Quarterly Holdings Report
for
Fidelity® Pennsylvania Municipal Income Fund
March 31, 2024
PFL-NPRT1-0524
1.814657.119
Municipal Bonds - 98.3% | |||
Principal Amount (a) | Value ($) | ||
Pennsylvania - 95.8% | |||
Allegheny County Arpt. Auth. Rev. Series 2021 A, 5% 1/1/51 (b) | 12,000,000 | 12,395,837 | |
Allegheny County Higher Ed. Bldg. Auth. Univ. Rev.: | |||
Series 2017, 5% 10/15/47 | 1,660,000 | 1,482,793 | |
Series 2018: | |||
5% 3/1/33 | 1,570,000 | 1,680,180 | |
5% 3/1/34 | 2,250,000 | 2,408,757 | |
Series 2022 A: | |||
5% 3/1/27 | 1,740,000 | 1,816,960 | |
5% 3/1/31 | 1,105,000 | 1,230,292 | |
5% 3/1/34 | 645,000 | 735,537 | |
Allegheny County Indl. Dev. Auth. Rev. Series 2021, 4.25% 12/1/50 | 3,000,000 | 1,975,104 | |
Butler County Hosp. Auth. Hosp. Rev. (Butler Health Sys. Proj.) Series 2015 A: | |||
5% 7/1/26 | 500,000 | 499,565 | |
5% 7/1/27 | 490,000 | 490,743 | |
5% 7/1/28 | 540,000 | 541,525 | |
5% 7/1/29 | 710,000 | 712,653 | |
5% 7/1/30 | 685,000 | 687,974 | |
5% 7/1/35 | 1,885,000 | 1,891,300 | |
5% 7/1/39 | 6,675,000 | 6,540,482 | |
Cap. Region Wtr. Wtr. Rev. Series 2018: | |||
5% 7/15/30 | 1,500,000 | 1,623,304 | |
5% 7/15/31 | 1,250,000 | 1,350,421 | |
Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.): | |||
Series 2016 A: | |||
4% 11/15/32 | 350,000 | 352,888 | |
4% 11/15/34 | 250,000 | 251,692 | |
4% 11/15/35 | 200,000 | 201,070 | |
5% 11/15/28 | 840,000 | 859,939 | |
5% 11/15/29 | 1,625,000 | 1,663,004 | |
5% 11/15/30 | 685,000 | 700,536 | |
Series 2016 B: | |||
4% 11/15/40 | 600,000 | 592,451 | |
4% 11/15/47 | 3,605,000 | 3,439,817 | |
Series 2018 A: | |||
5% 11/15/26 | 1,140,000 | 1,185,390 | |
5% 11/15/27 | 225,000 | 236,355 | |
5% 11/15/28 | 200,000 | 210,430 | |
5% 11/15/29 | 200,000 | 210,181 | |
Chartiers Valley School District Series 2021 A, 3% 10/15/49 | 4,000,000 | 3,000,364 | |
Chester County Health & Ed. Facilities Auth. Health Sys. Rev. Series 2017 A, 5% 10/1/35 | 2,125,000 | 2,236,185 | |
Commonwealth Fing. Auth. Rev. Series 2020 A, 5% 6/1/32 | 3,500,000 | 3,937,835 | |
Commonwealth Fing. Auth. Tobacco Series 2018, 4% 6/1/39 (Assured Guaranty Muni. Corp. Insured) | 9,555,000 | 9,608,459 | |
Cumberland County Muni. Auth. Rev. (Dickinson College Proj.) Series 2016: | |||
5% 5/1/30 | 1,000,000 | 1,028,565 | |
5% 5/1/31 | 500,000 | 513,979 | |
5% 5/1/32 | 750,000 | 770,816 | |
5% 5/1/33 | 2,210,000 | 2,270,891 | |
5% 5/1/34 | 1,000,000 | 1,027,148 | |
Dallas Area Muni. Auth. Univ. Rev. (Misericordia Univ. Proj.) Series 2019, 5% 5/1/48 | 4,000,000 | 3,543,386 | |
Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2016 A: | |||
5% 6/1/34 | 1,275,000 | 1,315,761 | |
5% 6/1/35 | 1,000,000 | 1,031,515 | |
5% 6/1/36 | 625,000 | 643,532 | |
Delaware County Auth. Rev.: | |||
(Cabrini College) Series 2017, 5% 7/1/47 | 2,000,000 | 2,007,566 | |
Series 2017, 5% 7/1/25 | 1,000,000 | 999,232 | |
Doylestown Hosp. Auth. Hosp. Rev.: | |||
Series 2016 A: | |||
5% 7/1/46 | 2,845,000 | 2,684,370 | |
5% 7/1/46 (Pre-Refunded to 7/1/26 @ 100) | 655,000 | 680,515 | |
Series 2019 A, 4% 7/1/45 | 1,215,000 | 996,118 | |
Dubois Hosp. Auth. Hosp. Rev.: | |||
(Penn Highlands Healthcare Proj.) Series 2018, 5% 7/15/25 | 200,000 | 202,352 | |
Series 2020: | |||
4% 7/15/45 | 1,520,000 | 1,406,045 | |
5% 7/15/31 | 1,030,000 | 1,080,390 | |
5% 7/15/34 | 1,000,000 | 1,046,149 | |
5% 7/15/36 | 1,400,000 | 1,453,602 | |
5% 7/15/39 | 1,160,000 | 1,191,587 | |
East Lycoming School District Series 2021, 3% 9/15/35 | 700,000 | 650,425 | |
Geisinger Auth. Health Sys. Rev. Series 2014 A, 4% 6/1/41 | 2,000,000 | 1,961,460 | |
Haverford Township School District Series 2021 A, 2% 3/15/32 | 1,035,000 | 899,419 | |
Lackawanna County Indl. Dev. Auth. Rev. (Univ. of Scranton Proj.) Series 2017: | |||
5% 11/1/24 | 590,000 | 593,141 | |
5% 11/1/25 | 665,000 | 678,218 | |
5% 11/1/27 | 1,105,000 | 1,162,307 | |
Lancaster County Hosp. Auth. Health Ctr. Rev. Series 2016: | |||
5% 8/15/34 | 1,000,000 | 1,041,134 | |
5% 8/15/36 | 1,000,000 | 1,036,120 | |
Lancaster Muni. Auth. Rev. Series 2023 B, 5% 6/1/29 | 4,000,000 | 4,394,436 | |
Lehigh County Gen. Purp. Auth. Rev.: | |||
(Muhlenberg College Proj.) Series 2017, 5% 2/1/39 | 4,010,000 | 4,135,825 | |
Series 2021 A, 4% 11/1/51 | 4,000,000 | 3,397,830 | |
Lehigh County Gen. Purp. Hosp. Rev. Series 2019 A: | |||
4% 7/1/49 | 5,000,000 | 4,680,545 | |
5% 7/1/36 | 2,905,000 | 3,116,173 | |
5% 7/1/44 | 5,000,000 | 5,202,586 | |
Monroe County Hosp. Auth. Rev. Series 2016, 5% 7/1/33 | 3,675,000 | 3,769,057 | |
Monroeville Fin. Auth. UPMC Rev. Series 2023 C: | |||
5% 5/15/36 | 280,000 | 317,437 | |
5% 5/15/37 | 330,000 | 369,541 | |
5% 5/15/38 | 390,000 | 430,173 | |
5% 5/15/39 | 250,000 | 273,693 | |
Montgomery County Higher Ed. & Health Auth. Rev.: | |||
Series 2014 A: | |||
5% 10/1/24 | 335,000 | 333,385 | |
5% 10/1/25 | 750,000 | 743,480 | |
5% 10/1/26 | 1,000,000 | 989,382 | |
5% 10/1/27 | 1,000,000 | 987,185 | |
Series 2016 A, 5% 10/1/40 | 4,000,000 | 3,778,598 | |
Series 2018 A, 5% 9/1/26 | 1,500,000 | 1,545,768 | |
Series 2019: | |||
4% 9/1/34 | 2,500,000 | 2,526,456 | |
4% 9/1/35 | 1,400,000 | 1,412,487 | |
4% 9/1/36 | 1,200,000 | 1,210,257 | |
4% 9/1/37 | 1,000,000 | 1,007,093 | |
Montgomery County Indl. Dev. Auth. Series 2017, 5% 12/1/36 | 2,670,000 | 2,800,328 | |
Northampton County Gen. Purp. Auth. Hosp. Rev. (St. Luke's Univ. Health Network Proj.) Series 2018 A, 4% 8/15/48 | 4,500,000 | 4,040,162 | |
Parkland School District Series 2021 C, 3% 2/1/35 | 665,000 | 662,786 | |
Pennsylvania Ctfs. Prtn. Series 2018 A: | |||
5% 7/1/29 | 300,000 | 323,414 | |
5% 7/1/30 | 375,000 | 404,131 | |
5% 7/1/31 | 425,000 | 457,475 | |
Pennsylvania Econ. Dev. Fing. Auth.: | |||
Series 2023 A2: | |||
5% 5/15/36 | 400,000 | 456,363 | |
5% 5/15/37 | 500,000 | 564,297 | |
5% 5/15/38 | 500,000 | 557,048 | |
5% 5/15/39 | 620,000 | 687,090 | |
Series 2023 B: | |||
5% 5/15/36 | 450,000 | 513,408 | |
5% 5/15/37 | 425,000 | 479,652 | |
5% 5/15/38 | 575,000 | 640,606 | |
5% 5/15/39 | 800,000 | 886,568 | |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. (Presbyterian Sr. Living project) Series 2023 B1, 4.5% 7/1/35 | 2,910,000 | 3,028,324 | |
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2021 A2, 4.6%, tender 10/1/26 (b)(c) | 10,845,000 | 11,025,356 | |
Pennsylvania Gen. Oblig.: | |||
Series 2016, 3% 9/15/35 | 315,000 | 303,384 | |
Series 2020, 2% 5/1/39 | 500,000 | 363,699 | |
Series 2021: | |||
2% 5/15/37 | 1,060,000 | 826,135 | |
2% 5/15/38 | 4,825,000 | 3,636,004 | |
Pennsylvania Higher Ed. Assistance Agcy. Rev. Series 2023 A: | |||
5% 6/1/29 (b) | 2,965,000 | 3,124,899 | |
5% 6/1/30 (b) | 2,895,000 | 3,075,686 | |
5% 6/1/31 (b) | 4,450,000 | 4,763,985 | |
5% 6/1/32 (b) | 5,200,000 | 5,581,470 | |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
(Drexel Univ. Proj.) Series 2016, 5% 5/1/35 | 2,000,000 | 2,041,438 | |
Series 2016, 5% 5/1/33 | 2,200,000 | 2,245,896 | |
Series 2019 A: | |||
4% 3/1/37 | 1,150,000 | 1,171,429 | |
5% 3/1/36 | 1,000,000 | 1,077,067 | |
5% 3/1/38 | 1,055,000 | 1,115,416 | |
5% 3/1/39 | 1,000,000 | 1,051,216 | |
Pennsylvania Hsg. Fin. Agcy.: | |||
Series 2019 130A, 4% 10/1/49 | 880,000 | 874,257 | |
Series 2019 131, 3.5% 4/1/49 | 2,485,000 | 2,451,463 | |
Series 2020 13 2A, 3.5% 4/1/51 | 1,175,000 | 1,158,517 | |
Series 2020 133: | |||
5% 10/1/24 | 850,000 | 854,152 | |
5% 10/1/27 | 650,000 | 688,265 | |
5% 10/1/28 | 950,000 | 1,022,820 | |
5% 4/1/29 | 100,000 | 108,017 | |
5% 10/1/29 | 450,000 | 490,175 | |
Series 2021 134B: | |||
5% 4/1/24 (b) | 1,255,000 | 1,255,000 | |
5% 10/1/24 (b) | 1,000,000 | 1,002,685 | |
5% 10/1/25 (b) | 370,000 | 374,717 | |
5% 4/1/26 (b) | 995,000 | 1,013,250 | |
5% 10/1/26 (b) | 1,500,000 | 1,533,860 | |
Series 2021 135B: | |||
5% 4/1/29 (b) | 2,400,000 | 2,526,733 | |
5% 10/1/29 (b) | 2,410,000 | 2,554,074 | |
Series 2021 137: | |||
2.45% 10/1/41 | 1,305,000 | 989,512 | |
5% 4/1/24 | 225,000 | 225,000 | |
5% 10/1/24 | 265,000 | 266,295 | |
5% 4/1/25 | 200,000 | 202,537 | |
5% 10/1/25 | 220,000 | 224,569 | |
5% 4/1/26 | 240,000 | 247,144 | |
5% 10/1/26 | 280,000 | 290,976 | |
5% 4/1/27 | 225,000 | 236,048 | |
5% 10/1/27 | 225,000 | 238,246 | |
5% 4/1/28 | 250,000 | 266,782 | |
5% 10/1/28 | 260,000 | 279,930 | |
5% 4/1/29 | 310,000 | 334,853 | |
5% 10/1/29 | 365,000 | 397,586 | |
Series 2023 142A: | |||
4.5% 10/1/38 | 5,925,000 | 6,115,847 | |
5% 10/1/43 | 2,000,000 | 2,089,939 | |
Pennsylvania Hsg. Fin. Agcy. Single Family Mtg. Rev.: | |||
Series 2015 B, 3.8% 10/1/35 | 1,080,000 | 1,081,880 | |
Series 2016 121, 2.8% 10/1/31 | 350,000 | 327,681 | |
Series 2017 125B, 3.65% 10/1/42 | 620,000 | 575,240 | |
Pennsylvania Pub. School Bldg. Auth. School Rev. Series 2014 B2, 5% 12/1/25 | 335,000 | 338,354 | |
Pennsylvania Tpk. Commission Tpk. Rev.: | |||
(Sub Lien Proj.) Series 2017 B-1, 5% 6/1/34 | 5,000,000 | 5,271,845 | |
Series 2013 A2: | |||
5% 12/1/28 | 500,000 | 526,532 | |
5% 12/1/38 | 2,500,000 | 2,670,155 | |
Series 2014 A2, 0% 12/1/40 (d) | 5,500,000 | 5,763,903 | |
Series 2019 A, 5% 12/1/37 | 5,815,000 | 6,365,918 | |
Series 2020 B, 5% 12/1/50 | 5,000,000 | 5,306,673 | |
Series 2021 A: | |||
4% 12/1/44 | 4,000,000 | 3,979,250 | |
4% 12/1/45 | 4,000,000 | 3,952,726 | |
4% 12/1/50 | 2,000,000 | 1,907,248 | |
Series 2021 B: | |||
4% 12/1/40 | 1,000,000 | 1,017,682 | |
4% 12/1/41 | 1,000,000 | 1,012,914 | |
4% 12/1/42 | 1,500,000 | 1,503,505 | |
5% 12/1/46 | 2,000,000 | 2,145,089 | |
Series 2024, 5% 12/1/43 | 4,615,000 | 5,070,814 | |
Philadelphia Arpt. Rev.: | |||
Series 2017 A, 5% 7/1/42 | 350,000 | 362,653 | |
Series 2017 B: | |||
5% 7/1/31 (b) | 1,000,000 | 1,043,645 | |
5% 7/1/33 (b) | 2,250,000 | 2,347,306 | |
5% 7/1/37 (b) | 5,065,000 | 5,237,421 | |
5% 7/1/47 (b) | 3,035,000 | 3,079,237 | |
Philadelphia Auth. for Indl. Dev.: | |||
Series 2017, 5% 11/1/47 | 5,000,000 | 5,052,341 | |
Series 2020 A, 4% 11/1/45 | 3,825,000 | 3,531,001 | |
Series 2020 C: | |||
4% 11/1/35 | 1,750,000 | 1,765,137 | |
4% 11/1/36 | 1,500,000 | 1,508,196 | |
4% 11/1/37 | 1,255,000 | 1,252,875 | |
4% 11/1/38 | 1,000,000 | 989,564 | |
Philadelphia Gas Works Rev.: | |||
Series 16 A, 5% 8/1/50 (Assured Guaranty Muni. Corp. Insured) | 8,835,000 | 9,377,457 | |
Series 2015 13, 5% 8/1/31 | 1,100,000 | 1,117,649 | |
Series 2016 14: | |||
5% 10/1/33 | 1,500,000 | 1,548,356 | |
5% 10/1/34 | 500,000 | 515,395 | |
Philadelphia Gen. Oblig.: | |||
Series 2017 A, 5% 8/1/30 | 1,500,000 | 1,594,636 | |
Series 2019 B: | |||
5% 2/1/38 | 3,000,000 | 3,239,850 | |
5% 2/1/39 | 7,600,000 | 8,175,291 | |
Philadelphia School District: | |||
Series 2018 A: | |||
5% 9/1/29 | 1,250,000 | 1,335,787 | |
5% 9/1/30 | 1,000,000 | 1,067,328 | |
5% 9/1/33 | 1,000,000 | 1,065,778 | |
Series 2019 A: | |||
4% 9/1/37 | 2,100,000 | 2,126,667 | |
4% 9/1/38 | 2,300,000 | 2,318,254 | |
4% 9/1/39 | 2,000,000 | 2,011,880 | |
Philadelphia Wtr. & Wastewtr. Rev.: | |||
Series 2020, 5% 10/1/40 | 3,195,000 | 3,497,286 | |
Series 2023 B, 5.5% 9/1/53 (Assured Guaranty Muni. Corp. Insured) | 5,000,000 | 5,646,699 | |
Pittsburgh & Allegheny County Parking Sys. Series 2017: | |||
5% 12/15/32 | 500,000 | 527,502 | |
5% 12/15/33 | 500,000 | 527,673 | |
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev.: | |||
Series 2019 A, 5% 9/1/44 (Assured Guaranty Muni. Corp. Insured) | 3,600,000 | 3,816,964 | |
Series 2019 B: | |||
4% 9/1/34 (Assured Guaranty Muni. Corp. Insured) | 2,000,000 | 2,063,448 | |
4% 9/1/35 (Assured Guaranty Muni. Corp. Insured) | 400,000 | 411,639 | |
Reading School District Series 2017, 5% 3/1/35 (Assured Guaranty Muni. Corp. Insured) | 1,000,000 | 1,046,407 | |
Southcentral Pennsylvania Gen. Auth. Rev. Series 2015: | |||
4% 12/1/30 | 1,040,000 | 1,052,186 | |
5% 12/1/27 | 1,480,000 | 1,518,068 | |
5% 12/1/29 | 1,000,000 | 1,027,629 | |
State Pub. School Bldg. Auth. Delaware County Cmnty. College Proj. Series 2023: | |||
5% 10/1/37 (Build America Mutual Assurance Insured) | 530,000 | 574,049 | |
5% 10/1/38 (Build America Mutual Assurance Insured) | 600,000 | 644,445 | |
5.25% 10/1/44 (Build America Mutual Assurance Insured) | 1,100,000 | 1,167,576 | |
Susquehanna Area Reg'l. Arp Auth. Series 2017: | |||
5% 1/1/35 (b) | 1,000,000 | 1,026,228 | |
5% 1/1/38 (b) | 1,125,000 | 1,144,265 | |
Union County Hosp. Auth. Rev. Series 2018 B, 5% 8/1/48 | 6,000,000 | 6,144,025 | |
West Mifflin Area School District Series 2016, 5% 4/1/28 (Assured Guaranty Muni. Corp. Insured) | 1,390,000 | 1,443,056 | |
Westmoreland County Indl. Dev. Auth. (Excela Health Proj.) Series 2020 A: | |||
4% 7/1/26 | 1,000,000 | 997,023 | |
4% 7/1/37 | 1,400,000 | 1,301,172 | |
5% 7/1/27 | 200,000 | 205,611 | |
5% 7/1/28 | 1,130,000 | 1,171,080 | |
5% 7/1/29 | 500,000 | 521,451 | |
5% 7/1/30 | 1,000,000 | 1,047,315 | |
TOTAL PENNSYLVANIA | 382,509,044 | ||
Pennsylvania, New Jersey - 0.9% | |||
Delaware River Port Auth. Pennsylvania & New Jersey Rev. Series 2018 A: | |||
5% 1/1/37 | 1,000,000 | 1,085,251 | |
5% 1/1/38 | 1,300,000 | 1,409,451 | |
5% 1/1/39 | 1,000,000 | 1,081,600 | |
TOTAL PENNSYLVANIA, NEW JERSEY | 3,576,302 | ||
Puerto Rico - 1.6% | |||
Puerto Rico Commonwealth Aqueduct & Swr. Auth. Series 2021 B, 5% 7/1/37 (e) | 1,155,000 | 1,210,821 | |
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2021 A1: | |||
0% 7/1/33 | 1,225,367 | 803,916 | |
5.625% 7/1/27 | 145,000 | 154,188 | |
5.625% 7/1/29 | 440,000 | 481,350 | |
5.75% 7/1/31 | 1,045,000 | 1,177,196 | |
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | |||
Series 2018 A1, 0% 7/1/31 | 1,155,000 | 871,952 | |
Series 2019 A2, 4.329% 7/1/40 | 1,455,000 | 1,455,419 | |
TOTAL PUERTO RICO | 6,154,842 | ||
TOTAL MUNICIPAL BONDS (Cost $402,734,839) | 392,240,188 | ||
Money Market Funds - 0.7% | |||
Shares | Value ($) | ||
Fidelity Municipal Cash Central Fund 3.63% (f)(g) (Cost $2,790,099) | 2,789,436 | 2,790,273 | |
TOTAL INVESTMENT IN SECURITIES - 99.0% (Cost $405,524,938) | 395,030,461 |
NET OTHER ASSETS (LIABILITIES) - 1.0% | 4,171,879 |
NET ASSETS - 100.0% | 399,202,340 |
Legend
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end. |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,210,821 or 0.3% of net assets. |
(f) | Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Municipal Cash Central Fund 3.63% | 3,849,000 | 11,450,348 | 12,509,641 | 24,175 | 392 | 174 | 2,790,273 | 0.1% |
Total | 3,849,000 | 11,450,348 | 12,509,641 | 24,175 | 392 | 174 | 2,790,273 | |
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 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.
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