NPORT-EX 2 QTLY_402_20220331.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Pennsylvania Municipal Income Fund
March 31, 2022
PFL-NPRT1-0522
1.814657.117
Municipal Bonds - 96.7%
 
 
Principal
Amount (a)
 
Value ($)
 
Guam - 0.2%
 
 
 
Guam Int'l. Arpt. Auth. Rev. Series 2013 C:
 
 
 
 6.25% 10/1/34 (b)
 
425,000
446,497
 6.25% 10/1/34 (Pre-Refunded to 10/1/23 @ 100) (b)
 
275,000
292,549
TOTAL GUAM
 
 
739,046
Pennsylvania - 95.1%
 
 
 
Allegheny County Series C:
 
 
 
 5% 12/1/28
 
1,000,000
1,076,823
 5% 12/1/30
 
1,365,000
1,469,496
Allegheny County Arpt. Auth. Rev. Series 2021 A, 5% 1/1/51 (b)
 
12,000,000
13,354,843
Allegheny County Higher Ed. Bldg. Auth. Univ. Rev.:
 
 
 
 Series 2017, 5% 10/15/47
 
1,660,000
1,751,697
 Series 2018:
 
 
 
5% 3/1/33
 
 
1,570,000
1,758,992
5% 3/1/34
 
 
2,250,000
2,518,398
 Series 2022 A:
 
 
 
5% 3/1/24 (c)
 
 
500,000
515,196
5% 3/1/25 (c)
 
 
500,000
525,789
5% 3/1/27 (c)
 
 
1,740,000
1,892,423
5% 3/1/31 (c)
 
 
1,105,000
1,255,348
5% 3/1/34 (c)
 
 
645,000
738,923
Allegheny County Indl. Dev. Auth. Rev. Series 2021, 4.25% 12/1/50
 
3,000,000
2,336,480
Allegheny County Sanitation Auth. Swr. Rev. Series 2018, 5% 6/1/43
 
4,785,000
5,497,990
Bethlehem Area School District Series 2016 A, 5% 2/1/23 (Assured Guaranty Muni. Corp. Insured)
 
1,000,000
1,028,853
Bucks County Indl. Dev. Auth. Hosp. Rev. Series 2021:
 
 
 
 5% 7/1/41
 
2,500,000
2,847,573
 5% 7/1/54
 
4,500,000
5,029,720
Butler County Hosp. Auth. Hosp. Rev. (Butler Health Sys. Proj.) Series 2015 A:
 
 
 
 5% 7/1/26
 
500,000
544,128
 5% 7/1/27
 
490,000
532,802
 5% 7/1/28
 
540,000
586,046
 5% 7/1/29
 
710,000
768,805
 5% 7/1/30
 
685,000
740,761
 5% 7/1/35
 
1,885,000
2,028,572
 5% 7/1/39
 
6,675,000
7,166,373
Cap. Region Wtr. Wtr. Rev. Series 2018:
 
 
 
 5% 7/15/28
 
1,300,000
1,499,325
 5% 7/15/30
 
1,500,000
1,752,082
 5% 7/15/31
 
1,250,000
1,457,689
Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.):
 
 
 
 Series 2016 A:
 
 
 
4% 11/15/32
 
 
350,000
364,716
4% 11/15/34
 
 
250,000
260,701
4% 11/15/35
 
 
200,000
208,532
5% 11/15/28
 
 
840,000
921,582
5% 11/15/29
 
 
1,625,000
1,781,636
5% 11/15/30
 
 
685,000
750,528
 Series 2016 B:
 
 
 
4% 11/15/40
 
 
600,000
624,637
4% 11/15/47
 
 
3,605,000
3,740,048
 Series 2018 A:
 
 
 
5% 11/15/26
 
 
1,140,000
1,279,624
5% 11/15/27
 
 
225,000
257,294
5% 11/15/28
 
 
200,000
228,706
5% 11/15/29
 
 
200,000
227,913
Chester County Health & Ed. Facilities Auth. Health Sys. Rev. Series 2017 A, 5% 10/1/35
 
2,125,000
2,394,552
Commonwealth Fing. Auth. Rev.:
 
 
 
 Series 2019 B:
 
 
 
5% 6/1/28
 
 
1,000,000
1,152,215
5% 6/1/29
 
 
1,000,000
1,171,002
5% 6/1/30
 
 
1,000,000
1,187,419
5% 6/1/31
 
 
1,150,000
1,387,780
 Series 2020 A, 5% 6/1/32
 
3,500,000
4,145,839
Cumberland County Muni. Auth. Rev. (Dickinson College Proj.):
 
 
 
 Series 2012, 5% 11/1/37
 
1,520,000
1,547,598
 Series 2016:
 
 
 
5% 5/1/30
 
 
1,000,000
1,100,070
5% 5/1/31
 
 
500,000
549,627
5% 5/1/32
 
 
750,000
823,829
5% 5/1/33
 
 
2,210,000
2,425,748
5% 5/1/34
 
 
1,000,000
1,098,438
Dallas Area Muni. Auth. Univ. Rev. (Misericordia Univ. Proj.) Series 2019:
 
 
 
 5% 5/1/39
 
1,100,000
1,182,599
 5% 5/1/48
 
4,000,000
4,240,022
Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2016 A:
 
 
 
 5% 6/1/34
 
1,275,000
1,412,828
 5% 6/1/35
 
1,000,000
1,106,006
 5% 6/1/36
 
500,000
552,376
Delaware County Auth. Rev.:
 
 
 
 (Cabrini College) Series 2017, 5% 7/1/47
 
2,000,000
2,036,754
 Series 2017, 5% 7/1/25
 
1,000,000
1,033,859
Delaware County Auth. Univ. Rev. Series 2012, 5% 8/1/22
 
300,000
303,818
Doylestown Hosp. Auth. Hosp. Rev.:
 
 
 
 Series 2013 A:
 
 
 
5% 7/1/23
 
 
1,090,000
1,125,588
5% 7/1/27
 
 
2,500,000
2,575,146
 Series 2016 A, 5% 7/1/46
 
3,500,000
3,744,616
 Series 2019, 4% 7/1/45
 
1,350,000
1,372,340
Dubois Hosp. Auth. Hosp. Rev.:
 
 
 
 (Penn Highlands Healthcare Proj.) Series 2018, 5% 7/15/25
 
200,000
215,792
 Series 2020:
 
 
 
5% 7/15/31
 
 
1,030,000
1,165,556
5% 7/15/34
 
 
1,000,000
1,127,607
5% 7/15/36
 
 
1,400,000
1,576,164
5% 7/15/39
 
 
1,160,000
1,302,061
Fox Chapel Area School District Series 2013, 5% 8/1/34
 
1,000,000
1,025,929
Geisinger Auth. Health Sys. Rev.:
 
 
 
 Series 2014 A, 4% 6/1/41
 
2,000,000
2,045,392
 Series 2017 A2, 5% 2/15/39
 
1,880,000
2,094,262
Indiana County Hosp. Auth. Series 2014 A, 6% 6/1/39
 
1,625,000
1,667,547
Lackawanna County Indl. Dev. Auth. Rev. (Univ. of Scranton Proj.) Series 2017:
 
 
 
 5% 11/1/24
 
590,000
629,888
 5% 11/1/25
 
665,000
725,124
 5% 11/1/27
 
1,105,000
1,250,406
Lancaster County Hosp. Auth. Health Ctr. Rev. Series 2016:
 
 
 
 5% 8/15/31
 
1,000,000
1,113,615
 5% 8/15/33
 
1,000,000
1,111,855
 5% 8/15/34
 
1,000,000
1,110,098
 5% 8/15/36
 
1,000,000
1,109,221
Lehigh County Gen. Purp. Auth. Rev. (Muhlenberg College Proj.) Series 2017, 5% 2/1/39
 
4,010,000
4,494,767
Lehigh County Gen. Purp. Hosp. Rev. Series 2019 A:
 
 
 
 5% 7/1/36
 
2,905,000
3,370,752
 5% 7/1/44
 
5,000,000
5,734,373
Monroe County Hosp. Auth. Rev. Series 2016, 5% 7/1/33
 
3,675,000
4,030,787
Montgomery County Higher Ed. & Health Auth. Rev.:
 
 
 
 Series 2014 A:
 
 
 
5% 10/1/22
 
 
275,000
279,223
5% 10/1/23
 
 
1,305,000
1,354,795
5% 10/1/24
 
 
335,000
354,562
5% 10/1/25
 
 
750,000
794,551
5% 10/1/26
 
 
1,000,000
1,058,347
5% 10/1/27
 
 
1,000,000
1,056,731
 Series 2016 A, 5% 10/1/40
 
4,000,000
4,225,781
 Series 2018 A, 5% 9/1/26
 
1,500,000
1,667,943
 Series 2019:
 
 
 
4% 9/1/34
 
 
2,500,000
2,676,309
4% 9/1/35
 
 
1,400,000
1,495,377
4% 9/1/36
 
 
1,200,000
1,278,958
4% 9/1/37
 
 
1,000,000
1,063,800
Montgomery County Indl. Dev. Auth.:
 
 
 
 Series 2015 A, 5.25% 1/15/36 (Pre-Refunded to 1/15/25 @ 100)
 
2,000,000
2,168,002
 Series 2017:
 
 
 
5% 12/1/33
 
 
2,150,000
2,444,157
5% 12/1/35
 
 
1,000,000
1,136,766
5% 12/1/36
 
 
2,670,000
3,033,102
5% 12/1/37
 
 
1,515,000
1,719,823
Northampton County Gen. Purp. Auth. Hosp. Rev. (St. Luke's Univ. Health Network Proj.) Series 2018 A:
 
 
 
 4% 8/15/48
 
4,500,000
4,754,958
 5% 8/15/43
 
2,000,000
2,270,561
 5% 8/15/48
 
2,500,000
2,820,909
Northampton County Gen. Purp. College Rev. (Lafayette College Proj.) Series 2017, 5% 11/1/47
 
2,170,000
2,468,809
Pennsylvania Ctfs. Prtn. Series 2018 A:
 
 
 
 5% 7/1/28
 
400,000
456,972
 5% 7/1/29
 
300,000
341,067
 5% 7/1/30
 
375,000
426,255
 5% 7/1/31
 
425,000
483,071
Pennsylvania Higher Edl. Facilities Auth. Rev.:
 
 
 
 (Drexel Univ. Proj.) Series 2016, 5% 5/1/35
 
2,000,000
2,188,125
 (Thomas Jefferson Univ. Proj.) Series 2012, 5% 3/1/23 (Pre-Refunded to 9/1/22 @ 100)
 
585,000
593,926
 First Series 2012, 5% 4/1/22
 
600,000
600,000
 Series 2016, 5% 5/1/33
 
2,200,000
2,409,995
 Series 2018 A, 5% 2/15/48
 
4,000,000
4,515,535
 Series 2019 A:
 
 
 
4% 3/1/37
 
 
1,150,000
1,224,082
5% 3/1/36
 
 
1,000,000
1,132,274
5% 3/1/38
 
 
1,055,000
1,191,809
5% 3/1/39
 
 
1,000,000
1,128,224
 Series 2019:
 
 
 
4% 12/1/44
 
 
1,000,000
1,074,046
4% 12/1/48
 
 
1,000,000
1,068,320
 Series AT-1 5% 6/15/31
 
5,000,000
5,559,709
Pennsylvania Hsg. Fin. Agcy.:
 
 
 
 Series 2019 130A, 4% 10/1/49
 
1,700,000
1,745,928
 Series 2019 131, 3.5% 4/1/49
 
4,285,000
4,364,724
 Series 2020 13 2A, 3.5% 4/1/51
 
1,900,000
1,937,070
 Series 2020 133:
 
 
 
5% 10/1/22
 
 
350,000
356,243
5% 10/1/23
 
 
400,000
418,871
5% 10/1/24
 
 
850,000
911,772
5% 10/1/27
 
 
650,000
741,760
5% 10/1/28
 
 
950,000
1,099,517
5% 4/1/29
 
 
100,000
114,241
5% 10/1/29
 
 
450,000
517,299
 Series 2021 134B:
 
 
 
5% 10/1/22 (b)
 
 
1,175,000
1,195,667
5% 4/1/24 (b)
 
 
1,255,000
1,320,259
5% 10/1/24 (b)
 
 
1,000,000
1,063,128
5% 10/1/25 (b)
 
 
370,000
401,194
5% 4/1/26 (b)
 
 
995,000
1,088,444
5% 10/1/26 (b)
 
 
1,500,000
1,655,868
 Series 2021 137:
 
 
 
5% 4/1/24
 
 
225,000
238,281
5% 10/1/24
 
 
265,000
284,258
5% 4/1/25
 
 
200,000
217,170
5% 10/1/25
 
 
220,000
241,799
5% 4/1/26
 
 
240,000
266,394
5% 10/1/26
 
 
280,000
314,152
5% 4/1/27
 
 
225,000
254,484
5% 10/1/27
 
 
225,000
256,763
5% 4/1/28
 
 
250,000
286,937
5% 10/1/28
 
 
260,000
300,920
5% 4/1/29
 
 
310,000
355,208
5% 10/1/29
 
 
365,000
420,920
Pennsylvania Pub. School Bldg. Auth. School Rev. Series 2014 B2:
 
 
 
 5% 12/1/24
 
630,000
674,843
 5% 12/1/25
 
335,000
361,459
 5% 12/1/26
 
645,000
694,551
 5% 12/1/27
 
360,000
386,784
Pennsylvania State Univ.:
 
 
 
 Series 2015 A:
 
 
 
5% 9/1/30
 
 
1,100,000
1,200,877
5% 9/1/31
 
 
1,415,000
1,542,818
 Series 2019 A, 5% 9/1/48
 
6,390,000
7,364,023
Pennsylvania Tpk. Commission Tpk. Rev.:
 
 
 
 (Sub Lien Proj.) Series 2017 B-1, 5% 6/1/34
 
5,000,000
5,558,781
 Series 2013 A2:
 
 
 
5% 12/1/28
 
 
500,000
566,068
5% 12/1/38
 
 
2,500,000
2,850,861
 Series 2014 A, 5% 12/1/31
 
865,000
926,570
 Series 2014 A2, 0% 12/1/40 (d)
 
5,500,000
5,765,566
 Series 2017 A1:
 
 
 
5% 12/1/30
 
 
3,500,000
4,007,392
5% 12/1/31
 
 
2,000,000
2,285,368
5% 12/1/33
 
 
1,500,000
1,711,461
 Series 2018 A2, 5% 12/1/43
 
5,000,000
5,669,124
 Series 2020 B, 5% 12/1/50
 
5,000,000
5,715,366
 Series 2021 A:
 
 
 
4% 12/1/44
 
 
4,000,000
4,191,185
4% 12/1/45
 
 
4,000,000
4,173,572
4% 12/1/50
 
 
2,000,000
2,057,114
 Series 2021 B:
 
 
 
4% 12/1/40
 
 
1,000,000
1,048,439
4% 12/1/41
 
 
1,000,000
1,046,826
4% 12/1/42
 
 
1,500,000
1,566,976
4% 12/1/46
 
 
2,500,000
2,588,600
5% 12/1/46
 
 
2,000,000
2,321,187
5% 12/1/51
 
 
9,000,000
10,400,888
Philadelphia Arpt. Rev.:
 
 
 
 Series 2015 A, 5% 6/15/23 (b)
 
200,000
206,567
 Series 2017 A, 5% 7/1/42
 
350,000
385,095
 Series 2017 B:
 
 
 
5% 7/1/25 (b)
 
 
5,500,000
5,913,564
5% 7/1/31 (b)
 
 
1,000,000
1,098,552
5% 7/1/33 (b)
 
 
2,250,000
2,472,037
5% 7/1/37 (b)
 
 
5,065,000
5,549,731
5% 7/1/42 (b)
 
 
4,000,000
4,360,455
5% 7/1/47 (b)
 
 
3,035,000
3,288,949
Philadelphia Auth. for Indl. Dev.:
 
 
 
 Series 2016, 5% 4/1/28
 
275,000
297,194
 Series 2017, 5% 11/1/47
 
5,000,000
5,372,331
 Series 2020 A, 4% 11/1/45
 
3,825,000
4,027,656
 Series 2020 C:
 
 
 
4% 11/1/35
 
 
1,750,000
1,872,590
4% 11/1/36
 
 
1,500,000
1,603,553
4% 11/1/37
 
 
1,255,000
1,340,184
4% 11/1/38
 
 
1,000,000
1,066,341
Philadelphia Gas Works Rev.:
 
 
 
 Series 16 A, 5% 8/1/50 (Assured Guaranty Muni. Corp. Insured)
 
8,835,000
10,203,529
 Series 2015 13:
 
 
 
5% 8/1/29
 
 
2,000,000
2,176,576
5% 8/1/30
 
 
1,500,000
1,627,911
5% 8/1/31
 
 
1,100,000
1,193,802
 Series 2016 14:
 
 
 
5% 10/1/33
 
 
1,500,000
1,668,671
5% 10/1/34
 
 
500,000
555,773
Philadelphia Gen. Oblig.:
 
 
 
 Series 2017 A, 5% 8/1/30
 
1,500,000
1,685,089
 Series 2019 B:
 
 
 
5% 2/1/38
 
 
3,000,000
3,446,318
5% 2/1/39
 
 
2,600,000
2,982,762
Philadelphia Redev. Auth. Rev. Series 2015 A, 5% 4/15/29
 
3,000,000
3,241,346
Philadelphia School District:
 
 
 
 Series 2016 F, 5% 9/1/34
 
4,000,000
4,437,214
 Series 2018 A:
 
 
 
5% 9/1/29
 
 
1,250,000
1,440,305
5% 9/1/30
 
 
1,000,000
1,148,905
5% 9/1/33
 
 
1,000,000
1,143,592
 Series 2019 A:
 
 
 
4% 9/1/37
 
 
2,100,000
2,258,525
4% 9/1/38
 
 
2,300,000
2,470,130
4% 9/1/39
 
 
2,000,000
2,144,933
Philadelphia Wtr. & Wastewtr. Rev.:
 
 
 
 Series 2015 B, 5% 7/1/30
 
3,500,000
3,813,323
 Series 2017 B:
 
 
 
5% 11/1/29
 
 
3,000,000
3,447,013
5% 11/1/30
 
 
3,700,000
4,232,490
 Series 2020, 5% 10/1/40
 
3,195,000
3,726,424
Pittsburgh & Allegheny County Parking Sys. Series 2017:
 
 
 
 5% 12/15/31
 
1,000,000
1,141,693
 5% 12/15/32
 
500,000
570,273
 5% 12/15/33
 
500,000
569,701
Pittsburgh Gen. Oblig. Series 2014, 5% 9/1/23 (Build America Mutual Assurance Insured)
 
575,000
601,132
Pittsburgh School District Series 2015, 5% 9/1/23 (Assured Guaranty Muni. Corp. Insured)
 
1,085,000
1,134,621
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev.:
 
 
 
 Series 2019 A, 5% 9/1/44 (Assured Guaranty Muni. Corp. Insured)
 
3,600,000
4,171,162
 Series 2019 B:
 
 
 
4% 9/1/34 (Assured Guaranty Muni. Corp. Insured)
 
 
2,000,000
2,178,585
4% 9/1/35 (Assured Guaranty Muni. Corp. Insured)
 
 
400,000
435,299
Reading School District Series 2017:
 
 
 
 5% 3/1/35 (Assured Guaranty Muni. Corp. Insured)
 
1,000,000
1,118,294
 5% 3/1/36 (Assured Guaranty Muni. Corp. Insured)
 
1,050,000
1,174,209
 5% 3/1/37 (Assured Guaranty Muni. Corp. Insured)
 
1,600,000
1,789,270
Saint Mary Hosp. Auth. Health Sys. Rev. (Trinity Health Proj.) Series 2012 B, 5% 11/15/26
 
1,000,000
1,128,100
Southcentral Pennsylvania Gen. Auth. Rev.:
 
 
 
 Series 2015:
 
 
 
4% 12/1/30
 
 
1,040,000
1,091,044
5% 12/1/22
 
 
30,000
30,679
5% 12/1/27
 
 
1,480,000
1,612,278
5% 12/1/29
 
 
1,000,000
1,087,913
 Series 2019 A, 4% 6/1/49
 
4,650,000
4,933,744
Susquehanna Area Reg'l. Arp Auth. Series 2017:
 
 
 
 5% 1/1/35 (b)
 
1,000,000
1,093,181
 5% 1/1/38 (b)
 
1,125,000
1,226,470
Union County Hosp. Auth. Rev. Series 2018 B, 5% 8/1/48
 
6,000,000
6,594,506
West Mifflin Area School District Series 2016:
 
 
 
 5% 4/1/24 (Assured Guaranty Muni. Corp. Insured)
 
1,250,000
1,314,999
 5% 4/1/26 (Assured Guaranty Muni. Corp. Insured)
 
1,000,000
1,097,903
 5% 4/1/28 (Assured Guaranty Muni. Corp. Insured)
 
1,390,000
1,553,220
Westmoreland County Indl. Dev. Auth. (Excela Health Proj.) Series 2020 A:
 
 
 
 4% 7/1/22
 
600,000
604,059
 4% 7/1/23
 
1,125,000
1,154,328
 4% 7/1/26
 
1,000,000
1,070,601
 4% 7/1/37
 
1,400,000
1,481,295
 5% 7/1/27
 
200,000
226,276
 5% 7/1/28
 
1,130,000
1,298,175
 5% 7/1/29
 
500,000
582,627
 5% 7/1/30
 
1,000,000
1,179,827
TOTAL PENNSYLVANIA
 
 
454,600,047
Pennsylvania, New Jersey - 1.4%
 
 
 
Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev. Series 2012 A:
 
 
 
 5% 7/1/22
 
500,000
504,830
 5% 7/1/23
 
1,000,000
1,008,002
Delaware River Port Auth. Pennsylvania & New Jersey Rev. Series 2018 A:
 
 
 
 5% 1/1/37
 
1,000,000
1,154,071
 5% 1/1/38
 
1,300,000
1,499,250
 5% 1/1/39
 
1,000,000
1,151,142
 5% 1/1/40
 
1,100,000
1,264,685
TOTAL PENNSYLVANIA, NEW JERSEY
 
 
6,581,980
Puerto Rico - 0.0%
 
 
 
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2021 A1, 5.625% 7/1/27
 
145,000
158,324
 
TOTAL MUNICIPAL BONDS
 (Cost $462,894,215)
 
 
 
462,079,397
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 96.7%
 (Cost $462,894,215)
 
 
 
462,079,397
NET OTHER ASSETS (LIABILITIES) - 3.3%  
15,993,632
NET ASSETS - 100.0%
478,073,029
 
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
 
(c)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(d)
Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.
 
 
 
 
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 inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value 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 Bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
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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