Tax Securitization Corp.:
Series 2023 C, 5% 1/1/24	4,630,000	4,630,000
Series 2023 D, 5% 1/1/24	2,315,000	2,315,000
Univ. of Illinois Rev. Series 2023, 5% 10/1/27	400,000	429,601
TOTAL ILLINOIS		134,215,808
Indiana - 1.2%
Indianapolis Local Pub. Impt.:
(Indianapolis Arpt. Auth. Proj.):
Series 2015 I, 4% 1/1/24 (c)	7,740,000	7,740,000
Series 2019 D, 5% 1/1/25 (c)	5,765,000	5,846,697
Indianapolis Arpt. Auth. Proj. Series 2019 D, 5% 1/1/26 (c)	4,775,000	4,922,715
Series 2016, 5% 1/1/26 (c)	2,000,000	2,061,870
Series 2022 G2:
5% 1/1/25 (c)	85,000	86,205
5% 1/1/26 (c)	405,000	417,529
Indianapolis Local Pub. Impt. Bond Bank (Indianapolis Arpt. Auth. Proj.) Series 2023 I2:
5% 1/1/25 (c)	1,715,000	1,739,304
5% 1/1/26 (c)	1,050,000	1,082,482
5% 1/1/27 (c)	2,100,000	2,199,265
Whiting Envir. Facilities Rev. Bonds (BP Products North America, Inc. Proj.) Series 2017, 5%, tender 11/1/24 (b)(c)	5,865,000	5,895,313
TOTAL INDIANA		31,991,380
Iowa - 0.0%
Iowa Student Ln. Liquidity Corp. Student Ln. Rev.:
Series 2015 A, 5% 12/1/24 (c)	500,000	505,697
Series 2023 B, 5% 12/1/26 (c)	600,000	624,140
TOTAL IOWA		1,129,837
Kansas - 0.0%
Olathe Gen. Oblig. Series 2017 230, 2.5% 10/1/27	1,130,000	1,095,084
Kentucky - 0.9%
Kentucky Asset/Liability Commission Gen. Fund Rev. Series 2021 A, 5% 11/1/24	1,000,000	1,015,557
Kentucky, Inc. Pub. Energy Bonds:
Series 2018 A, 4%, tender 3/15/24 (b)	3,845,000	3,854,679
Series C1, 4%, tender 6/1/25 (b)	5,070,000	5,079,042
Trimble County Envirl Facilities Re Bonds Series 2023, 4.7%, tender 6/1/27 (b)(c)	12,995,000	13,194,963
TOTAL KENTUCKY		23,144,241
Louisiana - 0.1%
St. John Baptist Parish Rev. Bonds (Marathon Oil Corp.) Series 2017, 4.05%, tender 7/1/26 (b)	2,855,000	2,823,011
Maine - 0.2%
Maine Hsg. Auth. Mtg. Bonds Series 2023 B, 3.125%, tender 5/1/24 (b)	5,390,000	5,390,000
Maryland - 0.5%
Maryland Cmnty. Dev. Admin Dept. Hsg. & Cmnty. Dev. Series 2023 D, 3.5% 1/1/26	7,570,000	7,591,309
Maryland Dept. of Trans. Series 2022 A, 5% 12/1/24	550,000	560,883
Maryland Health & Higher Edl. Bonds Series 2020, 5%, tender 7/1/25 (b)	2,755,000	2,802,152
Maryland Stadium Auth. Built to Learn Rev. Series 2022 A:
5% 6/1/24	730,000	735,717
5% 6/1/25	905,000	931,372
Maryland Trans. Auth. Passenger Facility Charge Rev. Series 2019, 5% 6/1/24 (c)	1,000,000	1,004,717
TOTAL MARYLAND		13,626,150
Massachusetts - 1.6%
Massachusetts Dev. Fin. Agcy. Rev.:
Series 2016 I, 5% 7/1/25	1,150,000	1,180,822
Series 2021 I, 5% 10/1/24	900,000	910,834
Massachusetts Edl. Fing. Auth. Rev.:
Series 2014 I, 5% 1/1/25 (c)	3,400,000	3,449,514
Series 2015 A, 5% 1/1/24 (c)	18,160,000	18,160,000
Series 2017 A, 5% 7/1/25 (c)	1,430,000	1,462,646
Series 2018 B, 5% 7/1/25 (c)	5,380,000	5,502,822
Series 2019 B, 5% 7/1/25 (c)	1,000,000	1,022,829
Series 2020 C, 5% 7/1/24 (c)	600,000	604,245
Series 2022 B:
5% 7/1/24 (c)	525,000	528,714
5% 7/1/25 (c)	2,800,000	2,863,922
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Series 2015 C, 5% 8/15/27	4,605,000	4,779,557
TOTAL MASSACHUSETTS		40,465,905
Michigan - 0.8%
Michigan Fin. Auth. Rev.:
(Detroit Reg'l. Convention Facility Auth. Local Proj.) Series 2014 H1, 5% 10/1/24	850,000	851,128
Series 2015 D1, 0.55% 10/15/24	1,700,000	1,662,789
Series 2022:
5% 4/15/25	2,840,000	2,909,040
5% 4/15/26	4,735,000	4,945,288
Michigan Gen. Oblig. Series 2016, 5% 3/15/24	500,000	502,062
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Series 2022 A, 2.5% 6/1/25	1,215,000	1,188,596
Oakland Univ. Rev.:
Series 2022 A:
5% 3/1/24	175,000	175,510
5% 3/1/25	200,000	204,605
Series 2022 B:
5% 3/1/24	350,000	351,021
5% 3/1/25	1,185,000	1,212,283
Southfield Pub. Schools Series 2023:
5% 5/1/25	2,000,000	2,056,822
5% 5/1/26	2,325,000	2,448,305
Wayne County Arpt. Auth. Rev.:
Series 2015 F, 5% 12/1/26 (c)	890,000	907,957
Series 2017 E, 4% 12/1/25 (c)(d)	1,725,000	1,738,576
TOTAL MICHIGAN		21,153,982
Minnesota - 0.4%
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2022 B:
5% 1/1/24 (c)	565,000	565,000
5% 1/1/25 (c)	1,370,000	1,390,623
5% 1/1/26 (c)	905,000	932,996
Minnesota Hsg. Fin. Agcy.:
Series 2022 A, 5% 8/1/24	910,000	920,232
Series 2022 B:
5% 8/1/24	1,155,000	1,167,987
5% 8/1/25	1,710,000	1,765,390
5% 8/1/26	1,700,000	1,795,796
Series H, 0.7% 7/1/24 (c)	200,000	196,178
Northern Muni. Pwr. Agcy. Elec. Sys. Rev. Series 2023:
5% 1/1/25	325,000	330,818
5% 1/1/26	375,000	389,393
5% 1/1/27	575,000	609,931
TOTAL MINNESOTA		10,064,344
Missouri - 0.1%
Kansas City Planned Indl. Expansion Bonds Series 2023, 5%, tender 7/1/27 (b)	2,405,000	2,520,753
Nebraska - 0.2%
Central Plains Energy Proj. Rev. Bonds Series 2019, 2.5%, tender 8/1/25 (b)	3,510,000	3,428,280
Nebraska Pub. Pwr. District Rev. Series 2017 B, 5% 1/1/25	650,000	663,304
TOTAL NEBRASKA		4,091,584
Nevada - 0.9%
Clark County Arpt. Rev. Series 2021 B, 5% 7/1/24 (c)	3,720,000	3,747,230
Clark County Poll. Cont. Rev. Bonds (Nevada Pwr. Co. Proj.) Series 2017, 3.75%, tender 3/31/26 (b)	1,435,000	1,451,171
Clark County School District:
Series 2015 C, 5% 6/15/27	1,800,000	1,877,754
Series 2016 F, 4% 6/15/24	500,000	500,298
Series 2020 A, 3% 6/15/25 (Assured Guaranty Muni. Corp. Insured)	500,000	500,292
Series 2021 C, 5% 6/15/25	4,875,000	5,016,606
Nevada Dept. of Bus. & Industry Bonds:
(Republic Svcs., Inc. Proj.) Series 2001, 4.5%, tender 6/3/24 (b)(c)(d)	4,000,000	4,003,060
Series 2023 A, 3.7%, tender 1/31/24 (b)(c)(d)	4,900,000	4,894,812
TOTAL NEVADA		21,991,223
New Hampshire - 0.4%
Nat'l. Fin. Auth. Solid Bonds (Waste Mgmt., Inc. Proj.) Series 2019 A2, 2.15%, tender 7/1/24 (b)(c)	4,000,000	3,962,190
New Hampshire Health & Ed. Facilities Auth. Series 2023 B, 5.5% 11/1/26 (c)	300,000	317,607
New Hampshire St Hsg. Fin.:
Series 2023 3:
3.8% 7/1/26	1,070,000	1,080,214
3.85% 1/1/27	1,700,000	1,723,501
Series 2023 4:
3.625% 4/1/26	575,000	576,843
3.7% 1/1/27	1,845,000	1,853,374
TOTAL NEW HAMPSHIRE		9,513,729
New Jersey - 3.5%
Harrison Township Series 2023, 5% 11/27/24	4,268,400	4,329,736
Millburn Township Board of Ed. Series 2023, 0.05% 8/15/25	1,150,000	1,089,447
New Jersey Econ. Dev. Auth.:
Series 2022 A:
5% 11/1/24	825,000	838,645
5% 11/1/25	1,000,000	1,039,711
Series 2023 RRR:
5% 3/1/25	7,050,000	7,217,825
5% 3/1/26	5,425,000	5,676,466
Series 2024 SSS, 5% 6/15/26 (e)	3,615,000	3,773,311
New Jersey Econ. Dev. Auth. Rev.:
Series 2015 XX:
4% 6/15/24	1,345,000	1,351,011
5% 6/15/24	3,490,000	3,521,069
Series 2019:
5.25% 9/1/24 (d)	12,690,000	12,878,537
5.25% 9/1/26 (d)	2,900,000	3,085,582
New Jersey Edl. Facility:
Series 2016 A, 5% 7/1/24	4,740,000	4,781,904
Series 2016 C, 5% 7/1/24 (Assured Guaranty Muni. Corp. Insured)	1,000,000	1,009,578
New Jersey Gen. Oblig.:
Series 2020 A:
5% 6/1/24	1,080,000	1,089,302
5% 6/1/25	4,700,000	4,849,498
Series 2021, 2% 6/1/25	1,585,000	1,553,823
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.:
Series 2016 1A, 5% 12/1/24 (c)	4,400,000	4,452,900
Series 2017 1A:
5% 12/1/24 (c)	1,500,000	1,518,034
5% 12/1/25 (c)	2,860,000	2,940,211
Series 2018 B, 5% 12/1/26 (c)	1,000,000	1,040,795
Series 2019 A, 5% 12/1/24	555,000	564,573
Series 2020, 5% 12/1/24 (c)	1,100,000	1,113,225
Series 2021 A, 5% 12/1/24 (c)	330,000	333,968
Series 2022 A:
5% 12/1/24 (c)	430,000	435,170
5% 12/1/25 (c)	550,000	565,425
Series 2022 B:
5% 12/1/24 (c)	1,770,000	1,790,169
5% 12/1/25 (c)	2,625,000	2,698,620
New Jersey Tobacco Settlement Fing. Corp. Series 2018 A:
5% 6/1/24	5,050,000	5,080,382
5% 6/1/25	1,565,000	1,598,071
New Jersey Trans. Trust Fund Auth.:
Series 2006 C, 0% 12/15/24	160,000	154,675
Series 2008 A, 0% 12/15/25	2,445,000	2,287,624
Series 2010 A, 0% 12/15/25	1,050,000	982,415
Series 2016 A1, 5% 6/15/24	975,000	983,099
Series 2018 A, 5% 6/15/24	1,205,000	1,214,631
Series 2022 AA:
5% 6/15/24	1,090,000	1,099,704
5% 6/15/25	420,000	432,763
TOTAL NEW JERSEY		89,371,899
New York - 2.7%
East Hampton Union Free School District Series 2017, 2.1% 6/1/27	2,020,000	1,949,074
Long Island Pwr. Auth. Elec. Sys. Rev.:
Bonds Series 2019 B, 1.65%, tender 9/1/24 (b)	2,675,000	2,641,249
Series 2021, 1% 9/1/25	2,195,000	2,087,538
Monroe County Indl. Dev. Agcy. Bonds (Andrews Terrace Cmnty. Partners, L.P. Proj.) Series 2023 B1, 5%, tender 7/1/27 (b)	1,490,000	1,567,486
New York City Gen. Oblig. Bonds Series 2015 F4, 5%, tender 12/1/25 (f)	910,000	935,083
New York City Hsg. Dev. Corp. Multifamily Hsg. Bonds Series 2021 K2, 0.9%, tender 1/1/26 (b)	1,250,000	1,164,647
New York City Indl. Dev. Agcy. Rev.:
(Queens Baseball Stadium Proj.) Series 2021 A, 5% 1/1/24 (Assured Guaranty Corp. Insured)	675,000	675,000
Series 2021 A, 5% 1/1/26 (Assured Guaranty Muni. Corp. Insured)	600,000	622,085
New York City Transitional Fin. Auth. Rev. Series 2015 C, 5% 11/1/27	3,000,000	3,082,856
New York Metropolitan Trans. Auth. Rev.:
Bonds:
Series 2019 A1, 5%, tender 11/15/24 (b)	23,185,000	23,345,853
Series 2020 A2, 5%, tender 5/15/24 (b)	1,600,000	1,607,568
Series 2015 C1, 5% 11/15/26	2,495,000	2,570,625
Series 2017 C1, 5% 11/15/25	1,045,000	1,085,302
New York State Hsg. Fin. Agcy. Rev. Bonds Series 2023 E2, 3.8%, tender 5/1/27 (b)	1,845,000	1,852,280
New York Trans. Dev. Corp.:
(Term. 4 JFK Int'l. Arpt. Proj.):
Series 2020 A, 5% 12/1/25 (c)	2,955,000	3,032,363
Series 2020 C, 5% 12/1/24	1,000,000	1,014,991
(Term. 4 John F. Kennedy Int'l. Arpt. Proj.) Series 2022, 5% 12/1/26 (c)	5,000,000	5,213,832
Port Auth. of New York & New Jersey Series 2020 221, 5% 7/15/25 (c)	1,995,000	2,049,440
St. Lawrence County Indl. Dev. (St. Lawrence Univ. Proj.) Series 2022:
5% 7/1/25	415,000	427,042
5% 7/1/26	400,000	420,415
Syracuse Reg'l. Arpt. Auth. Series 2021, 5% 7/1/24 (c)	770,000	774,544
Tobacco Settlement Asset Securitization Corp. Series 2017 A, 5% 6/1/25	3,115,000	3,166,944
Triborough Bridge & Tunnel Auth. Bonds Series 2021 A2, 2%, tender 5/15/26 (b)	1,000,000	961,854
Westchester County Indl. Dev. Bonds (Armory Plaza Hsg., L.P. Proj.) Series 2023, 3.625%, tender 6/1/24 (b)	6,800,000	6,798,702
TOTAL NEW YORK		69,046,773
New York And New Jersey - 1.4%
Port Auth. of New York & New Jersey:
Series 188, 5% 5/1/24 (c)	1,990,000	2,000,729
Series 2013, 5% 7/15/25 (c)	1,015,000	1,016,295
Series 2014 186, 5% 10/15/26 (c)	5,220,000	5,262,844
Series 2016 195, 5% 10/1/25 (c)	1,930,000	1,991,005
Series 2018, 5% 9/15/25 (c)	7,050,000	7,266,361
Series 2023 242:
5% 12/1/24 (c)	1,270,000	1,289,382
5% 12/1/25 (c)	4,215,000	4,345,833
5% 12/1/26 (c)	8,650,000	9,090,987
Series 223:
5% 7/15/24 (c)	3,250,000	3,278,489
5% 7/15/25 (c)	515,000	529,053
TOTAL NEW YORK AND NEW JERSEY		36,070,978
North Carolina - 0.7%
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Bonds:
Series 2018 C, 3.45%, tender 10/31/25 (b)	5,390,000	5,420,715
Series 2021 B, 5%, tender 12/2/24 (b)	2,525,000	2,562,763
Series 2023 D, 3.625%, tender 6/15/27 (b)	4,485,000	4,531,811
North Carolina Med. Care Commission Hosp. Rev. Bonds Series 2021 B, 5%, tender 2/1/26 (b)	3,975,000	4,128,332
TOTAL NORTH CAROLINA		16,643,621
Ohio - 0.9%
American Muni. Pwr., Inc. Rev. Series 2023 A:
5% 2/15/25	875,000	894,805
5% 2/15/26	4,925,000	5,132,558
5% 2/15/27	7,735,000	8,246,857
Columbus-Franklin County Fin. Auth. Bonds (Dering Family Homes Proj.) Series 2023, 5%, tender 2/1/27 (b)	2,098,000	2,184,487
Lancaster Port Auth. Gas Rev. Bonds Series 2019, 5%, tender 2/1/25 (b)	2,025,000	2,050,858
Montgomery County Hosp. Rev. (Kettering Health Network Obligated Group Proj.) Series 2021, 5% 8/1/24	200,000	201,847
Northeast Ohio Med. Univ. Series 2022:
5% 12/1/24 (Build America Mutual Assurance Insured)	250,000	254,199
5% 12/1/25 (Build America Mutual Assurance Insured)	265,000	273,574
Ohio Higher Edl. Facility Commission Rev.:
(Xavier Univ. 2020 Proj.) Series 2020, 5% 5/1/26	1,100,000	1,154,775
Bonds (Case Western Reserve Univ. Proj.) Series 2019 C, 1.625%, tender 12/1/26 (b)	1,155,000	1,101,326
Ohio Tpk. Commission Tpk. Rev. (Infrastructure Projs.) Series 2022 A, 5% 2/15/25	1,840,000	1,884,918
TOTAL OHIO		23,380,204
Oklahoma - 0.4%
Oklahoma County Independent School District #89 Oklahoma City Series 2023 A, 3% 7/1/26	11,235,000	11,298,124
Oregon - 0.7%
Gilliam County Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.):
Series 2000 A, 3.95%, tender 5/1/24 (b)(c)	5,250,000	5,236,578
Series 2003 A, 3.95%, tender 5/1/24 (b)(c)	5,000,000	4,991,942
Port of Portland Arpt. Rev.:
Series 2020 26B, 5% 7/1/26	1,600,000	1,657,844
Series 2022:
5% 7/1/24 (c)	2,000,000	2,014,248
5% 7/1/25 (c)	2,810,000	2,877,038
Series 24B, 5% 7/1/25 (c)	1,000,000	1,023,857
TOTAL OREGON		17,801,507
Pennsylvania - 6.2%
Allegheny County Arpt. Auth. Rev.:
Series 2021 A, 5% 1/1/27 (c)	1,030,000	1,078,388
Series 2023 A, 5% 1/1/27 (Assured Guaranty Muni. Corp. Insured) (c)	850,000	893,399
Geisinger Auth. Health Sys. Rev. Bonds Series 2020 B, 5%, tender 2/15/27 (b)	6,255,000	6,529,859
Pennsylvania Econ. Dev. Fing. Auth.:
Series 2021 A, 4% 10/15/24	850,000	855,944
Series 2022 A:
5% 2/15/25	160,000	163,444
5% 2/15/26	200,000	208,387
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Series 2016, 5% 3/15/24	1,250,000	1,254,421
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. Bonds:
(Republic Svcs., Inc. Proj.):
Series 2019 A, 4.6%, tender 1/16/24 (b)(c)	8,350,000	8,349,633
Series 2019 B1, 4.6%, tender 1/16/24 (b)(c)	9,600,000	9,599,578
(Republic Svcs., Inc. Proj.) Series 2014, 4.6%, tender 1/3/24 (b)(c)	45,000,000	45,000,000
(Waste Mgmt., Inc. Proj.) Series 2013, 4.875%, tender 2/1/24 (b)(c)	21,300,000	21,306,688
(Waste Mgmt., Inc. Proj.):
Series 2017 A, 0.58%, tender 8/1/24 (b)(c)	2,200,000	2,154,996
Series 2021 A, SIFMA Municipal Swap Index + 0.400% 4.27%, tender 1/4/24 (b)(c)(g)	2,845,000	2,832,337
Series 2021 A2, 4.6%, tender 10/1/26 (b)(c)	25,000,000	25,264,555
Series 2011, 2.15%, tender 7/1/24 (b)(c)	850,000	841,558
Pennsylvania Gen. Oblig. Series 2023:
5% 9/1/26	12,580,000	13,382,356
5% 9/1/27	12,580,000	13,703,051
Pennsylvania Hsg. Fin. Agcy.:
Series 2021 135 B:
5% 4/1/24 (c)	230,000	230,631
5% 4/1/25 (c)	380,000	385,940
Series 2022 138:
5% 4/1/24	1,060,000	1,064,737
5% 10/1/24	1,970,000	1,994,443
5% 10/1/25	1,100,000	1,135,149
Philadelphia Arpt. Rev. Series 2021:
5% 7/1/24 (c)	945,000	951,270
5% 7/1/26 (c)	1,000,000	1,038,069
TOTAL PENNSYLVANIA		160,218,833
Rhode Island - 0.0%
Rhode Island Student Ln. Auth. Student Ln. Rev. Series 2018 A, 5% 12/1/25 (c)	875,000	899,540
South Carolina - 1.9%
Patriots Energy Group Fing. Agcy. Bonds Series 2018 A, 4%, tender 2/1/24 (b)	39,575,000	39,595,152
South Carolina Ports Auth. Ports Rev.:
Series 2015 (AMT), 5% 7/1/45 (Pre-Refunded to 7/1/25 @ 100) (c)	2,600,000	2,663,939
Series 2015:
5.25% 7/1/50 (Pre-Refunded to 7/1/25 @ 100) (c)	4,525,000	4,652,643
5.25% 7/1/55 (Pre-Refunded to 7/1/25 @ 100) (c)	2,170,000	2,231,212
TOTAL SOUTH CAROLINA		49,142,946
South Dakota - 0.3%
South Dakota Health & Edl. Facilities Auth. Rev. Bonds Series 2019 A, 5%, tender 7/1/24 (b)	1,000,000	1,003,384
South Dakota Hsg. Dev. Auth. Bonds Series 2023 J, 3.875%, tender 12/12/24 (b)	7,200,000	7,232,018
TOTAL SOUTH DAKOTA		8,235,402
Tennessee - 1.0%
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2021 C, 1.875% 7/1/25 (c)	1,245,000	1,197,492
Metropolitan Gov Nashvle&David Ind. Bonds (Waste Mgmt., Inc. Proj.) Series 2001, 0.58%, tender 8/1/24 (b)(c)	900,000	882,088
Metropolitan Nashville Arpt. Auth. Rev. Series 2022 B:
5% 7/1/26 (c)	675,000	702,338
5% 7/1/27 (c)	1,025,000	1,084,541
Tennergy Corp. Gas Rev. Bonds Series 2019 A, 5%, tender 10/1/24 (b)	21,250,000	21,434,767
TOTAL TENNESSEE		25,301,226
Texas - 4.7%
Austin Arpt. Sys. Rev.:
Series 2019, 5% 11/15/24 (c)	1,375,000	1,389,463
Series 2022, 5% 11/15/25 (c)	1,910,000	1,959,272
Bexar County Gen. Oblig. Series 2014, 5% 6/15/25	1,835,000	1,854,057
Clear Creek Independent School District Bonds Series 2013 B, 3.6%, tender 8/15/25 (b)	1,460,000	1,473,325
Crandall Independent School District Series 2021 A, 0% 8/15/24	765,000	749,977
Cuero Independent School District Series 2017, 5% 8/15/26	1,955,000	2,071,181
Dallas Gen. Oblig.:
Series 2023 A, 5% 2/15/25	3,720,000	3,808,330
Series 2023, 5% 2/15/25	5,520,000	5,651,071
Dallas Hsg. Fin. Corp. Multi-family Hsg. Rev. Bonds Series 2023:
5%, tender 12/1/25 (b)	2,350,000	2,418,103
5%, tender 3/1/26 (b)	2,930,000	3,007,968
5%, tender 7/1/27 (b)	3,120,000	3,271,074
Hays Consolidated Independent School District Series 2022:
5% 2/15/25	500,000	511,372
5% 2/15/26	700,000	734,356
Houston Convention and Entertainment Facilities Dept. Hotel Occupancy Tax and Spl. Rev. Series 2014, 5% 9/1/26	1,500,000	1,512,761
Houston Hsg. Fin. Corp. Multi-family Hsg. Rev. Bonds Series 2023, 5%, tender 8/1/26 (b)	1,700,000	1,751,575
Houston Independent School District Bonds:
Series 2014 A2, 3.5%, tender 6/1/25 (b)	8,940,000	8,994,240
Series 2023 C, 4%, tender 6/1/25 (b)	8,040,000	8,143,867
Lower Colorado River Auth. Rev.:
(LCRA Transmission Svcs. Corp. Proj.):
Series 2015, 5% 5/15/24	1,080,000	1,087,742
Series 2018, 5% 5/15/24	2,095,000	2,110,018
Series 2020, 5% 5/15/25	570,000	586,492
Series 2020, 5% 5/15/24	760,000	765,448
Series 2022, 5% 5/15/24 (Assured Guaranty Muni. Corp. Insured)	1,630,000	1,641,685
Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds:
(Republic Svcs., Inc. Proj.) Series 2020 A, 4.9%, tender 2/1/24 (b)(c)	22,500,000	22,503,227
(Waste Mgmt., Inc. Proj.) Series 2018, 0.000% x SIFMA Municipal Swap Index 4.245%, tender 1/4/24 (b)(c)(g)	6,835,000	6,799,291
North East Texas Independent School District Series 2015, 3% 8/1/27	1,720,000	1,721,265
North Texas Tollway Auth. Rev.:
Series 2014:
5% 1/1/24	630,000	630,000
5% 1/1/24 (Escrowed to Maturity)	310,000	310,000
Series 2017 A, 5% 1/1/24	210,000	210,000
Series 2021 B, 5% 1/1/26	1,150,000	1,202,326
Northside Independent School District Bonds Series 2023 B, 3%, tender 8/1/26 (b)	9,490,000	9,440,756
Port Arthur Independent School District Series 2015 A, 5% 2/15/25	615,000	630,013
Prosper Independent School District Bonds Series 2019 B, 4%, tender 8/15/26 (b)	1,655,000	1,689,452
San Antonio Elec. & Gas Sys. Rev.:
Bonds Series 2018, SIFMA Municipal Swap Index + 0.870% 4.74%, tender 12/1/25 (b)(g)	8,480,000	8,465,115
Series 2022, 5% 2/1/26	905,000	947,921
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Bonds (Baylor Scott & White Health Proj.) Series 2022 E, 5%, tender 5/15/26 (b)	4,240,000	4,404,531
Texas Affordable Hsg. Corp. Multi-family Hsg. Rev. Bonds Series 2023, 3.625%, tender 1/1/27 (b)	2,150,000	2,161,326
Texas Muni. Gas Acquisition & Su:
Series 2023 A:
5.25% 1/1/25	875,000	885,754
5.25% 1/1/26	1,000,000	1,026,961
5.25% 1/1/27	1,000,000	1,041,873
Series 2023 B:
5.25% 1/1/25	605,000	612,436
5.25% 1/1/26	1,200,000	1,232,353
Travis County Hsg. Fin. Corp. Bonds Series 2023, 3.75%, tender 8/1/25 (b)	490,000	491,827
TOTAL TEXAS		121,899,804
Utah - 0.3%
Salt Lake City Arpt. Rev.:
Series 2021 A:
5% 7/1/24 (c)	1,000,000	1,006,586
5% 7/1/25 (c)	1,325,000	1,354,472
Series 2023 A:
5% 7/1/25 (c)	710,000	725,792
5% 7/1/26 (c)	1,000,000	1,040,744
5% 7/1/27 (c)	940,000	996,838
Utah County Hosp. Rev. Bonds:
Series 2018 B2, 5%, tender 8/1/24 (b)	970,000	971,321
Series 2020 B2, 5%, tender 8/1/26 (b)	2,465,000	2,580,070
TOTAL UTAH		8,675,823
Vermont - 0.1%
Vermont Student Assistant Corp. Ed. Ln. Rev. Series 2016 A, 5% 6/15/26 (c)	1,700,000	1,763,287
Virginia - 0.6%
Gloucester County Indl. Dev. Auth. Bonds Series 2003 A, 3.95%, tender 5/1/24 (b)(c)	1,725,000	1,724,007
Southampton County Indl. Bonds (PRTA-Virginia One, LLC Proj.) Series 2023, 4.875%, tender 12/12/24 (b)(c)	12,500,000	12,530,939
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)	1,795,000	1,767,002
TOTAL VIRGINIA		16,021,948
Washington - 1.2%
King County Swr. Rev. Bonds Series 2020 B, 0.875%, tender 1/1/26 (b)	5,395,000	4,993,798
Port of Seattle Rev.:
Series 2015 C, 5% 4/1/24 (c)	1,200,000	1,204,239
Series 2016 B, 5% 10/1/27 (c)	1,000,000	1,037,444
Series 2018 A, 5% 5/1/27 (c)	4,110,000	4,341,343
Series 2018 B, 5% 5/1/24 (c)	875,000	879,200
Series 2019:
5% 4/1/24 (c)	760,000	762,684
5% 4/1/25 (c)	525,000	535,585
Series 2021 C, 5% 8/1/24 (c)	4,675,000	4,716,025
Series 2021, 5% 9/1/24 (c)	2,220,000	2,241,385
Series 2022 B:
5% 8/1/24 (c)	2,670,000	2,693,431
5% 8/1/25 (c)	2,515,000	2,581,561
5% 8/1/26 (c)	1,570,000	1,637,345
Seattle Hsg. Auth. Rev. (Juniper Apts. Proj.) Series 2023, 5% 6/1/27	1,205,000	1,258,487
Washington Hsg. Fin. Commission Multi-family Hsg. Rev. Bonds (Ardea At Totem Lake Apts. Proj.) Series 2023, 5%, tender 2/1/27 (b)	2,215,000	2,299,868
TOTAL WASHINGTON		31,182,395
West Virginia - 0.4%
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds (Allegheny Metallurgical Proj.) Series 2023, 4.75%, tender 8/1/24 (b)(c)	10,735,000	10,770,569
Wisconsin - 0.7%
Milwaukee County Arpt. Rev.:
Series 2023 A:
5% 12/1/24 (c)	235,000	238,121
5% 12/1/26 (c)	800,000	839,193
Series 2023 B, 5% 12/1/24 (c)	1,640,000	1,661,780
Milwaukee Gen. Oblig. Series 2016, 2% 3/1/27	3,090,000	2,941,368
Pub. Fin. Auth. Health Care Sys. Rev. Series 2023 A, 5% 10/1/24	4,445,000	4,510,678
Wisconsin Health & Edl. Facilities Auth. Rev. Series 2022:
5% 10/1/24	4,465,000	4,523,700
5% 10/1/25	920,000	950,983
Wisconsin Hsg. & Econ. Dev. Auth. Hsg. Rev. Bonds:
Series 2021 C, 0.61%, tender 5/1/24 (b)	260,000	256,399
Series 2023 E, 3.875%, tender 5/1/27 (b)	1,895,000	1,904,092
TOTAL WISCONSIN		17,826,314
TOTAL MUNICIPAL BONDS (Cost $1,486,811,891)		1,487,948,733

Municipal Notes - 41.0%
	Principal Amount (a)	Value ($)
Alabama - 2.6%
Black Belt Energy Gas District Participating VRDN:
Series XF 30 73, 4.22% 1/5/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i)	19,700,000	19,700,000
Series ZL 03 96, 4.17% 1/5/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i)	4,400,000	4,400,000
Series ZL 03 97, 4.17% 1/5/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i)	4,490,000	4,490,000
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 4.39% 1/5/24, VRDN (b)(c)	3,860,000	3,860,000
Health Care Auth. for Baptist Health Series 2013 B, 5.21% 1/5/24, VRDN (b)	4,451,000	4,451,000
Southeast Energy Auth. Rev. Participating VRDN:
Series XG 04 10, 4.17% 1/5/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i)	21,400,000	21,400,000
Series XM 10 62, 4.22% 1/5/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i)	9,700,000	9,700,000
TOTAL ALABAMA		68,001,000
Arizona - 1.1%
Arizona St Indl. Dev. Auth. Multi Participating VRDN Series XF 31 74, 4.24% 1/5/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)	1,900,000	1,900,000
Maricopa County Poll. Cont. Rev. Series 2009 D, 4.15% 1/5/24, VRDN (b)	24,200,000	24,200,000
Mizuho Floater / Residual Trust V Participating VRDN Series Floater 91 57, 4.27% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)	3,000,000	3,000,000
TOTAL ARIZONA		29,100,000
Arkansas - 0.1%
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1998, 4.39% 1/5/24, VRDN (b)(c)	2,600,000	2,600,000
California - 8.9%
California Cmnty. Choice Fing. Auth. Clean Energy Proj. Rev. Participating VRDN Series XF 30 07, 4.17% 1/5/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i)	16,315,000	16,315,000
California Health Facilities Fing. Auth. Rev. Participating VRDN Series MS 3389, 4.27% 1/5/24 (Liquidity Facility Toronto-Dominion Bank) (b)(h)(i)	5,100,000	5,100,000
California Hsg. Fin. Agcy. Ltd. Obl Participating VRDN Series XF 31 27, 4.24% 1/5/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)	2,765,000	2,765,000
California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. Participating VRDN:
Series MIZ 91 21, 4.8% 1/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(h)(i)	9,900,000	9,900,000
Series MIZ 91 22, 4.8% 1/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(h)(i)	20,730,000	20,730,000
Los Angeles Cmnty. Redev. Agcy. Multi-family Hsg. Rev. Participating VRDN:
Series 2022 MIZ 90 89, 4.8% 1/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(h)(i)	57,270,000	57,270,000
Series 2022 MIZ 90 90, 4.8% 1/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(h)(i)	38,650,000	38,650,000
Mizuho Floater / Residual Trust V Participating VRDN Series Floater MIZ 90 97, 4.27% 1/5/24, LOC Mizuho Cap. Markets LLC (b)(h)(i)	2,905,000	2,905,000
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Participating VRDN Series XM 10 54, 4.17% 1/5/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(h)(i)	8,175,000	8,175,000
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN Series 2022 XF 30 51, 4.17% 1/5/24 (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 90 95, 4.27% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j)	27,100,000	27,100,000
Series MIZ 91 15, 4.27% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j)	40,000,000	40,000,000
TOTAL CALIFORNIA		231,210,000
Colorado - 1.2%
Colorado Edl. & Cultural Facilities Auth. Rev. (Mesivta of Greater Los Angeles Proj.) Series 2005, 4.22% 1/5/24, LOC Deutsche Bank AG, VRDN (b)	1,460,000	1,460,000
Colorado Health Facilities Auth. Rev. Bonds Participating VRDN:
Series XM 10 59, 4.17% 1/5/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i)	2,520,000	2,520,000
Series XM 10 61, 4.17% 1/5/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i)	4,180,000	4,180,000
Denver City & County Arpt. Rev. Participating VRDN:
Series Floaters XM 07 15, 4.17% 1/5/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(h)(i)	19,885,000	19,885,000
Series XM 10 20, 4.17% 1/5/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(h)(i)	4,165,000	4,165,000
TOTAL COLORADO		32,210,000
Florida - 2.2%
Florida Ins. Assistance Interlo Series 2023 A2, 4.36% 1/5/24 (Liquidity Facility Florida Gen. Oblig.), VRDN (b)	23,200,000	23,200,000
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Participating VRDN Series XM 10 93, 4.75% 1/2/24 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i)	11,620,000	11,620,000
Lee Memorial Health Sys. Hosp. Rev. Series 2019 B, 4.38% 1/5/24, VRDN (b)	19,270,000	19,270,000
Miami Dade County Hsg. Multifamily Hsg. Rev. Participating VRDN Series Floater MIZ 90 87, 4.27% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j)	1,600,000	1,600,000
TOTAL FLORIDA		55,690,000
Georgia - 0.1%
Buford Hsg. Auth. Multifamily Participating VRDN Series XF 31 18, 4.24% 1/5/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)	2,920,000	2,920,000
Hawaii - 0.5%
Hawaii Arpts. Sys. Rev. Participating VRDN:
Series XG 03 86, 4.17% 1/5/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(h)(i)	9,600,000	9,600,000
Series XM 10 55, 4.17% 1/5/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(h)(i)	3,200,000	3,200,000
TOTAL HAWAII		12,800,000
Illinois - 0.3%
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN Series XM 10 43, 4.17% 1/5/24 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i)	8,000,000	8,000,000
Iowa - 0.8%
Louisa County Poll. Cont. Rev. Series 1994, 4.2% 1/3/24, VRDN (b)	21,900,000	21,900,000
Kentucky - 2.1%
Meade County Indl. Bldg. Rev. (Nucor Steel Brandenburg Proj.):
Series 2020 A1, 5.1% 1/2/24, VRDN (b)(c)	20,640,000	20,640,000
Series 2020 B1, 5.1% 1/2/24, VRDN (b)(c)	34,920,000	34,920,000
TOTAL KENTUCKY		55,560,000
Louisiana - 1.5%
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 A1, 4.29% 1/5/24, VRDN (b)(e)	38,630,000	38,630,000
Maryland - 0.4%
Baltimore County Gen. Oblig. Participating VRDN Series 2022 032, 4.22% 2/9/24 (Liquidity Facility Barclays Bank PLC) (b)(h)(i)	3,220,000	3,220,000
Integrace Obligated Group Participating VRDN Series 2022 024, 4.22% 2/9/24 (Liquidity Facility Barclays Bank PLC) (b)(h)(i)	6,900,000	6,900,000
TOTAL MARYLAND		10,120,000
Missouri - 0.6%
Kansas City Indl. Dev. Auth. Participating VRDN:
Series XL 03 3, 4.17% 1/5/24 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i)	9,600,000	9,600,000
Series XM 11 08, 4.7% 1/2/24 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i)	3,600,000	3,600,000
Mizuho Floater / Residual Trust V Participating VRDN Series Floater MIZ 91 53, 4.27% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)	3,100,000	3,100,000
TOTAL MISSOURI		16,300,000
Nebraska - 0.2%
Stanton County Indl. Dev. Rev.:
(Nucor Corp. Proj.) Series 1996, 4.39% 1/5/24, VRDN (b)(c)	5,600,000	5,600,000
Series 1998, 4.39% 1/5/24, VRDN (b)(c)	125,000	125,000
TOTAL NEBRASKA		5,725,000
New Jersey - 1.8%
Clifton Gen. Oblig. BAN Series 2023, 5% 11/26/24	100,000	101,407
Elmwood Park BAN Series 2023, 5% 10/9/24	5,000,000	5,052,893
Hazlet Township NJ BAN Series 2023, 5% 11/8/24	7,442,000	7,537,787
Manasquan N J BAN Series 2023, 5% 10/3/24	4,402,450	4,451,591
New Jersey Trans. Trust Fund Auth. Participating VRDN:
Series XL 04 50, 4.17% 1/5/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i)	2,300,000	2,300,000
Series XM 09 29, 4.17% 1/5/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i)	5,200,000	5,200,000
Series XM 10 47, 4.17% 1/5/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i)	10,025,000	10,025,000
Ridgewood Gen. Oblig. BAN Series 2023 B, 5% 10/11/24	11,300,000	11,421,221
TOTAL NEW JERSEY		46,089,899
New Mexico - 0.2%
New Mexico St Hosp. Equip. Ln. Co. Participating VRDN Series 2022 034, 4.22% 2/9/24 (Liquidity Facility Barclays Bank PLC) (b)(h)(i)	4,200,000	4,200,000
New York - 2.7%
Albany City School District BAN Series 2023 B, 4.75% 6/27/24	6,200,000	6,238,980
Liberty Dev. Corp. Rev. Participating VRDN Series MS 1207, 4.22% 1/5/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i)	2,170,000	2,170,000
New York Metropolitan Trans. Auth. Rev. Participating VRDN:
Series XF 13 21, 4.19% 1/5/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i)	3,975,000	3,975,000
Series XF 13 55, 4.19% 1/5/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i)	7,000,000	7,000,000
Series XF 16 49, 4.19% 1/5/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i)	7,050,000	7,050,000
RIB Floater Trust Various States Participating VRDN Series Floater 2022 007, 4.32% 2/9/24 (Liquidity Facility Barclays Bank PLC) (b)(c)(h)(i)	43,900,000	43,900,000
TOTAL NEW YORK		70,333,980
Ohio - 1.5%
Allen County Hosp. Facilities Rev. Series 2012 B, 4.1% 1/5/24 (Liquidity Facility Ohio Gen. Oblig.), VRDN (b)	5,800,000	5,800,000
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 003, 4.17% 2/9/24 (Liquidity Facility Barclays Bank PLC) (b)(h)(i)	14,785,000	14,785,000
Ohio Hosp. Rev.:
Series 2013 B, 4.32% 1/5/24, VRDN (b)	10,000,000	10,000,000
Series 2015 B, 4.32% 1/4/27, VRDN (b)	7,875,000	7,875,000
TOTAL OHIO		38,460,000
Oklahoma - 0.7%
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Series 2020 B, 4.43% 1/4/27, VRDN (b)	14,600,000	14,600,000
Steele Duncan Plaza, LLC Participating VRDN Series MIZ 91 03, 4.27% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j)	2,600,000	2,600,000
TOTAL OKLAHOMA		17,200,000
Pennsylvania - 0.8%
Montgomery County Higher Ed. & Health Auth. Rev. Series 2018 D, 4.42% 1/4/27, VRDN (b)	12,400,000	12,400,000
Philadelphia Auth. for Indl. Dev.:
Participating VRDN Series MIZ 90 51, 4.27% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j)	932,702	932,702
Series 2017 B, 4.43% 1/4/27, VRDN (b)	6,555,000	6,555,000
TOTAL PENNSYLVANIA		19,887,702
South Carolina - 1.1%
Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1995, 4.39% 1/5/24, VRDN (b)(c)	1,200,000	1,200,000
South Carolina Pub. Svc. Auth. Rev. Participating VRDN:
Series 2021 XF 12 43, 4.17% 1/5/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i)	6,125,000	6,125,000
Series Floaters XM 03 84, 4.17% 1/5/24 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i)	20,000,000	20,000,000
TOTAL SOUTH CAROLINA		27,325,000
Tennessee - 0.2%
Chattanooga Health Ed. & Hsg. Facility Board Rev. (Catholic Health Initiatives Proj.) Series C, 4.25% 1/5/24, VRDN (b)	4,700,000	4,700,000
Texas - 6.7%
Brazos County Tex Hsg. Fin. Corp. M Participating VRDN Series XF 31 29, 4.24% 1/5/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)	2,500,000	2,500,000
Ep Machuca Lp Participating VRDN Series MIZ 91 04, 3.97% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j)	3,660,000	3,660,000
Mizuho Floater / Residual Trust V Participating VRDN:
Series Floater MIZ 91 50, 4.27% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j)	14,800,000	14,800,000
Series MIZ 91 24, 4.27% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j)	20,850,000	20,850,000
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.):
Series 2001 A, 4.6% 1/2/24, VRDN (b)	17,450,000	17,450,000
Series 2004, 4.93% 1/5/24, VRDN (b)(c)	75,685,000	75,684,992
Series 2010 B, 4.6% 1/2/24, VRDN (b)	600,000	600,000
Series 2010 C, 4.6% 1/2/24, VRDN (b)	2,200,000	2,200,000
Series 2010 D:
4.85% 1/5/24, VRDN (b)	33,480,000	33,480,000
4.88% 1/5/24, VRDN (b)	2,475,000	2,475,000
TOTAL TEXAS		173,699,992
Utah - 0.8%
Salt Lake City Arpt. Rev. Participating VRDN:
Series XM 11 07, 4.7% 1/2/24 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i)	9,895,000	9,895,000
Series XM 11 47, 3.9% 1/5/24 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i)	10,500,000	10,500,000
TOTAL UTAH		20,395,000
Virginia - 0.2%
Nat'l. Sr. Campuses Participating VRDN Series 2022 028, 4.2% 2/9/24 (Liquidity Facility Barclays Bank PLC) (b)(h)(i)	4,815,000	4,815,000
Washington - 0.4%
Washington Econ. Dev. Fin. Auth. Rev. Participating VRDN Series Floaters 005, 4.22% 2/9/24 (Liquidity Facility Barclays Bank PLC) (b)(c)(h)(i)	9,180,000	9,180,000
West Virginia - 0.3%
West Virginia Hosp. Fin. Auth. Hosp. Rev. Series 2018 E, 4.38% 1/4/27, VRDN (b)	8,240,000	8,240,000
Wyoming - 1.0%
Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 5.6% 1/5/24, VRDN (b)(c)	13,900,000	13,900,000
Lincoln County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 5.55% 1/3/24, VRDN (b)	1,200,000	1,200,000
Sweetwater County Env Imp Rev. (Pacificorp Proj.) Series 1995, 4.55% 1/2/24, VRDN (b)(c)	4,500,000	4,500,000
Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 5.55% 1/3/24, VRDN (b)	6,200,000	6,200,000
TOTAL WYOMING		25,800,000
TOTAL MUNICIPAL NOTES (Cost $1,060,937,307)		1,061,092,573

Money Market Funds - 1.8%
	Shares	Value ($)
Fidelity Municipal Cash Central Fund 4.24% (k)(l) (Cost $46,002,000)	45,992,801	46,002,000

TOTAL INVESTMENT IN SECURITIES - 100.4% (Cost $2,593,751,198)	2,595,043,306
NET OTHER ASSETS (LIABILITIES) - (0.4)%	(9,443,530)
NET ASSETS - 100.0%	2,585,599,776

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)

(e)	Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(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 $111,542,702 or 4.3% 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)

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Ep Machuca Lp Participating VRDN Series MIZ 91 04, 3.97% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC)	8/05/22	3,660,000

Miami Dade County Hsg. Multifamily Hsg. Rev. Participating VRDN Series Floater MIZ 90 87, 4.27% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC)	1/27/22	1,600,000

Mizuho Floater / Residual Trust V Participating VRDN Series Floater MIZ 91 50, 4.27% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC)	8/01/23	14,800,000

Mizuho Floater / Residual Trust V Participating VRDN Series MIZ 91 24, 4.27% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC)	1/27/23	20,850,000

Philadelphia Auth. for Indl. Dev. Participating VRDN Series MIZ 90 51, 4.27% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC)	11/12/20	932,702

San Francisco City & County Multi-family Hsg. Rev. Participating VRDN Series MIZ 90 95, 4.27% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC)	4/01/22	27,100,000

San Francisco City & County Multi-family Hsg. Rev. Participating VRDN Series MIZ 91 15, 4.27% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC)	12/19/22 - 1/30/23	40,000,000

Steele Duncan Plaza, LLC Participating VRDN Series MIZ 91 03, 4.27% 2/2/24 (Liquidity Facility Mizuho Cap. Markets LLC)	8/11/22	2,600,000

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 4.24%	60,404,000	564,682,000	579,084,000	1,523,013	-	-	46,002,000	1.9%
Total	60,404,000	564,682,000	579,084,000	1,523,013	-	-	46,002,000

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Municipal Securities	2,549,041,306	-	2,549,041,306	-

Money Market Funds	46,002,000	46,002,000	-	-
Total Investments in Securities:	2,595,043,306	46,002,000	2,549,041,306	-

Financial Statements

Statement of Assets and Liabilities
				December 31, 2023

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $2,547,749,198)	$	2,549,041,306
Fidelity Central Funds (cost $46,002,000)		46,002,000


Total Investment in Securities (cost $2,593,751,198)			$	2,595,043,306
Cash				1,318
Receivable for fund shares sold				1,753,876
Interest receivable				22,031,610
Distributions receivable from Fidelity Central Funds				107,983
Receivable from investment adviser for expense reductions				97,847
Other receivables				449
Total assets				2,619,036,389
Liabilities
Payable for investments purchased
Regular delivery	$	22,600,000
Delayed delivery		4,096,098
Payable for fund shares redeemed		724,138
Distributions payable		5,372,199
Accrued management fee		430,613
Distribution and service plan fees payable		46
Other affiliated payables		213,519
Total Liabilities				33,436,613
Net Assets			$	2,585,599,776
Net Assets consist of:
Paid in capital			$	2,584,555,264
Total accumulated earnings (loss)				1,044,512
Net Assets			$	2,585,599,776

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($419,636 ÷ 41,779 shares)(a)			$	10.04
Maximum offering price per share (100/98.50 of $10.04)			$	10.19
Fidelity Conservative Income Municipal Bond Fund :
Net Asset Value, offering price and redemption price per share ($2,541,355,690 ÷ 253,022,862 shares)			$	10.04
Class I :
Net Asset Value, offering price and redemption price per share ($1,373,430 ÷ 136,745 shares)			$	10.04
Class Z :
Net Asset Value, offering price and redemption price per share ($42,451,020 ÷ 4,226,492 shares)			$	10.04
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
				Year ended December 31, 2023
Investment Income
Interest			$	77,068,703
Income from Fidelity Central Funds				1,523,013
Total Income				78,591,716
Expenses
Management fee	$	5,549,707
Transfer agent fees		2,173,630
Distribution and service plan fees		187
Independent trustees' fees and expenses		8,937
Total expenses before reductions		7,732,461
Expense reductions		(1,525,035)
Total expenses after reductions				6,207,426
Net Investment income (loss)				72,384,290
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		154,029
Total net realized gain (loss)				154,029
Change in net unrealized appreciation (depreciation) on investment securities				18,047,491
Net gain (loss)				18,201,520
Net increase (decrease) in net assets resulting from operations			$	90,585,810

Statement of Changes in Net Assets

		Year ended December 31, 2023		Year ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	72,384,290	$	24,794,612
Net realized gain (loss)		154,029		(180,583)
Change in net unrealized appreciation (depreciation)		18,047,491		(18,547,287)
Net increase (decrease) in net assets resulting from operations		90,585,810		6,066,742
Distributions to shareholders		(71,521,315)		(24,762,794)

Share transactions - net increase (decrease)		81,513,168		(257,663,646)
Total increase (decrease) in net assets		100,577,663		(276,359,698)

Net Assets
Beginning of period		2,485,022,113		2,761,381,811
End of period	$	2,585,599,776	$	2,485,022,113

Financial Highlights

Fidelity Advisor® Conservative Income Municipal Bond Fund Class A

Years ended December 31,		2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.97
Income from Investment Operations
Net investment income (loss) B,C		.187
Net realized and unrealized gain (loss)		.060
Total from investment operations		.247
Distributions from net investment income		(.177)
Total distributions		(.177)
Net asset value, end of period	$	10.04
Total Return D,E,F		2.50%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.42% I
Expenses net of fee waivers, if any		.42% I
Expenses net of all reductions		.42% I
Net investment income (loss)		3.11% I
Supplemental Data
Net assets, end of period (000 omitted)	$	420
Portfolio turnover rate J		76%

AFor the period May 25, 2023 (commencement of sale of shares) through December 31, 2023.

BCalculated based on average shares outstanding during the period.

CNet 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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

FTotal returns do not include the effect of the sales charges.

GFees 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.

HExpense 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.

IAnnualized.

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

Fidelity® Conservative Income Municipal Bond Fund

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	9.97	$	10.04	$	10.06	$	10.06	$	10.02
Income from Investment Operations
Net investment income (loss) A,B		.293		.096		.025		.081		.157
Net realized and unrealized gain (loss)		.066		(.069)		(.020)		.007		.042
Total from investment operations		.359		.027		.005		.088		.199
Distributions from net investment income		(.289)		(.097)		(.025)		(.087)		(.158)
Distributions from net realized gain		-		-		-		(.001)		(.001)
Total distributions		(.289)		(.097)		(.025)		(.088)		(.159)
Net asset value, end of period	$	10.04	$	9.97	$	10.04	$	10.06	$	10.06
Total Return C		3.66%		.27%		.05%		.88%		2.00%
Ratios to Average Net Assets B,D,E
Expenses before reductions		.31%		.35%		.35%		.35%		.35%
Expenses net of fee waivers, if any		.25%		.25%		.25%		.25%		.25%
Expenses net of all reductions		.25%		.25%		.25%		.25%		.25%
Net investment income (loss)		2.93%		.96%		.25%		.81%		1.56%
Supplemental Data
Net assets, end of period (000 omitted)	$	2,541,356	$	2,339,827	$	2,580,577	$	3,175,503	$	2,108,640
Portfolio turnover rate F		76%		56%		56%		41%		63%

ACalculated based on average shares outstanding during the period.

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

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

Fidelity Advisor® Conservative Income Municipal Bond Fund Class I

Years ended December 31,		2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.97
Income from Investment Operations
Net investment income (loss) B,C		.196
Net realized and unrealized gain (loss)		.062
Total from investment operations		.258
Distributions from net investment income		(.188)
Total distributions		(.188)
Net asset value, end of period	$	10.04
Total Return D,E		2.61%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.29% H
Expenses net of fee waivers, if any		.25% H
Expenses net of all reductions		.25% H
Net investment income (loss)		3.31% H
Supplemental Data
Net assets, end of period (000 omitted)	$	1,373
Portfolio turnover rate I		76%

AFor the period May 25, 2023 (commencement of sale of shares) through December 31, 2023.

BCalculated based on average shares outstanding during the period.

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

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

FFees 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.

GExpense 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.

HAnnualized.

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

Fidelity Advisor® Conservative Income Municipal Bond Fund Class Z

Years ended December 31,		2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	9.97
Income from Investment Operations
Net investment income (loss) B,C		.202
Net realized and unrealized gain (loss)		.059
Total from investment operations		.261
Distributions from net investment income		(.191)
Total distributions		(.191)
Net asset value, end of period	$	10.04
Total Return D,E		2.64%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.25% H
Expenses net of fee waivers, if any		.20% H
Expenses net of all reductions		.20% H
Net investment income (loss)		3.39% H
Supplemental Data
Net assets, end of period (000 omitted)	$	42,451
Portfolio turnover rate I		76%

AFor the period May 25, 2023 (commencement of sale of shares) through December 31, 2023.

BCalculated based on average shares outstanding during the period.

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

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

HAnnualized.

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

Notes to Financial Statements

For the period ended December 31, 2023

1. Organization.

Fidelity Conservative Income Municipal Bond Fund (the Fund) is a fund of Fidelity Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. 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 Massachusetts business trust. The Fund commenced sale of Class A, Class I and Class Z shares on May 25,2023. The Fund offers Class A, Fidelity Conservative Income Municipal Bond Fund (formerly Institutional Class), Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Effective April 1, 2023, Conservative Income Municipal Bond share class was consolidated into Institutional Class. Institutional Class was then renamed Fidelity Conservative Income Municipal Bond Fund.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
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.

3. Significant Accounting Policies.

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)

Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Book-tax differences are primarily due to market discount, capital loss carryforwards and losses deferred due to wash sales.

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

Gross unrealized appreciation	$6,411,478
Gross unrealized depreciation	(4,911,828)
Net unrealized appreciation (depreciation)	$1,499,650
Tax Cost	$2,593,543,656

The tax-based components of distributable earnings as of period end were as follows:

Undistributed tax-exempt income	$675,727
Capital loss carryforward	$(1,130,866)
Net unrealized appreciation (depreciation) on securities and other investments	$1,499,650

Short-term	$(882,546)
Long-term	(248,320)
Total Capital loss carryforward	$(1,130,866)

The tax character of distributions paid was as follows:

	December 31, 2023	December 31, 2022
Tax-exempt Income	71,521,315	24,762,794

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 Conservative Income Municipal Bond Fund	1,252,754,710	934,855,238

5. Fees and Other Transactions with Affiliates.

Prior to April 1, 2023, the Fund paid a monthly management fee that was based on an annual rate of .30% of the Fund's average net assets. Under the management contract, the investment adviser paid all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

For the reporting period, the total annualized management fee rate was .22% of the Fund's average net assets.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.15%	187	110

Sales Load. FDC may receive a front-end sales charge of up to 1.50% for selling Class A shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive a contingent deferred sales charge levied on Class A redemptions. The deferred sales charges are .75% or .50% for certain purchases of Class A shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$252

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 the account size and type of account of the shareholders of the respective classes of the Fund, except for Fidelity Conservative Income Municipal Bond Fund and Class Z. FIIOC receives an asset-based fee of Fidelity Conservative Income Municipal Bond Fund's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net AssetsA
Conservative Income Municipal Bond	$37,385	.10
Class A	96	.08
Fidelity Conservative Income Municipal Bond Fund	2,129,013	.09A
Class I	392	.09
Class Z	6,744	.05
	$2,173,630

A Effective April 1, 2023, the asset-based fee changed from .05% to .10%.

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Conservative Income Municipal Bond Fund	61,151,992	17,163,773	(1,227)

Subsequent Event - Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

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 contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through April 30, 2025. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Conservative Income Municipal Bond	.35%	$20,475
Class A	.45%A	-
Fidelity Conservative Income Municipal Bond Fund	.25%	1,495,623
Class I	.25%A	164
Class Z	.20%A	6,611
		$1,522,873

A Expense limitation effective April 1,2023.

In addition, 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. During the period, these credits reduced the Fund's expenses by $2,162.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2023A	Year ended December 31, 2022
Fidelity Conservative Income Municipal Bond Fund
Distributions to shareholders
Conservative Income Municipal Bond	$862,973	$1,260,065
Class A	3,791	-
Fidelity Conservative Income Municipal Bond Fund	70,195,185	23,502,729
Class I	14,244	-
Class Z	445,122	-
Total	$71,521,315	$24,762,794

A Distributions for Class A, Class I and class Z are for the period May 25, 2023 (commencement of sale of shares) through December 31, 2023.

9. Share Transactions.

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2023A	Year ended December 31, 2022	Year ended December 31, 2023A	Year ended December 31, 2022
Fidelity Conservative Income Municipal Bond Fund
Conservative Income Municipal Bond
Shares sold	2,563,002	6,431,861	$25,637,442	$64,090,475
Reinvestment of distributions	69,620	104,367	695,551	1,039,599
Shares redeemed	(17,197,882)	(9,979,407)	(172,014,003)	(99,539,380)
Net increase (decrease)	(14,565,260)	(3,443,179)	$(145,681,010)	$(34,409,306)
Class A
Shares sold	42,367	-	$423,305	$ -
Reinvestment of distributions	379	-	3,791	-
Shares redeemed	(967)	-	(9,698)	-
Net increase (decrease)	41,779	-	$417,398	$ -
Fidelity Conservative Income Municipal Bond Fund
Shares sold	155,544,691	232,738,873	$1,554,173,088	$2,320,419,781
Reinvestment of distributions	1,851,005	692,458	18,497,325	6,899,221
Shares redeemed	(139,088,392)	(255,738,433)	(1,389,471,874)	(2,550,573,342)
Net increase (decrease)	18,307,304	(22,307,102)	$183,198,539	$(223,254,340)
Class I
Shares sold	148,199	-	$1,481,429	$ -
Reinvestment of distributions	1,419	-	14,191	-
Shares redeemed	(12,873)	-	(128,629)	-
Net increase (decrease)	136,745	-	$1,366,991	$ -
Class Z
Shares sold	4,521,790	-	$45,165,531	$ -
Reinvestment of distributions	38,853	-	388,665	-
Shares redeemed	(334,151)	-	(3,342,946)	-
Net increase (decrease)	4,226,492	-	$42,211,250	$ -

A Share transactions for Class A, Class I and Class Z are for the period May 25, 2023 (commencement of sale of shares) through December 31, 2023.

10. Other.

Affiliated Redemptions In-Kind. Effective subsequent to period end, shares of the Fund were redeemed in-kind for investments, including accrued interest and cash, if any. The net realized gain or loss on the investments delivered through in-kind redemptions are shown in the table below. There was no gain or loss for federal income tax purposes.

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)	Participating classes
Fidelity Conservative Income Municipal Bond Fund	96,728,319	(761,921)	969,217,761	Fidelity Conservative Income Municipal Bond

11. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Municipal Trust and Shareholders of Fidelity Conservative Income Municipal Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Conservative Income Municipal Bond Fund (one of the funds constituting Fidelity Municipal Trust, referred to hereafter as the "Fund") as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2024

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

TRUSTEES AND OFFICERS

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Christine J. Thompson (1958)

Year of Election or Appointment: 2023

Trustee

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Laura M. Bishop (1961)

Year of Election or Appointment: 2023

Trustee

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Robert W. Helm (1957)

Year of Election or Appointment: 2023

Trustee

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Carol J. Zierhoffer (1960)

Year of Election or Appointment: 2023

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Robin Foley (1964)

Year of Election or Appointment: 2023

Vice President

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2023 to December 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value July 1, 2023	Ending Account Value December 31, 2023	Expenses Paid During Period- C July 1, 2023 to December 31, 2023
Fidelity® Conservative Income Municipal Bond Fund
Class A	.42%
Actual		$ 1,000	$ 1,025.00	$ 2.14
Hypothetical-B		$ 1,000	$ 1,023.09	$ 2.14
Fidelity® Conservative Income Municipal Bond Fund	.25%
Actual		$ 1,000	$ 1,021.10	$ 1.27
Hypothetical-B		$ 1,000	$ 1,023.95	$ 1.28
Class I	.25%
Actual		$ 1,000	$ 1,026.10	$ 1.28
Hypothetical-B		$ 1,000	$ 1,023.95	$ 1.28
Class Z	.20%
Actual		$ 1,000	$ 1,026.40	$ 1.02
Hypothetical-B		$ 1,000	$ 1,024.20	$ 1.02

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

During fiscal year ended 2023, 100% of the fund's income dividends was free from federal income tax, and 47.25% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Conservative Income Municipal Bond Fund

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 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 Fidelity 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 Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to 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 considered 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 considered 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 over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

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 was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board 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.

Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse Class A, Class I, Class Z, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 0.45%, 0.25%, 0.20%, and 0.25% through April 30, 2025.

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

Proxy Voting Results

A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
	# of Votes	% of Votes
Abigail P. Johnson
Affirmative	11,160,118,778.550	97.240
Withheld	316,510,692.230	2.760
TOTAL	11,476,629,470.780	100.000
Jennifer Toolin McAuliffe
Affirmative	11,160,843,041.160	97.250
Withheld	315,786,429.620	2.750
TOTAL	11,476,629,470.780	100.000
Christine J. Thompson
Affirmative	11,156,602,115.000	97.210
Withheld	320,027,355.780	2.790
TOTAL	11,476,629,470.780	100.000
Elizabeth S. Acton
Affirmative	11,110,214,430.850	96.810
Withheld	366,415,039.930	3.190
TOTAL	11,476,629,470.780	100.000
Laura M. Bishop
Affirmative	11,132,012,161.210	97.000
Withheld	344,617,309.570	3.000
TOTAL	11,476,629,470.780	100.000
Ann E. Dunwoody
Affirmative	11,125,767,777.290	96.940
Withheld	350,861,693.490	3.060
TOTAL	11,476,629,470.780	100.000
John Engler
Affirmative	11,009,456,697.420	95.930
Withheld	467,172,773.360	4.070
TOTAL	11,476,629,470.780	100.000
Robert F. Gartland
Affirmative	11,139,433,974.390	97.060
Withheld	337,195,496.390	2.940
TOTAL	11,476,629,470.780	100.000
Robert W. Helm
Affirmative	11,140,155,147.040	97.070
Withheld	336,474,323.740	2.930
TOTAL	11,476,629,470.780	100.000
Arthur E. Johnson
Affirmative	11,087,922,630.810	96.610
Withheld	388,706,839.970	3.390
TOTAL	11,476,629,470.780	100.000
Michael E. Kenneally
Affirmative	11,003,372,175.210	95.880
Withheld	473,257,295.570	4.120
TOTAL	11,476,629,470.780	100.000
Mark A. Murray
Affirmative	11,139,176,322.830	97.060
Withheld	337,453,147.950	2.940
TOTAL	11,476,629,470.780	100.000
Carol J. Zierhoffer
Affirmative	11,137,882,609.000	97.050
Withheld	338,746,861.780	2.950
TOTAL	11,476,629,470.780	100.000

Proposal 1 reflects trust wide proposal and voting results.

1.967792.110

CMB-ANN-0224

Fidelity® Limited Term Municipal Income Fund

Annual Report

December 31, 2023

Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2023	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 2.75% sales charge)	0.81%	0.54%	0.76%
Class M (incl. 2.75% sales charge)	0.82%	0.56%	0.78%
Class C (incl. contingent deferred sales charge)	1.91%	0.37%	0.44%
Fidelity® Limited Term Municipal Income Fund	3.84%	1.40%	1.35%
Class I	3.93%	1.39%	1.31%
Class Z	3.99%	1.45%	1.34%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Limited Term Municipal Income Fund, a class of the fund, on December 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Municipal Bond Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

Comments from Co-Portfolio Managers Cormac Cullen, Michael Maka and Elizah McLaughlin:

For the year, the fund's share classes (excluding sales charges, if any), gained roughly 3% to 4%, versus the 3.76% advance of the Bloomberg 1-6 Year Municipal Bond Index and the 6.40% gain of the benchmark, the Bloomberg Municipal Bond Index. The past 12 months, we focused on long-term objectives and sought to generate attractive tax-exempt income and a competitive risk-adjusted return. Versus the 1-6 Year index, the fund's overweight to lower-quality investment-grade munis (rated A) contributed to performance, as these securities outpaced higher-quality bonds. Overweights to health care and airport bonds also helped the relative result, thanks to the segments' outperformance of the index amid strong investor demand for higher-yielding securities. The fund's carry advantage, meaning its larger-than-index exposure to high-coupon bonds that were somewhat cushioned from rising interest rates, added further value. In contrast, the fund's interest rate positioning modestly detracted. The fund had less interest rate sensitivity, as measured by its slightly shorter duration, than the index, which detracted from the relative result in the final months of the period when muni yields sharply declined.

Investment Summary December 31, 2023 (Unaudited)

Top Five States (% of Fund's net assets)

Texas	13.3
New York	9.5
Illinois	9.2
Florida	4.8
Georgia	4.3

Revenue Sources (% of Fund's net assets)
Transportation	24.1
General Obligations	23.6
Health Care	14.6
State G.O.	7.7
Housing	7.2
Electric Utilities	6.0
Education	5.2
Others* (Individually Less Than 5%)	11.6
	100.0

*Includes net other assets

Quality Diversification (% of Fund's net assets)

Schedule of Investments December 31, 2023

Showing Percentage of Net Assets

Municipal Bonds - 98.6%
	Principal Amount (a) (000s)	Value ($) (000s)
Alabama - 2.5%
Birmingham Arpt. Auth. Series 2020:
5% 7/1/26 (Build America Mutual Assurance Insured)	555	587
5% 7/1/27 (Build America Mutual Assurance Insured)	500	542
Black Belt Energy Gas District:
Bonds:
(Proj. No. 5) Series A, 4%, tender 10/1/26 (b)	4,000	4,014
Series 2022 E, 5%, tender 6/1/28 (b)	4,945	5,179
Series 2023 D1, 5.5%, tender 2/1/29 (b)	4,460	4,773
Series 2022 C1:
5.25% 12/1/26	1,845	1,935
5.25% 6/1/27	1,290	1,361
5.25% 12/1/27	1,170	1,245
5.25% 6/1/28	1,540	1,645
5.25% 12/1/28	1,275	1,370
5.25% 6/1/29	1,000	1,068
Huntsville Health Care Auth. Bonds Series 2023 A, 5%, tender 6/1/30 (b)	7,850	8,729
Mobile County Board of School Commissioners Series 2016 A, 5% 3/1/25	1,225	1,253
Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds Series 2009 E, 1%, tender 6/26/25 (b)	5,030	4,855
Southeast Alabama Gas Supply District Bonds (Proj. No. 2) Series 2018 A, 4%, tender 6/1/24 (b)	2,460	2,461
Southeast Energy Auth. Coop. Dis Bonds (Proj. No. 6) Series 2023 B, 5%, tender 6/1/30 (b)	10,000	10,673
Southeast Energy Auth. Rev.:
(Proj. No. 2) Series 2021 B1:
4% 6/1/24	600	600
4% 6/1/25	725	728
4% 6/1/26	1,500	1,509
4% 6/1/27	2,440	2,462
4% 6/1/28	3,780	3,826
Bonds Series 2022 B1, 5%, tender 8/1/28 (b)	6,035	6,307
TOTAL ALABAMA		67,122
Alaska - 0.2%
Alaska Hsg. Fin. Corp. Mtg. Rev. Series 2022 A, 3% 6/1/51	1,075	1,039
Alaska Int'l. Arpts. Revs. Series 2021 C, 5% 10/1/26 (c)	1,510	1,579
Alaska Muni. Bond Bank Series 2015 B, 5% 3/1/28 (c)	1,390	1,415
TOTAL ALASKA		4,033
Arizona - 1.7%
Arizona Board of Regents Arizona State Univ. Rev.:
Series 2016 A, 5% 7/1/26	275	284
Series 2021:
5% 8/1/26	1,100	1,168
5% 8/1/27	1,500	1,632
Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A, 5% 12/1/24	1,465	1,489
Arizona Indl. Dev. Auth. Hosp. Rev. Series 2021 A:
5% 2/1/25	1,100	1,123
5% 2/1/26	1,200	1,250
5% 2/1/27	1,200	1,278
Chandler Indl. Dev. Auth. Indl. Dev. Rev. (Intel Corp. Proj.) Series 2022 2, 5%, tender 9/1/27 (b)(c)	8,765	9,116
Glendale Union School District 205 Series A:
5% 7/1/26 (Assured Guaranty Muni. Corp. Insured)	200	211
5% 7/1/27 (Assured Guaranty Muni. Corp. Insured)	250	269
Maricopa County Indl. Dev. Auth. Sr. Living Facilities (Christian Care Surprise, Inc. Proj.) Series 2016, 5% 1/1/26 (d)	755	715
Maricopa County Rev. Bonds:
Series 2019 D, 5%, tender 5/15/26 (b)	6,765	7,072
Series 2023 A2, 5%, tender 5/15/28 (b)	4,480	4,846
Maricopa County Spl. Health Care District Gen. Oblig. Series 2021 D, 5% 7/1/26	3,000	3,167
Maricopa County Unified School District #48 Scottsdale Series D:
4% 7/1/25	800	815
4% 7/1/26	900	931
4% 7/1/27	225	237
Phoenix Civic Impt. Board Arpt. Rev. Series 2019 B:
5% 7/1/24 (c)	1,550	1,562
5% 7/1/25 (c)	1,500	1,538
Phoenix Civic Impt. Corp. Series 2019 B, 5% 7/1/28	1,910	2,084
Tucson Ctfs. of Prtn. Series 2016, 5% 7/1/27 (Assured Guaranty Muni. Corp. Insured)	1,245	1,313
Univ. of Arizona Univ. Revs. Series 2019 A, 5% 6/1/26	1,250	1,321
Western Maricopa Ed. Ctr. District Series 2019 B, 5% 7/1/26	2,000	2,117
TOTAL ARIZONA		45,538
California - 3.8%
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Bonds:
Series 2021 A, 2%, tender 4/1/28 (b)	7,365	6,870
Series A, 2.95%, tender 4/1/26 (b)	4,895	4,820
Series B, 2.85%, tender 4/1/25 (b)	4,000	3,970
California Gen. Oblig.:
Series 2017, 5% 8/1/26	1,200	1,275
Series 2020, 4% 11/1/26	700	728
Series 2023, 5% 10/1/28	4,000	4,482
California Pub. Works Board Lease Rev.:
(Various Cap. Projs.):
Series 2022 C, 5% 8/1/24	965	977
Series 2023 B, 5% 12/1/28	5,950	6,706
Series 2023 A, 5% 12/1/29	2,000	2,302
Castaic Lake Wtr. Agcy. Ctfs. of Prtn. Series 1999, 0% 8/1/28 (AMBAC Insured)	1,435	1,263
Fresno Arpt. Rev. Series 2023 A:
5% 7/1/26 (Build America Mutual Assurance Insured) (c)	1,000	1,041
5% 7/1/27 (Build America Mutual Assurance Insured) (c)	1,340	1,420
5% 7/1/28 (Build America Mutual Assurance Insured) (c)	2,885	3,110
5% 7/1/29 (Build America Mutual Assurance Insured) (c)	3,025	3,313
Los Angeles Dept. Arpt. Rev.:
Series 2016 A:
5% 5/15/24 (c)	890	895
5% 5/15/24 (Escrowed to Maturity) (c)	120	121
5% 5/15/25 (c)	880	901
5% 5/15/25 (Escrowed to Maturity) (c)	120	123
Series 2017 B, 5% 5/15/25 (c)	2,265	2,318
Series 2018 B:
5% 5/15/25 (c)	1,305	1,336
5% 5/15/26 (c)	1,545	1,614
Series 2018 C, 5% 5/15/27 (c)	1,615	1,714
Series 2020 C, 5% 5/15/26 (c)	2,645	2,764
Los Angeles Unified School District Ctfs. of Prtn. Series 2023 A, 5% 10/1/28	3,450	3,861
Palomar Health Rev. Series 2016:
5% 11/1/24	1,955	1,971
5% 11/1/25	1,000	1,021
Port of Oakland Rev.:
Series 2021 H, 5% 5/1/28 (c)	1,000	1,080
Series H:
5% 5/1/26 (c)	1,830	1,910
5% 5/1/27 (c)	3,400	3,615
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Series 2020 C, 5% 7/1/26 (c)	1,000	1,040
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.:
Series 2019 A, 5% 1/1/27 (c)	2,405	2,524
Series 2022 A:
5% 5/1/26 (c)	4,535	4,708
5% 5/1/27 (c)	4,590	4,850
5% 5/1/28 (c)	6,130	6,592
5% 5/1/29 (c)	4,100	4,482
Series 2023 A, 5% 5/1/25 (c)	1,770	1,815
Southern California Pub. Pwr. Auth. Rev. Bonds Series 2020 C, 0.65%, tender 7/1/25 (b)	8,000	7,699
TOTAL CALIFORNIA		101,231
Colorado - 2.3%
Colorado Health Facilities Auth. Rev. Bonds Bonds:
Series 2019 B:
5%, tender 8/1/25 (b)	2,950	2,999
5%, tender 8/1/26 (b)	2,035	2,104
5%, tender 11/19/26 (b)	615	656
5%, tender 11/19/26 (b)	6,065	6,411
Series 2023 A1, 5%, tender 11/15/28 (b)	12,265	13,370
Colorado Hsg. & Fin. Auth.:
Series 2019 F, 4.25% 11/1/49	960	965
Series 2019 H, 4.25% 11/1/49	490	493
Colorado Reg'l. Trans. District Ctfs. of Prtn. Series 2020, 5% 6/1/26	1,000	1,055
Colorado Univ. Co. Hosp. Auth. Rev. Bonds Series 2019 C, 5%, tender 11/15/24 (b)	14,940	15,025
Denver City & County Arpt. Rev.:
Series 2018 A, 5% 12/1/29 (c)	1,205	1,308
Series 2020 B1, 5% 11/15/24 (c)	1,500	1,518
E-470 Pub. Hwy. Auth. Rev. Series 2020 A, 5% 9/1/26	1,750	1,856
Univ. of Colorado Enterprise Sys. Rev. Bonds:
Series 2019 C, 2%, tender 10/15/24 (b)	9,030	8,957
Series 2021 C3A, 2%, tender 10/15/25 (b)	1,625	1,584
Series 2021 C3B, 2%, tender 10/15/26 (b)	1,345	1,293
TOTAL COLORADO		59,594
Connecticut - 2.6%
Connecticut Gen. Oblig.:
Series 2016 A, 5% 3/15/26	1,925	2,025
Series 2019 A:
5% 4/15/26	2,355	2,482
5% 4/15/30	965	1,088
Series 2020 C, 2% 6/1/25	1,000	983
Series 2022 A, 4% 1/15/26	1,025	1,052
Series 2022 E, 5% 11/15/26	6,000	6,421
Series 2022 G, 5% 11/15/26	6,000	6,421
Series C, 4% 6/1/26	1,100	1,135
Connecticut Health & Edl. Facilities Auth. Rev.:
Bonds:
Series 2010 A3, 0.25%, tender 2/9/24 (b)	4,155	4,140
Series 2014 B, 1.8%, tender 7/1/24 (b)	3,150	3,115
Series 2017 B2, 3.2%, tender 7/1/26 (b)	3,370	3,405
Series 2017 C2, 2.8%, tender 2/3/26 (b)	19,250	19,263
Series 2016 A, 2%, tender 7/1/26 (b)	1,725	1,679
Series 2018 S, 5% 7/1/24	1,000	1,009
Series 2019 A:
4% 7/1/24 (d)	1,090	1,081
5% 7/1/25 (d)	705	700
5% 7/1/28 (d)	1,315	1,305
5% 7/1/29 (d)	940	932
Series 2022 M:
5% 7/1/24	175	176
5% 7/1/27	250	264
5% 7/1/28	300	321
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series A, 5% 9/1/26	1,025	1,091
Hartford County Metropolitan District Gen. Oblig. Series 2021 A:
5% 9/1/27	800	873
5% 9/1/28	775	867
New Britain Gen. Oblig. Series 2009, 5% 4/1/24 (Escrowed to Maturity)	373	374
New Haven Gen. Oblig. Series 2016 A, 5% 8/15/25 (Assured Guaranty Muni. Corp. Insured)	980	1,011
Stratford Gen. Oblig. Series 2019, 5% 1/1/26	3,735	3,887
Univ. of Connecticut Gen. Oblig. Series 2019 A, 5% 11/1/26	1,000	1,066
TOTAL CONNECTICUT		68,166
Delaware - 0.1%
Delaware Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr. & Lt. Co. Proj.) Series A, 1.05%, tender 7/1/25 (b)	1,475	1,417
District Of Columbia - 2.5%
District of Columbia Income Tax Rev.:
Series 2020 A, 5% 3/1/24	715	717
Series 2022 C, 5% 12/1/27	5,900	6,489
District of Columbia Wtr. & Swr. Auth. Pub. Util. Rev. Bonds Series 2019 C, 1.75%, tender 10/1/24 (b)	7,540	7,408
Metropolitan Washington DC Arpts. Auth. Sys. Rev.:
Series 2014 A, 5% 10/1/26 (c)	1,140	1,148
Series 2017 A, 5% 10/1/26 (c)	12,905	13,530
Series 2019 A, 5% 10/1/25 (c)	1,410	1,449
Series 2020 A:
5% 10/1/24 (c)	4,470	4,517
5% 10/1/25 (c)	4,470	4,594
Series 2021 A:
5% 10/1/25 (c)	3,000	3,083
5% 10/1/28 (c)	20,500	22,280
TOTAL DISTRICT OF COLUMBIA		65,215
Florida - 4.8%
Brevard County Health Facilities Auth. Rev. Series 2023 A:
5% 4/1/26	1,920	1,995
5% 4/1/28	2,115	2,281
Broward County Arpt. Sys. Rev.:
Series 2012 P-1, 5% 10/1/25 (c)	6,645	6,653
Series 2015 C, 5% 10/1/24 (c)	1,015	1,025
Series 2019 A:
5% 10/1/24 (c)	1,300	1,313
5% 10/1/25 (c)	1,500	1,539
Series 2019 B:
5% 10/1/24 (c)	750	757
5% 10/1/25 (c)	755	775
Cap. Projs. Fin. Auth. Student Hsg. Rev. (Cap. Projs. Ln. Prog. - Florida Univs.) Series 2020 A:
5% 10/1/24	540	543
5% 10/1/26	1,940	1,989
Central Florida Expressway Auth. Sr. Lien Rev. Series 2021:
5% 7/1/26 (Assured Guaranty Muni. Corp. Insured)	1,485	1,570
5% 7/1/27 (Assured Guaranty Muni. Corp. Insured)	8,200	8,888
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev. Bonds Series 2023 C, 5%, tender 12/1/25 (b)	1,270	1,305
Florida Hsg. Fin. Corp. Rev. Series 2021 1, 3% 1/1/52	5,220	5,087
Florida Mid-Bay Bridge Auth. Rev. Series 2015 A:
5% 10/1/24	1,955	1,976
5% 10/1/25	1,710	1,757
5% 10/1/26	1,955	1,995
Florida Muni. Pwr. Agcy. Rev. Series 2016 A, 4% 10/1/26	530	547
Greater Orlando Aviation Auth. Arpt. Facilities Rev.:
Series 2015 A, 5% 10/1/29 (Pre-Refunded to 10/1/25 @ 100) (c)	1,070	1,101
Series 2016 A, 5% 10/1/25 (Escrowed to Maturity) (c)	620	638
Series 2016, 5% 10/1/26 (c)	1,300	1,360
Series 2017 A:
5% 10/1/25 (c)	320	329
5% 10/1/25 (Escrowed to Maturity) (c)	1,675	1,720
5% 10/1/26 (c)	545	570
5% 10/1/26 (Escrowed to Maturity) (c)	2,025	2,119
5% 10/1/27 (Escrowed to Maturity) (c)	580	618
Series 2019 A:
5% 10/1/24 (c)	12,700	12,829
5% 10/1/25 (c)	6,700	6,880
5% 10/1/27 (c)	1,940	2,074
Hillsborough County School Board Ctfs. of Prtn. (School Board of Hillsbrough County, Florida Master Lease Prog.) Series 2017 B, 5% 7/1/28	2,375	2,553
Jacksonville Spl. Rev. Series 2022 A:
5% 10/1/24	785	798
5% 10/1/25	610	635
5% 10/1/26	435	464
5% 10/1/27	345	377
5% 10/1/28	685	765
5% 10/1/29	595	678
5% 10/1/30	560	650
5% 10/1/32	510	613
Lee County Arpt. Rev. Series 2021 A:
5% 10/1/24 (c)	1,795	1,814
5% 10/1/25 (c)	3,325	3,416
Lee Memorial Health Sys. Hosp. Rev. Bonds Series 2019 A2, 5%, tender 4/1/26 (b)	4,810	4,931
Miami-Dade County Aviation Rev.:
Series 2012 A, 5% 10/1/24 (c)	1,800	1,802
Series 2014 A, 5% 10/1/31 (c)	1,750	1,758
Series 2016 A, 5% 10/1/27	1,275	1,343
Miami-Dade County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. of Florida Proj.) Series 2007, 4.625%, tender 11/1/24 (b)	10,000	10,078
Miami-Dade County School Board Ctfs. of Prtn. Series 2015 A, 5% 5/1/27 (Assured Guaranty Muni. Corp. Insured)	1,880	1,928
Orange County Hsg. Fin. Auth. Multi-family Rev. Bonds Series 2021 B, 0.55%, tender 7/1/24 (b)	9,950	9,742
Palm Beach County Health Facilities Auth. Hosp. Rev.:
(Jupiter Med. Ctr. Proj.) Series 2022, 5% 11/1/28	150	159
Series 2014, 5% 12/1/24 (Escrowed to Maturity)	380	386
Palm Beach County Health Facilities Auth. Rev.:
Series 2015 C:
5% 5/15/24	1,000	995
5% 5/15/30	2,490	2,355
Series 2021 C, 4% 5/15/29	1,440	1,308
Pinellas County Hsg. Fin. Auth. Bonds Series 2021 B, 0.65%, tender 7/1/24 (b)	2,170	2,125
Seminole County School Board Ctfs. of Prtn. Series 2016 C:
5% 7/1/25	980	1,011
5% 7/1/26	1,115	1,179
Village Cmnty. Dev. District No. 13 Series 2019, 2.625% 5/1/24	120	119
TOTAL FLORIDA		126,215
Georgia - 4.3%
Atlanta Arpt. Rev.:
Series 2014 C, 5% 1/1/29 (c)	900	900
Series 2020 A, 5% 7/1/26 (c)	3,000	3,130
Series 2020 B:
5% 7/1/27 (c)	4,000	4,255
5% 7/1/29 (c)	1,920	2,112
Series 2021 C, 5% 7/1/30 (c)	1,315	1,468
Series 2023 G:
5% 7/1/28 (c)	2,015	2,180
5% 7/1/29 (c)	5,635	6,199
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds:
(Georgia Pwr. Co. Plant Vogtle Proj.):
Series 1995 4, 3.8%, tender 5/21/26 (b)	3,500	3,527
Series 2012, 1.7%, tender 8/22/24 (b)	3,400	3,333
Series 2013 1st, 2.925%, tender 3/12/24 (b)	9,930	9,897
(Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2017 E, 3.25%, tender 2/3/25 (b)	900	891
Columbus Med. Ctr. Hosp. Auth. Bonds (Piedmont Healthcare, Inc. Proj.) Series 2019 A, 5%, tender 7/1/26 (b)	4,840	5,005
Georgia Gen. Oblig. Series 2016 A, 5% 2/1/27	4,980	5,239
Georgia Muni. Elec. Auth. Pwr. Rev. Series 2020 A:
4% 11/1/24	1,420	1,428
5% 1/1/25	1,000	1,016
5% 1/1/26	1,125	1,172
5% 1/1/26	1,000	1,041
5% 1/1/27	760	806
Georgia Road & Thruway Auth. Rev. Series 2020, 5% 6/1/26	2,500	2,644
Main Street Natural Gas, Inc.:
Bonds:
Series 2021 A, 4%, tender 9/1/27 (b)	15,000	15,088
Series 2021 C, 4%, tender 12/1/28 (b)	16,990	17,106
Series 2023 D, 5%, tender 12/1/30 (b)	11,820	12,571
Series 2022 A:
4% 12/1/24	1,100	1,099
4% 12/1/25	170	170
4% 12/1/26	1,955	1,957
Series 2023 B, 5% 3/1/24	260	260
Series 2023 D, 5% 12/1/29	2,750	2,917
Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Scherer Proj.) Series 1995, 2.25% 7/1/25	6,505	6,270
Private Colleges & Univs. Auth. Rev. (The Savannah College of Art & Design Projs.) Series 2021, 5% 4/1/26	1,200	1,254
TOTAL GEORGIA		114,935
Hawaii - 0.6%
Hawaii Arpts. Sys. Rev. Series 2018 A, 5% 7/1/31 (c)	1,000	1,072
Hawaii Gen. Oblig. Series 2015 EZ, 5% 10/1/26	10,000	10,380
Honolulu City & County Gen. Oblig.:
Series 2016 C, 5% 10/1/28	1,000	1,119
Series 2020 F, 5% 7/1/26	800	847
Series 2022 A, 5% 11/1/26	1,985	2,120
TOTAL HAWAII		15,538
Idaho - 0.0%
Idaho Hsg. & Fin. Assoc. Single Family Mtg. Series 2019 A, 4% 1/1/50	250	250
Illinois - 9.2%
Champaign County Cmnty. Unit Series 2019, 4% 6/1/24	420	421
Chicago Board of Ed.:
Series 2017 C:
5% 12/1/26	485	500
5% 12/1/27	1,830	1,909
Series 2018 C, 5% 12/1/24	13,000	13,093
Series 2019 A, 0% 12/1/26	3,500	3,126
Series 2023 A, 5% 12/1/30	5,000	5,315
Chicago Gen. Oblig. Series 2020 A, 5% 1/1/30	2,005	2,177
Chicago Metropolitan Wtr. Reclamation District of Greater Chicago Series 2007, 5.25% 12/1/32	2,920	3,540
Chicago Midway Arpt. Rev.:
Series 2013 B, 5% 1/1/25	1,700	1,702
Series 2014 A, 5% 1/1/26 (c)	3,475	3,491
Series 2016 A:
5% 1/1/27 (c)	2,810	2,881
5% 1/1/28 (c)	500	512
Chicago O'Hare Int'l. Arpt. Rev.:
Series 2012 B, 4% 1/1/27 (c)	1,220	1,220
Series 2015 A:
5% 1/1/26 (c)	1,600	1,613
5% 1/1/27 (c)	1,000	1,008
Series 2015 C, 5% 1/1/26 (c)	1,540	1,553
Series 2016 A, 5% 1/1/27 (c)	840	865
Series 2017 D:
5% 1/1/26 (c)	445	459
5% 1/1/27 (c)	1,595	1,673
5% 1/1/29 (c)	215	226
Series 2020 B, 5% 1/1/26	1,310	1,369
Series 2022 A, 5% 1/1/26 (c)	830	856
Series 2022 C, 5% 1/1/26 (c)	2,300	2,371
Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2017, 5% 6/1/25	1,225	1,251
Cook County Gen. Oblig.:
Series 2021 A:
5% 11/15/24	425	432
5% 11/15/25	425	442
5% 11/15/26	850	905
5% 11/15/27	1,075	1,171
Series 2021 B:
4% 11/15/25	1,100	1,123
4% 11/15/26	555	576
4% 11/15/27	565	595
4% 11/15/28	285	299
Series 2022 A:
5% 11/15/25	5,585	5,804
5% 11/15/26	300	319
5% 11/15/27	325	354
5% 11/15/28	350	390
5% 11/15/29	1,315	1,485
Cook County Sales Tax Rev.:
Series 2022 A:
5% 11/15/26	635	674
5% 11/15/27	350	379
5% 11/15/28	190	210
5% 11/15/29	140	157
5% 11/15/30	315	357
Series 2022 B:
5% 11/15/25	815	847
5% 11/15/26	360	382
5% 11/15/27	470	509
5% 11/15/28	290	320
5% 11/15/29	265	298
5% 11/15/30	275	312
Illinois Fin. Auth.:
Bonds Series 2020 B:
5%, tender 11/15/24 (b)	2,125	2,132
5%, tender 11/15/26 (b)	2,830	2,945
Series 2015, 5% 5/1/45 (Pre-Refunded to 5/1/25 @ 100)	1,190	1,219
Series 2020 A, 5% 8/15/24	1,080	1,093
Series 2022 A:
5% 10/1/26	265	272
5% 10/1/28	330	347
Illinois Fin. Auth. Rev.:
(Bradley Univ. Proj.) Series 2017 C, 5% 8/1/26	1,650	1,714
(Edward-Elmhurst Healthcare) Series 2017 A, 5% 1/1/25 (Escrowed to Maturity)	740	754
(OSF Healthcare Sys.) Series 2018 A:
5% 5/15/26	4,300	4,451
5% 5/15/27	9,260	9,752
Series 2008 A3, 5% 11/1/30	1,280	1,352
Series 2015 A:
5% 11/15/24	1,490	1,511
5% 11/15/25	1,905	1,958
5% 11/15/26	1,955	2,016
Series 2015 B, 5% 11/15/24	1,910	1,938
Series 2016 A:
5.25% 8/15/28 (Pre-Refunded to 8/15/26 @ 100)	1,000	1,060
5.25% 8/15/29 (Pre-Refunded to 8/15/26 @ 100)	5,850	6,201
Series 2016 C, 5% 2/15/27	1,875	2,001
Series 2016:
5% 5/15/25	490	501
5% 5/15/26	980	1,015
5% 5/15/27	1,225	1,279
Series 2019:
5% 9/1/24	415	415
5% 9/1/25	900	898
5% 4/1/26	1,625	1,687
5% 9/1/26	300	300
5% 4/1/27	2,135	2,262
5% 9/1/27	500	502
5% 4/1/28	1,425	1,533
5% 4/1/29	2,000	2,183
Illinois Gen. Oblig.:
Series 2014, 5% 2/1/25	2,275	2,277
Series 2016:
4% 2/1/30 (Assured Guaranty Muni. Corp. Insured)	3,760	3,849
5% 1/1/26	2,970	3,078
Series 2017 C, 5% 11/1/29	14,620	15,653
Series 2017 D:
5% 11/1/25	6,635	6,861
5% 11/1/26	5,890	6,211
Series 2018 A, 5% 10/1/26	4,615	4,853
Series 2020 B:
5% 10/1/25	5,105	5,266
5% 10/1/28	6,500	7,084
Series 2022 B:
5% 3/1/26	6,880	7,153
5% 3/1/27	6,500	6,891
Series 2023 B, 5% 5/1/28	3,000	3,248
Series 2023 D, 5% 7/1/28	4,230	4,597
Illinois Hsg. Dev. Auth. Rev. Series D, 3.75% 4/1/50	505	502
Illinois Sales Tax Rev.:
Series 2013, 5% 6/15/24	2,985	2,988
Series 2021 C:
5% 6/15/24	615	620
5% 6/15/25	355	363
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2024 A, 5% 1/1/31 (e)	790	916
Lake, Cook, Kane & McHenry Countries Cmnty. Unit School District #220 Series 2021, 3% 12/1/32	1,250	1,190
McHenry County Cmnty. School District #200 Series 2006 B:
0% 1/15/25	4,915	4,744
0% 1/15/26	3,695	3,455
Metropolitan Pier & Exposition:
Series 1994, 0% 6/15/29 (FGIC Insured)	4,430	3,714
Series 2002:
0% 12/15/29 (Assured Guaranty Muni. Corp. Insured) (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,440	2,020
0% 12/15/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,690	3,040
Series 2022 A, 3% 6/15/25	2,330	2,308
Series 2023 A, 5% 12/15/28	2,880	3,087
Northern Illinois Univ. Revs. Series 2020 B, 5% 4/1/24 (Build America Mutual Assurance Insured)	1,100	1,104
Sales Tax Securitization Corp.:
Series 2023 C, 5% 1/1/29	5,225	5,742
Series 2023 D, 5% 1/1/28	1,735	1,871
Schaumburg Village Gen. Oblig. Series 2023, 4% 12/1/31	2,820	3,015
TOTAL ILLINOIS		244,462
Indiana - 2.1%
Indiana Fin. Auth. Envir. Facilities Rev. Bonds (Indianapolis Pwr. & Lt. Co. Proj.):
Series 2020 A, 0.75%, tender 4/1/26 (b)	600	550
Series 2020 B, 0.95%, tender 4/1/26 (b)(c)	1,025	947
Indiana Fin. Auth. Health Sys. Rev. Bonds:
Series 2019 B, 2.25%, tender 7/1/25 (b)	6,405	6,302
Series 2023 B1, 5%, tender 7/1/28 (b)	5,865	6,357
Indiana Fin. Auth. Hosp. Rev. Bonds:
Series 2011 L, 0.7%, tender 1/1/26 (b)	1,105	1,031
Series 2011 M, 0.7%, tender 1/1/26 (b)	7,795	7,275
Indiana Fin. Auth. Wastewtr. Util. Rev. (CWA Auth. Proj.) Series 2015 A, 5% 10/1/25	1,590	1,614
Indiana Hsg. & Cmnty. Dev. Auth.:
Series 2019 B, 3.5% 1/1/49	1,130	1,117
Series 2021 B, 3% 7/1/50	825	803
Series 2021 C1, 3% 1/1/52	3,575	3,448
Indianapolis Local Pub. Impt.:
(Indianapolis Arpt. Auth. Proj.):
Series 2014 D:
5% 1/1/28 (c)	470	472
5% 1/1/30 (c)	550	552
Series 2016 A1, 5% 1/1/25 (c)	2,845	2,885
Series 2019 D, 5% 1/1/25 (c)	1,710	1,734
Indianapolis Arpt. Auth. Proj. Series 2019 D, 5% 1/1/26 (c)	3,680	3,794
Whiting Envir. Facilities Rev. Bonds (BP Products North America, Inc. Proj.):
Series 2017, 5%, tender 11/1/24 (b)(c)	1,250	1,256
Series 2019 A, 5%, tender 6/5/26 (b)(c)	15,985	16,258
TOTAL INDIANA		56,395
Iowa - 0.1%
Iowa Student Ln. Liquidity Corp. Student Ln. Rev.:
Series 2019 B, 5% 12/1/24 (c)	800	809
Series 2023 B, 5% 12/1/30 (c)	1,770	1,924
TOTAL IOWA		2,733
Kansas - 0.0%
Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev. Series 2016 A, 5% 9/1/25	785	811
Kentucky - 3.7%
Ashland Med. Ctr. Rev. (Ashland Hosp. Corp. D/B/A King's Daughters Med. Ctr. Proj.) Series 2016 A:
5% 2/1/24	1,330	1,331
5% 2/1/25	980	993
Carroll County Envir. Facilities Rev. Bonds (Kentucky Utils. Co. Proj.) Series 2004 A, 1.75%, tender 9/1/26 (b)(c)	9,750	9,117
Carroll County Poll. Ctlr Rev. Bonds (Kentucky Utils. Co. Proj.) Series 2016 A, 1.55%, tender 9/1/26 (b)	5,750	5,343
Kentucky Asset/Liability Commission Gen. Fund Rev. Series 2021 A:
5% 11/1/24	1,065	1,082
5% 11/1/25	3,000	3,112
5% 11/1/26	1,000	1,061
5% 11/1/27	1,000	1,085
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. Series 2015 A, 5% 6/1/24	1,655	1,658
Kentucky Hsg. Corp. Single Family Mtg. Rev. Series 2023 A, 6% 7/1/54	12,775	14,226
Kentucky State Property & Buildings Commission Rev. Series A, 5% 11/1/24	1,250	1,270
Kentucky, Inc. Pub. Energy:
Bonds:
Series 2018 A, 4%, tender 3/15/24 (b)	4,110	4,120
Series 2019 A1, 4%, tender 6/1/25 (b)	10,455	10,474
Series A, 4%, tender 6/1/26 (b)	11,570	11,508
Series C1, 4%, tender 6/1/25 (b)	15,000	15,027
Series A:
4% 12/1/25	825	828
4% 6/1/26	1,085	1,087
Louisville & Jefferson County:
Bonds Series 2020 C, 5%, tender 10/1/26 (b)	5,985	6,253
Series 2023 A:
5% 10/1/28	2,500	2,736
5% 10/1/29	1,310	1,449
5% 10/1/30	1,485	1,667
Louisville Reg'l. Arpt. Auth. Sys. Rev. Series 2014 A, 5% 7/1/24 (c)	1,280	1,289
TOTAL KENTUCKY		96,716
Louisiana - 0.4%
Louisiana Hsg. Corp. Single Fami (Home Ownership Prog.) Series 2023 C, 5.75% 12/1/53	950	1,045
New Orleans Aviation Board Rev.:
(North Term. Proj.) Series 2017 B:
5% 1/1/24 (c)	195	195
5% 1/1/25 (c)	195	198
5% 1/1/26 (c)	490	504
Series 2017 D2:
5% 1/1/24 (c)	735	735
5% 1/1/25 (c)	1,390	1,410
St. John Baptist Parish Rev.:
(Marathon Oil Corp.) Series 2017, 2.2% 6/1/37 (b)	3,765	3,560
Bonds (Marathon Oil Corp.) Series 2017, 4.05%, tender 7/1/26 (b)	3,320	3,283
TOTAL LOUISIANA		10,930
Maine - 0.1%
Brunswick Series 2020, 2% 11/1/31	1,015	920
City of Portland Arpt. Series 2016, 5% 1/1/29	690	714
Maine Health & Higher Edl. Facilities Auth. Rev. Series 2021 A:
5% 7/1/28	555	603
5% 7/1/29	600	664
5% 7/1/30	500	561
TOTAL MAINE		3,462
Maryland - 1.7%
Hsg. Opportunities Commission of Montgomery County Series 2021 C, 0.8% 7/1/25	700	662
Maryland Cmnty. Dev. Admin Dept. Hsg. & Cmnty. Dev.:
Series 2019 B, 4% 9/1/49	1,125	1,123
Series 2019 C, 3.5% 3/1/50	1,190	1,175
Series 2021 C:
0.5% 1/1/24	1,000	1,000
0.6% 7/1/24	2,840	2,800
Series 2023 E, 6.25% 3/1/54	600	663
Maryland Dept. of Trans.:
Series 2021 B, 5% 8/1/27 (c)	1,805	1,913
Series 2022 B, 5% 12/1/27	1,295	1,425
Series 2022, 5% 12/1/26	1,395	1,497
Maryland Gen. Oblig. Series 2022 2D, 3% 8/1/27	1,575	1,600
Maryland Health & Higher Edl. Bonds:
Series 2020 B2, 5%, tender 7/1/27 (b)	2,480	2,624
Series 2020, 5%, tender 7/1/25 (b)	8,525	8,671
Maryland Health & Higher Edl. Facilities Auth. Rev. Series 2015:
5% 7/1/24	1,955	1,969
5% 7/1/25	1,730	1,771
Maryland Trans. Auth. Passenger Facility Charge Rev. Series 2012 B:
2.5% 6/1/26 (c)	4,915	4,758
2.625% 6/1/27 (c)	4,030	3,890
Montgomery County Gen. Oblig. Series 2022 A:
5% 8/1/24	895	906
5% 8/1/26	7,075	7,525
TOTAL MARYLAND		45,972
Massachusetts - 1.4%
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2016 A, 0% 7/1/29	1,000	824
Massachusetts Dev. Fin. Agcy. Rev.:
Bonds Series 2011 N, 0.45%, tender 7/1/25 (b)	5,000	4,726
Series 2016 I:
5% 7/1/24	1,075	1,081
5% 7/1/25	1,475	1,515
5% 7/1/25	1,480	1,508
5% 7/1/26	980	1,018
Series 2019 A:
5% 7/1/24	1,150	1,159
5% 7/1/25	825	839
5% 7/1/26	2,015	2,059
Series 2021:
4% 7/1/24	225	224
4% 7/1/25	235	233
5% 7/1/25	740	760
5% 7/1/25 (Escrowed to Maturity)	1,915	1,975
Massachusetts Edl. Fing. Auth. Rev.:
Series 2016, 5% 7/1/24 (c)	2,850	2,870
Series 2020 C:
5% 7/1/25 (c)	850	869
5% 7/1/26 (c)	1,900	1,965
Series 2021 B, 5% 7/1/26 (c)	1,390	1,437
Series 2023 B:
5% 7/1/28 (c)	3,675	3,902
5% 7/1/29 (c)	2,650	2,848
Massachusetts Health & Edl. Facilities Auth. Rev. Bonds Series I, 0.7%, tender 7/1/25 (b)	2,133	2,024
Massachusetts Port Auth. Rev.:
Series 2017 A, 5% 7/1/25 (c)	1,115	1,143
Series 2021 E, 5% 7/1/27 (c)	500	531
Univ. of Massachusetts Bldg. Auth. Rev. Series 2021 1, 5% 11/1/26	2,445	2,620
TOTAL MASSACHUSETTS		38,130
Michigan - 1.2%
Detroit Downtown Dev. Auth. Tax Series A, 5% 7/1/24 (Assured Guaranty Muni. Corp. Insured)	1,000	1,009
Flint Hosp. Bldg. Auth. Rev. Series 2020, 5% 7/1/24	925	927
Grand Traverse County Hosp. Fin. Auth. Series 2021:
5% 7/1/26	550	577
5% 7/1/27	900	962
5% 7/1/28	725	787
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016:
5% 5/15/24	635	639
5% 5/15/24 (Escrowed to Maturity)	5	5
5% 5/15/25	1,275	1,304
5% 5/15/25 (Escrowed to Maturity)	10	10
5% 5/15/26	1,230	1,282
5% 5/15/26 (Escrowed to Maturity)	5	5
Lansing Board of Wtr. & Lt. Util. Rev. Bonds Series 2021 B, 2%, tender 7/1/26 (b)	2,000	1,898
Michigan Fin. Auth. Rev.:
Bonds:
Series 2015 D2, 1.2%, tender 4/13/28 (b)	635	570
Series 2019 MI2, 5%, tender 2/1/25 (b)	4,830	4,919
Series 2015 A, 5% 8/1/26 (Pre-Refunded to 8/1/24 @ 100)	300	303
Series 2015 D1, 0.75% 10/15/25	1,000	959
Series 2020 A, 5% 6/1/25	2,000	2,042
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.:
Series 2021 A, 3% 6/1/52	1,935	1,879
Series A, 3.5% 12/1/50	925	913
Michigan Strategic Fund Ltd. Oblig. Rev. Bonds (Consumer Energy Co. Proj.) Series 2019, 1.8%, tender 10/1/24 (b)(c)	3,140	3,091
Novi Cmnty. School District Series I:
4% 5/1/24	795	797
4% 5/1/25	600	608
Portage Pub. Schools Series 2016:
5% 5/1/25	1,100	1,132
5% 11/1/25	1,195	1,244
5% 11/1/28	985	1,034
Saginaw Hosp. Fin. Auth. Hosp. Rev. Series 2020 J:
5% 7/1/24	765	771
5% 7/1/25	500	511
5% 7/1/26	750	779
TOTAL MICHIGAN		30,957
Minnesota - 1.5%
Duluth Econ. Dev. Auth. Series 2021 A:
3% 7/1/24	200	198
3% 7/1/25	615	596
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2022 B:
5% 1/1/24 (c)	705	705
5% 1/1/25 (c)	460	467
5% 1/1/26 (c)	1,125	1,160
5% 1/1/27 (c)	3,800	3,986
Minneapolis Health Care Sys. Rev. Bonds Series 2023 A, 5%, tender 11/15/28 (b)	11,835	12,845
Minnesota Gen. Oblig. Series 2023 A, 5% 8/1/29	7,810	8,920
Minnesota Hsg. Fin. Agcy.:
Series 2023 E, 6.25% 7/1/54	540	598
Series 2023 F, 5.75% 7/1/53	650	702
Series 2023, 6% 7/1/53	2,925	3,198
Moorhead Edl. Facilities Rev. (The Concordia College Corp. Proj.) Series 2016, 5% 12/1/25	1,555	1,566
Shakopee Sr. Hsg. Rev. Bonds Series 2018, 5.85%, tender 11/1/25 (b)(d)	2,430	2,358
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2015 A, 5% 1/1/26	2,065	2,158
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev. Series 2014 A, 5% 1/1/24	980	980
TOTAL MINNESOTA		40,437
Mississippi - 0.2%
Mississippi Dev. Bank Spl. Oblig. (Magnolia Reg'l. Health Ctr. Proj.) Series 2021:
5% 10/1/25 (d)	1,320	1,336
5% 10/1/27 (d)	900	931
Mississippi Hosp. Equip. & Facilities Auth.:
(Forrest County Gen. Hosp. Rfdg. Proj.) Series 2019 B, 5% 1/1/24	400	400
Bonds Series II, 5%, tender 3/1/27 (b)	1,130	1,188
Series I:
5% 10/1/25	600	618
5% 10/1/27	800	854
TOTAL MISSISSIPPI		5,327
Missouri - 0.8%
Cape Girardeau County Indl. Dev. Auth. (Southeast Hosp. Proj.) Series 2017 A:
5% 3/1/24	685	686
5% 3/1/25	710	718
5% 3/1/26	980	1,023
Kansas City Indl. Dev. Auth. (Kansas City Int'l. Arpt. Term. Modernization Proj.):
Series 2020 A:
5% 3/1/26 (c)	1,185	1,223
5% 3/1/27 (c)	4,065	4,261
Series 2020 B:
5% 3/1/26	2,190	2,284
5% 3/1/27	1,535	1,638
Kansas City Planned Indl. Expansion Bonds Series 2023, 5%, tender 7/1/27 (b)	2,485	2,605
Missouri Hsg. Dev. Commission Single Family Mtg. Rev. Series 2019, 4% 5/1/50	285	285
Saint Louis Arpt. Rev. Series A, 5.25% 7/1/26 (Assured Guaranty Muni. Corp. Insured)	5,370	5,715
TOTAL MISSOURI		20,438
Montana - 0.2%
Montana Board Hsg. Single Family:
Series 2019 B, 4% 6/1/50	170	170
Series 2021 B, 3% 12/1/51	2,185	2,127
Series 2022 A, 3% 6/1/52	1,625	1,574
Series A1, 3.5% 6/1/50	2,505	2,476
TOTAL MONTANA		6,347
Nebraska - 1.5%
Central Plains Energy Proj. Rev. Bonds:
(Proj. No. 4) Series 2023 A1, 5%, tender 11/1/29 (b)	9,280	9,837
Series 2019, 4%, tender 8/1/25 (b)	11,940	12,006
Douglas County Hosp. Auth. #2 Health Facilities Rev. Bonds Series 2020, 5%, tender 11/15/25 (b)	2,200	2,255
Lincoln Arpt. Auth. Series 2021:
5% 7/1/24 (c)	700	706
5% 7/1/26 (c)	750	781
5% 7/1/27 (c)	1,275	1,352
5% 7/1/28 (c)	1,830	1,975
5% 7/1/29 (c)	1,000	1,097
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.:
Series 2019 B, 4% 9/1/49 (c)	810	805
Series 2019 E, 3.75% 9/1/49 (c)	845	837
Nebraska Pub. Pwr. District Rev. Series 2017 B, 5% 1/1/26	1,260	1,315
Washington County Wstwtr Sol Bonds (Cargill, Inc. Projs.) Series 2012, 0.9%, tender 9/1/25 (b)(c)	7,400	7,122
TOTAL NEBRASKA		40,088
Nevada - 1.0%
Clark County Arpt. Rev.:
Series 2014 A2:
5% 7/1/28	525	530
5% 7/1/30	750	756
Series 2021 B:
5% 7/1/24 (c)	985	992
5% 7/1/25 (c)	1,795	1,839
5% 7/1/27 (c)	6,000	6,349
Clark County McCarran Int'l. Arpt. Passenger Facility Charge Rev.:
Series 2019 E:
5% 7/1/25	1,275	1,316
5% 7/1/27	2,245	2,433
Series B, 5% 7/1/24 (c)	2,080	2,095
Clark County School District:
Series 2017 A, 5% 6/15/26	1,285	1,354
Series 2020 B, 5% 6/15/26	5,805	6,130
Nevada Gen. Oblig. Series 2015 A, 3% 8/1/29	2,175	2,176
TOTAL NEVADA		25,970
New Hampshire - 0.4%
Nat'l. Fin. Auth. Hosp. Rev. (St. Luke's Univ. Health Network Proj.) Series 2021 B:
5% 8/15/24	600	606
5% 8/15/28	1,125	1,215
Nat'l. Fin. Auth. Solid Bonds (Waste Mgmt., Inc. Proj.):
Series 2019 A3, 2.15%, tender 7/1/24 (b)(c)	4,455	4,413
Series 2019 A4, 2.15%, tender 7/1/24 (b)(c)	2,250	2,229
New Hampshire Bus. Fin. Auth. Wtr. Facility (Pennichuck Wtr. Works, Inc. Proj.) Series 2014 A, 5% 1/1/25 (Escrowed to Maturity) (c)	1,000	1,016
TOTAL NEW HAMPSHIRE		9,479
New Jersey - 4.2%
New Jersey Econ. Dev. Auth. Series 2024 SSS:
5% 6/15/24 (e)	1,750	1,753
5% 6/15/26 (e)	2,575	2,688
5% 6/15/27 (e)	1,070	1,140
New Jersey Econ. Dev. Auth. Rev.:
(Provident Montclair Proj.) Series 2017, 5% 6/1/24 (Assured Guaranty Muni. Corp. Insured)	980	988
Series 2014 RR, 5% 6/15/32 (Pre-Refunded to 6/15/24 @ 100)	375	378
Series 2014 UU, 5% 6/15/30 (Pre-Refunded to 6/15/24 @ 100)	465	469
Series 2015 XX:
4% 6/15/24	550	552
5% 6/15/26 (Pre-Refunded to 6/15/25 @ 100)	975	1,006
Series 2019:
5.25% 9/1/24 (d)	300	304
5.25% 9/1/26 (d)	3,410	3,628
New Jersey Edl. Facility Series 2016 B, 4% 9/1/26	320	329
New Jersey Gen. Oblig. Series 2021, 2% 6/1/29	1,965	1,840
New Jersey Health Care Facilities Fing. Auth. Rev.:
Bonds:
Series 2019 B2, 5%, tender 7/1/25 (b)	3,890	4,000
Series 2019 B3, 5%, tender 7/1/26 (b)	2,750	2,870
Series 2016 A:
5% 7/1/24 (Escrowed to Maturity)	985	994
5% 7/1/24 (Escrowed to Maturity)	475	479
Series 2016, 5% 7/1/25	275	283
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.:
Series 2015 1A, 5% 12/1/24 (c)	6,015	6,087
Series 2020:
5% 12/1/24 (c)	1,360	1,376
5% 12/1/25 (c)	2,440	2,508
5% 12/1/26 (c)	3,165	3,294
Series 2021 A, 5% 12/1/25 (c)	130	134
Series 2021 B:
5% 12/1/25 (c)	315	324
5% 12/1/26 (c)	1,425	1,483
New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Series 2019 D, 4% 4/1/25 (c)	1,405	1,408
New Jersey Tpk. Auth. Tpk. Rev. Series D, 5% 1/1/28	1,710	1,804
New Jersey Trans. Trust Fund Auth.:
Series 2006 C:
0% 12/15/25	6,400	5,988
0% 12/15/26 (Assured Guaranty Corp. Insured)	1,585	1,445
0% 12/15/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,820	1,607
0% 12/15/29 (Assured Guaranty Muni. Corp. Insured)	1,225	1,024
0% 12/15/31 (FGIC Insured)	5,400	4,189
Series 2010 A:
0% 12/15/25	1,140	1,067
0% 12/15/27	6,420	5,667
Series 2016 A, 5% 6/15/27	3,960	4,158
Series 2022 AA:
5% 6/15/26	9,745	10,276
5% 6/15/27	8,000	8,630
5% 6/15/28	10,000	11,019
Series A:
0% 12/15/26	11,265	10,238
5% 12/15/25	1,680	1,752
5% 12/15/26	2,600	2,772
TOTAL NEW JERSEY		111,951
New Mexico - 2.1%
New Mexico Edl. Assistance Foundation Series 2021 1A:
5% 9/1/25 (c)	6,250	6,417
5% 9/1/28 (c)	2,000	2,149
New Mexico Hosp. Equip. Ln. Council Rev. Bonds Series 2019 B, 5%, tender 8/1/25 (b)	3,135	3,220
New Mexico Mtg. Fin. Auth.:
Series 2019 C, 4% 1/1/50	2,825	2,823
Series 2021 C, 3% 1/1/52	2,985	2,892
Series 2021 D, 3% 7/1/52	14,205	13,753
Series 2023 C, I 5.75% 3/1/54	1,980	2,157
New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev.:
Bonds Series 2019 A, 5%, tender 5/1/25 (b)	15,495	15,751
Series 2019 A:
4% 5/1/24	950	952
4% 11/1/24	1,450	1,455
4% 5/1/25	2,790	2,804
TOTAL NEW MEXICO		54,373
New York - 9.5%
Dorm. Auth. New York Univ. Rev. Series 2016 A, 5% 7/1/24	1,810	1,824
East Hampton Union Free School District Series 2017, 2.25% 6/1/28	505	480
Long Island Pwr. Auth. Elec. Sys. Rev.:
Bonds:
Series 2019 B, 1.65%, tender 9/1/24 (b)	7,255	7,163
Series 2020 B, 0.85%, tender 9/1/25 (b)	19,810	18,971
Series 2021 B, 1.5%, tender 9/1/26 (b)	3,360	3,175
Series 2021, 1% 9/1/25	2,805	2,668
Monroe County Indl. Dev. Agcy. Bonds (Andrews Terrace Cmnty. Partners, L.P. Proj.) Series 2023 B1, 5%, tender 7/1/27 (b)	1,540	1,620
Monroe County Indl. Dev. Corp. (Univ. of Rochester Proj.):
Series 2017 A, 5% 7/1/25	900	930
Series 2020 A:
5% 7/1/25	750	775
5% 7/1/26	500	529
New York Bridge Auth. Gen. Rev. Series 2021 B, 5% 1/1/27	1,500	1,610
New York City Gen. Oblig.:
Series 2020 A1, 5% 8/1/27	13,205	14,369
Series 2020 C1, 5% 8/1/30	1,000	1,161
Series 2022 B1, 5% 8/1/28	11,490	12,809
Series A, 5% 8/1/26	1,000	1,061
Series A6, 5% 8/1/25	250	250
Series F1, 5% 6/1/25	470	485
Series I1, 5% 3/1/27	615	617
New York City Health & Hosp. Corp. Rev. Series A:
3% 2/15/24	535	535
5% 2/15/24	750	752
New York City Hsg. Dev. Corp. Bonds Series 2023 E2, 3.8%, tender 1/3/28 (b)	690	694
New York City Hsg. Dev. Corp. Multifamily Hsg. Bonds:
Series 2021 C2, 0.7%, tender 7/1/25 (b)	2,210	2,096
Series 2021 K2, 0.9%, tender 1/1/26 (b)	12,290	11,451
Series 2021, 0.6%, tender 7/1/25 (b)	2,855	2,704
Series 2023 A2, 3.73%, tender 12/29/28 (b)	4,675	4,696
Series 2023 D, 4.3%, tender 11/1/28 (b)	2,355	2,416
New York City Indl. Dev. Agcy. Rev. Series 2021 A:
5% 1/1/25 (Assured Guaranty Muni. Corp. Insured)	1,000	1,019
5% 1/1/26 (Assured Guaranty Muni. Corp. Insured)	1,000	1,037
5% 1/1/27 (Assured Guaranty Muni. Corp. Insured)	1,000	1,058
New York City Transitional Fin. Auth. Rev.:
Series 2017 E1, 5% 2/1/30	2,830	3,016
Series E1, 5% 2/1/26	475	486
New York Dorm. Auth. Rev.:
Series 2015 A:
5% 7/1/28	370	378
5% 7/1/28 (Pre-Refunded to 7/1/25 @ 100)	30	31
Series 2022:
5% 7/1/26	675	696
5% 7/1/27	710	743
5% 7/1/28	750	794
5% 7/1/29	1,065	1,139
New York Dorm. Auth. Sales Tax Rev.:
Series 2017 A, 5% 3/15/31	2,745	2,953
Series 2023 A1, 5% 3/15/29	25,000	28,258
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.:
Series 2016 A, 5% 11/15/24	525	535
Series 2016 B1, 5% 11/15/24	670	683
Series 2017 B1, 4% 11/15/25	250	256
New York Metropolitan Trans. Auth. Rev.:
Series 2015 A, 5% 11/15/24	1,000	1,018
Series 2015 A1, 5% 11/15/29	765	780
Series 2016 D, 5% 11/15/27	1,500	1,567
Series 2017 A2:
5% 11/15/25	2,620	2,721
5% 11/15/26	5,815	6,155
Series 2017 B, 5% 11/15/24	665	677
Series 2017 C1, 5% 11/15/28	4,340	4,719
New York State Dorm. Auth.:
Series 2018 A, 5% 3/15/27 (Escrowed to Maturity)	970	1,044
Series 2021 A, 5% 3/15/29	1,500	1,697
Series 2023 A:
5% 3/15/29	5,000	5,655
5% 3/15/30	7,295	8,415
New York State Hsg. Fin. Agcy. Rev.:
Bonds:
Series 2021 D2, 0.65%, tender 11/1/25 (b)	2,770	2,597
Series 2021 J2:
1%, tender 11/1/26 (b)	1,770	1,630
1.1%, tender 5/1/27 (b)	6,610	6,033
Series J, 0.75% 5/1/25	2,705	2,570
New York State Mtg. Agcy. Homeowner Mtg.:
Series 2021 232:
5% 4/1/25 (c)	1,130	1,149
5% 10/1/26 (c)	1,580	1,647
Series 221, 3.5% 10/1/32 (c)	335	330
New York Thruway Auth. Gen. Rev. Series 2014 K, 5% 1/1/32	795	808
New York Trans. Dev. Corp.:
(Term. 4 JFK Int'l. Arpt. Proj.):
Series 2020 A:
5% 12/1/24 (c)	1,500	1,513
5% 12/1/25 (c)	2,295	2,355
5% 12/1/26 (c)	1,180	1,230
Series 2020 C:
5% 12/1/24	1,000	1,015
5% 12/1/25	800	827
5% 12/1/26	1,250	1,318
5% 12/1/27	1,250	1,342
5% 12/1/28	1,300	1,421
(Term. 4 John F. Kennedy Int'l. Arpt. Proj.) Series 2022:
5% 12/1/26 (c)	13,300	13,869
5% 12/1/27 (c)	12,605	13,358
5% 12/1/28 (c)	600	646
New York Urban Dev. Corp. Rev. Series 2015 A, 5% 3/15/26	250	259
Niagara Frontier Trans. Auth. Arpt. Rev. Series 2019 A:
5% 4/1/25 (c)	625	634
5% 4/1/27 (c)	1,350	1,415
Suffolk County Gen. Oblig.:
Series 2022 A:
5% 6/15/24	655	661
5% 6/15/25	695	716
5% 6/15/29	965	1,088
Series 2022 B:
5% 10/1/25	800	830
5% 10/1/26	410	436
5% 10/1/28	670	746
Syracuse Reg'l. Arpt. Auth. Series 2021:
5% 7/1/25 (c)	750	765
5% 7/1/26 (c)	1,145	1,184
5% 7/1/27 (c)	1,515	1,589
Triborough Bridge & Tunnel Auth. Bonds:
Series 2021 A2:
2%, tender 5/15/26 (b)	7,870	7,570
2%, tender 5/15/28 (b)	2,575	2,410
Series 2021 B, 5%, tender 5/15/26 (b)	2,470	2,576
TOTAL NEW YORK		251,908
New York And New Jersey - 1.5%
Port Auth. of New York & New Jersey:
Series 188, 5% 5/1/25 (c)	1,980	2,026
Series 193:
5% 10/15/25 (c)	4,015	4,145
5% 10/15/29 (c)	1,350	1,384
Series 2015 193, 5% 10/15/27 (c)	7,425	7,625
Series 2023 242:
5% 12/1/27 (c)	2,700	2,886
5% 12/1/28 (c)	11,915	12,954
Series 223:
5% 7/15/25 (c)	1,500	1,541
5% 7/15/26 (c)	2,250	2,347
5% 7/15/27 (c)	3,055	3,243
5% 7/15/28 (c)	2,500	2,700
TOTAL NEW YORK AND NEW JERSEY		40,851
North Carolina - 1.7%
Asheville Spl. Obligations Series 2021, 5% 4/1/25	1,530	1,571
Charlotte Int'l. Arpt. Rev.:
Series 2019 B, 5% 7/1/27 (c)	735	782
Series 2021 B:
5% 7/1/26 (c)	5,535	5,774
5% 7/1/27 (c)	4,500	4,787
5% 7/1/28 (c)	1,675	1,812
5% 7/1/29 (c)	865	952
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Bonds:
Series 2021 B, 5%, tender 12/2/24 (b)	4,200	4,263
Series 2021 C, 5%, tender 12/1/28 (b)	1,570	1,732
New Hanover County Hosp. Rev. Series 2017:
5% 10/1/25 (Escrowed to Maturity)	1,115	1,154
5% 10/1/26 (Escrowed to Maturity)	1,360	1,441
North Carolina Cap. Facilities Fin. Agcy. Edl. Facilities Rev. Series 2021, 5% 5/1/25	260	266
North Carolina Grant Anticipation Rev. Series 2021:
5% 3/1/27	2,305	2,479
5% 3/1/28	2,375	2,615
North Carolina Hsg. Fin. Agcy. Home Ownership Rev.:
Series 2023 52A, 6.25% 1/1/55	1,200	1,328
Series 43, 4% 7/1/50	4,770	4,767
North Carolina Med. Care Commission Health Care Facilities Rev. Bonds Series 2019 C, 2.55%, tender 6/1/26 (b)	7,335	7,237
North Carolina Med. Care Commission Hosp. Rev. Bonds Series 2021 B, 5%, tender 2/1/26 (b)	1,110	1,153
Raleigh Durham Arpt. Auth. Arpt. Rev. Series 2020 A, 5% 5/1/27 (c)	355	376
Union County Enterprise Systems Rev. Series 2021:
5% 6/1/26	750	793
5% 6/1/27	775	841
TOTAL NORTH CAROLINA		46,123
North Dakota - 0.2%
North Dakota Hsg. Fin. Agcy.:
Series 2021 A, 3% 1/1/52	1,465	1,426
Series 2021 B, 3% 7/1/52	3,975	3,842
Series 2023 F, 6.25% 1/1/54	430	476
TOTAL NORTH DAKOTA		5,744
Ohio - 1.9%
Akron Bath Copley Hosp. District Rev.:
Series 2016, 5% 11/15/24	1,955	1,979
Series 2020:
5% 11/15/26	375	392
5% 11/15/27	185	196
American Muni. Pwr., Inc. Rev.:
Bonds Series 2021 A2, 1%, tender 8/15/24 (b)	2,150	2,114
Series 2021 A:
5% 2/15/26	300	313
5% 2/15/27	400	426
Series 2023 A:
5% 2/15/28	3,615	3,938
5% 2/15/29	4,555	5,064
Cleveland Arpt. Sys. Rev. Series 2016 A:
5% 1/1/25 (Assured Guaranty Muni. Corp. Insured)	1,225	1,249
5% 1/1/26 (Assured Guaranty Muni. Corp. Insured)	490	500
Miami County Hosp. Facilities Rev. (Kettering Health Network Obligated Group Proj.) Series 2019:
5% 8/1/27	1,000	1,072
5% 8/1/28	1,000	1,091
Miami Univ. Series 2022 A, 5% 9/1/24	125	127
Montgomery County Hosp. Rev. (Kettering Health Network Obligated Group Proj.)) Series 2021:
5% 8/1/27	575	616
5% 8/1/28	500	546
Ohio Cap. Facilities Lease (Adult Correctional Bldg. Fund Projs.) Series 2021 A, 5% 10/1/26	1,750	1,862
Ohio Higher Edl. Facility Commission Rev. Bonds (Case Western Reserve Univ. Proj.) Series 2019 C, 1.625%, tender 12/1/26 (b)	1,345	1,282
Ohio Hosp. Rev. Bonds Series 2019 C, 2.75%, tender 5/1/28 (b)	3,920	3,902
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.:
(Mtg. Backed Securities Prog.) Series 2019 B, 4.5% 3/1/50	230	232
(Mtg.-Backed Securities Prog.) Series 2023 B, 6% 3/1/55	1,545	1,719
Series 2021 C, 3.25% 3/1/51	16,335	15,961
Scioto County Hosp. Facilities Rev.:
Series 2016:
5% 2/15/25	2,065	2,100
5% 2/15/26	1,285	1,327
Series 2019, 5% 2/15/29	1,820	1,902
Univ. of Akron Gen. Receipts Series 2019 A, 5% 1/1/25	1,100	1,123
TOTAL OHIO		51,033
Oklahoma - 0.6%
Oklahoma County Independent School District #89 Oklahoma City Series 2023 A, 3% 7/1/26	14,520	14,602
Oklahoma Hsg. Fin. Agcy. Single Family Mtg. Rev.:
(Homeownership Ln. Prog.) Series 2023 C, 6% 3/1/54	285	317
(Homeownership Load Prog.) Series 2023 D, 6.5% 9/1/54	310	354
Oklahoma Tpk. Auth. Tpk. Rev. Series 2017 D, 5% 1/1/25	775	792
TOTAL OKLAHOMA		16,065
Oregon - 0.2%
Oregon Facilities Auth. Rev. (Samaritan Health Svcs. Proj.):
Series 2020 A:
5% 10/1/24	200	202
5% 10/1/25	225	230
5% 10/1/26	150	156
Series A, 5% 10/1/27	150	158
Oregon State Hsg. & Cmnty. Svcs. Dept. (Single Family Mtg. Prog.) Series A, 3.5% 1/1/51	2,415	2,387
Port of Portland Arpt. Rev.:
Series 2020 27 A, 5% 7/1/29 (c)	430	469
Series 27 A, 5% 7/1/26 (c)	1,515	1,576
TOTAL OREGON		5,178
Pennsylvania - 2.9%
Allegheny County Arpt. Auth. Rev. Series 2021 A:
5% 1/1/26 (c)	1,750	1,801
5% 1/1/27 (c)	2,000	2,094
5% 1/1/28 (c)	2,250	2,396
Allegheny County Indl. Dev. Auth. Rev. Series 2021, 3.5% 12/1/31	970	793
Allegheny County Sanitation Auth. Swr. Rev. Series 2020 A:
4% 6/1/25	200	203
5% 6/1/26	1,000	1,057
Commonwealth Fing. Auth. Rev. Series 2020 A, 5% 6/1/25	1,150	1,184
Geisinger Auth. Health Sys. Rev. Bonds:
Series 2020 B, 5%, tender 2/15/27 (b)	3,420	3,570
Series 2020 C, 5%, tender 4/1/30 (b)	3,625	3,970
Lancaster Muni. Auth. Rev. Series 2023 B, 5% 6/1/29	2,650	2,970
Montgomery County Higher Ed. & Health Auth. Rev. Series 2019, 5% 9/1/29	1,000	1,095
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. Bonds:
(Waste Mgmt., Inc. Proj.) Series 2017 A, 0.58%, tender 8/1/24 (b)(c)	1,100	1,077
Series 2011, 2.15%, tender 7/1/24 (b)(c)	1,000	990
Pennsylvania Gen. Oblig.:
Series 2018:
3.2% 3/1/29	4,065	4,117
3.35% 3/1/30	6,055	6,142
Series 2019:
5% 7/15/28	1,760	1,952
5% 7/15/29	1,395	1,579
Pennsylvania Higher Edl. Facilities Auth. Rev. Series 2016 C, 5% 8/15/25	2,855	2,955
Pennsylvania Hsg. Fin. Agcy.:
Series 2020 13 2A, 3.5% 4/1/51	625	619
Series 2021 137, 3% 10/1/51	5,505	5,307
Pennsylvania Tpk. Commission Tpk. Rev. Series 2021 B:
5% 12/1/25	860	894
5% 12/1/26	1,000	1,064
5% 12/1/27	750	815
Philadelphia Arpt. Rev.:
Series 2015 A, 5% 6/15/24 (c)	600	604
Series 2017 A, 5% 7/1/24	490	495
Series 2017 B:
5% 7/1/24 (c)	4,790	4,822
5% 7/1/25 (c)	1,700	1,738
Series 2021:
5% 7/1/28 (c)	3,100	3,327
5% 7/1/29 (c)	1,830	1,994
Philadelphia School District:
Series 2018 A:
5% 9/1/24	1,000	1,011
5% 9/1/25	700	721
5% 9/1/26	750	787
Series 2019 A:
5% 9/1/24	1,050	1,061
5% 9/1/25	1,200	1,235
Series 2019 B, 5% 9/1/24	1,000	1,011
Reading School District Series 2017:
5% 3/1/25 (Assured Guaranty Muni. Corp. Insured)	320	326
5% 3/1/26 (Assured Guaranty Muni. Corp. Insured)	260	271
5% 3/1/27 (Assured Guaranty Muni. Corp. Insured)	250	266
5% 3/1/28 (Assured Guaranty Muni. Corp. Insured)	245	261
Southcentral Pennsylvania Gen. Auth. Rev. Series 2023 A, 5% 6/1/29	8,475	9,500
TOTAL PENNSYLVANIA		78,074
Puerto Rico - 0.7%
Puerto Rico Commonwealth Aqueduct & Swr. Auth. Series 2022 A, 5% 7/1/28 (d)	7,500	7,614
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.:
Series 2021 A1:
0% 7/1/24	612	600
5.625% 7/1/29	2,265	2,457
Series 2022 A1, 5.375% 7/1/25	6,360	6,500
TOTAL PUERTO RICO		17,171
Rhode Island - 0.9%
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series 2016:
5% 5/15/24	2,300	2,308
5% 5/15/25	5,385	5,465
Rhode Island Hsg. & Mtg. Fin. Corp. Series 2019 70, 4% 10/1/49	460	460
Rhode Island Hsg. & Mtg. Fin. Corp. Rev. Series 72 A, 3.5% 10/1/50	955	946
Rhode Island Student Ln. Auth. Student Ln. Rev.:
Series 2018 A, 5% 12/1/25 (c)	845	869
Series 2019 A:
5% 12/1/24 (c)	1,275	1,292
5% 12/1/25 (c)	1,900	1,957
5% 12/1/26 (c)	1,000	1,047
5% 12/1/28 (c)	510	550
Series 2021 A, 5% 12/1/27 (c)	900	959
Series A:
4% 12/1/26 (c)	355	356
5% 12/1/26 (c)	1,200	1,256
Tobacco Settlement Fing. Corp. Series 2015 A:
5% 6/1/24	1,885	1,895
5% 6/1/26	3,425	3,490
5% 6/1/27	980	1,000
TOTAL RHODE ISLAND		23,850
South Carolina - 0.7%
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015, 5% 12/1/26	1,075	1,105
South Carolina Hsg. Fin. & Dev. Auth. Mtg. Rev.:
Series 2019 A, 4% 1/1/50	895	896
Series 2023 B, 6% 1/1/54	955	1,063
South Carolina Ports Auth. Ports Rev.:
Series 2015 (AMT), 5% 7/1/45 (Pre-Refunded to 7/1/25 @ 100) (c)	2,910	2,982
Series 2015:
5.25% 7/1/50 (Pre-Refunded to 7/1/25 @ 100) (c)	4,805	4,941
5.25% 7/1/55 (Pre-Refunded to 7/1/25 @ 100) (c)	2,310	2,375
South Carolina Pub. Svc. Auth. Rev.:
Series 2015 A, 5% 12/1/25	1,000	1,018
Series 2021 A:
5% 12/1/26	670	705
5% 12/1/27	750	803
Series 2021 B:
5% 12/1/24	1,400	1,419
5% 12/1/25	500	515
5% 12/1/26	500	526
5% 12/1/27	450	482
5% 12/1/28	800	871
TOTAL SOUTH CAROLINA		19,701
South Dakota - 0.0%
South Dakota Hsg. Dev. Auth. Series 2023 G, 6.25% 5/1/55	610	676
Tennessee - 1.4%
Metropolitan Nashville Arpt. Auth. Rev. Series 2019 B:
5% 7/1/26 (c)	2,000	2,076
5% 7/1/27 (c)	2,435	2,571
5% 7/1/28 (c)	3,125	3,354
5% 7/1/29 (c)	3,800	4,140
5% 7/1/30 (c)	3,000	3,311
Nashville and Davidson County Metropolitan Govt. Gen. Oblig. Series 2022 B, 4% 1/1/26	8,000	8,216
Tennergy Corp. Gas Rev. Bonds Series 2019 A, 5%, tender 10/1/24 (b)	11,590	11,691
Tennessee Hsg. Dev. Agcy. Residential Series 2021 3A, 3% 1/1/52	1,555	1,506
TOTAL TENNESSEE		36,865
Texas - 13.3%
Aledo Independent School District Series 2015, 0% 2/15/24	1,195	1,190
Austin Arpt. Sys. Rev.:
Series 2019 B:
5% 11/15/24 (c)	675	682
5% 11/15/25 (c)	650	667
Series 2019, 5% 11/15/24 (c)	2,500	2,526
Bastrop Independent School District Series 2023, 5% 2/15/30	1,150	1,309
Birdville Independent School District Series 2021, 5% 2/15/26	800	837
Boerne Independent School District Bonds Series 2023, 3.125%, tender 2/1/27 (b)	1,445	1,448
Brazos County Gen. Oblig. Series 2020, 1.5% 9/1/32	1,335	1,116
Central Reg'l. Mobility Auth.:
Series 2016, 5% 1/1/26	2,800	2,909
Series 2020 F, 5% 1/1/25	4,455	4,491
Series 2021 C, 5% 1/1/27	6,865	7,110
City of Denton:
Series 2020 A, 5% 2/15/26	1,025	1,076
Series 2020, 2% 2/15/31	1,325	1,199
Clear Creek Independent School District Bonds Series 2021 B, 0.28%, tender 8/15/24 (b)	4,370	4,286
Clint Independent School District Series 2015 A, 5% 2/15/26	1,600	1,637
Collin County Series 2020, 5% 2/15/26	1,040	1,091
Comal County Series 2017, 4% 2/1/26	1,780	1,827
Comal Independent School District Series 2020, 1.5% 2/1/31	7,135	6,182
Coppell Tex Series 2020:
1% 2/1/31	1,395	1,144
1.125% 2/1/32	1,405	1,134
Cypress-Fairbanks Independent School District Bonds:
Series 2015 B1, 0.28%, tender 8/15/24 (b)	6,105	5,987
Series 2015 B2, 0.28%, tender 8/15/24 (b)	9,645	9,459
Dallas Fort Worth Int'l. Arpt. Rev. Series 2020 A, 5% 11/1/26	2,595	2,770
Denton Independent School District:
Bonds Series 2014 B:
2%, tender 8/1/24 (b)	265	264
2%, tender 8/1/24 (b)	2,580	2,562
2%, tender 8/1/24 (b)	505	502
Series 2016, 0% 8/15/25	1,610	1,537
El Paso Independent School District Series 2020, 5% 8/15/24	650	658
El Paso Wtr. & Swr. Rev.:
Series 2017, 5% 3/1/30	1,750	1,876
Series 2020, 3% 3/1/30	1,150	1,156
Fort Bend Independent School District Bonds:
Series 2020 B, 0.875%, tender 8/1/25 (b)	9,400	8,989
Series 2021 B, 0.72%, tender 8/1/26 (b)	2,970	2,801
Fort Worth Gen. Oblig. Series 2020, 5% 3/1/26	3,800	3,983
Goose Creek Consolidated Independent School District Bonds Series 2021 B, 0.6%, tender 8/17/26 (b)	3,500	3,298
Grand Parkway Trans. Corp. Bonds Series 2023, 5%, tender 4/1/28 (b)	10,430	11,243
Hallsville Independent School District Series 2020, 5% 2/15/30	1,000	1,122
Harris County Cultural Ed. Facilities Fin. Corp. Med. Facilities Rev. Series 2016, 5% 11/15/25	1,500	1,554
Harris County Cultural Ed. Facilities Fin. Corp. Rev.:
Bonds:
Series 2019 B, 5%, tender 12/1/26 (b)	6,545	6,882
Series 2020 A, 0.9%, tender 5/15/25 (b)	4,845	4,649
Series 2020 C, 5%, tender 12/1/26 (b)	7,000	7,361
Series 2014 A, 5% 12/1/26	1,085	1,104
Hays Consolidated Independent School District Series 2022:
5% 2/15/27	650	700
5% 2/15/28	650	717
5% 2/15/29	1,000	1,127
Houston Arpt. Sys. Rev.:
Series 2018 A, 5% 7/1/25 (c)	1,550	1,584
Series 2018 C:
5% 7/1/26 (c)	500	520
5% 7/1/27 (c)	905	958
Series 2020 B, 5% 7/1/26	2,250	2,382
Houston Gen. Oblig. Series 2017 A, 5% 3/1/27	1,545	1,662
Hutto Independent School District Bonds Series 2015, 2%, tender 8/1/25 (b)	1,250	1,230
Kilgore Independent School District Series 2020, 5% 2/15/26	1,075	1,126
Llano Texas Independent School District Series 2023:
5% 2/15/28	1,150	1,261
5% 2/15/29	500	560
5% 2/15/30	1,500	1,711
5% 2/15/31	750	812
Love Field Arpt. Modernization Rev.:
Series 2015:
5% 11/1/26 (c)	1,075	1,095
5% 11/1/30 (c)	1,960	1,992
Series 2021:
5% 11/1/24 (c)	2,615	2,644
5% 11/1/25 (c)	3,920	4,030
5% 11/1/26 (c)	2,845	2,962
5% 11/1/27 (c)	2,885	3,053
5% 11/1/28 (c)	11,150	12,011
5% 11/1/29 (c)	11,705	12,782
Lower Colorado River Auth. Rev.:
(LCRA Transmission Svcs. Corp. Proj.):
Series 2021, 5% 5/15/25	1,315	1,353
Series 2023, 5% 5/15/26	6,625	6,989
Series 2022:
5% 5/15/26 (Assured Guaranty Muni. Corp. Insured)	1,805	1,904
5% 5/15/27 (Assured Guaranty Muni. Corp. Insured)	1,385	1,496
Lubbock Elec. Lt. & Pwr. Sys. Rev. Series 2021, 5% 4/15/27	1,450	1,555
McKinney Independent School District Series 2021:
5% 2/15/26	1,245	1,306
5% 2/15/27	1,300	1,399
Medina Valley Texas Independent School District Series 2023:
5% 2/15/28 (Permanent School Fund of Texas Insured)	1,825	2,001
5% 2/15/29 (Permanent School Fund of Texas Insured)	1,605	1,797
5% 2/15/30 (Permanent School Fund of Texas Insured)	3,065	3,496
5% 2/15/31 (Permanent School Fund of Texas Insured)	4,555	5,281
Midlothian Independent School District Bonds Series 2013 C, 2%, tender 8/1/24 (b)	1,645	1,633
Midway Independent School District Series 2021, 4% 8/1/27	1,425	1,494
Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2018, 0.000% x SIFMA Municipal Swap Index 4.245%, tender 1/4/24 (b)(c)(f)	8,320	8,277
New Caney Independent School District Bonds Series 2018, 1.25%, tender 8/15/24 (b)	7,200	7,112
Newark Higher Ed. Fin. Corp. (Abilene Christian Univ. Proj.) Series 2016 A, 5% 4/1/26	2,425	2,519
North East Texas Independent School District Bonds Series 2019, 2.2%, tender 8/1/24 (b)	2,345	2,321
North Texas Tollway Auth. Rev. Series 2021 B, 5% 1/1/29	1,970	2,206
Northside Independent School District Bonds:
Series 2019, 1.6%, tender 8/1/24 (b)	7,660	7,588
Series 2020, 0.7%, tender 6/1/25 (b)	11,510	11,138
Pasadena Independent School District Bonds Series 2015 B, 1.5%, tender 8/15/24 (b)	6,615	6,544
Pecos Barstow Toyah Independent School District Series 2023, 5% 2/15/30	2,200	2,395
Pharr San Juan Alamo Independent School District Series 2016, 5% 2/1/26	1,130	1,155
Plano Wtrwks. & Swr. Sys. Rev. Series 2021, 4% 5/1/28	1,110	1,182
Prosper Independent School District Series 2021 A, 5% 2/15/26	1,015	1,064
San Antonio Arpt. Sys. Rev. Series 2019 A:
5% 7/1/24 (c)	1,750	1,762
5% 7/1/24 (c)	1,000	1,007
5% 7/1/25 (c)	1,250	1,278
5% 7/1/25 (c)	1,350	1,380
5% 7/1/26 (c)	1,500	1,561
5% 7/1/26 (c)	1,460	1,516
San Antonio Elec. & Gas Sys. Rev. Bonds:
Series 2015 D, 1.125%, tender 12/1/26 (b)	10,810	9,846
Series 2022, 2%, tender 12/1/27 (b)	3,145	2,956
Tarrant County College Series 2022, 5% 8/15/27	3,000	3,269
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Bonds (Baylor Scott & White Health Proj.) Series 2022 E, 5%, tender 5/15/26 (b)	4,490	4,664
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. Series 2016 A, 5% 2/15/26	1,465	1,529
Texas Dept. of Hsg. & Cmnty. Affairs Residential Mtg. Rev. Series 2023 B, 6% 1/1/54	3,960	4,408
Texas Gen. Oblig. Series 2020 B:
3% 8/1/25 (c)	4,610	4,599
3% 8/1/26 (c)	4,845	4,838
4% 8/1/27 (c)	5,085	5,244
Texas Trans. Commission Hwy. Impt. Gen. Oblig. Bonds Series 2014 B, 0.65%, tender 4/1/26 (b)	16,470	15,314
Texas Wtr. Dev. Board Rev.:
Series 2016:
4% 10/15/30	4,600	4,730
5% 4/15/29	7,500	7,959
Series 2022, 5% 8/1/30	1,210	1,401
Waco Gen. Oblig. Series 2021 A, 1.5% 2/1/31	3,770	3,193
Waxahachie Independent School District Series 2021, 3% 8/15/30	1,905	1,928
Wichita Falls Independent School District Series 2021:
4% 2/1/25	600	607
4% 2/1/26	850	872
4% 2/1/27	1,100	1,145
4% 2/1/28	900	950
TOTAL TEXAS		353,698
Utah - 0.8%
Salt Lake City Arpt. Rev.:
Series 2017 A, 5% 7/1/27 (c)	510	541
Series 2018 A, 5% 7/1/26 (c)	2,550	2,654
Series 2021 B:
5% 7/1/24	250	252
5% 7/1/25	530	547
5% 7/1/26	1,150	1,217
5% 7/1/27	750	811
Utah County Hosp. Rev. Bonds Series 2020 B2, 5%, tender 8/1/26 (b)	13,205	13,821
TOTAL UTAH		19,843
Vermont - 0.2%
Vermont Hsg. Fin. Agcy. Series 2021 B, 3% 11/1/51	1,811	1,747
Vermont Student Assistant Corp. Ed. Ln. Rev.:
Series 2017 A:
5% 6/15/26 (c)	1,045	1,084
5% 6/15/27 (c)	560	591
Series 2021 A:
5% 6/15/27 (c)	350	369
5% 6/15/28 (c)	425	450
5% 6/15/29 (c)	400	428
TOTAL VERMONT		4,669
Virginia - 0.9%
Arlington County IDA Hosp. Facilities Series 2020, 5% 7/1/25	500	513
Fairfax County Redev. & Hsg. Auth. Rev. Bonds (Dominion Square North Proj.) Series 2023, 5%, tender 1/1/28 (b)	1,055	1,116
Fredericksburg Econ. Dev. Auth. Rev. Series 2014, 5% 6/15/24	2,290	2,306
Loudoun County Gen. Oblig. Series 2016 A, 2.5% 12/1/28	1,345	1,314
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2008 B, 0.75%, tender 9/2/25 (b)	6,750	6,283
Norfolk Arpt. Auth. Series 2021 A:
5% 7/1/27	750	806
5% 7/1/28	1,000	1,098
Norfolk Econ. Dev. Auth. Hosp. Facilities Rev. Bonds Series 2018 A, 5%, tender 11/1/28 (b)	875	964
Stafford County Econ. Dev. Auth. Hosp. Facilities Rev. Series 2016:
5% 6/15/24	1,185	1,193
5% 6/15/25	980	1,005
5% 6/15/26	1,680	1,755
Wise County Indl. Dev. Auth. Waste & Sewage Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.):
Series 2009 A, 0.75%, tender 9/2/25 (b)	3,000	2,793
Series 2010 A, 1.2%, tender 5/31/24 (b)	1,725	1,698
TOTAL VIRGINIA		22,844
Washington - 2.5%
Chelan County Pub. Util. District #1 Columbia River-Rock Island Hydro-Elec. Sys. Rev. Series A, 0% 6/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,230	1,086
King County Hsg. Auth. Rev.:
Series 2019:
4% 11/1/24	1,075	1,083
4% 11/1/25	1,260	1,281
4% 11/1/30	1,575	1,638
Series 2021:
3% 6/1/25	830	818
4% 12/1/28	375	389
4% 12/1/30	575	599
4% 12/1/31	450	465
King County Swr. Rev. Bonds Series 2020 B, 0.875%, tender 1/1/26 (b)	21,845	20,220
King County Wash Hsg. Auth. Afford (Kirkland Heights Proj.):
Series 2023 A1, 5% 1/1/28	760	787
Series 2023 A2, 5% 1/1/28	380	401
Port of Seattle Rev.:
Series 2013, 5% 7/1/24 (c)	775	776
Series 2015 B, 5% 3/1/25	450	456
Series 2019, 5% 4/1/25 (c)	2,700	2,754
Series 2021 C:
5% 8/1/24 (c)	5,290	5,336
5% 8/1/25 (c)	2,660	2,730
5% 8/1/26 (c)	3,655	3,812
5% 8/1/27 (c)	2,260	2,398
5% 8/1/28 (c)	6,320	6,809
Seattle Hsg. Auth. Rev.:
(Juniper Apts. Proj.) Series 2023, 5% 6/1/27	1,290	1,347
(Northgate Plaza Proj.) Series 2021, 1% 6/1/26	1,545	1,447
Tacoma Elec. Sys. Rev. Series 2017:
5% 1/1/25	660	674
5% 1/1/26	390	407
Washington Health Care Facilities Auth. Rev. (Virginia Mason Med. Ctr. Proj.) Series 2017:
5% 8/15/25	1,450	1,478
5% 8/15/26	2,560	2,639
5% 8/15/27	2,425	2,537
Washington Hsg. Fin. Commission Series 2021 2N:
5% 12/1/25	915	949
5% 6/1/27	500	535
TOTAL WASHINGTON		65,851
West Virginia - 0.2%
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds (Appalachian Pwr. Co. Amos Proj.) Series 2011 A, 1%, tender 9/1/25 (b)(c)	5,650	5,291
West Virginia Gen. Oblig. Series 2018 A, 5% 6/1/26	1,075	1,137
TOTAL WEST VIRGINIA		6,428
Wisconsin - 1.3%
Blue Ridge Healthcare Pub. Fin. Auth. Series 2020 A, 5% 1/1/27	1,085	1,139
Madison Gen. Oblig. Series 2020 A, 1.375% 10/1/30	7,065	6,027
Milwaukee Gen. Oblig. Series 2018 N4, 5% 4/1/25	7,860	8,003
Roseman Univ. of Health Series 2018 A, 5% 12/1/27	760	779
Wisconsin Health & Edl. Facilities Bonds:
Series 2018 C1, 5%, tender 7/29/26 (b)	1,210	1,264
Series 2020 C, 5%, tender 2/15/27 (b)	5,000	5,180
Wisconsin Health & Edl. Facilities Auth. Rev.:
Bonds Series 2018 C3, 5%, tender 6/24/26 (b)	2,675	2,791
Series 2018 B2, 5%, tender 6/24/26 (b)	3,670	3,829
Wisconsin Hsg. & Econ. Dev. Auth.:
Series 2021 A, 3% 3/1/52	1,350	1,304
Series 2021 C, 3% 9/1/52	2,075	2,010
Wisconsin Hsg. & Econ. Dev. Auth. Hsg. Rev. Bonds Series 2021 C:
0.61%, tender 5/1/24 (b)	345	340
0.81%, tender 5/1/25 (b)	1,335	1,276
TOTAL WISCONSIN		33,942
Wyoming - 0.0%
Laramie County Hosp. Rev. (Cheyenne Reg'l. Med. Ctr. Proj.) Series 2021, 4% 5/1/27	370	384
TOTAL MUNICIPAL BONDS (Cost $2,676,378)		2,615,130

Money Market Funds - 0.7%
	Shares	Value ($) (000s)
Fidelity Municipal Cash Central Fund 4.24% (g)(h) (Cost $19,565)	19,560,688	19,565

TOTAL INVESTMENT IN SECURITIES - 99.3% (Cost $2,695,943)	2,634,695
NET OTHER ASSETS (LIABILITIES) - 0.7%	19,151
NET ASSETS - 100.0%	2,653,846

Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

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)

(e)	Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

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

(h)

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 (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 4.24%	3,873	715,500	699,808	1,054	-	-	19,565	0.8%
Total	3,873	715,500	699,808	1,054	-	-	19,565

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Municipal Securities	2,615,130	-	2,615,130	-

Money Market Funds	19,565	19,565	-	-
Total Investments in Securities:	2,634,695	19,565	2,615,130	-

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				December 31, 2023

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $2,676,378)	$	2,615,130
Fidelity Central Funds (cost $19,565)		19,565


Total Investment in Securities (cost $2,695,943)			$	2,634,695
Cash				100
Receivable for fund shares sold				2,491
Interest receivable				28,650
Distributions receivable from Fidelity Central Funds				126
Receivable from investment adviser for expense reductions				22
Other receivables				1
Total assets				2,666,085
Liabilities
Payable for investments purchased on a delayed delivery basis	$	6,411
Payable for fund shares redeemed		3,844
Distributions payable		1,250
Accrued management fee		444
Distribution and service plan fees payable		31
Other affiliated payables		221
Other payables and accrued expenses		38
Total Liabilities				12,239
Net Assets			$	2,653,846
Net Assets consist of:
Paid in capital			$	2,738,351
Total accumulated earnings (loss)				(84,505)
Net Assets			$	2,653,846

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($121,653 ÷ 11,718 shares)(a)			$	10.38
Maximum offering price per share (100/97.25 of $10.38)			$	10.67
Class M :
Net Asset Value and redemption price per share ($7,792 ÷ 752 shares)(a)			$	10.36
Maximum offering price per share (100/97.25 of $10.36)			$	10.65
Class C :
Net Asset Value and offering price per share ($4,562 ÷ 440 shares)(a)(b)			$	10.36
Limited Term Municipal Income :
Net Asset Value, offering price and redemption price per share ($1,872,734 ÷ 180,708 shares)			$	10.36
Class I :
Net Asset Value, offering price and redemption price per share ($294,036 ÷ 28,358 shares)			$	10.37
Class Z :
Net Asset Value, offering price and redemption price per share ($353,069 ÷ 34,055 shares)			$	10.37
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.

Statement of Operations
Amounts in thousands				Year ended December 31, 2023
Investment Income
Interest			$	55,901
Income from Fidelity Central Funds				1,054
Total Income				56,955
Expenses
Management fee	$	6,634
Transfer agent fees		2,807
Distribution and service plan fees		421
Accounting fees and expenses		126
Custodian fees and expenses		9
Independent trustees' fees and expenses		10
Registration fees		99
Audit		15
Miscellaneous		29
Total expenses before reductions		10,150
Expense reductions		(1,182)
Total expenses after reductions				8,968
Net Investment income (loss)				47,987
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(11,359)
Total net realized gain (loss)				(11,359)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		66,472
Total change in net unrealized appreciation (depreciation)				66,472
Net gain (loss)				55,113
Net increase (decrease) in net assets resulting from operations			$	103,100

Statement of Changes in Net Assets

Amount in thousands		Year ended December 31, 2023		Year ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	47,987	$	41,485
Net realized gain (loss)		(11,359)		(12,224)
Change in net unrealized appreciation (depreciation)		66,472		(192,394)
Net increase (decrease) in net assets resulting from operations		103,100		(163,133)
Distributions to shareholders		(47,365)		(41,781)

Share transactions - net increase (decrease)		(282,666)		(583,612)
Total increase (decrease) in net assets		(226,931)		(788,526)

Net Assets
Beginning of period		2,880,777		3,669,303
End of period	$	2,653,846	$	2,880,777

Financial Highlights

Fidelity Advisor® Limited Term Municipal Income Fund Class A

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	10.16	$	10.79	$	10.89	$	10.72	$	10.49
Income from Investment Operations
Net investment income (loss) A,B		.150		.109		.102		.141		.150
Net realized and unrealized gain (loss)		.218		(.629)		(.094)		.183		.250
Total from investment operations		.368		(.520)		.008		.324		.400
Distributions from net investment income		(.148)		(.110)		(.103)		(.142)		(.150)
Distributions from net realized gain		-		-		(.005)		(.012)		(.020)
Total distributions		(.148)		(.110)		(.108)		(.154)		(.170)
Net asset value, end of period	$	10.38	$	10.16	$	10.79	$	10.89	$	10.72
Total Return C,D		3.66%		(4.82)%		.07%		3.04%		3.83%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.67%		.80%		.80%		.80%		.80%
Expenses net of fee waivers, if any		.58%		.66%		.66%		.66%		.78%
Expenses net of all reductions		.58%		.66%		.66%		.66%		.78%
Net investment income (loss)		1.47%		1.06%		.94%		1.31%		1.41%
Supplemental Data
Net assets, end of period (in millions)	$	122	$	156	$	223	$	202	$	180
Portfolio turnover rate G		24%		20%		20%		19%		43%

ACalculated based on average shares outstanding during the period.

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

DTotal returns do not include the effect of the sales charges.

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

Fidelity Advisor® Limited Term Municipal Income Fund Class M

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	10.14	$	10.77	$	10.87	$	10.70	$	10.47
Income from Investment Operations
Net investment income (loss) A,B		.150		.110		.104		.142		.154
Net realized and unrealized gain (loss)		.218		(.629)		(.095)		.182		.250
Total from investment operations		.368		(.519)		.009		.324		.404
Distributions from net investment income		(.148)		(.111)		(.104)		(.142)		(.154)
Distributions from net realized gain		-		-		(.005)		(.012)		(.020)
Total distributions		(.148)		(.111)		(.109)		(.154)		(.174)
Net asset value, end of period	$	10.36	$	10.14	$	10.77	$	10.87	$	10.70
Total Return C,D		3.67%		(4.82)%		.08%		3.06%		3.88%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.63%		.72%		.72%		.74%		.75%
Expenses net of fee waivers, if any		.58%		.65%		.65%		.65%		.74%
Expenses net of all reductions		.58%		.65%		.65%		.65%		.74%
Net investment income (loss)		1.47%		1.07%		.95%		1.32%		1.45%
Supplemental Data
Net assets, end of period (in millions)	$	8	$	9	$	8	$	10	$	12
Portfolio turnover rate G		24%		20%		20%		19%		43%

ACalculated based on average shares outstanding during the period.

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

DTotal returns do not include the effect of the sales charges.

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

Fidelity Advisor® Limited Term Municipal Income Fund Class C

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	10.14	$	10.77	$	10.87	$	10.70	$	10.47
Income from Investment Operations
Net investment income (loss) A,B		.076		.035		.024		.064		.072
Net realized and unrealized gain (loss)		.217		(.629)		(.094)		.182		.250
Total from investment operations		.293		(.594)		(.070)		.246		.322
Distributions from net investment income		(.073)		(.036)		(.025)		(.064)		(.072)
Distributions from net realized gain		-		-		(.005)		(.012)		(.020)
Total distributions		(.073)		(.036)		(.030)		(.076)		(.092)
Net asset value, end of period	$	10.36	$	10.14	$	10.77	$	10.87	$	10.70
Total Return C,D		2.91%		(5.51)%		(.65)%		2.31%		3.08%
Ratios to Average Net Assets B,E,F
Expenses before reductions		1.34%		1.50%		1.51%		1.52%		1.54%
Expenses net of fee waivers, if any		1.31%		1.38%		1.38%		1.38%		1.52%
Expenses net of all reductions		1.31%		1.38%		1.38%		1.38%		1.52%
Net investment income (loss)		.74%		.34%		.22%		.59%		.67%
Supplemental Data
Net assets, end of period (in millions)	$	5	$	8	$	10	$	15	$	20
Portfolio turnover rate G		24%		20%		20%		19%		43%

ACalculated based on average shares outstanding during the period.

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

DTotal returns do not include the effect of the contingent deferred sales charge.

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

Fidelity® Limited Term Municipal Income Fund

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	10.15	$	10.77	$	10.87	$	10.70	$	10.47
Income from Investment Operations
Net investment income (loss) A,B		.177		.139		.134		.172		.185
Net realized and unrealized gain (loss)		.208		(.619)		(.095)		.182		.250
Total from investment operations		.385		(.480)		.039		.354		.435
Distributions from net investment income		(.175)		(.140)		(.134)		(.172)		(.185)
Distributions from net realized gain		-		-		(.005)		(.012)		(.020)
Total distributions		(.175)		(.140)		(.139)		(.184)		(.205)
Net asset value, end of period	$	10.36	$	10.15	$	10.77	$	10.87	$	10.70
Total Return C		3.84%		(4.46)%		.36%		3.34%		4.18%
Ratios to Average Net Assets B,D,E
Expenses before reductions		.34%		.47%		.46%		.46%		.46%
Expenses net of fee waivers, if any		.31%		.37%		.37%		.37%		.45%
Expenses net of all reductions		.31%		.37%		.37%		.37%		.45%
Net investment income (loss)		1.74%		1.35%		1.23%		1.60%		1.74%
Supplemental Data
Net assets, end of period (in millions)	$	1,873	$	2,006	$	2,565	$	2,420	$	2,245
Portfolio turnover rate F		24%		20%		20%		19%		43%

ACalculated based on average shares outstanding during the period.

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

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

Fidelity Advisor® Limited Term Municipal Income Fund Class I

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	10.15	$	10.78	$	10.88	$	10.71	$	10.48
Income from Investment Operations
Net investment income (loss) A,B		.177		.139		.133		.172		.178
Net realized and unrealized gain (loss)		.217		(.629)		(.094)		.183		.250
Total from investment operations		.394		(.490)		.039		.355		.428
Distributions from net investment income		(.174)		(.140)		(.134)		(.173)		(.178)
Distributions from net realized gain		-		-		(.005)		(.012)		(.020)
Total distributions		(.174)		(.140)		(.139)		(.185)		(.198)
Net asset value, end of period	$	10.37	$	10.15	$	10.78	$	10.88	$	10.71
Total Return C		3.93%		(4.55)%		.36%		3.34%		4.11%
Ratios to Average Net Assets B,D,E
Expenses before reductions		.42%		.55%		.54%		.55%		.54%
Expenses net of fee waivers, if any		.32%		.37%		.37%		.37%		.51%
Expenses net of all reductions		.32%		.37%		.37%		.37%		.51%
Net investment income (loss)		1.73%		1.35%		1.23%		1.60%		1.68%
Supplemental Data
Net assets, end of period (in millions)	$	294	$	343	$	420	$	335	$	276
Portfolio turnover rate F		24%		20%		20%		19%		43%

ACalculated based on average shares outstanding during the period.

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

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

Fidelity Advisor® Limited Term Municipal Income Fund Class Z

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	10.15	$	10.77	$	10.87	$	10.71	$	10.48
Income from Investment Operations
Net investment income (loss) A,B		.181		.145		.140		.178		.189
Net realized and unrealized gain (loss)		.219		(.619)		(.094)		.173		.250
Total from investment operations		.400		(.474)		.046		.351		.439
Distributions from net investment income		(.180)		(.146)		(.141)		(.179)		(.189)
Distributions from net realized gain		-		-		(.005)		(.012)		(.020)
Total distributions		(.180)		(.146)		(.146)		(.191)		(.209)
Net asset value, end of period	$	10.37	$	10.15	$	10.77	$	10.87	$	10.71
Total Return C		3.99%		(4.40)%		.42%		3.31%		4.22%
Ratios to Average Net Assets B,D,E
Expenses before reductions		.30%		.43%		.42%		.43%		.43%
Expenses net of fee waivers, if any		.27%		.31%		.31%		.31%		.40%
Expenses net of all reductions		.27%		.31%		.31%		.31%		.40%
Net investment income (loss)		1.78%		1.41%		1.29%		1.66%		1.79%
Supplemental Data
Net assets, end of period (in millions)	$	353	$	358	$	444	$	336	$	214
Portfolio turnover rate F		24%		20%		20%		19%		43%

ACalculated based on average shares outstanding during the period.

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

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

Notes to Financial Statements

For the period ended December 31, 2023

(Amounts in thousands except percentages)

1. Organization.

Fidelity Limited Term Municipal Income Fund (the Fund) is a fund of Fidelity Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. 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 Massachusetts business trust. The Fund offers Class A, Class M, Class C, Limited Term Municipal Income, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
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%