Fidelity® SAI Municipal Money Market Fund Offered exclusively to certain clients of the Adviser or its affiliates - not available for sale to the general public. Fidelity SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers LLC.
Annual Report March 31, 2019 |
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Contents
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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification as of March 31, 2019
| Days | % of fund's investments 3/31/19 |
| 1 - 7 | 79.9 |
| 8 - 30 | 0.8 |
| 31 - 60 | 2.3 |
| 61 - 90 | 6.5 |
| 91 - 180 | 9.3 |
| > 180 | 1.2 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
| As of March 31, 2019 |
| | Variable Rate Demand Notes (VRDNs) | 53.5% |
| | Tender Option Bond | 9.0% |
| | Other Municipal Security | 21.7% |
| | Investment Companies | 16.5% |
| | Net Other Assets (Liabilities)* | (0.7)% |
* Net Other Assets (Liabilities) are not included in the pie chart
Current 7-Day Yield
| | 3/31/19 |
| Fidelity® SAI Municipal Money Market Fund | 1.50% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending March 31, 2019, the most recent period shown in the table, would have been 1.43%.
Schedule of Investments March 31, 2019
Showing Percentage of Net Assets
| Variable Rate Demand Note - 53.5% | | | |
| | | Principal Amount | Value |
| Alabama - 0.1% | | | |
| Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 1.59% 4/5/19, VRDN (a) | | $300,000 | $300,000 |
| Alaska - 0.7% | | | |
| Valdez Marine Term. Rev.: | | | |
| (ConocoPhillips Proj.) Series 1994 A, 1.57% 4/5/19 (ConocoPhillips Co. Guaranteed), VRDN (a) | | 900,000 | 900,000 |
| (Phillips Trans. Alaska, Inc. Proj.) Series 1994 B, 1.55% 4/5/19 (ConocoPhillips Co. Guaranteed), VRDN (a) | | 1,200,000 | 1,200,000 |
| | | | 2,100,000 |
| Arkansas - 0.2% | | | |
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 1.7% 4/5/19, VRDN (a)(b) | | 500,000 | 500,000 |
| Connecticut - 0.3% | | | |
| Connecticut Gen. Oblig. Series 2016 C, 1.57% 4/5/19 (Liquidity Facility Bank of America NA), VRDN (a) | | 900,000 | 900,000 |
| Connecticut Hsg. Fin. Auth. Series D 3, 1.55% 4/5/19 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(b) | | 100,000 | 100,000 |
| | | | 1,000,000 |
| Delaware - 0.1% | | | |
| Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1993 C, 1.63% 4/5/19, VRDN (a) | | 200,000 | 200,000 |
| Florida - 8.3% | | | |
| Collier County Hsg. Fin. Auth. Multi-family Rev. (Summer Lakes Phase II Apts. Proj.) 1.54% 4/5/19, LOC Citibank NA, VRDN (a)(b) | | 4,930,000 | 4,930,000 |
| Florida Hsg. Fin. Corp. Multi-family Mtg. Rev. (Pinnacle Pointe Apts. Proj.) Series 2003 N, 1.54% 4/5/19, LOC Citibank NA, VRDN (a)(b) | | 1,880,000 | 1,880,000 |
| Hillsborough County Hsg. Fin. Auth. Multi-family Rev. (Claymore Crossings Apt. Proj.) Series 2005, 1.54% 4/5/19, LOC Citibank NA, VRDN (a)(b) | | 595,000 | 595,000 |
| FNMA: | | | |
| Clay County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Nassau Club Apts. Proj.) 1.53% 4/5/19, LOC Fannie Mae, VRDN (a)(b) | | 2,795,000 | 2,795,000 |
| Florida Hsg. Fin. Corp. Rev. (Valencia Village Apts. Proj.) Series G, 1.53% 4/5/19, LOC Fannie Mae, VRDN (a)(b) | | 2,620,000 | 2,620,000 |
| Hillsborough County Hsg. Fin. Auth. Multi-family Rev.: | | | |
| (Grande Oaks Apts. Proj.) Series A, 1.54% 4/5/19, LOC Fannie Mae, VRDN (a)(b) | | 195,000 | 195,000 |
| (Royal Palm Key Apts. Proj.) Series 2002, 1.53% 4/5/19, LOC Fannie Mae, VRDN (a)(b) | | 8,380,000 | 8,380,000 |
| Osceola County Hsg. Fin. Auth. Multi-family Rev. (Regatta Bay Apts. Proj.) Series A, 1.53% 4/5/19, LOC Fannie Mae, VRDN (a)(b) | | 2,520,000 | 2,520,000 |
| Palm Beach County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Renaissance Apts. Proj.) 1.53% 4/5/19, LOC Fannie Mae, VRDN (a)(b) | | 635,000 | 635,000 |
| | | | 24,550,000 |
| Georgia - 2.1% | | | |
| Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.) Series 2012, 1.65% 4/1/19, VRDN (a)(b) | | 3,670,000 | 3,670,000 |
| Heard County Dev. Auth. Poll. Cont. Rev. Series 2007, 1.57% 4/1/19, VRDN (a)(b) | | 2,300,000 | 2,300,000 |
| FHLMC Kennesaw Dev. Auth. Multi-family Hsg. Rev. (Alta Ridenour Apts. Proj.) Series 2008, 1.56% 4/5/19, LOC Freddie Mac, VRDN (a)(b) | | 310,000 | 310,000 |
| | | | 6,280,000 |
| Illinois - 0.3% | | | |
| Chicago Midway Arpt. Rev. Series 2014 C, 1.65% 4/5/19, LOC Barclays Bank PLC, VRDN (a)(b) | | 1,000,000 | 1,000,000 |
| Indiana - 0.2% | | | |
| Indiana Dev. Fin. Auth. Econ. (Archer-Daniels-Midland Co. Proj.) Series 2012, 1.54% 4/5/19 (Archer Daniels Midland Co. Guaranteed), VRDN (a) | | 400,000 | 400,000 |
| Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.): | | | |
| Series H, 1.59% 4/5/19, VRDN (a) | | 200,000 | 200,000 |
| Series I, 1.59% 4/5/19, VRDN (a) | | 100,000 | 100,000 |
| | | | 700,000 |
| Iowa - 3.3% | | | |
| Iowa Fin. Auth. Solid Waste Facilities (Mid-American Energy Co. Proj.) Series 2017, 1.55% 4/5/19, VRDN (a)(b) | | 9,700,000 | 9,700,000 |
| Kansas - 0.5% | | | |
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.) Series 2007 B, 1.82% 4/5/19, VRDN (a) | | 300,000 | 300,000 |
| Lenexa Multi-family Hsg. Rev. (Heather Glen Apts. Proj.) Series 2007, 1.56% 4/5/19, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | | 300,000 | 300,000 |
| Wamego Kansas Poll. Cont. Rfdg. Rev. (Western Resources, Inc. Proj.) Series 1994, 1.79% 4/5/19, VRDN (a) | | 900,000 | 900,000 |
| | | | 1,500,000 |
| Kentucky - 1.7% | | | |
| Carroll County Envir. Facilities Rev. (Kentucky Utils. Co. Proj.) Series 2004 A, 1.6% 4/5/19, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | | 1,200,000 | 1,200,000 |
| Trimble County Poll. Cont. Rev. (Louisville Gas and Elec. Co. Proj.) Series 2016 A, 1.65% 4/5/19, VRDN (a)(b) | | 3,800,000 | 3,800,000 |
| | | | 5,000,000 |
| Louisiana - 0.3% | | | |
| Louisiana Pub. Facilities Auth. Rev. (Air Products & Chemicals, Inc. Proj.) Series 2003, 1.56% 4/5/19, VRDN (a)(b) | | 600,000 | 600,000 |
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | | | |
| Series 2010 A1, 1.68% 4/5/19, VRDN (a) | | 300,000 | 300,000 |
| Series 2010 B1, 1.68% 4/5/19, VRDN (a) | | 100,000 | 100,000 |
| | | | 1,000,000 |
| Michigan - 1.7% | | | |
| Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Series 2007 D1, 1.56% 4/5/19 (Liquidity Facility Barclays Bank PLC), VRDN (a)(b) | | 400,000 | 400,000 |
| Michigan Strategic Fund Ltd. Oblig. Rev. (Consumers Energy Co. Proj.) 1.53% 4/5/19, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 4,600,000 | 4,600,000 |
| | | | 5,000,000 |
| Nebraska - 1.3% | | | |
| Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: | | | |
| Series 2015 D, 1.6% 4/5/19 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | | 1,455,000 | 1,455,000 |
| Series 2018 D, 1.6% 4/5/19 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | | 1,000,000 | 1,000,000 |
| Series B, 1.6% 4/5/19 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | | 1,400,000 | 1,400,000 |
| | | | 3,855,000 |
| Nevada - 5.7% | | | |
| Clark County Arpt. Rev.: | | | |
| Series 2008 C2, 1.6% 4/5/19, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | | 5,600,000 | 5,600,000 |
| Series 2008 C3, 1.53% 4/5/19, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | | 1,700,000 | 1,700,000 |
| Clark County Indl. Dev. Rev. (Southwest Gas Corp. Proj.) 1.63% 4/5/19, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 4,900,000 | 4,900,000 |
| Washoe County Gas Facilities Rev.: | | | |
| Series 2016 C, 1.6% 4/5/19, VRDN (a)(b) | | 700,000 | 700,000 |
| Series 2016 E, 1.61% 4/5/19, VRDN (a)(b) | | 3,930,000 | 3,930,000 |
| | | | 16,830,000 |
| New York - 5.5% | | | |
| New York State Energy Research & Dev. Auth. Facilities Rev.: | | | |
| (Consolidated Edison Co. of New York, Inc. Proj.) Series 2010 A2, 1.52% 4/5/19, LOC Bank of Nova Scotia, VRDN (a)(b) | | 1,300,000 | 1,300,000 |
| Series 2010 A, 1.61% 4/5/19, LOC Bank of Nova Scotia, VRDN (a)(b) | | 800,000 | 800,000 |
| FHLMC New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev. (Rivereast Apts. Proj.) Series A, 1.54% 4/5/19, LOC Freddie Mac, VRDN (a)(b) | | 1,500,000 | 1,500,000 |
| FNMA New York Hsg. Fin. Agcy. Rev.: | | | |
| (600 West and 42nd St. Hsg. Proj.) Series 2007 A, 1.54% 4/5/19, LOC Fannie Mae, VRDN (a)(b) | | 11,580,000 | 11,580,000 |
| (750 Sixth Avenue Hsg. Proj.) Series 1998 A, 1.61% 4/5/19, LOC Fannie Mae, VRDN (a)(b) | | 1,000,000 | 1,000,000 |
| | | | 16,180,000 |
| Ohio - 0.6% | | | |
| Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Series 2016 G, 1.53% 4/5/19 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | | 600,000 | 600,000 |
| Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 1.55% 4/5/19, LOC Bank of America NA, VRDN (a)(b) | | 1,000,000 | 1,000,000 |
| | | | 1,600,000 |
| Oregon - 0.2% | | | |
| FHLMC Portland Multi-family Hsg. Rev. (The Village at Lovejoy Fountain Proj.) Series 2009, 1.61% 4/5/19, LOC Freddie Mac, VRDN (a)(b) | | 500,000 | 500,000 |
| South Carolina - 0.3% | | | |
| Berkeley County Indl. Dev. Rev. Series A, 1.69% 4/5/19, VRDN (a)(b) | | 100,000 | 100,000 |
| South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. (Waste Mgmt. of South Carolina, Inc. Proj.) Series 2003 A, 1.65% 4/5/19, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 700,000 | 700,000 |
| | | | 800,000 |
| Tennessee - 3.4% | | | |
| Henderson TN IDB Rev. (Arvin Sango, Inc. Proj.) Series 2012, 1.56% 4/5/19, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | | 10,000,000 | 10,000,000 |
| Texas - 13.4% | | | |
| Austin Arpt. Sys. Rev. Series 2005 3, 1.55% 4/5/19, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | | 14,610,000 | 14,610,000 |
| Calhoun County Solid Waste Disp. Rev. (Formosa Plastics Corp. Proj.) Series 2001, 1.6% 4/5/19, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 900,000 | 900,000 |
| Converse Hsg. Fin. Corp. Multi-family Hsg. Rev. (Town Square Apts. Proj.) 1.54% 4/5/19, LOC Citibank NA, VRDN (a)(b) | | 895,000 | 895,000 |
| Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 1.54% 4/1/19, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 100,000 | 100,000 |
| Houston Hsg. Fin. Corp. Multi-family Hsg. Rev. (Fairlake Cove Apts. Proj.) Series 2005, 1.54% 4/5/19, LOC Citibank NA, VRDN (a)(b) | | 7,970,000 | 7,970,000 |
| Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev. (Air Products Proj.): | | | |
| Series 2000, 1.56% 4/5/19, VRDN (a)(b) | | 7,200,000 | 7,200,000 |
| Series 2001, 1.56% 4/5/19, VRDN (a)(b) | | 1,100,000 | 1,100,000 |
| Series 2002, 1.56% 4/5/19, VRDN (a)(b) | | 500,000 | 500,000 |
| FHLMC Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev. Series 2003 A, 1.54% 4/5/19, LOC Freddie Mac, VRDN (a)(b) | | 800,000 | 800,000 |
| FNMA Houston Hsg. Fin. Corp. Multi-family Hsg. Rev. (Mayfair Park Apts. Proj.) Series 2004, 1.54% 4/5/19, LOC Fannie Mae, VRDN (a)(b) | | 5,505,000 | 5,505,000 |
| | | | 39,580,000 |
| Utah - 0.2% | | | |
| Emery County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 1.6% 4/5/19, VRDN (a) | | 700,000 | 700,000 |
| Virginia - 1.1% | | | |
| King George County Indl. Dev. Auth. Solid Waste Disp. Fac. Rev. (Garnet of Virginia, Inc. Proj.) Series 1996, 1.54% 4/5/19, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 1,300,000 | 1,300,000 |
| FNMA Alexandria Redev. & Hsg. Auth. Multi-family Hsg. Rev. (Fairfield Village Square Proj.) Series A, 1.54% 4/5/19, LOC Fannie Mae, VRDN (a)(b) | | 1,800,000 | 1,800,000 |
| | | | 3,100,000 |
| Washington - 1.8% | | | |
| FNMA Washington Hsg. Fin. Commission Multi-family Hsg. Rev. (Crestview Apts. Proj.) Series 2004, 1.54% 4/5/19, LOC Fannie Mae, VRDN (a)(b) | | 5,300,000 | 5,300,000 |
| West Virginia - 0.2% | | | |
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | | | |
| (Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.6% 4/5/19, VRDN (a)(b) | | 100,000 | 100,000 |
| (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.65% 4/5/19, VRDN (a)(b) | | 100,000 | 100,000 |
| Wood County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 1.54% 4/5/19, LOC Bank of America NA, VRDN (a)(b) | | 300,000 | 300,000 |
| | | | 500,000 |
| Wyoming - 0.0% | | | |
| Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 1.59% 4/5/19, VRDN (a) | | 100,000 | 100,000 |
| TOTAL VARIABLE RATE DEMAND NOTE | | | |
| (Cost $157,875,000) | | | 157,875,000 |
|
| Tender Option Bond - 9.0% | | | |
| Alabama - 0.0% | | | |
| Black Belt Energy Gas District Ala Participating VRDN Series Floaters XL 00 98, 1.59% 4/5/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 100,000 | 100,000 |
| Arizona - 0.0% | | | |
| Phoenix Civic Impt. Board Arpt. Rev. Participating VRDN Series Floaters ZF 27 58, 1.56% 4/5/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) | | 100,000 | 100,000 |
| California - 1.0% | | | |
| Dignity Health Participating VRDN Series DBE 80 11, 1.7% 4/5/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(d) | | 2,800,000 | 2,800,000 |
| Los Angeles Dept. Arpt. Rev. Participating VRDN Series ZM 04 73, 1.56% 4/5/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) | | 100,000 | 100,000 |
| | | | 2,900,000 |
| Colorado - 2.5% | | | |
| Colorado Health Facilities Auth. Rev. Participating VRDN: | | | |
| Series Floaters 018, 1.65% 5/10/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d)(e) | | 380,000 | 380,000 |
| Series Floaters ZM 03 18, 1.54% 4/5/19 (Liquidity Facility Bank of America NA) (a)(c)(d) | | 100,000 | 100,000 |
| Denver City & County Arpt. Rev. Participating VRDN: | | | |
| Series Floaters XG 01 96, 1.57% 4/5/19 (Liquidity Facility Bank of America NA) (a)(b)(c)(d) | | 2,100,000 | 2,100,000 |
| Series Floaters XG 01 97, 1.57% 4/5/19 (Liquidity Facility Bank of America NA) (a)(b)(c)(d) | | 1,050,000 | 1,050,000 |
| Series Floaters XL 00 83, 1.57% 4/5/19 (Liquidity Facility Bank of America NA) (a)(b)(c)(d) | | 465,000 | 465,000 |
| Series Floaters XL 00 84, 1.57% 4/5/19 (Liquidity Facility Bank of America NA) (a)(b)(c)(d) | | 1,600,000 | 1,600,000 |
| Series Floaters ZF 06 88, 1.57% 4/5/19 (Liquidity Facility Bank of America NA) (a)(b)(c)(d) | | 1,800,000 | 1,800,000 |
| | | | 7,495,000 |
| Connecticut - 0.1% | | | |
| Connecticut Gen. Oblig. Participating VRDN Series Floaters XM 07 07, 1.56% 4/5/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 200,000 | 200,000 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Participating VRDN Series Floaters YX 10 77, 1.56% 4/5/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 100,000 | 100,000 |
| | | | 300,000 |
| District Of Columbia - 0.1% | | | |
| Metropolitan Washington DC Arpts. Auth. Sys. Rev. Participating VRDN Series Floaters 024, 1.56% 4/5/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) | | 400,000 | 400,000 |
| Florida - 0.3% | | | |
| Florida Dept. of Trans. Tpk. Rev. Bonds Series Solar 17 02, 1.63%, tender 5/2/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | | 100,000 | 100,007 |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 1.75%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) | | 100,000 | 100,000 |
| Tallahassee Memorial Healthcare Participating VRDN Series Floaters ML 70 01, 1.54% 4/5/19 (Liquidity Facility Bank of America NA) (a)(c)(d) | | 600,000 | 600,000 |
| | | | 800,007 |
| Hawaii - 0.1% | | | |
| Hawaii Dept. of Budget & Fin. Spl. Purp. Rev. Participating VRDN Series Floaters XM 06 19, 1.57% 4/5/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) | | 300,000 | 300,000 |
| Illinois - 0.9% | | | |
| Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN: | | | |
| Series Floaters XF 07 23, 1.58% 4/5/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c)(d) | | 400,000 | 400,000 |
| Series Floaters XG 02 19, 1.58% 4/5/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c)(d) | | 200,000 | 200,000 |
| Series Floaters XM 06 86, 1.57% 4/5/19 (Liquidity Facility Bank of America NA) (a)(b)(c)(d) | | 200,000 | 200,000 |
| Chicago Wastewtr. Transmission Rev. Participating VRDN Series Floaters 028, 1.65% 5/10/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d)(e) | | 100,000 | 100,000 |
| Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 1.65% 5/10/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d)(e) | | 800,000 | 800,000 |
| Illinois Gen. Oblig. Participating VRDN: | | | |
| Series Floaters XF 10 13, 1.56% 4/5/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 400,000 | 400,000 |
| Series Floaters XF 10 43, 1.56% 4/5/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 100,000 | 100,000 |
| Series Floaters XX 10 81, 1.56% 4/5/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 300,000 | 300,000 |
| Series Floaters YX 10 72, 1.56% 4/5/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 100,000 | 100,000 |
| Series Floaters YX 10 86, 1.56% 4/5/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 100,000 | 100,000 |
| | | | 2,700,000 |
| Indiana - 0.1% | | | |
| Indiana Fin. Auth. Rev. Participating VRDN Series 15 XF0106, 1.53% 4/5/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 300,000 | 300,000 |
| Kentucky - 0.1% | | | |
| Kentucky Econ. Dev. Fin. Auth. Participating VRDN Series Floaters XF 10 24, 1.55% 4/5/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 400,000 | 400,000 |
| Louisiana - 0.1% | | | |
| Touro Infirmary Participating VRDN Series Floaters ML 70 03, 1.54% 4/5/19 (Liquidity Facility Bank of America NA) (a)(c)(d) | | 200,000 | 200,000 |
| Maryland - 0.0% | | | |
| Baltimore Proj. Rev. Bonds Series Floaters G 28, 1.7%, tender 7/1/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d)(e) | | 100,000 | 100,000 |
| Michigan - 0.3% | | | |
| Detroit Downtown Dev. Auth. Tax Participating VRDN Series Floaters XX 11 01, 1.56% 4/5/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 900,000 | 900,000 |
| Missouri - 0.7% | | | |
| Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Participating VRDN Series XL 00 37, 1.53% 4/5/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | | 600,000 | 600,000 |
| Missouri Health & Edl. Facilities Auth. Rev. Participating VRDN Series Floaters C16, 1.56% 4/5/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | | 1,200,000 | 1,200,000 |
| Missouri Health & Edl. Facilities Rev. Participating VRDN Series Floaters XG 01 84, 1.55% 4/5/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 100,000 | 100,000 |
| | | | 1,900,000 |
| Montana - 0.1% | | | |
| Missoula Wtr. Sys. Rev. Participating VRDN Series Floaters 011, 1.65% 5/10/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d)(e) | | 170,000 | 170,000 |
| Nebraska - 0.4% | | | |
| Douglas County School District #1 Bonds Series Solar 00 27, 1.63%, tender 4/4/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d) | | 1,010,000 | 1,010,000 |
| New Jersey - 0.0% | | | |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Participating VRDN Series Floaters XG 01 78, 1.54% 4/5/19 (Liquidity Facility Bank of America NA) (a)(b)(c)(d) | | 100,000 | 100,000 |
| Ohio - 0.4% | | | |
| Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 1.62% 4/5/19 (Liquidity Facility Bank of America NA) (a)(c)(d) | | 100,000 | 100,000 |
| Ohio Higher Edl. Facility Commission Rev. Participating VRDN: | | | |
| Series 2017, 1.65% 5/10/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d)(e) | | 100,000 | 100,000 |
| Series XG 00 69, 1.6% 4/5/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(d) | | 300,000 | 300,000 |
| Upper Arlington City School District Participating VRDN Series Floaters XF 25 92, 1.58% 4/5/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 500,000 | 500,000 |
| | | | 1,000,000 |
| Oklahoma - 0.0% | | | |
| Oklahoma Dev. Fin. Auth. Health Sys. Rev. Participating VRDN Series Floaters XG 02 10, 1.54% 4/5/19 (Liquidity Facility Bank of America NA) (a)(c)(d) | | 100,000 | 100,000 |
| Pennsylvania - 0.2% | | | |
| Allegheny County Participating VRDN Series Floaters XM 06 63, 1.6% 4/5/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | | 100,000 | 100,000 |
| Lehigh County Gen. Purp. Hosp. Rev. Participating VRDN Series Floaters 2019 003, 1.65% 5/10/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d)(e) | | 200,000 | 200,000 |
| Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, 1.67%, tender 6/3/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d)(e) | | 100,000 | 100,000 |
| Pennsylvania Tpk. Commission Tpk. Rev.: | | | |
| Bonds Series Floaters G 43, 1.7%, tender 6/3/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d)(e) | | 100,000 | 100,000 |
| Participating VRDN Series Floaters 2018 029, 1.65% 5/10/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d)(e) | | 100,000 | 100,000 |
| | | | 600,000 |
| Rhode Island - 0.0% | | | |
| Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev. Participating VRDN Series Floaters XM 07 21, 1.53% 4/5/19 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | | 100,000 | 100,000 |
| Tennessee - 0.1% | | | |
| Vanderbilt Hosp. Participating VRDN 1.54% 4/5/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 200,000 | 200,000 |
| Texas - 0.2% | | | |
| Harris County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series Floaters 010, 1.65% 5/10/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d)(e) | | 700,000 | 700,000 |
| Virginia - 0.4% | | | |
| Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Bonds Series EGL 17 0005, 1.7%, tender 6/7/19 (Liquidity Facility Citibank NA) (a)(c)(d)(e) | | 1,170,000 | 1,170,000 |
| Washington - 0.9% | | | |
| Catholic Health Initiatives Participating VRDN Series XF 1017, 1.55% 4/5/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | | 400,000 | 400,000 |
| Port of Seattle Rev. Participating VRDN: | | | |
| Series Floaters XM 06 65, 1.6% 4/5/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c)(d) | | 500,000 | 500,000 |
| Series Floaters ZM 06 69, 1.58% 4/5/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c)(d) | | 300,000 | 300,000 |
| Port of Tacoma Rev. Participating VRDN Series Floaters XF 06 58, 1.58% 4/5/19 (Liquidity Facility Bank of America NA) (a)(b)(c)(d) | | 200,000 | 200,000 |
| Washington Convention Ctr. Pub. Facilities Participating VRDN Series Floaters XM 06 81, 1.56% 4/5/19 (Liquidity Facility Citibank NA) (a)(c)(d) | | 1,200,000 | 1,200,000 |
| | | | 2,600,000 |
| TOTAL TENDER OPTION BOND | | | |
| (Cost $26,645,000) | | | 26,645,007 |
|
| Other Municipal Security - 21.7% | | | |
| Alabama - 0.5% | | | |
| Huntsville Health Care Auth. Rev. Series 2019: | | | |
| 1.71% 4/2/19, CP | | 500,000 | 500,007 |
| 1.8% 6/4/19, CP | | 600,000 | 599,951 |
| 1.88% 7/2/19, CP | | 400,000 | 400,112 |
| | | | 1,500,070 |
| Arizona - 0.2% | | | |
| Phoenix Civic Impt. Board Arpt. Rev. Bonds Series 2013, 5% 7/1/19 (b) | | 200,000 | 201,639 |
| Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Bonds Series 2009 A, 5% 7/1/19 (Pre-Refunded to 7/1/19 @ 100) | | 300,000 | 302,601 |
| | | | 504,240 |
| California - 0.3% | | | |
| Los Angeles Dept. of Wtr. & Pwr. Rev. Series 2019, 1.78% 4/4/19 (Liquidity Facility Royal Bank of Canada), CP | | 1,000,000 | 1,000,082 |
| Colorado - 0.0% | | | |
| Colorado Ed. Ln. Prog. TRAN Series 2018 A, 5% 6/27/19 | | 100,000 | 100,819 |
| Connecticut - 1.4% | | | |
| Connecticut Gen. Oblig. Bonds: | | | |
| Series 2014 H, 5% 11/15/19 | | 100,000 | 102,035 |
| Series 2018 A, 5% 4/15/19 | | 100,000 | 100,120 |
| Series 2018 B, 5% 4/15/19 | | 400,000 | 400,481 |
| Connecticut Hsg. Fin. Auth. Bonds: | | | |
| Series 2018 B, 2% 5/15/19 (b) | | 695,000 | 695,138 |
| Series 2018 C, 1.75% 5/15/19 (b) | | 1,685,000 | 1,684,882 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series 2018 B, 5% 10/1/19 | | 500,000 | 508,235 |
| North Haven Gen. Oblig. BAN Series 2018, 3% 11/7/19 | | 300,000 | 302,495 |
| Windham Gen. Oblig. BAN Series 2019, 3% 8/21/19 | | 200,000 | 200,907 |
| | | | 3,994,293 |
| Florida - 1.7% | | | |
| Broward County School District TAN Series 2018, 3% 6/12/19 | | 2,000,000 | 2,005,647 |
| Miami-Dade County Series A1, 1.89% 6/5/19, LOC Bank of America NA, CP (b) | | 2,000,000 | 2,000,247 |
| Miami-Dade County Aviation Rev. Series C, 1.89% 6/5/19, LOC Bank of America NA, CP (b) | | 800,000 | 800,099 |
| Miami-Dade County School District TAN Series 2018, 5% 6/15/19 | | 200,000 | 201,434 |
| | | | 5,007,427 |
| Georgia - 3.4% | | | |
| Atlanta Arpt. Rev.: | | | |
| Series D1, 1.95% 7/2/19, LOC Bank of America NA, CP | | 900,000 | 900,228 |
| Series D2, 2% 7/2/19, LOC Bank of America NA, CP (b) | | 4,100,000 | 4,101,035 |
| Series D3, 1.95% 7/2/19, LOC Bank of America NA, CP | | 100,000 | 100,025 |
| Series D4, 2% 7/2/19, LOC Bank of America NA, CP (b) | | 700,000 | 700,177 |
| Series F2, 2% 7/2/19, LOC Bank of America NA, CP (b) | | 100,000 | 100,025 |
| Series F4, 2% 7/2/19, LOC Bank of America NA, CP (b) | | 100,000 | 100,026 |
| Series H2: | | | |
| 1.88% 5/31/19, LOC PNC Bank NA, CP (b) | | 100,000 | 100,001 |
| 2.1% 5/31/19, LOC PNC Bank NA, CP (b) | | 2,800,000 | 2,800,516 |
| Series H3, 2.05% 5/31/19, LOC PNC Bank NA, CP | | 800,000 | 800,148 |
| Series I2, 1.9% 6/6/19, LOC JPMorgan Chase Bank, CP (b) | | 100,000 | 100,013 |
| Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A1, SIFMA Municipal Swap Index + 0.100% 1.6%, tender 4/1/19 (Liquidity Facility Royal Bank of Canada) (a)(f) | | 395,000 | 395,000 |
| | | | 10,197,194 |
| Illinois - 0.8% | | | |
| Illinois Fin. Auth. Ed. Rev. Series LOY: | | | |
| 1.8% 7/8/19, LOC PNC Bank NA, CP | | 1,200,000 | 1,199,853 |
| 1.88% 7/17/19, LOC PNC Bank NA, CP | | 500,000 | 500,192 |
| Illinois Fin. Auth. Rev. Bonds Series 2012 I, 1.89% tender 6/4/19, CP mode | | 500,000 | 500,099 |
| Southwestern Dev. Auth. Heath Facility Rev. Bonds Series 17B, 1.89% tender 6/4/19, CP mode | | 200,000 | 200,039 |
| | | | 2,400,183 |
| Indiana - 0.4% | | | |
| Indianapolis Gas Util. Sys. Rev. Series 2018, 1.84% 4/2/19, LOC JPMorgan Chase Bank, CP | | 1,100,000 | 1,100,040 |
| Kentucky - 0.1% | | | |
| Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 1.95% tender 4/4/19, CP mode | | 200,000 | 200,008 |
| Maryland - 0.1% | | | |
| Montgomery County Gen. Oblig. Bonds Series 2011 A, 4.5% 7/1/19 (Pre-Refunded to 7/1/19 @ 100) | | 300,000 | 302,235 |
| Massachusetts - 0.2% | | | |
| Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds Series 1992, 1.8% tender 5/3/19, CP mode | | 300,000 | 300,006 |
| Massachusetts Port Auth. Rev. Series 12B, 1.87% 4/3/19, LOC TD Banknorth, NA, CP (b) | | 300,000 | 300,013 |
| | | | 600,019 |
| Michigan - 0.3% | | | |
| Michigan Fin. Auth. Rev. Bonds Series 2012 A, 5% 7/1/19 | | 900,000 | 907,671 |
| Missouri - 0.1% | | | |
| Curators of the Univ. of Missouri Series A, 1.82% 4/3/19, CP | | 400,000 | 400,017 |
| Montana - 0.2% | | | |
| Montana Board of Invt. Bonds Series 2013, 1.87%, tender 3/2/20 (a) | | 500,000 | 500,132 |
| Nebraska - 0.3% | | | |
| Omaha Pub. Pwr. District Elec. Rev. Series A: | | | |
| 1.84% 4/3/19, CP | | 300,000 | 300,013 |
| 1.84% 4/5/19, CP | | 300,000 | 300,017 |
| 1.88% 6/4/19, CP | | 200,000 | 200,039 |
| | | | 800,069 |
| New Hampshire - 0.7% | | | |
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds: | | | |
| Series 1990 A, 1.85% tender 5/2/19, CP mode (b) | | 1,300,000 | 1,300,059 |
| Series A1, 1.73% tender 4/2/19, CP mode (b) | | 900,000 | 900,005 |
| | | | 2,200,064 |
| New Jersey - 0.9% | | | |
| Bergen County Gen. Oblig. BAN Series 2018 B, 3.25% 12/12/19 | | 1,500,000 | 1,518,747 |
| Berkeley Heights Township BAN Series 2019, 3.5% 7/12/19 | | 500,000 | 502,509 |
| Burlington County Bridge Commission Lease Rev. BAN (Governmental Leasing Prog.) Series 2018 1, 3.25% 11/26/19 | | 200,000 | 202,145 |
| Camden County BAN Series 2018 A, 3% 10/23/19 | | 300,000 | 302,318 |
| | | | 2,525,719 |
| New Mexico - 0.1% | | | |
| New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Bonds Series 2014 B, 1 month U.S. LIBOR + 0.750% 2.418%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (a)(f) | | 300,000 | 300,064 |
| Ohio - 0.5% | | | |
| Hudson City Gen. Oblig. BAN Series 2018, 3.5% 12/19/19 | | 100,000 | 101,246 |
| Lancaster Port Auth. Gas Rev. Bonds Series 2014, 1 month U.S. LIBOR + 0.720% 2.388%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (a)(f) | | 400,000 | 400,070 |
| Ohio Ctfs. Prtn. Bonds Series 2018, 5% 9/1/19 | | 400,000 | 405,648 |
| Perrysburg Gen. Oblig. BAN Series 2018, 3% 6/4/19 | | 100,000 | 100,231 |
| Union Township Clermont County Gen. Oblig. BAN Series 2018, 3% 9/5/19 (Ohio Gen. Oblig. Guaranteed) | | 300,000 | 301,780 |
| Worthington City School District BAN Series 2018, 3% 4/15/19 | | 100,000 | 100,045 |
| | | | 1,409,020 |
| South Carolina - 0.1% | | | |
| Georgetown County School District BAN Series 2018, 3% 6/20/19 | | 200,000 | 200,611 |
| Tennessee - 0.8% | | | |
| Metropolitan Govt. Nashville & Davidson County Wtr. & Swr. Sys. Rev. Series A: | | | |
| 1.75% 4/12/19, LOC State Street Bank & Trust Co., Boston, CP | | 400,000 | 400,052 |
| 1.8% 6/12/19, LOC State Street Bank & Trust Co., Boston, CP | | 700,000 | 700,056 |
| 1.88% 6/5/19, LOC State Street Bank & Trust Co., Boston, CP | | 1,200,000 | 1,200,196 |
| | | | 2,300,304 |
| Texas - 8.4% | | | |
| Harris County Cultural Ed. Facilities Fin. Corp. Rev. Bonds Series 2016 B3, 1.85% tender 7/2/19, CP mode | | 800,000 | 800,224 |
| Harris County Gen. Oblig. Series E2, 1.68% 4/4/19, LOC Barclays Bank PLC, CP | | 500,000 | 500,018 |
| Harris County Metropolitan Trans. Auth. Series A1: | | | |
| 1.79% 4/10/19 (Liquidity Facility JPMorgan Chase Bank), CP | | 400,000 | 400,030 |
| 1.8% 6/19/19 (Liquidity Facility JPMorgan Chase Bank), CP | | 1,200,000 | 1,200,053 |
| Houston Arpt. Sys. Rev. Series A: | | | |
| 1.68% 4/4/19, LOC Sumitomo Mitsui Banking Corp., CP (b) | | 100,000 | 100,000 |
| 1.73% 4/4/19, LOC Sumitomo Mitsui Banking Corp., CP (b) | | 400,000 | 400,008 |
| 1.85% 4/4/19, LOC Sumitomo Mitsui Banking Corp., CP (b) | | 200,000 | 200,008 |
| 1.86% 6/11/19, LOC Sumitomo Mitsui Banking Corp., CP (b) | | 100,000 | 100,014 |
| 1.87% 7/2/19, LOC Sumitomo Mitsui Banking Corp., CP (b) | | 473,000 | 473,108 |
| Houston Gen. Oblig. Series G2, 1.79% 4/16/19, LOC Barclays Bank PLC, CP | | 100,000 | 100,004 |
| Port Arthur Navigation District Exempt Facilities Bonds (Emerald Renewable Diesel LLC Proj.) Series 2018, 2.4%, tender 5/31/19 (a)(b)(g) | | 4,200,000 | 4,201,416 |
| Texas Gen. Oblig.: | | | |
| Bonds Series 2012, 5.5% 8/1/19 (b) | | 100,000 | 101,244 |
| TRAN Series 2018, 4% 8/29/19 | | 14,800,000 | 14,946,014 |
| Univ. of Texas Board of Regents Sys. Rev. Series A, 1.84% 4/11/19 (Liquidity Facility Univ. of Texas Invt. Mgmt. Co.), CP | | 300,000 | 300,032 |
| Univ. of Texas Permanent Univ. Fund Rev. Series A, 1.84% 4/12/19, CP | | 500,000 | 500,058 |
| Upper Trinity Reg'l. Wtr. District Series 2019: | | | |
| 1.67% 4/2/19, LOC Bank of America NA, CP | | 300,000 | 300,004 |
| 1.9% 5/9/19, LOC Bank of America NA, CP | | 300,000 | 300,050 |
| | | | 24,922,285 |
| Virginia - 0.0% | | | |
| Norfolk Econ. Dev. Auth. Rev. Series 97, 1.84% 4/3/19, CP | | 100,000 | 100,004 |
| Wisconsin - 0.2% | | | |
| Milwaukee Gen. Oblig. Bonds Series 2018 B5, 5% 4/1/19 | | 200,000 | 200,000 |
| Wisconsin Trans. Rev. Series 2013 A: | | | |
| 1.72% 4/4/19 (Liquidity Facility State Street Bank& Trust Co., Boston), CP | | 300,000 | 300,011 |
| 1.87% 4/15/19 (Liquidity Facility State Street Bank & Trust Co., Boston), CP | | 200,000 | 200,015 |
| | | | 700,026 |
| TOTAL OTHER MUNICIPAL SECURITY | | | |
| (Cost $64,128,345) | | | 64,172,596 |
| | | Shares | Value |
|
| Investment Company - 16.5% | | | |
| Fidelity Municipal Cash Central Fund, 1.50% (h)(i) | | | |
| (Cost $48,757,000) | | 48,752,125 | 48,757,000 |
| TOTAL INVESTMENT IN SECURITIES - 100.7% | | | |
| (Cost $297,405,345) | | | 297,449,603 |
| NET OTHER ASSETS (LIABILITIES) - (0.7)% | | | (1,939,307) |
| NET ASSETS - 100% | | | $295,510,296 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
CP – COMMERCIAL PAPER
TAN – TAX ANTICIPATION NOTE
TRAN – TAX AND REVENUE ANTICIPATION NOTE
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.
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) Provides evidence of ownership in one or more underlying municipal bonds.
(d) Coupon rates are determined by re-marketing agents based on current market conditions.
(e) Restricted securities - 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 $4,120,000 or 1.4% of net assets.
(f) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(g) 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 $4,201,416 or 1.4% of net assets.
(h) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(i) Affiliated fund that is 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Cost |
| Baltimore Proj. Rev. Bonds Series Floaters G 28, 1.7%, tender 7/1/19 (Liquidity Facility Royal Bank of Canada) | 7/12/18 | $100,000 |
| Chicago Wastewtr. Transmission Rev. Participating VRDN Series Floaters 028, 1.65% 5/10/19 (Liquidity Facility Barclays Bank PLC) | 12/17/18 | $100,000 |
| Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters 018, 1.65% 5/10/19 (Liquidity Facility Barclays Bank PLC) | 10/15/18 | $380,000 |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 1.75%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) | 7/12/18 | $100,000 |
| Harris County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series Floaters 010, 1.65% 5/10/19 (Liquidity Facility Barclays Bank PLC) | 5/31/18 - 3/25/19 | $700,000 |
| Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 1.65% 5/10/19 (Liquidity Facility Barclays Bank PLC) | 8/16/18 | $800,000 |
| Lehigh County Gen. Purp. Hosp. Rev. Participating VRDN Series Floaters 2019 003, 1.65% 5/10/19 (Liquidity Facility Barclays Bank PLC) | 1/17/19 | $200,000 |
| Missoula Wtr. Sys. Rev. Participating VRDN Series Floaters 011, 1.65% 5/10/19 (Liquidity Facility Barclays Bank PLC) | 2/2/18 - 2/27/18 | $170,000 |
| Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.65% 5/10/19 (Liquidity Facility Barclays Bank PLC) | 8/6/18 | $100,000 |
| Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, 1.67%, tender 6/3/19 (Liquidity Facility Royal Bank of Canada) | 2/2/18 | $100,000 |
| Pennsylvania Tpk. Commission Tpk. Rev. Bonds Series Floaters G 43, 1.7%, tender 6/3/19 (Liquidity Facility Royal Bank of Canada) | 8/2/18 | $100,000 |
| Pennsylvania Tpk. Commission Tpk. Rev. Participating VRDN Series Floaters 2018 029, 1.65% 5/10/19 (Liquidity Facility Barclays Bank PLC) | 11/15/18 | $100,000 |
| Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Bonds Series EGL 17 0005, 1.7%, tender 6/7/19 (Liquidity Facility Citibank NA) | 9/7/18 | $1,170,000 |
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 | $367,084 |
| Total | $367,084 |
Amounts in the income column in the above table exclude any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| | Valuation Inputs at Reporting Date: |
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | | | | |
| Variable Rate Demand Note | $157,875,000 | $-- | $157,875,000 | $-- |
| Tender Option Bond | 26,645,007 | -- | 26,645,007 | -- |
| Other Municipal Security | 64,172,596 | -- | 64,172,596 | -- |
| Investment Company | 48,757,000 | 48,757,000 | -- | -- |
| Total Investments in Securities: | $297,449,603 | $48,757,000 | $248,692,603 | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2019 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $248,648,345) | $248,692,603 | |
| Fidelity Central Funds (cost $48,757,000) | 48,757,000 | |
| Total Investment in Securities (cost $297,405,345) | | $297,449,603 |
| Cash | | 10,542 |
| Receivable for investments sold | | 200,000 |
| Interest receivable | | 932,385 |
| Distributions receivable from Fidelity Central Funds | | 59,293 |
| Prepaid expenses | | 239 |
| Receivable from investment adviser for expense reductions | | 17,306 |
| Other receivables | | 31 |
| Total assets | | 298,669,399 |
| Liabilities | | |
| Payable for investments purchased | $100,000 | |
| Payable for fund shares redeemed | 2,973,671 | |
| Accrued management fee | 35,240 | |
| Other affiliated payables | 11,478 | |
| Other payables and accrued expenses | 38,714 | |
| Total liabilities | | 3,159,103 |
| Net Assets | | $295,510,296 |
| Net Assets consist of: | | |
| Paid in capital | | $295,459,969 |
| Total distributable earnings (loss) | | 50,327 |
| Net Assets, for 295,471,159 shares outstanding | | $295,510,296 |
| Net Asset Value, offering price and redemption price per share ($295,510,296 ÷ 295,471,159 shares) | | $1.0001 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2019 |
| Investment Income | | |
| Interest | | $5,268,896 |
| Income from Fidelity Central Funds | | 367,084 |
| Total income | | 5,635,980 |
| Expenses | | |
| Management fee | $492,439 | |
| Transfer agent fees | 105,523 | |
| Accounting fees and expenses | 54,872 | |
| Custodian fees and expenses | 6,914 | |
| Independent trustees' fees and expenses | 1,633 | |
| Registration fees | 40,902 | |
| Audit | 42,149 | |
| Legal | 372 | |
| Miscellaneous | 782 | |
| Total expenses before reductions | 745,586 | |
| Expense reductions | (251,619) | |
| Total expenses after reductions | | 493,967 |
| Net investment income (loss) | | 5,142,013 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 6,886 | |
| Total net realized gain (loss) | | 6,886 |
| Change in net unrealized appreciation (depreciation) on investment securities | | 62,761 |
| Net increase in net assets resulting from operations | | $5,211,660 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2019 | For the period
January 11, 2018 (commencement of operations) to March 31, 2018 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $5,142,013 | $415,251 |
| Net realized gain (loss) | 6,886 | (4) |
| Change in net unrealized appreciation (depreciation) | 62,761 | (18,503) |
| Net increase in net assets resulting from operations | 5,211,660 | 396,744 |
| Distributions to shareholders | (5,142,521) | – |
| Distributions to shareholders from net investment income | – | (414,627) |
| Total distributions | (5,142,521) | (414,627) |
| Share transactions | | |
| Proceeds from sales of shares | 146,943,525 | 264,908,024 |
| Reinvestment of distributions | 5,142,521 | 414,627 |
| Cost of shares redeemed | (121,948,707) | (950) |
| Net increase (decrease) in net assets and shares resulting from share transactions | 30,137,339 | 265,321,701 |
| Total increase (decrease) in net assets | 30,206,478 | 265,303,818 |
| Net Assets | | |
| Beginning of period | 265,303,818 | – |
| End of period | $295,510,296 | $265,303,818 |
| Other Information | | |
| Shares | | |
| Sold | 146,946,236 | 264,910,144 |
| Issued in reinvestment of distributions | 5,142,432 | 414,649 |
| Redeemed | (121,941,352) | (950) |
| Net increase (decrease) | 30,147,316 | 265,323,843 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity SAI Municipal Money Market Fund
| | | |
| Years ended March 31, | 2019 | 2018 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $.9999 | $1.0000 |
| Income from Investment Operations | | |
| Net investment income (loss) | .0146 | .0023 |
| Net realized and unrealized gain (loss) | .0002 | (.0001) |
| Total from investment operations | .0148 | .0022 |
| Distributions from net investment income | (.0146) | (.0023) |
| Total distributions | (.0146) | (.0023) |
| Net asset value, end of period | $1.0001 | $.9999 |
| Total ReturnB,C | 1.49% | .23% |
| Ratios to Average Net AssetsD,E | | |
| Expenses before reductions | .21% | .23%F,G |
| Expenses net of fee waivers, if any | .14% | .14%F |
| Expenses net of all reductions | .14% | .14%F |
| Net investment income (loss) | 1.46% | 1.09%F |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $295,510 | $265,304 |
A For the period January 11, 2018 (commencement of operations) to March 31, 2018.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Annualized
G Audit fees are not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended March 31, 2019
1. Organization.
Fidelity SAI Municipal Money Market Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund has been designated an institutional money market fund, and the value of the Fund's shares are calculated to four decimal places that fluctuates based upon changes in the value of the Fund's investments.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 as shown below:
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)
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 the Fidelity Central Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of March 31, 2019, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to capital loss carryforwards.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
| Gross unrealized appreciation | $44,824 |
| Gross unrealized depreciation | (566) |
| Net unrealized appreciation (depreciation) | $44,258 |
| Tax Cost | $297,405,345 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed tax-exempt income | $116 |
| Undistributed ordinary income | $5,953 |
| Net unrealized appreciation (depreciation) on securities and other investments | $44,258 |
The tax character of distributions paid was as follows:
| | March 31, 2019 | March 31, 2018(a) |
| Tax-exempt Income | 5,142,521 | 414,627 |
(a) For the period January 11, 2018 (commencement of operations) to March 31, 2018.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.
| Financial Statement | Current Line-Item Presentation (As Applicable) | Prior Line-Item Presentation (As Applicable) |
| Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) |
| Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
| Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain |
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .14% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .03% of the Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annual rate of .02%.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.
5. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .14% of average net assets. This reimbursement will remain in place through July 31, 2020. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $251,487.
In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $132.
6. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, Strategic Advisers Tax-Sensitive Short Duration Fund was the owner of record of approximately 100% of the total outstanding shares of the Fund.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI Municipal Money Market Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI Municipal Money Market Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of March 31, 2019, the related statement of operations for the year ended March 31, 2019 and the statement of changes in net assets and the financial highlights for the year ended March 31, 2019 and for the period January 11, 2018 (commencement of operations) through March 31, 2018, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, the results of its operations for the year ended March 31, 2019, and the changes in its net assets and the financial highlights for the year ended March 31, 2019 and for the period January 11, 2018 (commencement of operations) through March 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
May 14, 2019
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 264 funds. Mr. Chiel oversees 158 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a Member of the Advisory Board of certain Fidelity® funds (2018), a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as interim president of Michigan State University (2018-2019), a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds and on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2018 to March 31, 2019).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
October 1, 2018 | Ending
Account Value
March 31, 2019 | Expenses Paid
During Period-B
October 1, 2018
to March 31, 2019 |
| Actual | .14% | $1,000.00 | $1,008.00 | $.70 |
| Hypothetical-C | | $1,000.00 | $1,024.23 | $.71 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
During fiscal year ended 2019, 100% of the fund's income dividends was free from federal income tax, and 63.24% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.
OMM-ANN-0519
1.9885508.101
