N-CSR 1 filing859.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-02628


Fidelity Municipal Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts 02210

 (Address of principal executive offices)       (Zip code)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

December 31



Date of reporting period:

December 31, 2021




Item 1.

Reports to Stockholders




Fidelity® Limited Term Municipal Income Fund



Annual Report

December 31, 2021

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

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


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 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 to request a free copy of the proxy voting guidelines.

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

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

For the periods ended December 31, 2021 Past 1 year Past 5 years Past 10 years 
Class A (incl. 2.75% sales charge) (2.68)% 1.40% 1.06% 
Class M (incl. 2.75% sales charge) (2.67)% 1.43% 1.10% 
Class C (incl. contingent deferred sales charge) (1.64)% 1.23% 0.75% 
Fidelity® Limited Term Municipal Income Fund 0.36% 2.29% 1.67% 
Class I 0.36% 2.25% 1.62% 
Class Z 0.42% 2.28% 1.64% 

 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, 2011.

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.


Period Ending Values
$11,800Fidelity® Limited Term Municipal Income Fund
$14,414Bloomberg Municipal Bond Index


Effective August 24, 2021, all Bloomberg Barclays Indices were re-branded as Bloomberg Indices.

Management's Discussion of Fund Performance

Market Recap:  Tax-exempt municipal bonds posted a modest gain in 2021, driven by robust investor demand and an improved fiscal outlook for many municipal issuers. The Bloomberg Municipal Bond Index rose 1.52% for the 12 months. The muni market rallied early in 2021 amid economic optimism due to the rollout of COVID-19 vaccination programs and an easing of credit concerns that had been triggered by the economic shutdowns caused by COVID-19. Also, investor demand for tax-exempt munis increased due to the Biden administration’s plan to push for higher tax rates on upper-income tax brackets. Tax collection took less of a hit than originally feared, and a large aid package from the U.S. Congress for muni issuers helped fill budget gaps. In February, the municipal market declined, reflecting investor concerns that stimulus-induced inflation could diminish real bond returns over time. Munis then gained from March through July, propelled by better-than-expected tax revenue from many state and local governments and reduced inflation expectations. Munis lost slight ground in August and September, then gained in the fourth quarter, partly due to newfound clarity regarding infrastructure investment due to the passage of the Infrastructure Investment and Jobs Act (IIJA), which earmarked $550 for new infrastructure spending. Notably, by period end, the Fed had accelerated its plans to tighten monetary policy, heralding a swifter end to its pandemic-era bond-buying program and the prospects for three quarter-point rate hikes in 2022.

Comments from Co-Portfolio Managers Cormac Cullen, Michael Maka and Elizah McLaughlin:  For the year, the fund's share classes posted gains in the range of -0.65% to 0.42%, compared, net of fees, with the 0.35% advance of the Bloomberg 1-6 Year Municipal Bond Index. We continued to focus on longer-term objectives and sought to generate attractive tax-exempt income and competitive risk-adjusted returns over time. Larger-than-index exposure to lower-rated investment-grade munis contributed to the fund's relative performance. These securities (rated BBB and A) typically outpaced higher-quality bonds amid strong investor demand for higher-yielding securities. Underweighting higher-quality bonds, including prerefunded securities and bonds issued by certain high-quality states, aided the fund's relative result as well. Elsewhere, overweighting health care and airport bonds added value. They rebounded strongly during 2021 as the economy emerged from Covid-related shutdowns. Conversely, the fund's underweighting in Chicago general obligation (GO) bonds detracted, as did its yield-curve positioning. The fund held more exposure to shorter-term bonds than the index, and these bonds lagged longer-term securities as the yield curve flattened. Differences in the way fund holdings and index components were priced also slightly detracted from the fund's 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 (Unaudited)

Top Five States as of December 31, 2021

 % of fund's net assets 
Texas 11.1 
Illinois 9.9 
New York 7.9 
New Jersey 7.3 
Florida 7.3 

Top Five Sectors as of December 31, 2021

 % of fund's net assets 
General Obligations 26.7 
Transportation 22.8 
Health Care 13.9 
Electric Utilities 7.2 
State G.O. 4.8 

Quality Diversification (% of fund's net assets)

As of December 31, 2021 
   AAA 8.1% 
   AA,A 74.6% 
   BBB 11.3% 
   BB and Below 1.1% 
   Not Rated 1.2% 
   Short-Term Investments and Net Other Assets 3.7% 


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, 2021

Showing Percentage of Net Assets

Municipal Bonds - 96.3%   
 Principal Amount (000s) Value (000s) 
Alabama - 0.9%   
Birmingham Arpt. Auth. Arpt. Series 2020:   
5% 7/1/26 (Build America Mutual Assurance Insured) $555 $660 
5% 7/1/27 (Build America Mutual Assurance Insured) 500 611 
Black Belt Energy Gas District Bonds (Proj. No. 5) Series A, 4%, tender 10/1/26 (a) 4,000 4,536 
Mobile County Board of School Commissioners:   
Series 2016 A:   
5% 3/1/22 585 589 
5% 3/1/23 830 873 
5% 3/1/24 1,225 1,344 
5% 3/1/25 1,225 1,394 
Series 2016 B:   
5% 3/1/22 1,330 1,340 
5% 3/1/24 1,210 1,328 
Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds Series 2009 E, 1%, tender 6/26/25 (a) 5,030 5,075 
Montgomery Med. Clinic Facilities Series 2015, 5% 3/1/22 3,145 3,165 
Southeast Energy Auth. Rev. Bonds (Proj. No. 2) Series 2021 B1:   
4% 6/1/24 600 648 
4% 6/1/25 725 804 
4% 6/1/26 1,500 1,699 
4% 6/1/27 2,440 2,812 
4% 6/1/28 3,780 4,416 
TOTAL ALABAMA  31,294 
Alaska - 0.1%   
Alaska Hsg. Fin. Corp. Mtg. Rev. Series 2022 A, 3% 6/1/51 (b) 1,305 1,415 
Anchorage Gen. Oblig.:   
Series B, 5% 9/1/22 1,395 1,439 
Series C, 5% 9/1/22 980 1,011 
TOTAL ALASKA  3,865 
Arizona - 3.3%   
Arizona Board of Regents Arizona State Univ. Rev.:   
Series 2016 A, 5% 7/1/26 275 317 
Series 2021:   
5% 8/1/26 1,000 1,196 
5% 8/1/27 1,500 1,843 
Arizona Ctfs. of Prtn. Series 2019 A:   
5% 10/1/23 (Escrowed to Maturity) 1,950 2,111 
5% 10/1/24 (Escrowed to Maturity) 2,025 2,279 
Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A:   
5% 12/1/22 785 819 
5% 12/1/23 980 1,067 
5% 12/1/24 1,465 1,657 
Arizona Indl. Dev. Auth. Hosp. Rev. Series 2021 A:   
5% 2/1/24 1,200 1,313 
5% 2/1/25 1,100 1,249 
5% 2/1/26 1,200 1,408 
5% 2/1/27 1,200 1,449 
Arizona State Lottery Rev. Series 2019, 5% 7/1/22 (Escrowed to Maturity) 2,045 2,094 
Chandler Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Intel Corp. Proj.):   
Series 2005, 2.4%, tender 8/14/23 (a) 1,625 1,675 
Series 2007, 2.7%, tender 8/14/23 (a)(c) 13,435 13,894 
Series 2019, 5%, tender 6/3/24 (a)(c) 24,230 26,738 
Coconino County Poll. Cont. Corp. Rev. Bonds Series 2017 B, 1.65%, tender 3/31/23 (a) 1,505 1,528 
Glendale Union School District 205 Series A:   
5% 7/1/26 (FSA Insured) 200 238 
5% 7/1/27 (FSA Insured) 250 306 
Glendale Gen. Oblig.:   
Series 2015, 5% 7/1/22 (FSA Insured) 980 1,003 
Series 2017, 5% 7/1/22 3,320 3,399 
Glendale Trans. Excise Tax Rev. Series 2015:   
5% 7/1/22 (FSA Insured) 1,145 1,172 
5% 7/1/23 (FSA Insured) 1,365 1,461 
Maricopa County Indl. Dev. Auth. Sr. Living Facilities (Christian Care Surprise, Inc. Proj.) Series 2016, 5% 1/1/26 (d) 1,205 1,207 
Maricopa County Rev.:   
Bonds Series 2019 D, 5%, tender 5/15/26 (a) 5,155 6,107 
Series 2016 A, 5% 1/1/25 4,725 5,360 
Maricopa County Spl. Health Care District Gen. Oblig. Series 2021 D:   
5% 7/1/25 1,165 1,343 
5% 7/1/26 3,000 3,571 
5% 7/1/27 3,250 3,970 
5% 7/1/28 3,435 4,290 
Maricopa County Unified School District #48 Scottsdale Series D:   
4% 7/1/24 1,000 1,090 
4% 7/1/25 800 898 
4% 7/1/26 900 1,035 
4% 7/1/27 225 265 
Phoenix Civic Impt. Board Arpt. Rev.:   
Series 2017 D, 5% 7/1/25 2,110 2,433 
Series 2019 B:   
5% 7/1/24 (c) 1,550 1,717 
5% 7/1/25 (c) 1,500 1,720 
Phoenix Civic Impt. Corp. Series 2019 B, 5% 7/1/28 1,910 2,345 
Pima County Ctfs. of Prtn. Series 2014:   
5% 12/1/22 2,415 2,520 
5% 12/1/23 3,350 3,644 
Pima County Swr. Sys. Rev. Series 2020 A, 5% 7/1/23 4,085 4,374 
Univ. of Arizona Univ. Revs. Series 2013 A, 5% 6/1/25 (Pre-Refunded to 6/1/23 @ 100) 1,140 1,216 
Western Maricopa Ed. Ctr. District Series 2019 B, 5% 7/1/26 2,000 2,381 
TOTAL ARIZONA  121,702 
California - 3.5%   
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Bonds:   
Series 2021 A, 2%, tender 4/1/28 (a) 5,000 5,277 
Series A, 2.95%, tender 4/1/26 (a) 5,075 5,463 
Series B, 2.85%, tender 4/1/25 (a) 4,150 4,420 
California Gen. Oblig.:   
Series 2014, 5% 5/1/24 2,145 2,376 
Series 2017, 5% 8/1/26 1,200 1,439 
Series 2020:   
4% 11/1/26 700 812 
5% 11/1/24 2,000 2,259 
Series 2021:   
5% 9/1/23 3,405 3,672 
5% 12/1/24 1,380 1,564 
5% 9/1/27 7,500 9,276 
5% 9/1/28 7,500 9,520 
California Muni. Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2017 A, 0.7%, tender 12/1/23 (a)(c) 4,005 4,018 
California Pub. Works Board Lease Rev. (Various Cap. Projs.) Series 2022 C:   
5% 8/1/23 (b) 1,615 1,674 
5% 8/1/24 (b) 965 1,040 
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.:   
Series 2017 A1:   
5% 6/1/22 (Escrowed to Maturity) 1,685 1,718 
5% 6/1/23 (Escrowed to Maturity) 1,925 2,053 
5% 6/1/24 (Escrowed to Maturity) 1,085 1,206 
Series A, 0% 6/1/24 (Escrowed to Maturity) 3,390 3,356 
Los Angeles County Pub. Works Fing. Auth. Lease Rev. Series 2022 G:   
5% 12/1/22 (b) 1,245 1,273 
5% 12/1/23 (b) 1,500 1,599 
5% 12/1/24 (b) 1,500 1,660 
Los Angeles Dept. Arpt. Rev.:   
Series 2016 A, 5% 5/15/25 (c) 1,000 1,144 
Series 2017 B, 5% 5/15/25 (c) 2,265 2,591 
Series 2018 B:   
5% 5/15/25 (c) 1,305 1,495 
5% 5/15/26 (c) 1,545 1,828 
Series 2018 C, 5% 5/15/27 (c) 1,615 1,959 
Series 2020 C, 5% 5/15/26 (c) 2,645 3,130 
Series A, 5% 5/15/24 (c) 1,010 1,115 
Los Angeles Reg'l. Arpts. Impt. Rev. Series 2012, 4.5% 1/1/27 (c) 980 991 
Los Angeles Unified School District:   
Series 2020 C, 5% 7/1/26 2,330 2,785 
Series B1, 5% 7/1/26 4,300 5,139 
Mount Diablo Unified School District Series 2022 B, 4% 8/1/26 (b) 1,290 1,458 
Northern California Energy Auth. Bonds Series 2018, 4%, tender 7/1/24 (a) 10,000 10,790 
Oakland Unified School District Alameda County Series 2013, 5.5% 8/1/23 960 1,016 
Palomar Health Rev. Series 2016:   
5% 11/1/23 1,955 2,110 
5% 11/1/24 1,955 2,188 
Port of Oakland Rev. Series H:   
5% 5/1/26 (c) 1,830 2,156 
5% 5/1/27 (c) 3,400 4,114 
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Series 2020 C, 5% 7/1/26 (c) 1,000 1,183 
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Series 2019 A:   
5% 1/1/24 (c) 1,660 1,806 
5% 1/1/27 (c) 2,405 2,881 
San Pablo Redev. Agcy. Series 2014 A, 5% 6/15/24 (FSA Insured) 1,350 1,497 
Southern California Pub. Pwr. Auth. Rev. Bonds Series 2020 C, 0.65%, tender 7/1/25 (a) 8,000 7,958 
TOTAL CALIFORNIA  127,009 
Colorado - 1.7%   
Colorado Health Facilities Auth. Bonds:   
(Valley View Hosp. Assoc. Proj.) Series 2018, 2.8%, tender 5/15/23 (a) 1,310 1,336 
Series 2019 B:   
5%, tender 8/1/25 (a) 2,950 3,338 
5%, tender 8/1/26 (a) 2,035 2,373 
5%, tender 11/19/26 (a) 6,680 8,060 
Colorado Hsg. & Fin. Auth.:   
Series 2019 F, 4.25% 11/1/49 1,480 1,637 
Series 2019 H, 4.25% 11/1/49 745 825 
Colorado Reg'l. Trans. District Ctfs. of Prtn.:   
Series 2013 A, 5% 6/1/23 4,400 4,686 
Series 2014 A, 5% 6/1/23 3,775 4,020 
Series 2020, 5% 6/1/26 1,000 1,187 
Colorado Springs Utils. Rev. Series 2020:   
5% 11/15/25 1,320 1,546 
5% 11/15/25 1,020 1,194 
Colorado Univ. Co. Hosp. Auth. Rev. Bonds Series 2019 C, 5%, tender 11/15/24 (a) 14,230 15,724 
Denver City & County Arpt. Rev.:   
Series 2018 A, 5% 12/1/29 (c) 1,205 1,494 
Series 2020 B1, 5% 11/15/24 (c) 1,500 1,684 
E-470 Pub. Hwy. Auth. Rev. Series 2020 A, 5% 9/1/26 1,750 2,093 
Univ. of Colorado Enterprise Sys. Rev. Bonds:   
Series 2019 C, 2%, tender 10/15/24 (a) 9,030 9,390 
Series 2021 C3A, 2%, tender 10/15/25 (a) 1,625 1,707 
Series 2021 C3B, 2%, tender 10/15/26 (a) 1,345 1,418 
TOTAL COLORADO  63,712 
Connecticut - 4.7%   
Connecticut Gen. Oblig.:   
Series 2016 A, 5% 3/15/26 1,925 2,273 
Series 2018 C, 5% 6/15/23 1,265 1,351 
Series 2019 A:   
5% 4/15/23 2,420 2,566 
5% 4/15/25 4,380 5,020 
5% 4/15/26 2,355 2,788 
5% 4/15/30 965 1,228 
Series 2019 B:   
5% 2/15/23 14,690 15,466 
5% 2/15/24 16,995 18,652 
Series 2021 D:   
5% 7/15/24 1,990 2,220 
5% 7/15/25 3,285 3,798 
5% 7/15/26 3,285 3,919 
5% 7/15/27 4,380 5,377 
5% 7/15/28 5,045 6,343 
Series C, 4% 6/1/26 1,100 1,259 
Connecticut Health & Edl. Facilities Auth. Rev.:   
Bonds:   
Series 2010 A3, 0.25%, tender 2/9/24 (a) 4,155 4,137 
Series 2014 B, 1.8%, tender 7/1/24 (a) 3,150 3,230 
Series 2017 B, 0.55%, tender 7/3/23 (a) 15,000 15,048 
Series X2, 0.25%, tender 2/9/24 (a) 19,560 19,477 
Series 2016 A, 2%, tender 7/1/26 (a) 1,725 1,831 
Series 2018 S:   
5% 7/1/23 1,455 1,554 
5% 7/1/24 1,000 1,106 
Series 2019 A:   
4% 7/1/23 (d) 1,045 1,061 
4% 7/1/24 (d) 1,090 1,114 
5% 7/1/25 (d) 705 747 
5% 7/1/28 (d) 1,315 1,427 
5% 7/1/29 (d) 940 1,024 
Series 2019 Q-1, 5% 11/1/23 1,870 2,028 
Series 2022 M:   
5% 7/1/24 (b) 175 191 
5% 7/1/27 (b) 250 297 
5% 7/1/28 (b) 300 363 
Connecticut Hsg. Fin. Auth. Series 2013 B2, 4% 11/15/32 255 258 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.:   
Series 2012 A, 5% 1/1/24 1,650 1,727 
Series 2021 C:   
5% 1/1/23 5,325 5,575 
5% 1/1/24 1,445 1,577 
5% 1/1/25 1,280 1,451 
5% 1/1/26 3,395 3,982 
5% 1/1/27 5,700 6,895 
5% 1/1/28 3,900 4,837 
Series A:   
5% 5/1/24 1,000 1,106 
5% 9/1/26 1,025 1,228 
Hartford County Metropolitan District Gen. Oblig. Series 2021 A:   
5% 9/1/27 800 987 
5% 9/1/28 775 980 
New Britain Gen. Oblig. Series 2009, 5% 4/1/24 (Escrowed to Maturity) 1,118 1,181 
New Haven Gen. Oblig. Series 2016 A, 5% 8/15/25 (FSA Insured) 980 1,134 
Stratford Gen. Oblig. Series 2019:   
5% 1/1/25 3,890 4,398 
5% 1/1/26 3,735 4,367 
Univ. of Connecticut Gen. Oblig.:   
Series 2013 A, 5% 2/15/22 1,000 1,006 
Series 2016 A, 5% 3/15/22 775 782 
Series 2019 A:   
5% 11/1/26 1,000 1,205 
5% 11/1/26 1,065 1,283 
TOTAL CONNECTICUT  172,854 
Delaware - 0.0%   
Delaware Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr. & Lt. Co. Proj.) Series A, 1.05%, tender 7/1/25 (a) 1,475 1,496 
District Of Columbia - 2.4%   
District of Columbia Income Tax Rev. Series 2020 A:   
5% 3/1/23 1,075 1,135 
5% 3/1/24 715 787 
District of Columbia Wtr. & Swr. Auth. Pub. Util. Rev. Bonds Series 2019 C, 1.75%, tender 10/1/24 (a) 7,540 7,764 
Metropolitan Washington DC Arpts. Auth. Sys. Rev.:   
Series 2012 A, 5% 10/1/22 (c) 6,185 6,403 
Series 2014 A, 5% 10/1/23 (c) 1,035 1,118 
Series 2017 A, 5% 10/1/26 (c) 12,905 15,376 
Series 2018 A, 5% 10/1/23 (c) 3,000 3,242 
Series 2019 A:   
5% 10/1/22 (c) 1,815 1,879 
5% 10/1/23 (c) 465 502 
5% 10/1/25 (c) 1,410 1,630 
Series 2020 A:   
5% 10/1/22 (c) 4,540 4,700 
5% 10/1/23 (c) 2,390 2,583 
5% 10/1/24 (c) 4,470 4,996 
5% 10/1/25 (c) 4,470 5,168 
Series 2021 A:   
5% 10/1/25 (c) 3,000 3,468 
5% 10/1/28 (c) 20,500 25,648 
TOTAL DISTRICT OF COLUMBIA  86,399 
Florida - 7.0%   
Brevard County School Board Ctfs. of Prtn. Series 2015 C:   
5% 7/1/22 3,645 3,731 
5% 7/1/23 2,935 3,137 
Broward County Arpt. Sys. Rev.:   
Series 2012 P-1:   
5% 10/1/22 (c) 600 621 
5% 10/1/25 (c) 6,645 6,871 
Series 2013 A, 5.125% 10/1/38 (Pre-Refunded to 10/1/23 @ 100) (c) 2,035 2,202 
Series 2015 A, 5% 10/1/22 (c) 2,935 3,037 
Series 2015 C, 5% 10/1/24 (c) 1,015 1,135 
Series 2019 A:   
5% 10/1/23 (c) 1,200 1,296 
5% 10/1/24 (c) 1,300 1,453 
5% 10/1/25 (c) 1,500 1,734 
Series 2019 B:   
5% 10/1/24 (c) 750 838 
5% 10/1/25 (c) 755 873 
Series C, 5% 10/1/23 (c) 3,930 4,244 
Broward County School Board Ctfs. of Prtn.:   
(Broward County School District Proj.) Series 2017 C, 5% 7/1/22 3,180 3,255 
Series 2015 A:   
5% 7/1/22 3,425 3,506 
5% 7/1/23 2,690 2,878 
5% 7/1/24 1,290 1,434 
Series 2015 B:   
5% 7/1/22 4,490 4,596 
5% 7/1/23 2,695 2,883 
5% 7/1/24 1,120 1,245 
Cap. Projs. Fin. Auth. Student Hsg. Rev. (Cap. Projs. Ln. Prog. - Florida Univs.) Series 2020 A:   
5% 10/1/24 540 595 
5% 10/1/26 1,940 2,250 
Central Florida Expressway Auth. Sr. Lien Rev. Series 2021:   
5% 7/1/26 (FSA Insured) 1,485 1,775 
5% 7/1/27 (FSA Insured) 8,200 10,091 
Florida Hsg. Fin. Corp. Rev. Series 2021 1, 3% 1/1/52 6,000 6,452 
Florida Keys Aqueduct Auth. Wtr. Rev. Series 2021 B, 5% 9/1/25 2,360 2,741 
Florida Mid-Bay Bridge Auth. Rev. Series 2015 A:   
5% 10/1/22 1,955 2,016 
5% 10/1/23 1,240 1,333 
5% 10/1/24 1,955 2,179 
5% 10/1/25 1,710 1,968 
5% 10/1/26 1,955 2,245 
Florida Muni. Pwr. Agcy. Rev. Series 2016 A, 4% 10/1/26 530 609 
Greater Orlando Aviation Auth. Arpt. Facilities Rev.:   
Series 2016, 5% 10/1/26 (c) 1,300 1,547 
Series 2017 A:   
5% 10/1/25 (c) 320 370 
5% 10/1/25 (Escrowed to Maturity) (c) 1,675 1,945 
5% 10/1/26 (c) 545 649 
5% 10/1/26 (Escrowed to Maturity) (c) 2,025 2,426 
5% 10/1/27 (Escrowed to Maturity) (c) 580 714 
Series 2019 A:   
5% 10/1/24 (c) 12,700 14,196 
5% 10/1/25 (c) 6,700 7,746 
5% 10/1/27 (c) 1,840 2,246 
Halifax Hosp. Med. Ctr. Rev. Series 2015, 5% 6/1/23 1,295 1,378 
Hillsborough County Aviation Auth. Rev. Series A:   
5% 10/1/25 (c) 4,240 4,569 
5% 10/1/26 (c) 2,910 3,132 
Hillsborough County School District Sales Tax Rev. Series 2015 B, 5% 10/1/22 (FSA Insured) 2,025 2,095 
Indian River County School Board Ctfs. of Prtn. Series 2014:   
5% 7/1/22 1,955 2,001 
5% 7/1/23 3,005 3,212 
Lee County Arpt. Rev. Series 2021 A:   
5% 10/1/23 (c) 475 512 
5% 10/1/24 (c) 1,795 2,006 
5% 10/1/25 (c) 3,325 3,844 
Lee Memorial Health Sys. Hosp. Rev. Bonds Series 2019 A2, 5%, tender 4/1/26 (a) 4,810 5,542 
Manatee County Rev. Series 2013, 5% 10/1/22 980 1,015 
Manatee County School District Series 2017, 5% 10/1/24 (FSA Insured) 1,270 1,423 
Miami-Dade County Aviation Rev.:   
Series 2012 A:   
5% 10/1/22 (c) 1,465 1,517 
5% 10/1/24 (c) 1,800 1,862 
Series 2014 A, 5% 10/1/31 (c) 1,750 1,948 
Series 2016 A, 5% 10/1/27 1,275 1,518 
Series 2020 A, 5% 10/1/23 3,810 4,119 
Miami-Dade County Expressway Auth.:   
(Waste Mgmt., Inc. of Florida Proj.) Series 2013 A:   
5% 7/1/22 1,955 2,000 
5% 7/1/23 1,955 1,999 
Series 2014 B:   
5% 7/1/22 1,465 1,499 
5% 7/1/23 3,180 3,397 
Miami-Dade County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. of Florida Proj.) Series 2007, 0.32%, tender 11/1/22 (a) 1,600 1,600 
Miami-Dade County School Board Ctfs. of Prtn.:   
Bonds Series 2014 A, 5%, tender 5/1/24 (a) 8,355 9,208 
Series 2014 D:   
5% 11/1/22 2,960 3,077 
5% 11/1/23 7,485 8,100 
Series 2015 A:   
5% 5/1/22 4,440 4,510 
5% 5/1/23 6,360 6,751 
5% 5/1/27 (FSA Insured) 1,880 2,148 
Series 2015 B, 5% 5/1/24 29,155 32,161 
Orange County Hsg. Fin. Auth. Multi-family Rev. Bonds Series 2021 B, 0.55%, tender 7/1/24 (a) 9,950 9,939 
Palm Beach County Health Facilities Auth. Hosp. Rev. Series 2014:   
5% 12/1/23 (Escrowed to Maturity) 190 207 
5% 12/1/24 (Escrowed to Maturity) 380 431 
Palm Beach County Health Facilities Auth. Rev. Series 2015 C, 5% 5/15/24 1,000 1,094 
Palm Beach County School Board Ctfs. of Prtn. Series 2014 B, 5% 8/1/22 980 1,007 
Pasco County School District Sales Tax Rev. Series 2013, 5% 10/1/22 980 1,015 
Pinellas County Hsg. Fin. Auth. Bonds Series 2021 B, 0.65%, tender 7/1/24 (a) 2,170 2,169 
Seminole County School Board Ctfs. of Prtn. Series 2016 C:   
5% 7/1/25 980 1,129 
5% 7/1/26 1,115 1,324 
Tampa Bay Wtr. Reg'l. Wtr. Supply Auth. Util. Sys. Rev. Series 2005, 5.5% 10/1/22 (FGIC Insured) 1,340 1,393 
Village Cmnty. Dev. District No. 13 Series 2019, 2.625% 5/1/24 375 382 
TOTAL FLORIDA  255,295 
Georgia - 4.2%   
Atlanta Arpt. Rev.:   
Series 2014 B, 5% 1/1/22 980 980 
Series 2014 C, 5% 1/1/29 (c) 900 975 
Series 2020 A, 5% 7/1/26 (c) 3,000 3,549 
Series 2020 B:   
5% 7/1/27 (c) 4,000 4,858 
5% 7/1/29 (c) 1,920 2,436 
Bartow County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Bowen Proj.):   
Series 2009 1st, 2.75%, tender 3/15/23 (a) 21,200 21,782 
Series 2013, 1.55%, tender 8/19/22 (a) 6,770 6,823 
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds:   
(Georgia Pwr. Co. Plant Vogtle Proj.):   
Series 1994, 2.25%, tender 5/25/23 (a) 6,480 6,641 
Series 2012, 1.7%, tender 8/22/24 (a) 3,400 3,502 
Series 2013 1st, 2.925%, tender 3/12/24 (a) 9,930 10,440 
(Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2017 E, 3.25%, tender 2/3/25 (a) 900 969 
Columbus Med. Ctr. Hosp. Auth. Bonds (Piedmont Healthcare, Inc. Proj.) Series 2019 A, 5%, tender 7/1/26 (a) 4,840 5,661 
Georgia Muni. Elec. Auth. Pwr. Rev. Series 2020 A:   
4% 11/1/23 920 979 
4% 11/1/24 1,420 1,557 
5% 1/1/25 1,000 1,130 
5% 1/1/26 1,125 1,313 
5% 1/1/26 1,000 1,167 
5% 1/1/27 760 912 
Georgia Muni. Gas Auth. Rev. (Gas Portfolio III Proj.) Series 2014 U:   
5% 10/1/22 980 1,014 
5% 10/1/23 2,365 2,556 
Georgia Road & Thruway Auth. Rev. Series 2020:   
5% 6/1/24 2,500 2,775 
5% 6/1/25 5,000 5,753 
5% 6/1/26 2,500 2,970 
Main Street Natural Gas, Inc. Bonds:   
Series 2018 C, 4%, tender 12/1/23 (a) 13,910 14,773 
Series 2021 A, 4%, tender 9/1/27 (a) 15,000 17,336 
Series 2021 C, 4%, tender 12/1/28 (a) 16,990 19,938 
Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Scherer Proj.) Series 1995, 2.25% 7/1/25 6,505 6,760 
Private Colleges & Univs. Auth. Rev.:   
(Savannah College Art & Design, Inc. Proj.) Series 2014, 5% 4/1/24 (Escrowed to Maturity) 1,810 1,997 
(The Savannah College of Art & Design Projs.) Series 2021, 5% 4/1/26 1,200 1,410 
Series 2020 B, 5% 9/1/25 2,570 2,982 
TOTAL GEORGIA  155,938 
Hawaii - 0.5%   
Honolulu City & County Gen. Oblig.:   
Series 2020 F:   
5% 7/1/24 1,575 1,756 
5% 7/1/25 1,255 1,451 
5% 7/1/26 800 955 
Series 2022 A:   
5% 11/1/26 (b) 1,985 2,307 
5% 11/1/29 (b) 2,450 3,052 
Honolulu City and County Wastewtr. Sys. Series 2016 B, 5% 7/1/25 3,290 3,804 
State of Hawaii Dept. of Trans. Series 2013:   
5% 8/1/22 (c) 2,030 2,085 
5% 8/1/23 (c) 1,440 1,545 
TOTAL HAWAII  16,955 
Idaho - 0.0%   
Idaho Hsg. & Fin. Assoc. Single Family Mtg. Series 2019 A, 4% 1/1/50 370 407 
Illinois - 9.7%   
Champaign County Cmnty. Unit:   
Series 2019, 4% 6/1/24 420 455 
Series 2020 A, 0% 1/1/22 200 200 
Chicago Board of Ed.:   
Series 2017 C:   
5% 12/1/26 485 572 
5% 12/1/27 1,830 2,206 
Series 2018 C, 5% 12/1/24 13,000 14,554 
Series 2019 A, 0% 12/1/26 3,500 3,272 
Chicago Metropolitan Wtr. Reclamation District of Greater Chicago Series 2007, 5.25% 12/1/32 2,920 4,062 
Chicago Midway Arpt. Rev.:   
Series 2013 B:   
5% 1/1/22 4,890 4,890 
5% 1/1/23 5,770 6,042 
5% 1/1/25 1,700 1,778 
Series 2014 A:   
5% 1/1/22 (c) 2,000 2,000 
5% 1/1/24 (c) 10,490 11,404 
5% 1/1/26 (c) 3,475 3,776 
Series 2014 B, 5% 1/1/23 2,915 3,053 
Series 2016 A:   
5% 1/1/27 (c) 2,810 3,255 
5% 1/1/28 (c) 500 577 
Chicago Motor Fuel Tax Rev. Series 2013:   
5% 1/1/22 295 295 
5% 1/1/23 525 550 
Chicago O'Hare Int'l. Arpt. Rev.:   
Series 2012 A, 5% 1/1/25 (Pre-Refunded to 1/1/22 @ 100) (c) 3,670 3,670 
Series 2012 B, 4% 1/1/27 (c) 1,220 1,233 
Series 2013 A, 5% 1/1/23 (c) 2,730 2,856 
Series 2013 B, 5% 1/1/22 (Escrowed to Maturity) 3,915 3,915 
Series 2013 D, 5% 1/1/22 (Escrowed to Maturity) 3,150 3,150 
Series 2015 A:   
5% 1/1/24 (c) 1,230 1,337 
5% 1/1/26 (c) 1,600 1,804 
5% 1/1/27 (c) 1,000 1,126 
Series 2015 B, 5% 1/1/24 1,525 1,664 
Series 2016 A, 5% 1/1/27 (c) 840 975 
Series 2017 D:   
5% 1/1/26 (c) 445 517 
5% 1/1/27 (c) 1,595 1,907 
5% 1/1/29 (c) 215 255 
Series 2020 B, 5% 1/1/26 1,310 1,533 
Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2017, 5% 6/1/25 1,225 1,405 
Chicago Wastewtr. Transmission Rev. Series 2012, 5% 1/1/23 1,175 1,179 
Cook County Cmnty. Consolidated School District No. 59 Series 2020, 4% 3/1/23 1,315 1,373 
Cook County Gen. Oblig.:   
Series 2012 C, 5% 11/15/22 1,260 1,312 
Series 2014 A, 5% 11/15/22 1,325 1,379 
Series 2021 A:   
5% 11/15/22 1,350 1,405 
5% 11/15/23 375 407 
5% 11/15/24 425 479 
5% 11/15/25 425 496 
5% 11/15/26 850 1,023 
5% 11/15/27 1,075 1,324 
Series 2021 B:   
4% 11/15/24 1,475 1,621 
4% 11/15/25 1,100 1,240 
4% 11/15/26 555 639 
4% 11/15/27 565 661 
4% 11/15/28 285 338 
Illinois Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2019, 0.4%, tender 11/1/22 (a)(c) 4,800 4,797 
Illinois Fin. Auth.:   
Bonds Series 2020 B:   
5%, tender 11/15/24 (a) 2,125 2,347 
5%, tender 11/15/26 (a) 2,830 3,336 
Series 2015:   
5% 5/1/45 (Pre-Refunded to 5/1/25 @ 100) 1,190 1,363 
5% 5/1/45 (Pre-Refunded to 5/1/25 @ 100) 7,450 8,558 
Series 2020 A:   
5% 8/15/23 1,000 1,076 
5% 8/15/24 1,080 1,209 
Illinois Fin. Auth. Rev.:   
(Bradley Univ. Proj.) Series 2017 C, 5% 8/1/26 1,650 1,937 
(Edward-Elmhurst Healthcare) Series 2017 A, 5% 1/1/25 740 837 
(OSF Healthcare Sys.) Series 2018 A:   
5% 5/15/26 4,300 5,086 
5% 5/15/27 9,260 11,258 
Bonds:   
Series 2017 B, 5%, tender 12/15/22 (a) 4,825 5,038 
Series E, 2.25%, tender 4/29/22 (a) 23,105 23,257 
Series 2008 A3, 5% 11/1/30 1,545 1,845 
Series 2012 A, 5% 5/15/23 (Pre-Refunded to 5/15/22 @ 100) 1,270 1,292 
Series 2012, 5% 9/1/22 (Escrowed to Maturity) 3,455 3,565 
Series 2015 A:   
5% 11/15/22 490 510 
5% 11/15/24 1,490 1,679 
5% 11/15/25 1,905 2,220 
5% 11/15/26 1,955 2,262 
Series 2015 B, 5% 11/15/24 1,910 2,150 
Series 2016 A:   
5% 2/15/23 980 1,032 
5% 8/15/23 (Escrowed to Maturity) 1,465 1,575 
5% 8/15/24 (Escrowed to Maturity) 2,135 2,387 
5.25% 8/15/28 (Pre-Refunded to 8/15/26 @ 100) 1,000 1,207 
5.25% 8/15/29 (Pre-Refunded to 8/15/26 @ 100) 5,850 7,058 
Series 2016 C:   
5% 2/15/22 3,335 3,354 
5% 2/15/23 8,870 9,345 
5% 2/15/24 5,220 5,729 
5% 2/15/27 1,875 2,277 
Series 2016:   
5% 7/1/22 2,895 2,964 
5% 5/15/25 490 562 
5% 5/15/26 980 1,159 
5% 5/15/27 1,225 1,444 
Series 2017:   
5% 1/1/23 1,465 1,534 
5% 1/1/25 2,260 2,565 
Series 2019:   
5% 9/1/23 400 429 
5% 9/1/24 415 462 
5% 9/1/25 300 345 
5% 4/1/26 1,625 1,916 
5% 9/1/26 300 355 
5% 4/1/27 2,135 2,585 
5% 9/1/27 500 606 
5% 4/1/28 1,425 1,769 
5% 4/1/29 2,000 2,534 
Illinois Gen. Oblig.:   
Series 2012 A, 4% 1/1/23 1,245 1,248 
Series 2012:   
5% 8/1/22 5,675 5,828 
5% 8/1/22 (FSA Insured) 1,105 1,135 
Series 2013:   
5% 7/1/22 10,995 11,250 
5.5% 7/1/25 265 285 
Series 2014:   
5% 2/1/22 2,935 2,946 
5% 4/1/23 2,165 2,288 
5% 2/1/25 2,275 2,480 
Series 2016:   
5% 2/1/24 3,100 3,384 
5% 1/1/26 2,970 3,447 
Series 2017 D, 5% 11/1/25 6,635 7,668 
Series 2018 A, 5% 10/1/26 4,615 5,464 
Series 2020 B, 5% 10/1/25 5,105 5,887 
Series 2020 D:   
5% 10/1/22 6,300 6,518 
5% 10/1/24 5,000 5,589 
Series 2021 B:   
5% 3/1/22 2,485 2,504 
5% 3/1/23 2,555 2,691 
Illinois Hsg. Dev. Auth. Rev. Series D, 3.75% 4/1/50 740 811 
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A, 5% 2/1/23 1,180 1,241 
Illinois Sales Tax Rev.:   
Series 2013, 5% 6/15/24 2,985 3,178 
Series 2021 C:   
5% 6/15/23 535 570 
5% 6/15/24 615 680 
5% 6/15/25 355 406 
McHenry County Cmnty. School District #200 Series 2006 B:   
0% 1/15/24 (Pre-Refunded to 1/15/24 @ 100) 4,715 4,628 
0% 1/15/25 4,915 4,754 
0% 1/15/26 3,695 3,513 
McHenry County Conservation District Gen. Oblig. Series 2014, 5% 2/1/23 2,175 2,285 
Metropolitan Pier & Exposition Series 2022 A, 3% 6/15/25 (b) 2,330 2,468 
Northern Illinois Univ. Revs. Series 2020 B, 5% 4/1/24 (Build America Mutual Assurance Insured) 1,100 1,206 
Railsplitter Tobacco Settlement Auth. Rev. Series 2017:   
5% 6/1/22 9,780 9,968 
5% 6/1/24 4,365 4,826 
TOTAL ILLINOIS  357,125 
Indiana - 2.5%   
Indiana Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2001, 0.4%, tender 10/3/22 (a)(c) 600 600 
Indiana Fin. Auth. Envir. Facilities Rev. Bonds (Indianapolis Pwr. & Lt. Co. Proj.):   
Series 2020 A, 0.75%, tender 4/1/26 (a) 600 597 
Series 2020 B, 0.95%, tender 4/1/26 (a)(c) 1,025 1,019 
Indiana Fin. Auth. Health Sys. Rev. Bonds Series 2019 B, 2.25%, tender 7/1/25 (a) 2,005 2,107 
Indiana Fin. Auth. Hosp. Rev.:   
Bonds:   
Series 2011 L, 0.7%, tender 1/1/26 (a) 1,105 1,103 
Series 2011 M, 0.7%, tender 1/1/26 (a) 7,795 7,778 
Series 2015 B, 1.65%, tender 1/1/22 (a) 3,345 3,345 
Series 2013:   
5% 8/15/22 685 705 
5% 8/15/23 980 1,054 
Indiana Fin. Auth. Wastewtr. Util. Rev. (CWA Auth. Proj.):   
Series 2012 A, 5% 10/1/22 1,590 1,647 
Series 2014 A, 5% 10/1/22 660 683 
Series 2015 A:   
5% 10/1/24 1,460 1,644 
5% 10/1/25 1,590 1,789 
Indiana Health Facility Fing. Auth. Rev.:   
Bonds Series 2001 A2:   
2%, tender 2/1/22 (a) 1,430 1,456 
2%, tender 2/1/22 (a) 10 10 
Series 2005 A1, 4% 11/1/22 755 779 
Indiana Hsg. & Cmnty. Dev. Auth.:   
Series 2019 B, 3.5% 1/1/49 1,695 1,829 
Series 2021 B, 3% 7/1/50 955 1,028 
Series 2021 C1, 3% 1/1/52 3,800 4,127 
Indianapolis Local Pub. Impt. (Indianapolis Arpt. Auth. Proj.):   
Series 2014 D:   
5% 1/1/28 (c) 470 508 
5% 1/1/30 (c) 550 594 
Series 2016 A1:   
5% 1/1/23 (c) 1,940 2,030 
5% 1/1/24 (c) 2,715 2,951 
5% 1/1/25 (c) 2,845 3,204 
Series 2019 D, 5% 1/1/25 (c) 1,710 1,926 
Whiting Envir. Facilities Rev. Bonds (BP Products North America, Inc. Proj.):   
Series 2015, 5%, tender 11/1/22 (a)(c) 24,505 25,447 
Series 2016 A, 5%, tender 3/1/23 (a)(c) 1,200 1,264 
Series 2017, 5%, tender 11/1/24 (a)(c) 1,250 1,411 
Series 2019 A, 5%, tender 6/5/26 (a)(c) 15,985 18,994 
TOTAL INDIANA  91,629 
Iowa - 0.0%   
Iowa Student Ln. Liquidity Corp. Student Ln. Rev. Series 2019 B, 5% 12/1/24 (c) 800 897 
Kansas - 0.1%   
Desoto Unified School District # 232 Series 2015 A, 5% 9/1/22 1,525 1,574 
Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev. Series 2016 A:   
5% 9/1/22 490 505 
5% 9/1/23 710 763 
5% 9/1/25 785 907 
TOTAL KANSAS  3,749 
Kentucky - 2.8%   
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 1,449 
5% 2/1/25 980 1,106 
Series 2019, 5% 2/1/23 625 655 
Carroll County Envir. Facilities Rev. Bonds (Kentucky Utils. Co. Proj.) Series 2004 A, 1.75%, tender 9/1/26 (a)(c) 9,750 10,022 
Carroll County Poll. Ctlr Rev. Bonds (Kentucky Utils. Co. Proj.) Series 2016 A, 1.55%, tender 9/1/26 (a) 5,750 5,907 
Kentucky Asset/Liability Commission Gen. Fund Rev. Series 2021 A:   
5% 11/1/24 1,065 1,199 
5% 11/1/25 3,000 3,485 
5% 11/1/26 1,000 1,196 
5% 11/1/27 1,000 1,227 
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. Series 2015 A:   
5% 6/1/22 1,525 1,552 
5% 6/1/24 1,655 1,822 
Kentucky State Property & Buildings Commission Rev.:   
(#106 Proj.) Series 2013 A, 5% 10/1/27 (Pre-Refunded to 10/1/23 @ 100) 1,500 1,622 
Series 2015, 5% 8/1/24 1,850 2,066 
Series 2018, 5% 5/1/25 1,605 1,842 
Series A:   
5% 11/1/24 1,250 1,410 
5% 11/1/25 1,650 1,926 
Series B:   
5% 8/1/23 2,715 2,913 
5% 8/1/24 2,645 2,955 
Kentucky, Inc. Pub. Energy:   
Bonds:   
Series 2019 A1, 4%, tender 6/1/25 (a) 10,455 11,461 
Series A, 4%, tender 6/1/26 (a) 10,545 11,919 
Series C1, 4%, tender 6/1/25 (a) 15,000 16,429 
Series A:   
4% 12/1/23 600 639 
4% 12/1/25 825 926 
4% 6/1/26 1,085 1,231 
Louisville & Jefferson County Bonds:   
Series 2020 B, 5%, tender 10/1/23 (a) 2,800 3,025 
Series 2020 C, 5%, tender 10/1/26 (a) 5,985 7,164 
Louisville Reg'l. Arpt. Auth. Sys. Rev. Series 2014 A, 5% 7/1/24 (c) 1,280 1,418 
Louisville/Jefferson County Metropolitan Gov. Series 2012 A:   
5% 12/1/28 (Pre-Refunded to 6/1/22 @ 100) 560 571 
5% 12/1/29 (Pre-Refunded to 6/1/22 @ 100) 2,140 2,182 
TOTAL KENTUCKY  101,319 
Louisiana - 0.5%   
Louisiana Stadium and Exposition District Series 2013 A, 5% 7/1/22 980 1,003 
New Orleans Aviation Board Rev.:   
(North Term. Proj.) Series 2017 B:   
5% 1/1/23 (c) 300 314 
5% 1/1/24 (c) 195 212 
5% 1/1/25 (c) 195 220 
5% 1/1/26 (c) 490 569 
Series 2017 D2:   
5% 1/1/23 (c) 390 408 
5% 1/1/24 (c) 735 799 
5% 1/1/25 (c) 1,390 1,565 
St. John Baptist Parish Rev.:   
(Marathon Oil Corp.) Series 2017, 2.2% 6/1/37 (a) 3,765 3,931 
Bonds (Marathon Oil Corp.) Series 2017, 2%, tender 4/1/23 (a) 3,555 3,613 
Tobacco Settlement Fing. Corp. Series 2013 A, 5% 5/15/23 4,400 4,680 
TOTAL LOUISIANA  17,314 
Maine - 0.1%   
City of Portland Arpt. Series 2016, 5% 1/1/29 690 794 
Maine Health & Higher Edl. Facilities Auth. Rev.:   
Series 2013, 5% 7/1/24 (Pre-Refunded to 7/1/23 @ 100) 350 375 
Series 2021 A:   
5% 7/1/28 555 685 
5% 7/1/29 600 755 
5% 7/1/30 500 641 
Maine Tpk. Auth. Tpk. Rev. Series 2015, 5% 7/1/22 1,810 1,853 
TOTAL MAINE  5,103 
Maryland - 1.3%   
Baltimore Proj. Rev. Series 2017 D:   
5% 7/1/24 3,220 3,588 
5% 7/1/25 3,380 3,908 
Hsg. Opportunities Commission of Montgomery County Series 2021 C, 0.8% 7/1/25 700 700 
Maryland Cmnty. Dev. Admin Dept. Hsg. & Cmnty. Dev.:   
Series 2019 B, 4% 9/1/49 1,615 1,763 
Series 2019 C, 3.5% 3/1/50 1,480 1,595 
Series 2021 C:   
0.375% 7/1/23 640 640 
0.5% 1/1/24 1,000 999 
0.6% 7/1/24 2,840 2,838 
Maryland Dept. of Trans. Series 2021 B, 5% 8/1/27 (c) 1,805 2,191 
Maryland Dept. of Trans. Consolidated Trans. Rev.:   
Series 2022 A, 5% 12/1/24 (b) 740 830 
Series 2022 B:   
5% 12/1/23 (b) 845 883 
5% 12/1/27 (b) 1,295 1,530 
Series 2022, 5% 12/1/26 (b) 1,395 1,670 
Maryland Econ. Dev. Auth. Rev. (Ports America Chesapeake LLC. Proj.) Series 2017 A, 5% 6/1/22 1,750 1,778 
Maryland Gen. Oblig. Series 2022 2D, 4% 8/1/28 (b) 7,070 8,358 
Maryland Health & Higher Edl. Bonds:   
Series 2020 B2, 5%, tender 7/1/27 (a) 2,480 2,964 
Series 2020, 5%, tender 7/1/25 (a) 5,250 5,922 
Maryland Health & Higher Edl. Facilities Auth. Rev. Series 2015:   
5% 7/1/22 1,880 1,924 
5% 7/1/23 980 1,048 
5% 7/1/24 1,955 2,175 
5% 7/1/25 1,730 1,996 
TOTAL MARYLAND  49,300 
Massachusetts - 1.6%   
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2021, 4% 5/1/25 17,605 19,656 
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Bonds Series 2019 A, 5%, tender 1/1/23 (a) 5,935 6,208 
Massachusetts Dev. Fin. Agcy. Rev.:   
Bonds Series 2011 N, 0.45%, tender 7/1/25 (a) 2,500 2,487 
Caregroup, Inc. Series 2015 H-1, 5% 7/1/25 2,655 3,057 
Series 2016 I:   
5% 7/1/22 585 598 
5% 7/1/23 660 703 
5% 7/1/24 1,075 1,187 
5% 7/1/25 1,480 1,690 
5% 7/1/26 980 1,153 
Series 2019 A:   
5% 7/1/23 525 560 
5% 7/1/24 1,150 1,273 
5% 7/1/25 825 945 
Series 2021:   
4% 7/1/23 215 225 
4% 7/1/24 225 242 
4% 7/1/25 235 258 
Massachusetts Edl. Fing. Auth. Rev.:   
Series 2016 J, 5% 7/1/23 (c) 2,175 2,321 
Series 2016, 5% 7/1/24 (c) 2,850 3,126 
Series 2020 C:   
5% 7/1/25 (c) 850 961 
5% 7/1/26 (c) 1,900 2,207 
Series 2021 B, 5% 7/1/26 (c) 1,390 1,624 
Massachusetts Health & Edl. Facilities Auth. Rev. Bonds Series I, 0.7%, tender 7/1/25 (a) 2,515 2,520 
Massachusetts Port Auth. Rev.:   
Series 2017 A:   
5% 7/1/24 (c) 3,005 3,338 
5% 7/1/25 (c) 1,115 1,282 
Series 2021 E, 5% 7/1/27 (c) 500 608 
TOTAL MASSACHUSETTS  58,229 
Michigan - 2.2%   
Clarkston Cmnty. Schools Series 2015, 5% 5/1/22 1,635 1,660 
Detroit Downtown Dev. Auth. Tax Series A, 5% 7/1/24 (FSA Insured) 1,000 1,106 
Flint Hosp. Bldg. Auth. Rev. Series 2020, 5% 7/1/24 925 1,011 
Grand Blanc Cmnty. Schools Series 2013, 5% 5/1/22 1,810 1,838 
Grand Rapids Pub. Schools Series 2017, 5% 5/1/23 (FSA Insured) 1,275 1,355 
Grand Traverse County Hosp. Fin. Auth. Series 2021:   
5% 7/1/26 550 654 
5% 7/1/27 900 1,100 
5% 7/1/28 725 908 
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016:   
5% 5/15/22 975 992 
5% 5/15/22 (Escrowed to Maturity) 5 5 
5% 5/15/24 635 703 
5% 5/15/24 (Escrowed to Maturity) 5 6 
5% 5/15/25 1,275 1,463 
5% 5/15/25 (Escrowed to Maturity) 10 11 
5% 5/15/26 1,230 1,457 
5% 5/15/26 (Escrowed to Maturity) 5 6 
Lansing Board of Wtr. & Lt. Util. Rev. Bonds Series 2021 B, 2%, tender 7/1/26 (a) 2,000 2,119 
Michigan Bldg. Auth. Rev. (Facilities Prog.) Series 2016 I, 5% 4/15/24 1,450 1,601 
Michigan Fin. Auth. Rev.:   
(Detroit Wtr. and Sewage Dept. Wtr. Supply Sys. Rev. Rfdg. Local Proj.) Series 2014 D1, 5% 7/1/22 (FSA Insured) 1,920 1,965 
Bonds:   
Series 2015 D2, 1.2%, tender 4/13/28 (a) 635 639 
Series 2019 B, 3.5%, tender 11/15/22 (a) 2,830 2,907 
Series 2019 MI2, 5%, tender 2/1/25 (a) 4,830 5,482 
Series 2015 A:   
5% 8/1/22 2,630 2,703 
5% 8/1/23 3,715 3,993 
5% 8/1/26 300 335 
Series 2015 D1, 0.75% 10/15/25 1,000 1,000 
Series 2015 MI, 5% 12/1/23 1,020 1,110 
Series 2020 A:   
5% 6/1/24 1,000 1,109 
5% 6/1/25 2,000 2,298 
Michigan Gen. Oblig. Series 2016:   
5% 3/15/22 2,280 2,301 
5% 3/15/23 3,915 4,132 
5% 3/15/24 6,955 7,651 
Michigan Hosp. Fin. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series F5, 2.4%, tender 3/15/23 (a) 3,535 3,625 
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.:   
Series 2021 A, 3% 6/1/52 2,320 2,507 
Series A, 3.5% 12/1/50 1,305 1,421 
Michigan Strategic Fund Ltd. Oblig. Rev. Bonds (Consumer Energy Co. Proj.) Series 2019, 1.8%, tender 10/1/24 (a)(c) 3,140 3,230 
Novi Cmnty. School District Series I:   
4% 5/1/24 795 862 
4% 5/1/25 600 670 
Portage Pub. Schools Series 2016:   
5% 5/1/23 1,990 2,114 
5% 11/1/23 1,335 1,448 
5% 5/1/24 1,880 2,077 
5% 11/1/24 1,955 2,201 
5% 5/1/25 1,100 1,260 
5% 11/1/25 1,195 1,393 
5% 11/1/28 985 1,167 
Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D, 5% 9/1/23 490 528 
Saginaw Hosp. Fin. Auth. Hosp. Rev. Series 2020 J:   
5% 7/1/24 765 847 
5% 7/1/25 500 573 
5% 7/1/26 750 885 
TOTAL MICHIGAN  82,428 
Minnesota - 0.6%   
Duluth Econ. Dev. Auth. Series 2021 A:   
3% 7/1/22 180 182 
3% 7/1/24 200 207 
3% 7/1/25 615 642 
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.:   
Series 2014 A:   
5% 1/1/22 980 980 
5% 1/1/23 980 1,027 
Series 2014 B:   
5% 1/1/22 (c) 1,955 1,955 
5% 1/1/23 (c) 1,480 1,549 
Moorhead Edl. Facilities Rev. (The Concordia College Corp. Proj.) Series 2016, 5% 12/1/25 2,950 3,232 
Northern Muni. Pwr. Agcy. Elec. Sys. Rev. Series 2017:   
5% 1/1/22 1,160 1,160 
5% 1/1/23 1,115 1,166 
5% 1/1/24 1,560 1,698 
Shakopee Sr. Hsg. Rev. Bonds Series 2018, 5.85%, tender 11/1/25 (a)(d) 2,530 2,712 
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2015 A, 5% 1/1/26 2,065 2,405 
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev. Series 2014 A:   
5% 1/1/22 1,080 1,080 
5% 1/1/23 1,465 1,533 
5% 1/1/24 980 1,069 
TOTAL MINNESOTA  22,597 
Mississippi - 0.2%   
Mississippi Dev. Bank Spl. Oblig. (Magnolia Reg'l. Health Ctr. Proj.) Series 2021:   
5% 10/1/23 (d) 830 879 
5% 10/1/25 (d) 1,320 1,467 
5% 10/1/27 (d) 900 1,031 
Mississippi Hosp. Equip. & Facilities Auth.:   
(Forrest County Gen. Hosp. Rfdg. Proj.) Series 2019 B, 5% 1/1/24 400 435 
Bonds Series II, 5%, tender 3/1/27 (a) 1,130 1,332 
Series I:   
5% 10/1/25 600 699 
5% 10/1/27 800 983 
TOTAL MISSISSIPPI  6,826 
Missouri - 0.6%   
Cape Girardeau County Indl. Dev. Auth. (Southeast Hosp. Proj.) Series 2017 A:   
5% 3/1/22 585 589 
5% 3/1/23 980 1,028 
5% 3/1/24 685 745 
5% 3/1/25 710 799 
5% 3/1/26 980 1,136 
Kansas City Indl. Dev. Auth. (Kansas City Int'l. Arpt. Term. Modernization Proj.):   
Series 2020 A:   
5% 3/1/26 (c) 1,185 1,384 
5% 3/1/27 (c) 4,065 4,877 
Series 2020 B:   
5% 3/1/26 2,190 2,576 
5% 3/1/27 1,535 1,859 
Missouri Hsg. Dev. Commission Single Family Mtg. Rev. Series 2019, 4% 5/1/50 435 478 
Saint Louis Arpt. Rev.:   
Series 2012, 5% 7/1/32 (c) 935 956 
Series A, 5.25% 7/1/26 (FSA Insured) 5,370 6,446 
TOTAL MISSOURI  22,873 
Montana - 0.2%   
Montana Board Hsg. Single Family:   
Series 2019 B, 4% 6/1/50 230 256 
Series 2021 B, 3% 12/1/51 2,500 2,702 
Series A1, 3.5% 6/1/50 3,565 3,868 
TOTAL MONTANA  6,826 
Nebraska - 0.9%   
Central Plains Energy Proj. Gas Supply Bonds Series 2019, 4%, tender 8/1/25 (a) 9,765 10,840 
Douglas County Hosp. Auth. #2 Health Facilities Rev. Bonds Series 2020, 5%, tender 11/15/25 (a) 2,200 2,536 
Lincoln Arpt. Auth. Series 2021:   
5% 7/1/24 (c) 700 778 
5% 7/1/26 (c) 750 889 
5% 7/1/27 (c) 1,275 1,552 
5% 7/1/28 (c) 1,830 2,279 
5% 7/1/29 (c) 1,000 1,270 
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.:   
Series 2019 B, 4% 9/1/49 (c) 1,230 1,333 
Series 2019 E, 3.75% 9/1/49 (c) 1,375 1,466 
Nebraska Pub. Pwr. District Rev. Series 2017 B, 5% 1/1/26 1,260 1,477 
Washington County Wstwtr Sol Bonds (Cargill, Inc. Projs.) Series 2012, 0.9%, tender 9/1/25 (a)(c) 7,400 7,449 
TOTAL NEBRASKA  31,869 
Nevada - 1.9%   
Clark County Arpt. Rev.:   
(Sub Lien Proj.) Series 2017 A-1, 5% 7/1/22 (c) 3,915 4,005 
Series 2013 A, 5% 7/1/28 (c) 1,475 1,540 
Series 2014 A2:   
5% 7/1/28 525 583 
5% 7/1/30 750 831 
Series 2019 D, 5% 7/1/24 1,775 1,977 
Series 2021 B:   
5% 7/1/22 (c) 365 374 
5% 7/1/23 (c) 625 667 
5% 7/1/24 (c) 985 1,091 
5% 7/1/27 (c) 6,000 7,268 
Clark County McCarran Int'l. Arpt. Passenger Facility Charge Rev.:   
Series 2019 E:   
5% 7/1/25 1,275 1,473 
5% 7/1/27 2,245 2,749 
Series B, 5% 7/1/24 (c) 2,080 2,304 
Clark County Poll. Cont. Rev. Bonds Series 2017, 1.65%, tender 3/31/23 (a) 835 848 
Clark County School District:   
Series 2016 A, 5% 6/15/23 1,285 1,373 
Series 2016 D, 5% 6/15/23 10,000 10,682 
Series 2017 A:   
5% 6/15/22 2,800 2,861 
5% 6/15/26 1,285 1,524 
Series 2017 C, 5% 6/15/23 4,800 5,127 
Series 2020 B, 5% 6/15/26 5,805 6,900 
Nevada Gen. Oblig. Series 2013 D1, 5% 3/1/24 2,640 2,784 
Washoe County Gas & Wtr. Facilities Bonds (Sierra Pacific Pwr. Co. Proj.) Series 2016 B, 3%, tender 6/1/22 (a) 5,185 5,240 
Washoe County Gas Facilities Rev. Bonds:   
(Sierra Pacific Pwr. Co. Proj.) Series 2016 C, 0.625%, tender 4/15/22 (a)(c) 1,350 1,350 
Series 2016 F, 2.05%, tender 4/15/22 (a)(c) 4,800 4,821 
Series 2016, 2.05%, tender 4/15/22 (a)(c) 2,900 2,913 
TOTAL NEVADA  71,285 
New Hampshire - 0.4%   
Nat'l. Fin. Auth. Hosp. Rev. (St. Luke's Univ. Health Network Proj.) Series 2021 B:   
5% 8/15/24 600 669 
5% 8/15/28 1,125 1,394 
Nat'l. Fin. Auth. Solid Bonds (Waste Mgmt., Inc. Proj.):   
Series 2019 A3, 2.15%, tender 7/1/24 (a)(c) 4,455 4,597 
Series 2019 A4, 2.15%, tender 7/1/24 (a)(c) 2,250 2,321 
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 1,218 
5% 1/1/25 (Escrowed to Maturity) (c) 1,000 1,128 
New Hampshire Health & Ed. Facilities Auth. Rev. Series 2016:   
5% 10/1/22 900 932 
5% 10/1/23 2,785 3,004 
TOTAL NEW HAMPSHIRE  15,263 
New Jersey - 7.0%   
Camden County Impt. Auth. Health Care Redev. Rev. Series 2014 A:   
5% 2/15/22 2,445 2,458 
5% 2/15/23 2,770 2,909 
Hudson County Impt. Auth. (Hudson County Courthouse Proj.) Series 2020, 4% 10/1/24 1,400 1,535 
New Jersey Bldg. Auth. State Bldg. Rev. Series 2016 A, 5% 6/15/24 1,720 1,903 
New Jersey Econ. Dev. Auth. Rev.:   
(Provident Montclair Proj.) Series 2017:   
4% 6/1/22 (FSA Insured) 980 992 
5% 6/1/23 (FSA Insured) 1,230 1,309 
5% 6/1/24 (FSA Insured) 980 1,085 
Series 2012 II, 5% 3/1/22 6,155 6,201 
Series 2013 NN, 5% 3/1/27 3,250 3,419 
Series 2013, 5% 3/1/23 13,920 14,659 
Series 2014 RR, 5% 6/15/32 375 415 
Series 2014 UU, 5% 6/15/30 (Pre-Refunded to 6/15/24 @ 100) 465 515 
Series 2015 XX:   
4% 6/15/24 550 595 
5% 6/15/26 975 1,114 
Series 2016 BBB, 5% 6/15/23 9,010 9,602 
New Jersey Edl. Facility:   
Series 2016 A:   
5% 7/1/22 6,160 6,295 
5% 7/1/23 3,315 3,530 
5% 7/1/24 7,740 8,563 
Series 2016 B, 4% 9/1/26 320 365 
New Jersey Gen. Oblig.:   
Series 2020 A:   
5% 6/1/24 10,970 12,142 
5% 6/1/25 16,670 19,108 
5% 6/1/26 11,075 13,095 
5% 6/1/27 12,500 15,192 
Series 2021, 2% 6/1/23 5,700 5,826 
New Jersey Health Care Facilities Fing. Auth. Rev.:   
Bonds:   
Series 2019 B1, 5%, tender 7/1/24 (a) 3,175 3,528 
Series 2019 B2, 5%, tender 7/1/25 (a) 3,890 4,478 
Series 2019 B3, 5%, tender 7/1/26 (a) 2,750 3,255 
Series 2012 A, 5% 7/1/24 (Pre-Refunded to 7/1/22 @ 100) 4,000 4,094 
Series 2016 A:   
5% 7/1/22 170 174 
5% 7/1/23 595 634 
5% 7/1/24 985 1,090 
5% 7/1/24 475 525 
5% 7/1/24 1,200 1,336 
5% 7/1/25 515 589 
5% 7/1/26 170 201 
5% 7/1/27 255 300 
Series 2016, 5% 7/1/25 275 316 
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.:   
Series 2012 1, 5% 12/1/22 (c) 1,090 1,135 
Series 2015 1A, 5% 12/1/24 (c) 6,015 6,765 
Series 2017 1A:   
5% 12/1/22 (c) 1,250 1,302 
5% 12/1/23 (c) 1,930 2,093 
Series 2019 A:   
5% 12/1/23 720 782 
5% 12/1/24 950 1,070 
Series 2020:   
5% 12/1/22 (c) 605 630 
5% 12/1/23 (c) 1,830 1,984 
5% 12/1/24 (c) 1,360 1,529 
5% 12/1/25 (c) 2,440 2,821 
5% 12/1/26 (c) 3,165 3,757 
Series 2021 A, 5% 12/1/25 (c) 130 150 
Series 2021 B:   
5% 12/1/25 (c) 315 364 
5% 12/1/26 (c) 1,425 1,692 
New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Series 2019 D:   
4% 4/1/22 (c) 1,655 1,669 
4% 4/1/23 (c) 1,090 1,134 
4% 10/1/23 (c) 1,150 1,213 
4% 4/1/25 (c) 1,405 1,534 
New Jersey Tobacco Settlement Fing. Corp. Series 2018 A, 5% 6/1/22 1,350 1,376 
New Jersey Tpk. Auth. Tpk. Rev. Series D, 5% 1/1/28 1,710 2,014 
New Jersey Trans. Trust Fund Auth.:   
Series 2006 C, 0% 12/15/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,820 1,676 
Series 2010 A, 0% 12/15/27 5,520 5,054 
Series 2016 A:   
5% 6/15/22 2,630 2,686 
5% 6/15/27 3,960 4,675 
Series 2018 A, 5% 6/15/24 5,000 5,536 
Series 2022 AA:   
5% 6/15/23 (b) 985 1,034 
5% 6/15/25 (b) 4,000 4,517 
5% 6/15/26 (b) 9,745 11,332 
5% 6/15/27 (b) 8,000 9,547 
5% 6/15/28 (b) 10,000 12,179 
Series A:   
5% 12/15/24 1,780 2,008 
5% 12/15/25 1,680 1,954 
5% 12/15/26 2,600 3,114 
Series AA, 5% 6/15/29 1,000 1,021 
Rutgers State Univ. Rev. Series Q:   
5% 5/1/22 690 701 
5% 5/1/23 540 573 
TOTAL NEW JERSEY  255,968 
New Mexico - 1.2%   
New Mexico Edl. Assistance Foundation Series 2021 1A:   
5% 9/1/25 (c) 6,250 7,214 
5% 9/1/28 (c) 2,000 2,477 
New Mexico Hosp. Equip. Ln. Council Rev. Bonds Series 2019 B, 5%, tender 8/1/25 (a) 3,135 3,607 
New Mexico Mtg. Fin. Auth. Series 2019 C, 4% 1/1/50 4,065 4,463 
New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev.:   
Bonds Series 2019 A, 5%, tender 5/1/25 (a) 15,000 17,025 
Series 2019 A:   
4% 5/1/22 960 971 
4% 11/1/23 710 754 
4% 5/1/24 950 1,024 
4% 11/1/24 1,450 1,585 
4% 5/1/25 2,790 3,081 
TOTAL NEW MEXICO  42,201 
New York - 5.7%   
Dorm. Auth. New York Univ. Rev. Series 2016 A:   
5% 7/1/22 490 501 
5% 7/1/24 1,810 2,009 
Hudson Yards Infrastructure Corp. New York Rev. Series 2017 A, 5% 2/15/25 4,000 4,570 
Long Island Pwr. Auth. Elec. Sys. Rev. Bonds:   
Series 2019 B, 1.65%, tender 9/1/24 (a) 7,255 7,429 
Series 2020 B, 0.85%, tender 9/1/25 (a) 19,810 19,855 
Series 2021 B, 1.5%, tender 9/1/26 (a) 3,360 3,443 
Monroe County Indl. Dev. Corp. (Univ. of Rochester Proj.):   
Series 2017 A, 5% 7/1/25 900 1,041 
Series 2020 A:   
5% 7/1/25 750 867 
5% 7/1/26 500 596 
New York Bridge Auth. Gen. Rev. Series 2021 B, 5% 1/1/27 1,500 1,815 
New York City Gen. Oblig.:   
Bonds Series D, 5%, tender 2/1/24 (a) 2,825 3,024 
Series 2016 E, 5% 8/1/24 1,000 1,118 
Series 2021 A1:   
5% 8/1/25 5,020 5,819 
5% 8/1/26 7,000 8,377 
Series 2021 F1, 5% 3/1/23 555 586 
Series A, 5% 8/1/26 1,000 1,197 
Series A6, 5% 8/1/25 250 274 
Series F1, 5% 6/1/25 470 542 
Series I1, 5% 3/1/27 615 675 
New York City Health & Hosp. Corp. Rev. Series A:   
3% 2/15/24 535 564 
5% 2/15/24 750 822 
New York City Hsg. Dev. Corp. Multifamily Hsg. Bonds:   
Series 2021 C2, 0.7%, tender 7/1/25 (a) 2,210 2,215 
Series 2021 K2, 0.9%, tender 1/1/26 (a) 12,290 12,282 
Series 2021, 0.6%, tender 7/1/25 (a) 2,905 2,868 
New York City Indl. Dev. Agcy. Rev. Series 2021 A:   
5% 1/1/25 (FSA Insured) 1,000 1,131 
5% 1/1/26 (FSA Insured) 1,000 1,168 
5% 1/1/27 (FSA Insured) 1,000 1,200 
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Series 2021 DD, 5% 6/15/25 1,535 1,773 
New York City Transitional Fin. Auth. Rev.:   
Series 2022 A1, 5% 11/1/26 3,375 4,072 
Series E1, 5% 2/1/26 475 541 
New York Dorm. Auth. Rev.:   
Bonds Series 2019 B2, 5%, tender 5/1/24 (a) 2,005 2,170 
Series 2015 A:   
5% 7/1/28 370 422 
5% 7/1/28 (Pre-Refunded to 7/1/25 @ 100) 30 35 
New York Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. (NY Muni. Wtr. Fin. Auth. Projs.) Series 2020 A:   
5% 6/15/23 2,000 2,138 
5% 6/15/24 1,400 1,558 
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.:   
Series 2012 A, 5% 11/15/25 1,340 1,394 
Series 2016 A, 5% 11/15/24 525 594 
Series 2016 B1:   
5% 11/15/24 670 758 
5% 11/15/25 1,000 1,171 
Series 2017 B1, 4% 11/15/25 250 283 
Series 2017 B2:   
5% 11/15/23 1,350 1,468 
5% 11/15/25 1,450 1,698 
New York Metropolitan Trans. Auth. Rev.:   
Series 2012 B, 5% 11/15/22 1,955 2,033 
Series 2015 A, 5% 11/15/24 1,000 1,123 
Series 2015 A1, 5% 11/15/29 765 864 
Series 2016 A:   
5% 11/15/23 2,680 2,903 
5% 11/15/23 1,450 1,571 
Series 2017 B:   
5% 11/15/23 4,025 4,360 
5% 11/15/24 665 747 
New York State Dorm. Auth.:   
Series 2018 A, 5% 3/15/27 970 1,185 
Series 2019 D, 5% 2/15/25 1,030 1,176 
Series 2021 A, 5% 3/15/27 2,975 3,636 
New York State Hsg. Fin. Agcy. Rev.:   
Bonds:   
Series 2021 D2, 0.65%, tender 11/1/25 (a) 2,770 2,758 
Series 2021 J2:   
1%, tender 11/1/26 (a) 1,770 1,770 
1.1%, tender 5/1/27 (a) 6,610 6,610 
Series J, 0.75% 5/1/25 3,030 3,034 
New York State Mtg. Agcy. Homeowner Mtg.:   
Series 2021 232:   
5% 4/1/22 (c) 700 708 
5% 4/1/25 (c) 1,130 1,284 
5% 10/1/26 (c) 1,580 1,876 
Series 221, 3.5% 10/1/32 (c) 500 538 
New York State Urban Dev. Corp. Series 2020 E, 5% 3/15/27 12,130 14,810 
New York Thruway Auth. Gen. Rev. Series 2014 K, 5% 1/1/32 795 894 
New York Trans. Dev. Corp. (Term. 4 JFK Int'l. Arpt. Proj.):   
Series 2020 A:   
5% 12/1/22 (c) 250 260 
5% 12/1/24 (c) 1,500 1,684 
5% 12/1/25 (c) 1,400 1,614 
5% 12/1/26 (c) 740 877 
Series 2020 C:   
5% 12/1/24 1,000 1,126 
5% 12/1/25 800 925 
5% 12/1/26 1,250 1,485 
5% 12/1/27 1,250 1,517 
New York Urban Dev. Corp. Rev.:   
Series 2015 A, 5% 3/15/26 250 291 
Series 2016 A:   
5% 3/15/26 5,275 6,256 
5% 3/15/27 1,000 1,181 
Niagara Frontier Trans. Auth. Arpt. Rev. Series 2019 A:   
5% 4/1/25 (c) 625 710 
5% 4/1/27 (c) 1,350 1,623 
Onondaga County Ind. Dev. Agcy. Swr. Facilities Rev. (Bristol-Meyers Squibb Co. Proj.) Series 1994, 5.75% 3/1/24 (c) 6,520 7,230 
Suffolk County Gen. Oblig.:   
Series 2022 A:   
5% 6/15/24 (b) 655 718 
5% 6/15/25 (b) 695 787 
5% 6/15/29 (b) 965 1,199 
Series 2022 B:   
5% 10/1/23 (b) 650 684 
5% 10/1/25 (b) 800 900 
5% 10/1/26 (b) 410 473 
5% 10/1/28 (b) 670 805 
Syracuse Reg'l. Arpt. Auth. Series 2021:   
5% 7/1/25 (c) 750 860 
5% 7/1/26 (c) 1,145 1,350 
5% 7/1/27 (c) 1,515 1,830 
Triborough Bridge & Tunnel Auth. Bonds Series 2021 A2:   
2%, tender 5/15/26 (a) 7,870 8,230 
2%, tender 5/15/28 (a) 2,575 2,733 
Yonkers Gen. Oblig. Series 2017 C, 5% 10/1/22 (Build America Mutual Assurance Insured) 2,500 2,588 
TOTAL NEW YORK  209,879 
New York And New Jersey - 0.6%   
Port Auth. of New York & New Jersey:   
Series 178, 5% 12/1/23 (c) 1,060 1,151 
Series 185, 5% 9/1/23 (c) 2,870 3,087 
Series 188, 5% 5/1/25 (c) 1,910 2,184 
Series 193:   
5% 10/15/25 (c) 3,550 4,121 
5% 10/15/29 (c) 1,350 1,556 
Series 223:   
5% 7/15/25 (c) 1,500 1,727 
5% 7/15/26 (c) 2,250 2,668 
5% 7/15/27 (c) 1,785 2,170 
5% 7/15/28 (c) 2,500 3,106 
TOTAL NEW YORK AND NEW JERSEY  21,770 
North Carolina - 2.5%   
Charlotte Int'l. Arpt. Rev.:   
Series 2019 B, 5% 7/1/27 (c) 735 893 
Series 2021 B:   
5% 7/1/26 (c) 5,535 6,548 
5% 7/1/27 (c) 4,500 5,465 
5% 7/1/28 (c) 1,545 1,922 
5% 7/1/29 (c) 865 1,097 
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Bonds:   
Series 2021 B, 5%, tender 12/2/24 (a) 4,200 4,747 
Series 2021 C, 5%, tender 12/1/28 (a) 1,570 1,998 
New Hanover County Hosp. Rev. Series 2017:   
5% 10/1/25 (Escrowed to Maturity) 1,115 1,294 
5% 10/1/26 (Escrowed to Maturity) 1,360 1,629 
North Carolina Cap. Facilities Fin. Agcy. Edl. Facilities Rev. Series 2021, 5% 5/1/25 260 296 
North Carolina Grant Anticipation Rev.:   
Series 2017:   
5% 3/1/22 3,580 3,608 
5% 3/1/23 3,580 3,778 
Series 2021:   
5% 3/1/25 3,000 3,431 
5% 3/1/26 3,250 3,840 
5% 3/1/27 2,305 2,807 
5% 3/1/28 2,375 2,963 
North Carolina Hsg. Fin. Agcy. Home Ownership Rev. Series 43, 4% 7/1/50 6,380 7,053 
North Carolina Med. Care Commission Health Care Facilities Rev. Bonds:   
Series 2019 B, 2.2%, tender 12/1/22 (a) 4,235 4,267 
Series 2019 C, 2.55%, tender 6/1/26 (a) 7,335 7,776 
North Carolina Med. Care Commission Hosp. Rev. Bonds Series 2021 B, 5%, tender 2/1/26 (a) 1,110 1,304 
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series 2015 E:   
5% 1/1/22 4,890 4,890 
5% 1/1/23 1,465 1,534 
North Carolina Tpk. Auth. Triangle Expressway Sys. Series 2020 C, 5% 2/1/24 13,610 14,834 
Raleigh Durham Arpt. Auth. Arpt. Rev. Series 2020 A, 5% 5/1/27 (c) 355 429 
Union County Enterprise Systems Rev. Series 2021:   
5% 6/1/25 1,000 1,155 
5% 6/1/26 750 894 
5% 6/1/27 775 952 
TOTAL NORTH CAROLINA  91,404 
North Dakota - 0.2%   
North Dakota Hsg. Fin. Agcy.:   
Series 2021 A, 3% 1/1/52 1,575 1,698 
Series 2021 B, 3% 7/1/52 4,210 4,570 
TOTAL NORTH DAKOTA  6,268 
Ohio - 2.4%   
Akron Bath Copley Hosp. District Rev.:   
Series 2016, 5% 11/15/24 1,955 2,187 
Series 2020:   
5% 11/15/26 375 445 
5% 11/15/27 185 225 
Allen County Hosp. Facilities Rev.:   
Bonds (Mercy Health) Series 2017 B, 5%, tender 5/5/22 (a) 5,280 5,362 
Series 2020 A, 5% 12/1/23 1,045 1,136 
American Muni. Pwr., Inc. Rev.:   
Bonds Series 2021 A2, 1%, tender 8/15/24 (a) 2,150 2,177 
Series 2021 A:   
5% 2/15/26 300 353 
5% 2/15/27 400 484 
Cleveland Arpt. Sys. Rev. Series 2016 A:   
5% 1/1/24 (FSA Insured) 1,175 1,282 
5% 1/1/25 (FSA Insured) 1,225 1,388 
5% 1/1/26 (FSA Insured) 490 554 
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013:   
5% 6/15/22 2,100 2,135 
5% 6/15/23 1,815 1,909 
Franklin County Hosp. Facilities Rev. Series 2016 C, 5% 11/1/23 2,800 3,041 
Hamilton County Healthcare Facilities Rev. Series 2012, 5.25% 6/1/26 1,000 1,019 
Miami County Hosp. Facilities Rev. (Kettering Health Network Obligated Group Proj.) Series 2019:   
5% 8/1/27 1,000 1,226 
5% 8/1/28 1,000 1,256 
Montgomery County Hosp. Rev. (Kettering Health Network Obligated Group Proj.)) Series 2021:   
5% 8/1/27 575 705 
5% 8/1/28 500 628 
Ohio Cap. Facilities Lease (Adult Correctional Bldg. Fund Projs.) Series 2021 A:   
5% 10/1/23 2,360 2,552 
5% 10/1/25 2,000 2,328 
5% 10/1/26 1,750 2,103 
Ohio Hosp. Facilities Rev.:   
Series 2017 A:   
5% 1/1/22 1,665 1,665 
5% 1/1/23 1,955 2,047 
5% 1/1/24 1,865 2,036 
5% 1/1/25 2,035 2,309 
Series 2021 B:   
5% 1/1/23 450 471 
5% 1/1/24 1,725 1,884 
5% 1/1/25 1,935 2,195 
5% 1/1/26 2,275 2,669 
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.:   
(Mtg. Backed Securities Prog.) Series 2019 B, 4.5% 3/1/50 330 365 
Series 2021 C, 3.25% 3/1/51 18,100 19,816 
Ohio Spl. Oblig. Series 2020 A, 5% 2/1/22 1,525 1,531 
Scioto County Hosp. Facilities Rev.:   
Series 2016:   
5% 2/15/22 1,075 1,081 
5% 2/15/23 2,075 2,181 
5% 2/15/24 3,215 3,515 
5% 2/15/25 2,065 2,342 
5% 2/15/26 1,285 1,506 
Series 2019, 5% 2/15/29 2,220 2,573 
Univ. of Akron Gen. Receipts Series 2019 A:   
5% 1/1/23 445 465 
5% 1/1/24 760 828 
5% 1/1/25 1,100 1,244 
TOTAL OHIO  87,218 
Oklahoma - 0.1%   
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (OU Medicine Proj.) Series 2018 B:   
5% 8/15/24 500 554 
5% 8/15/25 500 572 
5% 8/15/26 800 940 
Oklahoma Hsg. Fin. Agcy. Collateralized Bonds Series 2019, 1.6%, tender 1/1/22 480 480 
Oklahoma Tpk. Auth. Tpk. Rev. Series 2017 D, 5% 1/1/25 775 880 
TOTAL OKLAHOMA  3,426 
Oregon - 1.3%   
Gilliam County Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.):   
Series 2000 A, 2.4%, tender 5/2/22 (a)(c) 2,500 2,504 
Series 2003 A, 2.4%, tender 5/2/22 (a)(c) 2,275 2,289 
Oregon Bus. Dev. Commission Bonds Series 250, 5%, tender 3/1/22 (a)(c) 13,550 13,648 
Oregon Bus. Dev. Commission Recovery Zone Facility Bonds (Intel Corp. Proj.) Series 232, 2.4%, tender 8/14/23 (a) 21,105 21,741 
Oregon Facilities Auth. Rev. (Samaritan Health Svcs. Proj.):   
Series 2020 A:   
5% 10/1/24 200 224 
5% 10/1/25 225 260 
5% 10/1/26 150 179 
Series A, 5% 10/1/27 150 183 
Oregon State Hsg. & Cmnty. Svcs. Dept. (Single Family Mtg. Prog.) Series A, 3.5% 1/1/51 1,665 1,817 
Port of Portland Arpt. Rev.:   
Series 2020 27 A, 5% 7/1/29 (c) 430 544 
Series 26 C, 5% 7/1/23 (c) 2,140 2,283 
Series 27 A, 5% 7/1/26 (c) 1,515 1,789 
TOTAL OREGON  47,461 
Pennsylvania - 1.8%   
Allegheny County Arpt. Auth. Rev. Series 2021 A:   
5% 1/1/26 (c) 1,750 2,033 
5% 1/1/27 (c) 2,000 2,389 
5% 1/1/28 (c) 2,250 2,749 
Allegheny County Indl. Dev. Auth. Rev. Series 2021, 3.5% 12/1/31 1,075 1,031 
Allegheny County Sanitation Auth. Swr. Rev. Series 2020 A:   
4% 6/1/25 200 223 
5% 6/1/26 1,000 1,184 
Commonwealth Fing. Auth. Rev. Series 2020 A:   
5% 6/1/24 1,475 1,634 
5% 6/1/25 1,150 1,321 
Lehigh County Indl. Dev. Auth. Poll. Cont. Rev. Bonds:   
(PPL Elec. Utils. Corp. Proj.) Series 2016 A, 1.8%, tender 9/1/22 (a) 2,445 2,466 
Series B, 1.8%, tender 8/15/22 (a) 5,280 5,323 
Montgomery County Higher Ed. & Health Auth. Rev.:   
Series 2014 A, 5% 10/1/23 190 203 
Series 2019, 5% 9/1/29 1,000 1,269 
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. Bonds:   
(Waste Mgmt., Inc. Proj.) Series 2017 A, 0.58%, tender 8/1/24 (a)(c) 1,100 1,096 
Series 2011, 2.15%, tender 7/1/24 (a)(c) 1,000 1,035 
Pennsylvania Gen. Oblig. Series 2017, 5% 1/1/27 3,955 4,789 
Pennsylvania Higher Edl. Facilities Auth. Rev.:   
Series 2014, 5% 12/1/22 835 872 
Series 2016 C, 5% 8/15/25 2,855 3,314 
Pennsylvania Hsg. Fin. Agcy.:   
Series 2020 13 2A, 3.5% 4/1/51 1,020 1,086 
Series 2021 137, 3% 10/1/51 5,900 6,413 
Pennsylvania Tpk. Commission Tpk. Rev. Series 2021 B:   
5% 12/1/25 860 1,002 
5% 12/1/26 1,000 1,201 
5% 12/1/27 750 924 
Philadelphia Arpt. Rev.:   
Series 2015 A, 5% 6/15/24 (c) 600 664 
Series 2017 A, 5% 7/1/24 490 545 
Series 2017 B:   
5% 7/1/24 (c) 4,790 5,306 
5% 7/1/25 (c) 1,700 1,946 
Series 2021:   
5% 7/1/28 (c) 3,100 3,839 
5% 7/1/29 (c) 1,830 2,314 
Philadelphia School District:   
Series 2018 A:   
5% 9/1/24 1,000 1,118 
5% 9/1/25 700 808 
5% 9/1/26 750 886 
Series 2019 A:   
5% 9/1/22 1,250 1,289 
5% 9/1/23 315 339 
5% 9/1/24 1,050 1,175 
5% 9/1/25 1,200 1,390 
Series 2019 B, 5% 9/1/24 1,000 1,118 
Reading School District Series 2017:   
5% 3/1/25 (FSA Insured) 320 362 
5% 3/1/26 (FSA Insured) 260 304 
5% 3/1/27 (FSA Insured) 250 301 
5% 3/1/28 (FSA Insured) 245 296 
TOTAL PENNSYLVANIA  67,557 
Rhode Island - 1.0%   
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series 2016:   
5% 5/15/22 1,955 1,988 
5% 5/15/23 1,180 1,252 
5% 5/15/24 2,300 2,536 
5% 5/15/25 5,385 6,152 
Rhode Island Health & Edl. Bldg. Corp. Pub. Schools Rev. Series 2015, 5% 5/15/25 (FSA Insured) 5,910 6,779 
Rhode Island Hsg. & Mtg. Fin. Corp. Series 2019 70, 4% 10/1/49 835 910 
Rhode Island Hsg. & Mtg. Fin. Corp. Rev. Series 72 A, 3.5% 10/1/50 1,505 1,633 
Rhode Island Student Ln. Auth. Student Ln. Rev.:   
Series 2019 A:   
5% 12/1/23 (c) 750 811 
5% 12/1/24 (c) 1,000 1,120 
5% 12/1/25 (c) 1,250 1,437 
5% 12/1/26 (c) 1,000 1,179 
5% 12/1/28 (c) 510 626 
Series 2021 A, 5% 12/1/27 (c) 900 1,088 
Series A:   
4% 12/1/26 (c) 1,350 1,459 
5% 12/1/26 (c) 1,200 1,423 
Tobacco Settlement Fing. Corp. Series 2015 A:   
5% 6/1/24 1,885 2,088 
5% 6/1/26 3,425 3,923 
5% 6/1/27 980 1,118 
TOTAL RHODE ISLAND  37,522 
South Carolina - 0.8%   
Lancaster County School District ( South Carolina Gen. Oblig. Proj.) Series 2017, 5% 3/1/22 2,020 2,036 
Richland County School District #2 Gen. Oblig. (South Carolina Gen. Oblig. Proj.) Series 2015 A, 5% 2/1/23 2,565 2,696 
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015:   
5% 12/1/23 4,345 4,717 
5% 12/1/26 1,075 1,225 
South Carolina Hsg. Fin. & Dev. Auth. Mtg. Rev. Series 2019 A, 4% 1/1/50 1,210 1,346 
South Carolina Pub. Svc. Auth. Rev.:   
Series 2014 C:   
5% 12/1/22 1,075 1,121 
5% 12/1/23 4,890 5,319 
Series 2015 A, 5% 12/1/25 1,000 1,148 
Series 2015 C, 5% 12/1/22 1,360 1,419 
Series 2021 A:   
5% 12/1/26 670 807 
5% 12/1/27 750 925 
Series 2021 B:   
5% 12/1/24 1,400 1,582 
5% 12/1/25 500 585 
5% 12/1/26 500 603 
5% 12/1/27 450 555 
5% 12/1/28 800 1,008 
Series A, 5% 12/1/23 2,995 3,258 
TOTAL SOUTH CAROLINA  30,350 
South Dakota - 0.0%   
South Dakota Health & Edl. Facilities Auth. Rev. Series 2014 B, 5% 11/1/22 365 379 
Tennessee - 1.1%   
Metropolitan Nashville Arpt. Auth. Rev. Series 2019 B:   
5% 7/1/26 (c) 2,000 2,358 
5% 7/1/27 (c) 2,435 2,945 
5% 7/1/28 (c) 3,125 3,863 
5% 7/1/29 (c) 3,800 4,797 
5% 7/1/30 (c) 3,000 3,861 
Tennergy Corp. Gas Rev. Bonds Series 2019 A, 5%, tender 10/1/24 (a) 11,590 12,916 
Tennessee Energy Acquisition Corp. Bonds (Gas Rev. Proj.) Series A, 4%, tender 5/1/23 (a) 6,040 6,282 
Tennessee Hsg. Dev. Agcy. Residential Series 2021 3A, 3% 1/1/52 1,735 1,883 
TOTAL TENNESSEE  38,905 
Texas - 10.9%   
Aledo Independent School District Series 2015, 0% 2/15/24 1,195 1,185 
Austin Arpt. Sys. Rev.:   
Series 2019 B:   
5% 11/15/23 (c) 620 674 
5% 11/15/24 (c) 675 758 
5% 11/15/25 (c) 650 754 
Series 2019, 5% 11/15/24 (c) 2,500 2,807 
Austin Independent School District Series 2015 B, 5% 8/1/25 2,050 2,376 
Birdville Independent School District Series 2021, 5% 2/15/26 800 942 
Central Reg'l. Mobility Auth.:   
Series 2016:   
5% 1/1/22 1,465 1,465 
5% 1/1/23 2,395 2,506 
5% 1/1/24 3,295 3,590 
5% 1/1/26 2,800 3,270 
Series 2020 F, 5% 1/1/25 4,455 4,925 
Series 2021 C, 5% 1/1/27 6,865 7,970 
City of Denton Series 2020 A, 5% 2/15/26 1,025 1,208 
Clear Creek Independent School District Bonds Series 2021 B, 0.28%, tender 8/15/24 (a) 4,370 4,348 
Clint Independent School District Series 2015 A, 5% 2/15/26 1,600 1,821 
Collin County Series 2020:   
5% 2/15/26 1,040 1,227 
5% 2/15/27 2,040 2,480 
Comal County Series 2017, 4% 2/1/26 1,780 2,021 
Cypress-Fairbanks Independent School District:   
Bonds:   
Series 2014 B1, 1.25%, tender 8/15/22 (a) 2,420 2,435 
Series 2015 B1, 0.28%, tender 8/15/24 (a) 6,700 6,629 
Series 2015 B2, 0.28%, tender 8/15/24(a) 10,500 10,389 
Series 2020 A, 5% 2/15/25 1,330 1,515 
Dallas Fort Worth Int'l. Arpt. Rev.:   
Series 2013 A, 5% 11/1/28 (Pre-Refunded to 11/1/22 @ 100) (c) 1,000 1,039 
Series 2013 F, 5% 11/1/22 4,890 5,086 
Series 2014 A, 5.25% 11/1/27 (c) 1,175 1,274 
Series 2014 B, 5% 11/1/29 (Pre-Refunded to 11/1/22 @ 100) (c) 1,235 1,283 
Series 2014 D, 5% 11/1/23 (c) 1,905 2,066 
Series 2020 A, 5% 11/1/26 2,595 3,117 
Dallas Gen. Oblig. Series 2018, 5% 2/15/25 2,060 2,344 
Dallas Independent School District:   
Bonds:   
Series 2016, 5%, tender 2/15/22 (a) 150 151 
Series B6:   
5%, tender 2/15/22 (a) 3,865 3,886 
5%, tender 2/15/22 (a) 3,900 3,922 
Series 2021, 4% 2/15/25 1,835 2,035 
Denton Independent School District:   
Bonds Series 2014 B, 2%, tender 8/1/24 (a) 1,970 2,046 
Series 2016, 0% 8/15/25 1,610 1,576 
El Paso Independent School District Series 2020:   
5% 8/15/23 500 538 
5% 8/15/24 650 728 
Fort Bend Independent School District Bonds:   
Series 2019 A, 1.95%, tender 8/1/22 (a) 8,300 8,379 
Series 2020 B, 0.875%, tender 8/1/25 (a) 9,720 9,894 
Series 2021 B, 0.72%, tender 8/1/26 (a) 3,535 3,525 
Fort Worth Gen. Oblig.:   
Series 2015 A, 5% 3/1/23 1,670 1,763 
Series 2020:   
5% 3/1/26 3,800 4,476 
5% 3/1/27 4,050 4,911 
5% 3/1/27 4,130 5,008 
Fort Worth Independent School District:   
Series 2015, 5% 2/15/22 1,580 1,589 
Series 2019 B, 5% 2/15/25 1,620 1,846 
Goose Creek Consolidated Independent School District Bonds Series 2021 B, 0.6%, tender 8/17/26 (a) 3,500 3,458 
Harris County Cultural Ed. Facilities Fin. Corp. Med. Facilities Rev. Series 2016, 5% 11/15/25 1,500 1,750 
Harris County Cultural Ed. Facilities Fin. Corp. Rev.:   
Bonds:   
Series 2019 B, 5%, tender 12/1/26 (a) 6,545 7,826 
Series 2020 A, 0.9%, tender 5/15/25 (a) 1,850 1,851 
Series 2020 C, 5%, tender 12/1/26 (a) 7,000 8,375 
Series 2014 A, 5% 12/1/26 1,085 1,223 
Houston Arpt. Sys. Rev.:   
Series 2012 A, 5% 7/1/23 (Pre-Refunded to 7/1/22 @ 100) (c) 3,720 3,807 
Series 2018 A:   
5% 7/1/23 (c) 750 802 
5% 7/1/25 (c) 1,550 1,778 
Series 2018 B, 5% 7/1/22 1,000 1,024 
Series 2018 C:   
5% 7/1/23 (c) 1,500 1,605 
5% 7/1/26 (c) 500 591 
5% 7/1/27 (c) 905 1,098 
Series 2020 B, 5% 7/1/26 2,250 2,676 
Houston Gen. Oblig. Series 2017 A, 5% 3/1/27 1,545 1,877 
Houston Independent School District Bonds Series 2014 A, 4%, tender 6/1/23 (a) 6,270 6,589 
Kilgore Independent School District Series 2020, 5% 2/15/26 1,075 1,268 
Love Field Arpt. Modernization Rev.:   
Series 2015:   
5% 11/1/22 (c) 1,000 1,039 
5% 11/1/23 (c) 2,125 2,304 
5% 11/1/26 (c) 1,075 1,244 
5% 11/1/30 (c) 1,960 2,259 
Series 2021:   
5% 11/1/23 (c) 895 970 
5% 11/1/24 (c) 2,615 2,932 
5% 11/1/25 (c) 3,920 4,536 
5% 11/1/26 (c) 2,845 3,386 
5% 11/1/27 (c) 2,885 3,514 
5% 11/1/28 (c) 11,150 13,860 
5% 11/1/29 (c) 11,705 14,798 
Lower Colorado River Auth. Rev.:   
(Lcra Transmission Svcs. Corp. Proj.) Series 2021, 5% 5/15/25 1,315 1,507 
Series 2022:   
5% 5/15/25 (FSA Insured) (b) 1,670 1,896 
5% 5/15/26 (FSA Insured) (b) 1,805 2,117 
5% 5/15/27 (FSA Insured) (b) 1,385 1,665 
Lubbock Elec. Lt. & Pwr. Sys. Rev. Series 2021, 5% 4/15/27 1,450 1,765 
Mansfield Independent School District Series 2016, 5% 2/15/24 4,185 4,586 
McKinney Independent School District Series 2021:   
5% 2/15/25 1,000 1,142 
5% 2/15/26 1,245 1,470 
5% 2/15/27 1,300 1,583 
Midlothian Independent School District Bonds Series 2013 C, 2%, tender 8/1/24 (a) 1,645 1,701 
Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2018, 0.475%, tender 7/1/24 (a)(c) 8,320 8,351 
New Caney Independent School District Bonds Series 2018, 1.25%, tender 8/15/24 (a) 4,100 4,176 
Newark Higher Ed. Fin. Corp. (Abilene Christian Univ. Proj.) Series 2016 A, 5% 4/1/26 2,425 2,837 
North East Texas Independent School District Bonds Series 2019, 2.2%, tender 8/1/24 (a) 2,345 2,441 
North Harris County Reg'l. Wtr. Auth. Series 2013, 4% 12/15/22 1,545 1,599 
North Texas Tollway Auth. Rev. Series 2019 B, 5% 1/1/25 1,435 1,627 
Northside Independent School District Bonds:   
Series 2019, 1.6%, tender 8/1/24 (a) 7,780 7,986 
Series 2020, 0.7%, tender 6/1/25 (a) 9,665 9,677 
Pasadena Independent School District Bonds Series 2015 B, 1.5%, tender 8/15/24 (a) 6,615 6,777 
Pearland Gen. Oblig. Series 2020, 5% 3/1/24 715 784 
Pflugerville Independent School District Bonds Series 2019 B, 2.5%, tender 8/15/23 (a) 1,480 1,529 
Pharr San Juan Alamo Independent School District Series 2016, 5% 2/1/26 1,130 1,284 
Prosper Independent School District Bonds Series 2019 B, 2%, tender 8/15/23 (a) 10,000 10,269 
San Antonio Arpt. Sys. Rev. Series 2019 A:   
5% 7/1/22 (c) 705 722 
5% 7/1/22 (c) 690 706 
5% 7/1/23 (c) 555 594 
5% 7/1/23 (c) 505 540 
5% 7/1/24 (c) 1,750 1,938 
5% 7/1/24 (c) 1,000 1,108 
5% 7/1/25 (c) 1,250 1,434 
5% 7/1/25 (c) 1,350 1,546 
5% 7/1/26 (c) 1,500 1,772 
5% 7/1/26 (c) 1,460 1,721 
San Antonio Elec. & Gas Sys. Rev. Bonds:   
Series 2015 D, 1.125%, tender 12/1/26 (a) 10,810 10,960 
Series 2018, 2.75%, tender 12/1/22 (a) 10,100 10,323 
San Antonio Pub. Facilities Corp. and Rfdg. Lease (Convention Ctr. Proj.) Series 2012, 5% 9/15/22 3,365 3,473 
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Scott & White Healthcare Proj.) Series 2013 A, 5% 8/15/23 (Escrowed to Maturity) 980 1,054 
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev.:   
Series 2016 A, 5% 2/15/26 1,465 1,723 
Series 2017 A, 5% 2/15/24 1,955 2,144 
Tarrant Reg'l. Wtr. District (City of Dallas Proj.) Series 2021 A, 4% 9/1/25 2,815 3,172 
Texas Gen. Oblig. Series 2020 B:   
3% 8/1/25 (c) 4,610 4,995 
3% 8/1/26 (c) 4,845 5,330 
4% 8/1/27(c) 5,085 5,934 
Texas Trans. Commission Hwy. Impt. Gen. Oblig. Bonds Series 2014 B, 0.65%, tender 4/1/26 (a) 15,910 15,802 
Trinity River Auth. Reg'l. Wastewtr. Sys. Rev. Series 2016, 5% 8/1/23 1,550 1,665 
Wichita Falls Independent School District Series 2021:   
3% 2/1/22 1,530 1,533 
4% 2/1/25 600 664 
4% 2/1/26 850 966 
4% 2/1/27 1,100 1,280 
4% 2/1/28 900 1,066 
TOTAL TEXAS  401,151 
Utah - 0.5%   
Salt Lake City Arpt. Rev.:   
Series 2017 A, 5% 7/1/27 (c) 510 618 
Series 2018 A, 5% 7/1/26 (c) 2,550 3,013 
Series 2021 B:   
5% 7/1/24 250 278 
5% 7/1/25 530 611 
5% 7/1/26 1,150 1,367 
5% 7/1/27 750 917 
Utah County Hosp. Rev. Bonds Series 2020 B2, 5%, tender 8/1/26 (a) 10,605 12,626 
TOTAL UTAH  19,430 
Vermont - 0.1%   
Vermont Edl. & Health Bldg. Fin. Agcy. Rev. (St. Michael's College Proj.) Series 2012, 5% 10/1/22 300 310 
Vermont Hsg. Fin. Agcy. Series 2021 B, 3% 11/1/51 1,940 2,109 
Vermont Student Assistant Corp. Ed. Ln. Rev.:   
Series 2017 A, 5% 6/15/27 (c) 560 664 
Series 2021 A:   
5% 6/15/27 (c) 350 415 
5% 6/15/28 (c) 425 513 
5% 6/15/29 (c) 400 488 
TOTAL VERMONT  4,499 
Virginia - 0.8%   
Arlington County IDA Hosp. Facilities Series 2020, 5% 7/1/25 500 576 
Fredericksburg Econ. Dev. Auth. Rev. Series 2014, 5% 6/15/24 2,290 2,540 
Gloucester County Indl. Dev. Auth. Bonds Series 2003 A, 2.4%, tender 5/2/22 (a)(c) 1,500 1,509 
Halifax County Indl. Dev. Auth. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2010 A, 0.45%, tender 4/1/22 (a) 3,995 3,997 
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2008 B, 0.75%, tender 9/2/25 (a) 6,750 6,771 
Norfolk Arpt. Auth. Series 2021 A:   
5% 7/1/27 750 917 
5% 7/1/28 1,000 1,248 
Stafford County Econ. Dev. Auth. Hosp. Facilities Rev. Series 2016:   
5% 6/15/24 1,185 1,314 
5% 6/15/25 980 1,125 
5% 6/15/26 1,680 1,989 
Sussex County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds Series 2003 A, 2.4%, tender 5/2/22 (a)(c) 945 951 
Wise County Indl. Dev. Auth. Waste & Sewage Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.):   
Series 2009 A, 0.75%, tender 9/2/25 (a) 3,000 3,026 
Series 2010 A, 1.2%, tender 5/31/24 (a) 1,725 1,753 
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.9%, tender 6/1/23 (a) 800 817 
TOTAL VIRGINIA  28,533 
Washington - 2.4%   
King County Hsg. Auth. Rev.:   
Series 2019:   
4% 11/1/24 1,075 1,178 
4% 11/1/25 1,260 1,418 
4% 11/1/30 1,575 1,878 
Series 2021:   
2% 12/1/23 775 795 
3% 6/1/25 830 890 
4% 12/1/28 375 441 
4% 12/1/30 575 682 
4% 12/1/31 450 532 
King County Swr. Rev. Bonds Series 2020 B, 0.875%, tender 1/1/26 (a) 18,985 19,033 
Port of Seattle Rev.:   
Series 2013, 5% 7/1/24 (c) 775 827 
Series 2015 B, 5% 3/1/25 450 503 
Series 2016 B:   
5% 10/1/22 (c) 2,445 2,532 
5% 10/1/23 (c) 2,965 3,203 
Series 2019:   
5% 4/1/22 (c) 1,785 1,805 
5% 4/1/23 (c) 1,985 2,099 
5% 4/1/24 (c) 3,035 3,335 
5% 4/1/25 (c) 2,700 3,072 
Series 2021 C:   
5% 8/1/24 (c) 3,290 3,662 
5% 8/1/25 (c) 2,660 3,061 
5% 8/1/26 (c) 3,655 4,334 
5% 8/1/27 (c) 2,260 2,746 
5% 8/1/28 (c) 6,320 7,841 
Seattle Hsg. Auth. Rev. (Northgate Plaza Proj.) Series 2021, 1% 6/1/26 1,545 1,547 
Tacoma Elec. Sys. Rev. Series 2017:   
5% 1/1/22 785 785 
5% 1/1/25 660 749 
5% 1/1/26 390 458 
Tobacco Settlement Auth. Rev. Series 2013, 5% 6/1/22 2,170 2,212 
Washington Gen. Oblig. Series R 2021 A, 5% 6/1/23 1,670 1,782 
Washington Health Care Facilities Auth. Rev.:   
(Providence Health Systems Proj.) Series 2012 A, 5% 10/1/24 805 834 
(Virginia Mason Med. Ctr. Proj.) Series 2017:   
5% 8/15/25 1,450 1,652 
5% 8/15/26 2,560 2,999 
5% 8/15/27 2,425 2,910 
Bonds Series 2019 B, 5%, tender 8/1/24 (a) 4,575 4,995 
Washington Hsg. Fin. Commission Series 2021 2N:   
5% 12/1/25 915 1,066 
5% 6/1/27 500 606 
TOTAL WASHINGTON  88,462 
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 (a)(c) 5,650 5,689 
Wisconsin - 1.7%   
Blue Ridge Healthcare Pub. Fin. Auth. Series 2020 A, 5% 1/1/27 1,085 1,301 
Milwaukee County Arpt. Rev. Series 2013 A:   
5% 12/1/22 (c) 1,440 1,501 
5.25% 12/1/23 (c) 1,505 1,640 
Milwaukee Gen. Oblig.:   
Series 2018 N4, 5% 4/1/25 7,860 8,967 
Series 2020 N4, 5% 4/1/23 10,000 10,584 
Pub. Fin. Auth. Hosp. Rev. Series 2020 A, 5% 6/1/22 300 306 
Wisconsin Gen. Oblig. Series 2014 4, 5% 5/1/25 575 649 
Wisconsin Health & Edl. Facilities:   
(Hosp. Sisters Svcs., Inc.) Series 2014 A, 5% 11/15/22 3,305 3,440 
Bonds:   
Series 2018 B:   
5%, tender 1/25/23 (a) 8,800 9,220 
5%, tender 1/31/24 (a) 8,810 9,652 
Series 2018 C1, 5%, tender 7/29/26 (a) 1,210 1,442 
Series 2020 C, 5%, tender 2/15/27 (a) 5,000 5,911 
Series 2019 A, 2.25% 11/1/26 1,000 1,003 
Wisconsin Hsg. & Econ. Dev. Auth.:   
Series 2021 A, 3% 3/1/52 1,590 1,716 
Series 2021 C, 3% 9/1/52 2,225 2,415 
Wisconsin Hsg. & Econ. Dev. Auth. Hsg. Rev. Bonds Series 2021 C:   
0.61%, tender 5/1/24 (a) 400 400 
0.81%, tender 5/1/25 (a) 1,335 1,334 
TOTAL WISCONSIN  61,481 
Wyoming - 0.1%   
Laramie County Hosp. Rev. (Cheyenne Reg'l. Med. Ctr. Proj.) Series 2021, 4% 5/1/27 370 428 
Wyoming Cmnty. Dev. Auth. Hsg. Rev. Series 2020 3:   
5% 6/1/22 (c) 1,625 1,655 
5% 12/1/22 (c) 745 775 
TOTAL WYOMING  2,858 
TOTAL MUNICIPAL BONDS   
(Cost $3,469,543)  3,533,969 
Municipal Notes - 4.4%   
Arizona - 0.1%   
Maricopa County Indl. Dev. Auth. Participating VRDN Series 2021 XG 03 09, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 1,700 $1,700 
California - 0.0%   
Fresno Calif Unified School District Participating VRDN Series 2021 XF 11 04, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 1,100 1,100 
Florida - 0.3%   
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Participating VRDN Series XM 08 91, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(e)(f) 2,800 2,800 
Tampa Hosp. Rev. Participating VRDN:   
Series XM 08 85, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 6,975 6,975 
Series XM 08 86, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 1,140 1,140 
TOTAL FLORIDA  10,915 
Georgia - 0.0%   
Griffin-Spalding County Hosp. Participating VRDN Series Floaters XL 00 76, 0.26% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 1,000 1,000 
Illinois - 0.2%   
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN:   
Series XM 09 17, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 2,620 2,620 
Series XM 09 18, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 2,000 2,000 
Metropolitan Pier & Exposition Participating VRDN Series XF 09 65, 0.18% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 2,901 2,901 
TOTAL ILLINOIS  7,521 
Kentucky - 0.1%   
Kentucky Hsg. Corp. Hsg. Rev. Participating VRDN Series XF 10 93, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 2,600 2,600 
Michigan - 0.1%   
Michigan Bldg. Auth. Rev. Participating VRDN Series 2021 XF 11 15, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 2,100 2,100 
Montana - 0.1%   
Montana Facility Fin. Auth. Participating VRDN Series 2021 XF 11 14, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 1,750 1,750 
Nebraska - 0.1%   
Univ. of Nebraska Facilities Corp. Participating VRDN Series 2021 XF 11 03, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 2,640 2,640 
New Jersey - 0.3%   
New Jersey Tpk. Auth. Tpk. Rev. Participating VRDN:   
Series XM 09 10, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 2,100 2,100 
Series XM 09 12, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 1,600 1,600 
New Jersey Trans. Trust Fund Auth. Participating VRDN Series XF 09 75, 0.26% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 2,100 2,100 
Newark Gen. Oblig. BAN:   
Series 2021 C, 1.25% 7/25/22 1,400 1,408 
Series 2021:   
1.25% 10/3/22 2,000 2,015 
1.25% 10/3/22 2,040 2,055 
TOTAL NEW JERSEY  11,278 
New York - 2.2%   
Elmira City School District BAN Series 2021, 1.5% 6/24/22 37,315 37,555 
New York Metropolitan Trans. Auth. Rev.:   
BAN Series 2019 D1, 5% 9/1/22 38,000 39,174 
Participating VRDN:   
Series XM 08 89, 0.15% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 2,100 2,100 
Series XM 09 35, 0.26% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 800 800 
New York Thruway Auth. Gen. Rev. Participating VRDN Series XF 09 18, 0.15% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 700 700 
Oneida County Indl. Dev. Agcy. Rev. (Mohawk Valley Cmnty. College Dorm. Corp. Proj.) Series 2004 A, 0.2% 1/7/22, LOC Manufacturers & Traders Trust Co., VRDN (a) 1,320 1,320 
TOTAL NEW YORK  81,649 
Ohio - 0.2%   
Columbus Gen. Oblig. Participating VRDN Series DB 80 75, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 5,505 5,505 
Oregon - 0.0%   
Oregon St Hsg. & Cmnty. Svcs. Dep Participating VRDN Series 2021 XF 11 23, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 1,400 1,400 
Pennsylvania - 0.3%   
Pennsylvania Hsg. Fin. Agcy. Multifamily Hsg. Dev. Rev. Participating VRDN Series XF 10 95, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 6,600 6,600 
Pennsylvania Tpk. Commission Tpk. Rev. Participating VRDN Series 2021 XL 01 80, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 2,480 2,480 
TOTAL PENNSYLVANIA  9,080 
South Carolina - 0.0%   
South Carolina Pub. Svc. Auth. Rev. Participating VRDN Series 2021 XF 12 43, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 1,455 1,455 
Tennessee - 0.0%   
Metropolitan Govt. Nashville & Davidson County Health & Edl. Facilities Board Participating VRDN Series XF 10 97, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 1,200 1,200 
Texas - 0.2%   
Austin Affordable Pfc, Inc. Multifamily Hsg. Rev. Participating VRDN Series XF 11 19, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 2,000 2,000 
North Central Texas Hsg. Fin. Corp. Mu Participating VRDN Series XF 10 99, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 1,100 1,100 
North Texas Tollway Auth. Rev. Participating VRDN:   
Series 2021 XF 12 20, 0.18% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 1,900 1,900 
Series 2021 XF 12 25, 0.18% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 1,200 1,200 
Series XF 12 21, 0.18% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) 2,300 2,300 
TOTAL TEXAS  8,500 
Utah - 0.2%   
Utah Hsg. Corp. Multi-family Hsg. Rev. Participating VRDN Series 2021 XF 11 00, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 8,400 8,400 
TOTAL MUNICIPAL NOTES   
(Cost $159,547)  159,793 
 Shares Value (000s) 
Money Market Funds - 0.6%   
Fidelity Municipal Cash Central Fund 0.11% (g)(h)   
(Cost $23,945) 23,942,221 23,947 
TOTAL INVESTMENT IN SECURITIES - 101.3%   
(Cost $3,653,035)  3,717,709 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (48,406) 
NET ASSETS - 100%  $3,669,303 

Security Type Abbreviations

BAN – BOND ANTICIPATION NOTE

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

Legend

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

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

 (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 $12,669,000 or 0.3% of net assets.

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

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

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

 (h) Affiliated 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.

Fund (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 0.11% $99,679 $718,428 $794,180 $109 $18 $2 $23,947 1.8% 
Total $99,679 $718,428 $794,180 $109 $18 $2 $23,947  

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2021, 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 Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Municipal Securities $3,693,762 $-- $3,693,762 $-- 
Money Market Funds 23,947 23,947 -- -- 
Total Investments in Securities: $3,717,709 $23,947 $3,693,762 $-- 

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

General Obligations 26.7% 
Transportation 22.8% 
Health Care 13.9% 
Electric Utilities 7.2% 
Others* (Individually Less Than 5%) 29.4% 
 100.0% 

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  December 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $3,629,090) 		$3,693,762  
Fidelity Central Funds (cost $23,945) 23,947  
Total Investment in Securities (cost $3,653,035)  $3,717,709 
Cash  100 
Receivable for fund shares sold  2,445 
Interest receivable  38,347 
Distributions receivable from Fidelity Central Funds  7 
Prepaid expenses  4 
Receivable from investment adviser for expense reductions  295 
Other receivables  2 
Total assets  3,758,909 
Liabilities   
Payable for investments purchased on a delayed delivery basis $81,245  
Payable for fund shares redeemed 5,902  
Distributions payable 904  
Accrued management fee 1,071  
Distribution and service plan fees payable 58  
Other affiliated payables 360  
Other payables and accrued expenses 66  
Total liabilities  89,606 
Net Assets  $3,669,303 
Net Assets consist of:   
Paid in capital  $3,604,627 
Total accumulated earnings (loss)  64,676 
Net Assets  $3,669,303 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($223,074 ÷ 20,676 shares)(a)  $10.79 
Maximum offering price per share (100/97.25 of $10.79)  $11.10 
Class M:   
Net Asset Value and redemption price per share ($7,682 ÷ 713 shares)(a)  $10.77 
Maximum offering price per share (100/97.25 of $10.77)  $11.07 
Class C:   
Net Asset Value and offering price per share ($9,598 ÷ 891 shares)(a)  $10.77 
Limited Term Municipal Income:   
Net Asset Value, offering price and redemption price per share ($2,564,933 ÷ 238,156 shares)  $10.77 
Class I:   
Net Asset Value, offering price and redemption price per share ($419,868 ÷ 38,965 shares)  $10.78 
Class Z:   
Net Asset Value, offering price and redemption price per share ($444,148 ÷ 41,222 shares)  $10.77 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Year ended December 31, 2021 
Investment Income   
Interest  $57,544 
Income from Fidelity Central Funds  106 
Total income  57,650 
Expenses   
Management fee $12,480  
Transfer agent fees 3,524  
Distribution and service plan fees 693  
Accounting fees and expenses 598  
Custodian fees and expenses 33  
Independent trustees' fees and expenses 11  
Registration fees 204  
Audit 62  
Legal 4  
Miscellaneous 16  
Total expenses before reductions 17,625  
Expense reductions (3,793)  
Total expenses after reductions  13,832 
Net investment income (loss)  43,818 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,365  
Fidelity Central Funds 18  
Capital gain distributions from Fidelity Central Funds 3  
Total net realized gain (loss)  1,386 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (34,434)  
Fidelity Central Funds 2  
Total change in net unrealized appreciation (depreciation)  (34,432) 
Net gain (loss)  (33,046) 
Net increase (decrease) in net assets resulting from operations  $10,772 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Year ended December 31, 2021 Year ended December 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $43,818 $47,935 
Net realized gain (loss) 1,386 2,791 
Change in net unrealized appreciation (depreciation) (34,432) 43,009 
Net increase (decrease) in net assets resulting from operations 10,772 93,735 
Distributions to shareholders (45,557) (51,432) 
Share transactions - net increase (decrease) 384,852 329,384 
Total increase (decrease) in net assets 350,067 371,687 
Net Assets   
Beginning of period 3,319,236 2,947,549 
End of period $3,669,303 $3,319,236 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Limited Term Municipal Income Fund Class A

Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $10.89 $10.72 $10.49 $10.53 $10.45 
Income from Investment Operations      
Net investment income (loss)A .102 .141 .150 .135 .122 
Net realized and unrealized gain (loss) (.094) .183 .250 (.038) .086 
Total from investment operations .008 .324 .400 .097 .208 
Distributions from net investment income (.103) (.142) (.150) (.135) (.121) 
Distributions from net realized gain (.005) (.012) (.020) (.002) (.007) 
Total distributions (.108) (.154) (.170) (.137) (.128) 
Net asset value, end of period $10.79 $10.89 $10.72 $10.49 $10.53 
Total ReturnB,C .07% 3.04% 3.83% .93% 2.00% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .80% .80% .80% .81% .81% 
Expenses net of fee waivers, if any .66% .66% .78% .81% .81% 
Expenses net of all reductions .66% .66% .78% .81% .81% 
Net investment income (loss) .94% 1.31% 1.41% 1.28% 1.15% 
Supplemental Data      
Net assets, end of period (in millions) $223 $202 $180 $155 $234 
Portfolio turnover rateF 20% 19% 43% 27%G 33% 

 A Calculated based on average shares outstanding during the period.

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

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

 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.

See accompanying notes which are an integral part of the financial statements.


Fidelity Limited Term Municipal Income Fund Class M

Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $10.87 $10.70 $10.47 $10.51 $10.43 
Income from Investment Operations      
Net investment income (loss)A .104 .142 .154 .139 .126 
Net realized and unrealized gain (loss) (.095) .182 .250 (.038) .087 
Total from investment operations .009 .324 .404 .101 .213 
Distributions from net investment income (.104) (.142) (.154) (.139) (.126) 
Distributions from net realized gain (.005) (.012) (.020) (.002) (.007) 
Total distributions (.109) (.154) (.174) (.141) (.133) 
Net asset value, end of period $10.77 $10.87 $10.70 $10.47 $10.51 
Total ReturnB,C .08% 3.06% 3.88% .98% 2.04% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .72% .74% .75% .76% .77% 
Expenses net of fee waivers, if any .65% .65% .74% .76% .76% 
Expenses net of all reductions .65% .65% .74% .76% .76% 
Net investment income (loss) .95% 1.32% 1.45% 1.33% 1.19% 
Supplemental Data      
Net assets, end of period (in millions) $8 $10 $12 $15 $17 
Portfolio turnover rateF 20% 19% 43% 27%G 33% 

 A Calculated based on average shares outstanding during the period.

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

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

 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.

See accompanying notes which are an integral part of the financial statements.


Fidelity Limited Term Municipal Income Fund Class C

Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $10.87 $10.70 $10.47 $10.51 $10.43 
Income from Investment Operations      
Net investment income (loss)A .024 .064 .072 .057 .043 
Net realized and unrealized gain (loss) (.094) .182 .250 (.038) .087 
Total from investment operations (.070) .246 .322 .019 .130 
Distributions from net investment income (.025) (.064) (.072) (.057) (.043) 
Distributions from net realized gain (.005) (.012) (.020) (.002) (.007) 
Total distributions (.030) (.076) (.092) (.059) (.050) 
Net asset value, end of period $10.77 $10.87 $10.70 $10.47 $10.51 
Total ReturnB,C (.65)% 2.31% 3.08% .19% 1.24% 
Ratios to Average Net AssetsD,E      
Expenses before reductions 1.51% 1.52% 1.54% 1.55% 1.55% 
Expenses net of fee waivers, if any 1.38% 1.38% 1.52% 1.55% 1.55% 
Expenses net of all reductions 1.38% 1.38% 1.52% 1.54% 1.55% 
Net investment income (loss) .22% .59% .67% .55% .41% 
Supplemental Data      
Net assets, end of period (in millions) $10 $15 $20 $32 $40 
Portfolio turnover rateF 20% 19% 43% 27%G 33% 

 A Calculated based on average shares outstanding during the period.

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

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

 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.

See accompanying notes which are an integral part of the financial statements.


Fidelity Limited Term Municipal Income Fund

Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $10.87 $10.70 $10.47 $10.51 $10.43 
Income from Investment Operations      
Net investment income (loss)A .134 .172 .185 .170 .157 
Net realized and unrealized gain (loss) (.095) .182 .250 (.038) .087 
Total from investment operations .039 .354 .435 .132 .244 
Distributions from net investment income (.134) (.172) (.185) (.170) (.157) 
Distributions from net realized gain (.005) (.012) (.020) (.002) (.007) 
Total distributions (.139) (.184) (.205) (.172) (.164) 
Net asset value, end of period $10.77 $10.87 $10.70 $10.47 $10.51 
Total ReturnB .36% 3.34% 4.18% 1.28% 2.35% 
Ratios to Average Net AssetsC,D      
Expenses before reductions .46% .46% .46% .46% .47% 
Expenses net of fee waivers, if any .37% .37% .45% .46% .47% 
Expenses net of all reductions .37% .37% .45% .46% .47% 
Net investment income (loss) 1.23% 1.60% 1.74% 1.63% 1.49% 
Supplemental Data      
Net assets, end of period (in millions) $2,565 $2,420 $2,245 $2,393 $2,740 
Portfolio turnover rateE 20% 19% 43% 27%F 33% 

 A Calculated based on average shares outstanding during the period.

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

 C 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.

 D 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.

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

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

See accompanying notes which are an integral part of the financial statements.


Fidelity Limited Term Municipal Income Fund Class I

Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $10.88 $10.71 $10.48 $10.51 $10.44 
Income from Investment Operations      
Net investment income (loss)A .133 .172 .178 .162 .149 
Net realized and unrealized gain (loss) (.094) .183 .250 (.028) .077 
Total from investment operations .039 .355 .428 .134 .226 
Distributions from net investment income (.134) (.173) (.178) (.162) (.149) 
Distributions from net realized gain (.005) (.012) (.020) (.002) (.007) 
Total distributions (.139) (.185) (.198) (.164) (.156) 
Net asset value, end of period $10.78 $10.88 $10.71 $10.48 $10.51 
Total ReturnB .36% 3.34% 4.11% 1.29% 2.17% 
Ratios to Average Net AssetsC,D      
Expenses before reductions .54% .55% .54% .54% .54% 
Expenses net of fee waivers, if any .37% .37% .51% .54% .54% 
Expenses net of all reductions .37% .37% .51% .54% .54% 
Net investment income (loss) 1.23% 1.60% 1.68% 1.55% 1.42% 
Supplemental Data      
Net assets, end of period (in millions) $420 $335 $276 $269 $327 
Portfolio turnover rateE 20% 19% 43% 27%F 33% 

 A Calculated based on average shares outstanding during the period.

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

 C 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.

 D 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.

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

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

See accompanying notes which are an integral part of the financial statements.


Fidelity Limited Term Municipal Income Fund Class Z

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

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

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

 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 Annualized

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

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

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended December 31, 2021
(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. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (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, 2021 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, 2021, 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.

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 $69,059 
Gross unrealized depreciation (4,359) 
Net unrealized appreciation (depreciation) $64,700 
Tax Cost $3,653,009 

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

Net unrealized appreciation (depreciation) on securities and other investments $64,700 

The tax character of distributions paid was as follows:

 December 31, 2021 December 31, 2020 
Tax-exempt Income $43,829 $ 47,915 
Ordinary Income -  278 
Long-term Capital Gains 1,728 3,239 
Total $45,557 $ 51,432 

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 1,257,068 680,060 

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% $556 $98 
Class M -% .25% 21 –(a) 
Class C .75% .25% 116 27 
   $693 $125 

 (a) Amount represents less than $500.

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 $15 
Class M 2 
Class C(a) –(b) 
 $17 

 (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 $500.

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 $392 .18 
Class M 8 .09 
Class C 16 .14 
Limited Term Municipal Income 2,256 .09 
Class I 658 .17 
Class Z 194 .05 
 $3,524  

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 7,071 – – 

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, 2023. 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% $308 
Class M .65% 6 
Class C 1.38% 15 
Limited Term Municipal Income .37% 2,324 
Class I .37% 667 
Class Z .31% 436 
  $3,756 

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 $5.

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 $32.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
December 31, 2021 		Year ended
December 31, 2020 
Fidelity Limited Term Municipal Income Fund   
Distributions to shareholders   
Class A $2,205 $2,606 
Class M 84 156 
Class C 33 121 
Limited Term Municipal Income 33,020 38,803 
Class I 5,002 5,099 
Class Z 5,213 4,647 
Total $45,557 $51,432 

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, 2021 Year ended December 31, 2020 Year ended December 31, 2021 Year ended December 31, 2020 
Fidelity Limited Term Municipal Income Fund     
Class A     
Shares sold 8,243 6,740 $89,569 $72,679 
Reinvestment of distributions 195 232 2,111 2,499 
Shares redeemed (6,349) (5,142) (68,892) (54,968) 
Net increase (decrease) 2,089 1,830 $22,788 $20,210 
Class M     
Shares sold 115 267 $1,245 $2,823 
Reinvestment of distributions 7 14 78 145 
Shares redeemed (295) (505) (3,195) (5,432) 
Net increase (decrease) (173) (224) $(1,872) $(2,464) 
Class C     
Shares sold 315 383 $3,423 $4,111 
Reinvestment of distributions 3 10 30 110 
Shares redeemed (839) (863) (9,102) (9,248) 
Net increase (decrease) (521) (470) $(5,649) $(5,027) 
Limited Term Municipal Income     
Shares sold 90,381 74,997 $980,282 $806,919 
Reinvestment of distributions 2,180 2,638 23,610 28,386 
Shares redeemed (77,064) (64,776) (834,331) (691,829) 
Net increase (decrease) 15,497 12,859 $169,561 $143,476 
Class I     
Shares sold 18,053 16,173 $195,847 $173,940 
Reinvestment of distributions 428 434 4,637 4,668 
Shares redeemed (10,350) (11,558) (112,152) (123,393) 
Net increase (decrease) 8,131 5,049 $88,332 $55,215 
Class Z     
Shares sold 18,531 17,243 $200,944 $185,601 
Reinvestment of distributions 356 326 3,852 3,508 
Shares redeemed (8,593) (6,670) (93,104) (71,135) 
Net increase (decrease) 10,294 10,899 $111,692 $117,974 

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

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, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, 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, 2021, 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, 2021 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, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2022



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

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 286 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. Arthur E. Johnson 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

Chairman of the Independent Trustees

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 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

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. 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 in 1983 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.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

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).

 + 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. 

Advisory Board Members and Officers:

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

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).

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 Vice President, Associate General Counsel (2010-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).

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), and FD Funds Management LLC (2021-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.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

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, 2021 to December 31, 2021).

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, 2021 		Ending
Account Value
December 31, 2021 		Expenses Paid
During Period-B
July 1, 2021
to December 31, 2021 
Fidelity Limited Term Municipal Income Fund     
Class A .66%    
Actual  $1,000.00 $997.40 $3.32 
Hypothetical-C  $1,000.00 $1,021.88 $3.36 
Class M .65%    
Actual  $1,000.00 $997.40 $3.27 
Hypothetical-C  $1,000.00 $1,021.93 $3.31 
Class C 1.38%    
Actual  $1,000.00 $993.80 $6.94 
Hypothetical-C  $1,000.00 $1,018.25 $7.02 
Limited Term Municipal Income .37%    
Actual  $1,000.00 $998.80 $1.86 
Hypothetical-C  $1,000.00 $1,023.34 $1.89 
Class I .37%    
Actual  $1,000.00 $999.80 $1.87 
Hypothetical-C  $1,000.00 $1,023.34 $1.89 
Class Z .31%    
Actual  $1,000.00 $999.10 $1.56 
Hypothetical-C  $1,000.00 $1,023.64 $1.58 

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

 B 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.

 C 5% return per year before expenses

Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2021, $1,400,205, or, if subsequently determined to be different, the net capital gain of such year.

During fiscal year ended 2021, 100% of the fund's income dividends were free from federal income tax, and 19.34% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 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 of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. 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 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 2021 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 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 during 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, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conductsophisticated quantitative and fundamental analysis, as wellas 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 and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) 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.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

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 reviews 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 fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

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 "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for 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 2020.

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. 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 expense ratio of the retail class ranked below the similar sales load structure group competitive median for 2020 and below the ASPG competitive median for 2020.

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, 2022.

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 fee, 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 continued waiver of money market fund fees; (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 of certain funds and classes, total expense competitive trends and methodologies for total expense 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.





Fidelity Investments

STM-ANN-0322
1.536709.125



Fidelity Flex® Funds

Fidelity Flex® Municipal Income Fund



Annual Report

December 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

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


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) 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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

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

For the periods ended December 31, 2021 Past 1 year Life of fundA 
Fidelity Flex® Municipal Income Fund 2.31% 3.73% 

 A From October 12, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Flex® Municipal Income Fund on October 12, 2017, when the fund started.

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.


Period Ending Values
$11,672Fidelity Flex® Municipal Income Fund
$11,685Bloomberg Municipal Bond Index


Effective August 24, 2021, all Bloomberg Barclays Indices were re-branded as Bloomberg Indices.

Management's Discussion of Fund Performance

Market Recap:  Tax-exempt municipal bonds posted a modest gain in 2021, driven by robust investor demand and an improved fiscal outlook for many municipal issuers. The Bloomberg Municipal Bond Index rose 1.52% for the 12 months. The muni market rallied early in 2021 amid economic optimism due to the rollout of COVID-19 vaccination programs and an easing of credit concerns that had been triggered by the economic shutdowns caused by COVID-19. Also, investor demand for tax-exempt munis increased due to the Biden administration’s plan to push for higher tax rates on upper-income tax brackets. Tax collection took less of a hit than originally feared, and a large aid package from the U.S. Congress for muni issuers helped fill budget gaps. In February, the municipal market declined, reflecting investor concerns that stimulus-induced inflation could diminish real bond returns over time. Munis then gained from March through July, propelled by better-than-expected tax revenue from many state and local governments and reduced inflation expectations. Munis lost slight ground in August and September, then gained in the fourth quarter, partly due to newfound clarity regarding infrastructure investment due to the passage of the Infrastructure Investment and Jobs Act (IIJA), which earmarked $550 for new infrastructure spending. Notably, by period end, the Fed had accelerated its plans to tighten monetary policy, heralding a swifter end to its pandemic-era bond-buying program and the prospects for three quarter-point rate hikes in 2022.

Comments from Co-Portfolio Managers Cormac Cullen, Michael Maka and Elizah McLaughlin:  For the year, the fund gained 2.31%, outpacing, net of fees, the 1.52% advance of the benchmark, the Bloomberg Municipal Bond Index. We continued to focus on longer-term objectives and sought to generate attractive tax-exempt income and competitive risk-adjusted returns over time. Larger-than-benchmark exposure to bonds issued by Illinois and related entities, including Chicago Public Schools and the Metropolitan Pier and Exposition Authority, helped versus the benchmark given that they were some of the muni market's biggest gainers in 2021. Overweighting lower-quality investment-grade bonds in the health care and higher education segments also contributed to relative performance. Exposure to lower-quality investment-grade munis in other market niches contributed to the fund's relative performance as well. They benefited from the comparatively high income they generated and better-than-average price performance as credit spreads tightened. Conversely, yield-curve positioning slightly detracted. The fund had more exposure to shorter-term bonds than the benchmark, and these bonds lagged longer-term securities as the yield curve flattened. Differences in the way fund holdings and benchmark components were priced modestly detracted from fund's relative result as well.

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 (Unaudited)

Top Five States as of December 31, 2021

 % of fund's net assets 
New York 13.2 
Illinois 9.3 
Pennsylvania 7.1 
California 6.3 
Texas 5.5 

Top Five Sectors as of December 31, 2021

 % of fund's net assets 
General Obligations 25.9 
Transportation 20.6 
Health Care 12.2 
Education 10.2 
Special Tax 7.9 

Quality Diversification (% of fund's net assets)

As of December 31, 2021 
   AAA 8.4% 
   AA,A 62.3% 
   BBB 14.4% 
   BB and Below 1.9% 
   Not Rated 1.3% 
   Short-Term Investments and Net Other Assets 11.7% 


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, 2021

Showing Percentage of Net Assets

Municipal Bonds - 88.3%   
 Principal Amount Value 
Alabama - 0.3%   
Auburn Univ. Gen. Fee Rev. Series 2018 A, 5% 6/1/43 100,000 123,698 
Homewood Edl. Bldg. Auth. Rev. Series 2019 A:   
4% 12/1/33 $110,000 $128,650 
4% 12/1/41 85,000 97,400 
4% 12/1/49 190,000 215,057 
Jefferson County Gen. Oblig. Series 2018 A:   
5% 4/1/25 100,000 114,258 
5% 4/1/26 100,000 118,108 
Lower Alabama Gas District Bonds (No. 2 Proj.) Series 2020, 4%, tender 12/1/25 (a) 1,095,000 1,214,304 
TOTAL ALABAMA  2,011,475 
Alaska - 0.2%   
Alaska Hsg. Fin. Corp. Series 2021 A, 4% 12/1/29 845,000 1,021,624 
Alaska Hsg. Fin. Corp. Mtg. Rev. Series 2022 A, 3% 6/1/51 (b) 220,000 238,604 
TOTAL ALASKA  1,260,228 
Arizona - 2.6%   
Arizona Board of Regents Arizona State Univ. Rev. Series 2012 A, 5% 7/1/32 (Pre-Refunded to 7/1/22 @ 100) 10,000 10,235 
Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A, 5% 12/1/39 185,000 207,281 
Arizona Indl. Dev. Auth. Hosp. Rev. Series 2021 A, 5% 2/1/28 1,000,000 1,238,278 
Arizona Indl. Dev. Auth. Lease Rev. Series 2020 A, 4% 9/1/46 1,750,000 2,027,118 
Arizona Indl. Dev. Auth. Rev. (Provident Group-Eastern Michigan Univ. Parking Proj.) Series 2018:   
5% 5/1/26 450,000 485,616 
5% 5/1/29 290,000 316,461 
5% 5/1/33 565,000 608,466 
Arizona State Lottery Rev. Series 2019, 5% 7/1/23 (Escrowed to Maturity) 415,000 444,442 
Bullhead City Excise Taxes Series 2021 2:   
0.95% 7/1/26 250,000 247,917 
1.15% 7/1/27 375,000 372,019 
1.3% 7/1/28 485,000 480,025 
1.5% 7/1/29 600,000 594,394 
1.65% 7/1/30 825,000 816,959 
1.7% 7/1/31 450,000 444,868 
Chandler Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Intel Corp. Proj.):   
Series 2005, 2.4%, tender 8/14/23 (a) 65,000 66,992 
Series 2007, 2.7%, tender 8/14/23 (a)(c) 600,000 620,487 
Series 2019, 5%, tender 6/3/24 (a)(c) 1,980,000 2,184,927 
Glendale Union School District 205 Series A:   
4% 7/1/36 (FSA Insured) 545,000 666,963 
4% 7/1/37 (FSA Insured) 1,000,000 1,220,859 
Glendale Indl. Dev. Auth. (Terraces of Phoenix Proj.) Series 2018 A:   
5% 7/1/38 10,000 10,687 
5% 7/1/48 10,000 10,605 
Maricopa County Indl. Dev. Auth.:   
(Creighton Univ. Proj.) Series 2020, 5% 7/1/47 100,000 124,036 
Series 2021 A, 4% 9/1/51 775,000 897,118 
Maricopa County Indl. Dev. Auth. Sr. Living Facilities Series 2016:   
5.75% 1/1/36 (d) 300,000 298,858 
6% 1/1/48 (d) 300,000 297,269 
Phoenix Civic Impt. Board Arpt. Rev. Series 2019 B, 5% 7/1/35 (c) 300,000 372,743 
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Series 2021 A, 5% 7/1/45 1,000,000 1,305,205 
Univ. of Arizona Univ. Revs. Series 2015 A, 5% 6/1/22 10,000 10,198 
Western Maricopa Ed. Ctr. District Series 2019 B, 5% 7/1/24 190,000 211,564 
TOTAL ARIZONA  16,592,590 
California - 6.3%   
Alameda Corridor Trans. Auth. Rev. Series 2016 B, 5% 10/1/37 300,000 350,946 
California Edl. Facilities Auth. Rev. Series T1, 5% 3/15/39 65,000 96,867 
California Gen. Oblig.:   
Series 2020:   
4% 11/1/37 1,000,000 1,215,546 
4% 11/1/45 2,000,000 2,220,402 
Series 2021:   
5% 9/1/32 2,175,000 2,942,874 
5% 10/1/41 5,435,000 7,127,394 
California Health Facilities Fing. Auth. Rev. Series 2013 A, 5% 8/15/52 (Pre-Refunded to 8/15/23 @ 100) 445,000 478,999 
California Hsg. Fin. Agcy. Series 2021 1, 3.5% 11/20/35 197,854 225,692 
California Pub. Works Board Lease Rev.:   
(Various Cap. Projs.):   
Series 2021 B, 4% 5/1/46 1,265,000 1,499,450 
Series 2022 C:   
5% 8/1/29 (b) 155,000 190,447 
5% 8/1/32 (b) 285,000 361,912 
Series 2021 C:   
5% 11/1/26 5,000,000 6,026,839 
5% 11/1/27 2,380,000 2,947,229 
5% 11/1/28 2,500,000 3,171,248 
California Statewide Cmntys. Dev. Auth. Rev. Series 2015, 5% 2/1/45 105,000 109,878 
Los Angeles Dept. Arpt. Rev. Series F, 5% 5/15/44 (c) 175,000 215,076 
Los Angeles Dept. of Wtr. & Pwr. Rev.:   
Series 2021 B, 5% 7/1/51 1,550,000 1,992,785 
Series B, 5% 7/1/50 1,070,000 1,364,858 
Los Angeles Hbr. Dept. Rev. Series 2019 A:   
5% 8/1/22 (c) 155,000 159,263 
5% 8/1/24 (c) 310,000 344,095 
5% 8/1/25 (c) 110,000 126,328 
Middle Fork Proj. Fin. Auth. Series 2020, 5% 4/1/26 1,000,000 1,169,634 
Mount Diablo Unified School District Series 2022 B:   
4% 8/1/31 (b) 225,000 274,982 
4% 8/1/34 (b) 320,000 386,685 
Sacramento County Arpt. Sys. Rev. Series 2018 C, 5% 7/1/39 (c) 105,000 128,051 
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Series 2019 A, 5% 7/1/49 500,000 616,175 
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.:   
Series 2019 A, 5% 5/1/49 (c) 3,000,000 3,670,835 
Series 2019 B, 5% 5/1/49 45,000 55,480 
Univ. of California Revs. Series 2018 AZ, 5% 5/15/43 130,000 160,421 
Washington Township Health Care District Rev.:   
Series 2017 A, 5% 7/1/35 190,000 224,840 
Series 2017 B:   
5% 7/1/29 115,000 137,799 
5% 7/1/30 230,000 274,370 
TOTAL CALIFORNIA  40,267,400 
Colorado - 2.5%   
Arkansas River Pwr. Auth. Rev. Series 2018 A:   
5% 10/1/38 40,000 47,452 
5% 10/1/43 50,000 58,818 
Colorado Health Facilities Auth.:   
(Parkview Med. Ctr., Inc. Proj.) Series 2016, 4% 9/1/35 35,000 38,904 
Bonds Series 2019 B:   
5%, tender 8/1/26 (a) 110,000 128,266 
5%, tender 11/19/26 (a) 210,000 253,390 
Series 2019 A:   
5% 11/1/25 435,000 506,224 
5% 11/15/39 190,000 242,144 
Series 2019 A1, 4% 8/1/44 195,000 223,904 
Series 2019 A2, 5% 8/1/44 845,000 1,037,652 
Colorado Health Facilities Auth. Rev. Bonds Series 2016 C, 5%, tender 11/15/26 (a) 275,000 331,711 
Colorado Hsg. & Fin. Auth.:   
Series 2019 F, 4.25% 11/1/49 65,000 71,896 
Series 2019 H, 4.25% 11/1/49 35,000 38,777 
Colorado Reg'l. Trans. District Ctfs. of Prtn. Series 2020, 5% 6/1/31 105,000 132,965 
Colorado Reg'l. Trans. District Sales Tax Rev. (Fastracks Proj.) Series 2021 B, 5% 11/1/28 725,000 919,662 
Colorado Univ. Co. Hosp. Auth. Rev. Series 2012 A, 5% 11/15/42 845,000 878,020 
Denver City & County Arpt. Rev.:   
Series 2017 A:   
5% 11/15/23 (c) 25,000 27,124 
5% 11/15/26 (c) 50,000 59,702 
Series 2018 A, 5% 12/1/34 (c) 1,125,000 1,530,623 
Denver City & County Board Wtr. Rev.:   
Series 2020 A:   
5% 9/15/45 1,190,000 1,532,577 
5% 9/15/46 1,820,000 2,341,155 
Series 2020 B:   
5% 9/15/27 2,000,000 2,481,069 
5% 9/15/28 2,000,000 2,547,037 
Univ. of Colorado Enterprise Sys. Rev. Bonds:   
Series 2021 C3A, 2%, tender 10/15/25 (a) 255,000 267,801 
Series 2021 C3B, 2%, tender 10/15/26 (a) 210,000 221,362 
Vauxmont Metropolitan District:   
Series 2019, 5% 12/15/25 (FSA Insured) 40,000 46,070 
Series 2020, 5% 12/1/30 (FSA Insured) 220,000 280,532 
TOTAL COLORADO  16,244,837 
Connecticut - 3.9%   
Bridgeport Gen. Oblig. Series 2021 A:   
5% 8/1/32 300,000 390,875 
5% 8/1/33 800,000 1,039,549 
5% 8/1/34 500,000 648,399 
Connecticut Gen. Oblig.:   
Series 2016 B:   
5% 5/15/25 220,000 252,911 
5% 5/15/26 125,000 148,375 
Series 2016 D, 5% 8/15/25 210,000 243,510 
Series 2018 F:   
5% 9/15/24 100,000 112,287 
5% 9/15/25 100,000 116,285 
Series 2019 A, 5% 4/15/26 115,000 136,148 
Series 2020 A, 4% 1/15/34 300,000 359,488 
Series 2021 B, 5% 6/1/41 1,125,000 1,468,535 
Series 2021 D:   
5% 7/15/24 260,000 290,083 
5% 7/15/25 430,000 497,195 
5% 7/15/26 425,000 507,084 
5% 7/15/27 570,000 699,757 
5% 7/15/28 655,000 823,514 
Connecticut Health & Edl. Facilities Auth. Rev.:   
Bonds Series 2020 B:   
5%, tender 1/1/25 (a) 200,000 225,091 
5%, tender 1/1/27 (a) 330,000 394,428 
Series 2018 K1:   
5% 7/1/26 680,000 790,370 
5% 7/1/28 1,120,000 1,360,359 
Series 2019 A, 5% 7/1/49 (d) 130,000 136,578 
Series 2019 Q-1:   
5% 11/1/25 90,000 104,773 
5% 11/1/26 95,000 114,059 
Series 2020 K, 4% 7/1/45 1,000,000 1,147,685 
Series 2021 G:   
4% 3/1/46 235,000 276,971 
4% 3/1/51 380,000 444,362 
Series 2022 M, 4% 7/1/39 (b) 415,000 482,523 
Series A, 5% 7/1/26 160,000 177,990 
Series E, 5% 7/1/42 250,000 275,744 
Series K1:   
5% 7/1/27 1,100,000 1,309,869 
5% 7/1/30 1,000,000 1,201,733 
5% 7/1/34 725,000 861,862 
5% 7/1/36 450,000 533,433 
5% 7/1/39 490,000 578,262 
Series K3, 5% 7/1/43 215,000 252,184 
Series L1:   
4% 7/1/28 750,000 887,135 
4% 7/1/29 750,000 899,851 
4% 7/1/30 1,000,000 1,202,679 
Series N:   
5% 7/1/25 390,000 440,781 
5% 7/1/26 575,000 666,963 
5% 7/1/27 430,000 510,038 
Series R, 5% 6/1/36 900,000 1,158,965 
Connecticut Hsg. Fin. Auth. Series 2021 B1, 3% 11/15/49 340,000 366,252 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2012 A, 5% 1/1/24 80,000 83,733 
Univ. of Connecticut Gen. Oblig.:   
Series 2016 A, 5% 3/15/22 85,000 85,818 
Series 2019 A, 5% 11/1/25 140,000 163,501 
TOTAL CONNECTICUT  24,867,987 
District Of Columbia - 0.5%   
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. (Dulles Metrorail and Cap. Impt. Projs.) Series 2019 A:   
5% 10/1/31 185,000 230,634 
5% 10/1/44 1,000,000 1,234,399 
Metropolitan Washington DC Arpts. Auth. Sys. Rev.:   
Series 2017 A, 5% 10/1/26 (c) 440,000 524,265 
Series 2019 A, 5% 10/1/25 (c) 70,000 80,930 
Series 2020 A:   
5% 10/1/25 (c) 440,000 508,703 
5% 10/1/26 (c) 320,000 381,284 
5% 10/1/27 (c) 110,000 134,334 
5% 10/1/28 (c) 55,000 68,811 
Washington Convention & Sports Auth. Series 2018 A:   
5% 10/1/23 100,000 107,950 
5% 10/1/24 100,000 112,157 
5% 10/1/25 100,000 116,097 
TOTAL DISTRICT OF COLUMBIA  3,499,564 
Florida - 3.1%   
Atlantic Beach Health Care Facilities Series A, 5% 11/15/43 255,000 288,947 
Broward County Arpt. Sys. Rev.:   
Series 2015 C, 5% 10/1/24 (c) 45,000 50,300 
Series 2017, 5% 10/1/42 (c) 1,365,000 1,637,758 
Series 2019 A, 5% 10/1/49 (c) 1,000,000 1,224,946 
Broward County School Board Ctfs. of Prtn.:   
Series 2015 A, 5% 7/1/23 50,000 53,493 
Series 2016, 5% 7/1/26 230,000 273,198 
Cap. Projs. Fin. Auth. Student Hsg. Rev. (Cap. Projs. Ln. Prog. - Florida Univs.) Series 2020 A, 5% 10/1/30 500,000 620,192 
Escambia County Health Facilities Auth. Health Facilities Rev. Series 2020 A, 4% 8/15/45 110,000 123,571 
Florida Higher Edl. Facilities Fing. Auth. (St. Leo Univ. Proj.) Series 2019, 5% 3/1/24 390,000 419,581 
Florida Hsg. Fin. Corp. Rev. Series 2019 1, 4% 7/1/50 160,000 175,348 
Florida Keys Aqueduct Auth. Wtr. Rev. Series 2021 B, 5% 9/1/25 325,000 377,432 
Florida Mid-Bay Bridge Auth. Rev. Series 2015 A:   
5% 10/1/27 105,000 120,124 
5% 10/1/29 80,000 90,866 
5% 10/1/30 70,000 79,312 
Greater Orlando Aviation Auth. Arpt. Facilities Rev.:   
Series 2017 A, 5% 10/1/31 (c) 125,000 151,181 
Series 2019 A:   
5% 10/1/22 (c) 300,000 310,681 
5% 10/1/23 (c) 300,000 324,290 
5% 10/1/24 (c) 300,000 335,335 
5% 10/1/25 (c) 300,000 346,843 
5% 10/1/32 (c) 300,000 377,638 
5% 10/1/38 (c) 430,000 536,797 
5% 10/1/54 (c) 1,620,000 1,973,465 
Lee Memorial Health Sys. Hosp. Rev. Series 2019 A1, 5% 4/1/44 665,000 815,926 
Miami-Dade County Aviation Rev.:   
Series 2015 A, 5% 10/1/27 (c) 620,000 713,089 
Series 2016 A, 5% 10/1/29 145,000 173,049 
Series 2017 B, 5% 10/1/40 (c) 810,000 964,562 
Series 2020 A:   
4% 10/1/40 300,000 354,840 
5% 10/1/25 245,000 284,734 
Miami-Dade County Expressway Auth. Series 2014 A, 5% 7/1/25 395,000 438,892 
Miami-Dade County School Board Ctfs. of Prtn.:   
Bonds Series 2014 A, 5%, tender 5/1/24 (a) 100,000 110,211 
Series 2015 A, 5% 5/1/28 290,000 329,631 
Series 2015 D, 5% 2/1/26 10,000 11,705 
Miami-Dade County Wtr. & Swr. Rev. Series 2021, 5% 10/1/32 155,000 206,166 
Orange County Health Facilities Auth. Series 2016 A, 5% 10/1/39 60,000 70,604 
Orange County Hsg. Fin. Auth. Multi-family Rev. Bonds Series 2021 B, 0.55%, tender 7/1/24 (a) 1,600,000 1,598,161 
Pinellas County Hsg. Fin. Auth. Bonds Series 2021 B, 0.65%, tender 7/1/24 (a) 365,000 364,851 
South Miami Health Facilities Auth. Hosp. Rev. (Baptist Med. Ctr., FL. Proj.) Series 2017:   
5% 8/15/26 100,000 119,265 
5% 8/15/42 5,000 6,056 
Tallahassee Health Facilities Rev.:   
(Tallahassee Memorial Healthcare, Inc. Proj.) Series 2016 A, 5% 12/1/26 100,000 116,395 
Series 2015 A, 5% 12/1/40 410,000 461,042 
Tampa Hosp. Rev.:   
(H Lee Moffitt Cancer Ctr. Proj.) Series 2016 B, 5% 7/1/29 25,000 29,306 
(H. Lee Moffitt Cancer Ctr. Proj.) Series 2020 B, 4% 7/1/39 1,000,000 1,170,387 
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2020 A:   
0% 9/1/34 700,000 503,829 
0% 9/1/35 750,000 518,298 
0% 9/1/36 800,000 530,198 
Volusia County Edl. Facilities Auth. Rev. (Embry-Riddle Aeronautical Univ., Inc. Proj.) Series 2020 A:   
5% 10/15/44 30,000 36,792 
5% 10/15/49 60,000 73,171 
TOTAL FLORIDA  19,892,458 
Georgia - 5.0%   
Atlanta Arpt. Rev.:   
Series 2014 C, 5% 1/1/29 (c) 140,000 151,728 
Series 2019 B, 5% 7/1/25 (c) 60,000 68,811 
Atlanta Wtr. & Wastewtr. Rev. Series 2018 B, 5% 11/1/47 1,000,000 1,222,460 
Brookhaven Dev. Auth. Rev. Series 2019 A, 5% 7/1/36 150,000 190,651 
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Vogtle Proj.):   
Series 1994:   
2.15%, tender 6/13/24 (a) 1,140,000 1,182,958 
2.25%, tender 5/25/23 (a) 315,000 322,809 
Series 2013 1st, 2.925%, tender 3/12/24 (a) 330,000 346,957 
DeKalb Private Hosp. Auth. Rev. Series 2019 B, 5% 7/1/27 210,000 257,923 
Fulton County Dev. Auth. Rev. Series 2019:   
4% 6/15/49 40,000 46,181 
5% 6/15/52 145,000 179,143 
Georgia Muni. Elec. Auth. Pwr. Rev.:   
Series 2018 A, 5% 1/1/22 375,000 375,000 
Series 2019 A:   
4% 1/1/49 245,000 276,047 
5% 1/1/23 450,000 470,828 
5% 1/1/26 165,000 192,626 
5% 1/1/30 55,000 68,233 
5% 1/1/34 375,000 463,451 
Series 2021 A:   
4% 1/1/35 (FSA Insured) 400,000 469,458 
4% 1/1/36 (FSA Insured) 410,000 479,992 
4% 1/1/37 (FSA Insured) 470,000 549,105 
4% 1/1/40 (FSA Insured) 385,000 447,572 
4% 1/1/41 480,000 548,044 
5% 1/1/23 100,000 104,598 
5% 1/1/25 (FSA Insured) 200,000 226,634 
5% 1/1/26 (FSA Insured) 425,000 496,890 
5% 1/1/28 (FSA Insured) 400,000 493,218 
5% 1/1/31 (FSA Insured) 360,000 460,489 
5% 1/1/32 (FSA Insured) 330,000 420,869 
5% 1/1/32 (FSA Insured) 280,000 355,645 
Series HH, 5% 1/1/22 425,000 425,000 
Georgia Road & Thruway Auth. Rev. Series 2020, 5% 6/1/31 1,000,000 1,306,047 
Glynn-Brunswick Memorial Hosp. Auth. Rev. (Southeast Georgia Health Sys. Proj.) Series 2017:   
4% 8/1/43 5,000 5,402 
5% 8/1/39 5,000 5,670 
5% 8/1/43 5,000 5,926 
Hosp. Auth. of Savannah Auth. Rev. Series 2019 A:   
4% 7/1/36 195,000 226,188 
4% 7/1/43 205,000 234,884 
Main Street Natural Gas, Inc. Bonds:   
Series 2018 A, 4%, tender 9/1/23 (a) 585,000 616,739 
Series 2018 C, 4%, tender 12/1/23 (a) 500,000 531,025 
Series 2021 A, 4%, tender 9/1/27 (a) 12,000,000 13,868,600 
Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Scherer Proj.) Series 1995, 2.25% 7/1/25 200,000 207,826 
Private Colleges & Univs. Auth. Rev.:   
(The Savannah College of Art & Design Projs.) Series 2021:   
4% 4/1/39 245,000 289,898 
5% 4/1/24 675,000 742,376 
5% 4/1/29 500,000 631,981 
5% 4/1/36 135,000 174,339 
Series 2020 B:   
5% 9/1/25 180,000 208,826 
5% 9/1/34 1,000,000 1,308,683 
Series A:   
5% 6/1/22 80,000 81,576 
5% 6/1/23 80,000 85,195 
5% 6/1/24 130,000 142,605 
TOTAL GEORGIA  31,967,106 
Hawaii - 1.1%   
Hawaii Arpts. Sys. Rev.:   
Series 2015 A, 5% 7/1/45 (c) 1,000,000 1,133,881 
Series 2018 A:   
5% 7/1/33 (c) 350,000 427,184 
5% 7/1/48 (c) 2,800,000 3,378,479 
Hawaii Gen. Oblig. Series 2020 A, 4% 7/1/36 (c) 40,000 47,714 
Honolulu City & County Gen. Oblig.:   
(Honolulu Rail Transit Proj.) Series 2020 B, 5% 3/1/29 1,000,000 1,279,940 
Series 2017 A, 5% 9/1/33 5,000 6,099 
Series 2022 A:   
5% 11/1/23 (b) 280,000 294,950 
5% 11/1/27 (b) 345,000 411,334 
Honolulu City and County Wastewtr. Sys. Series 2015 A, 5% 7/1/40 (Pre-Refunded to 7/1/25 @ 100) 115,000 133,097 
TOTAL HAWAII  7,112,678 
Idaho - 0.1%   
Idaho Hsg. & Fin. Assoc. Single Family Mtg.:   
Series 2019 A, 4% 1/1/50 20,000 22,000 
Series 2021 A, 5% 7/15/31 610,000 810,846 
TOTAL IDAHO  832,846 
Illinois - 9.3%   
Champaign County Cmnty. Unit Series 2019, 4% 6/1/26 15,000 17,130 
Chicago Board of Ed.:   
Series 2011 A, 5% 12/1/41 50,000 50,248 
Series 2012 A, 5% 12/1/42 830,000 857,632 
Series 2018 A:   
5% 12/1/29 350,000 428,389 
5% 12/1/30 160,000 194,970 
5% 12/1/31 150,000 182,228 
Series 2018 C, 5% 12/1/46 200,000 237,677 
Series 2019 A:   
5% 12/1/29 125,000 155,669 
5% 12/1/30 405,000 504,273 
5% 12/1/30 100,000 124,512 
Series 2021 B, 5% 12/1/22 500,000 520,568 
Chicago Gen. Oblig.:   
Series 2015 C, 5% 1/1/27 215,000 247,641 
Series 2020 A:   
5% 1/1/27 400,000 471,478 
5% 1/1/30 230,000 284,692 
Chicago Midway Arpt. Rev.:   
Series 2013 A:   
5.375% 1/1/33 (c) 2,000,000 2,091,799 
5.5% 1/1/29 (c) 200,000 209,795 
Series 2014 B:   
5% 1/1/26 100,000 108,898 
5% 1/1/28 270,000 293,518 
Series 2016 A, 4% 1/1/33 (c) 305,000 336,183 
Series 2016 B:   
4% 1/1/35 200,000 222,508 
5% 1/1/46 2,000,000 2,316,627 
Chicago O'Hare Int'l. Arpt. Rev.:   
Series 2012 B, 4% 1/1/29 (c) 400,000 404,317 
Series 2013 A, 5% 1/1/23 (c) 70,000 73,240 
Series 2017 B, 5% 1/1/37 50,000 59,566 
Series 2018 A, 5% 1/1/48 (c) 90,000 107,907 
Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev. Series 2018:   
5% 7/1/38 (c) 50,000 59,160 
5% 7/1/48 (c) 600,000 706,560 
Cook County Cmnty. Consolidated School District No. 59 Series 2020, 5% 3/1/26 615,000 723,074 
Cook County Gen. Oblig.:   
Series 2016 A:   
5% 11/15/23 10,000 10,861 
5% 11/15/31 500,000 593,203 
Series 2021 A:   
5% 11/15/22 125,000 130,129 
5% 11/15/23 35,000 38,015 
5% 11/15/24 50,000 56,377 
5% 11/15/33 425,000 553,817 
Series 2021 B:   
4% 11/15/25 180,000 202,879 
4% 11/15/26 90,000 103,609 
4% 11/15/27 90,000 105,345 
4% 11/15/28 45,000 53,328 
Illinois Fin. Auth. Bonds Series 2020 B, 5%, tender 11/15/24 (a) 400,000 441,787 
Illinois Fin. Auth. Academic Facilities:   
(Provident Group UIUC Properties LLC Univ. of Illinois at Urbana-Champaign Proj.) Series 2019 A, 5% 10/1/25 200,000 231,229 
(Provident Group UIUC Properties LLC Univ. of Illinois at Urbana-Champaign Proj.) Series 2019 A:   
5% 10/1/26 200,000 238,302 
5% 10/1/31 200,000 252,609 
5% 10/1/38 200,000 248,849 
Illinois Fin. Auth. Rev.:   
(Bradley Univ. Proj.) Series 2017 C:   
5% 8/1/22 40,000 41,011 
5% 8/1/24 45,000 49,742 
5% 8/1/30 615,000 728,975 
(Depaul Univ., IL Proj.):   
Series 2016 A, 5% 10/1/28 10,000 11,847 
Series 2016, 5% 10/1/29 30,000 35,527 
(OSF Healthcare Sys.) Series 2018 A:   
4.125% 5/15/47 750,000 857,811 
5% 5/15/43 790,000 962,038 
(Presence Health Proj.) Series 2016 C, 5% 2/15/36 15,000 17,938 
Series 2012 A, 5% 5/15/41 (Pre-Refunded to 5/15/22 @ 100) 695,000 707,296 
Series 2013:   
4% 5/15/33 (Pre-Refunded to 5/15/22 @ 100) 270,000 273,664 
4.25% 5/15/43 (Pre-Refunded to 5/15/22 @ 100) 55,000 55,796 
5% 11/15/24 65,000 67,580 
Series 2015 A:   
5% 11/15/23 10,000 10,850 
5% 11/15/25 150,000 174,779 
5% 10/1/35 715,000 823,209 
5% 11/15/45 300,000 343,984 
Series 2015 C:   
4.125% 8/15/37 60,000 65,485 
5% 8/15/26 35,000 40,191 
5% 8/15/44 1,380,000 1,570,387 
Series 2016 A:   
5% 8/15/24 (Escrowed to Maturity) 65,000 72,670 
5% 7/1/31 30,000 35,228 
5% 7/1/33 10,000 11,733 
5% 7/1/36 45,000 52,798 
Series 2016 B, 5% 8/15/35 250,000 299,588 
Series 2016 C:   
4% 2/15/41 35,000 39,427 
4% 2/15/41 (Pre-Refunded to 2/15/27 @ 100) 5,000 5,793 
5% 2/15/34 50,000 59,960 
Series 2016:   
5% 12/1/23 155,000 168,063 
5% 5/15/29 10,000 11,681 
5% 12/1/29 620,000 733,771 
5% 12/1/33 485,000 573,065 
5% 12/1/40 85,000 99,639 
5% 12/1/46 2,695,000 3,138,600 
Series 2017 A, 5% 7/15/42 1,000,000 1,214,652 
Series 2018 A:   
4.25% 1/1/44 55,000 62,821 
5% 1/1/38 225,000 270,554 
5% 1/1/44 340,000 405,359 
Series 2019:   
4% 9/1/35 60,000 68,664 
5% 9/1/36 295,000 362,007 
5% 9/1/38 100,000 122,234 
Illinois Gen. Oblig.:   
Series 2012 A, 4% 1/1/23 65,000 65,179 
Series 2012:   
5% 8/1/22 90,000 92,434 
5% 8/1/24 70,000 71,869 
Series 2013 A, 5% 4/1/23 525,000 554,809 
Series 2013, 5% 7/1/23 10,000 10,674 
Series 2014:   
5% 4/1/24 100,000 109,821 
5% 2/1/25 520,000 566,770 
5% 5/1/28 50,000 54,900 
Series 2016:   
5% 1/1/26 5,000 5,803 
5% 2/1/26 400,000 465,402 
5% 2/1/27 585,000 698,092 
5% 11/1/29 1,400,000 1,648,652 
Series 2017 C, 5% 11/1/29 345,000 414,450 
Series 2017 D:   
5% 11/1/25 60,000 69,343 
5% 11/1/27 850,000 1,028,787 
Series 2017, 4% 2/1/24 30,000 32,128 
Series 2018 A:   
5% 10/1/24 25,000 27,947 
5% 10/1/28 1,500,000 1,847,371 
Series 2018 B:   
5% 5/1/24 1,500,000 1,652,329 
5% 10/1/24 1,050,000 1,173,754 
Series 2019 B:   
5% 9/1/22 100,000 103,085 
5% 9/1/23 105,000 112,833 
5% 9/1/24 105,000 117,047 
5% 9/1/25 20,000 23,012 
Series 2021 A, 5% 3/1/32 450,000 578,058 
Series May 2014, 5% 5/1/39 1,600,000 1,747,474 
Illinois Hsg. Dev. Auth. Series 2021, 3% 4/1/51 795,000 857,659 
Illinois Sales Tax Rev. Series 2013, 5% 6/15/24 285,000 303,416 
Illinois Toll Hwy. Auth. Toll Hwy. Rev.:   
Series 2014 A, 5% 12/1/22 235,000 245,089 
Series 2019 A, 5% 1/1/44 105,000 130,274 
Series A, 5% 1/1/40 220,000 282,055 
Kane, Cook & DuPage Counties School District #46 Elgin Series 2003 B, 0% 1/1/22 (Escrowed to Maturity) 100,000 100,000 
Kendall, Kane & Will Counties Cmnty. Unit School District #308:   
Series 2008, 0% 2/1/25 (FSA Insured) 315,000 307,852 
Series 2011:   
5.5% 2/1/22 20,000 20,077 
5.5% 2/1/22 (Escrowed to Maturity) 80,000 80,317 
Series 2015, 4% 2/1/30 800,000 876,721 
Metropolitan Pier & Exposition:   
(McCormick Place Expansion Proj.) Series 2010 B1:   
0% 6/15/43 (FSA Insured) 610,000 356,289 
0% 6/15/47 (FSA Insured) 155,000 80,074 
Series 1994 A, 0% 6/15/25 25,000 24,008 
Series 1994, 0% 6/15/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,200,000 1,079,236 
Series 2002 A, 0% 6/15/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 30,000 24,154 
Series 2002, 0% 12/15/23 205,000 201,334 
Series 2012 B, 5% 6/15/23 10,000 10,211 
Series 2017 A, 5% 6/15/57 875,000 1,018,348 
Series 2020 A:   
4% 6/15/50 1,170,000 1,313,701 
5% 6/15/50 1,730,000 2,076,049 
Series 2022 A:   
0% 12/15/35 (b) 420,000 298,777 
0% 6/15/40 (b) 595,000 361,698 
4% 12/15/47 (b) 5,000,000 5,694,829 
Northern Illinois Univ. Revs. Series 2020 B, 4% 4/1/40 (Build America Mutual Assurance Insured) 455,000 529,193 
Univ. of Illinois Board of Trustees Ctfs. of Prtn. (Univ. of Illinois Rev. Proj.) Series 2014 A, 5% 10/1/26 15,000 16,754 
Univ. of Illinois Rev. Series 2018 A, 5% 4/1/30 100,000 123,487 
TOTAL ILLINOIS  59,580,640 
Indiana - 0.9%   
Indiana Fin. Auth. Envir. Facilities Rev. Bonds (Indianapolis Pwr. & Lt. Co. Proj.):   
Series 2020 A, 0.75%, tender 4/1/26 (a) 50,000 49,774 
Series 2020 B, 0.95%, tender 4/1/26 (a)(c) 100,000 99,385 
Indiana Fin. Auth. Rev.:   
Series 2012, 5% 3/1/23 (Pre-Refunded to 3/1/22 @ 100) 35,000 35,267 
Series 2016:   
5% 9/1/24 20,000 22,418 
5% 9/1/30 50,000 58,741 
Indiana Fin. Auth. Wastewtr. Util. Rev. Series 2021 2, 5% 10/1/41 1,000,000 1,316,464 
Indiana Health Facility Fing. Auth. Rev. Bonds Series 2001 A2, 2%, tender 2/1/22 (a) 65,000 66,198 
Indiana Hsg. & Cmnty. Dev. Auth.:   
Series 2021 B:   
3% 7/1/50 125,000 134,533 
5% 7/1/25 690,000 791,330 
Series 2021 C1, 3% 1/1/52 1,200,000 1,303,397 
Series A, 3.75% 1/1/49 415,000 453,715 
Indianapolis Local Pub. Impt. (Indianapolis Arpt. Auth. Proj.) Series 2014 D:   
5% 1/1/28 (c) 75,000 81,143 
5% 1/1/30 (c) 85,000 91,786 
Saint Joseph County Econ. Dev. Auth. Rev. (St. Mary's College Proj.):   
Series 2019, 4% 4/1/46 215,000 239,183 
Series 2020, 5% 4/1/30 105,000 130,236 
Whiting Envir. Facilities Rev. Bonds (BP Products North America, Inc. Proj.) Series 2019 A, 5%, tender 6/5/26 (a)(c) 695,000 825,827 
TOTAL INDIANA  5,699,397 
Iowa - 1.0%   
Iowa Fin. Auth. Rev. Series A:   
5% 5/15/43 35,000 39,799 
5% 5/15/48 25,000 28,279 
Iowa Higher Ed. Ln. Auth. Rev. (Grinnell College Proj.) Series 2017, 5% 12/1/46 2,000,000 2,378,364 
Iowa Student Ln. Liquidity Corp. Student Ln. Rev. Series 2019 B, 5% 12/1/27 (c) 155,000 187,176 
Tobacco Settlement Auth. Tobacco Settlement Rev.:   
Series 2021 A2:   
4% 6/1/40 425,000 502,358 
5% 6/1/27 250,000 303,367 
5% 6/1/28 500,000 621,035 
5% 6/1/29 600,000 761,638 
5% 6/1/30 700,000 905,655 
Series 2021 B1, 4% 6/1/49 325,000 373,573 
TOTAL IOWA  6,101,244 
Kentucky - 1.1%   
Ashland Med. Ctr. Rev. Series 2019:   
4% 2/1/37 175,000 200,059 
5% 2/1/25 280,000 316,125 
Carroll County Poll. Ctlr Rev. Bonds (Kentucky Utils. Co. Proj.) Series 2016 A, 1.55%, tender 9/1/26 (a) 1,000,000 1,027,322 
Kentucky Econ. Dev. Fin. Auth. Series 2019 A2, 5% 8/1/30 345,000 438,793 
Kentucky State Property & Buildings Commission Rev.:   
(Proj. No. 118) Series 2018, 5% 4/1/25 175,000 198,739 
(Proj. No. 119) Series 2018:   
5% 5/1/26 80,000 94,732 
5% 5/1/29 85,000 105,115 
5% 5/1/32 20,000 24,668 
5% 5/1/33 15,000 18,557 
5% 5/1/34 20,000 24,724 
5% 5/1/35 10,000 12,284 
5% 5/1/36 10,000 12,263 
5% 5/1/38 1,000,000 1,222,667 
Series A:   
4% 11/1/35 600,000 706,593 
5% 11/1/29 150,000 188,024 
Kentucky, Inc. Pub. Energy Bonds Series A, 4%, tender 6/1/26 (a) 1,505,000 1,701,048 
Louisville & Jefferson County:   
Bonds:   
Series 2020 B, 5%, tender 10/1/23 (a) 200,000 216,039 
Series 2020 C, 5%, tender 10/1/26 (a) 70,000 83,795 
Series 2020 D, 5%, tender 10/1/29 (a) 85,000 108,612 
Series 2016 A, 5% 10/1/32 70,000 82,833 
Series 2020 A, 4% 10/1/40 195,000 224,699 
Louisville Reg'l. Arpt. Auth. Sys. Rev. Series 2014 A, 5% 7/1/24 (c) 65,000 72,000 
Louisville/Jefferson County Metropolitan Gov. Series 2012, 5% 12/1/35 (Pre-Refunded to 6/1/22 @ 100) 125,000 127,437 
TOTAL KENTUCKY  7,207,128 
Louisiana - 0.5%   
Louisiana Pub. Facilities Auth. Rev.:   
(Ochsner Clinic Foundation Proj.):   
Series 2015, 5% 5/15/47 195,000 219,570 
Series 2017, 5% 5/15/27 115,000 139,741 
(Tulane Univ. of Louisiana Proj.):   
Series 2016 A, 5% 12/15/28 15,000 17,935 
Series 2017 A, 5% 12/15/32 165,000 201,111 
Series 2018 E, 5% 7/1/38 100,000 123,083 
New Orleans Aviation Board Rev. (North Term. Proj.):   
Series 2015 B, 5% 1/1/40 (c) 190,000 211,874 
Series 2017 B, 5% 1/1/48 (c) 2,000,000 2,340,397 
TOTAL LOUISIANA  3,253,711 
Maine - 0.2%   
Maine Health & Higher Edl. Facilities Auth. Rev.:   
(Eastern Maine Healthcare Systems Proj.) Series 2013, 5% 7/1/43 (Pre-Refunded to 7/1/23 @ 100) 220,000 235,402 
(Univ. of New England) Series 2017 A, 4% 7/1/22 20,000 20,367 
Series 2013:   
5% 7/1/25 (Pre-Refunded to 7/1/23 @ 100) 40,000 42,800 
5% 7/1/33 (Pre-Refunded to 7/1/23 @ 100) 65,000 69,551 
Series 2014, 5% 7/1/30 585,000 644,171 
Series 2016 A:   
4% 7/1/41 85,000 93,395 
4% 7/1/46 85,000 92,885 
5% 7/1/41 25,000 28,756 
5% 7/1/46 140,000 160,166 
Series 2017 B, 5% 7/1/29 10,000 12,041 
Series 2018, 5% 7/1/48 135,000 162,614 
TOTAL MAINE  1,562,148 
Maryland - 2.7%   
Anne Arundel County Gen. Oblig. Series 2021, 5% 4/1/27 2,000,000 2,445,510 
Hsg. Opportunities Commission of Montgomery County Series 2021 C, 0.8% 7/1/25 100,000 100,054 
Maryland Cmnty. Dev. Admin Dept. Hsg. & Cmnty. Dev.:   
Series 2019 B, 4% 9/1/49 80,000 87,355 
Series 2019 C, 5% 9/1/28 115,000 143,355 
Series 2021 C:   
0.375% 7/1/23 100,000 99,988 
0.6% 7/1/24 600,000 599,607 
Maryland Econ. Dev. Corp. Air Cargo Series 2019:   
5% 7/1/22 (c) 280,000 285,921 
5% 7/1/23 (c) 325,000 345,085 
5% 7/1/25 (c) 510,000 579,596 
5% 7/1/26 (c) 230,000 268,427 
Maryland Gen. Oblig. Series 2022 2C, 4% 3/1/28 (b) 1,000,000 1,172,242 
Maryland Health & Higher Edl. Series 2021 A, 5% 6/1/29 120,000 149,402 
Maryland Health & Higher Edl. Facilities Auth. Rev. (Medstar Health, Inc. Proj.) Series 2017 A, 5% 5/15/45 150,000 180,886 
Maryland Trans. Auth. Trans. Facility Projs. Rev. Series 2020:   
4% 7/1/50 2,500,000 2,938,303 
5% 7/1/40 2,000,000 2,582,558 
Prince Georges County Ctfs. of Prtn. Series 2021:   
5% 10/1/25 1,610,000 1,876,971 
5% 10/1/26 1,650,000 1,984,735 
Washington Metropolitan Area Transit Auth. Series 2021 A, 5% 7/15/26 1,420,000 1,700,582 
TOTAL MARYLAND  17,540,577 
Massachusetts - 4.3%   
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2021 A1, 5% 7/1/35 820,000 1,091,112 
Massachusetts Commonwealth Trans. Fund Rev.:   
(Rail Enhancement Prog.) Series 2021 B:   
5% 6/1/26 350,000 417,712 
5% 6/1/27 500,000 614,812 
5% 6/1/41 1,250,000 1,546,781 
Series 2021 A, 5% 6/1/51 1,860,000 2,350,721 
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Bonds Series 2019 A, 5%, tender 1/1/23 (a) 300,000 313,824 
Massachusetts Dev. Fin. Agcy. Rev.:   
(Lawrence Gen. Hosp.) Series 2014 A, 5.25% 7/1/34 40,000 40,408 
Series 2016 A, 5% 1/1/31 40,000 46,814 
Series 2016 I:   
5% 7/1/30 195,000 227,362 
5% 7/1/41 140,000 162,154 
Series 2017 A:   
5% 1/1/36 325,000 388,594 
5% 1/1/37 1,050,000 1,253,499 
Series 2017, 5% 7/1/36 275,000 324,193 
Series 2018, 5% 1/1/43 180,000 213,105 
Series 2019 K:   
5% 7/1/25 125,000 143,965 
5% 7/1/26 165,000 196,231 
5% 7/1/27 195,000 238,324 
Series 2019:   
5% 7/1/27 440,000 529,889 
5% 9/1/59 510,000 624,638 
Series 2020 A:   
4% 7/1/45 480,000 550,085 
5% 10/15/28 1,000,000 1,275,436 
Series 2021 V, 5% 7/1/55 1,245,000 2,047,622 
Series 2021:   
4% 7/1/26 240,000 268,406 
4% 7/1/27 255,000 289,638 
4% 7/1/28 325,000 373,128 
4% 7/1/29 340,000 394,012 
4% 7/1/30 355,000 414,419 
4% 7/1/31 370,000 435,785 
Series M:   
4% 10/1/50 490,000 559,050 
5% 10/1/45 370,000 455,185 
Massachusetts Edl. Fing. Auth. Rev.:   
Series 2016 J, 5% 7/1/22 (c) 130,000 133,010 
Series 2016, 5% 7/1/24 (c) 210,000 230,366 
Massachusetts Gen. Oblig.:   
Series 2019 A, 5% 1/1/49 2,000,000 2,481,630 
Series 2019 C, 5% 5/1/49 345,000 431,841 
Series E, 5% 11/1/50 1,640,000 2,091,380 
Massachusetts Hsg. Fin. Auth. Series 2021 223, 3% 6/1/47 700,000 755,855 
Massachusetts Port Auth. Rev.:   
Series 2019 A, 5% 7/1/40 (c) 500,000 618,505 
Series 2021 E:   
5% 7/1/41 (c) 1,000,000 1,287,472 
5% 7/1/46 (c) 290,000 369,507 
5% 7/1/51 (c) 1,000,000 1,268,123 
Massachusetts Port Auth. Spl. Facilities Rev. (Bosfuel Proj.) Series 2019 A, 5% 7/1/49 (c) 230,000 280,187 
TOTAL MASSACHUSETTS  27,734,780 
Michigan - 1.2%   
Detroit Downtown Dev. Auth. Tax Series A, 5% 7/1/37 (FSA Insured) 40,000 43,973 
Flint Hosp. Bldg. Auth. Rev. Series 2020:   
4% 7/1/41 140,000 160,279 
5% 7/1/25 60,000 67,549 
5% 7/1/27 265,000 313,251 
Grand Rapids Pub. Schools Series 2019, 5% 11/1/26 (FSA Insured) 180,000 215,451 
Great Lakes Wtr. Auth. Sew Disp. Sys. Series 2018 A, 5% 7/1/48 200,000 241,731 
Great Lakes Wtr. Auth. Wtr. Supply Sys. Rev. Series 2016 D, 5% 7/1/27 100,000 119,172 
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016, 4% 5/15/36 185,000 204,168 
Michigan Fin. Auth. Rev.:   
(Charter County of Wayne Criminal Justice Ctr. Proj.) Series 2018, 5% 11/1/43 50,000 61,119 
(Henry Ford Health Sys. Proj.) Series 2016, 5% 11/15/25 570,000 666,063 
Series 2015 A, 5% 8/1/32 135,000 149,958 
Series 2016:   
5% 11/15/26 160,000 192,655 
5% 11/15/41 30,000 35,351 
Series 2019 A, 5% 11/15/48 55,000 68,054 
Series 2020 A:   
4% 5/15/22 325,000 329,431 
4% 6/1/49 135,000 154,148 
Series 2021:   
4% 9/1/31 665,000 802,752 
5% 9/1/32 690,000 891,234 
5% 9/1/33 650,000 838,011 
5% 9/1/36 505,000 647,364 
Michigan Hosp. Fin. Auth. Rev. Series 2008 C, 5% 12/1/32 10,000 12,297 
Michigan Strategic Fund Ltd. Oblig. Rev. Bonds (Consumer Energy Co. Proj.) Series 2019, 1.8%, tender 10/1/24 (a)(c) 175,000 179,998 
Univ. of Michigan Rev. Series 2020 A, 5% 4/1/50 1,000,000 1,267,932 
Wayne County Arpt. Auth. Rev.:   
Series 2017 A, 5% 12/1/29 45,000 55,217 
Series 2017 B, 5% 12/1/42 (c) 150,000 180,621 
Series 2018 D, 5% 12/1/29 (c) 85,000 105,655 
TOTAL MICHIGAN  8,003,434 
Minnesota - 0.7%   
City of White Bear Lake (YMCA of Greater Twin Cities Proj.) Series 2018, 5% 6/1/22 490,000 498,099 
Duluth Econ. Dev. Auth. Health Care Facilities Rev. Series 2018 A:   
5% 2/15/48 220,000 260,542 
5% 2/15/58 270,000 319,127 
Maple Grove Health Care Sys. Rev. Series 2015, 5% 9/1/26 60,000 68,788 
Minnesota Higher Ed. Facilities Auth. Rev. Series 2018 A:   
5% 10/1/30 500,000 613,167 
5% 10/1/45 30,000 35,790 
Minnesota Hsg. Fin. Agcy. Series B, 4% 8/1/39 2,050,000 2,447,298 
Shakopee Sr. Hsg. Rev. Bonds Series 2018, 5.85%, tender 11/1/25 (a)(d) 255,000 273,393 
TOTAL MINNESOTA  4,516,204 
Mississippi - 0.2%   
Mississippi Home Corp. Series 2021 B:   
3% 6/1/51 330,000 356,177 
5% 6/1/25 750,000 861,068 
Mississippi Hosp. Equip. & Facilities Auth.:   
Bonds Series II, 5%, tender 3/1/27 (a) 80,000 94,294 
Series I, 5% 10/1/24 70,000 78,714 
TOTAL MISSISSIPPI  1,390,253 
Missouri - 0.7%   
Cape Girardeau County Indl. Dev. Auth. (Southeast Hosp. Proj.) Series 2017 A, 5% 3/1/36 35,000 40,688 
Kansas City Wtr. Rev. Series 2020 A, 4% 12/1/44 1,200,000 1,444,795 
Missouri Health & Edl. Facilities Rev.:   
Series 2017 A, 5% 10/1/42 475,000 564,324 
Series 2018 A, 5% 11/15/43 1,000,000 1,213,492 
Missouri Hsg. Dev. Commission Single Family Mtg. Rev.:   
Series 2019, 4% 5/1/50 20,000 21,967 
Series 2021 A, 3% 5/1/52 565,000 608,980 
Saint Louis Arpt. Rev.:   
Series 2012, 5% 7/1/32 (c) 145,000 148,248 
Series A, 5.25% 7/1/26 (FSA Insured) 570,000 684,179 
Saint Louis County Indl. Dev. Auth. Sr. Living Facilities Rev. Series 2018 A, 5.125% 9/1/48 25,000 27,918 
TOTAL MISSOURI  4,754,591 
Montana - 0.0%   
Montana Board Hsg. Single Family:   
Series 2017 A, 4% 12/1/47 (c) 20,000 20,992 
Series 2019 B, 4% 6/1/50 15,000 16,708 
Montana Facility Fin. Auth. Rev. (Benefis Health Sys. Proj.) Series 2016, 5% 2/15/32 30,000 35,676 
TOTAL MONTANA  73,376 
Nebraska - 0.2%   
Central Plains Energy Proj. Gas Supply Bonds Series 2019, 4%, tender 8/1/25 (a) 725,000 804,841 
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.:   
Series 2019 B, 4% 9/1/49 (c) 65,000 70,454 
Series 2019 E, 3.75% 9/1/49 (c) 80,000 85,288 
TOTAL NEBRASKA  960,583 
Nevada - 0.6%   
Clark County Arpt. Rev. Series 2014 A2, 5% 7/1/30 115,000 127,476 
Clark County School District Series 2017 A, 5% 6/15/25 400,000 459,544 
Nevada Hsg. Division Single Family Mtg. Rev.:   
Series 2019 A, 4% 4/1/49 410,000 448,226 
Series 2019 B, 4% 10/1/49 40,000 43,767 
Series 2021 B, 3% 10/1/51 2,095,000 2,281,112 
Tahoe-Douglas Visitors Auth. Series 2020, 5% 7/1/45 195,000 225,267 
TOTAL NEVADA  3,585,392 
New Hampshire - 0.5%   
Nat'l. Fin. Auth. Hosp. Rev. (St. Luke's Univ. Health Network Proj.) Series 2021 B, 5% 8/15/30 1,405,000 1,808,424 
Nat'l. Finnance Auth. Series 2020 1, 4.125% 1/20/34 228,787 272,374 
New Hampshire Health & Ed. Facilities Auth. (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A:   
5% 8/1/23 200,000 214,386 
5% 8/1/26 105,000 125,137 
5% 8/1/37 100,000 122,032 
New Hampshire Health & Ed. Facilities Auth. Rev.:   
(Covenant Health Sys., Inc. Proj.) Series 2012, 5% 7/1/42 (Pre-Refunded to 7/1/22 @ 100) 560,000 572,936 
Series 2016, 5% 10/1/22 85,000 87,987 
TOTAL NEW HAMPSHIRE  3,203,276 
New Jersey - 4.8%   
New Jersey Econ. Dev. Auth.:   
Series A, 5% 11/1/40 360,000 442,895 
Series QQQ:   
5% 6/15/27 35,000 42,470 
5% 6/15/28 40,000 49,605 
New Jersey Econ. Dev. Auth. Lease Rev. Series 2018 A, 5% 6/15/23 1,000,000 1,065,743 
New Jersey Econ. Dev. Auth. Rev.:   
(Black Horse EHT Urban Renewal LLC Proj.) Series 2019 A, 5% 10/1/39 (d) 100,000 102,902 
(New Jersey Gen. Oblig. Proj.) Series 2017 B, 5% 11/1/23 25,000 27,049 
(NJ Transit Corp. Projs.) Series A, 4% 11/1/27 370,000 431,228 
Series 2013 NN:   
5% 3/1/27 195,000 205,125 
5% 3/1/29 1,000,000 1,051,685 
Series 2013:   
5% 3/1/23 25,000 26,327 
5% 3/1/24 70,000 73,658 
Series 2014 PP:   
4% 6/15/30 70,000 75,703 
5% 6/15/26 280,000 309,812 
Series 2014 RR, 5% 6/15/32 60,000 66,343 
Series 2014 UU, 5% 6/15/30 (Pre-Refunded to 6/15/24 @ 100) 70,000 77,490 
Series 2015 XX:   
4.25% 6/15/26 280,000 312,924 
5% 6/15/23 200,000 213,149 
5% 6/15/26 65,000 74,249 
Series 2017 DDD, 5% 6/15/30 (Pre-Refunded to 6/15/27 @ 100) 1,000,000 1,216,297 
Series 2018 EEE:   
5% 6/15/28 410,000 508,450 
5% 6/15/43 1,270,000 1,534,832 
Series LLL:   
4% 6/15/44 315,000 359,549 
5% 6/15/44 180,000 220,204 
Series MMM, 4% 6/15/35 90,000 104,908 
Series PP, 5% 6/15/31 260,000 287,485 
New Jersey Edl. Facility:   
Series 2016 B, 4% 9/1/26 500,000 570,293 
Series B, 5% 7/1/30 1,790,000 2,191,611 
New Jersey Gen. Oblig.:   
Series 2020 A:   
4% 6/1/30 185,000 224,364 
4% 6/1/31 70,000 86,144 
4% 6/1/32 45,000 56,175 
5% 6/1/29 205,000 260,330 
Series 2021, 2% 6/1/23 5,000,000 5,110,617 
New Jersey Health Care Facilities Fing. Auth. Rev.:   
Series 2016 A, 5% 7/1/22 25,000 25,554 
Series 2016:   
4% 7/1/48 100,000 109,847 
5% 7/1/41 65,000 75,010 
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.:   
Series 2017 1A, 5% 12/1/26 (c) 530,000 629,148 
Series 2018 B:   
5% 12/1/25 (c) 500,000 579,032 
5% 12/1/26 (c) 485,000 575,730 
5% 12/1/27 (c) 850,000 1,029,676 
Series 2020:   
5% 12/1/24 (c) 100,000 112,444 
5% 12/1/25 (c) 235,000 271,654 
5% 12/1/25 (c) 60,000 69,359 
5% 12/1/26 (c) 205,000 243,350 
5% 12/1/27 (c) 145,000 175,651 
5% 12/1/27 (c) 40,000 48,455 
New Jersey Tpk. Auth. Tpk. Rev.:   
Series 2015 E, 5% 1/1/34 190,000 213,610 
Series 2021 A, 4% 1/1/42 1,000,000 1,189,289 
Series D, 5% 1/1/28 170,000 200,251 
New Jersey Trans. Trust Fund Auth.:   
(Trans. Prog.) Series 2019 AA, 5.25% 6/15/43 505,000 619,772 
Series 2010 A, 0% 12/15/27 250,000 228,882 
Series 2014 AA, 5% 6/15/25 100,000 110,647 
Series 2016 A, 5% 6/15/27 160,000 188,878 
Series 2018 A, 5% 12/15/32 100,000 123,383 
Series 2021 A, 5% 6/15/33 1,000,000 1,298,464 
Series 2022 A, 4% 6/15/39 (b) 720,000 837,196 
Series 2022 AA:   
5% 6/15/33 (b) 250,000 326,030 
5% 6/15/36 (b) 1,460,000 1,872,521 
Series AA:   
4% 6/15/38 185,000 215,616 
4% 6/15/50 400,000 456,789 
5% 6/15/29 55,000 56,162 
5% 6/15/40 210,000 263,868 
5% 6/15/45 95,000 117,977 
Series BB:   
5% 6/15/33 1,000,000 1,232,983 
5% 6/15/50 70,000 83,893 
Rutgers State Univ. Rev. Series Q:   
5% 5/1/22 40,000 40,621 
5% 5/1/23 30,000 31,854 
TOTAL NEW JERSEY  31,033,212 
New Mexico - 0.4%   
New Mexico Edl. Assistance Foundation Series 2021 1A:   
5% 9/1/23 (c) 450,000 483,995 
5% 9/1/26 (c) 1,045,000 1,240,063 
5% 9/1/27 (c) 350,000 425,278 
5% 9/1/29 (c) 150,000 189,188 
New Mexico Mtg. Fin. Auth.:   
Series 2019 C, 4% 1/1/50 185,000 203,117 
Series 2019 D, 3.75% 1/1/50 50,000 54,614 
Santa Fe Retirement Fac.:   
Series 2019 A:   
2.25% 5/15/24 5,000 5,004 
5% 5/15/34 10,000 11,332 
5% 5/15/39 5,000 5,633 
5% 5/15/44 5,000 5,599 
5% 5/15/49 15,000 16,751 
Series 2019 B1, 2.625% 5/15/25 10,000 10,010 
TOTAL NEW MEXICO  2,650,584 
New York - 6.4%   
Buffalo and Erie County Indl. Land Rev. (Catholic Health Sys., Inc. Proj.) Series 2015, 5% 7/1/25 400,000 444,962 
Long Island Pwr. Auth. Elec. Sys. Rev. Bonds Series 2021 B, 1.5%, tender 9/1/26 (a) 500,000 512,336 
Monroe County Indl. Dev. Corp. (Univ. of Rochester Proj.) Series 2015 B, 4% 7/1/35 5,000 5,514 
MTA Hudson Rail Yards Trust Oblig. Series 2016 A, 5% 11/15/56 100,000 106,276 
New York City Gen. Oblig.:   
Series 2018 A, 5% 8/1/24 100,000 111,790 
Series 2021 A1, 5% 8/1/29 1,000,000 1,286,701 
Series 2022 A1, 5% 8/1/47 6,060,000 7,800,102 
Series E, 5% 8/1/30 1,025,000 1,220,043 
New York City Hsg. Dev. Corp. Multifamily Hsg.:   
Bonds:   
Series 2021 C2, 0.7%, tender 7/1/25 (a) 270,000 270,551 
Series 2021 K2, 0.9%, tender 1/1/26 (a) 2,075,000 2,073,713 
Series 2021, 0.6%, tender 7/1/25 (a) 390,000 385,026 
Series A 1 B, 5% 5/1/30 490,000 619,262 
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Series GG 1, 5% 6/15/48 1,350,000 1,713,403 
New York City Transitional Fin. Auth. Rev. Series 2016 E1, 5% 2/1/40 2,535,000 2,949,373 
New York City Trust Cultural Resources Rev. Series 2021, 5% 7/1/31 660,000 887,765 
New York Dorm. Auth. Personal Income Tax Rev. (New York State Pit Proj.) Series 2012 D, 5% 2/15/22 (Escrowed to Maturity) 10,000 10,055 
New York Dorm. Auth. Rev.:   
Bonds Series 2019 B2, 5%, tender 5/1/24 (a) 100,000 108,214 
Series 2020 A:   
4% 9/1/37 350,000 406,004 
4% 9/1/39 700,000 809,172 
New York Metropolitan Trans. Auth. Rev.:   
Series 2015 A1, 5% 11/15/29 120,000 135,540 
Series 2016 A, 5% 11/15/31 100,000 114,975 
Series 2016 C1, 5% 11/15/33 1,000,000 1,164,330 
Series 2017 B, 5% 11/15/24 565,000 634,584 
Series 2017 C1, 5% 11/15/30 325,000 392,794 
Series 2017 D, 5% 11/15/30 2,220,000 2,683,082 
Series 2020 D:   
4% 11/15/46 2,050,000 2,337,420 
4% 11/15/47 150,000 170,841 
New York State Envir. Facilities Corp. Rev. (2010 Master Fing. Prog.) Series 2021 B:   
5% 2/15/28 160,000 200,039 
5% 8/15/28 235,000 297,610 
5% 2/15/29 100,000 128,256 
5% 8/15/29 200,000 259,412 
5% 2/15/30 340,000 446,427 
5% 8/15/30 400,000 530,455 
New York State Hsg. Fin. Agcy. Rev.:   
Bonds:   
Series 2021 J2, 1.1%, tender 5/1/27 (a) 1,105,000 1,105,026 
Series 2021 K2, 1%, tender 11/1/26 (a) 300,000 300,012 
Series J, 0.75% 5/1/25 250,000 250,325 
New York State Mtg. Agcy. Homeowner Mtg.:   
Series 2021 232, 5% 10/1/25 (c) 765,000 883,223 
Series 221, 3.5% 10/1/32 (c) 30,000 32,269 
New York State Urban Dev. Corp. Series 2020 E:   
4% 3/15/44 1,675,000 1,957,360 
4% 3/15/45 1,350,000 1,572,847 
New York State Urban Eev Corp. Series 2019 A, 5% 3/15/37 1,105,000 1,407,666 
New York Thruway Auth. Gen. Rev. Series 2016 A, 5% 1/1/46 175,000 202,132 
Oneida County Local Dev. Corp. Rev. (Mohawk Valley Health Sys. Proj.) Series 2019 A, 5% 12/1/29 (FSA Insured) 600,000 645,612 
Onondaga Civic Dev. Corp. (Le Moyne College Proj.) Series 2015, 5% 7/1/27 295,000 336,587 
Onondaga County Ind. Dev. Agcy. Swr. Facilities Rev. (Bristol-Meyers Squibb Co. Proj.) Series 1994, 5.75% 3/1/24 (c) 220,000 243,965 
Suffolk County Econ. Dev. Corp. Rev. Series 2021:   
5.125% 11/1/41 (d) 100,000 103,400 
5.375% 11/1/54 (d) 100,000 103,363 
Triborough Bridge & Tunnel Auth. Series 2021 A1, 5% 5/15/51 400,000 514,633 
TOTAL NEW YORK  40,874,447 
New York And New Jersey - 0.1%   
Port Auth. of New York & New Jersey:   
Series 194, 5.25% 10/15/55 210,000 244,188 
Series 2017 202, 5% 10/15/29 (c) 500,000 599,094 
TOTAL NEW YORK AND NEW JERSEY  843,282 
North Carolina - 0.1%   
New Hanover County Hosp. Rev. Series 2017:   
5% 10/1/27 (Escrowed to Maturity) 10,000 12,306 
5% 10/1/47 (Pre-Refunded to 10/1/27 @ 100) 70,000 86,144 
North Carolina Med. Care Commission Health Care Facilities Rev.:   
Bonds:   
Series 2019 B, 2.2%, tender 12/1/22 (a) 175,000 176,318 
Series 2019 C, 2.55%, tender 6/1/26 (a) 300,000 318,052 
Series 2021 A, 4% 3/1/51 280,000 303,202 
TOTAL NORTH CAROLINA  896,022 
North Dakota - 0.1%   
North Dakota Hsg. Fin. Agcy.:   
Series 2021 A, 3% 1/1/52 205,000 220,990 
Series 2021 B, 3% 7/1/52 660,000 716,494 
TOTAL NORTH DAKOTA  937,484 
Ohio - 5.0%   
Akron Bath Copley Hosp. District Rev.:   
Series 2016, 5.25% 11/15/46 495,000 584,070 
Series 2020, 4% 11/15/38 1,500,000 1,755,985 
Allen County Hosp. Facilities Rev.:   
(Mercy Health) Series 2017 A:   
5% 8/1/25 10,000 11,553 
5% 8/1/26 390,000 464,793 
5% 8/1/27 10,000 12,242 
5% 8/1/28 10,000 12,362 
5% 8/1/29 10,000 12,278 
5% 8/1/30 10,000 12,220 
Bonds (Mercy Health) Series 2017 B, 5%, tender 5/5/22 (a) 10,000 10,155 
American Muni. Pwr., Inc. (Solar Electricity Prepayment Proj.) Series 2019 A, 5% 2/15/44 175,000 213,795 
Buckeye Tobacco Settlement Fing. Auth. Series 2020 A2, 5% 6/1/34 370,000 468,510 
Cleveland Arpt. Sys. Rev. Series 2016 A, 5% 1/1/25 (FSA Insured) 145,000 164,310 
Cleveland Wtr. Rev. Series 2020:   
5% 1/1/26 1,375,000 1,614,710 
5% 1/1/28 800,000 994,862 
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013, 4.25% 6/15/24 110,000 114,261 
Franklin County Convention Facilities Auth. (Greater Columbus Convention Ctr. Hotel Expansion Proj.) Series 2019, 5% 12/1/44 60,000 68,344 
Franklin County Convention Facilities Authorities (Greater Columbus Convention Ctr. Hotel Expansion Proj.) Series 2019:   
5% 12/1/46 200,000 246,497 
5% 12/1/51 200,000 245,496 
Hamilton County Healthcare Facilities Rev. (The Christ Hosp. Proj.) Series 2012, 5.25% 6/1/24 2,900,000 2,953,777 
Kent State Univ. Revs. Series 2016, 5% 5/1/30 1,495,000 1,755,651 
Lancaster Port Auth. Gas Rev.:   
Bonds Series 2019, 5%, tender 2/1/25 (a) 255,000 287,034 
Series 2019, 5% 2/1/25 160,000 180,385 
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013:   
4% 2/15/23 315,000 324,950 
5% 2/15/44 100,000 103,567 
Ohio Gen. Oblig.:   
Series 2021 A:   
5% 3/1/28 110,000 137,766 
5% 3/1/28 140,000 175,339 
5% 3/1/29 160,000 205,301 
5% 3/1/29 210,000 269,457 
5% 3/1/30 190,000 249,217 
5% 3/1/30 290,000 380,384 
Series 2021 B:   
5% 2/1/28 205,000 256,181 
5% 2/1/29 385,000 493,059 
5% 2/1/30 320,000 418,930 
Series 2021 C:   
5% 3/15/28 275,000 344,765 
5% 3/15/29 480,000 616,444 
5% 3/15/30 480,000 630,157 
Ohio Hosp. Facilities Rev. Series 2021 B:   
5% 1/1/24 240,000 262,059 
5% 1/1/25 270,000 306,302 
5% 1/1/26 320,000 375,372 
5% 1/1/27 750,000 906,460 
Ohio Hosp. Rev. Series 2020 A:   
4% 1/15/50 40,000 45,502 
5% 1/15/31 300,000 381,460 
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.:   
(Mtg. Backed Securities Prog.) Series 2019 B, 4.5% 3/1/50 15,000 16,613 
Series 2021 C, 3.25% 3/1/51 4,800,000 5,254,973 
Ohio Major New State Infrastructure Rev. Series 2021 1A:   
5% 12/15/25 800,000 939,458 
5% 12/15/26 1,150,000 1,390,591 
5% 12/15/27 1,100,000 1,366,391 
5% 12/15/28 1,250,000 1,592,159 
Ohio Spl. Oblig. Series 2020 A:   
5% 2/1/23 180,000 189,209 
5% 2/1/26 150,000 176,429 
Ohio Tpk. Commission Tpk. Rev. Series A, 5% 2/15/51 1,100,000 1,411,735 
Scioto County Hosp. Facilities Rev. Series 2019, 5% 2/15/29 100,000 115,922 
Univ. of Akron Gen. Receipts Series 2019 A, 4% 1/1/27 220,000 253,730 
Univ. of Toledo Gen. Receipts Series 2018 A, 5% 6/1/22 330,000 336,155 
Wood County Hosp. Facilities Rev. (Wood County Hosp. Proj.) Series 2012:   
5% 12/1/32 (Pre-Refunded to 12/1/22 @ 100) 10,000 10,438 
5% 12/1/32 (Pre-Refunded to 12/1/22 @ 100) 5,000 5,219 
TOTAL OHIO  32,124,984 
Oklahoma - 0.3%   
Oklahoma City Arpt. Trust Series 33, 5% 7/1/47 (c) 200,000 241,326 
Oklahoma Dev. Fin. Auth. Health Sys. Rev.:   
(OU Medicine Proj.) Series 2018 B:   
5% 8/15/23 200,000 213,648 
5% 8/15/25 700,000 800,860 
Series 2015 A, 5% 8/15/24 250,000 277,539 
Oklahoma Dev. Fin. Auth. Rev. (Oklahoma City Univ. Proj.) Series 2019:   
4% 8/1/22 60,000 61,155 
5% 8/1/23 45,000 47,979 
5% 8/1/44 125,000 146,532 
TOTAL OKLAHOMA  1,789,039 
Oregon - 0.5%   
Oregon Bus. Dev. Commission Recovery Zone Facility Bonds (Intel Corp. Proj.) Series 232, 2.4%, tender 8/14/23 (a) 830,000 855,031 
Oregon State Hsg. & Cmnty. Svcs. Dept. Series 2019 A, 4% 7/1/50 1,310,000 1,434,236 
Port of Portland Arpt. Rev.:   
Series 2020 27A, 5% 7/1/45 (c) 240,000 297,822 
Series 27 A, 5% 7/1/36 (c) 240,000 303,118 
TOTAL OREGON  2,890,207 
Pennsylvania - 7.1%   
Allegheny County Arpt. Auth. Rev. Series 2021 A:   
5% 1/1/51 (c) 2,105,000 2,616,557 
5% 1/1/56 (c) 1,280,000 1,581,586 
Allegheny County Hosp. Dev. Auth. Rev. Series 2019 A, 5% 7/15/22 185,000 189,669 
Allegheny County Indl. Dev. Auth. Rev. Series 2021:   
3.5% 12/1/31 175,000 167,757 
4% 12/1/41 270,000 256,109 
4.25% 12/1/50 300,000 284,211 
Bucks County Indl. Dev. Auth. Hosp. Rev. Series 2021:   
5% 7/1/26 475,000 548,948 
5% 7/1/27 475,000 561,488 
5% 7/1/28 525,000 632,983 
5% 7/1/29 550,000 674,864 
5% 7/1/36 120,000 151,149 
5% 7/1/38 240,000 301,049 
Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.):   
Series 2016 A, 5% 11/15/46 2,250,000 2,580,802 
Series 2018 A:   
5% 11/15/22 100,000 104,086 
5% 11/15/25 100,000 116,603 
Commonwealth Fing. Auth. Rev. Series 2020 A, 5% 6/1/28 305,000 380,808 
Delaware County Auth. Rev.:   
(Cabrini College) Series 2017, 5% 7/1/47 510,000 553,691 
Series 2017, 5% 7/1/28 445,000 497,968 
Doylestown Hosp. Auth. Hosp. Rev. Series 2016 A, 5% 7/1/46 20,000 22,475 
Dubois Hosp. Auth. Hosp. Rev.:   
(Penn Highlands Healthcare Proj.) Series 2018:   
4% 7/15/37 40,000 45,263 
5% 7/15/36 500,000 600,034 
Series 2020, 4% 7/15/45 500,000 563,785 
Geisinger Auth. Health Sys. Rev. Series 2017 A1, 5% 2/15/45 100,000 119,271 
Lehigh County Gen. Purp. Auth. Rev. (Muhlenberg College Proj.) Series 2017, 5% 2/1/39 60,000 71,536 
Lehigh County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (PPL Elec. Utils. Corp. Proj.) Series 2016 A, 1.8%, tender 9/1/22 (a) 95,000 95,825 
Monroeville Fin. Auth. UPMC Rev. Series 2012, 5% 2/15/26 95,000 111,621 
Montgomery County Higher Ed. & Health Auth. Rev.:   
Series 2016 A, 5% 10/1/40 330,000 374,934 
Series 2019, 4% 9/1/44 185,000 211,142 
Series 2020, 5% 4/1/27 300,000 355,591 
Montgomery County Indl. Dev. Auth. Series 2015 A, 5.25% 1/15/36 140,000 158,545 
Northampton County Gen. Purp. Auth. Hosp. Rev.:   
(St. Luke's Univ. Health Network Proj.) Series 2018 A, 4% 8/15/48 195,000 220,428 
Series 2016 A, 5% 8/15/46 50,000 58,188 
Pennsylvania Ctfs. Prtn. Series 2018 A:   
5% 7/1/23 250,000 266,958 
5% 7/1/24 300,000 331,678 
5% 7/1/26 455,000 535,603 
5% 7/1/27 500,000 602,738 
5% 7/1/34 450,000 545,863 
Pennsylvania Higher Edl. Facilities Auth. Rev.:   
(Drexel Univ. Proj.):   
Series 2016, 5% 5/1/35 500,000 584,780 
Series 2017, 5% 5/1/35 10,000 12,147 
Series 2018 A, 5% 2/15/48 100,000 121,855 
Pennsylvania Hsg. Fin. Agcy.:   
Series 2021 134B, 5% 10/1/27 (c) 1,160,000 1,400,780 
Series 2021 137, 3% 10/1/51 900,000 978,246 
Pennsylvania Tpk. Commission Tpk. Rev.:   
Series 2015 B, 5% 12/1/45 265,000 304,948 
Series 2016 A1, 5% 12/1/41 1,215,000 1,396,955 
Series 2021 A, 4% 12/1/50 1,000,000 1,157,365 
Series 2021 B:   
5% 12/1/28 625,000 789,141 
5% 12/1/29 1,000,000 1,285,931 
Philadelphia Arpt. Rev.:   
Series 2017 B:   
5% 7/1/25 (c) 290,000 332,047 
5% 7/1/35 (c) 50,000 59,956 
5% 7/1/47 (c) 970,000 1,149,317 
Series 2020 C, 5% 7/1/29 (c) 595,000 752,491 
Series 2021:   
5% 7/1/26 (c) 2,920,000 3,440,096 
5% 7/1/27 (c) 4,020,000 4,862,698 
5% 7/1/28 (c) 425,000 526,282 
5% 7/1/34 (c) 1,000,000 1,301,815 
5% 7/1/35 (c) 1,000,000 1,299,509 
Philadelphia Auth. for Indl. Dev.:   
Series 2015 1, 5% 4/1/33 70,000 79,304 
Series 2017 A, 5% 9/1/42 760,000 902,813 
Philadelphia Gas Works Rev.:   
Series 14, 5% 10/1/22 375,000 388,179 
Series 2020 A, 5% 8/1/32 (FSA Insured) 1,000,000 1,288,182 
Philadelphia Gen. Oblig.:   
Series 2014 A, 5.25% 7/15/27 (Pre-Refunded to 1/15/24 @ 100) 275,000 302,216 
Series 2019 A, 5% 8/1/26 220,000 262,520 
Philadelphia School District:   
Series 2018 A, 5% 9/1/25 50,000 57,732 
Series 2018 B, 5% 9/1/43 50,000 60,932 
Series 2019 A:   
4% 9/1/35 170,000 199,550 
5% 9/1/23 90,000 96,908 
5% 9/1/34 80,000 101,640 
Series 2019 B:   
5% 9/1/25 140,000 161,649 
5% 9/1/26 415,000 490,383 
Series 2019 C, 5% 9/1/33 315,000 399,581 
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev. Series 2019 A, 5% 9/1/44 (FSA Insured) 70,000 87,487 
Southcentral Pennsylvania Gen. Auth. Rev.:   
(Hanover Hosp., Inc. PA Proj.) Series 2015, 5% 12/1/28 45,000 51,925 
Series 2019 A:   
4% 6/1/44 50,000 57,633 
4% 6/1/49 115,000 131,396 
5% 6/1/25 200,000 230,204 
5% 6/1/44 85,000 105,311 
5% 6/1/49 135,000 166,355 
State Pub. School Bldg. Auth. Lease Rev. (The School District of Philadelphia Proj.) Series 2016 A, 5% 6/1/32 (FSA Insured) 315,000 375,425 
Union County Hosp. Auth. Rev. Series 2018 B:   
5% 8/1/43 185,000 214,325 
5% 8/1/48 310,000 359,021 
TOTAL PENNSYLVANIA  45,818,836 
Rhode Island - 0.2%   
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series 2016, 5% 5/15/39 215,000 243,505 
Rhode Island Hsg. & Mtg. Fin. Corp. Series 2019 70, 4% 10/1/49 40,000 43,592 
Rhode Island Student Ln. Auth. Student Ln. Rev. Series A:   
4% 12/1/26 (c) 130,000 140,520 
5% 12/1/23 (c) 625,000 676,674 
TOTAL RHODE ISLAND  1,104,291 
South Carolina - 1.1%   
Charleston County Arpt. District Series 2019, 5% 7/1/48 395,000 488,430 
South Carolina Hsg. Fin. & Dev. Auth. Mtg. Rev. Series 2019 A, 4% 1/1/50 60,000 66,735 
South Carolina Jobs-Econ. Dev. Auth. Series 2019 C, 5% 7/1/33 170,000 212,141 
South Carolina Ports Auth. Ports Rev.:   
Series 2015, 5.25% 7/1/55 (Pre-Refunded to 7/1/25 @ 100) (c) 255,000 296,484 
Series 2018, 5% 7/1/43 (c) 520,000 630,281 
South Carolina Pub. Svc. Auth. Rev.:   
Series 2013 B, 5% 12/1/38 200,000 216,956 
Series 2014 A:   
5% 12/1/49 440,000 484,595 
5.5% 12/1/54 165,000 183,672 
Series 2014 C, 5% 12/1/46 20,000 22,441 
Series 2015 A, 5% 12/1/50 100,000 113,812 
Series 2015 E, 5.25% 12/1/55 415,000 483,833 
Series 2016 A:   
5% 12/1/26 140,000 165,842 
5% 12/1/29 500,000 588,182 
5% 12/1/33 15,000 17,631 
5% 12/1/38 80,000 93,657 
Series 2016 B:   
5% 12/1/31 105,000 125,348 
5% 12/1/35 195,000 232,525 
5% 12/1/41 175,000 207,739 
Series A, 5% 12/1/23 145,000 157,713 
Series B, 5% 12/1/24 500,000 565,164 
Spartanburg County Reg'l. Health Series 2017 A:   
4% 4/15/43 30,000 34,107 
4% 4/15/48 20,000 22,700 
5% 4/15/48 1,415,000 1,699,212 
TOTAL SOUTH CAROLINA  7,109,200 
Tennessee - 1.7%   
Chattanooga Health Ed. & Hsg. Facility Board Rev. Series 2019 A1, 5% 8/1/25 135,000 155,919 
Greeneville Health & Edl. Facilities Board Series 2018 A:   
5% 7/1/23 15,000 16,036 
5% 7/1/24 20,000 21,347 
5% 7/1/25 20,000 21,332 
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2018:   
5% 7/1/26 (c) 450,000 530,587 
5% 7/1/37 (c) 200,000 242,107 
5% 7/1/38 (c) 1,315,000 1,590,644 
Metropolitan Nashville Arpt. Auth. Rev.:   
Series 2015 B, 4% 7/1/25 (c) 55,000 61,184 
Series 2019 B:   
5% 7/1/38 (c) 655,000 824,133 
5% 7/1/54 (c) 225,000 277,090 
Nashville and Davidson County Metropolitan Govt. Gen. Oblig. Series 2021 C:   
5% 1/1/27 2,210,000 2,675,868 
5% 1/1/30 2,400,000 3,118,797 
Tennessee Energy Acquisition Corp. Bonds (Gas Rev. Proj.) Series A, 4%, tender 5/1/23 (a) 460,000 478,397 
Tennessee Hsg. Dev. Agcy. Residential:   
Series 2021 1, 3% 7/1/51 620,000 667,567 
Series 2021 3A, 3% 1/1/52 285,000 309,275 
TOTAL TENNESSEE  10,990,283 
Texas - 4.6%   
Austin Cmnty. College District Rev. (Highland Campus Parking Garage Proj.) Series 2018 C:   
5% 8/1/25 200,000 231,607 
5% 8/1/26 200,000 239,153 
Austin-Bergstrom Landhost Ente Series 2017, 5% 10/1/22 115,000 118,351 
Central Reg'l. Mobility Auth.:   
Series 2020 B, 5% 1/1/45 1,000,000 1,233,627 
Series 2021 B:   
5% 1/1/33 640,000 828,399 
5% 1/1/34 650,000 839,343 
5% 1/1/35 550,000 708,161 
5% 1/1/36 850,000 1,091,476 
5% 1/1/37 1,100,000 1,408,306 
5% 1/1/38 1,100,000 1,403,721 
Series 2021 C, 5% 1/1/27 775,000 899,777 
Cypress-Fairbanks Independent School District Bonds Series 2017 A-2, 1.25%, tender 8/15/22 (a) 130,000 130,802 
Dallas Fort Worth Int'l. Arpt. Rev.:   
Series 2014 A, 5.25% 11/1/27 (c) 180,000 195,189 
Series 2014 B:   
5% 11/1/22 (c) 115,000 119,588 
5% 11/1/29 (Pre-Refunded to 11/1/22 @ 100) (c) 35,000 36,349 
Denton Independent School District Bonds Series 2014 B, 2%, tender 8/1/24 (a) 100,000 103,876 
Fort Bend Independent School District Bonds Series 2021 B, 0.72%, tender 8/1/26 (a) 475,000 473,721 
Garland Elec. Util. Sys. Rev. Series 2021 A:   
4% 3/1/35 765,000 922,071 
4% 3/1/36 750,000 901,640 
Harris County Cultural Ed. Facilities Fin. Corp. Rev. Series 2015, 4% 12/1/45 220,000 240,566 
Harris County Flood Cont. District Series 2021 A:   
5% 10/1/25 690,000 803,299 
5% 10/1/26 900,000 1,081,649 
Houston Arpt. Sys. Rev.:   
Series 2012 A, 5% 7/1/23 (Pre-Refunded to 7/1/22 @ 100) (c) 85,000 86,985 
Series 2018 A, 5% 7/1/41 (c) 1,000,000 1,212,521 
Series 2018 C:   
5% 7/1/26 (c) 200,000 236,300 
5% 7/1/30 (c) 120,000 148,193 
Series 2018 D, 5% 7/1/39 260,000 321,071 
Houston City of Higher Ed. Fin. Corp. (Houston Baptist Univ. Proj.) Series 2021:   
3.375% 10/1/37 500,000 500,780 
4% 10/1/51 1,200,000 1,321,689 
Houston Gen. Oblig. Series 2017 A, 5% 3/1/32 25,000 29,991 
Houston Util. Sys. Rev.:   
Series 2016 B, 5% 11/15/34 5,000 5,978 
Series 2020 C, 5% 11/15/45 1,000,000 1,280,616 
Series 2021 A, 5% 11/15/26 445,000 537,955 
Love Field Arpt. Modernization Rev.:   
Series 2015, 5% 11/1/30 (c) 320,000 368,851 
Series 2017, 5% 11/1/31 (c) 25,000 29,587 
Lower Colorado River Auth. Rev. (LCRA Transmission Svcs. Corp. Proj.) Series 2020, 5% 5/15/24 300,000 331,790 
Midlothian Independent School District Bonds Series 2013 C, 2%, tender 8/1/24 (a) 100,000 103,432 
New Hope Cultural Ed. Facilities Fin. Corp. (Childrens Med. Ctr. of Dallas) Series 2017 A:   
5% 8/15/27 10,000 12,260 
5% 8/15/47 10,000 12,007 
North Central Texas Health Facilities Dev. Corp. (Childrens Med. Ctr. of Dallas Proj.) Series 2012, 5% 8/15/32 (Pre-Refunded to 8/15/22 @ 100) 100,000 102,962 
North Texas Tollway Auth. Rev.:   
Series 2019 B, 5% 1/1/25 85,000 96,347 
Series 2021 B, 4% 1/1/32 2,000,000 2,452,456 
San Antonio Elec. & Gas Sys. Rev. Series 2017, 5% 2/1/33 5,000 6,001 
San Antonio Wtr. Sys. Rev.:   
Series 2018 A, 5% 5/15/33 5,000 6,220 
Series 2020 A, 5% 5/15/50 475,000 598,515 
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev.:   
Series 2017 A, 5% 2/15/24 265,000 290,604 
Series 2018 A, 5% 7/1/29 305,000 383,132 
Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev. Series 2019, 2.95% 7/1/36 126,104 138,003 
Texas Dept. of Hsg. & Cmnty. Affairs Single Family Mtg. Rev.:   
Series 2019 A, 4% 3/1/50 120,000 133,746 
Series A, 3.5% 3/1/51 165,000 181,783 
Texas Private Activity Bond Surface Trans. Corp. (LBJ Infrastructure Group LLC I-635 Managed Lanes Proj.) Series 2020 A, 4% 6/30/37 1,000,000 1,171,435 
Texas Trans. Commission Series 2019 A, 0% 8/1/41 250,000 116,490 
Texas Trans. Commission Hwy. Impt. Gen. Oblig. Bonds Series 2014 B, 0.65%, tender 4/1/26 (a) 2,380,000 2,363,820 
Univ. of Texas Board of Regents Sys. Rev. Series 2020 C, 5% 8/15/28 1,000,000 1,267,161 
TOTAL TEXAS  29,859,352 
Utah - 0.1%   
Salt Lake City Arpt. Rev.:   
Series 2017 A:   
5% 7/1/24 (c) 10,000 11,077 
5% 7/1/37 (c) 385,000 461,499 
Series 2018 A:   
5% 7/1/33 (c) 175,000 213,592 
5.25% 7/1/48 (c) 130,000 158,852 
TOTAL UTAH  845,020 
Vermont - 0.3%   
Vermont Hsg. Fin. Agcy. Series 2021 B, 3% 11/1/51 320,000 347,797 
Vermont Student Assistant Corp. Ed. Ln. Rev.:   
Series 2019 A, 5% 6/15/25 (c) 635,000 717,899 
Series 2020 A, 5% 6/15/26 (c) 620,000 718,337 
TOTAL VERMONT  1,784,033 
Virginia - 2.1%   
Arlington County Series 2021, 5% 6/15/26 1,600,000 1,913,444 
Fairfax County Indl. Dev. Auth. Bonds (Inova Health Sys. Proj.) Series 2018 B, 5%, tender 5/15/23 (a) 2,000,000 2,126,779 
Roanoke Econ. Dev. Auth. Edl. Facilities Series 2018 A:   
5% 9/1/23 360,000 386,386 
5% 9/1/24 315,000 348,401 
Salem Econ. Dev. Auth. Series 2020:   
4% 4/1/40 120,000 137,103 
5% 4/1/25 165,000 185,684 
5% 4/1/36 500,000 620,047 
Virginia College Bldg. Auth. Edl. Facilities Rev. (21St Century Collage and Equip. Programs) Series 2021 A:   
4% 2/1/34 1,850,000 2,268,489 
4% 2/1/35 1,700,000 2,080,091 
Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Series 2021 A1:   
5% 8/1/26 1,400,000 1,673,372 
5% 8/1/27 1,500,000 1,845,475 
Winchester Econ. Dev. Auth. (Valley Health Proj.) Series 2015, 5% 1/1/22 50,000 50,000 
Wise County Indl. Dev. Auth. Waste & Sewage Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2010 A, 1.2%, tender 5/31/24 (a) 125,000 127,041 
TOTAL VIRGINIA  13,762,312 
Washington - 2.4%   
King County Hsg. Auth. Rev. Series 2021, 4% 12/1/29 230,000 274,252 
King County Swr. Rev. Series 2017, 5% 7/1/34 10,000 12,123 
Port of Seattle Rev.:   
Series 2012 B, 5% 8/1/23 (c) 155,000 159,097 
Series 2013, 5% 7/1/24 (c) 55,000 58,688 
Series 2015 B, 5% 3/1/25 70,000 78,306 
Series 2015 C, 5% 4/1/24 (c) 50,000 54,955 
Series 2018 A, 5% 5/1/31 (c) 350,000 417,920 
Series 2019 A, 4% 4/1/44 (c) 100,000 113,199 
Series 2021 C:   
5% 8/1/24 (c) 445,000 495,275 
5% 8/1/25 (c) 365,000 420,018 
5% 8/1/26 (c) 495,000 586,983 
5% 8/1/27 (c) 305,000 370,599 
5% 8/1/28 (c) 860,000 1,066,947 
Seattle Hsg. Auth. Rev. (Northgate Plaza Proj.) Series 2021, 1% 6/1/26 200,000 200,246 
Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev. Series 2017, 5% 12/1/41 295,000 335,338 
Washington Gen. Oblig.:   
Series 2013 A, 5% 7/1/23 5,000 5,117 
Series 2015 A1, 5% 8/1/39 1,000,000 1,112,977 
Series 2021 C, 5% 2/1/44 3,010,000 3,900,562 
Washington Health Care Facilities Auth. Rev.:   
(Overlake Hosp. Med. Ctr., WA. Proj.) Series 2017 B:   
5% 7/1/25 5,000 5,751 
5% 7/1/30 5,000 6,126 
5% 7/1/31 10,000 12,216 
5% 7/1/42 100,000 120,245 
Series 2019 A2, 5% 8/1/44 255,000 313,138 
Series 2020, 5% 9/1/40 735,000 931,747 
Washington Higher Ed. Facilities Auth. Rev. (Whitworth Univ. Proj.) Series 2016 A, 5% 10/1/25 550,000 631,921 
Washington Hsg. Fin. Commission Series 2021 2N:   
5% 6/1/26 970,000 1,146,036 
5% 12/1/27 985,000 1,207,045 
5% 12/1/28 500,000 622,637 
5% 12/1/29 500,000 628,794 
Washington Hsg. Fin. Commission Nonprofit Hsg. Rev. (Judson Park Proj.) Series 2018, 5% 7/1/38 (d) 100,000 107,726 
TOTAL WASHINGTON  15,395,984 
West Virginia - 0.0%   
West Virginia Hosp. Fin. Auth. Hosp. Rev. Series 2018 A, 5% 1/1/32 50,000 61,414 
Wisconsin - 1.3%   
Blue Ridge Healthcare Pub. Fin. Auth. Series 2020 A, 5% 1/1/31 60,000 76,175 
Milwaukee County Arpt. Rev. Series 2019 B, 5% 12/1/23 (c) 420,000 455,563 
Pub. Fin. Auth. Edl. Facilities Series 2018 A:   
5.25% 10/1/43 160,000 184,743 
5.25% 10/1/48 160,000 183,894 
Pub. Fin. Auth. Hosp. Rev. Series 2019 A, 5% 10/1/44 355,000 431,785 
Pub. Fin. Auth. Wisconsin Retirement Facility Rev. Series 2018:   
5% 10/1/43 (d) 15,000 16,484 
5% 10/1/48 (d) 20,000 21,912 
5% 10/1/53 (d) 30,000 32,811 
Roseman Univ. of Health:   
(Roseman Univ. of Health Sciences Proj.) Series 2020, 5% 4/1/40 (d) 100,000 119,087 
Series 2020, 3% 4/1/25 (d) 425,000 437,291 
Series 2021 A, 4.5% 6/1/56 (d) 1,440,000 1,468,805 
Series 2021 B, 6.5% 6/1/56 (d) 425,000 435,796 
Wisconsin Gen. Oblig. Series 2021 A, 5% 5/1/32 1,430,000 1,779,521 
Wisconsin Health & Edl. Facilities:   
Series 2016 A:   
4% 11/15/46 195,000 218,949 
4% 11/15/46 (Pre-Refunded to 5/15/26 @ 100) 80,000 91,354 
Series 2019 A:   
2.25% 11/1/26 45,000 45,150 
5% 11/1/22 230,000 235,956 
5% 12/1/28 150,000 188,711 
5% 12/1/29 150,000 192,368 
Series 2019 B1, 2.825% 11/1/28 50,000 50,012 
Series 2019 B2, 2.55% 11/1/27 30,000 30,086 
Series 2019:   
5% 10/1/24 175,000 195,460 
5% 10/1/30 195,000 246,462 
Wisconsin Hsg. & Econ. Dev. Auth.:   
Series 2021 A, 3% 3/1/52 210,000 226,706 
Series 2021 C, 3% 9/1/52 380,000 412,451 
Wisconsin Hsg. & Econ. Dev. Auth. Hsg. Rev. Bonds Series 2021 C:   
0.61%, tender 5/1/24 (a) 65,000 64,981 
0.81%, tender 5/1/25 (a) 225,000 224,892 
TOTAL WISCONSIN  8,067,405 
TOTAL MUNICIPAL BONDS   
(Cost $555,057,106)  568,553,294 
Municipal Notes - 11.9%   
Alabama - 0.7%   
Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.) Series D, 0.12% 1/3/22, VRDN (a) 4,330,000 $4,330,000 
Alaska - 1.2%   
Valdez Marine Term. Rev. (Exxon Pipeline Co. Proj.) Series 1985, 0.09% 1/3/22, VRDN (a) 7,500,000 7,500,000 
Florida - 1.4%   
Martin County Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2000, 0.11% 1/3/22, VRDN (a) 9,000,000 9,000,000 
Indiana - 0.9%   
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2008 J, 0.06% 1/3/22, LOC Barclays Bank PLC, VRDN (a) 5,820,000 5,820,000 
New York - 6.8%   
New York City Gen. Oblig.:   
Series 2013 A3, 0.07% 1/3/22 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) 5,100,000 5,100,000 
Series 2017 B-4 & B-5, 0.06% 1/3/22 (Liquidity Facility Barclays Bank PLC), VRDN (a) 9,200,000 9,200,000 
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Series 2001 F1, 0.07% 1/3/22 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) 3,300,000 3,300,000 
New York City Transitional Fin. Auth. Rev. Series 2010 G6, 0.06% 1/3/22 (Liquidity Facility Barclays Bank PLC), VRDN (a) 11,300,000 11,300,000 
New York Metropolitan Trans. Auth. Rev. Series 2015 E1, 0.06% 1/3/22, LOC Barclays Bank PLC, VRDN (a) 15,000,000 14,999,994 
TOTAL NEW YORK  43,899,994 
Texas - 0.9%   
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Methodist Hospitals of Dallas Proj.) Series 2008, 0.08% 1/3/22, LOC TD Banknorth, NA, VRDN (a) 6,000,000 6,000,000 
TOTAL MUNICIPAL NOTES   
(Cost $76,549,998)  76,549,994 
TOTAL INVESTMENT IN SECURITIES - 100.2%   
(Cost $631,607,104)  645,103,288 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (1,158,289) 
NET ASSETS - 100%  $643,944,999 

Security Type Abbreviations

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

Legend

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

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

 (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 $3,955,675 or 0.6% of net assets.

Affiliated Central Funds

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

Fund 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 0.11% $39,309,970 $28,334,002 $67,649,302 $11,775 $5,302 $28 $-- 0.0% 
Total $39,309,970 $28,334,002 $67,649,302 $11,775 $5,302 $28 $--  

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2021, 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 Total Level 1 Level 2 Level 3 
Investments in Securities:     
Municipal Securities $645,103,288 $-- $645,103,288 $-- 
Total Investments in Securities: $645,103,288 $-- $645,103,288 $-- 

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

General Obligations 25.9% 
Transportation 20.6% 
Health Care 12.2% 
Education 10.2% 
Special Tax 7.9% 
Electric Utilities 6.2% 
Housing 5.7% 
Others* (Individually Less Than 5%) 11.3% 
 100.0% 

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  December 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $631,607,104) 		 $645,103,288 
Cash  5,247,714 
Receivable for fund shares sold  1,748,978 
Interest receivable  6,215,211 
Other receivables  2,067 
Total assets  658,317,258 
Liabilities   
Payable for investments purchased on a delayed delivery basis $13,101,938  
Payable for fund shares redeemed 427,913  
Distributions payable 842,408  
Total liabilities  14,372,259 
Net Assets  $643,944,999 
Net Assets consist of:   
Paid in capital  $630,453,724 
Total accumulated earnings (loss)  13,491,275 
Net Assets  $643,944,999 
Net Asset Value, offering price and redemption price per share ($643,944,999 ÷ 60,957,979 shares)  $10.56 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended December 31, 2021 
Investment Income   
Interest  $8,048,565 
Income from Fidelity Central Funds  11,775 
Total income  8,060,340 
Expenses   
Independent trustees' fees and expenses $1,358  
Total expenses  1,358 
Net investment income (loss)  8,058,982 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 201,627  
Fidelity Central Funds 5,302  
Total net realized gain (loss)  206,929 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 2,167,595  
Fidelity Central Funds 28  
Total change in net unrealized appreciation (depreciation)  2,167,623 
Net gain (loss)  2,374,552 
Net increase (decrease) in net assets resulting from operations  $10,433,534 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended December 31, 2021 Year ended December 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $8,058,982 $5,234,545 
Net realized gain (loss) 206,929 18,109 
Change in net unrealized appreciation (depreciation) 2,167,623 4,685,607 
Net increase (decrease) in net assets resulting from operations 10,433,534 9,938,261 
Distributions to shareholders (8,295,176) (5,234,873) 
Share transactions   
Proceeds from sales of shares 485,618,087 245,446,453 
Reinvestment of distributions 13 34 
Cost of shares redeemed (155,810,090) (127,065,147) 
Net increase (decrease) in net assets resulting from share transactions 329,808,010 118,381,340 
Total increase (decrease) in net assets 331,946,368 123,084,728 
Net Assets   
Beginning of period 311,998,631 188,913,903 
End of period $643,944,999 $311,998,631 
Other Information   
Shares   
Sold 46,004,101 23,891,928 
Issued in reinvestment of distributions 1 3 
Redeemed (14,763,396) (12,432,781) 
Net increase (decrease) 31,240,706 11,459,150 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Flex Municipal Income Fund

      
Years ended December 31, 2021 2020 2019 2018 2017 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.50 $10.35 $9.85 $10.04 $10.00 
Income from Investment Operations      
Net investment income (loss)B .173 .232 .275 .261 .040 
Net realized and unrealized gain (loss) .068 .153 .531 (.193) .041 
Total from investment operations .241 .385 .806 .068 .081 
Distributions from net investment income (.177) (.235) (.278) (.258) (.040) 
Distributions from net realized gain (.004) – (.028) – (.001) 
Total distributions (.181) (.235) (.306) (.258) (.041) 
Net asset value, end of period $10.56 $10.50 $10.35 $9.85 $10.04 
Total ReturnC 2.31% 3.79% 8.26% .71% .81% 
Ratios to Average Net AssetsD,E      
Expenses before reductionsF -% -% -% -% - %G 
Expenses net of fee waivers, if anyF -% -% -% -% - %G 
Expenses net of all reductionsF -% -% -% -% - %G 
Net investment income (loss) 1.65% 2.26% 2.70% 2.69% 1.81%G 
Supplemental Data      
Net assets, end of period (000 omitted) $643,945 $311,999 $188,914 $110,680 $10,128 
Portfolio turnover rateH 5% 24% 18% 73% 35%I 

 A For the period October 12, 2017 (commencement of operations) through December 31, 2017.

 B Calculated based on average shares outstanding during the period.

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

 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 represents less than .005%.

 G Annualized

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

 I Amount not annualized.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended December 31, 2021

1. Organization.

Fidelity Flex Municipal Income Fund (the Fund) is a fund of Fidelity Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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 is available only to certain fee-based accounts and advisory programs offered by Fidelity.

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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

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, 2021 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.

Expenses. 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, 2021, 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 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 and losses deferred due to excise tax regulations.

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 $14,375,624 
Gross unrealized depreciation (877,637) 
Net unrealized appreciation (depreciation) $13,497,987 
Tax Cost $631,605,301 

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

Net unrealized appreciation (depreciation) on securities and other investments $13,497,987 

The Fund intends to elect to defer to its next fiscal year $4,382 of capital losses recognized during the period November 1, 2021 to December 31, 2021.

The tax character of distributions paid was as follows:

 December 31, 2021 December 31, 2020 
Tax-exempt Income $8,058,787 $5,234,873 
Long-term Capital Gains 236,389 – 
Total $8,295,176 $ 5,234,873 

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 Flex Municipal Income Fund 324,594,707 20,659,255 

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 and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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. During the period there were no interfund trades.

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

7. 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.

8. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Municipal Trust and Shareholders of Fidelity Flex 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 Flex Municipal Income Fund (one of the funds constituting Fidelity Municipal Trust, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2021 and for the period October 12, 2017 (commencement of operations) through December 31, 2017 (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, 2021, 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, 2021 and the financial highlights for each of the four years in the period ended December 31, 2021 and for the period October 12, 2017 (commencement of operations) through December 31, 2017 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, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2022



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

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 286 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 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants).

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. Arthur E. Johnson 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 trusts 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

Chairman of the Independent Trustees

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 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

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. 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 in 1983 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.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

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).

 + 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. 

Advisory Board Members and Officers:

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

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).

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 Vice President, Associate General Counsel (2010-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).

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), and FD Funds Management LLC (2021-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.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

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, 2021 to December 31, 2021).

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, 2021 		Ending
Account Value
December 31, 2021 		Expenses Paid
During Period-B
July 1, 2021
to December 31, 2021 
Fidelity Flex Municipal Income Fund -%-C    
Actual  $1,000.00 $1,004.50 $--D 
Hypothetical-E  $1,000.00 $1,025.21 $--D 

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

 B 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.

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses

Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2021, $211,311, or, if subsequently determined to be different, the net capital gain of such year.

During fiscal year ended 2021, 100% of the fund's income dividends was free from federal income tax, and 16.14% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Flex 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 of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. 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 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 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and 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 the fact that no fee is payable under the management contract was fair and reasonable.

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 during 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, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated 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, pricing and bookkeeping, and securities lending 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 and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) 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.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. The Board did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.

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 noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio 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 level of Fidelity's profits in respect of all the Fidelity funds.

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 concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.

Economies of Scale.  The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

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 fee, 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 continued waiver of money market fund fees; (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 of certain funds and classes, total expense competitive trends and methodologies for total expense 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.





Fidelity Investments

XLI-ANN-0322
1.9884856.104

Fidelity® Conservative Income Municipal Bond Fund



Annual Report

December 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

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


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

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

For the periods ended December 31, 2021 Past 1 year Past 5 years Life of fundA 
Fidelity® Conservative Income Municipal Bond Fund 0.05% 1.01% 0.75% 
Institutional Class 0.05% 1.11% 0.85% 

 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.


Period Ending Values
$10,634Fidelity® Conservative Income Municipal Bond Fund
$10,917Bloomberg Municipal Bond 1 Year (1-2 Y) Index

Management's Discussion of Fund Performance

Market Recap:  Tax-exempt municipal bonds posted a modest gain in 2021, driven by robust investor demand and an improved fiscal outlook for many municipal issuers. The Bloomberg Municipal Bond Index rose 1.52% for the 12 months. The muni market rallied early in 2021 amid economic optimism due to the rollout of COVID-19 vaccination programs and an easing of credit concerns that had been triggered by the economic shutdowns caused by COVID-19. Also, investor demand for tax-exempt munis increased due to the Biden administration’s plan to push for higher tax rates on upper-income tax brackets. Tax collection took less of a hit than originally feared, and a large aid package from the U.S. Congress for muni issuers helped fill budget gaps. In February, the municipal market declined, reflecting investor concerns that stimulus-induced inflation could diminish real bond returns over time. Munis then gained from March through July, propelled by better-than-expected tax revenue from many state and local governments and reduced inflation expectations. Munis lost slight ground in August and September, then gained in the fourth quarter, partly due to newfound clarity regarding infrastructure investment due to the passage of the Infrastructure Investment and Jobs Act (IIJA), which earmarked $550 for new infrastructure spending. Notably, by period end, the Fed had accelerated its plans to tighten monetary policy, heralding a swifter end to its pandemic-era bond-buying program and the prospects for three quarter-point rate hikes in 2022.

Comments from Co-Portfolio Manager Elizah McLaughlin:  For 2021, the fund's share classes returned 0.05%, nearly in line, net of fees, with the 0.21% return of the Composite index, an equal-weighted blend of the benchmark, the Bloomberg Municipal Bond 1 Year (1-2Y) Index, and the iMoneyNet All Tax-Free National Retail Money Market Funds Average™. In managing the fund the past 12 months, we continued to pursue our long-held strategy of trying to capture a high level of current income consistent with preservation of capital. Our ongoing emphasis on higher-yielding fixed- and variable-rate securities (rated A and BBB) added value. Securities in these credit-quality tiers generally outpaced the index, providing incremental income to the fund and generating above-average price gains for the year. Our simultaneous underweighting in highly rated sectors, including pre-refunded bonds and high-quality state general-obligation securities, also helped. Conversely, yield-curve positioning detracted from the fund's relative result. Specifically, overweighting securities with maturities of beyond two years detracted versus the index, as they lagged shorter-term securities for the year.

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.

Note to shareholders:  On December 1, 2021, Cormac Cullen, Michael Maka and Ryan Brogan assumed co-management responsibilities for the fund. On January 3, 2022, Robert Mandeville and Doug McGinley came off the fund.

Investment Summary (Unaudited)

Maturity Diversification as of December 31, 2021

 % of fund's investments 
1 - 7 44.1 
8 - 30 1.6 
31 - 60 5.7 
61 - 90 0.1 
91 - 180 7.4 
> 180 41.1 

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.

Top Five States as of December 31, 2021

 % of fund's net assets 
New York 9.9 
Texas 9.1 
New Jersey 7.9 
California 7.7 
Illinois 7.5 

Top Five Sectors as of December 31, 2021

 % of fund's net assets 
Synthetics 27.1 
Transportation 15.4 
General Obligations 13.5 
Industrial Development 11.1 
Health Care 6.1 

Quality Diversification (% of fund's net assets)

As of December 31, 2021 
   AAA 3.2% 
   AA,A 39.3% 
   BBB 8.4% 
   Not Rated 0.5% 
   Short-Term Investments and Net Other Assets 48.6% 


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, 2021

Showing Percentage of Net Assets

Municipal Bonds - 51.5%   
 Principal Amount Value 
Alabama - 0.7%   
Black Belt Energy Gas District Bonds Series 2017 A, 4%, tender 7/1/22 (a) 12,730,000 12,911,733 
Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds (Alabama Pwr. Co. Barry Plant Proj.) Series 2008, 2.9%, tender 12/12/23 (a) 600,000 627,535 
Southeast Alabama Gas Supply District Bonds (Proj. No. 2) Series 2018 A, 4%, tender 6/1/24 (a) 3,890,000 4,170,562 
Southeast Energy Auth. Rev. Bonds (Proj. No. 2) Series 2021 B1:   
4% 6/1/24 $510,000 $551,148 
4% 6/1/25 615,000 681,837 
TOTAL ALABAMA  18,942,815 
Arizona - 1.2%   
Arizona Board of Regents Ctfs. of Prtn.:   
(Univ. of Arizona Proj.) Series 2018 A, 5% 6/1/22 830,000 845,654 
Series 2015 A, 5% 6/1/22 515,000 525,036 
Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A, 5% 12/1/24 1,000,000 1,130,949 
Chandler Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Intel Corp. Proj.):   
Series 2007, 2.7%, tender 8/14/23 (a)(b) 2,050,000 2,119,997 
Series 2019, 5%, tender 6/3/24 (a)(b) 10,165,000 11,217,060 
Coconino County Poll. Cont. Corp. Rev. Bonds Series 2017 A, 1.875%, tender 3/31/23 (a)(b) 1,450,000 1,473,516 
Maricopa County Rev. Bonds:   
Series 2019 B, SIFMA Municipal Swap Index + 0.380% 0.48%, tender 1/6/22 (a)(c) 8,335,000 8,337,452 
Series B, 5%, tender 10/18/22 (a) 4,020,000 4,170,492 
Phoenix Civic Impt. Board Arpt. Rev.:   
Series 2013, 5% 7/1/23 (b) 525,000 561,673 
Series 2017 A, 5% 7/1/23 (b) 500,000 534,927 
Series 2018, 5% 7/1/22 (b) 1,000,000 1,023,654 
Yuma Pledged Rev. Series 2021:   
4% 7/1/22 325,000 331,026 
4% 7/1/23 325,000 342,569 
4% 7/1/24 300,000 325,761 
TOTAL ARIZONA  32,939,766 
California - 3.2%   
California Health Facilities Fing. Auth. Rev. Bonds Series 2017 A:   
5%, tender 11/1/22 (a) 950,000 987,819 
5%, tender 11/1/22 (a) 13,650,000 14,193,398 
California Infrastructure and Econ. Dev. Bank Rev. Series 2017, 5% 5/15/22 760,000 773,350 
California Muni. Fin. Auth. Solid Waste Disp. Rev. Bonds:   
(Republic Svcs., Inc. Proj.):   
Series 2021 A, 0.3%, tender 4/1/22 (a)(b) 7,900,000 7,901,697 
Series 2021 B, 0.3%, tender 1/18/22 (a)(b) 2,300,000 2,300,121 
(Waste Mgmt., Inc. Proj.) Series 2009 A, 1.3%, tender 2/3/25 (a)(d) 750,000 762,077 
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2017 A1, 0.18%, tender 1/18/22 (a)(b)(d) 25,650,000 25,650,180 
California Pub. Works Board Lease Rev. (Various Cap. Projs.) Series 2022 C, 5% 8/1/24 (e) 1,925,000 2,073,982 
California Statewide Cmntys. Dev. Auth. Series 2021, 4% 5/15/23 2,500,000 2,618,774 
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev. Series 2018 A, 5% 6/1/22 (Escrowed to Maturity) 1,360,000 1,387,070 
Los Angeles Dept. Arpt. Rev.:   
Series 2017 B, 5% 5/15/23 (b) 1,700,000 1,807,762 
Series 2018 C, 5% 5/15/22 (b) 6,490,000 6,602,072 
Series 2019 A:   
5% 5/15/23 (b) 1,865,000 1,983,221 
5% 5/15/24 (b) 705,000 778,122 
Series 2020 C, 5% 5/15/24 (b) 500,000 552,483 
Series B, 5% 5/15/24 (b) 1,065,000 1,176,789 
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Series 2019 B:   
5% 7/1/23 (b) 500,000 534,305 
5% 7/1/24 (b) 500,000 554,505 
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.:   
Series 2013 A:   
5% 5/1/22 (Escrowed to Maturity) (b) 1,020,000 1,035,910 
5% 5/1/23 (b) 1,310,000 1,390,405 
Series 2016 D, 5% 5/1/22 (Escrowed to Maturity) 470,000 477,488 
Series 2017 D, 5% 5/1/24 (b) 1,000,000 1,102,106 
Series 2018 A, 5% 5/1/22 (Escrowed to Maturity) (b) 500,000 507,799 
Series 2019 A:   
5% 1/1/22 (b) 730,000 730,000 
5% 1/1/25 (b) 1,430,000 1,614,506 
Series 2019 H:   
5% 5/1/22 (Escrowed to Maturity) (b) 1,000,000 1,015,598 
5% 5/1/24 (b) 550,000 606,158 
San Jose Int. Arpt. Rev.:   
Series 2014 A, 5% 3/1/23 (Escrowed to Maturity) (b) 3,500,000 3,688,925 
Series 2017 B, 5% 3/1/22 (Escrowed to Maturity) 500,000 503,842 
Series 2021 B, 5% 3/1/25 375,000 428,233 
Vernon Elec. Sys. Rev. Series 2021 A:   
4% 4/1/22 1,000,000 1,009,002 
4% 10/1/22 1,000,000 1,027,437 
5% 10/1/23 1,350,000 1,456,593 
TOTAL CALIFORNIA  89,231,729 
Colorado - 0.9%   
Colorado Health Facilities Auth.:   
Bonds (Valley View Hosp. Assoc. Proj.) Series 2018, 2.8%, tender 5/15/23 (a) 925,000 943,542 
Series 2019 A, 5% 1/1/22 625,000 625,000 
Colorado Health Facilities Auth. Rev. Bonds Series 2016 C, 5%, tender 11/15/23 (a) 595,000 649,443 
Denver City & County Arpt. Rev.:   
Series 2012 A:   
5% 11/15/22 (b) 1,610,000 1,675,206 
5% 11/15/23 (b) 500,000 519,729 
5% 11/15/24 (b) 1,600,000 1,663,946 
Series 2012 B, 5% 11/15/29 (Pre-Refunded to 11/15/22 @ 100) 1,000,000 1,041,239 
Series 2013 A, 5% 11/15/22 (b) 800,000 832,400 
Series 2013 B, 5% 11/15/22 225,000 234,474 
Series 2016 A, 5% 11/15/23 675,000 734,199 
Series 2017 A, 5% 11/15/24 (b) 825,000 926,199 
Series 2020 A1, 5% 11/15/22 9,250,000 9,639,481 
Series 2020 A2, 5% 11/15/22 3,385,000 3,527,529 
Series 2020 B1, 5% 11/15/22 (b) 2,230,000 2,320,316 
Vauxmont Metropolitan District Series 2020, 5% 12/1/23 (FSA Insured) 195,000 211,122 
TOTAL COLORADO  25,543,825 
Connecticut - 2.9%   
Connecticut Gen. Oblig.:   
Series 2012 B, 5% 4/15/23 650,000 658,656 
Series 2013 A:   
1.09% 3/1/25 (a) 1,075,000 1,095,313 
5% 10/15/22 4,815,000 4,995,308 
Series 2014 C, 5% 6/15/22 5,620,000 5,741,459 
Series 2014 D, 5% 6/15/22 855,000 873,478 
Series 2016 B:   
5% 5/15/23 1,470,000 1,564,435 
5% 5/15/25 505,000 580,546 
Series 2016 D, 5% 8/15/23 600,000 645,284 
Series 2016 E, 5% 10/15/23 1,210,000 1,310,263 
Series 2018 B, 5% 4/15/22 2,080,000 2,108,267 
Series 2018 F, 5% 9/15/22 5,980,000 6,180,722 
Series 2019 A:   
5% 4/15/22 710,000 719,649 
5% 4/15/23 3,985,000 4,225,920 
Series 2020 B, 5% 1/15/23 1,265,000 1,326,987 
Series 2020 C, 3% 6/1/22 875,000 885,130 
Series 2021 D, 5% 7/15/24 1,760,000 1,963,638 
Series 2022 A, 3% 1/15/23 (e) 6,705,000 6,894,585 
Series A:   
3% 1/15/22 550,000 550,480 
3% 1/15/23 1,050,000 1,079,850 
3% 1/15/24 500,000 526,706 
3% 4/15/24 500,000 529,729 
4% 1/15/24 465,000 499,236 
Series C:   
4% 6/1/23 400,000 420,884 
5% 12/15/23 735,000 801,281 
5% 6/1/24 2,555,000 2,604,286 
Connecticut Health & Edl. Facilities Auth. Rev.:   
Bonds:   
Series 2010 A3, 0.25%, tender 2/9/24 (a) 11,800,000 11,747,494 
Series 2014 B, 1.8%, tender 7/1/24 (a) 980,000 1,004,740 
Series 2017 A1, 5%, tender 7/1/22 (a) 675,000 691,068 
Series 2022 M, 5% 7/1/23 (e) 175,000 184,459 
Connecticut Higher Ed. Supplemental Ln. Auth. Rev.:   
(Chesla Ln. Prog.) Series 2017 A, 5% 11/15/23 (b) 690,000 745,795 
(Chesla Loan Prog.):   
Series B, 5% 11/15/22 (b) 125,000 129,996 
Series C:   
5% 11/15/22 175,000 181,994 
5% 11/15/23 225,000 243,413 
Connecticut Hsg. Fin. Auth.:   
Series A2:   
0.2% 5/15/22 (b) 750,000 750,004 
0.25% 11/15/22 (b) 555,000 554,896 
0.35% 5/15/23 (b) 250,000 249,771 
0.4% 11/15/23 (b) 300,000 299,339 
Series C:   
5% 5/15/22 (b) 1,000,000 1,016,413 
5% 5/15/23 (b) 445,000 471,130 
Sseries C, 5% 11/15/22 (b) 1,045,000 1,085,371 
Connecticut Muni. Elec. Energy Coop. Pwr. Supply Sys. Rev. Series 2012, 5% 1/1/22 (Escrowed to Maturity) 880,000 880,000 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.:   
Series 2015 A, 5% 8/1/22 725,000 745,112 
Series 2021 C:   
5% 1/1/23 4,925,000 5,155,975 
5% 1/1/24 1,340,000 1,462,039 
Series A:   
5% 10/1/22 1,900,000 1,967,646 
5% 5/1/23 1,850,000 1,964,824 
TOTAL CONNECTICUT  80,313,571 
Delaware - 0.1%   
Delaware Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr. & Lt. Co. Proj.) Series A, 1.05%, tender 7/1/25 (a) 580,000 588,203 
Delaware Trans. Auth. Grant Series 2020, 5% 9/1/24 850,000 950,862 
TOTAL DELAWARE  1,539,065 
District Of Columbia - 0.5%   
District of Columbia Gen. Oblig.:   
Series 2021 D, 4% 2/1/24 325,000 349,846 
Series 2021 E, 5% 2/1/23 5,000,000 5,258,606 
District of Columbia Hosp. Rev. Series 2015, 5% 7/15/22 150,000 153,785 
Metropolitan Washington DC Arpts. Auth. Sys. Rev.:   
Series 2013 A, 5% 10/1/22 (b) 1,000,000 1,035,297 
Series 2019 A, 5% 10/1/22 (b) 220,000 227,765 
Series 2020 A:   
5% 10/1/22 (b) 3,625,000 3,752,953 
5% 10/1/23 (b) 1,910,000 2,063,945 
TOTAL DISTRICT OF COLUMBIA  12,842,197 
Florida - 2.0%   
Broward County Arpt. Sys. Rev.:   
Series 2012 P-1, 5% 10/1/22 (b) 625,000 646,822 
Series 2017, 5% 10/1/24 (b) 500,000 558,891 
Series 2019 A:   
5% 10/1/22 (b) 1,925,000 1,992,212 
5% 10/1/23 (b) 1,250,000 1,349,837 
Series 2019 B, 5% 10/1/22 (b) 865,000 895,202 
Broward County Port Facilities Rev. Series 2011 B, 5% 9/1/22 (b) 330,000 331,190 
Broward County School District Series 2015, 5% 7/1/22 400,000 409,542 
Citizens Property Ins. Corp. Series 2012 A1, 5% 6/1/22 1,995,000 2,034,125 
Escambia County Poll. Cont. Rev. (Gulf Pwr. Co. Proj.) Series 2003, 2.6% 6/1/23 5,150,000 5,302,116 
Florida Dev. Fin. Corp. Rev. Bonds (Brightline Florida Passenger Rail Expansion Proj.) Series 2021 A, 0.3%, tender 7/1/22 (a)(b) 14,000,000 14,000,188 
Greater Orlando Aviation Auth. Arpt. Facilities Rev.:   
Series 2015 A:   
4% 10/1/22 (b) 870,000 894,530 
4% 10/1/22 (Escrowed to Maturity) (b) 200,000 205,457 
Series 2016 A:   
5% 10/1/22 (b) 305,000 315,859 
5% 10/1/22 (Escrowed to Maturity) (b) 465,000 481,129 
Series 2019 A, 5% 10/1/22 (b) 4,430,000 4,587,722 
Hillsborough County Aviation Auth. Rev.:   
Series 2013 A, 5.5% 10/1/24 (b) 1,420,000 1,543,903 
Series 2018 E, 5% 10/1/23 (b) 225,000 242,683 
Jacksonville Elec. Auth. Elec. Sys. Rev. Series 2013 A, 5% 10/1/22 855,000 885,310 
JEA Wtr. & Swr. Sys. Rev. Series A, 5% 10/1/23 895,000 968,609 
Lee County Arpt. Rev. Series 2021 A:   
5% 10/1/23 (b) 405,000 436,830 
5% 10/1/24 (b) 1,530,000 1,710,207 
Miami-Dade County Aviation Rev.:   
Series 2012 A:   
5% 10/1/22 (b) 2,135,000 2,211,013 
5% 10/1/24 895,000 926,796 
Series 2020 A, 5% 10/1/23 1,105,000 1,194,668 
Miami-Dade County Health Facilities Auth. Hosp. Rev. (Nicklaus Children's Hosp. Proj.) Series 2021 A, 5% 8/1/22 890,000 914,847 
Miami-Dade County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds:   
(Waste Mgmt., Inc. of Florida Proj.) Series 2007, 0.32%, tender 11/1/22 (a) 1,200,000 1,200,307 
(Waste Mgmt. of Florida Proj.) Series 2018, 0.4%, tender 8/1/23 (a)(b) 2,400,000 2,397,624 
Miami-Dade County School Board Ctfs. of Prtn. Series 2015 A, 5% 5/1/22 1,220,000 1,239,115 
Okeechobee County Solid Waste Rev. Bonds (Waste Mgmt., Inc.-Okeechobee Landfill Proj.) Series 2004 A, 0.55%, tender 7/1/24 (a) 1,500,000 1,493,714 
Orange County Health Facilities Auth. Series B, 5% 10/1/22 2,605,000 2,696,154 
Orlando & Orange County Expressway Auth. Rev. Series 2012, 5% 7/1/22 755,000 772,859 
Orlando Utils. Commission Util. Sys. Rev. Series 2013 A, 5% 10/1/24 500,000 562,536 
Tampa Hosp. Rev. Series 2016 B, 5% 7/1/22 935,000 956,787 
TOTAL FLORIDA  56,358,784 
Georgia - 4.5%   
Atlanta Arpt. Passenger Facilities Charge Rev. Series 2019 F, 5% 7/1/22 10,800,000 11,059,265 
Bartow County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Bowen Proj.):   
Series 2009 1st, 2.75%, tender 3/15/23 (a) 12,025,000 12,355,270 
Series 2013, 1.55%, tender 8/19/22 (a) 3,530,000 3,557,647 
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds:   
(Georgia Pwr. Co. Plant Vogtle Proj.):   
Series 1994, 2.25%, tender 5/25/23 (a) 1,300,000 1,332,228 
Series 2012 1st, 1.55%, tender 8/19/22 (a) 900,000 907,049 
Series 1995, 2.25%, tender 5/25/23 (a) 500,000 512,519 
Georgia Muni. Elec. Auth. Pwr. Rev.:   
Series 2020 A:   
3% 11/1/22 650,000 664,400 
4% 11/1/23 895,000 952,783 
4% 11/1/24 1,380,000 1,513,483 
5% 1/1/22 1,800,000 1,800,000 
5% 1/1/22 1,000,000 1,000,000 
5% 1/1/23 2,775,000 2,903,438 
5% 1/1/23 1,250,000 1,307,855 
Series 2021 A:   
5% 1/1/24 335,000 364,319 
5% 1/1/25 (FSA Insured) 200,000 226,507 
Series C, 5% 1/1/22 3,295,000 3,295,000 
Georgia Muni. Gas Auth. Rev. (Gas Portfolio III Proj.) Series S, 5% 10/1/23 2,050,000 2,120,479 
Griffin-Spalding County Hosp. (WellStar Health Sys., Inc. Proj.) Series 2017 A, 5% 4/1/23 250,000 264,447 
Main Street Natural Gas, Inc.:   
Bonds:   
Series 2018 A, 4%, tender 9/1/23 (a) 6,305,000 6,647,078 
Series 2018 B, 1 month U.S. LIBOR + 0.750% 0.816%, tender 9/1/23 (a)(c) 25,095,000 25,220,104 
Series 2018 C, 4%, tender 12/1/23 (a) 2,490,000 2,644,503 
Series 2018 E, SIFMA Municipal Swap Index + 0.570% 0.67%, tender 12/1/23 (a)(c) 40,430,000 40,701,083 
Series 2019 B, 4%, tender 12/2/24 (a) 2,030,000 2,215,477 
Series 2018 A, 4% 3/1/23 720,000 750,848 
Private Colleges & Univs. Auth. Rev. (Mercer Univ. Proj.) Series 2021, 5% 10/1/22 300,000 310,543 
TOTAL GEORGIA  124,626,325 
Hawaii - 0.0%   
State of Hawaii Dept. of Trans. Series 2013, 5% 8/1/22 (b) 750,000 770,319 
Illinois - 4.6%   
Champaign County Cmnty. Unit Series 2020 A, 0% 1/1/23 200,000 199,147 
Chicago Metropolitan Wtr. Reclamation District of Greater Chicago Series 2021 C:   
5% 12/1/22 1,320,000 1,377,783 
5% 12/1/23 1,380,000 1,502,658 
Chicago Midway Arpt. Rev. Series 2014 A, 5% 1/1/22 (b) 2,000,000 2,000,000 
Chicago O'Hare Int'l. Arpt. Rev.:   
Series 2012 B, 5% 1/1/22 (b) 4,720,000 4,720,000 
Series 2013 A:   
5% 1/1/22 (Escrowed to Maturity) (b) 2,185,000 2,185,000 
5% 1/1/23 (b) 3,035,000 3,175,472 
Series 2015 B, 5% 1/1/22 (Escrowed to Maturity) 2,520,000 2,520,000 
Series 2015 C, 5% 1/1/22 (b) 900,000 900,000 
Series 2017 C, 5% 1/1/22 1,310,000 1,310,000 
Series 2017 D, 5% 1/1/22 (b) 1,000,000 1,000,000 
Chicago Park District Gen. Oblig.:   
Series 2014 B:   
5% 1/1/22 450,000 450,000 
5% 1/1/24 615,000 669,081 
Series 2021 D:   
4% 1/1/23 375,000 388,380 
4% 1/1/24 100,000 106,816 
Series 2021 E, 4% 1/1/24 1,340,000 1,431,331 
Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2021:   
5% 6/1/23 550,000 584,908 
5% 6/1/24 625,000 690,978 
Cook County Gen. Oblig.:   
Series 2012 C, 5% 11/15/22 1,770,000 1,842,632 
Series 2021 A:   
5% 11/15/22 1,400,000 1,457,449 
5% 11/15/23 390,000 423,592 
5% 11/15/24 450,000 507,393 
Series 2021 B:   
4% 11/15/22 2,240,000 2,312,601 
4% 11/15/23 1,560,000 1,665,417 
Illinois Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2019, 0.4%, tender 11/1/22 (a)(b) 3,600,000 3,597,659 
Illinois Fin. Auth. Rev.:   
Bonds Series 2017 B, 5%, tender 12/15/22 (a) 1,000,000 1,044,246 
Series 2019, 5% 9/1/22 225,000 231,721 
Illinois Gen. Oblig.:   
Series 2012, 5% 8/1/22 (FSA Insured) 9,595,000 9,859,535 
Series 2013 A, 5% 4/1/24 1,705,000 1,805,114 
Series 2013:   
5% 7/1/22 490,000 501,355 
5% 7/1/23 3,265,000 3,485,195 
Series 2014, 5% 2/1/22 4,100,000 4,114,739 
Series 2016, 5% 2/1/22 5,565,000 5,585,060 
Series 2017 D:   
5% 11/1/22 4,400,000 4,568,943 
5% 11/1/23 5,300,000 5,730,682 
Series 2018 B, 5% 5/1/22 1,500,000 1,523,082 
Series 2021 A:   
5% 3/1/22 3,895,000 3,924,403 
5% 3/1/23 230,000 242,238 
Series 2021 B, 5% 3/1/23 275,000 289,633 
Series 2021 C, 4% 3/1/23 6,960,000 7,249,988 
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A:   
5% 2/1/22 350,000 351,274 
5% 2/1/23 280,000 294,388 
Illinois Reg'l. Trans. Auth. Series 2017 A, 5% 7/1/23 595,000 636,471 
Illinois Sales Tax Rev.:   
Series 2013, 5% 6/15/22 1,215,000 1,240,742 
Series 2021 A:   
3% 6/15/22 3,195,000 3,234,151 
4% 6/15/23 6,065,000 6,370,695 
4% 6/15/24 3,195,000 3,457,376 
Series 2021 C, 5% 6/15/25 270,000 309,039 
Illinois Toll Hwy. Auth. Toll Hwy. Rev.:   
Series 2014 A, 5% 12/1/22 3,875,000 4,041,356 
Series 2014 D, 5% 1/1/22 770,000 770,000 
Series 2018 A, 5% 1/1/25 1,145,000 1,297,116 
Kendall, Kane & Will Counties Cmnty. Unit School District #308 Series 2011, 5.5% 2/1/23 1,470,000 1,549,815 
Metropolitan Pier & Exposition Series 2022 A, 3% 6/15/24 (e) 1,870,000 1,945,660 
Railsplitter Tobacco Settlement Auth. Rev. Series 2017:   
5% 6/1/22 5,015,000 5,111,468 
5% 6/1/23 6,220,000 6,619,331 
Univ. of Illinois Board of Trustees Ctfs. of Prtn. Series 2014 C, 5% 3/15/23 630,000 665,773 
Univ. of Illinois Rev. Series 2013 A:   
5% 4/1/22 625,000 632,227 
5% 4/1/25 250,000 264,447 
Waukegan Gen. Oblig. Series 2018 B, 4% 12/30/22 (FSA Insured) 600,000 620,621 
TOTAL ILLINOIS  126,586,181 
Indiana - 1.1%   
Indiana Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2001, 0.4%, tender 10/3/22 (a)(b) 400,000 400,078 
Indiana Fin. Auth. Hosp. Rev. Bonds:   
Series 2011 H, 1.65%, tender 1/1/22 (a) 1,555,000 1,555,000 
Series 2011 I, 1.65%, tender 1/1/22 (a) 5,000,000 5,000,000 
Series 2015 B, 1.65%, tender 1/1/22 (a) 6,210,000 6,210,000 
Indiana Fin. Auth. Rev. (Butler Univ. Proj.) Series 2012 A, 5% 2/1/25 985,000 988,564 
Indianapolis Gas Util. Sys. Rev. Series 2020 A, 5% 8/15/22 1,115,000 1,147,860 
Indianapolis Local Pub. Impt.:   
(Indianapolis Arpt. Auth. Proj.) Series 2015 I, 5% 1/1/23 (b) 1,660,000 1,736,831 
Series 2021 A:   
5% 6/1/22 275,000 280,301 
5% 6/1/23 610,000 649,699 
Purdue Univ. Rev.:   
Series 2020 EE, 5% 7/1/22 475,000 486,379 
Series CC, 5% 7/1/22 575,000 588,774 
Whiting Envir. Facilities Rev. Bonds (BP Products North America, Inc. Proj.):   
Series 2015, 5%, tender 11/1/22 (a)(b) 3,255,000 3,380,118 
Series 2016 A, 5%, tender 3/1/23 (a)(b) 8,700,000 9,166,162 
TOTAL INDIANA  31,589,766 
Iowa - 0.0%   
Iowa Fin. Auth. Rev. Series 2018 B, 5% 2/15/23 515,000 542,149 
Kentucky - 1.0%   
Kentucky Asset/Liability Commission Agcy. Fund Rev. Series A:   
3% 9/1/22 500,000 509,550 
5% 9/1/22 3,750,000 3,870,969 
Kentucky Asset/Liability Commission Gen. Fund Rev. Series 2021 A, 5% 11/1/24 1,000,000 1,125,624 
Kentucky State Property & Buildings Commission Rev.:   
Series 2016 B, 5% 11/1/23 1,445,000 1,565,355 
Series 2016, 3% 4/1/22 895,000 901,006 
Series 2017:   
5% 4/1/22 1,155,000 1,168,413 
5% 4/1/23 1,390,000 1,470,861 
Series 2018, 5% 5/1/23 3,545,000 3,764,539 
Series A:   
5% 10/1/22 1,025,000 1,061,023 
5% 8/1/23 625,000 670,677 
5% 11/1/23 1,030,000 1,115,789 
Series B:   
5% 8/1/22 930,000 955,415 
5% 11/1/22 1,955,000 2,031,329 
5% 8/1/23 4,100,000 4,399,639 
Kentucky, Inc. Pub. Energy Bonds Series C1, 4%, tender 6/1/25 (a) 585,000 640,748 
Louisville & Jefferson County Bonds Series 2020 B, 5%, tender 10/1/23 (a) 1,000,000 1,080,193 
TOTAL KENTUCKY  26,331,130 
Louisiana - 1.0%   
Louisiana Citizens Property Ins. Corp. Assessment Rev. Series 2015, 5% 6/1/22 (FSA Insured) 4,090,000 4,170,212 
Louisiana Gen. Oblig. Series 2020 A, 5% 3/1/23 835,000 880,725 
Louisiana Local Govt. Envir. Facilities and Cmnty. Dev. Auth. Bonds (American Biocarbon, CT, LLC Proj.) Series 2021, 0.25%, tender 6/1/22 (a)(b) 7,800,000 7,800,317 
New Orleans Aviation Board Rev.:   
(North Term. Proj.) Series 2017 B, 5% 1/1/22 (b) 520,000 520,000 
Series 2017 D2, 5% 1/1/22 (b) 655,000 655,000 
St. John Baptist Parish Rev. Bonds (Marathon Oil Corp.) Series 2017, 2%, tender 4/1/23 (a) 8,040,000 8,170,965 
State of Louisiana Grant Anticipation Rev. Series 2021, 5% 9/1/22 4,400,000 4,540,147 
Tobacco Settlement Fing. Corp. Series 2013 A, 5% 5/15/23 800,000 850,861 
TOTAL LOUISIANA  27,588,227 
Maryland - 0.1%   
Maryland Dept. of Trans. Consolidated Trans. Rev.:   
Series 2022 A, 5% 12/1/24 (e) 550,000 616,541 
Series 2022 B, 5% 12/1/23 (e) 635,000 663,742 
Maryland Gen. Oblig. Series 2 A, 5% 8/1/23 1,130,000 1,214,259 
TOTAL MARYLAND  2,494,542 
Massachusetts - 2.9%   
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series A, 0% 7/1/22 6,965,000 6,958,341 
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Bonds Series 2019 A, 5%, tender 1/1/23 (a) 3,200,000 3,347,453 
Massachusetts Dev. Fin. Agcy. Rev.:   
Bonds:   
Series 2019 DD 1, 5%, tender 4/1/24 (a) 1,070,000 1,152,147 
Series 2019 DD 2, 5%, tender 4/1/24 (a) 1,705,000 1,841,488 
Series S3, SIFMA Municipal Swap Index + 0.500% 0.6%, tender 1/6/22 (a)(c) 7,400,000 7,409,234 
Series 2014 M4, 5% 7/1/22 735,000 752,459 
Series 2018 R, 5% 10/1/22 160,000 165,733 
Series 2020 A, 5% 10/1/22 905,000 937,428 
Series 2021 I, 5% 10/1/24 900,000 1,011,248 
Massachusetts Edl. Fing. Auth. Rev.:   
Series 2013, 5% 7/1/22 (b) 1,800,000 1,841,672 
Series 2015 A:   
5% 1/1/22 (b) 1,400,000 1,400,000 
5% 1/1/24 (b) 18,160,000 19,609,818 
Series 2016 J, 5% 7/1/22 (b) 1,795,000 1,836,556 
Series 2018 B, 5% 7/1/23 (b) 450,000 478,782 
Series 2020 C, 5% 7/1/24 (b) 600,000 658,190 
Massachusetts Gen. Oblig. Series 2021 B, 5% 11/1/23 24,925,000 27,067,922 
Massachusetts Port Auth. Rev. Series 2017 A, 5% 7/1/23 (b) 2,660,000 2,843,329 
TOTAL MASSACHUSETTS  79,311,800 
Michigan - 2.2%   
Detroit Downtown Dev. Auth. Tax Series A, 5% 7/1/22 (FSA Insured) 855,000 874,837 
Grand Rapids Pub. Schools Series 2017, 5% 5/1/22 (FSA Insured) 1,170,000 1,188,332 
Huron School District Series 2019, 5% 5/1/22 660,000 670,209 
Imlay City Cmnty. School District Series 2020 I, 4% 5/1/23 555,000 582,038 
Michigan Fin. Auth. Rev.:   
Bonds:   
Series 2016 MI2, SIFMA Municipal Swap Index + 0.480% 0.58%, tender 1/6/22 (a)(c) 45,050,000 45,055,884 
Series 2019 B, 3.5%, tender 11/15/22 (a) 4,325,000 4,441,952 
Series 2015 D1:   
0.25% 10/15/22 540,000 539,974 
0.4% 10/15/23 450,000 450,251 
0.55% 10/15/24 700,000 698,822 
Michigan Gen. Oblig. Series 2016:   
5% 3/15/22 1,435,000 1,448,460 
5% 3/15/24 500,000 550,010 
Michigan State Univ. Revs. Series 2019 C, 4% 2/15/22 500,000 502,206 
Milan Area Schools Series 2019, 5% 5/1/22 675,000 685,351 
South Lyon Cmnty. Schools Series 2016, 5% 5/1/23 900,000 956,357 
Wayne County Arpt. Auth. Rev. Series 2011 A, 4.125% 12/1/22 (FSA Insured) (b) 1,200,000 1,203,396 
TOTAL MICHIGAN  59,848,079 
Minnesota - 0.1%   
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2016 B:   
5% 1/1/22 450,000 450,000 
5% 1/1/23 1,400,000 1,466,950 
Minnesota Hsg. Fin. Agcy. Series H:   
0.6% 7/1/23 (b) 230,000 230,263 
0.7% 7/1/24 (b) 205,000 204,916 
Northern Muni. Pwr. Agcy. Elec. Sys. Rev. Series 2017, 5% 1/1/22 175,000 175,000 
TOTAL MINNESOTA  2,527,129 
Missouri - 0.1%   
Missouri Health & Edl. Facilities Rev. Series 2014 A, 5% 6/1/24 1,670,000 1,855,661 
Saint Louis Arpt. Rev. Series 2017 B, 5% 7/1/22 (FSA Insured) (b) 1,000,000 1,023,151 
TOTAL MISSOURI  2,878,812 
Nebraska - 0.3%   
Central Plains Energy Proj. Gas Supply Series 2019:   
4% 8/1/22 1,500,000 1,532,027 
4% 2/1/23 1,060,000 1,101,572 
4% 8/1/23 1,170,000 1,235,812 
Douglas County Neb Edl. Facilities Rev. (Creighton Univ. Projs.) Series 2017, 5% 7/1/23 825,000 881,603 
Nebraska Pub. Pwr. District Rev.:   
Bonds Series 2020 A, 0.6%, tender 7/1/23 (a) 1,950,000 1,954,986 
Series 2014 A, 5% 1/1/22 500,000 500,000 
Series 2017 B, 5% 1/1/25 650,000 736,354 
TOTAL NEBRASKA  7,942,354 
Nevada - 0.7%   
Clark County Arpt. Rev.:   
Series 2019 D, 5% 7/1/22 800,000 818,842 
Series 2021 B, 5% 7/1/24 (b) 870,000 963,695 
Clark County McCarran Int'l. Arpt. Passenger Facility Charge Rev. Series 2019 E, 5% 7/1/22 2,625,000 2,686,827 
Clark County Poll. Cont. Rev. Bonds Series 2017, 1.65%, tender 3/31/23 (a) 1,570,000 1,593,648 
Clark County School District:   
Series 2016 A, 5% 6/15/24 240,000 266,031 
Series 2016 D, 5% 6/15/23 2,715,000 2,900,041 
Series 2016 F, 4% 6/15/24 500,000 501,354 
Series 2017 A, 5% 6/15/22 470,000 480,179 
Series 2017 C, 5% 6/15/22 700,000 715,160 
Series 2020 A, 3% 6/15/25 (FSA Insured) 500,000 542,167 
Washoe County Gas Facilities Rev. Bonds:   
(Sierra Pacific Pwr. Co. Proj.) Series 2016 C, 0.625%, tender 4/15/22 (a)(b) 1,960,000 1,960,725 
Series 2016 F, 2.05%, tender 4/15/22 (a)(b) 3,400,000 3,414,817 
Series 2016, 2.05%, tender 4/15/22 (a)(b) 2,360,000 2,370,285 
TOTAL NEVADA  19,213,771 
New Hampshire - 0.0%   
Nat'l. Fin. Auth. Hosp. Rev. (St. Luke's Univ. Health Network Proj.) Series 2021 B, 5% 8/15/23 405,000 434,815 
New Jersey - 6.0%   
Garden State Preservation Trust Open Space & Farmland Preservation Series B, 0% 11/1/22 (FSA Insured) 1,645,000 1,637,173 
Hudson County Gen. Oblig. Series 2020, 2% 11/15/22 10,000,000 10,155,124 
New Jersey Econ. Dev. Auth. Motor Vehicle Rev. Series 2017 A, 4% 7/1/22 2,525,000 2,570,049 
New Jersey Econ. Dev. Auth. Rev.:   
(New Jersey Transit Corp. Projs.) Series 2017 B, 5% 11/1/22 3,655,000 3,796,459 
Series 2012 II:   
5% 3/1/22 1,195,000 1,203,963 
5% 3/1/23 1,535,000 1,546,151 
Series 2012, 5% 6/15/22 (Assured Guaranty Corp. Insured) 1,300,000 1,327,917 
Series 2013 NN 5% 3/1/22 6,890,000 6,941,680 
Series 2013:   
5% 3/1/23 1,290,000 1,358,471 
5% 3/1/24 15,560,000 16,373,201 
Series 2014 UU, 5% 6/15/23 675,000 719,376 
Series 2015 XX:   
4% 6/15/22 100,000 101,664 
4% 6/15/24 1,345,000 1,454,884 
5% 6/15/22 940,000 959,842 
5% 6/15/23 825,000 879,238 
5% 6/15/24 500,000 553,235 
Series 2016 AAA, 5% 6/15/23 625,000 666,089 
Series 2018 FFF, 5% 6/15/23 500,000 532,871 
Series 2019, 5.25% 9/1/24 (d) 7,700,000 8,640,621 
New Jersey Edl. Facility Series 2016 C, 5% 7/1/24 (FSA Insured) 1,000,000 1,111,910 
New Jersey Gen. Oblig.:   
Series 2020 A:   
4% 6/1/23 11,190,000 11,751,462 
5% 6/1/24 1,080,000 1,195,383 
5% 6/1/25 500,000 573,132 
Series 2021, 2% 6/1/25 1,585,000 1,655,177 
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.:   
Series 2012 1, 5% 12/1/22 (b) 1,385,000 1,442,513 
Series 2014 A1 1, 5% 12/1/22 (b) 1,150,000 1,197,862 
Series 2016 1A:   
5% 12/1/22 (b) 3,500,000 3,648,617 
5% 12/1/23 (b) 3,500,000 3,801,963 
5% 12/1/24 (b) 4,400,000 4,965,247 
Series 2017 1A, 5% 12/1/22 (b) 300,000 312,458 
Series 2019 A:   
5% 12/1/22 705,000 734,936 
5% 12/1/24 555,000 624,923 
Series 2020:   
5% 12/1/22 (b) 1,550,000 1,614,365 
5% 12/1/22 (b) 685,000 713,445 
5% 12/1/24 (b) 1,100,000 1,236,888 
Series 2021 A, 5% 12/1/24 (b) 330,000 370,557 
New Jersey Hsg. & Mtg. Fin. Agcy. Multi-family Rev. Series 2021 B, 0.5% 11/1/23 1,815,000 1,814,543 
New Jersey Tobacco Settlement Fing. Corp. Series 2018 A:   
5% 6/1/22 4,330,000 4,411,860 
5% 6/1/23 2,960,000 3,149,596 
5% 6/1/24 2,400,000 2,657,255 
5% 6/1/25 1,565,000 1,792,452 
New Jersey Tpk. Auth. Tpk. Rev.:   
Series 2014 C, 5% 1/1/25 4,250,000 4,811,906 
Series 2017 E, 5% 1/1/25 3,145,000 3,560,811 
New Jersey Trans. Trust Fund Auth.:   
Series 2005 B, 5.25% 12/15/22 (AMBAC Insured) 410,000 429,150 
Series 2006 A, 5.5% 12/15/22 (FSA Insured) 1,250,000 1,312,195 
Series 2006 C, 0% 12/15/24 (AMBAC Insured) 160,000 155,843 
Series 2010 D, 5.25% 12/15/23 820,000 896,406 
Series 2012 AA, 5% 6/15/22 660,000 673,932 
Series 2014 AA, 5% 6/15/23 2,850,000 3,037,366 
Series 2016 A, 5% 6/15/22 7,295,000 7,449,321 
Series 2016 A-2, 5% 6/15/23 1,000,000 1,066,194 
Series 2016 A1, 5% 6/15/24 975,000 1,079,489 
Series 2018 A:   
5% 6/15/22 16,775,000 17,129,865 
5% 6/15/23 3,240,000 3,454,470 
5% 6/15/24 1,205,000 1,334,137 
Series 2022 AA, 5% 6/15/24 (e) 1,090,000 1,191,259 
Series A, 5.25% 12/15/23 350,000 382,612 
Rutgers State Univ. Rev.:   
Series 2018 N, 4% 5/1/23 700,000 734,007 
Series Q, 5% 5/1/22 490,000 497,612 
Union County Gen. Oblig. Series 2020, 0.5% 3/1/22 3,310,000 3,312,166 
TOTAL NEW JERSEY  164,703,293 
New Mexico - 0.1%   
New Mexico Edl. Assistance Foundation Series 2021 1A, 5% 9/1/23 (b) 2,040,000 2,194,111 
New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Series 2019 A, 4% 11/1/22 675,000 694,884 
TOTAL NEW MEXICO  2,888,995 
New York - 2.2%   
Albany County Arpt. Auth. Arpt. Rev. Series 2020 B, 5% 12/15/22 (b) 1,000,000 1,044,735 
Dorm. Auth. New York Univ. Rev. Series 2012 B, 5% 7/1/30 (Pre-Refunded to 7/1/22 @ 100) 500,000 511,827 
Long Island Pwr. Auth. Elec. Sys. Rev.:   
Series 2012 B, 5% 9/1/22 1,390,000 1,434,462 
Series 2017, 5% 9/1/22 (Escrowed to Maturity) 500,000 516,000 
Nassau County Local Econ. Assistance Corp. Multifamily Hsg. Rev. Bonds (Park Lake Hempstead, L.P. Proj.) Series 2021, 0.3%, tender 11/1/23 (a) 7,810,000 7,791,018 
New York City Gen. Oblig.:   
Series 1, 5% 8/1/23 5,060,000 5,436,466 
Series 2012 A1, 5% 8/1/23 750,000 752,661 
Series 2013 D, 5% 8/1/23 475,000 499,137 
Series 2015 B, 5% 8/1/23 430,000 461,992 
Series 2019 E, 5% 8/1/23 685,000 735,964 
Series 2021 F1:   
3% 3/1/23 300,000 309,706 
5% 3/1/23 545,000 575,238 
Series A:   
5% 8/1/22 2,000,000 2,055,719 
5% 8/1/23 2,155,000 2,315,333 
Series C, 5% 8/1/22 1,500,000 1,541,789 
New York City Indl. Dev. Agcy. Rev. (Queens Baseball Stadium Proj.) Series 2021 A, 5% 1/1/24 (Assured Guaranty Corp. Insured) 675,000 736,051 
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series 2016 A, 5% 11/15/22 1,000,000 1,041,476 
New York Metropolitan Trans. Auth. Rev.:   
Series 2012 F, 5% 11/15/23 1,875,000 1,950,515 
Series 2015 A1, 5% 11/15/22 1,910,000 1,986,247 
Series 2015 F, 5% 11/15/22 1,720,000 1,788,662 
Series 2016 A2, 5% 11/15/22 455,000 473,164 
Series 2017 B, 5% 11/15/22 1,000,000 1,039,920 
Series 2017 D, 5% 11/15/23 790,000 855,816 
Series 2020 A:   
4% 2/1/22 4,935,000 4,949,072 
5% 2/1/23 4,765,000 5,003,351 
New York State Dorm. Auth.:   
Series 2012 A:   
5% 12/15/23 215,000 224,532 
5% 12/15/23 (Pre-Refunded to 12/15/22 @ 100) 285,000 297,898 
Series 2018 A, 5% 3/15/23 (Escrowed to Maturity) 710,000 750,801 
New York State Envir. Facilities Corp. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2012, 0.18%, tender 2/1/22 (a)(b) 7,000,000 6,999,831 
New York State Urban Dev. Corp. Series 2020 C, 5% 3/15/23 515,000 544,435 
Niagara Frontier Trans. Auth. Arpt. Rev. Series 2019 A, 5% 4/1/22 (b) 1,500,000 1,517,308 
Onondaga Civic Dev. Corp. (St. Joseph's Hosp. Health Ctr. Proj.) Series 2012, 5% 7/1/42 (Pre-Refunded to 7/1/22 @ 100) 875,000 895,697 
Suffolk County Gen. Oblig. Series 2014, 5% 2/1/22 (FSA Insured) 1,600,000 1,605,752 
Syracuse Reg'l. Arpt. Auth. Series 2021, 5% 7/1/24 (b) 770,000 852,925 
TOTAL NEW YORK  59,495,500 
New York And New Jersey - 1.0%   
Port Auth. of New York & New Jersey:   
Series 188, 5% 5/1/24 (b) 1,990,000 2,195,632 
Series 189, 5% 5/1/23 280,000 297,456 
Series 2013:   
5% 12/1/22 (b) 6,515,000 6,793,472 
5% 12/1/22 235,000 245,221 
Series 2014 185, 5% 9/1/22 (b) 600,000 618,664 
Series 2015 194, 5% 10/15/23 500,000 541,618 
Series 202, 5% 10/15/22 (b) 1,250,000 1,296,004 
Series 2021 226:   
5% 10/15/22 (b) 2,875,000 2,980,810 
5% 10/15/23 (b) 3,450,000 3,728,787 
Series 207, 5% 9/15/23 (b) 870,000 937,180 
Series 223:   
5% 7/15/22 (b) 2,250,000 2,306,535 
5% 7/15/23 (b) 2,150,000 2,300,830 
5% 7/15/24 (b) 3,250,000 3,613,820 
TOTAL NEW YORK AND NEW JERSEY  27,856,029 
North Carolina - 0.3%   
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Bonds Series 2021 B, 5%, tender 12/2/24 (a) 2,525,000 2,853,568 
North Carolina Grant Anticipation Rev. Series 2017, 5% 3/1/23 435,000 459,030 
North Carolina Med. Care Commission Health Care Facilities Rev. Bonds Series 2019 B, 2.2%, tender 12/1/22 (a) 2,860,000 2,881,537 
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series 2015 E, 5% 1/1/22 1,000,000 1,000,000 
Raleigh Durham Arpt. Auth. Arpt. Rev. Series 2020 A, 5% 5/1/22 (b) 800,000 812,534 
TOTAL NORTH CAROLINA  8,006,669 
Ohio - 0.3%   
Allen County Hosp. Facilities Rev. Series 2017 A, 5% 8/1/22 865,000 888,639 
Cleveland Arpt. Sys. Rev.:   
Series 2018 A, 5% 1/1/22 (b) 1,000,000 1,000,000 
Series 2019 C, 5% 1/1/22 1,095,000 1,095,000 
Franklin County Hosp. Facilities Rev. Bonds (U.S. Health Corp. of Columbus Proj.) Series 2011 B, 5%, tender 5/15/23 (a) 980,000 1,040,593 
Montgomery County Hosp. Rev. (Kettering Health Network Obligated Group Proj.)) Series 2021, 5% 8/1/24 200,000 223,251 
Ohio Gen. Oblig. Series 2021 A:   
5% 3/1/23 510,000 538,234 
5% 3/1/23 1,000,000 1,055,361 
Ohio Higher Edl. Facility Commission Rev.:   
(Case Western Reserve Univ. Proj.) Series 2016, 5% 12/1/22 1,350,000 1,407,956 
(Univ. of Dayton 2018 Proj.) Series 2018 A, 5% 12/1/22 460,000 478,973 
Series A, 5% 12/1/22 520,000 542,617 
Ohio Hosp. Facilities Rev. Series 2017 A, 5% 1/1/23 830,000 869,096 
Univ. of Cincinnati Gen. Receipts Series 2012 C, 5% 6/1/23 (Pre-Refunded to 12/1/22 @ 100) 465,000 484,919 
TOTAL OHIO  9,624,639 
Oklahoma - 0.1%   
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Series 2015 A, 5% 8/15/22 450,000 462,836 
Oklahoma Hsg. Fin. Agcy. Collateralized Bonds Series 2019, 1.6%, tender 1/1/22 335,000 335,000 
Univ. of Oklahoma Gen. Rev. Series 2021 A:   
5% 7/1/22 (FSA Insured) 1,955,000 2,001,145 
5% 7/1/23 (FSA Insured) 1,190,000 1,272,571 
TOTAL OKLAHOMA  4,071,552 
Oregon - 0.5%   
Gilliam County Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2000 A, 2.4%, tender 5/2/22 (a)(b) 735,000 736,061 
Oregon Bus. Dev. Commission Bonds Series 250, 5%, tender 3/1/22 (a)(b) 11,040,000 11,119,765 
Port of Portland Arpt. Rev. Series 24B, 5% 7/1/23 (b) 1,095,000 1,168,088 
TOTAL OREGON  13,023,914 
Pennsylvania - 1.9%   
Bucks Co. Indl. Dev. Auth. Solid Waste Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2002, 2.75%, tender 12/1/22 (a)(b) 3,200,000 3,263,102 
Coatesville Area School District Series 2017, 5% 8/1/23 (FSA Insured) 890,000 953,873 
Geisinger Auth. Health Sys. Rev. Series 2020 A, 5% 4/1/22 3,510,000 3,551,023 
Lehigh County Indl. Dev. Auth. Poll. Cont. Rev. Bonds:   
(PPL Elec. Utils. Corp. Proj.) Series 2016 A, 1.8%, tender 9/1/22 (a) 1,925,000 1,941,715 
Series B, 1.8%, tender 8/15/22 (a) 5,040,000 5,080,915 
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. Series 2012 A, 5% 6/1/31 (Pre-Refunded to 6/1/22 @ 100) 495,000 504,650 
Pennsylvania Econ. Dev. Fing. Auth. Series 2021 A:   
4% 10/15/23 700,000 745,069 
4% 10/15/24 850,000 932,015 
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Series 2016, 5% 3/15/24 1,250,000 1,374,154 
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. Bonds:   
(Republic Svcs., Inc. Proj.) Series 2019 B2, 0.3%, tender 7/15/22 (a)(b) 3,100,000 3,101,024 
(Waste Mgmt., Inc. Proj.) Series 2013, 0.18%, tender 2/1/22 (a)(b) 7,700,000 7,699,814 
(Waste Mgmt., Inc. Proj.):   
Series 2010 B, 0.2%, tender 1/3/22 (a) 500,000 500,000 
Series 2017 A, 0.58%, tender 8/1/24 (a)(b) 900,000 896,791 
Series 2021 A, SIFMA Municipal Swap Index + 0.400% 0.5%, tender 6/3/24 (a)(b)(c) 2,845,000 2,856,423 
Series 2011, 2.15%, tender 7/1/24 (a)(b) 850,000 879,963 
Pennsylvania Gen. Oblig.:   
Series 2012, 5% 7/1/22 1,600,000 1,638,007 
Series 2015 2, 5% 8/15/24 1,225,000 1,369,773 
Series 2016, 5% 2/1/23 975,000 1,024,776 
Series 2018 1, 5% 3/1/22 2,900,000 2,922,316 
Series 2019, 5% 7/15/22 1,000,000 1,025,616 
Pennsylvania Higher Edl. Facilities Auth. Rev. Series 2017, 5% 5/1/22 2,000,000 2,030,870 
Pennsylvania Hsg. Fin. Agcy.:   
Series 2021 135 B:   
5% 4/1/23 (b) 330,000 348,772 
5% 4/1/24 (b) 230,000 252,144 
5% 4/1/25 (b) 380,000 430,762 
Series 2021 137:   
0.2% 10/1/22 550,000 549,945 
0.4% 4/1/23 285,000 284,922 
Pennsylvania Tpk. Commission Tpk. Rev. Series 2012 A, 5% 12/1/23 800,000 834,199 
Philadelphia Arpt. Rev.:   
Series 2017 B:   
5% 7/1/22 (b) 1,500,000 1,534,274 
5% 7/1/23 (b) 700,000 747,374 
Series 2020 C, 5% 7/1/22 (b) 1,755,000 1,795,101 
Series 2021, 5% 7/1/24 (b) 945,000 1,046,772 
Philadelphia Auth. for Indl. Dev. Series 2015, 5% 4/1/22 425,000 429,978 
Philadelphia Gas Works Rev. Series 15, 5% 8/1/23 780,000 837,005 
TOTAL PENNSYLVANIA  53,383,137 
Rhode Island - 0.1%   
Rhode Island Comm Corp. Rev. Series 2016 A, 5% 6/15/22 1,755,000 1,792,367 
South Carolina - 1.1%   
Patriots Energy Group Fing. Agcy. Bonds Series 2018 A, 4%, tender 2/1/24 (a) 24,205,000 25,812,195 
South Carolina Ports Auth. Ports Rev. Series 2019 B, 5% 7/1/23 (b) 1,000,000 1,065,972 
South Carolina Pub. Svc. Auth. Rev. Series 2015 C, 5% 12/1/22 1,560,000 1,627,411 
Spartanburg County Reg'l. Health Series 2022:   
5% 4/15/22 (e) 1,585,000 1,603,147 
5% 4/15/23 (e) 410,000 433,296 
TOTAL SOUTH CAROLINA  30,542,021 
Tennessee - 1.3%   
Greeneville Health & Edl. Facilities Board Series 2018 A, 5% 7/1/22 900,000 920,972 
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2020 B, 5% 7/1/22 (b) 700,000 716,346 
Metropolitan Gov Nashvle&David Ind. Bonds (Waste Mgmt., Inc. Proj.) Series 2001, 0.58%, tender 8/1/24 (a)(b) 900,000 896,791 
Metropolitan Nashville Arpt. Auth. Rev. Series 2015 B, 5% 7/1/23 (b) 680,000 726,760 
Tennergy Corp. Gas Rev. Bonds Series 2019 A, 5%, tender 10/1/24 (a) 21,250,000 23,681,159 
Tennessee Hsg. Dev. Agcy. Residential Series 2021 3B, 0.25% 7/1/22 9,200,000 9,200,339 
TOTAL TENNESSEE  36,142,367 
Texas - 3.7%   
Austin Arpt. Sys. Rev.:   
Series 2019 B, 5% 11/15/22 (b) 1,200,000 1,249,349 
Series 2019:   
5% 11/15/22 (b) 3,125,000 3,253,514 
5% 11/15/23 (b) 655,000 711,546 
5% 11/15/24 (b) 500,000 561,332 
Austin Wtr. & Wastewtr. Sys. Rev. Series 2015 A, 5% 11/15/22 500,000 520,830 
Corpus Christi Util. Sys. Rev. Series 2012, 5% 7/15/22 500,000 512,781 
Crandall Independent School District Series 2021 A, 0% 8/15/24 765,000 753,369 
Dallas County Util. and Reclamation District Series 2016, 5% 2/15/22 1,035,000 1,040,526 
Dallas Fort Worth Int'l. Arpt. Rev.:   
Series 2013 E, 5% 11/1/23 (b) 10,750,000 11,659,790 
Series 2020 B, 5% 11/1/22 1,035,000 1,076,379 
El Paso Gen. Oblig.:   
Series 2021 B:   
5% 8/15/22 210,000 216,189 
5% 8/15/23 300,000 322,439 
Series 2021 C:   
5% 8/15/22 735,000 756,661 
5% 8/15/23 335,000 360,057 
Harris County Cultural Ed. Facilities Fin. Corp. Rev.:   
Bonds:   
Series 2019 B, 5%, tender 12/1/22 (a) 2,385,000 2,480,562 
Series 2019 C, SIFMA Municipal Swap Index + 0.420% 0.52%, tender 1/6/22 (a)(c) 9,535,000 9,533,518 
Series 2013 B, SIFMA Municipal Swap Index + 0.900% 1% 6/1/22 (a)(c) 900,000 901,750 
Series 2014 A, 5% 12/1/22 505,000 527,059 
Houston Arpt. Sys. Rev. Series 2012 A, 5% 7/1/31 (Pre-Refunded to 7/1/22 @ 100) (b) 825,000 844,265 
Houston Gen. Oblig. Series 2016 A, 5% 3/1/22 500,000 503,872 
Houston Independent School District Series 2016 A, 5% 2/15/23 725,000 763,723 
Love Field Arpt. Modernization Rev. Series 2021:   
5% 11/1/22 (b) 320,000 332,467 
5% 11/1/23 (b) 2,330,000 2,525,852 
Lower Colorado River Auth. Rev.:   
(LCRA Transmission Svcs. Corp. Proj.):   
Series 2015:   
5% 5/15/22 1,150,000 1,170,330 
5% 5/15/24 1,080,000 1,194,443 
Series 2018, 5% 5/15/24 2,095,000 2,316,998 
Series 2019, 5% 5/15/23 1,335,000 1,421,142 
Series 2020:   
5% 5/15/22 885,000 900,645 
5% 5/15/23 385,000 409,843 
5% 5/15/25 570,000 653,416 
Series 2021 A, 5% 5/15/23 1,190,000 1,266,786 
Series 2013, 5% 5/15/22 505,000 513,927 
Series 2015 B, 5% 5/15/23 1,000,000 1,064,526 
Series 2019, 5% 5/15/22 675,000 686,933 
Series 2020:   
5% 5/15/23 1,500,000 1,596,789 
5% 5/15/24 760,000 840,534 
Series 2022, 5% 5/15/24 (FSA Insured) (e) 1,630,000 1,794,041 
Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds:   
(Republic Svcs., Inc. Proj.) Series 2020 A, 0.2%, tender 2/1/22 (a)(b) 12,500,000 12,499,983 
(Waste Mgmt., Inc. Proj.):   
Series 2018, 0.475%, tender 7/1/24 (a)(b) 6,835,000 6,860,554 
Series 2020 B, 0.18%, tender 3/1/22 (a)(b) 10,800,000 10,799,388 
North Texas Tollway Auth. Rev.:   
Series 2014:   
5% 1/1/24 310,000 338,707 
5% 1/1/24 630,000 687,376 
Series 2016 A, 5% 1/1/22 500,000 500,000 
Series 2017 A, 5% 1/1/24 1,865,000 1,951,268 
Port Arthur Independent School District Series 2015 A, 5% 2/15/25 600,000 683,866 
Port of Houston Auth. Series 2021:   
5% 10/1/22 1,750,000 1,813,108 
5% 10/1/23 440,000 475,866 
San Antonio Arpt. Sys. Rev. Series 2019 A:   
5% 7/1/22 (b) 560,000 573,190 
5% 7/1/22 (b) 545,000 557,836 
5% 7/1/23 (b) 445,000 476,085 
5% 7/1/23 (b) 400,000 427,942 
San Antonio Elec. & Gas Sys. Rev. Series 2016, 5% 2/1/22 1,555,000 1,560,734 
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. Series 2017 A, 5% 2/15/24 1,340,000 1,469,469 
Texas A&M Univ. Rev. Series 2015 B, 5% 5/15/22 850,000 865,058 
Univ. of Texas Board of Regents Sys. Rev. Series 2012 A, 5% 8/15/26 (Pre-Refunded to 2/15/22 @ 100) 500,000 502,776 
Waco Edl. Fin. Corp. Rev. Series 2021, 3% 3/1/22 325,000 326,446 
Wylie Independent School District Series 2020 A, 0% 8/15/23 2,985,000 2,968,293 
TOTAL TEXAS  103,576,128 
Utah - 0.3%   
Intermountain Pwr. Agcy. Pwr. Supply Rev. Series 2018 A, 5% 7/1/22 (Escrowed to Maturity) 625,000 639,752 
Salt Lake City Arpt. Rev.:   
Series 2017 A, 5% 7/1/22 (b) 1,390,000 1,422,459 
Series 2017 B, 5% 7/1/22 1,100,000 1,126,019 
Series 2021 A:   
5% 7/1/24 (b) 1,000,000 1,107,695 
5% 7/1/25 (b) 1,325,000 1,519,584 
Utah County Hosp. Rev.:   
Bonds Series 2018 B2, 5%, tender 8/1/24 (a) 970,000 1,061,870 
Series 2016 A, 5% 5/15/22 540,000 549,506 
TOTAL UTAH  7,426,885 
Virginia - 0.4%   
Gloucester County Indl. Dev. Auth. Bonds Series 2003 A, 2.4%, tender 5/2/22 (a)(b) 900,000 905,381 
Halifax County Indl. Dev. Auth. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2010 A, 0.45%, tender 4/1/22 (a) 4,435,000 4,436,926 
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2008 C, 1.8%, tender 4/1/22 (a) 2,900,000 2,910,708 
Wise County Indl. Dev. Auth. Waste & Sewage Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2010 A, 1.2%, tender 5/31/24 (a) 1,795,000 1,824,312 
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.9%, tender 6/1/23 (a) 1,100,000 1,123,732 
TOTAL VIRGINIA  11,201,059 
Washington - 0.7%   
King County Hsg. Auth. Rev. Series 2021, 2% 6/1/22 300,000 301,928 
Port of Seattle Gen. Oblig. Series 2011, 5.5% 12/1/23 (b) 1,000,000 1,008,500 
Port of Seattle Rev.:   
Series 2016 B, 5% 10/1/22 (b) 900,000 931,974 
Series 2018 B, 5% 5/1/24 (b) 875,000 964,772 
Series 2019:   
5% 4/1/24 (b) 760,000 835,142 
5% 4/1/25 (b) 525,000 597,305 
Series 2021 C:   
5% 8/1/22 (b) 2,240,000 2,300,555 
5% 8/1/23 (b) 2,640,000 2,830,333 
5% 8/1/24 (b) 2,795,000 3,110,772 
Series 2021:   
5% 9/1/23 (b) 2,100,000 2,261,194 
5% 9/1/24 (b) 2,220,000 2,480,295 
Port of Seattle Spl. Facility Rev. Series 2013, 5% 6/1/23 (b) 845,000 899,745 
Washington Gen. Oblig. Series R 2013 A, 5% 7/1/24 600,000 614,253 
Washington Health Care Facilities Auth. Rev. Series 2015 B, 4% 8/15/22 525,000 537,286 
TOTAL WASHINGTON  19,674,054 
West Virginia - 0.6%   
Mason Co. Poll. Cont. Rev. (Appalachian Pwr. Co. Proj.) Series 2003 L, 2.75% 10/1/22 17,005,000 17,297,600 
Wisconsin - 0.7%   
Milwaukee County Arpt. Rev. Series 2016 A, 5% 12/1/22 (b) 1,820,000 1,897,451 
Wisconsin Health & Edl. Facilities Bonds:   
Series 2018 B, 5%, tender 1/26/22 (a) 4,970,000 4,983,967 
Series 2018 C, SIFMA Municipal Swap Index + 0.450% 0.55%, tender 1/6/22 (a)(c) 12,450,000 12,451,863 
Wisconsin Hsg. & Econ. Dev. Auth. Hsg. Rev. Bonds Series 2021 C, 0.61%, tender 5/1/24 (a) 305,000 304,912 
TOTAL WISCONSIN  19,638,193 
Wyoming - 0.1%   
Laramie County Hosp. Rev. (Cheyenne Reg'l. Med. Ctr. Proj.) Series 2021, 4% 5/1/22 225,000 227,795 
Wyoming Cmnty. Dev. Auth. Hsg. Rev. Series 2020 3, 5% 12/1/22 (b) 1,195,000 1,243,506 
TOTAL WYOMING  1,471,301 
TOTAL MUNICIPAL BONDS   
(Cost $1,420,773,405)  1,422,212,854 
Municipal Notes - 45.2%   
Alabama - 0.2%   
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.18% 1/7/22, VRDN (a)(b) 1,760,000 $1,760,000 
Mobile Indl. Dev. Board Rev. (Alabama Pwr. Theodore Plant Proj.) Series A, 0.12% 1/3/22, VRDN (a)(b) 2,650,000 2,650,000 
TOTAL ALABAMA  4,410,000 
Arizona - 0.3%   
Arizona St Indl. Dev. Auth. Multi Participating VRDN Series XF 10 91, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(f)(g) 2,000,000 2,000,000 
Maricopa County Indl. Dev. Auth. Participating VRDN Series 2021 XG 03 09, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 1,500,000 1,500,000 
Phoenix Civic Impt. Board Arpt. Rev. Participating VRDN Series XM 08 23, 0.22% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(f)(g) 3,150,000 3,150,000 
Pima County Indl. Dev. Auth. Multi-family Hsg. Rev. Participating VRDN Series XF 10 96, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 1,400,000 1,400,000 
TOTAL ARIZONA  8,050,000 
Arkansas - 0.6%   
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.):   
Series 1998, 0.18% 1/7/22, VRDN (a)(b) 2,600,000 2,600,000 
Series 2002, 0.17% 1/7/22, VRDN (a)(b) 13,100,000 13,100,000 
TOTAL ARKANSAS  15,700,000 
California - 4.5%   
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN Series XF 10 44, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 4,350,000 4,350,000 
Buck Institute Age Research Participating VRDN Series Floaters XF 10 35, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 3,060,000 3,060,000 
California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. Participating VRDN Series Floaters XF 10 82, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 17,000,000 17,000,000 
California Statewide Cmntys. Dev. Auth. Rev. Series 2004 I, 0.21% tender 7/13/22, CP mode 9,000,000 8,999,521 
Fresno Calif Unified School District Participating VRDN Series 2021 XF 11 04, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 900,000 900,000 
River Islands Pub. Fing. Auth. Participating VRDN Series MIZ 90 26, 0.35% 2/4/22 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(f)(g)(h) 9,700,000 9,700,000 
Sacramento City Fing. Auth. Rev. Participating VRDN Series Floaters XG 01 00, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 24,165,000 24,165,000 
Sacramento Gen. Oblig. Participating VRDN Series XG 00 67, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 3,755,000 3,755,000 
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN:   
Series Floaters XM 06 75, 0.22% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(f)(g) 3,300,000 3,300,000 
Series XF 10 32, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 3,865,000 3,865,000 
Series XM 09 16, 0.16% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 5,500,000 5,500,000 
Series ZM 06 42, 0.16% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 4,260,000 4,260,000 
San Francisco City & County Multi-family Hsg. Rev. Participating VRDN:   
Series DBE 8059, 0.5% 3/1/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 8,300,000 8,300,000 
Series MIZ 90 63, 0.35% 2/4/22 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(f)(g) 23,330,000 23,330,000 
Transbay Joint Powers Auth. Participating VRDN Series YX 11 42, 0.15% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 1,000,000 1,000,000 
Univ. of California Revs. Participating VRDN:   
Series Floaters XG 00 61, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 2,750,000 2,750,000 
Series Floaters XM 04 34, 0.12% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 700,000 700,000 
TOTAL CALIFORNIA  124,934,521 
Colorado - 1.6%   
Colorado Edl. & Cultural Facilities Auth. Rev. (Mesivta of Greater Los Angeles Proj.) Series 2005, 0.45% 1/7/22, LOC Deutsche Bank AG, VRDN (a) 1,910,000 1,910,000 
Colorado Hsg. & Fin. Auth. Multi-family Hsg. Rev. Participating VRDN Series Floater 2021 MIZ 90 68, 0.35% 2/4/22 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(f)(g) 300,000 300,000 
Colorado Reg'l. Trans. District Sales Tax Rev. Participating VRDN Series Floaters 16 XF1031, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 6,515,000 6,515,000 
Denver City & County Arpt. Rev. Participating VRDN:   
Series Floaters XL 00 90, 0.22% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(f)(g) 14,330,000 14,330,000 
Series Floaters XM 07 15, 0.2% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(f)(g) 20,345,000 20,345,000 
TOTAL COLORADO  43,400,000 
Delaware - 0.4%   
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1994, 0.14% 1/3/22, VRDN (a)(b) 9,900,000 9,900,000 
Delaware, New Jersey - 0.2%   
Delaware River & Bay Auth. Rev. Participating VRDN Series XF 08 18, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 6,000,000 6,000,000 
District Of Columbia - 0.5%   
Children's Nat'l. Med. Ctr., Participating VRDN Series 2015 XF 1047, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 8,400,000 8,400,000 
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Participating VRDN Series 2021 XF 12 62, 0.15% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 3,200,000 3,200,000 
Washington D.C. Metropolitan Transit Auth. Rev. Participating VRDN Series ZM 06 10, 0.18% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(f)(g) 1,700,000 1,700,000 
TOTAL DISTRICT OF COLUMBIA  13,300,000 
Florida - 2.3%   
Broward County Arpt. Sys. Rev. Participating VRDN:   
Series Floaters XL 00 88, 0.15% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(f)(g) 2,430,000 2,430,000 
Series XL 01 36, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 6,330,000 6,330,000 
Series XM 08 95, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 1,800,000 1,800,000 
Broward County Port Facilities Rev. Participating VRDN Series XM 07 80, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 7,500,000 7,500,000 
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Participating VRDN:   
Series Floaters XF 05 77, 0.29% 1/7/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(f)(g) 6,665,000 6,665,000 
Series XM 08 91, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 2,200,000 2,200,000 
Jacksonville Elec. Auth. Elec. Sys. Rev. Series 2021 C3, 0.15% tender 1/20/22 (Liquidity Facility Royal Bank of Canada), CP mode 3,100,000 3,100,000 
Miami Dade County Hsg. Multifamily Hsg. Rev. Participating VRDN Series MIZ 90 72, 0.35% 2/4/22 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(f)(g) 800,000 800,000 
Miami-Dade County Participating VRDN:   
Series XF 29 47, 0.16% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(f)(g) 6,300,000 6,300,000 
Series XF 29 48, 0.15% 1/7/22 (Liquidity Facility Citibank NA) (a)(f)(g) 6,300,000 6,300,000 
Miami-Dade County Aviation Rev. Participating VRDN Series XM 08 70, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 4,465,000 4,465,000 
Miami-Dade County Expressway Auth. Participating VRDN Series XG 00 99, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 3,000,000 3,000,000 
Miami-Dade County Health Facilities Auth. Hosp. Rev. Participating VRDN Series 2021 XF 12 61, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 3,200,000 3,200,000 
Miami-Dade County Wtr. & Swr. Rev. Participating VRDN Series 2021 XF 11 01, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 4,245,000 4,245,000 
Tampa Hosp. Rev. Participating VRDN Series XM 08 86, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 6,300,000 6,300,000 
TOTAL FLORIDA  64,635,000 
Georgia - 0.4%   
Brookhaven Dev. Auth. Rev. Participating VRDN Series XX 11 22, 0.13% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 2,700,000 2,700,000 
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.) Series 2012, 0.1% 1/3/22, VRDN (a)(b) 7,000,000 7,000,000 
Griffin-Spalding County Hosp. Participating VRDN Series Floaters XL 00 76, 0.26% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 900,000 900,000 
Gwinnett County Dev. Auth. Indl. Dev. Rev. Series 2007, 0.23% 1/7/22, LOC Truist Bank, VRDN (a)(b) 500,000 500,000 
TOTAL GEORGIA  11,100,000 
Hawaii - 0.2%   
Hawaii Arpts. Sys. Rev. Participating VRDN Series XF 07 65, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 6,980,000 6,980,000 
Idaho - 0.1%   
Idaho Health Facilities Auth. Rev. Participating VRDN Series 16 XG 00 66, 0.2% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 1,500,000 1,500,000 
Illinois - 2.9%   
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN:   
Series Floaters XL 00 49, 0.18% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(f)(g) 12,665,000 12,665,000 
Series XM 08 79, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 4,900,000 4,900,000 
Series XM 08 84, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 4,900,000 4,900,000 
Series XM 09 17, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 2,300,000 2,300,000 
Series XM 09 18, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 3,600,000 3,600,000 
Chicago Park District Gen. Oblig. Participating VRDN:   
Series 2021 XX 11 68, 0.17% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 2,200,000 2,200,000 
Series 2021 XX 11 69, 0.17% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 2,000,000 2,000,000 
Chicago Transit Auth. Participating VRDN:   
Series 20 XF 28 97, 0.18% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 2,100,000 2,100,000 
Series XF 29 13, 0.18% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 6,300,000 6,300,000 
Series XM 09 03, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 770,000 770,000 
Series XM 09 05, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 2,700,000 2,700,000 
Cook County Gen. Oblig. Participating VRDN Series 2015 XF0124, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 3,720,000 3,720,000 
Illinois Fin. Auth. Participating VRDN Series 2021 XL 01 72, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 2,884,500 2,884,500 
Illinois Fin. Auth. Rev. Participating VRDN Series Floaters XF 25 35, 0.13% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 1,860,000 1,860,000 
Illinois Gen. Oblig. Participating VRDN Series Floaters XM 01 86, 0.25% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 12,810,000 12,810,000 
Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev. Participating VRDN Series XF 10 87, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 6,545,000 6,545,000 
Metropolitan Pier & Exposition Participating VRDN Series XF 09 65, 0.18% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 8,156,000 8,156,000 
TOTAL ILLINOIS  80,410,500 
Indiana - 0.3%   
Hamilton County Healthcare Facilities Rev. Participating VRDN Series XF 10 26, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 5,950,000 5,950,000 
Indianapolis Local Pub. Impt. Participating VRDN Series XM 09 27, 0.16% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 1,900,000 1,900,000 
TOTAL INDIANA  7,850,000 
Kentucky - 2.6%   
Hopkinsville Indl. Bldg. Rev. Series 2006, 0.23% 1/7/22, LOC Truist Bank, VRDN (a)(b) 830,000 830,000 
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. Participating VRDN Series XM 09 19, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 2,710,000 2,710,000 
Kentucky Hsg. Corp. Hsg. Rev. Participating VRDN Series XF 10 93, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 3,100,000 3,100,000 
Kentucky Tpk. Auth. Econ. Dev. Road Rev. Participating VRDN Series XF 24 84, 0.18% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(f)(g) 3,700,000 3,700,000 
Meade County Indl. Bldg. Rev. (Nucor Steel Brandenburg Proj.):   
Series 2020 A1, 0.15% 1/3/22, VRDN (a)(b) 15,800,000 15,800,000 
Series 2020 B1, 0.15% 1/3/22, VRDN (a)(b) 45,520,000 45,520,000 
TOTAL KENTUCKY  71,660,000 
Louisiana - 1.1%   
Louisiana Hsg. Corp. Multifamily Hsg. Rev. Participating VRDN Series MIZ 90 53, 0.35% 2/4/22 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(f)(g) 1,400,000 1,400,000 
New Orleans Aviation Board Rev. Participating VRDN Series Floaters XL 00 46, 0.15% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(f)(g) 2,900,000 2,900,000 
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 A1, 0.17% 1/7/22, VRDN (a) 26,785,000 26,785,000 
TOTAL LOUISIANA  31,085,000 
Maine - 0.1%   
Maine Health & Higher Edl. Facilities Auth. Rev. Participating VRDN Series XM 08 98, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 2,000,000 2,000,000 
Maryland - 0.2%   
Maryland Gen. Oblig. Participating VRDN:   
Series DB 80 76, 0.15% 1/6/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 2,345,000 2,345,000 
Series DB 807, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 3,510,000 3,510,000 
Maryland Health & Higher Edl. Facilities Auth. Rev. Series 1995, 0.2% 1/7/22 (Liquidity Facility Manufacturers & Traders Trust Co.), VRDN (a) 945,000 945,000 
TOTAL MARYLAND  6,800,000 
Massachusetts - 0.7%   
Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series Floaters XF 23 06, 0.35% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(f)(g) 10,200,000 10,200,000 
Massachusetts Port Auth. Rev. Participating VRDN Series XM 08 51, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 8,950,000 8,950,000 
TOTAL MASSACHUSETTS  19,150,000 
Michigan - 1.1%   
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Participating VRDN Series XM 08 93, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 13,675,000 13,675,000 
Michigan Bldg. Auth. Rev.:   
Participating VRDN Series 2021 XF 11 15, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 1,700,000 1,700,000 
Series 2020 III, 0.14% 2/1/23, VRDN (a) 3,500,000 3,500,000 
Michigan Fin. Auth. Rev. Participating VRDN Series XX 1043, 0.13% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 11,330,000 11,330,000 
TOTAL MICHIGAN  30,205,000 
Minnesota - 0.2%   
Duluth Minn Hsg. & Redev. Auth. MultiFamily Hsg. Rev. Participating VRDN Series 2021 XF 11 30, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 1,600,000 1,600,000 
Minneapolis Health Care Sys. Rev. Participating VRDN Series XM 08 72, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 2,000,000 2,000,000 
Minnesota Rural Wtr. Fin. Auth. BAN Series 2021 B, 0.3% 8/1/22 1,200,000 1,200,084 
TOTAL MINNESOTA  4,800,084 
Missouri - 2.0%   
Kansas City Indl. Dev. Auth. Participating VRDN:   
Series XL 01 50, 0.18% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(f)(g) 15,000,000 15,000,000 
Series XM 09 21, 0.22% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(f)(g) 21,230,000 21,230,000 
Lees Summit Indl. Dev. Auth. Multi-family Hsg. Rev. Participating VRDN Series MIZ 90 55, 0.35% 2/4/22 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(f)(g) 500,000 500,000 
Mercy Health Participating VRDN Series Floaters XL 00 80, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 11,295,000 11,295,000 
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Participating VRDN Series XG 01 76, 0.22% 1/7/22 (Liquidity Facility Royal Bank of Canada) (a)(f)(g) 6,695,000 6,695,000 
TOTAL MISSOURI  54,720,000 
Montana - 0.1%   
Cascade County Indl. Dev. Rev. Series 2007, 0.26% 1/7/22, LOC Wells Fargo Bank NA, VRDN (a)(b) 865,000 865,000 
Montana Board of Hsg. Participating VRDN Series Floater MIZ 90 62, 0.35% 2/4/22 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(f)(g) 1,110,000 1,110,000 
Montana Facility Fin. Auth. Participating VRDN Series 2021 XF 11 14, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 1,400,000 1,400,000 
TOTAL MONTANA  3,375,000 
Nebraska - 0.3%   
Stanton County Indl. Dev. Rev.:   
(Nucor Corp. Proj.) Series 1996, 0.18% 1/7/22, VRDN (a)(b) 5,600,000 5,600,000 
Series 1998, 0.18% 1/7/22, VRDN (a)(b) 125,000 125,000 
Univ. of Nebraska Facilities Corp. Participating VRDN Series 2021 XF 11 03, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 2,270,000 2,270,000 
TOTAL NEBRASKA  7,995,000 
New Jersey - 1.9%   
Borough of Mountainside Gen. Oblig. BAN Series 2021, 2% 4/29/22 2,354,000 2,366,993 
Borough of Oceanport BAN Series 2021, 2% 2/24/22 2,655,566 2,662,331 
Borough of Roseland BAN Series 2021, 2% 4/29/22 3,298,968 3,317,820 
Lacey Township Gen. Oblig. BAN Series 2021 B, 1.5% 5/19/22 2,200,000 2,210,255 
Millburn Township Gen. Oblig. BAN Series 2021, 2% 1/28/22 6,515,522 6,523,603 
Milville Swr. and Wtr. Util. BAN Series 2021, 2% 5/4/22 5,213,000 5,244,428 
New Jersey Bldg. Auth. State Bldg. Rev. Participating VRDN Series Floaters XF 05 53, 0.24% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 3,750,000 3,750,000 
New Jersey Tpk. Auth. Tpk. Rev. Participating VRDN:   
Series Floaters ZM 05 66, 0.24% 1/7/22 (Liquidity Facility Royal Bank of Canada) (a)(f)(g) 3,565,000 3,565,000 
Series XM 09 10, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 2,500,000 2,500,000 
Series XM 09 12, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 1,700,000 1,700,000 
New Jersey Trans. Trust Fund Auth. Participating VRDN Series XM 09 29, 0.22% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 900,000 900,000 
Newark Gen. Oblig. BAN Series 2021 C, 1.25% 7/25/22 1,100,000 1,106,074 
Roselle County of Union BAN Series 2021 A, 1.5% 7/20/22 2,000,000 2,013,503 
Springfield Township Gen. Oblig. BAN Series 2021, 2% 7/29/22 6,300,000 6,360,293 
West Orange Gen. Oblig. BAN Series 2021, 2% 11/11/22 8,100,000 8,213,750 
TOTAL NEW JERSEY  52,434,050 
New York - 7.7%   
Connetquot Central School District BAN Series 2021, 1.25% 7/27/22 800,000 804,143 
Hempstead Union Free School District BAN Series 2021 A, 1.5% 11/30/22 11,700,000 11,826,778 
New York Dorm. Auth. Rev. Participating VRDN Series XM 09 22, 0.16% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(f)(g) 4,340,000 4,340,000 
New York Liberty Dev. Corp. Participating VRDN:   
Series XF 12 42, 0.18% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 17,600,000 17,600,000 
Series XM 08 44, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 8,165,000 8,165,000 
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev.:   
BAN Series 2019 A, 5% 3/1/22 9,630,000 9,703,112 
Participating VRDN Series ZM 06 00, 0.15% 1/7/22 (Liquidity Facility Wells Fargo Bank NA) (a)(f)(g) 5,300,000 5,300,000 
New York Metropolitan Trans. Auth. Rev.:   
BAN:   
Series 2019 B, 5% 5/15/22 54,350,000 55,295,717 
Series 2019 D1, 5% 9/1/22 57,305,000 59,086,045 
Participating VRDN:   
Series XF 05 20, 0.14% 1/7/22 (Liquidity Facility Royal Bank of Canada) (a)(f)(g) 2,910,000 2,910,000 
Series XG 02 90, 0.14% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 2,140,000 2,140,000 
Series XM 08 89, 0.15% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 1,635,000 1,635,000 
Series XM 09 35, 0.26% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 790,000 790,000 
Series ZF 02 18, 0.26% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 8,100,000 8,100,000 
New York Thruway Auth. Gen. Rev. Participating VRDN:   
Series XF 09 18, 0.15% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 3,200,000 3,200,000 
Series XM 08 30, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 4,200,000 4,200,000 
Series XM 08 80, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 3,000,000 3,000,000 
New York Trans. Dev. Corp. Participating VRDN Series XL 01 68, 0.21% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(f)(g) 500,000 500,000 
Oneida County Indl. Dev. Agcy. Rev. (Mohawk Valley Cmnty. College Dorm. Corp. Proj.) Series 2004 A, 0.2% 1/7/22, LOC Manufacturers & Traders Trust Co., VRDN (a) 1,000,000 1,000,000 
Putnam County Indl. Dev. Agcy. Rev. Series 2006 A, 0.28% 1/7/22, LOC Citizens Bank NA, VRDN (a) 2,010,000 2,010,000 
Rockland County Indl. Dev. Agcy. Participating VRDN Series XF 11 32, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 2,400,000 2,400,000 
Triborough Bridge & Tunnel Auth. Revs. Participating VRDN:   
Series Floaters XF 25 87, 0.15% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(f)(g) 600,000 600,000 
Series RBC 16 ZM 0138, 0.21% 1/7/22 (Liquidity Facility Royal Bank of Canada) (a)(f)(g) 4,900,000 4,900,000 
Series ZF 09 60, 0.17% 1/7/22 (Liquidity Facility Bank of America NA) (a)(f)(g) 2,145,000 2,145,000 
TOTAL NEW YORK  211,650,795 
North Carolina - 1.6%   
Charlotte Ctfs. of Prtn. Participating VRDN Series 2021 XG 03 31, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 665,000 665,000 
Hertford County Indl. Facilities Poll. Cont. Fing. Auth.:   
(Nucor Corp. Proj.) Series 2000 A, 0.17% 1/7/22, VRDN (a)(b) 18,900,000 18,900,000 
Series 2000 B, 0.17% 1/7/22, VRDN (a)(b) 16,300,000 16,300,000 
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Participating VRDN Series XG 01 35, 0.19% 1/1/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 7,725,000 7,725,000 
TOTAL NORTH CAROLINA  43,590,000 
Ohio - 0.7%   
Columbus Gen. Oblig. Participating VRDN Series DB 80 75, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 1,670,000 1,670,000 
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series XG 00 69, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 650,000 650,000 
Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev. Participating VRDN Series XF 10 92, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 12,200,000 12,200,000 
Ohio Tpk. Commission Tpk. Rev. Participating VRDN Series Floaters XL 00 57, 0.17% 1/7/22 (Liquidity Facility Cr. Suisse AG) (a)(f)(g) 1,900,000 1,900,000 
Whitehall Spl. Oblig. Nontax Rev. BAN Series 2021 A, 1.5% 12/7/22 3,100,000 3,135,178 
TOTAL OHIO  19,555,178 
Oklahoma - 0.4%   
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Series 2020 B, 0.21% 1/7/22, VRDN (a) 12,115,000 12,115,000 
Oregon - 0.0%   
Oregon St Hsg. & Cmnty. Svcs. Dep Participating VRDN Series 2021 XF 11 23, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 1,065,000 1,065,000 
Pennsylvania - 0.7%   
Pennsylvania Hsg. Fin. Agcy. Multifamily Hsg. Dev. Rev. Participating VRDN Series XF 10 95, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 6,550,000 6,550,000 
Pennsylvania Tpk. Commission Tpk. Rev. Participating VRDN Series 2021 XL 01 80, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 1,900,000 1,900,000 
Philadelphia Auth. Indl. Mrf Participating VRDN Series MIZ 90 51, 0.35% 2/4/22 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(f)(g) 2,430,000 2,430,000 
Philadelphia Auth. for Indl. Dev. Series 2017 B, 0.2% 1/6/25, VRDN (a) 4,700,000 4,700,000 
Philadelphia Gas Works Rev. Participating VRDN Series YX 11 52, 0.18% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 4,985,000 4,985,000 
TOTAL PENNSYLVANIA  20,565,000 
South Carolina - 0.9%   
Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1995, 0.18% 1/7/22, VRDN (a)(b) 1,200,000 1,200,000 
Greenville Hosp. Sys. Facilities Rev. Participating VRDN Series XF 01 45, 0.25% 1/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(f)(g) 3,100,000 3,100,000 
South Carolina Pub. Svc. Auth. Rev. Participating VRDN:   
Series 2021 XL 01 85, 0.18% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 1,100,000 1,100,000 
Series Floaters XG 02 09, 0.14% 1/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(f)(g) 4,625,000 4,625,000 
Series Floaters XM 03 84, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 8,800,000 8,800,000 
Series XL 01 54, 0.18% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 2,810,000 2,810,000 
Series YX 11 57, 0.18% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 2,790,000 2,790,000 
TOTAL SOUTH CAROLINA  24,425,000 
South Dakota - 0.6%   
South Dakota Health & Edl. Facilities Auth. Rev. Participating VRDN:   
Series XG 03 02, 0.17% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 1,600,000 1,600,000 
Series XM 08 97, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 13,720,000 13,720,000 
TOTAL SOUTH DAKOTA  15,320,000 
Tennessee - 0.2%   
Metropolitan Govt. Nashville & Davidson County Health & Edl. Facilities Board Participating VRDN Series XF 10 97, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 5,800,000 5,800,000 
Texas - 5.4%   
Austin Affordable Pfc, Inc. Multifamily Hsg. Rev. Participating VRDN Series XF 11 19, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 1,500,000 1,500,000 
Calhoun County Navigation Indl. Dev. Auth. Port Rev. (B P Chemicals, Inc. Proj.) Series 1998, 0.14% 1/7/22, VRDN (a)(b) 4,500,000 4,500,000 
Cap. Area Hsg. Fin. Corp. Multi-family Hsg. Rev. Participating VRDN Series XF 11 31, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 2,580,000 2,580,000 
Harris County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series 2021 XG 03 28, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 8,000,000 8,000,000 
Hurst Participating VRDN Series XF 10 94, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 3,780,000 3,780,000 
Lamar Consolidated Independent School District Participating VRDN Series XF 11 18, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 1,440,000 1,440,000 
Lower Colorado River Auth. Rev. TRAN (LCRA Transmission Svcs. Corp. Proj.) Series 2012 A, 5% 5/15/22 2,765,000 2,813,880 
Mission Econ. Dev. Corp. Idr (CMI Proj.) Series 2007, 0.26% 1/7/22, LOC Wells Fargo Bank NA, VRDN (a)(b) 530,000 530,000 
North Central Texas Hsg. Fin. Corp. Mu Participating VRDN Series XF 10 99, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 1,100,000 1,100,000 
North Texas Tollway Auth. Rev. Participating VRDN:   
Series 2021 XF 12 25, 0.18% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 1,000,000 1,000,000 
Series XF 12 21, 0.18% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 3,735,000 3,735,000 
Series XM0085, 0.18% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 9,100,000 9,100,000 
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.):   
Series 2004, 0.23% 1/7/22, VRDN (a)(b) 89,185,000 89,185,000 
Series 2010 D, 0.2% 1/7/22, VRDN (a) 9,945,000 9,945,000 
Texas Dept. of Hsg. & Cmnty. Affairs Residential Mtg. Rev. Participating VRDN Series XF 10 98, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 2,900,000 2,900,000 
Texas Private Activity Bond Surface Trans. Corp. Participating VRDN Series XM 07 56, 0.29% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(f)(g) 4,100,000 4,100,000 
Trinity Riv Pub. Facilities Corp. Tex M Participating VRDN Series XF 10 83, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 3,500,000 3,500,000 
Waco Edl. Fin. Corp. Rev. Participating VRDN Series 2021 XF 11 13, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 640,000 640,000 
TOTAL TEXAS  150,348,880 
Utah - 1.3%   
Salt Lake City Arpt. Rev. Participating VRDN:   
Series 17 XM 0493, 0.22% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(f)(g) 12,300,000 12,300,000 
Series 2021 XG 03 43, 0.2% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(f)(g) 5,200,000 5,200,000 
Series Floaters XM 06 99, 0.22% 1/7/22 (Liquidity Facility Cr. Suisse AG) (a)(b)(f)(g) 8,100,000 8,100,000 
Series XM 08 82, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 2,700,000 2,700,000 
Utah Hsg. Corp. Multi-family Hsg. Rev. Participating VRDN Series 2021 XF 11 00, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 6,300,000 6,300,000 
TOTAL UTAH  34,600,000 
Virginia - 0.2%   
Virginia Commonwealth Trans. Board Rev. Participating VRDN Series DB 80 80, 0.15% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 5,725,000 5,725,000 
Washington - 0.5%   
Seattle Hsg. Auth. Rev. (Douglas Apts. Proj.) Series 2008, 0.26% 1/7/22, LOC KeyBank NA, VRDN (a) 1,000,000 1,000,000 
Washington Econ. Dev. Fin. Auth. Rev. Participating VRDN Series Floaters 005, 0.28% 2/11/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(f)(g) 9,510,000 9,510,000 
Washington Health Care Facilities Auth. Rev. Participating VRDN Series XM 08 83, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 3,000,000 3,000,000 
TOTAL WASHINGTON  13,510,000 
West Virginia - 0.0%   
West Virginia Hosp. Fin. Auth. Hosp. Rev. Series 2018 E, 0.21% 1/6/25, VRDN (a) 1,225,000 1,225,000 
Wisconsin - 0.2%   
Pub. Fin. Auth. Hosp. Rev. Participating VRDN Series XM 09 14, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 1,950,000 1,950,000 
Wisconsin Ctr. District Tax Rev. Participating VRDN Series 2021 XF 12 22, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 400,000 400,000 
Wisconsin Health & Edl. Facilities Participating VRDN Series Floaters XG 00 72, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 4,200,000 4,200,000 
TOTAL WISCONSIN  6,550,000 
TOTAL MUNICIPAL NOTES   
(Cost $1,248,088,450)  1,248,439,008 
 Shares Value 
Money Market Funds - 4.0%   
Fidelity Municipal Cash Central Fund 0.11% (i)(j)   
(Cost $111,287,323) 111,266,969 111,289,220 
TOTAL INVESTMENT IN SECURITIES - 100.7%   
(Cost $2,780,149,178)  2,781,941,082 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (20,559,271) 
NET ASSETS - 100%  $2,761,381,811 

Security Type Abbreviations

BAN – BOND ANTICIPATION NOTE

CP – COMMERCIAL PAPER

TRAN – TAX AND REVENUE ANTICIPATION NOTE

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

Legend

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

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

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

 (d) Security 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 $35,052,878 or 1.3% of net assets.

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

 (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 $9,700,000 or 0.4% 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) 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.

Additional information on each restricted holding is as follows:

Security Acquisition Date Cost 
River Islands Pub. Fing. Auth. Participating VRDN Series MIZ 90 26, 0.35% 2/4/22 (Liquidity Facility Mizuho Cap. Markets Llc) 8/14/20 $9,700,000 

Affiliated Central Funds

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

Fund 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 0.11% $403,565,000 $1,070,398,793 $1,362,689,000 $95,210 $12,530 $1,897 $111,289,220 8.1% 
Total $403,565,000 $1,070,398,793 $1,362,689,000 $95,210 $12,530 $1,897 $111,289,220  

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2021, 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 Total Level 1 Level 2 Level 3 
Investments in Securities:     
Municipal Securities $2,670,651,862 $-- $2,670,651,862 $-- 
Money Market Funds 111,289,220 111,289,220 -- -- 
Total Investments in Securities: $2,781,941,082 $111,289,220 $2,670,651,862 $-- 

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

Synthetics 27.1% 
Transportation 15.4% 
General Obligations 13.5% 
Industrial Development 11.1% 
Health Care 6.1% 
Electric Utilities 5.6% 
State G.O. 5.5% 
Others* (Individually Less Than 5%) 15.7% 
 100.0% 

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  December 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $2,668,861,855) 		$2,670,651,862  
Fidelity Central Funds (cost $111,287,323) 111,289,220  
Total Investment in Securities (cost $2,780,149,178)  $2,781,941,082 
Cash  1,096,356 
Receivable for fund shares sold  3,416,896 
Interest receivable  14,236,089 
Distributions receivable from Fidelity Central Funds  11,084 
Receivable from investment adviser for expense reductions  213,932 
Other receivables  2,118 
Total assets  2,800,917,557 
Liabilities   
Payable for investments purchased   
Regular delivery $17,600,000  
Delayed delivery 17,384,940  
Payable for fund shares redeemed 3,486,031  
Distributions payable 238,816  
Accrued management fee 700,785  
Other affiliated payables 125,174  
Total liabilities  39,535,746 
Net Assets  $2,761,381,811 
Net Assets consist of:   
Paid in capital  $2,760,705,744 
Total accumulated earnings (loss)  676,067 
Net Assets  $2,761,381,811 
Net Asset Value and Maximum Offering Price   
Conservative Income Municipal Bond:   
Net Asset Value, offering price and redemption price per share ($180,804,540 ÷ 18,008,439 shares)  $10.04 
Institutional Class:   
Net Asset Value, offering price and redemption price per share ($2,580,577,271 ÷ 257,022,660 shares)  $10.04 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended December 31, 2021 
Investment Income   
Interest  $15,269,813 
Income from Fidelity Central Funds  91,443 
Total income  15,361,256 
Expenses   
Management fee $9,181,076  
Transfer agent fees 1,649,192  
Independent trustees' fees and expenses 9,278  
Total expenses before reductions 10,839,546  
Expense reductions (2,956,153)  
Total expenses after reductions  7,883,393 
Net investment income (loss)  7,477,863 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 143,520  
Fidelity Central Funds 12,530  
Capital gain distributions from Fidelity Central Funds 3,767  
Total net realized gain (loss)  159,817 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (4,129,627)  
Fidelity Central Funds 1,897  
Total change in net unrealized appreciation (depreciation)  (4,127,730) 
Net gain (loss)  (3,967,913) 
Net increase (decrease) in net assets resulting from operations  $3,509,950 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended December 31, 2021 Year ended December 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $7,477,863 $20,193,752 
Net realized gain (loss) 159,817 (1,292,252) 
Change in net unrealized appreciation (depreciation) (4,127,730) 721,894 
Net increase (decrease) in net assets resulting from operations 3,509,950 19,623,394 
Distributions to shareholders (7,476,045) (20,438,482) 
Share transactions - net increase (decrease) (674,382,489) 1,100,307,330 
Total increase (decrease) in net assets (678,348,584) 1,099,492,242 
Net Assets   
Beginning of period 3,439,730,395 2,340,238,153 
End of period $2,761,381,811 $3,439,730,395 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Conservative Income Municipal Bond Fund

Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $10.05 $10.05 $10.02 $10.01 $10.00 
Income from Investment Operations      
Net investment income (loss)A .015 .071 .147 .134 .090 
Net realized and unrealized gain (loss) (.010) .007 .032 .011 .010 
Total from investment operations .005 .078 .179 .145 .100 
Distributions from net investment income (.015) (.077) (.148) (.134) (.088) 
Distributions from net realized gain – (.001) (.001) (.001) (.002) 
Total distributions (.015) (.078) (.149) (.135) (.090) 
Net asset value, end of period $10.04 $10.05 $10.05 $10.02 $10.01 
Total ReturnB .05% .78% 1.79% 1.45% 1.00% 
Ratios to Average Net AssetsC,D      
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) .15% .71% 1.46% 1.34% .90% 
Supplemental Data      
Net assets, end of period (000 omitted) $180,805 $264,227 $231,598 $251,811 $234,599 
Portfolio turnover rateE 56% 41% 63% 45%F 33% 

 A Calculated based on average shares outstanding during the period.

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

 C 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.

 D 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.

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

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

See accompanying notes which are an integral part of the financial statements.


Fidelity Conservative Income Municipal Bond Fund Institutional Class

Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $10.06 $10.06 $10.02 $10.01 $10.00 
Income from Investment Operations      
Net investment income (loss)A .025 .081 .157 .144 .099 
Net realized and unrealized gain (loss) (.020) .007 .042 .011 .011 
Total from investment operations .005 .088 .199 .155 .110 
Distributions from net investment income (.025) (.087) (.158) (.144) (.098) 
Distributions from net realized gain – (.001) (.001) (.001) (.002) 
Total distributions (.025) (.088) (.159) (.145) (.100) 
Net asset value, end of period $10.04 $10.06 $10.06 $10.02 $10.01 
Total ReturnB .05% .88% 2.00% 1.56% 1.11% 
Ratios to Average Net AssetsC,D      
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) .25% .81% 1.56% 1.44% 1.00% 
Supplemental Data      
Net assets, end of period (000 omitted) $2,580,577 $3,175,503 $2,108,640 $1,607,689 $1,689,234 
Portfolio turnover rateE 56% 41% 63% 45%F 33% 

 A Calculated based on average shares outstanding during the period.

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

 C 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.

 D 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.

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

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

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended December 31, 2021

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 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.

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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (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, 2021 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.

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, 2021, 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 $3,084,996 
Gross unrealized depreciation (1,289,486) 
Net unrealized appreciation (depreciation) $1,795,510 
Tax Cost $2,780,145,572 

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

Capital loss carryforward $(1,117,344) 
Net unrealized appreciation (depreciation) on securities and other investments $1,795,510 

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.

No expiration  
Short-term $(1,019,072) 
Long-term (98,272) 
Total capital loss carryforward $(1,117,344) 

The tax character of distributions paid was as follows:

 December 31, 2021 December 31, 2020 
Tax-exempt Income $7,476,045 $20,201,326 
Long-term Capital Gains – 237,156 
Total $7,476,045 $20,438,482 

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 Conservative Income Municipal Bond Fund 1,015,863,958 861,533,722 

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 that is based on an annual rate of .30% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

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 asset-based fees of .10% and .05% of average net assets for Conservative Income Municipal Bond and Institutional Class, respectively. 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 
Conservative Income Municipal Bond $238,025 
Institutional Class 1,411,167 
 $1,649,192 

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 Conservative Income Municipal Bond Fund 94,063,474 75,575,000 – 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

7. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through April 30, 2023. Some expenses, for example the compensation of the independent Trustees and certain other expenses such as interest expense are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense Limitations Reimbursement 
Conservative Income Municipal Bond .35% $119,323 
Institutional Class .25% 2,830,854 
  $2,950,177 

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $5,976.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
December 31, 2021 		Year ended
December 31, 2020 
Fidelity Conservative Income Municipal Bond Fund   
Distributions to shareholders   
Conservative Income Municipal Bond $362,605 $1,758,936 
Institutional Class 7,113,440 18,679,546 
Total $7,476,045 $20,438,482 

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, 2021 Year ended December 31, 2020 Year ended December 31, 2021 Year ended December 31, 2020 
Fidelity Conservative Income Municipal Bond Fund     
Conservative Income Municipal Bond     
Shares sold 8,524,530 20,073,421 $85,739,190 $201,356,757 
Reinvestment of distributions 30,330 143,148 304,931 1,435,825 
Shares redeemed (16,825,326) (16,971,434) (169,146,195) (170,250,260) 
Net increase (decrease) (8,270,466) 3,245,135 $(83,102,074) $32,542,322 
Institutional Class     
Shares sold 175,381,338 314,491,779 $1,763,184,354 $3,157,593,496 
Reinvestment of distributions 322,576 957,840 3,243,316 9,608,600 
Shares redeemed (234,491,744) (209,345,916) (2,357,708,085) (2,099,437,088) 
Net increase (decrease) (58,787,830) 106,103,703 $(591,280,415) $1,067,765,008 

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Conservative Income Municipal Bond Fund (one of the funds constituting Fidelity Municipal Trust, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 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, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2022



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

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 286 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.

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. Arthur E. Johnson 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

Chairman of the Independent Trustees

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 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

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. 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 in 1983 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.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

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).

 + 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. 

Advisory Board Members and Officers:

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

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).

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 Vice President, Associate General Counsel (2010-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).

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), and FD Funds Management LLC (2021-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.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

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, 2021 to December 31, 2021).

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, 2021 		Ending
Account Value
December 31, 2021 		Expenses Paid
During Period-B
July 1, 2021
to December 31, 2021 
Fidelity Conservative Income Municipal Bond Fund     
Conservative Income Municipal Bond .35%    
Actual  $1,000.00 $999.60 $1.76 
Hypothetical-C  $1,000.00 $1,023.44 $1.79 
Institutional Class .25%    
Actual  $1,000.00 $1,000.10 $1.26 
Hypothetical-C  $1,000.00 $1,023.95 $1.28 

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

 B 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.

 C 5% return per year before expenses

Distributions (Unaudited)

During fiscal year ended 2021, 100% of the fund's income dividends were free from federal income tax, and 31.50% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Conservative Income Municipal Bond 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 of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. 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 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 2021 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 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 during 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, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated 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 and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) 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.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

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 reviews 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 fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

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 "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for 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. Because the vast majority of competitor funds' management fees do not cover expenses beyond portfolio management, in prior years, the fund was compared on the basis of a hypothetical "net management fee," which was derived by subtracting payments made by Fidelity for "fund-level" expenses beyond portfolio management (including pricing and bookkeeping fees and fees paid to non-affiliated custodians) from the fund's management fee. Given the fund's competitive management fee rate, Fidelity no longer calculates a hypothetical net management fee for the fund and, as a result, the chart does not include a hypothetical net management fee for periods after 2016.


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 2020.

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-level" expenses, such as pricing and bookkeeping fees and custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also considered other "class-level" expenses, such as transfer agent 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. 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 expense ratio of the retail class ranked below the similar sales load structure group competitive median for 2020 and below the ASPG competitive median for 2020.

The Board further considered that FMR has contractually agreed to reimburse Institutional Class 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 0.25% and 0.35% through April 30, 2022.

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 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 fee, 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 continued waiver of money market fund fees; (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 of certain funds and classes, total expense competitive trends and methodologies for total expense 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.





Fidelity Investments

CMB-ANN-0322
1.967792.108

Fidelity® Michigan Municipal Income Fund

Fidelity® Michigan Municipal Money Market Fund



Annual Report

December 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Fidelity® Michigan Municipal Income Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Michigan Municipal Money Market Fund

Investment Summary/Performance

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


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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Fidelity® Michigan Municipal Income Fund

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

For the periods ended December 31, 2021 Past 1 year Past 5 years Past 10 years 
Fidelity® Michigan Municipal Income Fund 1.54% 4.03% 3.58% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Michigan Municipal Income Fund on December 31, 2011.

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.


Period Ending Values
$14,215Fidelity® Michigan Municipal Income Fund
$14,414Bloomberg Municipal Bond Index

Fidelity® Michigan Municipal Income Fund

Management's Discussion of Fund Performance

Market Recap:  Tax-exempt municipal bonds posted a modest gain in 2021, driven by robust investor demand and an improved fiscal outlook for many municipal issuers. The Bloomberg Municipal Bond Index rose 1.52% for the 12 months. The muni market rallied early in 2021 amid economic optimism due to the rollout of COVID-19 vaccination programs and an easing of credit concerns that had been triggered by the economic shutdowns caused by COVID-19. Also, investor demand for tax-exempt munis increased due to the Biden administration’s plan to push for higher tax rates on upper-income tax brackets. Tax collection took less of a hit than originally feared, and a large aid package from the U.S. Congress for muni issuers helped fill budget gaps. In February, the municipal market declined, reflecting investor concerns that stimulus-induced inflation could diminish real bond returns over time. Munis then gained from March through July, propelled by better-than-expected tax revenue from many state and local governments and reduced inflation expectations. Munis lost slight ground in August and September, then gained in the fourth quarter, partly due to newfound clarity regarding infrastructure investment due to the passage of the Infrastructure Investment and Jobs Act (IIJA), which earmarked $550 for new infrastructure spending. Notably, by period end, the Fed had accelerated its plans to tighten monetary policy, heralding a swifter end to its pandemic-era bond-buying program and the prospects for three quarter-point rate hikes in 2022.

Comments from Co-Portfolio Managers Cormac Cullen, Michael Maka and Elizah McLaughlin:  For the year, the fund gained 1.54%, roughly in line, net of fees, with the 1.45% advance of the state-specific Bloomberg Michigan Enhanced Municipal Bond Index and the 1.52% return of the benchmark, the broadly based Bloomberg Municipal Bond Index. We continued to focus on longer-term objectives and sought to generate attractive tax-exempt income and competitive risk-adjusted returns over time. Versus the state index, larger exposure to lower-quality investment-grade munis contributed to the fund's relative performance. These securities (rated BBB and A) typically outpaced higher-quality bonds amid strong investor demand for higher-yielding securities. Overweighting muni bonds in the health care, airports, and higher-education segments provided a small boost to the fund's relative result as well. While there were no notable relative detractors from the perspective of sector allocation, credit-quality positioning or interest-rate exposure, underweighting bonds issued by certain lower-quality public-private partnership securities modestly detracted from the fund's return versus the state index.

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.

Fidelity® Michigan Municipal Income Fund

Investment Summary (Unaudited)

Top Five Sectors as of December 31, 2021

 % of fund's net assets 
Health Care 26.5 
General Obligations 24.5 
Education 11.4 
Water & Sewer 9.1 
Transportation 9.1 

Quality Diversification (% of fund's net assets)

As of December 31, 2021 
   AAA 3.0% 
   AA,A 86.5% 
   BBB 1.2% 
   BB and Below 1.5% 
   Not Rated 1.6% 
   Short-Term Investments and Net Other Assets 6.2% 


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.

Fidelity® Michigan Municipal Income Fund

Schedule of Investments December 31, 2021

Showing Percentage of Net Assets

Municipal Bonds - 98.3%   
 Principal Amount Value 
Guam - 0.3%   
Guam Int'l. Arpt. Auth. Rev. Series 2013 C:   
6.25% 10/1/34 (a) $600,000 $647,577 
6.25% 10/1/34 (Pre-Refunded to 10/1/23 @ 100) (a) 400,000 439,967 
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/23 (FSA Insured) 1,175,000 1,213,069 
TOTAL GUAM  2,300,613 
Michigan - 97.6%   
Battle Creek School District Series 2016:   
5% 5/1/36 1,500,000 1,750,381 
5% 5/1/37 1,175,000 1,368,422 
Bay City School District Rev. Series 2014:   
5% 11/1/26 1,000,000 1,105,053 
5% 11/1/27 700,000 772,849 
5% 11/1/28 250,000 275,895 
Bloomfield Hills Schools District Series 2020, 4% 5/1/50 1,500,000 1,763,238 
Chippewa Valley Schools Series 2016 A:   
5% 5/1/32 1,000,000 1,164,971 
5% 5/1/33 1,000,000 1,163,733 
5% 5/1/34 1,075,000 1,249,241 
5% 5/1/35 775,000 899,022 
Clarkston Cmnty. Schools Series 2016:   
5% 5/1/28 1,745,000 2,001,448 
5% 5/1/29 1,500,000 1,719,907 
Detroit Downtown Dev. Auth. Tax:   
Series 1, 5% 7/1/22 (FSA Insured) 500,000 511,601 
Series A:   
5% 7/1/29 (FSA Insured) 1,340,000 1,476,238 
5% 7/1/31 (FSA Insured) 1,775,000 1,954,537 
5% 7/1/33 (FSA Insured) 2,000,000 2,201,252 
5% 7/1/34 (FSA Insured) 1,750,000 1,925,639 
5% 7/1/35 (FSA Insured) 2,750,000 3,024,571 
5% 7/1/37 (FSA Insured) 2,000,000 2,198,646 
Detroit Gen. Oblig.:   
Series 2018:   
5% 4/1/22 725,000 731,987 
5% 4/1/23 310,000 324,974 
Series 2020:   
5.5% 4/1/35 690,000 868,214 
5.5% 4/1/36 435,000 546,160 
5.5% 4/1/37 465,000 582,645 
5.5% 4/1/38 490,000 612,986 
Series 2021 A:   
5% 4/1/37 1,875,000 2,309,102 
5% 4/1/39 1,210,000 1,484,529 
Detroit Swr. Disp. Rev.:   
Series 2001 B, 5.5% 7/1/29 (Assured Guaranty Corp. Insured) (FGIC Insured) 25,000 30,267 
Series 2006, 5% 7/1/36 10,000 10,037 
Detroit/Wayne Co. Stadium Auth. Series 2012:   
5% 10/1/22 (FSA Insured) 2,645,000 2,737,352 
5% 10/1/26 (FSA Insured) 4,850,000 5,019,340 
Downriver Util. Wastewtr. Auth. Swr. Sys. Rev. Series 2018:   
5% 4/1/33 (FSA Insured) 735,000 908,683 
5% 4/1/34 (FSA Insured) 520,000 641,699 
5% 4/1/35 (FSA Insured) 500,000 615,475 
Farmington Pub. School District Gen. Oblig.:   
Series 2015:   
5% 5/1/26 (FSA Insured) 1,385,000 1,592,506 
5% 5/1/27 (FSA Insured) 1,425,000 1,635,949 
Series 2020, 4% 5/1/40 3,000,000 3,562,446 
Fitzgerald Pub. School District Series 2019, 5% 5/1/37 1,260,000 1,579,168 
Flint Hosp. Bldg. Auth. Rev. Series 2020:   
4% 7/1/38 1,800,000 2,072,460 
4% 7/1/41 1,395,000 1,597,065 
Fraser Pub. School District Series 2006 B, 5% 5/1/29 1,455,000 1,666,233 
Gerald R. Ford Int'l. Arpt. Auth. Rev. Series 2021:   
5% 1/1/26 (a) 225,000 263,641 
5% 1/1/27 (a) 325,000 392,090 
5% 1/1/28 (a) 235,000 290,691 
5% 1/1/29 (a) 525,000 665,354 
5% 1/1/30 (a) 425,000 550,027 
5% 1/1/31 (a) 725,000 958,452 
5% 1/1/32 (a) 725,000 977,756 
5% 1/1/33 (a) 1,000,000 1,345,658 
5% 1/1/34 (a) 1,000,000 1,343,260 
5% 1/1/35 (a) 850,000 1,139,093 
5% 1/1/36 (a) 600,000 801,685 
5% 1/1/37 (a) 700,000 933,024 
5% 1/1/38 (a) 1,170,000 1,556,479 
5% 1/1/39 (a) 1,000,000 1,327,473 
5% 1/1/40 (a) 1,000,000 1,325,077 
5% 1/1/41 (a) 1,100,000 1,454,025 
5% 1/1/46 (a) 2,000,000 2,619,374 
5% 1/1/51 (a) 3,000,000 3,909,560 
Grand Rapids Pub. Schools:   
Series 2017, 5% 5/1/29 (FSA Insured) 480,000 575,881 
Series 2019:   
5% 11/1/39 (FSA Insured) 1,200,000 1,490,780 
5% 11/1/41 (FSA Insured) 1,300,000 1,609,757 
5% 11/1/42 (FSA Insured) 1,400,000 1,728,953 
Grand Rapids San. Swr. Sys. Rev.:   
Series 2018:   
5% 1/1/31 475,000 585,549 
5% 1/1/33 250,000 306,876 
5% 1/1/34 550,000 673,996 
5% 1/1/35 400,000 488,661 
5% 1/1/38 655,000 795,154 
Series 2016, 5% 1/1/37 1,250,000 1,452,321 
Grand Rapids Wtr. Supply Sys. Series 2016:   
5% 1/1/31 250,000 291,750 
5% 1/1/32 320,000 373,165 
5% 1/1/33 550,000 640,670 
5% 1/1/34 500,000 581,570 
5% 1/1/35 920,000 1,068,122 
5% 1/1/36 385,000 446,164 
5% 1/1/46 800,000 913,238 
Grand Traverse County Hosp. Fin. Auth.:   
Series 2014 A, 5% 7/1/47 1,400,000 1,541,972 
Series 2019 A:   
5% 7/1/44 1,110,000 1,346,364 
5% 7/1/49 2,615,000 3,156,558 
Series 2021:   
4% 7/1/22 500,000 509,346 
5% 7/1/23 425,000 454,622 
Grand Valley Michigan State Univ. Rev.:   
Series 2014 B:   
5% 12/1/25 500,000 562,606 
5% 12/1/26 1,900,000 2,133,230 
5% 12/1/28 1,800,000 2,019,719 
Series 2018:   
5% 12/1/34 1,075,000 1,329,965 
5% 12/1/35 1,225,000 1,513,946 
5% 12/1/37 1,375,000 1,694,206 
5% 12/1/38 875,000 1,076,618 
5% 12/1/43 1,400,000 1,713,922 
Grandville Pub. Schools District Series 2020:   
4% 5/1/39 (FSA Insured) 1,000,000 1,178,258 
4% 5/1/40 (FSA Insured) 1,300,000 1,530,417 
Great Lakes Wtr. Auth. Sew Disp. Sys.:   
Series 2016 B:   
5% 7/1/27 15,000 17,920 
5% 7/1/30 2,000,000 2,373,686 
Series 2016 C, 5% 7/1/31 7,000,000 8,280,682 
Series 2018 A:   
5% 7/1/43 10,000,000 12,155,223 
5% 7/1/48 5,000,000 6,043,270 
Series 2018 B:   
5% 7/1/28 1,125,000 1,413,096 
5% 7/1/29 15,000 19,217 
Great Lakes Wtr. Auth. Wtr. Supply Sys. Rev.:   
Series 2016 C, 5.25% 7/1/35 2,000,000 2,391,810 
Series 2020 B:   
5% 7/1/45 1,850,000 2,318,765 
5% 7/1/49 1,300,000 1,619,784 
Grosse Pointe Pub. School Sys. Series 2019:   
5% 5/1/38 1,000,000 1,251,455 
5% 5/1/39 1,000,000 1,247,819 
Hudsonville Pub. Schools:   
Series 2013:   
4% 5/1/25 500,000 524,003 
5% 5/1/22 600,000 609,361 
Series 2017:   
5% 5/1/31 430,000 522,603 
5% 5/1/32 1,200,000 1,456,490 
5% 5/1/34 1,000,000 1,213,223 
5% 5/1/35 1,000,000 1,211,802 
Ingham, Eaton and Clinton Counties Lansing School District Series II:   
4% 5/1/22 345,000 349,308 
5% 5/1/23 430,000 456,452 
5% 5/1/24 355,000 392,119 
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016:   
4% 5/15/36 1,985,000 2,190,664 
4% 5/15/36 (Pre-Refunded to 5/15/26 @ 100) 15,000 17,164 
5% 5/15/28 775,000 916,254 
5% 5/15/28 (Pre-Refunded to 5/15/26 @ 100) 5,000 5,936 
5% 5/15/30 4,970,000 5,866,460 
5% 5/15/30 (Pre-Refunded to 5/15/26 @ 100) 30,000 35,616 
Kentwood Econ. Dev. Corp.:   
Series 2021, 4% 11/15/45 500,000 551,940 
Series 2022:   
4% 11/15/31 (b) 1,000,000 1,106,015 
4% 11/15/43 (b) 2,250,000 2,467,892 
Lansing Board of Wtr. & Lt. Util. Rev.:   
Bonds Series 2021 B, 2%, tender 7/1/26 (c) 2,000,000 2,119,273 
Series 2019 A:   
5% 7/1/22 230,000 235,429 
5% 7/1/23 340,000 363,645 
5% 7/1/24 375,000 417,462 
5% 7/1/25 375,000 433,022 
Lansing Cmnty. College:   
Series 2012:   
5% 5/1/23 1,135,000 1,152,490 
5% 5/1/25 350,000 355,495 
Series 2019, 5% 5/1/44 3,000,000 3,685,924 
Lincoln Consolidated School District Series 2016 A:   
5% 5/1/28 2,025,000 2,395,060 
5% 5/1/29 1,430,000 1,684,633 
5% 5/1/31 500,000 585,079 
5% 5/1/32 1,000,000 1,169,232 
Lowell Area Schools Series I:   
5% 5/1/47 1,500,000 1,866,119 
5% 5/1/49 1,750,000 2,175,331 
Macomb Interceptor Drain Drainage District Series 2017 A:   
5% 5/1/33 2,100,000 2,547,027 
5% 5/1/34 1,750,000 2,123,141 
Marquette Board Lt. & Pwr. Elec. Util. Sys. Rev. Series 2016 A:   
5% 7/1/29 780,000 924,895 
5% 7/1/30 900,000 1,066,700 
5% 7/1/31 780,000 924,196 
5% 7/1/32 1,000,000 1,185,596 
5% 7/1/33 705,000 836,046 
Michigan Bldg. Auth. Rev.:   
(Facilities Prog.):   
Series 2015 1, 5% 10/15/50 7,250,000 8,235,361 
Series I, 3% 10/15/45 6,000,000 6,474,513 
Series 2021 I, 4% 10/15/56 2,500,000 2,956,851 
Series I, 5% 4/15/38 3,000,000 3,455,722 
Michigan Fin. Auth. Rev.:   
(Charter County of Wayne Criminal Justice Ctr. Proj.) Series 2018:   
5% 11/1/30 1,000,000 1,265,661 
5% 11/1/31 750,000 945,406 
5% 11/1/32 1,000,000 1,258,331 
5% 11/1/33 3,250,000 4,076,819 
5% 11/1/35 1,000,000 1,249,493 
5% 11/1/36 1,250,000 1,559,811 
5% 11/1/37 1,500,000 1,868,485 
5% 11/1/38 1,595,000 1,984,058 
(Detroit Wtr. And Sewerage Dept. Sewage Disp. Sys. Rev. And Rev. Rfdg. Local Proj. Bonds):   
Series 2014 C, 5% 7/1/25 (FSA Insured) 1,850,000 2,063,888 
Series 2014 C3, 5% 7/1/30 (FSA Insured) 6,000,000 6,676,218 
(Detroit Wtr. And Sewerage Dept. Wtr. Supply Sys. Rev. Rfdg. Local Proj. Bonds) Series 2015, 5% 7/1/30 10,000 11,469 
(Henry Ford Health Sys. Proj.) Series 2016, 5% 11/15/24 2,940,000 3,318,559 
(Holland Cmnty. Hosp. Proj.) Series 2013 A:   
5% 1/1/33 1,250,000 1,304,279 
5% 1/1/40 3,000,000 3,130,269 
(Kalamazoo College Proj.) Series 2018:   
4% 12/1/36 790,000 918,248 
4% 12/1/47 2,610,000 2,982,788 
(Local Govt. Ln. Prog.) Series 2014 D, 5% 7/1/37 (FSA Insured) 1,000,000 1,104,023 
(Trinity Health Proj.) Series 2017:   
5% 12/1/30 710,000 876,028 
5% 12/1/37 3,270,000 4,009,020 
5% 12/1/42 2,120,000 2,587,761 
Bonds:   
Series 2015 D2, 1.2%, tender 4/13/28 (c) 3,000,000 3,017,342 
Series 2016 E1, 4%, tender 8/15/24 (c) 1,355,000 1,476,998 
Series 2019 B, 3.5%, tender 11/15/22 (c) 5,000,000 5,135,205 
Series 2019 MI2, 5%, tender 2/1/25 (c) 5,000,000 5,674,559 
Series 2012 A, 5% 6/1/27 (Pre-Refunded to 6/1/22 @ 100) 125,000 127,451 
Series 2012:   
5% 11/15/24 660,000 686,671 
5% 11/15/25 1,000,000 1,040,144 
5% 11/15/26 800,000 831,902 
5% 11/1/42 2,000,000 2,072,991 
5% 11/15/42 3,120,000 3,236,932 
Series 2013, 5% 8/15/30 4,105,000 4,409,966 
Series 2014 H1:   
5% 10/1/22 755,000 757,719 
5% 10/1/25 2,250,000 2,529,342 
5% 10/1/39 4,725,000 5,277,797 
Series 2015 C:   
5% 7/1/26 570,000 657,550 
5% 7/1/27 1,465,000 1,686,720 
5% 7/1/28 1,500,000 1,723,085 
5% 7/1/35 2,100,000 2,396,674 
Series 2015 D1:   
5% 7/1/34 1,250,000 1,427,056 
5% 7/1/35 505,000 576,343 
Series 2015 D2, 5% 7/1/34 1,000,000 1,141,645 
Series 2016 A, 5% 11/1/44 6,190,000 7,112,291 
Series 2016:   
5% 11/15/28 2,655,000 3,174,382 
5% 1/1/29 1,000,000 1,160,079 
5% 11/15/29 2,950,000 3,522,430 
5% 1/1/30 1,000,000 1,155,355 
5% 1/1/31 1,170,000 1,348,228 
5% 1/1/32 1,895,000 2,180,194 
5% 1/1/33 1,915,000 2,201,043 
5% 1/1/34 2,135,000 2,451,957 
5% 11/15/34 1,135,000 1,348,094 
5% 11/15/41 11,710,000 13,798,794 
Series 2019 A:   
4% 12/1/49 7,000,000 8,116,054 
4% 2/15/50 4,000,000 4,596,616 
4% 11/15/50 8,750,000 9,925,515 
5% 11/15/48 9,865,000 12,206,448 
5% 5/15/54 1,000,000 1,166,321 
Series 2019 MI1, 5% 12/1/48 2,000,000 2,458,774 
Series 2020 A:   
4% 6/1/35 2,000,000 2,389,695 
4% 6/1/37 2,000,000 2,373,298 
4% 6/1/40 2,000,000 2,355,231 
4% 6/1/49 4,250,000 4,852,807 
Series 2020, 4% 11/1/55 2,500,000 2,887,405 
Series 2021, 5% 9/1/38 1,270,000 1,621,176 
Series 2022, 4% 12/1/46 (b) 750,000 852,992 
Michigan Gen. Oblig. Series 2020 A:   
4% 5/15/40 500,000 599,347 
5% 5/15/30 1,100,000 1,451,655 
Michigan Hosp. Fin. Auth. Rev.:   
Bonds (Ascension Health Cr. Group Proj.) Series F5, 2.4%, tender 3/15/23 (c) 3,650,000 3,742,552 
Series 2010 F, 4% 11/15/47 290,000 328,361 
Series 2010 F4, 5% 11/15/47 5,050,000 6,360,934 
Series 2016:   
5% 11/15/46 3,500,000 4,137,038 
5% 11/15/47 18,000,000 21,257,482 
Michigan Hsg. Dev. Auth. Rental Hsg. Rev. Series 2020 A1, 0.65% 10/1/24 475,000 474,385 
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.:   
Series 2019 B, 3.75% 6/1/50 3,285,000 3,584,494 
Series 2020 C, 3% 6/1/51 3,465,000 3,719,051 
Series 2021 A, 3% 6/1/52 3,490,000 3,771,895 
Series A:   
3.5% 12/1/50 2,790,000 3,037,968 
4% 12/1/48 1,335,000 1,444,249 
Series C, 4.25% 6/1/49 2,915,000 3,196,286 
Michigan State Hsg. Dev. Auth. Series 2021 A, 0.55% 4/1/25 2,750,000 2,743,331 
Michigan State Univ. Revs.:   
Series 2019 B, 5% 2/15/48 3,000,000 3,687,105 
Series 2019 C, 4% 2/15/44 1,500,000 1,751,174 
Michigan Strategic Fund Ltd. Oblig. Rev.:   
(Cadillac Place Office Bldg. Proj.) Series 2011, 5.25% 10/15/26 3,585,000 3,598,918 
(I-75 Impt. Proj.) Series 2018:   
4.25% 12/31/38 (FSA Insured) (a) 825,000 966,166 
5% 12/31/26 (a) 335,000 399,628 
(The Detroit Edison Co. Exempt Facilities Proj.) Series 2008 ET2, 1.35% 8/1/29 2,000,000 2,000,000 
(The Detroit Edison Co. Poll. Cont. Bonds Proj.) Series 1995 CC, 1.45% 9/1/30 2,000,000 1,997,390 
Bonds:   
(Consumer Energy Co. Proj.) Series 2019, 1.8%, tender 10/1/24 (a)(c) 6,000,000 6,171,354 
(Graphic Packaging Int'l., LLC Coated Recycled Board Machine Proj.) Series 2021, 4%, tender 10/1/26 (a)(c) 5,000,000 5,572,348 
Series 2020:   
4% 5/15/27 860,000 962,855 
5% 5/15/44 1,500,000 1,728,961 
Michigan Technological Univ. Series 2021, 4% 10/1/46 2,835,000 3,337,596 
Michigan Trunk Line Fund Rev.:   
Series 2020 B:   
4% 11/15/45 6,000,000 7,102,445 
5% 11/15/36 6,000,000 7,867,027 
Series 2021 A, 4% 11/15/41 3,000,000 3,643,392 
Northern Michigan Univ. Revs. Series 2021:   
4% 6/1/39 900,000 1,067,666 
4% 6/1/40 500,000 591,633 
4% 6/1/41 1,385,000 1,634,933 
4% 6/1/46 1,850,000 2,160,866 
5% 6/1/32 375,000 492,289 
5% 6/1/33 365,000 476,746 
5% 6/1/34 375,000 488,870 
5% 6/1/35 375,000 487,591 
5% 6/1/36 400,000 519,323 
5% 6/1/37 675,000 874,337 
Novi Cmnty. School District Series I:   
5% 5/1/43 1,150,000 1,479,141 
5% 5/1/44 1,175,000 1,507,305 
Oakland Macomb Intercepto Series 2020 A, 5% 7/1/29 1,500,000 1,917,969 
Oakland Univ. Rev.:   
Series 2012:   
5% 3/1/24 1,170,000 1,178,605 
5% 3/1/25 1,225,000 1,233,970 
5% 3/1/26 1,290,000 1,299,425 
Series 2013 A:   
5% 3/1/25 995,000 1,047,336 
5% 3/1/26 1,620,000 1,704,627 
5% 3/1/27 815,000 857,184 
5% 3/1/38 2,900,000 3,040,401 
Series 2014:   
5% 3/1/28 335,000 366,496 
5% 3/1/29 525,000 574,359 
5% 3/1/39 3,000,000 3,257,014 
Series 2016:   
5% 3/1/28 1,150,000 1,343,950 
5% 3/1/41 3,475,000 4,026,407 
Portage Pub. Schools:   
Series 2016:   
5% 11/1/32 2,500,000 2,943,996 
5% 11/1/34 1,250,000 1,469,084 
5% 11/1/35 1,300,000 1,525,428 
5% 11/1/39 755,000 879,284 
Series 2019, 4% 11/1/38 2,000,000 2,354,878 
Series 2021, 4% 11/1/42 1,000,000 1,210,410 
Ravenna Pub. Schools Gen. Oblig. Series 2021, 4% 5/1/51 2,140,000 2,506,479 
Rochester Cmnty. School District Series I, 5% 5/1/31 1,500,000 1,768,499 
Rockford Pub. Schools Gen. Oblig. Series 2019 I:   
5% 5/1/42 3,050,000 3,776,161 
5% 5/1/44 3,100,000 3,825,626 
Roseville Cmnty. Schools:   
Series 2014, 5% 5/1/24 780,000 863,477 
Series 2015, 5% 5/1/24 570,000 631,003 
Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D:   
5% 9/1/26 1,000,000 1,097,652 
5% 9/1/27 1,175,000 1,289,206 
5% 9/1/28 1,870,000 2,050,908 
Saginaw City School District Series 2021, 4% 5/1/47 3,000,000 3,512,948 
Saginaw Hosp. Fin. Auth. Hosp. Rev. Series 2020 J:   
4% 7/1/36 770,000 911,099 
4% 7/1/37 820,000 968,159 
4% 7/1/39 1,430,000 1,679,797 
4% 7/1/40 490,000 573,828 
Walled Lake Consolidated School District Series 2020, 5% 5/1/36 1,050,000 1,357,897 
Warren Consolidated School District:   
Series 2016:   
5% 5/1/23 810,000 859,939 
5% 5/1/34 5,630,000 6,603,662 
5% 5/1/35 1,250,000 1,462,698 
Series 2017:   
4% 5/1/23 (FSA Insured) 750,000 786,333 
4% 5/1/24 (FSA Insured) 750,000 807,653 
4% 5/1/25 (FSA Insured) 500,000 552,659 
Series 2018:   
5% 5/1/30 550,000 688,250 
5% 5/1/32 1,100,000 1,371,154 
5% 5/1/34 1,175,000 1,456,588 
5% 5/1/35 1,200,000 1,483,897 
5% 5/1/36 1,000,000 1,231,742 
5% 5/1/37 1,300,000 1,594,194 
5% 5/1/38 800,000 971,635 
Wayne County Arpt. Auth. Rev.:   
Series 2012 A, 5% 12/1/23 2,300,000 2,397,890 
Series 2012 B, 5% 12/1/32 (a) 1,500,000 1,561,587 
Series 2014 C:   
5% 12/1/29 (a) 720,000 807,380 
5% 12/1/31 (a) 860,000 963,313 
5% 12/1/34 (a) 1,655,000 1,850,770 
Series 2015 D, 5% 12/1/40 (FSA Insured) 8,165,000 9,452,182 
Series 2015 G:   
5% 12/1/35 5,435,000 6,296,351 
5% 12/1/36 5,760,000 6,663,231 
Series 2017 A:   
5% 12/1/22 640,000 667,476 
5% 12/1/37 545,000 663,285 
5% 12/1/42 1,455,000 1,774,174 
Series 2017 B, 5% 12/1/47 (a) 450,000 541,766 
Series 2018 B, 5% 12/1/48 (a) 5,000,000 6,081,004 
Series 2018 D:   
5% 12/1/30 (a) 4,365,000 5,388,512 
5% 12/1/31 (a) 2,825,000 3,486,232 
5% 12/1/32 (a) 2,945,000 3,628,203 
Series 2021 A:   
5% 12/1/36 1,000,000 1,318,335 
5% 12/1/37 1,500,000 1,971,126 
5% 12/1/38 1,250,000 1,639,469 
5% 12/1/39 1,500,000 1,961,584 
Series 2021 B:   
5% 12/1/35 (a) 1,225,000 1,599,318 
5% 12/1/37 (a) 1,520,000 1,976,340 
5% 12/1/46 (a) 1,280,000 1,625,042 
Wayne State Univ. Revs. Series 2019 A:   
4% 11/15/38 1,000,000 1,166,309 
4% 11/15/39 800,000 931,381 
West Ottawa Pub. School District Series 2014 1:   
5% 5/1/30 (Pre-Refunded to 5/1/24 @ 100) 725,000 803,306 
5% 5/1/32 (Pre-Refunded to 5/1/24 @ 100) 500,000 554,004 
5% 5/1/34 (Pre-Refunded to 5/1/24 @ 100) 900,000 997,208 
5% 5/1/35 (Pre-Refunded to 5/1/24 @ 100) 250,000 277,002 
Western Michigan Univ. Rev.:   
Series 2014:   
5% 11/15/25 320,000 359,253 
5% 11/15/26 400,000 448,580 
5% 11/15/28 650,000 725,795 
5% 11/15/29 750,000 837,230 
5% 11/15/30 855,000 954,700 
5% 11/15/31 700,000 781,626 
Series 2015 A:   
5% 11/15/26 1,000,000 1,140,947 
5% 11/15/28 2,505,000 2,841,952 
Series 2019 A, 5% 11/15/44 2,000,000 2,477,148 
Series 2021 A:   
5% 11/15/27 (FSA Insured) 300,000 370,119 
5% 11/15/30 (FSA Insured) 200,000 262,527 
5% 11/15/31 (FSA Insured) 150,000 197,886 
5% 11/15/32 (FSA Insured) 300,000 394,884 
5% 11/15/34 (FSA Insured) 400,000 524,467 
5% 11/15/36 (FSA Insured) 400,000 522,041 
5% 11/15/38 (FSA Insured) 625,000 812,331 
5% 11/15/40 (FSA Insured) 635,000 820,972 
5% 11/15/41 (FSA Insured) 345,000 445,010 
5% 11/15/51 (FSA Insured) 5,000,000 6,353,493 
5% 11/15/53 (FSA Insured) 4,100,000 5,201,791 
Ypsilanti School District Series A:   
5% 5/1/29 1,305,000 1,545,321 
5% 5/1/30 1,550,000 1,831,076 
5% 5/1/32 2,000,000 2,358,934 
Zeeland Pub. Schools Series A, 5% 5/1/27 1,000,000 1,145,534 
TOTAL MICHIGAN  713,744,602 
Puerto Rico - 0.4%   
Puerto Rico Hsg. Fin. Auth. Series 2020, 5% 12/1/27 1,340,000 1,626,656 
Puerto Rico Indl., Tourist, Edl., Med. And Envir. Cont. Facilities Fing. Auth. Series 2021:   
4% 7/1/36 195,000 225,356 
5% 7/1/30 485,000 613,503 
5% 7/1/32 360,000 460,590 
TOTAL PUERTO RICO  2,926,105 
TOTAL MUNICIPAL BONDS   
(Cost $679,980,567)  718,971,320 
Municipal Notes - 0.1%   
Michigan - 0.1%   
Michigan Fin. Auth. Rev.:   
(Hosp. Proj.) Series 2016 E2, 0.13% 1/7/22, VRDN (c) 720,000 $720,000 
Series 2016 E3, 0.11% 1/7/22, VRDN (c) 100,000 100,000 
TOTAL MUNICIPAL NOTES   
(Cost $820,000)  820,000 
TOTAL INVESTMENT IN SECURITIES - 98.4%   
(Cost $680,800,567)  719,791,320 
NET OTHER ASSETS (LIABILITIES) - 1.6%  11,810,709 
NET ASSETS - 100%  $731,602,029 

Security Type Abbreviations

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

Legend

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

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

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

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2021, 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 Total Level 1 Level 2 Level 3 
Investments in Securities:     
Municipal Securities $719,791,320 $-- $719,791,320 $-- 
Total Investments in Securities: $719,791,320 $-- $719,791,320 $-- 

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

Health Care 26.5% 
General Obligations 24.5% 
Education 11.4% 
Water & Sewer 9.1% 
Transportation 9.1% 
Special Tax 8.9% 
Others* (Individually Less Than 5%) 10.5% 
 100.0% 

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.


Fidelity® Michigan Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

  December 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $680,800,567) 		 $719,791,320 
Cash  10,787,669 
Receivable for fund shares sold  109,239 
Interest receivable  6,183,234 
Prepaid expenses  726 
Other receivables  3,233 
Total assets  736,875,421 
Liabilities   
Payable for investments purchased on a delayed delivery basis $4,373,910  
Payable for fund shares redeemed 184,608  
Distributions payable 381,988  
Accrued management fee 211,209  
Other affiliated payables 75,345  
Other payables and accrued expenses 46,332  
Total liabilities  5,273,392 
Net Assets  $731,602,029 
Net Assets consist of:   
Paid in capital  $691,880,659 
Total accumulated earnings (loss)  39,721,370 
Net Assets  $731,602,029 
Net Asset Value, offering price and redemption price per share ($731,602,029 ÷ 57,887,361 shares)  $12.64 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended December 31, 2021 
Investment Income   
Interest  $18,644,215 
Expenses   
Management fee $2,530,099  
Transfer agent fees 725,988  
Accounting fees and expenses 165,211  
Custodian fees and expenses 7,037  
Independent trustees' fees and expenses 2,172  
Registration fees 27,675  
Audit 51,580  
Legal 6,565  
Miscellaneous 3,370  
Total expenses before reductions 3,519,697  
Expense reductions (13,241)  
Total expenses after reductions  3,506,456 
Net investment income (loss)  15,137,759 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers  4,360,076 
Total net realized gain (loss)  4,360,076 
Change in net unrealized appreciation (depreciation) on investment securities  (8,677,684) 
Net gain (loss)  (4,317,608) 
Net increase (decrease) in net assets resulting from operations  $10,820,151 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended December 31, 2021 Year ended December 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $15,137,759 $15,432,759 
Net realized gain (loss) 4,360,076 2,296,459 
Change in net unrealized appreciation (depreciation) (8,677,684) 15,329,963 
Net increase (decrease) in net assets resulting from operations 10,820,151 33,059,181 
Distributions to shareholders (18,599,520) (17,973,540) 
Share transactions   
Proceeds from sales of shares 98,407,493 117,154,703 
Reinvestment of distributions 12,950,242 12,433,906 
Cost of shares redeemed (88,383,573) (101,318,002) 
Net increase (decrease) in net assets resulting from share transactions 22,974,162 28,270,607 
Total increase (decrease) in net assets 15,194,793 43,356,248 
Net Assets   
Beginning of period 716,407,236 673,050,988 
End of period $731,602,029 $716,407,236 
Other Information   
Shares   
Sold 7,722,513 9,284,300 
Issued in reinvestment of distributions 1,018,827 983,839 
Redeemed (6,946,787) (8,137,989) 
Net increase (decrease) 1,794,553 2,130,150 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Michigan Municipal Income Fund

      
Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $12.77 $12.47 $11.97 $12.22 $11.94 
Income from Investment Operations      
Net investment income (loss)A .265 .283 .309 .319 .333 
Net realized and unrealized gain (loss) (.070) .347 .541 (.216) .324 
Total from investment operations .195 .630 .850 .103 .657 
Distributions from net investment income (.265) (.284) (.310) (.318) (.333) 
Distributions from net realized gain (.060) (.046) (.040) (.035) (.044) 
Total distributions (.325) (.330) (.350) (.353) (.377) 
Net asset value, end of period $12.64 $12.77 $12.47 $11.97 $12.22 
Total ReturnB 1.54% 5.11% 7.16% .90% 5.57% 
Ratios to Average Net AssetsC,D      
Expenses before reductions .48% .48% .48% .49% .49% 
Expenses net of fee waivers, if any .48% .48% .48% .48% .48% 
Expenses net of all reductions .48% .48% .48% .48% .48% 
Net investment income (loss) 2.08% 2.25% 2.50% 2.67% 2.74% 
Supplemental Data      
Net assets, end of period (000 omitted) $731,602 $716,407 $673,051 $597,684 $680,383 
Portfolio turnover rateE 13% 13% 14% 22% 12% 

 A Calculated based on average shares outstanding during the period.

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

 C 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.

 D 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.

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

See accompanying notes which are an integral part of the financial statements.


Fidelity® Michigan Municipal Money Market Fund

Investment Summary/Performance (Unaudited)

Effective Maturity Diversification as of December 31, 2021

Days % of fund's investments 12/31/21 
1 - 7 87.6 
8 - 30 1.5 
31 - 60 0.2 
91 - 180 3.7 
> 180 7.0 

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Asset Allocation (% of fund's net assets)

As of December 31, 2021 
   Variable Rate Demand Notes (VRDNs) 39.5% 
   Tender Option Bond 38.5% 
   Other Municipal Security 11.9% 
   Investment Companies 10.4% 
 Net Other Assets (Liabilities)* (0.3)% 


 * Net Other Assets (Liabilities) are not included in the pie chart

Current 7-Day Yields

 12/31/21 
Fidelity® Michigan Municipal Money Market Fund 0.01% 

Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending December 31, 2021, the most recent period shown in the table, would have been (0.39)%.

Fidelity® Michigan Municipal Money Market Fund

Schedule of Investments December 31, 2021

Showing Percentage of Net Assets

Variable Rate Demand Note - 39.5%   
 Principal Amount Value 
Alabama - 0.6%   
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.18% 1/7/22, VRDN (a)(b) $1,100,000 $1,100,000 
Kansas - 0.3%   
Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.):   
Series 2007 A, 0.19% 1/7/22, VRDN (b) 400,000 400,000 
Series 2007 B, 0.19% 1/7/22, VRDN (b) 100,000 100,000 
  500,000 
Michigan - 37.9%   
Central Michigan Univ. Rev. Series 2008 A, 0.1% 1/7/22, LOC TD Banknorth, NA, VRDN (b) 3,845,000 3,845,000 
Grand Traverse County Hosp. Fin. Auth. Series 2011 B, 0.11% 1/7/22, LOC JPMorgan Chase Bank, VRDN (b) 1,095,000 1,095,000 
Lakeview School District Calhoun County Series B, 0.1% 1/7/22 (Michigan Gen. Oblig. Guaranteed), LOC TD Banknorth, NA, VRDN (b) 2,645,000 2,645,000 
Michigan Fin. Auth. Rev. Series 2016 E3, 0.11% 1/7/22, VRDN (b) 1,000,000 1,000,000 
Michigan Hsg. Dev. Auth. Rental Hsg. Rev.:   
Series 2002 A, 0.15% 1/7/22, LOC Bank of America NA, VRDN (a)(b) 4,700,000 4,700,000 
Series 2008 A, 0.11% 1/7/22, LOC Barclays Bank PLC, VRDN (a)(b) 8,895,000 8,895,000 
Series 2016 D, 0.14% 1/7/22, LOC Bank of America NA, VRDN (a)(b) 4,965,000 4,965,000 
Series 2018 C, 0.14% 1/7/22, LOC Bank of America NA, VRDN (a)(b) 8,280,000 8,280,000 
Michigan State Univ. Revs. Series 2000 A:   
0.09% 1/7/22 (Liquidity Facility Northern Trust Co.), VRDN (b) 5,755,000 5,755,000 
0.09% 1/7/22 (Liquidity Facility PNC Bank NA), VRDN (b) 1,200,000 1,200,000 
Michigan Strategic Fund Ltd. Oblig. Rev.:   
(Henry Ford Museum & Greenfield Village Proj.) Series 2002, 0.12% 1/3/22, LOC Comerica Bank, VRDN (b) 5,040,000 5,040,000 
(The Kroger Co. Recovery Zone Facilities Bond Proj.) Series 2010, 0.14% 1/7/22, LOC Bank of Nova Scotia, VRDN (b) 10,660,000 10,660,000 
FHLMC Livonia Econ. Dev. Corp. (Madonna Univ. Proj.) Series 2009, 0.12% 1/7/22, LOC Fed. Home Ln. Bank Chicago, VRDN (b) 18,240,000 18,240,000 
  76,320,000 
Nebraska - 0.7%   
Stanton County Indl. Dev. Rev.:   
(Nucor Corp. Proj.) Series 1996, 0.18% 1/7/22, VRDN (a)(b) 500,000 500,000 
Series 1998, 0.18% 1/7/22, VRDN (a)(b) 1,000,000 1,000,000 
  1,500,000 
TOTAL VARIABLE RATE DEMAND NOTE   
(Cost $79,420,000)  79,420,000 
Tender Option Bond - 38.5%   
Colorado - 0.1%   
Denver City & County Arpt. Rev. Bonds Series G-114, 0.35%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) 100,000 100,000 
Connecticut - 0.1%   
Connecticut Gen. Oblig. Participating VRDN Series Floaters 016, 0.22% 2/11/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 100,000 100,000 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 0.28%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 200,000 200,000 
  300,000 
Florida - 0.6%   
Broward County Port Facilities Rev. Bonds Series G 115, 0.35%, tender 3/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) 100,000 100,000 
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 0.35%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) 100,000 100,000 
Lee County Arpt. Rev. Participating VRDN Series XF 11 26, 0.17% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(e) 200,000 200,000 
Miami-Dade County Wtr. & Swr. Rev. Participating VRDN Series 2021 XF 11 01, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) 900,000 900,000 
  1,300,000 
Kentucky - 0.1%   
CommonSpirit Health Participating VRDN Series MIZ 90 21, 0.18% 1/7/22 (Liquidity Facility Mizuho Cap. Markets Llc) (b)(c)(e) 100,000 100,000 
Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 0.3%, tender 5/2/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
  200,000 
Maryland - 1.3%   
Baltimore Proj. Rev. Bonds Series Floaters G 28, 0.3%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
Maryland Gen. Oblig. Participating VRDN Series DB 807, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) 2,530,000 2,530,000 
  2,630,000 
Massachusetts - 0.1%   
Massachusetts Gen. Oblig. Participating VRDN Series 2021 XG 03 15, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) 200,000 200,000 
Michigan - 35.7%   
Clarkston Cmnty. Schools Participating VRDN Series Floaters G72, 0.13% 1/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 2,695,000 2,695,000 
Detroit Downtown Dev. Auth. Tax Participating VRDN Series Floaters XX 11 01, 0.14% 1/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 8,000,000 8,000,000 
Eastern Michigan Univ. Revs. Participating VRDN Series Floaters 009, 0.14% 1/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 8,200,000 8,200,000 
Grand Rapids San. Swr. Sys. Rev. Participating VRDN Series Floaters XF 26 12, 0.13% 1/7/22 (Liquidity Facility Citibank NA) (b)(c)(e) 4,000,000 4,000,000 
Grand Traverse County Hosp. Fin. Auth. Participating VRDN Series 2021 XG 03 19, 0.18% 1/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 2,100,000 2,100,000 
Michigan Bldg. Auth. Rev. Participating VRDN:   
Series Floaters XF 26 09, 0.13% 1/7/22 (Liquidity Facility Citibank NA) (b)(c)(e) 800,000 800,000 
Series Floaters XM 04 65, 0.13% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(e) 3,200,000 3,200,000 
Series Floaters XM 07 43, 0.13% 1/7/22 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) 2,500,000 2,500,000 
Michigan Fin. Auth. Rev. Participating VRDN:   
Series 15 XF0126, 0.13% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 2,360,000 2,360,000 
Series 16 XM0223, 0.14% 1/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) 5,000,000 5,000,000 
Series Floaters ZF 07 84, 0.16% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 2,670,000 2,670,000 
Series Floaters ZF 07 90, 0.16% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 2,800,000 2,800,000 
Series Floaters ZF 07 96, 0.16% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 2,800,000 2,800,000 
Series Floaters ZF 28 25, 0.16% 1/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 2,500,000 2,500,000 
Series XF 28 61, 0.13% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(e) 1,200,000 1,200,000 
Series XM 04 72, 0.13% 1/7/22 (Liquidity Facility Citibank NA) (b)(c)(e) 1,450,000 1,450,000 
Series XM 07 48, 0.18% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(e) 2,240,000 2,240,000 
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Participating VRDN Series Floaters ZF 07 87, 0.13% 1/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 100,000 100,000 
Michigan State Univ. Revs. Participating VRDN Series Floaters ZF 07 50, 0.15% 1/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) 1,915,000 1,915,000 
Monroe Mich Pub. Schools Participating VRDN Series XL 01 46, 0.18% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 2,200,000 2,200,000 
Trenton Pub. Schools School District Participating VRDN Series Floaters CTFS G 102, 0.13% 1/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 3,100,000 3,100,000 
Univ. of Michigan Rev. Participating VRDN:   
Series 15 XF2199, 0.13% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(e) 3,089,000 3,089,000 
Series 15 XF2205, 0.15% 1/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) 2,400,000 2,400,000 
Series Floaters XF 25 48, 0.15% 1/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) 500,000 500,000 
Series Floaters ZF 05 90, 0.15% 1/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) 4,100,000 4,100,000 
  71,919,000 
Mississippi - 0.1%   
Mississippi Bus. Fin. Corp. Rev. Participating VRDN Series 2021 XF 11 05, 0.17% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) 100,000 100,000 
New York - 0.1%   
New York City Gen. Oblig. Participating VRDN Series 2020 003, 0.25% 2/11/22 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) 100,000 100,000 
North Dakota - 0.1%   
Grand Forks Health Care Sys. Rev. Participating VRDN Series 2021 XG 03 44, 0.19% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) 100,000 100,000 
Ohio - 0.1%   
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 0.3%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
Pennsylvania - 0.1%   
Pennsylvania Tpk. Commission Tpk. Rev. Bonds Series Floaters G 43, 0.3%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
South Carolina - 0.0%   
South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 0.3%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
Tennessee - 0.0%   
Metropolitan Nashville Arpt. Auth. Rev. Participating VRDN Series 2021 XL 01 89, 0.17% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(e) 100,000 100,000 
Texas - 0.0%   
Houston Arpt. Sys. Rev. Participating VRDN Series XF 11 11, 0.17% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(e) 100,000 100,000 
Virginia - 0.0%   
Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 0.3%, tender 8/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
TOTAL TENDER OPTION BOND   
(Cost $77,549,000)  77,549,000 
Other Municipal Security - 11.9%   
Massachusetts - 0.2%   
Massachusetts Dev. Fin. Agcy. Elec. Util. Rev. Bonds Series 2021, 0.19% tender 1/12/22 (Massachusetts Elec. Co. Guaranteed), CP mode (a) 400,000 400,000 
Michigan - 11.7%   
Detroit Swr. Disp. Rev. Bonds Series 2012 A:   
5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 2,000,000 2,048,263 
5.25% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 2,310,000 2,368,421 
5.25% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) 160,000 163,997 
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds:   
(Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 0.35%, tender 7/29/22 (b)(f) 8,915,000 8,915,000 
Series 2011 C, 5% 1/15/22 (Pre-Refunded to 1/15/22 @ 100) 500,000 500,913 
Michigan Bldg. Auth. Rev.:   
Bonds (Facilities Prog.) Series 2021 I, 4% 4/15/22 1,050,000 1,061,528 
Series 2021 8, 0.11% 1/20/22, LOC State Street Bank & Trust Co., Boston, LOC U.S. Bank NA, Cincinnati, CP 2,100,000 2,100,000 
Michigan Fin. Auth. Rev. Bonds:   
(Trinity Health Proj.) Series 2015, 5% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) 1,385,000 1,412,572 
Series 2015 MI, 5% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) 1,520,000 1,550,414 
Series 2015:   
5% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) 400,000 407,984 
5% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) 460,000 469,034 
5% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) 725,000 739,397 
5% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) 950,000 969,008 
Series 2016 MI2, SIFMA Municipal Swap Index + 0.480% 0.58%, tender 2/1/22 (b)(f) 250,000 250,010 
Series 2017 A, 5% 12/1/22 (Pre-Refunded to 12/1/22 @ 100) 510,000 532,230 
Michigan Hosp. Fin. Auth. Rev. Bonds Series 2009 B, 5% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) 150,000 152,947 
  23,641,718 
TOTAL OTHER MUNICIPAL SECURITY   
(Cost $24,041,718)  24,041,718 
 Shares Value 
Investment Company - 10.4%   
Fidelity Municipal Cash Central Fund 0.11% (g)(h)   
(Cost $21,013,810) 21,011,217 21,013,810 
TOTAL INVESTMENT IN SECURITIES - 100.3%   
(Cost $202,024,528)  202,024,528 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (672,105) 
NET ASSETS - 100%  $201,352,423 

Security Type Abbreviations

CP – COMMERCIAL PAPER

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

Legend

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

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

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

 (d) 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 $1,100,000 or 0.5% of net assets.

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

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

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

 (h) Affiliated 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.

Additional information on each restricted holding is as follows:

Security Acquisition Date Cost 
Baltimore Proj. Rev. Bonds Series Floaters G 28, 0.3%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) 7/1/21 $100,000 
Broward County Port Facilities Rev. Bonds Series G 115, 0.35%, tender 3/1/22 (Liquidity Facility Royal Bank of Canada) 3/1/21 $100,000 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 0.28%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $200,000 
Denver City & County Arpt. Rev. Bonds Series G-114, 0.35%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) 6/1/21 $100,000 
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 0.35%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $100,000 
Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 0.3%, tender 5/2/22 (Liquidity Facility Royal Bank of Canada) 5/3/21 $100,000 
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 0.3%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) 6/1/21 $100,000 
Pennsylvania Tpk. Commission Tpk. Rev. Bonds Series Floaters G 43, 0.3%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) 6/1/21 $100,000 
South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 0.3%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $100,000 
Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 0.3%, tender 8/1/22 (Liquidity Facility Royal Bank of Canada) 2/1/21 $100,000 

Affiliated Central Funds

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

Fund 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 0.11% $25,440,417 $47,748,002 $52,175,000 $13,482 $391 $-- $21,013,810 1.5% 
Total $25,440,417 $47,748,002 $52,175,000 $13,482 $391 $-- $21,013,810  

Amounts in the 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.

Investment Valuation

All investments are categorized as Level 2 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Michigan Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

  December 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $181,010,718) 		$181,010,718  
Fidelity Central Funds (cost $21,013,810) 21,013,810  
Total Investment in Securities (cost $202,024,528)  $202,024,528 
Receivable for fund shares sold  143,746 
Interest receivable  195,662 
Distributions receivable from Fidelity Central Funds  2,007 
Prepaid expenses  213 
Total assets  202,366,156 
Liabilities   
Payable to custodian bank $852,786  
Payable for fund shares redeemed 113,553  
Distributions payable 172  
Accrued management fee 12,643  
Other affiliated payables 2,638  
Other payables and accrued expenses 31,941  
Total liabilities  1,013,733 
Net Assets  $201,352,423 
Net Assets consist of:   
Paid in capital  $201,354,141 
Total accumulated earnings (loss)  (1,718) 
Net Assets  $201,352,423 
Net Asset Value, offering price and redemption price per share ($201,352,423 ÷ 201,053,973 shares)  $1.00 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended December 31, 2021 
Investment Income   
Interest  $193,377 
Income from Fidelity Central Funds  13,160 
Total income  206,537 
Expenses   
Management fee $731,656  
Transfer agent fees 332,553  
Accounting fees and expenses 32,882  
Custodian fees and expenses 2,523  
Independent trustees' fees and expenses 634  
Registration fees 22,106  
Audit 34,803  
Legal 1,711  
Miscellaneous 599  
Total expenses before reductions 1,159,467  
Expense reductions (973,982)  
Total expenses after reductions  185,485 
Net investment income (loss)  21,052 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 22,610  
Fidelity Central Funds 391  
Capital gain distributions from Fidelity Central Funds 322  
Total net realized gain (loss)  23,323 
Net increase in net assets resulting from operations  $44,375 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended December 31, 2021 Year ended December 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $21,052 $784,810 
Net realized gain (loss) 23,323 3,728 
Net increase in net assets resulting from operations 44,375 788,538 
Distributions to shareholders (105,307) (809,041) 
Share transactions   
Proceeds from sales of shares 25,122,420 26,398,910 
Reinvestment of distributions 99,870 769,599 
Cost of shares redeemed (38,896,191) (65,198,730) 
Net increase (decrease) in net assets and shares resulting from share transactions (13,673,901) (38,030,221) 
Total increase (decrease) in net assets (13,734,833) (38,050,724) 
Net Assets   
Beginning of period 215,087,256 253,137,980 
End of period $201,352,423 $215,087,256 
Other Information   
Shares   
Sold 25,122,420 26,398,909 
Issued in reinvestment of distributions 99,870 769,599 
Redeemed (38,896,191) (65,198,729) 
Net increase (decrease) (13,673,901) (38,030,220) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Michigan Municipal Money Market Fund

      
Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 
Income from Investment Operations      
Net investment income (loss) –A .003 .010 .009 .004 
Net realized and unrealized gain (loss) –A –A –A .001 –A 
Total from investment operations –A .003 .010 .010 .004 
Distributions from net investment income –A (.003) (.010) (.009) (.004) 
Distributions from net realized gain –A –A –A (.001) –A 
Total distributions –A (.003) (.010) (.010) (.004) 
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 
Total ReturnB .05% .34% .98% 1.01% .37% 
Ratios to Average Net AssetsC,D      
Expenses before reductions .55% .55% .55% .55% .53% 
Expenses net of fee waivers, if any .09% .32% .55% .55% .53% 
Expenses net of all reductions .09% .32% .55% .55% .53% 
Net investment income (loss) .01% .34% .98% .90% .35% 
Supplemental Data      
Net assets, end of period (000 omitted) $201,352 $215,087 $253,138 $310,652 $420,820 

 A Amount represents less than $.0005 per share.

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

 C 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.

 D 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.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended December 31, 2021

1. Organization.

Fidelity Michigan Municipal Income Fund (the Income Fund) is a fund of Fidelity Municipal Trust. Fidelity Michigan Municipal Money Market Fund (the Money Market Fund) is a fund of Fidelity Municipal Trust II. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Municipal Trust and Fidelity Municipal Trust II (the Trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. The Income Fund is a non-diversified fund. Each Fund is authorized to issue an unlimited number of shares. Shares of the Money Market Fund are only available for purchase by retail shareholders. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. Each Fund may be affected by economic and political developments in the state of Michigan.

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.

Each 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. Each 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 each 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 delegated the day to day responsibility for the valuation of the Income Fund's investments to the Fair Value Committee (the Committee) established by the Income Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Income Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Income Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Income Fund's investments and ratifies the fair value determinations of the Committee.

Each 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 – 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 each Fund's investments by major category are as follows:

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

For the Money Market Fund, as permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

For the Income Fund, 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, 2021 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Funds' 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 for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. 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.

Expenses. 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, each 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, 2021, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each 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. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each 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 determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Income Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds.

The Funds purchase 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 for each Fund:

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Fidelity Michigan Municipal Income Fund $680,800,567 $39,251,296 $(260,543) $38,990,753 
Fidelity Michigan Municipal Money Market Fund 202,024,528 795 (795) – 

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

 Undistributed tax-exempt income Undistributed long-term capital gain Net unrealized appreciation (depreciation) on securities and other investments 
Fidelity Michigan Municipal Income Fund $33,198 $697,419 $38,990,753 

The tax character of distributions paid was as follows:

December 31, 2021    
 Tax-Exempt Income Long-term Capital Gains Total 
Fidelity Michigan Municipal Income Fund $15,137,601 $3,461,919 $18,599,520 
Fidelity Michigan Municipal Money Market Fund 20,999 84,308 105,307 

December 31, 2020     
 Tax-Exempt Income Ordinary Income Long-term Capital Gains Total 
Fidelity Michigan Municipal Income Fund $15,432,426 $– $2,541,114 $17,973,540 
Fidelity Michigan Municipal Money Market Fund 785,107 4,324 19,610 809,041 

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 Michigan Municipal Income Fund 125,113,603 96,451,277 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. 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, each Fund's annual management fee rate expressed as a percentage of each Fund's average net assets was as follows:

 Individual Rate Group Rate Total 
Fidelity Michigan Municipal Income Fund .25% .10% .35% 
Fidelity Michigan Municipal Money Market Fund .25% .10% .35% 

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 Funds. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annual rates expressed as a percentage of average net assets:

Fidelity Michigan Municipal Income Fund .10% 
Fidelity Michigan Municipal Money Market Fund .16% 

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each 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 Michigan Municipal Income Fund .02 
Fidelity Michigan Municipal Money Market 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. For the Income Fund, 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 Michigan Municipal Income Fund – – – 
Fidelity Michigan Municipal Money Market Fund 2,145,000 3,800,000 – 

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 Michigan Municipal Income Fund $1,317 

7. Expense Reductions.

The investment adviser or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $972,071.

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

 Custodian credits 
Fidelity Michigan Municipal Income Fund $6,680 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:

 Amount 
Fidelity Michigan Municipal Income Fund $6,561 
Fidelity Michigan Municipal Money Market Fund 1,911 

8. 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.

9. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Municipal Trust and Fidelity Municipal Trust II and Shareholders of Fidelity Michigan Municipal Income Fund and Fidelity Michigan Municipal Money Market Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Michigan Municipal Income Fund (one of the funds constituting Fidelity Municipal Trust) and Fidelity Michigan Municipal Money Market Fund (one of the funds constituting Fidelity Municipal Trust II) (hereafter collectively referred to as the “Funds”) as of December 31, 2021, the related statements of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2021 and each of the financial highlights for each of the five years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ 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 Funds 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, 2021 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 opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2022



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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance.  Each of the Trustees oversees 286 fund. 

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 funds 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. 

Each 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.

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 each 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 funds, 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 funds. 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. Arthur E. Johnson 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 funds' 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, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' 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 funds' 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 funds are carried out by or through FMR, its affiliates, and other service providers, the funds' 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 funds' 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.  The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds.  Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' 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 each 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

Chairman of the Independent Trustees

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 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

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. 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 in 1983 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.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

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).

 + 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 each fund. 

Advisory Board Members and Officers:

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

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).

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 Vice President, Associate General Counsel (2010-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).

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), and FD Funds Management LLC (2021-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.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

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, 2021 to December 31, 2021).

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, 2021 		Ending
Account Value
December 31, 2021 		Expenses Paid
During Period-B
July 1, 2021
to December 31, 2021 
Fidelity Michigan Municipal Income Fund .48%    
Actual  $1,000.00 $1,003.10 $2.42 
Hypothetical-C  $1,000.00 $1,022.79 $2.45 
Fidelity Michigan Municipal Money Market Fund .08%    
Actual  $1,000.00 $1,000.10 $.40-D 
Hypothetical-C  $1,000.00 $1,024.80 $.41-D 

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

 B 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.

 C 5% return per year before expenses

 D If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in the table below:

 Annualized Expense Ratio-(a)
 		Expenses Paid
 
Fidelity Michigan Municipal Money Market Fund .54%  
Actual  $2.72 
Hypothetical-(b)  $2.75 

 (a) Annualized expense ratio reflects expenses net of applicable fee waivers.

 (b) 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:

 Pay Date Record Date Capital Gains 
Fidelity Michigan Municipal Income Fund 02/07/22 02/04/22 $0.013 
Fidelity Michigan Municipal Money Market Fund 02/07/22 02/04/22 $0.000 

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended December 31, 2021, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Michigan Municipal Income Fund $4,356,668 
Fidelity Michigan Municipal Money Market Fund $23,260 

During fiscal year ended 2021, 100% of each fund’s income dividends were free from federal income tax, and 7.32% and 15.42% of Fidelity Michigan Municipal Income Fund and Fidelity Michigan Municipal Money Market Fund’s income dividends, respectively, were subject to the federal alternative minimum tax.

The funds will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Michigan Municipal Income Fund / Fidelity Michigan Municipal Money Market 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 each 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 each fund's Advisory Contracts, including the services and support provided to each 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 of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. 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 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 2021 meeting, the Board unanimously determined to renew each 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 each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for each 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 each 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 each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each 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 that 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 funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. 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 each 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 during 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, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated 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 each 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, each 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 and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) 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.

Investment Performance (for Fidelity Michigan Municipal Income Fund).  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

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 reviews 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 fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

Investment Performance (for Fidelity Michigan Municipal Money Market Fund).  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

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 peer group.

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 the gross performance of appropriate peer groups, over appropriate time periods that may include full market cycles, 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 fund's market value NAV over time and its resilience under various stressed conditions; 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.

The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its 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 fund and an appropriate peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

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

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

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts 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 a 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 a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts 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 a fund's management fee rate ranked, is also included in the charts and was considered by the Board.

Fidelity Michigan Municipal Income Fund


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 2020.

Fidelity Michigan Municipal Money Market Fund

The Board noted that because there is a relatively small number of state-specific funds in the Lipper objective, Fidelity combines Lipper's separate categories for state-specific funds with all state and national municipal money market funds to create a single mapped group. The Board considered that Fidelity is the only firm that offers a Michigan money market fund.


The Board noted that the fund's management fee rate ranked above the median of its Total Mapped Group and above the median of its ASPG for 2020. The Board also noted that the management fee rate was two BP above the Total Mapped Group median and two BP above the ASPG median.

Based on its review, the Board concluded that each 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 each fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping 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 each fund. Each fund 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 each fund relative to a subset of non-Fidelity funds within the similar sales load structure group. 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 each fund's total expense ratio ranked below the similar sales load structure group competitive median for 2020 and below the ASPG competitive median for 2020.

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 each fund's total expense ratio 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 each fund and servicing each 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 each 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 each 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 each 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 each 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 each 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 fee, 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 continued waiver of money market fund fees; (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 of certain funds and classes, total expense competitive trends and methodologies for total expense 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 each fund's Advisory Contracts should be renewed.





Fidelity Investments

MIR-ANN-0322
1.540080.124

Fidelity® Municipal Income Fund



Annual Report

December 31, 2021

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

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


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You may also call 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 to request a free copy of the proxy voting guidelines.

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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

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

For the periods ended December 31, 2021 Past 1 year Past 5 years Past 10 years 
Class A (incl. 4.00% sales charge) (1.59)% 3.52% 3.59% 
Class M (incl. 4.00% sales charge) (1.57)% 3.56% 3.61% 
Class C (incl. contingent deferred sales charge) 0.76% 3.79% 3.72% 
Fidelity® Municipal Income Fund 2.85% 4.65% 4.15% 
Class I 2.76% 4.57% 4.11% 
Class Z 2.88% 4.66% 4.16% 

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

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

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

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Municipal Income Fund, a class of the fund, on December 31, 2011.

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.


Period Ending Values
$15,023Fidelity® Municipal Income Fund
$14,414Bloomberg Municipal Bond Index


Effective August 24, 2021, all Bloomberg Barclays Indices were re-branded as Bloomberg Indices.

Management's Discussion of Fund Performance

Market Recap:  Tax-exempt municipal bonds posted a modest gain in 2021, driven by robust investor demand and an improved fiscal outlook for many municipal issuers. The Bloomberg Municipal Bond Index rose 1.52% for the 12 months. The muni market rallied early in 2021 amid economic optimism due to the rollout of COVID-19 vaccination programs and an easing of credit concerns that had been triggered by the economic shutdowns caused by COVID-19. Also, investor demand for tax-exempt munis increased due to the Biden administration’s plan to push for higher tax rates on upper-income tax brackets. Tax collection took less of a hit than originally feared, and a large aid package from the U.S. Congress for muni issuers helped fill budget gaps. In February, the municipal market declined, reflecting investor concerns that stimulus-induced inflation could diminish real bond returns over time. Munis then gained from March through July, propelled by better-than-expected tax revenue from many state and local governments and reduced inflation expectations. Munis lost slight ground in August and September, then gained in the fourth quarter, partly due to newfound clarity regarding infrastructure investment due to the passage of the Infrastructure Investment and Jobs Act (IIJA), which earmarked $550 for new infrastructure spending. Notably, by period end, the Fed had accelerated its plans to tighten monetary policy, heralding a swifter end to its pandemic-era bond-buying program and the prospects for three quarter-point rate hikes in 2022.

Comments from Co-Portfolio Managers Cormac Cullen, Michael Maka and Elizah McLaughlin:  For the year, the fund's share classes posted gains in the range of 1.75% to 2.88%, compared, net of fees, with the 1.69% advance of the Bloomberg 3+ Year Municipal Bond Index. We continued to focus on longer-term objectives and sought to generate attractive tax-exempt income and competitive risk-adjusted returns over time. Larger-than-benchmark exposure to bonds issued by Illinois and its related entities, including Chicago Board of Education and the Metropolitan Pier and Exposition Authority, helped versus the index. Overweighting lower-rated investment-grade bonds in the health care and higher education segments also contributed to the fund's relative performance. Bonds in each segment rallied the past 12 months and produced better total returns than the index. They benefited from the comparatively high income they produced and better-than-average price performance as credit spreads tightened.Differences in the way fund holdings and index components were priced modestly contributed to the fund's relative result as well. Conversely, yield-curve positioning slightly detracted. The fund held more exposure to shorter-term bonds than the index, and these bonds lagged longer-term securities as the yield curve flattened.

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 (Unaudited)

Top Five States as of December 31, 2021

 % of fund's net assets 
Illinois 18.6 
Pennsylvania 8.4 
Florida 7.5 
Texas 6.3 
New York 5.7 

Top Five Sectors as of December 31, 2021

 % of fund's net assets 
Transportation 24.4 
Health Care 23.6 
General Obligations 23.1 
Education 9.2 
Special Tax 6.5 

Quality Diversification (% of fund's net assets)

As of December 31, 2021 
   AAA 5.1% 
   AA,A 71.7% 
   BBB 15.6% 
   BB and Below 3.8% 
   Not Rated 2.5% 
   Short-Term Investments and Net Other Assets 1.3% 


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, 2021

Showing Percentage of Net Assets

Municipal Bonds - 98.7%   
 Principal Amount (000s) Value (000s) 
Alabama - 0.9%   
Auburn Univ. Gen. Fee Rev. Series 2018 A, 5% 6/1/43 2,565 3,173 
Jefferson County Gen. Oblig. Series 2018 A:   
5% 4/1/25 $2,550 $2,914 
5% 4/1/26 2,400 2,835 
Montgomery Med. Clinic Facilities Series 2015, 5% 3/1/33 4,140 4,659 
Southeast Energy Auth. Rev. Bonds:   
(Proj. No. 2) Series 2021 B1:   
4% 6/1/29 1,475 1,746 
4% 6/1/30 1,115 1,335 
4% 6/1/31 975 1,181 
Bonds (Proj. No. 2) Series 2021 B1, 4%, tender 12/1/31 (a) 23,655 28,670 
TOTAL ALABAMA  46,513 
Arizona - 1.9%   
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2007 B, 3 month U.S. LIBOR + 0.810% 0.898%, tender 1/1/37 (a)(b) 2,485 2,493 
Arizona Indl. Dev. Auth. Hosp. Rev. Series 2021 A:   
5% 2/1/30 1,300 1,679 
5% 2/1/31 1,250 1,646 
5% 2/1/32 1,250 1,678 
Arizona Indl. Dev. Auth. Rev. (Provident Group-Eastern Michigan Univ. Parking Proj.) Series 2018:   
5% 5/1/48 910 957 
5% 5/1/51 910 954 
Chandler Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Intel Corp. Proj.) Series 2019, 5%, tender 6/3/24 (a)(c) 10,210 11,267 
Glendale Gen. Oblig. Series 2017:   
5% 7/1/30 2,080 2,533 
5% 7/1/31 3,105 3,770 
Glendale Indl. Dev. Auth. (Terraces of Phoenix Proj.) Series 2018 A:   
5% 7/1/38 235 251 
5% 7/1/48 295 313 
Maricopa County Indl. Dev. Auth. (Creighton Univ. Proj.) Series 2020, 5% 7/1/47 2,400 2,977 
Maricopa County Indl. Dev. Auth. Sr. Living Facilities Series 2016:   
5.75% 1/1/36 (d) 2,140 2,132 
6% 1/1/48 (d) 5,260 5,212 
Maricopa County Rev. Series 2016 A:   
5% 1/1/32 8,280 9,932 
5% 1/1/33 4,965 5,951 
Phoenix Civic Impt. Board Arpt. Rev.:   
Series 2017 A:   
5% 7/1/33 (c) 910 1,094 
5% 7/1/36 (c) 1,450 1,743 
5% 7/1/37 (c) 1,075 1,292 
Series 2017 B:   
5% 7/1/29 2,070 2,526 
5% 7/1/33 2,900 3,527 
5% 7/1/36 3,310 4,030 
5% 7/1/37 2,070 2,519 
Phoenix Civic Impt. Corp. Series 2019 A, 5% 7/1/45 6,100 7,409 
Phoenix IDA Student Hsg. Rev. (Downtown Phoenix Student Hsg. II LLC Arizona State Univ. Proj.) Series 2019 A:   
5% 7/1/44 1,000 1,186 
5% 7/1/49 1,125 1,328 
5% 7/1/54 1,330 1,565 
5% 7/1/59 2,000 2,346 
Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007:   
5.25% 12/1/22 1,240 1,292 
5.5% 12/1/29 7,370 9,542 
TOTAL ARIZONA  95,144 
California - 5.6%   
ABC Unified School District Series 1997 C, 0% 8/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,250 3,017 
California Gen. Oblig.:   
Series 2004:   
5.25% 12/1/33 150 151 
5.5% 4/1/28 10 10 
5.5% 4/1/30 5 5 
Series 2017, 5% 11/1/29 7,510 9,266 
Series 2019, 5% 4/1/27 4,750 5,808 
Series 2020, 4% 11/1/38 6,500 7,869 
Series 2021:   
5% 9/1/29 6,285 8,149 
5% 9/1/30 17,000 22,616 
5% 9/1/31 2,790 3,794 
5% 10/1/41 49,565 64,999 
California Hsg. Fin. Agcy. Series 2021 1, 3.5% 11/20/35 2,038 2,325 
California Muni. Fin. Auth. Student Hsg. (CHF-Davis I, LLC - West Village Student Hsg. Proj.) Series 2018, 5% 5/15/38 7,200 8,655 
California Pub. Fin. Auth. Univ. Hsg. Rev.:   
(Claremont Colleges Proj.) Series 2017 A:   
5% 7/1/27 (d) 1,015 914 
5% 7/1/37 (d) 1,525 1,361 
(NCCD - Claremont Properties LLC - Claremont Colleges Proj.) Series 2017 A, 5% 7/1/47 (d) 335 298 
California Pub. Works Board Lease Rev.:   
(Coalinga State Hosp. Proj.) Series 2013 E:   
5% 6/1/26 1,985 2,111 
5% 6/1/28 5,110 5,429 
(Various Cap. Projs.) Series 2022 C:   
5% 8/1/31 (e) 1,365 1,740 
5% 8/1/34 (e) 2,535 3,207 
California Statewide Cmntys. Dev. Auth. Rev.:   
Series 2015, 5% 2/1/45 2,695 2,820 
Series 2018 A, 5% 3/1/42 195 236 
Eastern Muni. Wtr. District Fing. Auth. Series 2020 A:   
4% 7/1/38 1,400 1,699 
5% 7/1/36 1,600 2,107 
5% 7/1/37 1,000 1,316 
Folsom Cordova Union School District No. 4 Series A, 0% 10/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,520 1,285 
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev. Series 2017 A1:   
5% 6/1/23 (Escrowed to Maturity) 3,140 3,349 
5% 6/1/24 (Escrowed to Maturity) 1,770 1,967 
Kern Cmnty. College District Gen. Oblig. Series 2006:   
0% 11/1/28 (FSA Insured) 4,100 3,758 
0% 11/1/30 (FSA Insured) 4,140 3,620 
Long Beach Unified School District Series 2009, 5.5% 8/1/29 155 156 
Los Angeles Dept. Arpt. Rev. Series 2020 C, 5% 5/15/45 (c) 2,900 3,614 
Los Angeles Hbr. Dept. Rev. Series 2019 A:   
5% 8/1/25 (c) 3,515 4,037 
5% 8/1/26 (c) 1,350 1,596 
Monrovia Unified School District Series B, 0% 8/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,745 3,366 
Mount Diablo Unified School District Series 2022 B:   
4% 8/1/29 (e) 1,595 1,897 
4% 8/1/30 (e) 465 562 
4% 8/1/32 (e) 2,900 3,518 
Oakland Unified School District Alameda County Series 2015 A, 5% 8/1/29 1,450 1,671 
Poway Unified School District:   
(District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 4,885 4,089 
Series 2011, 0% 8/1/46 950 486 
Series B:   
0% 8/1/37 6,455 4,760 
0% 8/1/39 19,705 13,710 
Poway Unified School District Pub. Fing. Series 2015 A:   
5% 9/1/24 825 913 
5% 9/1/26 1,050 1,194 
5% 9/1/29 2,185 2,461 
5% 9/1/31 985 1,114 
Sacramento City Fing. Auth. Rev. Series A, 0% 12/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 4,140 3,903 
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Series 2021 B:   
5% 7/1/46 (c) 10,000 12,662 
5% 7/1/56 (c) 7,000 8,760 
San Diego Unified School District:   
Series 2008 C, 0% 7/1/34 2,980 2,392 
Series 2008 E, 0% 7/1/47 (f) 7,205 7,499 
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.:   
Series 2019 A, 5% 5/1/49 (c) 1,000 1,224 
Series 2019 B, 5% 5/1/49 3,765 4,642 
San Marcos Unified School District Series 2010 B, 0% 8/1/47 17,635 9,599 
San Mateo County Cmnty. College District Series A, 0% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 4,495 4,341 
Union Elementary School District Series B, 0% 9/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,240 1,237 
Univ. of California Regents Med. Ctr. Pool Rev. Series 2013 J, 5% 5/15/48 2,485 2,635 
Washington Township Health Care District Gen. Oblig.:   
Series 2013 A, 5.5% 8/1/38 3,725 4,173 
Series 2013 B, 5.5% 8/1/38 830 930 
TOTAL CALIFORNIA  287,022 
Colorado - 1.3%   
Arkansas River Pwr. Auth. Rev. Series 2018 A:   
5% 10/1/38 2,080 2,468 
5% 10/1/43 2,600 3,059 
Colorado Health Facilities Auth.:   
(Parkview Med. Ctr., Inc. Proj.) Series 2016:   
4% 9/1/35 1,365 1,517 
4% 9/1/36 1,075 1,194 
5% 9/1/46 6,045 6,935 
Series 2019 A1, 4% 8/1/44 2,395 2,750 
Series 2019 A2:   
4% 8/1/49 6,100 6,969 
5% 8/1/37 1,000 1,246 
5% 8/1/44 6,145 7,546 
Colorado Hsg. & Fin. Auth. Series 2019 H, 4.25% 11/1/49 1,320 1,462 
Denver City & County Arpt. Rev.:   
Series 2017 A:   
5% 11/15/23 (c) 1,885 2,045 
5% 11/15/26 (c) 2,855 3,409 
5% 11/15/27 (c) 2,440 2,984 
Series 2018 A:   
5% 12/1/34 (c) 4,245 5,776 
5% 12/1/36 (c) 4,140 5,092 
5% 12/1/37 (c) 8,280 10,172 
TOTAL COLORADO  64,624 
Connecticut - 2.0%   
Connecticut Gen. Oblig.:   
Series 2014 C, 5% 6/15/25 1,390 1,603 
Series 2015 B, 5% 6/15/32 1,980 2,270 
Series 2020 A:   
4% 1/15/33 10,100 12,130 
4% 1/15/34 8,385 10,048 
4% 1/15/38 1,000 1,189 
Series 2021 B, 4% 1/15/39 (e) 3,305 4,005 
Connecticut Health & Edl. Facilities Auth. Rev.:   
(Sacred Heart Univ., CT. Proj.) Series 2017 I-1:   
5% 7/1/26 415 490 
5% 7/1/27 290 351 
5% 7/1/28 525 635 
5% 7/1/29 330 397 
Series 2016 K, 4% 7/1/46 7,315 8,033 
Series 2017 B, 5% 7/1/29 10,620 13,747 
Series 2018 K-3, 5% 7/1/36 895 1,061 
Series 2019 A:   
5% 7/1/39 (d) 3,930 4,186 
5% 7/1/49 (d) 285 299 
Series 2020 A:   
4% 7/1/37 2,500 2,929 
4% 7/1/38 1,120 1,310 
5% 7/1/32 2,000 2,554 
5% 7/1/34 3,500 4,445 
Series 2020 K, 5% 7/1/44 (d) 1,525 1,830 
Series 2022 M, 4% 7/1/36 (e) 4,000 4,682 
Series G, 5% 7/1/50 (d) 1,800 2,147 
Series K1:   
5% 7/1/27 415 494 
5% 7/1/29 1,060 1,280 
5% 7/1/30 830 997 
5% 7/1/31 1,400 1,676 
5% 7/1/32 1,000 1,193 
5% 7/1/33 2,500 2,978 
5% 7/1/34 620 737 
Hbr. Point Infrastructure Impt. District Series 2017:   
5% 4/1/30 (d) 3,785 4,393 
5% 4/1/39 (d) 4,865 5,555 
New Britain Gen. Oblig. Series 2017 C, 5% 3/1/29 (FSA Insured) 885 1,057 
TOTAL CONNECTICUT  100,701 
District Of Columbia - 1.3%   
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. (Dulles Metrorail and Cap. Impt. Projs.):   
Series 2019 A:   
5% 10/1/35 2,115 2,629 
5% 10/1/37 2,125 2,630 
5% 10/1/39 2,000 2,468 
5% 10/1/44 7,000 8,641 
Series 2019 B, 5% 10/1/47 7,150 8,737 
Metropolitan Washington DC Arpts. Auth. Sys. Rev.:   
Series 2017 A:   
5% 10/1/31 (c) 1,200 1,451 
5% 10/1/32 (c) 1,855 2,242 
5% 10/1/33 (c) 910 1,100 
5% 10/1/35 (c) 2,070 2,502 
5% 10/1/42 (c) 4,140 5,008 
Series 2020 A:   
5% 10/1/25 (c) 11,725 13,556 
5% 10/1/26 (c) 9,015 10,741 
5% 10/1/27 (c) 3,125 3,816 
5% 10/1/28 (c) 1,560 1,952 
TOTAL DISTRICT OF COLUMBIA  67,473 
Florida - 7.5%   
Brevard County School Board Ctfs. of Prtn. Series 2015 C, 5% 7/1/28 1,445 1,657 
Broward County Arpt. Sys. Rev.:   
Series 2017:   
5% 10/1/25 (c) 205 237 
5% 10/1/26 (c) 930 1,107 
5% 10/1/27 (c) 830 1,012 
5% 10/1/29 (c) 2,200 2,668 
5% 10/1/30 (c) 610 739 
5% 10/1/32 (c) 2,900 3,505 
5% 10/1/33 (c) 1,080 1,305 
5% 10/1/34 (c) 1,055 1,275 
5% 10/1/35 (c) 1,240 1,497 
5% 10/1/36 (c) 1,655 1,996 
5% 10/1/37 (c) 1,865 2,243 
5% 10/1/42 (c) 3,520 4,223 
5% 10/1/47 (c) 4,965 5,956 
Series A:   
5% 10/1/28 (c) 2,485 2,867 
5% 10/1/30 (c) 2,900 3,330 
5% 10/1/31 (c) 2,485 2,847 
5% 10/1/32 (c) 2,320 2,658 
Series C, 5% 10/1/23 (c) 1,180 1,274 
Broward County School Board Ctfs. of Prtn.:   
(Broward County School District Proj.) Series 2016 A, 5% 7/1/28 555 660 
Series 2012 A:   
5% 7/1/24 1,795 1,837 
5% 7/1/27 4,715 4,821 
Series 2015 A:   
5% 7/1/24 1,855 2,062 
5% 7/1/27 830 957 
Series 2016, 5% 7/1/32 1,820 2,135 
Cap. Projs. Fin. Auth. Student Hsg. Rev. (Cap. Projs. Ln. Prog. - Florida Univs.) Series 2020 A, 5% 10/1/28 2,000 2,410 
Duval County School Board Ctfs. of Prtn.:   
Series 2015 B:   
5% 7/1/28 1,705 1,950 
5% 7/1/32 10,120 11,542 
Series 2016 A, 5% 7/1/33 1,110 1,301 
Escambia County Health Facilities Auth. Health Facilities Rev. Series 2020 A, 4% 8/15/45 2,820 3,168 
Florida Mid-Bay Bridge Auth. Rev.:   
Series 2015 A, 5% 10/1/35 5,300 5,980 
Series 2015 C:   
5% 10/1/30 2,705 3,047 
5% 10/1/40 1,655 1,846 
Florida Muni. Pwr. Agcy. Rev.:   
(Requirements Pwr. Supply Proj.) Series 2016 A:   
5% 10/1/30 1,810 2,161 
5% 10/1/31 1,975 2,354 
(St. Lucie Proj.) Series 2012 A, 5% 10/1/26 3,065 3,173 
Series 2015 B:   
5% 10/1/28 830 960 
5% 10/1/30 1,490 1,724 
Greater Orlando Aviation Auth. Arpt. Facilities Rev.:   
Series 2016 A, 5% 10/1/46 (c) 830 979 
Series 2016:   
5% 10/1/26 (c) 1,405 1,672 
5% 10/1/27 (c) 830 1,012 
Series 2017 A:   
5% 10/1/25 (c) 275 318 
5% 10/1/25 (Escrowed to Maturity) (c) 555 645 
5% 10/1/27 (c) 385 469 
5% 10/1/27 (Escrowed to Maturity) (c) 1,270 1,564 
5% 10/1/29 (Pre-Refunded to 10/1/27 @ 100) (c) 2,485 3,060 
5% 10/1/30 (Pre-Refunded to 10/1/27 @ 100) (c) 2,665 3,281 
5% 10/1/32 (c) 5,590 6,757 
5% 10/1/34 (c) 4,965 6,002 
5% 10/1/35 (c) 6,565 7,928 
5% 10/1/36 (c) 6,210 7,490 
5% 10/1/37 (c) 5,175 6,223 
Halifax Hosp. Med. Ctr. Rev. Series 2015:   
4% 6/1/27 1,165 1,286 
5% 6/1/24 230 254 
Jacksonville Sales Tax Rev. Series 2012, 5% 10/1/25 830 860 
Lake County School Board Ctfs. of Prtn. Series 2014 A:   
5% 6/1/27 (Pre-Refunded to 6/1/24 @ 100) 830 922 
5% 6/1/28 (Pre-Refunded to 6/1/24 @ 100) 830 922 
5% 6/1/30 (Pre-Refunded to 6/1/24 @ 100) 1,865 2,071 
Miami-Dade County Aviation Rev.:   
Series 2012 A:   
5% 10/1/23 (c) 6,375 6,592 
5% 10/1/24 (c) 7,490 7,748 
Series 2014 A:   
5% 10/1/28 (c) 4,140 4,614 
5% 10/1/33 (c) 6,940 7,717 
5% 10/1/36 (c) 13,125 14,587 
Series 2015 A:   
5% 10/1/29 (c) 1,310 1,501 
5% 10/1/31 (c) 1,100 1,259 
5% 10/1/35 (c) 4,555 5,065 
Series 2016 A:   
5% 10/1/29 1,200 1,432 
5% 10/1/31 1,450 1,726 
Series 2017 B, 5% 10/1/40 (c) 10,760 12,813 
Series 2019 A, 5% 10/1/49 (c) 11,860 14,394 
Miami-Dade County Expressway Auth.:   
Series 2014 A, 5% 7/1/44 2,900 3,179 
Series 2014 B:   
5% 7/1/26 2,070 2,297 
5% 7/1/27 1,450 1,606 
5% 7/1/28 830 919 
Series 2016 A:   
5% 7/1/32 3,560 4,196 
5% 7/1/33 3,020 3,552 
Miami-Dade County School Board Ctfs. of Prtn.:   
Series 2015 A:   
5% 5/1/27 (FSA Insured) 645 737 
5% 5/1/29 3,375 3,841 
Series 2016 A, 5% 5/1/30 6,225 7,273 
Miami-Dade County Wtr. & Swr. Rev.:   
Series 2017 B, 4% 10/1/35 3,900 4,551 
Series 2021:   
5% 10/1/31 1,250 1,667 
5% 10/1/32 645 858 
Orange County Health Facilities Auth. Series 2016 A:   
5% 10/1/39 2,200 2,589 
5% 10/1/44 1,605 1,881 
Orange County School Board Ctfs. of Prtn. Series 2015 C, 5% 8/1/30 (Pre-Refunded to 8/1/25 @ 100) 8,280 9,603 
Palm Beach County Arpt. Sys. Rev. Series 2016:   
5% 10/1/23 (c) 1,095 1,182 
5% 10/1/24 (c) 1,140 1,274 
5% 10/1/27 (c) 830 985 
5% 10/1/29 (c) 860 1,019 
5% 10/1/30 (c) 1,530 1,815 
5% 10/1/31 (c) 1,075 1,274 
5% 10/1/32 (c) 1,655 1,958 
5% 10/1/33 (c) 3,555 4,204 
5% 10/1/34 (c) 3,730 4,413 
5% 10/1/35 (c) 3,930 4,648 
Palm Beach County School Board Ctfs. of Prtn. Series 2015 D:   
5% 8/1/28 3,905 4,497 
5% 8/1/29 4,965 5,713 
Pinellas County Idr (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Proj.) Series 2019:   
5% 7/1/29 400 452 
5% 7/1/39 810 939 
South Florida Wtr. Mgmt. District Ctfs. of Prtn. Series 2015:   
5% 10/1/29 4,140 4,852 
5% 10/1/32 5,190 6,063 
South Miami Health Facilities Auth. Hosp. Rev. (Baptist Med. Ctr., FL. Proj.) Series 2017:   
4% 8/15/33 2,070 2,360 
5% 8/15/26 2,815 3,357 
5% 8/15/27 1,865 2,287 
5% 8/15/28 1,240 1,515 
5% 8/15/30 2,685 3,274 
5% 8/15/31 2,590 3,156 
5% 8/15/32 1,930 2,349 
5% 8/15/34 5,360 6,521 
5% 8/15/35 3,555 4,321 
5% 8/15/42 5,465 6,619 
5% 8/15/47 8,115 9,749 
Tallahassee Health Facilities Rev.:   
(Tallahassee Memorial Healthcare, Inc. Proj.) Series 2016 A, 5% 12/1/41 910 1,037 
Series 2015 A, 5% 12/1/40 1,820 2,047 
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A:   
5% 9/1/22 1,905 1,964 
5% 9/1/25 340 350 
Volusia County Edl. Facilities Auth. Rev. (Embry-Riddle Aeronautical Univ., Inc. Proj.) Series 2020 A:   
5% 10/15/44 905 1,110 
5% 10/15/49 1,705 2,079 
Volusia County School Board Ctfs. of Prtn.:   
(Florida Master Lease Prog.) Series 2016 A:   
5% 8/1/29 (Build America Mutual Assurance Insured) 830 967 
5% 8/1/32 (Build America Mutual Assurance Insured) 4,140 4,802 
(Master Lease Prog.) Series 2014 B:   
5% 8/1/25 1,470 1,638 
5% 8/1/26 280 312 
TOTAL FLORIDA  385,498 
Georgia - 2.2%   
Atlanta Arpt. Rev. Series 2019 B, 5% 7/1/25 (c) 1,870 2,145 
Atlanta Wtr. & Wastewtr. Rev. Series 2015, 5% 11/1/27 830 952 
Columbus Med. Ctr. Hosp. Auth. Bonds (Piedmont Healthcare, Inc. Proj.) Series 2019 B, 5%, tender 7/1/29 (a) 6,900 8,634 
Fulton County Dev. Auth. Rev. Series 2019:   
4% 6/15/49 1,515 1,749 
5% 6/15/52 5,540 6,844 
Glynn-Brunswick Memorial Hosp. Auth. Rev. (Southeast Georgia Health Sys. Proj.) Series 2017:   
4% 8/1/43 1,860 2,010 
5% 8/1/39 1,705 1,933 
5% 8/1/43 2,275 2,696 
Hosp. Auth. of Savannah Auth. Rev. Series 2019 A:   
4% 7/1/35 1,400 1,627 
4% 7/1/36 4,500 5,220 
4% 7/1/43 6,160 7,058 
Main Street Natural Gas, Inc. Bonds:   
Series 2021 A, 4%, tender 9/1/27 (a) 25,000 28,893 
Series 2021 C, 4%, tender 12/1/28 (a) 23,425 27,490 
Private Colleges & Univs. Auth. Rev.:   
(Agnes Scott College) Series 2019 A, 5% 6/1/28 1,000 1,221 
(The Savannah College of Art and Design Projs.) Series 2014:   
5% 4/1/25 (Pre-Refunded to 4/1/24 @ 100) 2,900 3,199 
5% 4/1/30 (Pre-Refunded to 4/1/24 @ 100) 1,655 1,826 
5% 4/1/44 (Pre-Refunded to 4/1/24 @ 100) 3,160 3,486 
Series 2019 A, 5% 6/1/29 800 997 
Series 2020 B:   
5% 9/1/31 2,490 3,278 
5% 9/1/32 1,880 2,469 
TOTAL GEORGIA  113,727 
Hawaii - 0.8%   
Hawaii Arpts. Sys. Rev.:   
Series 2015 A:   
5% 7/1/41 (c) 6,210 7,041 
5% 7/1/45 (c) 18,015 20,427 
Series 2018 A:   
5% 7/1/29 (c) 1,055 1,300 
5% 7/1/30 (c) 1,240 1,517 
5% 7/1/31 (c) 1,215 1,485 
5% 7/1/32 (c) 1,240 1,513 
5% 7/1/33 (c) 1,265 1,544 
Hawaii Gen. Oblig. Series 2020 A, 4% 7/1/34 (c) 750 898 
State of Hawaii Dept. of Trans. Series 2013:   
5.25% 8/1/24 (c) 1,655 1,776 
5.25% 8/1/25 (c) 2,070 2,221 
TOTAL HAWAII  39,722 
Idaho - 0.0%   
Idaho Hsg. & Fin. Assoc. Single Family Mtg. Series 2019 A, 4% 1/1/50 660 726 
Illinois - 18.6%   
Boone & Winnebago County Cmnty. Unit School District 200 Series 2002, 0% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,615 1,615 
Chicago Board of Ed.:   
Series 2011 A:   
5% 12/1/41 4,790 4,814 
5.25% 12/1/41 2,965 2,980 
5.5% 12/1/39 6,540 6,575 
Series 2012 A, 5% 12/1/42 7,630 7,884 
Series 2015 C, 5.25% 12/1/39 1,405 1,548 
Series 2016 B, 6.5% 12/1/46 660 809 
Series 2017 A, 7% 12/1/46 (d) 2,320 2,987 
Series 2017 C:   
5% 12/1/22 2,175 2,264 
5% 12/1/23 1,880 2,036 
5% 12/1/24 4,770 5,340 
5% 12/1/25 2,725 3,140 
5% 12/1/26 800 944 
5% 12/1/30 2,105 2,510 
5% 12/1/34 1,245 1,471 
Series 2017 D:   
5% 12/1/23 2,460 2,665 
5% 12/1/24 1,030 1,153 
5% 12/1/31 3,565 4,241 
Series 2017 H, 5% 12/1/36 95 112 
Series 2018 A:   
5% 12/1/25 830 956 
5% 12/1/26 830 980 
5% 12/1/28 3,915 4,804 
5% 12/1/30 1,655 2,017 
5% 12/1/32 950 1,152 
5% 12/1/34 1,140 1,379 
5% 12/1/35 830 1,003 
Series 2018 C, 5% 12/1/46 3,250 3,862 
Series 2019 A:   
4% 12/1/27 5,000 5,743 
5% 12/1/22 1,575 1,640 
5% 12/1/27 1,625 1,959 
5% 12/1/28 2,000 2,454 
5% 12/1/28 2,910 3,570 
5% 12/1/33 1,300 1,607 
Chicago Gen. Oblig.:   
Series 2017 A, 6% 1/1/38 1,000 1,218 
Series 2020 A:   
5% 1/1/27 430 507 
5% 1/1/29 3,175 3,879 
5% 1/1/30 3,125 3,868 
5% 1/1/31 3,760 4,632 
Chicago Midway Arpt. Rev.:   
Series 2014 A:   
5% 1/1/27 (c) 8,550 9,291 
5% 1/1/28 (c) 15,855 17,229 
5% 1/1/33 (c) 4,450 4,819 
5% 1/1/34 (c) 2,150 2,326 
Series 2016 A, 5% 1/1/28 (c) 1,655 1,911 
Series 2016 B:   
4% 1/1/35 1,305 1,452 
5% 1/1/36 1,655 1,924 
5% 1/1/37 2,235 2,594 
5% 1/1/46 5,865 6,794 
Chicago O'Hare Int'l. Arpt. Rev.:   
Series 2013 D, 5% 1/1/27 2,650 2,772 
Series 2015 A:   
5% 1/1/31 (c) 5,000 5,583 
5% 1/1/32 (c) 10,100 11,275 
Series 2015 C:   
5% 1/1/24 (c) 1,190 1,294 
5% 1/1/46 (c) 1,985 2,210 
Series 2016 B, 5% 1/1/34 5,050 5,868 
Series 2016 C:   
5% 1/1/33 2,255 2,621 
5% 1/1/34 2,610 3,033 
Series 2016 G:   
5% 1/1/37 (c) 1,655 1,950 
5% 1/1/42 (c) 1,655 1,944 
5.25% 1/1/29 (c) 290 348 
5.25% 1/1/31 (c) 330 394 
Series 2017 A, 5% 1/1/31 2,925 3,500 
Series 2017 B:   
5% 1/1/35 1,740 2,079 
5% 1/1/37 7,080 8,434 
Series 2017 C:   
5% 1/1/30 495 593 
5% 1/1/31 495 592 
5% 1/1/32 540 646 
Series 2017 D:   
5% 1/1/28 (c) 2,475 2,942 
5% 1/1/29 (c) 2,070 2,458 
5% 1/1/32 (c) 2,235 2,645 
5% 1/1/34 (c) 3,360 3,977 
5% 1/1/35 (c) 2,485 2,937 
5% 1/1/36 (c) 3,090 3,646 
5% 1/1/37 (c) 1,655 1,950 
Series 2018 A:   
5% 1/1/48 (c) 2,215 2,656 
5% 1/1/53 (c) 3,790 4,526 
Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev. Series 2018:   
5% 7/1/38 (c) 2,185 2,585 
5% 7/1/48 (c) 9,030 10,634 
Chicago Transit Auth.:   
Series 2014, 5.25% 12/1/49 14,900 16,701 
Series 2017, 5% 12/1/46 3,395 4,014 
Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2017:   
5% 6/1/24 255 282 
5% 6/1/25 255 292 
5% 6/1/26 205 243 
Cook County Gen. Oblig. Series 2016 A:   
5% 11/15/26 4,420 5,320 
5% 11/15/27 2,320 2,780 
5% 11/15/28 3,020 3,601 
5% 11/15/29 3,760 4,477 
5% 11/15/30 4,140 4,922 
Illinois Fin. Auth. Rev.:   
(Bradley Univ. Proj.) Series 2017 C:   
5% 8/1/29 1,090 1,298 
5% 8/1/30 760 901 
5% 8/1/32 1,015 1,197 
(Depaul Univ. Proj.) Series 2016 A:   
4% 10/1/34 830 938 
5% 10/1/29 830 983 
5% 10/1/30 830 982 
5% 10/1/35 1,655 1,951 
(OSF Healthcare Sys.) Series 2018 A:   
4.125% 5/15/47 25,725 29,423 
5% 5/15/43 34,525 42,044 
(Presence Health Proj.) Series 2016 C:   
3.625% 2/15/32 950 1,061 
4% 2/15/33 225 257 
5% 2/15/26 2,525 2,975 
5% 2/15/29 5,110 6,157 
5% 2/15/36 1,535 1,836 
(Rosalind Franklin Univ. Research Bldg. Proj.) Series 2017 C, 5% 8/1/46 830 959 
(Rush Univ. Med. Ctr. Proj.) Series 2015 A, 5% 11/15/34 415 471 
Series 2013:   
5% 11/15/24 415 431 
5% 11/15/27 85 88 
5% 11/15/28 2,380 2,470 
5% 11/15/29 1,160 1,204 
Series 2015 A:   
5% 11/15/35 1,985 2,284 
5% 11/15/45 2,670 3,061 
Series 2015 B, 5% 11/15/27 2,615 2,987 
Series 2015 C:   
4.125% 8/15/37 735 802 
5% 8/15/35 6,175 7,048 
5% 8/15/44 30,175 34,338 
Series 2016 A:   
5% 8/15/25 (Escrowed to Maturity) 1,970 2,280 
5% 7/1/28 1,020 1,208 
5% 2/15/29 4,255 4,963 
5% 2/15/30 4,490 5,216 
5% 7/1/30 590 693 
5% 2/15/31 3,620 4,195 
5% 7/1/31 1,040 1,221 
5% 2/15/32 3,520 4,073 
5% 7/1/33 540 634 
5% 7/1/34 4,140 4,857 
5% 8/15/35 (Pre-Refunded to 8/15/26 @ 100) 420 502 
5% 7/1/36 2,140 2,511 
5% 8/15/36 (Pre-Refunded to 8/15/26 @ 100) 1,685 2,014 
5.25% 8/15/31 (Pre-Refunded to 8/15/26 @ 100) 495 597 
Series 2016 B:   
5% 8/15/31 6,095 7,325 
5% 8/15/32 5,000 6,003 
5% 8/15/34 6,220 7,461 
5% 8/15/36 8,680 10,394 
Series 2016 C:   
3.75% 2/15/34 1,215 1,361 
4% 2/15/36 5,160 5,848 
4% 2/15/41 14,125 15,911 
4% 2/15/41 (Pre-Refunded to 2/15/27 @ 100) 655 759 
5% 2/15/24 555 609 
5% 2/15/30 6,425 7,732 
5% 2/15/31 12,595 15,138 
5% 2/15/32 3,660 4,395 
5% 2/15/34 2,920 3,502 
5% 2/15/41 5,720 6,821 
Series 2016:   
4% 2/15/41 (Pre-Refunded to 2/15/27 @ 100) 30 35 
5% 5/15/29 1,040 1,215 
5% 12/1/29 1,420 1,681 
5% 5/15/30 2,200 2,560 
5% 12/1/46 3,865 4,501 
Series 2017 A:   
5% 1/1/36 1,860 2,186 
5% 8/1/42 730 848 
Series 2017:   
5% 1/1/29 2,775 3,340 
5% 7/1/34 4,640 5,550 
5% 7/1/35 3,900 4,660 
Series 2018 A:   
4.25% 1/1/44 2,465 2,816 
5% 1/1/44 14,900 17,764 
Series 2019:   
4% 9/1/37 600 683 
4% 9/1/41 1,000 1,126 
5% 9/1/36 1,000 1,227 
Illinois Gen. Oblig.:   
Series 2012 A, 4% 1/1/23 2,090 2,096 
Series 2012:   
5% 3/1/23 4,265 4,296 
5% 8/1/23 3,810 4,081 
Series 2013:   
5.5% 7/1/24 830 893 
5.5% 7/1/25 4,315 4,643 
Series 2014:   
5% 2/1/22 880 883 
5% 2/1/23 3,665 3,846 
5% 2/1/25 3,005 3,275 
5% 2/1/26 2,270 2,474 
5% 4/1/28 1,895 2,075 
5% 5/1/28 1,780 1,954 
5.25% 2/1/31 360 394 
Series 2016:   
5% 2/1/23 1,500 1,574 
5% 2/1/24 8,285 9,043 
5% 6/1/25 7,295 8,333 
5% 11/1/25 2,485 2,872 
5% 6/1/26 995 1,169 
5% 2/1/27 5,585 6,665 
Series 2017 D, 5% 11/1/25 21,945 25,362 
Series 2018 A, 5% 10/1/28 230 283 
Series 2019 B:   
5% 9/1/22 3,915 4,036 
5% 9/1/23 3,990 4,288 
5% 9/1/24 3,990 4,448 
Series 2020, 5.75% 5/1/45 3,865 4,951 
Series 2021 A:   
5% 3/1/32 2,750 3,533 
5% 3/1/33 1,500 1,921 
5% 3/1/34 2,220 2,835 
5% 3/1/35 5,450 6,940 
5% 3/1/36 4,500 5,715 
5% 3/1/37 5,500 6,969 
5% 3/1/46 7,635 9,480 
Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev. Series 2019, 2.9% 7/1/35 6,126 6,539 
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A, 5% 2/1/31 3,370 3,877 
Illinois Toll Hwy. Auth. Toll Hwy. Rev.:   
Series 2015 A, 5% 1/1/37 3,020 3,442 
Series 2016 A:   
5% 12/1/31 5,825 6,773 
5% 12/1/32 8,525 9,901 
Series 2019 A, 5% 1/1/44 1,260 1,563 
Series A:   
5% 1/1/36 1,000 1,296 
5% 1/1/38 350 451 
5% 1/1/40 2,390 3,064 
5% 1/1/45 20,100 25,489 
Kendall, Kane & Will Counties Cmnty. Unit School District #308 Series 2016:   
5% 2/1/34 5,795 6,725 
5% 2/1/35 4,140 4,797 
5% 2/1/36 7,120 8,237 
McHenry & Kane Counties Cmnty. Consolidated School District #158 Series 2004, 0% 1/1/24 (FSA Insured) 4,220 4,147 
Metropolitan Pier & Exposition:   
(McCormick Place Expansion Proj.):   
Series 1996 A, 0% 6/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 5,215 5,154 
Series 2010 B1:   
0% 6/15/43 (FSA Insured) 41,985 24,523 
0% 6/15/45 (FSA Insured) 25,250 13,834 
0% 6/15/47 (FSA Insured) 3,000 1,550 
Series 2012 B, 0% 12/15/51 10,845 4,460 
Series A:   
0% 6/15/22 (Escrowed to Maturity) 1,045 1,043 
0% 12/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,560 2,480 
Series 1996 A, 0% 6/15/24 2,535 2,474 
Series 1998 A:   
5.5% 12/15/23 5 5 
5.5% 12/15/23 (Escrowed to Maturity) 5 5 
Series 2017 B:   
5% 12/15/25 830 962 
5% 12/15/26 2,755 3,284 
5% 12/15/27 295 360 
5% 12/15/31 560 671 
5% 12/15/34 330 393 
Series 2022 A:   
4% 12/15/42 (e) 7,330 8,427 
4% 12/15/47 (e) 560 638 
4% 6/15/52 (e) 2,000 2,269 
Northern Illinois Univ. Revs. Series 2020 B:   
5% 4/1/26 (Build America Mutual Assurance Insured) 1,400 1,634 
5% 4/1/28 (Build America Mutual Assurance Insured) 1,300 1,593 
5% 4/1/30 (Build America Mutual Assurance Insured) 1,000 1,275 
5% 4/1/32 (Build America Mutual Assurance Insured) 1,295 1,639 
Railsplitter Tobacco Settlement Auth. Rev. Series 2017:   
5% 6/1/27 4,140 4,856 
5% 6/1/28 2,275 2,655 
Univ. of Illinois Rev.:   
Series 2013:   
6% 10/1/42 4,555 4,950 
6.25% 10/1/38 4,495 4,910 
Series 2018 A, 5% 4/1/30 3,425 4,229 
Will County Cmnty. Unit School District #365-U Series 2007 B, 0% 11/1/26 (FSA Insured) 5,095 4,856 
Will County Illinois Series 2016:   
5% 11/15/31 (Pre-Refunded to 11/15/25 @ 100) 1,340 1,568 
5% 11/15/32 (Pre-Refunded to 11/15/25 @ 100) 1,020 1,194 
5% 11/15/33 (Pre-Refunded to 11/15/25 @ 100) 1,240 1,451 
5% 11/15/34 (Pre-Refunded to 11/15/25 @ 100) 1,240 1,451 
TOTAL ILLINOIS  954,364 
Indiana - 1.2%   
Indiana Fin. Auth. Rev.:   
Series 2015 A, 5.25% 2/1/32 5,845 6,772 
Series 2016:   
5% 9/1/23 375 404 
5% 9/1/24 560 628 
5% 9/1/26 1,075 1,288 
5% 9/1/27 540 640 
5% 9/1/28 2,535 2,990 
5% 9/1/29 1,240 1,460 
5% 9/1/30 1,160 1,363 
Indiana Fin. Auth. Wastewtr. Util. Rev. (CWA Auth. Proj.):   
Series 2012 A, 5% 10/1/26 2,105 2,178 
Series 2015 A, 5% 10/1/30 3,990 4,479 
Indiana Hsg. & Cmnty. Dev. Auth. (Glasswater Creek of Whitestown Proj.) Series 2020, 5.375% 10/1/40 (d) 2,045 2,131 
Indianapolis Local Pub. Impt.:   
(Indianapolis Arpt. Auth. Proj.) Series 2019 I, 5% 1/1/44 5,100 6,365 
Series 2016:   
4% 1/1/32 (c) 830 929 
4% 1/1/33 (c) 830 929 
4% 1/1/34 (c) 1,010 1,129 
4% 1/1/35 (c) 2,300 2,566 
5% 1/1/26 (c) 875 1,018 
Purdue Univ. Rev. Series 2018 DD:   
5% 7/1/34 995 1,234 
5% 7/1/35 1,960 2,427 
5% 7/1/36 2,130 2,633 
5% 7/1/37 1,970 2,431 
5% 7/1/38 2,345 2,885 
Saint Joseph County Econ. Dev. Auth. Rev. (St. Mary's College Proj.):   
Series 2019:   
4% 4/1/38 260 293 
4% 4/1/46 6,035 6,714 
5% 4/1/43 460 554 
Series 2020:   
4% 4/1/38 1,510 1,704 
5% 4/1/32 1,805 2,224 
TOTAL INDIANA  60,368 
Iowa - 0.2%   
Iowa Fin. Auth. Rev. Series A:   
5% 5/15/43 1,145 1,302 
5% 5/15/48 1,300 1,471 
Iowa Student Ln. Liquidity Corp. Student Ln. Rev. Series 2019 B:   
5% 12/1/26 (c) 1,850 2,185 
5% 12/1/27 (c) 1,965 2,373 
Tobacco Settlement Auth. Tobacco Settlement Rev. Series 2021 B1, 4% 6/1/49 4,045 4,650 
TOTAL IOWA  11,981 
Kansas - 0.2%   
Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev. Series 2016 A:   
5% 9/1/40 3,740 4,291 
5% 9/1/45 5,630 6,428 
TOTAL KANSAS  10,719 
Kentucky - 1.2%   
Kenton County Arpt. Board Arpt. Rev. Series 2016:   
5% 1/1/22 600 600 
5% 1/1/23 350 367 
5% 1/1/28 1,310 1,527 
5% 1/1/31 1,240 1,444 
5% 1/1/32 1,240 1,442 
Kentucky Econ. Dev. Fin. Auth.:   
Series 2019 A1:   
5% 8/1/35 1,000 1,254 
5% 8/1/44 1,000 1,228 
Series 2019 A2, 5% 8/1/44 2,995 3,678 
Kentucky State Property & Buildings Commission Rev. (Proj. No. 119) Series 2018:   
5% 5/1/26 830 983 
5% 5/1/27 2,435 2,962 
5% 5/1/29 4,510 5,577 
5% 5/1/32 1,185 1,462 
5% 5/1/33 915 1,132 
5% 5/1/34 1,045 1,292 
5% 5/1/35 615 755 
5% 5/1/36 520 638 
Kentucky, Inc. Pub. Energy Bonds Series A, 4%, tender 6/1/26 (a) 10,000 11,303 
Louisville & Jefferson County:   
Bonds:   
Series 2020 C, 5%, tender 10/1/26 (a) 1,695 2,029 
Series 2020 D, 5%, tender 10/1/29 (a) 2,030 2,594 
Series 2013 A:   
5.5% 10/1/33 2,815 3,050 
5.75% 10/1/38 7,255 7,886 
Series 2020 A:   
5% 10/1/37 2,405 3,013 
5% 10/1/38 2,300 2,877 
TOTAL KENTUCKY  59,093 
Louisiana - 1.2%   
Louisiana Pub. Facilities Auth. Hosp. Rev. (Franciscan Missionaries of Our Lady Health Sys. Proj.) Series 2017 A, 5% 7/1/47 1,950 2,310 
Louisiana Pub. Facilities Auth. Rev.:   
(Tulane Univ. of Louisiana Proj.) Series 2016 A:   
5% 12/15/24 1,240 1,401 
5% 12/15/25 2,585 3,021 
5% 12/15/26 1,045 1,259 
5% 12/15/28 1,655 1,979 
5% 12/15/29 1,175 1,401 
5% 12/15/30 2,320 2,764 
Series 2018 E:   
5% 7/1/37 1,615 1,991 
5% 7/1/38 1,260 1,551 
New Orleans Aviation Board Rev.:   
(North Term. Proj.):   
Series 2015 B:   
5% 1/1/27 (c) 1,160 1,305 
5% 1/1/29 (c) 4,295 4,821 
5% 1/1/30 (c) 5,795 6,489 
5% 1/1/31 (c) 2,070 2,312 
5% 1/1/40 (c) 16,980 18,935 
Series 2017 B:   
5% 1/1/27 (c) 330 394 
5% 1/1/28 (c) 205 244 
5% 1/1/32 (c) 330 391 
5% 1/1/33 (c) 580 687 
5% 1/1/34 (c) 180 213 
5% 1/1/35 (c) 330 390 
Series 2017 D2:   
5% 1/1/27 (c) 415 496 
5% 1/1/28 (c) 595 708 
5% 1/1/31 (c) 530 626 
5% 1/1/33 (c) 850 1,007 
5% 1/1/34 (c) 1,020 1,207 
5% 1/1/36 (c) 775 916 
5% 1/1/37 (c) 1,275 1,506 
TOTAL LOUISIANA  60,324 
Maine - 1.0%   
Maine Health & Higher Edl. Facilities Auth. Rev.:   
Series 2016 A:   
4% 7/1/41 1,935 2,126 
4% 7/1/46 3,180 3,475 
5% 7/1/41 8,620 9,915 
5% 7/1/46 22,975 26,284 
Series 2017 B:   
4% 7/1/25 375 418 
4% 7/1/31 580 658 
4% 7/1/32 415 470 
4% 7/1/34 835 943 
5% 7/1/26 270 320 
5% 7/1/28 420 507 
5% 7/1/29 330 397 
5% 7/1/33 830 993 
5% 7/1/35 630 752 
Maine Tpk. Auth. Tpk. Rev. Series 2015:   
5% 7/1/32 870 999 
5% 7/1/36 2,150 2,459 
5% 7/1/38 555 633 
TOTAL MAINE  51,349 
Maryland - 1.5%   
City of Westminster Series 2016:   
5% 11/1/27 2,150 2,553 
5% 11/1/28 2,275 2,688 
5% 11/1/29 2,410 2,836 
5% 11/1/30 2,555 2,995 
Harford County Gen. Oblig.:   
Series 2020 A:   
5% 10/1/27 2,000 2,482 
5% 10/1/29 2,000 2,605 
Series 2020 B:   
5% 7/1/28 3,465 4,382 
5% 7/1/29 3,385 4,385 
Maryland Cmnty. Dev. Admin Dept. Hsg. & Cmnty. Dev. Series 2019 B, 4% 9/1/49 2,815 3,074 
Maryland Dept. of Trans. Consolidated Trans. Rev.:   
Series 2022 A:   
5% 12/1/22 (e) 1,000 1,035 
5% 12/1/25 (e) 1,000 1,161 
5% 12/1/27 (e) 1,000 1,224 
Series 2022 B:   
5% 12/1/24 (e) 1,160 1,258 
5% 12/1/26 (e) 1,755 2,027 
Maryland Econ. Dev. Auth. Rev. (Ports America Chesapeake LLC. Proj.) Series 2017 A:   
5% 6/1/30 1,035 1,261 
5% 6/1/35 1,655 1,993 
Maryland Gen. Oblig. Series 2021 2A, 5% 8/1/29 12,635 16,396 
Maryland Health & Higher Edl. Facilities Auth. Rev.:   
(Medstar Health, Inc. Proj.) Series 2017 A, 5% 5/15/45 2,645 3,190 
Series 2015, 5% 7/1/24 625 695 
Series 2016 A:   
4% 7/1/42 1,430 1,562 
5% 7/1/35 575 670 
Maryland Trans. Auth. Trans. Facility Projs. Rev.:   
Series 2020:   
4% 7/1/45 5,010 5,916 
4% 7/1/50 2,920 3,432 
Series 2021 A, 5% 7/1/51 4,000 5,193 
Washington Metropolitan Area Transit Auth. Series 2021 A:   
5% 7/15/41 1,250 1,644 
5% 7/15/46 2,000 2,593 
TOTAL MARYLAND  79,250 
Massachusetts - 4.9%   
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2021 A1:   
5% 7/1/32 3,210 4,313 
5% 7/1/33 2,500 3,344 
5% 7/1/34 1,260 1,680 
5% 7/1/35 3,180 4,231 
Massachusetts Commonwealth Trans. Fund Rev. Series 2021 A, 5% 6/1/51 6,025 7,615 
Massachusetts Dev. Fin. Agcy. Rev.:   
(Lesley Univ. Proj.) Series 2016, 5% 7/1/39 1,360 1,590 
(Partners Healthcare Sys., Inc. Proj.):   
Series 2017 S:   
5% 7/1/30 3,210 3,954 
5% 7/1/34 3,500 4,299 
Series 2017, 4% 7/1/41 8,280 9,464 
(Univ. of Massachusetts Health Cr., Inc. Proj.) Series 2017 L, 4% 7/1/44 830 929 
(Wentworth Institute of Technology Proj.) Series 2017:   
5% 10/1/27 830 982 
5% 10/1/28 875 1,033 
5% 10/1/29 920 1,082 
5% 10/1/31 1,015 1,187 
5% 10/1/32 1,065 1,243 
Series 2016 I, 5% 7/1/41 1,925 2,230 
Series 2016:   
5% 10/1/29 830 988 
5% 10/1/30 1,240 1,477 
5% 7/1/31 1,385 1,618 
5% 10/1/31 1,340 1,595 
5% 10/1/43 8,995 10,411 
Series 2017:   
5% 7/1/34 1,325 1,566 
5% 7/1/35 1,000 1,180 
Series 2019, 5% 9/1/59 16,180 19,817 
Series 2020 A:   
4% 7/1/45 12,200 13,981 
5% 10/15/27 5,000 6,207 
5% 10/15/28 20,500 26,146 
5% 10/15/29 10,500 13,714 
Series BB1, 5% 10/1/46 345 412 
Series M:   
4% 10/1/50 12,425 14,176 
5% 10/1/45 9,360 11,515 
Massachusetts Edl. Fing. Auth. Rev. Series 2019 B:   
5% 7/1/27 (c) 1,000 1,189 
5% 7/1/28 (c) 1,915 2,325 
Massachusetts Gen. Oblig.:   
Series 2017 A, 5% 4/1/36 1,750 2,126 
Series 2019 C, 5% 5/1/49 4,175 5,226 
Series E:   
5% 11/1/45 4,450 5,706 
5% 11/1/50 15,180 19,358 
Massachusetts Health & Edl. Facilities Auth. Rev. (Blood Research Institute Proj.) Series A, 6.5% 2/1/22 300 301 
Massachusetts Port Auth. Rev.:   
Series 2016 A:   
5% 7/1/33 1,740 2,061 
5% 7/1/34 895 1,060 
5% 7/1/38 1,300 1,540 
Series 2016 B, 5% 7/1/43 (c) 7,110 8,324 
Series 2021 E:   
5% 7/1/38 (c) 2,875 3,724 
5% 7/1/39 (c) 4,480 5,791 
5% 7/1/40 (c) 2,835 3,659 
5% 7/1/51 (c) 10,000 12,681 
TOTAL MASSACHUSETTS  249,050 
Michigan - 2.4%   
Detroit Downtown Dev. Auth. Tax:   
Series 2018 A, 5% 7/1/32 (FSA Insured) 1,000 1,101 
Series A, 5% 7/1/34 (FSA Insured) 1,000 1,100 
Detroit Gen. Oblig. Series 2021 A, 5% 4/1/50 2,600 3,167 
Flint Hosp. Bldg. Auth. Rev. Series 2020, 5% 7/1/38 1,515 1,883 
Great Lakes Wtr. Auth. Sew Disp. Sys. Series 2018 A:   
5% 7/1/43 2,030 2,468 
5% 7/1/48 8,725 10,546 
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016:   
5% 5/15/28 1,945 2,300 
5% 5/15/28 (Pre-Refunded to 5/15/26 @ 100) 10 12 
Michigan Bldg. Auth. Rev. Series 2015 I:   
5% 4/15/30 3,960 4,589 
5% 4/15/30 (Pre-Refunded to 10/15/25 @ 100) 180 210 
Michigan Fin. Auth. Rev.:   
(Charter County of Wayne Criminal Justice Ctr. Proj.) Series 2018, 5% 11/1/43 2,570 3,142 
(Trinity Health Proj.) Series 2017, 5% 12/1/42 2,140 2,612 
Series 2012, 5% 11/15/42 8,595 8,917 
Series 2016, 5% 11/15/41 1,560 1,838 
Series 2019 A, 5% 11/15/48 2,105 2,605 
Series 2020 A, 4% 6/1/49 2,545 2,906 
Series MI, 5.5% 12/1/27 3,930 4,567 
Michigan Hosp. Fin. Auth. Rev. Series 2008 C:   
5% 12/1/32 1,110 1,365 
5% 12/1/32 (Pre-Refunded to 12/1/27 @ 100) 130 161 
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Series A, 3.5% 12/1/50 2,135 2,325 
Oakland Univ. Rev. Series 2019:   
5% 3/1/44 8,540 10,535 
5% 3/1/50 13,450 16,544 
Portage Pub. Schools Series 2016:   
5% 11/1/30 2,365 2,789 
5% 11/1/31 2,090 2,463 
5% 11/1/36 205 240 
Wayne County Arpt. Auth. Rev.:   
Series 2015 F, 5% 12/1/27 (c) 5,790 6,720 
Series 2015 G, 5% 12/1/28 (c) 4,555 5,275 
Series 2017 A:   
4% 12/1/33 (FSA Insured) 1,230 1,410 
4% 12/1/34 (FSA Insured) 1,020 1,168 
4% 12/1/35 (FSA Insured) 995 1,135 
4% 12/1/36 (FSA Insured) 1,035 1,180 
5% 12/1/31 310 377 
5% 12/1/32 315 383 
5% 12/1/34 580 710 
5% 12/1/35 540 661 
5% 12/1/37 355 432 
Series 2017 B:   
5% 12/1/29 (c) 495 601 
5% 12/1/30 (c) 580 702 
5% 12/1/31 (c) 660 798 
5% 12/1/32 (c) 420 511 
5% 12/1/32 (c) 540 656 
5% 12/1/34 (c) 495 600 
5% 12/1/35 (c) 540 655 
5% 12/1/37 (c) 705 851 
5% 12/1/42 (c) 830 999 
Series 2018 D, 5% 12/1/29 (c) 3,645 4,531 
TOTAL MICHIGAN  120,740 
Minnesota - 0.4%   
Duluth Econ. Dev. Auth. Health Care Facilities Rev. Series 2018 A, 5% 2/15/48 6,000 7,106 
Maple Grove Health Care Sys. Rev.:   
Series 2015, 5% 9/1/29 2,345 2,662 
Series 2017, 5% 5/1/25 660 753 
Minnesota Higher Ed. Facilities Auth. Rev. Series 2018 A:   
5% 10/1/30 615 754 
5% 10/1/45 1,370 1,634 
Moorhead Edl. Facilities Rev. (The Concordia College Corp. Proj.) Series 2016, 5% 12/1/25 990 1,085 
Shakopee Sr. Hsg. Rev. Bonds Series 2018, 5.85%, tender 11/1/25 (a)(d) 3,770 4,042 
TOTAL MINNESOTA  18,036 
Missouri - 0.9%   
Cape Girardeau County Indl. Dev. Auth. (Southeast Hosp. Proj.) Series 2017 A:   
5% 3/1/30 580 681 
5% 3/1/31 620 726 
5% 3/1/36 1,240 1,442 
Kansas City Spl. Oblig. (Downtown Streetcar Proj.) Series 2014 A:   
5% 9/1/26 980 983 
5% 9/1/27 405 406 
5% 9/1/28 830 833 
5% 9/1/29 830 833 
5% 9/1/30 1,150 1,154 
Kansas City Wtr. Rev. Series 2020 A, 4% 12/1/42 1,200 1,453 
Missouri Health & Edl. Facilities Rev.:   
Series 2015 B:   
3.125% 2/1/27 830 893 
3.25% 2/1/28 830 893 
4% 2/1/40 660 723 
5% 2/1/29 1,025 1,171 
5% 2/1/31 2,150 2,439 
5% 2/1/33 2,375 2,681 
5% 2/1/36 2,235 2,506 
Series 2019 A:   
4% 10/1/48 2,850 3,248 
5% 10/1/46 5,575 6,841 
Missouri Hsg. Dev. Commission Single Family Mtg. Rev. Series 2019, 4% 5/1/50 770 846 
Saint Louis Arpt. Rev. Series 2019 C:   
5% 7/1/33 2,390 3,004 
5% 7/1/34 1,750 2,196 
Saint Louis County Indl. Dev. Auth. Sr. Living Facilities Rev.:   
Series 2017, 5% 9/1/48 1,000 1,120 
Series 2018 A:   
5.125% 9/1/48 3,325 3,713 
5.125% 9/1/49 2,665 2,975 
TOTAL MISSOURI  43,760 
Montana - 0.0%   
Montana Board Hsg. Single Family:   
Series 2017 B, 4% 12/1/48 (c) 655 685 
Series 2019 B, 4% 6/1/50 415 462 
TOTAL MONTANA  1,147 
Nebraska - 0.4%   
Douglas County Neb Edl. Facilities Rev. (Creighton Univ. Proj.) Series 2017:   
4% 7/1/34 830 949 
5% 7/1/36 570 687 
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.:   
Series 2019 B, 4% 9/1/49 (c) 2,125 2,303 
Series 2019 E, 3.75% 9/1/49 (c) 2,400 2,559 
Series 2020 A, 3.5% 9/1/50 1,815 1,974 
Nebraska Pub. Pwr. District Rev. Series 2016 B:   
5% 1/1/37 2,050 2,381 
5% 1/1/40 935 1,083 
Omaha Arpt. Auth. Arpt. Rev. Series 2017 A:   
5% 12/15/23 (c) 620 674 
5% 12/15/25 (c) 330 384 
5% 12/15/26 (c) 1,190 1,426 
5% 12/15/27 (c) 830 991 
5% 12/15/30 (c) 1,240 1,478 
5% 12/15/31 (c) 650 774 
5% 12/15/33 (c) 660 785 
5% 12/15/35 (c) 1,655 1,970 
5% 12/15/36 (c) 420 500 
TOTAL NEBRASKA  20,918 
Nevada - 0.2%   
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig. Series 2016 B, 5% 6/1/36 3,750 4,420 
Nevada Hsg. Division Single Family Mtg. Rev. Series 2019 B, 4% 10/1/49 1,235 1,351 
Tahoe-Douglas Visitors Auth. Series 2020:   
5% 7/1/40 1,000 1,168 
5% 7/1/45 2,605 3,009 
TOTAL NEVADA  9,948 
New Hampshire - 1.8%   
Nat'l. Finnance Auth. Series 2020 1, 4.125% 1/20/34 5,978 7,116 
New Hampshire Health & Ed. Facilities Auth.:   
(Concord Hosp.) Series 2017, 5% 10/1/42 2,485 2,962 
(Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A:   
5% 8/1/28 895 1,104 
5% 8/1/29 855 1,049 
5% 8/1/30 850 1,041 
(Partners Healthcare Sys., Inc. Proj.):   
Series 2017 5% 7/1/29 3,275 4,041 
Series 2017:   
5% 7/1/30 2,125 2,618 
5% 7/1/31 4,750 5,846 
5% 7/1/32 3,185 3,917 
5% 7/1/33 2,900 3,565 
5% 7/1/34 4,415 5,424 
5% 7/1/35 4,635 5,684 
5% 7/1/36 4,870 5,960 
5% 7/1/37 4,290 5,242 
Series 2017, 5% 7/1/44 1,590 1,840 
New Hampshire Health & Ed. Facilities Auth. Rev.:   
(Covenant Health Sys., Inc. Proj.) Series 2012, 5% 7/1/42 (Pre-Refunded to 7/1/22 @ 100) 420 430 
Series 2012:   
4% 7/1/32 2,295 2,321 
5% 7/1/24 830 848 
5% 7/1/25 980 1,000 
5% 7/1/27 415 423 
Series 2016:   
4% 10/1/38 2,010 2,220 
5% 10/1/22 885 916 
5% 10/1/24 1,755 1,963 
5% 10/1/25 1,740 2,013 
5% 10/1/29 5,525 6,515 
5% 10/1/31 4,315 5,059 
5% 10/1/33 3,355 3,925 
5% 10/1/38 6,185 7,203 
TOTAL NEW HAMPSHIRE  92,245 
New Jersey - 5.0%   
Atlantic County Impt. Auth. (Atlantic City Campus Proj.) Series 2016 A:   
5% 7/1/28 (FSA Insured) 860 1,008 
5% 7/1/30 (FSA Insured) 2,105 2,455 
5% 7/1/32 (FSA Insured) 1,035 1,202 
5% 7/1/33 (FSA Insured) 1,075 1,246 
New Jersey Econ. Dev. Auth.:   
(White Horse HMT Urban Renewal LLC Proj.) Series 2020, 5% 1/1/40 (d) 1,000 1,023 
Series A, 5% 11/1/40 8,915 10,968 
New Jersey Econ. Dev. Auth. Rev.:   
(Black Horse EHT Urban Renewal LLC Proj.) Series 2019 A, 5% 10/1/39 (d) 910 936 
(New Jersey Gen. Oblig. Proj.):   
Series 2015 XX, 5% 6/15/25 10,905 12,484 
Series 2017 B, 5% 11/1/23 14,900 16,121 
Series 2013 NN:   
5% 3/1/26 4,125 4,339 
5% 3/1/29 2,055 2,161 
Series 2013, 5% 3/1/25 1,820 1,915 
Series 2015 XX, 5.25% 6/15/27 14,075 16,227 
Series 2016 AAA:   
5.5% 6/15/31 (Pre-Refunded to 12/15/26 @ 100) 1,655 2,026 
5.5% 6/15/32 (Pre-Refunded to 12/15/26 @ 100) 4,140 5,069 
Series LLL, 5% 6/15/44 2,680 3,279 
New Jersey Edl. Facility Series 2016 A:   
5% 7/1/31 1,740 2,046 
5% 7/1/32 1,985 2,333 
New Jersey Gen. Oblig. Series 2020 A:   
4% 6/1/30 3,275 3,972 
4% 6/1/31 1,230 1,514 
4% 6/1/32 830 1,036 
5% 6/1/29 3,685 4,680 
New Jersey Health Care Facilities Fing. Auth. Rev.:   
Series 2016 A:   
5% 7/1/22 275 281 
5% 7/1/23 970 1,034 
5% 7/1/24 1,600 1,770 
5% 7/1/25 1,660 1,900 
5% 7/1/26 915 1,080 
5% 7/1/26 275 325 
5% 7/1/27 420 495 
5% 7/1/27 620 741 
5% 7/1/28 300 358 
5% 7/1/29 580 681 
5% 7/1/29 415 487 
5% 7/1/30 690 808 
5% 7/1/30 830 986 
Series 2016:   
4% 7/1/48 2,400 2,636 
5% 7/1/41 2,865 3,306 
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.:   
Series 2017 1A:   
5% 12/1/22 (c) 1,000 1,042 
5% 12/1/23 (c) 1,675 1,817 
5% 12/1/26 (c) 830 985 
Series 2018 B:   
5% 12/1/25 (c) 3,495 4,047 
5% 12/1/26 (c) 1,035 1,229 
New Jersey Trans. Trust Fund Auth.:   
(Trans. Prog.) Series 2019 AA, 5.25% 6/15/43 21,525 26,417 
Series 2010 A, 0% 12/15/27 9,485 8,684 
Series 2014 AA, 5% 6/15/24 8,280 9,162 
Series 2014 BB2:   
5% 6/15/32 5,810 7,570 
5% 6/15/33 1,635 2,123 
5% 6/15/34 1,060 1,371 
Series 2016 A:   
5% 6/15/27 2,250 2,656 
5% 6/15/28 9,150 10,750 
5% 6/15/29 1,865 2,187 
Series 2016 A-2, 5% 6/15/23 4,455 4,750 
Series 2021 A, 5% 6/15/33 2,980 3,869 
Series 2022 A:   
4% 6/15/39 (e) 2,030 2,360 
4% 6/15/40 (e) 2,410 2,795 
4% 6/15/42 (e) 4,540 5,232 
Series 2022 AA:   
5% 6/15/32 (e) 8,500 11,160 
5% 6/15/34 (e) 7,460 9,675 
5% 6/15/36 (e) 2,215 2,841 
5% 6/15/37 (e) 500 638 
Series AA:   
4% 6/15/35 1,500 1,762 
4% 6/15/40 1,680 1,951 
4% 6/15/45 6,895 7,915 
5% 6/15/35 490 626 
5% 6/15/39 3,000 3,780 
5% 6/15/45 1,550 1,925 
Series BB, 5% 6/15/50 1,885 2,259 
TOTAL NEW JERSEY  258,506 
New Mexico - 0.1%   
New Mexico Mtg. Fin. Auth. Series 2019 D, 3.75% 1/1/50 1,735 1,895 
Santa Fe Retirement Fac.:   
Series 2019 A:   
2.25% 5/15/24 140 140 
5% 5/15/34 275 312 
5% 5/15/39 205 231 
5% 5/15/44 215 241 
5% 5/15/49 425 475 
Series 2019 B1, 2.625% 5/15/25 230 230 
TOTAL NEW MEXICO  3,524 
New York - 5.7%   
Dorm. Auth. New York Univ. Rev.:   
(Fordham Univ. Proj.) Series 2017:   
4% 7/1/33 1,035 1,187 
4% 7/1/34 1,035 1,185 
Series 2017:   
5% 12/1/22 (d) 1,400 1,459 
5% 12/1/23 (d) 1,200 1,301 
5% 12/1/24 (d) 1,100 1,237 
5% 12/1/25 (d) 1,200 1,395 
Long Island Pwr. Auth. Elec. Sys. Rev. Series 2012 A, 5% 9/1/42 245 252 
MTA Hudson Rail Yards Trust Oblig. Series 2016 A, 5% 11/15/56 26,320 27,972 
New York City Gen. Oblig.:   
Series 2015 C, 5% 8/1/27 580 659 
Series 2016 C and D, 5% 8/1/28 2,175 2,552 
Series 2016 E, 5% 8/1/28 3,645 4,353 
Series 2022 A1, 5% 8/1/47 9,590 12,344 
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Series GG 1, 5% 6/15/48 3,500 4,442 
New York City Transitional Fin. Auth. Bldg. Aid Rev.:   
Series 2015 S1, 5% 7/15/43 4,140 4,663 
Series 2015 S2, 5% 7/15/35 1,465 1,688 
New York City Transitional Fin. Auth. Rev. Series C1, 5% 5/1/29 3,720 4,779 
New York Dorm. Auth. Sales Tax Rev. Series 2016 A, 5% 3/15/34 5,630 6,705 
New York Metropolitan Trans. Auth. Rev.:   
Series 2014 B, 5% 11/15/44 8,280 8,967 
Series 2015 A1, 5% 11/15/45 6,170 6,854 
Series 2020 D:   
4% 11/15/46 39,325 44,839 
4% 11/15/47 2,710 3,087 
New York State Dorm. Auth. Series 2021 E:   
4% 3/15/45 13,955 16,685 
4% 3/15/47 9,700 11,568 
New York State Mtg. Agcy. Homeowner Mtg. Series 221, 3.5% 10/1/32 (c) 885 952 
New York State Urban Dev. Corp.:   
Series 2020 A, 5% 3/15/42 2,000 2,563 
Series 2020 C, 5% 3/15/47 20,400 25,930 
Series 2020 E:   
4% 3/15/44 28,000 32,720 
4% 3/15/45 22,500 26,214 
New York Trans. Dev. Corp. (Laguardia Arpt. Term. Redev. Proj.) Series 2016 A, 5% 7/1/41 (c) 3,560 3,912 
New York Urban Dev. Corp. Rev.:   
(New York State Gen. Oblig. Proj.) Series 2017 A, 5% 3/15/34 5,215 6,271 
Gen. Oblig. (New York State Gen. Oblig. Proj.) Series 2017 A, 5% 3/15/32 4,470 5,388 
Oneida County Local Dev. Corp. Rev. (Mohawk Valley Health Sys. Proj.) Series 2019 A:   
4% 12/1/33 (FSA Insured) 1,200 1,411 
5% 12/1/31 (FSA Insured) 1,500 1,904 
Onondaga Civic Dev. Corp. (Le Moyne College Proj.) Series 2018, 5% 1/1/43 830 986 
Rockland County Gen. Oblig. Series 2014 A, 4% 3/1/24 (FSA Insured) 1,140 1,230 
Suffolk County Econ. Dev. Corp. Rev. Series 2021:   
4.625% 11/1/31 (d) 750 771 
5.375% 11/1/54 (d) 1,150 1,189 
Triborough Bridge & Tunnel Auth. Series 2021 A1, 5% 5/15/51 4,815 6,195 
Triborough Bridge & Tunnel Auth. Revs. Series 2015 A, 5.25% 11/15/45 4,140 4,755 
TOTAL NEW YORK  292,564 
New York And New Jersey - 0.1%   
Port Auth. of New York & New Jersey Series 194, 5.25% 10/15/55 3,915 4,552 
North Carolina - 0.6%   
Charlotte Ctfs. of Prtn. (Convention Facility Projs.) Series 2019 A:   
5% 6/1/44 4,000 5,048 
5% 6/1/46 2,120 2,676 
Charlotte Int'l. Arpt. Rev.:   
Series 2017 A:   
5% 7/1/30 1,265 1,538 
5% 7/1/33 1,040 1,265 
5% 7/1/37 2,910 3,545 
Series 2017 B:   
5% 7/1/24 (c) 155 172 
5% 7/1/25 (c) 85 97 
5% 7/1/26 (c) 85 101 
5% 7/1/27 (c) 160 194 
5% 7/1/28 (c) 135 164 
5% 7/1/29 (c) 195 235 
5% 7/1/30 (c) 210 253 
5% 7/1/31 (c) 395 475 
5% 7/1/32 (c) 420 505 
5% 7/1/33 (c) 440 529 
5% 7/1/34 (c) 460 555 
5% 7/1/35 (c) 315 379 
5% 7/1/36 (c) 255 307 
5% 7/1/37 (c) 300 361 
5% 7/1/42 (c) 975 1,170 
Series 2017 C, 4% 7/1/32 1,190 1,365 
Nash Health Care Sys. Health Care Facilities Rev. Series 2012, 5% 11/1/41 4,490 4,527 
New Hanover County Hosp. Rev. Series 2017:   
5% 10/1/27 (Escrowed to Maturity) 275 338 
5% 10/1/42 (Pre-Refunded to 10/1/27 @ 100) 2,215 2,726 
5% 10/1/47 (Pre-Refunded to 10/1/27 @ 100) 1,000 1,231 
North Carolina Med. Care Commission Health Care Facilities Rev. Series 2021 A:   
4% 3/1/41 1,050 1,149 
4% 3/1/51 2,075 2,247 
TOTAL NORTH CAROLINA  33,152 
Ohio - 2.3%   
Akron Bath Copley Hosp. District Rev. Series 2016, 5.25% 11/15/46 7,285 8,596 
Allen County Hosp. Facilities Rev. (Mercy Health) Series 2017 A:   
5% 8/1/25 2,475 2,859 
5% 8/1/26 1,645 1,960 
5% 8/1/27 2,060 2,522 
5% 8/1/28 2,060 2,547 
5% 8/1/29 4,130 5,071 
5% 8/1/30 3,520 4,301 
American Muni. Pwr., Inc. Rev. Series 2012 B, 5% 2/15/42 1,615 1,624 
Buckeye Tobacco Settlement Fing. Auth. Series 2020 A2:   
5% 6/1/30 2,000 2,577 
5% 6/1/32 1,665 2,122 
5% 6/1/33 2,000 2,540 
5% 6/1/34 420 532 
Columbus City School District Series 2016 A, 5% 12/1/29 1,740 2,061 
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013, 5.25% 6/15/43 3,470 3,599 
Franklin County Convention Facilities Auth. (Greater Columbus Convention Ctr. Hotel Expansion Proj.) Series 2019, 5% 12/1/44 470 535 
Franklin County Convention Facilities Authorities (Greater Columbus Convention Ctr. Hotel Expansion Proj.) Series 2019:   
5% 12/1/46 4,700 5,793 
5% 12/1/51 6,900 8,470 
Franklin County Hosp. Facilities Rev. (Ohiohealth Corp. Proj.) Series 2015, 5% 5/15/40 5,525 6,270 
Hamilton County Convention Facilities Auth. Rev. Series 2014:   
5% 12/1/25 2,975 3,212 
5% 12/1/26 555 599 
Lake County Hosp. Facilities Rev. Series 2015:   
5% 8/15/29 (Pre-Refunded to 8/15/25 @ 100) 1,160 1,342 
5% 8/15/30 (Pre-Refunded to 8/15/25 @ 100) 1,245 1,440 
Lancaster Port Auth. Gas Rev. Bonds Series 2019, 5%, tender 2/1/25 (a) 1,850 2,082 
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013:   
5% 2/15/33 3,685 3,831 
5% 2/15/44 4,415 4,572 
5% 2/15/48 11,260 11,650 
Ohio Gen. Oblig. Series 2019 A, 5% 3/1/28 4,315 5,404 
Ohio Hosp. Rev. Series 2020 A, 4% 1/15/50 975 1,109 
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. (Mtg. Backed Securities Prog.) Series 2019 B, 4.5% 3/1/50 590 653 
Ohio Tpk. Commission Tpk. Rev. (Infrastructure Proj.) Series 2005 A, 0% 2/15/42 2,150 1,276 
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Series 2019 A, 5% 6/1/29 2,615 3,352 
Scioto County Hosp. Facilities Rev.:   
Series 2016:   
5% 2/15/29 1,815 2,116 
5% 2/15/34 370 429 
Series 2019, 5% 2/15/29 3,925 4,550 
Univ. of Akron Gen. Receipts Series 2016 A, 5% 1/1/35 3,725 4,369 
Wood County Hosp. Facilities Rev. (Wood County Hosp. Proj.) Series 2012:   
5% 12/1/32 (Pre-Refunded to 12/1/22 @ 100) 210 219 
5% 12/1/42 (Pre-Refunded to 12/1/22 @ 100) 280 292 
TOTAL OHIO  116,476 
Oklahoma - 0.2%   
Oklahoma City Pub. Property Auth. Hotel Tax Rev. Series 2015:   
5% 10/1/28 1,050 1,216 
5% 10/1/29 1,160 1,344 
5% 10/1/36 830 960 
5% 10/1/39 1,655 1,910 
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (OU Medicine Proj.) Series 2018 B:   
5% 8/15/22 415 426 
5% 8/15/23 215 230 
Oklahoma Dev. Fin. Auth. Rev. (Oklahoma City Univ. Proj.) Series 2019, 5% 8/1/44 1,915 2,245 
TOTAL OKLAHOMA  8,331 
Oregon - 0.2%   
Oregon State Hsg. & Cmnty. Svcs. Dept. Series 2019 A, 4% 7/1/50 6,880 7,532 
Port of Portland Arpt. Rev. Series 2020 27A, 5% 7/1/45 (c) 2,980 3,698 
TOTAL OREGON  11,230 
Pennsylvania - 8.4%   
Allegheny County Arpt. Auth. Rev. Series 2021 A:   
4% 1/1/38 (c) 2,545 2,985 
4% 1/1/39 (c) 3,075 3,600 
4% 1/1/40 (c) 10,000 11,686 
4% 1/1/41 (c) 10,000 11,659 
5% 1/1/29 (c) 4,185 5,230 
5% 1/1/30 (c) 4,000 5,096 
5% 1/1/31 (c) 3,000 3,898 
5% 1/1/32 (c) 4,000 5,172 
5% 1/1/51 (c) 20,480 25,457 
5% 1/1/56 (c) 12,420 15,346 
Allegheny County Indl. Dev. Auth. Rev. Series 2021:   
3.5% 12/1/31 1,500 1,438 
4% 12/1/41 2,450 2,324 
4.25% 12/1/50 2,730 2,586 
Bucks County Indl. Dev. Auth. Hosp. Rev. Series 2021:   
5% 7/1/32 495 628 
5% 7/1/33 1,150 1,457 
5% 7/1/40 3,100 3,874 
Cap. Region Wtr. Wtr. Rev. Series 2018:   
5% 7/15/27 830 1,010 
5% 7/15/29 1,290 1,627 
5% 7/15/32 830 1,036 
Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.) Series 2018 A, 5% 11/15/23 1,075 1,166 
Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2016 A:   
5% 6/1/23 415 443 
5% 6/1/28 885 1,049 
5% 6/1/29 970 1,149 
Delaware County Auth. Rev. (Cabrini College) Series 2017, 5% 7/1/47 3,310 3,594 
Doylestown Hosp. Auth. Hosp. Rev. Series 2016 A, 5% 7/1/46 1,205 1,354 
Dubois Hosp. Auth. Hosp. Rev.:   
(Penn Highlands Healthcare Proj.) Series 2018:   
4% 7/15/33 2,070 2,356 
4% 7/15/35 2,135 2,423 
4% 7/15/37 4,140 4,685 
5% 7/15/25 330 377 
5% 7/15/26 1,035 1,219 
5% 7/15/27 1,745 2,110 
5% 7/15/28 1,285 1,574 
5% 7/15/29 1,385 1,687 
5% 7/15/30 1,815 2,200 
5% 7/15/31 1,240 1,499 
5% 7/15/32 1,305 1,574 
5% 7/15/34 1,405 1,690 
5% 7/15/36 4,150 4,980 
5% 7/15/38 4,990 5,972 
5% 7/15/43 5,795 6,886 
Series 2020, 4% 7/15/45 2,900 3,270 
Lancaster County Hosp. Auth. Health Ctr. Rev. Series 2021, 5% 11/1/51 3,595 4,408 
Lehigh County Gen. Purp. Auth. Rev. (Muhlenberg College Proj.) Series 2017, 5% 2/1/39 2,140 2,551 
Monroe County Hosp. Auth. Rev. Series 2016:   
5% 7/1/26 830 983 
5% 7/1/27 830 978 
5% 7/1/28 830 975 
5% 7/1/34 3,045 3,549 
5% 7/1/36 1,655 1,923 
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series 1993 A, 6% 6/1/22 (AMBAC Insured) 1,600 1,638 
Montgomery County Higher Ed. & Health Auth. Rev.:   
Series 2014 A:   
5% 10/1/22 1,140 1,175 
5% 10/1/23 325 348 
5% 10/1/24 965 1,067 
5% 10/1/25 865 957 
5% 10/1/27 415 456 
Series 2016 A:   
5% 10/1/28 1,255 1,455 
5% 10/1/29 2,150 2,480 
5% 10/1/31 3,790 4,348 
5% 10/1/36 6,790 7,748 
5% 10/1/40 4,700 5,340 
Northampton County Gen. Purp. Auth. Hosp. Rev.:   
(St. Luke's Univ. Health Network Proj.):   
Series 2016 A, 5% 8/15/36 615 722 
Series 2018 A, 4% 8/15/48 10,545 11,920 
Series 2016 A, 5% 8/15/46 24,835 28,902 
Pennsylvania Higher Edl. Facilities Auth. Rev.:   
(Drexel Univ. Proj.):   
Series 2016, 5% 5/1/35 2,880 3,368 
Series 2017:   
5% 5/1/35 1,025 1,245 
5% 5/1/37 1,295 1,570 
5% 5/1/41 5,860 7,096 
Series 2016:   
5% 5/1/28 415 489 
5% 5/1/32 1,040 1,220 
5% 5/1/33 1,405 1,646 
Series 2018 A, 5% 2/15/48 1,575 1,919 
Pennsylvania Tpk. Commission Tpk. Rev. Series 2021 B, 5% 12/1/38 6,680 8,725 
Philadelphia Arpt. Rev.:   
Series 2017 A:   
5% 7/1/25 830 957 
5% 7/1/26 830 987 
5% 7/1/27 660 807 
Series 2017 B:   
5% 7/1/22 240 246 
5% 7/1/23 415 444 
5% 7/1/25 (c) 2,900 3,320 
5% 7/1/26 (c) 2,485 2,928 
5% 7/1/27 (c) 2,070 2,504 
5% 7/1/28 (c) 2,485 2,992 
5% 7/1/29 (c) 1,860 2,247 
5% 7/1/32 (c) 2,485 2,983 
5% 7/1/33 (c) 1,865 2,242 
5% 7/1/34 (c) 3,310 3,973 
5% 7/1/37 (c) 3,725 4,452 
Philadelphia Auth. for Indl. Dev. Series 2017, 5% 11/1/47 5,425 6,222 
Philadelphia Gas Works Rev. Series 16 A, 4% 8/1/45 (FSA Insured) 2,685 3,131 
Philadelphia School District:   
Series 2016 D:   
5% 9/1/26 7,600 9,076 
5% 9/1/27 8,020 9,541 
5% 9/1/28 6,705 7,967 
Series 2016 F:   
5% 9/1/28 11,600 13,783 
5% 9/1/29 7,540 8,932 
Series 2018 A:   
5% 9/1/36 1,575 1,938 
5% 9/1/37 910 1,117 
5% 9/1/38 1,450 1,779 
Series 2018 B, 5% 9/1/43 2,115 2,577 
Series 2019 A:   
4% 9/1/35 5,215 6,121 
5% 9/1/33 2,480 3,156 
5% 9/1/34 7,225 9,149 
Series 2019 C, 5% 9/1/33 2,540 3,222 
Series F:   
5% 9/1/30 5,625 6,658 
5% 9/1/30 (Pre-Refunded to 9/1/26 @ 100) 20 24 
Philadelphia Wtr. & Wastewtr. Rev. Series 2018 A:   
5% 10/1/35 4,190 5,254 
5% 10/1/36 6,210 7,777 
5% 10/1/48 6,000 7,379 
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev.:   
Series 2019 A, 5% 9/1/39 (FSA Insured) 2,315 2,919 
Series 2019 A, 5% 9/1/44 (FSA Insured) 775 969 
State Pub. School Bldg. Auth. Lease Rev. (Philadelphia School District Proj.) Series 2015 A, 5% 6/1/26 1,055 1,207 
Union County Hosp. Auth. Rev. Series 2018 B:   
5% 8/1/43 4,605 5,335 
5% 8/1/48 5,335 6,179 
TOTAL PENNSYLVANIA  433,061 
Rhode Island - 0.3%   
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev.:   
Series 2016 B:   
5% 9/1/31 655 742 
5% 9/1/36 5,810 6,558 
Series 2016, 5% 5/15/39 5,215 5,906 
Rhode Island Hsg. & Mtg. Fin. Corp. Series 2019 70, 4% 10/1/49 1,455 1,586 
Rhode Island Student Ln. Auth. Student Ln. Rev. Series A:   
3.5% 12/1/34 (c) 1,375 1,418 
5% 12/1/25 (c) 1,000 1,155 
TOTAL RHODE ISLAND  17,365 
South Carolina - 3.2%   
Charleston County Arpt. District Series 2019, 5% 7/1/43 2,085 2,595 
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015:   
5% 12/1/25 2,275 2,602 
5% 12/1/26 1,160 1,322 
5% 12/1/28 4,690 5,314 
South Carolina Hsg. Fin. & Dev. Auth. Mtg. Rev. Series 2019 A, 4% 1/1/50 2,105 2,341 
South Carolina Jobs-Econ. Dev. Auth. Series 2019 C:   
5% 7/1/32 1,010 1,262 
5% 7/1/33 4,200 5,241 
South Carolina Ports Auth. Ports Rev. Series 2015, 5.25% 7/1/55 (Pre-Refunded to 7/1/25 @ 100) (c) 910 1,058 
South Carolina Pub. Svc. Auth. Rev.:   
Series 2013 E, 5.5% 12/1/53 33,515 36,600 
Series 2014 A:   
5% 12/1/49 11,210 12,346 
5.5% 12/1/54 12,985 14,454 
Series 2014 C, 5% 12/1/46 3,895 4,370 
Series 2015 A, 5% 12/1/50 5,180 5,895 
Series 2015 E, 5.25% 12/1/55 6,195 7,223 
Series 2016 A:   
5% 12/1/29 2,485 2,923 
5% 12/1/38 250 293 
Series 2016 B:   
5% 12/1/31 910 1,086 
5% 12/1/41 12,515 14,856 
Spartanburg County Reg'l. Health Series 2017 A:   
4% 4/15/43 15,510 17,633 
4% 4/15/48 10,815 12,275 
5% 4/15/48 10,595 12,723 
TOTAL SOUTH CAROLINA  164,412 
South Dakota - 0.0%   
South Dakota Health & Edl. Facilities Auth. Rev.:   
(Avera Health Proj.) Series 2017, 5% 7/1/31 540 654 
Series 2017:   
5% 7/1/26 250 297 
5% 7/1/28 250 304 
5% 7/1/29 470 570 
TOTAL SOUTH DAKOTA  1,825 
Tennessee - 0.5%   
Chattanooga Health Ed. & Hsg. Facility Board Rev.:   
Series 2019 A1:   
4% 8/1/44 2,200 2,526 
5% 8/1/31 1,000 1,267 
5% 8/1/33 1,250 1,574 
Series 2019 A2, 5% 8/1/35 765 959 
Greeneville Health & Edl. Facilities Board Series 2018 A:   
5% 7/1/23 815 871 
5% 7/1/24 1,225 1,308 
5% 7/1/25 1,225 1,307 
Metropolitan Nashville Arpt. Auth. Rev.:   
Series 2015 B, 4% 7/1/25 (c) 1,755 1,952 
Series 2019 B, 5% 7/1/54 (c) 9,580 11,798 
TOTAL TENNESSEE  23,562 
Texas - 6.3%   
Austin Arpt. Sys. Rev.:   
Series 2014:   
5% 11/15/26 (c) 830 930 
5% 11/15/27 (c) 1,035 1,159 
5% 11/15/28 (c) 1,240 1,388 
5% 11/15/39 (c) 9,440 10,527 
5% 11/15/44 (c) 23,065 25,720 
Series 2017 B:   
5% 11/15/28 (c) 830 987 
5% 11/15/30 (c) 1,275 1,517 
5% 11/15/32 (c) 1,005 1,193 
5% 11/15/35 (c) 1,035 1,229 
5% 11/15/36 (c) 1,385 1,643 
5% 11/15/37 (c) 1,165 1,380 
5% 11/15/41 (c) 4,725 5,572 
Austin Cmnty. College District Rev. (Convention Ctr. Proj.) Series 2002, 0% 2/1/22 (AMBAC Insured) 2,400 2,399 
Central Reg'l. Mobility Auth. Series 2015 A:   
5% 1/1/28 1,075 1,225 
5% 1/1/30 (Pre-Refunded to 7/1/25 @ 100) 1,365 1,576 
5% 1/1/31 (Pre-Refunded to 7/1/25 @ 100) 395 456 
5% 1/1/32 (Pre-Refunded to 7/1/25 @ 100) 830 958 
5% 1/1/45 (Pre-Refunded to 7/1/25 @ 100) 5,795 6,689 
Collin County Cmnty. College District Series 2020 A, 5% 8/15/28 4,250 5,379 
Dallas Area Rapid Transit Sales Tax Rev. Series 2016 A, 5% 12/1/33 (Pre-Refunded to 12/1/25 @ 100) 2,150 2,520 
Dallas Wtrwks. & Swr. Sys. Rev. Series 2020 C:   
4% 10/1/35 1,000 1,221 
4% 10/1/39 5,000 6,046 
4% 10/1/40 2,000 2,412 
Fort Bend Independent School District Series 2020, 5% 8/15/28 3,000 3,790 
Grand Parkway Trans. Corp.:   
Series 2018 A, 5% 10/1/38 2,655 3,294 
Series 2020 C, 4% 10/1/49 3,100 3,593 
Harris County Cultural Ed. Facilities Fin. Corp. Rev. (Texas Childrens Hosp., Proj.) Series 2015-1 5% 10/1/29 1,115 1,281 
Harris County Gen. Oblig. Series 2002:   
0% 8/15/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,485 2,435 
0% 8/15/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 4,140 3,861 
Houston Arpt. Sys. Rev.:   
Series 2018 A, 5% 7/1/41 (c) 1,000 1,213 
Series 2018 C:   
5% 7/1/29 (c) 1,655 2,049 
5% 7/1/30 (c) 1,765 2,180 
5% 7/1/31 (c) 1,240 1,526 
5% 7/1/32 (c) 1,450 1,786 
Houston Gen. Oblig. Series 2017 A:   
5% 3/1/29 3,150 3,798 
5% 3/1/31 3,835 4,605 
5% 3/1/32 1,635 1,961 
Houston Util. Sys. Rev. Series 2020 C:   
5% 11/15/33 2,000 2,641 
5% 11/15/34 2,500 3,293 
Irving Hosp. Auth. Hosp. Rev. Series 2017 A:   
5% 10/15/28 390 453 
5% 10/15/30 1,570 1,818 
5% 10/15/32 830 961 
5% 10/15/36 545 631 
5% 10/15/37 930 1,076 
5% 10/15/38 1,325 1,534 
5% 10/15/44 1,310 1,517 
Love Field Arpt. Modernization Rev.:   
Series 2015:   
5% 11/1/26 (c) 830 960 
5% 11/1/27 (c) 1,780 2,056 
5% 11/1/28 (c) 2,755 3,179 
5% 11/1/29 (c) 1,655 1,908 
5% 11/1/32 (c) 3,055 3,515 
Series 2017:   
5% 11/1/23 (c) 910 986 
5% 11/1/24 (c) 830 931 
5% 11/1/25 (c) 830 960 
5% 11/1/26 (c) 830 989 
5% 11/1/27 (c) 830 986 
5% 11/1/28 (c) 1,450 1,718 
5% 11/1/29 (c) 1,035 1,226 
5% 11/1/30 (c) 830 983 
5% 11/1/31 (c) 1,840 2,178 
5% 11/1/32 (c) 2,135 2,526 
5% 11/1/33 (c) 830 981 
5% 11/1/34 (c) 830 984 
5% 11/1/36 (c) 830 983 
Lower Colorado River Auth. Rev. Series 2015 D:   
5% 5/15/28 1,820 2,082 
5% 5/15/30 4,140 4,735 
New Hope Cultural Ed. Facilities Fin. Corp. (Childrens Med. Ctr. of Dallas) Series 2017 A:   
5% 8/15/27 625 766 
5% 8/15/29 1,655 2,019 
5% 8/15/47 1,890 2,269 
Newark Higher Ed. Fin. Corp. (Abilene Christian Univ. Proj.) Series 2016 A:   
5% 4/1/27 595 694 
5% 4/1/30 2,825 3,272 
North Texas Tollway Auth. Rev.:   
(Sr. Lien Proj.) Series 2017 A:   
5% 1/1/31 830 964 
5% 1/1/33 975 1,169 
5% 1/1/34 1,240 1,486 
5% 1/1/34 2,485 3,489 
5% 1/1/35 1,820 2,179 
5% 1/1/36 4,965 5,941 
5% 1/1/37 6,625 7,925 
5% 1/1/38 2,690 2,813 
(Sub Lien Proj.) Series 2017 B:   
5% 1/1/26 740 774 
5% 1/1/30 350 406 
5% 1/1/31 495 574 
Series 2008 I, 6.2% 1/1/42 (Pre-Refunded to 1/1/25 @ 100) 6,870 8,044 
Series 2014 A, 5% 1/1/25 4,965 5,414 
Series 2015 A, 5% 1/1/32 2,775 3,121 
Series 2015 B, 5% 1/1/40 8,280 8,654 
Series 2016 A, 5% 1/1/36 1,035 1,202 
San Antonio Independent School District Series 2016, 5% 8/15/31 3,590 4,267 
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ., TX. Proj.) Series 2017:   
5% 10/1/29 375 458 
5% 10/1/30 580 707 
5% 10/1/31 520 633 
5% 10/1/39 1,030 1,253 
5% 10/1/40 830 1,009 
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev.:   
Series 2016 A:   
4% 2/15/35 4,140 4,656 
5% 2/15/25 710 808 
Series 2018 B, 5% 7/1/43 1,500 1,837 
Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev. Series 2019, 2.95% 7/1/36 4,467 4,888 
Texas Dept. of Hsg. & Cmnty. Affairs Single Family Mtg. Rev.:   
Series 2019 A, 4% 3/1/50 4,285 4,776 
Series A, 3.5% 3/1/51 3,720 4,098 
Texas Private Activity Bond Surface Trans. Corp. Series 2013, 6.75% 6/30/43 (c) 12,420 13,685 
Texas State Univ. Sys. Fing. Rev. Series 2017 A:   
5% 3/15/29 3,530 4,267 
5% 3/15/31 2,690 3,237 
Texas Wtr. Dev. Board Rev. Series 2020:   
5% 8/1/27 2,400 2,957 
5% 8/1/28 4,600 5,810 
Univ. of Houston Univ. Revs. Series 2017 A:   
5% 2/15/32 5,115 5,990 
5% 2/15/33 3,310 3,873 
5% 2/15/34 4,140 4,843 
5% 2/15/36 2,485 2,900 
Univ. of North Texas Univ. Rev. Series 2017 A, 5% 4/15/32 1,740 2,106 
Univ. of Texas Board of Regents Sys. Rev.:   
Series 2019 A, 5% 8/15/29 1,850 2,398 
Series 2020 C, 5% 8/15/31 2,500 3,388 
Univ. of Texas Permanent Univ. Fund Rev. Series 2016 B, 5% 7/1/29 1,685 2,006 
Weatherford Independent School District Series 2002, 0% 2/15/33 5,785 4,877 
TOTAL TEXAS  325,190 
Utah - 1.4%   
Salt Lake City Arpt. Rev.:   
Series 2017 A:   
5% 7/1/24 (c) 1,450 1,606 
5% 7/1/25 (c) 1,655 1,898 
5% 7/1/27 (c) 3,500 4,238 
5% 7/1/29 (c) 3,090 3,723 
5% 7/1/30 (c) 2,275 2,729 
5% 7/1/31 (c) 4,345 5,207 
5% 7/1/33 (c) 3,310 3,967 
5% 7/1/35 (c) 3,310 3,965 
5% 7/1/36 (c) 4,470 5,355 
5% 7/1/37 (c) 3,520 4,219 
Series 2018 A:   
5% 7/1/31 (c) 2,000 2,441 
5% 7/1/32 (c) 4,310 5,259 
5% 7/1/33 (c) 1,420 1,733 
5.25% 7/1/48 (c) 5,655 6,910 
Utah County Hosp. Rev. Series 2020 A:   
5% 5/15/43 5,500 6,967 
5% 5/15/50 9,000 11,284 
Utah Gen. Oblig. Series 2020 B, 5% 7/1/28 1,995 2,525 
TOTAL UTAH  74,026 
Vermont - 0.7%   
Vermont Edl. & Health Bldg. Fin. Agcy. Rev.:   
(Champlain College Proj.) Series 2016 A:   
5% 10/15/41 3,810 4,272 
5% 10/15/46 4,720 5,262 
(Middlebury College Proj.) Series 2020, 5% 11/1/49 18,500 23,224 
Vermont Student Assistant Corp. Ed. Ln. Rev. Series 2019 A, 5% 6/15/28 (c) 1,430 1,725 
TOTAL VERMONT  34,483 
Virginia - 0.5%   
Fredericksburg Econ. Dev. Auth. Rev. Series 2014:   
5% 6/15/25 3,860 4,281 
5% 6/15/30 1,035 1,138 
Stafford County Econ. Dev. Auth. Hosp. Facilities Rev.:   
(Mary Washington Hosp. Proj.) Series 2016, 3% 6/15/29 525 562 
Series 2016:   
4% 6/15/37 595 657 
5% 6/15/27 1,240 1,465 
5% 6/15/30 540 631 
5% 6/15/33 350 407 
5% 6/15/34 665 772 
5% 6/15/35 1,820 2,111 
Virginia College Bldg. Auth. Edl. Facilities Rev. Series 2015 A:   
5% 1/1/35 (Pre-Refunded to 1/1/25 @ 100) 830 942 
5% 1/1/40 (Pre-Refunded to 1/1/25 @ 100) 1,865 2,117 
Virginia Commonwealth Trans. Board Rev. (Virginia Gen. Oblig. Proj.) Series 2017 A, 5% 5/15/32 725 895 
Virginia Small Bus. Fing. Auth. (95 Express Lane LLC Proj.) Series 2012:   
5% 7/1/34 (c) 4,965 5,000 
5% 1/1/40 (c) 995 998 
Winchester Econ. Dev. Auth. Series 2015:   
5% 1/1/31 2,070 2,384 
5% 1/1/34 1,240 1,427 
5% 1/1/35 1,240 1,426 
5% 1/1/44 830 955 
TOTAL VIRGINIA  28,168 
Washington - 2.1%   
Port of Seattle Rev.:   
Series 2016 B:   
5% 10/1/28 (c) 2,900 3,397 
5% 10/1/30 (c) 1,655 1,930 
Series 2019 A, 4% 4/1/44 (c) 2,525 2,858 
Port of Seattle Spl. Facility Rev. Series 2013:   
5% 6/1/22 (c) 830 846 
5% 6/1/24 (c) 1,290 1,368 
Washington Gen. Oblig.:   
Series 2015 C:   
5% 2/1/33 2,790 3,156 
5% 2/1/34 3,450 3,900 
Series 2021 A, 5% 8/1/43 2,300 2,955 
Series 2021 C, 5% 2/1/44 15,270 19,788 
Series 2021 E:   
5% 2/1/46 6,820 8,805 
5% 6/1/46 10,000 13,010 
Series R-2017 A, 5% 8/1/30 1,685 2,010 
Washington Health Care Facilities Auth. Rev.:   
(Overlake Hosp. Med. Ctr., WA. Proj.) Series 2017 B:   
5% 7/1/25 675 776 
5% 7/1/27 1,285 1,569 
5% 7/1/28 1,570 1,944 
5% 7/1/29 615 757 
5% 7/1/30 735 901 
5% 7/1/31 870 1,063 
5% 7/1/32 1,655 2,018 
5% 7/1/33 2,345 2,856 
5% 7/1/34 540 657 
5% 7/1/42 4,685 5,633 
Series 2015:   
5% 1/1/25 1,655 1,867 
5% 1/1/27 1,910 2,181 
Series 2019 A1, 5% 8/1/38 1,000 1,244 
Series 2019 A2, 5% 8/1/33 2,000 2,519 
Washington Higher Ed. Facilities Auth. Rev. (Whitworth Univ. Proj.):   
Series 2016 A:   
5% 10/1/27 1,770 2,085 
5% 10/1/28 1,825 2,145 
5% 10/1/35 1,880 2,176 
5% 10/1/36 2,845 3,290 
5% 10/1/40 2,795 3,218 
Series 2019, 4% 10/1/49 3,515 3,896 
Washington Hsg. Fin. Commission Nonprofit Hsg. Rev. (Judson Park Proj.) Series 2018:   
4% 7/1/28 (d) 100 106 
5% 7/1/33 (d) 125 135 
5% 7/1/38 (d) 100 108 
5% 7/1/48 (d) 400 428 
TOTAL WASHINGTON  107,595 
West Virginia - 0.1%   
West Virginia Hosp. Fin. Auth. Hosp. Rev. Series 2018 A:   
5% 1/1/31 1,355 1,669 
5% 1/1/32 1,120 1,376 
TOTAL WEST VIRGINIA  3,045 
Wisconsin - 1.4%   
Blue Ridge Healthcare Pub. Fin. Auth. Series 2020 A:   
5% 1/1/35 1,210 1,524 
5% 1/1/40 540 672 
Milwaukee County Arpt. Rev. Series 2019 B, 5% 12/1/23 (c) 2,960 3,211 
Pub. Fin. Auth. Sr Liv Rev. (Mary's Woods At Marylhurst, Inc. Proj.) Series 2017 A:   
5% 5/15/25 (d) 700 761 
5% 5/15/28 (d) 1,095 1,195 
5.25% 5/15/37 (d) 335 366 
5.25% 5/15/42 (d) 415 452 
5.25% 5/15/47 (d) 410 447 
5.25% 5/15/52 (d) 775 845 
Pub. Fin. Auth. Hosp. Rev. Series 2019 A, 5% 10/1/44 7,550 9,183 
Pub. Fin. Auth. Wisconsin Retirement Facility Rev. Series 2018:   
5% 10/1/43 (d) 735 808 
5% 10/1/48 (d) 930 1,019 
5% 10/1/53 (d) 2,330 2,548 
Roseman Univ. of Health:   
(Roseman Univ. of Health Sciences Proj.) Series 2020, 5% 4/1/40 (d) 750 893 
Series 2020, 5% 4/1/50 (d) 520 611 
Series 2021 A, 4.5% 6/1/56 (d) 14,095 14,377 
Series 2021 B, 6.5% 6/1/56 (d) 4,180 4,286 
Wisconsin Health & Edl. Facilities:   
(Ascension Health Cr. Group Proj.) Series 2016 A, 5% 11/15/36 4,140 4,858 
Series 2014:   
4% 5/1/33 2,920 3,079 
5% 5/1/22 660 670 
Series 2016 A:   
5% 2/15/28 1,965 2,277 
5% 2/15/29 2,550 2,943 
5% 2/15/30 2,805 3,225 
Series 2017 A:   
5% 9/1/31 (Pre-Refunded to 9/1/27 @ 100) 830 1,016 
5% 9/1/33 (Pre-Refunded to 9/1/27 @ 100) 1,425 1,744 
5% 9/1/35 (Pre-Refunded to 9/1/27 @ 100) 1,575 1,927 
Series 2019 A:   
2.25% 11/1/26 1,270 1,274 
5% 11/1/46 540 601 
Series 2019 B1, 2.825% 11/1/28 1,435 1,435 
Series 2019 B2, 2.55% 11/1/27 920 923 
Wisconsin Health & Edl. Facilities Auth. Rev. Series 2012:   
4% 10/1/23 2,070 2,125 
5% 6/1/27 1,840 1,855 
TOTAL WISCONSIN  73,150 
TOTAL MUNICIPAL BONDS   
(Cost $4,690,767)  5,058,659 
 Shares Value (000s) 
Money Market Funds - 1.7%   
Fidelity Municipal Cash Central Fund 0.11% (g)(h)   
(Cost $88,007) 87,990,723 88,008 
TOTAL INVESTMENT IN SECURITIES - 100.4%   
(Cost $4,778,774)  5,146,667 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (21,714) 
NET ASSETS - 100%  $5,124,953 

Legend

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

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

 (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 $76,183,000 or 1.5% of net assets.

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

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

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

 (h) Affiliated 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.

Fund (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 0.11% $22,047 $753,596 $687,639 $47 $3 $1 $88,008 6.4% 
Total $22,047 $753,596 $687,639 $47 $3 $1 $88,008  

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2021, 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 Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Municipal Securities $5,058,659 $-- $5,058,659 $-- 
Money Market Funds 88,008 88,008 -- -- 
Total Investments in Securities: $5,146,667 $88,008 $5,058,659 $-- 

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

Transportation 24.4% 
Health Care 23.6% 
General Obligations 23.1% 
Education 9.2% 
Special Tax 6.5% 
Others* (Individually Less Than 5%) 13.2% 
 100.0% 

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  December 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $4,690,767) 		$5,058,659  
Fidelity Central Funds (cost $88,007) 88,008  
Total Investment in Securities (cost $4,778,774)  $5,146,667 
Cash  746 
Receivable for fund shares sold  1,817 
Interest receivable  59,117 
Distributions receivable from Fidelity Central Funds  9 
Prepaid expenses  5 
Other receivables  1 
Total assets  5,208,362 
Liabilities   
Payable for investments purchased on a delayed delivery basis $70,617  
Payable for fund shares redeemed 7,159  
Distributions payable 3,497  
Accrued management fee 1,479  
Distribution and service plan fees payable 103  
Other affiliated payables 473  
Other payables and accrued expenses 81  
Total liabilities  83,409 
Net Assets  $5,124,953 
Net Assets consist of:   
Paid in capital  $4,756,973 
Total accumulated earnings (loss)  367,980 
Net Assets  $5,124,953 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($248,908 ÷ 18,352 shares)(a)  $13.56 
Maximum offering price per share (100/96.00 of $13.56)  $14.13 
Class M:   
Net Asset Value and redemption price per share ($105,966 ÷ 7,806 shares)(a)  $13.57 
Maximum offering price per share (100/96.00 of $13.57)  $14.14 
Class C:   
Net Asset Value and offering price per share ($34,717 ÷ 2,560 shares)(a)  $13.56 
Fidelity Municipal Income Fund:   
Net Asset Value, offering price and redemption price per share ($3,786,660 ÷ 279,015 shares)  $13.57 
Class I:   
Net Asset Value, offering price and redemption price per share ($713,720 ÷ 52,623 shares)  $13.56 
Class Z:   
Net Asset Value, offering price and redemption price per share ($234,982 ÷ 17,320 shares)  $13.57 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Year ended December 31, 2021 
Investment Income   
Interest  $144,709 
Income from Fidelity Central Funds  43 
Total income  144,752 
Expenses   
Management fee $17,700  
Transfer agent fees 4,953  
Distribution and service plan fees 1,301  
Accounting fees and expenses 663  
Custodian fees and expenses 46  
Independent trustees' fees and expenses 15  
Registration fees 146  
Audit 63  
Legal 7  
Miscellaneous 25  
Total expenses before reductions 24,919  
Expense reductions (48)  
Total expenses after reductions  24,871 
Net investment income (loss)  119,881 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 33,983  
Fidelity Central Funds 3  
Capital gain distributions from Fidelity Central Funds 3  
Total net realized gain (loss)  33,989 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (13,996)  
Fidelity Central Funds 1  
Total change in net unrealized appreciation (depreciation)  (13,995) 
Net gain (loss)  19,994 
Net increase (decrease) in net assets resulting from operations  $139,875 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Year ended December 31, 2021 Year ended December 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $119,881 $127,448 
Net realized gain (loss) 33,989 20,086 
Change in net unrealized appreciation (depreciation) (13,995) 62,635 
Net increase (decrease) in net assets resulting from operations 139,875 210,169 
Distributions to shareholders (152,504) (148,811) 
Share transactions - net increase (decrease) 123,902 (165,597) 
Total increase (decrease) in net assets 111,273 (104,239) 
Net Assets   
Beginning of period 5,013,680 5,117,919 
End of period $5,124,953 $5,013,680 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Municipal Income Fund Class A

Years ended December 31, 2021 2020 2019 2018 A 
Selected Per–Share Data     
Net asset value, beginning of period $13.59 $13.39 $12.75 $12.73 
Income from Investment Operations     
Net investment income (loss)B .281 .305 .330 .283 
Net realized and unrealized gain (loss) .057 .257 .689 .029 
Total from investment operations .338 .562 1.019 .312 
Distributions from net investment income (.281) (.304) (.328) (.284) 
Distributions from net realized gain (.087) (.058) (.051) (.008) 
Total distributions (.368) (.362) (.379) (.292) 
Net asset value, end of period $13.56 $13.59 $13.39 $12.75 
Total ReturnC,D,E 2.51% 4.28% 8.06% 2.48% 
Ratios to Average Net AssetsF,G     
Expenses before reductions .78% .78% .79% .78%H 
Expenses net of fee waivers, if any .78% .78% .79% .78%H 
Expenses net of all reductions .78% .78% .79% .78%H 
Net investment income (loss) 2.06% 2.29% 2.49% 2.68%H 
Supplemental Data     
Net assets, end of period (in millions) $249 $233 $241 $201 
Portfolio turnover rateI 13% 16% 16% 14%J,K 

 A For the period March 1, 2018 (commencement of sale of shares) through December 31, 2018.

 B Calculated based on average shares outstanding during the period.

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

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

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

 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 The portfolio turnover rate does not include the assets acquired in the merger.

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

See accompanying notes which are an integral part of the financial statements.


Fidelity Municipal Income Fund Class M

Years ended December 31, 2021 2020 2019 2018 A 
Selected Per–Share Data     
Net asset value, beginning of period $13.60 $13.40 $12.76 $12.73 
Income from Investment Operations     
Net investment income (loss)B .285 .308 .333 .285 
Net realized and unrealized gain (loss) .056 .258 .689 .039 
Total from investment operations .341 .566 1.022 .324 
Distributions from net investment income (.284) (.308) (.331) (.286) 
Distributions from net realized gain (.087) (.058) (.051) (.008) 
Total distributions (.371) (.366) (.382) (.294) 
Net asset value, end of period $13.57 $13.60 $13.40 $12.76 
Total ReturnC,D,E 2.53% 4.30% 8.08% 2.58% 
Ratios to Average Net AssetsF,G     
Expenses before reductions .76% .76% .77% .77%H 
Expenses net of fee waivers, if any .76% .76% .77% .77%H 
Expenses net of all reductions .76% .76% .77% .76%H 
Net investment income (loss) 2.08% 2.31% 2.51% 2.70%H 
Supplemental Data     
Net assets, end of period (in millions) $106 $109 $120 $119 
Portfolio turnover rateI 13% 16% 16% 14%J,K 

 A For the period March 1, 2018 (commencement of sale of shares) through December 31, 2018.

 B Calculated based on average shares outstanding during the period.

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

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

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

 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 The portfolio turnover rate does not include the assets acquired in the merger.

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

See accompanying notes which are an integral part of the financial statements.


Fidelity Municipal Income Fund Class C

Years ended December 31, 2021 2020 2019 2018 A 
Selected Per–Share Data     
Net asset value, beginning of period $13.59 $13.39 $12.75 $12.73 
Income from Investment Operations     
Net investment income (loss)B .181 .206 .231 .204 
Net realized and unrealized gain (loss) .056 .257 .689 .032 
Total from investment operations .237 .463 .920 .236 
Distributions from net investment income (.180) (.205) (.229) (.208) 
Distributions from net realized gain (.087) (.058) (.051) (.008) 
Total distributions (.267) (.263) (.280) (.216) 
Net asset value, end of period $13.56 $13.59 $13.39 $12.75 
Total ReturnC,D,E 1.75% 3.51% 7.26% 1.87% 
Ratios to Average Net AssetsF,G     
Expenses before reductions 1.52% 1.53% 1.53% 1.52%H 
Expenses net of fee waivers, if any 1.52% 1.53% 1.53% 1.52%H 
Expenses net of all reductions 1.52% 1.53% 1.53% 1.52%H 
Net investment income (loss) 1.32% 1.54% 1.75% 1.94%H 
Supplemental Data     
Net assets, end of period (in millions) $35 $52 $58 $82 
Portfolio turnover rateI 13% 16% 16% 14%J,K 

 A For the period March 1, 2018 (commencement of sale of shares) through December 31, 2018.

 B Calculated based on average shares outstanding during the period.

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

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

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

 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 The portfolio turnover rate does not include the assets acquired in the merger.

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

See accompanying notes which are an integral part of the financial statements.


Fidelity Municipal Income Fund

Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $13.60 $13.40 $12.75 $13.12 $12.86 
Income from Investment Operations      
Net investment income (loss)A .327 .350 .374 .382 .399 
Net realized and unrealized gain (loss) .057 .257 .699 (.286) .444 
Total from investment operations .384 .607 1.073 .096 .843 
Distributions from net investment income (.327) (.349) (.372) (.381) (.398) 
Distributions from net realized gain (.087) (.058) (.051) (.085) (.185) 
Total distributions (.414) (.407) (.423) (.466) (.583) 
Net asset value, end of period $13.57 $13.60 $13.40 $12.75 $13.12 
Total ReturnB 2.85% 4.63% 8.50% .80% 6.67% 
Ratios to Average Net AssetsC,D      
Expenses before reductions .45% .45% .45% .46% .46% 
Expenses net of fee waivers, if any .45% .45% .45% .46% .46% 
Expenses net of all reductions .45% .45% .45% .45% .46% 
Net investment income (loss) 2.39% 2.62% 2.83% 3.00% 3.05% 
Supplemental Data      
Net assets, end of period (in millions) $3,787 $3,805 $3,955 $3,817 $5,617 
Portfolio turnover rateE 13% 16% 16% 14%F,G 37% 

 A Calculated based on average shares outstanding during the period.

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

 C 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.

 D 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.

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

 F The portfolio turnover rate does not include the assets acquired in the merger.

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

See accompanying notes which are an integral part of the financial statements.


Fidelity Municipal Income Fund Class I

Years ended December 31, 2021 2020 2019 2018 A 
Selected Per–Share Data     
Net asset value, beginning of period $13.59 $13.39 $12.75 $12.73 
Income from Investment Operations     
Net investment income (loss)B .315 .339 .363 .309 
Net realized and unrealized gain (loss) .057 .257 .689 .029 
Total from investment operations .372 .596 1.052 .338 
Distributions from net investment income (.315) (.338) (.361) (.310) 
Distributions from net realized gain (.087) (.058) (.051) (.008) 
Total distributions (.402) (.396) (.412) (.318) 
Net asset value, end of period $13.56 $13.59 $13.39 $12.75 
Total ReturnC,D 2.76% 4.54% 8.33% 2.69% 
Ratios to Average Net AssetsE,F     
Expenses before reductions .53% .53% .53% .53%G 
Expenses net of fee waivers, if any .53% .53% .53% .53%G 
Expenses net of all reductions .53% .53% .53% .53%G 
Net investment income (loss) 2.31% 2.54% 2.75% 2.93%G 
Supplemental Data     
Net assets, end of period (in millions) $714 $619 $647 $555 
Portfolio turnover rateH 13% 16% 16% 14%I,J 

 A For the period March 1, 2018 (commencement of sale of shares) through December 31, 2018.

 B Calculated based on average shares outstanding during the period.

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

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

 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 Annualized

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

 I The portfolio turnover rate does not include the assets acquired in the merger.

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

See accompanying notes which are an integral part of the financial statements.


Fidelity Municipal Income Fund Class Z

Years ended December 31, 2021 2020 2019 2018 A 
Selected Per–Share Data     
Net asset value, beginning of period $13.60 $13.39 $12.75 $12.64 
Income from Investment Operations     
Net investment income (loss)B .331 .352 .378 .101 
Net realized and unrealized gain (loss) .057 .269 .689 .112 
Total from investment operations .388 .621 1.067 .213 
Distributions from net investment income (.331) (.353) (.376) (.095) 
Distributions from net realized gain (.087) (.058) (.051) (.008) 
Total distributions (.418) (.411) (.427) (.103) 
Net asset value, end of period $13.57 $13.60 $13.39 $12.75 
Total ReturnC,D 2.88% 4.74% 8.45% 1.69% 
Ratios to Average Net AssetsE,F     
Expenses before reductions .42% .42% .42% .42%G 
Expenses net of fee waivers, if any .42% .42% .42% .42%G 
Expenses net of all reductions .42% .42% .42% .42%G 
Net investment income (loss) 2.42% 2.65% 2.86% 3.08%G 
Supplemental Data     
Net assets, end of period (in millions) $235 $196 $97 $21 
Portfolio turnover rateH 13% 16% 16% 14%I,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 Total returns for periods of less than one year are not annualized.

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

 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 Annualized

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

 I The portfolio turnover rate does not include the assets acquired in the merger.

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

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended December 31, 2021
(Amounts in thousands except percentages)

1. Organization.

Fidelity Municipal Income Fund (the Fund) is a fund of Fidelity Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Municipal Income Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (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, 2021 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, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to market discount and 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 $370,530 
Gross unrealized depreciation (2,401) 
Net unrealized appreciation (depreciation) $368,129 
Tax Cost $4,778,538 

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

Net unrealized appreciation (depreciation) on securities and other investments $368,129 

The tax character of distributions paid was as follows:

 December 31, 2021 December 31, 2020 
Tax-exempt Income $119,772 $127,354 
Long-term Capital Gains 32,732 21,457 
Total $152,504 $ 148,811 

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

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

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Municipal Income Fund 798,354 642,414 

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% $614 $20 
Class M -% .25% 272 3 
Class C .75% .25% 415 62 
   $1,301 $85 

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

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

 Retained by FDC 
Class A $32 
Class M 10 
Class C(a) 1 
 $43 

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

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 $407 .17 
Class M 154 .14 
Class C 63 .15 
Fidelity Municipal Income Fund 3,119 .08 
Class I 1,101 .16 
Class Z 109 .05 
 $4,953  

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 Municipal Income Fund .01 

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

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Municipal Income Fund – 25,429 832 

6. Committed Line of Credit.

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

 Amount 
Fidelity Municipal Income Fund $9 

7. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $46.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
December 31, 2021 		Year ended
December 31, 2020 
Fidelity Municipal Income Fund   
Distributions to shareholders   
Class A $6,637 $6,354 
Class M 2,945 3,094 
Class C 779 1,053 
Fidelity Municipal Income Fund 115,474 115,788 
Class I 19,903 17,626 
Class Z 6,766 4,896 
Total $152,504 $148,811 

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, 2021 Year ended December 31, 2020 Year ended December 31, 2021 Year ended December 31, 2020 
Fidelity Municipal Income Fund     
Class A     
Shares sold 4,233 3,279 $57,833 $43,813 
Reinvestment of distributions 436 427 5,947 5,710 
Shares redeemed (3,424) (4,622) (46,733) (60,929) 
Net increase (decrease) 1,245 (916) $17,047 $(11,406) 
Class M     
Shares sold 479 275 $6,563 $3,714 
Reinvestment of distributions 189 204 2,578 2,731 
Shares redeemed (910) (1,379) (12,470) (18,330) 
Net increase (decrease) (242) (900) $(3,329) $(11,885) 
Class C     
Shares sold 519 763 $7,097 $10,213 
Reinvestment of distributions 54 73 733 977 
Shares redeemed (1,820) (1,382) (24,876) (18,265) 
Net increase (decrease) (1,247) (546) $(17,046) $(7,075) 
Fidelity Municipal Income Fund     
Shares sold 21,512 20,403 $294,467 $272,275 
Reinvestment of distributions 5,466 5,514 74,556 73,752 
Shares redeemed (27,724) (41,369) (378,751) (544,231) 
Net increase (decrease) (746) (15,452) $(9,728) $(198,204) 
Class I     
Shares sold 16,412 18,848 $224,231 $251,509 
Reinvestment of distributions 749 690 10,204 9,228 
Shares redeemed (10,070) (22,341) (137,392) (293,568) 
Net increase (decrease) 7,091 (2,803) $97,043 $(32,831) 
Class Z     
Shares sold 5,925 9,816 $80,935 $129,998 
Reinvestment of distributions 365 274 4,980 3,662 
Shares redeemed (3,366) (2,904) (46,000) (37,856) 
Net increase (decrease) 2,924 7,186 $39,915 $95,804 

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Municipal Income Fund (one of the funds constituting Fidelity Municipal Trust, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, 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, 2021, 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, 2021 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, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2022



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

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 286 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. Arthur E. Johnson 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

Chairman of the Independent Trustees

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 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

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. 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 in 1983 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.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

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).

 + 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. 

Advisory Board Members and Officers:

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

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).

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 Vice President, Associate General Counsel (2010-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).

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), and FD Funds Management LLC (2021-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.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

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, 2021 to December 31, 2021).

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, 2021 		Ending
Account Value
December 31, 2021 		Expenses Paid
During Period-B
July 1, 2021
to December 31, 2021 
Fidelity Municipal Income Fund     
Class A .77%    
Actual  $1,000.00 $1,002.60 $3.89 
Hypothetical-C  $1,000.00 $1,021.32 $3.92 
Class M .75%    
Actual  $1,000.00 $1,002.70 $3.79 
Hypothetical-C  $1,000.00 $1,021.42 $3.82 
Class C 1.50%    
Actual  $1,000.00 $998.90 $7.56 
Hypothetical-C  $1,000.00 $1,017.64 $7.63 
Fidelity Municipal Income Fund .44%    
Actual  $1,000.00 $1,004.20 $2.22 
Hypothetical-C  $1,000.00 $1,022.99 $2.24 
Class I .52%    
Actual  $1,000.00 $1,003.80 $2.63 
Hypothetical-C  $1,000.00 $1,022.58 $2.65 
Class Z .41%    
Actual  $1,000.00 $1,005.10 $2.07 
Hypothetical-C  $1,000.00 $1,023.14 $2.09 

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

 B 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.

 C 5% return per year before expenses

Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2021, $34,027,725, or, if subsequently determined to be different, the net capital gain of such year.

During fiscal year ended 2021, 100% of the fund's income dividends were free from federal income tax, and 16.99% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Municipal Income Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), 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 of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. 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 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 2021 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 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 during 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, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated 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 and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) 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.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

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 reviews 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 fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

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 "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for 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 2020.

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. 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 expense ratio of the retail class ranked below the similar sales load structure group competitive median for 2020 and below the ASPG competitive median for 2020.

The Board further considered that FMR has contractually agreed to reimburse Class Z of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.46% through April 30, 2022.

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 fee, 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 continued waiver of money market fund fees; (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 of certain funds and classes, total expense competitive trends and methodologies for total expense 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.





Fidelity Investments

HIY-ANN-0322
1.539263.124

Fidelity® Pennsylvania Municipal Income Fund

Fidelity® Pennsylvania Municipal Money Market Fund



Annual Report

December 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Fidelity® Pennsylvania Municipal Income Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Pennsylvania Municipal Money Market Fund

Investment Summary/Performance

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


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Fidelity® Pennsylvania Municipal Income Fund

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

For the periods ended December 31, 2021 Past 1 year Past 5 years Past 10 years 
Fidelity® Pennsylvania Municipal Income Fund 2.30% 4.09% 3.76% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Pennsylvania Municipal Income Fund on December 31, 2011.

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.


Period Ending Values
$14,462Fidelity® Pennsylvania Municipal Income Fund
$14,414Bloomberg Municipal Bond Index

Fidelity® Pennsylvania Municipal Income Fund

Management's Discussion of Fund Performance

Market Recap:  Tax-exempt municipal bonds posted a modest gain in 2021, driven by robust investor demand and an improved fiscal outlook for many municipal issuers. The Bloomberg Municipal Bond Index rose 1.52% for the 12 months. The muni market rallied early in 2021 amid economic optimism due to the rollout of COVID-19 vaccination programs and an easing of credit concerns that had been triggered by the economic shutdowns caused by COVID-19. Also, investor demand for tax-exempt munis increased due to the Biden administration’s plan to push for higher tax rates on upper-income tax brackets. Tax collection took less of a hit than originally feared, and a large aid package from the U.S. Congress for muni issuers helped fill budget gaps. In February, the municipal market declined, reflecting investor concerns that stimulus-induced inflation could diminish real bond returns over time. Munis then gained from March through July, propelled by better-than-expected tax revenue from many state and local governments and reduced inflation expectations. Munis lost slight ground in August and September, then gained in the fourth quarter, partly due to newfound clarity regarding infrastructure investment due to the passage of the Infrastructure Investment and Jobs Act (IIJA), which earmarked $550 for new infrastructure spending. Notably, by period end, the Fed had accelerated its plans to tighten monetary policy, heralding a swifter end to its pandemic-era bond-buying program and the prospects for three quarter-point rate hikes in 2022.

Comments from Co-Portfolio Managers Cormac Cullen, Michael Maka and Elizah McLaughlin:  For the year, the fund rose 2.30%, outpacing, net of fees, the 1.83% advance of the state-specific Bloomberg Pennsylvania Enhanced Municipal Bond Index and the 1.52% gain of the Bloomberg Municipal Bond Index. We continued to focus on longer-term objectives and sought to generate attractive tax-exempt income and competitive risk-adjusted returns over time. Versus the state index, larger exposure to lower-quality investment-grade munis contributed to the fund's relative performance. These securities (rated BBB and A) typically outpaced higher-quality bonds amid strong investor demand for higher-yielding securities. It particularly helped to overweight lower-rated health care and higher-education bonds, two of the muni market's top-performing segments in 2021. Conversely, yield-curve positioning, meaning how we allocated investments across bonds with various interest-rate sensitivities (durations) slightly detracted versus the state index. We held more exposure than the index to shorter-duration bonds, which lagged longer-term securities as the yield curve flattened. Also, underweighting longer-duration bonds issued by the Pennsylvania Turnpike presented a performance headwind for the fund. These securities performed well the past 12 months as longer-term municipal yields fell.

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.

Fidelity® Pennsylvania Municipal Income Fund

Investment Summary (Unaudited)

Top Five Sectors as of December 31, 2021

 % of fund's net assets 
Health Care 27.7 
Transportation 21.8 
Education 18.3 
General Obligations 11.2 
Water & Sewer 7.4 

Quality Diversification (% of fund's net assets)

As of December 31, 2021 
   AA,A 83.3% 
   BBB 9.0% 
   BB and Below 4.8% 
   Not Rated 0.8% 
   Short-Term Investments and Net Other Assets 2.1% 


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.

Fidelity® Pennsylvania Municipal Income Fund

Schedule of Investments December 31, 2021

Showing Percentage of Net Assets

Municipal Bonds - 97.9%   
 Principal Amount Value 
Guam - 0.1%   
Guam Int'l. Arpt. Auth. Rev. Series 2013 C:   
6.25% 10/1/34 (a) $425,000 $458,700 
6.25% 10/1/34 (Pre-Refunded to 10/1/23 @ 100) (a) 275,000 302,477 
TOTAL GUAM  761,177 
Pennsylvania - 96.5%   
Allegheny County Series C:   
5% 12/1/28 1,000,000 1,128,465 
5% 12/1/30 1,365,000 1,539,932 
Allegheny County Arpt. Auth. Rev.:   
Series 2006 B, 5% 1/1/22 (Escrowed to Maturity) (a) 1,650,000 1,650,000 
Series 2021 A, 5% 1/1/51 (a) 12,000,000 14,916,232 
Allegheny County Higher Ed. Bldg. Auth. Univ. Rev.:   
Series 2017, 5% 10/15/47 1,660,000 1,871,504 
Series 2018:   
5% 3/1/33 1,570,000 1,915,460 
5% 3/1/34 2,250,000 2,741,695 
Series 2022 A:   
5% 3/1/24 (b) 500,000 524,593 
5% 3/1/25 (b) 500,000 542,665 
5% 3/1/27 (b) 1,740,000 1,993,096 
5% 3/1/31 (b) 1,105,000 1,361,885 
5% 3/1/34 (b) 645,000 810,014 
Allegheny County Indl. Dev. Auth. Rev. Series 2021, 4.25% 12/1/50 3,000,000 2,842,113 
Allegheny County Sanitation Auth. Swr. Rev. Series 2018, 5% 6/1/43 4,785,000 5,875,785 
Bethlehem Area School District Series 2016 A, 5% 2/1/23 (FSA Insured) 1,000,000 1,051,164 
Bucks County Indl. Dev. Auth. Hosp. Rev. Series 2021:   
5% 7/1/41 2,500,000 3,116,931 
5% 7/1/54 4,500,000 5,513,745 
Butler County Hosp. Auth. Hosp. Rev. (Butler Health Sys. Proj.) Series 2015 A:   
5% 7/1/26 500,000 572,897 
5% 7/1/27 490,000 559,805 
5% 7/1/28 540,000 614,810 
5% 7/1/29 710,000 805,039 
5% 7/1/30 685,000 774,650 
5% 7/1/35 1,885,000 2,117,640 
5% 7/1/39 6,675,000 7,470,510 
Cap. Region Wtr. Wtr. Rev. Series 2018:   
5% 7/15/28 1,300,000 1,620,459 
5% 7/15/30 1,500,000 1,881,950 
5% 7/15/31 1,250,000 1,562,352 
Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.):   
Series 2016 A:   
4% 11/15/32 350,000 384,155 
4% 11/15/34 250,000 274,596 
4% 11/15/35 200,000 219,692 
5% 11/15/28 840,000 975,268 
5% 11/15/29 1,625,000 1,885,330 
5% 11/15/30 685,000 794,171 
5% 11/15/46 6,605,000 7,576,088 
Series 2016 B:   
4% 11/15/40 600,000 657,121 
4% 11/15/47 3,605,000 3,933,198 
Series 2018 A:   
5% 11/15/26 1,140,000 1,370,849 
5% 11/15/27 225,000 277,879 
5% 11/15/28 200,000 246,544 
5% 11/15/29 200,000 245,134 
Chester County Health & Ed. Facilities Auth. Health Sys. Rev. Series 2017 A, 5% 10/1/35 2,125,000 2,577,963 
Commonwealth Fing. Auth. Rev.:   
Series 2019 B:   
5% 6/1/28 1,000,000 1,248,550 
5% 6/1/29 1,000,000 1,273,971 
5% 6/1/30 1,000,000 1,297,655 
5% 6/1/31 1,150,000 1,523,519 
Series 2020 A, 5% 6/1/32 3,500,000 4,533,370 
Cumberland County Muni. Auth. Rev. (Dickinson College Proj.):   
Series 2012, 5% 11/1/37 1,520,000 1,572,901 
Series 2016:   
5% 5/1/30 1,000,000 1,168,319 
5% 5/1/31 500,000 583,883 
5% 5/1/32 750,000 875,208 
5% 5/1/33 2,210,000 2,577,415 
5% 5/1/34 1,000,000 1,166,994 
Dallas Area Muni. Auth. Univ. Rev. (Misericordia Univ. Proj.) Series 2019:   
5% 5/1/39 1,100,000 1,282,190 
5% 5/1/48 4,000,000 4,594,208 
Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2016 A:   
5% 6/1/34 1,275,000 1,503,254 
5% 6/1/35 1,000,000 1,176,483 
5% 6/1/36 500,000 587,317 
Delaware County Auth. Rev.:   
(Cabrini College) Series 2017, 5% 7/1/47 2,000,000 2,171,338 
Series 2017, 5% 7/1/25 1,000,000 1,090,006 
Delaware County Auth. Univ. Rev. Series 2012, 5% 8/1/22 300,000 308,269 
Doylestown Hosp. Auth. Hosp. Rev.:   
Series 2013 A:   
5% 7/1/23 1,090,000 1,155,517 
5% 7/1/27 2,500,000 2,640,776 
Series 2016 A, 5% 7/1/46 3,500,000 3,933,069 
Series 2019, 4% 7/1/45 1,350,000 1,475,724 
Dubois Hosp. Auth. Hosp. Rev.:   
(Penn Highlands Healthcare Proj.) Series 2018, 5% 7/15/25 200,000 228,682 
Series 2020:   
5% 7/15/31 1,030,000 1,261,849 
5% 7/15/34 1,000,000 1,219,259 
5% 7/15/36 1,400,000 1,702,194 
5% 7/15/39 1,160,000 1,404,047 
Fox Chapel Area School District Series 2013:   
5% 8/1/31 3,080,000 3,234,156 
5% 8/1/34 1,000,000 1,049,161 
Geisinger Auth. Health Sys. Rev.:   
Series 2014 A, 4% 6/1/41 2,000,000 2,144,563 
Series 2017 A2, 5% 2/15/39 1,880,000 2,246,205 
Indiana County Hosp. Auth. Series 2014 A, 6% 6/1/39 1,625,000 1,702,376 
Lackawanna County Indl. Dev. Auth. Rev. (Univ. of Scranton Proj.) Series 2017:   
5% 11/1/24 590,000 660,401 
5% 11/1/25 665,000 769,236 
5% 11/1/27 1,105,000 1,350,038 
Lancaster County Hosp. Auth. Health Ctr. Rev. Series 2016:   
5% 8/15/31 1,000,000 1,190,530 
5% 8/15/33 1,000,000 1,189,705 
5% 8/15/34 1,000,000 1,188,909 
5% 8/15/36 1,000,000 1,187,079 
Lehigh County Gen. Purp. Auth. Rev. (Muhlenberg College Proj.) Series 2017, 5% 2/1/39 4,010,000 4,780,964 
Lehigh County Gen. Purp. Hosp. Rev. Series 2019 A:   
5% 7/1/36 2,905,000 3,642,610 
5% 7/1/44 5,000,000 6,179,641 
Lower Paxton Township Series 2014:   
5% 4/1/40 (Pre-Refunded to 4/1/24 @ 100) 3,420,000 3,776,771 
5% 4/1/44 (Pre-Refunded to 4/1/24 @ 100) 1,295,000 1,430,093 
Monroe County Hosp. Auth. Rev. Series 2016, 5% 7/1/33 3,675,000 4,289,030 
Montgomery County Higher Ed. & Health Auth. Rev.:   
Series 2014 A:   
5% 10/1/22 275,000 283,409 
5% 10/1/23 1,305,000 1,395,741 
5% 10/1/24 335,000 370,494 
5% 10/1/25 750,000 829,434 
5% 10/1/26 1,000,000 1,102,788 
5% 10/1/27 1,000,000 1,099,239 
Series 2016 A, 5% 10/1/40 4,000,000 4,544,660 
Series 2018 A, 5% 9/1/26 1,500,000 1,778,487 
Series 2019:   
4% 9/1/34 2,500,000 2,903,339 
4% 9/1/35 1,400,000 1,623,635 
4% 9/1/36 1,200,000 1,389,369 
4% 9/1/37 1,000,000 1,155,519 
Montgomery County Indl. Dev. Auth.:   
Series 2015 A, 5.25% 1/15/36 2,000,000 2,264,924 
Series 2017:   
5% 12/1/33 2,150,000 2,599,174 
5% 12/1/35 1,000,000 1,208,011 
5% 12/1/36 2,670,000 3,222,148 
5% 12/1/37 1,515,000 1,825,682 
Montour School District Series 2015 A:   
5% 4/1/41 (Pre-Refunded to 10/1/25 @ 100) 1,000,000 1,167,402 
5% 4/1/42 (Pre-Refunded to 10/1/25 @ 100) 1,000,000 1,167,402 
Northampton County Gen. Purp. Auth. Hosp. Rev. (St. Luke's Univ. Health Network Proj.) Series 2018 A:   
4% 8/15/48 4,500,000 5,086,803 
5% 8/15/43 2,000,000 2,430,308 
5% 8/15/48 2,500,000 3,020,443 
Northampton County Gen. Purp. College Rev. (Lafayette College Proj.) Series 2017, 5% 11/1/47 2,170,000 2,628,144 
Pennsylvania Ctfs. Prtn. Series 2018 A:   
5% 7/1/28 400,000 491,750 
5% 7/1/29 300,000 368,084 
5% 7/1/30 375,000 458,844 
5% 7/1/31 425,000 518,705 
Pennsylvania Higher Edl. Facilities Auth. Rev.:   
(Drexel Univ. Proj.) Series 2016, 5% 5/1/35 2,000,000 2,339,120 
(Thomas Jefferson Univ. Proj.) Series 2012:   
5% 3/1/22 275,000 277,098 
5% 3/1/23 585,000 603,099 
First Series 2012:   
5% 4/1/22 600,000 606,983 
5% 4/1/23 (Pre-Refunded to 4/1/22 @ 100) 800,000 809,409 
5% 4/1/24 (Pre-Refunded to 4/1/22 @ 100) 1,100,000 1,112,938 
Series 2016, 5% 5/1/33 2,200,000 2,577,969 
Series 2018 A, 5% 2/15/48 4,000,000 4,874,210 
Series 2019 A:   
4% 3/1/37 750,000 868,779 
5% 3/1/36 1,000,000 1,239,315 
5% 3/1/38 1,055,000 1,303,202 
5% 3/1/39 1,000,000 1,233,273 
Series 2019:   
4% 12/1/44 1,000,000 1,156,405 
4% 12/1/48 1,000,000 1,150,972 
Series AT-1 5% 6/15/31 5,000,000 5,915,766 
Pennsylvania Hsg. Fin. Agcy.:   
Series 2019 130A, 4% 10/1/49 1,700,000 1,812,167 
Series 2019 131, 3.5% 4/1/49 4,285,000 4,541,420 
Series 2020 13 2A, 3.5% 4/1/51 1,900,000 2,022,388 
Series 2020 133:   
5% 10/1/22 350,000 362,033 
5% 10/1/23 400,000 430,927 
5% 10/1/24 850,000 947,651 
5% 10/1/27 650,000 785,321 
5% 10/1/28 950,000 1,172,581 
5% 4/1/29 100,000 123,890 
5% 10/1/29 450,000 562,435 
Series 2021 134B:   
5% 10/1/22 (a) 1,175,000 1,214,950 
5% 4/1/24 (a) 1,255,000 1,374,352 
5% 10/1/24 (a) 1,000,000 1,113,437 
5% 10/1/25 (a) 370,000 425,406 
5% 4/1/26 (a) 995,000 1,159,268 
5% 10/1/26 (a) 1,500,000 1,771,945 
Series 2021 137:   
5% 4/1/24 225,000 247,299 
5% 10/1/24 265,000 296,520 
5% 4/1/25 200,000 227,752 
5% 10/1/25 220,000 254,440 
5% 4/1/26 240,000 281,478 
5% 10/1/26 280,000 332,906 
5% 4/1/27 225,000 270,741 
5% 10/1/27 225,000 273,793 
5% 4/1/28 250,000 306,781 
5% 10/1/28 260,000 321,672 
5% 4/1/29 310,000 385,261 
5% 10/1/29 365,000 456,197 
Pennsylvania Pub. School Bldg. Auth. School Rev. Series 2014 B2:   
5% 12/1/24 630,000 704,523 
5% 12/1/24 (Escrowed to Maturity) 620,000 701,439 
5% 12/1/25 335,000 379,181 
5% 12/1/25 (Pre-Refunded to 12/1/24 @ 100) 915,000 1,035,188 
5% 12/1/26 645,000 727,860 
5% 12/1/26 (Pre-Refunded to 12/1/24 @ 100) 605,000 684,469 
5% 12/1/27 360,000 404,911 
5% 12/1/27 (Pre-Refunded to 12/1/24 @ 100) 650,000 735,380 
Pennsylvania State Univ.:   
Series 2015 A:   
5% 9/1/30 1,100,000 1,268,371 
5% 9/1/31 1,415,000 1,629,370 
Series 2019 A, 5% 9/1/48 6,390,000 8,016,521 
Pennsylvania Tpk. Commission Tpk. Rev.:   
(Sub Lien Proj.) Series 2017 B-1, 5% 6/1/34 5,000,000 6,005,575 
Series 2013 A2:   
5% 12/1/28 500,000 602,936 
5% 12/1/38 2,500,000 3,098,283 
Series 2014 A, 5% 12/1/31 865,000 978,332 
Series 2014 A2, 0% 12/1/40 (c) 5,500,000 6,157,684 
Series 2017 A1:   
5% 12/1/30 3,500,000 4,302,611 
5% 12/1/31 2,000,000 2,454,043 
5% 12/1/33 1,500,000 1,834,742 
Series 2018 A2, 5% 12/1/43 5,000,000 6,180,166 
Series 2020 B, 5% 12/1/50 5,000,000 6,374,006 
Series 2021 A:   
4% 12/1/44 4,000,000 4,653,163 
4% 12/1/45 4,000,000 4,641,750 
4% 12/1/50 2,000,000 2,314,729 
Series 2021 B:   
4% 12/1/40 1,000,000 1,189,152 
4% 12/1/41 1,000,000 1,186,202 
4% 12/1/42 1,500,000 1,771,529 
4% 12/1/46 2,500,000 2,928,024 
5% 12/1/46 2,000,000 2,547,848 
5% 12/1/51 9,000,000 11,393,608 
Philadelphia Arpt. Rev.:   
Series 2015 A, 5% 6/15/23 (a) 200,000 213,149 
Series 2017 A, 5% 7/1/42 350,000 422,156 
Series 2017 B:   
5% 7/1/25 (a) 5,500,000 6,297,452 
5% 7/1/31 (a) 1,000,000 1,202,465 
5% 7/1/33 (a) 2,250,000 2,704,330 
5% 7/1/37 (a) 5,065,000 6,053,579 
5% 7/1/42 (a) 4,000,000 4,763,519 
5% 7/1/47 (a) 3,035,000 3,596,059 
Philadelphia Auth. for Indl. Dev.:   
Series 2016, 5% 4/1/28 275,000 312,542 
Series 2017, 5% 11/1/47 5,000,000 5,734,265 
Series 2020 A, 4% 11/1/45 3,825,000 4,381,669 
Series 2020 C:   
4% 11/1/35 1,750,000 2,044,585 
4% 11/1/36 1,500,000 1,749,854 
4% 11/1/37 1,255,000 1,461,093 
4% 11/1/38 1,000,000 1,162,359 
Philadelphia Gas Works Rev.:   
Series 16 A, 5% 8/1/50 (FSA Insured) 8,835,000 11,082,082 
Series 2015 13:   
5% 8/1/29 2,000,000 2,296,880 
5% 8/1/30 1,500,000 1,719,226 
5% 8/1/31 1,100,000 1,256,165 
Series 2016 14:   
5% 10/1/33 1,500,000 1,774,997 
5% 10/1/34 500,000 590,648 
Philadelphia Gen. Oblig.:   
Series 2017 A, 5% 8/1/30 1,500,000 1,820,001 
Series 2019 B:   
5% 2/1/38 3,000,000 3,734,875 
5% 2/1/39 2,600,000 3,235,619 
Philadelphia Hospitals & Higher Ed. Facilities Auth. Hosp. Rev. Series 2012 A, 5.625% 7/1/36 4,045,000 4,147,977 
Philadelphia Redev. Auth. Rev.:   
Series 2012, 5% 4/15/25 2,230,000 2,259,473 
Series 2015 A, 5% 4/15/29 3,000,000 3,415,504 
Philadelphia School District:   
Series 2016 F, 5% 9/1/34 4,000,000 4,716,587 
Series 2018 A:   
5% 9/1/29 1,250,000 1,557,464 
5% 9/1/30 1,000,000 1,247,823 
5% 9/1/33 1,000,000 1,239,987 
Series 2019 A:   
4% 9/1/37 2,100,000 2,454,389 
4% 9/1/38 2,300,000 2,683,924 
4% 9/1/39 2,000,000 2,329,773 
Philadelphia Wtr. & Wastewtr. Rev.:   
Series 2015 B, 5% 7/1/30 3,500,000 4,021,842 
Series 2017 B:   
5% 11/1/29 3,000,000 3,707,969 
5% 11/1/30 3,700,000 4,552,363 
Series 2020, 5% 10/1/40 3,195,000 4,102,816 
Pittsburgh & Allegheny County Parking Sys. Series 2017:   
5% 12/15/31 1,000,000 1,229,010 
5% 12/15/32 500,000 612,970 
5% 12/15/33 500,000 612,911 
Pittsburgh & Allegheny County Sports & Exhibition Auth. Series 2012, 5% 2/1/25 (FSA Insured) 2,250,000 2,309,141 
Pittsburgh Gen. Oblig. Series 2014:   
5% 9/1/23 (Build America Mutual Assurance Insured) 575,000 618,837 
5% 9/1/28 (Pre-Refunded to 9/1/24 @ 100) 1,300,000 1,459,413 
5% 9/1/29 (Pre-Refunded to 9/1/24 @ 100) 1,015,000 1,139,465 
5% 9/1/31 (Pre-Refunded to 9/1/24 @ 100) 1,165,000 1,307,859 
5% 9/1/32 (Pre-Refunded to 9/1/24 @ 100) 1,000,000 1,122,626 
Pittsburgh School District Series 2015, 5% 9/1/23 (FSA Insured) 1,085,000 1,169,414 
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev.:   
Series 2019 A, 5% 9/1/44 (FSA Insured) 3,600,000 4,499,322 
Series 2019 B:   
4% 9/1/34 (FSA Insured) 2,000,000 2,387,498 
4% 9/1/35 (FSA Insured) 400,000 476,200 
Reading School District Series 2017:   
5% 3/1/35 (FSA Insured) 1,000,000 1,196,001 
5% 3/1/36 (FSA Insured) 1,050,000 1,255,032 
5% 3/1/37 (FSA Insured) 1,600,000 1,910,696 
Saint Mary Hosp. Auth. Health Sys. Rev. (Trinity Health Proj.) Series 2012 B, 5% 11/15/26 1,000,000 1,205,156 
Southcentral Pennsylvania Gen. Auth. Rev.:   
Series 2015:   
4% 12/1/30 1,040,000 1,143,988 
5% 12/1/22 30,000 31,274 
5% 12/1/27 1,480,000 1,707,762 
5% 12/1/29 1,000,000 1,151,814 
Series 2019 A, 4% 6/1/49 4,650,000 5,312,957 
Susquehanna Area Reg'l. Arp Auth. Series 2017:   
5% 1/1/35 (a) 1,000,000 1,168,610 
5% 1/1/38 (a) 1,125,000 1,308,549 
Union County Hosp. Auth. Rev. Series 2018 B, 5% 8/1/48 6,000,000 6,948,791 
West Mifflin Area School District Series 2016:   
5% 4/1/24 (FSA Insured) 1,250,000 1,365,942 
5% 4/1/26 (FSA Insured) 1,000,000 1,165,093 
5% 4/1/28 (FSA Insured) 1,390,000 1,656,202 
West Shore Area Auth. Hosp. Rev. Series 2011 B, 5.75% 1/1/41 (Pre-Refunded to 1/1/22 @ 100) 1,500,000 1,500,000 
Westmoreland County Indl. Dev. Auth. (Excela Health Proj.) Series 2020 A:   
4% 7/1/22 600,000 610,675 
4% 7/1/23 1,125,000 1,183,738 
4% 7/1/26 1,000,000 1,137,545 
4% 7/1/37 1,400,000 1,647,596 
5% 7/1/27 200,000 242,520 
5% 7/1/28 1,130,000 1,401,684 
5% 7/1/29 500,000 632,753 
5% 7/1/30 1,000,000 1,287,823 
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series 2001 A, 0% 8/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 6,550,000 6,537,805 
TOTAL PENNSYLVANIA  535,442,029 
Pennsylvania, New Jersey - 1.3%   
Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev. Series 2012 A:   
5% 7/1/22 500,000 511,852 
5% 7/1/23 1,000,000 1,023,210 
Delaware River Port Auth. Pennsylvania & New Jersey Rev. Series 2018 A:   
5% 1/1/37 1,000,000 1,246,109 
5% 1/1/38 1,300,000 1,617,642 
5% 1/1/39 1,000,000 1,242,374 
5% 1/1/40 1,100,000 1,364,794 
TOTAL PENNSYLVANIA, NEW JERSEY  7,005,981 
TOTAL MUNICIPAL BONDS   
(Cost $508,813,819)  543,209,187 
Municipal Notes - 2.0%   
Pennsylvania - 2.0%   
Delaware County Indl. Dev. Auth. Arpt. Facilities Rev. (United Parcel Svc. Proj.) Series 2015, 0.11% 1/3/22, VRDN (d) 6,385,000 $6,385,000 
Southcentral Pennsylvania Gen. Auth. Rev. Series 2019 E, 0.07% 1/3/22 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (d) 4,600,000 4,600,000 
TOTAL MUNICIPAL NOTES   
(Cost $10,985,000)  10,985,000 
TOTAL INVESTMENT IN SECURITIES - 99.9%   
(Cost $519,798,819)  554,194,187 
NET OTHER ASSETS (LIABILITIES) - 0.1%  752,778 
NET ASSETS - 100%  $554,946,965 

Security Type Abbreviations

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

Legend

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

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

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

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

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2021, 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 Total Level 1 Level 2 Level 3 
Investments in Securities:     
Municipal Securities $554,194,187 $-- $554,194,187 $-- 
Total Investments in Securities: $554,194,187 $-- $554,194,187 $-- 

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

Health Care 27.7% 
Transportation 21.8% 
Education 18.3% 
General Obligations 11.2% 
Water & Sewer 7.4% 
Others* (Individually Less Than 5%) 13.6% 
 100.0% 

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.


Fidelity® Pennsylvania Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

  December 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $519,798,819) 		 $554,194,187 
Cash  749,964 
Receivable for fund shares sold  94,040 
Interest receivable  6,215,542 
Prepaid expenses  552 
Other receivables  2,383 
Total assets  561,256,668 
Liabilities   
Payable for investments purchased on a delayed delivery basis $5,230,851  
Payable for fund shares redeemed 416,744  
Distributions payable 399,403  
Accrued management fee 160,197  
Other affiliated payables 56,856  
Other payables and accrued expenses 45,652  
Total liabilities  6,309,703 
Net Assets  $554,946,965 
Net Assets consist of:   
Paid in capital  $520,367,925 
Total accumulated earnings (loss)  34,579,040 
Net Assets  $554,946,965 
Net Asset Value, offering price and redemption price per share ($554,946,965 ÷ 47,900,024 shares)  $11.59 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended December 31, 2021 
Investment Income   
Interest  $14,584,981 
Expenses   
Management fee $1,915,770  
Transfer agent fees 526,061  
Accounting fees and expenses 137,602  
Custodian fees and expenses 5,160  
Independent trustees' fees and expenses 1,643  
Registration fees 24,762  
Audit 51,580  
Legal 6,011  
Miscellaneous 2,486  
Total expenses before reductions 2,671,075  
Expense reductions (10,141)  
Total expenses after reductions  2,660,934 
Net investment income (loss)  11,924,047 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers  417,639 
Total net realized gain (loss)  417,639 
Change in net unrealized appreciation (depreciation) on investment securities  77,355 
Net gain (loss)  494,994 
Net increase (decrease) in net assets resulting from operations  $12,419,041 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended December 31, 2021 Year ended December 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $11,924,047 $12,466,233 
Net realized gain (loss) 417,639 255,481 
Change in net unrealized appreciation (depreciation) 77,355 8,482,996 
Net increase (decrease) in net assets resulting from operations 12,419,041 21,204,710 
Distributions to shareholders (12,540,010) (12,881,272) 
Share transactions   
Proceeds from sales of shares 97,699,349 93,803,532 
Reinvestment of distributions 7,886,844 8,469,720 
Cost of shares redeemed (86,105,495) (91,726,532) 
Net increase (decrease) in net assets resulting from share transactions 19,480,698 10,546,720 
Total increase (decrease) in net assets 19,359,729 18,870,158 
Net Assets   
Beginning of period 535,587,236 516,717,078 
End of period $554,946,965 $535,587,236 
Other Information   
Shares   
Sold 8,417,034 8,234,739 
Issued in reinvestment of distributions 679,894 741,867 
Redeemed (7,423,996) (8,116,699) 
Net increase (decrease) 1,672,932 859,907 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Pennsylvania Municipal Income Fund

      
Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $11.59 $11.39 $10.92 $11.18 $10.97 
Income from Investment Operations      
Net investment income (loss)A .251 .275 .310 .314 .328 
Net realized and unrealized gain (loss) .013 .209 .523 (.226) .257 
Total from investment operations .264 .484 .833 .088 .585 
Distributions from net investment income (.251) (.272) (.307) (.314) (.328) 
Distributions from net realized gain (.013) (.012) (.056) (.034) (.047) 
Total distributions (.264) (.284) (.363) (.348) (.375) 
Net asset value, end of period $11.59 $11.59 $11.39 $10.92 $11.18 
Total ReturnB 2.30% 4.32% 7.71% .84% 5.41% 
Ratios to Average Net AssetsC,D      
Expenses before reductions .48% .49% .48% .48% .48% 
Expenses net of fee waivers, if any .48% .49% .48% .48% .48% 
Expenses net of all reductions .48% .48% .48% .48% .48% 
Net investment income (loss) 2.16% 2.42% 2.74% 2.88% 2.95% 
Supplemental Data      
Net assets, end of period (000 omitted) $554,947 $535,587 $516,717 $452,519 $480,405 
Portfolio turnover rateE 5% 17% 20% 15% 12% 

 A Calculated based on average shares outstanding during the period.

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

 C 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.

 D 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.

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

See accompanying notes which are an integral part of the financial statements.


Fidelity® Pennsylvania Municipal Money Market Fund

Investment Summary/Performance (Unaudited)

Effective Maturity Diversification as of December 31, 2021

Days % of fund's investments 
1 - 7 89.5 
8 - 30 1.1 
31 - 60 1.2 
91 - 180 8.0 
> 180 0.2 

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Asset Allocation (% of fund's net assets)

As of December 31, 2021 
   Variable Rate Demand Notes (VRDNs) 33.7% 
   Tender Option Bond 52.1% 
   Other Municipal Security 10.4% 
   Investment Companies 3.3% 
   Net Other Assets (Liabilities) 0.5% 


Current 7-Day Yields

 12/31/21 
Fidelity® Pennsylvania Municipal Money Market Fund 0.01% 

Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending December 31, 2021, the most recent period shown in the table, would have been (0.33)%.

Fidelity® Pennsylvania Municipal Money Market Fund

Schedule of Investments December 31, 2021

Showing Percentage of Net Assets

Variable Rate Demand Note - 33.7%   
 Principal Amount Value 
Alabama - 0.5%   
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.18% 1/7/22, VRDN (a)(b) $800,000 $800,000 
Kansas - 0.6%   
Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.):   
Series 2007 A, 0.19% 1/7/22, VRDN (b) 100,000 100,000 
Series 2007 B, 0.19% 1/7/22, VRDN (b) 300,000 300,000 
St. Mary's Kansas Poll. Cont. Rev. Series 1994, 0.15% 1/7/22, VRDN (b) 500,000 500,000 
Wamego Kansas Poll. Cont. Rfdg. Rev. (Western Resources, Inc. Proj.) Series 1994, 0.15% 1/7/22, VRDN (b) 100,000 100,000 
  1,000,000 
Nebraska - 0.2%   
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.18% 1/7/22, VRDN (a)(b) 400,000 400,000 
Pennsylvania - 31.2%   
Allegheny County Hosp. Dev. Auth. Rev. Series 2016 A, 0.19% 1/7/22, LOC Truist Bank, VRDN (b) 1,600,000 1,600,000 
Allegheny County Indl. Dev. Auth. Rev. Series 2002, 0.14% 1/7/22, LOC Citizens Bank NA, VRDN (b) 7,860,000 7,860,000 
Beaver County Indl. Dev. Auth. Series 2018 A, 0.19% 1/7/22, LOC Truist Bank, VRDN (b) 1,600,000 1,600,000 
Chester County Health & Ed. Auth. Rev. Series 2009, 0.2% 1/7/22, LOC Manufacturers & Traders Trust Co., VRDN (b) 2,665,000 2,665,000 
Delaware County Indl. Dev. Auth. Arpt. Facilities Rev. (United Parcel Svc. Proj.) Series 2015, 0.11% 1/3/22, VRDN (b) 2,055,000 2,055,000 
Lancaster Indl. Dev. Auth. Rev. (Mennonite Home Proj.) Series 2007, 0.2% 1/7/22, LOC Manufacturers & Traders Trust Co., VRDN (b) 4,925,000 4,925,000 
Montgomery County Indl. Dev. Auth. Rev. (Foulkeways at Gwynedd Proj.) Series 2006 B, 0.16% 1/7/22, LOC Citizens Bank NA, VRDN (b) 400,000 400,000 
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev.:   
Series 2009 B, 0.17% 1/7/22, LOC MUFG Bank Ltd., VRDN (b) 3,400,000 3,400,000 
Series 2009 C, 0.17% 1/7/22, LOC MUFG Bank Ltd., VRDN (b) 8,400,000 8,400,000 
Philadelphia Arpt. Rev. Series 2005 C1, 0.14% 1/7/22, LOC Wells Fargo Bank NA, VRDN (a)(b) 1,500,000 1,500,000 
Philadelphia Auth. for Indl. Dev. Rev. (Spl. People in Northeast, Inc. Proj.) Series 2006, 0.18% 1/7/22, LOC Citizens Bank NA, VRDN (b) 3,430,000 3,430,000 
FNMA Montgomery County Redev. Auth. Multi-family Hsg. Rev. (Kingswood Apts. Proj.) Series 2001 A, 0.16% 1/7/22, LOC Fannie Mae, VRDN (b) 12,675,000 12,675,002 
  50,510,002 
South Carolina - 0.1%   
Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1997, 0.18% 1/7/22, VRDN (a)(b) 100,000 100,000 
West Virginia - 1.1%   
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.:   
(Appalachian Pwr. Co. Amos Proj.) Series 2008 B, 0.2% 1/7/22, VRDN (a)(b) 500,000 500,000 
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 0.19% 1/7/22, VRDN (a)(b) 1,200,000 1,200,000 
  1,700,000 
TOTAL VARIABLE RATE DEMAND NOTE   
(Cost $54,510,002)  54,510,002 
Tender Option Bond - 52.1%   
Colorado - 0.0%   
Denver City & County Arpt. Rev. Bonds Series G-114, 0.35%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) 100,000 100,000 
Connecticut - 0.2%   
Connecticut Gen. Oblig. Participating VRDN Series Floaters 016, 0.22% 2/11/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 100,000 100,000 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 0.28%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 200,000 200,000 
  300,000 
Florida - 0.2%   
Broward County Port Facilities Rev. Bonds Series G 115, 0.35%, tender 3/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) 100,000 100,000 
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 0.35%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) 100,000 100,000 
Lee County Arpt. Rev. Participating VRDN Series XF 11 26, 0.17% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(e) 100,000 100,000 
  300,000 
Kentucky - 0.2%   
CommonSpirit Health Participating VRDN Series MIZ 90 21, 0.18% 1/7/22 (Liquidity Facility Mizuho Cap. Markets Llc) (b)(c)(e) 200,000 200,000 
Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 0.3%, tender 5/2/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
  300,000 
Massachusetts - 0.1%   
Massachusetts Gen. Oblig. Participating VRDN Series 2021 XG 03 15, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) 200,000 200,000 
Mississippi - 0.0%   
Mississippi Bus. Fin. Corp. Rev. Participating VRDN Series 2021 XF 11 05, 0.17% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) 100,000 100,000 
North Dakota - 0.1%   
Grand Forks Health Care Sys. Rev. Participating VRDN Series 2021 XG 03 44, 0.19% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) 100,000 100,000 
Ohio - 0.2%   
Columbus Gen. Oblig. Participating VRDN Series DB 80 75, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) 100,000 100,000 
Ohio Hosp. Rev. Participating VRDN Series 002, 0.22% 2/11/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 100,000 100,000 
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 0.3%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
  300,000 
Pennsylvania - 50.7%   
Allegheny County Sanitation Auth. Swr. Rev. Participating VRDN Series Floaters XM 00 82, 0.13% 1/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 6,665,000 6,665,000 
Central Bradford Progress Auth. Rev. Participating VRDN Series 2021 XF 12 59, 0.14% 1/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) 1,600,000 1,600,000 
Commonwealth Fing. Auth. Tobacco Participating VRDN Series XX 10 80, 0.14% 1/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 4,500,000 4,500,000 
Geisinger Auth. Health Sys. Rev. Participating VRDN:   
Series Floaters XF 05 43, 0.17% 1/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 3,500,000 3,500,000 
Series Floaters XM 06 13, 0.16% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 1,700,000 1,700,000 
Series Floaters YX 10 49, 0.16% 1/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 1,885,000 1,885,000 
Series XF 09 69, 0.17% 1/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 1,900,000 1,900,000 
Series XM 08 87, 0.16% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 1,900,000 1,900,000 
Lancaster County Hosp. Auth. Health Ctr. Rev. Participating VRDN Series 16 ZF0383, 0.14% 1/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) 3,750,000 3,750,000 
Lehigh County Gen. Purp. Hosp. Rev. Participating VRDN:   
Series ZF 08 33, 0.14% 1/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) 2,100,000 2,100,000 
Series ZF 08 34, 0.14% 1/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) 2,300,000 2,300,000 
Montgomery County Higher Ed. & Health Auth. Rev. Participating VRDN:   
Series Floaters ZF 07 95, 0.15% 1/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) 2,200,000 2,200,000 
Series XF 28 85, 0.14% 1/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 2,500,000 2,500,000 
Northampton County Gen. Purp. College Rev. Participating VRDN Series Floaters ZM 05 17, 0.13% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(e) 7,500,000 7,500,000 
Pennsylvania Econ. Dev. Participating VRDN Series XM 0048, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) 299,500 299,500 
Pennsylvania Gen. Oblig. Participating VRDN Series Floaters ZM 06 50, 0.13% 1/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) 1,500,000 1,500,000 
Pennsylvania Higher Edl. Facilities Auth. Rev. Participating VRDN:   
Series Floaters XF 25 53, 0.13% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 1,800,000 1,800,000 
Series XM 08 76, 0.14% 1/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 1,075,000 1,075,000 
Pennsylvania State Univ. Participating VRDN Series XM 08 27, 0.13% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 2,900,000 2,900,000 
Pennsylvania Tpk. Commission Registration Fee Rev. Participating VRDN Series Putters 5026, 0.13% 1/3/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 400,000 400,000 
Pennsylvania Tpk. Commission Tpk. Rev.:   
Bonds Series Floaters G 43, 0.3%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 1,700,000 1,700,000 
Participating VRDN:   
Series 2021 XL 01 80, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) 2,200,000 2,200,000 
Series Floaters E 101, 0.13% 1/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 4,400,000 4,400,000 
Series XX 11 34, 0.14% 1/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 2,900,000 2,900,000 
Philadelphia Arpt. Rev. Participating VRDN Series YX 11 44, 0.14% 1/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 3,000,000 3,000,000 
Philadelphia Auth. for Indl. Dev. Participating VRDN:   
Series Putters 14 XM0005, 0.13% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 4,200,000 4,200,000 
Series XG 02 53, 0.15% 1/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) 2,100,000 2,100,000 
Philadelphia School District Participating VRDN Series XM 08 60, 0.13% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 1,625,000 1,625,000 
Philadelphia Wtr. & Wastewtr. Rev. Participating VRDN Series Floaters XF 07 19, 0.14% 1/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 1,000,000 1,000,000 
Southcentral Pennsylvania Gen. Auth. Rev. Participating VRDN Series XL 01 04, 0.13% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(e) 1,500,000 1,500,000 
Westmoreland County Muni. Auth. Muni. Svc. Rev. Participating VRDN Series XF 10 58, 0.14% 1/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 3,270,000 3,270,000 
Wilkes-Barre Area School District Participating VRDN Series Floaters XF 07 77, 0.14% 1/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) 2,285,000 2,285,000 
  82,154,500 
South Carolina - 0.1%   
South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 0.3%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
Tennessee - 0.1%   
Metropolitan Nashville Arpt. Auth. Rev. Participating VRDN Series 2021 XL 01 89, 0.17% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(e) 100,000 100,000 
Virginia - 0.2%   
Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series MIZ 90 25, 0.17% 1/7/22 (Liquidity Facility Mizuho Cap. Markets Llc) (b)(c)(e) 290,000 290,000 
TOTAL TENDER OPTION BOND   
(Cost $84,344,500)  84,344,500 
Other Municipal Security - 10.4%   
Massachusetts - 0.2%   
Massachusetts Dev. Fin. Agcy. Elec. Util. Rev. Bonds Series 2021, 0.19% tender 1/12/22 (Massachusetts Elec. Co. Guaranteed), CP mode (a) 300,000 300,000 
Pennsylvania - 10.2%   
Commonwealth Fing. Auth. Rev. Bonds:   
Series 2013 A2:   
5% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) 100,000 101,986 
5% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) 550,000 560,827 
5% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) 335,000 341,534 
Series 2015 B1, 5% 6/1/22 1,180,000 1,203,371 
Commonwealth Fing. Auth. Tobacco Bonds Series 2018, 5% 6/1/22 1,415,000 1,442,579 
Geisinger Auth. Health Sys. Rev. Bonds Series 2020 A, 5% 4/1/22 840,000 849,818 
Pennsylvania Gen. Oblig. Bonds:   
Series 2014, 5% 6/15/22 185,000 188,942 
Series 2016 2, 5% 9/15/22 225,000 232,432 
Series 2016, 5% 1/15/22 1,405,000 1,407,575 
Series 2020, 5% 5/1/22 1,000,000 1,015,856 
Pennsylvania Hsg. Fin. Agcy. Bonds Series 2021 135 B, 5% 4/1/22 (a) 735,000 743,659 
Philadelphia Wtr. & Wastewtr. Rev. Series 2021 B, 0.12% 1/5/22, LOC Royal Bank of Canada, CP 1,000,000 1,000,000 
State Pub. School Bldg. Auth. Lease Rev. Bonds (The School District of Philadelphia Proj.) Series 2012:   
5% 4/1/22 (Pre-Refunded to 4/1/22 @ 100) 1,000,000 1,012,068 
5% 4/1/22 (Pre-Refunded to 4/1/22 @ 100) 105,000 106,229 
5% 4/1/22 (Pre-Refunded to 4/1/22 @ 100) 1,000,000 1,011,928 
5% 4/1/22 (Pre-Refunded to 4/1/22 @ 100) 365,000 369,319 
Univ. of Pittsburgh Commonwealth Sys. of Higher Ed. Bonds:   
Series 2021 B1, 0.11% tender 2/1/22, CP mode 1,700,000 1,700,000 
Series 2021 B2, 0.27% tender 6/24/22, CP mode 1,600,000 1,600,000 
West Shore Area Auth. Hosp. Rev. Bonds (Holy Spirit Hosp. Charity Proj.) Series 2011 B, 6% 1,700,000 1,700,000 
  16,588,123 
TOTAL OTHER MUNICIPAL SECURITY   
(Cost $16,888,123)  16,888,123 
 Shares Value 
Investment Company - 3.3%   
Fidelity Municipal Cash Central Fund 0.11% (f)(g)   
(Cost $5,440,706) 5,440,162 5,440,706 
TOTAL INVESTMENT IN SECURITIES - 99.5%   
(Cost $161,183,331)  161,183,331 
NET OTHER ASSETS (LIABILITIES) - 0.5%  738,704 
NET ASSETS - 100%  $161,922,035 

Security Type Abbreviations

CP – COMMERCIAL PAPER

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

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.

Legend

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

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

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

 (d) 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 $2,500,000 or 1.5% of net assets.

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

 (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.

Additional information on each restricted holding is as follows:

Security Acquisition Date Cost 
Broward County Port Facilities Rev. Bonds Series G 115, 0.35%, tender 3/1/22 (Liquidity Facility Royal Bank of Canada) 3/1/21 $100,000 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 0.28%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $200,000 
Denver City & County Arpt. Rev. Bonds Series G-114, 0.35%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) 6/1/21 $100,000 
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 0.35%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $100,000 
Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 0.3%, tender 5/2/22 (Liquidity Facility Royal Bank of Canada) 5/3/21 $100,000 
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 0.3%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) 6/1/21 $100,000 
Pennsylvania Tpk. Commission Tpk. Rev. Bonds Series Floaters G 43, 0.3%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) 6/1/21 $1,700,000 
South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 0.3%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $100,000 

Affiliated Central Funds

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

Fund 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 0.11% $9,151,000 $53,571,000 $57,283,000 $6,726 $1,706 $-- $5,440,706 0.0% 
Total $9,151,000 $53,571,000 $57,283,000 $6,726 $1,706 $-- $5,440,706  

Amounts in the 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.

Investment Valuation

All investments are categorized as Level 2 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Pennsylvania Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

  December 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $155,742,625) 		$155,742,625  
Fidelity Central Funds (cost $5,440,706) 5,440,706  
Total Investment in Securities (cost $161,183,331)  $161,183,331 
Cash  603,893 
Receivable for fund shares sold  6,008 
Interest receivable  188,432 
Distributions receivable from Fidelity Central Funds  551 
Total assets  161,982,215 
Liabilities   
Payable for fund shares redeemed $42,479  
Distributions payable 64  
Accrued management fee 17,637  
Total liabilities  60,180 
Net Assets  $161,922,035 
Net Assets consist of:   
Paid in capital  $161,922,036 
Total accumulated earnings (loss)  (1) 
Net Assets  $161,922,035 
Net Asset Value, offering price and redemption price per share ($161,922,035 ÷ 161,676,936 shares)  $1.00 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended December 31, 2021 
Investment Income   
Interest  $173,276 
Income from Fidelity Central Funds  6,542 
Total income  179,818 
Expenses   
Management fee $850,143  
Independent trustees' fees and expenses 485  
Total expenses before reductions 850,628  
Expense reductions (687,778)  
Total expenses after reductions  162,850 
Net investment income (loss)  16,968 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 107,685  
Fidelity Central Funds 1,706  
Capital gain distributions from Fidelity Central Funds 184  
Total net realized gain (loss)  109,575 
Net increase in net assets resulting from operations  $126,543 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended December 31, 2021 Year ended December 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $16,968 $674,227 
Net realized gain (loss) 109,575 45,947 
Net increase in net assets resulting from operations 126,543 720,174 
Distributions to shareholders (136,843) (728,307) 
Share transactions   
Proceeds from sales of shares 26,624,972 46,437,146 
Reinvestment of distributions 129,646 687,695 
Cost of shares redeemed (43,810,109) (75,136,443) 
Net increase (decrease) in net assets and shares resulting from share transactions (17,055,491) (28,011,602) 
Total increase (decrease) in net assets (17,065,791) (28,019,735) 
Net Assets   
Beginning of period 178,987,826 207,007,561 
End of period $161,922,035 $178,987,826 
Other Information   
Shares   
Sold 26,624,972 46,437,146 
Issued in reinvestment of distributions 129,646 687,695 
Redeemed (43,810,109) (75,136,443) 
Net increase (decrease) (17,055,491) (28,011,602) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Pennsylvania Municipal Money Market Fund

      
Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 
Income from Investment Operations      
Net investment income (loss) –A .003 .010 .010 .004 
Net realized and unrealized gain (loss) .001 –A .001 –A –A 
Total from investment operations .001 .003 .011 .010 .004 
Distributions from net investment income –A (.003) (.010) (.010) (.004) 
Distributions from net realized gain (.001) –A –A – –A 
Total distributions (.001) (.003) (.011)B (.010) (.004) 
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 
Total ReturnC .08% .37% 1.06% .97% .40% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .50% .50% .50% .50% .50% 
Expenses net of fee waivers, if any .10% .34% .50% .50% .50% 
Expenses net of all reductions .10% .34% .50% .50% .50% 
Net investment income (loss) .01% .35% 1.03% .96% .38% 
Supplemental Data      
Net assets, end of period (000 omitted) $161,922 $178,988 $207,008 $240,412 $284,994 

 A Amount represents less than $.0005 per share.

 B Total distributions per share do not sum due to rounding.

 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.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended December 31, 2021

1. Organization.

Fidelity Pennsylvania Municipal Income Fund (the Income Fund) is a fund of Fidelity Municipal Trust. Fidelity Pennsylvania Municipal Money Market Fund (the Money Market Fund) is a fund of Fidelity Municipal Trust II. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Municipal Trust and Fidelity Municipal Trust II (the Trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. Each Fund is authorized to issue an unlimited number of shares. Shares of the Money Market Fund are only available for purchase by retail shareholders. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. Each Fund may be affected by economic and political developments in the state of Pennsylvania.

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.

Each 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. Each 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 each 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 delegated the day to day responsibility for the valuation of the Income Fund's investments to the Fair Value Committee (the Committee) established by the Income Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Income Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Income Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Income Fund's investments and ratifies the fair value determinations of the Committee.

Each 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 – 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 each Fund's investments by major category are as follows:

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

For the Money Market Fund, as permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

For the Income Fund, 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, 2021 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Funds' 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 for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. 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.

Expenses. 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, each 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, 2021, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each 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. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each 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 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 and excise tax regulations.

The Funds purchase 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 for each Fund:

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Fidelity Pennsylvania Municipal Income Fund $519,791,521 $34,729,710 $(327,044) $34,402,666 
Fidelity Pennsylvania Municipal Money Market Fund 161,183,331 242 (242) – 

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

 Undistributed tax-exempt income Net unrealized appreciation (depreciation) on securities and other investments 
Fidelity Pennsylvania Municipal Income Fund $176,373 $34,402,666 
Fidelity Pennsylvania Municipal Money Market Fund – – 

The tax character of distributions paid was as follows:

December 31, 2021    
 Tax-Exempt Income Long-term Capital Gains Total 
Fidelity Pennsylvania Municipal Income Fund $11,922,733 $617,277 $12,540,010 
Fidelity Pennsylvania Municipal Money Market Fund 16,960 119,883 136,843 

December 31, 2020    
 Tax-Exempt Income Long-term Capital Gains Total 
Fidelity Pennsylvania Municipal Income Fund $12,331,149 $550,123 $12,881,272 
Fidelity Pennsylvania Municipal Money Market Fund 674,719 53,588 728,307 

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 Pennsylvania Municipal Income Fund 82,608,991 26,350,911 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Income 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.

Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Money Market Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .50% of the Fund's average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

During the period, the investment advisor or its affiliates waived a portion of these fees for the Money Market Fund.

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 Funds. Under the terms of the management fee contract, the investment adviser pays transfer agent fees on behalf of the Money Market Fund. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the Income Fund's transfer agent fees were equivalent to the following annual rates expressed as a percentage of average net assets:

Fidelity Pennsylvania Municipal Income Fund .10% 

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each 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 Pennsylvania 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. For the Income Fund, 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 Pennsylvania Municipal Income Fund – – – 
Fidelity Pennsylvania Municipal Money Market Fund 200,000 7,295,000 – 

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 Pennsylvania Municipal Income Fund $991 

7. Expense Reductions.

The investment adviser or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $687,711.

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

 Custodian credits 
Fidelity Pennsylvania Municipal Income Fund $5,160 
Fidelity Pennsylvania Municipal Money Market Fund 67 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:

 Amount 
Fidelity Pennsylvania Municipal Income Fund $4,981 

8. 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.

9. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Municipal Trust and Fidelity Municipal Trust II and Shareholders of Fidelity Pennsylvania Municipal Income Fund and Fidelity Pennsylvania Municipal Money Market Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Pennsylvania Municipal Income Fund (one of the funds constituting Fidelity Municipal Trust) and Fidelity Pennsylvania Municipal Money Market Fund (one of the funds constituting Fidelity Municipal Trust II) (hereafter collectively referred to as the “Funds”) as of December 31, 2021, the related statements of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2021 and each of the financial highlights for each of the five years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ 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 Funds 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, 2021 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2022



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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance.  Each of the Trustees oversees 286 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 funds 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. 

Each 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.

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 each 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 funds, 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 funds. 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. Arthur E. Johnson 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 funds' 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, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' 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 funds' 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 funds are carried out by or through FMR, its affiliates, and other service providers, the funds' 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 funds' 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.  The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds.  Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' 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 each 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

Chairman of the Independent Trustees

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 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

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. 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 in 1983 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.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

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).

 + 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 each fund. 

Advisory Board Members and Officers:

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

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).

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 Vice President, Associate General Counsel (2010-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).

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), and FD Funds Management LLC (2021-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.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

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, 2021 to December 31, 2021).

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, 2021 		Ending
Account Value
December 31, 2021 		Expenses Paid
During Period-B
July 1, 2021
to December 31, 2021 
Fidelity Pennsylvania Municipal Income Fund .48%    
Actual  $1,000.00 $1,004.90 $2.43 
Hypothetical-C  $1,000.00 $1,022.79 $2.45 
Fidelity Pennsylvania Municipal Money Market Fund .09%    
Actual  $1,000.00 $1,000.10 $.45** 
Hypothetical-C  $1,000.00 $1,024.75 $.46**
 

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

 B 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.

 C 5% return per year before expenses

**If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:

 Annualized Expense Ratio-(a) Expenses Paid
 
Fidelity Pennsylvania Municipal Money Market Fund .50%  
Actual  $2.52 
Hypothetical-(b)  $2.55 

 (a) Annualized expense ratio reflects expenses net of applicable fee waivers.

 (b) 5% return per year before expenses.

Distributions (Unaudited)

The funds hereby designate as a capital gain dividend the amounts noted below for the taxable year ended December 31, 2021, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Pennsylvania Municipal Money Market Fund $53,566 
Fidelity Pennsylvania Municipal Income Fund $417,639 

During fiscal year ended 2021, 100% of each fund's income dividends were free from federal income tax, and 6.93% of Fidelity Pennsylvania Municipal Money Market Fund and 6.97% of Fidelity Pennsylvania Municipal Income Fund were subject to the federal alternative minimum tax.

The funds will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Pennsylvania Municipal Income Fund / Fidelity Pennsylvania Municipal Money Market 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 each 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 each fund's Advisory Contracts, including the services and support provided to each 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 of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. 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 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 2021 meeting, the Board unanimously determined to renew each 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 each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for each 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 each 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 each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each 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 that 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 funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. 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 each 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 during 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, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated 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 each 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, each 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 and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) 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.

Investment Performance (for Fidelity Pennsylvania Municipal Income Fund).  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

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 reviews 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 fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

Investment Performance (for Fidelity Pennsylvania Municipal Money Market Fund).  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

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 peer group.

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 the gross performance of appropriate peer groups, over appropriate time periods that may include full market cycles, 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 fund's market value NAV over time and its resilience under various stressed conditions; 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.

The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its 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 fund and an appropriate peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

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

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

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts 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 a 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 a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts 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 a fund's management fee rate ranked, is also included in the charts and was considered by the Board.

Fidelity Pennsylvania Municipal Income Fund


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 2020.

Fidelity Pennsylvania Municipal Money Market Fund

Because the vast majority of competitor funds' management fees do not cover expenses beyond portfolio management, in prior years, Fidelity Pennsylvania Municipal Money Market Fund was compared on the basis of a hypothetical "net management fee," which was derived by subtracting payments made by Fidelity for expenses beyond portfolio management (including transfer agent fees, pricing and bookkeeping fees, and fees paid to non-affiliated custodians) from the fund's all-inclusive fee. Given the fund's competitive management fee rate, Fidelity no longer calculates a hypothetical net management fee for Fidelity Pennsylvania Municipal Money Market Fund and, as a result, the chart does not include a hypothetical net management fee for periods after 2016. The Board noted that because there is a relatively small number of state-specific funds in the Lipper objective, Fidelity combines Lipper's separate categories for state-specific funds with all state and national municipal money market funds to create a single mapped group.


The Board noted that the fund's management fee rate ranked above the median of its Total Mapped Group and above the median of its ASPG for 2020. The Board also noted that the management fee rate was 17 BP above the Total Mapped Group median and 17 BP above the ASPG median.

Based on its review, the Board concluded that each 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 Fidelity Pennsylvania Municipal Income Fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping 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.

In its review of Fidelity Pennsylvania Municipal Money Market Fund's total expense ratio, the Board considered the fund's all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. 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.

Each fund 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 each fund relative to a subset of non-Fidelity funds within the similar sales load structure group. 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 Fidelity Pennsylvania Municipal Income Fund's total expense ratio ranked below the similar sales load structure group competitive median for 2020 and below the ASPG competitive median for 2020.

The Board noted that Fidelity Pennsylvania Municipal Money Market Fund's total expense ratio ranked above the similar sales load structure group competitive median for 2020 and below the ASPG competitive median for 2020. The Board noted that Fidelity has been voluntarily waiving part or all of the transfer agent fees and/or management fees to maintain a minimum yield for Fidelity Pennsylvania Municipal Money Market Fund. The Board considered that the Fund's total expense ratio was equal to its competitive medians when excluding waivers and reimbursements from both Fidelity and competitor funds.

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 each fund's total expense ratio 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 each fund and servicing each 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 each 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 each 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 each 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 each 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 recognized that, due to Fidelity Pennsylvania Municipal Money Market Fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. 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 Fidelity Pennsylvania Municipal Income 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 fee, 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 continued waiver of money market fund fees; (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 of certain funds and classes, total expense competitive trends and methodologies for total expense 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 each fund's Advisory Contracts should be renewed.





Fidelity Investments

PFR-ANN-0322
1.540037.124

Fidelity® Ohio Municipal Income Fund

Fidelity® Ohio Municipal Money Market Fund



Annual Report

December 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Fidelity® Ohio Municipal Income Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Ohio Municipal Money Market Fund

Investment Summary/Performance

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


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Fidelity® Ohio Municipal Income Fund

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

For the periods ended December 31, 2021 Past 1 year Past 5 years Past 10 years 
Fidelity® Ohio Municipal Income Fund 1.52% 3.83% 3.72% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Ohio Municipal Income Fund on December 31, 2011.

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.


Period Ending Values
$14,415Fidelity® Ohio Municipal Income Fund
$14,414Bloomberg Municipal Bond Index

Fidelity® Ohio Municipal Income Fund

Management's Discussion of Fund Performance

Market Recap:  Tax-exempt municipal bonds posted a modest gain in 2021, driven by robust investor demand and an improved fiscal outlook for many municipal issuers. The Bloomberg Municipal Bond Index rose 1.52% for the 12 months. The muni market rallied early in 2021 amid economic optimism due to the rollout of COVID-19 vaccination programs and an easing of credit concerns that had been triggered by the economic shutdowns caused by COVID-19. Also, investor demand for tax-exempt munis increased due to the Biden administration’s plan to push for higher tax rates on upper-income tax brackets. Tax collection took less of a hit than originally feared, and a large aid package from the U.S. Congress for muni issuers helped fill budget gaps. In February, the municipal market declined, reflecting investor concerns that stimulus-induced inflation could diminish real bond returns over time. Munis then gained from March through July, propelled by better-than-expected tax revenue from many state and local governments and reduced inflation expectations. Munis lost slight ground in August and September, then gained in the fourth quarter, partly due to newfound clarity regarding infrastructure investment due to the passage of the Infrastructure Investment and Jobs Act (IIJA), which earmarked $550 for new infrastructure spending. Notably, by period end, the Fed had accelerated its plans to tighten monetary policy, heralding a swifter end to its pandemic-era bond-buying program and the prospects for three quarter-point rate hikes in 2022.

Comments from Co-Portfolio Managers Cormac Cullen, Michael Maka and Elizah McLaughlin:  For the year, the fund gained 1.52%, outpacing, net of fees, the 1.19% advance of the state-specific Bloomberg Ohio Municipal Bond Blended Index and matching the 1.52% return of the benchmark, the broadly based Bloomberg Municipal Bond Index. We continued to focus on longer-term objectives and sought to generate attractive tax-exempt income and competitive risk-adjusted returns over time. Versus the state index, larger exposure to lower-quality investment-grade munis contributed to the fund's relative performance. These securities (rated BBB and A) typically outpaced higher-quality bonds amid strong investor demand for higher-yielding securities. Specifically, exposure to lower-quality investment-grade bonds issued by Franklin County Convention Facilities Authority, and in the health care and higher-education sector, added value. Conversely, yield-curve positioning slightly detracted. The fund had more exposure to shorter-term bonds than the state index, and these bonds lagged longer-term securities as the yield curve flattened. Also, differences in the way fund holdings and index components were priced modestly detracted from fund's 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.

Fidelity® Ohio Municipal Income Fund

Investment Summary (Unaudited)

Top Five Sectors as of December 31, 2021

 % of fund's net assets 
Health Care 31.6 
Education 20.5 
General Obligations 14.5 
Special Tax 9.0 
Escrowed/Pre-Refunded 6.8 

Quality Diversification (% of fund's net assets)

As of December 31, 2021 
   AAA 4.1% 
   AA,A 77.5% 
   BBB 8.5% 
   BB and Below 1.8% 
   Not Rated 5.5% 
   Short-Term Investments and Net Other Assets 2.6% 


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.

Fidelity® Ohio Municipal Income Fund

Schedule of Investments December 31, 2021

Showing Percentage of Net Assets

Municipal Bonds - 99.5%   
 Principal Amount Value 
Guam - 0.3%   
Guam Int'l. Arpt. Auth. Rev. Series 2013 C:   
6.25% 10/1/34 (a) $545,000 $588,216 
6.25% 10/1/34 (Pre-Refunded to 10/1/23 @ 100) (a) 355,000 390,471 
6.375% 10/1/43 (a) 355,000 383,204 
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/23 (FSA Insured) 1,000,000 1,032,399 
TOTAL GUAM  2,394,290 
Ohio - 99.2%   
Akron Bath Copley Hosp. District Rev.:   
(Children's Hosp. Med. Ctr. Proj.) Series 2012:   
5% 11/15/22 1,000,000 1,017,219 
5% 11/15/23 3,270,000 3,324,880 
(Summa Health Sys.) Series 2016, 5% 11/15/25 1,000,000 1,154,003 
Series 2016:   
5% 11/15/22 2,020,000 2,097,140 
5% 11/15/23 1,000,000 1,079,889 
5% 11/15/26 535,000 635,165 
5.25% 11/15/32 1,000,000 1,185,758 
5.25% 11/15/34 1,500,000 1,775,535 
5.25% 11/15/41 10,545,000 12,443,756 
5.25% 11/15/46 2,650,000 3,126,840 
Akron Income Tax Rev. Series 2022:   
4% 12/1/22 (b) 1,025,000 1,052,673 
4% 12/1/23 (b) 1,025,000 1,087,521 
4% 12/1/24 (b) 1,075,000 1,172,121 
4% 12/1/25 (b) 1,400,000 1,563,443 
4% 12/1/26 (b) 1,120,000 1,278,840 
4% 12/1/27 (b) 1,180,000 1,372,520 
4% 12/1/28 (b) 1,380,000 1,632,650 
4% 12/1/29 (b) 1,500,000 1,799,968 
4% 12/1/30 (b) 1,210,000 1,439,735 
4% 12/1/31 (b) 1,105,000 1,310,732 
4% 12/1/32 (b) 1,285,000 1,511,062 
4% 12/1/33 (b) 1,300,000 1,526,422 
Allen County Hosp. Facilities Rev.:   
(Mercy Health) Series 2017 A:   
4% 8/1/36 5,000,000 5,711,977 
5% 8/1/42 4,175,000 5,007,257 
Series 2020 A:   
4% 12/1/40 7,000,000 8,174,697 
5% 12/1/35 750,000 954,925 
American Muni. Pwr., Inc. Rev.:   
(Greenup Hydroelectric Proj.) Series 2016 A, 5% 2/15/41 3,005,000 3,469,845 
(Prairie State Energy Campus Proj.) Series 2015, 5% 2/15/28 3,995,000 4,350,838 
Beavercreek City School District Series 2015, 5% 12/1/29 (Pre-Refunded to 12/1/24 @ 100) 1,500,000 1,700,159 
Bowling Green Univ. Gen. Receipts Series 2016 A, 5% 6/1/42 1,000,000 1,151,316 
Buckeye Tobacco Settlement Fing. Auth. Series 2020 A2:   
4% 6/1/37 2,000,000 2,339,997 
4% 6/1/38 1,000,000 1,166,351 
4% 6/1/39 1,000,000 1,162,468 
4% 6/1/48 5,750,000 6,465,281 
5% 6/1/27 1,000,000 1,212,159 
5% 6/1/35 2,000,000 2,524,165 
5% 6/1/36 2,000,000 2,513,442 
Butler County Hosp. Facilities Rev. Series 2016 X, 5% 5/15/32 3,950,000 5,356,765 
Chillicothe Hosp. Facilities Rev. (Adena Health Sys. Oblig. Group Proj.) Series 2017, 5% 12/1/47 8,535,000 10,200,595 
Cincinnati City School District Ctfs. of Prtn. (Cincinnati City School District School Impt. Proj.) Series 2014, 5% 12/15/26 (Pre-Refunded to 12/15/24 @ 100) 4,000,000 4,540,859 
Cincinnati Gen. Oblig. Series 2015, 5.25% 12/1/29 (Pre-Refunded to 6/1/25 @ 100) 4,285,000 4,980,915 
Cleveland Arpt. Sys. Rev.:   
Series 2018 A:   
5% 1/1/22 (a) 2,550,000 2,550,000 
5% 1/1/43 (FSA Insured) (a) 1,750,000 2,117,530 
5% 1/1/48 (FSA Insured) (a) 3,000,000 3,619,799 
Series 2019 B:   
5% 1/1/22 (a) 1,000,000 1,000,000 
5% 1/1/23 (a) 1,200,000 1,255,541 
5% 1/1/24 (a) 1,200,000 1,304,523 
5% 1/1/25 (a) 1,125,000 1,266,936 
5% 1/1/26 (a) 710,000 824,918 
5% 1/1/27 (a) 700,000 836,160 
Cleveland Gen. Oblig.:   
Series 2012:   
5% 12/1/25 25,000 26,073 
5% 12/1/25 (Pre-Refunded to 12/1/22 @ 100) 2,325,000 2,427,301 
Series 2015:   
5% 12/1/26 1,500,000 1,756,662 
5% 12/1/27 2,000,000 2,335,451 
5% 12/1/29 1,250,000 1,455,443 
Series C, 5.25% 11/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,885,000 2,057,219 
Cleveland Heights & Univ. Heights County School District Series 2014, 4.5% 12/1/47 (Pre-Refunded to 6/1/23 @ 100) 3,000,000 3,177,696 
Cleveland Income Tax Rev. Series 2018 A:   
5% 10/1/29 600,000 744,418 
5% 10/1/30 420,000 520,198 
5% 10/1/31 650,000 805,055 
5% 10/1/33 600,000 740,933 
5% 10/1/36 700,000 861,106 
5% 10/1/39 2,040,000 2,498,627 
5% 10/1/43 5,000,000 6,087,823 
Cleveland Muni. School District:   
Series 2013, 5% 12/1/24 1,255,000 1,308,643 
Series 2015 A:   
5% 12/1/24 3,725,000 3,967,425 
5% 12/1/27 1,750,000 1,861,327 
Cleveland Ohio Wtr. Poll. Ctl. Rev. Series 2016:   
5% 11/15/34 1,190,000 1,376,209 
5% 11/15/35 1,245,000 1,438,787 
5% 11/15/36 450,000 519,672 
5% 11/15/45 2,000,000 2,288,328 
Cleveland Pub. Library Facilities Series 2019 A:   
4% 12/1/33 425,000 509,219 
4% 12/1/34 370,000 442,463 
4% 12/1/35 620,000 740,525 
4% 12/1/36 1,400,000 1,669,757 
4% 12/1/37 1,115,000 1,327,128 
4% 12/1/38 650,000 772,411 
Cleveland Pub. Pwr. Sys. Rev.:   
Series 2018:   
5% 11/15/23 (FSA Insured) 360,000 391,079 
5% 11/15/24 (FSA Insured) 475,000 535,436 
5% 11/15/25 (FSA Insured) 200,000 233,372 
5% 11/15/26 (FSA Insured) 265,000 318,944 
5% 11/15/27 (FSA Insured) 220,000 271,704 
5% 11/15/28 (FSA Insured) 150,000 186,749 
5% 11/15/29 (FSA Insured) 210,000 259,843 
5% 11/15/30 (FSA Insured) 530,000 651,542 
5% 11/15/32 (FSA Insured) 365,000 446,562 
5% 11/15/34 (FSA Insured) 785,000 957,742 
5% 11/15/36 (FSA Insured) 1,000,000 1,217,366 
5% 11/15/38 (FSA Insured) 830,000 1,007,431 
Series 2020 A:   
4% 11/15/35 (FSA Insured) 1,000,000 1,181,167 
4% 11/15/36 (FSA Insured) 1,000,000 1,179,428 
4% 11/15/37 (FSA Insured) 1,000,000 1,177,037 
Cleveland Wtr. Rev.:   
Series 2015 Y, 4% 1/1/28 650,000 692,696 
Series 2020:   
5% 1/1/29 1,100,000 1,402,592 
5% 1/1/30 2,000,000 2,602,555 
5% 1/1/31 2,250,000 2,907,670 
5% 1/1/32 1,000,000 1,288,479 
Cleveland-Cuyahoga County Port Auth. Dev. Lease Rev. (Administrative Headquarters Proj.) Series 2013, 5% 7/1/37 3,000,000 4,237,557 
Columbus City School District Series 2016 A, 5% 12/1/31 5,000,000 5,902,637 
Columbus Gen. Oblig. Series 2014 A, 4% 2/15/28 5,000,000 5,353,807 
Cuyahoga County Econ. Dev. Rev.:   
(The Cleveland Orchestra Proj.) Series 2019:   
5% 1/1/29 325,000 399,569 
5% 1/1/30 250,000 309,021 
5% 1/1/31 525,000 645,979 
5% 1/1/32 500,000 613,510 
5% 1/1/33 400,000 489,967 
5% 1/1/34 300,000 366,966 
5% 1/1/35 500,000 610,495 
5% 1/1/36 440,000 535,999 
5% 1/1/37 400,000 486,350 
5% 1/1/39 1,400,000 1,696,842 
5% 1/1/40 1,620,000 1,960,732 
Series 2020 D:   
5% 12/1/26 4,000,000 4,820,580 
5% 12/1/27 2,500,000 3,086,153 
Cuyahoga County Hosp. Rev. Series 2017:   
5% 2/15/26 1,750,000 2,033,733 
5% 2/15/27 1,700,000 2,030,439 
5% 2/15/28 2,385,000 2,832,164 
5% 2/15/30 3,000,000 3,544,557 
5% 2/15/31 1,500,000 1,767,582 
5% 2/15/32 1,450,000 1,707,787 
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013, 5.25% 6/15/43 5,000,000 5,185,263 
Fairview Park Gen. Oblig. Series 2012:   
4% 12/1/23 (Pre-Refunded to 12/1/22 @ 100) 1,395,000 1,442,761 
4% 12/1/24 (Pre-Refunded to 12/1/22 @ 100) 1,490,000 1,541,014 
Franklin County Convention Facilities Auth. (Greater Columbus Convention Ctr. Hotel Expansion Proj.) Series 2019:   
5% 12/1/44 2,500,000 2,847,657 
5% 12/1/51 6,000,000 6,780,704 
Franklin County Convention Facilities Auth. Tax & Lease Rev. Series 2014:   
5% 12/1/25 1,250,000 1,407,287 
5% 12/1/26 3,045,000 3,417,843 
5% 12/1/32 (Pre-Refunded to 12/1/24 @ 100) 5,920,000 6,709,960 
Franklin County Hosp. Facilities Rev.:   
(Ohiohealth Corp. Proj.) Series 2015, 5% 5/15/40 3,600,000 4,085,526 
Bonds (U.S. Health Corp. of Columbus Proj.) Series 2011 B, 5%, tender 5/15/23 (c) 2,580,000 2,739,519 
Series 2016 C:   
4% 11/1/40 3,000,000 3,425,885 
5% 11/1/33 2,610,000 3,168,501 
5% 11/1/34 2,155,000 2,615,216 
Franklin County Ohio Sales Tax R Series 2018, 5% 6/1/48 5,920,000 7,245,085 
Franklin County Rev. (Trinity Health Proj.) Series 2017, 5% 12/1/47 720,000 874,112 
Hamilton County Convention Facilities Auth. Rev. Series 2014:   
5% 12/1/26 1,000,000 1,078,502 
5% 12/1/27 3,825,000 4,122,993 
Hamilton County Healthcare Facilities Rev. (The Christ Hosp. Proj.) Series 2012:   
5.25% 6/1/24 3,000,000 3,055,632 
5.25% 6/1/27 3,000,000 3,055,007 
Hamilton County Healthcare Rev. (Life Enriching Cmntys. Proj.) Series 2016:   
5% 1/1/31 1,350,000 1,499,151 
5% 1/1/36 3,450,000 3,799,166 
Hamilton County Hosp. Facilities Rev. Series 2014, 5% 2/1/44 775,000 836,811 
Kent State Univ. Revs.:   
Series 2016, 5% 5/1/30 1,125,000 1,321,142 
Series 2020 A:   
5% 5/1/45 1,250,000 1,557,648 
5% 5/1/50 1,700,000 2,108,785 
Lake County Hosp. Facilities Rev. Series 2015:   
5% 8/15/27 (Pre-Refunded to 8/15/25 @ 100) 770,000 890,598 
5% 8/15/45 (Pre-Refunded to 8/15/25 @ 100) 11,000,000 12,722,816 
Lakewood City School District Series 2014 C, 5% 12/1/25 1,300,000 1,471,851 
Lancaster City School District Series 2012, 5% 10/1/49 (Pre-Refunded to 10/1/22 @ 100) 140,000 144,992 
Lancaster Port Auth. Gas Rev.:   
Bonds Series 2019, 5%, tender 2/1/25 (c) 6,235,000 7,018,252 
Series 2019:   
5% 2/1/22 200,000 200,708 
5% 2/1/23 100,000 104,949 
5% 8/1/24 655,000 728,465 
Miami County Hosp. Facilities Rev. (Kettering Health Network Obligated Group Proj.) Series 2019:   
5% 8/1/45 5,500,000 6,719,179 
5% 8/1/49 1,750,000 2,131,434 
Miami Univ. Series 2012, 4% 9/1/28 2,195,000 2,244,432 
Miamisburg City School District Series 2016:   
5% 12/1/28 500,000 583,441 
5% 12/1/29 300,000 350,064 
Milford Exempt Village School District Series 2015:   
3.5% 12/1/31 500,000 536,561 
5% 12/1/28 1,400,000 1,605,792 
Montgomery County Hosp. Rev. (Kettering Health Network Obligated Group Proj.) Series 2021:   
4% 8/1/37 1,125,000 1,337,012 
4% 8/1/41 850,000 1,002,287 
4% 8/1/51 2,000,000 2,323,318 
5% 8/1/32 750,000 980,181 
5% 8/1/36 1,225,000 1,581,978 
5% 8/1/38 1,000,000 1,286,237 
5% 8/1/39 1,100,000 1,412,071 
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013:   
5% 2/15/44 4,005,000 4,147,869 
5% 2/15/48 3,495,000 3,616,035 
North Olmsted City School District Series 2015 A:   
5% 12/1/27 (Pre-Refunded to 12/1/23 @ 100) 220,000 239,687 
5% 12/1/28 (Pre-Refunded to 12/1/23 @ 100) 365,000 397,662 
Ohio Cap. Facilities Lease (Ohio Gen. Oblig. Proj.) Series 2017 A:   
5% 10/1/32 1,625,000 1,984,443 
5% 10/1/33 1,500,000 1,829,654 
5% 10/1/35 1,450,000 1,764,481 
5% 10/1/36 1,250,000 1,519,278 
5% 10/1/37 1,430,000 1,735,432 
Ohio Gen. Oblig. Series 2016 A, 5% 2/1/31 4,255,000 4,944,961 
Ohio Higher Edl. Facility Commission Rev.:   
(Case Western Reserve Univ. Proj.):   
Series 2016, 5% 12/1/40 2,000,000 2,387,871 
Series 2019 B:   
5% 12/1/37 835,000 1,060,330 
5% 12/1/38 1,100,000 1,394,636 
5% 12/1/39 775,000 980,858 
(Denison Univ. 2015 Proj.) Series 2015:   
5% 11/1/28 1,465,000 1,666,457 
5% 11/1/29 1,325,000 1,506,752 
5% 11/1/30 2,285,000 2,598,607 
(Denison Univ. 2021 Proj.) Series 2021:   
4% 11/1/39 400,000 476,933 
4% 11/1/45 900,000 1,057,213 
5% 11/1/30 300,000 394,953 
5% 11/1/33 300,000 393,860 
5% 11/1/35 300,000 392,457 
5% 11/1/41 300,000 387,831 
(Denison Univ., Proj.) Series 2017 B, 5% 11/1/26 1,505,000 1,807,730 
(Kenyon College 2015 Proj.) Series 2015, 5% 7/1/41 5,100,000 5,789,534 
(Kenyon College 2016 Proj.) Series 2016, 5% 7/1/42 4,000,000 4,670,561 
(Kenyon College 2020 Proj.) Series 2020:   
5% 7/1/38 2,500,000 3,163,595 
5% 7/1/39 2,640,000 3,334,534 
(Kenyon College, Oh. Proj.) Series 2017:   
4% 7/1/36 400,000 453,297 
4% 7/1/37 450,000 509,209 
5% 7/1/28 400,000 483,951 
5% 7/1/29 735,000 888,092 
5% 7/1/30 300,000 361,933 
5% 7/1/31 400,000 481,695 
5% 7/1/33 650,000 780,485 
5% 7/1/35 1,550,000 1,856,819 
5% 7/1/42 1,400,000 1,661,527 
(The College of Wooster 2018 Proj.) Series 2018:   
5% 9/1/33 1,445,000 1,779,317 
5% 9/1/45 4,255,000 5,164,397 
(Univ. of Dayton 2018 Proj.) Series A, 5% 12/1/48 1,000,000 1,204,745 
(Univ. of Dayton 2020 Proj.) Series 2020:   
4% 2/1/36 900,000 1,058,096 
5% 2/1/34 1,000,000 1,267,512 
5% 2/1/35 800,000 1,012,098 
(Univ. of Dayton Proj.):   
Series 2013:   
5% 12/1/23 540,000 562,932 
5% 12/1/24 585,000 609,856 
5% 12/1/25 1,000,000 1,042,440 
5% 12/1/26 1,195,000 1,245,495 
5% 12/1/27 2,300,000 2,396,807 
Series 2018 B:   
4% 12/1/33 1,155,000 1,333,106 
5% 12/1/23 1,000,000 1,083,476 
5% 12/1/25 1,065,000 1,237,353 
5% 12/1/27 1,000,000 1,224,784 
5% 12/1/29 1,310,000 1,613,490 
5% 12/1/31 1,130,000 1,388,643 
5% 12/1/35 1,000,000 1,225,741 
5% 12/1/36 1,000,000 1,224,312 
(Xavier Univ. Proj.) Series 2015 C:   
5% 5/1/26 1,000,000 1,135,318 
5% 5/1/28 1,000,000 1,131,210 
5% 5/1/29 855,000 966,124 
5% 5/1/31 1,005,000 1,130,004 
Bonds (Case Western Reserve Univ. Proj.) Series 2019 C, 1.625%, tender 12/1/26 (c) 5,000,000 5,151,564 
Series 2019, 4% 10/1/49 3,270,000 3,668,096 
Ohio Hosp. Facilities Rev.:   
Series 2017 A, 5% 1/1/32 2,000,000 2,467,655 
Series 2019 B, 4% 1/1/40 3,000,000 3,492,413 
Series 2021 B:   
5% 1/1/28 3,500,000 4,338,656 
5% 1/1/29 4,150,000 5,265,874 
5% 1/1/30 2,500,000 3,235,452 
5% 1/1/31 2,180,000 2,877,614 
5% 1/1/32 1,580,000 2,127,319 
5% 1/1/33 2,410,000 3,235,017 
5% 1/1/34 2,425,000 3,246,675 
5% 1/1/35 230,000 307,210 
5% 1/1/36 540,000 718,550 
5% 1/1/37 250,000 331,854 
5% 1/1/38 855,000 1,132,754 
5% 1/1/39 925,000 1,222,870 
Ohio Hosp. Rev.:   
Series 2013 A:   
5% 1/15/27 5,000,000 5,224,273 
5% 1/15/28 720,000 752,295 
Series 2016 A, 5% 1/15/41 5,000,000 5,747,446 
Series 2020 A, 4% 1/15/50 1,000,000 1,137,556 
Series 2020:   
4% 11/15/37 1,025,000 1,177,684 
4% 11/15/39 1,115,000 1,277,267 
4% 11/15/41 1,175,000 1,340,746 
5% 11/15/33 1,270,000 1,594,612 
5% 11/15/35 1,465,000 1,827,828 
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.:   
(Mtg. Backed Securities Prog.):   
Series 2017 B, 4.5% 3/1/47 (a) 440,000 474,435 
Series 2019 B, 4.5% 3/1/50 5,520,000 6,113,461 
Series 2021 C, 3.25% 3/1/51 8,000,000 8,758,289 
Ohio Parks & Recreation Cap. Facilities (Parks and Recreation Impt. Fund Proj.) Series 2022 A:   
5% 12/1/27 (b) 1,325,000 1,642,402 
5% 12/1/28 (b) 1,325,000 1,681,938 
5% 12/1/29 (b) 1,500,000 1,944,484 
5% 12/1/30 (b) 1,600,000 2,124,148 
5% 12/1/31 (b) 1,000,000 1,357,282 
Ohio Spl. Oblig.:   
(Administrative Bldg. Fund Projs.) Series 2020 B, 5% 4/1/39 1,865,000 2,375,059 
(Ohio Gen. Oblig. Proj.) Series 2017 A:   
5% 4/1/29 2,535,000 3,065,182 
5% 4/1/30 2,250,000 2,714,036 
5% 4/1/31 2,000,000 2,410,849 
5% 4/1/32 1,115,000 1,341,569 
5% 4/1/33 1,850,000 2,223,255 
5% 4/1/34 1,000,000 1,200,439 
5% 4/1/35 2,395,000 2,871,601 
Series 2020 A:   
5% 2/1/27 1,325,000 1,608,090 
5% 2/1/28 1,865,000 2,318,105 
5% 2/1/29 2,875,000 3,661,587 
5% 2/1/30 1,045,000 1,359,596 
Series 2021 A:   
5% 4/1/34 1,430,000 1,880,789 
5% 4/1/35 1,660,000 2,179,002 
5% 4/1/37 1,680,000 2,194,841 
5% 4/1/38 1,000,000 1,304,097 
5% 4/1/39 1,000,000 1,301,481 
5% 4/1/40 1,110,000 1,442,204 
5% 4/1/41 750,000 972,234 
Ohio State Univ. Gen. Receipts:   
(Multiyear Debt Issuance Prog.) Series 2020 A:   
5% 12/1/26 6,770,000 8,184,291 
5% 12/1/27 6,845,000 8,503,322 
Series 2013 A:   
5% 6/1/28 2,000,000 2,124,744 
5% 6/1/38 3,500,000 3,709,368 
Series 2020 A, 5% 12/1/28 7,010,000 8,931,398 
Ohio Tpk. Commission Tpk. Rev.:   
(Infrastructure Proj.) Series 2005 A, 0% 2/15/43 10,000,000 5,792,400 
(Infrastructure Projs.) Series A3, 0% 2/15/37 400,000 160,081 
Series A:   
5% 2/15/46 7,500,000 9,677,283 
5% 2/15/51 4,000,000 5,133,581 
Ohio Wtr. Dev. Auth. Rev. (Fresh Wtr. Impt. Proj.) Series 2009 B, 5% 12/1/24 1,025,000 1,146,574 
Olentangy Local School District Series 2016, 5% 12/1/32 1,275,000 1,488,312 
Port Auth. Econ. Dev. Rev.:   
(Univ. of Northwestern Ohio Proj.) Series 2021, 4% 12/1/35 1,300,000 1,480,667 
Series 2021, 4% 12/1/31 710,000 803,562 
Reynoldsburg City School District Series 2015, 4% 12/1/30 2,375,000 2,633,959 
Ross County Hosp. Facilities Rev. (Adena Health Sys. Obligated Group Proj.) Series 2019, 5% 12/1/49 2,000,000 2,449,025 
Scioto County Hosp. Facilities Rev. Series 2016:   
5% 2/15/24 1,000,000 1,093,281 
5% 2/15/28 5,030,000 5,883,684 
5% 2/15/30 3,860,000 4,491,324 
5% 2/15/32 2,550,000 2,960,467 
5% 2/15/33 2,460,000 2,852,084 
5% 2/15/34 4,450,000 5,154,873 
South-Western City School District Franklin & Pickway County (Intercept) Series 2012, 5% 12/1/36 (Pre-Refunded to 6/1/22 @ 100) 400,000 407,928 
Univ. of Akron Gen. Receipts Series 2016 A:   
5% 1/1/23 460,000 481,008 
5% 1/1/25 1,025,000 1,159,210 
5% 1/1/33 5,000,000 5,895,652 
Univ. of Cincinnati Gen. Receipts:   
Series 2012 C:   
4% 6/1/28 10,000 10,285 
4% 6/1/28 (Pre-Refunded to 12/1/22 @ 100) 1,990,000 2,057,206 
Series 2016 A:   
5% 6/1/32 745,000 880,822 
5% 6/1/33 800,000 944,912 
5% 6/1/34 585,000 690,285 
Series 2016 C, 5% 6/1/41 2,585,000 3,051,066 
Univ. of Toledo Gen. Receipts Series 2018 A:   
5% 6/1/26 600,000 706,036 
5% 6/1/27 350,000 423,119 
Village of Bluffton Hosp. Facilities Blanchard Valley Reg Health Ctr. Series 2017:   
4% 12/1/32 1,500,000 1,711,474 
5% 12/1/25 1,500,000 1,751,588 
5% 12/1/26 1,890,000 2,275,698 
5% 12/1/27 1,340,000 1,656,786 
5% 12/1/28 1,400,000 1,717,884 
5% 12/1/29 825,000 1,003,850 
5% 12/1/30 1,700,000 2,060,477 
5% 12/1/31 750,000 906,866 
Wood County Hosp. Facilities Rev. (Wood County Hosp. Proj.) Series 2012:   
5% 12/1/27 (Pre-Refunded to 12/1/22 @ 100) 2,330,000 2,431,996 
5% 12/1/27 (Pre-Refunded to 12/1/22 @ 100) 1,170,000 1,221,217 
5% 12/1/32 (Pre-Refunded to 12/1/22 @ 100) 1,325,000 1,383,002 
5% 12/1/32 (Pre-Refunded to 12/1/22 @ 100) 675,000 704,548 
5% 12/1/42 (Pre-Refunded to 12/1/22 @ 100) 85,000 88,721 
5% 12/1/42 (Pre-Refunded to 12/1/22 @ 100) 40,000 41,751 
Wright State Univ. Gen. Receipts:   
Series 2021 A, 5% 5/1/26 (Build America Mutual Assurance Insured) 1,100,000 1,295,872 
Series 2022 A:   
5% 5/1/23 (Build America Mutual Assurance Insured) (b) 520,000 549,372 
5% 5/1/24 (Build America Mutual Assurance Insured) (b) 540,000 594,138 
5% 5/1/25 (Build America Mutual Assurance Insured) (b) 490,000 558,184 
5% 5/1/26 (Build America Mutual Assurance Insured) (b) 520,000 611,015 
5% 5/1/27 (Build America Mutual Assurance Insured) (b) 545,000 657,492 
5% 5/1/28 (Build America Mutual Assurance Insured) (b) 565,000 698,531 
5% 5/1/29 (Build America Mutual Assurance Insured) (b) 600,000 757,636 
5% 5/1/30 (Build America Mutual Assurance Insured) (b) 235,000 302,124 
5% 5/1/31 (Build America Mutual Assurance Insured) (b) 250,000 327,212 
5% 5/1/32 (Build America Mutual Assurance Insured) (b) 260,000 347,262 
TOTAL OHIO  711,297,515 
TOTAL MUNICIPAL BONDS   
(Cost $673,178,680)  713,691,805 
TOTAL INVESTMENT IN SECURITIES - 99.5%   
(Cost $673,178,680)  713,691,805 
NET OTHER ASSETS (LIABILITIES) - 0.5%  3,553,966 
NET ASSETS - 100%  $717,245,771 

Legend

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

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

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

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2021, 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 Total Level 1 Level 2 Level 3 
Investments in Securities:     
Municipal Securities $713,691,805 $-- $713,691,805 $-- 
Total Investments in Securities: $713,691,805 $-- $713,691,805 $-- 

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

Health Care 31.6% 
Education 20.5% 
General Obligations 14.5% 
Special Tax 9.0% 
Escrowed/Pre-Refunded 6.8% 
Transportation 5.0% 
Others* (Individually Less Than 5%) 12.6% 
 100.0% 

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.


Fidelity® Ohio Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

  December 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $673,178,680) 		 $713,691,805 
Cash  28,435,754 
Receivable for fund shares sold  242,402 
Interest receivable  6,705,451 
Prepaid expenses  716 
Other receivables  3,021 
Total assets  749,079,149 
Liabilities   
Payable for investments purchased on a delayed delivery basis $30,759,581  
Payable for fund shares redeemed 294,133  
Distributions payable 450,917  
Accrued management fee 207,376  
Other affiliated payables 75,041  
Other payables and accrued expenses 46,330  
Total liabilities  31,833,378 
Net Assets  $717,245,771 
Net Assets consist of:   
Paid in capital  $676,647,377 
Total accumulated earnings (loss)  40,598,394 
Net Assets  $717,245,771 
Net Asset Value, offering price and redemption price per share ($717,245,771 ÷ 57,556,485 shares)  $12.46 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended December 31, 2021 
Investment Income   
Interest  $17,896,794 
Expenses   
Management fee $2,485,797  
Transfer agent fees 696,204  
Accounting fees and expenses 163,220  
Custodian fees and expenses 6,502  
Independent trustees' fees and expenses 2,133  
Registration fees 24,809  
Audit 51,580  
Legal 708  
Miscellaneous 3,330  
Total expenses before reductions 3,434,283  
Expense reductions (12,967)  
Total expenses after reductions  3,421,316 
Net investment income (loss)  14,475,478 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers  253,604 
Total net realized gain (loss)  253,604 
Change in net unrealized appreciation (depreciation) on investment securities  (3,814,007) 
Net gain (loss)  (3,560,403) 
Net increase (decrease) in net assets resulting from operations  $10,915,075 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended December 31, 2021 Year ended December 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $14,475,478 $15,721,121 
Net realized gain (loss) 253,604 4,793,257 
Change in net unrealized appreciation (depreciation) (3,814,007) 7,101,157 
Net increase (decrease) in net assets resulting from operations 10,915,075 27,615,535 
Distributions to shareholders (14,819,628) (20,422,882) 
Share transactions   
Proceeds from sales of shares 107,404,517 110,098,297 
Reinvestment of distributions 9,334,614 13,113,255 
Cost of shares redeemed (97,656,138) (101,285,296) 
Net increase (decrease) in net assets resulting from share transactions 19,082,993 21,926,256 
Total increase (decrease) in net assets 15,178,440 29,118,909 
Net Assets   
Beginning of period 702,067,331 672,948,422 
End of period $717,245,771 $702,067,331 
Other Information   
Shares   
Sold 8,586,036 8,882,203 
Issued in reinvestment of distributions 747,188 1,055,135 
Redeemed (7,810,213) (8,262,670) 
Net increase (decrease) 1,523,011 1,674,668 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Ohio Municipal Income Fund

      
Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $12.53 $12.38 $11.89 $12.20 $11.91 
Income from Investment Operations      
Net investment income (loss)A .253 .287 .319 .321 .330 
Net realized and unrealized gain (loss) (.064) .235 .515 (.279) .377 
Total from investment operations .189 .522 .834 .042 .707 
Distributions from net investment income (.253) (.287) (.319) (.321) (.330) 
Distributions from net realized gain (.006) (.085) (.025) (.031) (.087) 
Total distributions (.259) (.372) (.344) (.352) (.417) 
Net asset value, end of period $12.46 $12.53 $12.38 $11.89 $12.20 
Total ReturnB 1.52% 4.28% 7.08% .39% 6.03% 
Ratios to Average Net AssetsC,D      
Expenses before reductions .48% .48% .48% .48% .48% 
Expenses net of fee waivers, if any .48% .48% .48% .48% .48% 
Expenses net of all reductions .48% .48% .48% .48% .48% 
Net investment income (loss) 2.02% 2.31% 2.60% 2.70% 2.73% 
Supplemental Data      
Net assets, end of period (000 omitted) $717,246 $702,067 $672,948 $616,306 $677,359 
Portfolio turnover rateE 6% 20% 10% 11% 24% 

 A Calculated based on average shares outstanding during the period.

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

 C 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.

 D 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.

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

See accompanying notes which are an integral part of the financial statements.


Fidelity® Ohio Municipal Money Market Fund

Investment Summary/Performance (Unaudited)

Effective Maturity Diversification as of December 31, 2021

Days % of fund's investments 12/31/21 
1 - 7 81.0 
8 - 30 0.7 
31 - 60 10.5 
61 - 90 0.7 
91 - 180 4.7 
> 180 2.4 

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Asset Allocation (% of fund's net assets)

As of December 31, 2021 
   Variable Rate Demand Notes (VRDNs) 32.2% 
   Tender Option Bond 47.5% 
   Other Municipal Security 12.8% 
   Investment Companies 8.4% 
 Net Other Assets (Liabilities)* (0.9)% 


 * Net Other Assets (Liabilities) are not included in the pie chart

Current 7-Day Yields

 12/31/21 
Fidelity® Ohio Municipal Money Market Fund 0.01% 

Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending December 31, 2021, the most recent period shown in the table, would have been (0.38)%.

Fidelity® Ohio Municipal Money Market Fund

Schedule of Investments December 31, 2021

Showing Percentage of Net Assets

Variable Rate Demand Note - 32.2%   
 Principal Amount Value 
Alabama - 0.7%   
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.18% 1/7/22, VRDN (a)(b) $1,260,000 $1,260,000 
Arkansas - 0.6%   
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 0.17% 1/7/22, VRDN (a)(b) 1,100,000 1,100,000 
Kansas - 0.6%   
Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.):   
Series 2007 A, 0.19% 1/7/22, VRDN (b) 300,000 300,000 
Series 2007 B, 0.19% 1/7/22, VRDN (b) 100,000 100,000 
St. Mary's Kansas Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994, 0.15% 1/7/22, VRDN (b) 700,000 700,000 
  1,100,000 
Louisiana - 0.2%   
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 0.15% 1/7/22, VRDN (b) 300,000 300,000 
Nebraska - 0.4%   
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.18% 1/7/22, VRDN (a)(b) 700,000 700,000 
North Carolina - 0.1%   
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 0.17% 1/7/22, VRDN (a)(b) 200,000 200,000 
Ohio - 28.7%   
Cuyahoga County Health Care Facilities Rev. (The A.M. McGregor Home Proj.) Series 2014, 0.14% 1/7/22, LOC Northern Trust Co., VRDN (b) 11,935,000 11,935,000 
Franklin County Hosp. Facilities Rev. Series 2009 B, 0.08% 1/7/22 (Liquidity Facility Barclays Bank PLC), VRDN (b) 1,230,000 1,230,000 
Hamilton County Healthcare Facilities Rev. (The Children's Home of Cincinnati Proj.) Series 2009, 0.12% 1/7/22, LOC U.S. Bank NA, Cincinnati, VRDN (b) 2,435,000 2,435,000 
Hamilton County Hosp. Facilities Rev. (Elizabeth Gamble Deaconess Home Assoc. Proj.) Series 2002 B, 0.1% 1/7/22, LOC PNC Bank NA, VRDN (b) 1,400,000 1,400,000 
Hamilton County Student Hsg. Rev. (Block 3 Proj.) Series 2004, 0.15% 1/7/22, LOC Citizens Bank NA, VRDN (b) 8,525,000 8,525,000 
Ohio Cap. Facilities Lease (Adult Correctional Bldg. Fund Proj.) Series 2019 C, 0.1% 1/7/22, VRDN (b) 2,500,000 2,500,000 
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Series 2016 G, 0.09% 1/7/22 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) 14,035,000 14,035,000 
Ohio State Univ. Gen. Receipts Series 2014 B1:   
0.1% 1/7/22, VRDN (b) 3,050,000 3,050,000 
0.1% 1/7/22, VRDN (b) 4,500,000 4,500,000 
Ohio Wtr. Dev. Auth. Wtr. Poll. Cont. Rev. Series 2016 A, 0.08% 1/7/22 (Liquidity Facility TD Banknorth, NA), VRDN (b) 3,500,000 3,500,000 
  53,110,000 
West Virginia - 0.9%   
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.:   
(Appalachian Pwr. Co. Amos Proj.) Series 2008 B, 0.2% 1/7/22, VRDN (a)(b) 100,000 100,000 
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 0.19% 1/7/22, VRDN (a)(b) 1,600,000 1,600,000 
  1,700,000 
TOTAL VARIABLE RATE DEMAND NOTE   
(Cost $59,470,000)  59,470,000 
Tender Option Bond - 47.5%   
Colorado - 0.0%   
Denver City & County Arpt. Rev. Bonds Series G-114, 0.35%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) 100,000 100,000 
Connecticut - 0.2%   
Connecticut Gen. Oblig. Participating VRDN Series Floaters 016, 0.22% 2/11/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 100,000 100,000 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 0.28%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 200,000 200,000 
  300,000 
Florida - 0.2%   
Broward County Port Facilities Rev. Bonds Series G 115, 0.35%, tender 3/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) 100,000 100,000 
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 0.35%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) 100,000 100,000 
Lee County Arpt. Rev. Participating VRDN Series XF 11 26, 0.17% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(e) 100,000 100,000 
Tampa-Hillsborough County Expressway Auth. Rev. Bonds Series G-113, 0.3%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
  400,000 
Kentucky - 0.2%   
CommonSpirit Health Participating VRDN Series MIZ 90 21, 0.18% 1/7/22 (Liquidity Facility Mizuho Cap. Markets Llc) (b)(c)(e) 200,000 200,000 
Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 0.3%, tender 5/2/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
  300,000 
North Dakota - 0.0%   
Grand Forks Health Care Sys. Rev. Participating VRDN Series 2021 XG 03 44, 0.19% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) 100,000 100,000 
Ohio - 46.6%   
Allen County Hosp. Facilities Rev. Participating VRDN Series Floaters XF 25 16, 0.19% 1/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) 4,340,000 4,340,000 
CommonSpirit Health Participating VRDN Series MIZ 90 20, 0.18% 1/7/22 (Liquidity Facility Mizuho Cap. Markets Llc) (b)(c)(e) 2,200,000 2,200,000 
Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 0.2% 1/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) 4,100,000 4,100,000 
Euclid City School District Participating VRDN Series G-39, 0.13% 1/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 2,100,000 2,100,000 
Franklin County Hosp. Facilities Rev. Participating VRDN Series 15 XF0244, 0.14% 1/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) 2,670,000 2,670,000 
Hamilton County Healthcare Facilities Rev. Participating VRDN Series XF 10 50, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) 2,300,000 2,300,000 
Hamilton County Hosp. Facilities Rev. Participating VRDN Series XF 28 89, 0.14% 1/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 2,300,000 2,300,000 
Miami County Hosp. Facilities Rev. Participating VRDN Series Floaters XG 02 25, 0.14% 1/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 6,000,000 6,000,000 
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 003, 0.22% 2/11/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 7,900,000 7,900,000 
Montgomery County Hosp. Rev. Participating VRDN:   
Series Floaters E 132, 0.13% 1/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 6,800,000 6,800,000 
Series XX 11 33, 0.14% 1/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 1,365,000 1,365,000 
Northeast Ohio Reg'l. Swr. District Wastewtr. Rev. Participating VRDN:   
Series Floaters XF 07 18, 0.13% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 3,750,000 3,750,000 
Series Floaters ZF 06 70, 0.13% 1/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) 3,100,000 3,100,000 
Ohio Gen. Oblig. Participating VRDN Series Floaters XF 25 91, 0.12% 1/7/22 (Liquidity Facility Citibank NA) (b)(c)(e) 4,000,000 4,000,000 
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series XG 00 69, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) 2,500,000 2,500,000 
Ohio Hosp. Rev. Participating VRDN:   
Series 002, 0.22% 2/11/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 3,300,000 3,300,000 
Series 2021 XG 03 39, 0.15% 1/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) 1,250,000 1,250,000 
Series XF 09 67, 0.15% 1/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) 2,100,000 2,100,000 
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Participating VRDN Series Floaters XF 27 83, 0.13% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(e) 2,265,000 2,265,000 
Ohio State Univ. Gen. Receipts Participating VRDN Series ZF 29 51, 0.13% 1/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 1,500,000 1,500,000 
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 0.3%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 2,000,000 2,000,000 
The Cleveland Clinic Foundation Participating VRDN Series Floaters XF 05 73, 0.15% 1/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) 5,980,000 5,980,000 
Univ. of Cincinnati Gen. Receipts Participating VRDN:   
Series Floaters XF 24 38, 0.13% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 4,000,000 4,000,000 
Series Floaters ZM 06 46, 0.13% 1/7/22 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) 4,200,000 4,200,000 
Upper Arlington City School District Participating VRDN Series Floaters XF 25 92, 0.15% 1/7/22 (Liquidity Facility Citibank NA) (b)(c)(e) 4,000,000 4,000,000 
  86,020,000 
South Carolina - 0.0%   
South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 0.3%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
Tennessee - 0.1%   
Metropolitan Nashville Arpt. Auth. Rev. Participating VRDN Series 2021 XL 01 89, 0.17% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(e) 100,000 100,000 
Virginia - 0.2%   
Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series MIZ 90 25, 0.17% 1/7/22 (Liquidity Facility Mizuho Cap. Markets Llc) (b)(c)(e) 290,000 290,000 
Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 0.3%, tender 8/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
  390,000 
TOTAL TENDER OPTION BOND   
(Cost $87,810,000)  87,810,000 
Other Municipal Security - 12.8%   
Massachusetts - 0.2%   
Massachusetts Dev. Fin. Agcy. Elec. Util. Rev. Bonds Series 2021, 0.19% tender 1/12/22 (Massachusetts Elec. Co. Guaranteed), CP mode (a) 300,000 300,000 
Ohio - 12.6%   
American Muni. Pwr. BAN:   
(City of Wapakoneta Proj.) Series 2021, 1% 6/23/22 (Ohio Gen. Oblig. Guaranteed) 1,000,000 1,003,931 
(Village of Carey Proj.) Series 2021, 1.25% 11/30/22 (Ohio Gen. Oblig. Guaranteed) 1,305,000 1,316,425 
(Village of Grafton Proj.) Series 2021, 1% 4/14/22 (Ohio Gen. Oblig. Guaranteed) 1,230,000 1,232,736 
(Village of Pioneer Proj.) Series 2021, 1.25% 12/1/22 (Ohio Gen. Oblig. Guaranteed) 1,315,000 1,326,547 
Series 2021, 1% 8/11/22 (Ohio Gen. Oblig. Guaranteed) 1,220,000 1,226,153 
American Muni. Pwr., Inc. Rev. Bonds:   
(AMP Freemont Energy Ctr. Proj.):   
Series 2012 B, 5.25% 2/15/22 (Pre-Refunded to 2/15/22 @ 100) 300,000 301,839 
Series 2012:   
5% 2/15/22 (Pre-Refunded to 2/15/22 @ 100) 100,000 100,573 
5.25% 2/15/22 (Pre-Refunded to 2/15/22 @ 100) 650,000 653,982 
Series 2012 B, 5.25% 2/15/22 (Pre-Refunded to 2/15/22 @ 100) 315,000 316,919 
Series 2015 A, 5.25% 2/15/22 (Pre-Refunded to 2/15/22 @ 100) 2,650,000 2,666,352 
Buckeye Tobacco Settlement Fing. Auth. Bonds Series 2007 A3, 6.25% 6/1/22 (Pre-Refunded to 6/1/22 @ 100) 1,005,000 1,029,928 
Lake County Gen. Oblig. BAN Series 20201, 1% 1/13/22 (Ohio Gen. Oblig. Guaranteed) 1,000,000 1,000,262 
Miamisburg Gen. Oblig. BAN Series 2021, 1.5% 6/22/22 (Ohio Gen. Oblig. Guaranteed) 1,000,000 1,006,399 
Milford Exempt Village School District BAN Series 2022, 1.625% 4/5/22 (f) 1,800,000 1,806,408 
Ohio Gen. Oblig. Bonds Series 2021 A:   
5% 3/1/22 1,000,000 1,007,989 
5% 3/1/22 1,250,000 1,259,986 
Ohio Higher Edl. Facility Commission Rev. Bonds:   
Series 2012 A:   
5% 240,000 240,000 
5% 965,000 965,000 
5% 350,000 350,000 
5% 900,000 900,000 
Series 2021 B5, 0.13% tender 3/16/22, CP mode 1,200,000 1,200,000 
Series 2021 B6, 0.1% tender 2/3/22, CP mode 1,900,000 1,900,000 
Union Township Clermont County Gen. Oblig. BAN Series 2021, 0.5% 8/31/22 (Ohio Gen. Oblig. Guaranteed) 480,000 480,888 
  23,292,317 
TOTAL OTHER MUNICIPAL SECURITY   
(Cost $23,592,317)  23,592,317 
 Shares Value 
Investment Company - 8.4%   
Fidelity Municipal Cash Central Fund 0.11% (g)(h)   
(Cost $15,525,793) 15,523,417 15,525,793 
TOTAL INVESTMENT IN SECURITIES - 100.9%   
(Cost $186,398,110)  186,398,110 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (1,741,914) 
NET ASSETS - 100%  $184,656,196 

Security Type Abbreviations

BAN – BOND ANTICIPATION NOTE

CP – COMMERCIAL PAPER

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

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.

Legend

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

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

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

 (d) 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 $2,900,000 or 1.6% of net assets.

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

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

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

 (h) Affiliated 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.

Additional information on each restricted holding is as follows:

Security Acquisition Date Cost 
Broward County Port Facilities Rev. Bonds Series G 115, 0.35%, tender 3/1/22 (Liquidity Facility Royal Bank of Canada) 3/1/21 $100,000 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 0.28%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $200,000 
Denver City & County Arpt. Rev. Bonds Series G-114, 0.35%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) 6/1/21 $100,000 
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 0.35%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $100,000 
Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 0.3%, tender 5/2/22 (Liquidity Facility Royal Bank of Canada) 5/3/21 $100,000 
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 0.3%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) 6/1/21 $2,000,000 
South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 0.3%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $100,000 
Tampa-Hillsborough County Expressway Auth. Rev. Bonds Series G-113, 0.3%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) 7/1/21 $100,000 
Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 0.3%, tender 8/1/22 (Liquidity Facility Royal Bank of Canada) 2/1/21 $100,000 

Affiliated Central Funds

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

Fund 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 0.11% $28,486,000 $55,179,001 $68,141,000 $9,262 $1,792 $-- $15,525,793 1.1% 
Total $28,486,000 $55,179,001 $68,141,000 $9,262 $1,792 $-- $15,525,793  

Amounts in the 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.

Investment Valuation

All investments are categorized as Level 2 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Ohio Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

  December 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $170,872,317) 		$170,872,317  
Fidelity Central Funds (cost $15,525,793) 15,525,793  
Total Investment in Securities (cost $186,398,110)  $186,398,110 
Receivable for fund shares sold  20,349 
Interest receivable  232,819 
Distributions receivable from Fidelity Central Funds  1,405 
Prepaid expenses  197 
Total assets  186,652,880 
Liabilities   
Payable to custodian bank $141,153  
Payable for investments purchased on a delayed delivery basis 1,806,408  
Payable for fund shares redeemed 3,739  
Distributions payable 70  
Accrued management fee 42,891  
Other affiliated payables 2,423  
Total liabilities  1,996,684 
Net Assets  $184,656,196 
Net Assets consist of:   
Paid in capital  $184,656,404 
Total accumulated earnings (loss)  (208) 
Net Assets  $184,656,196 
Net Asset Value, offering price and redemption price per share ($184,656,196 ÷ 184,333,359 shares)  $1.00 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended December 31, 2021 
Investment Income   
Interest  $210,770 
Income from Fidelity Central Funds  9,023 
Total income  219,793 
Expenses   
Management fee $680,858  
Transfer agent fees 270,298  
Accounting fees and expenses 30,598  
Custodian fees and expenses 2,510  
Independent trustees' fees and expenses 594  
Registration fees 19,517  
Audit 34,803  
Legal 201  
Miscellaneous 580  
Total expenses before reductions 1,039,959  
Expense reductions (839,895)  
Total expenses after reductions  200,064 
Net investment income (loss)  19,729 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 35,246  
Fidelity Central Funds 1,792  
Capital gain distributions from Fidelity Central Funds 239  
Total net realized gain (loss)  37,277 
Net increase in net assets resulting from operations  $57,006 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended December 31, 2021 Year ended December 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $19,729 $739,284 
Net realized gain (loss) 37,277 (13,308) 
Net increase in net assets resulting from operations 57,006 725,976 
Distributions to shareholders (28,814) (739,688) 
Share transactions   
Proceeds from sales of shares 11,480,697 38,475,495 
Reinvestment of distributions 27,621 707,955 
Cost of shares redeemed (36,694,265) (69,296,117) 
Net increase (decrease) in net assets and shares resulting from share transactions (25,185,947) (30,112,667) 
Total increase (decrease) in net assets (25,157,755) (30,126,379) 
Net Assets   
Beginning of period 209,813,951 239,940,330 
End of period $184,656,196 $209,813,951 
Other Information   
Shares   
Sold 11,480,697 38,475,495 
Issued in reinvestment of distributions 27,621 707,955 
Redeemed (36,694,265) (69,296,117) 
Net increase (decrease) (25,185,947) (30,112,667) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Ohio Municipal Money Market Fund

      
Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 
Income from Investment Operations      
Net investment income (loss) –A .003 .011 .010 .004 
Net realized and unrealized gain (loss) –A – .001 –A –A 
Total from investment operations –A .003 .012 .010 .004 
Distributions from net investment income –A (.003) (.011) (.010) (.004) 
Distributions from net realized gain –A – (.001) – –A 
Total distributions –A (.003) (.012) (.010) (.004) 
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 
Total ReturnB .02% .32% 1.16% .98% .42% 
Ratios to Average Net AssetsC,D      
Expenses before reductions .53% .53% .53% .53% .53% 
Expenses net of fee waivers, if any .10% .38% .53% .53% .52% 
Expenses net of all reductions .10% .38% .53% .53% .52% 
Net investment income (loss) .01% .33% 1.08% .96% .40% 
Supplemental Data      
Net assets, end of period (000 omitted) $184,656 $209,814 $239,940 $298,736 $419,110 

 A Amount represents less than $.0005 per share.

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

 C 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.

 D 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.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended December 31, 2021

1. Organization.

Fidelity Ohio Municipal Income Fund (the Income Fund) is a fund of Fidelity Municipal Trust. Fidelity Ohio Municipal Money Market Fund (the Money Market Fund) is a fund of Fidelity Municipal Trust II. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Municipal Trust and Fidelity Municipal Trust II (the Trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. Each Fund is authorized to issue an unlimited number of shares. Shares of the Money Market Fund are only available for purchase by retail shareholders. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. Each Fund may be affected by economic and political developments in the state of Ohio.

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.

Each 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. Each 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 each 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 delegated the day to day responsibility for the valuation of the Income Fund's investments to the Fair Value Committee (the Committee) established by the Income Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Income Fund's attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Income Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Income Fund's investments and ratifies the fair value determinations of the Committee.

Each 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 – 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 each Fund's investments by major category are as follows:

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

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

For the Money Market Fund, as permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

For the Income Fund, 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, 2021 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Funds' 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 for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. 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.

Expenses. 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, each 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, 2021, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each 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. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each 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 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 and capital loss carryforwards.

The Funds purchase 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 for each Fund:

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Fidelity Ohio Municipal Income Fund $673,174,803 $40,893,671 $(376,669) $40,517,002 
Fidelity Ohio Municipal Money Market Fund 186,398,110 481 (481) – 

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

 Undistributed tax-exempt income Net unrealized appreciation (depreciation) on securities and other investments 
Fidelity Ohio Municipal Income Fund $86,379 $ 40,517,002 

In addition, certain of the Funds intend to elect to defer to the next fiscal year capital losses recognized during the period November 1, 2021 to December 31, 2021. Loss deferrals were as follows:

 Capital losses 
Fidelity Ohio Municipal Income Fund $(4,987) 

The tax character of distributions paid was as follows:

December 31, 2021    
 Tax-Exempt Income Long-term Capital Gains Total 
Fidelity Ohio Municipal Income Fund $14,473,072 $346,556 $14,819,628 
Fidelity Ohio Municipal Money Market Fund 19,535 9,279 28,814 

December 31, 2020    
 Tax-Exempt Income Long-term Capital Gains Total 
Fidelity Ohio Municipal Income Fund $15,719,301 $4,703,581 $20,422,882 
Fidelity Ohio Municipal Money Market Fund 739,688 – 739,688 

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 Ohio Municipal Income Fund 115,143,964 42,472,095 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. 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, each Fund's annual management fee rate expressed as a percentage of each Fund's average net assets was as follows:

 Individual Rate Group Rate Total 
Fidelity Ohio Municipal Income Fund .25% .10% .35% 
Fidelity Ohio Municipal Money Market Fund .25% .10% .35% 

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 Funds. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annual rates expressed as a percentage of average net assets:

Fidelity Ohio Municipal Income Fund .10% 
Fidelity Ohio Municipal Money Market Fund .14% 

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each 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 Ohio Municipal Income Fund .02 
Fidelity Ohio Municipal Money Market 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. For the Income Fund, 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 Ohio Municipal Income Fund – – – 
Fidelity Ohio Municipal Money Market Fund 4,140,000 3,700,000 – 

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 Ohio Municipal Income Fund $1,292 

7. Expense Reductions.

The investment adviser or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $838,123.

In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

 Custodian credits 
Fidelity Ohio Municipal Income Fund $6,502 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:

 Amount 
Fidelity Ohio Municipal Income Fund $6,465 
Fidelity Ohio Municipal Money Market Fund 1,772 

8. 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.

9. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Municipal Trust and Fidelity Municipal Trust II and Shareholders of Fidelity Ohio Municipal Income Fund and Fidelity Ohio Municipal Money Market Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Ohio Municipal Income Fund (one of the funds constituting Fidelity Municipal Trust) and Fidelity Ohio Municipal Money Market Fund (one of the funds constituting Fidelity Municipal Trust II) (hereafter collectively referred to as the “Funds”) as of December 31, 2021, the related statements of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2021 and each of the financial highlights for each of the five years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ 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 Funds 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, 2021 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 opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2022



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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance.  Each of the Trustees oversees 286 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 funds 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. 

Each 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.

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 each 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 funds, 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 funds. 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. Arthur E. Johnson 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 funds' 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, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' 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 funds' 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 funds are carried out by or through FMR, its affiliates, and other service providers, the funds' 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 funds' 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.  The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds.  Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' 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 each 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

Chairman of the Independent Trustees

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 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

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. 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 in 1983 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.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

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).

 + 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 each fund. 

Advisory Board Members and Officers:

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

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).

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 Vice President, Associate General Counsel (2010-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).

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), and FD Funds Management LLC (2021-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.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

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, 2021 to December 31, 2021).

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, 2021 		Ending
Account Value
December 31, 2021 		Expenses Paid
During Period-B
July 1, 2021
to December 31, 2021 
Fidelity Ohio Municipal Income Fund .48%    
Actual  $1,000.00 $1,002.50 $2.42 
Hypothetical-C  $1,000.00 $1,022.79 $2.45 
Fidelity Ohio Municipal Money Market Fund .09%    
Actual  $1,000.00 $1,000.10 $.45-D 
Hypothetical-C  $1,000.00 $1,024.75 $.46-D 

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

 B 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.

 C 5% return per year before expenses

 D If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in the table below:

 Annualized Expense Ratio-(a)
 		Expenses Paid
 
Fidelity Ohio Municipal Money Market Fund .52%  
Actual  $2.62 
Hypothetical-(b)  $2.65 

 (a) Annualized expense ratio reflects expenses net of applicable fee waivers.

 (b) 5% return per year before expenses

Distributions (Unaudited)

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended December 31, 2021, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Ohio Municipal Income Fund $237,120 
Fidelity Ohio Municipal Money Market
Fund 		$7,993 

During fiscal year ended 2021, 100% of each fund's income dividends were free from federal income tax, and 2.39% and 12.01% of Fidelity Ohio Municipal Income Fund and Fidelity Ohio Municipal Money Market Fund's income dividends, respectively, were subject to the federal alternative minimum tax.

The funds will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Ohio Municipal Income Fund / Fidelity Ohio Municipal Money Market 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 each 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 each fund's Advisory Contracts, including the services and support provided to each 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 of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. 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 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 2021 meeting, the Board unanimously determined to renew each 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 each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for each 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 each 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 each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each 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 that 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 funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. 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 each 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 during 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, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated 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 each 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, each 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 and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) 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.

Investment Performance (for Fidelity Ohio Municipal Income Fund).  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

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 reviews 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 fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

Investment Performance (for Fidelity Ohio Municipal Money Market Fund).  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

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 peer group.

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 the gross performance of appropriate peer groups, over appropriate time periods that may include full market cycles, 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 fund's market value NAV over time and its resilience under various stressed conditions; 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.

The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its 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 fund and an appropriate peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

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

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

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts 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 a 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 a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts 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 a fund's management fee rate ranked, is also included in the charts and was considered by the Board.

Fidelity Ohio Municipal Income Fund


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 2020.

Fidelity Ohio Municipal Money Market Fund

The Board noted that because there is a relatively small number of state-specific funds in the Lipper objective, Fidelity combines Lipper's separate categories for state-specific funds with all state and national municipal money market funds to create a single mapped group. The Board considered that Fidelity is the only firm that offers an Ohio money market fund.


The Board noted that the fund's management fee rate ranked above the median of its Total Mapped Group and above the median of its ASPG for 2020. The Board also noted that the management fee rate was two BP above the Total Mapped Group median and two BP above the ASPG median.

Based on its review, the Board concluded that each 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 each fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping 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 each fund. Each fund 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 each fund relative to a subset of non-Fidelity funds within the similar sales load structure group. 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 Fidelity Ohio Municipal Income Fund's total expense ratio ranked below the similar sales load structure group competitive median for 2020 and below the ASPG competitive median for 2020.

The Board noted that Fidelity Ohio Municipal Money Market Fund's total expense ratio ranked above the similar sales load structure group competitive median for 2020 and above the ASPG competitive median for 2020. The Board noted that Fidelity has been voluntarily waiving part or all of the transfer agent fees and/or management fees to maintain a minimum yield for Fidelity Ohio Municipal Money Market Fund. The Board considered that the Fund's total expense ratio was 3 BP above its competitive medians when excluding waivers and reimbursements from both Fidelity and competitor funds.

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 each fund's total expense ratio 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 each fund and servicing each 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 each 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 each 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 each 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 each 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 each 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 fee, 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 continued waiver of money market fund fees; (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 of certain funds and classes, total expense competitive trends and methodologies for total expense 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 each fund's Advisory Contracts should be renewed.





Fidelity Investments

OFF-ANN-0322
1.540019.124



Fidelity Flex® Funds

Fidelity Flex® Conservative Income Municipal Bond Fund



Annual Report

December 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

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


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

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

For the periods ended December 31, 2021 Past 1 year Life of fundA 
Fidelity Flex® Conservative Income Municipal Bond Fund 0.45% 1.46% 

 A From October 12, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Flex® Conservative Income Municipal Bond Fund on October 12, 2017, 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.


Period Ending Values
$10,630Fidelity Flex® Conservative Income Municipal Bond Fund
$10,598Bloomberg Municipal Bond 1 Year (1-2 Y) Index


Effective August 24, 2021, all Bloomberg Barclays Indices were re-branded as Bloomberg Indices.

Management's Discussion of Fund Performance

Market Recap:  Tax-exempt municipal bonds posted a modest gain in 2021, driven by robust investor demand and an improved fiscal outlook for many municipal issuers. The Bloomberg Municipal Bond Index rose 1.52% for the 12 months. The muni market rallied early in 2021 amid economic optimism due to the rollout of COVID-19 vaccination programs and an easing of credit concerns that had been triggered by the economic shutdowns caused by COVID-19. Also, investor demand for tax-exempt munis increased due to the Biden administration’s plan to push for higher tax rates on upper-income tax brackets. Tax collection took less of a hit than originally feared, and a large aid package from the U.S. Congress for muni issuers helped fill budget gaps. In February, the municipal market declined, reflecting investor concerns that stimulus-induced inflation could diminish real bond returns over time. Munis then gained from March through July, propelled by better-than-expected tax revenue from many state and local governments and reduced inflation expectations. Munis lost slight ground in August and September, then gained in the fourth quarter, partly due to newfound clarity regarding infrastructure investment due to the passage of the Infrastructure Investment and Jobs Act (IIJA), which earmarked $550 for new infrastructure spending. Notably, by period end, the Fed had accelerated its plans to tighten monetary policy, heralding a swifter end to its pandemic-era bond-buying program and the prospects for three quarter-point rate hikes in 2022.

Comments from Co-Portfolio Manager Elizah McLaughlin, Michael Maka and Ryan Brogan:  For 2021, the fund returned 0.45%, roughly in line, net of fees, with the 0.21% return of the Composite index, an equal-weighted blend of the benchmark, the Bloomberg Municipal Bond 1 Year (1-2Y) Index, and the iMoneyNet All Tax-Free National Retail Money Market Funds Average™. In managing the fund the past 12 months, we continued to pursue our long-held strategy of trying to capture a high level of current income consistent with preservation of capital. Our ongoing emphasis on higher-yielding fixed- and variable-rate securities (rated A and BBB) added value. Securities in these credit-quality tiers generally outpaced the index, providing incremental income to the fund and generating above-average price returns for the year. Our simultaneous underweighting in highly rated sectors, including pre-refunded bonds and high-quality state general-obligation securities, also helped. Conversely, yield-curve positioning detracted from the fund's relative result. Specifically, overweighting securities with maturities beyond two years detracted versus the index, as they lagged shorter-term securities for the year.

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.

Note to shareholders:  On December 1, 2021, Cormac Cullen, Michael Maka and Ryan Brogan assumed co-management responsibilities for the fund. On January 3, 2022, Robert Mandeville and Doug McGinley came off the fund.

Investment Summary (Unaudited)

Maturity Diversification as of December 31, 2021

 % of fund's investments 
1 - 7 43.8 
8 - 30 1.1 
31 - 60 3.7 
61 - 90 0.1 
91 - 180 7.7 
> 180 43.6 

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.

Top Five States as of December 31, 2021

 % of fund's net assets 
Texas 12.4 
Illinois 8.6 
New York 8.3 
Louisiana 8.0 
New Jersey 7.8 

Top Five Sectors as of December 31, 2021

 % of fund's net assets 
Industrial Development 19.5 
Transportation 15.9 
Synthetics 13.3 
Health Care 9.9 
General Obligations 8.9 

Quality Diversification (% of fund's net assets)

As of December 31, 2021 
   AAA 2.3% 
   AA,A 42.4% 
   BBB 7.3% 
   Not Rated 0.3% 
   Short-Term Investments and Net Other Assets 47.7% 


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, 2021

Showing Percentage of Net Assets

Municipal Bonds - 52.6%   
 Principal Amount Value 
Alabama - 0.4%   
Black Belt Energy Gas District:   
Bonds Series 2017 A, 4%, tender 7/1/22 (a) $250,000 $253,569 
Series A, 4% 6/1/22 115,000 116,695 
Southeast Alabama Gas Supply District Bonds (Proj. No. 2) Series 2018 A, 4%, tender 6/1/24 (a) 145,000 155,458 
TOTAL ALABAMA  525,722 
Arizona - 1.0%   
Bullhead City Excise Taxes Series 2021 2, 0.6% 7/1/24 275,000 273,804 
Chandler Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Intel Corp. Proj.):   
Series 2005, 2.4%, tender 8/14/23 (a) 160,000 164,904 
Series 2019, 5%, tender 6/3/24 (a)(b) 100,000 110,350 
Maricopa County Rev.:   
Bonds Series 2019 B, SIFMA Municipal Swap Index + 0.380% 0.48%, tender 1/6/22 (a)(c) 190,000 190,056 
Series 2016 A:   
5% 1/1/22 100,000 100,000 
5% 1/1/23 100,000 104,731 
Phoenix Civic Impt. Board Arpt. Rev.:   
Series 2013, 5% 7/1/22 (b) 265,000 271,268 
Series 2017 D, 5% 7/1/24 225,000 250,418 
TOTAL ARIZONA  1,465,531 
California - 3.0%   
California Health Facilities Fing. Auth. Rev.:   
Series 2013 A, 5% 7/1/22 180,000 184,294 
Series 2014 A, 5% 10/1/22 150,000 155,375 
Series 2015, 5% 11/15/22 150,000 156,303 
Series 2016 A, 4% 3/1/23 300,000 313,032 
California Muni. Fin. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.):   
Series 2021 A, 0.3%, tender 4/1/22 (a)(b) 400,000 400,086 
Series 2021 B, 0.3%, tender 1/18/22 (a)(b) 100,000 100,005 
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2017 A1, 0.18%, tender 1/18/22 (a)(b)(d) 1,200,000 1,200,008 
California Statewide Cmntys. Dev. Auth. Series 2021, 4% 5/15/23 100,000 104,751 
California Statewide Cmntys. Dev. Auth. Rev. Series 2018 A, 5% 3/1/23 110,000 116,050 
Long Beach Hbr. Rev. Series 2020 B, 5% 5/15/24 (b) 150,000 165,932 
Los Angeles Dept. Arpt. Rev.:   
Series 2015 A, 5% 5/15/22 (b) 100,000 101,734 
Series 2015, 5% 5/15/23 (b) 100,000 106,367 
Series 2016 B, 5% 5/15/22 (b) 100,000 101,727 
Series 2017 B, 5% 5/15/22 125,000 127,205 
Series 2019 E, 4% 5/15/23 125,000 131,400 
Series A, 5% 5/15/23 (b) 250,000 265,847 
Northern California Pwr. Agcy. Rev. Series 2019 A, 5% 8/1/23 100,000 107,473 
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Series 2013 B, 5% 7/1/22 (Escrowed to Maturity) (b) 150,000 153,518 
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Series 2016 D, 5% 5/1/24 100,000 110,653 
San Jose Int. Arpt. Rev.:   
Series 2014 A, 5% 3/1/23 (Escrowed to Maturity) (b) 100,000 105,398 
Series 2017 A, 5% 3/1/23 (Escrowed to Maturity) (b) 100,000 105,398 
TOTAL CALIFORNIA  4,312,556 
Colorado - 0.7%   
Colorado Health Facilities Auth. Series 2019 A:   
5% 1/1/22 320,000 320,000 
5% 1/1/23 165,000 172,704 
Colorado Health Facilities Auth. Rev. Series 2014 E, 5% 11/15/24 200,000 221,694 
Denver City & County Arpt. Rev.:   
Series 2012 A, 5% 11/15/24 (b) 100,000 103,997 
Series 2012 B, 5% 11/15/22 215,000 224,053 
Series 2020 B1, 5% 11/15/22 (b) 55,000 57,228 
TOTAL COLORADO  1,099,676 
Connecticut - 2.2%   
Connecticut Gen. Oblig.:   
Series 2012 E, 5% 9/15/22 210,000 217,049 
Series 2016 A, 5% 3/15/24 200,000 220,236 
Series 2020 A, 5% 1/15/23 145,000 152,105 
Series 2022 A, 3% 1/15/23 (e) 340,000 349,614 
Series E:   
5% 9/1/22 175,000 180,550 
5% 9/15/22 475,000 490,944 
Connecticut Health & Edl. Facilities Auth. Rev.:   
Bonds:   
Series 2010 A4, 2%, tender 2/8/22 (a) 100,000 100,174 
Series 2014 A, 1.1%, tender 2/7/23 (a) 300,000 302,731 
Series 2017 C2, 5%, tender 2/1/23 (a) 275,000 289,131 
Series 2017 I1, 5% 7/1/22 100,000 102,320 
Connecticut Hsg. Fin. Auth. Series C, 5% 11/15/23(b) 100,000 107,795 
Connecticut Muni. Elec. Energy Coop. Pwr. Supply Sys. Rev. Series 2013 A, 5% 1/1/23 115,000 120,382 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.:   
Series 2012 A:   
5% 1/1/24 150,000 157,000 
5% 1/1/24 100,000 104,667 
Series A, 5% 5/1/23 325,000 345,172 
TOTAL CONNECTICUT  3,239,870 
District Of Columbia - 0.6%   
Metropolitan Washington DC Arpts. Auth. Sys. Rev.:   
Series 2014 A:   
5% 10/1/23 (b) 100,000 108,060 
5% 10/1/24 (b) 110,000 122,956 
Series 2017 A:   
5% 10/1/22 (b) 355,000 367,531 
5% 10/1/24 (b) 100,000 111,778 
Series 2019 A, 5% 10/1/22 (b) 5,000 5,176 
Series 2019 B, 5% 10/1/22 100,000 103,560 
Series 2020 A, 5% 10/1/22 (b) 85,000 88,000 
TOTAL DISTRICT OF COLUMBIA  907,061 
Florida - 3.2%   
Broward County Arpt. Sys. Rev.:   
Series 2012 P2, 5% 10/1/23 135,000 139,652 
series 2012 Q1, 5% 10/1/22 125,000 129,412 
Series 2015 C, 5% 10/1/22 (b) 275,000 284,602 
Series 2017, 5% 10/1/23 (b) 125,000 134,984 
Series 2019 B, 5% 10/1/23 (b) 100,000 107,987 
Central Florida Expressway Auth. Sr. Lien Rev. Series 2017, 5% 7/1/22 115,000 117,697 
Citizens Property Ins. Corp. Series 2015 A1, 5% 6/1/25 100,000 112,971 
Escambia County Poll. Cont. Rev. (Gulf Pwr. Co. Proj.) Series 2003, 2.6% 6/1/23 100,000 102,954 
Florida Board of Ed. Lottery Rev. Series 2012 A, 5% 7/1/22 115,000 117,766 
Florida Dev. Fin. Corp. Rev. Bonds (Brightline Florida Passenger Rail Expansion Proj.) Series 2021 A, 0.3%, tender 7/1/22 (a)(b) 700,000 700,009 
Florida Mid-Bay Bridge Auth. Rev. Series 2015 A, 5% 10/1/22 180,000 185,572 
Florida Muni. Pwr. Agcy. Rev. Series 2015 B, 5% 10/1/22 200,000 207,075 
Greater Orlando Aviation Auth. Arpt. Facilities Rev.:   
Series 2011 B, 4% 10/1/22 (b) 35,000 35,100 
Series 2019 A, 5% 10/1/22 (b) 105,000 108,738 
Jacksonville Elec. Auth. Elec. Sys. Rev. Series 2013 A, 5% 10/1/22 115,000 119,077 
Lee County Arpt. Rev. Series 2021 A, 5% 10/1/24 (b) 55,000 61,478 
Lee Memorial Health Sys. Hosp. Rev. Series 2019 A1:   
5% 4/1/22 100,000 101,142 
5% 4/1/23 165,000 174,492 
Miami-Dade County Aviation Rev. Series 2016 A, 5% 10/1/23 230,000 248,664 
Miami-Dade County Health Facilities Auth. Hosp. Rev.:   
(Nicklaus Children Hosp.) Series 2017, 5% 8/1/23 320,000 343,439 
(Nicklaus Children's Hosp. Proj.) Series 2021 A, 5% 8/1/22 40,000 41,117 
Miami-Dade County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds:   
(Waste Mgmt., Inc. of Florida Proj.) Series 2007, 0.32%, tender 11/1/22 (a) 100,000 100,026 
(Waste Mgmt., Inc. Proj.) Series 2018 A, 0.475%, tender 7/1/24 (a)(b) 270,000 271,009 
Miami-Dade County School Board Ctfs. of Prtn.:   
Series 2014 D, 5% 11/1/22 100,000 103,947 
Series 2015 A, 5% 5/1/23 175,000 185,765 
Orlando & Orange County Expressway Auth. Rev.:   
Series 2012, 5% 7/1/24 (Pre-Refunded to 7/1/22 @ 100) 225,000 230,340 
Series 2013 B, 5% 7/1/23 100,000 106,861 
Palm Beach County School Board Ctfs. of Prtn. Series 2012 C, 5% 8/1/23 115,000 118,073 
TOTAL FLORIDA  4,689,949 
Georgia - 3.7%   
Atlanta Arpt. Rev. Series 2019 B, 5% 7/1/24 (b) 100,000 110,769 
Bartow County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Bowen Proj.):   
Series 2009 1st, 2.75%, tender 3/15/23 (a) 1,450,000 1,489,825 
Series 2013, 1.55%, tender 8/19/22 (a) 100,000 100,783 
Cobb County Kennestone Hosp. Auth. Rev.:   
(Wellstar Health Sys., Inc. Proj.) Series 2017 A, 5% 4/1/23 100,000 105,779 
Series 2012:   
4% 4/1/22 100,000 100,905 
5% 4/1/23 100,000 105,779 
Georgia Muni. Elec. Auth. Pwr. Rev.:   
Series 2015 A, 5% 1/1/23 245,000 256,340 
Series 2019 A, 5% 1/1/23 450,000 470,828 
Series 2020 A:   
5% 1/1/22 100,000 100,000 
5% 1/1/23 100,000 104,628 
5% 1/1/24 145,000 157,963 
Series 2021 A, 5% 1/1/23 145,000 151,489 
Series GG, 5% 1/1/23 190,000 198,794 
Main Street Natural Gas, Inc.:   
Bonds:   
Series 2018 B, 1 month U.S. LIBOR + 0.750% 0.816%, tender 9/1/23 (a)(c) 450,000 452,243 
Series 2018 C, 4%, tender 12/1/23 (a) 110,000 116,825 
Series 2018 E, SIFMA Municipal Swap Index + 0.570% 0.67%, tender 12/1/23 (a)(c) 930,000 936,236 
Series 2019 B, 4%, tender 12/2/24 (a) 265,000 289,213 
Series 2018 A, 4% 3/1/23 200,000 208,569 
TOTAL GEORGIA  5,456,968 
Idaho - 0.1%   
Idaho Hsg. & Fin. Assoc. Single Family Mtg. (Idaho St Garvee Proj.) Series 2017 A, 5% 7/15/23 100,000 107,111 
Illinois - 6.2%   
Champaign County Cmnty. Unit Series 2020 A, 0% 1/1/24 380,000 375,238 
Chicago Metropolitan Wtr. Reclamation District of Greater Chicago Series 2021 C, 5% 12/1/23 130,000 141,555 
Chicago Midway Arpt. Rev.:   
Series 2014 B, 5% 1/1/23 100,000 104,721 
Series 2016 A, 5% 1/1/23 (b) 100,000 104,598 
Chicago O'Hare Int'l. Arpt. Rev.:   
Series 2012 B, 5% 1/1/22 (Escrowed to Maturity) (b) 120,000 120,000 
Series 2013 B, 5% 1/1/22 (Escrowed to Maturity) 100,000 100,000 
Series 2013 D, 5% 1/1/22 (Escrowed to Maturity) 215,000 215,000 
Series 2015 A, 5% 1/1/24 (b) 450,000 489,196 
Series 2016 C:   
5% 1/1/22 270,000 270,000 
5% 1/1/23 175,000 183,189 
Series 2016 D, 5% 1/1/22 100,000 100,000 
Series 2017 A, 5% 1/1/23 210,000 219,827 
Chicago Park District Gen. Oblig. Series 2021 E, 4% 1/1/23 300,000 310,704 
Cook County Gen. Oblig.:   
Series 2012 C, 5% 11/15/24 100,000 103,973 
Series 2021 B:   
4% 11/15/22 110,000 113,565 
4% 11/15/23 75,000 80,068 
Illinois Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2019, 0.4%, tender 11/1/22 (a)(b) 200,000 199,870 
Illinois Fin. Auth. Series 2020 A, 5% 8/15/22 100,000 102,953 
Illinois Fin. Auth. Rev.:   
Series 2015 A:   
5% 11/15/22 245,000 255,010 
5% 11/15/23 150,000 162,744 
5% 11/15/24 100,000 112,571 
Series 2016 A, 5% 10/1/22 200,000 207,075 
Series 2016 C, 5% 2/15/24 105,000 115,239 
Series 2017 A, 5% 7/15/22 115,000 117,927 
Series 2019, 5% 4/1/23 100,000 105,817 
Illinois Gen. Oblig.:   
Series 2012:   
5% 8/1/22 (FSA Insured) 100,000 102,757 
5% 8/1/24 120,000 123,204 
Series 2013, 5% 7/1/23 100,000 106,744 
Series 2014, 5% 2/1/22 200,000 200,719 
Series 2016, 5% 2/1/22 590,000 592,127 
Series 2017 D:   
5% 11/1/22 200,000 207,679 
5% 11/1/23 200,000 216,252 
Series 2018 B, 5% 5/1/22 100,000 101,539 
Series 2021 A:   
5% 3/1/22 100,000 100,755 
5% 3/1/23 70,000 73,725 
Series 2021 B, 5% 3/1/22 65,000 65,491 
Illinois Sales Tax Rev. Series 2021 A:   
3% 6/15/22 135,000 136,654 
4% 6/15/23 260,000 273,105 
4% 6/15/24 135,000 146,086 
Illinois Toll Hwy. Auth. Toll Hwy. Rev.:   
Series 2014 A, 5% 12/1/22 275,000 286,806 
Series 2014 D, 5% 1/1/22 175,000 175,000 
Series 2018 A, 5% 1/1/23 180,000 188,423 
Kendall, Kane & Will Counties Cmnty. Unit School District #308 Series 2008, 0% 2/1/22 (FSA Insured) 250,000 249,942 
Railsplitter Tobacco Settlement Auth. Rev. Series 2017:   
5% 6/1/22 365,000 372,021 
5% 6/1/23 370,000 393,754 
5% 6/1/24 405,000 447,754 
TOTAL ILLINOIS  8,971,377 
Indiana - 0.6%   
Indiana Fin. Auth. Hosp. Rev. Bonds:   
Series 2011 H, 1.65%, tender 1/1/22 (a) 145,000 145,000 
Series 2015 B, 1.65%, tender 1/1/22 (a) 50,000 50,000 
Indiana Fin. Auth. Rev. (Butler Univ. Proj.) Series 2019, 4% 2/1/24 200,000 214,168 
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2017 A, 5% 1/1/23 100,000 104,751 
Indianapolis Local Pub. Impt. (Indianapolis Arpt. Auth. Proj.) Series 2015 I, 5% 1/1/23 (b) 205,000 214,488 
Whiting Envir. Facilities Rev. Bonds (BP Products North America, Inc. Proj.) Series 2016 A, 5%, tender 3/1/23 (a)(b) 200,000 210,716 
TOTAL INDIANA  939,123 
Kentucky - 1.3%   
Kenton County Arpt. Board Arpt. Rev. Series 2016, 5% 1/1/23 130,000 136,137 
Kentucky State Property & Buildings Commission Rev.:   
Series 2016, 5% 11/1/23 675,000 731,221 
Series 2018:   
5% 5/1/22 375,000 380,851 
5% 5/1/23 65,000 69,025 
Kentucky, Inc. Pub. Energy:   
Bonds Series 2019 A1, 4%, tender 6/1/25 (a) 150,000 164,440 
Series A, 4% 6/1/22 325,000 329,791 
Louisville & Jefferson County Series 2016 A, 5% 10/1/22 140,000 144,888 
TOTAL KENTUCKY  1,956,353 
Louisiana - 0.7%   
Louisiana Citizens Property Ins. Corp. Assessment Rev. Series 2015, 5% 6/1/22 (FSA Insured) 100,000 101,961 
Louisiana Local Govt. Envir. Facilities and Cmnty. Dev. Auth. Bonds (American Biocarbon, CT, LLC Proj.) Series 2021, 0.25%, tender 6/1/22 (a)(b) 400,000 400,016 
St. Charles Parish Gulf Opportunity Zone Rev. Bonds (Valero Proj.) Series 2010, 4%, tender 6/1/22 (a) 200,000 202,932 
St. John Baptist Parish Rev. Bonds (Marathon Oil Corp.) Series 2017, 2%, tender 4/1/23 (a) 100,000 101,629 
State of Louisiana Grant Anticipation Rev. Series 2021, 5% 9/1/22 200,000 206,370 
TOTAL LOUISIANA  1,012,908 
Maine - 0.6%   
Maine Health & Higher Edl. Facilities Auth. Rev. Series 2021 A:   
5% 7/1/22 210,000 214,883 
5% 7/1/23 625,000 667,493 
TOTAL MAINE  882,376 
Maryland - 0.1%   
Maryland Dept. of Trans. Consolidated Trans. Rev.:   
Series 2022 A, 5% 12/1/24 (e) 25,000 28,025 
Series 2022 B, 5% 12/1/23 (e) 30,000 31,358 
Maryland Health & Higher Edl. Facilities Auth. Rev. Series 2012 A, 3.25% 7/1/22 (Escrowed to Maturity) 100,000 101,499 
TOTAL MARYLAND  160,882 
Massachusetts - 3.1%   
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Bonds Series 2019 A, 5%, tender 1/1/23 (a) 250,000 261,520 
Massachusetts Dev. Fin. Agcy. Rev.:   
(Suffolk Univ. Proj.) Series 2017, 5% 7/1/22 200,000 204,550 
Bonds Series S3, SIFMA Municipal Swap Index + 0.500% 0.6%, tender 1/6/22 (a)(c) 200,000 200,250 
Series 2015 C, 5% 10/1/22 100,000 103,583 
Series 2017 S, 5% 7/1/22 100,000 102,375 
Series 2020 A, 5% 10/1/22 340,000 352,183 
Series 2021 A:   
5% 6/1/22 135,000 137,467 
5% 6/1/23 360,000 381,797 
Series Q, 5% 7/1/22 105,000 107,494 
Massachusetts Edl. Fing. Auth. Rev.:   
Series 2014 I, 5% 1/1/25 (b) 310,000 345,204 
Series 2015 A, 5% 1/1/24 (b) 580,000 626,305 
Series 2016, 5% 7/1/24 (b) 15,000 16,455 
Massachusetts Gen. Oblig. Series 2021 B, 5% 11/1/23 1,195,000 1,297,740 
Massachusetts Port Auth. Rev. Series 2019 C, 5% 7/1/23 (b) 150,000 160,338 
Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev.:   
Series 1997 A, 0% 1/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 115,000 113,604 
Series 1997 C, 0% 1/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 120,000 119,476 
TOTAL MASSACHUSETTS  4,530,341 
Michigan - 1.2%   
Lapeer Cmnty. Schools Series 2016, 5% 5/1/25 125,000 143,460 
Michigan Fin. Auth. Rev.:   
Bonds:   
Series 2016 MI2, SIFMA Municipal Swap Index + 0.480% 0.58%, tender 1/6/22 (a)(c) 200,000 200,026 
Series 2019 B, 3.5%, tender 11/15/22 (a) 70,000 71,893 
Series 2012, 5% 11/1/22 100,000 103,989 
Series 2015 A:   
5% 5/15/22 150,000 152,601 
5% 8/1/22 125,000 128,490 
Michigan Gen. Oblig. Series 2016, 5% 3/15/23 100,000 105,554 
Michigan Hosp. Fin. Auth. Rev. Series 2012 A, 5% 6/1/22 100,000 101,944 
Northern Michigan Univ. Revs. Series 2021, 5% 6/1/23 415,000 442,252 
Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D, 3% 9/1/22 125,000 127,279 
Wayne County Arpt. Auth. Rev. Series 2017 C, 5% 12/1/22 125,000 130,484 
TOTAL MICHIGAN  1,707,972 
Minnesota - 0.6%   
Saint Cloud Health Care Rev. Series 2014 B, 5% 5/1/23 205,000 217,554 
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2015 A, 5% 1/1/23 200,000 209,032 
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev. Series 2014 A, 5% 1/1/22 410,000 410,000 
TOTAL MINNESOTA  836,586 
Missouri - 0.2%   
Missouri Health & Edl. Facilities Rev. Series 2014 A, 5% 6/1/23 235,000 250,673 
Montana - 0.1%   
Montana Facility Fin. Auth. Rev. Series 2019 A, 5% 1/1/23 100,000 104,669 
Nebraska - 0.6%   
Lincoln Arpt. Auth. Series 2021, 5% 7/1/25 (b) 550,000 632,621 
Nebraska Pub. Pwr. District Rev. Series 2015 A2, 5% 1/1/24 145,000 145,000 
Omaha Pub. Pwr. District Elec. Rev. Series 2014 AA, 5% 2/1/22 100,000 100,361 
TOTAL NEBRASKA  877,982 
Nevada - 0.4%   
Clark County School District Series 2016 A:   
5% 6/15/22 215,000 219,656 
5% 6/15/24 155,000 171,811 
Washoe County Gas & Wtr. Facilities Bonds (Sierra Pacific Pwr. Co. Proj.) Series 2016 B, 3%, tender 6/1/22 (a) 100,000 101,063 
Washoe County Gas Facilities Rev. Bonds Series 2016 F, 2.05%, tender 4/15/22 (a)(b) 100,000 100,436 
TOTAL NEVADA  592,966 
New Jersey - 4.3%   
New Jersey Econ. Dev. Auth. Motor Vehicle Rev. Series 2017 A, 4% 7/1/22 100,000 101,784 
New Jersey Econ. Dev. Auth. Rev.:   
(New Jersey Gen. Oblig. Proj.) Series 2017 B, 5% 11/1/24 185,000 207,711 
Series 2005 N1, 5.5% 9/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 400,000 433,241 
Series 2012 II, 5% 3/1/22 400,000 403,000 
Series 2013 NN 5% 3/1/22 100,000 100,750 
Series 2015 XX, 4% 6/15/22 285,000 289,743 
Series 2019, 5.25% 9/1/24 (d) 200,000 224,432 
New Jersey Gen. Oblig.:   
Series 2020 A, 5% 6/1/24 140,000 154,957 
Series O, 5.25% 8/1/22 215,000 221,057 
New Jersey Health Care Facilities Fing. Auth. Rev.:   
Series 2016 A:   
5% 7/1/22 100,000 102,315 
5% 7/1/23 240,000 256,989 
Series 2017 A, 5% 7/1/23 135,000 144,556 
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.:   
Series 2013, 5% 12/1/22 (b) 195,000 203,097 
Series 2015 1A, 5% 12/1/22 (b) 100,000 104,199 
Series 2016 1A:   
5% 12/1/22 (b) 100,000 104,246 
5% 12/1/23 (b) 100,000 108,628 
5% 12/1/24 (b) 170,000 191,839 
Series 2017 1A, 5% 12/1/24 (b) 350,000 394,096 
Series 2019 A, 5% 12/1/22 15,000 15,637 
Series 2021 A, 5% 12/1/23 (b) 200,000 216,735 
New Jersey Hsg. & Mtg. Fin. Agcy. Multi-family Rev. Series 2021 B, 0.5% 11/1/23 90,000 89,977 
New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Series 2019 D, 4% 10/1/22 (b) 100,000 102,509 
New Jersey Tobacco Settlement Fing. Corp. Series 2018 A:   
5% 6/1/23 300,000 319,216 
5% 6/1/24 255,000 282,333 
New Jersey Trans. Trust Fund Auth.:   
Series 2004 A, 5.75% 6/15/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 100,000 117,024 
Series 2006 A, 5.25% 12/15/22 160,000 167,473 
Series 2006 C, 0% 12/15/24 260,000 254,811 
Series 2014 AA, 5% 6/15/25 100,000 110,647 
Series 2016 A, 5% 6/15/22 100,000 102,115 
Series 2018 A, 5% 6/15/22 210,000 214,442 
Rutgers State Univ. Rev.:   
Series 2013 J, 5% 5/1/22 200,000 203,107 
Series 2013 L, 5% 5/1/22 105,000 106,631 
Series M, 5% 5/1/22 150,000 152,330 
Union County Gen. Oblig. Series 2020, 0.5% 3/1/22 100,000 100,065 
TOTAL NEW JERSEY  6,301,692 
New Mexico - 0.4%   
New Mexico Edl. Assistance Foundation Series 2021 1A, 5% 9/1/23 (b) 100,000 107,554 
New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Bonds Series 2019 A, 5%, tender 5/1/25 (a) 150,000 170,246 
New Mexico Severance Tax Rev. Series 2016 B, 4% 7/1/22 250,000 254,748 
TOTAL NEW MEXICO  532,548 
New York - 2.4%   
Monroe County Indl. Dev. Corp. Series 2015 A, 5% 7/1/22 225,000 230,356 
New York City Gen. Oblig.:   
Series 2016 A, 5% 8/1/22 110,000 113,065 
Series 2016, 5% 8/1/22 100,000 102,786 
Series I1, 5% 3/1/22 100,000 100,771 
New York Dorm. Auth. Rev. Series 2015 A, 4% 7/1/22 100,000 101,904 
New York Metropolitan Trans. Auth. Rev.:   
Series 2002 D1, 5% 11/1/22 100,000 103,814 
Series 2008 B2, 5% 11/15/22 500,000 519,960 
Series 2012 F, 5% 11/15/22 350,000 363,981 
Series 2014 A2, 5% 11/15/22 250,000 259,980 
Series 2015 A1, 5% 11/15/22 100,000 103,992 
Series 2015 B, 5% 11/15/22 100,000 103,992 
Series 2015 F, 5% 11/15/22 100,000 103,992 
Series 2017 B, 5% 11/15/23 390,000 422,469 
Series 2020 A:   
4% 2/1/22 100,000 100,285 
5% 2/1/23 200,000 210,004 
New York State Dorm. Auth. Series 2017 A:   
5% 2/15/23 30,000 31,602 
5% 2/15/23 (Escrowed to Maturity) 95,000 100,036 
Syracuse Gen. Oblig. Series 2017 A, 5% 5/1/22 (FSA Insured) 120,000 121,880 
Syracuse Reg'l. Arpt. Auth. Series 2021, 4% 7/1/22 (b) 325,000 330,961 
TOTAL NEW YORK  3,525,830 
New York And New Jersey - 0.6%   
Port Auth. of New York & New Jersey:   
Series 177, 5% 7/15/23 (b) 235,000 246,111 
Series 178, 5% 12/1/23 (b) 135,000 146,647 
Series 186, 5% 10/15/23 (b) 100,000 108,081 
Series 2012 172, 5% 10/1/23 (b) 100,000 101,101 
Series 2017 202, 5% 10/15/23 (b) 225,000 243,182 
TOTAL NEW YORK AND NEW JERSEY  845,122 
North Carolina - 0.3%   
Charlotte Int'l. Arpt. Rev. Series 2017 B:   
5% 7/1/22 (b) 115,000 117,720 
5% 7/1/23 (b) 130,000 139,081 
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Bonds Series 2021 B, 5%, tender 12/2/24 (a) 115,000 129,964 
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series 2015 E, 5% 1/1/22 125,000 125,000 
TOTAL NORTH CAROLINA  511,765 
Ohio - 1.3%   
Allen County Hosp. Facilities Rev. Bonds (Mercy Health) Series 2017 B, 5%, tender 5/5/22 (a) 155,000 157,399 
American Muni. Pwr., Inc. Rev. Series 2021 A:   
5% 2/15/23 200,000 210,567 
5% 2/15/24 200,000 219,413 
Ohio Gen. Oblig. Series 2021 A, 5% 3/1/23 100,000 105,536 
Ohio Higher Edl. Facility Commission Rev.:   
(Case Western Reserve Univ. Proj.) Series 2016, 5% 12/1/22 100,000 104,293 
Series 2012 A, 5% 1/1/23 150,000 150,000 
Ohio Hosp. Facilities Rev. Series 2017 A:   
5% 1/1/22 125,000 125,000 
5% 1/1/25 215,000 243,907 
Wright State Univ. Gen. Receipts Series 2021 A, 4% 5/1/23 (Build America Mutual Assurance Insured) 500,000 523,813 
TOTAL OHIO  1,839,928 
Oklahoma - 0.3%   
Grand River Dam Auth. Rev. Series 2016 A, 5% 6/1/22 175,000 178,425 
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Series 2015 A, 5% 8/15/22 100,000 102,853 
Univ. of Oklahoma Gen. Rev. Series 2021 A, 5% 7/1/23 (FSA Insured) 150,000 160,408 
TOTAL OKLAHOMA  441,686 
Oregon - 0.5%   
Oregon Bus. Dev. Commission Bonds Series 250, 5%, tender 3/1/22 (a)(b) 155,000 156,120 
Oregon Bus. Dev. Commission Recovery Zone Facility Bonds (Intel Corp. Proj.) Series 232, 2.4%, tender 8/14/23 (a) 125,000 128,770 
Oregon Facilities Auth. Rev. (Legacy Health Proj.) Series 2016 A, 5% 6/1/22 150,000 152,917 
Port of Portland Arpt. Rev. Series 26 C, 5% 7/1/24 (b) 300,000 332,308 
TOTAL OREGON  770,115 
Pennsylvania - 3.6%   
Allegheny County Higher Ed. Bldg. Auth. Univ. Rev. Series 2021 A:   
5% 3/1/22 520,000 523,976 
5% 3/1/23 625,000 659,075 
Allegheny County Hosp. Dev. Auth. Rev. Series 2019 A, 5% 7/15/23 315,000 337,400 
Bucks Co. Indl. Dev. Auth. Solid Waste Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2002, 2.75%, tender 12/1/22 (a)(b) 100,000 101,972 
Chester County Health & Ed. Facilities Auth. Health Sys. Rev. Series 2020 B, 5% 6/1/23 1,000,000 1,067,283 
Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2016 A, 5% 6/1/23 100,000 106,640 
Delaware County Auth. Univ. Rev. Series 2014, 5% 8/1/23 150,000 160,962 
Geisinger Auth. Health Sys. Rev. Series 2020 A, 5% 4/1/22 85,000 85,993 
Lehigh County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (PPL Elec. Utils. Corp. Proj.) Series 2016 A, 1.8%, tender 9/1/22 (a) 30,000 30,260 
Pennsylvania Econ. Dev. Fing. Auth. Series 2020 A, 5% 4/15/22 130,000 131,741 
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Series 2016, 5% 3/15/22 100,000 100,942 
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. Bonds:   
(Republic Svcs., Inc. Proj.) Series 2019 B2, 0.3%, tender 7/15/22 (a)(b) 200,000 200,066 
(Waste Mgmt., Inc. Proj.) Series 2013, 0.18%, tender 2/1/22 (a)(b) 700,000 699,983 
(Waste Mgmt., Inc. Proj.) Series 2021 A, SIFMA Municipal Swap Index + 0.400% 0.5%, tender 6/3/24 (a)(b)(c) 100,000 100,402 
Pennsylvania Higher Edl. Facilities Auth. Rev. Series 2012 A, 5% 8/15/22 100,000 102,979 
Pennsylvania Hsg. Fin. Agcy.:   
Series 2021 135 B:   
5% 4/1/23 (b) 10,000 10,569 
5% 4/1/24 (b) 10,000 10,963 
5% 4/1/25 (b) 15,000 17,004 
Series 2021 137, 0.4% 4/1/23 40,000 39,989 
Philadelphia Arpt. Rev. Series 2017 B, 5% 7/1/22 200,000 204,680 
Philadelphia Auth. for Indl. Dev. Series 2016 1, 5% 4/1/22 210,000 212,460 
Philadelphia Gas Works Rev. Series 2015 13:   
5% 8/1/22 200,000 205,466 
5% 8/1/24 100,000 111,080 
TOTAL PENNSYLVANIA  5,221,885 
Pennsylvania, New Jersey - 0.2%   
Delaware River Port Auth. Pennsylvania & New Jersey Rev. (Port District Proj.) Series 2012, 5% 1/1/24 225,000 235,408 
Rhode Island - 0.2%   
Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev.:   
Series 2012, 5% 11/1/24 115,000 119,230 
Series 2015, 5% 11/1/22 210,000 218,163 
TOTAL RHODE ISLAND  337,393 
South Carolina - 0.9%   
Charleston County Arpt. District Series 2013 A, 5.25% 7/1/22 (b) 320,000 327,882 
Greenville Hosp. Sys. Facilities Rev. Series 2012, 5% 5/1/23 170,000 172,529 
Patriots Energy Group Fing. Agcy. Bonds Series 2018 A, 4%, tender 2/1/24 (a) 545,000 581,188 
South Carolina Pub. Svc. Auth. Rev. Series 2016 C, 5% 12/1/22 100,000 104,321 
Spartanburg County Reg'l. Health Series 2022, 5% 4/15/23 (e) 100,000 105,682 
TOTAL SOUTH CAROLINA  1,291,602 
Tennessee - 1.5%   
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2020 B, 5% 7/1/22 (b) 1,000,000 1,023,352 
Tennergy Corp. Gas Rev. Bonds Series 2019 A, 5%, tender 10/1/24 (a) 715,000 796,801 
Tennessee Hsg. Dev. Agcy. Residential Series 2021 3B, 0.25% 7/1/22 450,000 450,017 
TOTAL TENNESSEE  2,270,170 
Texas - 3.0%   
Austin Arpt. Sys. Rev. Series 2019, 5% 11/15/24 (b) 125,000 140,333 
Dallas Fort Worth Int'l. Arpt. Rev. Series 2014 B, 5% 11/1/22 (b) 100,000 103,989 
Dallas Gen. Oblig. Series 2014, 5% 2/15/22 140,000 140,782 
El Paso Gen. Oblig. Series 2021 C, 5% 8/15/23 75,000 80,610 
Harris County Cultural Ed. Facilities Fin. Corp. Rev.:   
Bonds:   
Series 2019 B, 5%, tender 12/1/24 (a) 205,000 230,910 
Series 2019 C, SIFMA Municipal Swap Index + 0.420% 0.52%, tender 1/6/22 (a)(c) 215,000 214,967 
Series 2013 A, 5% 12/1/22 300,000 313,104 
Harris County Gen. Oblig. Series 2012 C, 5% 8/15/24 100,000 102,941 
Houston Arpt. Sys. Rev. Series 2012 A, 5% 7/1/31 (Pre-Refunded to 7/1/22 @ 100) (b) 100,000 102,335 
Lower Colorado River Auth. Rev.:   
(LCRA Transmission Svcs. Corp. Proj.):   
Series 2015, 5% 5/15/23 215,000 228,873 
Series 2016, 5% 5/15/22 200,000 203,536 
Series 2012 A, 5% 5/15/24 175,000 178,031 
Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds:   
(Republic Svcs., Inc. Proj.) Series 2020 A, 0.2%, tender 2/1/22 (a)(b) 600,000 599,999 
(Waste Mgmt., Inc. Proj.) Series 2020 B, 0.18%, tender 3/1/22 (a)(b) 500,000 499,972 
North Texas Tollway Auth. Rev.:   
(Sub Lien) Series 2017 B, 5% 1/1/24 150,000 156,985 
Series 2017 B, 5% 1/1/23 105,000 109,935 
Port of Houston Auth. Series 2021, 5% 10/1/23 105,000 113,559 
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.:   
Series 2013, 5% 10/1/22 350,000 362,434 
Series 2014, 5% 12/1/22 220,000 229,569 
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. Series 2018 A, 5% 7/1/22 205,000 209,797 
TOTAL TEXAS  4,322,661 
Utah - 0.2%   
Salt Lake City Arpt. Rev. Series 2018 A, 5% 7/1/24 (b) 105,000 116,308 
Utah County Hosp. Rev. Series 2016 A, 5% 5/15/23 110,000 117,082 
TOTAL UTAH  233,390 
Virginia - 0.2%   
Gloucester County Indl. Dev. Auth. Bonds Series 2003 A, 2.4%, tender 5/2/22 (a)(b) 120,000 120,718 
Halifax County Indl. Dev. Auth. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2010 A, 0.45%, tender 4/1/22 (a) 85,000 85,037 
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.9%, tender 6/1/23 (a) 100,000 102,157 
TOTAL VIRGINIA  307,912 
Washington - 0.9%   
King County Hsg. Auth. Rev. Series 2021, 2% 12/1/22 250,000 253,521 
Port of Seattle Rev.:   
Series 2015 B, 5% 3/1/24 100,000 109,856 
Series 2016, 5% 2/1/25 120,000 136,308 
Series 2021 C:   
5% 8/1/23 (b) 100,000 107,210 
5% 8/1/24 (b) 105,000 116,863 
Tobacco Settlement Auth. Rev.:   
Series 2013, 5% 6/1/22 200,000 203,899 
Series 2018, 5% 6/1/23 155,000 165,139 
Washington Fed. Hwy. Grant Anticipation Rev.:   
(Sr 520 Corridor Prog.) Series 2012 F, 5% 9/1/24 100,000 103,111 
Series 2012 F, 5% 9/1/22 100,000 103,145 
TOTAL WASHINGTON  1,299,052 
West Virginia - 0.1%   
Mason Co. Poll. Cont. Rev. (Appalachian Pwr. Co. Proj.) Series 2003 L, 2.75% 10/1/22 100,000 101,721 
Wisconsin - 1.1%   
Blue Ridge Healthcare Pub. Fin. Auth. Series 2020 A, 5% 1/1/22 175,000 175,000 
Pub. Fin. Auth. Hosp. Rev. Series 2020 A, 5% 6/1/22 100,000 101,944 
Wisconsin Gen. Oblig. Series 1, 5% 11/1/22 175,000 181,982 
Wisconsin Health & Edl. Facilities:   
(Agnesian Healthcare Proj.) Series 2017, 5% 7/1/23 100,000 106,939 
(Hosp. Sisters Svcs., Inc.) Series 2014 A, 5% 11/15/22 485,000 504,816 
Bonds:   
Series 2018 B:   
5%, tender 1/26/22 (a) 100,000 100,281 
5%, tender 1/25/23 (a) 110,000 115,254 
Series 2018 C, SIFMA Municipal Swap Index + 0.450% 0.55%, tender 1/6/22 (a)(c) 155,000 155,023 
Series 2013 B1, 4% 11/15/22 150,000 154,955 
Wisconsin Hsg. & Econ. Dev. Auth. Hsg. Rev. Bonds Series 2021 C, 0.61%, tender 5/1/24 (a) 15,000 14,996 
TOTAL WISCONSIN  1,611,190 
TOTAL MUNICIPAL BONDS   
(Cost $76,535,719)  76,629,722 
Municipal Notes - 41.7%   
Alabama - 0.1%   
Birmingham Indl. Dev. Board Solid Waste Rev. (American Cast Iron Pipe Co. Proj.) Series 2000, 0.31% 1/7/22, LOC Bank of America NA, VRDN (a)(b) 180,000 $180,000 
Arizona - 0.1%   
Arizona St Indl. Dev. Auth. Multi Participating VRDN Series XF 10 91, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(f)(g) 100,000 100,000 
Phoenix Civic Impt. Board Arpt. Rev. Participating VRDN Series XM 08 23, 0.22% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(f)(g) 100,000 100,000 
TOTAL ARIZONA  200,000 
California - 1.1%   
California Statewide Cmntys. Dev. Auth. Rev. Series 2004 I, 0.21% tender 7/13/22, CP mode 500,000 499,973 
River Islands Pub. Fing. Auth. Participating VRDN Series MIZ 90 26, 0.35% 2/4/22 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(f)(g)(h) 200,000 200,000 
Sacramento Gen. Oblig. Participating VRDN Series XG 00 67, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 100,000 100,000 
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN:   
Series Floaters XM 06 75, 0.22% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(f)(g) 100,000 100,000 
Series XM 09 16, 0.16% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 110,000 110,000 
Series ZM 06 42, 0.16% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 100,000 100,000 
San Francisco City & County Hsg. Multi-family Series 2004, 0.19% 1/7/22, LOC Citibank NA, VRDN (a)(b) 250,000 250,000 
San Francisco City & County Multi-family Hsg. Rev. Participating VRDN Series DBE 8059, 0.5% 3/1/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 200,000 200,000 
TOTAL CALIFORNIA  1,559,973 
Colorado - 1.0%   
Denver City & County Arpt. Rev. Participating VRDN Series Floaters XL 00 90, 0.22% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(f)(g) 1,525,000 1,525,000 
Connecticut - 1.4%   
Connecticut Health & Edl. Facilities Auth. Rev. Series 2003 A, 0.15% 1/7/22, LOC Citizens Bank NA, VRDN (a) 2,030,000 2,030,000 
Delaware - 0.2%   
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1994, 0.14% 1/3/22, VRDN (a)(b) 300,000 300,000 
District Of Columbia - 0.1%   
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Participating VRDN Series 2021 XF 12 62, 0.15% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 200,000 200,000 
Florida - 1.0%   
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Participating VRDN Series XM 08 91, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 100,000 100,000 
Jacksonville Elec. Auth. Elec. Sys. Rev. Series 2021 C3, 0.15% tender 1/20/22 (Liquidity Facility Royal Bank of Canada), CP mode 200,000 200,000 
Miami-Dade County Participating VRDN:   
Series XF 29 47, 0.16% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(f)(g) 300,000 300,000 
Series XF 29 48, 0.15% 1/7/22 (Liquidity Facility Citibank NA) (a)(f)(g) 300,000 300,000 
Miami-Dade County Aviation Rev. Participating VRDN Series XM 08 70, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 100,000 100,000 
Miami-Dade County Health Facilities Auth. Hosp. Rev. Participating VRDN Series 2021 XF 12 61, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 200,000 200,000 
Miami-Dade County Wtr. & Swr. Rev. Participating VRDN Series 2021 XF 11 01, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 200,000 200,000 
TOTAL FLORIDA  1,400,000 
Hawaii - 0.1%   
Hawaii Arpts. Sys. Rev. Participating VRDN Series XF 07 65, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 200,000 200,000 
Illinois - 2.4%   
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN:   
Series Floaters XL 00 49, 0.18% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(f)(g) 910,000 910,000 
Series XM 08 79, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 100,000 100,000 
Series XM 08 84, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 100,000 100,000 
Series XM 09 17, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 100,000 100,000 
Chicago Park District Gen. Oblig. Participating VRDN Series 2021 XX 11 68, 0.17% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 100,000 100,000 
Illinois Fin. Auth. Participating VRDN Series 2021 XL 01 72, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 140,000 140,000 
Illinois Fin. Auth. Rev. Series 2007, 0.16% 1/7/22, LOC JPMorgan Chase Bank, VRDN (a)(b) 1,270,000 1,270,000 
Illinois Gen. Oblig. Participating VRDN Series Floaters XM 01 86, 0.25% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 520,000 520,000 
Metropolitan Pier & Exposition Participating VRDN Series XF 09 65, 0.18% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 200,000 200,000 
Village of Oswego Indl. Dev. (Griffith Laboratories Worldwide, Inc.) Series 1995, 0.31% 1/7/22, LOC Wells Fargo Bank NA, VRDN (a)(b) 120,000 120,000 
TOTAL ILLINOIS  3,560,000 
Indiana - 0.4%   
Indiana Fin. Auth. Solid Waste Dis (New Holland Dairy Leasing LLC Proj.) Series 2007, 0.18% 1/7/22, LOC Bank of America NA, VRDN (a)(b) 500,000 500,000 
Indianapolis Local Pub. Impt. Participating VRDN Series XM 09 27, 0.16% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 100,000 100,000 
TOTAL INDIANA  600,000 
Kentucky - 1.5%   
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. Participating VRDN Series XM 09 19, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 100,000 100,000 
Kentucky Tpk. Auth. Econ. Dev. Road Rev. Participating VRDN Series XF 24 84, 0.18% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(f)(g) 100,000 100,000 
Lexington-Fayette Urban County K (Var-Cmnty. Action Council Proj.) Series 2003, 0.14% 1/7/22, LOC PNC Bank NA, VRDN (a) 415,000 415,000 
Maysville Indl. Bldg. Rev. Series 1996, 0.14% 1/6/22, LOC MUFG Union Bank NA, VRDN (a)(b) 400,000 400,000 
Meade County Indl. Bldg. Rev. (Nucor Steel Brandenburg Proj.):   
Series 2020 A1, 0.15% 1/3/22, VRDN (a)(b) 500,000 500,000 
Series 2020 B1, 0.15% 1/3/22, VRDN (a)(b) 600,000 600,000 
TOTAL KENTUCKY  2,115,000 
Louisiana - 7.3%   
Calcasieu Parish IDB Series 1998, 0.17% 1/7/22, LOC JPMorgan Chase Bank, VRDN (a)(b) 4,400,000 4,400,000 
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.):   
Series 2010 A1, 0.17% 1/7/22, VRDN (a) 3,975,000 3,975,000 
Series 2010 B1, 0.15% 1/7/22, VRDN (a) 2,200,000 2,200,000 
TOTAL LOUISIANA  10,575,000 
Maryland - 0.1%   
Maryland Gen. Oblig. Participating VRDN Series DB 807, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 95,000 95,000 
Massachusetts - 0.3%   
Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series Floaters XF 23 06, 0.35% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(f)(g) 100,000 100,000 
Massachusetts Port Auth. Rev. Participating VRDN Series XM 08 51, 0.17% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 300,000 300,000 
TOTAL MASSACHUSETTS  400,000 
Michigan - 0.4%   
Michigan Bldg. Auth. Rev. Participating VRDN Series 2021 XF 11 15, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 100,000 100,000 
Michigan Strategic Fund Ltd. Oblig. Rev. Series 2005, 0.14% 1/7/22, LOC PNC Bank NA, VRDN (a)(b) 490,000 490,000 
TOTAL MICHIGAN  590,000 
Minnesota - 0.2%   
Duluth Minn Hsg. & Redev. Auth. MultiFamily Hsg. Rev. Participating VRDN Series 2021 XF 11 30, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 100,000 100,000 
Minneapolis Health Care Sys. Rev. Participating VRDN Series XM 08 72, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 100,000 100,000 
Minnesota Rural Wtr. Fin. Auth. BAN Series 2021 B, 0.3% 8/1/22 100,000 100,007 
TOTAL MINNESOTA  300,007 
Missouri - 0.1%   
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Participating VRDN Series XG 01 76, 0.22% 1/7/22 (Liquidity Facility Royal Bank of Canada) (a)(f)(g) 100,000 100,000 
Montana - 0.1%   
Montana Facility Fin. Auth. Participating VRDN Series 2021 XF 11 14, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 100,000 100,000 
New Jersey - 3.5%   
New Jersey Econ. Dev. Auth. Rev. Participating VRDN Series Floaters XL 00 52, 0.13% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 3,225,000 3,225,000 
New Jersey Tpk. Auth. Tpk. Rev. Participating VRDN Series XM 09 12, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 120,000 120,000 
New Jersey Trans. Trust Fund Auth. Participating VRDN Series Floaters XG 02 05, 0.13% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 1,300,000 1,300,000 
West Orange Gen. Oblig. BAN Series 2021, 2% 11/11/22 400,000 405,617 
TOTAL NEW JERSEY  5,050,617 
New York - 5.9%   
Hempstead Union Free School District BAN Series 2021 A, 1.5% 11/30/22 600,000 606,501 
New York Liberty Dev. Corp. Participating VRDN Series XF 12 42, 0.18% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 900,000 900,000 
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Participating VRDN Series ZM 06 00, 0.15% 1/7/22 (Liquidity Facility Wells Fargo Bank NA) (a)(f)(g) 100,000 100,000 
New York Metropolitan Trans. Auth. Rev.:   
BAN:   
Series 2019 B, 5% 5/15/22 4,440,000 4,517,258 
Series 2019 D1, 5% 9/1/22 1,580,000 1,629,107 
Participating VRDN Series ZF 02 18, 0.26% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 200,000 200,000 
New York Thruway Auth. Gen. Rev. Participating VRDN:   
Series XF 09 18, 0.15% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 100,000 100,000 
Series XM 08 30, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 100,000 100,000 
Series XM 08 80, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 100,000 100,000 
Putnam County Indl. Dev. Agcy. Rev. Series 2006 A, 0.28% 1/7/22, LOC Citizens Bank NA, VRDN (a) 100,000 100,000 
Rockland County Indl. Dev. Agcy. Participating VRDN Series XF 11 32, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 100,000 100,000 
Triborough Bridge & Tunnel Auth. Revs. Participating VRDN Series RBC 16 ZM 0138, 0.21% 1/7/22 (Liquidity Facility Royal Bank of Canada) (a)(f)(g) 100,000 100,000 
TOTAL NEW YORK  8,552,866 
North Carolina - 0.2%   
North Carolina Cap. Facilities Fin. Agcy. Edl. Facilities Rev. Series 2003, 0.21% 1/7/22, LOC Truist Bank, VRDN (a) 260,000 260,000 
Ohio - 1.9%   
Columbus Gen. Oblig. Participating VRDN Series DB 80 75, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 910,000 910,000 
Ohio Hosp. Rev. Series 2015 B, 0.18% 1/7/22, VRDN (a) 200,000 200,000 
Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev. Participating VRDN Series XF 10 92, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 300,000 300,000 
Ohio Tpk. Commission Tpk. Rev. Participating VRDN Series Floaters XL 00 57, 0.17% 1/7/22 (Liquidity Facility Cr. Suisse AG) (a)(f)(g) 180,000 180,000 
Port of Greater Cincinnati Dev. Auth. Series 2003, 0.15% 1/7/22, LOC U.S. Bank NA, Cincinnati, VRDN (a) 515,000 515,000 
Stark County Port Auth. Rev. Series 2002, 0.14% 1/7/22, LOC PNC Bank NA, VRDN (a) 405,000 405,000 
Whitehall Spl. Oblig. Nontax Rev. BAN Series 2021 A, 1.5% 12/7/22 200,000 202,270 
TOTAL OHIO  2,712,270 
Oklahoma - 0.4%   
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Series 2020 B, 0.21% 1/7/22, VRDN (a) 600,000 600,000 
Pennsylvania - 0.4%   
Pennsylvania Hsg. Fin. Agcy. Multifamily Hsg. Dev. Rev. Participating VRDN Series XF 10 95, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 200,000 200,000 
Pennsylvania Tpk. Commission Tpk. Rev. Participating VRDN Series 2021 XL 01 80, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 100,000 100,000 
Philadelphia Auth. Indl. Mrf Participating VRDN Series MIZ 90 51, 0.35% 2/4/22 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(f)(g) 100,000 100,000 
Philadelphia Auth. for Indl. Dev. Series 2017 B, 0.2% 1/6/25, VRDN (a) 200,000 200,000 
TOTAL PENNSYLVANIA  600,000 
Rhode Island - 0.3%   
Rhode Island Health & Ed. Bldg. Corp. Rev. Series 2007, 0.17% 1/7/22, LOC Citizens Bank NA, VRDN (a) 510,000 510,000 
South Carolina - 1.0%   
Greenville Hosp. Sys. Facilities Rev. Participating VRDN Series XF 01 45, 0.25% 1/7/22 (Liquidity Facility Toronto-Dominion Bank) (a)(f)(g) 100,000 100,000 
South Carolina Pub. Svc. Auth. Rev. Participating VRDN Series Floaters XM 03 84, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 1,400,000 1,400,000 
TOTAL SOUTH CAROLINA  1,500,000 
Texas - 9.4%   
Austin Affordable Pfc, Inc. Multifamily Hsg. Rev. Participating VRDN Series XF 11 19, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 100,000 100,000 
Calhoun County Navigation Indl. Dev. Auth. Port Rev. (B P Chemicals, Inc. Proj.) Series 1998, 0.14% 1/7/22, VRDN (a)(b) 3,200,000 3,200,000 
Cap. Area Hsg. Fin. Corp. Multi-family Hsg. Rev. Participating VRDN Series XF 11 31, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 100,000 100,000 
Harris County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series 2021 XG 03 28, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 300,000 300,000 
Hurst Participating VRDN Series XF 10 94, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 100,000 100,000 
Lamar Consolidated Independent School District Participating VRDN Series XF 11 18, 0.16% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 100,000 100,000 
North Texas Tollway Auth. Rev. Participating VRDN:   
Series XF 12 21, 0.18% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(f)(g) 100,000 100,000 
Series XM0085, 0.18% 1/7/22 (Liquidity Facility Barclays Bank PLC) (a)(f)(g) 200,000 200,000 
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.):   
Series 2004, 0.23% 1/7/22, VRDN (a)(b) 2,300,000 2,300,000 
Series 2010 D:   
0.18% 1/7/22, VRDN (a) 575,000 575,000 
0.2% 1/7/22, VRDN (a) 6,380,000 6,380,000 
Texas Dept. of Hsg. & Cmnty. Affairs Residential Mtg. Rev. Participating VRDN Series XF 10 98, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 100,000 100,000 
Texas Private Activity Bond Surface Trans. Corp. Participating VRDN Series XM 07 56, 0.29% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(f)(g) 100,000 100,000 
Trinity Riv Pub. Facilities Corp. Tex M Participating VRDN Series XF 10 83, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 100,000 100,000 
TOTAL TEXAS  13,755,000 
Utah - 0.6%   
Salt Lake City Arpt. Rev. Participating VRDN:   
Series 2021 XG 03 43, 0.2% 1/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(f)(g) 250,000 250,000 
Series Floaters XM 06 99, 0.22% 1/7/22 (Liquidity Facility Cr. Suisse AG) (a)(b)(f)(g) 200,000 200,000 
Series XM 08 82, 0.2% 1/7/22 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f)(g) 100,000 100,000 
Utah Hsg. Corp. Multi-family Hsg. Rev. Participating VRDN Series 2021 XF 11 00, 0.35% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 300,000 300,000 
TOTAL UTAH  850,000 
Virginia - 0.1%   
Virginia Commonwealth Trans. Board Rev. Participating VRDN Series DB 80 80, 0.15% 1/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(f)(g) 95,000 95,000 
Virginia Small Bus. Fing. Auth. Series 2004, 0.23% 1/7/22, LOC Truist Bank, VRDN (a)(b) 100,000 100,000 
TOTAL VIRGINIA  195,000 
Washington - 0.1%   
Washington Econ. Dev. Fin. Auth. Rev. Participating VRDN Series Floaters 005, 0.28% 2/11/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(f)(g) 100,000 100,000 
TOTAL MUNICIPAL NOTES   
(Cost $60,708,459)  60,715,733 
 Shares Value 
Money Market Funds - 5.5%   
Fidelity Municipal Cash Central Fund 0.11% (i)(j)   
(Cost $7,906,997) 7,905,419 7,907,002 
TOTAL INVESTMENT IN SECURITIES - 99.8%   
(Cost $145,151,175)  145,252,457 
NET OTHER ASSETS (LIABILITIES) - 0.2%  349,102 
NET ASSETS - 100%  $145,601,559 

Security Type Abbreviations

BAN – BOND ANTICIPATION NOTE

CP – COMMERCIAL PAPER

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

Legend

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

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

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

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,424,440 or 1.0% of net assets.

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

 (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 $200,000 or 0.1% 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) 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.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
River Islands Pub. Fing. Auth. Participating VRDN Series MIZ 90 26, 0.35% 2/4/22 (Liquidity Facility Mizuho Cap. Markets Llc) 8/14/20 $200,000 

Affiliated Central Funds

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

Fund 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 0.11% $2,183,000 $35,195,997 $29,472,460 $2,722 $460 $5 $7,907,002 0.6% 
Total $2,183,000 $35,195,997 $29,472,460 $2,722 $460 $5 $7,907,002  

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2021, 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 Total Level 1 Level 2 Level 3 
Investments in Securities:     
Municipal Securities $137,345,455 $-- $137,345,455 $-- 
Money Market Funds 7,907,002 7,907,002 -- -- 
Total Investments in Securities: $145,252,457 $7,907,002 $137,345,455 $-- 

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

Industrial Development 19.5% 
Transportation 15.9% 
Synthetics 13.3% 
Health Care 9.9% 
General Obligations 8.9% 
Other 7.8% 
Education 7.4% 
Electric Utilities 5.1% 
Others* (Individually Less Than 5%) 12.2% 
 100.0% 

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  December 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $137,244,178) 		$137,345,455  
Fidelity Central Funds (cost $7,906,997) 7,907,002  
Total Investment in Securities (cost $145,151,175)  $145,252,457 
Cash  593,733 
Receivable for fund shares sold  430,849 
Interest receivable  891,427 
Distributions receivable from Fidelity Central Funds  766 
Other receivables  221 
Total assets  147,169,453 
Liabilities   
Payable for investments purchased   
Regular delivery $900,000  
Delayed delivery 514,497  
Payable for fund shares redeemed 107,168  
Distributions payable 46,229  
Total liabilities  1,567,894 
Net Assets  $145,601,559 
Net Assets consist of:   
Paid in capital  $145,499,861 
Total accumulated earnings (loss)  101,698 
Net Assets  $145,601,559 
Net Asset Value, offering price and redemption price per share ($145,601,559 ÷ 14,515,922 shares)  $10.03 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended December 31, 2021 
Investment Income   
Interest  $587,445 
Income from Fidelity Central Funds  2,493 
Total income  589,938 
Expenses   
Independent trustees' fees and expenses $321  
Total expenses  321 
Net investment income (loss)  589,617 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 5,007  
Fidelity Central Funds 460  
Capital gain distributions from Fidelity Central Funds 229  
Total net realized gain (loss)  5,696 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (178,123)  
Fidelity Central Funds 5  
Total change in net unrealized appreciation (depreciation)  (178,118) 
Net gain (loss)  (172,422) 
Net increase (decrease) in net assets resulting from operations  $417,195 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended December 31, 2021 Year ended December 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $589,617 $773,453 
Net realized gain (loss) 5,696 1,397 
Change in net unrealized appreciation (depreciation) (178,118) 102,826 
Net increase (decrease) in net assets resulting from operations 417,195 877,676 
Distributions to shareholders (603,242) (784,839) 
Share transactions   
Proceeds from sales of shares 130,607,143 74,510,753 
Reinvestment of distributions 16,296 91,655 
Cost of shares redeemed (64,903,201) (49,186,183) 
Net increase (decrease) in net assets resulting from share transactions 65,720,238 25,416,225 
Total increase (decrease) in net assets 65,534,191 25,509,062 
Net Assets   
Beginning of period 80,067,368 54,558,306 
End of period $145,601,559 $80,067,368 
Other Information   
Shares   
Sold 13,003,310 7,437,115 
Issued in reinvestment of distributions 1,622 9,153 
Redeemed (6,462,435) (4,915,283) 
Net increase (decrease) 6,542,497 2,530,985 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Flex Conservative Income Municipal Bond Fund

      
Years ended December 31, 2021 2020 2019 2018 2017 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.04 $10.02 $9.98 $9.98 $10.00 
Income from Investment Operations      
Net investment income (loss)B .052 .121 .192 .179 .028 
Net realized and unrealized gain (loss) (.007) .026 .044 (.004) (.020) 
Total from investment operations .045 .147 .236 .175 .008 
Distributions from net investment income (.054) (.125) (.193) (.174) (.028) 
Distributions from net realized gain (.001) (.002) (.003) (.001) – 
Total distributions (.055) (.127) (.196) (.175) (.028) 
Net asset value, end of period $10.03 $10.04 $10.02 $9.98 $9.98 
Total ReturnC,D .45% 1.48% 2.39% 1.77% .08% 
Ratios to Average Net AssetsE,F      
Expenses before reductionsG -% -% -% -% - %H 
Expenses net of fee waivers, if anyG -% -% -% -% - %H 
Expenses net of all reductionsG -% -% -% -% - %H 
Net investment income (loss) .52% 1.21% 1.92% 1.81% 1.27%H 
Supplemental Data      
Net assets, end of period (000 omitted) $145,602 $80,067 $54,558 $36,787 $10,021 
Portfolio turnover rateI 44% 36% 52% 11% - %J 

 A For the period October 12, 2017 (commencement of operations) through December 31, 2017.

 B Calculated based on average shares outstanding during the period.

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

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

 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 represents less than .005%.

 H Annualized

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

 J Amount not annualized.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended December 31, 2021

1. Organization.

Fidelity Flex 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. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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 is available only to certain fee-based accounts and advisory programs offered by Fidelity.

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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (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, 2021 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.

Expenses. 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, 2021, 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 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 and losses deferred due to excise tax regulations.

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 $147,886 
Gross unrealized depreciation (46,519) 
Net unrealized appreciation (depreciation) $101,367 
Tax Cost $145,151,090 

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

Undistributed tax-exempt income $331 
Net unrealized appreciation (depreciation) on securities and other investments $101,367 

The tax character of distributions paid was as follows:

 December 31, 2021 December 31, 2020 
Tax-exempt Income $589,242 $773,451 
Ordinary Income 14,000 – 
Long-term Capital Gains – 11,388 
Total $603,242 $ 784,839 

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 Flex Conservative Income Municipal Bond Fund 52,485,741 26,462,251 

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 and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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 Flex Conservative Income Municipal Bond Fund 11,815,000 1,830,000 – 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

7. 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.

8. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Flex Conservative Income Municipal Bond Fund (one of the funds constituting Fidelity Municipal Trust, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2021 and for the period October 12, 2017 (commencement of operations) through December 31, 2017 (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, 2021, 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, 2021 and the financial highlights for each of the four years in the period ended December 31, 2021 and for the period October 12, 2017 (commencement of operations) through December 31, 2017 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, 2021 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 15, 2022



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

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 286 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 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants).

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. Arthur E. Johnson 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

Chairman of the Independent Trustees

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 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

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. 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 in 1983 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.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

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).

 + 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. 

Advisory Board Members and Officers:

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

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).

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 Vice President, Associate General Counsel (2010-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).

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), and FD Funds Management LLC (2021-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.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

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, 2021 to December 31, 2021).

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, 2021 		Ending
Account Value
December 31, 2021 		Expenses Paid
During Period-B
July 1, 2021
to December 31, 2021 
Fidelity Flex Conservative Income Municipal Bond Fund - %-C    
Actual  $1,000.00 $1,000.30 $--D 
Hypothetical-E  $1,000.00 $1,025.21 $--D 

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

 B 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.

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses

Distributions (Unaudited)

During fiscal year ended 2021, 100% of the fund's income dividends was free from federal income tax, and 22.98% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Flex Conservative Income Municipal Bond 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 of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. 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 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 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and 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 the fact that no fee is payable under the management contract was fair and reasonable.

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 during 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, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated 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, pricing and bookkeeping, and securities lending 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 and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) 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.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. The Board did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.

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 noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio 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 level of Fidelity's profits in respect of all the Fidelity funds.

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 concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.

Economies of Scale.  The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

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 fee, 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 continued waiver of money market fund fees; (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 of certain funds and classes, total expense competitive trends and methodologies for total expense 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.





Fidelity Investments

XCB-ANN-0322
1.9884863.104

Fidelity® Minnesota Municipal Income Fund



Annual Report

December 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

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


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

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

For the periods ended December 31, 2021 Past 1 year Past 5 years Past 10 years 
Fidelity® Minnesota Municipal Income Fund 0.70% 3.50% 3.02% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Minnesota Municipal Income Fund on December 31, 2011.

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.


Period Ending Values
$13,464Fidelity® Minnesota Municipal Income Fund
$14,414Bloomberg Municipal Bond Index


Effective August 24, 2021, all Bloomberg Barclays Indices were re-branded as Bloomberg Indices.

Management's Discussion of Fund Performance

Market Recap:  Tax-exempt municipal bonds posted a modest gain in 2021, driven by robust investor demand and an improved fiscal outlook for many municipal issuers. The Bloomberg Municipal Bond Index rose 1.52% for the 12 months. The muni market rallied early in 2021 amid economic optimism due to the rollout of COVID-19 vaccination programs and an easing of credit concerns that had been triggered by the economic shutdowns caused by COVID-19. Also, investor demand for tax-exempt munis increased due to the Biden administration’s plan to push for higher tax rates on upper-income tax brackets. Tax collection took less of a hit than originally feared, and a large aid package from the U.S. Congress for muni issuers helped fill budget gaps. In February, the municipal market declined, reflecting investor concerns that stimulus-induced inflation could diminish real bond returns over time. Munis then gained from March through July, propelled by better-than-expected tax revenue from many state and local governments and reduced inflation expectations. Munis lost slight ground in August and September, then gained in the fourth quarter, partly due to newfound clarity regarding infrastructure investment due to the passage of the Infrastructure Investment and Jobs Act (IIJA), which earmarked $550 for new infrastructure spending. Notably, by period end, the Fed had accelerated its plans to tighten monetary policy, heralding a swifter end to its pandemic-era bond-buying program and the prospects for three quarter-point rate hikes in 2022.

Comments from Co-Portfolio Managers Cormac Cullen, Michael Maka and Elizah McLaughlin:  For the year, the fund gained 0.70%, roughly in line, net of fees, with the 0.84% advance of the state-specific Bloomberg Minnesota Enhanced Modified 2% Tobacco Municipal Bond Index, but lagging the 1.52% return of the benchmark, the broadly based Bloomberg Municipal Bond Index. We continued to focus on longer-term objectives and sought to generate attractive tax-exempt income and competitive risk-adjusted returns over time. Versus the state index, larger exposure to lower-quality investment-grade munis contributed to the fund's relative performance. These securities (rated BBB and A) typically outpaced higher-quality bonds amid strong investor demand for higher-yielding securities. The incremental income these securities produced also helped them post above-average returns. Overweighting muni bonds in the health care and higher-education segments provided a small boost to the fund's relative result. These sectors outpaced the state index, rebounding strongly during 2021 as the economy emerged from COVID-related shutdowns. Conversely, yield-curve positioning slightly detracted. The fund held more exposure than the index to bonds with durations of five to eight years, and these bonds lagged longer-term securities.

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 (Unaudited)

Top Five Sectors as of December 31, 2021

 % of fund's net assets 
General Obligations 40.2 
Health Care 21.4 
Education 14.5 
Electric Utilities 7.6 
Housing 6.1 

Quality Diversification (% of fund's net assets)

As of December 31, 2021 
   AAA 12.7% 
   AA,A 75.3% 
   BBB 8.2% 
   BB and Below 0.5% 
   Not Rated 1.1% 
   Short-Term Investments and Net Other Assets 2.2% 


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, 2021

Showing Percentage of Net Assets

Municipal Bonds - 97.8%   
 Principal Amount Value 
Guam - 0.4%   
Guam Int'l. Arpt. Auth. Rev.:   
Series 2013 C: $ $ 
6.25% 10/1/34 (a) 515,000 555,837 
6.25% 10/1/34 (Pre-Refunded to 10/1/23 @ 100) (a) 335,000 368,472 
Series 2019 A, 5% 10/1/23 (Escrowed to Maturity) (a) 1,785,000 1,925,679 
TOTAL GUAM  2,849,988 
Minnesota - 97.0%   
Anoka-Hennepin Independent School District 11 Series 2014 A:   
5% 2/1/23 805,000 843,949 
5% 2/1/24 1,110,000 1,210,288 
5% 2/1/25 1,015,000 1,105,161 
5% 2/1/26 1,220,000 1,329,165 
5% 2/1/27 1,285,000 1,399,144 
5% 2/1/28 1,345,000 1,463,890 
5% 2/1/29 1,415,000 1,539,156 
5% 2/1/34 1,800,000 1,953,649 
Chaska Elec. Rev. Series 2015 A:   
5% 10/1/26 1,000,000 1,164,606 
5% 10/1/27 1,665,000 1,933,687 
5% 10/1/29 785,000 909,781 
Chaska Independent School District #112 Gen. Oblig. (Minnesota School District Cr. Enhancement Prog.) Series 2016 A:   
5% 2/1/30 1,400,000 1,635,581 
5% 2/1/31 3,600,000 4,204,201 
City of Virginia Series 2020 A:   
4% 2/1/37 (FSA Insured) 1,000,000 1,135,585 
4% 2/1/39 (FSA Insured) 1,000,000 1,132,526 
City of White Bear Lake (YMCA of Greater Twin Cities Proj.) Series 2018:   
5% 6/1/25 565,000 630,989 
5% 6/1/26 500,000 571,349 
5% 6/1/28 1,000,000 1,181,712 
5% 6/1/30 625,000 726,289 
5% 6/1/31 700,000 810,745 
5% 6/1/33 1,400,000 1,615,995 
Cloquet Independent School District #94 Series 2015 B:   
5% 2/1/28 3,030,000 3,438,783 
5% 2/1/31 1,245,000 1,412,556 
Ctr. City Health Care Facilities (Hazelden Betty Ford Foundation Proj.) Series 2014:   
5% 11/1/23 775,000 834,359 
5% 11/1/25 250,000 278,505 
5% 11/1/26 500,000 555,296 
5% 11/1/27 420,000 465,347 
Dawson-Boyd Independent School District Series 2019 A:   
4% 2/1/33 1,140,000 1,316,948 
4% 2/1/36 1,360,000 1,563,876 
4% 2/1/37 1,200,000 1,377,664 
Dilworth-Glyndon-Felton ISD No. 2164 Series 2020 A, 4% 2/1/34 1,000,000 1,120,184 
Duluth Econ. Dev. Auth. Series 2021 A, 4% 7/1/41 930,000 997,306 
Duluth Econ. Dev. Auth. Health Care Facilities Rev.:   
Series 2018 A:   
5% 2/15/43 1,500,000 1,785,977 
5% 2/15/48 3,000,000 3,552,840 
5% 2/15/58 3,125,000 3,693,595 
Series 2021 A:   
4% 6/15/32 535,000 637,580 
4% 6/15/35 550,000 643,873 
Series 2022 A:   
4% 6/15/37 (b) 1,140,000 1,325,514 
4% 6/15/38 (b) 400,000 464,162 
4% 6/15/39 (b) 250,000 289,455 
5% 6/15/23 (b) 300,000 315,846 
5% 6/15/25 (b) 565,000 634,302 
5% 6/15/26 (b) 360,000 414,402 
5% 6/15/28 (b) 935,000 1,120,598 
5% 6/15/29 (b) 775,000 943,985 
5% 6/15/31 (b) 905,000 1,139,209 
5% 6/15/33 (b) 1,170,000 1,494,926 
Duluth Independent School District #709 Ctfs. of Prtn. Series 2019 B:   
5% 2/1/22 320,000 321,035 
5% 2/1/23 380,000 397,124 
5% 2/1/24 400,000 434,750 
5% 2/1/25 375,000 422,038 
5% 2/1/26 395,000 458,019 
5% 2/1/27 370,000 440,899 
5% 2/1/28 350,000 426,925 
Elk River Independent School District #728:   
Series 2019 A, 3% 2/1/33 2,925,000 3,171,186 
Series 2020 A, 4% 2/1/31 2,120,000 2,464,959 
Forest Lake Series 2019 A, 4% 2/1/31 1,790,000 2,127,190 
Hennepin County Gen. Oblig.:   
Series 2016 A:   
5% 12/1/39 5,250,000 6,273,783 
5% 12/1/40 7,200,000 8,592,584 
Series 2016 B, 5% 12/1/31 1,155,000 1,393,802 
Series 2017 C, 5% 12/1/33 3,075,000 3,707,470 
Series 2019 B, 5% 12/15/39 3,725,000 4,681,353 
Series 2020 A, 5% 12/1/31 4,765,000 6,342,783 
Itasca County (Minnesota County Cr. Enhancement Prog.) Series 2020 B, 4% 2/1/30 1,520,000 1,838,230 
Jordan Ind. School District:   
Series 2014 A:   
5% 2/1/28 (Pre-Refunded to 2/1/23 @ 100) 960,000 1,008,476 
5% 2/1/29 (Pre-Refunded to 2/1/23 @ 100) 1,000,000 1,050,607 
5% 2/1/30 (Pre-Refunded to 2/1/23 @ 100) 1,245,000 1,308,144 
Series A, 5% 2/1/28 (Pre-Refunded to 2/1/23 @ 100) 40,000 42,020 
Maple Grove Health Care Sys. Rev.:   
Series 2015:   
4% 9/1/35 1,250,000 1,358,446 
5% 9/1/25 215,000 246,984 
5% 9/1/28 695,000 791,830 
5% 9/1/30 1,500,000 1,697,860 
5% 9/1/31 1,300,000 1,468,858 
5% 9/1/32 1,000,000 1,128,659 
Series 2017:   
5% 5/1/26 1,355,000 1,593,750 
5% 5/1/27 1,400,000 1,691,378 
5% 5/1/28 2,915,000 3,509,888 
5% 5/1/29 1,000,000 1,198,035 
5% 5/1/30 900,000 1,073,214 
5% 5/1/31 580,000 689,586 
5% 5/1/32 500,000 593,400 
Maple River Independent School District No. 2135 Series 2020 A, 4% 2/1/45 2,750,000 3,233,800 
Metropolitan Council Gen. Oblig. Rev.:   
Series 2020 B, 5% 3/1/32 4,500,000 5,846,396 
Series 2020 D:   
5% 3/1/30 1,295,000 1,695,064 
5% 3/1/31 1,355,000 1,813,200 
Series 2021 C, 5% 12/1/29 2,000,000 2,603,412 
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (Allina Health Sys. Proj.) Series 2017 A:   
5% 11/15/28 2,975,000 3,609,741 
5% 11/15/29 1,040,000 1,260,677 
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.:   
Series 2012 B:   
5% 1/1/26 1,250,000 1,250,777 
5% 1/1/27 1,500,000 1,500,933 
Series 2014 A:   
5% 1/1/26 3,015,000 3,289,587 
5% 1/1/28 4,100,000 4,471,685 
5% 1/1/29 2,150,000 2,342,658 
5% 1/1/30 2,000,000 2,177,963 
5% 1/1/31 6,020,000 6,550,638 
Series 2016 A:   
5% 1/1/30 4,275,000 5,119,786 
5% 1/1/31 2,375,000 2,841,593 
5% 1/1/32 2,900,000 3,470,778 
Series 2016 C, 5% 1/1/46 4,770,000 5,651,039 
Series 2016 D:   
5% 1/1/23 (a) 670,000 701,285 
5% 1/1/27 (a) 350,000 418,080 
5% 1/1/28 (a) 430,000 512,735 
5% 1/1/29 (a) 225,000 267,176 
5% 1/1/30 (a) 480,000 567,136 
5% 1/1/31 (a) 200,000 236,080 
5% 1/1/32 (a) 200,000 236,683 
5% 1/1/33 (a) 220,000 260,624 
5% 1/1/34 (a) 225,000 266,288 
5% 1/1/35 (a) 225,000 265,947 
5% 1/1/36 (a) 220,000 259,617 
5% 1/1/37 (a) 250,000 294,627 
5% 1/1/41 (a) 725,000 851,308 
Minneapolis Health Care Sys. Rev.:   
Series 2015 A:   
5% 11/15/27 (FSA Insured) 850,000 979,503 
5% 11/15/28 1,380,000 1,590,251 
5% 11/15/29 1,000,000 1,150,302 
5% 11/15/30 1,000,000 1,150,302 
5% 11/15/31 3,665,000 4,215,855 
5% 11/15/32 2,200,000 2,530,663 
Series 2018 A:   
5% 11/15/34 3,350,000 4,164,747 
5% 11/15/35 2,500,000 3,104,670 
5% 11/15/36 2,500,000 3,100,697 
Series 2021, 4% 11/15/40 3,000,000 3,622,064 
Minneapolis Spl. School District:   
(Minnesota School District Cr. Enhancement Prog.):   
Series 2019 A, 5% 2/1/32 1,125,000 1,423,257 
Series 2019 B, 5% 2/1/32 1,815,000 2,296,188 
(MN SD Cr. Enhancement Prog.):   
Series 2017 B, 5% 2/1/29 2,590,000 3,218,695 
Series 2018 A, 5% 2/1/33 1,000,000 1,234,418 
Series 2018 B, 5% 2/1/33 3,190,000 3,937,792 
Series 2017 A, 4% 2/1/33 1,415,000 1,654,439 
Series 2017 B:   
4% 2/1/33 2,595,000 3,034,113 
4% 2/1/34 2,595,000 3,032,088 
Series 2020 B, 4% 2/1/36 1,745,000 2,099,729 
Series 2020 C, 4% 2/1/38 1,665,000 1,993,192 
Series 2021 C:   
5% 2/1/40 1,585,000 2,071,745 
5% 2/1/41 1,660,000 2,164,884 
5% 2/1/42 1,745,000 2,270,141 
Minneapolis Spl. School District #1 Ctfs. of Prtn. Series 2016 C, 5% 2/1/31 1,915,000 2,291,707 
Minnesota Ctfs. Prtn. (Minnesota Gen. Oblig. Proj.) Series 2014, 5% 6/1/39 2,445,000 2,674,703 
Minnesota Gen. Oblig.:   
Series 2015 A, 5% 8/1/33 1,900,000 2,198,804 
Series 2017 A:   
5% 10/1/31 5,000,000 6,143,851 
5% 10/1/33 3,335,000 4,101,366 
Series 2018 B, 4% 8/1/35 5,270,000 6,233,271 
Series 2019 A:   
5% 8/1/29 5,000,000 6,475,667 
5% 8/1/31 1,000,000 1,286,467 
5% 8/1/35 5,030,000 6,447,945 
Series 2019 B, 5% 8/1/28 2,000,000 2,530,413 
Series 2020 A:   
5% 8/1/35 6,000,000 7,875,623 
5% 8/1/37 6,000,000 7,838,090 
Series 2021 A, 4% 9/1/41 10,000,000 12,303,954 
Minnesota Higher Ed. Facilities Auth. Rev.:   
(Macalester College, MN Proj.) Series 2017:   
5% 3/1/28 400,000 479,748 
5% 3/1/30 500,000 600,570 
(Univ. of St Thomas) Series 2017 A:   
5% 10/1/27 500,000 610,609 
5% 10/1/28 735,000 895,347 
5% 10/1/29 760,000 922,545 
5% 10/1/30 655,000 795,039 
Series 2016 A, 5% 5/1/46 3,610,000 3,877,907 
Series 2017 A, 4% 10/1/35 800,000 912,347 
Series 2017:   
5% 3/1/28 2,000,000 2,403,199 
5% 3/1/31 1,000,000 1,201,885 
5% 10/1/31 590,000 709,944 
5% 3/1/34 530,000 634,660 
5% 10/1/34 440,000 529,166 
5% 10/1/35 555,000 666,806 
Series 2018 A:   
5% 10/1/34 1,155,000 1,402,293 
5% 10/1/35 500,000 606,003 
5% 10/1/45 3,650,000 4,354,393 
Series 2019:   
3% 12/1/22 100,000 102,111 
3% 12/1/23 100,000 104,053 
4% 12/1/24 100,000 108,632 
4% 12/1/25 180,000 199,936 
4% 12/1/26 190,000 215,025 
4% 12/1/27 195,000 224,197 
4% 12/1/28 240,000 279,937 
4% 12/1/29 285,000 336,098 
4% 12/1/30 150,000 175,864 
4% 12/1/31 450,000 525,210 
4% 12/1/32 690,000 802,658 
4% 12/1/33 750,000 871,133 
4% 12/1/34 225,000 260,658 
4% 12/1/40 2,900,000 3,320,707 
5% 10/1/29 400,000 509,982 
5% 10/1/40 1,000,000 1,245,233 
Series 2021:   
3% 3/1/40 365,000 401,280 
3% 3/1/43 325,000 354,260 
4% 3/1/22 220,000 221,334 
4% 3/1/23 195,000 203,471 
4% 10/1/23 840,000 892,829 
4% 3/1/24 205,000 220,621 
4% 10/1/24 440,000 481,402 
4% 3/1/25 175,000 193,896 
4% 10/1/25 585,000 656,187 
4% 3/1/26 100,000 113,570 
4% 10/1/26 600,000 687,397 
4% 3/1/27 125,000 145,053 
4% 10/1/27 410,000 477,894 
4% 3/1/28 125,000 147,488 
4% 10/1/28 675,000 798,870 
4% 3/1/29 100,000 119,940 
4% 10/1/29 460,000 551,528 
4% 3/1/30 150,000 182,542 
4% 3/1/31 125,000 154,086 
4% 3/1/32 140,000 171,351 
4% 3/1/33 140,000 170,869 
4% 3/1/34 150,000 182,890 
4% 3/1/35 125,000 151,733 
4% 3/1/36 125,000 151,338 
4% 3/1/37 100,000 120,885 
4% 10/1/46 1,000,000 1,181,724 
4% 10/1/50 1,000,000 1,177,417 
Series Eight-G, 5% 12/1/31 1,000,000 1,152,538 
Series Eight-J:   
5% 3/1/26 1,015,000 1,152,311 
5% 3/1/27 500,000 566,410 
Series Eight-L:   
5% 4/1/28 920,000 1,069,501 
5% 4/1/29 1,005,000 1,165,837 
5% 4/1/35 500,000 574,890 
Minnesota Hsg. Fin. Agcy.:   
(Mtg. Backed Securities Pass Through Prog.) Series 2019 C, 3.15% 6/1/49 955,164 978,641 
(Mtg.-Backed Securities Pass-Through Prog.) Series H, 2.47% 1/1/50 2,291,642 2,326,697 
Series 2015 A:   
5% 8/1/29 1,000,000 1,113,250 
5% 8/1/30 1,000,000 1,113,250 
5% 8/1/31 1,000,000 1,112,977 
5% 8/1/32 1,000,000 1,112,432 
5% 8/1/33 1,000,000 1,111,888 
Series 2016 B, 3.5% 7/1/46 3,805,000 4,021,692 
Series 2019 B, 4.25% 7/1/49 3,765,000 4,174,852 
Series 2020 G, 3% 1/1/51 1,435,000 1,537,573 
Series 2021 D, 3% 1/1/52 1,980,000 2,135,250 
Series 2021 H, 3% 7/1/52 1,250,000 1,356,748 
Series 2021, 3% 7/1/51 3,940,000 4,241,321 
Series B:   
3.5% 7/1/50 9,480,000 10,293,453 
4% 8/1/36 2,000,000 2,401,635 
Series E, 3.5% 7/1/50 4,695,000 5,106,008 
Series I, 3% 1/1/51 4,925,000 5,291,034 
Minnesota Muni. Pwr. Agcy. Elec. Rev.:   
Series 2014 A, 5% 10/1/26 830,000 930,899 
Series 2014:   
5% 10/1/26 630,000 706,586 
5% 10/1/27 750,000 839,427 
5% 10/1/30 1,000,000 1,118,654 
Series 2016:   
4% 10/1/41 1,000,000 1,119,031 
5% 10/1/32 1,500,000 1,788,809 
5% 10/1/33 400,000 476,605 
5% 10/1/35 400,000 474,965 
5% 10/1/36 1,000,000 1,185,370 
5% 10/1/47 2,000,000 2,331,328 
Minnesota Pub. Facilities Auth. Rev. Series 2016 A:   
5% 3/1/29 5,000,000 5,887,657 
5% 3/1/30 5,150,000 6,052,695 
Minnesota State Colleges & Univs. Board of Trustees Rev. Series 2021 A, 5% 10/1/28 5,875,000 7,441,900 
Minnesota State Gen. Fdg. Rev.:   
Series 2012 B:   
5% 3/1/27 12,840,000 12,938,179 
5% 3/1/28 4,275,000 4,307,689 
Series 2014 A:   
5% 6/1/27 5,000,000 5,323,204 
5% 6/1/38 5,000,000 5,302,741 
Moorhead Edl. Facilities Rev. (The Concordia College Corp. Proj.) Series 2016, 5% 12/1/25 2,500,000 2,738,891 
Moorhead ISD No. 152 Series 2020 A, 4% 2/1/31 2,015,000 2,337,749 
North Branch Independent School District #138 Series 2017 A, 4% 2/1/29 2,015,000 2,304,071 
North St Paul Maplewood Minn I (MN SD Cr. Enhancement Prog.) Series 2019 B, 4% 2/1/32 3,120,000 3,625,303 
Northern Muni. Pwr. Agcy. Elec. Sys. Rev.:   
Series 2013 A:   
5% 1/1/23 850,000 888,993 
5% 1/1/24 650,000 679,269 
5% 1/1/25 975,000 1,018,532 
5% 1/1/31 1,740,000 1,816,266 
Series 2016:   
5% 1/1/28 500,000 580,074 
5% 1/1/29 620,000 717,442 
5% 1/1/30 520,000 600,842 
5% 1/1/31 350,000 404,264 
Series 2017:   
5% 1/1/29 460,000 546,227 
5% 1/1/31 400,000 474,290 
5% 1/1/33 475,000 562,205 
5% 1/1/35 520,000 615,187 
Ramsey County Gen. Oblig.:   
Series 2020 A, 5% 2/1/24 1,090,000 1,195,621 
Series 2021 A, 5% 2/1/30 590,000 772,935 
Robbinsdale Independent School District 281 (MN SD Cr. Enhancement Prog.) Series 2019 B:   
5% 2/1/29 1,010,000 1,243,072 
5% 2/1/30 955,000 1,168,602 
Rochester Elec. Util. Rev.:   
Series 2013 B:   
5% 12/1/26 (Pre-Refunded to 12/1/23 @ 100) 570,000 621,006 
5% 12/1/27 (Pre-Refunded to 12/1/23 @ 100) 275,000 299,608 
5% 12/1/28 (Pre-Refunded to 12/1/23 @ 100) 275,000 299,608 
5% 12/1/43 (Pre-Refunded to 12/1/23 @ 100) 1,000,000 1,089,485 
Series 2017 A:   
5% 12/1/42 1,100,000 1,293,675 
5% 12/1/47 1,000,000 1,167,248 
Rochester Health Care Facilities Rev.:   
(Olmsted Med. Ctr. Proj.) Series 2013:   
5% 7/1/22 (Escrowed to Maturity) 350,000 358,085 
5% 7/1/24 (Pre-Refunded to 7/1/23 @ 100) 300,000 320,536 
5% 7/1/27 (Pre-Refunded to 7/1/23 @ 100) 345,000 368,617 
5% 7/1/28 (Pre-Refunded to 7/1/23 @ 100) 225,000 240,402 
Series 2012, 4% 11/15/41 1,205,000 1,219,922 
Series 2016 B:   
5% 11/15/31 3,225,000 4,391,229 
5% 11/15/35 4,000,000 5,901,038 
Series 2018, 4% 11/15/48 400,000 458,569 
Roseville Independent School District Series 2021 A:   
5% 4/1/27 850,000 1,036,309 
5% 4/1/28 1,100,000 1,376,918 
Roseville Independent School District #623:   
(Minnesota Gen. Oblig.) Series 2018 A, 5% 2/1/31 5,050,000 6,057,252 
(MN School District Cr. Enhancement Prog.) Series 2018 A:   
5% 2/1/26 2,400,000 2,815,455 
5% 2/1/29 5,180,000 6,235,026 
Saint Cloud Health Care Rev.:   
Series 2014 B, 5% 5/1/22 1,950,000 1,979,904 
Series 2016 A:   
5% 5/1/29 1,125,000 1,323,224 
5% 5/1/30 1,000,000 1,174,802 
5% 5/1/31 1,000,000 1,173,871 
5% 5/1/46 5,000,000 5,800,092 
Series 2019, 5% 5/1/48 6,000,000 7,342,934 
Saint Paul Gen. Oblig. Series 2021 C, 4% 5/1/31 1,590,000 1,955,236 
Saint Paul Port Auth. District Series 2021 1:   
3% 10/1/26 100,000 109,053 
3% 10/1/34 275,000 290,872 
4% 10/1/28 500,000 573,499 
4% 10/1/41 500,000 555,510 
Saint Paul Sales Tax Rev. Series 2014 G:   
5% 11/1/26 1,000,000 1,125,323 
5% 11/1/28 1,000,000 1,122,318 
Shakopee Health Care Facilities Rev. Series 2014:   
5% 9/1/23 1,895,000 2,034,221 
5% 9/1/24 1,000,000 1,114,714 
5% 9/1/25 1,345,000 1,495,529 
5% 9/1/26 1,575,000 1,746,466 
5% 9/1/28 1,000,000 1,103,457 
5% 9/1/34 1,065,000 1,172,903 
Shakopee Sr. Hsg. Rev. Bonds Series 2018, 5.85%, tender 11/1/25 (c)(d) 3,000,000 3,216,385 
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev.:   
(Cap. Appreciation) Series 1994 A, 0% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,320,000 3,192,197 
Series 2015 A:   
5% 1/1/28 1,025,000 1,197,940 
5% 1/1/34 1,695,000 1,966,452 
5% 1/1/36 1,000,000 1,156,740 
5% 1/1/41 1,045,000 1,199,943 
Series 2019 A, 5% 1/1/34 1,230,000 1,552,929 
St. Paul Hsg. & Redev. Auth. Health Care Facilities Rev.:   
(Fairview Hsp & Hltcare Srv Sys. Proj.) Series 2017 A, 5% 11/15/47 7,395,000 8,823,136 
Series 2015 A:   
5% 7/1/29 5,000,000 5,724,957 
5% 7/1/30 5,015,000 5,736,530 
Series 2017 A:   
5% 11/15/28 460,000 560,005 
5% 11/15/30 650,000 789,409 
5% 11/15/31 845,000 1,024,802 
5% 11/15/33 3,410,000 4,128,933 
5% 11/15/34 665,000 804,045 
Univ. of Minnesota Gen. Oblig.:   
Series 2016:   
5% 4/1/37 2,125,000 2,484,505 
5% 4/1/41 6,000,000 6,995,999 
Series 2017 A:   
5% 9/1/33 5,025,000 6,176,417 
5% 9/1/37 3,880,000 4,744,734 
Series 2017 B, 5% 12/1/32 2,000,000 2,480,195 
Series 2019 A, 5% 4/1/44 5,000,000 6,243,032 
Series 2020 A:   
5% 11/1/31 1,070,000 1,417,289 
5% 11/1/33 1,015,000 1,339,254 
5% 11/1/45 6,050,000 7,798,304 
Univ. of Minnesota Spl. Purp. Rev. (State Supported Biomedical Science Research Facilities Fdg. Prog.) Series 2021 A:   
4% 8/1/24 2,370,000 2,588,119 
5% 8/1/25 1,310,000 1,518,545 
5% 8/1/26 1,815,000 2,172,127 
Virginia Independent School District #706 Series 2019 A, 5% 2/1/31 5,000,000 6,154,936 
Wayzata Sr Hsg. Rev. Series 2019:   
5% 8/1/49 500,000 534,499 
5% 8/1/54 1,000,000 1,066,417 
West Saint Paul Independent School District #197 (Minnesota School District Cr. Enhancement Prog.) Series 2018 A, 4% 2/1/41 2,400,000 2,735,410 
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev.:   
Series 2012 A:   
5% 1/1/26 5,000,000 5,228,861 
5% 1/1/27 2,150,000 2,247,531 
5% 1/1/30 1,000,000 1,045,363 
Series 2015 A, 5% 1/1/31 1,820,000 2,116,137 
Series 2018 A, 5% 1/1/49 2,000,000 2,429,305 
White Bear Lake Independent School District #624 Gen. Oblig. (MN SD Cr. Enhancement Prog.) Series 2020 A, 4% 2/1/29 3,980,000 4,693,162 
Wright County Ctfs. of Prtn. Series 2019 A:   
5% 12/1/30 1,115,000 1,428,528 
5% 12/1/31 1,000,000 1,277,245 
TOTAL MINNESOTA  678,124,455 
Puerto Rico - 0.4%   
Puerto Rico Hsg. Fin. Auth. Series 2020, 5% 12/1/27 1,225,000 1,487,055 
Puerto Rico Indl., Tourist, Edl., Med. And Envir. Cont. Facilities Fing. Auth. Series 2021:   
4% 7/1/36 105,000 121,345 
4% 7/1/41 85,000 97,286 
5% 7/1/27 325,000 389,480 
5% 7/1/30 140,000 177,094 
5% 7/1/32 340,000 435,001 
TOTAL PUERTO RICO  2,707,261 
TOTAL MUNICIPAL BONDS   
(Cost $651,148,274)  683,681,704 
Municipal Notes - 1.9%   
Minnesota - 1.9%   
Minneapolis Health Care Sys. Rev. (Fairview Health Svcs.):   
Series 2018 B, 0.12% 1/7/22, LOC JPMorgan Chase Bank, VRDN (d) 1,800,000 $1,800,000 
Series 2018 C, 0.08% 1/3/22, LOC Wells Fargo Bank NA, VRDN (d) 5,660,000 5,660,000 
Minneapolis Rev. Series 1997 B, 0.11% 1/7/22 (Liquidity Facility Wells Fargo Bank NA), VRDN (d) 5,950,000 5,950,000 
TOTAL MUNICIPAL NOTES   
(Cost $13,410,000)  13,410,000 
TOTAL INVESTMENT IN SECURITIES - 99.7%   
(Cost $664,558,274)  697,091,704 
NET OTHER ASSETS (LIABILITIES) - 0.3%  1,978,720 
NET ASSETS - 100%  $699,070,424 

Security Type Abbreviations

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

Legend

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

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

 (c) 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 $3,216,385 or 0.5% of net assets.

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

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2021, 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 Total Level 1 Level 2 Level 3 
Investments in Securities:     
Municipal Securities $697,091,704 $-- $697,091,704 $-- 
Total Investments in Securities: $697,091,704 $-- $697,091,704 $-- 

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

General Obligations 40.2% 
Health Care 21.4% 
Education 14.5% 
Electric Utilities 7.6% 
Housing 6.1% 
Transportation 6.0% 
Others* (Individually Less Than 5%) 4.2% 
 100.0% 

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  December 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $664,558,274) 		 $697,091,704 
Cash  2,489,039 
Receivable for fund shares sold  173,518 
Interest receivable  8,444,268 
Prepaid expenses  674 
Other receivables  3,092 
Total assets  708,202,295 
Liabilities   
Payable for investments purchased on a delayed delivery basis $8,130,574  
Payable for fund shares redeemed 331,947  
Distributions payable 350,329  
Accrued management fee 200,523  
Other affiliated payables 71,374  
Other payables and accrued expenses 47,124  
Total liabilities  9,131,871 
Net Assets  $699,070,424 
Net Assets consist of:   
Paid in capital  $665,892,284 
Total accumulated earnings (loss)  33,178,140 
Net Assets  $699,070,424 
Net Asset Value, offering price and redemption price per share ($699,070,424 ÷ 58,211,120 shares)  $12.01 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended December 31, 2021 
Investment Income   
Interest  $16,182,231 
Expenses   
Management fee $2,379,030  
Transfer agent fees 680,278  
Accounting fees and expenses 158,422  
Custodian fees and expenses 6,782  
Independent trustees' fees and expenses 2,040  
Registration fees 44,927  
Audit 51,580  
Legal 8,729  
Miscellaneous 3,065  
Total expenses before reductions 3,334,853  
Expense reductions (12,445)  
Total expenses after reductions  3,322,408 
Net investment income (loss)  12,859,823 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers  2,226,424 
Total net realized gain (loss)  2,226,424 
Change in net unrealized appreciation (depreciation) on investment securities  (10,574,900) 
Net gain (loss)  (8,348,476) 
Net increase (decrease) in net assets resulting from operations  $4,511,347 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended December 31, 2021 Year ended December 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $12,859,823 $13,004,357 
Net realized gain (loss) 2,226,424 1,390,520 
Change in net unrealized appreciation (depreciation) (10,574,900) 13,328,194 
Net increase (decrease) in net assets resulting from operations 4,511,347 27,723,071 
Distributions to shareholders (14,402,199) (14,422,669) 
Share transactions   
Proceeds from sales of shares 123,394,600 146,479,815 
Reinvestment of distributions 9,630,543 9,641,896 
Cost of shares redeemed (97,551,678) (89,688,575) 
Net increase (decrease) in net assets resulting from share transactions 35,473,465 66,433,136 
Total increase (decrease) in net assets 25,582,613 79,733,538 
Net Assets   
Beginning of period 673,487,811 593,754,273 
End of period $699,070,424 $673,487,811 
Other Information   
Shares   
Sold 10,200,980 12,190,115 
Issued in reinvestment of distributions 797,769 800,436 
Redeemed (8,073,881) (7,553,635) 
Net increase (decrease) 2,924,868 5,436,916 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Minnesota Municipal Income Fund

      
Years ended December 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $12.18 $11.91 $11.41 $11.64 $11.42 
Income from Investment Operations      
Net investment income (loss)A .227 .251 .280 .282 .285 
Net realized and unrealized gain (loss) (.143) .296 .525 (.211) .229 
Total from investment operations .084 .547 .805 .071 .514 
Distributions from net investment income (.222) (.251) (.280) (.282) (.285) 
Distributions from net realized gain (.032) (.026) (.025) (.019) (.009) 
Total distributions (.254) (.277) (.305) (.301) (.294) 
Net asset value, end of period $12.01 $12.18 $11.91 $11.41 $11.64 
Total ReturnB .70% 4.65% 7.12% .65% 4.55% 
Ratios to Average Net AssetsC      
Expenses before reductions .49% .49% .49% .50% .49% 
Expenses net of fee waivers, if any .49% .49% .49% .50% .49% 
Expenses net of all reductions .48% .49% .49% .49% .49% 
Net investment income (loss) 1.88% 2.09% 2.38% 2.48% 2.46% 
Supplemental Data      
Net assets, end of period (000 omitted) $699,070 $673,488 $593,754 $523,096 $549,919 
Portfolio turnover rate 7% 9% 9% 14% 11% 

 A Calculated based on average shares outstanding during the period.

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

 C 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.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended December 31, 2021

1. Organization.

Fidelity Minnesota Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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 may be affected by economic and political developments in the state of Minnesota.

2. 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

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, 2021 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. 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.

Expenses. 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, 2021, 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 determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to market discount, and losses deferred due to wash sales and excise tax regulations.

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 $33,375,755 
Gross unrealized depreciation (842,326) 
Net unrealized appreciation (depreciation) $32,533,429 
Tax Cost $664,558,275 

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

Undistributed tax-exempt income $404,197 
Undistributed long-term capital gain $240,515 
Net unrealized appreciation (depreciation) on securities and other investments $32,533,429 

The tax character of distributions paid was as follows:

 December 31, 2021 December 31, 2020 
Tax-exempt Income 12,553,166 13,004,290 
Long-term Capital Gains 1,849,033 1,418,379 
Total $14,402,199 $ 14,422,669 

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.

3. 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 Minnesota Municipal Income Fund 90,781,589 46,896,233 

4. 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.

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 account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to an annual rate of .10% of average net assets.

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 Minnesota 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 Minnesota Municipal Income Fund – 500,000 – 

5. 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 Minnesota Municipal Income Fund $1,233 

6. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $6,294.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $6,151.

7. 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.

8. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Municipal Trust and Shareholders of Fidelity Minnesota 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 Minnesota Municipal Income Fund (one of the funds constituting Fidelity Municipal Trust, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 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, 2021 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 15, 2022



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

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 286 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.

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. Arthur E. Johnson 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

Chairman of the Independent Trustees

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 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

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. 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 in 1983 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.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

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).

 + 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. 

Advisory Board Members and Officers:

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

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).

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 Vice President, Associate General Counsel (2010-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).

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), and FD Funds Management LLC (2021-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.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

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, 2021 to December 31, 2021).

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, 2021 		Ending
Account Value
December 31, 2021 		Expenses Paid
During Period-B
July 1, 2021
to December 31, 2021 
Fidelity Minnesota Municipal Income Fund .48%    
Actual  $1,000.00 $1,002.30 $2.42 
Hypothetical-C  $1,000.00 $1,022.79 $2.45 

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

 B 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.

 C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Minnesota Municipal Income Fund voted to pay on February 7th, 2022, to shareholders of record at the opening of business on February 4th, 2022, a distribution of $0.005 per share derived from capital gains realized from sales of portfolio securities.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2021, $2,212,721, or, if subsequently determined to be different, the net capital gain of such year.

During fiscal year ended 2021, 100% of the fund's income dividends was free from federal income tax, and 1.64% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Minnesota 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 of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. 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 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 2021 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 total expense ratio; (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 during 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, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated 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 and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) 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.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

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 reviews 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 fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

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 "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for 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 2020.

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 fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping 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 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 fund relative to a subset of non-Fidelity funds within the similar sales load structure group. 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 fund's total expense ratio ranked below the similar sales load structure group competitive median for 2020 and below the ASPG competitive median for 2020.

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 fund's total expense ratio 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 fee, 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 continued waiver of money market fund fees; (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 of certain funds and classes, total expense competitive trends and methodologies for total expense 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.





Fidelity Investments

MNF-ANN-0322
1.539899.124

Item 2.

Code of Ethics


As of the end of the period, December 31, 2021, Fidelity Municipal Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR.  Ms. Acton is independent for purposes of Item 3 of Form N-CSR.  



Item 4.  

Principal Accountant Fees and Services


Fees and Services


The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Conservative Income Municipal Bond Fund, Fidelity Flex Conservative Income Municipal Bond Fund, Fidelity Flex Municipal Income Fund, Fidelity Limited Term Municipal Income Fund, Fidelity Michigan Municipal Income Fund, Fidelity Minnesota Municipal Income Fund, Fidelity Municipal Income Fund, Fidelity Ohio Municipal Income Fund and Fidelity Pennsylvania Municipal Income Fund (the “Funds”):


Services Billed by PwC


December 31, 2021 FeesA

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Conservative Income Municipal Bond Fund

$42,500

$3,800

$5,100

$1,600

Fidelity Flex Conservative Income Municipal Bond Fund

$44,100

$3,900

$5,100

$1,700

Fidelity Flex Municipal Income Fund

$44,100

$3,900

$5,100

$1,700

Fidelity Limited Term Municipal Income Fund

$49,600

$4,300

$5,100

$1,900

Fidelity Michigan Municipal Income Fund

$40,400

$3,600

$5,100

$1,600

Fidelity Minnesota Municipal Income Fund

$40,400

$3,600

$5,100

$1,600

Fidelity Municipal Income Fund

$50,800

$4,400

$5,100

$1,900

Fidelity Ohio Municipal Income Fund

$40,400

$3,600

$5,100

$1,600

Fidelity Pennsylvania Municipal Income Fund

$40,400

$3,600

$5,100

$1,600


December 31, 2020 FeesA

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Conservative Income Municipal Bond Fund

$43,100

$3,600

$5,100

$2,000

Fidelity Flex Conservative Income Municipal Bond Fund

$44,600

$3,800

$5,100

$2,100

Fidelity Flex Municipal Income Fund

$44,600

$3,800

$5,100

$2,100

Fidelity Limited Term Municipal Income Fund

$50,200

$4,200

$5,100

$2,300

Fidelity Michigan Municipal Income Fund

$40,900

$3,500

$5,100

$1,900

Fidelity Minnesota Municipal Income Fund

$40,900

$3,500

$5,100

$1,900

Fidelity Municipal Income Fund

$51,400

$4,300

$5,100

$2,300

Fidelity Ohio Municipal Income Fund

$40,900

$3,500

$5,100

$1,900

Fidelity Pennsylvania Municipal Income Fund

$40,900

$3,500

$5,100

$1,900



A Amounts may reflect rounding.


The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):


Services Billed by PwC




December 31, 2021A

December 31, 2020A

Audit-Related Fees

$8,522,600

$9,377,400

Tax Fees

$354,200

$30,000

All Other Fees

$-

$-


A Amounts may reflect rounding.


“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.


“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.


“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.  


Assurance services must be performed by an independent public accountant.


* * *


The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:


Billed By

December 31, 2021A

December 31, 2020A

PwC

$14,215,300

$14,640,300



A Amounts may reflect rounding.


The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.


Audit Committee Pre-Approval Policies and Procedures

 

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit



services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.


The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.


All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.


Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.


Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)


There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).



Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable.


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.




Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.


Item 13.

Exhibits


(a)

(1)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Municipal Trust



By:

/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer


Date:

February 18, 2022


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer


Date:

February 18, 2022



By:

/s/John J. Burke III

John J. Burke III

Chief Financial Officer


Date:

February 18, 2022