Quarterly Holdings Report
for
Fidelity Flex® Funds
Fidelity Flex® Conservative Income Municipal Bond Fund
March 31, 2021
Schedule of Investments March 31, 2021 (Unaudited)
Showing Percentage of Net Assets
| Municipal Bonds - 77.6% | |||
| Principal Amount | Value | ||
| Alabama - 0.6% | |||
| Black Belt Energy Gas District Bonds: | |||
| Series 2016 A, 4%, tender 4/19/21 (a) | $300,000 | $301,731 | |
| Series 2017 A, 4%, tender 7/1/22 (a) | 225,000 | 234,280 | |
| TOTAL ALABAMA | 536,011 | ||
| Arizona - 1.3% | |||
| Chandler Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Intel Corp. Proj.) Series 2019, 5%, tender 6/3/24 (a)(b) | 100,000 | 113,534 | |
| Glendale Trans. Excise Tax Rev. Series 2015, 5% 7/1/21 (FSA Insured) | 150,000 | 151,733 | |
| Maricopa County Indl. Dev. Auth. Series 2019 A, 5% 9/1/21 | 195,000 | 198,663 | |
| Maricopa County Rev.: | |||
| Bonds Series 2019 B, SIFMA Municipal Swap Index + 0.380% 0.43%, tender 10/18/22 (a)(c) | 190,000 | 189,690 | |
| Series 2016 A: | |||
| 5% 1/1/22 | 100,000 | 103,527 | |
| 5% 1/1/23 | 100,000 | 108,218 | |
| Phoenix Civic Impt. Board Arpt. Rev.: | |||
| Series 2013, 5% 7/1/22 (b) | 150,000 | 158,537 | |
| Series 2017 A, 5% 7/1/21 (b) | 100,000 | 101,106 | |
| Pima County Swr. Sys. Rev. Series 2012 A, 5% 7/1/21 | 100,000 | 101,170 | |
| TOTAL ARIZONA | 1,226,178 | ||
| California - 5.1% | |||
| California Dept. of Wtr. Resources Pwr. Supply Rev. Series 2011 N, 5% 5/1/21 | 100,000 | 100,357 | |
| California Gen. Oblig. Series 2015, 5% 8/1/21 | 100,000 | 101,585 | |
| California Health Facilities Fing. Auth. Rev.: | |||
| Series 2011 D, 5% 8/15/21 (Escrowed to Maturity) | 100,000 | 101,765 | |
| Series 2011, 5% 8/15/21 | 100,000 | 101,776 | |
| Series 2013 A, 5% 7/1/22 | 180,000 | 190,778 | |
| Series 2015, 5% 11/15/22 | 150,000 | 161,778 | |
| Series 2016 A: | |||
| 4% 3/1/23 | 115,000 | 123,079 | |
| 5% 8/15/21 | 140,000 | 142,393 | |
| 5% 8/15/21 | 150,000 | 152,664 | |
| Series B, 4% 8/15/21 | 100,000 | 101,411 | |
| California Infrastructure and Econ. Dev. Bank Rev. Bonds: | |||
| Series 2018 C, 1 month U.S. LIBOR + 0.380% 0.455%, tender 4/1/21 (a)(c) | 345,000 | 344,982 | |
| Series 2018 D, 1 month U.S. LIBOR + 0.380% 0.456%, tender 4/7/21 (a)(c) | 100,000 | 99,995 | |
| California State Univ. Rev. Series 2011 A, 5% 11/1/22 (Pre-Refunded to 11/1/21 @ 100) | 115,000 | 118,216 | |
| California Statewide Cmntys. Dev. Auth. Rev. Series 2018 A, 5% 3/1/23 | 110,000 | 119,816 | |
| Los Angeles Dept. Arpt. Rev.: | |||
| Series 2015 C, 5% 5/15/21 (Escrowed to Maturity) | 200,000 | 201,086 | |
| Series 2015, 5% 5/15/23 (b) | 100,000 | 109,840 | |
| Series 2016 B, 5% 5/15/22 (b) | 100,000 | 105,232 | |
| Series 2019 E, 4% 5/15/23 | 125,000 | 135,059 | |
| Series A: | |||
| 5% 5/15/21 (b) | 240,000 | 241,262 | |
| 5% 5/15/23 (b) | 140,000 | 153,620 | |
| Series B, 5% 5/15/21 | 125,000 | 125,679 | |
| Series E, 4% 5/15/21 | 100,000 | 100,433 | |
| Los Angeles Dept. of Wtr. & Pwr. Rev.: | |||
| Series 2011 A: | |||
| 4.5% 7/1/21 | 150,000 | 151,580 | |
| 5% 7/1/21 | 100,000 | 101,172 | |
| Series 2011, 5% 7/1/22 | 125,000 | 126,456 | |
| Los Angeles Unified School District Series 2016 A, 4% 7/1/21 | 100,000 | 100,929 | |
| Northern California Pwr. Agcy. Rev. Series 2019 A, 5% 8/1/23 | 100,000 | 110,264 | |
| Port of Oakland Rev. Series 2012 P, 5% 5/1/21 (b) | 175,000 | 175,559 | |
| San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Series 2013 B: | |||
| 5% 7/1/21 (b) | 100,000 | 101,131 | |
| 5% 7/1/22 (b) | 150,000 | 158,730 | |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: | |||
| Series 2011 B, 5.5% 5/1/21 (Escrowed to Maturity) | 225,000 | 225,859 | |
| Series 2011 F, 5% 5/1/23 (Pre-Refunded to 5/1/21 @ 100) (b) | 100,000 | 100,346 | |
| Series 2016 D, 5% 5/1/24 | 100,000 | 114,287 | |
| Series 2018 A, 5% 5/1/21 (Escrowed to Maturity) (b) | 175,000 | 175,592 | |
| San Jose Int. Arpt. Rev.: | |||
| Series 2014 A, 5% 3/1/23 (b) | 100,000 | 108,984 | |
| Series 2017 A, 5% 3/1/23 (b) | 100,000 | 108,984 | |
| TOTAL CALIFORNIA | 4,992,679 | ||
| Colorado - 1.1% | |||
| Colorado Health Facilities Auth. Series 2019 A: | |||
| 5% 1/1/22 | 320,000 | 331,359 | |
| 5% 1/1/23 | 165,000 | 178,650 | |
| Colorado Health Facilities Auth. Rev. Series 2014 E, 5% 11/15/24 | 100,000 | 114,313 | |
| Colorado Univ. Co. Hosp. Auth. Rev. Series 2012 A, 4% 11/15/21 | 100,000 | 102,313 | |
| Denver City & County Arpt. Rev.: | |||
| Series 2012 B, 5% 11/15/22 | 215,000 | 231,228 | |
| Series 2020 B1: | |||
| 5% 11/15/21 (b) | 55,000 | 56,573 | |
| 5% 11/15/22 (b) | 55,000 | 59,105 | |
| TOTAL COLORADO | 1,073,541 | ||
| Connecticut - 4.3% | |||
| Connecticut Gen. Oblig.: | |||
| Series 2012 C, 5% 6/1/21 | 175,000 | 176,322 | |
| Series 2012 E, 5% 9/15/22 | 210,000 | 224,595 | |
| Series 2015 B, 5% 6/15/21 | 200,000 | 201,889 | |
| Series 2015 C, SIFMA Municipal Swap Index + 0.900% 0.95% 6/15/21 (a)(c) | 100,000 | 100,109 | |
| Series 2016 A, 5% 3/15/24 | 200,000 | 227,251 | |
| Series 2019 A, 5% 4/15/21 | 150,000 | 150,202 | |
| Series 2020 A, 5% 1/15/23 | 145,000 | 157,318 | |
| Series B, 5% 5/15/23 | 400,000 | 402,142 | |
| Series D, 4% 11/1/21 | 200,000 | 204,414 | |
| Series E: | |||
| 5% 9/1/22 | 175,000 | 186,835 | |
| 5% 9/15/22 | 200,000 | 213,900 | |
| Connecticut Health & Edl. Facilities Auth. Rev.: | |||
| Bonds: | |||
| Series 2010 A4, 2%, tender 2/8/22 (a) | 100,000 | 101,547 | |
| Series 2014 A, 1.1%, tender 2/7/23 (a) | 300,000 | 304,620 | |
| Series 2017 C2, 5%, tender 2/1/23 (a) | 275,000 | 298,786 | |
| Series D, 5% 7/1/21 | 100,000 | 101,155 | |
| Connecticut Hsg. Fin. Auth. Series C, 5% 11/15/23 (b) | 100,000 | 111,016 | |
| Connecticut Muni. Elec. Energy Coop. Pwr. Supply Sys. Rev. Series 2013 A, 5% 1/1/23 | 115,000 | 124,556 | |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | |||
| Series 2012 A: | |||
| 5% 1/1/24 | 150,000 | 162,323 | |
| 5% 1/1/24 | 100,000 | 108,215 | |
| Series 2016 A, 5% 9/1/21 | 220,000 | 224,379 | |
| Series A, 5% 5/1/23 | 325,000 | 356,787 | |
| TOTAL CONNECTICUT | 4,138,361 | ||
| District Of Columbia - 0.9% | |||
| Metropolitan Washington DC Arpts. Auth. Sys. Rev.: | |||
| Series 2011 C: | |||
| 5% 10/1/21 (b) | 205,000 | 209,693 | |
| 5% 10/1/22 (b) | 20,000 | 20,454 | |
| Series 2017 A: | |||
| 5% 10/1/22 (b) | 355,000 | 379,492 | |
| 5% 10/1/24 (b) | 100,000 | 115,231 | |
| Series 2019 A: | |||
| 5% 10/1/21 (b) | 10,000 | 10,229 | |
| 5% 10/1/22 (b) | 5,000 | 5,345 | |
| Series 2020 A, 5% 10/1/22 (b) | 85,000 | 90,864 | |
| TOTAL DISTRICT OF COLUMBIA | 831,308 | ||
| Florida - 4.7% | |||
| Broward County Arpt. Sys. Rev.: | |||
| Series 2012 P-2, 5% 10/1/21 | 240,000 | 245,590 | |
| Series 2012 Q1, 5% 10/1/21 | 195,000 | 199,542 | |
| series 2012 Q1, 5% 10/1/22 | 125,000 | 133,779 | |
| Series 2017, 5% 10/1/23 (b) | 125,000 | 138,807 | |
| Series 2019 A, 5% 10/1/21 (b) | 100,000 | 102,239 | |
| Series 2019 B, 5% 10/1/23 (b) | 100,000 | 111,046 | |
| Broward County School Board Ctfs. of Prtn.: | |||
| Series 2011 A, 5% 7/1/21 | 115,000 | 116,354 | |
| Series 2012 A, 5% 7/1/21 | 125,000 | 126,472 | |
| Series 2016, 5% 7/1/21 | 130,000 | 131,531 | |
| Escambia County Poll. Cont. Rev. (Gulf Pwr. Co. Proj.) Series 2003, 2.6% 6/1/23 | 100,000 | 104,618 | |
| Florida Mid-Bay Bridge Auth. Rev. Series 2015 A, 5% 10/1/22 | 180,000 | 191,139 | |
| Florida Muni. Pwr. Agcy. Rev.: | |||
| Series 2011 B, 5% 10/1/22 | 100,000 | 102,269 | |
| Series 2015 B, 5% 10/1/22 | 200,000 | 213,923 | |
| Series 2016 A, 5% 10/1/21 | 150,000 | 153,464 | |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | |||
| Series 2011 B, 4% 10/1/22 (b) | 150,000 | 152,761 | |
| Series 2019 A, 5% 10/1/22 (b) | 105,000 | 112,440 | |
| Hillsborough County School District Sales Tax Rev. Series 2015 B, 5% 10/1/21 (FSA Insured) | 200,000 | 204,599 | |
| Jacksonville Elec. Auth. Elec. Sys. Rev.: | |||
| Series 2013 A: | |||
| 5% 10/1/21 | 100,000 | 102,354 | |
| 5% 10/1/22 | 115,000 | 123,167 | |
| Series 2013 D, 5% 10/1/21 | 200,000 | 204,709 | |
| Lee Memorial Health Sys. Hosp. Rev. Series 2019 A1: | |||
| 5% 4/1/21 | 165,000 | 165,000 | |
| 5% 4/1/22 | 100,000 | 104,607 | |
| Miami-Dade County Health Facilities Auth. Hosp. Rev. (Nicklaus Children Hosp.) Series 2017, 5% 8/1/23 | 215,000 | 237,225 | |
| Miami-Dade County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt. of Florida Proj.) Series 2018, 2.85%, tender 8/2/21 (a)(b) | 150,000 | 151,182 | |
| Miami-Dade County School Board Ctfs. of Prtn.: | |||
| Series 2014 D, 5% 11/1/21 | 355,000 | 364,802 | |
| Series 2015 A, 5% 5/1/21 | 100,000 | 100,349 | |
| Orlando & Orange County Expressway Auth. Rev. Series 2012, 5% 7/1/24 (FSA Insured) | 225,000 | 237,872 | |
| Palm Beach County School Board Ctfs. of Prtn. Series 2012 C, 5% 8/1/23 | 115,000 | 122,202 | |
| Volusia County School Board Ctfs. of Prtn. (Master Lease Prog.) Series 2014 B, 5% 8/1/21 | 100,000 | 101,555 | |
| TOTAL FLORIDA | 4,555,597 | ||
| Georgia - 3.8% | |||
| Atlanta Arpt. Rev. Series 2019 B, 5% 7/1/24 (b) | 100,000 | 114,172 | |
| Bartow County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Bowen Proj.) Series 2013, 1.55%, tender 8/19/22 (a) | 100,000 | 101,627 | |
| Cobb County Kennestone Hosp. Auth. Rev. Series 2012, 4% 4/1/22 | 100,000 | 103,620 | |
| Georgia Gen. Oblig.: | |||
| Series 2016 F, 5% 7/1/21 | 110,000 | 111,292 | |
| Series 2017 C, 5% 7/1/21 | 170,000 | 171,997 | |
| Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
| Series 2019 A, 5% 1/1/23 | 450,000 | 485,832 | |
| Series 2020 A: | |||
| 5% 1/1/22 | 100,000 | 103,458 | |
| 5% 1/1/23 | 100,000 | 107,963 | |
| 5% 1/1/24 | 145,000 | 162,605 | |
| Series GG, 5% 1/1/23 | 190,000 | 205,337 | |
| Main Street Natural Gas, Inc.: | |||
| Bonds: | |||
| Series 2018 C, 4%, tender 12/1/23 (a) | 110,000 | 119,552 | |
| Series 2018 E, SIFMA Municipal Swap Index + 0.570% 0.62%, tender 12/1/23 (a)(c) | 930,000 | 931,959 | |
| Series 2019 B, 4%, tender 12/2/24 (a) | 265,000 | 294,928 | |
| Seroes 2018 B, 1 month U.S. LIBOR + 0.750% 0.823%, tender 9/1/23 (a)(c) | 450,000 | 452,421 | |
| Series 2018 A, 4% 3/1/23 | 200,000 | 214,171 | |
| TOTAL GEORGIA | 3,680,934 | ||
| Hawaii - 0.1% | |||
| Hawaii Gen. Oblig. Series EP, 5% 8/1/21 | 100,000 | 101,565 | |
| Illinois - 6.4% | |||
| Champaign County Cmnty. Unit Series 2020 A, 0% 1/1/24 | 380,000 | 372,709 | |
| Chicago O'Hare Int'l. Arpt. Rev.: | |||
| Series 2012 B, 5% 1/1/22 (Escrowed to Maturity) (b) | 120,000 | 124,168 | |
| Series 2013 B, 5% 1/1/22 (Escrowed to Maturity) | 100,000 | 103,588 | |
| Series 2013 D, 5% 1/1/22 (Escrowed to Maturity) | 215,000 | 222,713 | |
| Series 2016 C: | |||
| 5% 1/1/22 | 145,000 | 150,103 | |
| 5% 1/1/23 | 175,000 | 189,350 | |
| Series 2016 D, 5% 1/1/22 | 100,000 | 103,519 | |
| Cook County Gen. Oblig.: | |||
| Series 2012 C, 5% 11/15/21 | 150,000 | 154,414 | |
| Series 2014 A, 5% 11/15/21 | 100,000 | 102,942 | |
| Series 2016 A, 5% 11/15/21 | 100,000 | 102,942 | |
| Illinois Fin. Auth. Rev.: | |||
| Series 2012 C, 5% 8/15/21 | 145,000 | 147,463 | |
| Series 2014 A, 5% 10/1/21 | 100,000 | 102,349 | |
| Series 2015 A: | |||
| 5% 11/15/21 | 200,000 | 205,722 | |
| 5% 11/15/22 | 145,000 | 155,822 | |
| 5% 11/15/23 | 150,000 | 167,144 | |
| Series 2016 A, 5% 10/1/22 | 200,000 | 213,488 | |
| Series 2016 C, 5% 2/15/24 | 105,000 | 118,647 | |
| Illinois Gen. Oblig.: | |||
| Series 2012, 5% 8/1/22 (FSA Insured) | 100,000 | 105,762 | |
| Series 2020, 4.875% 5/1/21 | 165,000 | 165,523 | |
| Series 2021 A, 5% 3/1/23 | 70,000 | 75,578 | |
| Series 2021 B, 5% 3/1/22 | 65,000 | 67,562 | |
| Illinois Reg'l. Trans. Auth.: | |||
| Series 1999, 5.75% 6/1/21 (FSA Insured) | 120,000 | 121,023 | |
| Series 2016 A, 5% 6/1/21 | 200,000 | 201,473 | |
| Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2014 A, 5% 12/1/22 | 275,000 | 296,567 | |
| Kendall, Kane & Will Counties Cmnty. Unit School District #308 Series 2008, 0% 2/1/22 (FSA Insured) | 250,000 | 248,819 | |
| Railsplitter Tobacco Settlement Auth. Rev.: | |||
| Series 2010, 5.375% 6/1/21 | 595,000 | 599,645 | |
| Series 2017: | |||
| 5% 6/1/22 | 365,000 | 384,142 | |
| 5% 6/1/23 | 370,000 | 405,276 | |
| 5% 6/1/24 | 405,000 | 458,781 | |
| Univ. of Illinois Rev. Series 1991, 0% 4/1/21 | 310,000 | 310,000 | |
| TOTAL ILLINOIS | 6,177,234 | ||
| Indiana - 1.0% | |||
| Indiana Fin. Auth. Hosp. Rev.: | |||
| Bonds: | |||
| Series 2011 H, 1.65%, tender 7/1/22 (a) | 145,000 | 146,605 | |
| Series 2011 L: | |||
| SIFMA Municipal Swap Index + 0.280% 0.33%, tender 4/1/21 (a)(c) | 100,000 | 100,000 | |
| SIFMA Municipal Swap Index + 0.280% 0.33%, tender 4/1/21 (a)(c) | 100,000 | 100,002 | |
| Series 2015 B, 1.65%, tender 7/2/22 (a) | 50,000 | 50,554 | |
| Series 2016 A, 5% 12/1/21 | 125,000 | 128,962 | |
| Indianapolis Local Pub. Impt. (Indianapolis Arpt. Auth. Proj.) Series 2015 I, 5% 1/1/23 (b) | 205,000 | 221,174 | |
| Whiting Envir. Facilities Rev. Bonds (BP Products North America, Inc. Proj.) Series 2016 A, 5%, tender 3/1/23 (a)(b) | 200,000 | 216,927 | |
| TOTAL INDIANA | 964,224 | ||
| Kentucky - 2.5% | |||
| Kentucky Econ. Dev. Fin. Auth. Bonds Series 2009 B, 2.7%, tender 11/10/21 (a) | 100,000 | 101,105 | |
| Kentucky State Property & Buildings Commission Rev.: | |||
| Series 2016, 5% 11/1/23 | 675,000 | 752,210 | |
| Series 2017, 5% 4/1/24 | 85,000 | 96,115 | |
| Series 2018: | |||
| 5% 5/1/22 | 375,000 | 393,977 | |
| 5% 5/1/23 | 65,000 | 71,101 | |
| Series C, 5% 11/1/21 | 155,000 | 159,207 | |
| Kentucky, Inc. Pub. Energy: | |||
| Series 2018 B, 4% 7/1/21 | 100,000 | 100,866 | |
| Series A, 4% 6/1/22 | 325,000 | 338,495 | |
| Louisville & Jefferson County Series 2016 A, 5% 10/1/22 | 140,000 | 149,550 | |
| Trimble County Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.) Series 2001 B, 2.55%, tender 5/3/21 (a) | 250,000 | 250,439 | |
| TOTAL KENTUCKY | 2,413,065 | ||
| Louisiana - 0.3% | |||
| Louisiana Citizens Property Ins. Corp. Assessment Rev. Series 2015, 5% 6/1/22 (FSA Insured) | 100,000 | 105,573 | |
| Louisiana Gen. Oblig. Series 2015 A, 5% 5/1/21 | 100,000 | 100,353 | |
| St. John Baptist Parish Rev. Bonds (Marathon Oil Corp.) Series 2017, 2%, tender 4/1/23 (a) | 100,000 | 101,984 | |
| TOTAL LOUISIANA | 307,910 | ||
| Maryland - 0.1% | |||
| Maryland Health & Higher Edl. Facilities Auth. Rev. Series 2012 A, 3.25% 7/1/22 | 100,000 | 103,531 | |
| Massachusetts - 1.6% | |||
| Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2004 B, 5.25% 7/1/21 | 100,000 | 101,230 | |
| Massachusetts Dev. Fin. Agcy. Rev.: | |||
| Bonds Series S3, SIFMA Municipal Swap Index + 0.500% 0.55%, tender 1/26/23 (a)(c) | 200,000 | 200,289 | |
| Series 2017 S: | |||
| 5% 7/1/21 | 100,000 | 101,143 | |
| 5% 7/1/22 | 100,000 | 105,884 | |
| Series 2018 A, 5% 9/1/21 | 105,000 | 107,064 | |
| Series 2020 A, 5% 10/1/22 | 190,000 | 203,463 | |
| Series Q, 5% 7/1/22 | 105,000 | 111,179 | |
| Series U, 5% 7/1/21 | 140,000 | 141,621 | |
| Massachusetts Edl. Fing. Auth. Rev. Series 2010 A, 5.5% 1/1/22 | 100,000 | 100,217 | |
| Massachusetts Gen. Oblig. Series 2004, 5.25% 8/1/21 | 360,000 | 365,995 | |
| TOTAL MASSACHUSETTS | 1,538,085 | ||
| Michigan - 2.5% | |||
| Michigan Fin. Auth. Rev.: | |||
| Bonds: | |||
| Series 2016 MI2, SIFMA Municipal Swap Index + 0.480% 0.53%, tender 4/1/21 (a)(c) | 200,000 | 200,161 | |
| Series 2019 B, 3.5%, tender 11/15/22 (a) | 70,000 | 73,261 | |
| Series 2012, 5% 11/1/22 | 100,000 | 107,366 | |
| Series 2015 A, 5% 8/1/22 | 125,000 | 132,746 | |
| Series 2015 MI, 5% 12/1/21 | 580,000 | 598,384 | |
| Michigan Gen. Oblig. Series 2016, 5% 3/15/23 | 100,000 | 109,085 | |
| Michigan Hosp. Fin. Auth. Rev.: | |||
| Bonds (Ascension Health Cr. Group Proj.) Series F5, 1.9%, tender 4/1/21 (a) | 180,000 | 180,000 | |
| Series 2012 A, 5% 6/1/22 | 100,000 | 105,369 | |
| Milan Area Schools Series 2019, 5% 5/1/21 | 170,000 | 170,569 | |
| Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D: | |||
| 3% 9/1/22 | 125,000 | 129,640 | |
| 5% 9/1/21 | 500,000 | 509,495 | |
| Wayne County Arpt. Auth. Rev. Sseries 2012 A, 5% 12/1/21 | 100,000 | 103,136 | |
| TOTAL MICHIGAN | 2,419,212 | ||
| Minnesota - 0.5% | |||
| Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. Series 2017 A, 5% 11/15/21 | 100,000 | 102,892 | |
| Rochester Health Care Facilities Rev. Bonds (Mayo Foundation Proj.) Series C, 4.5%, tender 11/15/21 (a) | 200,000 | 205,123 | |
| Saint Cloud Health Care Rev. Series 2014 B, 5% 5/1/23 | 205,000 | 223,975 | |
| TOTAL MINNESOTA | 531,990 | ||
| Missouri - 0.3% | |||
| Saint Louis Arpt. Rev. Series 2017 A, 5% 7/1/21 (FSA Insured) | 325,000 | 328,715 | |
| Montana - 0.1% | |||
| Montana Facility Fin. Auth. Rev. Series 2019 A, 5% 1/1/23 | 100,000 | 108,273 | |
| Nebraska - 0.3% | |||
| Central Plains Energy Proj. Gas Supply Series 2019, 4% 8/1/21 | 100,000 | 101,221 | |
| Nebraska Pub. Pwr. District Rev. Series 2015 A2, 5% 1/1/24 | 145,000 | 149,853 | |
| TOTAL NEBRASKA | 251,074 | ||
| Nevada - 1.3% | |||
| Clark County Arpt. Rev.: | |||
| (Sub Lien Proj.) Series 2017 A-1, 5% 7/1/21 (b) | 150,000 | 151,696 | |
| Series 2013 A, 5% 7/1/21 (b) | 125,000 | 126,407 | |
| Series 2017 C, 5% 7/1/21 (b) | 200,000 | 202,252 | |
| Series 2018 A, 5% 7/1/21 | 265,000 | 268,029 | |
| Clark County School District Series 2016 F, 5% 6/15/21 | 385,000 | 388,544 | |
| Washoe County Gas Facilities Rev. Bonds Series 2016 F, 2.05%, tender 4/15/22 (a)(b) | 100,000 | 101,587 | |
| TOTAL NEVADA | 1,238,515 | ||
| New Jersey - 8.0% | |||
| New Jersey Econ. Dev. Auth. Rev.: | |||
| (New Jersey Gen. Oblig. Proj.) Series 2017 B, 5% 11/1/24 | 185,000 | 213,033 | |
| (New Jersey Transit Corp. Projs.) Series 2017 B, 5% 11/1/21 | 600,000 | 616,285 | |
| Series 2012 II, 5% 3/1/22 | 400,000 | 417,137 | |
| Series 2013 NN 5% 3/1/22 | 100,000 | 104,284 | |
| Series 2015 XX: | |||
| 4% 6/15/22 | 285,000 | 297,633 | |
| 5% 6/15/21 | 100,000 | 100,922 | |
| Series 2019, 5.25% 9/1/24 (d) | 200,000 | 229,337 | |
| Series UU, 5% 6/15/21 | 200,000 | 201,845 | |
| New Jersey Gen. Oblig.: | |||
| Series 2014, 5% 6/1/21 | 100,000 | 100,727 | |
| Series 2020 A, 5% 6/1/24 | 140,000 | 159,581 | |
| Series O, 5.25% 8/1/22 | 115,000 | 122,411 | |
| New Jersey Health Care Facilities Fing. Auth. Rev.: | |||
| Series 2011, 5% 7/1/21 | 130,000 | 131,508 | |
| Series 2016 A: | |||
| 5% 7/1/21 | 130,000 | 131,438 | |
| 5% 7/1/22 | 100,000 | 105,691 | |
| 5% 7/1/23 | 100,000 | 110,467 | |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | |||
| Series 2013, 5% 12/1/22 (b) | 195,000 | 209,827 | |
| Series 2015 1A: | |||
| 5% 12/1/21 (b) | 600,000 | 618,384 | |
| 5% 12/1/22 (b) | 100,000 | 107,604 | |
| Series 2016 1A: | |||
| 5% 12/1/22 (b) | 100,000 | 107,604 | |
| 5% 12/1/23 (b) | 100,000 | 111,748 | |
| Series 2017 1A, 5% 12/1/24 (b) | 250,000 | 287,967 | |
| Series 2019 A, 5% 12/1/22 | 15,000 | 16,167 | |
| New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Series 2019 D, 4% 10/1/22 (b) | 100,000 | 104,910 | |
| New Jersey Tobacco Settlement Fing. Corp. Series 2018 A: | |||
| 5% 6/1/21 | 100,000 | 100,733 | |
| 5% 6/1/23 | 300,000 | 329,462 | |
| 5% 6/1/24 | 255,000 | 290,222 | |
| New Jersey Trans. Trust Fund Auth.: | |||
| Series 2005 B, 5.5% 12/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 100,000 | 103,640 | |
| Series 2006 A: | |||
| 5.25% 12/15/22 | 160,000 | 173,404 | |
| 5.5% 12/15/21 | 100,000 | 103,640 | |
| Series 2011 B, 5% 6/15/21 | 150,000 | 151,384 | |
| Series 2016 A: | |||
| 5% 6/15/21 | 100,000 | 100,940 | |
| 5% 6/15/22 | 100,000 | 105,624 | |
| Series 2018 A: | |||
| 5% 6/15/21 | 255,000 | 257,398 | |
| 5% 6/15/22 | 210,000 | 221,810 | |
| New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A, 5% 9/15/21 | 570,000 | 581,087 | |
| Passaic Valley Swr. Series H, 5% 12/1/21 (FSA Insured) | 215,000 | 221,583 | |
| Rutgers State Univ. Rev.: | |||
| Series 2013 J, 5% 5/1/22 | 100,000 | 105,105 | |
| Series M, 5% 5/1/22 | 150,000 | 157,658 | |
| Union County Gen. Oblig. Series 2020, 0.5% 3/1/22 | 100,000 | 100,344 | |
| TOTAL NEW JERSEY | 7,710,544 | ||
| New Mexico - 0.2% | |||
| New Mexico Severance Tax Rev. Series 2015 A, 5% 7/1/21 | 155,000 | 156,810 | |
| New York - 5.6% | |||
| Dorm. Auth. New York Univ. Rev.: | |||
| Series 2016 A, 4% 7/1/21 | 125,000 | 126,173 | |
| Series 2018 A, 5% 7/1/21 | 145,000 | 146,693 | |
| Monroe County Indl. Dev. Corp. Series 2015 A, 5% 7/1/21 | 150,000 | 151,740 | |
| New York City Gen. Oblig.: | |||
| Series 2014 E, 5% 8/1/21 | 150,000 | 152,362 | |
| Series 2016 A, 5% 8/1/22 | 110,000 | 116,999 | |
| Series 2016, 5% 8/1/22 | 100,000 | 106,362 | |
| Series A, 5% 8/1/21 | 205,000 | 208,228 | |
| Series A4, 5% 8/1/21 | 775,000 | 787,205 | |
| Series F, 5% 8/1/21 | 200,000 | 203,150 | |
| Series G, 5% 8/1/21 | 125,000 | 126,968 | |
| Series I, 5% 8/1/21 | 155,000 | 157,441 | |
| Series I1, 5% 3/1/22 | 100,000 | 104,387 | |
| New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Series 2011 HH, 5% 6/15/26 | 100,000 | 100,956 | |
| New York City Transitional Fin. Auth. Rev.: | |||
| Series 2003 B: | |||
| 5% 2/1/22 | 100,000 | 100,353 | |
| 5% 2/1/23 | 145,000 | 145,508 | |
| Series 2012 D1, 5% 11/1/22 | 200,000 | 205,558 | |
| Series 2017 C, 5% 11/1/21 | 245,000 | 251,866 | |
| Series 2018, 5% 5/1/21 | 170,000 | 170,601 | |
| New York Dorm. Auth. Rev.: | |||
| Series 1: | |||
| 4% 7/1/21 | 100,000 | 100,929 | |
| 5% 7/1/21 | 325,000 | 328,794 | |
| Series 2011 A, 5% 10/1/22 | 100,000 | 100,351 | |
| Series 2012 A, 5% 10/1/21 | 150,000 | 153,599 | |
| Series 2019 A, 5% 5/1/21 | 305,000 | 306,031 | |
| New York Local Govt. Assistance Corp. Series 2018 A, 5% 4/1/21 | 160,000 | 160,000 | |
| New York Metropolitan Trans. Auth. Rev.: | |||
| Series 2012 D, 5% 11/15/21 | 140,000 | 143,909 | |
| Series 2016 D, 5% 11/15/21 | 275,000 | 282,678 | |
| New York State Dorm. Auth. Series 2017 A, 5% 2/15/23 | 125,000 | 136,189 | |
| Syracuse Gen. Oblig. Series 2017 A, 5% 5/1/22 (FSA Insured) | 120,000 | 126,139 | |
| Triborough Bridge & Tunnel Auth. Revs.: | |||
| Series 2002 E, 5.5% 11/15/21 | 120,000 | 123,912 | |
| Series 2012 B, 4% 11/15/21 | 125,000 | 127,977 | |
| TOTAL NEW YORK | 5,453,058 | ||
| New York And New Jersey - 2.6% | |||
| Port Auth. of New York & New Jersey: | |||
| Series 175, 5% 12/1/21 | 535,000 | 552,139 | |
| Series 177: | |||
| 5% 7/15/21 (b) | 190,000 | 192,515 | |
| 5% 7/15/23 (b) | 235,000 | 254,114 | |
| Series 178, 5% 12/1/23 (b) | 135,000 | 151,432 | |
| Series 185, 5% 9/1/21 (b) | 260,000 | 265,024 | |
| Series 186: | |||
| 5% 10/15/21 (b) | 170,000 | 174,275 | |
| 5% 10/15/23 (b) | 100,000 | 111,633 | |
| Series 189, 5% 5/1/21 | 225,000 | 225,794 | |
| Series 195, 5% 10/1/21 (b) | 160,000 | 163,727 | |
| Series 2012 172, 5% 10/1/23 (b) | 100,000 | 104,565 | |
| Series 2017 205, 5% 11/15/21 | 125,000 | 128,733 | |
| Series 209, 5% 7/15/21 | 160,000 | 162,172 | |
| TOTAL NEW YORK AND NEW JERSEY | 2,486,123 | ||
| North Carolina - 0.2% | |||
| Charlotte Int'l. Arpt. Rev. Series 2017 A, 5% 7/1/21 | 200,000 | 202,335 | |
| Ohio - 1.5% | |||
| Allen County Hosp. Facilities Rev. Bonds (Mercy Health) Series 2017 B, 5%, tender 5/5/22 (a) | 155,000 | 162,734 | |
| Franklin County Hosp. Facilities Rev. Bonds (Ohio Health Corp.) Series 2018 B, SIFMA Municipal Swap Index + 0.430% 0.48%, tender 4/1/21 (a)(c) | 100,000 | 100,015 | |
| Hamilton County HealthCare Facilities Rev. Series 2012, 5% 6/1/21 | 150,000 | 151,057 | |
| Miami Univ.: | |||
| Series 2012, 5% 9/1/21 | 100,000 | 101,961 | |
| Series 2017, 5% 9/1/21 | 300,000 | 305,884 | |
| Ohio Gen. Oblig. Series 2018 A, 5% 6/15/21 | 100,000 | 100,956 | |
| Ohio Higher Edl. Facility Commission Rev.: | |||
| (Case Western Reserve Univ. Proj.) Series 2016, 5% 12/1/22 | 100,000 | 107,860 | |
| Series 2012 A, 5% 1/1/23 | 150,000 | 155,302 | |
| Ohio Hosp. Facilities Rev. Series 2017 A, 5% 1/1/25 | 215,000 | 251,053 | |
| TOTAL OHIO | 1,436,822 | ||
| Oklahoma - 0.3% | |||
| Grand River Dam Auth. Rev. Series 2016 A, 5% 6/1/22 | 175,000 | 184,669 | |
| Oklahoma Dev. Fin. Auth. Health Sys. Rev. Series 2015 A, 5% 8/15/22 | 100,000 | 106,167 | |
| TOTAL OKLAHOMA | 290,836 | ||
| Oregon - 1.0% | |||
| Oregon Bus. Dev. Commission Bonds Series 250, 5%, tender 3/1/22 (a)(b) | 155,000 | 161,366 | |
| Oregon Bus. Dev. Commission Recovery Zone Facility Bonds (Intel Corp. Proj.) Series 232, 2.4%, tender 8/14/23 (a) | 125,000 | 130,740 | |
| Oregon Facilities Auth. Rev. (Legacy Health Proj.) Series 2016 A, 5% 6/1/22 | 150,000 | 158,054 | |
| Port of Portland Arpt. Rev.: | |||
| Series 25 B, 5% 7/1/21 (b) | 150,000 | 151,649 | |
| Series 26 C, 5% 7/1/24 (b) | 300,000 | 341,684 | |
| TOTAL OREGON | 943,493 | ||
| Pennsylvania - 5.1% | |||
| Allegheny County Hosp. Dev. Auth. Rev. Series 2019 A, 5% 7/15/23 | 100,000 | 110,781 | |
| Chester County Health & Ed. Facilities Auth. Health Sys. Rev. Series 2020 B, 5% 6/1/23 | 1,000,000 | 1,103,770 | |
| Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2016 A, 5% 6/1/23 | 100,000 | 110,240 | |
| Delaware County Auth. Univ. Rev.: | |||
| Series 2012, 5% 8/1/21 | 100,000 | 101,525 | |
| Series 2014, 5% 8/1/21 | 100,000 | 101,525 | |
| Geisinger Auth. Health Sys. Rev. Series 2020 A, 5% 4/1/22 | 85,000 | 88,985 | |
| 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 | 30,601 | |
| Pennsylvania Econ. Dev. Fing. Auth. Series 2017 A, 4% 11/15/21 | 175,000 | 179,136 | |
| Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Series 2016, 5% 3/15/22 | 100,000 | 104,585 | |
| Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev.: | |||
| (Waste Mgmt., Inc. Proj.) Series 2004 A, 2.15% 11/1/21 (a) | 100,000 | 101,068 | |
| Bonds (Waste Mgmt., Inc. Proj.) Series 2017 A, 0.7%, tender 8/2/21 (a)(b) | 140,000 | 140,127 | |
| Pennsylvania Gen. Oblig.: | |||
| Series 2 2013, 5% 10/15/21 | 100,000 | 102,536 | |
| Series 2011, 5% 11/15/21 | 100,000 | 102,936 | |
| Series 2016, 5% 9/15/21 | 100,000 | 102,136 | |
| Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
| First Series 2012, 5% 4/1/21 | 125,000 | 125,000 | |
| Series 2012 A, 5% 8/15/22 | 100,000 | 106,578 | |
| Pennsylvania Tpk. Commission Tpk. Rev.: | |||
| Series 2018 A1, SIFMA Municipal Swap Index + 0.430% 0.48% 12/1/21 (a)(c) | 200,000 | 200,042 | |
| Series 2018 B, SIFMA Municipal Swap Index + 0.500% 0.55% 12/1/21 (a)(c) | 130,000 | 130,019 | |
| Philadelphia Arpt. Rev.: | |||
| Series 2011 A: | |||
| 5% 6/15/21 (b) | 100,000 | 100,891 | |
| 5% 6/15/22 (b) | 100,000 | 100,885 | |
| Series 2017 B: | |||
| 5% 7/1/21 (b) | 100,000 | 101,094 | |
| 5% 7/1/22 | 200,000 | 211,640 | |
| Series 2020 C, 5% 7/1/21 (b) | 100,000 | 101,094 | |
| Philadelphia Auth. For Indl. Dev. Series 2016 1: | |||
| 5% 4/1/21 | 405,000 | 405,000 | |
| 5% 4/1/22 | 100,000 | 104,760 | |
| Philadelphia Gas Works Rev.: | |||
| Series 15, 5% 8/1/21 | 150,000 | 152,298 | |
| Series 2015 13, 5% 8/1/24 | 100,000 | 114,134 | |
| Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev. Series 2013 A, 5% 9/1/21 (FSA Insured) | 230,000 | 234,358 | |
| Southcentral Pennsylvania Gen. Auth. Rev. Series 2014 A, 4% 6/1/21 | 100,000 | 100,597 | |
| Southeastern Pennsylvania Trans. Auth. Rev. Series 2011, 5% 6/1/21 | 215,000 | 216,631 | |
| TOTAL PENNSYLVANIA | 4,984,972 | ||
| Rhode Island - 0.8% | |||
| Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev.: | |||
| Series 2012, 5% 11/1/24 | 115,000 | 122,689 | |
| Series 2015: | |||
| 5% 11/1/21 | 440,000 | 451,917 | |
| 5% 11/1/22 | 210,000 | 225,469 | |
| TOTAL RHODE ISLAND | 800,075 | ||
| South Carolina - 1.4% | |||
| Greenville Hosp. Sys. Facilities Rev. Series 2012, 5% 5/1/23 | 170,000 | 178,564 | |
| Patriots Energy Group Fing. Agcy. Bonds Series 2018 A, 4%, tender 2/1/24 (a) | 545,000 | 594,918 | |
| South Carolina Pub. Svc. Auth. Rev.: | |||
| Series 2016 C, 5% 12/1/22 | 100,000 | 107,756 | |
| Series A: | |||
| 5% 12/1/21 | 200,000 | 206,205 | |
| 5% 12/1/21 | 270,000 | 278,376 | |
| TOTAL SOUTH CAROLINA | 1,365,819 | ||
| Tennessee - 1.9% | |||
| Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2020 B, 5% 7/1/22 (b) | 1,000,000 | 1,057,685 | |
| Tennergy Corp. Gas Rev. Bonds Series 2019 A, 5%, tender 10/1/24 (a) | 715,000 | 819,649 | |
| TOTAL TENNESSEE | 1,877,334 | ||
| Texas - 4.8% | |||
| Austin Arpt. Sys. Rev. Series 2019, 5% 11/15/21 (b) | 100,000 | 102,836 | |
| Dallas Fort Worth Int'l. Arpt. Rev.: | |||
| Series 2014 B, 5% 11/1/22 (b) | 100,000 | 107,218 | |
| Series 2014 D, 5% 11/1/21 (b) | 100,000 | 102,656 | |
| Series 2014 E, 5% 11/1/21 | 125,000 | 128,429 | |
| Series 2020 B, 5% 11/1/21 | 100,000 | 102,744 | |
| Dallas Gen. Oblig. Series 2014, 5% 2/15/22 | 140,000 | 145,828 | |
| Harris County Cultural Ed. Facilities Fin. Corp. Med. Facilities Rev. Series 2012 A, 5% 11/15/21 (Escrowed to Maturity) | 235,000 | 241,974 | |
| Harris County Cultural Ed. Facilities Fin. Corp. Rev.: | |||
| Bonds: | |||
| Series 2019 B, 5%, tender 12/1/24 (a) | 205,000 | 237,493 | |
| Series 2019 C, SIFMA Municipal Swap Index + 0.420% 0.47%, tender 12/1/22 (a)(c) | 215,000 | 214,326 | |
| Series 2013 A, 5% 12/1/22 | 100,000 | 107,981 | |
| Series 2015-1, 5% 10/1/21 | 455,000 | 465,689 | |
| Harris County Gen. Oblig. Series 2012 C, 5% 8/15/24 | 100,000 | 106,288 | |
| Houston Arpt. Sys. Rev. Series 2012 A, 5% 7/1/31 (Pre-Refunded to 7/1/22 @ 100) (b) | 100,000 | 105,794 | |
| Houston Util. Sys. Rev. Series 2012 D, 5% 11/15/21 | 100,000 | 102,974 | |
| Lower Colorado River Auth. Rev.: | |||
| (LCRA Transmission Svc. Corp. Proj.) Series 2019, 5% 5/15/21 | 355,000 | 356,936 | |
| (LCRA Transmission Svcs. Corp. Proj.): | |||
| Series 2011 B, 5% 5/15/22 | 485,000 | 487,617 | |
| Series 2016, 5% 5/15/22 | 200,000 | 210,857 | |
| Series 2013, 5% 5/15/21 | 205,000 | 206,118 | |
| North Texas Tollway Auth. Rev.: | |||
| (Sub Lien) Series 2017 B, 5% 1/1/24 | 150,000 | 161,967 | |
| Series 2017 B, 5% 1/1/23 | 105,000 | 113,418 | |
| San Antonio Elec. & Gas Sys. Rev. Series 2012, 5% 2/1/22 | 155,000 | 161,109 | |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | |||
| Series 2013, 5% 10/1/22 | 200,000 | 214,109 | |
| Series 2014, 5% 12/1/22 | 220,000 | 237,253 | |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. Series 2018 A, 5% 7/1/22 | 100,000 | 105,756 | |
| Texas Gen. Oblig. Series 2015 A, 5% 10/1/21 | 100,000 | 102,394 | |
| TOTAL TEXAS | 4,629,764 | ||
| Utah - 0.1% | |||
| Intermountain Pwr. Agcy. Pwr. Supply Rev. Series 2018 A, 5% 7/1/21 | 135,000 | 136,563 | |
| Virginia - 0.3% | |||
| Gloucester County Indl. Dev. Auth. Bonds Series 2003 A, 2.4%, tender 5/2/22 (a)(b) | 120,000 | 122,506 | |
| Halifax County Indl. Dev. Auth. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2010 A, 0.45%, tender 4/1/22 (a) | 85,000 | 85,008 | |
| 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 | 102,472 | |
| TOTAL VIRGINIA | 309,986 | ||
| Washington - 2.1% | |||
| Energy Northwest Elec. Rev.: | |||
| Series 2011 A, 5% 7/1/22 | 355,000 | 359,127 | |
| Series 2014 A, 5% 7/1/21 | 180,000 | 182,039 | |
| Port of Seattle Rev.: | |||
| Series 2012 A, 5% 8/1/21 | 105,000 | 106,550 | |
| Series 2015 B, 5% 3/1/24 | 100,000 | 112,748 | |
| Series 2016, 5% 2/1/25 | 120,000 | 139,416 | |
| Seattle Muni. Lt. & Pwr. Rev. Series 2014, 5% 9/1/21 | 100,000 | 101,982 | |
| Tobacco Settlement Auth. Rev.: | |||
| Series 2013, 5% 6/1/22 | 200,000 | 210,841 | |
| Series 2018, 5% 6/1/23 | 155,000 | 170,504 | |
| Washington Fed. Hwy. Grant Anticipation Rev.: | |||
| (Sr 520 Corridor Prog.) Series 2012 F, 5% 9/1/24 | 100,000 | 106,695 | |
| Series 2012 F, 5% 9/1/22 | 100,000 | 106,734 | |
| Washington Gen. Oblig.: | |||
| (SR 520 Corridor Prog.) Series 2012 C, 5% 6/1/24 | 200,000 | 201,495 | |
| Series R 2015 E, 5% 7/1/21 | 235,000 | 237,761 | |
| TOTAL WASHINGTON | 2,035,892 | ||
| West Virginia - 0.5% | |||
| Harrison County Commission Solid Waste Disp. Rev. Bonds (Monongahela Pwr. Co. Proj.) Series 2018 A, 3%, tender 10/15/21 (a)(b) | 400,000 | 403,862 | |
| Mason Co. Poll. Cont. Rev. (Appalachian Pwr. Co. Proj.) Series 2003 L, 2.75% 10/1/22 | 100,000 | 103,561 | |
| TOTAL WEST VIRGINIA | 507,423 | ||
| Wisconsin - 2.1% | |||
| Milwaukee County Arpt. Rev. Series 2016 E, 5% 12/1/21 (b) | 150,000 | 154,492 | |
| Pub. Fin. Auth. Series 2020 A, 5% 1/1/22 | 175,000 | 180,906 | |
| Pub. Fin. Auth. Hosp. Rev. Series 2020 A, 5% 6/1/22 | 100,000 | 105,309 | |
| Wisconsin Gen. Oblig. Series 1: | |||
| 5% 5/1/21 | 135,000 | 135,478 | |
| 5% 11/1/22 | 175,000 | 188,352 | |
| Wisconsin Health & Edl. Facilities: | |||
| (Hosp. Sisters Svcs., Inc.) Series 2014 A, 5% 11/15/22 | 100,000 | 107,497 | |
| Bonds: | |||
| (Ascension Health Cr. Group Proj.) Series 2013 B, 5%, tender 6/1/21 (a) | 225,000 | 226,693 | |
| Series 2018 B: | |||
| 5%, tender 1/26/22 (a) | 100,000 | 103,704 | |
| 5%, tender 1/25/23 (a) | 110,000 | 119,031 | |
| Series 2018 C, SIFMA Municipal Swap Index + 0.450% 0.5%, tender 7/27/22 (a)(c) | 155,000 | 155,287 | |
| Series 2013 B1, 4% 11/15/21 | 100,000 | 102,357 | |
| Wisconsin Health & Edl. Facilities Auth. Rev. Series 2012 B, 5% 8/15/21 | 495,000 | 503,407 | |
| TOTAL WISCONSIN | 2,082,513 | ||
| Wyoming - 0.3% | |||
| Wyoming Cmnty. Dev. Auth. Hsg. Rev. Series 2020 3: | |||
| 5% 6/1/21 (b) | 230,000 | 231,676 | |
| 5% 12/1/21 (b) | 55,000 | 56,689 | |
| TOTAL WYOMING | 288,365 | ||
| TOTAL MUNICIPAL BONDS | |||
| (Cost $74,953,487) | 75,216,729 | ||
| Municipal Notes - 21.2% | |||
| Alabama - 0.8% | |||
| Birmingham Indl. Dev. Board Solid Waste Rev. (American Cast Iron Pipe Co. Proj.) Series 2000, 0.25% 4/7/21, LOC Bank of America NA, VRDN (a)(b) | 180,000 | $180,000 | |
| West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 0.12% 4/1/21, VRDN (a)(b) | 550,000 | 550,000 | |
| TOTAL ALABAMA | 730,000 | ||
| Arizona - 0.4% | |||
| Arizona St Indl. Dev. Auth. Multi Participating VRDN Series XF 10 91, 0.38% 4/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(e)(f) | 100,000 | 100,000 | |
| Maricopa County Poll. Cont. Rev. Series 2010 B, 0.14% 4/7/21, VRDN (a) | 200,000 | 200,000 | |
| Phoenix Civic Impt. Board Arpt. Rev. Participating VRDN Series XM 08 23, 0.23% 4/7/21 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) | 100,000 | 100,000 | |
| TOTAL ARIZONA | 400,000 | ||
| California - 0.8% | |||
| River Islands Pub. Fing. Auth. Participating VRDN Series MIZ 90 26, 0.35% 5/5/21 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(e)(f)(g) | 200,000 | 200,000 | |
| Sacramento Gen. Oblig. Participating VRDN Series XG 00 67, 0.12% 4/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 100,000 | 100,000 | |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN: | |||
| Series Floaters XM 06 75, 0.23% 4/7/21 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) | 100,000 | 100,000 | |
| Series XM 09 16, 0.19% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | 110,000 | 110,000 | |
| Series ZM 06 42, 0.19% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | 100,000 | 100,000 | |
| San Francisco City & County Multi-family Hsg. Rev. Participating VRDN Series DBE 8059, 0.58% 6/1/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 200,000 | 200,000 | |
| TOTAL CALIFORNIA | 810,000 | ||
| Colorado - 1.6% | |||
| Denver City & County Arpt. Rev. Participating VRDN Series Floaters XL 00 90, 0.23% 4/7/21 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) | 1,525,000 | 1,525,000 | |
| Delaware - 0.3% | |||
| Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1994, 0.14% 4/1/21, VRDN (a)(b) | 300,000 | 300,000 | |
| Florida - 0.6% | |||
| Broward County Indl. Dev. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2015, 0.12% 4/1/21, VRDN (a)(b) | 200,000 | 200,000 | |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Participating VRDN Series XM 08 91, 0.21% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | 100,000 | 100,000 | |
| Miami-Dade County Aviation Rev. Participating VRDN Series XM 08 70, 0.21% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | 100,000 | 100,000 | |
| Saint Lucie County Solid Waste Disp. (Florida Pwr. & Lt. Co. Proj.) Series 2003, 0.1% 4/1/21, VRDN (a)(b) | 200,000 | 200,000 | |
| TOTAL FLORIDA | 600,000 | ||
| Georgia - 0.7% | |||
| Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.) First Series 2009, 0.1% 4/1/21, VRDN (a) | 200,000 | 200,000 | |
| Monroe County Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2017, 0.12% 4/1/21, VRDN (a)(b) | 500,000 | 500,000 | |
| TOTAL GEORGIA | 700,000 | ||
| Hawaii - 0.2% | |||
| Hawaii Arpts. Sys. Rev. Participating VRDN Series XF 07 65, 0.17% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | 200,000 | 200,000 | |
| Illinois - 2.1% | |||
| Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN: | |||
| Series Floaters XL 00 49, 0.25% 4/1/21 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | 910,000 | 910,000 | |
| Series XM 08 79, 0.2% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | 100,000 | 100,000 | |
| Series XM 08 84, 0.21% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | 100,000 | 100,000 | |
| Series XM 09 17, 0.2% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | 100,000 | 100,000 | |
| Illinois Gen. Oblig. Participating VRDN Series Floaters XM 01 86, 0.3% 4/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 520,000 | 520,000 | |
| Metropolitan Pier & Exposition Participating VRDN Series XF 09 65, 0.27% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | 200,000 | 200,000 | |
| Village of Oswego Indl. Dev. (Griffith Laboratories Worldwide, Inc.) Series 1995, 0.26% 4/7/21, LOC Wells Fargo Bank NA, VRDN (a)(b) | 120,000 | 120,000 | |
| TOTAL ILLINOIS | 2,050,000 | ||
| Indiana - 0.1% | |||
| Indianapolis Local Pub. Impt. Participating VRDN Series XM 09 27, 0.12% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | 100,000 | 100,000 | |
| Kentucky - 0.7% | |||
| Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. Participating VRDN Series XM 09 19, 0.2% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | 100,000 | 100,000 | |
| Kentucky Tpk. Auth. Econ. Dev. Road Rev. Participating VRDN Series XF 24 84, 0.15% 4/7/21 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)(f) | 100,000 | 100,000 | |
| Meade County Indl. Bldg. Rev. (Nucor Steel Brandenburg Proj.): | |||
| Series 2020 A1, 0.14% 4/1/21, VRDN (a)(b) | 100,000 | 100,000 | |
| Series 2020 B1, 0.14% 4/1/21, VRDN (a)(b) | 400,000 | 400,000 | |
| TOTAL KENTUCKY | 700,000 | ||
| Louisiana - 0.3% | |||
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 A1, 0.15% 4/7/21, VRDN (a) | 300,000 | 300,000 | |
| Maryland - 0.1% | |||
| Maryland Gen. Oblig. Participating VRDN Series DB 807, 0.12% 4/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 100,000 | 100,000 | |
| Massachusetts - 0.2% | |||
| Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series Floaters XF 23 06, 0.35% 4/7/21 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(e)(f) | 180,000 | 180,000 | |
| Minnesota - 0.1% | |||
| Minneapolis Health Care Sys. Rev. Participating VRDN Series XM 08 72, 0.23% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | 100,000 | 100,000 | |
| Missouri - 0.1% | |||
| Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Participating VRDN Series XG 01 76, 0.2% 4/7/21 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | 100,000 | 100,000 | |
| New Jersey - 0.5% | |||
| New Jersey Tpk. Auth. Tpk. Rev. Participating VRDN Series XM 09 12, 0.23% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | 120,000 | 120,000 | |
| New Jersey Trans. Trust Fund Auth. Participating VRDN Series Floaters XG 02 05, 0.08% 4/7/21 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | 400,000 | 400,000 | |
| TOTAL NEW JERSEY | 520,000 | ||
| New York - 2.8% | |||
| New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Participating VRDN Series ZM 06 00, 0.35% 4/7/21 (Liquidity Facility Wells Fargo Bank NA) (a)(e)(f) | 100,000 | 100,000 | |
| New York Metropolitan Trans. Auth. Rev.: | |||
| BAN: | |||
| Series 2018 B: | |||
| 5% 5/15/21 | 200,000 | 200,961 | |
| 5% 5/15/21 | 615,000 | 617,955 | |
| Series 2019 D1, 5% 9/1/22 | 1,000,000 | 1,059,718 | |
| Participating VRDN Series ZF 02 18, 0.3% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | 200,000 | 200,000 | |
| New York Thruway Auth. Gen. Rev. Participating VRDN: | |||
| Series XF 09 18, 0.15% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | 100,000 | 100,000 | |
| Series XM 08 30, 0.2% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | 100,000 | 100,000 | |
| Series XM 08 80, 0.2% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | 100,000 | 100,000 | |
| Putnam County Indl. Dev. Agcy. Rev. Series 2006 A, 0.27% 4/7/21, LOC RBS Citizens NA, VRDN (a) | 100,000 | 100,000 | |
| Triborough Bridge & Tunnel Auth. Revs. Participating VRDN Series RBC 16 ZM 0138, 0.17% 4/7/21 (Liquidity Facility Royal Bank of Canada) (a)(e)(f) | 100,000 | 100,000 | |
| TOTAL NEW YORK | 2,678,634 | ||
| North Carolina - 0.1% | |||
| Alamance County Idnl Facilities Poll Fing. Auth. Series 2001, 0.2% 4/1/21, LOC Wells Fargo Bank NA, VRDN (a)(b) | 100,000 | 100,000 | |
| Ohio - 0.5% | |||
| Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev. Participating VRDN Series XF 10 92, 0.35% 4/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 300,000 | 300,000 | |
| Ohio Tpk. Commission Tpk. Rev. Participating VRDN Series Floaters XL 00 57, 0.12% 4/7/21 (Liquidity Facility Cr. Suisse AG) (a)(e)(f) | 180,000 | 180,000 | |
| TOTAL OHIO | 480,000 | ||
| Pennsylvania - 0.3% | |||
| Pennsylvania Hsg. Fin. Agcy. Multifamily Hsg. Dev. Rev. Participating VRDN Series XF 10 95, 0.35% 4/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 200,000 | 200,000 | |
| Philadelphia Auth. Indl. Mrf Participating VRDN Series MIZ 90 51, 0.35% 5/5/21 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(e)(f) | 100,000 | 100,000 | |
| TOTAL PENNSYLVANIA | 300,000 | ||
| South Carolina - 1.6% | |||
| Greenville Hosp. Sys. Facilities Rev. Participating VRDN Series XF 01 45, 0.29% 4/7/21 (Liquidity Facility Toronto-Dominion Bank) (a)(e)(f) | 100,000 | 100,000 | |
| South Carolina Pub. Svc. Auth. Rev. Participating VRDN Series Floaters XM 03 84, 0.2% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(e)(f) | 1,400,000 | 1,400,000 | |
| TOTAL SOUTH CAROLINA | 1,500,000 | ||
| Texas - 5.4% | |||
| Hurst Participating VRDN Series XF 10 94, 0.35% 4/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 100,000 | 100,000 | |
| North Texas Tollway Auth. Rev. Participating VRDN Series XM0085, 0.2% 4/7/21 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | 200,000 | 200,000 | |
| Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
| Series 2004, 0.25% 4/7/21, VRDN (a)(b) | 2,300,000 | 2,300,003 | |
| Series 2010 D: | |||
| 0.14% 4/7/21, VRDN (a) | 600,000 | 600,000 | |
| 0.16% 4/7/21, VRDN (a) | 575,000 | 575,000 | |
| Riesel Indl. Dev. Corp. (Sandy Creek Energy Assoc. Proj.): | |||
| 0.48% 4/7/21, LOC BNP Paribas SA, VRDN (a)(b) | 500,000 | 500,000 | |
| 0.48% 4/7/21, LOC MUFG Union Bank NA, VRDN (a)(b) | 500,000 | 500,000 | |
| Texas Dept. of Hsg. & Cmnty. Affairs Residential Mtg. Rev. Participating VRDN Series XF 10 98, 0.35% 4/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 100,000 | 100,000 | |
| Texas Gen. Oblig. Participating VRDN Series DB 80 79, 0.12% 4/1/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 100,000 | 100,000 | |
| Texas Private Activity Bond Surface Trans. Corp. Participating VRDN Series XM 07 56, 0.35% 4/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(e)(f) | 100,000 | 100,000 | |
| Trinity Riv Pub. Facilities Corp. Tex M Participating VRDN Series XF 10 83, 0.35% 4/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 100,000 | 100,000 | |
| TOTAL TEXAS | 5,175,003 | ||
| Utah - 0.3% | |||
| Salt Lake City Arpt. Rev. Participating VRDN: | |||
| Series Floaters XM 06 99, 0.35% 4/7/21 (Liquidity Facility Cr. Suisse AG) (a)(b)(e)(f) | 200,000 | 200,000 | |
| Series XM 08 82, 0.21% 4/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e)(f) | 100,000 | 100,000 | |
| TOTAL UTAH | 300,000 | ||
| Virginia - 0.3% | |||
| Virginia Commonwealth Trans. Board Rev. Participating VRDN Series DB 80 80, 0.12% 4/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 100,000 | 100,000 | |
| Virginia Small Bus. Fing. Auth. Series 2004, 0.17% 4/7/21, LOC Truist Bank, VRDN (a)(b) | 195,000 | 195,000 | |
| TOTAL VIRGINIA | 295,000 | ||
| Washington - 0.2% | |||
| Seattle Gen. Oblig. Participating VRDN Series DB 80 78, 0.12% 4/1/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 100,000 | 100,000 | |
| Washington Econ. Dev. Fin. Auth. Rev. Participating VRDN Series Floaters 005, 0.4% 5/12/21 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | 100,000 | 100,000 | |
| TOTAL WASHINGTON | 200,000 | ||
| West Virginia - 0.1% | |||
| Putnam County W Solid Waste Dis Series 1991, 0.25% 4/1/21, LOC Wells Fargo Bank NA, VRDN (a)(b) | 100,000 | 100,000 | |
| TOTAL MUNICIPAL NOTES | |||
| (Cost $20,534,333) | 20,543,637 | ||
| TOTAL INVESTMENT IN SECURITIES - 98.8% | |||
| (Cost $95,487,820) | 95,760,366 | ||
| NET OTHER ASSETS (LIABILITIES) - 1.2% | 1,127,782 | ||
| NET ASSETS - 100% | $96,888,148 |
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) 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 $229,337 or 0.2% 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) 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 0.2% of net assets.
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% 5/5/21 (Liquidity Facility Mizuho Cap. Markets Llc) | 8/14/20 | $200,000 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Municipal Cash Central Fund | $262 |
| Total | $262 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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