Quarterly Holdings Report
for
Fidelity® Municipal Core Plus Bond Fund
April 30, 2024
MUC-NPRT1-0624
1.9907253.101
| Municipal Bonds - 93.5% | |||
Principal Amount (a) | Value ($) | ||
| Alabama - 3.2% | |||
| Black Belt Energy Gas District Bonds: | |||
| Series 2022 C1, 5.25%, tender 6/1/29 (b) | 630,000 | 657,346 | |
| Series 2022 E, 5%, tender 6/1/28 (b) | 65,000 | 67,293 | |
| Series 2024 A, 5.25%, tender 9/1/32 (b) | 100,000 | 107,052 | |
| Jefferson County Swr. Rev. Series 2024, 5% 10/1/38 | 500,000 | 542,026 | |
| Southeast Energy Auth. Coop. Dis Bonds (Proj. No. 6) Series 2023 B, 5%, tender 6/1/30 (b) | 380,000 | 399,543 | |
TOTAL ALABAMA | 1,773,260 | ||
| Arizona - 2.1% | |||
| Arizona Indl. Dev. Auth. Lease Rev. Series 2020 A, 4% 9/1/36 | 105,000 | 103,854 | |
| Arizona Indl. Dev. Auth. Rev. Series 2019 2, 3.625% 5/20/33 | 91,818 | 84,767 | |
| Chandler Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Intel Corp. Proj.): | |||
| Series 2005, 3.8%, tender 6/15/28 (b) | 125,000 | 125,582 | |
| Series 2007, 4.1%, tender 6/15/28 (b)(c) | 55,000 | 54,885 | |
| Coconino County Poll. Cont. Corp. Rev. Bonds (Navada Pwr. Co. Proj.) Series 2017 B, 3.75%, tender 3/31/26 (b) | 100,000 | 98,854 | |
| Phoenix Ariz Indl. Dev. Auth. Rev.: | |||
| (Guam Facilities Foundation, Inc. Projs.) Series 2014, 5.375% 2/1/41 | 100,000 | 89,850 | |
| (Guam Facilities Foundation, Inc. Proj.) Series 2014, 5.125% 2/1/34 | 100,000 | 94,356 | |
| Phoenix Civic Impt. Board Arpt. Rev. Series 2023, 5% 7/1/24 (c) | 100,000 | 100,120 | |
| Phoenix IDA Student Hsg. Rev. (Downtown Phoenix Student Hsg. II LLC - Arizona State Univ. Proj.) Series 2019 A, 5% 7/1/31 | 75,000 | 77,059 | |
| Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007, 5% 12/1/37 | 260,000 | 276,261 | |
| Univ. of Arizona Univ. Revs. Series 2016, 3% 6/1/34 | 50,000 | 46,109 | |
TOTAL ARIZONA | 1,151,697 | ||
| California - 4.2% | |||
| Alameda Corridor Trans. Auth. Rev. Series 2024 A, 0% 10/1/52 (Assured Guaranty Muni. Corp. Insured) | 100,000 | 25,395 | |
| California Gen. Oblig.: | |||
| Series 2020, 4% 11/1/37 | 50,000 | 51,485 | |
| Series 2022, 4.75% 12/1/42 | 250,000 | 258,298 | |
| California Hsg. Fin. Agcy.: | |||
| Series 2021 1, 3.5% 11/20/35 | 572,129 | 528,620 | |
| Series 2023 A1, 4.375% 9/20/36 | 99,393 | 95,359 | |
| California Infrastructure and Econ. Dev. Bank Rev. Bonds (Los Angeles County Museum of Art Proj.) Series 2021 A, 1.2%, tender 6/1/28 (b) | 15,000 | 13,179 | |
| California Muni. Fin. Auth. Rev. Series 2017 A: | |||
| 3.5% 6/1/34 | 50,000 | 48,313 | |
| 3.75% 6/1/37 | 40,000 | 38,287 | |
| California Muni. Fin. Auth. Solid Waste Disp. Rev. Bonds Series 2023 A, 4.375%, tender 9/1/33 (b)(c) | 500,000 | 513,362 | |
| Elk Grove Unified School Distr. Ctfs. of Prtn. (Cap. Facilities Proj.) Series 2016, 3% 2/1/34 | 50,000 | 46,872 | |
| Fresno Arpt. Rev. Series 2023 A, 5% 7/1/53 (Build America Mutual Assurance Insured) (c) | 500,000 | 515,450 | |
| Golden State Tobacco Securitization Corp. Tobacco Settlement Rev. Series 2021 B2, 0% 6/1/66 | 500,000 | 50,564 | |
| Los Angeles Dept. Arpt. Rev.: | |||
| Series 2019 A, 5% 5/15/35 (c) | 10,000 | 10,575 | |
| Series 2019 C, 5% 5/15/25 (Escrowed to Maturity) | 25,000 | 25,406 | |
| Los Angeles Unified School District: | |||
| Series 2016 B, 2% 7/1/29 | 10,000 | 9,060 | |
| Series 2020 C, 3% 7/1/35 | 5,000 | 4,685 | |
| Poway Unified School District Series B, 0% 8/1/38 | 60,000 | 34,269 | |
| San Diego Unified School District Series 2012 R1, 0% 7/1/31 | 10,000 | 7,879 | |
| San Mateo County Cmnty. College District Series 2019, 5% 9/1/38 | 5,000 | 5,465 | |
TOTAL CALIFORNIA | 2,282,523 | ||
| Colorado - 1.4% | |||
| Colorado Health Facilities Auth. Rev. Bonds: | |||
| (Parkview Med. Ctr., Inc. Proj.) Series 2016, 4% 9/1/36 | 15,000 | 15,008 | |
| (Parkview Med. Ctr., INC. Proj.) Series 2017, 5% 9/1/26 | 325,000 | 337,599 | |
| Bonds Series 2023 A1, 5%, tender 11/15/28 (b) | 90,000 | 95,303 | |
| Series 2019 A, 4% 11/1/39 | 45,000 | 43,538 | |
| Series 2019 A1, 4% 8/1/39 | 185,000 | 177,553 | |
| Denver City & County Arpt. Rev. Series 2018 A, 5% 12/1/27 (c) | 90,000 | 93,879 | |
TOTAL COLORADO | 762,880 | ||
| Connecticut - 5.4% | |||
| Connecticut Gen. Oblig.: | |||
| Series 2016 A, 5% 3/15/26 | 50,000 | 51,581 | |
| Series 2018 A, 5% 4/15/37 | 1,000,000 | 1,052,972 | |
| Series 2021 A, 3% 1/15/36 | 20,000 | 18,348 | |
| Connecticut Health & Edl. Facilities Auth. Rev.: | |||
| Bonds Series 2010 A3, 2.95%, tender 7/1/27 (b) | 100,000 | 98,149 | |
| Series 2019 A: | |||
4% 7/1/34 | 375,000 | 360,660 | |
5% 7/1/25 | 190,000 | 190,321 | |
5% 7/1/26 | 500,000 | 501,290 | |
| Series 2020 A: | |||
4% 7/1/36 | 5,000 | 5,006 | |
5% 7/1/32 | 5,000 | 5,346 | |
| Series R, 5% 6/1/40 | 30,000 | 31,496 | |
| Connecticut Hsg. Fin. Auth. Series 2023 A, 5.25% 11/15/53 | 255,000 | 265,257 | |
| Stamford Gen. Oblig. Series 2016, 4% 8/1/26 | 5,000 | 5,033 | |
| Steelpointe Hbr. Infrastructure Impt. District (Steelpointe Hbr. Proj.) Series 2021, 4% 4/1/51 (d) | 100,000 | 78,571 | |
| West Haven Gen. Oblig. Series 2024: | |||
| 5% 2/15/38 (Build America Mutual Assurance Insured) | 100,000 | 106,710 | |
| 5% 2/15/39 (Build America Mutual Assurance Insured) | 100,000 | 105,879 | |
| 5% 2/15/40 (Build America Mutual Assurance Insured) | 100,000 | 105,135 | |
TOTAL CONNECTICUT | 2,981,754 | ||
| District Of Columbia - 0.8% | |||
| District of Columbia Gen. Oblig. Series 2016 A, 3% 6/1/41 | 145,000 | 119,928 | |
| District of Columbia Income Tax Rev. Series 2019 A, 5% 3/1/35 | 15,000 | 16,399 | |
| Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2021 A: | |||
| 4% 10/1/40 (c) | 100,000 | 96,953 | |
| 5% 10/1/26 (c) | 200,000 | 206,248 | |
TOTAL DISTRICT OF COLUMBIA | 439,528 | ||
| Florida - 6.0% | |||
| Central Florida Expressway Auth. Sr. Lien Rev. Series 2017, 3% 7/1/34 | 395,000 | 365,286 | |
| Florida Dev. Fin. Corp. Rev. (Brightline Florida Passenger Rail Proj.) Series 2024: | |||
| 5.25% 7/1/53 (Assured Guaranty Muni. Corp. Insured) (c)(e) | 500,000 | 520,721 | |
| 5.5% 7/1/53 (c)(e) | 500,000 | 517,794 | |
| Florida Higher Edl. Facilities Fing. Auth. (Rollins College Proj.): | |||
| Series 2016 A, 3% 12/1/46 | 25,000 | 18,843 | |
| Series 2020 A, 3% 12/1/48 | 100,000 | 74,252 | |
| Florida Hsg. Fin. Corp. Multi-family Mtg. Rev. Bonds Series 2023 C, 5%, tender 12/1/25 (b) | 15,000 | 15,169 | |
| Florida Muni. Pwr. Agcy. Rev. Series 2021 A, 3% 10/1/32 | 100,000 | 92,794 | |
| JEA Wtr. & Swr. Sys. Rev. Series 2024 A: | |||
| 5% 10/1/28 | 50,000 | 53,990 | |
| 5% 10/1/30 | 50,000 | 55,826 | |
| Miami-Dade County Aviation Rev. Series 2020 A, 4% 10/1/41 | 200,000 | 194,876 | |
| Palm Beach County Health Facilities Auth. Rev.: | |||
| Series 2019 B, 5% 5/15/53 | 75,000 | 63,124 | |
| Series 2023 C, 7.625% 5/15/58 | 50,000 | 54,499 | |
| South Miami Health Facilities Auth. Hosp. Rev. Series 2017, 4% 8/15/47 | 1,000,000 | 914,132 | |
| Tallahassee Health Facilities Rev. Series 2015 A, 4% 12/1/35 | 365,000 | 341,091 | |
TOTAL FLORIDA | 3,282,397 | ||
| Georgia - 3.4% | |||
| Atlanta Arpt. Rev. Series 2023 G, 5% 7/1/25 (c) | 800,000 | 810,246 | |
| Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Vogtle Proj.) Series 1994 4, 3.8%, tender 5/21/26 (b) | 340,000 | 340,033 | |
| Main Street Natural Gas, Inc. Bonds: | |||
| Series 2022 E, 4%, tender 12/1/29 (b) | 200,000 | 198,686 | |
| Series 2023 A, 5%, tender 6/1/30 (b) | 200,000 | 207,713 | |
| Series 2023 B, 5%, tender 3/1/30 (b) | 250,000 | 262,443 | |
| Series 2023 C, 5%, tender 9/1/30 (b) | 55,000 | 57,909 | |
| Private Colleges & Univs. Auth. Rev. (The Savannah College of Art & Design Projs.) Series 2021, 4% 4/1/38 | 5,000 | 5,015 | |
TOTAL GEORGIA | 1,882,045 | ||
| Hawaii - 1.6% | |||
| Honolulu City & County Gen. Oblig. Series 2020 F, 5% 7/1/34 | 5,000 | 5,555 | |
| Honolulu City & County Multi-family housing Rev. Bonds Series 2023, 5%, tender 6/1/26 (b) | 340,000 | 346,642 | |
| Honolulu City and County Wastewtr. Sys. Series 2016 B, 5% 7/1/27 | 500,000 | 515,988 | |
TOTAL HAWAII | 868,185 | ||
| Illinois - 9.8% | |||
| Chicago Board of Ed.: | |||
| Series 2017 D, 5% 12/1/31 | 100,000 | 101,831 | |
| Series 2022 B, 4% 12/1/41 | 100,000 | 91,361 | |
| Chicago Midway Arpt. Rev.: | |||
| Series 2016 A, 5% 1/1/29 (c) | 20,000 | 20,236 | |
| Series 2024 A, 5% 1/1/30 (c) | 1,000,000 | 1,062,443 | |
| Chicago O'Hare Int'l. Arpt. Rev.: | |||
| Series 2015 A, 5% 1/1/28 (c) | 5,000 | 5,019 | |
| Series 2016 G, 5% 1/1/42 (c) | 5,000 | 5,059 | |
| Illinois Fin. Auth. (Bradley Univ. Proj.) Series 2021 A, 4% 8/1/37 | 100,000 | 96,150 | |
| Illinois Fin. Auth. Academic Facilities (Provident Group UIUC Properties LLC Univ. of Illinois at Urbana-Champaign Proj.) Series 2019 A, 5% 10/1/38 | 350,000 | 361,142 | |
| Illinois Fin. Auth. Rev.: | |||
| Series 2015 A, 5% 11/15/25 | 60,000 | 60,698 | |
| Series 2016 A, 3% 10/1/37 | 20,000 | 16,947 | |
| Series 2016: | |||
3.125% 5/15/37 | 35,000 | 31,304 | |
4% 5/15/35 | 10,000 | 9,810 | |
| Series 2017 C, 5% 3/1/26 | 15,000 | 15,202 | |
| Series 2019, 5% 4/1/35 | 15,000 | 15,794 | |
| Illinois Gen. Oblig.: | |||
| Series 2017 D, 5% 11/1/28 | 25,000 | 26,089 | |
| Series 2021 A, 5% 3/1/30 | 120,000 | 129,299 | |
| Series 2022 A, 5% 3/1/36 | 40,000 | 43,467 | |
| Series 2023 B, 5% 5/1/37 | 500,000 | 541,042 | |
| Series 2023 D, 4% 7/1/37 | 300,000 | 295,303 | |
| Series June 2016, 3.5% 6/1/29 | 500,000 | 484,408 | |
| Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev. Bonds Series 2023, 4%, tender 6/1/25 (b) | 350,000 | 348,209 | |
| Illinois Hsg. Dev. Auth. Rev. Series 2019 D, 2.7% 10/1/34 | 115,000 | 99,199 | |
| Illinois Sales Tax Rev. Series 2016 A: | |||
| 3% 6/15/33 | 115,000 | 106,056 | |
| 3% 6/15/34 | 220,000 | 201,021 | |
| Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series A, 5% 1/1/45 | 20,000 | 21,112 | |
| Metropolitan Pier & Exposition: | |||
| (McCormick Place Expansion Proj.): | |||
Series 2010 B1, 0% 6/15/46 (Assured Guaranty Muni. Corp. Insured) | 100,000 | 34,363 | |
Series A, 0% 12/15/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 15,000 | 7,861 | |
| Series 2002 A, 0% 12/15/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 20,000 | 13,764 | |
| Series 2022 A, 0% 6/15/41 | 300,000 | 132,558 | |
| Series 2023 A, 5% 12/15/28 | 300,000 | 312,993 | |
| Railsplitter Tobacco Settlement Auth. Rev. Series 2017: | |||
| 5% 6/1/26 (Escrowed to Maturity) | 5,000 | 5,145 | |
| 5% 6/1/27 (Pre-Refunded to 6/1/26 @ 100) | 300,000 | 308,713 | |
| Sales Tax Securitization Corp. Series 2023 A, 3% 1/1/27 | 264,000 | 255,208 | |
| Schaumburg Village Gen. Oblig. Series 2023, 4% 12/1/30 | 100,000 | 104,784 | |
TOTAL ILLINOIS | 5,363,590 | ||
| Indiana - 1.6% | |||
| Indiana Fin. Auth. Edl. Facilities Rev. (Butler Univ. Proj.) Series 2021, 4% 2/1/30 | 10,000 | 10,169 | |
| Indiana Fin. Auth. Health Sys. Rev. Series 2016 A, 4% 11/1/51 | 555,000 | 497,548 | |
| Northern Indiana Commuter Trans. District Series 2024, 5% 1/1/54 | 360,000 | 376,853 | |
TOTAL INDIANA | 884,570 | ||
| Iowa - 0.5% | |||
| Des Moines Iowa Series 2020 A, 2% 6/1/31 | 10,000 | 8,613 | |
| Iowa Fin. Auth. Single Family Mtg. (Mtg.-Backed Securities Prog.) Series 2023 A, 5.25% 7/1/53 | 260,000 | 269,571 | |
TOTAL IOWA | 278,184 | ||
| Kentucky - 4.3% | |||
| Ashland Med. Ctr. Rev.: | |||
| (Ashland Hosp. Corp. D/B/A Kings Daughters Med. Ctr. Proj.) Series 2016 A, 4% 2/1/36 | 350,000 | 342,351 | |
| Series 2019, 4% 2/1/33 | 200,000 | 196,698 | |
| Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. Series 2017 A, 5.25% 6/1/41 | 200,000 | 201,617 | |
| Kentucky, Inc. Pub. Energy: | |||
| Bonds: | |||
Series 2024 A, 5%, tender 7/1/30 (b) | 80,000 | 83,172 | |
Series A, 4%, tender 6/1/26 (b) | 95,000 | 94,247 | |
| Series 2024 A1: | |||
5% 8/1/28 | 490,000 | 497,978 | |
5% 2/1/29 | 400,000 | 408,461 | |
| Louisville & Jefferson County: | |||
| Bonds Series 2020 C, 5%, tender 10/1/26 (b) | 350,000 | 357,619 | |
| Series 2020 A, 3% 10/1/43 | 90,000 | 68,235 | |
| Louisville & Jefferson County Visitors & Convention Commission Rev. (Kentucky Int'l. Convention Ctr. Expansion Proj.) Series 2016, 3.125% 6/1/46 (Assured Guaranty Muni. Corp. Insured) | 20,000 | 15,529 | |
| Trimble County Envirl Facilities Re Bonds Series 2023, 4.7%, tender 6/1/27 (b)(c) | 100,000 | 100,093 | |
TOTAL KENTUCKY | 2,366,000 | ||
| Louisiana - 0.6% | |||
| New Orleans Aviation Board Rev. Series 2017 D2, 5% 1/1/38 (c) | 60,000 | 61,158 | |
| St. John Baptist Parish Rev. Bonds (Marathon Oil Corp.) Series 2017, 4.05%, tender 7/1/26 (b) | 260,000 | 257,284 | |
TOTAL LOUISIANA | 318,442 | ||
| Maryland - 2.5% | |||
| Maryland Health & Higher Edl.: | |||
| Bonds Series 2020, 5%, tender 7/1/25 (b) | 300,000 | 302,015 | |
| Series 2021 A: | |||
5% 6/1/31 | 315,000 | 332,156 | |
5% 6/1/33 | 360,000 | 377,927 | |
| Maryland Health & Higher Edl. Facilities Auth. Rev. Series 2016 A, 4% 7/1/42 | 100,000 | 89,673 | |
| Univ. of Maryland Sys. Auxiliary Facility & Tuition Rev. Series 2014 A, 5% 4/1/25 | 255,000 | 255,172 | |
TOTAL MARYLAND | 1,356,943 | ||
| Massachusetts - 1.9% | |||
| Amesbury Gen. Oblig. Series 2020, 2% 6/1/34 | 25,000 | 20,500 | |
| Massachusetts Dev. Fin. Agcy. Rev.: | |||
| Series 2016, 5% 7/1/28 | 30,000 | 30,672 | |
| Series 2019 K, 5% 7/1/35 | 15,000 | 16,047 | |
| Series 2021 G, 4% 7/1/46 | 510,000 | 458,025 | |
| Massachusetts Edl. Fing. Auth. Rev. Series 2020 C, 5% 7/1/26 (c) | 100,000 | 101,638 | |
| Massachusetts Hsg. Fin. Agcy. Multi-Family Rev. Series 2018 A, 3.7% 12/1/38 | 370,000 | 341,051 | |
| Massachusetts Port Auth. Rev. Series 2019 A, 5% 7/1/34 (c) | 30,000 | 31,945 | |
| Worcester Gen. Oblig. Series 2021, 2% 2/15/35 (Assured Guaranty Muni. Corp. Insured) | 60,000 | 48,553 | |
TOTAL MASSACHUSETTS | 1,048,431 | ||
| Michigan - 0.3% | |||
| Detroit Gen. Oblig. Series 2021 A, 5% 4/1/38 | 100,000 | 103,291 | |
| Michigan Fin. Auth. Rev. Series 2022, 5% 12/1/32 | 25,000 | 21,314 | |
| Michigan State Hsg. Dev. Auth. Series 2021 A, 2.45% 10/1/46 | 30,000 | 19,408 | |
| Rochester Cmnty. School District Series 2019 II, 3% 5/1/31 | 5,000 | 4,746 | |
TOTAL MICHIGAN | 148,759 | ||
| Minnesota - 1.6% | |||
| Minneapolis Health Care Sys. Rev. Bonds Series 2023 A, 5%, tender 11/15/28 (b) | 315,000 | 333,559 | |
| Minnesota Agric. & Econ. Dev. Board Rev. Series 2024, 5.25% 1/1/54 | 100,000 | 106,417 | |
| Minnesota Higher Ed. Facilities Auth. Rev.: | |||
| Series 2018 A, 5% 10/1/33 | 150,000 | 154,958 | |
| Series 2023, 4.25% 10/1/38 | 300,000 | 284,971 | |
| Saint Cloud Health Care Rev. Series 2016 A, 3% 5/1/32 | 15,000 | 13,930 | |
TOTAL MINNESOTA | 893,835 | ||
| Mississippi - 0.1% | |||
| Mississippi Bus. finance Corp. Exempt Facilities Rev. Bonds (Enviva, Inc. Proj.) Series 2022, 7.75%, tender 7/15/32 (b)(c) | 110,000 | 81,929 | |
| Missouri - 0.2% | |||
| Missouri Hsg. Dev. Commission Single Family Mtg. Rev. (First Place Homeownership Ln. Prog.) Series 2023 E, 6.5% 5/1/54 | 100,000 | 111,642 | |
| Nebraska - 0.3% | |||
| Central Plains Energy Proj. Rev. Bonds (Proj. No. 4) Series 2023 A1, 5%, tender 11/1/29 (b) | 135,000 | 140,734 | |
| Nevada - 3.2% | |||
| Clark County Arpt. Rev. Series 2021 B, 5% 7/1/25 (c) | 1,740,000 | 1,760,107 | |
| New Hampshire - 0.3% | |||
| Nat'l. Finnance Auth. Series 2023 2A, 3.875% 1/20/38 | 99,174 | 90,181 | |
| New Hampshire Health & Ed. Facilities Auth. Series 2023 B: | |||
| 5% 11/1/43 (c) | 30,000 | 31,200 | |
| 5.5% 11/1/27 (c) | 20,000 | 20,948 | |
| New Hampshire St Hsg. Fin. Series 2023 4: | |||
| 3.625% 4/1/26 | 10,000 | 9,858 | |
| 3.7% 1/1/27 | 35,000 | 34,290 | |
TOTAL NEW HAMPSHIRE | 186,477 | ||
| New Jersey - 9.1% | |||
| Essex County Gen. Oblig. Series 2021 B, 2% 8/15/33 | 450,000 | 372,682 | |
| New Jersey Econ. Dev. Auth. Series 2024 SSS, 5.25% 6/15/38 | 1,000,000 | 1,137,903 | |
| New Jersey Econ. Dev. Auth. Motor Vehicle Rev. Series 2017 A, 4% 7/1/34 | 10,000 | 9,872 | |
| New Jersey Econ. Dev. Auth. Wtr. Facilities Rev. Bonds (New Jersey- American Wtr. Co., INC. Proj.) Series 2020 B, 3.75%, tender 6/1/28 (b)(c) | 340,000 | 335,709 | |
| New Jersey Gen. Oblig. Series 2020, 2.375% 6/1/36 | 55,000 | 44,719 | |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | |||
| Series 2021 B, 5% 12/1/25 (c) | 655,000 | 664,771 | |
| Series 2023 A, 5% 12/1/30 (c) | 300,000 | 315,648 | |
| New Jersey Hsg. & Mtg. Fin. Agcy. Multi-family Rev. Series 2023 C, 5% 11/1/26 (c) | 500,000 | 503,501 | |
| New Jersey Tobacco Settlement Fing. Corp. Series 2018 B, 5% 6/1/46 | 560,000 | 565,316 | |
| New Jersey Tpk. Auth. Tpk. Rev. Series 2024, 5% 1/1/28 (e) | 65,000 | 68,690 | |
| New Jersey Trans. Trust Fund Auth.: | |||
| Series 2006 C: | |||
0% 12/15/24 | 150,000 | 146,493 | |
0% 12/15/31 (FGIC Insured) | 15,000 | 11,286 | |
0% 12/15/34 | 80,000 | 53,853 | |
| Series 2022 AA, 5% 6/15/25 | 250,000 | 253,336 | |
| Series AA, 5% 6/15/38 | 35,000 | 37,626 | |
| Salem County Indl. Poll. Cont. Fing. Auth. Poll. Cont. Rev. Bonds (Philadelphia Elec. Co. Proj.) Series 1993 A, 4.45%, tender 3/1/25 (b)(c) | 500,000 | 500,718 | |
TOTAL NEW JERSEY | 5,022,123 | ||
| New Mexico - 0.2% | |||
| New Mexico Mtg. Fin. Auth. Series 2021 D, 3% 7/1/52 | 100,000 | 95,935 | |
| New York - 4.9% | |||
| Genesee County Fdg. Corp. (Rochester Reg'l. Health Proj.) Series 2022 A, 5% 12/1/30 | 250,000 | 259,790 | |
| Long Island Pwr. Auth. Elec. Sys. Rev. Series 2020 A, 5% 9/1/34 | 5,000 | 5,587 | |
| New York City Gen. Oblig.: | |||
| Bonds Series 2015 F4, 5%, tender 12/1/25 (f) | 100,000 | 101,098 | |
| Series 2018 C, 3% 8/1/33 | 160,000 | 151,605 | |
| New York City Hsg. Dev. Corp. Bonds Series 2024 A2, 3.625%, tender 7/1/28 (b) | 110,000 | 109,356 | |
| New York City Hsg. Dev. Corp. Multifamily Hsg. Series 2019 J, 3.05% 11/1/49 | 15,000 | 10,973 | |
| New York City Transitional Fin. Auth. Rev. Series 2016 A1, 3.125% 8/1/31 | 595,000 | 568,857 | |
| New York Metropolitan Trans. Auth. Rev. Series 2020 D, 4% 11/15/47 | 15,000 | 13,731 | |
| New York State Hsg. Fin. Agcy. Rev. Bonds: | |||
| Series 2023 C2, 3.8%, tender 5/1/29 (b) | 370,000 | 369,471 | |
| Series 2023 E2, 3.8%, tender 5/1/27 (b) | 35,000 | 34,917 | |
| New York State Urban Dev. Corp. Series 2020 C, 4% 3/15/37 | 5,000 | 5,102 | |
| New York State Urban Eev Corp. Series 2019 A, 3% 3/15/49 | 1,000,000 | 740,040 | |
| New York Trans. Dev. Corp.: | |||
| (Delta Air Lines, Inc. - LaGuardia Arpt. Termindals C&D Redev. Proj.) Series 2020, 4% 10/1/30 (c) | 20,000 | 19,941 | |
| (Term. 4 JFK Int'l. Arpt. Proj.) Series 2020 A, 5% 12/1/28 (c) | 20,000 | 20,990 | |
| (Term. 4 John F. Kennedy Int'l. Arpt. Proj.) Series 2022, 5% 12/1/34 (c) | 35,000 | 37,937 | |
| Suffolk Tobacco Asset Securitization Corp. Series 2021 B1, 4% 6/1/50 | 225,000 | 223,479 | |
TOTAL NEW YORK | 2,672,874 | ||
| North Carolina - 1.8% | |||
| Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Bonds Series 2018 C, 3.45%, tender 10/31/25 (b) | 45,000 | 44,787 | |
| North Carolina State Ed. Assistance Auth. Student Ln. Rev. Series 2023 A: | |||
| 5% 6/1/43 (c) | 100,000 | 99,001 | |
| 5.5% 6/1/28 (c) | 550,000 | 574,982 | |
| North Carolina Tpk. Auth. Triangle Expressway Sys. Series 2024 B, 5% 1/1/53 (Assured Guaranty Muni. Corp. Insured) | 250,000 | 264,467 | |
TOTAL NORTH CAROLINA | 983,237 | ||
| North Dakota - 1.2% | |||
| Grand Forks Health Care Sys. Rev. Series 2021: | |||
| 4% 12/1/46 | 60,000 | 50,159 | |
| 5% 12/1/28 | 500,000 | 507,685 | |
| North Dakota Hsg. Fin. Agcy. Series 2023 F, 6.25% 1/1/54 | 100,000 | 107,851 | |
TOTAL NORTH DAKOTA | 665,695 | ||
| Ohio - 2.4% | |||
| American Muni. Pwr., Inc. Rev.: | |||
| Series 2016 A, 3% 2/15/36 | 10,000 | 8,714 | |
| Series 2023 A, 5% 2/15/28 | 500,000 | 528,614 | |
| Buckeye Tobacco Settlement Fing. Auth.: | |||
| Series 2020 A2, 3% 6/1/48 | 200,000 | 146,160 | |
| Series 2020 B2, 5% 6/1/55 | 250,000 | 226,317 | |
| Cuyahoga County Econ. Dev. Rev. (The Cleveland Orchestra Proj.) Series 2019, 5% 1/1/34 | 5,000 | 5,381 | |
| Montgomery County Hosp. Rev. (Kettering Health Network Obligated Group Proj.) Series 2021, 5% 8/1/32 | 25,000 | 27,063 | |
| Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013, 5% 2/15/48 | 200,000 | 179,229 | |
| Northeast Ohio Reg'l. Swr. District Wastewtr. Rev. Series 2019, 3% 11/15/38 | 200,000 | 173,066 | |
| Ohio Higher Edl. Facility Commission Rev.: | |||
| (Kenyon College 2020 Proj.) Series 2020, 5% 7/1/35 | 30,000 | 32,648 | |
| (Xavier Univ. 2015 Proj.) Series 2015 C, 3.75% 5/1/38 | 5,000 | 4,642 | |
TOTAL OHIO | 1,331,834 | ||
| Oklahoma - 0.2% | |||
| Oklahoma Hsg. Fin. Agcy. Single Family Mtg. Rev. (Homeownership Load Prog.) Series 2023 D, 6.5% 9/1/54 | 100,000 | 111,609 | |
| Oregon - 0.0% | |||
| Medford Hosp. Facilities Auth. Rev. (Asante Projs.) Series 2020 A, 5% 8/15/36 | 10,000 | 10,721 | |
| Oregon State Hsg. & Cmnty. Svcs. Dept. (Single-Family Mtg. Prog.) Series 2019 A, 2.65% 7/1/39 | 10,000 | 8,094 | |
TOTAL OREGON | 18,815 | ||
| Pennsylvania - 2.6% | |||
| Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.) Series 2018 A, 3.375% 11/15/31 | 10,000 | 9,885 | |
| Dubois Hosp. Auth. Hosp. Rev. (Penn Highlands Healthcare Proj.) Series 2018: | |||
| 5% 7/15/28 | 580,000 | 602,606 | |
| 5% 7/15/29 | 220,000 | 227,651 | |
| Geisinger Auth. Health Sys. Rev.: | |||
| Bonds Series 2020 B, 5%, tender 2/15/27 (b) | 50,000 | 51,471 | |
| Series 2017 A2, 5% 2/15/31 | 10,000 | 10,391 | |
| Northampton County Gen. Purp. Auth. Hosp. Rev. (St Luke's Univ. Health Network Proj.) Series 2016 A, 3% 8/15/32 | 100,000 | 94,557 | |
| Pennsylvania Gen. Oblig.: | |||
| Series 2020 1, 3% 5/1/36 | 310,000 | 282,170 | |
| Series 2021, 3% 5/15/34 | 40,000 | 37,614 | |
| Pennsylvania Tpk. Commission Tpk. Rev.: | |||
| Series 2016 A1, 5% 12/1/27 | 5,000 | 5,106 | |
| Series 2021 B, 5% 12/1/33 | 25,000 | 28,195 | |
| Philadelphia Gas Works Rev. Series 15, 5% 8/1/24 | 50,000 | 50,100 | |
| Southcentral Pennsylvania Gen. Auth. Rev. Series 2019 A, 5% 6/1/39 | 10,000 | 10,406 | |
TOTAL PENNSYLVANIA | 1,410,152 | ||
| Puerto Rico - 3.7% | |||
| Puerto Rico Commonwealth Aqueduct & Swr. Auth. Series 2021 A, 5% 7/1/37 (d) | 250,000 | 260,841 | |
| Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2021 A1: | |||
| 0% 7/1/33 | 500,000 | 327,382 | |
| 4% 7/1/37 | 250,000 | 238,871 | |
| Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series 2019 A2, 4.329% 7/1/40 | 1,250,000 | 1,219,957 | |
TOTAL PUERTO RICO | 2,047,051 | ||
| Rhode Island - 2.4% | |||
| Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series 2016 B, 5% 9/1/36 | 100,000 | 93,637 | |
| Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev. Series 2023, 5% 11/1/47 | 500,000 | 532,180 | |
| Rhode Island Student Ln. Auth. Student Ln. Rev.: | |||
| Series 2019 A, 5% 12/1/25 (c) | 600,000 | 607,665 | |
| Series 2024 A, 5% 12/1/28 (c) | 55,000 | 57,771 | |
TOTAL RHODE ISLAND | 1,291,253 | ||
| South Dakota - 0.2% | |||
| South Dakota Hsg. Dev. Auth. Series 2023 G, 6.25% 5/1/55 | 100,000 | 107,856 | |
| Tennessee - 1.0% | |||
| Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2018, 5% 7/1/38 (c) | 5,000 | 5,137 | |
| Metropolitan Govt. Nashville & Davidson County Elec. Rev.: | |||
| Series 2024 A, 5.25% 5/15/49 | 100,000 | 109,797 | |
| Series 2024 B, 5% 5/15/27 | 100,000 | 105,553 | |
| Nashville and Davidson County Metropolitan Govt. Gen. Oblig. Series 2021 C, 3% 1/1/35 | 350,000 | 328,794 | |
| Shelby County Health Edl. & Hsg. Facilities Board Rev. Series 2017 A, 3.375% 5/1/32 | 5,000 | 4,861 | |
| Tennessee Hsg. Dev. Agcy. Residential Series 2019 4, 2.9% 7/1/39 | 15,000 | 12,232 | |
TOTAL TENNESSEE | 566,374 | ||
| Texas - 3.0% | |||
| Grand Parkway Trans. Corp. Bonds Series 2023, 5%, tender 4/1/28 (b) | 145,000 | 152,332 | |
| Harris County Cultural Ed. Facilities Fin. Corp. Med. Facilities Rev. Series 2024, 5% 5/15/29 | 100,000 | 107,868 | |
| Houston Hsg. Fin. Corp. Multi-family Hsg. Rev. Bonds Series 2023, 5%, tender 8/1/26 (b) | 25,000 | 25,427 | |
| Lower Colorado River Auth. Rev. (LCRA Transmission Svcs. Corp. Proj.) Series 2019, 5% 5/15/34 | 5,000 | 5,387 | |
| Northside Independent School District Bonds Series 2023 B, 3%, tender 8/1/26 (b) | 1,000,000 | 980,601 | |
| Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ., TX. Proj.) Series 2017, 5% 10/1/39 | 5,000 | 5,162 | |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Series 2022, 5% 10/1/40 | 50,000 | 53,789 | |
| Texas Wtr. Dev. Board Rev.: | |||
| Series 2019, 5% 8/1/35 | 5,000 | 5,432 | |
| Series 2020, 3% 10/15/38 | 250,000 | 213,667 | |
| Univ. of Houston Univ. Revs. Series 2017 C, 3.125% 2/15/36 | 50,000 | 45,353 | |
| Waco Gen. Oblig. Series 2020, 2.375% 2/1/40 | 40,000 | 28,196 | |
TOTAL TEXAS | 1,623,214 | ||
| Virginia - 0.0% | |||
| Fairfax County Redev. & Hsg. Auth. Rev. Bonds (Dominion Square North Proj.) Series 2023, 5%, tender 1/1/28 (b) | 20,000 | 20,630 | |
| Washington - 3.4% | |||
| King County Hsg. Auth. Rev. Series 2018, 3.25% 5/1/33 | 1,000,000 | 930,177 | |
| Port of Seattle Rev.: | |||
| Series 2018 A, 5% 5/1/37 (c) | 5,000 | 5,102 | |
| Series 2019: | |||
5% 4/1/35 (c) | 30,000 | 31,558 | |
5% 4/1/36 (c) | 5,000 | 5,239 | |
| Washington Gen. Oblig.: | |||
| Series 2021 A, 5% 6/1/38 | 15,000 | 16,266 | |
| Series 2024 C, 5% 6/1/32 | 50,000 | 57,152 | |
| Washington Health Care Facilities Auth. Rev.: | |||
| (Overlake Hosp. Med. Ctr., WA. Proj.) Series 2017 B: | |||
5% 7/1/27 | 150,000 | 151,620 | |
5% 7/1/36 | 155,000 | 156,522 | |
| (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/33 | 15,000 | 15,620 | |
| (Virginia Mason Med. Ctr. Proj.) Series 2017, 5% 8/15/27 | 75,000 | 76,493 | |
| Series 2015 A, 5% 8/15/27 | 5,000 | 5,065 | |
| Series 2019 A1, 5% 8/1/36 | 10,000 | 10,616 | |
| Washington Hsg. Fin. Commission Multi-family Hsg. Rev. Bonds (Ardea At Totem Lake Apts. Proj.) Series 2023, 5%, tender 2/1/27 (b) | 45,000 | 45,819 | |
| Washington Hsg. Fin. Commission Nonprofit Rev. (Seattle Academy of Arts and Sciences Proj.) Series 2023, 5% 7/1/28 (d) | 365,000 | 374,270 | |
TOTAL WASHINGTON | 1,881,519 | ||
| West Virginia - 1.0% | |||
| Monongalia Cty W Bld Cm Rev. Series 2015, 5% 7/1/29 | 220,000 | 220,407 | |
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds (Appalachian Pwr. Co. - Amos Proj.) Series 2015 A, 3.375%, tender 6/15/28 (b) | 15,000 | 14,776 | |
| West Virginia Hosp. Fin. Auth. Hosp. Rev. Series 2016 A: | |||
| 3% 6/1/33 | 240,000 | 223,999 | |
| 3.25% 6/1/39 | 80,000 | 70,113 | |
TOTAL WEST VIRGINIA | 529,295 | ||
| Wisconsin - 1.1% | |||
| Howard Suamico Scd Series 2021, 2% 3/1/38 | 15,000 | 10,829 | |
| Milwaukee Gen. Oblig. Series 2017 N4, 5% 4/1/26 | 5,000 | 5,113 | |
| Pub. Fin. Auth. Hosp. Rev.: | |||
| (Renown Reg'l. Med. Ctr. Proj.) Series 2020 A, 4% 6/1/45 | 100,000 | 90,687 | |
| Series 2020 A, 3% 6/1/45 | 100,000 | 75,515 | |
| Roseman Univ. of Health Series 2021 A, 4.5% 6/1/56 (d) | 115,000 | 90,662 | |
| Wisconsin Health & Edl. Facilities: | |||
| Series 2013 B2, 4% 11/15/43 | 55,000 | 52,246 | |
| Series 2015, 3.15% 8/15/27 | 80,000 | 77,680 | |
| Series 2016 A, 3.5% 2/15/46 | 210,000 | 153,644 | |
| Wisconsin Hsg. & Econ. Dev. Auth. Hsg. Rev. Bonds Series 2023 E, 3.875%, tender 5/1/27 (b) | 40,000 | 39,377 | |
TOTAL WISCONSIN | 595,753 | ||
| TOTAL MUNICIPAL BONDS (Cost $51,019,601) | 51,339,131 | ||
| Municipal Notes - 4.0% | |||
Principal Amount (a) | Value ($) | ||
| California - 0.9% | |||
| California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. Participating VRDN Series MIZ 91 21, 3.8% 5/1/24 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(g)(h) | 500,000 | 500,000 | |
| Texas - 1.6% | |||
| Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.) Series 2010 C, 3.65% 5/1/24, VRDN (b) | 900,000 | 900,000 | |
| Utah - 1.5% | |||
| Salt Lake City Arpt. Rev. Participating VRDN Series XM 11 07, 3.65% 5/1/24 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(g)(h) | 800,000 | 800,000 | |
| TOTAL MUNICIPAL NOTES (Cost $2,200,000) | 2,200,000 | ||
| Money Market Funds - 0.4% | |||
| Shares | Value ($) | ||
Fidelity Municipal Cash Central Fund 3.61% (i)(j) (Cost $222,501) | 222,456 | 222,523 | |
| TOTAL INVESTMENT IN SECURITIES - 97.9% (Cost $53,442,102) | 53,761,654 |
NET OTHER ASSETS (LIABILITIES) - 2.1% | 1,174,931 |
| NET ASSETS - 100.0% | 54,936,585 |
Security Type Abbreviations
| VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend
| (a) | Amount is stated in United States dollars unless otherwise noted. |
| (b) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
| (c) | Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
| (d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $804,344 or 1.5% of net assets. |
| (e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (f) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
| (g) | Provides evidence of ownership in one or more underlying municipal bonds. |
| (h) | Coupon rates are determined by re-marketing agents based on current market conditions. |
| (i) | Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
| (j) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 3.61% | 2,652,426 | 4,302,690 | 6,732,875 | 13,111 | 525 | (243) | 222,523 | 0.0% |
| Total | 2,652,426 | 4,302,690 | 6,732,875 | 13,111 | 525 | (243) | 222,523 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal Bonds and Municipal Notes are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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