NPORT-EX 2 QTLY_3042_20210331.htm

Quarterly Holdings Report
for

Fidelity Flex® Funds

Fidelity Flex® Conservative Income Municipal Bond Fund

March 31, 2021







XCB-QTLY-0521
1.9884861.103





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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