Quarterly Holdings Report
for
Fidelity Flex℠ Conservative Income Municipal Bond Fund
September 30, 2019
XCB-QTLY -1119
1.9884862.101
Schedule of Investments September 30, 2019 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 64.2% | |||
Principal Amount | Value | ||
Alabama - 1.2% | |||
Black Belt Energy Gas District Bonds Series 2017 A, 4%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) (a) | 125,000 | 132,641 | |
Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds Series 2009 E, 1.85%, tender 3/24/20 (a) | 450,000 | 450,489 | |
TOTAL ALABAMA | 583,130 | ||
Arizona - 0.9% | |||
Arizona State Lottery Rev. Series 2019, 5% 7/1/20 (b) | 100,000 | 102,708 | |
Coconino County Poll. Cont. Corp. Rev. Bonds (Nevada Pwr. Co. Projs.) Series 2017 A, 1.8%, tender 5/21/20 (a)(c) | 150,000 | 150,074 | |
Maricopa County Rev. Bonds Series 2019 B, SIFMA Municipal Swap Index + 0.380% 1.96%, tender 10/18/22 (a)(d) | 200,000 | 200,366 | |
TOTAL ARIZONA | 453,148 | ||
California - 0.5% | |||
California Infrastructure and Econ. Dev. Bank Rev. Bonds Series 2018 C, 1 month U.S. LIBOR + 0.380% 1.793%, tender 8/1/21 (a)(d) | 245,000 | 245,007 | |
Colorado - 0.8% | |||
Colorado Univ. Co. Hosp. Auth. Rev. Bonds Series 2017C-1, 4%, tender 3/1/20 (a) | 280,000 | 280,350 | |
E-470 Pub. Hwy. Auth. Rev.: | |||
Series 2015 A, 5% 9/1/20 | $50,000 | $51,582 | |
Series B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 45,000 | 44,386 | |
TOTAL COLORADO | 376,318 | ||
Connecticut - 2.6% | |||
Connecticut Gen. Oblig.: | |||
Series 2011, 5% 5/15/22 | 200,000 | 211,268 | |
Series 2012 A, SIFMA Municipal Swap Index + 1.250% 2.83% 4/15/20 (a)(d) | 100,000 | 100,566 | |
Series 2014 F, 5% 11/15/20 | 375,000 | 389,981 | |
Series 2015 C, SIFMA Municipal Swap Index + 0.900% 2.48% 6/15/21 (a)(d) | 100,000 | 100,818 | |
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | |||
Series 2015 B, 5% 8/1/20 | 245,000 | 252,150 | |
Series 2016 A, 5% 9/1/21 | 220,000 | 234,773 | |
TOTAL CONNECTICUT | 1,289,556 | ||
District Of Columbia - 1.0% | |||
Metropolitan Washington DC Arpts. Auth. Sys. Rev.: | |||
Series 2011 C: | |||
5% 10/1/21 (c) | 205,000 | 219,192 | |
5% 10/1/22 (c) | 20,000 | 21,402 | |
Series 2017 A, 5% 10/1/22 (c) | 215,000 | 237,169 | |
Series 2019 A: | |||
5% 10/1/21 (c) | 10,000 | 10,692 | |
5% 10/1/22 (c) | 5,000 | 5,516 | |
TOTAL DISTRICT OF COLUMBIA | 493,971 | ||
Florida - 7.8% | |||
Broward County Arpt. Sys. Rev. Series 2012 P1, 5% 10/1/20 (c) | 100,000 | 103,451 | |
Broward County Port Facilities Rev. Series 2009 A, 5% 9/1/20 | 150,000 | 150,400 | |
Florida Mid-Bay Bridge Auth. Rev. Series 2015 A, 5% 10/1/22 | 180,000 | 196,951 | |
Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | |||
Series 2011 C, 5% 10/1/19 | 200,000 | 200,000 | |
Series 2019 A, 5% 10/1/22 (c) | 105,000 | 115,752 | |
Jacksonville Elec. Auth. Elec. Sys. Rev.: | |||
Series 2012 A, 5% 10/1/20 | 200,000 | 206,660 | |
Series 2013 A: | |||
3.5% 10/1/19 | 485,000 | 485,000 | |
5% 10/1/20 | 200,000 | 206,660 | |
Series 2013 C, 5% 10/1/19 | 225,000 | 225,000 | |
Series 2013 D, 5% 10/1/21 | 200,000 | 213,274 | |
Series 2014 A, 5% 10/1/19 | 445,000 | 445,000 | |
Jea Bulk Pwr. Supply Sys. Rev. Series 2014 A, 3.5% 10/1/19 | 400,000 | 400,000 | |
Miami-Dade County Aviation Rev. Series A1, 5% 10/1/20 | 170,000 | 176,005 | |
Miami-Dade County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt. of Florida Proj.) Series 2018, 2.85%, tender 8/2/21 (a)(c) | 150,000 | 153,233 | |
Miami-Dade County School Board Ctfs. of Prtn. Series 2015 A, 5% 5/1/21 | 100,000 | 105,785 | |
Orange County Health Facilities Auth.: | |||
Series 2009, 5.25% 10/1/19 (Escrowed to Maturity) | 240,000 | 240,000 | |
Series B, 5% 10/1/22 | 100,000 | 110,715 | |
Pasco County School District Sales Tax Rev. Series 2013, 5% 10/1/19 | 135,000 | 135,000 | |
TOTAL FLORIDA | 3,868,886 | ||
Georgia - 3.2% | |||
Bartow County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Bowen Proj.) Series 2013, 1.55%, tender 8/19/22 (a) | 100,000 | 99,216 | |
Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
(Combined Cycle Proj.) Series 2012 A, 5% 11/1/20 | 75,000 | 77,860 | |
(Gen. Resolution Proj.) Series 2008 A, 5.25% 1/1/21 | 225,000 | 235,411 | |
(Gen. Resolution Projs.) Series 2009 B, 5% 1/1/20 | 290,000 | 292,479 | |
(Proj. One) Series 2008 A, 5.25% 1/1/20 | 75,000 | 75,687 | |
Series 2009 B, 5% 1/1/20 | 320,000 | 322,760 | |
Series 2011 A, 5% 1/1/21 | 220,000 | 229,502 | |
Series 2016 A, 5% 1/1/20 | 160,000 | 161,368 | |
Monroe County Dev. Auth. Poll. Cont. Rev. Bonds (Gulf Pwr. Co. Plant Scherer Proj.) Series 2002 1, 2%, tender 6/25/20 (a) | 100,000 | 100,274 | |
TOTAL GEORGIA | 1,594,557 | ||
Illinois - 13.3% | |||
Chicago Metropolitan Wtr. Reclamation District of Greater Chicago: | |||
Series 2011 B, 5% 12/1/19 | 165,000 | 165,957 | |
Series 2014 D, 5% 12/1/19 | 50,000 | 50,290 | |
Chicago O'Hare Int'l. Arpt. Rev. Series 2013 D, 5% 1/1/22 | 215,000 | 232,067 | |
Chicago Park District Gen. Oblig.: | |||
Series 2013, 5% 1/1/20 | 615,000 | 620,134 | |
Series 2018 E, 5% 11/15/19 | 170,000 | 170,691 | |
Cook County Gen. Oblig.: | |||
Series 2009 C, 5% 11/15/21 | 300,000 | 301,254 | |
Series 2009 D, 5% 11/15/19 | 205,000 | 205,851 | |
Series 2011 A, 5% 11/15/19 | 475,000 | 476,972 | |
Series 2012 C, 5% 11/15/21 | 150,000 | 160,508 | |
Series 2014 A, 5% 11/15/21 | 100,000 | 107,005 | |
Illinois Fin. Auth. Rev.: | |||
Series 2009, 5% 8/15/20 | 100,000 | 103,125 | |
Series 2011 IL, 4% 12/1/20 | 150,000 | 154,556 | |
Series 2012 C, 5% 8/15/21 | 145,000 | 154,429 | |
Series 2015 A, 5% 11/15/20 | 110,000 | 114,369 | |
Illinois Gen. Oblig.: | |||
Series 2010, 5% 1/1/21 (FSA Insured) | 165,000 | 166,378 | |
Series 2017 B, 5% 11/1/19 | 250,000 | 250,601 | |
Series 2017 D, 5% 11/1/20 | 400,000 | 411,976 | |
Series 2018 A, 5% 10/1/20 | 100,000 | 102,777 | |
Series 2018 B, 5% 10/1/20 | 240,000 | 246,664 | |
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A, 5% 2/1/21 | 170,000 | 177,898 | |
Illinois Reg'l. Trans. Auth. Series 2016 A, 5% 6/1/21 | 200,000 | 211,762 | |
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2014 A: | |||
5% 12/1/20 | 100,000 | 104,116 | |
5% 12/1/22 | 275,000 | 305,143 | |
Railsplitter Tobacco Settlement Auth. Rev.: | |||
Series 2010: | |||
5.25% 6/1/20 | 255,000 | 261,133 | |
5.375% 6/1/21 | 375,000 | 398,239 | |
Series 2017: | |||
5% 6/1/22 | 235,000 | 255,753 | |
5% 6/1/23 | 370,000 | 414,322 | |
Univ. of Illinois Rev. Series 1991, 0% 4/1/21 | 230,000 | 223,551 | |
TOTAL ILLINOIS | 6,547,521 | ||
Indiana - 1.6% | |||
Indiana Fin. Auth. Hosp. Rev. Bonds: | |||
Series 2011 H, 1.65%, tender 7/1/22 (a) | 145,000 | 145,483 | |
Series 2011 L: | |||
SIFMA Municipal Swap Index + 0.280% 1.86%, tender 7/2/21 (a)(d) | 100,000 | 100,027 | |
SIFMA Municipal Swap Index + 0.280% 1.86%, tender 7/2/21 (a)(d) | 100,000 | 100,026 | |
Series 2015 B, 1.65%, tender 7/2/22 (a) | 50,000 | 50,167 | |
Indiana Fin. Auth. Rev. (Butler Univ. Proj.) Series 2019, 3% 2/1/21 | 140,000 | 142,922 | |
Indianapolis Local Pub. Impt. (Indianapolis Arpt. Auth. Proj.) Series 2015 I, 5% 1/1/23 (c) | 205,000 | 227,214 | |
TOTAL INDIANA | 765,839 | ||
Kansas - 0.4% | |||
Kansas Dev. Fin. Agcy. Series 2009, 5.5% 11/15/22 | 200,000 | 201,000 | |
Kentucky - 2.6% | |||
Kentucky State Property & Buildings Commission Rev.: | |||
(Kentucky St Proj.) Series 2010, 5% 8/1/20 | 650,000 | 668,804 | |
(Proj. No. 83) Series 2004, 5% 10/1/19 (AMBAC Insured) | 200,000 | 200,000 | |
Series 2018, 5% 5/1/23 | 65,000 | 72,810 | |
Kentucky, Inc. Pub. Energy Series 2018 B, 4% 7/1/21 | 100,000 | 103,900 | |
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.) Series 2001 B, 2.55%, tender 5/3/21 (a) | 250,000 | 254,335 | |
TOTAL KENTUCKY | 1,299,849 | ||
Louisiana - 0.5% | |||
Louisiana Citizens Property Ins. Corp. Assessment Rev. Series 2015, 5% 6/1/20 | 165,000 | 168,831 | |
St. John Baptist Parish Rev. Bonds (Marathon Oil Corp.) Series 2017, 2%, tender 4/1/23 (a) | 100,000 | 100,208 | |
TOTAL LOUISIANA | 269,039 | ||
Massachusetts - 0.2% | |||
Massachusetts Edl. Fing. Auth. Rev. Series 2010 A, 5.5% 1/1/22 | 100,000 | 101,114 | |
Michigan - 4.2% | |||
Grand Traverse County Hosp. Fin. Auth. Series 2011 A, 5% 7/1/20 | 115,000 | 117,977 | |
Michigan Fin. Auth. Rev.: | |||
(Henry Ford Health Sys. Proj.) Series 2016, 5% 11/15/20 | 295,000 | 306,213 | |
Bonds: | |||
Series 2016 MI2, SIFMA Municipal Swap Index + 0.480% 2.06%, tender 2/1/22 (a)(d) | 200,000 | 200,268 | |
Series 2019 B, 3.5%, tender 11/15/22 (a) | 70,000 | 73,960 | |
Series 2010 A, 5% 12/1/19 | 160,000 | 160,946 | |
Series 2015 A: | |||
5% 5/15/20 | 125,000 | 127,732 | |
5% 8/1/22 | 125,000 | 137,516 | |
Series 2015 MI, 5% 12/1/21 | 100,000 | 107,649 | |
Michigan Hosp. Fin. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series F5, 1.9%, tender 4/1/21 (a) | 180,000 | 181,382 | |
Milan Area Schools Series 2019, 5% 5/1/21 | 170,000 | 179,532 | |
Wayne County Arpt. Auth. Rev.: | |||
(Detroit Metropolitan Wayne County Arpt.) Series 2015 G, 5% 12/1/19 | 200,000 | 201,203 | |
Series 2011 A, 5% 12/1/19 (c) | 260,000 | 261,507 | |
TOTAL MICHIGAN | 2,055,885 | ||
Minnesota - 0.9% | |||
Rochester Health Care Facilities Rev. Bonds (Mayo Foundation Proj.) Series C, 4.5%, tender 11/15/21 (a) | 200,000 | 212,736 | |
Saint Cloud Health Care Rev. Series 2014 B, 5% 5/1/23 | 205,000 | 230,088 | |
TOTAL MINNESOTA | 442,824 | ||
Nevada - 1.7% | |||
Clark County Arpt. Rev.: | |||
(Sub Lien Proj.) Series 2017 A-1, 5% 7/1/20 (c) | 200,000 | 205,314 | |
Series 2013 A, 5% 7/1/21 (c) | 125,000 | 132,649 | |
Series 2017 C, 5% 7/1/21 (c) | 200,000 | 212,238 | |
Clark County School District Series 2016 F, 5% 6/15/21 | 200,000 | 212,070 | |
Washoe County Gas Facilities Rev. Bonds Series 2016 F, 2.05%, tender 4/15/22 (a)(c) | 100,000 | 100,668 | |
TOTAL NEVADA | 862,939 | ||
New Jersey - 8.9% | |||
New Jersey Econ. Dev. Auth. Rev. Series 2015 XX, 4% 6/15/22 | 200,000 | 210,740 | |
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | |||
Series 2011 1: | |||
5% 12/1/19 (c) | 200,000 | 201,119 | |
5% 12/1/20 (c) | 135,000 | 140,323 | |
Series 2012 1A, 4% 12/1/19 (c) | 210,000 | 210,834 | |
Series 2013, 4% 12/1/20 (c) | 40,000 | 41,118 | |
Series 2015 1A: | |||
5% 12/1/21 (c) | 600,000 | 642,834 | |
5% 12/1/22 (c) | 100,000 | 110,080 | |
Series 2015 A, 5% 12/1/20 (c) | 100,000 | 103,943 | |
Series 2018 B, 5% 12/1/20 (c) | 100,000 | 103,943 | |
Series 2019 A, 5% 12/1/22 | 15,000 | 16,659 | |
New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Series 2019 D, 4% 10/1/22 (c) | 100,000 | 105,848 | |
New Jersey Inst of Technology Series 2015 A, 5% 7/1/23 | 190,000 | 213,328 | |
New Jersey Tobacco Settlement Fing. Corp. Series 2018 A: | |||
5% 6/1/21 | 100,000 | 105,671 | |
5% 6/1/23 | 175,000 | 195,699 | |
New Jersey Trans. Trust Fund Auth.: | |||
Series 2003 B. 5.25% 12/15/19 | 90,000 | 90,648 | |
Series 2014 AA, 5% 6/15/20 | 200,000 | 204,643 | |
Series 2016 A: | |||
5% 6/15/20 | 180,000 | 184,307 | |
5% 6/15/21 | 100,000 | 105,773 | |
5% 6/15/22 | 100,000 | 108,874 | |
Series 2018 A: | |||
5% 6/15/21 | 175,000 | 185,103 | |
5% 6/15/22 | 210,000 | 228,635 | |
New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A: | |||
5% 9/15/20 | 250,000 | 258,293 | |
5% 9/15/21 | 570,000 | 607,791 | |
TOTAL NEW JERSEY | 4,376,206 | ||
New York - 0.4% | |||
New York Metropolitan Trans. Auth. Rev. Series 2018 C, 5% 9/1/20 | 175,000 | 180,585 | |
Ohio - 0.5% | |||
Allen County Hosp. Facilities Rev. Bonds (Mercy Health) Series 2017 B, 5%, tender 5/5/22 (a) | 155,000 | 168,823 | |
Franklin County Hosp. Facilities Rev. Bonds (Ohio Health Corp.) Series 2018 B, SIFMA Municipal Swap Index + 0.430% 2.01%, tender 11/15/21 (a)(d) | 100,000 | 100,217 | |
TOTAL OHIO | 269,040 | ||
Pennsylvania - 3.7% | |||
Allegheny County Arpt. Auth. Rev. Series 2001, 5% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 100,000 | 104,306 | |
Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2016 A, 5% 6/1/20 | 100,000 | 102,268 | |
Lehigh County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (PPL Elec. Utils. Corp. Proj.) Series 2016 A, 1.8%, tender 9/1/22 (a) | 30,000 | 30,076 | |
Pennsylvania Gen. Oblig.: | |||
Series 2011, 5% 11/15/20 | 60,000 | 62,444 | |
Series 2016, 5% 1/15/22 | 255,000 | 276,007 | |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
(Thomas Jefferson Univ. Proj.) Series 2012, 5% 3/1/20 | 50,000 | 50,727 | |
First Series 2012, 5% 4/1/21 | 125,000 | 131,798 | |
Pennsylvania Tpk. Commission Tpk. Rev.: | |||
Series 2018 A1: | |||
SIFMA Municipal Swap Index + 0.350% 1.93% 12/1/20 (a)(d) | 100,000 | 100,224 | |
SIFMA Municipal Swap Index + 0.430% 2.01% 12/1/21 (a)(d) | 200,000 | 200,844 | |
Series 2018 B, SIFMA Municipal Swap Index + 0.500% 2.08% 12/1/21 (a)(d) | 130,000 | 130,490 | |
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev. Series 2019 A, 5% 9/1/22 | 300,000 | 330,906 | |
Univ. of Pittsburgh Commonwealth Sys. of Higher Ed. Series 2018, SIFMA Municipal Swap Index + 0.240% 1.82% 9/15/21 (a)(d) | 300,000 | 299,541 | |
TOTAL PENNSYLVANIA | 1,819,631 | ||
Rhode Island - 0.4% | |||
Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev. Series 2015, 5% 11/1/21 | 200,000 | 214,592 | |
South Carolina - 0.6% | |||
South Carolina Pub. Svc. Auth. Rev. Series 2012, 5% 12/1/19 | 275,000 | 276,493 | |
Tennessee - 0.2% | |||
Jackson Hosp. Rev. Series 2018 A, 5% 4/1/20 | 100,000 | 101,672 | |
Texas - 1.7% | |||
Bridgeport Independent School District Series 2010, 4% 8/15/20 | 340,000 | 340,752 | |
Dallas Fort Worth Int'l. Arpt. Rev.: | |||
Series 2013 E, 5% 11/1/19 (c) | 120,000 | 120,343 | |
Series 2014 D, 5% 11/1/21 (c) | 100,000 | 107,210 | |
Lower Colorado River Auth. Rev. Series 2012 B, 5% 5/15/21 | 245,000 | 259,516 | |
TOTAL TEXAS | 827,821 | ||
Virginia - 0.9% | |||
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds Series 2008 B, 2.15%, tender 9/1/20 (a) | 250,000 | 251,377 | |
Wise County Indl. Dev. Auth. Waste & Sewage Rev. Bonds: | |||
(Virginia Elec. and Pwr. Co. Proj.) Series 2010 A, 1.875%, tender 6/1/20 (a) | 25,000 | 25,055 | |
Series 2009 A, 2.15%, tender 9/1/20 (a) | 50,000 | 50,275 | |
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.9%, tender 6/1/23 (a) | 100,000 | 101,076 | |
TOTAL VIRGINIA | 427,783 | ||
Washington - 0.6% | |||
Port of Seattle Rev. Series C, 5% 2/1/21 (c) | 105,000 | 109,963 | |
Tobacco Settlement Auth. Rev. Series 2018, 5% 6/1/23 | 155,000 | 173,619 | |
TOTAL WASHINGTON | 283,582 | ||
West Virginia - 0.8% | |||
Harrison County Commission Solid Waste Disp. Rev. Bonds (Monongahela Pwr. Co. Proj.) Series 2018 A, 3%, tender 10/15/21 (a)(c) | 300,000 | 307,488 | |
Mason Co. Poll. Cont. Rev. (Appalachian Pwr. Co. Proj.) Series 2003 L, 2.75% 10/1/22 | 100,000 | 103,291 | |
TOTAL WEST VIRGINIA | 410,779 | ||
Wisconsin - 2.1% | |||
Wisconsin Health & Edl. Facilities: | |||
Bonds: | |||
Series 2018 B, 5%, tender 1/26/22 (a) | 100,000 | 108,203 | |
Series 2018 C, SIFMA Municipal Swap Index + 0.450% 2.03%, tender 7/27/22 (a)(d) | 155,000 | 154,763 | |
Series 2017 A, 5% 4/1/20 | 150,000 | 152,629 | |
Wisconsin Health & Edl. Facilities Auth. (Unitypoint Health Proj.) Series 2014 A, 5% 12/1/19 | 200,000 | 201,160 | |
Wisconsin Health & Edl. Facilities Auth. Rev.: | |||
Series 2009 A, 5.5% 12/15/20 | 250,000 | 252,065 | |
Series 2012 B, 5% 8/15/21 | 170,000 | 181,055 | |
TOTAL WISCONSIN | 1,049,875 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $31,547,312) | 31,688,642 | ||
Municipal Notes - 35.6% | |||
Alabama - 1.2% | |||
Birmingham Indl. Dev. Board Solid Waste Rev. (American Cast Iron Pipe Co. Proj.) Series 2000, 1.8% 10/7/19, LOC Bank of America NA, VRDN (a)(c) | 180,000 | $180,000 | |
Walker County Econ. & Indl. Dev. Auth. Solid Waste Disp. Rev. (Alabama Pwr. Co. Plant Gorgas Proj.) Series 2007, 1.83% 10/1/19, VRDN (a)(c) | 400,000 | 400,000 | |
TOTAL ALABAMA | 580,000 | ||
California - 0.4% | |||
California Health Facilities Fing. Auth. Rev. Participating VRDN Series Floaters XG 00 48, 1.68% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 100,000 | 100,000 | |
San Jose Multi-family Hsg. Rev. Participating VRDN Series XF 10 85, 1.88% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f)(g) | 100,000 | 100,000 | |
TOTAL CALIFORNIA | 200,000 | ||
Colorado - 2.6% | |||
Colorado Hsg. & Fin. Auth. Econ. Dev. (Pacific Instruments Proj.) Series 2000, 1.8% 10/3/19, LOC Wells Fargo Bank NA, VRDN (a)(c) | 85,000 | 85,000 | |
Denver City & County Arpt. Rev. Participating VRDN: | |||
Series DBE 8027, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(e)(f) | 100,000 | 100,000 | |
Series Floaters XL 00 90, 1.83% 10/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(e)(f) | 1,100,000 | 1,100,000 | |
TOTAL COLORADO | 1,285,000 | ||
Connecticut - 0.2% | |||
New Britain Gen. Oblig. BAN Series 2018, 5% 12/19/19 | 100,000 | 100,765 | |
Florida - 6.0% | |||
Aqua One Cmnty. Dev. District Fla Participating VRDN Series Floaters XF 10 76, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 200,000 | 200,000 | |
Avenir Cmnty. Dev. District Participating VRDN Series Floaters XF 10 74, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 120,000 | 120,000 | |
Broward County Arpt. Sys. Rev. Participating VRDN Series Floaters XL 00 88, 1.83% 10/7/19 (Liquidity Facility Citibank NA) (a)(c)(e)(f) | 200,000 | 200,000 | |
Broward County Indl. Dev. Rev. (Florida Pwr. & Lt. Co. Proj.): | |||
Series 2015, 1.8% 10/1/19, VRDN (a)(c) | 505,000 | 505,000 | |
Series 2018 B, 1.85% 10/1/19, VRDN (a)(c) | 290,000 | 290,000 | |
Palm Beach County Health Facilities Auth. Rev. Participating VRDN Series Floaters 017, 1.88% 11/12/19 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | 1,300,000 | 1,299,998 | |
Pinellas County Health Facilities Auth. Rev. (Suncoast Hospice Proj.) Series 2004, 1.7% 10/7/19, LOC Wells Fargo Bank NA, VRDN (a) | 325,000 | 325,000 | |
TOTAL FLORIDA | 2,939,998 | ||
Georgia - 0.7% | |||
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.) First Series 2009, 1.82% 10/1/19, VRDN (a) | 220,000 | 220,000 | |
Monroe County Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2019, 1.77% 10/1/19, VRDN (a)(c) | 110,000 | 110,000 | |
TOTAL GEORGIA | 330,000 | ||
Illinois - 1.4% | |||
Illinois Gen. Oblig. Participating VRDN: | |||
Series Floaters XM 01 86, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 400,000 | 400,000 | |
Series Floaters XM 07 11, 1.88% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 300,000 | 300,000 | |
TOTAL ILLINOIS | 700,000 | ||
Indiana - 0.2% | |||
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 B, 1.81% 10/7/19, VRDN (a)(c) | 100,000 | 100,000 | |
Kentucky - 0.3% | |||
Glasgow Indl. Bldg. Rev. (Felker Brothers Corp. Proj.) 1.92% 10/2/19, LOC JPMorgan Chase Bank, VRDN (a)(c) | 140,000 | 140,000 | |
Louisiana - 1.8% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 1.77% 10/7/19, VRDN (a) | 400,000 | 400,000 | |
Series 2010 B1, 1.7% 10/7/19, VRDN (a) | 500,000 | 500,000 | |
TOTAL LOUISIANA | 900,000 | ||
Massachusetts - 0.8% | |||
Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series Floaters XF 23 06, 1.83% 10/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(e)(f) | 165,000 | 165,000 | |
Nahant BAN Series 2019 B, 2.5% 7/9/20 | 100,000 | 100,771 | |
Truro Massachusetts BAN Series 2019, 2.5% 6/19/20 | 100,000 | 100,709 | |
TOTAL MASSACHUSETTS | 366,480 | ||
Michigan - 0.2% | |||
Waterford School District RAN 2% 9/23/20 | 100,000 | 100,384 | |
Minnesota - 0.4% | |||
Shakopee Minn Sr Hsg. Rev. Participating VRDN Series Floaters 001, 1.88% 11/12/19 (Liquidity Facility Barclays Bank PLC) (a)(e)(f)(h) | 200,000 | 200,000 | |
Mississippi - 0.4% | |||
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Gulf Pwr. Co. Proj.) Series 2012, 1.77% 10/1/19, VRDN (a)(c) | 200,000 | 200,000 | |
Missouri - 0.2% | |||
Kansas City Indl. Dev. Auth. Participating VRDN Series XM 07 45, 1.8% 10/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(e)(f) | 100,000 | 100,000 | |
Nebraska - 0.4% | |||
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.81% 10/7/19, VRDN (a)(c) | 200,000 | 200,000 | |
Nevada - 2.0% | |||
Clark County Arpt. Rev. Participating VRDN Series ROC II R 11823, 1.73% 10/7/19 (Liquidity Facility Citibank NA) (a)(e)(f) | 1,000,000 | 1,000,000 | |
New Jersey - 2.5% | |||
Chester Township Gen. Oblig. BAN Series 2018, 3% 10/11/19 | 100,000 | 100,043 | |
Delran Township BAN Series 2018, 3% 10/25/19 | 200,000 | 200,195 | |
East Brunswick Township Gen. Oblig. BAN Series 2019, 3.5% 1/10/20 | 100,000 | 100,608 | |
Flemington BAN 3.5% 1/15/20 | 100,000 | 100,572 | |
Millburn Township Gen. Oblig. BAN Series 2019, 2.75% 1/30/20 | 100,000 | 100,479 | |
Millstone Township Gen. Oblig. BAN Series 2019, 2.25% 8/28/20 | 100,000 | 100,692 | |
Passaic Gen. Oblig. BAN Series 2019, 2.25% 8/27/20 | 100,000 | 100,635 | |
Roselle County of Union BAN Series 2018, 3.5% 12/6/19 | 100,000 | 100,383 | |
Vineland Gen. Oblig. BAN Series 2018, 3.5% 11/14/19 | 200,000 | 200,492 | |
Wood-Ridge Gen. Oblig. BAN Series 2019, 2% 9/11/20 | 100,000 | 100,420 | |
TOTAL NEW JERSEY | 1,204,519 | ||
New York - 6.8% | |||
Build NYC FC Hanson Office Assn. Participating VRDN Series BAML 50 20, 1.81% 10/7/19 (Liquidity Facility Bank of America NA) (a)(c)(e)(f) | 425,000 | 425,000 | |
Geneva Hsg. Auth. Rev. Series 2000, 1.98% 10/7/19, VRDN (a)(c) | 90,000 | 90,000 | |
Gloversville School District BAN Series 2018, 3% 10/18/19 | 500,000 | 500,337 | |
Nassau County IDA Bryant Landing Participating VRDN Series BAML 50 18, 1.81% 10/7/19 (Liquidity Facility Bank of America NA) (a)(c)(e)(f) | 300,000 | 300,000 | |
New York Hsg. Fin. Agcy. Rev. (350 West 43rd Street Hsg. Proj.) Series 2001 A, 1.82% 10/1/19, LOC Landesbank Hessen-Thuringen, VRDN (a)(c) | 175,000 | 175,000 | |
New York Metropolitan Trans. Auth. Rev. BAN: | |||
Series 2018 B, 5% 5/15/21 | 615,000 | 649,200 | |
Series 2019 D1, 5% 9/1/22 | 1,100,000 | 1,204,720 | |
TOTAL NEW YORK | 3,344,257 | ||
Ohio - 1.1% | |||
East Clinton Local School District BAN Series 2019, 2.8% 12/3/19 | 100,000 | 100,226 | |
Englewood BAN Series 2019, 3% 1/22/20 | 100,000 | 100,414 | |
Forest Park Gen. Oblig. BAN Series 2019, 2.5% 5/27/20 | 100,000 | 100,570 | |
Lorain County Indl. Dev. Rev. Series 2000, 1.79% 10/7/19, LOC PNC Bank NA, VRDN (a)(c) | 145,000 | 145,000 | |
Ohio St Econ. Dev. Rev. Series 2003, 1.79% 10/7/19, LOC PNC Bank NA, VRDN (a) | 100,000 | 100,000 | |
TOTAL OHIO | 546,210 | ||
Pennsylvania - 0.6% | |||
Pennsylvania Econ. Dev. Participating VRDN Series XM 0048, 1.68% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 200,000 | 200,000 | |
Philadelphia Auth. For Indl. Series 2017 B, 1.78% 10/6/22, VRDN (a) | 100,000 | 100,000 | |
TOTAL PENNSYLVANIA | 300,000 | ||
Texas - 3.8% | |||
Mission Econ. Dev. Corp. Idr (CMI Proj.) Series 2007, 1.75% 10/7/19, LOC Wells Fargo Bank NA, VRDN (a)(c) | 320,000 | 320,000 | |
North Texas Tollway Auth. Rev. Participating VRDN Series XM0085, 1.78% 10/7/19 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) | 100,000 | 100,000 | |
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
Series 2004, 1.82% 10/7/19, VRDN (a)(c) | 1,000,000 | 1,000,000 | |
Series 2010 C, 1.76% 10/1/19, VRDN (a) | 270,000 | 270,000 | |
Texas Private Activity Bond Surface Trans. Corp. Participating VRDN Series XM 07 56, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(e)(f) | 100,000 | 100,000 | |
Texas Trans. Commission Participating VRDN Series XM 07 53, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 100,000 | 100,000 | |
TOTAL TEXAS | 1,890,000 | ||
Virginia - 1.4% | |||
Henrico County Econ. Dev. Auth. Indl. Dev. Rev. Series 2001, 1.8% 10/7/19, LOC Wells Fargo Bank NA, VRDN (a)(c) | 355,000 | 355,000 | |
Longwood Hsg. Foundation LLC Participating VRDN Series DBE 80 39, 1.93% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) | 200,000 | 200,000 | |
Prince William County Indl. Dev. Auth. Sewage Disp. Facilities Rev. (Dale Svc. Corp. Proj.) Series 2001, 1.65% 10/7/19, LOC Wells Fargo Bank NA, VRDN (a)(c) | 150,000 | 150,000 | |
TOTAL VIRGINIA | 705,000 | ||
Washington - 0.2% | |||
Washington Econ. Dev. Fin. Auth. Rev. Participating VRDN Series Floaters 005, 1.93% 11/12/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(e)(f)(h) | 100,000 | 100,000 | |
TOTAL MUNICIPAL NOTES | |||
(Cost $17,537,185) | 17,532,613 | ||
TOTAL INVESTMENT IN SECURITIES - 99.8% | |||
(Cost $49,084,497) | 49,221,255 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 105,422 | ||
NET ASSETS - 100% | $49,326,677 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
RAN – REVENUE ANTICIPATION NOTE
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(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) 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 $100,000 or 0.2% of net assets.
(h) 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 $300,000 or 0.6% of net assets.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Shakopee Minn Sr Hsg. Rev. Participating VRDN Series Floaters 001, 1.88% 11/12/19 (Liquidity Facility Barclays Bank PLC) | 1/10/19 | $200,000 |
Washington Econ. Dev. Fin. Auth. Rev. Participating VRDN Series Floaters 005, 1.93% 11/12/19 (Liquidity Facility Barclays Bank PLC) | 1/18/19 | $100,000 |
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 | $19,255 |
Total | $19,255 |
Amounts in the 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. Security transactions are accounted for as of trade date. 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. 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: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
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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