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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Class A (incl.2.75% sales charge)	-7.44%	0.01%	0.38%
Class M (incl.2.75% sales charge)	-7.44%	0.03%	0.40%
Class C (incl. contingent deferred sales charge)	-6.45%	-0.16%	0.07%
Fidelity® Limited Term Municipal Income Fund	-4.46%	0.89%	0.98%
Class I	-4.55%	0.87%	0.93%
Class Z	-4.40%	0.93%	0.96%

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Limited Term Municipal Income Fund, a class of the fund, on December 31, 2012.

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

Management's Discussion of Fund Performance

Market Recap:

Tax-exempt municipal bonds notably declined in 2022, as a multitude of crosscurrents challenged the global economy and financial markets. The Bloomberg Municipal Bond Index returned -8.53% for the year, its third-worst annual return on record. In late 2021, the Federal Reserve began its pivot to a tighter monetary policy, tapering the large-scale asset purchases it restarted in 2020 amid the COVID-19 pandemic. In early 2022, the Fed, faced with persistent inflationary pressure, implemented an aggressive series of rate hikes, raising its benchmark interest rate seven times, by a total of 4.25 percentage points, between March and December. This helped push municipal bond yields to their highest level in more than a decade. Muni bond prices, which move inversely to yields, fell sharply. Credit spreads significantly widened, as investors demanded more yield for lower-quality munis as recession risk increased. In November and December, the tax-exempt market staged a rally when comments by Fed Chair Jerome Powell pointed to a slowdown in the pace of rate hikes and inflation data moderated. Favorable supply and demand dynamics also helped amid muted muni bond issuance and increased pockets of demand. Muni tax-backed credit fundamentals remained solid throughout the year and, for the most part, the risk of credit-rating downgrades appeared low. Shorter-duration (lower sensitivity to changes in interest rates) and higher-credit-quality munis performed best for the year.

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

For the fiscal year ending December 31, 2022, the fund's share classes (excluding sales charges, if any) returned roughly -4.5% to -5.5%, lagging the -3.55% result of the benchmark Bloomberg 1-6 Year Municipal Bond Index. The past 12 months, we continued to focus on longer-term objectives and sought to generate attractive tax-exempt income and a competitive risk-adjusted return. Versus the index, the fund's overweight in lower-rated investment-grade bonds was a key detractor, given that they underperformed as credit spreads widened. An underweight in some of the highest-quality securities, particularly AAA-rated prerefunded bonds, also crimped the relative result because these securities typically outpaced the benchmark. Larger-than-index exposure to the airport segment detracted as well. Differences in the way fund holdings and index components were priced further hindered relative performance. In contrast, yield-curve positioning contributed to performance, relative to the benchmark. The fund was overweight the seven-year part of the curve and underweight the two-year portion, which was advantageous as the municipal yield curve flattened in the latter part of the year. A higher-than-average yield on the fund's underlying holdings provided another boost to the relative result.

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

Investment Summary December 31, 2022 (Unaudited)

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

Texas	11.6
Illinois	9.7
New York	8.1
Florida	6.7
New Jersey	6.2

Revenue Sources (% of Fund's net assets)
General Obligations	26.7%
Transportation	24.2%
Health Care	12.9%
Electric Utilities	6.1%
State G.O.	6.1%
Others* (Individually Less Than 5%)	24.0%
	100.0%

*Includes net other assets

Quality Diversification (% of Fund's net assets)

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Schedule of Investments December 31, 2022

Showing Percentage of Net Assets

Municipal Bonds - 98.6%
	Principal Amount (a) (000s)	Value ($) (000s)
Alabama - 1.4%
Birmingham Arpt. Auth. Series 2020:
5% 7/1/26 (Build America Mutual Assurance Insured)	555	591
5% 7/1/27 (Build America Mutual Assurance Insured)	500	540
Black Belt Energy Gas District:
Bonds (Proj. No. 5) Series A, 4%, tender 10/1/26 (b)	4,000	3,943
Series 2022 C1:
5.25% 12/1/26	1,845	1,920
5.25% 6/1/27	1,290	1,346
5.25% 12/1/27	1,170	1,224
5.25% 6/1/28	1,540	1,616
5.25% 12/1/28	1,275	1,339
5.25% 6/1/29	1,000	1,048
Mobile County Board of School Commissioners:
Series 2016 A:
5% 3/1/23	830	832
5% 3/1/24	1,225	1,253
5% 3/1/25	1,225	1,281
Series 2016 B, 5% 3/1/24	1,210	1,237
Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds Series 2009 E, 1%, tender 6/26/25 (b)	5,030	4,770
Southeast Alabama Gas Supply District Bonds (Proj. No. 2) Series 2018 A, 4%, tender 6/1/24 (b)	2,460	2,451
Southeast Energy Auth. Rev. Bonds:
(Proj. No. 2) Series 2021 B1:
4% 6/1/24	600	601
4% 6/1/25	725	728
4% 6/1/26	1,500	1,507
4% 6/1/27	2,440	2,444
4% 6/1/28	3,780	3,768
Bonds Series 2022 B1, 5%, tender 8/1/28 (b)	6,035	6,195
TOTAL ALABAMA		40,634
Alaska - 0.2%
Alaska Hsg. Fin. Corp. Mtg. Rev. Series 2022 A, 3% 6/1/51	1,230	1,187
Alaska Muni. Bond Bank Series 2015 B, 5% 3/1/28 (c)	1,390	1,434
Anchorage Gen. Oblig. Series 2014 B, 5% 9/1/24	2,030	2,099
TOTAL ALASKA		4,720
Arizona - 3.9%
Arizona Board of Regents Arizona State Univ. Rev.:
Series 2016 A, 5% 7/1/26	275	290
Series 2021:
5% 8/1/26	1,100	1,188
5% 8/1/27	1,500	1,650
Arizona Ctfs. of Prtn. Series 2019 A, 5% 10/1/24 (Escrowed to Maturity)	2,025	2,103
Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A:
5% 12/1/23	980	996
5% 12/1/24	1,465	1,519
Arizona Indl. Dev. Auth. Hosp. Rev. Series 2021 A:
5% 2/1/24	1,200	1,225
5% 2/1/25	1,100	1,146
5% 2/1/26	1,200	1,276
5% 2/1/27	1,200	1,299
Chandler Indl. Dev. Auth. Indl. Dev. Rev.:
(Intel Corp. Proj.) Series 2022 2, 5%, tender 9/1/27 (b)(c)	8,765	9,147
Bonds (Intel Corp. Proj.):
Series 2005, 2.4%, tender 8/14/23 (b)	1,625	1,612
Series 2007, 2.7%, tender 8/14/23 (b)(c)	13,435	13,347
Series 2019, 5%, tender 6/3/24 (b)(c)	40,560	41,203
Coconino County Poll. Cont. Corp. Rev. Bonds Series 2017 B, 1.65%, tender 3/31/23 (b)	1,505	1,498
Glendale Union School District 205 Series A:
5% 7/1/26 (Assured Guaranty Muni. Corp. Insured)	200	215
5% 7/1/27 (Assured Guaranty Muni. Corp. Insured)	250	273
Maricopa County Indl. Dev. Auth. Sr. Living Facilities (Christian Care Surprise, Inc. Proj.) Series 2016, 5% 1/1/26 (d)	985	906
Maricopa County Rev.:
Bonds Series 2019 D, 5%, tender 5/15/26 (b)	5,155	5,473
Series 2016 A, 5% 1/1/25	4,725	4,912
Maricopa County Spl. Health Care District Gen. Oblig. Series 2021 D:
5% 7/1/25	1,165	1,228
5% 7/1/26	3,000	3,227
Maricopa County Unified School District #48 Scottsdale Series D:
4% 7/1/24	1,000	1,018
4% 7/1/25	800	825
4% 7/1/26	900	940
4% 7/1/27	225	238
Phoenix Civic Impt. Board Arpt. Rev.:
Series 2017 D, 5% 7/1/25	2,110	2,224
Series 2019 B:
5% 7/1/24 (c)	1,550	1,585
5% 7/1/25 (c)	1,500	1,557
Phoenix Civic Impt. Corp. Series 2019 B, 5% 7/1/28	1,910	2,091
Tucson Ctfs. of Prtn. Series 2016, 5% 7/1/27 (Assured Guaranty Muni. Corp. Insured)	1,245	1,334
Univ. of Arizona Univ. Revs. Series 2019 A, 5% 6/1/26	1,250	1,347
Western Maricopa Ed. Ctr. District Series 2019 B, 5% 7/1/26	2,000	2,152
TOTAL ARIZONA		111,044
California - 3.8%
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Bonds:
Series 2021 A, 2%, tender 4/1/28 (b)	7,365	6,805
Series A, 2.95%, tender 4/1/26 (b)	5,000	4,946
Series B, 2.85%, tender 4/1/25 (b)	4,090	4,053
California Gen. Oblig.:
Series 2017, 5% 8/1/26	1,200	1,301
Series 2020, 4% 11/1/26	700	735
California Muni. Fin. Auth. Ctfs. of Prtn. Series 2021, 5% 11/1/27 (d)	1,500	1,553
California Muni. Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2017 A, 0.7%, tender 12/1/23 (b)(c)	4,005	3,882
California Pub. Works Board Lease Rev. (Various Cap. Projs.) Series 2022 C, 5% 8/1/24	965	1,000
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.:
Series 2015 A, 5% 6/1/40 (Pre-Refunded to 6/1/25 @ 100)	9,380	9,926
Series 2017 A1, 5% 6/1/24 (Escrowed to Maturity)	1,085	1,122
Series A, 0% 6/1/24 (Escrowed to Maturity)	3,390	3,258
Los Angeles County Pub. Works Fing. Auth. Lease Rev. Series 2022 G, 5% 12/1/24	1,500	1,568
Los Angeles Dept. Arpt. Rev.:
Series 2016 A:
5% 5/15/24 (c)	890	911
5% 5/15/24 (Escrowed to Maturity) (c)	120	123
5% 5/15/25 (c)	880	913
5% 5/15/25 (Escrowed to Maturity) (c)	120	126
Series 2017 B, 5% 5/15/25 (c)	2,265	2,349
Series 2018 B:
5% 5/15/25 (c)	1,305	1,355
5% 5/15/26 (c)	1,545	1,631
Series 2018 C, 5% 5/15/27 (c)	1,615	1,714
Series 2020 C, 5% 5/15/26 (c)	2,645	2,792
Northern California Energy Auth. Bonds Series 2018, 4%, tender 7/1/24 (b)	10,000	9,992
Oakland Unified School District Alameda County Series 2013, 5.5% 8/1/23	515	522
Palomar Health Rev. Series 2016:
5% 11/1/23	1,955	1,978
5% 11/1/24	1,955	2,004
5% 11/1/25	1,000	1,040
Port of Oakland Rev.:
Series 2021 H, 5% 5/1/28 (c)	1,000	1,072
Series H:
5% 5/1/26 (c)	1,830	1,915
5% 5/1/27 (c)	3,400	3,602
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Series 2020 C, 5% 7/1/26 (c)	1,000	1,050
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.:
Series 2019 A:
5% 1/1/24 (c)	1,660	1,683
5% 1/1/27 (c)	2,405	2,538
Series 2022 A:
5% 5/1/26 (c)	4,535	4,761
5% 5/1/27 (c)	4,590	4,862
5% 5/1/28 (c)	6,130	6,541
5% 5/1/29 (c)	4,100	4,405
San Pablo Redev. Agcy. Series 2014 A, 5% 6/15/24 (Assured Guaranty Muni. Corp. Insured)	1,350	1,390
Southern California Pub. Pwr. Auth. Rev. Bonds Series 2020 C, 0.65%, tender 7/1/25 (b)	8,000	7,472
TOTAL CALIFORNIA		108,890
Colorado - 1.7%
Colorado Health Facilities Auth. Rev. Bonds Bonds Series 2019 B:
5%, tender 8/1/25 (b)	2,950	3,037
5%, tender 8/1/26 (b)	2,035	2,125
5%, tender 11/19/26 (b)	615	663
5%, tender 11/19/26 (b)	6,065	6,424
Colorado Hsg. & Fin. Auth.:
Series 2019 F, 4.25% 11/1/49	1,210	1,221
Series 2019 H, 4.25% 11/1/49	620	626
Colorado Reg'l. Trans. District Ctfs. of Prtn. Series 2020, 5% 6/1/26	1,000	1,071
Colorado Springs Utils. Rev. Series 2020:
5% 11/15/25	1,320	1,407
5% 11/15/25	1,020	1,087
Colorado Univ. Co. Hosp. Auth. Rev. Bonds Series 2019 C, 5%, tender 11/15/24 (b)	14,940	15,312
Denver City & County Arpt. Rev.:
Series 2018 A, 5% 12/1/29 (c)	1,205	1,287
Series 2020 B1, 5% 11/15/24 (c)	1,500	1,546
E-470 Pub. Hwy. Auth. Rev. Series 2020 A, 5% 9/1/26	1,750	1,881
Univ. of Colorado Enterprise Sys. Rev. Bonds:
Series 2019 C, 2%, tender 10/15/24 (b)	9,030	8,826
Series 2021 C3A, 2%, tender 10/15/25 (b)	1,625	1,577
Series 2021 C3B, 2%, tender 10/15/26 (b)	1,345	1,289
TOTAL COLORADO		49,379
Connecticut - 3.1%
Connecticut Gen. Oblig.:
Series 2016 A, 5% 3/15/26	1,925	2,063
Series 2019 A:
5% 4/15/25	4,380	4,604
5% 4/15/26	2,355	2,528
5% 4/15/30	965	1,084
Series 2020 C, 2% 6/1/25	1,000	967
Series 2021 D:
5% 7/15/24	1,990	2,057
5% 7/15/25	1,685	1,781
Series 2022 A, 4% 1/15/26	1,025	1,062
Series 2022 E:
5% 11/15/25	6,000	6,390
5% 11/15/26	6,000	6,513
Series 2022 G:
5% 11/15/25	6,000	6,390
5% 11/15/26	6,000	6,513
Series C, 4% 6/1/26	1,100	1,144
Connecticut Health & Edl. Facilities Auth. Rev.:
Bonds:
Series 2010 A3, 0.25%, tender 2/9/24 (b)	4,155	3,993
Series 2014 B, 1.8%, tender 7/1/24 (b)	3,150	3,049
Series 2016 A, 2%, tender 7/1/26 (b)	1,725	1,634
Series 2017 B, 5% 7/1/29	7,075	8,111
Series 2018 S:
5% 7/1/23	1,455	1,468
5% 7/1/24	1,000	1,028
Series 2019 A:
4% 7/1/23 (d)	1,045	1,040
4% 7/1/24 (d)	1,090	1,064
5% 7/1/25 (d)	705	696
5% 7/1/28 (d)	1,315	1,281
5% 7/1/29 (d)	940	912
Series 2022 M:
5% 7/1/24	175	178
5% 7/1/27	250	265
5% 7/1/28	300	321
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.:
Series 2012 A, 5% 1/1/24	1,650	1,650
Series 2021 C, 5% 1/1/25	1,280	1,338
Series A:
5% 5/1/24	1,000	1,029
5% 9/1/26	1,025	1,110
Hartford County Metropolitan District Gen. Oblig. Series 2021 A:
5% 9/1/27	800	882
5% 9/1/28	775	870
Hartford Gen. Oblig. Series 2015 C, 5% 7/15/25 (Assured Guaranty Muni. Corp. Insured)	2,065	2,180
New Britain Gen. Oblig. Series 2009, 5% 4/1/24 (Escrowed to Maturity)	745	756
New Haven Gen. Oblig. Series 2016 A, 5% 8/15/25 (Assured Guaranty Muni. Corp. Insured)	980	1,030
Stratford Gen. Oblig. Series 2019:
5% 1/1/25	3,890	4,053
5% 1/1/26	3,735	3,958
Univ. of Connecticut Gen. Oblig. Series 2019 A, 5% 11/1/26	1,000	1,084
TOTAL CONNECTICUT		88,076
Delaware - 0.0%
Delaware Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr. & Lt. Co. Proj.) Series A, 1.05%, tender 7/1/25 (b)	1,475	1,396
District Of Columbia - 2.5%
District of Columbia Income Tax Rev.:
Series 2020 A, 5% 3/1/24	715	733
Series 2022 C, 5% 12/1/27	5,900	6,556
District of Columbia Wtr. & Swr. Auth. Pub. Util. Rev. Bonds Series 2019 C, 1.75%, tender 10/1/24 (b)	7,540	7,287
Metropolitan Washington DC Arpts. Auth. Sys. Rev.:
Series 2014 A, 5% 10/1/23 (c)	1,035	1,046
Series 2017 A, 5% 10/1/26 (c)	12,905	13,622
Series 2018 A, 5% 10/1/23 (c)	3,000	3,031
Series 2019 A:
5% 10/1/23 (c)	465	470
5% 10/1/25 (c)	1,410	1,472
Series 2020 A:
5% 10/1/23 (c)	2,390	2,414
5% 10/1/24 (c)	4,470	4,589
5% 10/1/25 (c)	4,470	4,665
Series 2021 A:
5% 10/1/25 (c)	3,000	3,131
5% 10/1/28 (c)	20,500	21,970
TOTAL DISTRICT OF COLUMBIA		70,986
Florida - 6.7%
Brevard County Health Facilities Auth. Rev. Series 2023 A:
5% 4/1/26 (e)	1,920	2,000
5% 4/1/28 (e)	2,115	2,248
Broward County Arpt. Sys. Rev.:
Series 2012 P-1, 5% 10/1/25 (c)	6,645	6,652
Series 2015 C, 5% 10/1/24 (c)	1,015	1,043
Series 2019 A:
5% 10/1/23 (c)	1,200	1,213
5% 10/1/24 (c)	1,300	1,336
5% 10/1/25 (c)	1,500	1,563
Series 2019 B:
5% 10/1/24 (c)	750	771
5% 10/1/25 (c)	755	787
Series C, 5% 10/1/23 (c)	3,930	3,972
Broward County School Board Ctfs. of Prtn. Series 2015 B, 5% 7/1/24	1,120	1,153
Cap. Projs. Fin. Auth. Student Hsg. Rev. (Cap. Projs. Ln. Prog. - Florida Univs.) Series 2020 A:
5% 10/1/24	540	548
5% 10/1/26	1,940	1,975
Central Florida Expressway Auth. Sr. Lien Rev. Series 2021:
5% 7/1/26 (Assured Guaranty Muni. Corp. Insured)	1,485	1,597
5% 7/1/27 (Assured Guaranty Muni. Corp. Insured)	8,200	8,978
Florida Hsg. Fin. Corp. Rev. Series 2021 1, 3% 1/1/52	5,840	5,678
Florida Keys Aqueduct Auth. Wtr. Rev. Series 2021 B, 5% 9/1/25	2,360	2,501
Florida Mid-Bay Bridge Auth. Rev. Series 2015 A:
5% 10/1/23	1,240	1,254
5% 10/1/24	1,955	2,001
5% 10/1/25	1,710	1,750
5% 10/1/26	1,955	2,000
Florida Muni. Pwr. Agcy. Rev. Series 2016 A, 4% 10/1/26	530	551
Greater Orlando Aviation Auth. Arpt. Facilities Rev.:
Series 2016 A, 5% 10/1/25 (Escrowed to Maturity) (c)	620	653
Series 2016, 5% 10/1/26 (c)	1,300	1,372
Series 2017 A:
5% 10/1/25 (c)	320	333
5% 10/1/25 (Escrowed to Maturity) (c)	1,675	1,760
5% 10/1/26 (c)	545	572
5% 10/1/26 (Escrowed to Maturity) (c)	2,025	2,164
5% 10/1/27 (Escrowed to Maturity) (c)	580	630
Series 2019 A:
5% 10/1/24 (c)	12,700	13,070
5% 10/1/25 (c)	6,700	6,993
5% 10/1/27 (c)	1,940	2,065
Halifax Hosp. Med. Ctr. Rev. Series 2015, 5% 6/1/23	1,295	1,303
Hillsborough County Aviation Auth. Rev. Series A, 5% 10/1/26 (Pre-Refunded to 10/1/23 @ 100) (c)	2,910	2,953
Jacksonville Spl. Rev. Series 2022 A:
5% 10/1/23	345	350
5% 10/1/24	785	815
5% 10/1/25	610	646
5% 10/1/26	435	469
5% 10/1/27	345	379
5% 10/1/28	685	765
5% 10/1/29	595	675
5% 10/1/30	560	645
5% 10/1/32	510	602
Lee County Arpt. Rev. Series 2021 A:
5% 10/1/23 (c)	475	479
5% 10/1/24 (c)	1,795	1,833
5% 10/1/25 (c)	3,325	3,457
Lee Memorial Health Sys. Hosp. Rev. Bonds Series 2019 A2, 5%, tender 4/1/26 (b)	4,810	4,917
Manatee County School District Series 2017, 5% 10/1/24 (Assured Guaranty Muni. Corp. Insured)	1,270	1,317
Miami-Dade County Aviation Rev.:
Series 2012 A, 5% 10/1/24 (c)	1,800	1,810
Series 2014 A, 5% 10/1/31 (c)	1,750	1,783
Series 2016 A, 5% 10/1/27	1,275	1,369
Series 2020 A, 5% 10/1/23	3,810	3,866
Miami-Dade County Expressway Auth.:
(Waste Mgmt., Inc. of Florida Proj.) Series 2013 A, 5% 7/1/23	1,955	1,969
Series 2014 B, 5% 7/1/23	3,180	3,204
Miami-Dade County School Board Ctfs. of Prtn.:
Bonds Series 2014 A, 5%, tender 5/1/24 (b)	9,695	9,948
Series 2014 D, 5% 11/1/23	7,485	7,607
Series 2015 A:
5% 5/1/23	6,360	6,399
5% 5/1/27 (Assured Guaranty Muni. Corp. Insured)	1,880	1,971
Series 2015 B, 5% 5/1/24	29,155	29,950
Orange County Hsg. Fin. Auth. Multi-family Rev. Bonds Series 2021 B, 0.55%, tender 7/1/24 (b)	9,950	9,409
Palm Beach County Health Facilities Auth. Hosp. Rev.:
(Jupiter Med. Ctr. Proj.) Series 2022, 5% 11/1/28	150	160
Series 2014:
5% 12/1/23 (Escrowed to Maturity)	190	194
5% 12/1/24 (Escrowed to Maturity)	380	394
Palm Beach County Health Facilities Auth. Rev.:
Series 2015 C:
5% 5/15/24	1,000	1,000
5% 5/15/30	2,490	2,407
Series 2021 C, 4% 5/15/29	1,440	1,315
Pinellas County Hsg. Fin. Auth. Bonds Series 2021 B, 0.65%, tender 7/1/24 (b)	2,170	2,055
Seminole County School Board Ctfs. of Prtn. Series 2016 C:
5% 7/1/25	980	1,033
5% 7/1/26	1,115	1,198
Village Cmnty. Dev. District No. 13 Series 2019, 2.625% 5/1/24	245	238
TOTAL FLORIDA		192,067
Georgia - 4.8%
Atlanta Arpt. Rev.:
Series 2014 C, 5% 1/1/29 (c)	900	912
Series 2020 A, 5% 7/1/26 (c)	3,000	3,156
Series 2020 B:
5% 7/1/27 (c)	4,000	4,246
5% 7/1/29 (c)	1,920	2,069
Bartow County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Bowen Proj.) Series 2009 1st, 2.75%, tender 3/15/23 (b)	21,200	21,158
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds:
(Georgia Pwr. Co. Plant Vogtle Proj.):
Series 1994, 2.25%, tender 5/25/23 (b)	6,480	6,444
Series 2012, 1.7%, tender 8/22/24 (b)	3,400	3,285
Series 2013 1st, 2.925%, tender 3/12/24 (b)	9,930	9,818
(Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2017 E, 3.25%, tender 2/3/25 (b)	900	893
Columbus Med. Ctr. Hosp. Auth. Bonds (Piedmont Healthcare, Inc. Proj.) Series 2019 A, 5%, tender 7/1/26 (b)	4,840	5,087
Georgia Gen. Oblig. Series 2016 A, 5% 2/1/27	4,980	5,339
Georgia Muni. Elec. Auth. Pwr. Rev. Series 2020 A:
4% 11/1/23	920	925
4% 11/1/24	1,420	1,440
5% 1/1/25	1,000	1,035
5% 1/1/26	1,125	1,184
5% 1/1/26	1,000	1,052
5% 1/1/27	760	808
Georgia Muni. Gas Auth. Rev. (Gas Portfolio III Proj.) Series 2014 U, 5% 10/1/23	2,365	2,400
Georgia Road & Thruway Auth. Rev. Series 2020:
5% 6/1/24	2,500	2,575
5% 6/1/25	5,000	5,267
5% 6/1/26	2,500	2,690
Main Street Natural Gas, Inc.:
Bonds:
Series 2018 C, 4%, tender 12/1/23 (b)	10,210	10,202
Series 2021 A, 4%, tender 9/1/27 (b)	15,000	14,877
Series 2021 C, 4%, tender 12/1/28 (b)	16,990	16,592
Series 2022 A:
4% 12/1/23	265	265
4% 12/1/24	1,100	1,102
4% 12/1/25	170	170
4% 12/1/26	1,955	1,954
Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Scherer Proj.) Series 1995, 2.25% 7/1/25	6,505	6,240
Private Colleges & Univs. Auth. Rev.:
(The Savannah College of Art & Design Projs.):
Series 2014, 5% 4/1/24 (Escrowed to Maturity)	1,810	1,856
Series 2021, 5% 4/1/26	1,200	1,264
Series 2020 B, 5% 9/1/25	2,570	2,731
TOTAL GEORGIA		139,036
Hawaii - 0.8%
Hawaii Arpts. Sys. Rev. Series 2022 B, 5% 7/1/24 (c)	3,500	3,589
Hawaii Gen. Oblig. Series 2015 EZ, 5% 10/1/26	10,000	10,631
Honolulu City & County Gen. Oblig.:
Series 2016 C, 5% 10/1/28	1,000	1,124
Series 2020 F:
5% 7/1/24	1,575	1,627
5% 7/1/25	1,255	1,327
5% 7/1/26	800	864
Series 2022 A, 5% 11/1/26	1,985	2,158
State of Hawaii Dept. of Trans. Series 2013, 5% 8/1/23 (c)	1,440	1,454
TOTAL HAWAII		22,774
Idaho - 0.0%
Idaho Hsg. & Fin. Assoc. Single Family Mtg. Series 2019 A, 4% 1/1/50	310	311
Illinois - 9.7%
Champaign County Cmnty. Unit Series 2019, 4% 6/1/24	420	425
Chicago Board of Ed.:
Series 2017 C:
5% 12/1/26	485	497
5% 12/1/27	1,830	1,870
Series 2018 C, 5% 12/1/24	13,000	13,238
Series 2019 A, 0% 12/1/26	3,500	2,989
Chicago Gen. Oblig. Series 2020 A, 5% 1/1/30	2,005	2,113
Chicago Metropolitan Wtr. Reclamation District of Greater Chicago Series 2007, 5.25% 12/1/32	2,920	3,498
Chicago Midway Arpt. Rev.:
Series 2013 B, 5% 1/1/25	1,700	1,702
Series 2014 A:
5% 1/1/24 (c)	10,490	10,633
5% 1/1/26 (c)	3,475	3,520
Series 2014 B, 5% 1/1/23	200	200
Series 2016 A:
5% 1/1/27 (c)	2,810	2,912
5% 1/1/28 (c)	500	517
Chicago Motor Fuel Tax Rev. Series 2013, 5% 1/1/23 (Escrowed to Maturity)	525	525
Chicago O'Hare Int'l. Arpt. Rev.:
Series 2012 B, 4% 1/1/27 (c)	1,220	1,220
Series 2013 A, 5% 1/1/23 (c)	2,730	2,730
Series 2015 A:
5% 1/1/24 (c)	1,230	1,247
5% 1/1/26 (c)	1,600	1,645
5% 1/1/27 (c)	1,000	1,027
Series 2015 B, 5% 1/1/24	1,525	1,555
Series 2016 A, 5% 1/1/27 (c)	840	873
Series 2017 D:
5% 1/1/26 (c)	445	463
5% 1/1/27 (c)	1,595	1,678
5% 1/1/29 (c)	215	225
Series 2020 B, 5% 1/1/26	1,310	1,396
Series 2022 A, 5% 1/1/26 (c)	830	864
Series 2022 C:
5% 1/1/23 (c)	500	500
5% 1/1/24 (c)	2,000	2,027
5% 1/1/26 (c)	2,300	2,395
Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2017, 5% 6/1/25	1,225	1,270
Chicago Wastewtr. Transmission Rev. Series 2012, 5% 1/1/23	1,175	1,175
Cook County Gen. Oblig.:
Series 2021 A:
5% 11/15/23	375	380
5% 11/15/24	425	439
5% 11/15/25	425	448
5% 11/15/26	850	908
5% 11/15/27	1,075	1,163
Series 2021 B:
4% 11/15/24	1,475	1,496
4% 11/15/25	1,100	1,127
4% 11/15/26	555	571
4% 11/15/27	565	584
4% 11/15/28	285	295
Series 2022 A:
5% 11/15/24	7,590	7,835
5% 11/15/25	5,585	5,886
5% 11/15/26	300	320
5% 11/15/27	325	352
5% 11/15/28	350	384
5% 11/15/29	1,315	1,460
Cook County Sales Tax Rev.:
Series 2022 A:
5% 11/15/26	635	683
5% 11/15/27	350	381
5% 11/15/28	190	210
5% 11/15/29	140	157
5% 11/15/30	315	356
Series 2022 B:
5% 11/15/25	815	862
5% 11/15/26	360	387
5% 11/15/27	470	511
5% 11/15/28	290	320
5% 11/15/29	265	297
5% 11/15/30	275	311
Illinois Fin. Auth.:
Bonds Series 2020 B:
5%, tender 11/15/24 (b)	2,125	2,171
5%, tender 11/15/26 (b)	2,830	2,984
Series 2015:
5% 5/1/45 (Pre-Refunded to 5/1/25 @ 100)	1,190	1,246
5% 5/1/45 (Pre-Refunded to 5/1/25 @ 100)	7,450	7,827
Series 2020 A, 5% 8/15/24	1,080	1,117
Series 2022 A:
5% 10/1/26	265	271
5% 10/1/28	330	340
Illinois Fin. Auth. Rev.:
(Bradley Univ. Proj.) Series 2017 C, 5% 8/1/26	1,650	1,707
(Edward-Elmhurst Healthcare) Series 2017 A, 5% 1/1/25 (Escrowed to Maturity)	740	769
(OSF Healthcare Sys.) Series 2018 A:
5% 5/15/26	4,300	4,547
5% 5/15/27	9,260	9,899
Series 2008 A3, 5% 11/1/30	1,545	1,611
Series 2015 A:
5% 11/15/24	1,490	1,537
5% 11/15/25	1,905	2,001
5% 11/15/26	1,955	2,051
Series 2015 B, 5% 11/15/24	1,910	1,977
Series 2016 A:
5% 2/15/23	980	982
5% 8/15/24 (Escrowed to Maturity)	2,135	2,206
5.25% 8/15/28 (Pre-Refunded to 8/15/26 @ 100)	1,000	1,086
5.25% 8/15/29 (Pre-Refunded to 8/15/26 @ 100)	5,850	6,351
Series 2016 C:
5% 2/15/24	5,220	5,324
5% 2/15/27	1,875	2,030
Series 2016:
5% 5/15/25	490	510
5% 5/15/26	980	1,036
5% 5/15/27	1,225	1,291
Series 2017, 5% 1/1/25	2,260	2,362
Series 2019:
5% 9/1/23	400	402
5% 9/1/24	415	421
5% 9/1/25	300	306
5% 4/1/26	1,625	1,714
5% 9/1/26	300	308
5% 4/1/27	2,135	2,281
5% 9/1/27	500	516
5% 4/1/28	1,425	1,540
5% 4/1/29	2,000	2,182
Illinois Gen. Oblig.:
Series 2012 A, 4% 1/1/23	1,245	1,245
Series 2013, 5.5% 7/1/25	265	267
Series 2014:
5% 4/1/23	2,165	2,172
5% 2/1/25	2,275	2,300
Series 2016:
4% 2/1/30 (Assured Guaranty Muni. Corp. Insured)	3,760	3,791
5% 2/1/24	3,100	3,140
5% 1/1/26	2,970	3,047
Series 2017 C, 5% 11/1/29	1,000	1,024
Series 2017 D:
5% 11/1/25	6,635	6,801
5% 11/1/26	4,200	4,329
Series 2018 A, 5% 10/1/26	4,615	4,755
Series 2020 B:
5% 10/1/25	5,105	5,231
5% 10/1/28	6,500	6,719
Series 2020 D, 5% 10/1/24	5,000	5,092
Series 2021 B, 5% 3/1/23	2,555	2,560
Series 2022 A:
5% 3/1/23	1,205	1,208
5% 3/1/24	4,660	4,725
Series 2022 B:
5% 3/1/25	9,385	9,583
5% 3/1/26	6,880	7,066
5% 3/1/27	6,500	6,709
Series 2022 D1, 5% 3/1/23	1,375	1,378
Illinois Hsg. Dev. Auth. Rev. Series D, 3.75% 4/1/50	620	617
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A, 5% 2/1/23	1,180	1,181
Illinois Sales Tax Rev.:
Series 2013, 5% 6/15/24	2,985	3,002
Series 2021 C:
5% 6/15/23	535	539
5% 6/15/24	615	627
5% 6/15/25	355	366
McHenry County Cmnty. School District #200 Series 2006 B:
0% 1/15/24	2,540	2,448
0% 1/15/24 (Escrowed to Maturity)	2,175	2,108
0% 1/15/25	4,915	4,579
0% 1/15/26	3,695	3,331
Metropolitan Pier & Exposition Series 2022 A, 3% 6/15/25	2,330	2,293
Northern Illinois Univ. Revs. Series 2020 B, 5% 4/1/24 (Build America Mutual Assurance Insured)	1,100	1,126
Railsplitter Tobacco Settlement Auth. Rev. Series 2017, 5% 6/1/24	4,365	4,479
TOTAL ILLINOIS		279,793
Indiana - 1.8%
Indiana Fin. Auth. Envir. Facilities Rev. Bonds (Indianapolis Pwr. & Lt. Co. Proj.):
Series 2020 A, 0.75%, tender 4/1/26 (b)	600	520
Series 2020 B, 0.95%, tender 4/1/26 (b)(c)	1,025	898
Indiana Fin. Auth. Health Sys. Rev. Bonds Series 2019 B, 2.25%, tender 7/1/25 (b)	2,005	1,956
Indiana Fin. Auth. Hosp. Rev.:
Bonds:
Series 2011 L, 0.7%, tender 1/1/26 (b)	1,105	1,028
Series 2011 M, 0.7%, tender 1/1/26 (b)	7,795	7,254
Series 2013, 5% 8/15/23	980	991
Indiana Fin. Auth. Wastewtr. Util. Rev. (CWA Auth. Proj.) Series 2015 A:
5% 10/1/24	1,460	1,516
5% 10/1/25	1,590	1,643
Indiana Health Facility Fing. Auth. Rev. Bonds Series 2001 A2, 2%, tender 2/1/23 (b)	10	10
Indiana Hsg. & Cmnty. Dev. Auth.:
Series 2019 B, 3.5% 1/1/49	1,305	1,291
Series 2021 B, 3% 7/1/50	890	864
Series 2021 C1, 3% 1/1/52	3,735	3,592
Indianapolis Local Pub. Impt. (Indianapolis Arpt. Auth. Proj.):
Series 2014 D:
5% 1/1/28 (c)	470	476
5% 1/1/30 (c)	550	557
Series 2016 A1:
5% 1/1/23 (c)	1,940	1,940
5% 1/1/24 (c)	2,715	2,756
5% 1/1/25 (c)	2,845	2,930
Series 2019 D, 5% 1/1/25 (c)	1,710	1,761
Whiting Envir. Facilities Rev. Bonds (BP Products North America, Inc. Proj.):
Series 2016 A, 5%, tender 3/1/23 (b)(c)	1,200	1,202
Series 2017, 5%, tender 11/1/24 (b)(c)	1,250	1,267
Series 2019 A, 5%, tender 6/5/26 (b)(c)	15,985	16,362
TOTAL INDIANA		50,814
Iowa - 0.0%
Iowa Student Ln. Liquidity Corp. Student Ln. Rev. Series 2019 B, 5% 12/1/24 (c)	800	821
Kansas - 0.0%
Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev. Series 2016 A:
5% 9/1/23	710	719
5% 9/1/25	785	828
TOTAL KANSAS		1,547
Kentucky - 3.1%
Ashland Med. Ctr. Rev.:
(Ashland Hosp. Corp. D/B/A King's Daughters Med. Ctr. Proj.) Series 2016 A:
5% 2/1/24	1,330	1,351
5% 2/1/25	980	1,006
Series 2019, 5% 2/1/23	625	626
Carroll County Envir. Facilities Rev. Bonds (Kentucky Utils. Co. Proj.) Series 2004 A, 1.75%, tender 9/1/26 (b)(c)	9,750	8,779
Carroll County Poll. Ctlr Rev. Bonds (Kentucky Utils. Co. Proj.) Series 2016 A, 1.55%, tender 9/1/26 (b)	5,750	5,231
Kentucky Asset/Liability Commission Gen. Fund Rev. Series 2021 A:
5% 11/1/24	1,065	1,107
5% 11/1/25	3,000	3,179
5% 11/1/26	1,000	1,078
5% 11/1/27	1,000	1,095
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. Series 2015 A, 5% 6/1/24	1,655	1,691
Kentucky State Property & Buildings Commission Rev.:
Series 2015, 5% 8/1/24	1,850	1,912
Series 2018, 5% 5/1/25	1,605	1,677
Series A:
5% 11/1/24	1,250	1,299
5% 11/1/25	1,650	1,741
Series B, 5% 8/1/24	2,645	2,734
Kentucky, Inc. Pub. Energy:
Bonds:
Series 2018 A, 4%, tender 4/1/24 (b)	4,110	4,103
Series 2019 A1, 4%, tender 6/1/25 (b)	10,455	10,359
Series A, 4%, tender 6/1/26 (b)	11,570	11,453
Series C1, 4%, tender 6/1/25 (b)	15,000	14,862
Series A:
4% 12/1/23	600	600
4% 12/1/25	825	823
4% 6/1/26	1,085	1,077
Louisville & Jefferson County Bonds:
Series 2020 B, 5%, tender 10/1/23 (b)	2,800	2,820
Series 2020 C, 5%, tender 10/1/26 (b)	5,985	6,283
Louisville Reg'l. Arpt. Auth. Sys. Rev. Series 2014 A, 5% 7/1/24 (c)	1,280	1,312
TOTAL KENTUCKY		88,198
Louisiana - 0.5%
New Orleans Aviation Board Rev.:
(North Term. Proj.) Series 2017 B:
5% 1/1/23 (c)	300	300
5% 1/1/24 (c)	195	198
5% 1/1/25 (c)	195	200
5% 1/1/26 (c)	490	510
Series 2017 D2:
5% 1/1/23 (c)	390	390
5% 1/1/24 (c)	735	746
5% 1/1/25 (c)	1,390	1,429
St. John Baptist Parish Rev.:
(Marathon Oil Corp.) Series 2017, 2.2% 6/1/37 (b)	3,765	3,465
Bonds (Marathon Oil Corp.) Series 2017, 2%, tender 4/1/23 (b)	3,555	3,533
Tobacco Settlement Fing. Corp. Series 2013 A, 5% 5/15/23	4,400	4,431
TOTAL LOUISIANA		15,202
Maine - 0.1%
City of Portland Arpt. Series 2016, 5% 1/1/29	690	721
Maine Health & Higher Edl. Facilities Auth. Rev.:
Series 2013, 5% 7/1/24 (Pre-Refunded to 7/1/23 @ 100)	350	353
Series 2021 A:
5% 7/1/28	555	603
5% 7/1/29	600	660
5% 7/1/30	500	557
TOTAL MAINE		2,894
Maryland - 2.0%
Baltimore Proj. Rev. Series 2017 D:
5% 7/1/24	3,220	3,322
5% 7/1/25	3,380	3,566
Hsg. Opportunities Commission of Montgomery County Series 2021 C, 0.8% 7/1/25	700	655
Maryland Cmnty. Dev. Admin Dept. Hsg. & Cmnty. Dev.:
Series 2019 B, 4% 9/1/49	1,150	1,152
Series 2019 C, 3.5% 3/1/50	1,290	1,276
Series 2021 C:
0.375% 7/1/23	640	631
0.5% 1/1/24	1,000	972
0.6% 7/1/24	2,840	2,727
Maryland Dept. of Trans.:
Series 2021 B, 5% 8/1/27 (c)	1,805	1,918
Series 2022 B:
5% 12/1/23	845	861
5% 12/1/27	1,295	1,438
Series 2022, 5% 12/1/26	1,395	1,521
Maryland Gen. Oblig.:
Series 2017 A, 5% 3/15/25	1,795	1,886
Series 2022 2D, 3% 8/1/27	1,575	1,584
Maryland Health & Higher Edl. Bonds:
Series 2020 B2, 5%, tender 7/1/27 (b)	2,480	2,636
Series 2020, 5%, tender 7/1/25 (b)	5,250	5,434
Maryland Health & Higher Edl. Facilities Auth. Rev. Series 2015:
5% 7/1/23	980	986
5% 7/1/24	1,955	1,994
5% 7/1/25	1,730	1,789
Montgomery County Gen. Oblig. Series 2022 A:
5% 8/1/24	7,695	7,967
5% 8/1/25	4,300	4,558
5% 8/1/26	7,075	7,663
TOTAL MARYLAND		56,536
Massachusetts - 1.3%
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2016 A, 0% 7/1/29	1,000	790
Massachusetts Dev. Fin. Agcy. Rev.:
Bonds Series 2011 N, 0.45%, tender 7/1/25 (b)	5,000	4,599
Caregroup, Inc. Series 2015 H-1, 5% 7/1/25	2,655	2,769
Series 2016 I:
5% 7/1/23	660	664
5% 7/1/24	1,075	1,095
5% 7/1/25	1,475	1,539
5% 7/1/25	1,480	1,528
5% 7/1/26	980	1,029
Series 2019 A:
5% 7/1/23	525	529
5% 7/1/24	1,150	1,178
5% 7/1/25	825	857
Series 2021:
4% 7/1/23	215	214
4% 7/1/24	225	223
4% 7/1/25	235	231
Massachusetts Edl. Fing. Auth. Rev.:
Series 2016 J, 5% 7/1/23 (c)	2,175	2,192
Series 2016, 5% 7/1/24 (c)	2,850	2,913
Series 2020 C:
5% 7/1/25 (c)	850	879
5% 7/1/26 (c)	1,900	1,993
Series 2021 B, 5% 7/1/26 (c)	1,390	1,462
Massachusetts Health & Edl. Facilities Auth. Rev. Bonds Series I, 0.7%, tender 7/1/25 (b)	2,315	2,148
Massachusetts Port Auth. Rev.:
Series 2017 A:
5% 7/1/24 (c)	3,005	3,090
5% 7/1/25 (c)	1,115	1,163
Series 2021 E, 5% 7/1/27 (c)	500	532
Univ. of Massachusetts Bldg. Auth. Rev. Series 2021 1, 5% 11/1/26	2,445	2,656
TOTAL MASSACHUSETTS		36,273
Michigan - 1.7%
Detroit Downtown Dev. Auth. Tax Series A, 5% 7/1/24 (Assured Guaranty Muni. Corp. Insured)	1,000	1,028
Flint Hosp. Bldg. Auth. Rev. Series 2020, 5% 7/1/24	925	941
Grand Traverse County Hosp. Fin. Auth. Series 2021:
5% 7/1/26	550	586
5% 7/1/27	900	974
5% 7/1/28	725	796
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016:
5% 5/15/24	635	650
5% 5/15/24 (Escrowed to Maturity)	5	5
5% 5/15/25	1,275	1,327
5% 5/15/25 (Escrowed to Maturity)	10	10
5% 5/15/26	1,230	1,301
5% 5/15/26 (Escrowed to Maturity)	5	5
Lansing Board of Wtr. & Lt. Util. Rev. Bonds Series 2021 B, 2%, tender 7/1/26 (b)	2,000	1,895
Michigan Bldg. Auth. Rev. (Facilities Prog.) Series 2016 I, 5% 4/15/24	1,450	1,488
Michigan Fin. Auth. Rev.:
Bonds:
Series 2015 D2, 1.2%, tender 4/13/28 (b)	635	564
Series 2019 MI2, 5%, tender 2/1/25 (b)	4,830	5,027
Series 2015 A, 5% 8/1/26 (Pre-Refunded to 8/1/24 @ 100)	300	310
Series 2015 D1, 0.75% 10/15/25	1,000	932
Series 2015 MI, 5% 12/1/23	1,020	1,038
Series 2020 A:
5% 6/1/24	1,000	1,016
5% 6/1/25	2,000	2,050
Michigan Gen. Oblig. Series 2016, 5% 3/15/24	6,955	7,137
Michigan Hosp. Fin. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series F5, 2.4%, tender 3/15/23 (b)	3,535	3,529
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.:
Series 2021 A, 3% 6/1/52	2,200	2,129
Series A, 3.5% 12/1/50	1,130	1,116
Michigan Strategic Fund Ltd. Oblig. Rev. Bonds (Consumer Energy Co. Proj.) Series 2019, 1.8%, tender 10/1/24 (b)(c)	3,140	3,034
Novi Cmnty. School District Series I:
4% 5/1/24	795	806
4% 5/1/25	600	615
Portage Pub. Schools Series 2016:
5% 5/1/24	1,880	1,932
5% 11/1/24	1,955	2,032
5% 5/1/25	1,100	1,155
5% 11/1/25	1,195	1,269
5% 11/1/28	985	1,054
Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D, 5% 9/1/23 (Escrowed to Maturity)	490	497
Saginaw Hosp. Fin. Auth. Hosp. Rev. Series 2020 J:
5% 7/1/24	765	785
5% 7/1/25	500	522
5% 7/1/26	750	793
TOTAL MICHIGAN		50,348
Minnesota - 0.7%
Duluth Econ. Dev. Auth. Series 2021 A:
3% 7/1/24	200	195
3% 7/1/25	615	592
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.:
Series 2014 A, 5% 1/1/23	980	980
Series 2014 B, 5% 1/1/23 (c)	1,480	1,480
Series 2022 B:
5% 1/1/24 (c)	705	715
5% 1/1/25 (c)	460	473
5% 1/1/26 (c)	1,125	1,172
5% 1/1/27 (c)	3,800	3,995
Moorhead Edl. Facilities Rev. (The Concordia College Corp. Proj.) Series 2016, 5% 12/1/25	2,270	2,323
Northern Muni. Pwr. Agcy. Elec. Sys. Rev. Series 2017, 5% 1/1/24	1,560	1,590
Shakopee Sr. Hsg. Rev. Bonds Series 2018, 5.85%, tender 11/1/25 (b)(d)	2,530	2,486
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2015 A, 5% 1/1/26	2,065	2,199
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev. Series 2014 A, 5% 1/1/24	980	999
TOTAL MINNESOTA		19,199
Mississippi - 0.2%
Mississippi Dev. Bank Spl. Oblig. (Magnolia Reg'l. Health Ctr. Proj.) Series 2021:
5% 10/1/23 (d)	830	835
5% 10/1/25 (d)	1,320	1,347
5% 10/1/27 (d)	900	929
Mississippi Hosp. Equip. & Facilities Auth.:
(Forrest County Gen. Hosp. Rfdg. Proj.) Series 2019 B, 5% 1/1/24	400	407
Bonds Series II, 5%, tender 3/1/27 (b)	1,130	1,182
Series I:
5% 10/1/25	600	628
5% 10/1/27	800	858
TOTAL MISSISSIPPI		6,186
Missouri - 0.7%
Cape Girardeau County Indl. Dev. Auth. (Southeast Hosp. Proj.) Series 2017 A:
5% 3/1/23	980	981
5% 3/1/24	685	693
5% 3/1/25	710	727
5% 3/1/26	980	1,015
Kansas City Indl. Dev. Auth. (Kansas City Int'l. Arpt. Term. Modernization Proj.):
Series 2020 A:
5% 3/1/26 (c)	1,185	1,237
5% 3/1/27 (c)	4,065	4,274
Series 2020 B:
5% 3/1/26	2,190	2,322
5% 3/1/27	1,535	1,654
Missouri Hsg. Dev. Commission Single Family Mtg. Rev. Series 2019, 4% 5/1/50	355	356
Saint Louis Arpt. Rev. Series A, 5.25% 7/1/26 (Assured Guaranty Muni. Corp. Insured)	5,370	5,769
TOTAL MISSOURI		19,028
Montana - 0.2%
Montana Board Hsg. Single Family:
Series 2019 B, 4% 6/1/50	195	196
Series 2021 B, 3% 12/1/51	2,430	2,354
Series 2022 A, 3% 6/1/52	1,720	1,658
Series A1, 3.5% 6/1/50	3,025	2,990
TOTAL MONTANA		7,198
Nebraska - 1.0%
Central Plains Energy Proj. Gas Supply Bonds Series 2019, 4%, tender 8/1/25 (b)	9,765	9,740
Douglas County Hosp. Auth. #2 Health Facilities Rev. Bonds Series 2020, 5%, tender 11/15/25 (b)	2,200	2,308
Lincoln Arpt. Auth. Series 2021:
5% 7/1/24 (c)	700	720
5% 7/1/26 (c)	750	788
5% 7/1/27 (c)	1,275	1,350
5% 7/1/28 (c)	1,830	1,959
5% 7/1/29 (c)	1,000	1,082
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.:
Series 2019 B, 4% 9/1/49 (c)	980	975
Series 2019 E, 3.75% 9/1/49 (c)	1,075	1,065
Nebraska Pub. Pwr. District Rev. Series 2017 B, 5% 1/1/26	1,260	1,341
Washington County Wstwtr Sol Bonds (Cargill, Inc. Projs.) Series 2012, 0.9%, tender 9/1/25 (b)(c)	7,400	6,995
TOTAL NEBRASKA		28,323
Nevada - 1.1%
Clark County Arpt. Rev.:
Series 2013 A, 5% 7/1/28 (c)	1,475	1,475
Series 2014 A2:
5% 7/1/28	525	542
5% 7/1/30	750	773
Series 2019 D, 5% 7/1/24	1,775	1,832
Series 2021 B:
5% 7/1/23 (c)	625	629
5% 7/1/24 (c)	985	1,006
5% 7/1/27 (c)	6,000	6,369
Clark County McCarran Int'l. Arpt. Passenger Facility Charge Rev.:
Series 2019 E:
5% 7/1/25	1,275	1,346
5% 7/1/27	2,245	2,456
Series B, 5% 7/1/24 (c)	2,080	2,129
Clark County Poll. Cont. Rev. Bonds Series 2017, 1.65%, tender 3/31/23 (b)	835	831
Clark County School District:
Series 2017 A, 5% 6/15/26	1,285	1,377
Series 2020 B, 5% 6/15/26	5,805	6,221
Nevada Gen. Oblig.:
Series 2013 D1, 5% 3/1/24	2,640	2,649
Series 2015 A, 3% 8/1/29	2,175	2,190
TOTAL NEVADA		31,825
New Hampshire - 0.5%
Nat'l. Fin. Auth. Hosp. Rev. (St. Luke's Univ. Health Network Proj.) Series 2021 B:
5% 8/15/24	600	617
5% 8/15/28	1,125	1,235
Nat'l. Fin. Auth. Solid Bonds (Waste Mgmt., Inc. Proj.):
Series 2019 A3, 2.15%, tender 7/1/24 (b)(c)	4,455	4,291
Series 2019 A4, 2.15%, tender 7/1/24 (b)(c)	2,250	2,167
New Hampshire Bus. Fin. Auth. Wtr. Facility (Pennichuck Wtr. Works, Inc. Proj.) Series 2014 A:
5% 1/1/24 (Escrowed to Maturity) (c)	1,120	1,141
5% 1/1/25 (Escrowed to Maturity) (c)	1,000	1,040
New Hampshire Health & Ed. Facilities Auth. Rev. Series 2016, 5% 10/1/23	2,785	2,819
TOTAL NEW HAMPSHIRE		13,310
New Jersey - 6.2%
Camden County Impt. Auth. Health Care Redev. Rev. Series 2014 A, 5% 2/15/23	2,770	2,774
Hudson County Impt. Auth. (Hudson County Courthouse Proj.) Series 2020, 4% 10/1/24	1,400	1,428
New Jersey Bldg. Auth. State Bldg. Rev. Series 2016 A, 5% 6/15/24	1,720	1,763
New Jersey Econ. Dev. Auth. Series 2013, 5% 3/1/27	170	170
New Jersey Econ. Dev. Auth. Rev.:
(Provident Montclair Proj.) Series 2017:
5% 6/1/23 (Assured Guaranty Muni. Corp. Insured)	1,230	1,239
5% 6/1/24 (Assured Guaranty Muni. Corp. Insured)	980	1,007
Series 2013 NN, 5% 3/1/26	1,925	1,930
Series 2013, 5% 3/1/25	7,670	7,691
Series 2014 RR, 5% 6/15/32 (Pre-Refunded to 6/15/24 @ 100)	375	387
Series 2014 UU, 5% 6/15/30 (Pre-Refunded to 6/15/24 @ 100)	465	479
Series 2015 XX:
4% 6/15/24	550	556
5% 6/15/26	975	1,016
Series 2019, 5.25% 9/1/24 (d)	2,580	2,666
New Jersey Edl. Facility:
Series 2016 A:
5% 7/1/23	3,315	3,343
5% 7/1/24	7,740	7,944
Series 2016 B, 4% 9/1/26	320	328
New Jersey Gen. Oblig.:
Series 2020 A:
5% 6/1/24	10,970	11,292
5% 6/1/25	5,320	5,602
Series 2021:
2% 6/1/23	5,700	5,664
2% 6/1/29	1,965	1,788
New Jersey Health Care Facilities Fing. Auth. Rev.:
Bonds:
Series 2019 B1, 5%, tender 7/1/24 (b)	3,175	3,255
Series 2019 B2, 5%, tender 7/1/25 (b)	3,890	4,075
Series 2019 B3, 5%, tender 7/1/26 (b)	2,750	2,929
Series 2016 A:
5% 7/1/23 (Escrowed to Maturity)	595	600
5% 7/1/24	1,200	1,238
5% 7/1/24 (Escrowed to Maturity)	985	1,015
5% 7/1/24 (Escrowed to Maturity)	475	489
5% 7/1/25 (Escrowed to Maturity)	515	542
5% 7/1/26 (Escrowed to Maturity)	170	182
5% 7/1/27 (Pre-Refunded to 7/1/26 @ 100)	255	274
Series 2016, 5% 7/1/25	275	289
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.:
Series 2015 1A, 5% 12/1/24 (c)	6,015	6,186
Series 2017 1A, 5% 12/1/23 (c)	1,930	1,955
Series 2019 A, 5% 12/1/24	950	984
Series 2020:
5% 12/1/23 (c)	1,830	1,855
5% 12/1/24 (c)	1,360	1,399
5% 12/1/25 (c)	2,440	2,540
5% 12/1/26 (c)	3,165	3,336
Series 2021 A, 5% 12/1/25 (c)	130	135
Series 2021 B:
5% 12/1/25 (c)	315	328
5% 12/1/26 (c)	1,425	1,504
New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Series 2019 D:
4% 4/1/23 (c)	1,090	1,091
4% 10/1/23 (c)	1,150	1,152
4% 4/1/25 (c)	1,405	1,413
New Jersey Tpk. Auth. Tpk. Rev. Series D, 5% 1/1/28	1,710	1,838
New Jersey Trans. Trust Fund Auth.:
Series 2006 C:
0% 12/15/25	6,400	5,794
0% 12/15/26 (Assured Guaranty Corp. Insured)	1,585	1,389
0% 12/15/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,820	1,517
0% 12/15/31 (FGIC Insured)	5,400	3,760
Series 2010 A:
0% 12/15/25	1,140	1,026
0% 12/15/27	5,520	4,588
Series 2013 AA, 5% 6/15/25	1,280	1,290
Series 2016 A, 5% 6/15/27	3,960	4,183
Series 2018 A, 5% 6/15/24	5,000	5,132
Series 2022 AA:
5% 6/15/23	985	992
5% 6/15/25	4,000	4,167
5% 6/15/26	9,745	10,315
5% 6/15/27	8,000	8,558
5% 6/15/28	10,000	10,803
Series A:
0% 12/15/26	11,265	9,749
5% 12/15/24	1,780	1,843
5% 12/15/25	1,680	1,766
5% 12/15/26	2,600	2,773
Rutgers State Univ. Rev. Series Q, 5% 5/1/23	540	543
TOTAL NEW JERSEY		179,859
New Mexico - 1.3%
New Mexico Edl. Assistance Foundation Series 2021 1A:
5% 9/1/25 (c)	6,250	6,514
5% 9/1/28 (c)	2,000	2,167
New Mexico Hosp. Equip. Ln. Council Rev. Bonds Series 2019 B, 5%, tender 8/1/25 (b)	3,135	3,276
New Mexico Mtg. Fin. Auth. Series 2019 C, 4% 1/1/50	3,350	3,357
New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev.:
Bonds Series 2019 A, 5%, tender 5/1/25 (b)	15,000	15,374
Series 2019 A:
4% 11/1/23	710	711
4% 5/1/24	950	953
4% 11/1/24	1,450	1,458
4% 5/1/25	2,790	2,805
TOTAL NEW MEXICO		36,615
New York - 8.1%
Dorm. Auth. New York Univ. Rev. Series 2016 A, 5% 7/1/24	1,810	1,853
Hudson Yards Infrastructure Corp. New York Rev. Series 2017 A, 5% 2/15/25	4,000	4,185
Long Island Pwr. Auth. Elec. Sys. Rev.:
Bonds:
Series 2019 B, 1.65%, tender 9/1/24 (b)	7,255	7,012
Series 2020 B, 0.85%, tender 9/1/25 (b)	19,810	18,462
Series 2021 B, 1.5%, tender 9/1/26 (b)	3,360	3,122
Series 2021, 1% 9/1/25	2,805	2,554
Monroe County Indl. Dev. Corp. (Univ. of Rochester Proj.):
Series 2017 A, 5% 7/1/25	900	948
Series 2020 A:
5% 7/1/25	750	790
5% 7/1/26	500	537
New York Bridge Auth. Gen. Rev. Series 2021 B, 5% 1/1/27	1,500	1,623
New York City Gen. Oblig.:
Bonds Series D, 5%, tender 2/1/24 (b)	2,825	2,847
Series 2020 A1, 5% 8/1/27	13,205	14,492
Series 2021 F1, 5% 3/1/23	555	557
Series 2022 B1, 5% 8/1/28	14,555	16,249
Series A, 5% 8/1/26	1,000	1,081
Series A6, 5% 8/1/25	250	256
Series F1, 5% 6/1/25	470	495
Series I1, 5% 3/1/27	615	630
New York City Health & Hosp. Corp. Rev. Series A:
3% 2/15/24	535	535
5% 2/15/24	750	767
New York City Hsg. Dev. Corp. Multifamily Hsg. Bonds:
Series 2021 C2, 0.7%, tender 7/1/25 (b)	2,210	2,047
Series 2021 K2, 0.9%, tender 1/1/26 (b)	12,290	11,232
Series 2021, 0.6%, tender 7/1/25 (b)	2,905	2,683
New York City Indl. Dev. Agcy. Rev. Series 2021 A:
5% 1/1/25 (Assured Guaranty Muni. Corp. Insured)	1,000	1,038
5% 1/1/26 (Assured Guaranty Muni. Corp. Insured)	1,000	1,057
5% 1/1/27 (Assured Guaranty Muni. Corp. Insured)	1,000	1,073
New York City Muni. Wtr. Fin. Auth. Series 2021 DD, 5% 6/15/25	1,535	1,624
New York City Transitional Fin. Auth. Rev.:
Series 2017 E1, 5% 2/1/30	2,830	3,073
Series 2021 F1, 5% 11/1/25	2,060	2,195
Series 2022 B1, 5% 11/1/25	8,000	8,523
Series E1, 5% 2/1/26	475	497
New York Dorm. Auth. Rev.:
Bonds Series 2019 B2, 5%, tender 5/1/24 (b)	2,005	2,032
Series 2015 A:
5% 7/1/28	370	384
5% 7/1/28 (Pre-Refunded to 7/1/25 @ 100)	30	32
Series 2022:
5% 7/1/26	675	701
5% 7/1/27	710	743
5% 7/1/28	750	791
5% 7/1/29	1,065	1,128
New York Dorm. Auth. Sales Tax Rev. Series 2017 A, 5% 3/15/31	2,745	2,978
New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. (NY Muni. Wtr. Fin. Auth. Projs.) Series 2020 A, 5% 6/15/24	1,400	1,448
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.:
Series 2012 A, 5% 11/15/25	1,340	1,341
Series 2016 A, 5% 11/15/24	525	546
Series 2016 B1:
5% 11/15/24	670	697
5% 11/15/25	1,000	1,062
Series 2017 B1, 4% 11/15/25	250	258
Series 2017 B2, 5% 11/15/25	1,450	1,539
New York Metropolitan Trans. Auth. Rev.:
Series 2015 A, 5% 11/15/24	1,000	1,026
Series 2015 A1, 5% 11/15/29	765	778
Series 2016 A:
5% 11/15/23	2,680	2,715
5% 11/15/23	1,450	1,469
Series 2016 D, 5% 11/15/27	1,500	1,558
Series 2017 A2:
5% 11/15/25	2,620	2,716
5% 11/15/26	5,815	6,077
Series 2017 B:
5% 11/15/23	4,025	4,077
5% 11/15/24	665	682
Series 2017 C1, 5% 11/15/28	4,340	4,505
New York State Dorm. Auth.:
Series 2018 A, 5% 3/15/27 (Escrowed to Maturity)	970	1,062
Series 2019 D, 5% 2/15/25	1,030	1,080
Series 2021 A:
5% 3/15/27	2,975	3,254
5% 3/15/29	1,500	1,702
New York State Hsg. Fin. Agcy. Rev.:
Bonds:
Series 2021 D2, 0.65%, tender 11/1/25 (b)	2,770	2,534
Series 2021 J2:
1%, tender 11/1/26 (b)	1,770	1,597
1.1%, tender 5/1/27 (b)	6,610	5,890
Series J, 0.75% 5/1/25	3,030	2,842
New York State Mtg. Agcy. Homeowner Mtg.:
Series 2021 232:
5% 4/1/25 (c)	1,130	1,166
5% 10/1/26 (c)	1,580	1,662
Series 221, 3.5% 10/1/32 (c)	420	411
New York Thruway Auth. Gen. Rev. Series 2014 K, 5% 1/1/32	795	826
New York Trans. Dev. Corp.:
(Term. 4 JFK Int'l. Arpt. Proj.):
Series 2020 A:
5% 12/1/24 (c)	1,500	1,540
5% 12/1/25 (c)	2,295	2,375
5% 12/1/26 (c)	1,180	1,235
Series 2020 C:
5% 12/1/24	1,000	1,035
5% 12/1/25	800	840
5% 12/1/26	1,250	1,323
5% 12/1/27	1,250	1,327
(Term. 4 John F. Kennedy Int'l. Arpt. Proj.) Series 2022:
5% 12/1/26 (c)	7,810	8,172
5% 12/1/27 (c)	10,415	10,949
New York Urban Dev. Corp. Rev. Series 2015 A, 5% 3/15/26	250	265
Niagara Frontier Trans. Auth. Arpt. Rev. Series 2019 A:
5% 4/1/25 (c)	625	644
5% 4/1/27 (c)	1,350	1,418
Suffolk County Gen. Oblig.:
Series 2022 A:
5% 6/15/24	655	674
5% 6/15/25	695	731
5% 6/15/29	965	1,086
Series 2022 B:
5% 10/1/23	1,300	1,318
5% 10/1/25	800	847
5% 10/1/26	410	442
5% 10/1/28	670	747
Syracuse Reg'l. Arpt. Auth. Series 2021:
5% 7/1/25 (c)	750	775
5% 7/1/26 (c)	1,145	1,193
5% 7/1/27 (c)	1,515	1,592
Tobacco Settlement Asset Securitization Corp. Series 2017, 5% 6/1/24	1,500	1,527
Triborough Bridge & Tunnel Auth. Bonds:
Series 2021 A2:
2%, tender 5/15/26 (b)	7,870	7,186
2%, tender 5/15/28 (b)	2,575	2,309
Series 2021 B, 5%, tender 5/15/26 (b)	2,470	2,626
TOTAL NEW YORK		233,522
New York And New Jersey - 0.7%
Port Auth. of New York & New Jersey:
Series 178, 5% 12/1/23 (c)	1,060	1,073
Series 185, 5% 9/1/23 (c)	2,870	2,895
Series 188, 5% 5/1/25 (c)	1,980	2,050
Series 193:
5% 10/15/25 (c)	3,550	3,703
5% 10/15/29 (c)	1,350	1,399
Series 223:
5% 7/15/25 (c)	1,500	1,558
5% 7/15/26 (c)	2,250	2,372
5% 7/15/27 (c)	3,055	3,261
5% 7/15/28 (c)	2,500	2,701
TOTAL NEW YORK AND NEW JERSEY		21,012
North Carolina - 2.2%
Asheville Spl. Obligations Series 2021, 5% 4/1/25	1,530	1,608
Charlotte Int'l. Arpt. Rev.:
Series 2019 B, 5% 7/1/27 (c)	735	780
Series 2021 B:
5% 7/1/26 (c)	5,535	5,824
5% 7/1/27 (c)	4,500	4,777
5% 7/1/28 (c)	1,675	1,791
5% 7/1/29 (c)	865	932
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Bonds:
Series 2021 B, 5%, tender 12/2/24 (b)	4,200	4,356
Series 2021 C, 5%, tender 12/1/28 (b)	1,570	1,735
New Hanover County Hosp. Rev. Series 2017:
5% 10/1/25 (Escrowed to Maturity)	1,115	1,181
5% 10/1/26 (Escrowed to Maturity)	1,360	1,468
North Carolina Cap. Facilities Fin. Agcy. Edl. Facilities Rev. Series 2021, 5% 5/1/25	260	271
North Carolina Grant Anticipation Rev. Series 2021:
5% 3/1/25	3,000	3,146
5% 3/1/27	2,305	2,521
5% 3/1/28	2,375	2,641
North Carolina Hsg. Fin. Agcy. Home Ownership Rev. Series 43, 4% 7/1/50	5,560	5,571
North Carolina Med. Care Commission Health Care Facilities Rev. Bonds Series 2019 C, 2.55%, tender 6/1/26 (b)	7,335	7,170
North Carolina Med. Care Commission Hosp. Rev. Bonds Series 2021 B, 5%, tender 2/1/26 (b)	1,110	1,174
North Carolina Tpk. Auth. Triangle Expressway Sys. Series 2020 C, 5% 2/1/24	13,610	13,863
Raleigh Durham Arpt. Auth. Arpt. Rev. Series 2020 A, 5% 5/1/27 (c)	355	376
Union County Enterprise Systems Rev. Series 2021:
5% 6/1/25	1,000	1,055
5% 6/1/26	750	809
5% 6/1/27	775	850
TOTAL NORTH CAROLINA		63,899
North Dakota - 0.2%
North Dakota Hsg. Fin. Agcy.:
Series 2021 A, 3% 1/1/52	1,540	1,495
Series 2021 B, 3% 7/1/52	4,155	3,994
TOTAL NORTH DAKOTA		5,489
Ohio - 2.0%
Akron Bath Copley Hosp. District Rev.:
Series 2016, 5% 11/15/24	1,955	2,009
Series 2020:
5% 11/15/26	375	395
5% 11/15/27	185	197
Allen County Hosp. Facilities Rev. Series 2020 A, 5% 12/1/23	1,045	1,062
American Muni. Pwr., Inc. Rev.:
Bonds Series 2021 A2, 1%, tender 8/15/24 (b)	2,150	2,061
Series 2021 A:
5% 2/15/26	300	318
5% 2/15/27	400	431
Cleveland Arpt. Sys. Rev. Series 2016 A:
5% 1/1/24 (Assured Guaranty Muni. Corp. Insured)	1,175	1,199
5% 1/1/25 (Assured Guaranty Muni. Corp. Insured)	1,225	1,273
5% 1/1/26 (Assured Guaranty Muni. Corp. Insured)	490	509
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013, 5% 6/15/23	1,815	1,821
Franklin County Hosp. Facilities Rev. Bonds (U.S. Health Corp. of Columbus Proj.) Series 2011 B, 5%, tender 5/15/23 (b)	965	971
Miami County Hosp. Facilities Rev. (Kettering Health Network Obligated Group Proj.) Series 2019:
5% 8/1/27	1,000	1,078
5% 8/1/28	1,000	1,091
Miami Univ. Series 2022 A:
5% 9/1/23	735	745
5% 9/1/24	125	129
Montgomery County Hosp. Rev. (Kettering Health Network Obligated Group Proj.)) Series 2021:
5% 8/1/27	575	620
5% 8/1/28	500	545
Ohio Cap. Facilities Lease (Adult Correctional Bldg. Fund Projs.) Series 2021 A:
5% 10/1/25	2,000	2,122
5% 10/1/26	1,750	1,896
Ohio Hosp. Facilities Rev.:
Series 2017 A, 5% 1/1/25	2,035	2,120
Series 2021 B:
5% 1/1/23	450	450
5% 1/1/25	1,935	2,016
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.:
(Mtg. Backed Securities Prog.) Series 2019 B, 4.5% 3/1/50	275	279
Series 2021 C, 3.25% 3/1/51	17,755	17,336
Ohio Tpk. Commission Tpk. Rev. (Infrastructure Projs.) Series 2022 A, 5% 2/15/24	2,445	2,503
Scioto County Hosp. Facilities Rev.:
Series 2016:
5% 2/15/23	2,075	2,078
5% 2/15/24	3,215	3,272
5% 2/15/25	2,065	2,140
5% 2/15/26	1,285	1,345
Series 2019, 5% 2/15/29	2,020	2,108
Univ. of Akron Gen. Receipts Series 2019 A:
5% 1/1/23	445	445
5% 1/1/24	760	775
5% 1/1/25	1,100	1,135
TOTAL OHIO		58,474
Oklahoma - 0.0%
Oklahoma Tpk. Auth. Tpk. Rev. Series 2017 D, 5% 1/1/25	775	807
Oregon - 0.5%
Oregon Bus. Dev. Commission Recovery Zone Facility Bonds (Intel Corp. Proj.) Series 232, 2.4%, tender 8/14/23 (b)	10,405	10,324
Oregon Facilities Auth. Rev. (Samaritan Health Svcs. Proj.):
Series 2020 A:
5% 10/1/24	200	206
5% 10/1/25	225	234
5% 10/1/26	150	158
Series A, 5% 10/1/27	150	159
Oregon State Hsg. & Cmnty. Svcs. Dept. (Single Family Mtg. Prog.) Series A, 3.5% 1/1/51	1,475	1,458
Port of Portland Arpt. Rev.:
Series 2020 27 A, 5% 7/1/29 (c)	430	463
Series 27 A, 5% 7/1/26 (c)	1,515	1,594
TOTAL OREGON		14,596
Pennsylvania - 2.1%
Allegheny County Arpt. Auth. Rev. Series 2021 A:
5% 1/1/26 (c)	1,750	1,823
5% 1/1/27 (c)	2,000	2,109
5% 1/1/28 (c)	2,250	2,392
Allegheny County Indl. Dev. Auth. Rev. Series 2021, 3.5% 12/1/31	1,075	887
Allegheny County Sanitation Auth. Swr. Rev. Series 2020 A:
4% 6/1/25	200	206
5% 6/1/26	1,000	1,076
Commonwealth Fing. Auth. Rev. Series 2020 A:
5% 6/1/24	1,475	1,515
5% 6/1/25	1,150	1,205
Montgomery County Higher Ed. & Health Auth. Rev.:
Series 2014 A, 5% 10/1/23	190	191
Series 2019, 5% 9/1/29	1,000	1,102
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. Bonds:
(Waste Mgmt., Inc. Proj.) Series 2017 A, 0.58%, tender 8/1/24 (b)(c)	1,100	1,031
Series 2011, 2.15%, tender 7/1/24 (b)(c)	1,000	963
Pennsylvania Gen. Oblig. Series 2019:
5% 7/15/25	8,685	9,178
5% 7/15/28	1,760	1,957
5% 7/15/29	1,395	1,573
Pennsylvania Higher Edl. Facilities Auth. Rev. Series 2016 C, 5% 8/15/25	2,855	3,023
Pennsylvania Hsg. Fin. Agcy.:
Series 2020 13 2A, 3.5% 4/1/51	860	852
Series 2021 137, 3% 10/1/51	5,850	5,576
Pennsylvania Tpk. Commission Tpk. Rev. Series 2021 B:
5% 12/1/25	860	909
5% 12/1/26	1,000	1,075
5% 12/1/27	750	819
Philadelphia Arpt. Rev.:
Series 2015 A, 5% 6/15/24 (c)	600	613
Series 2017 A, 5% 7/1/24	490	504
Series 2017 B:
5% 7/1/24 (c)	4,790	4,897
5% 7/1/25 (c)	1,700	1,761
Series 2021:
5% 7/1/28 (c)	3,100	3,314
5% 7/1/29 (c)	1,830	1,964
Philadelphia School District:
Series 2018 A:
5% 9/1/24	1,000	1,032
5% 9/1/25	700	735
5% 9/1/26	750	799
Series 2019 A:
5% 9/1/23	315	319
5% 9/1/24	1,050	1,083
5% 9/1/25	1,200	1,260
Series 2019 B, 5% 9/1/24	1,000	1,032
Reading School District Series 2017:
5% 3/1/25 (Assured Guaranty Muni. Corp. Insured)	320	333
5% 3/1/26 (Assured Guaranty Muni. Corp. Insured)	260	276
5% 3/1/27 (Assured Guaranty Muni. Corp. Insured)	250	270
5% 3/1/28 (Assured Guaranty Muni. Corp. Insured)	245	262
TOTAL PENNSYLVANIA		59,916
Puerto Rico - 0.9%
Puerto Rico Commonwealth Aqueduct & Swr. Auth. Series 2022 A, 5% 7/1/28 (d)	7,500	7,415
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.:
Series 2021 A1:
0% 7/1/24	1,254	1,162
5.25% 7/1/23	10,132	10,132
Series 2022 A1, 5.375% 7/1/25	6,360	6,408
TOTAL PUERTO RICO		25,117
Rhode Island - 1.1%
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series 2016:
5% 5/15/23	1,180	1,184
5% 5/15/24	2,300	2,334
5% 5/15/25	5,385	5,514
Rhode Island Health & Edl. Bldg. Corp. Pub. Schools Rev. Series 2015, 5% 5/15/25 (Assured Guaranty Muni. Corp. Insured)	5,910	6,214
Rhode Island Hsg. & Mtg. Fin. Corp. Series 2019 70, 4% 10/1/49	600	601
Rhode Island Hsg. & Mtg. Fin. Corp. Rev. Series 72 A, 3.5% 10/1/50	1,210	1,196
Rhode Island Student Ln. Auth. Student Ln. Rev.:
Series 2018 A, 5% 12/1/25 (c)	845	879
Series 2019 A:
5% 12/1/23 (c)	750	760
5% 12/1/24 (c)	1,275	1,307
5% 12/1/25 (c)	1,900	1,985
5% 12/1/26 (c)	1,000	1,056
5% 12/1/28 (c)	510	549
Series 2021 A, 5% 12/1/27 (c)	900	960
Series A:
4% 12/1/26 (c)	355	359
5% 12/1/26 (c)	1,200	1,267
Tobacco Settlement Fing. Corp. Series 2015 A:
5% 6/1/24	1,885	1,911
5% 6/1/26	3,425	3,502
5% 6/1/27	980	1,002
TOTAL RHODE ISLAND		32,580
South Carolina - 1.1%
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015:
5% 12/1/23	4,345	4,422
5% 12/1/26	1,075	1,126
South Carolina Hsg. Fin. & Dev. Auth. Mtg. Rev. Series 2019 A, 4% 1/1/50	1,030	1,033
South Carolina Ports Auth. Ports Rev.:
Series 2015 (AMT), 5% 7/1/45 (Pre-Refunded to 7/1/25 @ 100) (c)	2,810	2,925
Series 2015:
5.25% 7/1/50 (Pre-Refunded to 7/1/25 @ 100) (c)	4,805	5,030
5.25% 7/1/55 (Pre-Refunded to 7/1/25 @ 100) (c)	2,310	2,418
South Carolina Pub. Svc. Auth. Rev.:
Series 2014 C, 5% 12/1/23 (Escrowed to Maturity)	4,890	4,979
Series 2015 A, 5% 12/1/25	1,000	1,041
Series 2021 A:
5% 12/1/26	670	713
5% 12/1/27	750	807
Series 2021 B:
5% 12/1/24	1,400	1,448
5% 12/1/25	500	525
5% 12/1/26	500	532
5% 12/1/27	450	484
5% 12/1/28	800	869
Series A, 5% 12/1/23 (Escrowed to Maturity)	2,995	3,050
TOTAL SOUTH CAROLINA		31,402
Tennessee - 1.6%
Metropolitan Nashville Arpt. Auth. Rev. Series 2019 B:
5% 7/1/26 (c)	2,000	2,098
5% 7/1/27 (c)	2,435	2,585
5% 7/1/28 (c)	3,125	3,341
5% 7/1/29 (c)	3,800	4,078
5% 7/1/30 (c)	3,000	3,248
Nashville and Davidson County Metropolitan Govt. Gen. Oblig. Series 2022 B, 4% 1/1/26	8,000	8,309
Tennergy Corp. Gas Rev. Bonds Series 2019 A, 5%, tender 10/1/24 (b)	11,590	11,759
Tennessee Energy Acquisition Corp. Bonds (Gas Rev. Proj.) Series A, 4%, tender 5/1/23 (b)	6,040	6,050
Tennessee Gen. Oblig. Series 2015 A, 5% 8/1/28 (Pre-Refunded to 8/1/25 @ 100)	2,000	2,118
Tennessee Hsg. Dev. Agcy. Residential Series 2021 3A, 3% 1/1/52	1,655	1,601
TOTAL TENNESSEE		45,187
Texas - 11.6%
Aledo Independent School District Series 2015, 0% 2/15/24	1,195	1,153
Austin Arpt. Sys. Rev.:
Series 2019 B:
5% 11/15/23 (c)	620	629
5% 11/15/24 (c)	675	696
5% 11/15/25 (c)	650	679
Series 2019, 5% 11/15/24 (c)	2,500	2,579
Birdville Independent School District Series 2021, 5% 2/15/26	800	856
Central Reg'l. Mobility Auth.:
Series 2016:
5% 1/1/24	3,295	3,361
5% 1/1/26	2,800	2,943
Series 2020 F, 5% 1/1/25	4,455	4,571
Series 2021 C, 5% 1/1/27	6,865	7,208
City of Denton Series 2020 A, 5% 2/15/26	1,025	1,097
Clear Creek Independent School District Bonds Series 2021 B, 0.28%, tender 8/15/24 (b)	4,370	4,123
Clint Independent School District Series 2015 A, 5% 2/15/26	1,600	1,672
Collin County Series 2020, 5% 2/15/26	1,040	1,113
Comal County Series 2017, 4% 2/1/26	1,780	1,848
Cypress-Fairbanks Independent School District:
Bonds:
Series 2015 B1, 0.28%, tender 8/15/24 (b)	6,405	6,129
Series 2015 B2, 0.28%, tender 8/15/24 (b)	10,080	9,646
Series 2020 A, 5% 2/15/25	1,330	1,393
Dallas Fort Worth Int'l. Arpt. Rev.:
Series 2014 A, 5.25% 11/1/27 (c)	1,175	1,190
Series 2014 D, 5% 11/1/23 (c)	1,905	1,928
Series 2020 A, 5% 11/1/26	2,595	2,808
Dallas Gen. Oblig. Series 2018, 5% 2/15/25	2,060	2,156
Dallas Independent School District Series 2021, 4% 2/15/25	1,835	1,879
Denton Independent School District:
Bonds Series 2014 B:
2%, tender 8/1/24 (b)	265	262
2%, tender 8/1/24 (b)	3,085	3,008
Series 2016, 0% 8/15/25	1,610	1,496
El Paso Independent School District Series 2020:
5% 8/15/23	500	506
5% 8/15/24	650	673
Fort Bend Independent School District Bonds:
Series 2020 B, 0.875%, tender 8/1/25 (b)	9,565	8,936
Series 2021 B, 0.72%, tender 8/1/26 (b)	3,035	2,699
Fort Worth Gen. Oblig. Series 2020, 5% 3/1/26	3,800	4,070
Fort Worth Independent School District Series 2019 B, 5% 2/15/25	1,805	1,892
Goose Creek Consolidated Independent School District Bonds Series 2021 B, 0.6%, tender 8/17/26 (b)	3,500	3,208
Hallsville Independent School District Series 2020, 5% 2/15/30	1,000	1,128
Harris County Cultural Ed. Facilities Fin. Corp. Med. Facilities Rev. Series 2016, 5% 11/15/25	1,500	1,575
Harris County Cultural Ed. Facilities Fin. Corp. Rev.:
Bonds:
Series 2019 B, 5%, tender 12/1/26 (b)	6,545	6,993
Series 2020 A, 0.9%, tender 5/15/25 (b)	1,850	1,714
Series 2020 C, 5%, tender 12/1/26 (b)	7,000	7,479
Series 2014 A, 5% 12/1/26	1,085	1,126
Hays Consolidated Independent School District Series 2022:
5% 2/15/27	650	709
5% 2/15/28	650	722
5% 2/15/29	1,000	1,130
Houston Arpt. Sys. Rev.:
Series 2018 A:
5% 7/1/23 (c)	750	755
5% 7/1/25 (c)	1,550	1,609
Series 2018 C:
5% 7/1/23 (c)	1,500	1,509
5% 7/1/26 (c)	500	526
5% 7/1/27 (c)	905	961
Series 2020 B, 5% 7/1/26	2,250	2,420
Houston Gen. Oblig. Series 2017 A, 5% 3/1/27	1,545	1,680
Houston Independent School District Bonds Series 2014 A, 4%, tender 6/1/23 (b)	6,270	6,285
Kilgore Independent School District Series 2020, 5% 2/15/26	1,075	1,149
Love Field Arpt. Modernization Rev.:
Series 2015:
5% 11/1/23 (c)	2,125	2,150
5% 11/1/26 (c)	1,075	1,121
5% 11/1/30 (c)	1,960	2,026
Series 2021:
5% 11/1/23 (c)	895	906
5% 11/1/24 (c)	2,615	2,691
5% 11/1/25 (c)	3,920	4,075
5% 11/1/26 (c)	2,845	2,985
5% 11/1/27 (c)	2,885	3,048
5% 11/1/28 (c)	11,150	11,863
5% 11/1/29 (c)	11,705	12,525
Lower Colorado River Auth. Rev.:
(LCRA Transmission Svcs. Corp. Proj.) Series 2021, 5% 5/15/25	1,315	1,373
Series 2022:
5% 5/15/25 (Assured Guaranty Muni. Corp. Insured)	1,670	1,744
5% 5/15/26 (Assured Guaranty Muni. Corp. Insured)	1,805	1,934
5% 5/15/27 (Assured Guaranty Muni. Corp. Insured)	1,385	1,509
Lubbock Elec. Lt. & Pwr. Sys. Rev. Series 2021, 5% 4/15/27	1,450	1,574
Mansfield Independent School District Series 2016, 5% 2/15/24	4,185	4,285
McKinney Independent School District Series 2021:
5% 2/15/26	1,245	1,333
5% 2/15/27	1,300	1,419
Midlothian Independent School District Bonds Series 2013 C, 2%, tender 8/1/24 (b)	1,645	1,606
Midway Independent School District Series 2021, 4% 8/1/27	1,425	1,500
Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2018, 4.035%, tender 7/1/24 (b)(c)	8,320	8,068
New Caney Independent School District Bonds Series 2018, 1.25%, tender 8/15/24 (b)	7,200	6,949
Newark Higher Ed. Fin. Corp. (Abilene Christian Univ. Proj.) Series 2016 A, 5% 4/1/26	2,425	2,555
North East Texas Independent School District Bonds Series 2019, 2.2%, tender 8/1/24 (b)	2,345	2,304
North Texas Tollway Auth. Rev.:
Series 2019 B, 5% 1/1/25	1,435	1,489
Series 2021 B, 5% 1/1/29	1,970	2,168
Northside Independent School District Bonds:
Series 2019, 1.6%, tender 8/1/24 (b)	7,720	7,476
Series 2020, 0.7%, tender 6/1/25 (b)	9,665	9,109
Pasadena Independent School District Bonds Series 2015 B, 1.5%, tender 8/15/24 (b)	6,615	6,469
Pearland Gen. Oblig. Series 2020, 5% 3/1/24	715	732
Pflugerville Independent School District Bonds Series 2019 B, 2.5%, tender 8/15/23 (b)	1,480	1,467
Pharr San Juan Alamo Independent School District Series 2016, 5% 2/1/26	1,130	1,181
Plano Wtrwks. & Swr. Sys. Rev. Series 2021, 4% 5/1/28	1,110	1,185
Prosper Independent School District:
Bonds Series 2019 B, 2%, tender 8/15/23 (b)	10,000	9,894
Series 2021 A, 5% 2/15/26	1,015	1,087
San Antonio Arpt. Sys. Rev. Series 2019 A:
5% 7/1/23 (c)	555	559
5% 7/1/23 (c)	505	508
5% 7/1/24 (c)	1,750	1,790
5% 7/1/24 (c)	1,000	1,023
5% 7/1/25 (c)	1,250	1,297
5% 7/1/25 (c)	1,350	1,398
5% 7/1/26 (c)	1,500	1,578
5% 7/1/26 (c)	1,460	1,530
San Antonio Elec. & Gas Sys. Rev. Bonds:
Series 2015 D, 1.125%, tender 12/1/26 (b)	10,810	9,496
Series 2022, 2%, tender 12/1/27 (b)	3,145	2,951
Tarrant County College Series 2022, 5% 8/15/27	3,000	3,299
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.:
(Scott & White Healthcare Proj.) Series 2013 A, 5% 8/15/23 (Escrowed to Maturity)	980	992
Bonds (Baylor Scott & White Health Proj.) Series 2022 E, 5%, tender 5/15/26 (b)	4,490	4,740
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev.:
Series 2016 A, 5% 2/15/26	1,465	1,557
Series 2017 A, 5% 2/15/24	1,955	1,998
Tarrant Reg'l. Wtr. District (City of Dallas Proj.) Series 2021 A, 4% 9/1/25	2,815	2,912
Texas Gen. Oblig. Series 2020 B:
3% 8/1/25 (c)	4,610	4,590
3% 8/1/26 (c)	4,845	4,786
4% 8/1/27 (c)	5,085	5,277
Texas Trans. Commission Hwy. Impt. Gen. Oblig. Bonds Series 2014 B, 0.65%, tender 4/1/26 (b)	15,910	14,481
Texas Wtr. Dev. Board Rev. Series 2016:
4% 10/15/30	4,600	4,817
5% 4/15/29	7,500	8,131
Wichita Falls Independent School District Series 2021:
4% 2/1/25	600	615
4% 2/1/26	850	882
4% 2/1/27	1,100	1,148
4% 2/1/28	900	946
TOTAL TEXAS		334,978
Utah - 0.6%
Salt Lake City Arpt. Rev.:
Series 2017 A, 5% 7/1/27 (c)	510	541
Series 2018 A, 5% 7/1/26 (c)	2,550	2,678
Series 2021 B:
5% 7/1/24	250	257
5% 7/1/25	530	555
5% 7/1/26	1,150	1,227
5% 7/1/27	750	813
Utah County Hosp. Rev. Bonds Series 2020 B2, 5%, tender 8/1/26 (b)	10,605	11,291
TOTAL UTAH		17,362
Vermont - 0.2%
Vermont Hsg. Fin. Agcy. Series 2021 B, 3% 11/1/51	1,924	1,841
Vermont Student Assistant Corp. Ed. Ln. Rev.:
Series 2017 A:
5% 6/15/26 (c)	1,045	1,096
5% 6/15/27 (c)	560	593
Series 2021 A:
5% 6/15/27 (c)	350	371
5% 6/15/28 (c)	425	450
5% 6/15/29 (c)	400	426
TOTAL VERMONT		4,777
Virginia - 0.7%
Arlington County IDA Hosp. Facilities Series 2020, 5% 7/1/25	500	522
Fredericksburg Econ. Dev. Auth. Rev. Series 2014, 5% 6/15/24	2,290	2,346
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2008 B, 0.75%, tender 9/2/25 (b)	6,750	6,118
Norfolk Arpt. Auth. Series 2021 A:
5% 7/1/27	750	813
5% 7/1/28	1,000	1,100
Stafford County Econ. Dev. Auth. Hosp. Facilities Rev. Series 2016:
5% 6/15/24	1,185	1,214
5% 6/15/25	980	1,023
5% 6/15/26	1,680	1,779
Virginia Pub. School Auth. Series 2014 B, 5% 8/1/24	1,000	1,035
Wise County Indl. Dev. Auth. Waste & Sewage Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.):
Series 2009 A, 0.75%, tender 9/2/25 (b)	3,000	2,719
Series 2010 A, 1.2%, tender 5/31/24 (b)	1,725	1,646
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.9%, tender 6/1/23 (b)	800	791
TOTAL VIRGINIA		21,106
Washington - 2.7%
King County Hsg. Auth. Rev.:
Series 2019:
4% 11/1/24	1,075	1,094
4% 11/1/25	1,260	1,297
4% 11/1/30	1,575	1,649
Series 2021:
2% 12/1/23	775	764
3% 6/1/25	830	827
4% 12/1/28	375	388
4% 12/1/30	575	591
4% 12/1/31	450	462
King County Swr. Rev. Bonds Series 2020 B, 0.875%, tender 1/1/26 (b)	21,845	19,990
Port of Seattle Rev.:
Series 2013, 5% 7/1/24 (c)	775	781
Series 2015 B, 5% 3/1/25	450	465
Series 2016 B, 5% 10/1/23 (c)	2,965	3,006
Series 2019:
5% 4/1/23 (c)	1,985	1,991
5% 4/1/24 (c)	3,035	3,090
5% 4/1/25 (c)	2,700	2,795
Series 2021 C:
5% 8/1/24 (c)	5,290	5,415
5% 8/1/25 (c)	2,660	2,769
5% 8/1/26 (c)	3,655	3,850
5% 8/1/27 (c)	2,260	2,404
5% 8/1/28 (c)	6,320	6,775
Seattle Hsg. Auth. Rev. (Northgate Plaza Proj.) Series 2021, 1% 6/1/26	1,545	1,405
Tacoma Elec. Sys. Rev. Series 2017:
5% 1/1/25	660	689
5% 1/1/26	390	416
Washington Gen. Oblig. Series 2018 C, 5% 8/1/25	2,015	2,136
Washington Health Care Facilities Auth. Rev.:
(Virginia Mason Med. Ctr. Proj.) Series 2017:
5% 8/15/25	1,450	1,496
5% 8/15/26	2,560	2,673
5% 8/15/27	2,425	2,559
Bonds Series 2019 B, 5%, tender 8/1/24 (b)	4,575	4,639
Washington Hsg. Fin. Commission Series 2021 2N:
5% 12/1/25	915	969
5% 6/1/27	500	542
TOTAL WASHINGTON		77,927
West Virginia - 0.2%
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds (Appalachian Pwr. Co. Amos Proj.) Series 2011 A, 1%, tender 9/1/25 (b)(c)	5,650	5,202
West Virginia Gen. Oblig. Series 2018 A, 5% 6/1/26	1,075	1,159
TOTAL WEST VIRGINIA		6,361
Wisconsin - 1.1%
Blue Ridge Healthcare Pub. Fin. Auth. Series 2020 A, 5% 1/1/27	1,085	1,151
Milwaukee County Arpt. Rev. Series 2013 A, 5.25% 12/1/23 (c)	1,505	1,529
Milwaukee Gen. Oblig. Series 2018 N4, 5% 4/1/25	7,860	8,182
Roseman Univ. of Health Series 2018 A, 5% 12/1/27	925	949
Wisconsin Gen. Oblig. Series 2014 4, 5% 5/1/25	575	599
Wisconsin Health & Edl. Facilities Bonds:
Series 2018 B, 5%, tender 1/31/24 (b)	8,810	8,980
Series 2018 C1, 5%, tender 7/29/26 (b)	1,210	1,286
Series 2020 C, 5%, tender 2/15/27 (b)	5,000	5,224
Wisconsin Hsg. & Econ. Dev. Auth.:
Series 2021 A, 3% 3/1/52	1,485	1,438
Series 2021 C, 3% 9/1/52	2,210	2,137
Wisconsin Hsg. & Econ. Dev. Auth. Hsg. Rev. Bonds Series 2021 C:
0.61%, tender 5/1/24 (b)	400	381
0.81%, tender 5/1/25 (b)	1,335	1,258
TOTAL WISCONSIN		33,114
Wyoming - 0.0%
Laramie County Hosp. Rev. (Cheyenne Reg'l. Med. Ctr. Proj.) Series 2021, 4% 5/1/27	370	384
TOTAL MUNICIPAL BONDS (Cost $2,969,012)		2,841,292

Money Market Funds - 0.2%
	Shares	Value ($) (000s)
Fidelity Municipal Cash Central Fund 3.72% (f)(g) (Cost $3,873)	3,872,235	3,873

TOTAL INVESTMENT IN SECURITIES - 98.8% (Cost $2,972,885)	2,845,165
NET OTHER ASSETS (LIABILITIES) - 1.2%	35,612
NET ASSETS - 100.0%	2,880,777

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

Legend

(a)	Amount is stated in United States dollars unless otherwise noted.

(b)	Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

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

(d)

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 $23,130,000 or 0.8% of net assets.

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

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

Affiliated Central Funds

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

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Municipal Cash Central Fund 3.72%	23,947	1,112,267	1,132,341	750	2	(2)	3,873	0.2%
Total	23,947	1,112,267	1,132,341	750	2	(2)	3,873

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

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

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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

Municipal Securities	2,841,292	-	2,841,292	-

Money Market Funds	3,873	3,873	-	-
Total Investments in Securities:	2,845,165	3,873	2,841,292	-

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)			December 31, 2022

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $2,969,012)	$2,841,292
Fidelity Central Funds (cost $3,873)	3,873

Total Investment in Securities (cost $2,972,885)		$	2,845,165
Cash			15,858
Receivable for fund shares sold			6,147
Interest receivable			32,191
Distributions receivable from Fidelity Central Funds			85
Prepaid expenses			3
Receivable from investment adviser for expense reductions			247
Other receivables			1
Total assets			2,899,697
Liabilities
Payable for investments purchased on a delayed delivery basis	$4,345
Payable for fund shares redeemed	12,398
Distributions payable	955
Accrued management fee	838
Distribution and service plan fees payable	41
Other affiliated payables	278
Other payables and accrued expenses	65
Total Liabilities			18,920
Net Assets		$	2,880,777
Net Assets consist of:
Paid in capital		$	3,021,015
Total accumulated earnings (loss)			(140,238)
Net Assets		$	2,880,777

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($156,293 ÷ 15,379 shares) (a)		$	10.16
Maximum offering price per share (100/97.25 of $10.16)		$	10.45
Class M :
Net Asset Value and redemption price per share ($8,849 ÷ 872 shares) (a)(b)		$	10.14
Maximum offering price per share (100/97.25 of $10.14)		$	10.43
Class C :
Net Asset Value and offering price per share ($7,931 ÷ 782 shares) (a)		$	10.14
Limited Term Municipal Income :
Net Asset Value , offering price and redemption price per share ($2,006,296 ÷ 197,758 shares)		$	10.15
Class I :
Net Asset Value , offering price and redemption price per share ($343,244 ÷ 33,816 shares)		$	10.15
Class Z :
Net Asset Value , offering price and redemption price per share ($358,164 ÷ 35,289 shares)		$	10.15
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.

Statement of Operations
Amounts in thousands				Year ended December 31, 2022
Investment Income
Interest			$	52,556
Income from Fidelity Central Funds				750
Total Income				53,306
Expenses
Management fee	$	10,799
Transfer agent fees		3,052
Distribution and service plan fees		564
Accounting fees and expenses		535
Custodian fees and expenses		31
Independent trustees' fees and expenses		10
Registration fees		265
Audit		63
Legal		3
Miscellaneous		12
Total expenses before reductions		15,334
Expense reductions		(3,513)
Total expenses after reductions				11,821
Net Investment income (loss)				41,485
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(12,226)
Fidelity Central Funds		2
Total net realized gain (loss)				(12,224)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(192,392)
Fidelity Central Funds		(2)
Total change in net unrealized appreciation (depreciation)				(192,394)
Net gain (loss)				(204,618)
Net increase (decrease) in net assets resulting from operations			$	(163,133)

Statement of Changes in Net Assets

Amount in thousands		Year ended December 31, 2022		Year ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	41,485	$	43,818
Net realized gain (loss)		(12,224)		1,386
Change in net unrealized appreciation (depreciation)		(192,394)		(34,432)
Net increase (decrease) in net assets resulting from operations		(163,133)		10,772
Distributions to shareholders		(41,781)		(45,557)
Share transactions - net increase (decrease)		(583,612)		384,852
Total increase (decrease) in net assets		(788,526)		350,067

Net Assets
Beginning of period		3,669,303		3,319,236
End of period	$	2,880,777	$	3,669,303

Financial Highlights

Fidelity Advisor® Limited Term Municipal Income Fund Class A

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	10.79	$	10.89	$	10.72	$	10.49	$	10.53
Income from Investment Operations
Net investment income (loss) A,B		.109		.102		.141		.150		.135
Net realized and unrealized gain (loss)		(.629)		(.094)		.183		.250		(.038)
Total from investment operations		(.520)		.008		.324		.400		.097
Distributions from net investment income		(.110)		(.103)		(.142)		(.150)		(.135)
Distributions from net realized gain		-		(.005)		(.012)		(.020)		(.002)
Total distributions		(.110)		(.108)		(.154)		(.170)		(.137)
Net asset value, end of period	$	10.16	$	10.79	$	10.89	$	10.72	$	10.49
Total Return C,D		(4.82)%		.07%		3.04%		3.83%		.93%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.80%		.80%		.80%		.80%		.81%
Expenses net of fee waivers, if any		.66%		.66%		.66%		.78%		.81%
Expenses net of all reductions		.66%		.66%		.66%		.78%		.81%
Net investment income (loss)		1.06%		.94%		1.31%		1.41%		1.28%
Supplemental Data
Net assets, end of period (in millions)	$	156	$	223	$	202	$	180	$	155
Portfolio turnover rate G		20%		20%		19%		43%		27% H

A Calculated based on average shares outstanding during the period.

B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

D Total returns do not include the effect of the sales charges.

E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

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

H Portfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Limited Term Municipal Income Fund Class M

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	10.77	$	10.87	$	10.70	$	10.47	$	10.51
Income from Investment Operations
Net investment income (loss) A,B		.110		.104		.142		.154		.139
Net realized and unrealized gain (loss)		(.629)		(.095)		.182		.250		(.038)
Total from investment operations		(.519)		.009		.324		.404		.101
Distributions from net investment income		(.111)		(.104)		(.142)		(.154)		(.139)
Distributions from net realized gain		-		(.005)		(.012)		(.020)		(.002)
Total distributions		(.111)		(.109)		(.154)		(.174)		(.141)
Net asset value, end of period	$	10.14	$	10.77	$	10.87	$	10.70	$	10.47
Total Return C,D		(4.82)%		.08%		3.06%		3.88%		.98%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.72%		.72%		.74%		.75%		.76%
Expenses net of fee waivers, if any		.65%		.65%		.65%		.74%		.76%
Expenses net of all reductions		.65%		.65%		.65%		.74%		.76%
Net investment income (loss)		1.07%		.95%		1.32%		1.45%		1.33%
Supplemental Data
Net assets, end of period (in millions)	$	9	$	8	$	10	$	12	$	15
Portfolio turnover rate G		20%		20%		19%		43%		27% H

A Calculated based on average shares outstanding during the period.

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

D Total returns do not include the effect of the sales charges.

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

H Portfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Limited Term Municipal Income Fund Class C

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	10.77	$	10.87	$	10.70	$	10.47	$	10.51
Income from Investment Operations
Net investment income (loss) A,B		.035		.024		.064		.072		.057
Net realized and unrealized gain (loss)		(.629)		(.094)		.182		.250		(.038)
Total from investment operations		(.594)		(.070)		.246		.322		.019
Distributions from net investment income		(.036)		(.025)		(.064)		(.072)		(.057)
Distributions from net realized gain		-		(.005)		(.012)		(.020)		(.002)
Total distributions		(.036)		(.030)		(.076)		(.092)		(.059)
Net asset value, end of period	$	10.14	$	10.77	$	10.87	$	10.70	$	10.47
Total Return C,D		(5.51)%		(.65)%		2.31%		3.08%		.19%
Ratios to Average Net Assets B,E,F
Expenses before reductions		1.50%		1.51%		1.52%		1.54%		1.55%
Expenses net of fee waivers, if any		1.38%		1.38%		1.38%		1.52%		1.55%
Expenses net of all reductions		1.38%		1.38%		1.38%		1.52%		1.54%
Net investment income (loss)		.34%		.22%		.59%		.67%		.55%
Supplemental Data
Net assets, end of period (in millions)	$	8	$	10	$	15	$	20	$	32
Portfolio turnover rate G		20%		20%		19%		43%		27% H

A Calculated based on average shares outstanding during the period.

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

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

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

H Portfolio turnover rate excludes securities received or delivered in-kind.

Fidelity® Limited Term Municipal Income Fund

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	10.77	$	10.87	$	10.70	$	10.47	$	10.51
Income from Investment Operations
Net investment income (loss) A,B		.139		.134		.172		.185		.170
Net realized and unrealized gain (loss)		(.619)		(.095)		.182		.250		(.038)
Total from investment operations		(.480)		.039		.354		.435		.132
Distributions from net investment income		(.140)		(.134)		(.172)		(.185)		(.170)
Distributions from net realized gain		-		(.005)		(.012)		(.020)		(.002)
Total distributions		(.140)		(.139)		(.184)		(.205)		(.172)
Net asset value, end of period	$	10.15	$	10.77	$	10.87	$	10.70	$	10.47
Total Return C		(4.46)%		.36%		3.34%		4.18%		1.28%
Ratios to Average Net Assets B,D,E
Expenses before reductions		.47%		.46%		.46%		.46%		.46%
Expenses net of fee waivers, if any		.37%		.37%		.37%		.45%		.46%
Expenses net of all reductions		.37%		.37%		.37%		.45%		.46%
Net investment income (loss)		1.35%		1.23%		1.60%		1.74%		1.63%
Supplemental Data
Net assets, end of period (in millions)	$	2,006	$	2,565	$	2,420	$	2,245	$	2,393
Portfolio turnover rate F		20%		20%		19%		43%		27% G

A Calculated based on average shares outstanding during the period.

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

D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

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

G Portfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Limited Term Municipal Income Fund Class I

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	10.78	$	10.88	$	10.71	$	10.48	$	10.51
Income from Investment Operations
Net investment income (loss) A,B		.139		.133		.172		.178		.162
Net realized and unrealized gain (loss)		(.629)		(.094)		.183		.250		(.028)
Total from investment operations		(.490)		.039		.355		.428		.134
Distributions from net investment income		(.140)		(.134)		(.173)		(.178)		(.162)
Distributions from net realized gain		-		(.005)		(.012)		(.020)		(.002)
Total distributions		(.140)		(.139)		(.185)		(.198)		(.164)
Net asset value, end of period	$	10.15	$	10.78	$	10.88	$	10.71	$	10.48
Total Return C		(4.55)%		.36%		3.34%		4.11%		1.29%
Ratios to Average Net Assets B,D,E
Expenses before reductions		.55%		.54%		.55%		.54%		.54%
Expenses net of fee waivers, if any		.37%		.37%		.37%		.51%		.54%
Expenses net of all reductions		.37%		.37%		.37%		.51%		.54%
Net investment income (loss)		1.35%		1.23%		1.60%		1.68%		1.55%
Supplemental Data
Net assets, end of period (in millions)	$	343	$	420	$	335	$	276	$	269
Portfolio turnover rate F		20%		20%		19%		43%		27% G

A Calculated based on average shares outstanding during the period.

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

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

G Portfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Limited Term Municipal Income Fund Class Z

Years ended December 31,		2022		2021		2020		2019		2018 A
Selected Per-Share Data
Net asset value, beginning of period	$	10.77	$	10.87	$	10.71	$	10.48	$	10.41
Income from Investment Operations
Net investment income (loss) B,C		.145		.140		.178		.189		.048
Net realized and unrealized gain (loss)		(.619)		(.094)		.173		.250		.067
Total from investment operations		(.474)		.046		.351		.439		.115
Distributions from net investment income		(.146)		(.141)		(.179)		(.189)		(.045)
Distributions from net realized gain		-		(.005)		(.012)		(.020)		-
Total distributions		(.146)		(.146)		(.191)		(.209)		(.045)
Net asset value, end of period	$	10.15	$	10.77	$	10.87	$	10.71	$	10.48
Total Return D,E		(4.40)%		.42%		3.31%		4.22%		1.11%
Ratios to Average Net Assets C,F,G
Expenses before reductions		.43%		.42%		.43%		.43%		.43% H
Expenses net of fee waivers, if any		.31%		.31%		.31%		.40%		.43% H
Expenses net of all reductions		.31%		.31%		.31%		.40%		.43% H
Net investment income (loss)		1.41%		1.29%		1.66%		1.79%		1.78% H
Supplemental Data
Net assets, end of period (in millions)	$	358	$	444	$	336	$	214	$	28
Portfolio turnover rate I		20%		20%		19%		43%		27% J

A For the period October 2, 2018 (commencement of sale of shares) through December 31, 2018.

B Calculated based on average shares outstanding during the period.

C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

H Annualized.

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

J Portfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements

For the period ended December 31, 2022

( Amounts in thousands except percentages)

1. Organization.

Fidelity Limited Term Municipal Income Fund (the Fund) is a fund of Fidelity Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Limited Term Municipal Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2022 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

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

The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

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

Gross unrealized appreciation	$1,063
Gross unrealized depreciation	(128,719)
Net unrealized appreciation (depreciation)	$(127,656)
Tax Cost	$2,972,821

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

Capital loss carryforward	$(12,202)
Net unrealized appreciation (depreciation) on securities and other investments	$(127,656)

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

Short-term	$(6,323)
Long-term	(5,879)
Total capital loss carryforward	$(12,202)

The tax character of distributions paid was as follows:

	December 31, 2022	December 31, 2021
Tax-exempt Income	$41,781	$43,829
Long-term Capital Gains	-	1,728
Total	$41,781	$ 45,557

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

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Limited Term Municipal Income Fund	619,933	1,132,925

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .35% of the Fund's average net assets.

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

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.25%	$454	$53
Class M	- %	.25%	19	- B
Class C	.75%	.25%	91	13
			$564	$66

B Amount represents less than five hundred dollars.

Sales Load. FDC may receive a front-end sales charge of up to 2.75% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, .75% or .50% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

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

	Retained by FDC
Class A	$6
Class M	1
Class C A	- B
	$7

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

B Amount represents less than five hundred dollars.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Class A	$320	.18
Class M	7	.10
Class C	11	.12
Limited Term Municipal Income	1,900	.09
Class I	605	.17
Class Z	209	.05
	$3,052

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

	% of Average Net Assets
Fidelity Limited Term Municipal Income Fund	.02

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Limited Term Municipal Income Fund	-	60,706	1

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity Limited Term Municipal Income Fund	$6

7. Expense Reductions.

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through April 30, 2024. Some expenses, for example the compensation of the independent Trustees and certain other expenses such as interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class A	.66%	$261
Class M	.65%	5
Class C	1.38%	11
Limited Term Municipal Income	.37%	2,055
Class I	.37%	631
Class Z	.31%	490
		$3,453

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $3.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $57.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2022	Year ended December 31, 2021
Fidelity Limited Term Municipal Income Fund
Distributions to shareholders
Class A	$1,933	$2,205
Class M	82	84
Class C	32	33
Limited Term Municipal Income	28,885	33,020
Class I	4,897	5,002
Class Z	5,952	5,213
Total	$41,781	$45,557

9. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2022	Year ended December 31, 2021	Year ended December 31, 2022	Year ended December 31, 2021
Fidelity Limited Term Municipal Income Fund
Class A
Shares sold	6,044	8,243	$61,982	$89,569
Reinvestment of distributions	180	195	1,849	2,111
Shares redeemed	(11,521)	(6,349)	(118,312)	(68,892)
Net increase (decrease)	(5,297)	2,089	$(54,481)	$22,788
Class M
Shares sold	300	115	$3,052	$1,245
Reinvestment of distributions	7	7	76	78
Shares redeemed	(148)	(295)	(1,516)	(3,195)
Net increase (decrease)	159	(173)	$1,612	$(1,872)
Class C
Shares sold	403	315	$4,152	$3,423
Reinvestment of distributions	3	3	28	30
Shares redeemed	(515)	(839)	(5,255)	(9,102)
Net increase (decrease)	(109)	(521)	$(1,075)	$(5,649)
Limited Term Municipal Income
Shares sold	112,135	90,381	$1,145,791	$980,282
Reinvestment of distributions	2,045	2,180	20,907	23,610
Shares redeemed	(154,578)	(77,064)	(1,584,880)	(834,331)
Net increase (decrease)	(40,398)	15,497	$(418,182)	$169,561
Class I
Shares sold	31,496	18,053	$322,175	$195,847
Reinvestment of distributions	441	428	4,514	4,637
Shares redeemed	(37,086)	(10,350)	(379,632)	(112,152)
Net increase (decrease)	(5,149)	8,131	$(52,943)	$88,332
Class Z
Shares sold	40,549	18,531	$414,776	$200,944
Reinvestment of distributions	402	356	4,114	3,852
Shares redeemed	(46,884)	(8,593)	(477,433)	(93,104)
Net increase (decrease)	(5,933)	10,294	$(58,543)	$111,692

10. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

11. Risk and Uncertainties.

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

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Limited Term Municipal Income Fund (one of the funds constituting Fidelity Municipal Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 295 funds.

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

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

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

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

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

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

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

Interested Trustees*:

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

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

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

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

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

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

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

Independent Trustees:

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

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

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

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

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

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

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

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

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

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Mr. Johnson also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

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

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

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

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

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

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio- A	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Expenses Paid During Period- C July 1, 2022 to December 31, 2022
Fidelity® Limited Term Municipal Income Fund
Class A	.66%
Actual		$ 1,000	$ 998.00	$ 3.32
Hypothetical- B		$ 1,000	$ 1,021.88	$ 3.36
Class M	.65%
Actual		$ 1,000	$ 998.00	$ 3.27
Hypothetical- B		$ 1,000	$ 1,021.93	$ 3.31
Class C	1.38%
Actual		$ 1,000	$ 994.40	$ 6.94
Hypothetical- B		$ 1,000	$ 1,018.25	$ 7.02
Fidelity® Limited Term Municipal Income Fund	.37%
Actual		$ 1,000	$ 1,000.40	$ 1.87
Hypothetical- B		$ 1,000	$ 1,023.34	$ 1.89
Class I	.37%
Actual		$ 1,000	$ 1,000.40	$ 1.87
Hypothetical- B		$ 1,000	$ 1,023.34	$ 1.89
Class Z	.31%
Actual		$ 1,000	$ 1,000.70	$ 1.56
Hypothetical- B		$ 1,000	$ 1,023.64	$ 1.58

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

B 5% return per year before expenses

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

Distributions (Unaudited)

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

During fiscal year ended 2022, 100% of the fund's income dividends were free from federal income tax, and 22.52% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Limited Term Municipal Income Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class); (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided . The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also receives and considers information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to appropriate peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the representative class (the retail class) and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio . The Board considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of the total expense ratio of the representative class (the retail class) of the fund, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the total net expense ratio of the retail class ranked below the similar sales load structure group competitive median for 2021 and below the ASPG competitive median for 2021.

The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 0.66%, 0.65%, 1.38%, 0.37%, 0.31%, and 0.37% through April 30, 2023.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board also considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

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

Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.

1.536709.126

STM-ANN-0323

Fidelity® Conservative Income Municipal Bond Fund

Annual Report

December 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2022	Past 1 year	Past 5 years	Life of Fund A
Fidelity® Conservative Income Municipal Bond Fund	0.17%	0.85%	0.69%
Institutional Class	0.27%	0.95%	0.79%

A From October 15, 2013

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Conservative Income Municipal Bond Fund, a class of the fund, on October 15, 2013, when the fund started.

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

Management's Discussion of Fund Performance

Market Recap:

Tax-exempt municipal bonds notably declined in 2022, as a multitude of crosscurrents challenged the global economy and financial markets. The Bloomberg Municipal Bond Index returned -8.53% for the year, its third-worst annual return on record. In late 2021, the Federal Reserve began its pivot to a tighter monetary policy, tapering the large-scale asset purchases it restarted in 2020 amid the COVID-19 pandemic. In early 2022, the Fed, faced with persistent inflationary pressure, began implementing an aggressive series of rate hikes, raising its benchmark interest rate seven times, by a total of 4.25 percentage points, between March and December. This helped push municipal bond yields to their highest level in more than a decade. Muni bond prices, which move inversely to yields, fell sharply. Credit spreads significantly widened, as investors demanded more yield for lower-quality munis as recession risk increased. In November and December, the tax-exempt market staged a rally when comments by Fed Chair Jerome Powell pointed to a slowdown in the pace of rate hikes and inflation data moderated. Favorable supply and demand dynamics also helped amid muted muni bond issuance and increased pockets of demand. Muni tax-backed credit fundamentals remained solid throughout the year and, for the most part, the risk of credit-rating downgrades appeared low. Shorter-duration (lower sensitivity to changes in interest rates) and higher-credit-quality munis performed best for the year.

Comments from Co-Portfolio Managers Elizah McLaughlin, Ryan Brogran and Michael Maka:

For the fiscal year ending December 31, 2022, the fund's share classes (excluding sales charges, if any) had gains from about 0.2% to about 0.3%, roughly in line with the 0.01% result of the Composite index, an equal-weighted blend of the benchmark, the Bloomberg Municipal Bond 1 Year (1-2Y) Index, and the iMoneyNet Tax-Free National Retail Blend Index. The past 12 months, we continued to focus on longer-term objectives and sought to generate attractive tax-exempt income and a competitive risk-adjusted return. Versus the Composite index, the fund's duration (interest rate) positioning contributed to performance. The fund had less sensitivity to interest rates, as measured by its shorter duration, than the index and therefore was hurt less as interest rates rose. An overweight to variable-rate securities also contributed to relative performance, given that these securities outperformed fixed-rate securities for most of the year amid rising interest rates. In contrast, an overweight in lower-rated, investment-grade bonds was a key detractor, as they lagged the Composite index as credit spreads widened. Larger-than-index exposure to industrial development securities and gas pre-pay bonds, two segments that trailed the index, detracted as well. Relative performance also was crimped by the fund's exposure to bonds with a mandatory tender structure, which lagged the index. Differences in the way fund holdings and index components were priced further hindered relative performance.

Investment Summary December 31, 2022 (Unaudited)

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

Texas	12.0
California	10.4
Illinois	8.3
New York	7.8
Georgia	5.2

Revenue Sources (% of Fund's net assets)
Synthetics	30.2%
Industrial Development	12.8%
General Obligations	12.6%
Resource Recovery	7.4%
State G.O.	7.2%
Transportation	7.0%
Electric Utilities	6.9%
Others* (Individually Less Than 5%)	15.9%
	100.0%

*Includes net other assets

Quality Diversification (% of Fund's net assets)

Maturity Diversification (% of Fund's Investments)
Days
1 - 7	44.6
8 - 30	4.7
31 - 60	11.6
61 - 90	0.7
91 - 180	6.8
> 180	31.6
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

Schedule of Investments December 31, 2022

Showing Percentage of Net Assets

Municipal Bonds - 47.6%
	Principal Amount (a)	Value ($)
Alabama - 0.9%
Black Belt Energy Gas District:
Bonds Series 2018 A, 4%, tender 12/1/23 (b)	3,400,000	3,403,139
Series 2021 C1, 4% 12/1/23	1,400,000	1,398,581
Series 2022 C:
5.25% 12/1/23	530,000	534,881
5.25% 6/1/24	145,000	147,115
Series 2022 C1:
5.25% 12/1/24	405,000	413,475
5.25% 12/1/25	530,000	547,175
5.25% 6/1/26	1,225,000	1,269,237
Series 2022 E:
5% 6/1/23	255,000	256,205
5% 6/1/24	1,520,000	1,546,618
5% 6/1/25	1,585,000	1,634,497
5% 6/1/26	2,185,000	2,277,762
Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds (Alabama Pwr. Co. Barry Plant Proj.) Series 2008, 2.9%, tender 12/12/23 (b)	600,000	596,406
Southeast Alabama Gas Supply District Bonds:
(Proj. No. 2) Series 2018 A, 4%, tender 6/1/24 (b)	7,015,000	6,990,415
Series 2018 A, 4%, tender 4/1/24 (b)	1,185,000	1,183,140
Southeast Energy Auth. Rev. Bonds (Proj. No. 2) Series 2021 B1:
4% 6/1/24	510,000	510,610
4% 6/1/25	615,000	617,330
TOTAL ALABAMA		23,326,586
Alaska - 0.1%
Alaska Int'l. Arpts. Revs. Series 2021 C, 5% 10/1/25 (c)	1,695,000	1,765,867
Arizona - 1.6%
Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A, 5% 12/1/24	1,000,000	1,036,675
Chandler Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Intel Corp. Proj.):
Series 2007, 2.7%, tender 8/14/23 (b)(c)	2,050,000	2,036,540
Series 2019, 5%, tender 6/3/24 (b)(c)	32,185,000	32,698,125
Coconino County Poll. Cont. Corp. Rev. Bonds Series 2017 A, 1.875%, tender 3/31/23 (b)(c)	1,450,000	1,443,650
Maricopa County Rev. Bonds Series C, 5%, tender 10/18/24 (b)	945,000	971,373
Phoenix Civic Impt. Board Arpt. Rev.:
Series 2013, 5% 7/1/23 (c)	525,000	528,488
Series 2017 A, 5% 7/1/23 (c)	500,000	503,322
Yuma Pledged Rev. Series 2021:
4% 7/1/23	325,000	326,537
4% 7/1/24	300,000	304,757
TOTAL ARIZONA		39,849,467
California - 2.7%
California Muni. Fin. Auth. Solid Waste Disp. Rev. Bonds:
(Republic Svcs., Inc. Proj.):
Series 2021 A, 3.875%, tender 4/3/23 (b)(c)	7,300,000	7,298,447
Series 2021 B, 2.35%, tender 1/17/23 (b)(c)	22,300,000	22,287,233
(Waste Mgmt., Inc. Proj.):
Series 2009 A, 1.3%, tender 2/3/25 (b)(d)	750,000	706,664
Series 2020, 3.5%, tender 3/1/23 (b)(c)	600,000	599,450
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.):
Series 2010 A, 4.1%, tender 2/1/23 (b)(c)(d)	4,600,000	4,600,356
Series 2017 A2, 3.875%, tender 1/17/23 (b)(c)(d)	6,600,000	6,599,796
California Pub. Works Board Lease Rev. (Various Cap. Projs.) Series 2022 C, 5% 8/1/24	1,925,000	1,994,232
California Statewide Cmntys. Dev. Auth. Series 2021, 4% 5/15/23	2,500,000	2,506,183
Los Angeles Dept. Arpt. Rev.:
Series 2017 B, 5% 5/15/23 (c)	1,700,000	1,709,671
Series 2019 A:
5% 5/15/23 (c)	1,865,000	1,875,610
5% 5/15/24 (c)	705,000	721,521
Series 2020 C, 5% 5/15/24 (c)	500,000	511,717
Series 2022 C:
5% 5/15/25 (c)	1,475,000	1,529,957
5% 5/15/26 (c)	3,595,000	3,775,959
Series B, 5% 5/15/24 (c)	1,065,000	1,089,957
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Series 2019 B:
5% 7/1/23 (c)	500,000	503,322
5% 7/1/24 (c)	500,000	511,129
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.:
Series 2013 A, 5% 5/1/23 (Escrowed to Maturity) (c)	1,310,000	1,318,317
Series 2017 D, 5% 5/1/24 (c)	1,000,000	1,020,725
Series 2019 H, 5% 5/1/24 (Escrowed to Maturity) (c)	550,000	563,847
San Jose Int. Arpt. Rev.:
Series 2014 A, 5% 3/1/23 (Escrowed to Maturity) (c)	3,500,000	3,510,866
Series 2021 B, 5% 3/1/25	375,000	393,187
Vernon Elec. Sys. Rev. Series 2021 A, 5% 10/1/23	1,350,000	1,360,426
TOTAL CALIFORNIA		66,988,572
Colorado - 0.5%
Colorado Health Facilities Auth. Rev. Bonds:
Bonds Series 2016 C:
5%, tender 11/15/23 (b)	440,000	446,153
5%, tender 11/15/23 (b)	155,000	157,473
Series 2022 A:
5% 11/1/23	400,000	405,054
5% 11/1/24	430,000	443,206
5% 11/1/25	400,000	417,607
Colorado Univ. Co. Hosp. Auth. Rev. Bonds Series 2019 C, 5%, tender 11/15/24 (b)	700,000	717,442
Denver City & County Arpt. Rev.:
Series 2012 A, 5% 11/15/23 (c)	500,000	500,525
Series 2016 A, 5% 11/15/23	675,000	686,871
Series 2017 A, 5% 11/15/24 (c)	825,000	850,217
Series 2022 A:
5% 11/15/24 (c)	1,000,000	1,030,566
5% 11/15/25 (c)	1,850,000	1,934,731
Series 2022 D:
5% 11/15/25 (c)	2,000,000	2,091,601
5.25% 11/15/26 (c)	3,500,000	3,731,761
Vauxmont Metropolitan District Series 2020, 5% 12/1/23 (Assured Guaranty Muni. Corp. Insured)	195,000	198,092
TOTAL COLORADO		13,611,299
Connecticut - 2.4%
Connecticut Gen. Oblig.:
Series 2013 A, 4.65% 3/1/25 (b)	1,075,000	1,086,875
Series 2016 B:
5% 5/15/23	1,470,000	1,480,774
5% 5/15/25	505,000	531,817
Series 2016 D, 5% 8/15/23	600,000	607,582
Series 2016 E, 5% 10/15/23	1,210,000	1,229,594
Series 2019 A, 5% 4/15/23	3,985,000	4,007,279
Series 2020 B, 5% 1/15/23	1,265,000	1,265,729
Series 2021 D, 5% 7/15/24	1,760,000	1,818,961
Series 2022 A, 3% 1/15/23	6,705,000	6,704,751
Series A:
3% 1/15/23	1,050,000	1,049,961
3% 1/15/24	500,000	500,842
3% 4/15/24	500,000	501,296
4% 1/15/24	465,000	470,473
Series C:
4% 6/1/23	400,000	401,698
5% 12/15/23	735,000	749,649
Connecticut Health & Edl. Facilities Auth. Rev.:
Bonds:
Series 1999 U2, 1.1%, tender 2/11/25 (b)	3,600,000	3,404,292
Series 2010 A3, 0.25%, tender 2/9/24 (b)	11,800,000	11,339,183
Series 2010 A4, 1.1%, tender 2/11/25 (b)	9,050,000	8,558,011
Series 2014 B, 1.8%, tender 7/1/24 (b)	980,000	948,447
Series 2022 L, 5% 7/1/25	450,000	471,601
Series 2022 M, 5% 7/1/23	175,000	176,035
Connecticut Higher Ed. Supplemental Ln. Auth. Rev.:
(Chesla Ln. Prog.) Series 2017 A, 5% 11/15/23 (Escrowed to Maturity) (c)	690,000	699,543
(Chesla Loan Prog.) Series C, 5% 11/15/23 (Escrowed to Maturity)	225,000	229,077
Connecticut Hsg. Fin. Auth.:
Series A2:
0.35% 5/15/23 (c)	250,000	247,530
0.4% 11/15/23 (c)	300,000	293,248
Series C, 5% 5/15/23 (c)	445,000	447,451
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.:
Series 2021 C:
5% 1/1/23	4,925,000	4,925,000
5% 1/1/24	1,340,000	1,368,511
Series A, 5% 5/1/23	1,850,000	1,862,230
Hartford Gen. Oblig. Series 2015 C, 5% 7/15/25 (Assured Guaranty Muni. Corp. Insured)	1,910,000	2,016,092
TOTAL CONNECTICUT		59,393,532
Delaware - 0.1%
Delaware Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr. & Lt. Co. Proj.) Series A, 1.05%, tender 7/1/25 (b)	580,000	549,076
Delaware Trans. Auth. Grant Series 2020, 5% 9/1/24	850,000	879,950
TOTAL DELAWARE		1,429,026
District Of Columbia - 0.6%
District of Columbia Gen. Oblig.:
Series 2021 D, 4% 2/1/24	325,000	329,216
Series 2021 E, 5% 2/1/23	5,000,000	5,007,514
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2020 A:
5% 10/1/23 (c)	1,910,000	1,929,504
5% 10/1/24 (c)	7,200,000	7,391,085
TOTAL DISTRICT OF COLUMBIA		14,657,319
Florida - 2.0%
Broward County Arpt. Sys. Rev.:
Series 2017, 5% 10/1/24 (c)	500,000	513,697
Series 2019 A, 5% 10/1/23 (c)	1,250,000	1,263,223
Duval County School Board Ctfs. of Prtn. Series 2022 A:
5% 7/1/25 (Assured Guaranty Muni. Corp. Insured)	2,795,000	2,939,476
5% 7/1/26 (Assured Guaranty Muni. Corp. Insured)	4,900,000	5,253,994
Escambia County Poll. Cont. Rev. (Gulf Pwr. Co. Proj.) Series 2003, 2.6% 6/1/23	5,150,000	5,129,702
Florida Dev. Fin. Corp. Rev. Bonds (Brightline Florida Passenger Rail Expansion Proj.) Series 2021 A, 2.9%, tender 4/4/23 (b)(c)	11,000,000	10,968,617
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Series 2016 A, 5% 10/1/25 (Escrowed to Maturity) (c)	575,000	605,673
Hillsborough Co. Sldwst and Resource Receivables Series 2016 A, 5% 9/1/26 (c)	2,260,000	2,385,369
Hillsborough County Aviation Auth. Rev.:
Series 2013 A, 5.5% 10/1/24 (Pre-Refunded to 10/1/23 @ 100) (c)	1,420,000	1,446,144
Series 2018 E, 5% 10/1/23 (c)	225,000	227,793
Series 2022 A:
5% 10/1/24 (c)	2,800,000	2,888,702
5% 10/1/25 (c)	755,000	787,976
Jacksonville Spl. Rev. Series 2022 A:
5% 10/1/23	260,000	263,957
5% 10/1/24	580,000	602,178
5% 10/1/25	455,000	481,985
JEA Wtr. & Swr. Sys. Rev. Series A, 5% 10/1/23	895,000	908,290
Lee County Arpt. Rev. Series 2021 A:
5% 10/1/23 (c)	3,030,000	3,055,394
5% 10/1/24 (c)	1,530,000	1,562,533
Miami-Dade County Aviation Rev.:
Series 2012 A, 5% 10/1/24	895,000	896,371
Series 2020 A, 5% 10/1/23	1,105,000	1,121,163
Miami-Dade County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. of Florida Proj.) Series 2018, 0.4%, tender 8/1/23 (b)(c)	2,400,000	2,342,638
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	1,410,710
Orlando Utils. Commission Util. Sys. Rev. Series 2013 A, 5% 10/1/24	500,000	519,119
Pasco County School Board Ctfs. of Prtn. Series 2022 A, 5% 8/1/26	1,045,000	1,119,962
TOTAL FLORIDA		48,694,666
Georgia - 4.2%
Bartow County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Bowen Proj.) Series 2009 1st, 2.75%, tender 3/15/23 (b)	12,025,000	12,001,376
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds:
(Georgia Pwr. Co. Plant Vogtle Proj.):
Series 1994, 2.25%, tender 5/25/23 (b)	1,300,000	1,292,729
Series 2012, 2.875%, tender 8/19/25 (b)	3,575,000	3,527,575
Series 1995, 2.25%, tender 5/25/23 (b)	2,300,000	2,284,925
Georgia Muni. Elec. Auth. Pwr. Rev.:
Series 2020 A:
4% 11/1/23	895,000	899,461
5% 1/1/23	2,775,000	2,775,000
5% 1/1/23	1,250,000	1,250,000
Series 2021 A:
5% 1/1/24	335,000	340,382
5% 1/1/25 (Assured Guaranty Muni. Corp. Insured)	200,000	206,998
Series 2022 A:
5% 7/1/24 (Assured Guaranty Muni. Corp. Insured)	335,000	343,439
5% 7/1/25 (Assured Guaranty Muni. Corp. Insured)	350,000	365,515
5% 7/1/26 (Assured Guaranty Muni. Corp. Insured)	365,000	387,744
Griffin-Spalding County Hosp. (WellStar Health Sys., Inc. Proj.) Series 2017 A, 5% 4/1/23	250,000	250,923
Main Street Natural Gas, Inc.:
Bonds:
Series 2018 A, 4%, tender 9/1/23 (b)	6,305,000	6,303,011
Series 2018 B, 1 month U.S. LIBOR + 0.750% 3.51%, tender 1/4/23 (b)(e)	25,095,000	24,983,566
Series 2018 C, 4%, tender 12/1/23 (b)	2,490,000	2,488,116
Series 2018 E, SIFMA Municipal Swap Index + 0.570% 4.23%, tender 1/5/23 (b)(e)	40,430,000	40,293,929
Series 2019 B, 4%, tender 12/2/24 (b)	2,030,000	2,030,062
Series 2018 A, 4% 3/1/23	720,000	720,134
Series 2022 A, 4% 12/1/25	1,260,000	1,262,844
Paulding County Hosp. Auth. Rev. Series 2022 A, 5% 4/1/23	565,000	566,949
TOTAL GEORGIA		104,574,678
Guam - 0.2%
Guam Pwr. Auth. Rev. Series 2022 A:
5% 10/1/23	1,545,000	1,559,192
5% 10/1/24	1,235,000	1,263,778
5% 10/1/25	1,545,000	1,602,615
TOTAL GUAM		4,425,585
Hawaii - 0.0%
State of Hawaii Dept. of Trans. Series 2013, 5% 8/1/23 (c)	1,250,000	1,261,828
Illinois - 4.3%
Champaign County Cmnty. Unit Series 2020 A, 0% 1/1/23	200,000	200,000
Chicago Metropolitan Wtr. Reclamation District of Greater Chicago Series 2021 C, 5% 12/1/23	3,880,000	3,948,167
Chicago O'Hare Int'l. Arpt. Rev.:
Series 2013 A, 5% 1/1/23 (c)	4,535,000	4,535,000
Series 2022 A, 5% 1/1/25 (c)	1,095,000	1,126,906
Series 2022 C:
5% 1/1/25 (c)	2,250,000	2,315,559
5% 1/1/26 (c)	1,200,000	1,249,657
Chicago Park District Gen. Oblig.:
Series 2014 B, 5% 1/1/24	615,000	625,484
Series 2021 D:
4% 1/1/23	375,000	375,000
4% 1/1/24	100,000	100,736
Series 2021 E, 4% 1/1/24	1,340,000	1,349,869
Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2021:
5% 6/1/23	550,000	553,651
5% 6/1/24	625,000	640,616
Cook County Gen. Oblig.:
Series 2021 A:
5% 11/15/23	390,000	395,320
5% 11/15/24	450,000	464,497
Series 2021 B, 4% 11/15/23	1,560,000	1,568,122
Series 2022 A:
5% 11/15/24	5,940,000	6,131,355
5% 11/15/25	4,370,000	4,605,637
Cook County Sales Tax Rev. Series 2022 A, 5% 11/15/25	675,000	713,871
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	9,777,124
Illinois Fin. Auth. Series 2022 A, 5% 10/1/24	160,000	161,838
Illinois Gen. Oblig.:
Series 2013 A, 5% 4/1/24	1,705,000	1,712,264
Series 2013, 5% 7/1/23	3,265,000	3,286,345
Series 2017 D, 5% 11/1/23	5,300,000	5,354,988
Series 2021 A, 5% 3/1/23	230,000	230,490
Series 2021 B, 5% 3/1/23	275,000	275,586
Series 2021 C, 4% 3/1/23	6,960,000	6,964,010
Series 2022 A:
5% 3/1/23	1,060,000	1,062,259
5% 3/1/25	2,070,000	2,113,577
Series 2022 B:
5% 3/1/24	4,105,000	4,161,965
5% 3/1/25	10,270,000	10,486,202
5% 3/1/26	6,060,000	6,224,224
Series 2022 D1, 5% 3/1/23	1,210,000	1,212,579
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A, 5% 2/1/23	280,000	280,331
Illinois Reg'l. Trans. Auth. Series 2017 A, 5% 7/1/23	595,000	600,491
Illinois Sales Tax Rev.:
Series 2021 A:
4% 6/15/23	6,065,000	6,079,188
4% 6/15/24	3,195,000	3,212,212
Series 2021 C, 5% 6/15/25	270,000	278,046
Kendall, Kane & Will Counties Cmnty. Unit School District #308 Series 2011, 5.5% 2/1/23	1,470,000	1,472,459
Metropolitan Pier & Exposition:
Series 2010 B1, 0% 6/15/26 (Assured Guaranty Muni. Corp. Insured)	1,130,000	998,787
Series 2022 A, 3% 6/15/24	1,870,000	1,853,807
Railsplitter Tobacco Settlement Auth. Rev. Series 2017, 5% 6/1/23	6,220,000	6,265,597
Univ. of Illinois Board of Trustees Ctfs. of Prtn. Series 2014 C, 5% 3/15/23	630,000	631,946
Univ. of Illinois Rev. Series 2013 A, 5% 4/1/25	250,000	250,923
TOTAL ILLINOIS		105,846,685
Indiana - 1.7%
Indiana Dev. Fin. Auth. Envir. Rev. Bonds (Fulcrum Centerpoint, LLC Proj.) Series 2022, 4.5%, tender 11/15/23 (c)	26,350,000	26,333,342
Indiana Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2001, 4%, tender 10/2/23 (b)(c)	2,500,000	2,504,715
Indianapolis Local Pub. Impt.:
(Indianapolis Arpt. Auth. Proj.):
Series 2015 I, 5% 1/1/23 (c)	1,660,000	1,660,000
Series 2016 A1, 5% 1/1/23 (c)	1,500,000	1,500,000
Series 2021 A, 5% 6/1/23	610,000	614,173
Series 2022 G2:
5% 1/1/25 (c)	85,000	87,526
5% 1/1/26 (c)	405,000	423,282
Whiting Envir. Facilities Rev. Bonds (BP Products North America, Inc. Proj.):
Series 2016 A, 5%, tender 3/1/23 (b)(c)	8,700,000	8,711,359
Series 2017, 5%, tender 11/1/24 (b)(c)	965,000	978,370
TOTAL INDIANA		42,812,767
Iowa - 0.0%
Iowa Fin. Auth. Rev. Series 2018 B, 5% 2/15/23	515,000	516,073
Kentucky - 0.7%
Kentucky Asset/Liability Commission Gen. Fund Rev. Series 2021 A, 5% 11/1/24	1,000,000	1,039,010
Kentucky State Property & Buildings Commission Rev.:
Series 2016 B, 5% 11/1/23	1,445,000	1,469,058
Series 2017, 5% 4/1/23	1,390,000	1,396,455
Series 2018, 5% 5/1/23	3,545,000	3,567,392
Series A:
5% 8/1/23	625,000	632,165
5% 11/1/23	1,030,000	1,047,148
Series B, 5% 8/1/23	4,100,000	4,147,000
Kentucky, Inc. Pub. Energy Bonds:
Series 2018 A, 4%, tender 4/1/24 (b)	3,845,000	3,838,247
Series C1, 4%, tender 6/1/25 (b)	585,000	579,601
Louisville & Jefferson County Bonds Series 2020 B, 5%, tender 10/1/23 (b)	1,000,000	1,006,993
TOTAL KENTUCKY		18,723,069
Louisiana - 0.5%
Louisiana Gen. Oblig. Series 2020 A, 5% 3/1/23	835,000	837,659
St. John Baptist Parish Rev. Bonds (Marathon Oil Corp.) Series 2017, 2%, tender 4/1/23 (b)	8,040,000	7,990,349
Tobacco Settlement Fing. Corp. Series 2013 A, 5% 5/15/23	2,700,000	2,718,720
TOTAL LOUISIANA		11,546,728
Maryland - 0.2%
Maryland Dept. of Trans.:
Series 2022 A, 5% 12/1/24	550,000	574,025
Series 2022 B, 5% 12/1/23	635,000	647,361
Maryland Gen. Oblig. Series 2 A, 5% 8/1/23	1,130,000	1,143,666
Maryland Stadium Auth. Built to Learn Rev. Series 2022 A:
5% 6/1/24	730,000	750,479
5% 6/1/25	905,000	950,116
TOTAL MARYLAND		4,065,647
Massachusetts - 2.7%
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Bonds Series 2019 A, 5%, tender 1/1/23 (b)	3,200,000	3,200,000
Massachusetts Dev. Fin. Agcy. Rev.:
Bonds:
Series 2019 DD 1, 5%, tender 4/1/24 (b)	1,070,000	1,085,493
Series 2019 DD 2, 5%, tender 4/1/24 (b)	2,295,000	2,328,230
Series S3, SIFMA Municipal Swap Index + 0.500% 4.16%, tender 1/5/23 (b)(e)	7,400,000	7,397,813
Series 2016 I, 5% 7/1/25	1,150,000	1,199,573
Series 2021 I, 5% 10/1/24	900,000	928,357
Massachusetts Edl. Fing. Auth. Rev.:
Series 2015 A, 5% 1/1/24 (c)	18,160,000	18,416,247
Series 2017 A, 5% 7/1/25 (c)	1,430,000	1,479,838
Series 2018 B, 5% 7/1/23 (c)	450,000	453,801
Series 2020 C, 5% 7/1/24 (c)	600,000	612,040
Series 2022 B:
5% 7/1/24 (c)	525,000	536,302
5% 7/1/25 (c)	1,125,000	1,165,840
Massachusetts Gen. Oblig. Series 2021 B, 5% 11/1/23	24,925,000	25,362,511
Massachusetts Port Auth. Rev. Series 2017 A, 5% 7/1/23 (c)	2,660,000	2,684,028
TOTAL MASSACHUSETTS		66,850,073
Michigan - 0.9%
Imlay City Cmnty. School District Series 2020 I, 4% 5/1/23	555,000	556,566
Michigan Fin. Auth. Rev.:
(Detroit Reg'l. Convention Facility Auth. Local Proj.) Series 2014 H1, 5% 10/1/24	1,895,000	1,923,706
Series 2015 D1:
0.4% 10/15/23	450,000	433,229
0.55% 10/15/24	1,700,000	1,620,422
Series 2022:
5% 4/15/25	2,840,000	2,971,744
5% 4/15/26	4,735,000	5,049,658
Michigan Gen. Oblig. Series 2016, 5% 3/15/24	500,000	513,113
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Series 2022 A:
1.95% 12/1/23	975,000	963,636
2.5% 6/1/25	1,215,000	1,195,624
Oakland Univ. Rev.:
Series 2022 A:
5% 3/1/23	345,000	345,960
5% 3/1/24	175,000	178,926
5% 3/1/25	200,000	208,886
Series 2022 B:
5% 3/1/24	350,000	357,851
5% 3/1/25	1,185,000	1,237,647
South Lyon Cmnty. Schools Series 2016, 5% 5/1/23	900,000	905,567
Walled Lake Consolidated School District Series 2022, 4% 5/1/23	1,670,000	1,675,256
Wayne County Arpt. Auth. Rev. Series 2017 E, 4% 12/1/25 (c)(d)	1,725,000	1,744,034
TOTAL MICHIGAN		21,881,825
Minnesota - 0.4%
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.:
Series 2016 B, 5% 1/1/23	1,400,000	1,400,000
Series 2022 B:
5% 1/1/24 (c)	565,000	572,972
5% 1/1/25 (c)	370,000	380,781
5% 1/1/26 (c)	905,000	942,450
Minnesota Hsg. Fin. Agcy.:
Series 2022 A:
5% 8/1/23	585,000	591,773
5% 8/1/24	910,000	940,018
Series 2022 B:
5% 8/1/24	1,155,000	1,193,100
5% 8/1/25	1,710,000	1,803,653
5% 8/1/26	1,700,000	1,826,739
Series H:
0.6% 7/1/23 (c)	225,000	221,768
0.7% 7/1/24 (c)	200,000	191,913
TOTAL MINNESOTA		10,065,167
Nebraska - 0.4%
Central Plains Energy Proj. Gas Supply:
Bonds Series 2019, 2.5%, tender 8/1/25 (b)	3,400,000	3,263,730
Series 2019:
4% 2/1/23	1,060,000	1,060,051
4% 8/1/23	1,170,000	1,171,156
Douglas County Neb Edl. Facilities Rev. (Creighton Univ. Projs.) Series 2017, 5% 7/1/23	825,000	832,493
Nebraska Pub. Pwr. District Rev.:
Bonds Series 2020 A, 0.6%, tender 7/1/23 (b)	1,950,000	1,923,008
Series 2017 B, 5% 1/1/25	650,000	678,760
TOTAL NEBRASKA		8,929,198
Nevada - 0.7%
Clark County Arpt. Rev. Series 2021 B, 5% 7/1/24 (c)	1,870,000	1,910,530
Clark County Poll. Cont. Rev. Bonds Series 2017, 1.65%, tender 3/31/23 (b)	1,570,000	1,562,625
Clark County School District:
Series 2016 D, 5% 6/15/23	2,715,000	2,738,382
Series 2016 F, 4% 6/15/24	500,000	500,389
Series 2020 A, 3% 6/15/25 (Assured Guaranty Muni. Corp. Insured)	500,000	503,045
Nevada Dept. of Bus. & Industry Bonds:
(Republic Svcs., Inc. Proj.) Series 2001, 3.75%, tender 6/1/23 (b)(c)(d)	3,350,000	3,343,146
Series 2020 A, 0.85%, tender 1/26/23 (b)(c)(d)	7,100,000	7,086,302
TOTAL NEVADA		17,644,419
New Hampshire - 0.2%
Nat'l. Fin. Auth. Hosp. Rev. (St. Luke's Univ. Health Network Proj.) Series 2021 B, 5% 8/15/23	405,000	409,005
Nat'l. Fin. Auth. Solid Bonds (Waste Mgmt., Inc. Proj.) Series 2019 A2, 2.15%, tender 7/1/24 (b)(c)	4,000,000	3,853,028
TOTAL NEW HAMPSHIRE		4,262,033
New Jersey - 4.2%
New Jersey Econ. Dev. Auth. Series 2022 A:
5% 11/1/24	825,000	851,968
5% 11/1/25	1,000,000	1,048,700
New Jersey Econ. Dev. Auth. Rev.:
Series 2012 II, 5% 3/1/23	1,535,000	1,539,717
Series 2013:
5% 3/1/23	1,290,000	1,293,093
5% 3/1/24	15,560,000	15,601,499
5% 3/1/25	6,910,000	6,929,101
Series 2014 UU, 5% 6/15/23	675,000	679,821
Series 2015 XX:
4% 6/15/24	1,345,000	1,360,025
5% 6/15/23	825,000	830,892
5% 6/15/24	500,000	512,600
Series 2016 AAA, 5% 6/15/23	625,000	629,464
Series 2018 FFF, 5% 6/15/23	500,000	503,571
Series 2019, 5.25% 9/1/24 (d)	9,740,000	10,064,642
New Jersey Edl. Facility Series 2016 C, 5% 7/1/24 (Assured Guaranty Muni. Corp. Insured)	1,000,000	1,028,431
New Jersey Gen. Oblig.:
Series 2020 A:
4% 6/1/23	11,190,000	11,233,415
5% 6/1/24	1,080,000	1,111,656
5% 6/1/25	4,700,000	4,948,893
Series 2021, 2% 6/1/25	1,585,000	1,536,672
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.:
Series 2016 1A:
5% 12/1/23 (c)	3,500,000	3,547,635
5% 12/1/24 (c)	4,400,000	4,531,630
Series 2017 1A:
5% 12/1/24 (c)	1,500,000	1,543,193
5% 12/1/25 (c)	2,860,000	2,989,161
Series 2019 A, 5% 12/1/24	555,000	575,041
Series 2020, 5% 12/1/24 (c)	1,100,000	1,131,264
Series 2021 A, 5% 12/1/24 (c)	330,000	339,379
Series 2022 A:
5% 12/1/24 (c)	430,000	442,221
5% 12/1/25 (c)	550,000	572,514
Series 2022 B:
5% 12/1/24 (c)	885,000	910,153
5% 12/1/25 (c)	2,625,000	2,730,241
New Jersey Hsg. & Mtg. Fin. Agcy. Multi-family Rev. Series 2021 B, 0.5% 11/1/23	1,815,000	1,774,287
New Jersey Tobacco Settlement Fing. Corp. Series 2018 A:
5% 6/1/23	4,960,000	4,985,534
5% 6/1/24	2,400,000	2,440,323
5% 6/1/25	1,565,000	1,605,961
New Jersey Trans. Trust Fund Auth.:
Series 2006 C, 0% 12/15/24 (AMBAC Insured)	160,000	149,891
Series 2010 A, 0% 12/15/25	1,050,000	945,379
Series 2010 D, 5.25% 12/15/23	820,000	834,848
Series 2014 AA, 5% 6/15/23	2,850,000	2,870,355
Series 2016 A1, 5% 6/15/24	975,000	1,000,824
Series 2016 A2, 5% 6/15/23	1,000,000	1,007,543
Series 2018 A:
5% 6/15/23	3,240,000	3,264,438
5% 6/15/24	1,205,000	1,236,916
Series 2022 AA, 5% 6/15/24	1,090,000	1,117,468
Series A, 5.25% 12/15/23	350,000	356,337
Rutgers State Univ. Rev. Series 2018 N, 4% 5/1/23	700,000	702,181
TOTAL NEW JERSEY		105,308,877
New Mexico - 0.1%
New Mexico Edl. Assistance Foundation Series 2021 1A, 5% 9/1/23 (c)	2,040,000	2,058,784
New York - 1.7%
Long Island Pwr. Auth. Elec. Sys. Rev.:
Bonds Series 2019 B, 1.65%, tender 9/1/24 (b)	2,550,000	2,464,704
Series 2021, 1% 9/1/25	2,195,000	1,998,235
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	7,545,532
New York City Gen. Oblig.:
Series 1, 5% 8/1/23	5,060,000	5,118,295
Series 2013 D, 5% 8/1/23	475,000	475,732
Series 2015 B, 5% 8/1/23	430,000	434,954
Series 2019 E, 5% 8/1/23	685,000	692,892
Series 2021 F1:
3% 3/1/23	300,000	300,010
5% 3/1/23	545,000	546,718
Series A, 5% 8/1/23	2,155,000	2,179,827
New York City Hsg. Dev. Corp. Multifamily Hsg. Bonds Series 2021 K2, 0.9%, tender 1/1/26 (b)	1,250,000	1,142,411
New York City Indl. Dev. Agcy. Rev.:
(Queens Baseball Stadium Proj.) Series 2021 A, 5% 1/1/24 (Assured Guaranty Corp. Insured)	675,000	686,904
Series 2021 A, 5% 1/1/26 (Assured Guaranty Muni. Corp. Insured)	600,000	634,264
New York Metropolitan Trans. Auth. Rev.:
Bonds:
Series 2019 A1, 5%, tender 11/15/24 (b)	800,000	814,957
Series 2020 A2, 5%, tender 5/15/24 (b)	1,600,000	1,629,301
Series 2017 C1, 5% 11/15/25	1,045,000	1,082,201
Series 2017 D, 5% 11/15/23	790,000	800,192
Series 2020 A, 5% 2/1/23	4,765,000	4,768,480
New York State Dorm. Auth. Series 2018 A, 5% 3/15/23 (Escrowed to Maturity)	710,000	712,779
New York State Urban Dev. Corp. Series 2020 C, 5% 3/15/23	515,000	517,156
New York Trans. Dev. Corp. (Term. 4 JFK Int'l. Arpt. Proj.) Series 2020 A, 5% 12/1/25 (c)	1,930,000	1,997,651
Port Auth. of New York & New Jersey Series 2020 221, 5% 7/15/25 (c)	1,995,000	2,072,559
St. Lawrence County Indl. Dev. (St. Lawrence Univ. Proj.) Series 2022:
5% 7/1/25	415,000	435,430
5% 7/1/26	400,000	426,563
Syracuse Reg'l. Arpt. Auth. Series 2021, 5% 7/1/24 (c)	770,000	786,576
Triborough Bridge & Tunnel Auth. Bonds Series 2021 A2, 2%, tender 5/15/26 (b)	1,000,000	913,102
TOTAL NEW YORK		41,177,425
New York And New Jersey - 0.7%
Port Auth. of New York & New Jersey:
Series 188, 5% 5/1/24 (c)	1,990,000	2,027,352
Series 189, 5% 5/1/23	280,000	281,824
Series 2013, 5% 7/15/25 (c)	1,015,000	1,015,818
Series 2015 194, 5% 10/15/23	500,000	508,097
Series 2018, 5% 9/15/25 (c)	1,970,000	2,051,968
Series 2021 226, 5% 10/15/23 (c)	3,450,000	3,485,828
Series 207, 5% 9/15/23 (c)	870,000	878,027
Series 223:
5% 7/15/23 (c)	2,750,000	2,769,053
5% 7/15/24 (c)	3,250,000	3,322,038
5% 7/15/25 (c)	515,000	535,022
TOTAL NEW YORK AND NEW JERSEY		16,875,027
North Carolina - 0.3%
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Bonds Series 2021 B, 5%, tender 12/2/24 (b)	2,525,000	2,618,732
North Carolina Grant Anticipation Rev. Series 2017, 5% 3/1/23	435,000	436,316
North Carolina Med. Care Commission Hosp. Rev. Bonds Series 2021 B, 5%, tender 2/1/26 (b)	3,975,000	4,204,295
TOTAL NORTH CAROLINA		7,259,343
Ohio - 0.3%
Franklin County Hosp. Facilities Rev. Bonds (U.S. Health Corp. of Columbus Proj.) Series 2011 B, 5%, tender 5/15/23 (b)	935,000	940,591
Miami Univ. Series 2022 A, 5% 9/1/23	915,000	926,954
Montgomery County Hosp. Rev. (Kettering Health Network Obligated Group Proj.) Series 2021, 5% 8/1/24	200,000	205,351
Northeast Ohio Med. Univ. Series 2022:
5% 12/1/23 (Build America Mutual Assurance Insured)	355,000	360,853
5% 12/1/24 (Build America Mutual Assurance Insured)	250,000	259,263
5% 12/1/25 (Build America Mutual Assurance Insured)	265,000	279,906
Ohio Gen. Oblig. Series 2021 A:
5% 3/1/23	510,000	511,633
5% 3/1/23	1,000,000	1,003,201
Ohio Hosp. Facilities Rev. Series 2017 A, 5% 1/1/23	830,000	830,000
Ohio Tpk. Commission Tpk. Rev. (Infrastructure Projs.) Series 2022 A, 5% 2/15/25	1,840,000	1,927,742
TOTAL OHIO		7,245,494
Oklahoma - 0.0%
Univ. of Oklahoma Gen. Rev. Series 2021 A, 5% 7/1/23 (Assured Guaranty Muni. Corp. Insured)	1,190,000	1,200,750
Oregon - 0.9%
Gilliam County Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.):
Series 2000 A, 3%, tender 5/1/23 (b)(c)	8,100,000	8,078,128
Series 2003 A, 3%, tender 5/1/23 (b)(c)	9,950,000	9,923,133
Port of Portland Arpt. Rev.:
Series 2022:
5% 7/1/24 (c)	2,000,000	2,046,568
5% 7/1/25 (c)	1,310,000	1,361,686
Series 24B, 5% 7/1/23 (c)	1,095,000	1,102,808
TOTAL OREGON		22,512,323
Pennsylvania - 2.9%
Coatesville Area School District Series 2017, 5% 8/1/23 (Assured Guaranty Muni. Corp. Insured)	890,000	899,642
Pennsylvania Econ. Dev. Fing. Auth.:
Series 2021 A:
4% 10/15/23	700,000	703,818
4% 10/15/24	850,000	864,487
Series 2022 A:
5% 2/15/25	160,000	166,290
5% 2/15/26	200,000	211,795
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Series 2016, 5% 3/15/24	1,250,000	1,277,577
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. Bonds:
(Republic Svcs., Inc. Proj.):
Series 2019 A, 3.875%, tender 1/17/23 (b)(c)	2,100,000	2,099,935
Series 2019 B1, 3.875%, tender 1/17/23 (b)(c)	1,700,000	1,699,947
(Republic Svcs., Inc. Proj.):
Series 2014, 3.8%, tender 1/3/23 (b)(c)	29,500,000	29,500,000
Series 2019 B2, 2.35%, tender 1/17/23 (b)(c)	7,200,000	7,195,878
(Waste Mgmt., Inc. Proj.) Series 2013, 4%, tender 2/1/23 (b)(c)	9,100,000	9,099,601
(Waste Mgmt., Inc. Proj.):
Series 2017 A, 0.58%, tender 8/1/24 (b)(c)	900,000	843,944
Series 2021 A, SIFMA Municipal Swap Index + 0.400% 4.06%, tender 6/3/24 (b)(c)(e)	2,845,000	2,765,241
Series 2011, 2.15%, tender 7/1/24 (b)(c)	850,000	818,768
Pennsylvania Gen. Oblig. Series 2016, 5% 2/1/23	975,000	976,420
Pennsylvania Hsg. Fin. Agcy.:
Series 2021 135 B:
5% 4/1/23 (c)	330,000	330,857
5% 4/1/24 (c)	230,000	233,590
5% 4/1/25 (c)	380,000	391,713
Series 2021 137, 0.4% 4/1/23	285,000	282,972
Series 2022 138:
5% 4/1/23	840,000	843,819
5% 10/1/23	1,135,000	1,151,183
5% 4/1/24	1,060,000	1,085,634
5% 10/1/24	1,970,000	2,037,496
5% 10/1/25	1,100,000	1,158,382
Pennsylvania Tpk. Commission Tpk. Rev. Series 2012 A, 5% 12/1/23	800,000	801,109
Philadelphia Arpt. Rev.:
Series 2017 B, 5% 7/1/23 (c)	700,000	704,651
Series 2021:
5% 7/1/24 (c)	945,000	966,035
5% 7/1/26 (c)	1,000,000	1,048,122
Philadelphia Gas Works Rev. Series 15, 5% 8/1/23	780,000	787,470
TOTAL PENNSYLVANIA		70,946,376
Rhode Island - 0.0%
Rhode Island Student Ln. Auth. Student Ln. Rev. Series 2018 A, 5% 12/1/25 (c)	875,000	909,835
South Carolina - 1.6%
Patriots Energy Group Fing. Agcy. Bonds Series 2018 A, 4%, tender 2/1/24 (b)	29,755,000	29,728,729
South Carolina Ports Auth. Ports Rev.:
Series 2015 (AMT), 5% 7/1/45 (Pre-Refunded to 7/1/25 @ 100) (c)	2,600,000	2,706,376
Series 2015:
5.25% 7/1/50 (Pre-Refunded to 7/1/25 @ 100) (c)	4,525,000	4,736,992
5.25% 7/1/55 (Pre-Refunded to 7/1/25 @ 100) (c)	2,170,000	2,271,662
Series 2019 B, 5% 7/1/23 (c)	1,000,000	1,008,740
Spartanburg County Reg'l. Health Series 2022, 5% 4/15/23	410,000	411,667
TOTAL SOUTH CAROLINA		40,864,166
Tennessee - 1.4%
Metropolitan Gov Nashvle&David Ind. Bonds (Waste Mgmt., Inc. Proj.) Series 2001, 0.58%, tender 8/1/24 (b)(c)	900,000	843,944
Metropolitan Nashville Arpt. Auth. Rev.:
Series 2015 B, 5% 7/1/23 (c)	680,000	684,849
Series 2022 B, 5% 7/1/26 (c)	675,000	710,203
Tennergy Corp. Gas Rev. Bonds Series 2019 A, 5%, tender 10/1/24 (b)	21,250,000	21,559,519
Tennessee Energy Acquisition Corp. Bonds (Gas Rev. Proj.) Series A, 4%, tender 5/1/23 (b)	12,325,000	12,344,939
TOTAL TENNESSEE		36,143,454
Texas - 3.2%
Austin Arpt. Sys. Rev.:
Series 2019:
5% 11/15/23 (c)	655,000	663,992
5% 11/15/24 (c)	500,000	515,741
Series 2022, 5% 11/15/25 (c)	1,910,000	1,993,757
Crandall Independent School District Series 2021 A, 0% 8/15/24	765,000	727,770
Dallas Fort Worth Int'l. Arpt. Rev. Series 2013 E, 5% 11/1/23 (c)	10,750,000	10,877,070
El Paso Gen. Oblig.:
Series 2021 B, 5% 8/15/23	300,000	303,791
Series 2021 C, 5% 8/15/23	335,000	339,233
Hays Consolidated Independent School District Series 2022:
5% 2/15/25	500,000	523,527
5% 2/15/26	700,000	749,033
Houston Convention and Entertainment Facilities Dept. Hotel Occupancy Tax and Spl. Rev. Series 2014, 5% 9/1/26	1,500,000	1,540,069
Houston Independent School District Series 2016 A, 5% 2/15/23	725,000	726,637
Love Field Arpt. Modernization Rev. Series 2021, 5% 11/1/23 (c)	2,330,000	2,357,542
Lower Colorado River Auth. Rev.:
(LCRA Transmission Svcs. Corp. Proj.):
Series 2015, 5% 5/15/24	1,080,000	1,108,223
Series 2018, 5% 5/15/24	2,095,000	2,149,747
Series 2019, 5% 5/15/23	1,335,000	1,343,567
Series 2020:
5% 5/15/23	385,000	387,471
5% 5/15/25	570,000	595,333
Series 2021 A, 5% 5/15/23	1,190,000	1,197,636
Series 2015 B, 5% 5/15/23	1,000,000	1,006,417
Series 2020:
5% 5/15/23	1,500,000	1,509,626
5% 5/15/24	760,000	779,860
Series 2022, 5% 5/15/24 (Assured Guaranty Muni. Corp. Insured)	1,630,000	1,672,595
Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds:
(Republic Svcs., Inc. Proj.) Series 2020 A, 4.1%, tender 2/1/23 (b)(c)	9,200,000	9,200,711
(Waste Mgmt., Inc. Proj.):
Series 2018, 4.035%, tender 7/1/24 (b)(c)	6,835,000	6,627,857
Series 2020 A, 3.5%, tender 3/1/23 (b)(c)	3,000,000	2,996,416
Series 2020 B, 3.5%, tender 3/1/23 (b)(c)	3,800,000	3,795,460
North Texas Tollway Auth. Rev.:
Series 2014:
5% 1/1/24	630,000	642,597
5% 1/1/24 (Escrowed to Maturity)	310,000	316,382
Series 2017 A:
5% 1/1/24	210,000	210,302
5% 1/1/24 (Pre-Refunded to 1/1/23 @ 100)	1,655,000	1,655,000
Series 2021 B, 5% 1/1/26	1,150,000	1,217,025
Port Arthur Independent School District Series 2015 A, 5% 2/15/25	600,000	628,233
Port of Houston Auth. Series 2021, 5% 10/1/23	440,000	446,761
San Antonio Arpt. Sys. Rev. Series 2019 A:
5% 7/1/23 (c)	445,000	448,065
5% 7/1/23 (c)	400,000	402,755
San Antonio Elec. & Gas Sys. Rev.:
Bonds Series 2018, SIFMA Municipal Swap Index + 0.870% 4.53%, tender 12/1/25 (b)(e)	8,480,000	8,480,046
Series 2022, 5% 2/1/26	905,000	964,059
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	4,476,531
Wylie Independent School District Series 2020 A, 0% 8/15/23	2,985,000	2,928,929
TOTAL TEXAS		78,505,766
Utah - 0.1%
Salt Lake City Arpt. Rev. Series 2021 A:
5% 7/1/24 (c)	1,000,000	1,024,164
5% 7/1/25 (c)	1,325,000	1,375,027
Utah County Hosp. Rev. Bonds Series 2018 B2, 5%, tender 8/1/24 (b)	970,000	988,641
TOTAL UTAH		3,387,832
Vermont - 0.1%
Vermont Student Assistant Corp. Ed. Ln. Rev.:
Series 2016 A, 5% 6/15/26 (c)	1,700,000	1,783,065
Series 2017 A, 5% 6/15/23 (c)	1,150,000	1,157,651
TOTAL VERMONT		2,940,716
Virginia - 0.8%
Charles City County Econ. Dev. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2003 A, 3%, tender 5/1/23 (b)(c)	9,460,000	9,434,456
Sussex County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds Series 2003 A, 3%, tender 5/1/23 (b)(c)	8,000,000	7,978,398
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	1,712,674
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.9%, tender 6/1/23 (b)	1,100,000	1,087,681
TOTAL VIRGINIA		20,213,209
Washington - 1.0%
King County Swr. Rev. Bonds Series 2020 B, 0.875%, tender 1/1/26 (b)	2,315,000	2,118,425
Port of Seattle Rev.:
Series 2018 B, 5% 5/1/24 (c)	875,000	891,993
Series 2019:
5% 4/1/24 (c)	760,000	773,717
5% 4/1/25 (c)	525,000	543,476
Series 2021 C:
5% 8/1/23 (c)	2,640,000	2,660,618
5% 8/1/24 (c)	4,675,000	4,785,608
Series 2021:
5% 9/1/23 (c)	2,100,000	2,125,785
5% 9/1/24 (c)	2,220,000	2,286,554
Series 2022 B:
5% 8/1/24 (c)	2,670,000	2,733,171
5% 8/1/25 (c)	2,515,000	2,617,735
5% 8/1/26 (c)	1,570,000	1,653,656
Port of Seattle Spl. Facility Rev. Series 2013, 5% 6/1/23 (c)	845,000	849,577
TOTAL WASHINGTON		24,040,315
Wisconsin - 0.3%
Wisconsin Health & Edl. Facilities Auth. Rev. Series 2022:
5% 10/1/23	1,010,000	1,023,581
5% 10/1/24	4,465,000	4,617,210
5% 10/1/25	920,000	970,321
Wisconsin Hsg. & Econ. Dev. Auth. Hsg. Rev. Bonds Series 2021 C, 0.61%, tender 5/1/24 (b)	305,000	290,337
TOTAL WISCONSIN		6,901,449
TOTAL MUNICIPAL BONDS (Cost $1,198,376,499)		1,181,613,250

Municipal Notes - 50.0%
	Principal Amount (a)	Value ($)
Alabama - 0.4%
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 4.15% 1/6/23, VRDN (b)(c)	1,760,000	1,760,000
Jefferson County Ala Board Ed. Pubs Participating VRDN Series XM 10 90, 2.26% 1/3/23 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g)	5,100,000	5,100,000
Mobile Indl. Dev. Board Rev. (Alabama Pwr. Theodore Plant Proj.) Series A, 3.74% 1/3/23, VRDN (b)(c)	4,095,000	4,095,000
TOTAL ALABAMA		10,955,000
Arizona - 2.4%
Glendale Indl. dev auth Sr Living Facilities Rev. Participating VRDN Series BC 22 01, 3.44% 2/10/23 (Liquidity Facility Barclays Bank PLC) (b)(f)(g)	4,700,000	4,700,000
Maricopa County Poll. Cont. Rev.:
Series 2009 C, 4% 1/6/23, VRDN (b)	30,500,000	30,500,000
Series 2009 D, 4% 1/6/23, VRDN (b)	23,540,000	23,540,000
Phoenix Civic Impt. Board Arpt. Rev. Participating VRDN Series 2018 XM 06 15, 3.85% 1/6/23 (Liquidity Facility Royal Bank of Canada) (b)(c)(f)(g)	1,600,000	1,600,000
TOTAL ARIZONA		60,340,000
Arkansas - 0.1%
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1998, 4.15% 1/6/23, VRDN (b)(c)	2,600,000	2,600,000
California - 7.7%
California Cmnty. Choice Fing. Auth. Clean Energy Proj. Rev. Participating VRDN Series XF 30 07, 3.86% 1/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)(g)	11,900,000	11,900,000
California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. Participating VRDN Series Floater MIZ 91 13, 3.91% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g)	3,300,000	3,300,000
Los Angeles Cmnty. Redev. Agcy. Multi-family Hsg. Rev. Participating VRDN:
Series 2022 MIZ 90 89, 3.91% 1/6/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(f)(g)	28,400,000	28,400,000
Series 2022 MIZ 90 90, 3.91% 1/6/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(f)(g)	42,900,000	42,900,000
Mizuho Floater / Residual Trust V Participating VRDN Series Floater MIZ 90 97, 3.91% 1/6/23, LOC Mizuho Cap. Markets LLC (b)(f)(g)	2,905,000	2,905,000
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Participating VRDN Series XM 10 54, 3.84% 1/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(f)(g)	5,375,000	5,375,000
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN Series 2022 XF 30 51, 3.86% 1/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(f)(g)	4,900,000	4,900,000
San Francisco City & County Multi-family Hsg. Rev. Participating VRDN:
Series MIZ 90 63, 3.91% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g)(h)	23,330,000	23,330,000
Series MIZ 90 95, 3.91% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g)	27,100,000	27,100,000
Series MIZ 91 15, 3.96% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g)(h)	40,000,000	40,000,000
TOTAL CALIFORNIA		190,110,000
Colorado - 1.5%
Colorado Edl. & Cultural Facilities Auth. Rev. (Mesivta of Greater Los Angeles Proj.) Series 2005, 4.01% 1/6/23, LOC Deutsche Bank AG, VRDN (b)	1,735,000	1,735,000
Colorado Health Facilities Auth. Rev. Bonds Participating VRDN:
Series XM 10 59, 3.91% 1/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g)	1,620,000	1,620,000
Series XM 10 61, 3.91% 1/5/23 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g)	4,180,000	4,180,000
Colorado Hsg. & Fin. Auth. Multi-family Hsg. Rev. Participating VRDN Series Floater 2021 MIZ 90 68, 3.76% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g)(h)	300,000	300,000
Denver City & County Arpt. Rev. Participating VRDN:
Series Floaters XL 00 90, 3.86% 1/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(f)(g)	14,861,500	14,861,500
Series Floaters XM 07 15, 3.91% 1/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(f)(g)	14,000,000	14,000,000
TOTAL COLORADO		36,696,500
Florida - 1.8%
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Participating VRDN:
Series Floaters XF 05 77, 3.85% 1/6/23 (Liquidity Facility Royal Bank of Canada) (b)(c)(f)(g)	6,665,000	6,665,000
Series XM 10 93, 2.12% 1/3/23 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f)(g)	7,400,000	7,400,000
Hillsborough County Aviation Auth. Rev. Participating VRDN Series XL 02 90, 3.96% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(f)(g)	8,390,000	8,390,000
Lee Memorial Health Sys. Hosp. Rev. Series 2019 B, 4.21% 1/6/23, VRDN (b)	19,270,000	19,270,000
Miami Dade County Hsg. Multifamily Hsg. Rev. Participating VRDN:
Series Floater MIZ 90 87, 3.74% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g)(h)	1,900,000	1,900,000
Series MIZ 90 72, 3.91% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g)(h)	800,000	800,000
TOTAL FLORIDA		44,425,000
Georgia - 1.0%
Bartow County Dev. Auth. (Georgia Pwr. Co. Plant Bowen Proj.) Series 2022:
3.8% 1/3/23, VRDN (b)(c)	3,250,000	3,250,000
3.9% 1/3/23, VRDN (b)(c)	5,220,000	5,220,000
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.) Series 2012, 3.8% 1/3/23, VRDN (b)(c)	9,440,000	9,440,000
Coweta County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Yates Proj.) Series 2006, 3.9% 1/3/23, VRDN (b)	5,600,000	5,600,000
Griffin-Spalding County Hosp. Participating VRDN Series Floaters XL 00 76, 3.83% 1/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g)	2,300,000	2,300,000
TOTAL GEORGIA		25,810,000
Hawaii - 0.6%
Hawaii Arpts. Sys. Rev. Participating VRDN:
Series XG 03 86, 3.84% 1/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(f)(g)	11,900,000	11,900,000
Series XM 10 55, 3.86% 1/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(f)(g)	3,400,000	3,400,000
TOTAL HAWAII		15,300,000
Illinois - 4.0%
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN:
Series XM 10 38, 3.93% 1/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f)(g)	39,900,000	39,900,000
Series XM 10 41, 3.96% 1/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f)(g)	10,500,000	10,500,000
Series XM 10 43, 3.96% 1/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f)(g)	8,000,000	8,000,000
Series XM 10 78, 3.93% 1/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f)(g)	28,400,000	28,400,000
Series XX 12 43, 3.86% 1/6/23 (Liquidity Facility Barclays Bank PLC) (b)(c)(f)(g)	7,150,000	7,150,000
Deutsche Spears/Lifers Trust Participating VRDN Series 2016 XG 00 93, 3.86% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(f)(g)	4,490,000	4,490,000
TOTAL ILLINOIS		98,440,000
Indiana - 0.2%
Lucky Heights Tc, Lp Participating VRDN Series XF 11 41, 3.96% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	4,300,000	4,300,000
Kentucky - 3.2%
Kentucky Tpk. Auth. Econ. Dev. Road Rev. Participating VRDN Series XF 24 84, 3.86% 1/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)(g)	1,780,000	1,780,000
Meade County Indl. Bldg. Rev. (Nucor Steel Brandenburg Proj.):
Series 2020 A1, 4.28% 1/3/23, VRDN (b)(c)	20,640,000	20,640,000
Series 2020 B1, 4.28% 1/3/23, VRDN (b)(c)	57,920,000	57,920,000
TOTAL KENTUCKY		80,340,000
Louisiana - 2.4%
Galilee Sr. Hsg., Lp Participating VRDN Series XF 11 21, 3.91% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	5,900,000	5,900,000
Louisiana Hsg. Corp. Multifamily Hsg. Rev. Participating VRDN Series MIZ 90 53, 3.32% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g)(h)	1,400,000	1,400,000
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.):
Series 2010 A1, 4.12% 1/6/23, VRDN (b)	38,000,000	38,000,000
Series 2010 B1, 4.1% 1/6/23, VRDN (b)	15,000,000	15,000,000
TOTAL LOUISIANA		60,300,000
Maryland - 0.4%
Baltimore County Gen. Oblig. Participating VRDN Series 2022 032, 3.86% 2/10/23 (Liquidity Facility Barclays Bank PLC) (b)(f)(g)	3,220,000	3,220,000
Integrace Obligated Group Participating VRDN Series 2022 024, 3.86% 2/10/23 (Liquidity Facility Barclays Bank PLC) (b)(f)(g)	6,900,000	6,900,000
TOTAL MARYLAND		10,120,000
Massachusetts - 0.3%
Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series Floaters XF 23 06, 3.86% 1/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(f)(g)	7,600,000	7,600,000
Michigan - 0.5%
Great Lakes Wtr. Auth. Wtr. Supply Sys. Rev. Participating VRDN Series XM 10 91, 2.01% 1/3/23 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g)	6,240,000	6,240,000
Michigan Bldg. Auth. Rev. Series 2020 III, 3.72% 1/31/24, VRDN (b)	3,500,000	3,500,000
Michigan Fin. Auth. Rev. RAN Series 2022 A, 5% 7/20/23	2,235,000	2,259,224
TOTAL MICHIGAN		11,999,224
Minnesota - 0.3%
Duluth Minn Hsg. & Redev. Auth. MultiFamily Hsg. Rev. Participating VRDN Series 2021 XF 11 30, 3.69% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	6,375,000	6,375,000
Mississippi - 0.7%
Mississippi Bus. Fin. Corp. Mississippi Pwr. Co. Proj.) Series 2022, 3.83% 1/3/23, VRDN (b)(c)	17,000,000	17,000,000
Missouri - 0.5%
Kansas City Indl. Dev. Auth. Participating VRDN Series XL 03 3, 3.96% 1/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f)(g)	9,600,000	9,600,000
Kansas City Planned Indl. Expansion Participating VRDN Series Floater MIZ 90 86, 3.69% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g)(h)	1,500,000	1,500,000
Lees Summit Indl. Dev. Auth. Multi-family Hsg. Rev. Participating VRDN Series MIZ 90 55, 3.5% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g)(h)	500,000	500,000
TOTAL MISSOURI		11,600,000
Montana - 0.0%
Montana Board of Hsg. Participating VRDN Series Floater MIZ 90 62, 3.81% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g)(h)	1,110,000	1,110,000
Nebraska - 0.2%
Stanton County Indl. Dev. Rev.:
(Nucor Corp. Proj.) Series 1996, 4.15% 1/6/23, VRDN (b)(c)	5,600,000	5,600,000
Series 1998, 4.15% 1/6/23, VRDN (b)(c)	125,000	125,000
TOTAL NEBRASKA		5,725,000
Nevada - 0.3%
Nevada Hsg. Division Participating VRDN Series 2022 MIZ 90 91, 3.91% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g)(h)	8,600,000	8,600,000
New Jersey - 0.5%
New Jersey Bldg. Auth. State Bldg. Rev. Participating VRDN Series Floaters XF 05 53, 3.73% 1/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g)	3,750,000	3,750,000
New Jersey Trans. Trust Fund Auth. Participating VRDN:
Series XM 09 29, 3.83% 1/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g)	1,600,000	1,600,000
Series XM 10 47, 3.86% 1/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g)	7,925,000	7,925,000
TOTAL NEW JERSEY		13,275,000
New Mexico - 0.2%
New Mexico St Hosp. Equip. Ln. Co. Participating VRDN Series 2022 034, 3.86% 2/10/23 (Liquidity Facility Barclays Bank PLC) (b)(f)(g)	4,400,000	4,400,000
New York - 6.1%
New York City Gen. Oblig. Series 2012 2, 3.97% 1/9/23, VRDN (b)	61,600,000	61,600,000
New York Dorm. Auth. Rev. Participating VRDN Series XF 13 28, 3.83% 1/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g)	5,450,000	5,450,000
New York Liberty Dev. Corp. Participating VRDN Series XM 08 44, 3.91% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	8,165,000	8,165,000
New York Metropolitan Trans. Auth. Rev. Participating VRDN:
Series XF 13 21, 3.84% 1/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g)	6,900,000	6,900,000
Series XF 13 55, 3.84% 1/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g)	7,500,000	7,500,000
Series ZF 02 18, 3.84% 1/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g)	8,100,000	8,100,000
New York Thruway Auth. Gen. Rev. Participating VRDN Series XM 08 31, 3.84% 1/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)(g)	4,750,000	4,750,000
RIB Floater Trust Various States Participating VRDN Series Floater 2022 007, 4.06% 2/10/23 (Liquidity Facility Barclays Bank PLC) (b)(c)(f)(g)	43,900,000	43,900,000
Rockland County Indl. Dev. Agcy. Participating VRDN Series XF 11 32, 3.86% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	4,700,000	4,700,000
TOTAL NEW YORK		151,065,000
Ohio - 0.9%
Ohio Hosp. Rev.:
Series 2013 B, 4.14% 1/6/23, VRDN (b)	7,800,000	7,800,000
Series 2015 B, 4.14% 1/5/26, VRDN (b)	2,875,000	2,875,000
Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev. Participating VRDN Series XF 10 92, 3.59% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	12,200,000	12,200,000
TOTAL OHIO		22,875,000
Oklahoma - 0.8%
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Series 2020 B, 4.21% 1/5/26, VRDN (b)	16,000,000	16,000,000
Steele Duncan Plaza, LLC Participating VRDN Series MIZ 91 03, 3.91% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g)(h)	2,600,000	2,600,000
TOTAL OKLAHOMA		18,600,000
Oregon - 0.5%
Oregon St Hsg. & Cmnty. Svcs. Dep Participating VRDN Series 2021 XF 11 23, 3.65% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	13,600,000	13,600,000
Pennsylvania - 0.7%
Pennsylvania Hsg. Fin. Agcy. Multifamily Hsg. Dev. Rev. Participating VRDN Series XF 10 95, 3.69% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	10,455,000	10,455,000
Philadelphia Auth. for Indl. Dev.:
Participating VRDN Series MIZ 90 51, 3.35% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g)(h)	2,430,000	2,430,000
Series 2017 B, 4.17% 1/5/26, VRDN (b)	5,250,000	5,250,000
TOTAL PENNSYLVANIA		18,135,000
South Carolina - 0.3%
Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1995, 4.15% 1/6/23, VRDN (b)(c)	1,200,000	1,200,000
Greenville Hosp. Sys. Facilities Rev. Participating VRDN Series XF 01 45, 3.86% 1/6/23 (Liquidity Facility Toronto-Dominion Bank) (b)(f)(g)	5,100,000	5,100,000
TOTAL SOUTH CAROLINA		6,300,000
Tennessee - 0.7%
Hope Heights Tower Tc, Lp Participating VRDN Series XF 11 44, 3.96% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	7,880,000	7,880,000
Metropolitan Govt. Nashville & Davidson County Health & Edl. Facilities Board Participating VRDN Series XF 10 97, 3.56% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	9,800,000	9,800,000
TOTAL TENNESSEE		17,680,000
Texas - 8.8%
Austin Affordable Pfc, Inc. Multifamily Hsg. Rev. Participating VRDN:
Series XF 11 02, 3.72% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	4,645,000	4,645,000
Series XF 11 19, 3.75% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	5,200,000	5,200,000
Austin Arpt. Sys. Rev. Participating VRDN Series XG 04 27, 3.91% 1/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(f)(g)	6,800,000	6,800,000
Cap. Area Hsg. Fin. Corp. Multi-family Hsg. Rev. Participating VRDN Series XF 11 31, 3.85% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	10,580,000	10,580,000
Ep Machuca Lp Participating VRDN Series MIZ 91 04, 3.91% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g)(h)	3,660,000	3,660,000
Hurst Participating VRDN Series XF 10 94, 3.7% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	3,465,000	3,465,000
Jefferson's Landing, LP Participating VRDN Series XG 03 87, 3.96% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	17,200,000	17,200,000
North Central Texas Hsg. Fin. Corp. Mu Participating VRDN Series XF 10 99, 3.86% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	2,900,000	2,900,000
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.):
Series 2001 A, 4.2% 1/3/23, VRDN (b)	16,200,000	16,200,000
Series 2004, 4.51% 1/6/23, VRDN (b)(c)	71,385,000	71,384,993
Series 2010 C, 4.21% 1/3/23, VRDN (b)	2,200,000	2,200,000
Series 2010 D:
4.45% 1/6/23, VRDN (b)	33,480,000	33,480,000
4.46% 1/6/23, VRDN (b)	2,475,000	2,475,000
Reg Bridge Propco I Llc Participating VRDN Series DBE 80 90, 4.06% 2/28/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)(h)	22,315,000	22,315,000
Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev. Participating VRDN Series XG 03 89, 3.96% 1/6/23 (Liquidity Facility Deutsche Bank AG) (b)(f)(g)	7,600,000	7,600,000
Texas Private Activity Bond Surface Trans. Corp. Participating VRDN Series XM 07 56, 3.85% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(f)(g)	3,400,000	3,400,000
Texas St Technical College Sys. Participating VRDN Series 2022 XF 14 11, 3.86% 1/6/23 (Liquidity Facility Bank of America NA) (b)(f)(g)	4,540,000	4,540,000
TOTAL TEXAS		218,044,993
Utah - 0.8%
Roers Salt Lake City Apt. Participating VRDN Series XF 11 38, 3.96% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	5,620,000	5,620,000
Salt Lake City Arpt. Rev. Participating VRDN Series 17 XM 0493, 3.86% 1/6/23 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(f)(g)	6,300,000	6,300,000
Utah Hsg. Corp. Multi-family Hsg. Rev. Participating VRDN Series 2021 XF 11 00, 3.78% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	8,300,000	8,300,000
TOTAL UTAH		20,220,000
Virginia - 0.4%
Lynchburg Econ. Dev. Participating VRDN Series XL 00 75, 3.91% 1/6/23 (Liquidity Facility JPMorgan Chase Bank) (b)(f)(g)	5,000,000	5,000,000
Waters At James Crossing, LP Participating VRDN Series XG 03 90, 3.96% 1/6/23 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)(g)	4,000,000	4,000,000
TOTAL VIRGINIA		9,000,000
Washington - 0.4%
Washington Econ. Dev. Fin. Auth. Rev. Participating VRDN Series Floaters 005, 3.91% 2/10/23 (Liquidity Facility Barclays Bank PLC) (b)(c)(f)(g)	9,255,000	9,255,000
West Virginia - 0.3%
West Virginia Hosp. Fin. Auth. Hosp. Rev. Series 2018 E, 4.18% 1/5/26, VRDN (b)	7,415,000	7,415,000
Wisconsin - 0.1%
Pub. Fin. Auth. Mulfa Hs Rev. Participating VRDN Series 2022 MIZ 90 92, 3.91% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(f)(g)(h)	3,235,000	3,235,000
TOTAL MUNICIPAL NOTES (Cost $1,242,837,851)		1,242,845,717

Money Market Funds - 2.4%
	Shares	Value ($)
Fidelity Municipal Cash Central Fund 3.72% (i)(j) (Cost $60,404,000)	60,391,922	60,404,000

TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $2,501,618,350)	2,484,862,967
NET OTHER ASSETS (LIABILITIES) - 0.0%	159,146
NET ASSETS - 100.0%	2,485,022,113

Security Type Abbreviations

RAN	-	REVENUE ANTICIPATION NOTE
VRDN	-	VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

Legend

(a)	Amount is stated in United States dollars unless otherwise noted.

(b)	Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

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

(d)

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

(f)	Provides evidence of ownership in one or more underlying municipal bonds.

(g)	Coupon rates are determined by re-marketing agents based on current market conditions.

(h)	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 $113,680,000 or 4.6% of net assets.

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

(j)

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Colorado Hsg. & Fin. Auth. Multi-family Hsg. Rev. Participating VRDN Series Floater 2021 MIZ 90 68, 3.76% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC)	4/14/21	300,000

Ep Machuca Lp Participating VRDN Series MIZ 91 04, 3.91% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC)	8/05/22	3,660,000

Kansas City Planned Indl. Expansion Participating VRDN Series Floater MIZ 90 86, 3.69% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC)	1/27/22	1,500,000

Lees Summit Indl. Dev. Auth. Multi-family Hsg. Rev. Participating VRDN Series MIZ 90 55, 3.5% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC)	12/29/20	500,000

Louisiana Hsg. Corp. Multifamily Hsg. Rev. Participating VRDN Series MIZ 90 53, 3.32% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC)	12/17/20	1,400,000

Miami Dade County Hsg. Multifamily Hsg. Rev. Participating VRDN Series Floater MIZ 90 87, 3.74% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC)	1/27/22	1,900,000

Miami Dade County Hsg. Multifamily Hsg. Rev. Participating VRDN Series MIZ 90 72, 3.91% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC)	9/02/21	800,000

Montana Board of Hsg. Participating VRDN Series Floater MIZ 90 62, 3.81% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC)	3/02/21	1,110,000

Nevada Hsg. Division Participating VRDN Series 2022 MIZ 90 91, 3.91% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC)	2/10/22	8,600,000

Philadelphia Auth. for Indl. Dev. Participating VRDN Series MIZ 90 51, 3.35% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC)	11/12/20	2,430,000

Pub. Fin. Auth. Mulfa Hs Rev. Participating VRDN Series 2022 MIZ 90 92, 3.91% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC)	2/24/22	3,235,000

Reg Bridge Propco I Llc Participating VRDN Series DBE 80 90, 4.06% 2/28/23 (Liquidity Facility Deutsche Bank AG New York Branch)	9/27/22	22,315,000

San Francisco City & County Multi-family Hsg. Rev. Participating VRDN Series MIZ 90 63, 3.91% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC)	2/18/21	23,330,000

San Francisco City & County Multi-family Hsg. Rev. Participating VRDN Series MIZ 91 15, 3.96% 2/3/23 (Liquidity Facility Mizuho Cap. Markets LLC)	12/01/22 - 12/19/22	40,000,000

Steele Duncan Plaza, LLC Participating VRDN Series MIZ 91 03, 3.91% 2/3/23 (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 3.72%	111,289,220	1,140,128,007	1,191,013,222	1,941,204	1,892	(1,897)	60,404,000	2.4%
Total	111,289,220	1,140,128,007	1,191,013,222	1,941,204	1,892	(1,897)	60,404,000

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

Investment Valuation

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

Municipal Securities	2,424,458,967	-	2,424,458,967	-

Money Market Funds	60,404,000	60,404,000	-	-
Total Investments in Securities:	2,484,862,967	60,404,000	2,424,458,967	-

Financial Statements

Statement of Assets and Liabilities
				December 31, 2022

Assets
Investment in securities, at value - See accompanying schedule:	$
Unaffiliated issuers (cost $2,441,214,350)		2,424,458,967
Fidelity Central Funds (cost $60,404,000)		60,404,000


Total Investment in Securities (cost $2,501,618,350)			$	2,484,862,967
Receivable for investments sold				43,840,000
Receivable for fund shares sold				3,493,866
Interest receivable				16,747,292
Distributions receivable from Fidelity Central Funds				283,192
Receivable from investment adviser for expense reductions				205,561
Other receivables				2,030
Total assets				2,549,434,908
Liabilities
Payable to custodian bank		$2,262,235
Payable for investments purchased		48,240,000
Payable for fund shares redeemed		9,362,559
Distributions payable		3,772,769
Accrued management fee		659,119
Other affiliated payables		116,113
Total Liabilities				64,412,795
Net Assets			$	2,485,022,113
Net Assets consist of:
Paid in capital			$	2,503,042,097
Total accumulated earnings (loss)				(18,019,984)
Net Assets			$	2,485,022,113

Net Asset Value and Maximum Offering Price
Conservative Income Municipal Bond :
Net Asset Value , offering price and redemption price per share ($145,195,060 ÷ 14,565,260 shares)			$	9.97
Institutional Class :
Net Asset Value , offering price and redemption price per share ($2,339,827,053 ÷ 234,715,558 shares)			$	9.97

Statement of Operations
				Year ended December 31, 2022
Investment Income
Interest			$	29,475,995
Income from Fidelity Central Funds				1,939,369
Total Income				31,415,364
Expenses
Management fee	$	7,758,953
Transfer agent fees		1,368,728
Independent trustees' fees and expenses		8,335
Miscellaneous		494
Total expenses before reductions		9,136,510
Expense reductions		(2,515,758)
Total expenses after reductions				6,620,752
Net Investment income (loss)				24,794,612
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(184,310)
Fidelity Central Funds		1,892
Capital gain distributions from Fidelity Central Funds		1,835
Total net realized gain (loss)				(180,583)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(18,545,390)
Fidelity Central Funds		(1,897)
Total change in net unrealized appreciation (depreciation)				(18,547,287)
Net gain (loss)				(18,727,870)
Net increase (decrease) in net assets resulting from operations			$	6,066,742

Statement of Changes in Net Assets

		Year ended December 31, 2022		Year ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	24,794,612	$	7,477,863
Net realized gain (loss)		(180,583)		159,817
Change in net unrealized appreciation (depreciation)		(18,547,287)		(4,127,730)
Net increase (decrease) in net assets resulting from operations		6,066,742		3,509,950
Distributions to shareholders		(24,762,794)		(7,476,045)
Share transactions - net increase (decrease)		(257,663,646)		(674,382,489)
Total increase (decrease) in net assets		(276,359,698)		(678,348,584)

Net Assets
Beginning of period		2,761,381,811		3,439,730,395
End of period	$	2,485,022,113	$	2,761,381,811

Financial Highlights

Fidelity® Conservative Income Municipal Bond Fund

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	10.04	$	10.05	$	10.05	$	10.02	$	10.01
Income from Investment Operations
Net investment income (loss) A,B		.086		.015		.071		.147		.134
Net realized and unrealized gain (loss)		(.069)		(.010)		.007		.032		.011
Total from investment operations		.017		.005		.078		.179		.145
Distributions from net investment income		(.087)		(.015)		(.077)		(.148)		(.134)
Distributions from net realized gain		-		-		(.001)		(.001)		(.001)
Total distributions		(.087)		(.015)		(.078)		(.149)		(.135)
Net asset value, end of period	$	9.97	$	10.04	$	10.05	$	10.05	$	10.02
Total Return C		.17%		.05%		.78%		1.79%		1.45%
Ratios to Average Net Assets B,D,E
Expenses before reductions		.40%		.40%		.40%		.40%		.40%
Expenses net of fee waivers, if any		.35%		.35%		.35%		.35%		.35%
Expenses net of all reductions		.35%		.35%		.35%		.35%		.35%
Net investment income (loss)		.86%		.15%		.71%		1.46%		1.34%
Supplemental Data
Net assets, end of period (000 omitted)	$	145,195	$	180,805	$	264,227	$	231,598	$	251,811
Portfolio turnover rate F		56%		56%		41%		63%		45% G

A Calculated based on average shares outstanding during the period.

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

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

G Portfolio turnover rate excludes securities received or delivered in-kind.

Fidelity® Conservative Income Municipal Bond Fund Institutional Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	10.04	$	10.06	$	10.06	$	10.02	$	10.01
Income from Investment Operations
Net investment income (loss) A,B		.096		.025		.081		.157		.144
Net realized and unrealized gain (loss)		(.069)		(.020)		.007		.042		.011
Total from investment operations		.027		.005		.088		.199		.155
Distributions from net investment income		(.097)		(.025)		(.087)		(.158)		(.144)
Distributions from net realized gain		-		-		(.001)		(.001)		(.001)
Total distributions		(.097)		(.025)		(.088)		(.159)		(.145)
Net asset value, end of period	$	9.97	$	10.04	$	10.06	$	10.06	$	10.02
Total Return C		.27%		.05%		.88%		2.00%		1.56%
Ratios to Average Net Assets B,D,E
Expenses before reductions		.35%		.35%		.35%		.35%		.35%
Expenses net of fee waivers, if any		.25%		.25%		.25%		.25%		.25%
Expenses net of all reductions		.25%		.25%		.25%		.25%		.25%
Net investment income (loss)		.96%		.25%		.81%		1.56%		1.44%
Supplemental Data
Net assets, end of period (000 omitted)	$	2,339,827	$	2,580,577	$	3,175,503	$	2,108,640	$	1,607,689
Portfolio turnover rate F		56%		56%		41%		63%		45% G

A Calculated based on average shares outstanding during the period.

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

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

G Portfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements

For the period ended December 31, 2022

1. Organization.

Fidelity Conservative Income Municipal Bond Fund (the Fund) is a fund of Fidelity Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Conservative Income Municipal Bond and Institutional Class, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%