NPORT-EX 2 QTLY_182_20200331.htm

Quarterly Holdings Report
for

Fidelity® Minnesota Municipal Income Fund

March 31, 2020







MNF-QTLY-0520
1.814649.115





Schedule of Investments March 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.7%   
 Principal Amount Value 
Guam - 0.5%   
Guam Int'l. Arpt. Auth. Rev.:   
Series 2013 C, 6.25% 10/1/34 (a) $850,000 $893,954 
Series 2019 A, 5% 10/1/23 (a) 825,000 842,540 
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/21 (FSA Insured) 1,100,000 1,116,225 
TOTAL GUAM  2,852,719 
Minnesota - 98.2%   
Anoka-Hennepin Independent School District 11 Series 2014 A:   
5% 2/1/23 805,000 885,041 
5% 2/1/24 1,110,000 1,256,154 
5% 2/1/25 1,015,000 1,145,407 
5% 2/1/26 1,220,000 1,378,685 
5% 2/1/27 1,285,000 1,450,611 
5% 2/1/28 1,345,000 1,517,268 
5% 2/1/29 1,415,000 1,594,549 
5% 2/1/34 1,800,000 2,020,554 
Chaska Elec. Rev. Series 2015 A:   
5% 10/1/26 1,000,000 1,181,890 
5% 10/1/27 1,665,000 1,957,274 
5% 10/1/29 785,000 917,853 
Chaska Independent School District #112 Gen. Oblig. (Minnesota School District Cr. Enhancement Prog.) Series 2016 A:   
5% 2/1/30 1,400,000 1,660,666 
5% 2/1/31 3,600,000 4,248,324 
City of Virginia Series 2020 A:   
4% 2/1/37 (FSA Insured) 1,000,000 1,123,970 
4% 2/1/39 (FSA Insured) 1,000,000 1,117,310 
Cloquet Independent School District #94 Series 2015 B:   
5% 2/1/28 3,030,000 3,546,130 
5% 2/1/31 1,245,000 1,450,089 
Ctr. City Health Care Facilities (Hazelden Betty Ford Foundation Proj.) Series 2014:   
5% 11/1/23 775,000 855,523 
5% 11/1/25 250,000 281,270 
5% 11/1/26 500,000 561,255 
5% 11/1/27 420,000 470,358 
Dawson-Boyd Independent School District Series 2019 A:   
4% 2/1/33 1,140,000 1,317,817 
4% 2/1/36 1,360,000 1,556,697 
4% 2/1/37 1,200,000 1,370,028 
Dilworth-Glyndon-Felton ISD No. 2164 Series 2020 A, 4% 2/1/34 1,000,000 1,121,810 
Duluth Econ. Dev. Auth. Health Care Facilities Rev. Series 2018 A:   
5% 2/15/43 1,500,000 1,731,435 
5% 2/15/48 3,000,000 3,447,030 
5% 2/15/58 3,125,000 3,522,250 
Duluth Gen. Oblig. Series 2016 A:   
5% 2/1/30 1,235,000 1,464,191 
5% 2/1/31 1,495,000 1,767,882 
5% 2/1/32 2,130,000 2,514,891 
Duluth Independent School District #709 Ctfs. of Prtn. Series 2019 B:   
5% 2/1/21 300,000 308,780 
5% 2/1/22 320,000 340,323 
5% 2/1/23 380,000 416,450 
5% 2/1/24 400,000 451,232 
5% 2/1/25 375,000 434,494 
5% 2/1/26 395,000 468,304 
5% 2/1/27 370,000 447,508 
5% 2/1/28 350,000 431,729 
Elk River Independent School District #728:   
Series 2019 A, 3% 2/1/33 2,925,000 3,087,689 
Series 2020 A, 4% 2/1/31 2,120,000 2,496,194 
Forest Lake Series 2019 A, 4% 2/1/31 1,790,000 2,122,743 
Hennepin County Gen. Oblig.:   
Series 2016 A:   
5% 12/1/39 5,250,000 6,290,130 
5% 12/1/40 7,200,000 8,611,488 
Series 2016 B, 5% 12/1/31 1,135,000 1,384,541 
Series 2019 B, 5% 12/15/39 3,725,000 4,686,572 
Jordan Ind. School District:   
Series 2014 A:   
5% 2/1/28 960,000 1,057,421 
5% 2/1/29 (Pre-Refunded to 2/1/29 @ 100) 1,000,000 1,099,250 
5% 2/1/30 (Pre-Refunded to 2/1/30 @ 100) 1,245,000 1,368,566 
Series A, 5% 2/1/28 (Pre-Refunded to 2/1/28 @ 100) 40,000 43,970 
Maple Grove Health Care Sys. Rev.:   
Series 2015:   
4% 9/1/35 1,250,000 1,345,963 
5% 9/1/25 215,000 251,862 
5% 9/1/28 695,000 808,619 
5% 9/1/30 1,500,000 1,738,005 
5% 9/1/31 1,300,000 1,501,747 
5% 9/1/32 1,000,000 1,152,220 
Series 2017:   
5% 5/1/26 1,355,000 1,609,930 
5% 5/1/27 1,400,000 1,698,284 
5% 5/1/28 2,915,000 3,510,913 
5% 5/1/29 1,000,000 1,201,120 
5% 5/1/30 850,000 1,018,453 
5% 5/1/31 510,000 608,588 
5% 5/1/32 500,000 594,685 
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev.:   
(Allina Health Sys. Proj.) Series 2017 A:   
5% 11/15/27 1,250,000 1,538,388 
5% 11/15/28 2,730,000 3,351,157 
5% 11/15/29 1,040,000 1,273,355 
(Children's Health Care Proj.):   
Series 1995 B, 5% 8/15/25 (Pre-Refunded to 8/15/20 @ 100) 3,000,000 3,042,630 
Series 2010 A, 5.25% 8/15/25 (Pre-Refunded to 8/15/20 @ 100) 1,000,000 1,015,510 
(Children's Hospitals and Clinics Proj.) Series 2004 A1, 5% 8/15/34 (Pre-Refunded to 8/15/20 @ 100) 500,000 507,105 
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.:   
Series 2012 B:   
5% 1/1/26 1,250,000 1,318,400 
5% 1/1/27 1,500,000 1,582,080 
Series 2014 A:   
5% 1/1/26 3,015,000 3,358,167 
5% 1/1/28 4,000,000 4,447,600 
5% 1/1/29 2,150,000 2,390,585 
5% 1/1/30 2,000,000 2,223,800 
5% 1/1/31 6,020,000 6,691,290 
Series 2016 A:   
5% 1/1/30 4,000,000 4,781,160 
5% 1/1/31 2,350,000 2,804,702 
5% 1/1/32 2,900,000 3,453,465 
Series 2016 C, 5% 1/1/46 4,770,000 5,528,573 
Series 2016 D:   
5% 1/1/23 (a) 670,000 723,808 
5% 1/1/27 (a) 350,000 408,468 
5% 1/1/28 (a) 430,000 500,193 
5% 1/1/29 (a) 225,000 261,221 
5% 1/1/30 (a) 475,000 551,114 
5% 1/1/31 (a) 200,000 231,700 
5% 1/1/32 (a) 200,000 231,190 
5% 1/1/33 (a) 220,000 253,825 
5% 1/1/34 (a) 225,000 259,164 
5% 1/1/35 (a) 225,000 258,455 
5% 1/1/36 (a) 220,000 251,720 
5% 1/1/37 (a) 250,000 285,403 
5% 1/1/41 (a) 725,000 822,418 
Minneapolis Health Care Sys. Rev.:   
Series 2015 A:   
5% 11/15/27 (FSA Insured) 850,000 1,011,611 
5% 11/15/28 1,380,000 1,638,929 
5% 11/15/29 1,000,000 1,185,150 
5% 11/15/30 1,000,000 1,182,510 
5% 11/15/31 3,665,000 4,325,323 
5% 11/15/32 2,200,000 2,592,106 
Series 2018 A:   
5% 11/15/35 2,500,000 3,080,900 
5% 11/15/36 2,500,000 3,067,575 
Minneapolis Spl. School District:   
(Minnesota School District Cr. Enhancement Prog.):   
Series 2019 A, 5% 2/1/32 1,125,000 1,440,045 
Series 2019 B, 5% 2/1/32 1,815,000 2,323,273 
(MN SD Cr. Enhancement Prog.):   
Series 2017 B, 5% 2/1/29 2,590,000 3,275,987 
Series 2018 A, 5% 2/1/33 1,000,000 1,249,210 
Series 2018 B, 5% 2/1/33 3,190,000 3,984,980 
Series 2017 A, 4% 2/1/33 1,415,000 1,642,419 
Series 2017 B:   
4% 2/1/33 2,595,000 3,012,068 
4% 2/1/34 2,595,000 2,993,774 
Minneapolis Spl. School District #1 Ctfs. of Prtn. Series 2016 C, 5% 2/1/31 1,915,000 2,346,947 
Minnesota Ctfs. Prtn. (Minnesota Gen. Oblig. Proj.) Series 2014, 5% 6/1/39 2,445,000 2,730,405 
Minnesota Gen. Oblig.:   
Series 2010 D:   
5% 8/1/21 (Pre-Refunded to 8/1/20 @ 100) 15,000 15,193 
5% 8/1/22 (Pre-Refunded to 8/1/20 @ 100) 70,000 70,902 
5% 8/1/23 (Pre-Refunded to 8/1/20 @ 100) 145,000 146,868 
Series 2011 B:   
5% 10/1/24 2,500,000 2,643,025 
5% 10/1/30 3,000,000 3,163,800 
Series 2015 A, 5% 8/1/33 1,900,000 2,252,146 
Series 2017 A:   
5% 10/1/31 5,000,000 6,262,000 
5% 10/1/33 3,335,000 4,158,045 
Series 2018 B, 4% 8/1/35 5,270,000 6,126,902 
Series 2019 A, 5% 8/1/35 5,000,000 6,462,000 
Minnesota Higher Ed. Facilities Auth. Rev.:   
(Macalester College, MN Proj.) Series 2017:   
5% 3/1/28 400,000 491,808 
5% 3/1/30 500,000 612,740 
(Univ. of St Thomas) Series 2017 A:   
5% 10/1/27 500,000 599,780 
5% 10/1/28 735,000 876,561 
5% 10/1/29 750,000 889,178 
5% 10/1/30 655,000 774,387 
Series 2016 A, 5% 5/1/46 3,610,000 3,433,471 
Series 2017 A, 4% 10/1/35 800,000 867,912 
Series 2017:   
5% 3/1/28 2,000,000 2,469,400 
5% 3/1/31 1,000,000 1,226,420 
5% 10/1/31 590,000 693,498 
5% 3/1/34 530,000 644,263 
5% 10/1/34 440,000 508,548 
5% 10/1/35 555,000 639,499 
Series 2018 A:   
5% 10/1/34 1,140,000 1,261,969 
5% 10/1/45 3,650,000 3,934,956 
Series 2019:   
3% 12/1/21 75,000 76,791 
3% 12/1/22 100,000 100,081 
3% 12/1/23 100,000 99,858 
4% 12/1/24 100,000 103,870 
4% 12/1/25 180,000 186,997 
4% 12/1/26 190,000 197,566 
4% 12/1/27 195,000 202,636 
4% 12/1/28 240,000 249,494 
4% 12/1/29 285,000 297,338 
4% 12/1/30 150,000 155,307 
4% 12/1/31 450,000 463,356 
4% 12/1/32 290,000 296,400 
4% 12/1/33 250,000 253,530 
4% 12/1/34 225,000 227,156 
4% 12/1/40 950,000 941,070 
5% 10/1/29 400,000 491,980 
5% 10/1/40 1,000,000 1,167,600 
Series Eight-G, 5% 12/1/31 1,000,000 1,178,480 
Series Eight-J:   
5% 3/1/26 1,015,000 1,183,317 
5% 3/1/27 500,000 583,945 
Series Eight-L:   
5% 4/1/28 920,000 1,068,120 
5% 4/1/29 1,005,000 1,163,991 
5% 4/1/35 500,000 571,730 
Minnesota Hsg. Fin. Agcy.:   
(Mtg. Backed Securities Pass Through Prog.) Series 2019 C, 3.15% 6/1/49 1,928,845 2,004,995 
(Mtg.-Backed Securities Pass-Through Prog.) Series H, 2.47% 1/1/50 4,025,623 4,090,435 
Series 2015 A:   
5% 8/1/29 1,000,000 1,145,580 
5% 8/1/30 1,000,000 1,146,490 
5% 8/1/31 1,000,000 1,144,680 
5% 8/1/32 1,000,000 1,143,780 
5% 8/1/33 1,000,000 1,142,420 
Series 2019 B, 4.25% 7/1/49 4,795,000 5,232,640 
Series B, 3.5% 7/1/50 10,680,000 11,259,390 
Minnesota Muni. Pwr. Agcy. Elec. Rev.:   
Series 2014 A, 5% 10/1/26 830,000 956,359 
Series 2014:   
5% 10/1/26 630,000 725,911 
5% 10/1/27 750,000 861,360 
5% 10/1/30 1,000,000 1,144,740 
Series 2016:   
4% 10/1/41 1,000,000 1,092,470 
5% 10/1/32 1,500,000 1,783,755 
5% 10/1/33 400,000 475,396 
5% 10/1/35 400,000 473,520 
5% 10/1/36 1,000,000 1,181,790 
5% 10/1/47 2,000,000 2,327,820 
Minnesota Pub. Facilities Auth. Rev. Series 2016 A:   
5% 3/1/29 5,000,000 5,967,650 
5% 3/1/30 5,150,000 6,127,470 
Minnesota State Colleges & Univs. Board of Trustees Rev. Series 2011 A, 5% 10/1/30 1,495,000 1,576,627 
Minnesota State Gen. Fdg. Rev.:   
Series 2012 B:   
5% 3/1/27 12,840,000 13,700,152 
5% 3/1/28 4,275,000 4,558,048 
Series 2014 A:   
5% 6/1/27 5,000,000 5,548,000 
5% 6/1/38 5,000,000 5,455,400 
Moorhead Edl. Facilities Rev. (The Concordia College Corp. Proj.) Series 2016, 5% 12/1/25 2,500,000 2,676,350 
Moorhead ISD No. 152 Series 2020 A, 4% 2/1/31 2,015,000 2,362,829 
Mounds View Independent School District #621 Series 2018 A, 5% 2/1/29 6,840,000 8,421,271 
North Branch Independent School District #138 Series 2017 A, 4% 2/1/29 2,015,000 2,324,645 
North St Paul Maplewood Minn I (MN SD Cr. Enhancement Prog.) Series 2019 B, 4% 2/1/32 3,120,000 3,614,645 
Northern Muni. Pwr. Agcy. Elec. Sys. Rev.:   
Series 2013 A:   
5% 1/1/23 850,000 934,575 
5% 1/1/24 650,000 712,082 
5% 1/1/25 975,000 1,067,021 
5% 1/1/31 1,740,000 1,890,458 
Series 2016:   
5% 1/1/28 500,000 588,010 
5% 1/1/29 620,000 726,541 
5% 1/1/30 520,000 606,268 
5% 1/1/31 350,000 406,207 
Series 2017:   
5% 1/1/29 460,000 556,996 
5% 1/1/31 400,000 480,480 
5% 1/1/33 475,000 565,231 
5% 1/1/35 520,000 616,054 
Robbinsdale Independent School District 281 (MN SD Cr. Enhancement Prog.) Series 2019 B:   
5% 2/1/29 1,010,000 1,258,864 
5% 2/1/30 955,000 1,185,518 
Rochester Elec. Util. Rev.:   
Series 2013 B:   
5% 12/1/26 570,000 642,145 
5% 12/1/27 275,000 309,386 
5% 12/1/28 275,000 309,073 
5% 12/1/43 1,000,000 1,116,320 
Series 2017 A:   
5% 12/1/42 1,100,000 1,291,532 
5% 12/1/47 1,000,000 1,170,070 
Rochester Health Care Facilities Rev.:   
(Mayo Clinic Proj.) Series 2008 E, 5% 11/15/38 4,000,000 4,014,040 
(Olmsted Med. Ctr. Proj.) Series 2013:   
5% 7/1/21 790,000 825,424 
5% 7/1/22 350,000 377,766 
5% 7/1/24 300,000 332,328 
5% 7/1/27 345,000 379,324 
5% 7/1/28 225,000 246,724 
5% 7/1/33 1,225,000 1,318,860 
Bonds (Mayo Foundation Proj.) Series C, 4.5%, tender 11/15/21 (b) 1,100,000 1,144,297 
Series 2012, 4% 11/15/41 1,205,000 1,259,984 
Series 2016 B:   
5% 11/15/31 3,225,000 4,342,301 
5% 11/15/35 4,000,000 5,632,120 
4% 11/15/48 400,000 449,308 
Roseville Independent School District #623:   
(Minnesota Gen. Oblig.) Series 2018 A, 5% 2/1/31 5,000,000 6,059,150 
(MN School District Cr. Enhancement Prog.) Series 2018 A:   
5% 2/1/26 2,400,000 2,864,544 
5% 2/1/29 5,180,000 6,309,706 
Saint Cloud Health Care Rev.:   
Series 2014 B, 5% 5/1/22 1,950,000 2,097,030 
Series 2016 A:   
5% 5/1/29 1,000,000 1,187,600 
5% 5/1/30 1,000,000 1,183,790 
5% 5/1/31 1,000,000 1,179,570 
5% 5/1/46 5,000,000 5,650,050 
Series 2019, 5% 5/1/48 6,000,000 7,018,320 
5.125% 5/1/30 310,000 310,893 
Saint Paul Hsg. & Redev. Auth. Hosp. Rev. (HealthEast Care Sys. Proj.) Series 2015 A:   
5% 11/15/27 (Pre-Refunded to 11/15/25 @ 100) 2,515,000 3,023,709 
5% 11/15/30 (Pre-Refunded to 11/15/25 @ 100) 1,585,000 1,905,598 
Saint Paul Sales Tax Rev. Series 2014 G:   
5% 11/1/26 1,000,000 1,156,780 
5% 11/1/28 1,000,000 1,151,510 
Shakopee Health Care Facilities Rev. Series 2014:   
5% 9/1/23 1,895,000 2,101,062 
5% 9/1/24 1,000,000 1,136,740 
5% 9/1/25 1,345,000 1,529,023 
5% 9/1/26 1,575,000 1,785,830 
5% 9/1/28 1,000,000 1,131,300 
5% 9/1/34 1,065,000 1,183,716 
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev.:   
(Cap. Appreciation) Series 1994 A:   
0% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 14,670,000 14,532,944 
0% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,165,000 2,880,530 
Series 2015 A:   
5% 1/1/28 1,000,000 1,182,010 
5% 1/1/34 1,695,000 1,974,200 
5% 1/1/36 1,000,000 1,160,000 
5% 1/1/41 1,000,000 1,149,460 
Series 2019 A, 5% 1/1/34 1,230,000 1,566,934 
St. Paul Hsg. & Redev. Auth. Health Care Facilities Rev.:   
(Fairview Hsp & Hltcare Srv Sys. Proj.) 5% 11/15/47 7,350,000 8,674,617 
Series 2015 A:   
5% 7/1/29 5,000,000 5,810,600 
5% 7/1/30 5,000,000 5,788,450 
Series 2017 A:   
5% 11/15/30 650,000 797,901 
5% 11/15/31 845,000 1,034,610 
5% 11/15/33 800,000 976,928 
5% 11/15/34 665,000 808,600 
Univ. of Minnesota Gen. Oblig.:   
Series 2016:   
5% 4/1/37 2,125,000 2,540,098 
5% 4/1/41 6,000,000 7,126,680 
Series 2017 A:   
5% 9/1/33 5,025,000 6,205,724 
5% 9/1/37 3,880,000 4,737,519 
Series 2017 B, 5% 12/1/32 2,000,000 2,489,320 
Series 2019 A, 5% 4/1/44 5,000,000 6,229,800 
Univ. of Minnesota Spl. Purp. Rev.:   
(Biomedical Science Research Facilities Fdg. Prog.) Series 2013 C, 5% 8/1/38 5,275,000 5,846,072 
(State Supported Biomedical Science Research Facilities Fdg. Prog.) Series 2011 B, 5% 8/1/25 2,095,000 2,198,598 
Virginia Independent School District #706 Series 2019 A, 5% 2/1/31 5,000,000 6,245,750 
Wayzata Sr Hsg. Rev. Series 2019:   
5% 8/1/49 500,000 500,505 
5% 8/1/54 1,000,000 987,000 
West Saint Paul Independent School District #197 (Minnesota School District Cr. Enhancement Prog.) Series 2018 A, 4% 2/1/41 2,400,000 2,717,712 
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev.:   
Series 2012 A:   
5% 1/1/26 5,000,000 5,491,800 
5% 1/1/27 2,150,000 2,358,400 
5% 1/1/30 1,000,000 1,092,110 
Series 2014 A:   
5% 1/1/31 (Pre-Refunded to 1/1/24 @ 100) 1,750,000 1,990,853 
5% 1/1/35 (Pre-Refunded to 1/1/24 @ 100) 1,595,000 1,814,520 
5% 1/1/40 (Pre-Refunded to 1/1/24 @ 100) 1,500,000 1,706,445 
Series 2015 A, 5% 1/1/31 1,820,000 2,151,258 
Series 2018 A, 5% 1/1/49 2,000,000 2,418,940 
White Bear Lake Independent School District #624 Gen. Oblig. (MN SD Cr. Enhancement Prog.) Series 2020 A, 4% 2/1/29 3,980,000 4,714,230 
White Bear Lake Minn Rev. (YMCA of Greater Twin Cities Proj.) Series 2018:   
5% 6/1/28 1,000,000 1,237,300 
5% 6/1/30 500,000 614,160 
5% 6/1/31 700,000 857,122 
5% 6/1/33 1,000,000 1,218,770 
Wright County Ctfs. of Prtn. Series 2019 A:   
5% 12/1/30 1,000,000 1,292,560 
5% 12/1/31 1,000,000 1,288,540 
TOTAL MINNESOTA  577,735,143 
TOTAL MUNICIPAL BONDS   
(Cost $556,102,990)  580,587,862 
Municipal Notes - 0.7%   
Minnesota - 0.7%   
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (Allina Health Sys. Proj.) Series 2009 B2, 0.75% 4/1/20, LOC JPMorgan Chase Bank, VRDN (b)   
(Cost $3,900,000) 3,900,000 3,900,000 
TOTAL INVESTMENT IN SECURITIES - 99.4%   
(Cost $560,002,990)  584,487,862 
NET OTHER ASSETS (LIABILITIES) - 0.6%  3,457,499 
NET ASSETS - 100%  $587,945,361 

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

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, 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: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

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