Quarterly Holdings Report
for
Fidelity® SAI Sustainable Municipal Income Fund
April 30, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - 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.
MNI-NPRT1-0624
1.9904938.102
| Municipal Bonds - 95.2% | |||
Principal Amount (a) | Value ($) | ||
| Alabama - 1.4% | |||
| Black Belt Energy Gas District Bonds Series 2022 F, 5.5%, tender 12/1/28 (b) | 100,000 | 105,319 | |
| Southeast Energy Auth. Coop. Dis Bonds (Proj. No. 6) Series 2023 B, 5%, tender 6/1/30 (b) | 110,000 | 115,657 | |
| Southeast Energy Auth. Rev. Bonds Series 2022 A1, 5.5%, tender 12/1/29 (b) | 100,000 | 105,871 | |
TOTAL ALABAMA | 326,847 | ||
| Arizona - 3.1% | |||
| 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 2007, 4.1%, tender 6/15/28 (b)(c) | 120,000 | 119,748 | |
| Goodyear Ariz Series 2016, 3% 7/1/37 | 25,000 | 22,288 | |
| Maricopa County Indl. Dev. Auth. Series 2024 D, 5% 12/1/38 (d) | 100,000 | 108,150 | |
| Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Series 2021 A, 5% 7/1/45 | 195,000 | 208,851 | |
| Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007 1, 5% 12/1/32 | 170,000 | 178,756 | |
TOTAL ARIZONA | 722,560 | ||
| California - 14.1% | |||
| California Edl. Facilities Auth. Rev. Series T1, 5% 3/15/39 | 30,000 | 35,452 | |
| California Gen. Oblig. Series 2023, 5% 9/1/30 | 1,000,000 | 1,118,930 | |
| California Hsg. Fin. Agcy. Series 2021 1, 3.5% 11/20/35 | 95,355 | 88,103 | |
| California Infrastructure and Econ. Dev. Bank Rev. Series 2017, 5% 5/15/47 | 25,000 | 26,040 | |
| California Muni. Fin. Auth. Rev.: | |||
| (Pomona College Proj.) Series 2017, 5% 1/1/33 (Pre-Refunded to 1/1/28 @ 100) | 25,000 | 26,724 | |
| Series 2017 A, 3.5% 6/1/34 | 10,000 | 9,663 | |
| Series 2018: | |||
5% 10/1/25 | 15,000 | 15,159 | |
5% 10/1/35 | 5,000 | 5,192 | |
| California Muni. Fin. Auth. Solid Waste Disp. Rev. Bonds Series 2023 A, 4.375%, tender 9/1/33 (b)(c) | 120,000 | 123,207 | |
| California Statewide Cmntys. Dev. Auth. Rev. Series 2016, 5% 10/1/33 | 20,000 | 20,446 | |
| Elk Grove Unified School Distr. Ctfs. of Prtn. (Cap. Facilities Proj.) Series 2016, 3% 2/1/34 | 15,000 | 14,062 | |
| Fontana Unified School District Gen. Oblig. Series 2008, 0% 8/1/30 (Assured Guaranty Muni. Corp. Insured) | 125,000 | 100,741 | |
| Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev.: | |||
| Series 2017 A, 5% 7/1/32 | 10,000 | 10,508 | |
| Series 2020 A, 5% 7/1/40 | 400,000 | 438,115 | |
| Series 2020 B, 4% 7/1/29 | 55,000 | 58,140 | |
| Los Angeles Unified School District Series 2024 A, 5% 7/1/30 | 250,000 | 279,456 | |
| Poway Unified School District: | |||
| Series 2009, 0% 8/1/31 | 110,000 | 86,548 | |
| Series B, 0% 8/1/39 | 100,000 | 54,195 | |
| San Diego Unified School District: | |||
| (Convention Ctr. Proj.) Series 2012, 0% 7/1/45 | 10,000 | 4,004 | |
| Series 2010 C, 0% 7/1/44 | 100,000 | 42,159 | |
| San Jose Evergreen Cmnty. College District Series 2016 B, 3% 9/1/36 | 20,000 | 18,546 | |
| San Mateo County Joint Powers Fing. Auth. Series 2021 A1, 3% 6/15/46 | 25,000 | 19,721 | |
| Sanger Unified School District Series 2018 C, 3% 8/1/48 | 200,000 | 153,080 | |
| Santa Clara County Fing. Auth. Lease Rev. Series 2019 A, 3% 5/1/37 | 300,000 | 271,589 | |
| Univ. of California Revs.: | |||
| Series 2015 I, 5% 5/15/27 | 300,000 | 304,937 | |
| Series 2020 BE, 5% 5/15/42 | 10,000 | 10,803 | |
TOTAL CALIFORNIA | 3,335,520 | ||
| Colorado - 1.0% | |||
| Colorado Ctfs. of Prtn. Series 2020 A, 4% 12/15/38 | 10,000 | 10,100 | |
| Colorado Health Facilities Auth. Rev. Bonds: | |||
| Series 2019 A1, 5% 8/1/36 | 15,000 | 15,924 | |
| Series 2019 A2: | |||
5% 8/1/33 | 125,000 | 134,062 | |
5% 8/1/39 | 10,000 | 10,439 | |
| Series 2021 A, 3% 11/15/51 | 100,000 | 73,601 | |
TOTAL COLORADO | 244,126 | ||
| Connecticut - 3.5% | |||
| Connecticut Gen. Oblig.: | |||
| Series 2019 A, 5% 4/15/33 | 30,000 | 32,571 | |
| Series 2021 B, 4% 6/1/34 | 10,000 | 10,497 | |
| Series 2021 D, 5% 7/15/28 | 75,000 | 80,710 | |
| Connecticut Health & Edl. Facilities Auth. Rev.: | |||
| Bonds Series 2010 A3, 2.95%, tender 7/1/27 (b) | 150,000 | 147,223 | |
| Series 2017 R, 3.25% 7/1/35 | 125,000 | 118,956 | |
| Series 2022 M, 4% 7/1/52 | 50,000 | 44,424 | |
| Connecticut Hsg. Fin. Auth. Series 2021 D1, 5% 11/15/28 | 25,000 | 26,547 | |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | |||
| Series 2016 A, 5% 9/1/28 | 150,000 | 155,578 | |
| Series 2021 A, 4% 5/1/36 | 130,000 | 134,688 | |
| Series A, 5% 5/1/29 | 15,000 | 16,389 | |
| South Central Reg'l. Wtr. Auth. Wtr. Sys. Rev. Series 32 B, 5% 8/1/32 | 25,000 | 26,008 | |
| Univ. of Connecticut Gen. Oblig. Series 2016 A, 3% 3/15/34 | 15,000 | 13,721 | |
| Univ. of Connecticut Rev. Series 2018 A, 3.625% 11/15/36 | 30,000 | 28,945 | |
TOTAL CONNECTICUT | 836,257 | ||
| District Of Columbia - 0.0% | |||
| District of Columbia Univ. Rev. Series 2017, 5% 4/1/33 | 10,000 | 10,399 | |
| Florida - 6.2% | |||
| Broward County School Board Ctfs. of Prtn.: | |||
| Series 2015 A, 5% 7/1/26 | 30,000 | 30,399 | |
| Series 2020 A, 5% 7/1/33 | 30,000 | 33,274 | |
| Escambia County Health Facilities Auth. Health Facilities Rev. Series 2020 A, 5% 8/15/34 | 195,000 | 202,262 | |
| Florida Dev. Fin. Corp. Rev. (Brightline Florida Passenger Rail Proj.) Series 2024: | |||
| 5.25% 7/1/53 (Assured Guaranty Muni. Corp. Insured) (c)(d) | 250,000 | 260,360 | |
| 5.5% 7/1/53 (c)(d) | 250,000 | 258,897 | |
| Florida Higher Edl. Facilities Fing. Auth. (Rollins College Proj.) Series 2020 A, 3% 12/1/48 | 50,000 | 37,126 | |
| Halifax Hosp. Med. Ctr. Rev. Series 2016, 3.75% 6/1/41 | 125,000 | 108,928 | |
| Hernando County School Board Ctfs. (School Board of Hernando County, Florida Master Lease Prog.) Series 2016 A, 3% 7/1/35 (Assured Guaranty Muni. Corp. Insured) | 45,000 | 41,040 | |
| Jacksonville Trans. Rev. Series 2015: | |||
| 3.5% 10/1/36 | 30,000 | 28,812 | |
| 3.5% 10/1/37 | 15,000 | 13,947 | |
| JEA Wtr. & Swr. Sys. Rev. Series 2017 A, 5% 10/1/29 | 25,000 | 26,485 | |
| Lakeland Hosp. Sys. Rev. Series 2016, 5% 11/15/29 | 15,000 | 15,455 | |
| Miami-Dade County Health Facilities Auth. Hosp. Rev. (Nicklaus Children's Hosp. Proj.) Series 2021 A, 5% 8/1/30 | 40,000 | 42,490 | |
| Miami-Dade County Wtr. & Swr. Rev. Series 2017 B, 5% 10/1/27 | 55,000 | 58,241 | |
| Palm Beach County Health Facilities Auth. Hosp. Rev. (Jupiter Med. Ctr. Proj.) Series 2022, 5% 11/1/35 | 150,000 | 156,952 | |
| Palm Beach County School Board Ctfs. of Prtn. Series 2021 A, 5% 8/1/38 | 130,000 | 142,994 | |
TOTAL FLORIDA | 1,457,662 | ||
| Georgia - 3.6% | |||
| Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Vogtle Proj.) Series 1995 4, 3.8%, tender 5/21/26 (b) | 300,000 | 300,029 | |
| Fulton County Dev. Auth. Rev.: | |||
| Series 2019 A, 3% 7/1/44 | 220,000 | 164,730 | |
| Series 2019, 5% 6/15/44 | 15,000 | 15,540 | |
| Glynn-Brunswick Memorial Hosp. Auth. Rev. (Southeast Georgia Health Sys. Proj.) Series 2017, 4% 8/1/43 | 65,000 | 56,931 | |
| Main Street Natural Gas, Inc. Bonds Series 2021 A, 4%, tender 9/1/27 (b) | 100,000 | 99,833 | |
| Private Colleges & Univs. Auth. Rev.: | |||
| Series 2016 B, 3% 10/1/43 | 125,000 | 97,729 | |
| Series 2019 A, 5% 9/1/39 | 100,000 | 106,686 | |
TOTAL GEORGIA | 841,478 | ||
| Illinois - 6.8% | |||
| Illinois Fin. Auth. Series 2022 A: | |||
| 5% 10/1/35 | 150,000 | 154,128 | |
| 5% 8/15/47 | 70,000 | 72,848 | |
| Illinois Fin. Auth. Academic Facilities (Provident Group UIUC Properties LLC Univ. of Illinois at Urbana-Champaign Proj.) Series 2019 A: | |||
| 5% 10/1/32 | 15,000 | 15,990 | |
| 5% 10/1/38 | 300,000 | 309,551 | |
| Illinois Fin. Auth. Health Svcs. Facility Lease Rev. (Provident Group - UIC Surgery Ctr. LLC - Univ. of Illinois Health Svcs. Facility Proj.) Series 2020, 4% 10/1/55 | 100,000 | 81,355 | |
| Illinois Fin. Auth. Rev.: | |||
| (Presence Health Proj.) Series 2016 C, 5% 2/15/36 | 30,000 | 30,832 | |
| Series 2015 A, 5% 10/1/35 | 5,000 | 5,064 | |
| Series 2016 A, 3% 10/1/37 | 205,000 | 173,708 | |
| Series 2016 C, 4% 2/15/41 | 70,000 | 67,129 | |
| Series 2016, 3.125% 5/15/37 | 60,000 | 53,663 | |
| Illinois Gen. Oblig.: | |||
| Series 2016, 5% 1/1/35 | 110,000 | 111,584 | |
| Series 2017 C, 5% 11/1/29 | 125,000 | 130,466 | |
| Series 2021 A, 5% 3/1/46 | 50,000 | 51,437 | |
| Series 2023 D, 4% 7/1/37 | 200,000 | 196,869 | |
| Illinois Sales Tax Rev. Series 2024 A, 5% 6/15/26 | 150,000 | 154,170 | |
TOTAL ILLINOIS | 1,608,794 | ||
| Indiana - 0.2% | |||
| Indiana Hsg. & Cmnty. Dev. Auth.: | |||
| Series 2021 B, Series 2021 B, 5% 1/1/28 | 15,000 | 15,745 | |
| Series A, 5% 7/1/28 | 25,000 | 26,403 | |
TOTAL INDIANA | 42,148 | ||
| Iowa - 0.7% | |||
| Iowa Student Ln. Liquidity Corp. Student Ln. Rev. Series 2023 B, 5% 12/1/33 (c) | 155,000 | 161,550 | |
| Kentucky - 0.9% | |||
| Ashland Med. Ctr. Rev. Series 2019: | |||
| 3% 2/1/40 (Assured Guaranty Muni. Corp. Insured) | 20,000 | 16,632 | |
| 4% 2/1/33 | 50,000 | 49,175 | |
| Kentucky Bond Dev. Corp. Edl. Facilities Series 2021, 4% 6/1/35 | 20,000 | 20,292 | |
| Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. Series 2017 A: | |||
| 5% 6/1/26 | 20,000 | 20,163 | |
| 5% 6/1/31 | 60,000 | 61,390 | |
| Kentucky State Property & Buildings Commission Rev. Series A, 5% 11/1/33 | 20,000 | 21,331 | |
| Kentucky, Inc. Pub. Energy Bonds Series 2024 A, 5%, tender 7/1/30 (b) | 30,000 | 31,189 | |
TOTAL KENTUCKY | 220,172 | ||
| Louisiana - 1.3% | |||
| Louisiana Pub. Facilities Auth. Hosp. Rev. Series 2020 A, 3% 6/1/50 (Assured Guaranty Muni. Corp. Insured) | 415,000 | 306,375 | |
| Maine - 1.3% | |||
| Maine Health & Higher Edl. Facilities Auth. Rev.: | |||
| Series 2017 B: | |||
5% 7/1/28 | 30,000 | 31,271 | |
5% 7/1/29 | 10,000 | 10,412 | |
| Series 2018 A, 5% 7/1/30 | 250,000 | 266,264 | |
TOTAL MAINE | 307,947 | ||
| Maryland - 0.4% | |||
| Baltimore Proj. Rev. (Wastewtr. Projs.) Series 2017 B, 5% 7/1/32 | 25,000 | 26,079 | |
| Maryland Dept. of Trans.: | |||
| Series 2016, 4% 9/1/27 | 10,000 | 10,271 | |
| Series 2020, 5% 10/1/33 | 10,000 | 11,157 | |
| Series 2021 A, 2% 10/1/34 | 10,000 | 7,946 | |
| Montgomery County Gen. Oblig. Ctfs. of Prtn. Series 2020 A, 5% 10/1/27 | 15,000 | 15,930 | |
| Univ. of Maryland Sys. Auxiliary Facility & Tuition Rev. Series 2016 A, 3% 4/1/35 | 15,000 | 13,825 | |
TOTAL MARYLAND | 85,208 | ||
| Massachusetts - 9.5% | |||
| Arlington Gen. Oblig. Series 2021: | |||
| 2% 9/15/31 | 65,000 | 56,565 | |
| 2% 9/15/35 | 100,000 | 80,825 | |
| 2% 9/15/36 | 165,000 | 129,509 | |
| Billerica Gen. Oblig. Series 2017, 3.25% 2/1/36 | 10,000 | 9,572 | |
| Foxborough Gen. Oblig. Series 2016, 3% 5/15/46 | 25,000 | 19,510 | |
| Lunenburg Gen. Oblig. Series 2015, 3.125% 1/15/39 | 25,000 | 22,048 | |
| Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2021 A1, 5% 7/1/35 | 45,000 | 50,669 | |
| Massachusetts Commonwealth Trans. Fund Rev. (Rail Enhancement & Accelerated Bridge Programs) Series 2019 A, 5% 6/1/49 | 215,000 | 222,960 | |
| Massachusetts Dev. Fin. Agcy. Rev.: | |||
| (Partners Healthcare Sys., Inc. Proj.) Series 2017 S, 5% 7/1/32 | 15,000 | 15,930 | |
| (Univ. of Massachusetts Health Cr., Inc. Proj.) Series 2017 L, 4% 7/1/44 | 265,000 | 232,102 | |
| Bonds Series A1, 5%, tender 1/31/30 (b) | 20,000 | 21,800 | |
| Series 2015 O1, 4% 7/1/45 | 50,000 | 46,776 | |
| Series 2016 I, 4% 7/1/36 | 75,000 | 70,293 | |
| Series 2018 L, 5% 10/1/33 | 35,000 | 36,128 | |
| Series 2020 A: | |||
5% 10/15/29 | 30,000 | 33,215 | |
5% 10/15/30 | 25,000 | 28,324 | |
| Series 2021 G, 4% 7/1/46 | 75,000 | 67,357 | |
| Massachusetts Gen. Oblig.: | |||
| Series 2017 A, 5% 4/1/36 | 15,000 | 15,715 | |
| Series 2017 D, 5% 7/1/27 | 25,000 | 26,431 | |
| Series 2020 D, 5% 7/1/48 | 10,000 | 10,512 | |
| Series D, 5% 7/1/45 | 340,000 | 360,909 | |
| Series E, 5% 11/1/45 | 375,000 | 398,958 | |
| Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Series A: | |||
| 5% 8/15/34 | 5,000 | 5,583 | |
| 5% 8/15/45 | 100,000 | 106,028 | |
| Massachusetts St Dev. Fin. Agcy. R Series 2024 B, 5% 2/15/34 | 100,000 | 118,395 | |
| Univ. of Massachusetts Bldg. Auth. Rev. Series 2021 1, 5% 11/1/32 | 50,000 | 56,285 | |
TOTAL MASSACHUSETTS | 2,242,399 | ||
| Michigan - 2.9% | |||
| Grand Rapids San. Swr. Sys. Rev.: | |||
| Series 2018, 5% 1/1/35 | 15,000 | 15,952 | |
| Series 2018, 5% 1/1/29 | 30,000 | 32,093 | |
| Great Lakes Wtr. Auth. Wtr. Supply Sys. Rev. Series 2020 B, 5% 7/1/45 | 430,000 | 450,528 | |
| Michigan Fin. Auth. Rev.: | |||
| (Kalamazoo College Proj.) Series 2018, 4% 12/1/47 | 50,000 | 44,301 | |
| Series 2016: | |||
5% 11/15/26 | 20,000 | 20,559 | |
5% 11/15/30 | 30,000 | 31,044 | |
5% 11/15/34 | 15,000 | 15,510 | |
| Series 2019 A, 3% 12/1/49 | 40,000 | 29,653 | |
| Series 2022, 5% 12/1/32 | 25,000 | 21,314 | |
| Michigan Hosp. Fin. Auth. Rev. Series 2010 F4, 5% 11/15/47 | 10,000 | 10,374 | |
| Univ. of Michigan Rev. Series 2020 A, 5% 4/1/39 | 15,000 | 16,307 | |
TOTAL MICHIGAN | 687,635 | ||
| Minnesota - 3.2% | |||
| Bemidji City Series 2017 A, 3% 2/1/34 (Assured Guaranty Muni. Corp. Insured) | 10,000 | 9,256 | |
| Maple Grove Health Care Sys. Rev. Series 2017, 3.375% 5/1/33 | 50,000 | 45,591 | |
| Minneapolis Multi-family Rev. (Gateway Northeast Proj.) Series 2019, 2.46% 1/1/38 | 98,538 | 75,670 | |
| Minnesota Agric. & Econ. Dev. Board Rev. Series 2024, 5.25% 1/1/54 | 200,000 | 212,835 | |
| Minnesota Gen. Oblig. Series 2019 A, 5% 8/1/30 | 10,000 | 11,051 | |
| Minnesota Higher Ed. Facilities Auth. Rev. Series 2024 A, 5% 10/1/49 | 250,000 | 261,662 | |
| Minnesota Hsg. Fin. Agcy. Series B, 4% 8/1/36 | 15,000 | 15,318 | |
| Saint Cloud Health Care Rev. Series 2016 A, 3% 5/1/32 | 40,000 | 37,146 | |
| St. Paul Hsg. & Redev. Auth. Health Care Facilities Rev. Series 2017 A, 3.125% 11/15/32 | 105,000 | 96,505 | |
TOTAL MINNESOTA | 765,034 | ||
| Missouri - 0.8% | |||
| St Louis County Libr District Ctfs. Series 2016, 3% 4/1/46 | 255,000 | 193,553 | |
| Nebraska - 0.8% | |||
| Central Plains Energy Proj. Rev. Bonds Series 2019, 4%, tender 8/1/25 (b) | 50,000 | 50,111 | |
| Douglas County Hosp. Auth. #2 Health Facilities Rev. Series 2020 A, 5% 11/15/30 | 125,000 | 135,894 | |
TOTAL NEBRASKA | 186,005 | ||
| New Hampshire - 0.2% | |||
| New Hampshire Health & Ed. Facilities Auth. Series 2023 B, 5.5% 11/1/31 (c) | 50,000 | 54,384 | |
| New Jersey - 3.9% | |||
| Gloucester County Impt. Auth. Rev. (Rowan Univ. Projs.) Series 2024, 5% 7/1/54 (Build America Mutual Assurance Insured) | 350,000 | 366,008 | |
| Mercer County Gen. Oblig. Series 2021: | |||
| 2% 2/15/32 | 115,000 | 97,789 | |
| 2.375% 2/15/30 | 15,000 | 13,725 | |
| New Jersey Trans. Trust Fund Auth.: | |||
| Series 2018 A, 5% 12/15/32 | 100,000 | 106,950 | |
| Series 2021 A, 5% 6/15/33 | 95,000 | 105,155 | |
| Series 2022 A, 4% 6/15/39 | 50,000 | 49,619 | |
| Series 2022 BB, 5% 6/15/31 | 130,000 | 144,378 | |
| Series A, 0% 12/15/31 | 50,000 | 37,621 | |
TOTAL NEW JERSEY | 921,245 | ||
| New York - 9.5% | |||
| Dorm. Auth. New York Univ. Rev. Series 2018 A, 5% 7/1/36 | 10,000 | 10,683 | |
| Dutchess County Local Dev. Corp. Rev. (Vassar College Proj.) Series 2020, 5% 7/1/45 | 60,000 | 62,593 | |
| Long Island Pwr. Auth. Elec. Sys. Rev.: | |||
| Series 2020 A: | |||
5% 9/1/35 | 10,000 | 11,131 | |
5% 9/1/38 | 170,000 | 185,099 | |
| Series 2021 A1, 4% 9/1/37 | 75,000 | 77,787 | |
| Monroe County Indl. Dev. Corp. (Univ. of Rochester Proj.): | |||
| Series 2017 A, 3.875% 7/1/42 | 15,000 | 14,071 | |
| Series 2017 D, 4% 7/1/43 | 45,000 | 44,060 | |
| New York City Gen. Oblig.: | |||
| Series 2008 J11, 5% 8/1/26 | 190,000 | 196,588 | |
| Series 2022 A1, 5% 8/1/47 | 290,000 | 306,877 | |
| New York Dorm. Auth. Rev.: | |||
| Series 2015 A, 3.75% 7/1/46 | 10,000 | 8,304 | |
| Series 2022 A: | |||
5% 7/1/29 | 110,000 | 117,598 | |
5% 7/1/34 | 200,000 | 214,954 | |
| New York Metropolitan Trans. Auth. Rev.: | |||
| Series 2017 C1: | |||
5% 11/15/27 | 20,000 | 21,165 | |
5% 11/15/29 | 50,000 | 52,940 | |
5% 11/15/31 | 135,000 | 142,852 | |
| Series 2019 C, 5% 11/15/39 | 70,000 | 74,337 | |
| Series 2024 A, 5% 11/15/35 | 20,000 | 22,686 | |
| New York State Dorm. Auth.: | |||
| Series 2017 A, 5% 2/15/31 | 15,000 | 15,662 | |
| Series 2021 E: | |||
3% 3/15/50 | 100,000 | 75,932 | |
5% 3/15/36 | 250,000 | 281,744 | |
| New York State Urban Dev. Corp. Series 2020 E, 4% 3/15/35 | 30,000 | 31,039 | |
| New York State Urban Eev Corp. Series 2019 A, 5% 3/15/37 | 85,000 | 91,969 | |
| Saratoga County Cap. Resources Rev. (Skidmore College Proj.) Series 2020 A, 5% 7/1/45 | 90,000 | 94,848 | |
| Suffolk County Gen. Oblig. Series 2017 D, 4% 2/1/28 (Build America Mutual Assurance Insured) | 100,000 | 103,194 | |
TOTAL NEW YORK | 2,258,113 | ||
| North Carolina - 0.6% | |||
| Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Bonds Series 2021 C, 5%, tender 12/1/28 (b) | 25,000 | 26,740 | |
| Univ. of North Carolina at Chapel Hill Rev. Series 2021 B, 5% 12/1/38 | 100,000 | 112,199 | |
TOTAL NORTH CAROLINA | 138,939 | ||
| Ohio - 1.2% | |||
| Allen County Hosp. Facilities Rev. (Mercy Health) Series 2017 A, 5% 8/1/29 | 10,000 | 10,584 | |
| Fairfield County Gen. Oblig. Series 2015, 3.5% 12/1/37 | 10,000 | 9,494 | |
| Forest Hills Local School District Series 2015, 3.25% 12/1/38 | 15,000 | 13,056 | |
| Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013, 5% 2/15/48 | 50,000 | 44,807 | |
| Northeast Ohio Reg'l. Swr. District Wastewtr. Rev. Series 2019, 3% 11/15/33 | 20,000 | 19,094 | |
| Ohio Gen. Oblig. Series 2019 A, 5% 5/1/30 | 20,000 | 20,966 | |
| Ohio Higher Edl. Facility Commission Rev. (Univ. of Dayton Proj.) Series 2018 B, 5% 12/1/29 | 25,000 | 26,596 | |
| Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. (Mtg.-Backed Securities Prog.) Series 2022 A, 5% 3/1/30 | 15,000 | 16,058 | |
| Scioto County Hosp. Facilities Rev. Series 2016, 3.5% 2/15/38 | 120,000 | 106,527 | |
| Willoughby-Eastlake City School District Series 2016, 3.375% 12/1/36 | 20,000 | 18,421 | |
TOTAL OHIO | 285,603 | ||
| Oklahoma - 0.1% | |||
| Oklahoma State Univ. Agricultural And Mechanical College Series 2020 A, 5% 9/1/32 | 15,000 | 16,613 | |
| Oregon - 1.8% | |||
| Medford Hosp. Facilities Auth. Rev. (Asante Projs.) Series 2020 A, 5% 8/15/38 | 15,000 | 15,880 | |
| Oregon Facilities Auth. Rev. Series 2022 B, 5% 6/1/30 | 140,000 | 151,659 | |
| Salem Hosp. Facility Auth. Rev. (Salem Health Projs.) Series 2019 A, 3% 5/15/49 | 350,000 | 257,399 | |
TOTAL OREGON | 424,938 | ||
| Pennsylvania - 2.6% | |||
| Allegheny County Series 2020 C78, 3% 11/1/36 | 20,000 | 17,977 | |
| Allegheny County Higher Ed. Bldg. Auth. Series 2024 A, 5% 8/1/27 | 100,000 | 105,936 | |
| Bethlehem Area School District Series 2016 B, 3% 2/1/36 | 40,000 | 36,043 | |
| Chester County Health & Ed. Facilities Auth. Health Sys. Rev. Series 2017 A, 4% 10/1/42 | 100,000 | 95,751 | |
| Dubois Hosp. Auth. Hosp. Rev. (Penn Highlands Healthcare Proj.) Series 2018: | |||
| 5% 7/15/27 | 45,000 | 46,272 | |
| 5% 7/15/28 | 30,000 | 31,169 | |
| Lackawanna County Gen. Oblig. Series 2017, 3.375% 9/1/35 | 70,000 | 65,861 | |
| Montgomery County Higher Ed. & Health Auth. Rev. Series 2019: | |||
| 5% 9/1/31 | 10,000 | 10,635 | |
| 5% 9/1/32 | 135,000 | 143,390 | |
| Penn Hills School District Series 2020, 3% 10/1/37 | 75,000 | 65,443 | |
TOTAL PENNSYLVANIA | 618,477 | ||
| Rhode Island - 0.2% | |||
| Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev. Series 2023, 5% 11/1/47 | 25,000 | 26,609 | |
| Rhode Island Student Ln. Auth. Student Ln. Rev. Series 2024 A, 5% 12/1/28 (c) | 20,000 | 21,008 | |
TOTAL RHODE ISLAND | 47,617 | ||
| South Carolina - 0.2% | |||
| Greenwood Fifty School Facilities Installment (Greenwood School District No. 50, South Carolina Proect) Series 2016, 3% 12/1/30 | 45,000 | 42,222 | |
| Tennessee - 0.5% | |||
| Knox County Health Edl. & Hsg. Facilities Board Rev. Series 2017, 5% 4/1/27 | 25,000 | 25,555 | |
| Nashville and Davidson County Metropolitan Govt. Health & Edl. Facilities Board Rev. (Lipscomb Univ. Proj.) Series 2019 A, 5.25% 10/1/58 | 10,000 | 10,059 | |
| Shelby County Health Edl. & Hsg. Facilities Board Rev. Series 2017 A, 3.375% 5/1/32 | 95,000 | 92,362 | |
TOTAL TENNESSEE | 127,976 | ||
| Texas - 3.0% | |||
| Joya Independent School District Series 2013, 3% 2/15/36 | 10,000 | 9,104 | |
| Alvin Independent School District Series 2016 A, 5% 2/15/28 | 20,000 | 20,555 | |
| Collin County Series 2019, 3.25% 2/15/37 | 150,000 | 134,778 | |
| Cypress-Fairbanks Independent School District Series 2016, 5% 2/15/25 | 15,000 | 15,168 | |
| Denton County Gen. Oblig. Series 2016, 3% 7/15/34 | 50,000 | 44,634 | |
| Harris County Cultural Ed. Facilities Fin. Corp. Med. Facilities Rev. Series 2016, 3% 11/15/32 | 135,000 | 122,450 | |
| Houston City of Higher Ed. Fin. Corp. (Houston Baptist Univ. Proj.) Series 2021, 3.375% 10/1/37 | 20,000 | 16,464 | |
| North Texas Tollway Auth. Rev. Series 2021 B, 3% 1/1/46 | 25,000 | 19,432 | |
| San Antonio Wtr. Sys. Rev.: | |||
| Series 2018 A, 5% 5/15/33 | 15,000 | 16,008 | |
| Series 2020 A, 5% 5/15/27 | 10,000 | 10,540 | |
| Univ. of Houston Univ. Revs.: | |||
| Series 2017 C, 3.125% 2/15/36 | 70,000 | 63,494 | |
| Series 2021 A, 2% 2/15/33 | 35,000 | 29,421 | |
| Univ. of Texas Board of Regents Sys. Rev. Series 2021 A, 2% 8/15/36 | 200,000 | 152,418 | |
| Wichita Falls Independent School District Series 2021, 4% 2/1/28 | 50,000 | 51,311 | |
TOTAL TEXAS | 705,777 | ||
| Utah - 0.1% | |||
| Utah County Hosp. Rev. Series 2016 B, 3% 5/15/47 | 40,000 | 30,607 | |
| Virginia - 2.0% | |||
| Virginia College Bldg. Auth. Edl. Facilities Rev. (21st Century College and Equip. Progs.): | |||
| Series 2017 E, 5% 2/1/31 | 10,000 | 10,662 | |
| Series 2021 A, 3% 2/1/39 | 20,000 | 17,370 | |
| Virginia Commonwealth Trans. Board Rev.: | |||
| (Virginia Gen. Oblig. Proj.) Series 2017 A, 5% 5/15/29 | 60,000 | 63,766 | |
| (Virginia Gen. Oblig.) Series 2017 A, 5% 5/15/27 | 20,000 | 21,104 | |
| Series 2019, 3% 5/15/33 | 225,000 | 213,808 | |
| Virginia Commonwealth Univ. Health Sys. Auth. Series 2017 A, 5% 7/1/28 | 5,000 | 5,244 | |
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Series 2019 A, 4% 8/1/36 | 150,000 | 153,361 | |
TOTAL VIRGINIA | 485,315 | ||
| Washington - 4.6% | |||
| Energy Northwest Elec. Rev. Series 2020 A, 5% 7/1/34 | 100,000 | 110,920 | |
| King County Wash Hsg. Auth. Afford (Kirkland Heights Proj.) Series 2023 A3, 4.625% 1/1/41 | 120,000 | 122,945 | |
| Washington Gen. Oblig.: | |||
| Series 2016 D, 5% 2/1/28 | 130,000 | 133,334 | |
| Series 2018 A, 5% 8/1/27 | 50,000 | 52,870 | |
| Series 2018 C, 5% 8/1/30 | 30,000 | 31,655 | |
| Series 2020 A, 5% 8/1/27 | 60,000 | 63,444 | |
| Series 2020 C, 5% 2/1/37 | 10,000 | 10,886 | |
| Series 2021 A, 5% 8/1/43 | 195,000 | 207,852 | |
| Series 2022 A, 5% 8/1/42 | 40,000 | 43,254 | |
| Series 2023 A, 5% 8/1/41 | 125,000 | 136,794 | |
| Washington Health Care Facilities Auth. Rev.: | |||
| (Overlake Hosp. Med. Ctr., WA. Proj.) Series 2017 B, 5% 7/1/27 | 25,000 | 25,270 | |
| (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/33 | 40,000 | 41,652 | |
| Series 2017 A, 4% 7/1/37 | 130,000 | 118,168 | |
TOTAL WASHINGTON | 1,099,044 | ||
| West Virginia - 0.4% | |||
| West Virginia Hosp. Fin. Auth. Hosp. Rev. Series 2016 A, 3.25% 6/1/39 | 100,000 | 87,641 | |
| Wisconsin - 2.6% | |||
| Sun Prairie Area School District Series 2017, 3.5% 3/1/37 | 20,000 | 18,732 | |
| Wisconsin Gen. Oblig. Series 2025 1, 5% 5/1/34 (d) | 200,000 | 225,787 | |
| Wisconsin Health & Edl. Facilities: | |||
| Series 2013 B2, 4% 11/15/43 | 60,000 | 56,996 | |
| Series 2016 A, 3.5% 2/15/46 | 330,000 | 241,441 | |
| Wisconsin Health & Edl. Facilities Auth. Rev. Series 2021, 5% 8/15/35 | 50,000 | 53,458 | |
| Wisconsin St Gen. Fund Annual Appropriation Series 2019 A, 5% 5/1/26 (Escrowed to Maturity) | 15,000 | 15,488 | |
TOTAL WISCONSIN | 611,902 | ||
| TOTAL MUNICIPAL BONDS (Cost $22,434,755) | 22,538,082 | ||
| Municipal Notes - 8.0% | |||
Principal Amount (a) | Value ($) | ||
| Alabama - 3.2% | |||
| Walker County Econ. & Indl. Dev. Auth. Solid Waste Disp. Rev. (Alabama Pwr. Co. Plant Gorgas Proj.) Series 2023, 3.65% 5/1/24, VRDN (b)(c) | 760,000 | 760,000 | |
| Georgia - 3.0% | |||
| Bartow County Dev. Auth. (Georgia Pwr. Co. Plant Bowen Proj.) Series 2022, 3.7% 5/1/24, VRDN (b)(c) | 700,000 | 700,000 | |
| Illinois - 1.0% | |||
| Illinois Fin. Auth. Rev. Participating VRDN Series Floater 041, 3.45% 5/1/24 (Liquidity Facility Barclays Bank PLC) (b)(e)(f) | 240,000 | 240,000 | |
| Kentucky - 0.8% | |||
| Meade County Indl. Bldg. Rev. (Nucor Steel Brandenburg Proj.) Series 2020 A1, 3.98% 5/1/24, VRDN (b)(c) | 200,000 | 200,000 | |
| TOTAL MUNICIPAL NOTES (Cost $1,900,000) | 1,900,000 | ||
| Money Market Funds - 0.0% | |||
| Shares | Value ($) | ||
Fidelity Municipal Cash Central Fund 3.61% (g)(h) (Cost $300) | 300 | 300 | |
| TOTAL INVESTMENT IN SECURITIES - 103.2% (Cost $24,335,055) | 24,438,382 |
NET OTHER ASSETS (LIABILITIES) - (3.2)% | (763,587) |
| NET ASSETS - 100.0% | 23,674,795 |
Security Type Abbreviations
| VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend
| (a) | Amount is stated in United States dollars unless otherwise noted. |
| (b) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
| (c) | Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
| (d) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (e) | Provides evidence of ownership in one or more underlying municipal bonds. |
| (f) | Coupon rates are determined by re-marketing agents based on current market conditions. |
| (g) | Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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% | 1,119,112 | 2,341,990 | 3,460,661 | 5,104 | (29) | (112) | 300 | 0.0% |
| Total | 1,119,112 | 2,341,990 | 3,460,661 | 5,104 | (29) | (112) | 300 | |
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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