Quarterly Holdings Report
for
Fidelity® Conservative Income Municipal Bond Fund
September 30, 2023
CMB-NPRT3-1123
1.967799.109
| Municipal Bonds - 52.1% | |||
Principal Amount (a) | Value ($) | ||
| Alabama - 1.1% | |||
| Black Belt Energy Gas District: | |||
| Bonds Series 2018 A, 4%, tender 11/30/23 (b) | 3,400,000 | 3,399,965 | |
| Series 2021 C1, 4% 12/1/23 | 1,400,000 | 1,398,498 | |
| Series 2022 C: | |||
5.25% 12/1/23 | 530,000 | 530,440 | |
5.25% 6/1/24 | 145,000 | 145,528 | |
| Series 2022 C1: | |||
5.25% 12/1/24 | 405,000 | 407,893 | |
5.25% 12/1/25 | 530,000 | 536,710 | |
5.25% 6/1/26 | 1,225,000 | 1,242,505 | |
| Series 2022 E: | |||
5% 6/1/24 | 1,520,000 | 1,524,868 | |
5% 6/1/25 | 1,585,000 | 1,595,239 | |
5% 6/1/26 | 2,185,000 | 2,205,430 | |
| 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 | 1,355,073 | |
| Series 2008, 2.9%, tender 12/12/23 (b) | 600,000 | 597,997 | |
| Southeast Alabama Gas Supply District Bonds: | |||
| (Proj. No. 2) Series 2018 A, 4%, tender 6/1/24 (b) | 9,915,000 | 9,849,610 | |
| Series 2018 A, 4%, tender 4/1/24 (b) | 1,185,000 | 1,180,197 | |
| Southeast Energy Auth. Rev. Bonds (Proj. No. 2) Series 2021 B1: | |||
| 4% 6/1/24 | 510,000 | 507,862 | |
| 4% 6/1/25 | 615,000 | 608,574 | |
TOTAL ALABAMA | 27,086,389 | ||
| Alaska - 0.1% | |||
| Alaska Int'l. Arpts. Revs. Series 2021 C, 5% 10/1/25 (c) | 1,695,000 | 1,710,907 | |
| Arizona - 1.8% | |||
| Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A, 5% 12/1/24 | 1,000,000 | 1,010,103 | |
| Chandler Indl. Dev. Auth. Indl. Dev. Rev.: | |||
| (Intel Corp. Proj.) Series 2022 2, 5%, tender 9/1/27 (b)(c) | 1,250,000 | 1,263,950 | |
| Bonds (Intel Corp. Proj.) Series 2019, 5%, tender 6/3/24 (b)(c) | 32,185,000 | 32,213,815 | |
| Coconino County Poll. Cont. Corp. Rev. Bonds (Navada Pwr. Co. Projs.) Series 2017 A, 4.125%, tender 3/31/26 (b)(c) | 1,060,000 | 1,043,350 | |
| Maricopa County Rev. Bonds: | |||
| Series 2023 A1, 5%, tender 5/15/26 (b) | 3,760,000 | 3,841,609 | |
| Series C, 5%, tender 10/18/24 (b) | 945,000 | 951,227 | |
| Phoenix Civic Impt. Board Arpt. Rev.: | |||
| Series 2018, 5% 7/1/24 (c) | 785,000 | 788,444 | |
| Series 2023: | |||
5% 7/1/24 (c) | 900,000 | 903,949 | |
5% 7/1/26 (c) | 1,815,000 | 1,848,336 | |
| Yuma Pledged Rev. Series 2021, 4% 7/1/24 | 300,000 | 300,039 | |
TOTAL ARIZONA | 44,164,822 | ||
| California - 3.8% | |||
| California Health Facilities Fing. Auth. Rev. Bonds Series 2016 B2, 4%, tender 10/1/24 (b) | 13,085,000 | 13,073,897 | |
| California Muni. Fin. Auth. Solid Waste Disp. Rev. Bonds: | |||
| (Republic Svcs., Inc. Proj.): | |||
Series 2021 A, 4.1%, tender 10/2/23 (b)(c) | 17,450,000 | 17,449,600 | |
Series 2021 B, 4.2%, tender 1/16/24 (b)(c) | 10,300,000 | 10,248,850 | |
| (Waste Mgmt., Inc. Proj.) Series 2009 A, 1.3%, tender 2/3/25 (b)(d) | 750,000 | 719,170 | |
| 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 | 18,983,444 | |
| (Republic Svcs., Inc. Proj.) Series 2017 A2, 4.1%, tender 10/16/23 (b)(c)(d) | 7,800,000 | 7,798,251 | |
| California Pub. Works Board Lease Rev. (Various Cap. Projs.) Series 2022 C, 5% 8/1/24 | 1,925,000 | 1,944,637 | |
| Los Angeles Dept. Arpt. Rev.: | |||
| Series 2019 A, 5% 5/15/24 (c) | 705,000 | 708,357 | |
| Series 2020 C, 5% 5/15/24 (c) | 500,000 | 502,381 | |
| Series 2022 C: | |||
5% 5/15/25 (c) | 1,475,000 | 1,493,398 | |
5% 5/15/26 (c) | 3,595,000 | 3,665,874 | |
| Series 2022 G, 5% 5/15/25 (c) | 995,000 | 1,007,411 | |
| Series 2023 A: | |||
5% 5/15/24 (c) | 700,000 | 703,333 | |
5% 5/15/25 (c) | 465,000 | 470,800 | |
5% 5/15/26 (c) | 805,000 | 820,870 | |
| Series B, 5% 5/15/24 (c) | 1,065,000 | 1,070,071 | |
| San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Series 2019 B, 5% 7/1/24 (c) | 500,000 | 501,866 | |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: | |||
| Series 2017 D, 5% 5/1/24 (c) | 1,000,000 | 1,005,225 | |
| Series 2019 H, 5% 5/1/24 (Escrowed to Maturity) (c) | 550,000 | 552,936 | |
| Series 2023 A: | |||
5% 5/1/24 (c) | 2,500,000 | 2,513,062 | |
5% 5/1/25 (c) | 1,510,000 | 1,529,495 | |
5% 5/1/26 (c) | 5,920,000 | 6,022,916 | |
| San Jose Int. Arpt. Rev. Series 2021 B, 5% 3/1/25 | 375,000 | 381,597 | |
| Vernon Elec. Sys. Rev. Series 2021 A, 5% 10/1/23 | 1,350,000 | 1,350,000 | |
TOTAL CALIFORNIA | 94,517,441 | ||
| Colorado - 0.7% | |||
| Colorado Health Facilities Auth. Rev. Bonds: | |||
| Bonds Series 2016 C: | |||
5%, tender 11/15/23 (b) | 440,000 | 440,496 | |
5%, tender 11/15/23 (b) | 155,000 | 155,175 | |
| Series 2022 A: | |||
5% 11/1/23 | 400,000 | 400,134 | |
5% 11/1/24 | 430,000 | 432,980 | |
5% 11/1/25 | 400,000 | 403,962 | |
| Colorado Univ. Co. Hosp. Auth. Rev. Bonds Series 2019 C, 5%, tender 11/15/24 (b) | 700,000 | 702,655 | |
| Denver City & County Arpt. Rev.: | |||
| Series 2012 A, 5% 11/15/23 (c) | 500,000 | 500,158 | |
| Series 2016 A, 5% 11/15/23 | 675,000 | 675,811 | |
| Series 2017 A, 5% 11/15/24 (c) | 825,000 | 830,849 | |
| Series 2022 A: | |||
5% 11/15/24 (c) | 1,000,000 | 1,007,089 | |
5% 11/15/25 (c) | 1,850,000 | 1,872,150 | |
| Series 2022 D: | |||
5% 11/15/25 (c) | 4,000,000 | 4,047,892 | |
5.25% 11/15/26 (c) | 4,985,000 | 5,130,567 | |
| Vauxmont Metropolitan District Series 2020, 5% 12/1/23 (Assured Guaranty Muni. Corp. Insured) | 195,000 | 195,206 | |
TOTAL COLORADO | 16,795,124 | ||
| Connecticut - 1.6% | |||
| Connecticut Gen. Oblig.: | |||
| Series 2013 A, 4.97% 3/1/25 (b) | 1,075,000 | 1,075,115 | |
| Series 2016 B, 5% 5/15/25 | 505,000 | 513,672 | |
| Series 2016 E, 5% 10/15/23 | 1,210,000 | 1,210,376 | |
| Series 2021 D, 5% 7/15/24 | 1,760,000 | 1,775,123 | |
| Series A: | |||
3% 1/15/24 | 500,000 | 497,906 | |
3% 4/15/24 | 500,000 | 496,365 | |
4% 1/15/24 | 465,000 | 465,012 | |
| Series C, 5% 12/15/23 | 735,000 | 736,423 | |
| Connecticut Health & Edl. Facilities Auth. Rev.: | |||
| Bonds: | |||
Series 1999 U2, 1.1%, tender 2/11/25 (b) | 3,600,000 | 3,442,075 | |
Series 2010 A3, 0.25%, tender 2/9/24 (b) | 11,800,000 | 11,621,180 | |
Series 2010 A4, 1.1%, tender 2/11/25 (b) | 9,050,000 | 8,652,994 | |
Series 2014 B, 1.8%, tender 7/1/24 (b) | 980,000 | 957,297 | |
Series 2017 B2, 3.2%, tender 7/1/26 (b) | 2,910,000 | 2,824,106 | |
| Series 2022 L, 5% 7/1/25 | 450,000 | 456,863 | |
| Connecticut Higher Ed. Supplemental Ln. Auth. Rev.: | |||
| (Chesla Ln. Prog.) Series 2017 A, 5% 11/15/23 (Escrowed to Maturity) (c) | 690,000 | 690,409 | |
| (Chesla Loan Prog.) Series C, 5% 11/15/23 (Escrowed to Maturity) | 225,000 | 225,267 | |
| Connecticut Hsg. Fin. Auth. Series A2, 0.4% 11/15/23 (c) | 300,000 | 298,705 | |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2021 C, 5% 1/1/24 | 1,340,000 | 1,343,041 | |
| Hartford Gen. Oblig. Series 2015 C, 5% 7/15/25 (Assured Guaranty Muni. Corp. Insured) | 1,910,000 | 1,948,440 | |
TOTAL CONNECTICUT | 39,230,369 | ||
| Delaware - 0.0% | |||
| Delaware Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr. & Lt. Co. Proj.) Series A, 1.05%, tender 7/1/25 (b) | 580,000 | 543,901 | |
| Delaware Trans. Auth. Grant Series 2020, 5% 9/1/24 | 850,000 | 858,973 | |
TOTAL DELAWARE | 1,402,874 | ||
| District Of Columbia - 0.8% | |||
| District of Columbia Gen. Oblig. Series 2021 D, 4% 2/1/24 | 325,000 | 325,128 | |
| Metropolitan Washington DC Arpts. Auth. Sys. Rev.: | |||
| Series 2014 A, 5% 10/1/26 (c) | 950,000 | 949,639 | |
| Series 2018 A, 5% 10/1/24 (c) | 5,675,000 | 5,708,437 | |
| Series 2019 A, 5% 10/1/26 (c) | 1,300,000 | 1,325,175 | |
| Series 2020 A: | |||
5% 10/1/23 (c) | 1,910,000 | 1,910,000 | |
5% 10/1/24 (c) | 7,200,000 | 7,242,422 | |
| Series 2022 A, 5% 10/1/24 (c) | 1,300,000 | 1,307,660 | |
| Washington Metropolitan Area Transit Auth. Series 2023 A, 5% 7/15/25 | 1,000,000 | 1,020,472 | |
TOTAL DISTRICT OF COLUMBIA | 19,788,933 | ||
| Florida - 2.5% | |||
| Broward County Arpt. Sys. Rev.: | |||
| Series 2017, 5% 10/1/24 (c) | 500,000 | 502,221 | |
| Series 2019 A, 5% 10/1/23 (c) | 1,250,000 | 1,250,000 | |
| Broward County Fin. Auth. Multi-family Hsg. Rev. Bonds Series 2023, 4.05%, tender 3/1/26 (b) | 1,875,000 | 1,855,136 | |
| Broward County School Board Ctfs. of Prtn. Series 2022 A, 5% 7/1/25 | 1,590,000 | 1,619,623 | |
| Citizens Property Ins. Corp. Series 2015 A1, 5% 6/1/25 | 4,705,000 | 4,741,232 | |
| Duval County School Board Ctfs. of Prtn. Series 2022 A: | |||
| 5% 7/1/25 (Assured Guaranty Muni. Corp. Insured) | 2,795,000 | 2,845,181 | |
| 5% 7/1/26 (Assured Guaranty Muni. Corp. Insured) | 4,900,000 | 5,052,757 | |
| Florida Hsg. Fin. Corp. Multi-family Mtg. Rev. Bonds: | |||
| Series 2023 B, 5%, tender 2/1/26 (b) | 1,550,000 | 1,566,635 | |
| Series 2023 C, 5%, tender 12/1/25 (b) | 1,110,000 | 1,119,547 | |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | |||
| Series 2015 A, 5% 10/1/23 (c) | 800,000 | 800,000 | |
| Series 2016 A, 5% 10/1/25 (Escrowed to Maturity) (c) | 575,000 | 582,037 | |
| Hillsborough Co. Sldwst and Resource Receivables Series 2016 A, 5% 9/1/26 (c) | 2,260,000 | 2,300,737 | |
| Hillsborough County Aviation Auth. Rev.: | |||
| Series 2013 A, 5.5% 10/1/24 (Pre-Refunded to 10/1/23 @ 100) (c) | 1,420,000 | 1,420,000 | |
| Series 2018 E, 5% 10/1/23 (c) | 225,000 | 225,000 | |
| Series 2022 A: | |||
5% 10/1/24 (c) | 4,570,000 | 4,598,695 | |
5% 10/1/25 (c) | 755,000 | 764,959 | |
| Jacksonville Spl. Rev. Series 2022 A: | |||
| 5% 10/1/23 | 260,000 | 260,000 | |
| 5% 10/1/24 | 580,000 | 586,628 | |
| 5% 10/1/25 | 455,000 | 466,160 | |
| JEA Wtr. & Swr. Sys. Rev. Series A, 5% 10/1/23 | 895,000 | 895,000 | |
| Lee County Arpt. Rev. Series 2021 A: | |||
| 5% 10/1/23 (c) | 3,030,000 | 3,030,000 | |
| 5% 10/1/24 (c) | 1,530,000 | 1,535,765 | |
| Miami Dade County Hsg. Multifamily Hsg. Rev. Bonds: | |||
| Series 2023 B, 4.05%, tender 9/1/25 (b) | 1,090,000 | 1,075,823 | |
| Series 2023: | |||
5%, tender 9/1/25 (b) | 3,805,000 | 3,824,160 | |
5%, tender 9/1/25 (b) | 2,090,000 | 2,108,505 | |
5%, tender 10/1/25 (b) | 6,385,000 | 6,447,212 | |
| Miami-Dade County Aviation Rev.: | |||
| Series 2012 A, 5% 10/1/24 | 895,000 | 895,552 | |
| Series 2020 A, 5% 10/1/23 | 1,105,000 | 1,105,000 | |
| 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 | 1,456,978 | |
| Orange County Health Facilities Auth. Bonds Series 2021 C, 5%, tender 11/15/26 (b) | 2,860,000 | 2,935,455 | |
| Orlando Utils. Commission Util. Sys. Rev. Series 2013 A, 5% 10/1/24 | 500,000 | 505,665 | |
| Palm Beach County Arpt. Sys. Rev. Series 2016, 5% 10/1/23 (c) | 1,325,000 | 1,325,000 | |
| Pasco County Tax Alloc Series 2023 A, 5.25% 9/1/25 (Assured Guaranty Muni. Corp. Insured) | 250,000 | 255,505 | |
| Pasco County School Board Ctfs. of Prtn. Series 2022 A, 5% 8/1/26 | 1,045,000 | 1,079,063 | |
TOTAL FLORIDA | 61,031,231 | ||
| Georgia - 2.8% | |||
| Atlanta Arpt. Rev.: | |||
| Series 2014 C, 5% 1/1/24 (c) | 2,400,000 | 2,403,267 | |
| Series 2020 B, 5% 7/1/25 (c) | 1,115,000 | 1,129,754 | |
| 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 | 2,895,572 | |
| Series 2012, 2.875%, tender 8/19/25 (b) | 3,575,000 | 3,435,909 | |
| Fayette County Hosp. Auth. Rev. Bonds (Piedmont Healthcare, Inc. Proj.) Series 2019 A, 5%, tender 7/1/24 (b) | 1,140,000 | 1,141,552 | |
| Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
| Series 2020 A, 4% 11/1/23 | 895,000 | 894,473 | |
| Series 2021 A: | |||
5% 1/1/24 | 335,000 | 335,390 | |
5% 1/1/25 (Assured Guaranty Muni. Corp. Insured) | 200,000 | 202,225 | |
| Series 2022 A: | |||
5% 7/1/24 (Assured Guaranty Muni. Corp. Insured) | 335,000 | 336,616 | |
5% 7/1/25 (Assured Guaranty Muni. Corp. Insured) | 350,000 | 354,455 | |
5% 7/1/26 (Assured Guaranty Muni. Corp. Insured) | 365,000 | 375,036 | |
| Main Street Natural Gas, Inc.: | |||
| Bonds: | |||
Series 2018 C, 4%, tender 12/1/23 (b) | 6,190,000 | 6,187,973 | |
Series 2018 E, SIFMA Municipal Swap Index + 0.570% 4.55%, tender 10/5/23 (b)(e) | 40,430,000 | 40,416,622 | |
Series 2019 B, 4%, tender 12/2/24 (b) | 2,030,000 | 2,016,967 | |
| Series 2022 A, 4% 12/1/25 | 1,260,000 | 1,234,310 | |
| Series 2023 B: | |||
5% 9/1/25 | 350,000 | 352,080 | |
5% 9/1/26 | 675,000 | 682,932 | |
| Series 2023 D: | |||
5% 12/1/24 | 300,000 | 299,929 | |
5% 12/1/25 | 550,000 | 550,248 | |
5% 12/1/26 | 305,000 | 305,393 | |
| Series 2023 E, 5% 12/1/23 | 1,700,000 | 1,700,106 | |
| 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 | 2,657,132 | |
TOTAL GEORGIA | 69,907,941 | ||
| Guam - 0.2% | |||
| Guam Pwr. Auth. Rev. Series 2022 A: | |||
| 5% 10/1/23 | 1,545,000 | 1,545,000 | |
| 5% 10/1/24 | 1,235,000 | 1,238,582 | |
| 5% 10/1/25 | 1,545,000 | 1,555,692 | |
TOTAL GUAM | 4,339,274 | ||
| Hawaii - 0.2% | |||
| Honolulu City & County Multi-family housing Rev. Bonds Series 2023, 5%, tender 6/1/26 (b) | 5,480,000 | 5,565,521 | |
| Illinois - 6.0% | |||
| Chicago Metropolitan Wtr. Reclamation District of Greater Chicago Series 2021 C, 5% 12/1/23 | 3,880,000 | 3,884,030 | |
| Chicago O'Hare Int'l. Arpt. Rev.: | |||
| Series 2022 A, 5% 1/1/25 (c) | 1,095,000 | 1,102,547 | |
| Series 2022 C: | |||
5% 1/1/25 (c) | 2,250,000 | 2,265,508 | |
5% 1/1/26 (c) | 1,200,000 | 1,211,688 | |
| Chicago Park District Gen. Oblig.: | |||
| Series 2014 B, 5% 1/1/24 | 615,000 | 615,943 | |
| Series 2021 D, 4% 1/1/24 | 100,000 | 99,870 | |
| Series 2021 E, 4% 1/1/24 | 1,340,000 | 1,338,258 | |
| Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2021, 5% 6/1/24 | 625,000 | 626,557 | |
| Chicago Wtr. Rev. Series 2023 B: | |||
| 5% 11/1/24 | 1,250,000 | 1,258,140 | |
| 5% 11/1/25 | 1,000,000 | 1,016,851 | |
| Cook County Gen. Oblig.: | |||
| Series 2021 A: | |||
5% 11/15/23 | 390,000 | 390,357 | |
5% 11/15/24 | 450,000 | 454,904 | |
| Series 2021 B, 4% 11/15/23 | 1,560,000 | 1,559,470 | |
| Series 2022 A: | |||
5% 11/15/24 | 5,940,000 | 6,004,737 | |
5% 11/15/25 | 4,370,000 | 4,444,422 | |
| Cook County Sales Tax Rev. Series 2022 A, 5% 11/15/25 | 675,000 | 688,554 | |
| Illinois Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2019, 4.4%, tender 11/1/23 (b)(c) | 9,750,000 | 9,746,887 | |
| Illinois Fin. Auth. Series 2022 A, 5% 10/1/24 | 160,000 | 159,422 | |
| Illinois Gen. Oblig.: | |||
| Series 2016, 5% 11/1/24 | 800,000 | 806,566 | |
| Series 2017 D: | |||
5% 11/1/23 | 16,490,000 | 16,497,091 | |
5% 11/1/24 | 26,200,000 | 26,415,044 | |
5% 11/1/26 | 1,460,000 | 1,497,462 | |
| Series 2018 A, 5% 10/1/23 | 2,400,000 | 2,400,000 | |
| Series 2019 B, 5% 9/1/25 | 595,000 | 604,114 | |
| Series 2022 A, 5% 3/1/25 | 2,070,000 | 2,092,772 | |
| Series 2022 B: | |||
5% 3/1/24 | 4,105,000 | 4,116,736 | |
5% 3/1/25 | 16,055,000 | 16,231,624 | |
5% 3/1/26 | 6,060,000 | 6,181,782 | |
| Series 2023 C, 5% 5/1/26 | 4,000,000 | 4,087,086 | |
| Series 2023 D, 5% 7/1/25 | 12,565,000 | 12,735,804 | |
| Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev. Bonds Series 2023, 4%, tender 6/1/25 (b) | 2,940,000 | 2,896,133 | |
| Illinois Sales Tax Rev.: | |||
| Series 2021 A, 4% 6/15/24 | 3,195,000 | 3,195,286 | |
| Series 2021 C, 5% 6/15/25 | 270,000 | 274,646 | |
| Metropolitan Pier & Exposition: | |||
| Series 2010 B1, 0% 6/15/26 (Assured Guaranty Muni. Corp. Insured) | 1,130,000 | 1,002,715 | |
| Series 2022 A, 3% 6/15/24 | 1,870,000 | 1,842,085 | |
| Railsplitter Tobacco Settlement Auth. Rev. Series 2017: | |||
| 5% 6/1/24 (Escrowed to Maturity) | 1,535,000 | 1,544,500 | |
| 5% 6/1/26 (Escrowed to Maturity) | 1,000,000 | 1,029,282 | |
| Sales Tax Securitization Corp.: | |||
| Series 2023 C, 5% 1/1/24 (f) | 4,630,000 | 4,637,797 | |
| Series 2023 D, 5% 1/1/24 (f) | 2,315,000 | 2,318,898 | |
TOTAL ILLINOIS | 149,275,568 | ||
| Indiana - 2.1% | |||
| Indiana Dev. Fin. Auth. Envir. Rev. Bonds (Fulcrum Centerpoint, LLC Proj.) Series 2022, 4.5%, tender 11/15/23 (c) | 26,350,000 | 26,307,829 | |
| Indiana Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2001, 4.6%, tender 10/2/23 (b)(c) | 2,500,000 | 2,499,301 | |
| Indiana Fin. Auth. Econ. Dev. Rev. Bonds (Republic Svcs., Inc. Proj.): | |||
| Series 2012, 4.3%, tender 12/1/23 (b)(c) | 4,500,000 | 4,496,988 | |
| Series A, 4.3%, tender 12/1/23 (b)(c) | 5,000,000 | 4,996,653 | |
| Indianapolis Local Pub. Impt.: | |||
| (Indianapolis Arpt. Auth. Proj.): | |||
Series 2015 I, 4% 1/1/24 (c) | 7,740,000 | 7,716,979 | |
Series 2019 D, 5% 1/1/25 (c) | 5,765,000 | 5,790,860 | |
| Series 2022 G2: | |||
5% 1/1/25 (c) | 85,000 | 85,381 | |
5% 1/1/26 (c) | 405,000 | 408,945 | |
| Whiting Envir. Facilities Rev. Bonds (BP Products North America, Inc. Proj.) Series 2017, 5%, tender 11/1/24 (b)(c) | 965,000 | 972,209 | |
TOTAL INDIANA | 53,275,145 | ||
| Iowa - 0.0% | |||
| Iowa Student Ln. Liquidity Corp. Student Ln. Rev.: | |||
| Series 2015 A, 5% 12/1/24 (c) | 500,000 | 501,391 | |
| Series 2023 B, 5% 12/1/26 (c) | 600,000 | 606,016 | |
TOTAL IOWA | 1,107,407 | ||
| Kentucky - 0.4% | |||
| Kentucky Asset/Liability Commission Gen. Fund Rev. Series 2021 A, 5% 11/1/24 | 1,000,000 | 1,010,083 | |
| Kentucky State Property & Buildings Commission Rev.: | |||
| Series 2016 B, 5% 11/1/23 | 1,445,000 | 1,445,769 | |
| Series A, 5% 11/1/23 | 1,030,000 | 1,030,548 | |
| Kentucky, Inc. Pub. Energy Bonds: | |||
| Series 2018 A, 4%, tender 4/1/24 (b) | 3,845,000 | 3,829,887 | |
| Series C1, 4%, tender 6/1/25 (b) | 585,000 | 576,409 | |
| Louisville & Jefferson County Bonds Series 2020 B, 5%, tender 10/1/23 (b) | 1,000,000 | 1,000,000 | |
TOTAL KENTUCKY | 8,892,696 | ||
| Louisiana - 0.1% | |||
| St. John Baptist Parish Rev. Bonds (Marathon Oil Corp.) Series 2017, 4.05%, tender 7/1/26 (b) | 2,855,000 | 2,803,252 | |
| Maine - 0.5% | |||
| Maine Hsg. Auth. Mtg. Bonds Series 2023 B, 3.125%, tender 5/1/24 (b) | 11,555,000 | 11,470,944 | |
| Maryland - 0.5% | |||
| Maryland Cmnty. Dev. Admin Dept. Hsg. & Cmnty. Dev. Series 2023 D, 3.5% 1/1/26 | 7,570,000 | 7,450,611 | |
| Maryland Dept. of Trans.: | |||
| Series 2022 A, 5% 12/1/24 | 550,000 | 557,555 | |
| Series 2022 B, 5% 12/1/23 | 635,000 | 635,929 | |
| Maryland Health & Higher Edl. Bonds Series 2020, 5%, tender 7/1/25 (b) | 2,755,000 | 2,779,976 | |
| Maryland Stadium Auth. Built to Learn Rev. Series 2022 A: | |||
| 5% 6/1/24 | 730,000 | 734,661 | |
| 5% 6/1/25 | 905,000 | 920,848 | |
TOTAL MARYLAND | 13,079,580 | ||
| Massachusetts - 2.3% | |||
| Massachusetts Dev. Fin. Agcy. Rev.: | |||
| Bonds: | |||
Series 2019 DD 1, 5%, tender 10/2/23 (b) | 1,070,000 | 1,070,000 | |
Series 2019 DD 2, 5%, tender 10/2/23 (b) | 2,295,000 | 2,295,000 | |
| Series 2016 I, 5% 7/1/25 | 1,150,000 | 1,165,604 | |
| Series 2021 I, 5% 10/1/24 | 900,000 | 906,174 | |
| Massachusetts Edl. Fing. Auth. Rev.: | |||
| Series 2014 I, 5% 1/1/25 (c) | 3,400,000 | 3,420,567 | |
| Series 2015 A, 5% 1/1/24 (c) | 18,160,000 | 18,180,710 | |
| Series 2017 A, 5% 7/1/25 (c) | 1,430,000 | 1,441,733 | |
| Series 2018 B, 5% 7/1/25 (c) | 1,790,000 | 1,804,686 | |
| Series 2020 C, 5% 7/1/24 (c) | 600,000 | 602,326 | |
| Series 2022 B: | |||
5% 7/1/24 (c) | 525,000 | 527,036 | |
5% 7/1/25 (c) | 1,125,000 | 1,134,230 | |
| Massachusetts Gen. Oblig. Series 2021 B, 5% 11/1/23 | 24,925,000 | 24,946,164 | |
TOTAL MASSACHUSETTS | 57,494,230 | ||
| Michigan - 0.9% | |||
| Michigan Fin. Auth. Rev.: | |||
| (Detroit Reg'l. Convention Facility Auth. Local Proj.) Series 2014 H1, 5% 10/1/24 | 1,895,000 | 1,896,242 | |
| Series 2015 D1: | |||
0.4% 10/15/23 | 450,000 | 449,017 | |
0.55% 10/15/24 | 1,700,000 | 1,635,328 | |
| Series 2022: | |||
5% 4/15/25 | 2,840,000 | 2,879,378 | |
5% 4/15/26 | 4,735,000 | 4,846,369 | |
| Michigan Gen. Oblig. Series 2016, 5% 3/15/24 | 500,000 | 502,205 | |
| Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Series 2022 A: | |||
| 1.95% 12/1/23 | 975,000 | 971,261 | |
| 2.5% 6/1/25 | 1,215,000 | 1,178,603 | |
| Oakland Univ. Rev.: | |||
| Series 2022 A: | |||
5% 3/1/24 | 175,000 | 175,631 | |
5% 3/1/25 | 200,000 | 202,830 | |
| Series 2022 B: | |||
5% 3/1/24 | 350,000 | 351,261 | |
5% 3/1/25 | 1,185,000 | 1,201,768 | |
| Southfield Pub. Schools Series 2023: | |||
| 5% 5/1/25 | 2,000,000 | 2,035,927 | |
| 5% 5/1/26 | 2,325,000 | 2,396,337 | |
| Wayne County Arpt. Auth. Rev. Series 2017 E, 4% 12/1/25 (c)(d) | 1,725,000 | 1,710,685 | |
TOTAL MICHIGAN | 22,432,842 | ||
| Minnesota - 0.3% | |||
| Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2022 B: | |||
| 5% 1/1/24 (c) | 565,000 | 565,644 | |
| 5% 1/1/25 (c) | 1,370,000 | 1,380,930 | |
| 5% 1/1/26 (c) | 905,000 | 913,814 | |
| Minnesota Hsg. Fin. Agcy.: | |||
| Series 2022 A, 5% 8/1/24 | 910,000 | 917,578 | |
| Series 2022 B: | |||
5% 8/1/24 | 1,155,000 | 1,164,618 | |
5% 8/1/25 | 1,710,000 | 1,742,018 | |
5% 8/1/26 | 1,700,000 | 1,752,190 | |
| Series H, 0.7% 7/1/24 (c) | 200,000 | 194,388 | |
TOTAL MINNESOTA | 8,631,180 | ||
| Nebraska - 0.2% | |||
| Central Plains Energy Proj. Rev. Bonds Series 2019, 2.5%, tender 8/1/25 (b) | 3,510,000 | 3,349,683 | |
| Nebraska Pub. Pwr. District Rev. Series 2017 B, 5% 1/1/25 | 650,000 | 658,810 | |
TOTAL NEBRASKA | 4,008,493 | ||
| Nevada - 0.6% | |||
| Clark County Arpt. Rev. Series 2021 B, 5% 7/1/24 (c) | 3,720,000 | 3,733,882 | |
| Clark County Poll. Cont. Rev. Bonds (Nevada Pwr. Co. Proj.) Series 2017, 3.75%, tender 3/31/26 (b) | 1,435,000 | 1,414,696 | |
| Clark County School District: | |||
| Series 2016 F, 4% 6/15/24 | 500,000 | 499,493 | |
| Series 2020 A, 3% 6/15/25 (Assured Guaranty Muni. Corp. Insured) | 500,000 | 489,302 | |
| Series 2021 C, 5% 6/15/25 | 4,875,000 | 4,954,498 | |
| Nevada Dept. of Bus. & Industry Bonds Series 2023 A, 3.7%, tender 1/31/24 (b)(c)(d) | 4,900,000 | 4,870,844 | |
TOTAL NEVADA | 15,962,715 | ||
| New Hampshire - 0.2% | |||
| Nat'l. Fin. Auth. Solid Bonds (Waste Mgmt., Inc. Proj.) Series 2019 A2, 2.15%, tender 7/1/24 (b)(c) | 4,000,000 | 3,931,526 | |
| New Jersey - 3.5% | |||
| New Jersey Econ. Dev. Auth.: | |||
| Series 2022 A: | |||
5% 11/1/24 | 825,000 | 832,190 | |
5% 11/1/25 | 1,000,000 | 1,018,447 | |
| Series 2023 RRR: | |||
5% 3/1/25 | 7,050,000 | 7,132,357 | |
5% 3/1/26 | 5,425,000 | 5,538,192 | |
| Series 2024 SSS, 5% 6/15/26 (f) | 3,615,000 | 3,653,067 | |
| New Jersey Econ. Dev. Auth. Rev.: | |||
| Series 2015 XX: | |||
4% 6/15/24 | 1,345,000 | 1,342,965 | |
5% 6/15/24 | 3,490,000 | 3,508,502 | |
| Series 2019: | |||
5.25% 9/1/24 (d) | 12,690,000 | 12,810,074 | |
5.25% 9/1/26 (d) | 2,900,000 | 2,991,124 | |
| New Jersey Edl. Facility: | |||
| Series 2016 A, 5% 7/1/24 | 4,740,000 | 4,769,793 | |
| Series 2016 C, 5% 7/1/24 (Assured Guaranty Muni. Corp. Insured) | 1,000,000 | 1,006,944 | |
| New Jersey Gen. Oblig.: | |||
| Series 2020 A: | |||
5% 6/1/24 | 1,080,000 | 1,088,021 | |
5% 6/1/25 | 4,700,000 | 4,790,655 | |
| Series 2021, 2% 6/1/25 | 1,585,000 | 1,512,359 | |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | |||
| Series 2016 1A: | |||
5% 12/1/23 (c) | 3,500,000 | 3,503,407 | |
5% 12/1/24 (c) | 4,400,000 | 4,428,552 | |
| Series 2017 1A: | |||
5% 12/1/24 (c) | 1,500,000 | 1,509,734 | |
5% 12/1/25 (c) | 2,860,000 | 2,884,013 | |
| Series 2018 B, 5% 12/1/26 (c) | 1,000,000 | 1,009,734 | |
| Series 2019 A, 5% 12/1/24 | 555,000 | 560,168 | |
| Series 2020, 5% 12/1/24 (c) | 1,100,000 | 1,105,776 | |
| Series 2021 A, 5% 12/1/24 (c) | 330,000 | 331,733 | |
| Series 2022 A: | |||
5% 12/1/24 (c) | 430,000 | 432,258 | |
5% 12/1/25 (c) | 550,000 | 554,618 | |
| Series 2022 B: | |||
5% 12/1/24 (c) | 885,000 | 889,647 | |
5% 12/1/25 (c) | 2,625,000 | 2,647,040 | |
| New Jersey Hsg. & Mtg. Fin. Agcy. Multi-family Rev. Series 2021 B, 0.5% 11/1/23 | 1,815,000 | 1,809,607 | |
| New Jersey Tobacco Settlement Fing. Corp. Series 2018 A: | |||
| 5% 6/1/24 | 2,400,000 | 2,414,578 | |
| 5% 6/1/25 | 1,565,000 | 1,585,652 | |
| New Jersey Trans. Trust Fund Auth.: | |||
| Series 2006 C, 0% 12/15/24 (AMBAC Insured) | 160,000 | 152,086 | |
| Series 2008 A, 0% 12/15/25 | 2,445,000 | 2,223,181 | |
| Series 2010 A, 0% 12/15/25 | 1,050,000 | 954,740 | |
| Series 2010 D, 5.25% 12/15/23 | 820,000 | 821,443 | |
| Series 2016 A1, 5% 6/15/24 | 975,000 | 980,169 | |
| Series 2018 A, 5% 6/15/24 | 1,205,000 | 1,211,388 | |
| Series 2022 AA: | |||
5% 6/15/24 | 1,090,000 | 1,095,778 | |
5% 6/15/25 | 420,000 | 426,020 | |
| Series A, 5.25% 12/15/23 | 350,000 | 350,616 | |
TOTAL NEW JERSEY | 85,876,628 | ||
| New York - 1.5% | |||
| East Hampton Union Free School District Series 2017, 2.1% 6/1/27 | 2,020,000 | 1,840,863 | |
| Long Island Pwr. Auth. Elec. Sys. Rev.: | |||
| Bonds Series 2019 B, 1.65%, tender 9/1/24 (b) | 2,550,000 | 2,484,993 | |
| Series 2021, 1% 9/1/25 | 2,195,000 | 2,031,972 | |
| Nassau County Local Econ. Assistance Corp. Multifamily Hsg. Rev. Bonds (Park Lake Hempstead, L.P. Proj.) Series 2021, 0.3%, tender 11/1/23 (b) | 7,810,000 | 7,785,241 | |
| New York City Gen. Oblig. Bonds Series 2015 F4, 5%, tender 6/1/44 (g) | 910,000 | 922,660 | |
| New York City Hsg. Dev. Corp. Multifamily Hsg. Bonds Series 2021 K2, 0.9%, tender 1/1/26 (b) | 1,250,000 | 1,136,617 | |
| New York City Indl. Dev. Agcy. Rev.: | |||
| (Queens Baseball Stadium Proj.) Series 2021 A, 5% 1/1/24 (Assured Guaranty Corp. Insured) | 675,000 | 676,383 | |
| Series 2021 A, 5% 1/1/26 (Assured Guaranty Muni. Corp. Insured) | 600,000 | 610,715 | |
| New York Metropolitan Trans. Auth. Rev.: | |||
| Bonds: | |||
Series 2019 A1, 5%, tender 11/15/24 (b) | 800,000 | 802,652 | |
Series 2020 A2, 5%, tender 5/15/24 (b) | 1,600,000 | 1,606,586 | |
| Series 2017 C1, 5% 11/15/25 | 1,045,000 | 1,061,574 | |
| Series 2017 D, 5% 11/15/23 | 790,000 | 790,509 | |
| New York Trans. Dev. Corp.: | |||
| (Term. 4 JFK Int'l. Arpt. Proj.): | |||
Series 2020 A, 5% 12/1/25 (c) | 1,930,000 | 1,947,786 | |
Series 2020 C, 5% 12/1/24 | 1,000,000 | 1,010,330 | |
| (Term. 4 John F. Kennedy Int'l. Arpt. Proj.) Series 2022, 5% 12/1/26 (c) | 5,000,000 | 5,075,088 | |
| Port Auth. of New York & New Jersey Series 2020 221, 5% 7/15/25 (c) | 1,995,000 | 2,018,309 | |
| St. Lawrence County Indl. Dev. (St. Lawrence Univ. Proj.) Series 2022: | |||
| 5% 7/1/25 | 415,000 | 421,680 | |
| 5% 7/1/26 | 400,000 | 410,474 | |
| Syracuse Reg'l. Arpt. Auth. Series 2021, 5% 7/1/24 (c) | 770,000 | 771,474 | |
| Tobacco Settlement Asset Securitization Corp. Series 2017 A, 5% 6/1/25 | 3,115,000 | 3,160,888 | |
| Triborough Bridge & Tunnel Auth. Bonds Series 2021 A2, 2%, tender 5/15/26 (b) | 1,000,000 | 930,849 | |
TOTAL NEW YORK | 37,497,643 | ||
| New York And New Jersey - 1.4% | |||
| Port Auth. of New York & New Jersey: | |||
| Series 188, 5% 5/1/24 (c) | 1,990,000 | 1,999,379 | |
| Series 2013, 5% 7/15/25 (c) | 1,015,000 | 1,015,455 | |
| Series 2014 186, 5% 10/15/26 (c) | 5,220,000 | 5,240,380 | |
| Series 2015 194, 5% 10/15/23 | 500,000 | 500,172 | |
| Series 2016 195, 5% 10/1/25 (c) | 1,930,000 | 1,953,987 | |
| Series 2018, 5% 9/15/25 (c) | 1,970,000 | 1,995,640 | |
| Series 2021 226, 5% 10/15/23 (c) | 3,450,000 | 3,450,954 | |
| Series 2023 242: | |||
5% 12/1/24 (c) | 1,270,000 | 1,279,100 | |
5% 12/1/25 (c) | 4,215,000 | 4,272,905 | |
5% 12/1/26 (c) | 8,650,000 | 8,823,335 | |
| Series 223: | |||
5% 7/15/24 (c) | 3,250,000 | 3,269,171 | |
5% 7/15/25 (c) | 515,000 | 521,017 | |
TOTAL NEW YORK AND NEW JERSEY | 34,321,495 | ||
| North Carolina - 0.5% | |||
| Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Bonds: | |||
| Series 2018 C, 3.45%, tender 10/31/25 (b) | 5,390,000 | 5,297,261 | |
| Series 2021 B, 5%, tender 12/2/24 (b) | 2,525,000 | 2,546,573 | |
| North Carolina Med. Care Commission Hosp. Rev. Bonds Series 2021 B, 5%, tender 2/1/26 (b) | 3,975,000 | 4,048,452 | |
TOTAL NORTH CAROLINA | 11,892,286 | ||
| Ohio - 0.2% | |||
| Montgomery County Hosp. Rev. (Kettering Health Network Obligated Group Proj.) Series 2021, 5% 8/1/24 | 200,000 | 201,097 | |
| Northeast Ohio Med. Univ. Series 2022: | |||
| 5% 12/1/23 (Build America Mutual Assurance Insured) | 355,000 | 355,415 | |
| 5% 12/1/24 (Build America Mutual Assurance Insured) | 250,000 | 252,582 | |
| 5% 12/1/25 (Build America Mutual Assurance Insured) | 265,000 | 268,586 | |
| Ohio Higher Edl. Facility Commission Rev. Bonds (Case Western Reserve Univ. Proj.) Series 2019 C, 1.625%, tender 12/1/26 (b) | 1,155,000 | 1,059,644 | |
| Ohio Tpk. Commission Tpk. Rev. (Infrastructure Projs.) Series 2022 A, 5% 2/15/25 | 1,840,000 | 1,864,163 | |
TOTAL OHIO | 4,001,487 | ||
| Oklahoma - 0.4% | |||
| Oklahoma County Independent School District #89 Oklahoma City Series 2023 A, 3% 7/1/26 | 11,235,000 | 10,863,357 | |
| Oregon - 0.5% | |||
| Gilliam County Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.): | |||
| Series 2000 A, 3.95%, tender 5/1/24 (b)(c) | 5,250,000 | 5,220,618 | |
| Series 2003 A, 3.95%, tender 5/1/24 (b)(c) | 5,000,000 | 4,979,561 | |
| Port of Portland Arpt. Rev. Series 2022: | |||
| 5% 7/1/24 (c) | 2,000,000 | 2,006,881 | |
| 5% 7/1/25 (c) | 1,310,000 | 1,322,500 | |
TOTAL OREGON | 13,529,560 | ||
| Pennsylvania - 4.5% | |||
| Allegheny County Arpt. Auth. Rev. Series 2021 A, 5% 1/1/27 (c) | 1,030,000 | 1,046,782 | |
| Geisinger Auth. Health Sys. Rev. Bonds Series 2020 B, 5%, tender 2/15/27 (b) | 6,255,000 | 6,355,135 | |
| Pennsylvania Econ. Dev. Fing. Auth.: | |||
| Series 2021 A: | |||
4% 10/15/23 | 700,000 | 699,900 | |
4% 10/15/24 | 850,000 | 849,438 | |
| Series 2022 A: | |||
5% 2/15/25 | 160,000 | 162,016 | |
5% 2/15/26 | 200,000 | 204,185 | |
| Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Series 2016, 5% 3/15/24 | 1,250,000 | 1,254,568 | |
| Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. Bonds: | |||
| (Republic Svcs., Inc. Proj.) Series 2014, 4.1%, tender 10/3/23 (b)(c) | 55,050,000 | 55,050,000 | |
| (Waste Mgmt., Inc. Proj.) Series 2013, 4.125%, tender 11/1/23 (b)(c) | 7,200,000 | 7,196,310 | |
| (Waste Mgmt., Inc. Proj.): | |||
Series 2017 A, 0.58%, tender 8/1/24 (b)(c) | 2,200,000 | 2,110,828 | |
Series 2021 A, SIFMA Municipal Swap Index + 0.400% 4.38%, tender 10/5/23 (b)(c)(e) | 2,845,000 | 2,838,977 | |
Series 2021 A2, 4.6%, tender 10/1/26 (b)(c) | 25,000,000 | 24,991,980 | |
| Series 2011, 2.15%, tender 7/1/24 (b)(c) | 850,000 | 835,449 | |
| Pennsylvania Hsg. Fin. Agcy.: | |||
| Series 2021 135 B: | |||
5% 4/1/24 (c) | 230,000 | 230,306 | |
5% 4/1/25 (c) | 380,000 | 382,169 | |
| Series 2022 138: | |||
5% 10/1/23 | 1,135,000 | 1,135,000 | |
5% 4/1/24 | 1,060,000 | 1,064,754 | |
5% 10/1/24 | 1,970,000 | 1,988,293 | |
5% 10/1/25 | 1,100,000 | 1,119,562 | |
| Pennsylvania Tpk. Commission Tpk. Rev. Series 2012 A, 5% 12/1/23 | 800,000 | 800,536 | |
| Philadelphia Arpt. Rev. Series 2021: | |||
| 5% 7/1/24 (c) | 945,000 | 947,839 | |
| 5% 7/1/26 (c) | 1,000,000 | 1,013,195 | |
TOTAL PENNSYLVANIA | 112,277,222 | ||
| Rhode Island - 0.0% | |||
| Rhode Island Student Ln. Auth. Student Ln. Rev. Series 2018 A, 5% 12/1/25 (c) | 875,000 | 883,064 | |
| South Carolina - 2.0% | |||
| Patriots Energy Group Fing. Agcy. Bonds Series 2018 A, 4%, tender 2/1/24 (b) | 39,575,000 | 39,457,993 | |
| South Carolina Ports Auth. Ports Rev.: | |||
| Series 2015 (AMT), 5% 7/1/45 (Pre-Refunded to 7/1/25 @ 100) (c) | 2,600,000 | 2,622,636 | |
| Series 2015: | |||
5.25% 7/1/50 (Pre-Refunded to 7/1/25 @ 100) (c) | 4,525,000 | 4,583,162 | |
5.25% 7/1/55 (Pre-Refunded to 7/1/25 @ 100) (c) | 2,170,000 | 2,197,892 | |
TOTAL SOUTH CAROLINA | 48,861,683 | ||
| Tennessee - 1.0% | |||
| Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2021 C, 1.875% 7/1/25 (c) | 1,245,000 | 1,159,661 | |
| Metropolitan Gov Nashvle&David Ind. Bonds (Waste Mgmt., Inc. Proj.) Series 2001, 0.58%, tender 8/1/24 (b)(c) | 900,000 | 871,568 | |
| Metropolitan Nashville Arpt. Auth. Rev. Series 2022 B, 5% 7/1/26 (c) | 675,000 | 683,907 | |
| Tennergy Corp. Gas Rev. Bonds Series 2019 A, 5%, tender 10/1/24 (b) | 21,250,000 | 21,304,672 | |
TOTAL TENNESSEE | 24,019,808 | ||
| Texas - 4.9% | |||
| Austin Arpt. Sys. Rev.: | |||
| Series 2019: | |||
5% 11/15/23 (c) | 655,000 | 655,259 | |
5% 11/15/24 (c) | 500,000 | 503,056 | |
| Series 2022, 5% 11/15/25 (c) | 1,910,000 | 1,927,102 | |
| Bexar County Gen. Oblig. Series 2014, 5% 6/15/25 | 1,835,000 | 1,847,502 | |
| Clear Creek Independent School District Bonds Series 2013 B, 3.6%, tender 8/15/25 (b) | 1,460,000 | 1,444,060 | |
| Crandall Independent School District Series 2021 A, 0% 8/15/24 | 765,000 | 738,035 | |
| Dallas Fort Worth Int'l. Arpt. Rev. Series 2013 E, 5% 11/1/23 (c) | 13,150,000 | 13,152,417 | |
| Dallas Gen. Oblig.: | |||
| Series 2023 A, 5% 2/15/25 | 3,720,000 | 3,783,241 | |
| Series 2023, 5% 2/15/25 | 5,520,000 | 5,613,842 | |
| Dallas Hsg. Fin. Corp. Multi-family Hsg. Rev. Bonds Series 2023: | |||
| 5%, tender 12/1/25 (b) | 2,350,000 | 2,374,067 | |
| 5%, tender 3/1/26 (b) | 2,930,000 | 2,959,411 | |
| Hays Consolidated Independent School District Series 2022: | |||
| 5% 2/15/25 | 500,000 | 507,232 | |
| 5% 2/15/26 | 700,000 | 719,426 | |
| Houston Convention and Entertainment Facilities Dept. Hotel Occupancy Tax and Spl. Rev. Series 2014, 5% 9/1/26 | 1,500,000 | 1,507,785 | |
| Houston Hsg. Fin. Corp. Multi-family Hsg. Rev. Bonds Series 2023, 5%, tender 8/1/26 (b) | 1,700,000 | 1,720,150 | |
| Houston Independent School District Bonds: | |||
| Series 2014 A2, 3.5%, tender 6/1/25 (b) | 8,940,000 | 8,832,100 | |
| Series 2023 C, 4%, tender 6/1/25 (b) | 7,040,000 | 7,010,871 | |
| Love Field Arpt. Modernization Rev. Series 2021, 5% 11/1/23 (c) | 2,330,000 | 2,330,428 | |
| Lower Colorado River Auth. Rev.: | |||
| (LCRA Transmission Svcs. Corp. Proj.): | |||
Series 2015, 5% 5/15/24 | 1,080,000 | 1,086,585 | |
Series 2018, 5% 5/15/24 | 2,095,000 | 2,107,773 | |
Series 2020, 5% 5/15/25 | 570,000 | 579,967 | |
| Series 2020, 5% 5/15/24 | 760,000 | 764,634 | |
| Series 2022, 5% 5/15/24 (Assured Guaranty Muni. Corp. Insured) | 1,630,000 | 1,639,938 | |
| Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds: | |||
| (Republic Svcs., Inc. Proj.) Series 2008 A, 4.125%, tender 11/1/23 (b)(c) | 6,900,000 | 6,896,736 | |
| (Waste Mgmt., Inc. Proj.): | |||
Series 2018, 0.000% x SIFMA Municipal Swap Index 4.355%, tender 10/5/23 (b)(c)(e) | 6,835,000 | 6,736,128 | |
Series 2020 A, 4.25%, tender 12/1/23 (b)(c) | 8,300,000 | 8,291,771 | |
Series 2020 B, 4.25%, tender 12/1/23 (b)(c) | 6,300,000 | 6,293,754 | |
| North East Texas Independent School District Series 2015, 3% 8/1/27 | 1,720,000 | 1,641,295 | |
| North Texas Tollway Auth. Rev.: | |||
| Series 2014: | |||
5% 1/1/24 | 630,000 | 631,352 | |
5% 1/1/24 (Escrowed to Maturity) | 310,000 | 310,711 | |
| Series 2017 A, 5% 1/1/24 | 210,000 | 210,139 | |
| Series 2021 B, 5% 1/1/26 | 1,150,000 | 1,174,001 | |
| Northside Independent School District Bonds Series 2023 B, 3%, tender 8/1/29 (b) | 9,490,000 | 9,156,634 | |
| Port Arthur Independent School District Series 2015 A, 5% 2/15/25 | 615,000 | 625,126 | |
| Port of Houston Auth. Series 2021, 5% 10/1/23 | 440,000 | 440,000 | |
| Prosper Independent School District Bonds Series 2019 B, 4%, tender 8/15/26 (b) | 1,655,000 | 1,642,223 | |
| San Antonio Elec. & Gas Sys. Rev.: | |||
| Bonds Series 2018, SIFMA Municipal Swap Index + 0.870% 4.85%, tender 12/1/25 (b)(e) | 8,480,000 | 8,463,241 | |
| Series 2022, 5% 2/1/26 | 905,000 | 926,164 | |
| 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 | 4,318,326 | |
| Travis County Hsg. Fin. Corp. Bonds Series 2023, 3.75%, tender 8/1/25 (b) | 490,000 | 480,039 | |
TOTAL TEXAS | 122,042,521 | ||
| Utah - 0.3% | |||
| Salt Lake City Arpt. Rev.: | |||
| Series 2021 A: | |||
5% 7/1/24 (c) | 1,000,000 | 1,003,368 | |
5% 7/1/25 (c) | 1,325,000 | 1,337,422 | |
| Series 2023 A: | |||
5% 7/1/25 (c) | 610,000 | 615,719 | |
5% 7/1/26 (c) | 1,000,000 | 1,013,195 | |
5% 7/1/27 (c) | 940,000 | 959,504 | |
| Utah County Hosp. Rev. Bonds: | |||
| Series 2018 B2, 5%, tender 8/1/24 (b) | 970,000 | 972,548 | |
| Series 2020 B2, 5%, tender 8/1/26 (b) | 2,465,000 | 2,522,079 | |
TOTAL UTAH | 8,423,835 | ||
| Vermont - 0.1% | |||
| Vermont Student Assistant Corp. Ed. Ln. Rev. Series 2016 A, 5% 6/15/26 (c) | 1,700,000 | 1,720,603 | |
| Virginia - 0.1% | |||
| Gloucester County Indl. Dev. Auth. Bonds Series 2003 A, 3.95%, tender 5/1/24 (b)(c) | 1,725,000 | 1,719,501 | |
| 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 | 1,747,168 | |
TOTAL VIRGINIA | 3,466,669 | ||
| Washington - 0.8% | |||
| King County Swr. Rev. Bonds Series 2020 B, 0.875%, tender 1/1/26 (b) | 2,315,000 | 2,120,319 | |
| Port of Seattle Rev.: | |||
| Series 2015 C, 5% 4/1/24 (c) | 1,200,000 | 1,203,923 | |
| Series 2018 B, 5% 5/1/24 (c) | 875,000 | 878,378 | |
| Series 2019: | |||
5% 4/1/24 (c) | 760,000 | 762,484 | |
5% 4/1/25 (c) | 525,000 | 531,019 | |
| Series 2021 C, 5% 8/1/24 (c) | 4,675,000 | 4,702,547 | |
| Series 2021, 5% 9/1/24 (c) | 2,220,000 | 2,233,925 | |
| Series 2022 B: | |||
5% 8/1/24 (c) | 2,670,000 | 2,685,733 | |
5% 8/1/25 (c) | 2,515,000 | 2,550,993 | |
5% 8/1/26 (c) | 1,570,000 | 1,595,869 | |
TOTAL WASHINGTON | 19,265,190 | ||
| Wisconsin - 0.7% | |||
| Milwaukee County Arpt. Rev.: | |||
| Series 2016 A, 5% 12/1/23 (c) | 900,000 | 900,451 | |
| Series 2019 B, 5% 12/1/23 (c) | 2,105,000 | 2,106,055 | |
| Series 2023 A: | |||
5% 12/1/24 (c)(f) | 235,000 | 236,389 | |
5% 12/1/26 (c)(f) | 800,000 | 813,183 | |
| Series 2023 B, 5% 12/1/24 (c)(f) | 1,640,000 | 1,649,697 | |
| Pub. Fin. Auth. Health Care Sys. Rev. Series 2023 A, 5% 10/1/24 | 4,445,000 | 4,491,464 | |
| Wisconsin Health & Edl. Facilities Auth. Rev. Series 2022: | |||
| 5% 10/1/23 | 1,010,000 | 1,010,000 | |
| 5% 10/1/24 | 4,465,000 | 4,506,026 | |
| 5% 10/1/25 | 920,000 | 937,774 | |
| Wisconsin Hsg. & Econ. Dev. Auth. Hsg. Rev. Bonds Series 2021 C, 0.61%, tender 5/1/24 (b) | 300,000 | 291,603 | |
TOTAL WISCONSIN | 16,942,642 | ||
| TOTAL MUNICIPAL BONDS (Cost $1,310,981,599) | 1,293,792,097 | ||
| Municipal Notes - 48.1% | |||
Principal Amount (a) | Value ($) | ||
| Alabama - 3.1% | |||
| Black Belt Energy Gas District Participating VRDN: | |||
| Series XF 30 73, 4.33% 10/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i) | 19,700,000 | 19,700,000 | |
| Series XM 11 10, 4.23% 10/6/23 (Liquidity Facility Royal Bank of Canada) (b)(h)(i) | 4,700,000 | 4,700,000 | |
| Series ZL 03 96, 4.28% 10/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i) | 4,400,000 | 4,400,000 | |
| Series ZL 03 97, 4.28% 10/6/23 (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, 4.3% 10/6/23, VRDN (b)(c) | 1,760,000 | 1,760,000 | |
| Health Care Auth. for Baptist Health Series 2013 B, 5.36% 10/6/23, VRDN (b) | 4,550,000 | 4,550,000 | |
| Southeast Energy Auth. Rev. Bonds Participating VRDN: | |||
| Series XG 04 10, 4.28% 10/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i) | 31,400,000 | 31,400,000 | |
| Series XM 10 62, 4.33% 10/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i) | 4,700,000 | 4,700,000 | |
TOTAL ALABAMA | 75,700,000 | ||
| Arizona - 0.3% | |||
| Mizuho Cap. Markets LLC Participating VRDN: | |||
| Series XF 30 93, 4.35% 10/6/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 5,880,000 | 5,880,000 | |
| Series XF 30 94, 4.35% 10/6/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 2,780,000 | 2,780,000 | |
TOTAL ARIZONA | 8,660,000 | ||
| Arkansas - 0.1% | |||
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1998, 4.3% 10/6/23, VRDN (b)(c) | 2,600,000 | 2,600,000 | |
| California - 7.8% | |||
| California Cmnty. Choice Fing. Auth. Clean Energy Proj. Rev. Participating VRDN Series XF 30 07, 4.33% 10/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i) | 16,315,000 | 16,315,000 | |
| Los Angeles Cmnty. Redev. Agcy. Multi-family Hsg. Rev. Participating VRDN: | |||
| Series 2022 MIZ 90 89, 5% 10/2/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(h)(i) | 57,270,000 | 57,270,000 | |
| Series 2022 MIZ 90 90, 5% 10/2/23 (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, 4.48% 10/6/23, 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, 4.28% 10/6/23 (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, 4.28% 10/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(h)(i) | 1,400,000 | 1,400,000 | |
| San Francisco City & County Multi-family Hsg. Rev. Participating VRDN: | |||
| Series MIZ 90 95, 4.48% 11/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j) | 27,100,000 | 27,100,000 | |
| Series MIZ 91 15, 4.48% 11/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j) | 40,000,000 | 40,000,000 | |
| Tender Option Bond Trust Receipts Participating VRDN Series 2023, 4.35% 10/6/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 2,765,000 | 2,765,000 | |
TOTAL CALIFORNIA | 194,580,000 | ||
| Colorado - 1.4% | |||
| Colorado Edl. & Cultural Facilities Auth. Rev. (Mesivta of Greater Los Angeles Proj.) Series 2005, 4.33% 10/6/23, LOC Deutsche Bank AG, VRDN (b) | 1,460,000 | 1,460,000 | |
| Colorado Health Facilities Auth. Rev. Bonds Participating VRDN: | |||
| Series XM 10 59, 4.28% 10/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 2,520,000 | 2,520,000 | |
| Series XM 10 61, 4.28% 10/6/23 (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, 4.23% 10/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(h)(i) | 18,200,000 | 18,200,000 | |
| Series XF 15 75, 4.23% 10/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i) | 3,300,000 | 3,300,000 | |
| Series XM 10 20, 4.28% 10/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(h)(i) | 4,165,000 | 4,165,000 | |
TOTAL COLORADO | 33,825,000 | ||
| Florida - 3.1% | |||
| Cap. Trust Agcy. Edl. Facilities Rev. Participating VRDN Series XF 30 98, 4.35% 10/6/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 2,660,000 | 2,660,000 | |
| Florida Ins. Assistance Interlo Series 2023 A2, 4.4% 10/6/23 (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, 5.2% 10/2/23 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i) | 11,620,000 | 11,620,000 | |
| Hillsborough County Aviation Auth. Rev. Participating VRDN Series XL 02 90, 4.28% 10/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(h)(i) | 8,390,000 | 8,390,000 | |
| Lee Memorial Health Sys. Hosp. Rev. Series 2019 B, 4.51% 10/6/23, VRDN (b) | 19,270,000 | 19,270,000 | |
| Miami Dade County Hsg. Multifamily Hsg. Rev. Participating VRDN Series Floater MIZ 90 87, 4.46% 11/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j) | 1,900,000 | 1,900,000 | |
| Miami-Dade County Aviation Rev. Participating VRDN Series XM 08 70, 4.22% 10/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i) | 3,100,000 | 3,100,000 | |
| Mizuho Cap. Markets LLC Participating VRDN Series XF 30 96, 4.35% 10/6/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 7,100,000 | 7,100,000 | |
TOTAL FLORIDA | 77,240,000 | ||
| Georgia - 0.5% | |||
| Bartow County Dev. Auth. (Georgia Pwr. Co. Plant Bowen Proj.) Series 2022, 5.1% 10/2/23, VRDN (b)(c) | 8,600,000 | 8,600,000 | |
| Buford Hsg. Auth. Multifamily Participating VRDN Series XF 31 18, 4.35% 10/6/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 2,920,000 | 2,920,000 | |
TOTAL GEORGIA | 11,520,000 | ||
| Hawaii - 0.5% | |||
| Hawaii Arpts. Sys. Rev. Participating VRDN: | |||
| Series XG 03 86, 4.28% 10/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(h)(i) | 9,600,000 | 9,600,000 | |
| Series XM 10 55, 4.28% 10/6/23 (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 - 5.0% | |||
| Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN: | |||
| Series 2022 XL 03 14, 4.28% 10/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i) | 6,700,000 | 6,700,000 | |
| Series XM 10 38, 4.28% 10/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i) | 44,400,000 | 44,400,000 | |
| Series XM 10 41, 4.3% 10/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i) | 10,500,000 | 10,500,000 | |
| Series XM 10 43, 4.3% 10/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i) | 8,000,000 | 8,000,000 | |
| Series XM 10 78, 4.3% 10/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i) | 36,600,000 | 36,600,000 | |
| Series XX 12 43, 4.23% 10/6/23 (Liquidity Facility Barclays Bank PLC) (b)(c)(h)(i) | 9,150,000 | 9,150,000 | |
| Illinois Fin. Auth. Edl. Facilities Rev. Participating VRDN Series XF 30 97, 4.35% 10/6/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 7,500,000 | 7,500,000 | |
TOTAL ILLINOIS | 122,850,000 | ||
| Kentucky - 3.2% | |||
| Meade County Indl. Bldg. Rev. (Nucor Steel Brandenburg Proj.): | |||
| Series 2020 A1, 4.95% 10/2/23, VRDN (b)(c) | 20,640,000 | 20,640,000 | |
| Series 2020 B1, 4.95% 10/2/23, VRDN (b)(c) | 57,920,000 | 57,920,000 | |
TOTAL KENTUCKY | 78,560,000 | ||
| Louisiana - 2.1% | |||
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
| Series 2010 A1, 4.2% 10/6/23, VRDN (b) | 38,000,000 | 38,000,000 | |
| Series 2010 B1, 4.3% 10/6/23, VRDN (b) | 15,000,000 | 15,000,000 | |
TOTAL LOUISIANA | 53,000,000 | ||
| Maryland - 0.7% | |||
| Baltimore County Gen. Oblig. Participating VRDN Series 2022 032, 4.33% 11/10/23 (Liquidity Facility Barclays Bank PLC) (b)(h)(i) | 3,220,000 | 3,220,000 | |
| Integrace Obligated Group Participating VRDN Series 2022 024, 4.33% 11/10/23 (Liquidity Facility Barclays Bank PLC) (b)(h)(i) | 6,900,000 | 6,900,000 | |
| Riderwood Vlg, Inc. Participating VRDN Series 2022 029, 3.85% 11/10/23 (Liquidity Facility Barclays Bank PLC) (b)(h)(i) | 7,095,000 | 7,095,000 | |
TOTAL MARYLAND | 17,215,000 | ||
| Mississippi - 0.1% | |||
| Mississippi Bus. Fin. Corp. Mississippi Pwr. Co. Proj.) Series 2022, 4.6% 10/2/23, VRDN (b)(c) | 2,500,000 | 2,500,000 | |
| Missouri - 0.5% | |||
| Kansas City Indl. Dev. Auth. Participating VRDN: | |||
| Series XL 03 3, 4.3% 10/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i) | 9,600,000 | 9,600,000 | |
| Series XM 11 08, 4.95% 10/2/23 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i) | 3,600,000 | 3,600,000 | |
TOTAL MISSOURI | 13,200,000 | ||
| Nebraska - 0.2% | |||
| Stanton County Indl. Dev. Rev.: | |||
| (Nucor Corp. Proj.) Series 1996, 4.3% 10/6/23, VRDN (b)(c) | 5,600,000 | 5,600,000 | |
| Series 1998, 4.3% 10/6/23, VRDN (b)(c) | 125,000 | 125,000 | |
TOTAL NEBRASKA | 5,725,000 | ||
| New Jersey - 0.6% | |||
| New Jersey Trans. Trust Fund Auth. Participating VRDN: | |||
| Series XL 04 50, 4.28% 10/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 2,300,000 | 2,300,000 | |
| Series XM 09 29, 4.28% 10/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 3,800,000 | 3,800,000 | |
| Series XM 10 47, 4.28% 10/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 10,025,000 | 10,025,000 | |
TOTAL NEW JERSEY | 16,125,000 | ||
| New Mexico - 0.2% | |||
| New Mexico St Hosp. Equip. Ln. Co. Participating VRDN Series 2022 034, 4.33% 11/10/23 (Liquidity Facility Barclays Bank PLC) (b)(h)(i) | 4,200,000 | 4,200,000 | |
| New York - 4.7% | |||
| Albany City School District BAN Series 2023 B, 4.75% 6/27/24 | 6,200,000 | 6,233,498 | |
| New York City Gen. Oblig.: | |||
| Series 2012 2, 4.17% 10/10/23, VRDN (b) | 35,950,000 | 35,950,000 | |
| Series 2021 3, 4.17% 10/10/23, VRDN (b) | 1,700,000 | 1,700,000 | |
| New York Metropolitan Trans. Auth. Rev. Participating VRDN: | |||
| Series XF 13 21, 4.3% 10/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 12,305,000 | 12,305,000 | |
| Series XF 13 55, 4.3% 10/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 7,000,000 | 7,000,000 | |
| New York Thruway Auth. Gen. Rev. Participating VRDN Series XM 08 31, 4.23% 10/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(h)(i) | 9,700,000 | 9,700,000 | |
| RIB Floater Trust Various States Participating VRDN Series Floater 2022 007, 4.43% 11/10/23 (Liquidity Facility Barclays Bank PLC) (b)(c)(h)(i) | 43,900,000 | 43,900,000 | |
TOTAL NEW YORK | 116,788,498 | ||
| Ohio - 1.6% | |||
| Allen County Hosp. Facilities Rev. Series 2012 B, 4.3% 10/6/23 (Liquidity Facility Ohio Gen. Oblig.), VRDN (b) | 5,800,000 | 5,800,000 | |
| Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 003, 4.28% 11/10/23 (Liquidity Facility Barclays Bank PLC) (b)(h)(i) | 15,390,000 | 15,390,000 | |
| Ohio Hosp. Rev.: | |||
| Series 2013 B, 4.46% 10/6/23, VRDN (b) | 10,000,000 | 10,000,000 | |
| Series 2015 B, 4.46% 10/5/26, VRDN (b) | 7,875,000 | 7,875,000 | |
TOTAL OHIO | 39,065,000 | ||
| Oklahoma - 0.7% | |||
| Oklahoma Dev. Fin. Auth. Health Sys. Rev. Series 2020 B, 4.54% 10/5/26, VRDN (b) | 14,600,000 | 14,600,000 | |
| Steele Duncan Plaza, LLC Participating VRDN Series MIZ 91 03, 4.48% 11/3/23 (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, 4.51% 10/5/26, VRDN (b) | 12,400,000 | 12,400,000 | |
| Philadelphia Auth. for Indl. Dev.: | |||
| Participating VRDN Series MIZ 90 51, 4.05% 11/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j) | 1,237,090 | 1,237,090 | |
| Series 2017 B, 4.51% 10/5/26, VRDN (b) | 6,555,000 | 6,555,000 | |
TOTAL PENNSYLVANIA | 20,192,090 | ||
| South Carolina - 0.4% | |||
| Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1995, 4.3% 10/6/23, VRDN (b)(c) | 1,200,000 | 1,200,000 | |
| South Carolina Jobs-Econ. Dev. Auth. Participating VRDN Series Floater BC22-019, 3.8% 11/10/23 (Liquidity Facility Barclays Bank PLC) (b)(h)(i) | 4,275,000 | 4,275,000 | |
| South Carolina Pub. Svc. Auth. Rev. Participating VRDN Series 2021 XF 12 43, 4.01% 10/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 3,605,000 | 3,605,000 | |
TOTAL SOUTH CAROLINA | 9,080,000 | ||
| Tennessee - 0.2% | |||
| Chattanooga Health Ed. & Hsg. Facility Board Rev. (Catholic Health Initiatives Proj.) Series C, 4.4% 10/6/23, VRDN (b) | 4,700,000 | 4,700,000 | |
| Texas - 7.2% | |||
| Austin Arpt. Sys. Rev. Participating VRDN Series XG 04 27, 4.23% 10/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(h)(i) | 8,900,000 | 8,900,000 | |
| Brazos County Tex Hsg. Fin. Corp. M Participating VRDN Series XF 31 29, 4.35% 10/6/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 2,500,000 | 2,500,000 | |
| Ep Machuca Lp Participating VRDN Series MIZ 91 04, 4.48% 11/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j) | 3,660,000 | 3,660,000 | |
| Mizuho Floater / Residual Trust V Participating VRDN: | |||
| Floater MIZ 91 50, 4.48% 11/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j) | 14,800,000 | 14,800,000 | |
| Series MIZ 91 24, 4.48% 11/3/23 (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, 4.9% 10/2/23, VRDN (b) | 16,200,000 | 16,200,000 | |
| Series 2004, 4.48% 10/6/23, VRDN (b)(c) | 71,885,000 | 71,884,995 | |
| Series 2010 B, 4.9% 10/2/23, VRDN (b) | 600,000 | 600,000 | |
| Series 2010 C, 4.9% 10/2/23, VRDN (b) | 2,200,000 | 2,200,000 | |
| Series 2010 D: | |||
4.4% 10/6/23, VRDN (b) | 33,480,000 | 33,480,000 | |
4.43% 10/6/23, VRDN (b) | 2,475,000 | 2,475,000 | |
TOTAL TEXAS | 177,549,995 | ||
| Utah - 1.1% | |||
| Salt Lake City Arpt. Rev. Participating VRDN Series XM 11 07, 4.95% 10/2/23 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(h)(i) | 28,570,000 | 28,570,000 | |
| Virginia - 0.5% | |||
| Lynchburg Econ. Dev. Participating VRDN Series XL 00 75, 4.28% 10/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(h)(i) | 8,575,000 | 8,575,000 | |
| Nat'l. Sr. Campuses Participating VRDN Series 2022 028, 4.19% 11/10/23 (Liquidity Facility Barclays Bank PLC) (b)(h)(i) | 4,815,000 | 4,815,000 | |
TOTAL VIRGINIA | 13,390,000 | ||
| Washington - 0.4% | |||
| Washington Econ. Dev. Fin. Auth. Rev. Participating VRDN Series Floaters 005, 4.33% 11/10/23 (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, 4.5% 10/5/26, VRDN (b) | 6,840,000 | 6,840,000 | |
| Wisconsin - 0.8% | |||
| Kestrel Heights Facilities, Ll Participating VRDN Series XF 30 95, 4.35% 10/6/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 5,130,000 | 5,130,000 | |
| Pub. Fin. Auth. Mulfa Hs Rev. Participating VRDN Series 2022 MIZ 90 92, 4.48% 11/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i)(j) | 3,215,000 | 3,215,000 | |
| Pub. Fin. Auth. Ed. Rev. Mountain Island Charter School Participating VRDN Series XF 30 99, 4.35% 10/6/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(h)(i) | 5,240,000 | 5,240,000 | |
| Waushara County Wis BAN Series 2023 A, 4.75% 12/1/23 | 6,400,000 | 6,401,470 | |
TOTAL WISCONSIN | 19,986,470 | ||
| TOTAL MUNICIPAL NOTES (Cost $1,192,853,370) | 1,192,842,053 | ||
| Money Market Funds - 0.8% | |||
| Shares | Value ($) | ||
Fidelity Municipal Cash Central Fund 4.42% (k)(l) (Cost $19,530,000) | 19,526,095 | 19,530,000 | |
| TOTAL INVESTMENT IN SECURITIES - 101.0% (Cost $2,523,364,969) | 2,506,164,150 |
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (25,693,150) |
| NET ASSETS - 100.0% | 2,480,471,000 |
Security Type Abbreviations
| BAN | - | BOND ANTICIPATION NOTE |
| VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend
| (a) | Amount is stated in United States dollars unless otherwise noted. |
| (b) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
| (c) | Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
| (d) | Security 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 $49,883,592 or 2.0% of net assets. |
| (e) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
| (f) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (g) | 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. |
| (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 $115,362,090 or 4.7% of net assets. |
| (k) | Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
| (l) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| Additional information on each restricted holding is as follows: | ||
| Security | Acquisition Date | Acquisition Cost ($) |
| Ep Machuca Lp Participating VRDN Series MIZ 91 04, 4.48% 11/3/23 (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, 4.46% 11/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) | 1/27/22 | 1,900,000 |
| Mizuho Floater / Residual Trust V Participating VRDN Floater MIZ 91 50, 4.48% 11/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) | 8/01/23 | 14,800,000 |
| Mizuho Floater / Residual Trust V Participating VRDN Series MIZ 91 24, 4.48% 11/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) | 1/27/23 | 20,850,000 |
| Philadelphia Auth. for Indl. Dev. Participating VRDN Series MIZ 90 51, 4.05% 11/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) | 11/12/20 | 1,237,090 |
| Pub. Fin. Auth. Mulfa Hs Rev. Participating VRDN Series 2022 MIZ 90 92, 4.48% 11/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) | 2/24/22 | 3,215,000 |
| San Francisco City & County Multi-family Hsg. Rev. Participating VRDN Series MIZ 90 95, 4.48% 11/3/23 (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, 4.48% 11/3/23 (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, 4.48% 11/3/23 (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 4.42% | 60,404,000 | 381,696,000 | 422,570,000 | 1,348,145 | - | - | 19,530,000 | 0.8% |
| Total | 60,404,000 | 381,696,000 | 422,570,000 | 1,348,145 | - | - | 19,530,000 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal Bonds and Municipal Notes are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.