0001752724-24-116400.txt : 20240523 0001752724-24-116400.hdr.sgml : 20240523 20240523164629 ACCESSION NUMBER: 0001752724-24-116400 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240523 DATE AS OF CHANGE: 20240523 PERIOD START: 20241231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY MUNICIPAL TRUST CENTRAL INDEX KEY: 0000035373 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-02628 FILM NUMBER: 24979091 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: MUNICIPAL BOND FUND/MA/ DATE OF NAME CHANGE: 19860327 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19850503 FORMER COMPANY: FORMER 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N/A CA MUNI FIN AYMIUM WILLIAMS 22 PRE MT@ 130488AA7 4445000.00000000 PA USD 4436327.81000000 0.298760206092 Long DBT MUN US N 2 2042-12-15 Variable 0.04000000 N N N N N N CONNECTICUT ST N/A CT ST 1.01% 3/1/2025 20772JMB5 685000.00000000 PA USD 687761.85000000 0.046316656669 Long DBT MUN US N 2 2025-03-01 Variable 0.04440000 N N N N N N HOUSTON TX INDPT SCH DIST N/A HOUSTON TX ISD 3.5% MT 442403PS4 5680000.00000000 PA USD 5644654.50000000 0.380133798485 Long DBT MUN US N 2 2039-06-01 Variable 0.03500000 N N N N N N ATRIUM HEALTH N/A ATRIUM HEALTH 3.625% MT 160853VT1 2850000.00000000 PA USD 2840768.00000000 0.191308773717 Long DBT MUN US N 2 2048-01-15 Variable 0.03625000 N N N N N N AMERICAN MUN PWR REV N/A AMERICAN MUN OH 5% 2/15/2025 02765URL0 555000.00000000 PA USD 562035.79000000 0.037849756745 Long DBT MUN US N 2 2025-02-15 Fixed 0.05000000 N N N N N N ILLINOIS ST N/A IL ST 5% 3/1/2026 452153DF3 3850000.00000000 PA USD 3965367.56000000 0.267043843511 Long DBT MUN US N 2 2026-03-01 Fixed 0.05000000 N N N N N N TENDER OPT BD TR RCPTS / CTFS VAR STS N/A BLACK BELT AL ENERGY GAS DIST 2023-XM1110-ALL G=RC Q=RC D7 88035FC24 2825000.00000000 PA USD 2825000.00000000 0.190246893006 Long DBT MUN US N 2 2053-12-01 Variable 0.03750000 N N N N N N PORT PORTLAND OR ARPT REV N/A PORTLND OR ARPT 5% 7/1/2024 @ 735240Z63 1270000.00000000 PA USD 1272383.66000000 0.085687447089 Long DBT MUN US N 2 2024-07-01 Fixed 0.05000000 N N N N N N BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV 549300I8V0Z68JQCB679 BLACK BELT ENE 5.25% 12/1/2024 09182TBW6 255000.00000000 PA USD 256553.82000000 0.017277368900 Long DBT MUN US N 2 2024-12-01 Fixed 0.05250000 N N N N N N WISCONSIN ST HEALTH and EDL FACSAUTH REV N/A WISCONSIN ST H 5% 10/1/2025 Q 97712JFJ7 585000.00000000 PA USD 597577.09000000 0.040243251222 Long DBT MUN US N 2 2025-10-01 Fixed 0.05000000 N N N N N N PORT PORT ARTHUR TX NAV DIST E N/A PORT ARTHUR TX NAV DIST ENVI VAR-MOTIVA ENTERPRISES PJ-A 735220AT2 11085000.00000000 PA USD 11085000.00000000 0.746508604948 Long DBT MUN US N 2 2040-04-01 Variable 0.04300000 N N N N N N PHOENIX ARIZ INDL DEV AUTH SOLID WASTE DISP REV N/A PHX IDA SW 2.1%/VAR MT@ 71884RAA0 4800000.00000000 PA USD 4797525.60000000 0.323084721953 Long DBT MUN US N 2 2035-12-01 Variable 0.04100000 N N N N N N COCONINO CNTY AZ POLL CTL CORP N/A COCONINO AZ PC 4.125% 9/1/2032 @ 191855BN4 1460000.00000000 PA USD 1453093.76000000 0.097857194013 Long DBT MUN US N 2 2032-09-01 Variable 0.04125000 N N N N N N 2024-04-30 Laura M. Del Prato Laura M. Del Prato Laura M. Del Prato President and Treasurer XXXX NPORT-EX 2 QTLY_2578_20240331.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Conservative Income Municipal Bond Fund
March 31, 2024
CMB-NPRT1-0524
1.967797.110
Municipal Bonds - 60.4%
 
 
Principal
Amount (a)
 
Value ($)
 
Alabama - 1.8%
 
 
 
Black Belt Energy Gas District:
 
 
 
 Bonds Series 2022 D1, 4%, tender 6/1/27 (b)
 
3,585,000
3,624,220
 Series 2022 C, 5.25% 6/1/24
 
90,000
90,092
 Series 2022 C1:
 
 
 
5.25% 12/1/24
 
 
255,000
256,554
5.25% 12/1/25
 
 
335,000
341,428
5.25% 6/1/26
 
 
780,000
799,559
 Series 2022 E:
 
 
 
5% 6/1/24
 
 
965,000
965,852
5% 6/1/25
 
 
1,005,000
1,014,992
5% 6/1/26
 
 
1,390,000
1,417,727
 Series 2023 C:
 
 
 
5.5% 6/1/26
 
 
570,000
585,193
5.5% 6/1/27
 
 
245,000
255,148
Jefferson County Swr. Rev. Series 2024:
 
 
 
 5% 10/1/24
 
200,000
201,154
 5% 10/1/25
 
900,000
920,010
 5% 10/1/26
 
545,000
566,496
 5% 10/1/27
 
500,000
529,435
Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds (Alabama Pwr. Co. Barry Plant Proj.):
 
 
 
 Series 2007 C, 3.78%, tender 6/16/26 (b)
 
875,000
875,421
 Series 2008, 3.65%, tender 1/10/25 (b)
 
6,735,000
6,711,818
Southeast Alabama Gas Supply District Bonds:
 
 
 
 (Proj. No. 2) Series 2018 A, 4%, tender 6/1/24 (b)
 
6,300,000
6,298,493
 Series 2018 A, 4%, tender 4/1/24 (b)
 
755,000
755,083
Southeast Energy Auth. Rev. (Proj. No. 2) Series 2021 B1:
 
 
 
 4% 6/1/24
 
325,000
324,621
 4% 6/1/25
 
390,000
388,924
TOTAL ALABAMA
 
 
26,922,220
Alaska - 0.1%
 
 
 
Alaska Int'l. Arpts. Revs. Series 2021 C, 5% 10/1/25 (c)
 
1,075,000
1,091,827
Arizona - 3.7%
 
 
 
Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A, 5% 12/1/24
 
635,000
639,843
Chandler Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Intel Corp. Proj.):
 
 
 
 Series 2019, 5%, tender 6/3/24 (b)(c)
 
30,360,000
30,392,704
 Series 2022 2, 5%, tender 9/1/27 (b)(c)
 
12,550,000
12,932,086
Coconino County Poll. Cont. Corp. Rev. Bonds (Navada Pwr. Co. Projs.) Series 2017 A, 4.125%, tender 3/31/26 (b)(c)
 
1,460,000
1,453,094
Maricopa County Rev. Bonds:
 
 
 
 Series 2023 A1, 5%, tender 5/15/26 (b)
 
2,390,000
2,463,933
 Series C, 5%, tender 10/18/24 (b)
 
600,000
603,336
Phoenix Civic Impt. Board Arpt. Rev.:
 
 
 
 Series 2018, 5% 7/1/24 (c)
 
500,000
501,137
 Series 2023:
 
 
 
5% 7/1/24 (c)
 
 
570,000
571,296
5% 7/1/26 (c)
 
 
1,155,000
1,193,643
Phoenix Indl. Solid Waste Disp. Rev. Bonds (Republic Svc., Inc. Proj.) Series 2013, 4.1%, tender 5/1/24 (b)(c)
 
4,800,000
4,797,526
TOTAL ARIZONA
 
 
55,548,598
California - 4.8%
 
 
 
Anaheim Pub. Fing. Auth. Lease Rev. Series 1997, 0% 9/1/25 (Assured Guaranty Muni. Corp. Insured)
 
6,355,000
6,067,851
California Health Facilities Fing. Auth. Rev. Bonds Series 2016 B2, 4%, tender 10/1/24 (b)
 
8,315,000
8,296,477
California Muni. Fin. Auth. Envir. Bonds (Aymium Williams Proj.) Series 2023, 4%, tender 6/26/24 (b)(c)(d)
 
4,445,000
4,436,328
California Muni. Fin. Auth. Solid Waste Disp. Rev. Bonds:
 
 
 
 (Republic Svcs., Inc. Proj.):
 
 
 
Series 2021 A, 4.7%, tender 4/1/24 (b)(c)
 
 
8,450,000
8,450,000
Series 2021 B, 4%, tender 7/15/24 (b)(c)
 
 
9,655,000
9,636,618
 (Waste Mgmt., Inc. Proj.):
 
 
 
Series 2009 A, 1.3%, tender 2/3/25 (b)(d)
 
 
475,000
464,056
Series 2017 A, 4.25%, tender 12/2/24 (b)(c)
 
 
8,005,000
8,023,945
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs. INC. Proj.) Series 2023, 4.125%, tender 8/15/24 (b)(c)(d)
 
6,100,000
6,088,472
Los Angeles Dept. Arpt. Rev.:
 
 
 
 Series 2019 A, 5% 5/15/24 (c)
 
450,000
450,483
 Series 2020 C, 5% 5/15/24 (c)
 
320,000
320,343
 Series 2022 C:
 
 
 
5% 5/15/25 (c)
 
 
935,000
949,710
5% 5/15/26 (c)
 
 
2,285,000
2,352,854
 Series 2022 G, 5% 5/15/25 (c)
 
630,000
639,911
 Series 2023 A:
 
 
 
5% 5/15/24 (c)
 
 
445,000
445,477
5% 5/15/25 (c)
 
 
295,000
299,641
5% 5/15/26 (c)
 
 
510,000
525,145
 Series B, 5% 5/15/24 (c)
 
675,000
675,724
Port of Oakland Rev. Series H, 5% 5/1/26 (c)
 
1,745,000
1,792,823
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. Series 2019 B, 5% 7/1/24 (c)
 
320,000
320,561
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.:
 
 
 
 Series 2017 D, 5% 5/1/24 (c)
 
635,000
635,426
 Series 2019 H:
 
 
 
5% 5/1/24 (Escrowed to Maturity) (c)
 
 
350,000
350,220
5% 5/1/27 (c)
 
 
3,810,000
3,974,641
 Series 2023 A:
 
 
 
5% 5/1/24 (c)
 
 
1,590,000
1,591,066
5% 5/1/25 (c)
 
 
960,000
974,082
5% 5/1/26 (c)
 
 
3,760,000
3,863,047
San Jose Int. Arpt. Rev. Series 2021 B, 5% 3/1/25
 
240,000
243,900
TOTAL CALIFORNIA
 
 
71,868,801
Colorado - 1.0%
 
 
 
Colorado Health Facilities Auth. Rev. Bonds Series 2022 A:
 
 
 
 5% 11/1/24
 
275,000
277,252
 5% 11/1/25
 
255,000
262,046
Colorado Univ. Co. Hosp. Auth. Rev. Bonds Series 2019 C, 5%, tender 11/15/24 (b)
 
445,000
445,359
Denver City & County Arpt. Rev.:
 
 
 
 Series 2017 A, 5% 11/15/24 (c)
 
525,000
528,807
 Series 2018 A, 5% 12/1/27 (c)
 
2,825,000
2,983,627
 Series 2022 A:
 
 
 
5% 11/15/24 (c)
 
 
635,000
639,605
5% 11/15/25 (c)
 
 
1,555,000
1,592,808
 Series 2022 D:
 
 
 
5% 11/15/25 (c)
 
 
2,540,000
2,601,757
5.25% 11/15/26 (c)
 
 
3,165,000
3,307,447
Maiker Hsg. Partners Colo Multi Bonds Series 2023, 4.5%, tender 5/1/26 (b)
 
2,017,000
2,018,030
TOTAL COLORADO
 
 
14,656,738
Connecticut - 2.0%
 
 
 
Connecticut Gen. Oblig.:
 
 
 
 Series 2013 A, 4.44% 3/1/25 (b)
 
685,000
687,762
 Series 2016 B, 5% 5/15/25
 
320,000
326,059
 Series A, 3% 4/15/24
 
320,000
319,833
Connecticut Health & Edl. Facilities Auth. Rev.:
 
 
 
 Bonds:
 
 
 
Series 1999 U2, 1.1%, tender 2/11/25 (b)
 
 
2,285,000
2,224,945
Series 2010 A3, 2.95%, tender 7/1/27 (b)
 
 
2,610,000
2,572,762
Series 2010 A4, 1.1%, tender 2/11/25 (b)
 
 
5,750,000
5,598,877
Series 2014 B, 1.8%, tender 7/1/24 (b)
 
 
625,000
620,294
Series 2017 B2, 3.2%, tender 7/1/26 (b)
 
 
1,850,000
1,846,453
Series 2017 C2, 2.8%, tender 2/3/26 (b)
 
 
10,995,000
10,804,320
 Series 2022 L, 5% 7/1/25
 
285,000
289,955
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.:
 
 
 
 Series 2015 A, 5% 8/1/26
 
635,000
649,114
 Series 2021 A, 5% 5/1/26
 
805,000
836,077
Hartford Gen. Oblig. Series 2015 C, 5% 7/15/25 (Assured Guaranty Muni. Corp. Insured)
 
1,215,000
1,242,015
New Haven Gen. Oblig. Series 2023:
 
 
 
 5% 8/1/24
 
380,000
380,885
 5% 8/1/25
 
320,000
324,894
 5% 8/1/26 (Build America Mutual Assurance Insured)
 
445,000
461,492
 5% 8/1/27 (Build America Mutual Assurance Insured)
 
415,000
437,907
TOTAL CONNECTICUT
 
 
29,623,644
Delaware - 0.0%
 
 
 
Delaware Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr. & Lt. Co. Proj.) Series A, 1.05%, tender 7/1/25 (b)
 
370,000
355,509
District Of Columbia - 1.0%
 
 
 
Metropolitan Washington DC Arpts. Auth. Sys. Rev.:
 
 
 
 Series 2014 A, 5% 10/1/26 (c)
 
605,000
606,940
 Series 2018 A, 5% 10/1/24 (c)
 
3,605,000
3,622,610
 Series 2019 A:
 
 
 
5% 10/1/24 (c)
 
 
1,905,000
1,914,306
5% 10/1/26 (c)
 
 
825,000
855,134
 Series 2020 A, 5% 10/1/24 (c)
 
4,575,000
4,597,349
 Series 2022 A, 5% 10/1/24 (c)
 
825,000
829,030
 Series 2023 A, 5% 10/1/26 (c)
 
1,250,000
1,295,658
Washington Metropolitan Area Transit Auth. Series 2023 A, 5% 7/15/25
 
635,000
648,877
TOTAL DISTRICT OF COLUMBIA
 
 
14,369,904
Florida - 2.9%
 
 
 
Broward County Arpt. Sys. Rev. Series 2017, 5% 10/1/24 (c)
 
320,000
321,031
Broward County Fin. Auth. Multi-family Hsg. Rev. Bonds Series 2023, 4.05%, tender 3/1/26 (b)
 
1,191,000
1,195,851
Broward County Port Facilities Rev. Series 2022, 5% 9/1/27 (c)
 
1,265,000
1,319,992
Broward County School Board Ctfs. of Prtn. Series 2022 A, 5% 7/1/25
 
1,010,000
1,029,794
Citizens Property Ins. Corp. Series 2015 A1, 5% 6/1/25 (Pre-Refunded to 12/1/24 @ 100)
 
2,990,000
3,014,765
Duval County School Board Ctfs. of Prtn. Series 2022 A:
 
 
 
 5% 7/1/25 (Assured Guaranty Muni. Corp. Insured)
 
1,775,000
1,810,878
 5% 7/1/26 (Assured Guaranty Muni. Corp. Insured)
 
3,115,000
3,240,019
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev. Bonds:
 
 
 
 Series 2023 B, 5%, tender 2/1/26 (b)
 
985,000
1,006,058
 Series 2023 C, 5%, tender 12/1/25 (b)
 
705,000
716,198
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Series 2016 A, 5% 10/1/25 (Escrowed to Maturity) (c)
 
365,000
371,245
Hillsborough Co. Sldwst and Resource Receivables Series 2016 A, 5% 9/1/26 (c)
 
1,435,000
1,480,578
Hillsborough County Aviation Auth. Rev. Series 2022 A:
 
 
 
 5% 10/1/24 (c)
 
2,905,000
2,919,049
 5% 10/1/25 (c)
 
1,180,000
1,203,467
Jacksonville Spl. Rev. Series 2022 A:
 
 
 
 5% 10/1/24
 
370,000
372,753
 5% 10/1/25
 
290,000
297,943
Lee County Arpt. Rev. Series 2021 A, 5% 10/1/24 (c)
 
970,000
973,504
Lee County Hsg. Fin. Auth. Multi-family Hsg. Rev. Bonds Series 2023 A, 3.55%, tender 8/1/27 (b)
 
1,588,000
1,571,655
Miami Dade County Hsg. Multifamily Hsg. Rev. Bonds:
 
 
 
 Series 2023 B, 4.05%, tender 9/1/25 (b)
 
695,000
695,029
 Series 2023:
 
 
 
3.55%, tender 1/1/26 (b)
 
 
2,965,000
2,930,575
5%, tender 9/1/25 (b)
 
 
2,415,000
2,443,986
5%, tender 9/1/25 (b)
 
 
1,330,000
1,348,521
5%, tender 10/1/25 (b)
 
 
4,055,000
4,130,897
Miami-Dade County Aviation Rev. Series 2012 A, 5% 10/1/24
 
570,000
570,460
Miami-Dade County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds Series 2011, 5%, tender 11/1/24 (b)(c)
 
2,380,000
2,385,206
Okeechobee County Solid Waste Rev. Bonds (Waste Mgmt., Inc.-Okeechobee Landfill Proj.) Series 2004 A, 0.55%, tender 7/1/24 (b)
 
955,000
946,272
Orange County Health Facilities Auth. Bonds Series 2021 C, 5%, tender 11/15/26 (b)
 
1,815,000
1,891,433
Orlando Utils. Commission Util. Sys. Rev. Series 2013 A, 5% 10/1/24
 
320,000
322,223
Pasco County Tax Alloc Series 2023 A, 5.25% 9/1/25 (Assured Guaranty Muni. Corp. Insured)
 
160,000
163,636
Pasco County School Board Ctfs. of Prtn. Series 2022 A, 5% 8/1/26
 
665,000
691,367
Polk County Hsg. Fin. Auth. Multi-family Hsg. Rev. Bonds Series 2023, 4.15%, tender 6/1/26 (b)
 
1,296,000
1,305,995
TOTAL FLORIDA
 
 
42,670,380
Georgia - 1.0%
 
 
 
Atlanta Arpt. Rev. Series 2020 B, 5% 7/1/25 (c)
 
710,000
721,302
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Vogtle Proj.):
 
 
 
 Series 1994 4, 3.8%, tender 5/21/26 (b)
 
1,885,000
1,895,766
 Series 2008 2, 3.375%, tender 3/12/27 (b)
 
730,000
725,518
 Series 2012, 2.875%, tender 8/19/25 (b)
 
2,270,000
2,220,108
Fayette County Hosp. Auth. Rev. Bonds (Piedmont Healthcare, Inc. Proj.) Series 2019 A, 5%, tender 7/1/24 (b)
 
725,000
726,129
Georgia Muni. Elec. Auth. Pwr. Rev.:
 
 
 
 Series 2021 A, 5% 1/1/25 (Assured Guaranty Muni. Corp. Insured)
 
125,000
126,155
 Series 2022 A:
 
 
 
5% 7/1/24 (Assured Guaranty Muni. Corp. Insured)
 
 
215,000
215,398
5% 7/1/25 (Assured Guaranty Muni. Corp. Insured)
 
 
220,000
223,341
5% 7/1/26 (Assured Guaranty Muni. Corp. Insured)
 
 
230,000
238,858
Main Street Natural Gas, Inc.:
 
 
 
 Bonds Series 2019 B, 4%, tender 12/2/24 (b)
 
1,290,000
1,291,665
 Series 2022 A, 4% 12/1/25
 
800,000
794,345
 Series 2023 B:
 
 
 
5% 9/1/25
 
 
220,000
222,544
5% 9/1/26
 
 
430,000
440,101
 Series 2023 D:
 
 
 
5% 12/1/24
 
 
190,000
190,344
5% 12/1/25
 
 
350,000
353,356
5% 12/1/26
 
 
195,000
198,531
 Series 2024 A1:
 
 
 
5% 3/1/25
 
 
345,000
347,158
5% 9/1/25
 
 
320,000
323,700
5% 3/1/26
 
 
430,000
437,293
5% 9/1/26
 
 
350,000
358,222
5% 3/1/27
 
 
700,000
719,747
5% 9/1/27
 
 
625,000
646,774
 Series 2025 B, 5% 9/1/25
 
325,000
328,758
Monroe County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Scherer Proj.) Series 2012, 3.875%, tender 3/6/26 (b)
 
1,725,000
1,736,226
TOTAL GEORGIA
 
 
15,481,339
Guam - 0.1%
 
 
 
Guam Pwr. Auth. Rev. Series 2022 A:
 
 
 
 5% 10/1/24
 
785,000
786,878
 5% 10/1/25
 
980,000
991,924
TOTAL GUAM
 
 
1,778,802
Hawaii - 0.2%
 
 
 
Honolulu City & County Multi-family housing Rev. Bonds Series 2023, 5%, tender 6/1/26 (b)
 
3,480,000
3,570,638
Illinois - 5.1%
 
 
 
Chicago Midway Arpt. Rev. Series 2023, 5% 1/1/27 (Build America Mutual Assurance Insured) (c)
 
635,000
661,005
Chicago O'Hare Int'l. Arpt. Rev.:
 
 
 
 Series 2022 A, 5% 1/1/25 (c)
 
695,000
699,479
 Series 2022 C:
 
 
 
5% 1/1/25 (c)
 
 
1,430,000
1,439,216
5% 1/1/26 (c)
 
 
760,000
775,506
Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2021, 5% 6/1/24
 
395,000
395,298
Chicago Wtr. Rev.:
 
 
 
 Series 2017 2, 5% 11/1/24
 
635,000
638,562
 Series 2023 B:
 
 
 
5% 11/1/24
 
 
795,000
799,459
5% 11/1/25
 
 
635,000
648,112
Cook County Gen. Oblig.:
 
 
 
 Series 2021 A, 5% 11/15/24
 
285,000
286,997
 Series 2022 A:
 
 
 
5% 11/15/24
 
 
3,775,000
3,801,453
5% 11/15/25
 
 
2,775,000
2,840,709
Cook County Sales Tax Rev. Series 2022 A, 5% 11/15/25
 
430,000
441,139
Illinois Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2019, 5%, tender 11/1/24 (b)(c)
 
7,940,000
7,957,367
Illinois Fin. Auth. Series 2022 A, 5% 10/1/24
 
100,000
99,933
Illinois Gen. Oblig.:
 
 
 
 Series 2016, 5% 11/1/24
 
510,000
514,199
 Series 2017 D:
 
 
 
5% 11/1/24
 
 
16,645,000
16,780,129
5% 11/1/26
 
 
930,000
969,834
5% 11/1/27
 
 
945,000
1,004,376
 Series 2019 B, 5% 9/1/25
 
380,000
387,895
 Series 2022 A, 5% 3/1/25
 
1,315,000
1,332,543
 Series 2022 B:
 
 
 
5% 3/1/25
 
 
10,325,000
10,462,746
5% 3/1/26
 
 
3,850,000
3,965,368
 Series 2023 C, 5% 5/1/26
 
2,540,000
2,623,791
 Series 2023 D, 5% 7/1/25
 
7,985,000
8,134,541
Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev. Bonds Series 2023:
 
 
 
 4%, tender 6/1/25 (b)
 
1,868,000
1,865,618
 5%, tender 2/1/26 (b)
 
893,000
908,290
 5%, tender 2/1/26 (b)
 
966,000
982,540
Illinois Sales Tax Rev. Series 2021 C, 5% 6/15/25
 
170,000
173,352
McHenry County Conservation District Gen. Oblig. Series 2014, 5% 2/1/25
 
1,270,000
1,284,576
Metropolitan Pier & Exposition:
 
 
 
 Series 2010 B1, 0% 6/15/26 (Assured Guaranty Muni. Corp. Insured)
 
720,000
666,363
 Series 2022 A, 3% 6/15/24
 
1,190,000
1,186,089
Railsplitter Tobacco Settlement Auth. Rev. Series 2017, 5% 6/1/26 (Escrowed to Maturity)
 
635,000
657,292
Univ. of Illinois Rev. Series 2023, 5% 10/1/27
 
255,000
269,061
TOTAL ILLINOIS
 
 
75,652,838
Indiana - 1.3%
 
 
 
Indiana Fin. Auth. Econ. Dev. Rev. Bonds (Republic Svcs., Inc. Proj.):
 
 
 
 Series 2012, 4.2%, tender 6/3/24 (b)(c)
 
550,000
549,583
 Series A, 4.2%, tender 6/3/24 (b)(c)
 
3,000,000
2,997,724
Indianapolis Local Pub. Impt.:
 
 
 
 (Indianapolis Arpt. Auth. Proj.) Series 2019 D, 5% 1/1/25 (c)
 
3,665,000
3,686,470
 Indianapolis Arpt. Auth. Proj. Series 2019 D, 5% 1/1/26 (c)
 
3,035,000
3,092,801
 Series 2016, 5% 1/1/26 (c)
 
1,270,000
1,294,187
 Series 2022 G2:
 
 
 
5% 1/1/25 (c)
 
 
55,000
55,322
5% 1/1/26 (c)
 
 
255,000
259,856
Indianapolis Local Pub. Impt. Bond Bank (Indianapolis Arpt. Auth. Proj.) Series 2023 I2:
 
 
 
 5% 1/1/25 (c)
 
1,090,000
1,096,385
 5% 1/1/26 (c)
 
665,000
677,665
 5% 1/1/27 (c)
 
1,335,000
1,387,182
Whiting Envir. Facilities Rev. Bonds (BP Products North America, Inc. Proj.) Series 2017, 5%, tender 11/1/24 (b)(c)
 
3,725,000
3,734,144
TOTAL INDIANA
 
 
18,831,319
Iowa - 0.0%
 
 
 
Iowa Student Ln. Liquidity Corp. Student Ln. Rev.:
 
 
 
 Series 2015 A, 5% 12/1/24 (c)
 
320,000
321,959
 Series 2023 B, 5% 12/1/26 (c)
 
380,000
389,500
TOTAL IOWA
 
 
711,459
Kansas - 0.0%
 
 
 
Olathe Gen. Oblig. Series 2017 230, 2.5% 10/1/27
 
720,000
685,175
Kentucky - 1.0%
 
 
 
Kentucky Asset/Liability Commission Gen. Fund Rev. Series 2021 A, 5% 11/1/24
 
635,000
639,143
Kentucky Econ. Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series A, 4.2%, tender 6/3/24 (b)(c)
 
2,100,000
2,098,407
Kentucky, Inc. Pub. Energy Bonds Series C1, 4%, tender 6/1/25 (b)
 
3,220,000
3,232,058
Trimble County Envirl Facilities Re Bonds Series 2023, 4.7%, tender 6/1/27 (b)(c)
 
8,255,000
8,329,246
TOTAL KENTUCKY
 
 
14,298,854
Louisiana - 0.1%
 
 
 
St. John Baptist Parish Rev. Bonds (Marathon Oil Corp.) Series 2017, 4.05%, tender 7/1/26 (b)
 
1,815,000
1,802,214
Maine - 0.2%
 
 
 
Maine Hsg. Auth. Mtg. Bonds Series 2023 B, 3.125%, tender 5/1/24 (b)
 
3,425,000
3,422,262
Maryland - 0.5%
 
 
 
Maryland Cmnty. Dev. Admin Dept. Hsg. & Cmnty. Dev. Series 2023 D, 3.5% 1/1/26
 
4,810,000
4,768,361
Maryland Dept. of Trans. Series 2022 A, 5% 12/1/24
 
350,000
353,612
Maryland Health & Higher Edl. Bonds Series 2020, 5%, tender 7/1/25 (b)
 
1,750,000
1,765,526
Maryland Stadium Auth. Built to Learn Rev. Series 2022 A, 5% 6/1/25
 
575,000
585,324
Maryland Trans. Auth. Passenger Facility Charge Rev. Series 2019, 5% 6/1/24 (c)
 
635,000
635,300
TOTAL MARYLAND
 
 
8,108,123
Massachusetts - 0.9%
 
 
 
Massachusetts Dev. Fin. Agcy. Rev.:
 
 
 
 Series 2016 I, 5% 7/1/25
 
730,000
741,620
 Series 2021 I, 5% 10/1/24
 
570,000
572,645
Massachusetts Edl. Fing. Auth. Rev.:
 
 
 
 Series 2014 I, 5% 1/1/25 (c)
 
2,160,000
2,177,891
 Series 2017 A, 5% 7/1/25 (c)
 
910,000
924,931
 Series 2018 B, 5% 7/1/25 (c)
 
3,420,000
3,474,859
 Series 2019 B, 5% 7/1/25 (c)
 
635,000
645,186
 Series 2020 C, 5% 7/1/24 (c)
 
380,000
380,723
 Series 2022 B:
 
 
 
5% 7/1/24 (c)
 
 
335,000
335,637
5% 7/1/25 (c)
 
 
1,780,000
1,808,552
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Series 2015 C, 5% 8/15/27
 
2,925,000
3,002,729
TOTAL MASSACHUSETTS
 
 
14,064,773
Michigan - 0.9%
 
 
 
Michigan Fin. Auth. Rev.:
 
 
 
 (Detroit Reg'l. Convention Facility Auth. Local Proj.) Series 2014 H1, 5% 10/1/24
 
540,000
540,436
 Series 2015 D1, 0.55% 10/15/24
 
1,080,000
1,059,883
 Series 2022:
 
 
 
5% 4/15/25
 
 
1,805,000
1,833,551
5% 4/15/26
 
 
3,010,000
3,117,326
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Series 2022 A, 2.5% 6/1/25
 
770,000
751,147
Oakland Univ. Rev.:
 
 
 
 Series 2022 A, 5% 3/1/25
 
125,000
126,636
 Series 2022 B, 5% 3/1/25
 
755,000
764,882
Southfield Pub. Schools Series 2023:
 
 
 
 5% 5/1/25
 
1,270,000
1,292,146
 5% 5/1/26
 
1,475,000
1,530,570
Wayne County Arpt. Auth. Rev.:
 
 
 
 Series 2015 F, 5% 12/1/26 (c)
 
565,000
573,530
 Series 2017 E, 4% 12/1/25 (c)(d)
 
1,095,000
1,093,725
TOTAL MICHIGAN
 
 
12,683,832
Minnesota - 0.4%
 
 
 
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2022 B:
 
 
 
 5% 1/1/25 (c)
 
870,000
875,799
 5% 1/1/26 (c)
 
575,000
585,756
Minnesota Hsg. Fin. Agcy.:
 
 
 
 Series 2022 A, 5% 8/1/24
 
580,000
582,211
 Series 2022 B:
 
 
 
5% 8/1/24
 
 
735,000
737,802
5% 8/1/25
 
 
1,085,000
1,107,257
5% 8/1/26
 
 
1,080,000
1,123,969
 Series H, 0.7% 7/1/24 (c)
 
125,000
123,419
Northern Muni. Pwr. Agcy. Elec. Sys. Rev. Series 2023:
 
 
 
 5% 1/1/25
 
205,000
207,031
 5% 1/1/26
 
240,000
246,618
 5% 1/1/27
 
365,000
381,771
TOTAL MINNESOTA
 
 
5,971,633
Missouri - 0.1%
 
 
 
Kansas City Planned Indl. Expansion Bonds Series 2023, 5%, tender 7/1/27 (b)
 
1,528,000
1,578,264
Nebraska - 0.2%
 
 
 
Central Plains Energy Proj. Rev. Bonds Series 2019, 2.5%, tender 8/1/25 (b)
 
2,230,000
2,180,672
Nebraska Pub. Pwr. District Rev. Series 2017 B, 5% 1/1/25
 
415,000
419,693
TOTAL NEBRASKA
 
 
2,600,365
Nevada - 0.7%
 
 
 
Clark County Arpt. Rev. Series 2021 B, 5% 7/1/24 (c)
 
2,365,000
2,369,145
Clark County Poll. Cont. Rev. Bonds (Nevada Pwr. Co. Proj.) Series 2017, 3.75%, tender 3/31/26 (b)
 
910,000
903,867
Clark County School District:
 
 
 
 Series 2015 C, 5% 6/15/27
 
1,145,000
1,177,851
 Series 2016 F, 4% 6/15/24
 
320,000
320,020
 Series 2020 A, 3% 6/15/25 (Assured Guaranty Muni. Corp. Insured)
 
320,000
317,258
 Series 2021 C, 5% 6/15/25
 
3,095,000
3,153,142
Nevada Dept. of Bus. & Industry Bonds (Republic Svcs., Inc. Proj.) Series 2001, 4.5%, tender 6/3/24 (b)(c)(d)
 
2,500,000
2,499,085
TOTAL NEVADA
 
 
10,740,368
New Hampshire - 0.8%
 
 
 
Nat'l. Fin. Auth. Solid Bonds (Waste Mgmt., Inc. Proj.):
 
 
 
 Series 2019 A2, 2.15%, tender 7/1/24 (b)(c)
 
2,540,000
2,526,620
 Series 2020 A3, 4.1%, tender 4/1/24 (b)(c)
 
6,350,000
6,350,000
New Hampshire Health & Ed. Facilities Auth. Series 2023 B, 5.5% 11/1/26 (c)
 
190,000
197,982
New Hampshire St Hsg. Fin.:
 
 
 
 Series 2023 3:
 
 
 
3.8% 7/1/26
 
 
680,000
681,112
3.85% 1/1/27
 
 
1,080,000
1,082,643
 Series 2023 4:
 
 
 
3.625% 4/1/26
 
 
365,000
362,355
3.7% 1/1/27
 
 
1,170,000
1,158,039
TOTAL NEW HAMPSHIRE
 
 
12,358,751
New Jersey - 3.7%
 
 
 
Harrison Township Series 2023, 5% 11/27/24
 
2,711,400
2,735,961
Millburn Township Board of Ed. Series 2023, 0.05% 8/15/25
 
730,000
690,420
New Jersey Econ. Dev. Auth.:
 
 
 
 Series 2022 A:
 
 
 
5% 11/1/24
 
 
525,000
528,840
5% 11/1/25
 
 
635,000
650,865
 Series 2023 RRR:
 
 
 
5% 3/1/25
 
 
4,480,000
4,538,602
5% 3/1/26
 
 
3,445,000
3,555,514
 Series 2024 SSS, 5% 6/15/26 (e)(f)
 
2,295,000
2,377,462
New Jersey Econ. Dev. Auth. Rev.:
 
 
 
 Series 2015 XX:
 
 
 
4% 6/15/24
 
 
855,000
855,059
5% 6/15/24
 
 
2,215,000
2,219,556
 Series 2019:
 
 
 
5.25% 9/1/24 (d)
 
 
8,060,000
8,106,415
5.25% 9/1/26 (d)
 
 
1,840,000
1,921,769
New Jersey Edl. Facility:
 
 
 
 Series 2016 A, 5% 7/1/24
 
3,010,000
3,017,145
 Series 2016 C, 5% 7/1/24 (Assured Guaranty Muni. Corp. Insured)
 
635,000
636,823
New Jersey Gen. Oblig.:
 
 
 
 Series 2020 A, 5% 6/1/25
 
2,985,000
3,038,937
 Series 2021, 2% 6/1/25
 
1,005,000
979,398
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.:
 
 
 
 Series 2016 1A, 5% 12/1/24 (c)
 
2,795,000
2,815,037
 Series 2017 1A:
 
 
 
5% 12/1/24 (c)
 
 
955,000
961,846
5% 12/1/25 (c)
 
 
1,815,000
1,847,933
 Series 2018 B, 5% 12/1/26 (c)
 
635,000
652,331
 Series 2019 A, 5% 12/1/24
 
355,000
357,847
 Series 2020, 5% 12/1/24 (c)
 
700,000
704,881
 Series 2021 A, 5% 12/1/24 (c)
 
210,000
211,505
 Series 2022 A:
 
 
 
5% 12/1/24 (c)
 
 
275,000
276,917
5% 12/1/25 (c)
 
 
350,000
356,351
 Series 2022 B:
 
 
 
5% 12/1/24 (c)
 
 
1,125,000
1,132,844
5% 12/1/25 (c)
 
 
1,670,000
1,700,302
New Jersey Tobacco Settlement Fing. Corp. Series 2018 A:
 
 
 
 5% 6/1/24
 
3,210,000
3,215,103
 5% 6/1/25
 
995,000
1,011,707
New Jersey Trans. Trust Fund Auth.:
 
 
 
 Series 2006 C, 0% 12/15/24
 
100,000
97,444
 Series 2008 A, 0% 12/15/25
 
1,555,000
1,466,774
 Series 2010 A, 0% 12/15/25
 
665,000
627,270
 Series 2022 AA:
 
 
 
5% 6/15/24
 
 
695,000
696,429
5% 6/15/25
 
 
265,000
269,809
TOTAL NEW JERSEY
 
 
54,255,096
New York - 3.2%
 
 
 
East Hampton Union Free School District Series 2017, 2.1% 6/1/27
 
1,285,000
1,204,861
Long Island Pwr. Auth. Elec. Sys. Rev.:
 
 
 
 Bonds Series 2019 B, 1.65%, tender 9/1/24 (b)
 
1,700,000
1,679,203
 Series 2021, 1% 9/1/25
 
1,395,000
1,327,092
Monroe County Indl. Dev. Agcy. Bonds (Andrews Terrace Cmnty. Partners, L.P. Proj.) Series 2023 B1, 5%, tender 7/1/27 (b)
 
947,000
980,272
New York City Gen. Oblig. Bonds Series 2015 F4, 5%, tender 12/1/25 (g)
 
580,000
588,254
New York City Hsg. Dev. Corp. Multifamily Hsg. Bonds Series 2021 K2, 0.9%, tender 1/1/26 (b)
 
795,000
745,232
New York City Indl. Dev. Agcy. Rev. Series 2021 A, 5% 1/1/26 (Assured Guaranty Muni. Corp. Insured)
 
380,000
390,217
New York City Transitional Fin. Auth. Rev. Series 2015 C, 5% 11/1/27
 
1,905,000
1,934,749
New York Metropolitan Trans. Auth. Rev.:
 
 
 
 Bonds:
 
 
 
Series 2019 A1, 5%, tender 11/15/24 (b)
 
 
14,730,000
14,813,996
Series 2020 A2, 5%, tender 5/15/24 (b)
 
 
1,015,000
1,016,275
 Series 2015 C1, 5% 11/15/26
 
1,585,000
1,627,094
 Series 2017 B, 5% 11/15/26
 
1,270,000
1,327,800
 Series 2017 C1, 5% 11/15/25
 
665,000
682,891
New York State Hsg. Fin. Agcy. Rev. Bonds:
 
 
 
 Series 2023 E2, 3.8%, tender 5/1/27 (b)
 
1,170,000
1,170,680
 Series 2024 A, 3.375%, tender 11/1/27 (b)
 
8,340,000
8,293,846
New York Trans. Dev. Corp.:
 
 
 
 (Term. 4 JFK Int'l. Arpt. Proj.):
 
 
 
Series 2020 A, 5% 12/1/25 (c)
 
 
1,875,000
1,905,085
Series 2020 C, 5% 12/1/24
 
 
635,000
639,427
 (Term. 4 John F. Kennedy Int'l. Arpt. Proj.) Series 2022, 5% 12/1/26 (c)
 
3,175,000
3,272,199
St. Lawrence County Indl. Dev. (St. Lawrence Univ. Proj.) Series 2022:
 
 
 
 5% 7/1/25
 
265,000
269,705
 5% 7/1/26
 
255,000
264,091
Syracuse Reg'l. Arpt. Auth. Series 2021, 5% 7/1/24 (c)
 
490,000
490,434
Tobacco Settlement Asset Securitization Corp. Series 2017 A, 5% 6/1/25
 
1,980,000
2,012,064
Triborough Bridge & Tunnel Auth. Bonds Series 2021 A2, 2%, tender 5/15/26 (b)
 
635,000
607,293
TOTAL NEW YORK
 
 
47,242,760
New York And New Jersey - 1.6%
 
 
 
Port Auth. of New York & New Jersey:
 
 
 
 Series 188, 5% 5/1/24 (c)
 
1,265,000
1,265,744
 Series 2013, 5% 7/15/25 (c)
 
645,000
645,488
 Series 2014 186, 5% 10/15/26 (c)
 
3,315,000
3,337,188
 Series 2016 195, 5% 10/1/25 (c)
 
1,225,000
1,249,900
 Series 2018, 5% 9/15/25 (c)
 
4,480,000
4,567,664
 Series 2020 221, 5% 7/15/25 (c)
 
1,265,000
1,286,238
 Series 2023 242:
 
 
 
5% 12/1/24 (c)
 
 
805,000
810,718
5% 12/1/25 (c)
 
 
2,680,000
2,730,797
5% 12/1/26 (c)
 
 
5,495,000
5,704,199
 Series 223:
 
 
 
5% 7/15/24 (c)
 
 
2,065,000
2,070,026
5% 7/15/25 (c)
 
 
325,000
330,457
TOTAL NEW YORK AND NEW JERSEY
 
 
23,998,419
North Carolina - 0.7%
 
 
 
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Bonds:
 
 
 
 Series 2018 C, 3.45%, tender 10/31/25 (b)
 
3,425,000
3,420,660
 Series 2021 B, 5%, tender 12/2/24 (b)
 
1,605,000
1,619,434
 Series 2023 D, 3.625%, tender 6/15/27 (b)
 
2,850,000
2,840,768
North Carolina Med. Care Commission Hosp. Rev. Bonds Series 2021 B, 5%, tender 2/1/26 (b)
 
2,525,000
2,592,500
TOTAL NORTH CAROLINA
 
 
10,473,362
Ohio - 1.0%
 
 
 
American Muni. Pwr., Inc. Rev. Series 2023 A:
 
 
 
 5% 2/15/25
 
555,000
562,036
 5% 2/15/26
 
3,130,000
3,221,805
 5% 2/15/27
 
4,915,000
5,157,014
Columbus-Franklin County Fin. Auth. Bonds (Dering Family Homes Proj.) Series 2023, 5%, tender 2/1/27 (b)
 
1,333,000
1,368,602
Lancaster Port Auth. Gas Rev. Bonds Series 2019, 5%, tender 2/1/25 (b)
 
1,285,000
1,296,322
Montgomery County Hosp. Rev. (Kettering Health Network Obligated Group Proj.) Series 2021, 5% 8/1/24
 
125,000
125,332
Northeast Ohio Med. Univ. Series 2022:
 
 
 
 5% 12/1/24 (Build America Mutual Assurance Insured)
 
160,000
161,273
 5% 12/1/25 (Build America Mutual Assurance Insured)
 
170,000
173,415
Ohio Higher Edl. Facility Commission Rev.:
 
 
 
 (Xavier Univ. 2020 Proj.) Series 2020, 5% 5/1/26
 
700,000
724,446
 Bonds (Case Western Reserve Univ. Proj.) Series 2019 C, 1.625%, tender 12/1/26 (b)
 
735,000
683,730
Ohio Tpk. Commission Tpk. Rev. (Infrastructure Projs.) Series 2022 A, 5% 2/15/25
 
1,170,000
1,186,442
TOTAL OHIO
 
 
14,660,417
Oklahoma - 0.5%
 
 
 
Oklahoma County Independent School District #89 Oklahoma City Series 2023 A, 3% 7/1/26
 
7,140,000
7,103,285
Oregon - 0.8%
 
 
 
Gilliam County Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.):
 
 
 
 Series 2000 A, 3.95%, tender 5/1/24 (b)(c)
 
3,335,000
3,326,410
 Series 2003 A, 3.95%, tender 5/1/24 (b)(c)
 
3,175,000
3,173,177
Port of Portland Arpt. Rev.:
 
 
 
 Series 2020 26B, 5% 7/1/26
 
1,015,000
1,039,708
 Series 2022:
 
 
 
5% 7/1/24 (c)
 
 
1,270,000
1,272,384
5% 7/1/25 (c)
 
 
1,785,000
1,812,322
 Series 24B, 5% 7/1/25 (c)
 
635,000
644,720
TOTAL OREGON
 
 
11,268,721
Pennsylvania - 5.4%
 
 
 
Allegheny County Arpt. Auth. Rev.:
 
 
 
 Series 2021 A, 5% 1/1/27 (c)
 
655,000
678,514
 Series 2023 A, 5% 1/1/27 (Assured Guaranty Muni. Corp. Insured) (c)
 
540,000
561,107
Geisinger Auth. Health Sys. Rev. Bonds Series 2020 B, 5%, tender 2/15/27 (b)
 
3,975,000
4,115,302
Pennsylvania Econ. Dev. Fing. Auth.:
 
 
 
 Series 2021 A, 4% 10/15/24
 
540,000
540,624
 Series 2022 A:
 
 
 
5% 2/15/25
 
 
100,000
101,182
5% 2/15/26
 
 
125,000
128,529
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. Bonds:
 
 
 
 (Republic Svcs., Inc. Proj.):
 
 
 
Series 2019 A, 4%, tender 4/15/24 (b)(c)
 
 
890,000
889,739
Series 2019 B1, 4%, tender 4/15/24 (b)(c)
 
 
1,175,000
1,174,655
 (Republic Svcs., Inc. Proj.):
 
 
 
Series 2014, 4.3%, tender 7/1/24 (b)(c)
 
 
26,860,000
26,860,000
Series 2019 B2, 4%, tender 7/15/24 (b)(c)
 
 
6,545,000
6,532,539
 (Waste Mgmt., Inc. Proj.) Series 2013, 4.1%, tender 5/1/24 (b)(c)
 
4,450,000
4,448,138
 (Waste Mgmt., Inc. Proj.):
 
 
 
Series 2017 A, 0.58%, tender 8/1/24 (b)(c)
 
 
1,400,000
1,383,097
Series 2021 A, SIFMA Municipal Swap Index + 0.400% 3.85%, tender 4/4/24 (b)(c)(h)
 
 
1,805,000
1,802,362
Series 2021 A2, 4.6%, tender 10/1/26 (b)(c)
 
 
15,885,000
16,149,172
 Series 2011, 2.15%, tender 7/1/24 (b)(c)
 
540,000
535,575
Pennsylvania Gen. Oblig.:
 
 
 
 Series 2019, 5% 7/15/26
 
2,000,000
2,081,955
 Series 2023, 5% 9/1/26
 
7,990,000
8,339,727
Pennsylvania Hsg. Fin. Agcy.:
 
 
 
 Series 2021 135 B:
 
 
 
5% 4/1/24 (c)
 
 
145,000
145,000
5% 4/1/25 (c)
 
 
240,000
241,757
 Series 2022 138:
 
 
 
5% 4/1/24
 
 
675,000
675,000
5% 10/1/24
 
 
1,250,000
1,256,106
5% 10/1/25
 
 
700,000
714,536
Philadelphia Arpt. Rev. Series 2021:
 
 
 
 5% 7/1/24 (c)
 
600,000
600,814
 5% 7/1/26 (c)
 
635,000
654,024
TOTAL PENNSYLVANIA
 
 
80,609,454
Rhode Island - 0.0%
 
 
 
Rhode Island Student Ln. Auth. Student Ln. Rev. Series 2018 A, 5% 12/1/25 (c)
 
555,000
564,084
South Carolina - 0.4%
 
 
 
South Carolina Ports Auth. Ports Rev.:
 
 
 
 Series 2015 (AMT), 5% 7/1/45 (Pre-Refunded to 7/1/25 @ 100) (c)
 
1,650,000
1,678,285
 Series 2015:
 
 
 
5.25% 7/1/50 (Pre-Refunded to 7/1/25 @ 100) (c)
 
 
2,875,000
2,932,968
5.25% 7/1/55 (Pre-Refunded to 7/1/25 @ 100) (c)
 
 
1,380,000
1,407,825
TOTAL SOUTH CAROLINA
 
 
6,019,078
South Dakota - 0.4%
 
 
 
South Dakota Health & Edl. Facilities Auth. Rev. Bonds Series 2019 A, 5%, tender 7/1/24 (b)
 
635,000
635,143
South Dakota Hsg. Dev. Auth. Bonds Series 2023 J, 3.875%, tender 12/12/24 (b)
 
4,575,000
4,584,222
TOTAL SOUTH DAKOTA
 
 
5,219,365
Tennessee - 1.3%
 
 
 
Lewisburg Indl. Dev. Board Bonds (Waste Mgmt. Tennessee Proj.) Series 2012, 4.1%, tender 5/1/24 (b)(c)
 
3,400,000
3,398,577
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2021 C, 1.875% 7/1/25 (c)
 
790,000
757,279
Metropolitan Gov Nashvle&David Ind. Bonds (Waste Mgmt., Inc. Proj.) Series 2001, 0.58%, tender 8/1/24 (b)(c)
 
570,000
563,118
Metropolitan Nashville Arpt. Auth. Rev. Series 2022 B:
 
 
 
 5% 7/1/26 (c)
 
430,000
442,976
 5% 7/1/27 (c)
 
650,000
681,340
Tennergy Corp. Gas Rev. Bonds Series 2019 A, 5%, tender 10/1/24 (b)
 
13,500,000
13,570,184
TOTAL TENNESSEE
 
 
19,413,474
Texas - 6.3%
 
 
 
Austin Arpt. Sys. Rev.:
 
 
 
 Series 2019, 5% 11/15/24 (c)
 
875,000
879,369
 Series 2022, 5% 11/15/25 (c)
 
1,215,000
1,237,428
Clear Creek Independent School District Bonds Series 2013 B, 3.6%, tender 8/15/25 (b)
 
930,000
930,762
Crandall Independent School District Series 2021 A, 0% 8/15/24
 
485,000
477,922
Cuero Independent School District Series 2017, 5% 8/15/26
 
1,240,000
1,293,253
Dallas Gen. Oblig.:
 
 
 
 Series 2023 A, 5% 2/15/25
 
2,365,000
2,394,981
 Series 2023, 5% 2/15/25
 
3,505,000
3,549,433
 Series 2024 A:
 
 
 
5% 2/15/25
 
 
9,495,000
9,615,369
5% 2/15/26
 
 
9,495,000
9,799,639
Dallas Hsg. Fin. Corp. Multi-family Hsg. Rev. Bonds Series 2023:
 
 
 
 5%, tender 12/1/25 (b)
 
1,493,000
1,518,643
 5%, tender 3/1/26 (b)
 
1,861,000
1,890,756
 5%, tender 7/1/27 (b)
 
1,982,000
2,047,722
Hays Consolidated Independent School District Series 2022:
 
 
 
 5% 2/15/25
 
320,000
324,084
 5% 2/15/26
 
445,000
460,097
Houston Convention and Entertainment Facilities Dept. Hotel Occupancy Tax and Spl. Rev. Series 2014, 5% 9/1/26
 
955,000
958,255
Houston Hsg. Fin. Corp. Multi-family Hsg. Rev. Bonds Series 2023, 5%, tender 8/1/26 (b)
 
1,080,000
1,104,471
Houston Independent School District Bonds:
 
 
 
 Series 2014 A2, 3.5%, tender 6/1/25 (b)
 
5,680,000
5,644,655
 Series 2023 C, 4%, tender 6/1/25 (b)
 
5,110,000
5,106,937
Lower Colorado River Auth. Rev.:
 
 
 
 (LCRA Transmission Svcs. Corp. Proj.):
 
 
 
Series 2015, 5% 5/15/24
 
 
685,000
685,784
Series 2020, 5% 5/15/25
 
 
360,000
365,902
 Series 2020, 5% 5/15/24
 
485,000
485,555
Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds:
 
 
 
 (Republic Svcs., Inc. Proj.):
 
 
 
Series 2008 A, 4.1%, tender 5/1/24 (b)(c)
 
 
1,900,000
1,899,021
Series 2020 A, 4.1%, tender 5/1/24 (b)(c)
 
 
14,050,000
14,042,757
 (Waste Mgmt., Inc. Proj.) Series 2018, 0.000% x SIFMA Municipal Swap Index 3.825%, tender 4/4/24 (b)(c)(h)
 
4,340,000
4,330,877
North East Texas Independent School District Series 2015, 3% 8/1/27
 
1,095,000
1,083,758
North Texas Tollway Auth. Rev. Series 2021 B, 5% 1/1/26
 
730,000
752,764
Northside Independent School District Bonds Series 2023 B, 3%, tender 8/1/26 (b)
 
6,030,000
5,938,772
Port Arthur Independent School District Series 2015 A, 5% 2/15/25
 
390,000
395,481
Prosper Independent School District Bonds Series 2019 B, 4%, tender 8/15/26 (b)
 
1,050,000
1,058,604
San Antonio Elec. & Gas Sys. Rev.:
 
 
 
 Bonds Series 2018, SIFMA Municipal Swap Index + 0.870% 4.32%, tender 12/1/25 (b)(h)
 
5,390,000
5,381,750
 Series 2022, 5% 2/1/26
 
575,000
593,367
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Bonds (Baylor Scott & White Health Proj.) Series 2022 E, 5%, tender 5/15/26 (b)
 
2,695,000
2,772,892
Texas Affordable Hsg. Corp. Multi-family Hsg. Rev. Bonds Series 2023, 3.625%, tender 1/1/27 (b)
 
1,365,000
1,350,765
Texas Gen. Oblig. Series 2016, 5.5% 8/1/26 (c)
 
645,000
672,979
Texas Muni. Gas Acquisition & Supply Corp.:
 
 
 
 Series 2023 A:
 
 
 
5.25% 1/1/25
 
 
555,000
558,600
5.25% 1/1/26
 
 
635,000
646,389
5.25% 1/1/27
 
 
635,000
654,491
 Series 2023 B:
 
 
 
5.25% 1/1/25
 
 
385,000
387,497
5.25% 1/1/26
 
 
760,000
773,631
Travis County Hsg. Fin. Corp. Bonds Series 2023, 3.75%, tender 8/1/25 (b)
 
310,000
308,357
TOTAL TEXAS
 
 
94,373,769
Utah - 0.4%
 
 
 
Salt Lake City Arpt. Rev.:
 
 
 
 Series 2021 A:
 
 
 
5% 7/1/24 (c)
 
 
635,000
635,924
5% 7/1/25 (c)
 
 
840,000
851,115
 Series 2023 A:
 
 
 
5% 7/1/25 (c)
 
 
450,000
455,954
5% 7/1/26 (c)
 
 
635,000
654,024
5% 7/1/27 (c)
 
 
595,000
621,452
Utah County Hosp. Rev. Bonds:
 
 
 
 Series 2018 B2, 5%, tender 8/1/24 (b)
 
615,000
615,256
 Series 2020 B2, 5%, tender 8/1/26 (b)
 
1,565,000
1,614,475
TOTAL UTAH
 
 
5,448,200
Vermont - 0.1%
 
 
 
Vermont Student Assistant Corp. Ed. Ln. Rev. Series 2016 A, 5% 6/15/26 (c)
 
1,080,000
1,105,343
Virginia - 0.7%
 
 
 
Gloucester County Indl. Dev. Auth. Bonds Series 2003 A, 3.95%, tender 5/1/24 (b)(c)
 
1,095,000
1,094,648
Southampton County Indl. Bonds (PRTA-Virginia One, LLC Proj.) Series 2023, 4.875%, tender 12/12/24 (b)(c)
 
7,940,000
7,929,968
Wise County Indl. Dev. Auth. Waste & Sewage Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2010 A, 1.2%, tender 5/31/24 (b)
 
1,140,000
1,132,862
TOTAL VIRGINIA
 
 
10,157,478
Washington - 1.3%
 
 
 
King County Swr. Rev. Bonds Series 2020 B, 0.875%, tender 1/1/26 (b)
 
3,430,000
3,173,389
Port of Seattle Rev.:
 
 
 
 Series 2015 C, 5% 4/1/24 (c)
 
760,000
760,000
 Series 2016 B, 5% 10/1/27 (c)
 
635,000
650,565
 Series 2018 A, 5% 5/1/27 (c)
 
2,610,000
2,728,222
 Series 2018 B, 5% 5/1/24 (c)
 
555,000
555,290
 Series 2019:
 
 
 
5% 4/1/24 (c)
 
 
485,000
485,000
5% 4/1/25 (c)
 
 
335,000
338,562
 Series 2021 C, 5% 8/1/24 (c)
 
2,970,000
2,977,305
 Series 2021, 5% 9/1/24 (c)
 
1,410,000
1,415,317
 Series 2022 B:
 
 
 
5% 8/1/24 (c)
 
 
1,695,000
1,699,169
5% 8/1/25 (c)
 
 
1,600,000
1,624,260
5% 8/1/26 (c)
 
 
995,000
1,026,455
Seattle Hsg. Auth. Rev. (Juniper Apts. Proj.) Series 2023, 5% 6/1/27
 
765,000
787,880
Washington Hsg. Fin. Commission Multi-family Hsg. Rev. Bonds (Ardea At Totem Lake Apts. Proj.) Series 2023, 5%, tender 2/1/27 (b)
 
1,407,000
1,442,048
TOTAL WASHINGTON
 
 
19,663,462
West Virginia - 0.5%
 
 
 
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds (Allegheny Metallurgical Proj.) Series 2023, 4.75%, tender 8/1/24 (b)(c)
 
6,820,000
6,814,907
Wisconsin - 1.3%
 
 
 
Milwaukee County Arpt. Rev.:
 
 
 
 Series 2023 A:
 
 
 
5% 12/1/24 (c)
 
 
150,000
150,762
5% 12/1/26 (c)
 
 
510,000
529,153
 Series 2023 B, 5% 12/1/24 (c)
 
1,040,000
1,045,281
Milwaukee Gen. Oblig. Series 2016, 2% 3/1/27
 
1,965,000
1,843,004
Pub. Fin. Auth. Health Care Sys. Rev. Series 2023 A, 5% 10/1/24
 
2,825,000
2,843,236
Pub. Fin. Auth. Solid Waste Bonds (Waste Mgmt., Inc. Proj.) Series 2017 A2, 4.1%, tender 5/1/24 (b)(c)
 
4,400,000
4,398,159
Wisconsin Health & Edl. Facilities Auth. Rev.:
 
 
 
 (Forensic Science and Protective Medicine Collaboration, Inc. Proj.) Series 2024, 5% 8/1/27 (d)
 
3,040,000
3,108,671
 Series 2022:
 
 
 
5% 10/1/24
 
 
2,835,000
2,850,239
5% 10/1/25
 
 
585,000
597,577
Wisconsin Hsg. & Econ. Dev. Auth. Hsg. Rev. Bonds:
 
 
 
 Series 2021 C, 0.61%, tender 5/1/24 (b)
 
165,000
164,552
 Series 2023 E, 3.875%, tender 5/1/27 (b)
 
1,205,000
1,200,468
TOTAL WISCONSIN
 
 
18,731,102
 
TOTAL MUNICIPAL BONDS
 (Cost $901,328,720)
 
 
 
898,570,406
 
 
 
 
Municipal Notes - 38.1%
 
 
Principal
Amount (a)
 
Value ($)
 
Alabama - 3.1%
 
 
 
Black Belt Energy Gas District Participating VRDN:
 
 
 
 Series XF 30 73, 3.75% 4/4/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(i)(j)
 
12,515,000
12,515,000
 Series XM 11 10, 3.75% 4/4/24 (Liquidity Facility Royal Bank of Canada) (b)(i)(j)
 
2,825,000
2,825,000
 Series ZL 03 96, 3.75% 4/4/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(i)(j)
 
2,795,000
2,795,000
 Series ZL 03 97, 3.75% 4/4/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(i)(j)
 
2,855,000
2,855,000
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 4.18% 4/4/24, VRDN (b)(c)
 
2,450,000
2,450,000
Health Care Auth. for Baptist Health Series 2013 B, 4.87% 4/5/27, VRDN (b)
 
2,923,000
2,923,000
Southeast Energy Auth. Rev. Participating VRDN Series XM 10 62, 3.75% 4/4/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(i)(j)
 
7,865,000
7,865,000
Walker County Econ. & Indl. Dev. Auth. Solid Waste Disp. Rev. (Alabama Pwr. Co. Plant Gorgas Proj.) Series 2023, 4.2% 3/29/24, VRDN (b)(c)
 
4,385,000
4,385,000
West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 3.95% 3/29/24, VRDN (b)(c)
 
7,600,000
7,600,000
TOTAL ALABAMA
 
 
46,213,000
Arizona - 0.2%
 
 
 
Arizona St Indl. Dev. Auth. Multi Participating VRDN Series XF 31 74, 3.82% 4/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(i)(j)
 
1,205,000
1,205,000
Mizuho Floater / Residual Trust V Participating VRDN Series Floater 91 57, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(i)(j)
 
1,905,969
1,905,969
TOTAL ARIZONA
 
 
3,110,969
Arkansas - 0.1%
 
 
 
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1998, 4.18% 4/4/24, VRDN (b)(c)
 
1,700,000
1,700,000
California - 9.2%
 
 
 
California Health Facilities Fing. Auth. Rev. Participating VRDN Series MS 3389, 3.85% 4/1/24 (Liquidity Facility Toronto-Dominion Bank) (b)(i)(j)
 
3,240,000
3,240,000
California Hsg. Fin. Agcy. Ltd. Obl Participating VRDN Series XF 31 27, 3.82% 4/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(i)(j)
 
1,755,000
1,755,000
California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. Participating VRDN:
 
 
 
 Series MIZ 91 21, 4.5% 3/29/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(i)(j)
 
6,290,000
6,290,000
 Series MIZ 91 22, 4.5% 3/29/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(i)(j)
 
13,170,244
13,170,244
Los Angeles Cmnty. Redev. Agcy. Multi-family Hsg. Rev. Participating VRDN:
 
 
 
 Series 2022 MIZ 90 89, 4.5% 3/29/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(i)(j)
 
32,575,000
32,575,000
 Series 2022 MIZ 90 90, 4.5% 3/29/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(i)(j)
 
24,555,000
24,555,000
Mizuho Floater / Residual Trust V Participating VRDN:
 
 
 
 Series Floater MIZ 90 97, 3.82% 4/4/24, LOC Mizuho Cap. Markets LLC (b)(i)(j)
 
1,845,613
1,845,613
 Series Floater MIZ 91 62, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(i)(j)
 
1,155,000
1,155,000
San Francisco City & County Multi-family Hsg. Rev. Participating VRDN:
 
 
 
 Series MIZ 90 95, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(i)(j)(k)
 
27,100,000
27,100,000
 Series MIZ 91 15, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(i)(j)(k)
 
25,415,000
25,415,000
TOTAL CALIFORNIA
 
 
137,100,857
Colorado - 0.4%
 
 
 
Colorado Edl. & Cultural Facilities Auth. Rev. (Mesivta of Greater Los Angeles Proj.) Series 2005, 3.8% 4/4/24, LOC Deutsche Bank AG, VRDN (b)
 
930,000
930,000
Colorado Health Facilities Auth. Rev. Bonds Participating VRDN:
 
 
 
 Series XM 10 59, 3.65% 4/4/24 (Liquidity Facility JPMorgan Chase Bank) (b)(i)(j)
 
1,600,000
1,600,000
 Series XM 10 61, 3.65% 4/4/24 (Liquidity Facility JPMorgan Chase Bank) (b)(i)(j)
 
2,655,000
2,655,000
TOTAL COLORADO
 
 
5,185,000
Florida - 2.5%
 
 
 
Florida Ins. Assistance Interlo Series 2023 A2, 4.18% 4/4/24 (Liquidity Facility Florida Gen. Oblig.), VRDN (b)
 
16,440,000
16,440,000
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Participating VRDN Series XM 10 93, 4.4% 3/29/24 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(i)(j)
 
7,380,000
7,380,000
Lee Memorial Health Sys. Hosp. Rev. Series 2019 B, 4.04% 4/5/27, VRDN (b)
 
12,245,000
12,245,000
Miami Dade County Hsg. Multifamily Hsg. Rev. Participating VRDN Series Floater MIZ 90 87, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(i)(j)(k)
 
1,015,000
1,015,000
TOTAL FLORIDA
 
 
37,080,000
Georgia - 0.1%
 
 
 
Buford Hsg. Auth. Multifamily Participating VRDN Series XF 31 18, 3.82% 4/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(i)(j)
 
1,855,143
1,855,143
Indiana - 1.2%
 
 
 
Indiana Fin. Auth. Exempt Facilities Rev. Bonds Series MS 00 22, 3.95%, tender 4/4/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(i)(j)
 
18,300,000
18,300,000
Iowa - 0.3%
 
 
 
Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Co. Proj.):
 
 
 
 Series 2008 A, 4.05% 4/4/24, VRDN (b)(c)
 
2,000,000
2,000,000
 Series 2016 B, 4.05% 4/4/24, VRDN (b)(c)
 
3,100,000
3,100,000
TOTAL IOWA
 
 
5,100,000
Kentucky - 2.4%
 
 
 
Meade County Indl. Bldg. Rev. (Nucor Steel Brandenburg Proj.):
 
 
 
 Series 2020 A1, 4.56% 3/29/24, VRDN (b)(c)
 
13,115,000
13,115,000
 Series 2020 B1, 4.56% 3/29/24, VRDN (b)(c)
 
22,185,000
22,185,000
TOTAL KENTUCKY
 
 
35,300,000
Louisiana - 1.8%
 
 
 
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.):
 
 
 
 Series 2010 A1, 4.01% 4/4/24, VRDN (b)
 
25,215,000
25,215,000
 Series 2010 B1, 3.9% 4/4/24, VRDN (b)
 
1,050,000
1,050,000
TOTAL LOUISIANA
 
 
26,265,000
Missouri - 0.2%
 
 
 
Kansas City Indl. Dev. Auth. Participating VRDN Series XM 11 08, 4.4% 3/29/24 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(i)(j)
 
1,590,000
1,590,000
Mizuho Floater / Residual Trust V Participating VRDN Series Floater MIZ 91 53, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(i)(j)
 
1,969,501
1,969,501
TOTAL MISSOURI
 
 
3,559,501
Nebraska - 0.3%
 
 
 
Stanton County Indl. Dev. Rev.:
 
 
 
 (Nucor Corp. Proj.) Series 1996, 4.18% 4/4/24, VRDN (b)(c)
 
3,600,000
3,600,000
 Series 1998, 4.18% 4/4/24, VRDN (b)(c)
 
125,000
125,000
TOTAL NEBRASKA
 
 
3,725,000
New Jersey - 1.2%
 
 
 
Clifton Gen. Oblig. BAN Series 2023, 5% 11/26/24
 
64,000
64,564
Elmwood Park BAN Series 2023, 5% 10/9/24
 
3,175,000
3,192,817
Hazlet Township NJ BAN Series 2023, 5% 11/8/24
 
4,727,000
4,762,463
Manasquan N J BAN Series 2023, 5% 10/3/24
 
2,797,450
2,814,179
Ridgewood Gen. Oblig. BAN Series 2023 B, 5% 10/11/24
 
7,179,000
7,220,061
TOTAL NEW JERSEY
 
 
18,054,084
New York - 3.0%
 
 
 
Albany City School District BAN Series 2023 B, 4.75% 6/27/24
 
3,940,000
3,948,521
Liberty Dev. Corp. Rev. Participating VRDN Series MS 1207, 3.8% 4/4/24 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(i)(j)
 
1,378,500
1,378,500
New York Metropolitan Trans. Auth. Rev. Participating VRDN:
 
 
 
 Series XF 13 21, 3.77% 4/4/24 (Liquidity Facility JPMorgan Chase Bank) (b)(i)(j)
 
3,025,000
3,025,000
 Series XF 13 55, 3.77% 4/4/24 (Liquidity Facility JPMorgan Chase Bank) (b)(i)(j)
 
4,445,000
4,445,000
 Series XF 16 49, 3.77% 4/4/24 (Liquidity Facility JPMorgan Chase Bank) (b)(i)(j)
 
4,480,000
4,480,000
New York State Hsg. Fin. Agcy. Rev. Participating VRDN Series Floater 2022 007, 3.9% 5/9/24 (Liquidity Facility Barclays Bank PLC) (b)(c)(i)(j)
 
27,890,000
27,890,000
TOTAL NEW YORK
 
 
45,167,021
Ohio - 0.8%
 
 
 
Ohio Hosp. Rev.:
 
 
 
 Series 2013 B, 3.98% 4/5/27, VRDN (b)
 
6,355,000
6,355,000
 Series 2015 B, 3.98% 4/5/27, VRDN (b)
 
5,005,000
5,005,000
TOTAL OHIO
 
 
11,360,000
Oklahoma - 0.7%
 
 
 
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Series 2020 B, 4.09% 4/5/27, VRDN (b)
 
9,275,000
9,275,000
Steele Duncan Plaza, LLC Participating VRDN Series MIZ 91 03, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(i)(j)(k)
 
1,651,840
1,651,840
TOTAL OKLAHOMA
 
 
10,926,840
Pennsylvania - 0.9%
 
 
 
Montgomery County Higher Ed. & Health Auth. Rev. Series 2018 D, 4.26% 4/5/27, VRDN (b)
 
7,880,000
7,880,000
Philadelphia Auth. for Indl. Dev.:
 
 
 
 Participating VRDN Series MIZ 90 51, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(i)(j)(k)
 
591,605
591,605
 Series 2017 B, 4.25% 4/5/27, VRDN (b)
 
4,165,000
4,165,000
TOTAL PENNSYLVANIA
 
 
12,636,605
South Carolina - 0.2%
 
 
 
Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1995, 4.18% 4/4/24, VRDN (b)(c)
 
800,000
800,000
South Carolina Jobs-Econ. Dev. Auth. Series 2018 C, 4.13% 4/4/24, VRDN (b)
 
1,150,000
1,150,000
South Carolina Pub. Svc. Auth. Rev. Participating VRDN Series Floaters XM 03 84, 3.75% 4/4/24 (Liquidity Facility JPMorgan Chase Bank) (b)(i)(j)
 
1,000,000
1,000,000
TOTAL SOUTH CAROLINA
 
 
2,950,000
Tennessee - 0.7%
 
 
 
Chattanooga Health Ed. & Hsg. Facility Board Rev. (Catholic Health Initiatives Proj.) Series C, 3.9% 4/4/24, VRDN (b)
 
9,445,000
9,445,000
Mizuho Floater / Residual Trust V Participating VRDN Series Floater MIZ 91 63, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(i)(j)
 
1,540,658
1,540,658
TOTAL TENNESSEE
 
 
10,985,658
Texas - 6.8%
 
 
 
Brazos County Tex Hsg. Fin. Corp. M Participating VRDN Series XF 31 29, 3.82% 4/4/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(i)(j)
 
1,588,307
1,588,307
Ep Machuca Lp Participating VRDN Series MIZ 91 04, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(i)(j)(k)
 
2,325,282
2,325,282
Mizuho Floater / Residual Trust V Participating VRDN Series MIZ 91 24, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(i)(j)(k)
 
13,246,483
13,246,483
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.):
 
 
 
 Series 2001 A, 4.3% 3/29/24, VRDN (b)
 
11,085,000
11,085,000
 Series 2004, 3.85% 4/4/24, VRDN (b)(c)
 
48,085,000
48,084,997
 Series 2010 B, 4.3% 3/29/24, VRDN (b)
 
380,000
380,000
 Series 2010 C, 4.4% 3/29/24, VRDN (b)
 
1,400,000
1,400,000
 Series 2010 D:
 
 
 
3.8% 4/4/24, VRDN (b)
 
 
21,270,000
21,270,000
3.85% 4/4/24, VRDN (b)
 
 
1,570,000
1,570,000
TOTAL TEXAS
 
 
100,950,069
Utah - 0.6%
 
 
 
Box Elder County Poll. Cont. Rev. Series 2003, 4.4% 4/4/24, VRDN (b)
 
300,000
300,000
Salt Lake City Arpt. Rev. Participating VRDN Series XM 11 07, 4.4% 3/29/24 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(i)(j)
 
8,585,000
8,585,000
TOTAL UTAH
 
 
8,885,000
Virginia - 0.1%
 
 
 
Nat'l. Sr. Campuses Participating VRDN Series 2022 028, 3.8% 5/9/24 (Liquidity Facility Barclays Bank PLC) (b)(i)(j)
 
1,100,000
1,100,000
West Virginia - 0.4%
 
 
 
West Virginia Hosp. Fin. Auth. Hosp. Rev. Series 2018 E, 4.06% 4/5/27, VRDN (b)
 
5,235,000
5,235,000
Wyoming - 0.9%
 
 
 
Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 4.3% 4/4/24, VRDN (b)(c)
 
8,800,000
8,800,000
Lincoln County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 4.25% 4/3/24, VRDN (b)
 
800,000
800,000
Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 4.25% 4/3/24, VRDN (b)
 
3,940,000
3,940,000
TOTAL WYOMING
 
 
13,540,000
 
TOTAL MUNICIPAL NOTES
 (Cost $566,249,789)
 
 
 
566,284,747
 
 
 
 
Money Market Funds - 1.1%
 
 
Shares
Value ($)
 
Fidelity Municipal Cash Central Fund 3.63% (l)(m)
 
 (Cost $16,254,950)
 
 
16,250,792
16,255,668
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.6%
 (Cost $1,483,833,459)
 
 
 
1,481,110,821
NET OTHER ASSETS (LIABILITIES) - 0.4%  
5,702,409
NET ASSETS - 100.0%
1,486,813,230
 
 
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)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(c)
Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $27,718,521 or 1.9% of net assets.
 
(e)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(f)
A portion of the security sold on a delayed delivery basis.
 
(g)
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
 
(h)
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
 
(i)
Provides evidence of ownership in one or more underlying municipal bonds.
 
(j)
Coupon rates are determined by re-marketing agents based on current market conditions.
 
(k)
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 $71,345,210 or 4.8% of net assets.
 
(l)
Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
 
(m)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Ep Machuca Lp Participating VRDN Series MIZ 91 04, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC)
8/05/22
2,325,282
 
 
 
Miami Dade County Hsg. Multifamily Hsg. Rev. Participating VRDN Series Floater MIZ 90 87, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC)
1/27/22
1,015,000
 
 
 
Mizuho Floater / Residual Trust V Participating VRDN Series MIZ 91 24, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC)
1/27/23
13,246,483
 
 
 
Philadelphia Auth. for Indl. Dev. Participating VRDN Series MIZ 90 51, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC)
11/12/20
591,548
 
 
 
San Francisco City & County Multi-family Hsg. Rev. Participating VRDN Series MIZ 90 95, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC)
4/01/22
27,100,000
 
 
 
San Francisco City & County Multi-family Hsg. Rev. Participating VRDN Series MIZ 91 15, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC)
12/19/22 - 1/30/23
25,415,000
 
 
 
Steele Duncan Plaza, LLC Participating VRDN Series MIZ 91 03, 3.82% 5/2/24 (Liquidity Facility Mizuho Cap. Markets LLC)
8/11/22
1,642,775
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Municipal Cash Central Fund 3.63%
46,002,000
97,593,846
127,339,034
193,528
(1,862)
718
16,255,668
0.8%
Total
46,002,000
97,593,846
127,339,034
193,528
(1,862)
718
16,255,668
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend 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. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
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 services or from brokers who make markets in such securities. Municipal Bonds and Municipal Notes are valued by pricing services 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
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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