| Municipal Bonds - 57.7% | | | |
| | | Principal Amount | Value |
| Alabama - 0.8% | | | |
| Black Belt Energy Gas District Bonds: | | | |
| Series 2016 A, 4%, tender 6/1/21 (a) | | $200,000 | $202,216 |
| Series 2017 A, 4%, tender 7/1/22 (a) | | 225,000 | 229,579 |
|
| TOTAL ALABAMA | | | 431,795 |
|
| Arizona - 0.9% | | | |
| Coconino County Poll. Cont. Corp. Rev. Bonds (Nevada Pwr. Co. Projs.) Series 2017 A, 1.8%, tender 5/21/20 (a)(b) | | 150,000 | 150,053 |
| Maricopa County Rev.: | | | |
| Bonds Series 2019 B, SIFMA Municipal Swap Index + 0.380% 5.09%, tender 10/18/22 (a)(c) | | 195,000 | 194,694 |
| Series 2016 A, 5% 1/1/23 | | 100,000 | 110,035 |
|
| TOTAL ARIZONA | | | 454,782 |
|
| California - 0.5% | | | |
| California Infrastructure and Econ. Dev. Bank Rev. Bonds Series 2018 C, 1 month U.S. LIBOR + 0.380% 1.043%, tender 8/1/21 (a)(c) | | 245,000 | 245,189 |
| Colorado - 0.2% | | | |
| E-470 Pub. Hwy. Auth. Rev.: | | | |
| Series 2015 A, 5% 9/1/20 | | 50,000 | 50,771 |
| Series B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 45,000 | 44,767 |
|
| TOTAL COLORADO | | | 95,538 |
|
| Connecticut - 2.4% | | | |
| Connecticut Gen. Oblig.: | | | |
| Series 2012 A, SIFMA Municipal Swap Index + 1.250% 5.96% 4/15/20 (a)(c) | | 100,000 | 99,998 |
| Series 2014 F, 5% 11/15/20 | | 375,000 | 383,080 |
| Series 2015 C, SIFMA Municipal Swap Index + 0.900% 5.61% 6/15/21 (a)(c) | | 100,000 | 99,506 |
| Series D, 4% 11/1/21 | | 200,000 | 207,810 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | | | |
| Series 2015 B, 5% 8/1/20 | | 245,000 | 247,819 |
| Series 2016 A, 5% 9/1/21 | | 220,000 | 230,762 |
|
| TOTAL CONNECTICUT | | | 1,268,975 |
|
| District Of Columbia - 1.1% | | | |
| Metropolitan Washington DC Arpts. Auth. Sys. Rev.: | | | |
| Series 2011 C: | | | |
| 5% 10/1/21 (b) | | 205,000 | 216,367 |
| 5% 10/1/22 (b) | | 20,000 | 20,937 |
| Series 2017 A, 5% 10/1/22 (b) | | 215,000 | 232,217 |
| Series 2019 A: | | | |
| 5% 10/1/21 (b) | | 10,000 | 10,555 |
| 5% 10/1/22 (b) | | 5,000 | 5,400 |
| Series 2020 A, 5% 10/1/22 (b)(d) | | 85,000 | 90,898 |
|
| TOTAL DISTRICT OF COLUMBIA | | | 576,374 |
|
| Florida - 4.4% | | | |
| Broward County Arpt. Sys. Rev.: | | | |
| Series 2012 P1, 5% 10/1/20 (b) | | 100,000 | 101,858 |
| Series 2017, 5% 10/1/23 (b) | | 125,000 | 137,081 |
| Series 2019 A, 5% 10/1/21 (b) | | 100,000 | 105,561 |
| Florida Mid-Bay Bridge Auth. Rev. Series 2015 A, 5% 10/1/22 | | 180,000 | 190,598 |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | | | |
| Series 2011 B, 4% 10/1/22 (b) | | 150,000 | 154,820 |
| Series 2019 A, 5% 10/1/22 (b) | | 105,000 | 112,926 |
| Jacksonville Elec. Auth. Elec. Sys. Rev.: | | | |
| Series 2012 A, 5% 10/1/20 | | 200,000 | 203,545 |
| Series 2013 A, 5% 10/1/20 | | 200,000 | 203,545 |
| Series 2013 D, 5% 10/1/21 | | 200,000 | 210,600 |
| Miami-Dade County Aviation Rev. Series A1, 5% 10/1/20 | | 170,000 | 173,056 |
| Miami-Dade County Health Facilities Auth. Hosp. Rev. (Nicklaus Children Hosp.) Series 2017, 5% 8/1/23 | | 165,000 | 183,203 |
| Miami-Dade County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt. of Florida Proj.) Series 2018, 2.85%, tender 8/2/21 (a)(b) | | 150,000 | 151,548 |
| Miami-Dade County School Board Ctfs. of Prtn.: | | | |
| Series 2014 D, 5% 11/1/21 | | 100,000 | 106,077 |
| Series 2015 A, 5% 5/1/21 | | 100,000 | 104,166 |
| Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5.25% 10/1/20 (FSA Insured) | | 100,000 | 102,072 |
| Palm Beach County School Board Ctfs. of Prtn. Series 2012 C, 5% 8/1/23 | | 115,000 | 124,862 |
|
| TOTAL FLORIDA | | | 2,365,518 |
|
| Georgia - 4.7% | | | |
| Bartow County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Bowen Proj.) Series 2013, 1.55%, tender 8/19/22 (a) | | 100,000 | 97,306 |
| Georgia Muni. Elec. Auth. Pwr. Rev.: | | | |
| (Combined Cycle Proj.) Series 2012 A, 5% 11/1/20 | | 75,000 | 75,981 |
| (Gen. Resolution Proj.) Series 2008 A, 5.25% 1/1/21 | | 225,000 | 229,274 |
| Series 2011 A, 5% 1/1/21 | | 220,000 | 223,775 |
| Series 2019 A, 5% 1/1/23 | | 450,000 | 477,446 |
| Main Street Natural Gas, Inc. Bonds: | | | |
| Series 2018 E, SIFMA Municipal Swap Index + 0.570% 5.28%, tender 12/1/23 (a)(c) | | 830,000 | 806,055 |
| Seroes 2018 B, 1 month U.S. LIBOR + 0.750% 1.809%, tender 9/1/23 (a)(c) | | 400,000 | 398,156 |
| Monroe County Dev. Auth. Poll. Cont. Rev. Bonds: | | | |
| (Georgia Pwr. Co. Plant Scherer Proj.) Series 2009, 2.35%, tender 12/11/20 (a) | | 100,000 | 100,734 |
| (Gulf Pwr. Co. Plant Scherer Proj.) Series 2002 1, 2%, tender 6/25/20 (a) | | 100,000 | 100,164 |
|
| TOTAL GEORGIA | | | 2,508,891 |
|
| Illinois - 11.8% | | | |
| Champaign County Cmnty. Unit Series 2020 A, 0% 1/1/24 | | 380,000 | 359,548 |
| Chicago O'Hare Int'l. Arpt. Rev.: | | | |
| Series 2012 A, 5% 1/1/21 | | 115,000 | 118,178 |
| Series 2013 D, 5% 1/1/22 | | 215,000 | 228,502 |
| Cook County Gen. Oblig.: | | | |
| Series 2012 C, 5% 11/15/21 | | 150,000 | 152,547 |
| Series 2014 A: | | | |
| 5% 11/15/20 | | 200,000 | 201,987 |
| 5% 11/15/21 | | 100,000 | 101,698 |
| Illinois Fin. Auth. Rev.: | | | |
| Series 2009, 5% 8/15/20 | | 200,000 | 202,805 |
| Series 2011 IL, 4% 12/1/20 | | 150,000 | 152,797 |
| Series 2012 C, 5% 8/15/21 | | 145,000 | 152,440 |
| Series 2015 A: | | | |
| 5% 11/15/20 | | 110,000 | 111,882 |
| 5% 11/15/22 | | 145,000 | 157,106 |
| 5% 11/15/23 | | 150,000 | 168,257 |
| Series 2016 A, 5% 10/1/22 | | 200,000 | 215,506 |
| Illinois Gen. Oblig.: | | | |
| Series 2010, 5% 1/1/21 (FSA Insured) | | 165,000 | 165,211 |
| Series 2012, 5% 8/1/22 (FSA Insured) | | 100,000 | 102,751 |
| Series 2017 D, 5% 11/1/20 | | 400,000 | 403,154 |
| Series 2018 A, 5% 10/1/20 | | 100,000 | 100,679 |
| Series 2018 B, 5% 10/1/20 | | 240,000 | 241,629 |
| Series 2019 A, 5% 11/1/20 | | 100,000 | 100,789 |
| Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A, 5% 2/1/21 | | 170,000 | 175,176 |
| Illinois Reg'l. Trans. Auth. Series 2016 A, 5% 6/1/21 | | 200,000 | 208,636 |
| Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2014 A: | | | |
| 5% 12/1/20 | | 100,000 | 102,207 |
| 5% 12/1/22 | | 275,000 | 298,551 |
| Kendall, Kane & Will Counties Cmnty. Unit School District #308 Series 2008, 0% 2/1/22 (FSA Insured) | | 175,000 | 170,602 |
| Railsplitter Tobacco Settlement Auth. Rev.: | | | |
| Series 2010: | | | |
| 5.25% 6/1/20 | | 405,000 | 406,101 |
| 5.375% 6/1/21 | | 515,000 | 537,408 |
| Series 2017: | | | |
| 5% 6/1/22 | | 235,000 | 251,779 |
| 5% 6/1/23 | | 370,000 | 408,010 |
| Univ. of Illinois Rev. Series 1991, 0% 4/1/21 | | 310,000 | 305,112 |
|
| TOTAL ILLINOIS | | | 6,301,048 |
|
| Indiana - 1.4% | | | |
| Indiana Fin. Auth. Hosp. Rev. Bonds: | | | |
| Series 2011 H, 1.65%, tender 7/1/22 (a) | | 145,000 | 145,229 |
| Series 2011 L: | | | |
| SIFMA Municipal Swap Index + 0.280% 4.99%, tender 7/2/21 (a)(c) | | 100,000 | 100,022 |
| SIFMA Municipal Swap Index + 0.280% 4.99%, tender 7/2/21 (a)(c) | | 100,000 | 100,016 |
| Series 2015 B, 1.65%, tender 7/2/22 (a) | | 50,000 | 49,882 |
| Indiana Fin. Auth. Rev. (Butler Univ. Proj.) Series 2019, 3% 2/1/21 | | 140,000 | 142,005 |
| Indianapolis Local Pub. Impt. (Indianapolis Arpt. Auth. Proj.) Series 2015 I, 5% 1/1/23 (b) | | 205,000 | 220,779 |
|
| TOTAL INDIANA | | | 757,933 |
|
| Kentucky - 3.5% | | | |
| Kentucky State Property & Buildings Commission Rev.: | | | |
| (Kentucky St Proj.) Series 2010, 5% 8/1/20 | | 650,000 | 658,002 |
| (Proj. No. 98) Series 2010, 5% 8/1/21 | | 100,000 | 101,053 |
| Series 2018, 5% 5/1/23 | | 65,000 | 72,027 |
| Series B, 5% 11/1/20 | | 200,000 | 204,323 |
| Kentucky, Inc. Pub. Energy: | | | |
| Series 2018 B, 4% 7/1/21 | | 100,000 | 101,806 |
| Series A, 4% 6/1/22 | | 325,000 | 334,315 |
| Louisville & Jefferson County Series 2016 A, 5% 10/1/22 | | 140,000 | 152,793 |
| Trimble County Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.) Series 2001 B, 2.55%, tender 5/3/21 (a) | | 250,000 | 252,358 |
|
| TOTAL KENTUCKY | | | 1,876,677 |
|
| Louisiana - 0.5% | | | |
| Louisiana Citizens Property Ins. Corp. Assessment Rev. Series 2015, 5% 6/1/20 | | 165,000 | 166,012 |
| St. John Baptist Parish Rev. Bonds (Marathon Oil Corp.) Series 2017, 2%, tender 4/1/23 (a) | | 100,000 | 89,402 |
|
| TOTAL LOUISIANA | | | 255,414 |
|
| Massachusetts - 0.6% | | | |
| Massachusetts Dev. Fin. Agcy. Rev. Bonds Series S3, SIFMA Municipal Swap Index + 0.500% 5.21%, tender 1/26/23 (a)(c) | | 200,000 | 197,700 |
| Massachusetts Edl. Fing. Auth. Rev. Series 2010 A, 5.5% 1/1/22 | | 100,000 | 100,114 |
|
| TOTAL MASSACHUSETTS | | | 297,814 |
|
| Michigan - 3.1% | | | |
| Detroit/Wayne Co. Stadium Auth. Series 2012, 5% 10/1/20 (FSA Insured) | | 150,000 | 152,659 |
| Grand Traverse County Hosp. Fin. Auth. Series 2011 A, 5% 7/1/20 | | 115,000 | 116,041 |
| Michigan Fin. Auth. Rev.: | | | |
| (Henry Ford Health Sys. Proj.) Series 2016, 5% 11/15/20 | | 295,000 | 301,578 |
| Bonds: | | | |
| Series 2016 MI2, SIFMA Municipal Swap Index + 0.480% 5.19%, tender 2/1/22 (a)(c) | | 200,000 | 200,170 |
| Series 2019 B, 3.5%, tender 11/15/22 (a) | | 70,000 | 72,839 |
| Series 2015 A: | | | |
| 5% 5/15/20 | | 125,000 | 125,563 |
| 5% 8/1/22 | | 125,000 | 135,539 |
| Series 2015 MI, 5% 12/1/21 | | 170,000 | 180,521 |
| Michigan Hosp. Fin. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series F5, 1.9%, tender 4/1/21 (a) | | 180,000 | 179,699 |
| Milan Area Schools Series 2019, 5% 5/1/21 | | 170,000 | 176,894 |
|
| TOTAL MICHIGAN | | | 1,641,503 |
|
| Minnesota - 0.8% | | | |
| Rochester Health Care Facilities Rev. Bonds (Mayo Foundation Proj.) Series C, 4.5%, tender 11/15/21 (a) | | 200,000 | 208,054 |
| Saint Cloud Health Care Rev. Series 2014 B, 5% 5/1/23 | | 205,000 | 227,357 |
|
| TOTAL MINNESOTA | | | 435,411 |
|
| Missouri - 0.4% | | | |
| Saint Louis Arpt. Rev. Series 2017 A, 5% 7/1/21 (FSA Insured) | | 225,000 | 235,663 |
| Nebraska - 0.2% | | | |
| Central Plains Energy Proj. Gas Supply Series 2019, 4% 8/1/21 | | 100,000 | 103,105 |
| Nevada - 1.7% | | | |
| Clark County Arpt. Rev.: | | | |
| (Sub Lien Proj.) Series 2017 A-1, 5% 7/1/20 (b) | | 275,000 | 276,971 |
| Series 2013 A, 5% 7/1/21 (b) | | 125,000 | 129,499 |
| Series 2017 C, 5% 7/1/21 (b) | | 200,000 | 207,198 |
| Clark County School District Series 2016 F, 5% 6/15/21 | | 200,000 | 208,848 |
| Washoe County Gas Facilities Rev. Bonds Series 2016 F, 2.05%, tender 4/15/22 (a)(b) | | 100,000 | 100,333 |
|
| TOTAL NEVADA | | | 922,849 |
|
| New Jersey - 7.8% | | | |
| New Jersey Econ. Dev. Auth. Rev. Series 2015 XX, 4% 6/15/22 | | 285,000 | 290,418 |
| New Jersey Gen. Oblig. Series 2014, 5% 6/1/21 | | 100,000 | 104,377 |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | | | |
| Series 2011 1, 5% 12/1/20 (b) | | 135,000 | 138,080 |
| Series 2013, 4% 12/1/20 (b) | | 40,000 | 40,649 |
| Series 2015 1A: | | | |
| 5% 12/1/21 (b) | | 600,000 | 633,654 |
| 5% 12/1/22 (b) | | 100,000 | 108,619 |
| Series 2015 A, 5% 12/1/20 (b) | | 100,000 | 102,281 |
| Series 2018 B, 5% 12/1/20 (b) | | 100,000 | 102,281 |
| Series 2019 A, 5% 12/1/22 | | 15,000 | 16,387 |
| New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Series 2019 D, 4% 10/1/22 (b) | | 100,000 | 104,846 |
| New Jersey Tobacco Settlement Fing. Corp. Series 2018 A: | | | |
| 5% 6/1/21 | | 100,000 | 102,630 |
| 5% 6/1/23 | | 250,000 | 266,145 |
| New Jersey Trans. Trust Fund Auth.: | | | |
| Series 2014 AA, 5% 6/15/20 | | 200,000 | 200,928 |
| Series 2016 A: | | | |
| 5% 6/15/20 | | 370,000 | 371,443 |
| 5% 6/15/21 | | 100,000 | 103,654 |
| 5% 6/15/22 | | 100,000 | 105,324 |
| Series 2018 A: | | | |
| 5% 6/15/21 | | 255,000 | 264,318 |
| 5% 6/15/22 | | 210,000 | 221,180 |
| New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A: | | | |
| 5% 9/15/20 | | 250,000 | 254,149 |
| 5% 9/15/21 | | 570,000 | 600,164 |
|
| TOTAL NEW JERSEY | | | 4,131,527 |
|
| New York - 0.3% | | | |
| New York Dorm. Auth. Personal Income Tax Rev. Series 2011 C, 5% 3/15/21 | | 160,000 | 165,680 |
| North Carolina - 0.4% | | | |
| North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2010 A, 5% 1/1/21 (Escrowed to Maturity) | | 200,000 | 205,755 |
| Ohio - 0.7% | | | |
| Allen County Hosp. Facilities Rev.: | | | |
| Bonds (Mercy Health) Series 2017 B, 5%, tender 5/5/22 (a) | | 155,000 | 165,286 |
| Series 2010 B, 5% 9/1/20 | | 100,000 | 101,517 |
| Franklin County Hosp. Facilities Rev. Bonds (Ohio Health Corp.) Series 2018 B, SIFMA Municipal Swap Index + 0.430% 5.14%, tender 11/15/21 (a)(c) | | 100,000 | 100,140 |
|
| TOTAL OHIO | | | 366,943 |
|
| Oregon - 0.3% | | | |
| Oregon Bus. Dev. Commission Bonds Series 250, 5%, tender 3/1/22 (a)(b) | | 155,000 | 165,317 |
| Pennsylvania - 1.8% | | | |
| Allegheny County Arpt. Auth. Rev. Series 2001, 5% 1/1/21 (Escrowed to Maturity) (b) | | 100,000 | 102,725 |
| Allegheny County Hosp. Dev. Auth. Rev. Series 2019 A, 5% 7/15/23 | | 100,000 | 111,538 |
| Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2016 A, 5% 6/1/20 | | 100,000 | 100,591 |
| Lehigh County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (PPL Elec. Utils. Corp. Proj.) Series 2016 A, 1.8%, tender 9/1/22 (a) | | 30,000 | 30,114 |
| Pennsylvania Gen. Oblig. Series 2011, 5% 11/15/20 | | 60,000 | 61,391 |
| Pennsylvania Higher Edl. Facilities Auth. Rev. First Series 2012, 5% 4/1/21 | | 125,000 | 129,049 |
| Pennsylvania Tpk. Commission Tpk. Rev.: | | | |
| Series 2018 A1: | | | |
| SIFMA Municipal Swap Index + 0.350% 5.06% 12/1/20 (a)(c) | | 100,000 | 99,250 |
| SIFMA Municipal Swap Index + 0.430% 5.14% 12/1/21 (a)(c) | | 200,000 | 200,274 |
| Series 2018 B, SIFMA Municipal Swap Index + 0.500% 5.21% 12/1/21 (a)(c) | | 130,000 | 130,166 |
|
| TOTAL PENNSYLVANIA | | | 965,098 |
|
| Rhode Island - 0.6% | | | |
| Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev. Series 2015: | | | |
| 5% 11/1/21 | | 200,000 | 211,830 |
| 5% 11/1/22 | | 110,000 | 118,795 |
|
| TOTAL RHODE ISLAND | | | 330,625 |
|
| South Carolina - 0.7% | | | |
| Patriots Energy Group Fing. Agcy. Bonds Series 2018 A, 4%, tender 2/1/24 (a) | | 145,000 | 149,821 |
| South Carolina Pub. Svc. Auth. Rev.: | | | |
| Series 2012 B, 5% 12/1/20 | | 100,000 | 102,295 |
| Series 2016 C, 5% 12/1/22 | | 100,000 | 108,373 |
|
| TOTAL SOUTH CAROLINA | | | 360,489 |
|
| Tennessee - 0.2% | | | |
| Jackson Hosp. Rev. Series 2018 A, 5% 4/1/20 | | 100,000 | 100,000 |
| Texas - 1.5% | | | |
| Dallas Fort Worth Int'l. Arpt. Rev.: | | | |
| Series 2012 E, 5% 11/1/26 (Pre-Refunded to 11/1/20 @ 100) (b) | | 125,000 | 127,606 |
| Series 2014 D, 5% 11/1/21 (b) | | 100,000 | 105,931 |
| Harris County Cultural Ed. Facilities Fin. Corp. Rev. Bonds Series 2019 C, SIFMA Municipal Swap Index + 0.420% 5.13%, tender 12/1/22 (a)(c) | | 215,000 | 214,940 |
| North Texas Tollway Auth. Rev. Series 2014 A, 5% 1/1/21 | | 325,000 | 334,203 |
|
| TOTAL TEXAS | | | 782,680 |
|
| Virginia - 1.0% | | | |
| Gloucester County Indl. Dev. Auth. Bonds Series 2003 A, 2.4%, tender 5/2/22 (a)(b) | | 120,000 | 118,674 |
| Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds Series 2008 B, 2.15%, tender 9/1/20 (a) | | 250,000 | 249,493 |
| Wise County Indl. Dev. Auth. Waste & Sewage Rev. Bonds: | | | |
| (Virginia Elec. and Pwr. Co. Proj.) Series 2010 A, 1.875%, tender 6/1/20 (a) | | 25,000 | 24,968 |
| Series 2009 A, 2.15%, tender 9/1/20 (a) | | 50,000 | 49,899 |
| York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.9%, tender 6/1/23 (a) | | 100,000 | 102,325 |
|
| TOTAL VIRGINIA | | | 545,359 |
|
| Washington - 0.7% | | | |
| Port of Seattle Rev. Series C, 5% 2/1/21 (b) | | 105,000 | 108,100 |
| Tobacco Settlement Auth. Rev.: | | | |
| Series 2013, 5% 6/1/22 | | 100,000 | 104,821 |
| Series 2018, 5% 6/1/23 | | 155,000 | 165,678 |
|
| TOTAL WASHINGTON | | | 378,599 |
|
| West Virginia - 1.0% | | | |
| Harrison County Commission Solid Waste Disp. Rev. Bonds (Monongahela Pwr. Co. Proj.) Series 2018 A, 3%, tender 10/15/21 (a)(b) | | 400,000 | 407,920 |
| Mason Co. Poll. Cont. Rev. (Appalachian Pwr. Co. Proj.) Series 2003 L, 2.75% 10/1/22 | | 100,000 | 102,431 |
|
| TOTAL WEST VIRGINIA | | | 510,351 |
|
| Wisconsin - 1.7% | | | |
| Wisconsin Health & Edl. Facilities: | | | |
| Bonds: | | | |
| Series 2018 B: | | | |
| 5%, tender 1/26/22 (a) | | 100,000 | 106,751 |
| 5%, tender 1/25/23 (a) | | 110,000 | 119,753 |
| Series 2018 C, SIFMA Municipal Swap Index + 0.450% 5.16%, tender 7/27/22 (a)(c) | | 155,000 | 155,330 |
| Series 2017 A, 5% 4/1/20 | | 150,000 | 150,000 |
| Wisconsin Health & Edl. Facilities Auth. Rev. Series 2012 B, 5% 8/15/21 | | 370,000 | 388,985 |
|
| TOTAL WISCONSIN | | | 920,819 |
|
| TOTAL MUNICIPAL BONDS | | | |
| (Cost $30,814,218) | | | 30,703,721 |
|
| Municipal Notes - 36.1% | | | |
| Arkansas - 0.2% | | | |
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 6.5% 4/7/20, VRDN (a)(b) | | 100,000 | $100,000 |
| California - 0.7% | | | |
| California Health Facilities Fing. Auth. Rev. Participating VRDN Series Floaters XG 00 48, 4.81% 4/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 100,000 | 100,000 |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN Series XL 01 13, 5% 4/7/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 100,000 | 100,000 |
| San Francisco City & County Multi-family Hsg. Rev. Participating VRDN Series DBE 80 49, 4.68% 4/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 100,000 | 100,000 |
| San Jose Multi-family Hsg. Rev. Participating VRDN Series XF 10 85, 4.8% 4/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f)(g) | | 100,000 | 100,000 |
|
| TOTAL CALIFORNIA | | | 400,000 |
|
| Colorado - 2.1% | | | |
| Denver City & County Arpt. Rev. Participating VRDN Series Floaters XL 00 90, 4.96% 4/7/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) | | 1,100,000 | 1,100,000 |
| Florida - 2.2% | | | |
| Aqua One Cmnty. Dev. District Participating VRDN Series Floaters XF 10 76, 4.96% 4/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 200,000 | 200,000 |
| Avenir Cmnty. Dev. District Participating VRDN Series Floaters XF 10 74, 4.96% 4/1/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 120,000 | 120,000 |
| Broward County Arpt. Sys. Rev. Participating VRDN Series Floaters XL 00 88, 5.25% 4/7/20 (Liquidity Facility Citibank NA) (a)(b)(e)(f) | | 200,000 | 200,000 |
| Broward County Indl. Dev. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2015, 1.3% 4/1/20, VRDN (a)(b) | | 300,000 | 300,000 |
| Mississippi Bus. Fin. Corp. Poll. Cont. Rev. (Gulf Pwr. Co. Proj.) Series 2014, 1.55% 4/1/20, VRDN (a) | | 360,000 | 360,000 |
|
| TOTAL FLORIDA | | | 1,180,000 |
|
| Georgia - 1.5% | | | |
| Gordon County Dev. Auth. Series 2006, 5.35% 4/7/20, LOC Truist Bank, VRDN (a)(b) | | 460,000 | 460,000 |
| Monroe County Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2017, 1.25% 4/1/20, VRDN (a)(b) | | 360,000 | 360,000 |
|
| TOTAL GEORGIA | | | 820,000 |
|
| Illinois - 1.7% | | | |
| Chicago Board of Ed. Participating VRDN Series Floaters XG 01 08, 5% 4/7/20 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 200,000 | 200,000 |
| Illinois Gen. Oblig. Participating VRDN Series Floaters XM 01 86, 4.96% 4/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 400,000 | 400,000 |
| Will County Exempt Facilities Rev. (ExxonMobil Corp. Proj.) Series 2001, 0.7% 4/1/20, VRDN (a)(b) | | 300,000 | 300,000 |
|
| TOTAL ILLINOIS | | | 900,000 |
|
| Kentucky - 0.7% | | | |
| Glasgow Indl. Bldg. Rev. (Felker Brothers Corp. Proj.) 5.08% 4/1/20, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 140,000 | 140,000 |
| Lexington-Fayette Urban County K (Var-Cmnty. Action Council Proj.) Serues 2003, 4.5% 4/7/20, LOC PNC Bank NA, VRDN (a) | | 240,000 | 240,000 |
|
| TOTAL KENTUCKY | | | 380,000 |
|
| Louisiana - 3.0% | | | |
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | | | |
| Series 2010 A1, 7.5% 4/7/20, VRDN (a) | | 300,000 | 300,000 |
| Series 2010 B1, 7.5% 4/7/20, VRDN (a) | | 1,290,000 | 1,290,000 |
|
| TOTAL LOUISIANA | | | 1,590,000 |
|
| Massachusetts - 0.7% | | | |
| Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series Floaters XF 23 06, 4.96% 4/7/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) | | 150,000 | 150,000 |
| Nahant BAN Series 2019 B, 2.5% 7/9/20 | | 100,000 | 100,209 |
| Truro Massachusetts BAN Series 2019, 2.5% 6/19/20 | | 100,000 | 100,275 |
|
| TOTAL MASSACHUSETTS | | | 350,484 |
|
| Michigan - 0.2% | | | |
| Waterford School District RAN Series 2019, 2% 9/23/20 | | 100,000 | 100,346 |
| Minnesota - 0.4% | | | |
| Shakopee Minn Sr Hsg. Rev. Participating VRDN Series Floaters 001, 5% 5/12/20 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 200,000 | 200,000 |
| Nebraska - 0.6% | | | |
| Stanton County Indl. Dev. Rev.: | | | |
| (Nucor Corp. Proj.) Series 1996, 7.55% 4/7/20, VRDN (a)(b) | | 200,000 | 200,000 |
| Series 1998, 7.55% 4/7/20, VRDN (a)(b) | | 125,000 | 125,000 |
|
| TOTAL NEBRASKA | | | 325,000 |
|
| New Jersey - 0.9% | | | |
| Bloomingdale BAN Series 2020, 2.25% 2/26/21 | | 192,300 | 194,072 |
| Millstone Township Gen. Oblig. BAN Series 2019, 2.25% 8/28/20 | | 100,000 | 100,417 |
| Passaic Gen. Oblig. BAN Series 2019, 2.25% 8/27/20 | | 100,000 | 100,415 |
| Wood-Ridge Gen. Oblig. BAN Series 2019, 2% 9/11/20 | | 100,000 | 100,344 |
|
| TOTAL NEW JERSEY | | | 495,248 |
|
| New York - 7.4% | | | |
| Build NYC FC Hanson Office Assn. Participating VRDN Series BAML 50 20, 2.613% 4/7/20 (Liquidity Facility Bank of America NA) (a)(b)(e)(f) | | 925,000 | 925,000 |
| Geneva Hsg. Auth. Rev. Series 2000, 4.5% 4/7/20, VRDN (a)(b) | | 90,000 | 90,000 |
| New York Hsg. Fin. Agcy. Rev. (455 West 37th Street Hsg. Proj.) Series A, 0.83% 4/1/20, LOC Landesbank Hessen-Thuringen, VRDN (a)(b) | | 400,000 | 400,000 |
| New York Metropolitan Trans. Auth. Rev. BAN: | | | |
| Series 2018 B: | | | |
| 5% 5/15/21 | | 200,000 | 205,840 |
| 5% 5/15/21 | | 615,000 | 632,958 |
| Series 2018 C, 5% 9/1/20 | | 520,000 | 525,649 |
| Series 2019 D1, 5% 9/1/22 | | 1,100,000 | 1,163,283 |
|
| TOTAL NEW YORK | | | 3,942,730 |
|
| North Carolina - 2.2% | | | |
| Hertford County Indl. Facilities Poll. Cont. Fing. Auth. Series 2000 B, 6.5% 4/7/20, VRDN (a)(b) | | 1,200,000 | 1,200,000 |
| Ohio - 1.4% | | | |
| Forest Park Gen. Oblig. BAN Series 2019, 2.5% 5/27/20 | | 100,000 | 100,197 |
| Lorain County Indl. Dev. Rev. Series 2000, 4.5% 4/7/20, LOC PNC Bank NA, VRDN (a)(b) | | 145,000 | 145,000 |
| Ohio St Econ. Dev. Rev. Series 2003, 4.5% 4/7/20, LOC PNC Bank NA, VRDN (a) | | 485,000 | 485,000 |
|
| TOTAL OHIO | | | 730,197 |
|
| Pennsylvania - 0.4% | | | |
| Pennsylvania Econ. Dev. Participating VRDN Series XM 0048, 4.81% 4/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 200,000 | 200,000 |
| Texas - 9.0% | | | |
| Harris County Indl. Dev. Corp. Poll. Cont. Rev. (Exxon Proj.) Series 1987, 0.7% 4/1/20, VRDN (a)(b) | | 1,100,000 | 1,100,000 |
| Mission Econ. Dev. Corp. Idr (CMI Proj.) Series 2007, 3.9% 4/7/20, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 100,000 | 100,000 |
| North Texas Tollway Auth. Rev. Participating VRDN Series XM0085, 5% 4/7/20 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 200,000 | 200,000 |
| Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | | | |
| Series 2004, 7.6% 4/7/20, VRDN (a)(b) | | 2,300,000 | 2,299,992 |
| Series 2010 C, 1.54% 4/1/20, VRDN (a) | | 100,000 | 100,000 |
| Series 2010 D, 7.5% 4/7/20, VRDN (a) | | 575,000 | 575,000 |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Participating VRDN Series 021, 5% 5/12/20 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | | 400,000 | 400,000 |
|
| TOTAL TEXAS | | | 4,774,992 |
|
| Utah - 0.2% | | | |
| Salt Lake City Arpt. Rev. Participating VRDN Series 17 ZF 0540, 4.91% 4/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | | 100,000 | 100,000 |
| Virginia - 0.4% | | | |
| Longwood Hsg. Foundation LLC Participating VRDN Series DBE 80 39, 3.95% 4/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | | 200,000 | 200,000 |
| Washington - 0.2% | | | |
| Washington Econ. Dev. Fin. Auth. Rev. Participating VRDN Series Floaters 005, 5% 5/12/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | | 100,000 | 100,000 |
| TOTAL MUNICIPAL NOTES | | | |
| (Cost $19,228,174) | | | 19,188,997 |
| TOTAL INVESTMENT IN SECURITIES - 93.8% | | | |
| (Cost $50,042,392) | | | 49,892,718 |
| NET OTHER ASSETS (LIABILITIES) - 6.2% | | | 3,307,198 |
| NET ASSETS - 100% | | | $53,199,916 |
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(e) Provides evidence of ownership in one or more underlying municipal bonds.
(f) Coupon rates are determined by re-marketing agents based on current market conditions.
(g) 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 $100,000 or 0.2% of net assets.
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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