Quarterly Holdings Report
for
Fidelity® Municipal Income 2025 Fund
March 31, 2024
M25-NPRT3-0524
1.9885833.106
Municipal Bonds - 97.2% | |||
Principal Amount (a) | Value ($) | ||
Alabama - 2.1% | |||
Black Belt Energy Gas District Series 2022 C1, 5.25% 6/1/25 | 500,000 | 506,035 | |
Arizona - 2.1% | |||
Phoenix Civic Impt. Board Arpt. Rev.: | |||
Series 2017 A, 5% 7/1/25 (b) | 250,000 | 254,316 | |
Series 2017 B, 5% 7/1/25 | 250,000 | 255,207 | |
TOTAL ARIZONA | 509,523 | ||
California - 2.1% | |||
Poway Unified School District Series 2009, 0% 8/1/25 | 90,000 | 86,169 | |
San Diego County Reg'l. Arpt. Auth. Arpt. Rev. (Sub Lien Proj.) Series 2017 B, 5% 7/1/25 (b) | 150,000 | 152,204 | |
Washington Township Health Care District Rev. Series 2017 B, 5% 7/1/25 | 270,000 | 272,163 | |
TOTAL CALIFORNIA | 510,536 | ||
Colorado - 0.8% | |||
E-470 Pub. Hwy. Auth. Rev. Series 1997 B, 0% 9/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 200,000 | 190,254 | |
Connecticut - 10.7% | |||
Connecticut Gen. Oblig.: | |||
Series 2015 B, 5% 6/15/25 | 175,000 | 178,599 | |
Series 2016 D, 5% 8/15/25 | 330,000 | 337,903 | |
Connecticut Health & Edl. Facilities Auth. Rev.: | |||
(Quinnipiac Univ., Ct. Proj.) Series M, 5% 7/1/25 | 40,000 | 40,745 | |
(Sacred Heart Univ., CT. Proj.) Series 2017 I-1, 5% 7/1/25 | 400,000 | 406,955 | |
Series 2022 M, 5% 7/1/25 | 175,000 | 176,614 | |
Series K1, 5% 7/1/25 | 280,000 | 279,384 | |
Series K3, 5% 7/1/25 | 200,000 | 199,560 | |
Series N, 5% 7/1/25 | 50,000 | 50,002 | |
Connecticut Hsg. Fin. Auth. Series C, 5% 5/15/25 (b) | 935,000 | 945,500 | |
TOTAL CONNECTICUT | 2,615,262 | ||
District Of Columbia - 1.4% | |||
District of Columbia Rev. Series 2018, 5% 10/1/25 | 75,000 | 76,294 | |
Washington D.C. Metropolitan Transit Auth. Rev. Series 2017 B, 5% 7/1/25 | 250,000 | 255,269 | |
TOTAL DISTRICT OF COLUMBIA | 331,563 | ||
Florida - 6.5% | |||
Broward County Arpt. Sys. Rev. Series 2017, 5% 10/1/25 (b) | 500,000 | 507,536 | |
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Series 2017 A: | |||
5% 10/1/25 (b) | 95,000 | 96,487 | |
5% 10/1/25 (Escrowed to Maturity) (b) | 205,000 | 208,957 | |
Lakeland Hosp. Sys. Rev. Series 2016, 5% 11/15/25 | 430,000 | 438,616 | |
Seminole County School Board Ctfs. of Prtn. Series 2016 C, 5% 7/1/25 | 40,000 | 40,784 | |
South Miami Health Facilities Auth. Hosp. Rev. (Baptist Med. Ctr., FL. Proj.) Series 2017, 5% 8/15/25 | 200,000 | 203,577 | |
Tampa Hosp. Rev. (H. Lee Moffitt Cancer Ctr. Proj.) Series 2016 B, 5% 7/1/25 | 100,000 | 101,470 | |
TOTAL FLORIDA | 1,597,427 | ||
Georgia - 3.5% | |||
Atlanta Arpt. Rev.: | |||
Series 2019 B, 5% 7/1/25 (b) | 50,000 | 50,796 | |
Series 2023 G, 5% 7/1/25 (b) | 800,000 | 812,734 | |
TOTAL GEORGIA | 863,530 | ||
Hawaii - 4.2% | |||
Hawaii Gen. Oblig. Series 2017 FK, 5% 5/1/25 | 1,000,000 | 1,018,818 | |
Illinois - 7.8% | |||
Chicago O'Hare Int'l. Arpt. Rev. Series 2017 D, 5% 1/1/25 (b) | 100,000 | 100,645 | |
Chicago Transit Auth. Cap. Grant Receipts Rev. Series 2017, 5% 6/1/25 | 250,000 | 252,804 | |
Illinois Fin. Auth. Rev.: | |||
(Edward-Elmhurst Healthcare) Series 2017 A, 5% 1/1/25 (Escrowed to Maturity) | 145,000 | 146,500 | |
(Northwestern Memorial Hosp.,IL. Proj.) Series 2017 A, 5% 7/15/25 | 200,000 | 203,889 | |
Series 2016, 5% 5/15/25 | 250,000 | 253,273 | |
Series 2019, 5% 9/1/25 | 200,000 | 198,969 | |
Illinois Gen. Oblig. Series 2023 D, 5% 7/1/25 | 200,000 | 203,746 | |
Illinois Sales Tax Rev. Series 2016 D, 5% 6/15/25 | 100,000 | 101,972 | |
Kendall, Kane & Will Counties Cmnty. Unit School District #308 Series 2008, 0% 2/1/25 (Assured Guaranty Muni. Corp. Insured) | 185,000 | 179,088 | |
Metropolitan Pier & Exposition Series 1994 A, 0% 6/15/25 | 270,000 | 258,083 | |
TOTAL ILLINOIS | 1,898,969 | ||
Indiana - 1.6% | |||
Indiana Fin. Auth. Health Sys. Rev. Bonds Series 2019 B, 2.25%, tender 7/1/25 (c) | 55,000 | 54,050 | |
Indiana Fin. Auth. Rev. (Cmnty. Foundation of Northwest Indiana Obligated Group) Series 2016, 5% 9/1/25 | 25,000 | 25,497 | |
Indiana Hsg. & Cmnty. Dev. Auth. Series A, 5% 7/1/25 | 300,000 | 304,849 | |
TOTAL INDIANA | 384,396 | ||
Kentucky - 1.7% | |||
Kentucky State Property & Buildings Commission Rev.: | |||
(Kentucky St) Series 2016, 5% 10/1/25 | 100,000 | 102,312 | |
(Proj. No. 118) Series 2018, 5% 4/1/25 | 300,000 | 304,542 | |
TOTAL KENTUCKY | 406,854 | ||
Louisiana - 0.4% | |||
New Orleans Aviation Board Rev. (North Term. Proj.) Series 2017 B, 5% 1/1/25 (b) | 100,000 | 100,652 | |
Maine - 2.3% | |||
Maine Health & Higher Edl. Facilities Auth. Rev.: | |||
Series 2017 A, 4% 7/1/25 | 465,000 | 466,507 | |
Series 2017 B, 4% 7/1/25 | 100,000 | 100,324 | |
TOTAL MAINE | 566,831 | ||
Maryland - 0.6% | |||
Maryland Health & Higher Edl. Facilities Auth. Rev. (Lifebridge Health Proj.) Series 2017, 5% 7/1/25 | 150,000 | 152,369 | |
Massachusetts - 5.6% | |||
Massachusetts Dev. Fin. Agcy. Rev.: | |||
(Fisher College) Series 2017, 5% 4/1/25 | 250,000 | 250,958 | |
Bonds Series 2017 A2, 5%, tender 1/30/25 (c) | 10,000 | 10,095 | |
Series 2015: | |||
5% 7/1/25 | 40,000 | 40,637 | |
5% 7/1/25 (Escrowed to Maturity) | 110,000 | 111,953 | |
Series 2016 I, 5% 7/1/25 | 50,000 | 50,473 | |
Series 2019 K, 5% 7/1/25 | 50,000 | 50,796 | |
Series 2019, 5% 7/1/25 | 170,000 | 171,671 | |
Series 2022, 5% 7/1/25 | 125,000 | 125,729 | |
Massachusetts Edl. Fing. Auth. Rev. Series 2017 A, 5% 7/1/25 (b) | 250,000 | 254,102 | |
Massachusetts Port Auth. Rev. Series 2019 C, 5% 7/1/25 (b) | 300,000 | 305,143 | |
TOTAL MASSACHUSETTS | 1,371,557 | ||
Michigan - 3.3% | |||
Flint Hosp. Bldg. Auth. Rev. Series 2020, 5% 7/1/25 | 300,000 | 300,344 | |
Grand Traverse County Hosp. Fin. Auth. Series 2019 A, 5% 7/1/25 | 150,000 | 152,480 | |
Saginaw Hosp. Fin. Auth. Hosp. Rev. Series 2020 J, 5% 7/1/25 | 100,000 | 101,141 | |
Warren Consolidated School District Series 2017, 4% 5/1/25 (Assured Guaranty Muni. Corp. Insured) | 250,000 | 251,518 | |
TOTAL MICHIGAN | 805,483 | ||
Missouri - 3.8% | |||
Saint Louis Arpt. Rev.: | |||
Series 2017 A, 5% 7/1/25 (Assured Guaranty Muni. Corp. Insured) | 370,000 | 377,024 | |
Series 2017 B, 5% 7/1/25 (Assured Guaranty Muni. Corp. Insured) (b) | 250,000 | 252,578 | |
Series 2019 C, 5% 7/1/25 | 290,000 | 295,327 | |
TOTAL MISSOURI | 924,929 | ||
Nebraska - 0.5% | |||
Central Plains Energy Proj. Rev. Bonds Series 2019, 4%, tender 8/1/25 (c) | 125,000 | 125,292 | |
Nevada - 0.2% | |||
Clark County School District Series 2017 A, 5% 6/15/25 | 60,000 | 61,127 | |
New Hampshire - 1.3% | |||
New Hampshire Health & Ed. Facilities Auth.: | |||
(Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A, 5% 8/1/25 | 50,000 | 50,706 | |
(Partners Healthcare Sys., Inc. Proj.) Series 2017, 5% 7/1/25 | 200,000 | 203,920 | |
New Hampshire Health & Ed. Facilities Auth. Rev. Series 2016, 5% 10/1/25 | 70,000 | 71,300 | |
TOTAL NEW HAMPSHIRE | 325,926 | ||
New Jersey - 4.7% | |||
New Jersey Econ. Dev. Auth. Lease Rev. (Libersty State Park Proj.) Series 2015 A, 5% 6/15/25 | 200,000 | 203,630 | |
New Jersey Edl. Facility: | |||
(Stevens Institute of Techonolgy Proj.) Series 2017 A, 5% 7/1/25 | 105,000 | 106,032 | |
(Stockton Univ. Proj.) Series A, 5% 7/1/25 | 15,000 | 15,266 | |
Series 2016 E, 5% 7/1/25 | 50,000 | 50,778 | |
New Jersey Health Care Facilities Fing. Auth. Rev. (St Joseph Hosp. & Med. Ctr., Proj.) Series 2016, 5% 7/1/25 | 400,000 | 402,479 | |
New Jersey Tobacco Settlement Fing. Corp. Series 2018 A, 5% 6/1/25 | 200,000 | 203,358 | |
New Jersey Trans. Trust Fund Auth.: | |||
Series 2006 C, 0% 12/15/25 | 140,000 | 132,167 | |
Series 2016 A, 5% 6/15/25 | 40,000 | 40,756 | |
TOTAL NEW JERSEY | 1,154,466 | ||
New York - 1.6% | |||
Dutchess County Local Dev. Corp. Rev. (Health Quest Systems, Inc. Proj.) Series 2016 A, 5% 7/1/25 | 30,000 | 30,103 | |
Niagara Frontier Trans. Auth. Arpt. Rev. Series 2019 A, 5% 4/1/25 (b) | 255,000 | 256,743 | |
Onondaga Civic Dev. Corp. (Le Moyne College Proj.): | |||
Series 2015, 5% 7/1/25 | 100,000 | 100,801 | |
Series 2018, 5% 1/1/25 | 15,000 | 15,051 | |
TOTAL NEW YORK | 402,698 | ||
Ohio - 4.1% | |||
Akron Bath Copley Hosp. District Rev. (Summa Health Sys.) Series 2016, 5% 11/15/25 | 150,000 | 152,509 | |
Hamilton County Hosp. Facilities Rev. (Trihealth, Inc. Obligated Group Proj.) Series 2017 A, 5% 8/15/25 | 140,000 | 142,843 | |
Lancaster Port Auth. Gas Rev. Series 2019, 5% 2/1/25 | 200,000 | 201,426 | |
Ohio Higher Edl. Facility Commission Rev.: | |||
(Kenyon College, Oh. Proj.) Series 2017 5% 7/1/25 | 200,000 | 203,184 | |
(Xavier Univ. 2015 Proj.) Series 2015 C, 5% 5/1/25 | 190,000 | 192,384 | |
(Xavier Univ. 2016 Proj.) Series 2016, 5% 5/1/25 | 100,000 | 101,255 | |
TOTAL OHIO | 993,601 | ||
Oregon - 2.6% | |||
Clackamas County Hosp. Facility Auth. (Williamette View, Inc.) Series 2017 A, 4% 5/15/25 | 200,000 | 199,257 | |
Port of Portland Arpt. Rev. Series 24B, 5% 7/1/25 (b) | 420,000 | 426,429 | |
TOTAL OREGON | 625,686 | ||
Pennsylvania - 10.0% | |||
Allegheny County Hosp. Dev. Auth. Rev. Series 2019 A, 5% 7/15/25 | 600,000 | 611,438 | |
Butler County Hosp. Auth. Hosp. Rev. Series 2015 A, 5% 7/1/25 | 30,000 | 29,845 | |
Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.) Series 2018 A, 5% 11/15/25 | 100,000 | 102,368 | |
Delaware County Auth. Rev. Series 2017, 5% 7/1/25 | 125,000 | 124,904 | |
Doylestown Hosp. Auth. Hosp. Rev. Series 2016 A: | |||
5% 7/1/25 | 105,000 | 104,773 | |
5% 7/1/25 (Escrowed to Maturity) | 20,000 | 20,380 | |
Dubois Hosp. Auth. Hosp. Rev. (Penn Highlands Healthcare Proj.) Series 2018, 5% 7/15/25 | 110,000 | 111,294 | |
Monroe County Hosp. Auth. Rev. Series 2016, 5% 7/1/25 | 50,000 | 50,735 | |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
(Drexel Univ.) Series 2016, 5% 5/1/25 | 445,000 | 450,489 | |
Series 2015: | |||
5% 6/15/25 | 165,000 | 168,296 | |
5% 6/15/25 (Escrowed to Maturity) | 35,000 | 35,674 | |
Philadelphia Arpt. Rev.: | |||
Series 2017 A, 5% 7/1/25 | 50,000 | 50,974 | |
Series 2017 B, 5% 7/1/25 (b) | 210,000 | 212,676 | |
Philadelphia School District: | |||
Series 2015 A, 5% 9/1/25 | 20,000 | 20,414 | |
Series 2018 A, 5% 9/1/25 | 50,000 | 51,035 | |
Southcentral Pennsylvania Gen. Auth. Rev. Series 2019 A, 5% 6/1/25 | 300,000 | 304,802 | |
TOTAL PENNSYLVANIA | 2,450,097 | ||
Puerto Rico - 0.4% | |||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2022 A1, 5.375% 7/1/25 | 100,000 | 101,990 | |
Tennessee - 2.2% | |||
Chattanooga Health Ed. & Hsg. Facility Board Rev. Series 2019 A1, 5% 8/1/25 | 250,000 | 255,620 | |
Knox County Health Edl. & Hsg. Facilities Board Rev.: | |||
Series 2016, 5% 9/1/25 | 15,000 | 15,176 | |
Series 2017, 5% 4/1/25 | 265,000 | 266,940 | |
TOTAL TENNESSEE | 537,736 | ||
Texas - 0.8% | |||
Houston Arpt. Sys. Rev. Series 2018 C, 5% 7/1/25 (b) | 200,000 | 202,354 | |
Utah - 0.1% | |||
Salt Lake City Arpt. Rev. Series 2017 A, 5% 7/1/25 (b) | 30,000 | 30,397 | |
Vermont - 2.7% | |||
Vermont Student Assistant Corp. Ed. Ln. Rev.: | |||
Series 2015 A, 5% 6/15/25 (b) | 300,000 | 302,808 | |
Series 2019 A, 5% 6/15/25 (b) | 105,000 | 105,983 | |
Series 2020 A, 5% 6/15/25 (b) | 250,000 | 252,340 | |
TOTAL VERMONT | 661,131 | ||
Virginia - 0.5% | |||
Salem Econ. Dev. Auth. Series 2020, 5% 4/1/25 | 125,000 | 125,757 | |
Washington - 2.6% | |||
Port of Seattle Rev. Series 2017 C, 5% 5/1/25 (b) | 465,000 | 470,440 | |
Washington Convention Ctr. Pub. Facilities Series 2018, 5% 7/1/25 | 155,000 | 156,674 | |
TOTAL WASHINGTON | 627,114 | ||
Wisconsin - 2.4% | |||
Pub. Fin. Auth. Hosp. Rev. Series 2016, 5% 6/1/25 | 180,000 | 182,019 | |
Wisconsin Health & Edl. Facilities: | |||
Bonds Series 2018 B, 5%, tender 1/29/25 (c) | 40,000 | 40,455 | |
Series 2014, 5% 5/1/25 (Pre-Refunded to 5/1/24 @ 100) | 100,000 | 100,083 | |
Series 2016, 5% 2/15/27 (Pre-Refunded to 8/15/25 @ 100) | 10,000 | 10,157 | |
Series 2017 A: | |||
5% 4/1/25 | 155,000 | 157,043 | |
5% 9/1/25 (Escrowed to Maturity) | 100,000 | 102,070 | |
TOTAL WISCONSIN | 591,827 | ||
TOTAL MUNICIPAL BONDS (Cost $24,202,214) | 23,772,187 | ||
Money Market Funds - 0.6% | |||
Shares | Value ($) | ||
Fidelity Municipal Cash Central Fund 3.63% (d)(e) (Cost $149,000) | 148,970 | 149,015 | |
TOTAL INVESTMENT IN SECURITIES - 97.8% (Cost $24,351,214) | 23,921,202 |
NET OTHER ASSETS (LIABILITIES) - 2.2% | 542,076 |
NET ASSETS - 100.0% | 24,463,278 |
Legend
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Municipal Cash Central Fund 3.63% | 504,000 | 705,000 | 1,060,000 | 9,411 | - | 15 | 149,015 | 0.0% |
Total | 504,000 | 705,000 | 1,060,000 | 9,411 | - | 15 | 149,015 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal Bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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