Quarterly Holdings Report
for
Fidelity® Michigan Municipal Income Fund
September 30, 2023
MIR-NPRT3-1123
1.807731.119
Municipal Bonds - 94.0% | |||
Principal Amount (a) | Value ($) | ||
Guam - 0.4% | |||
Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | |||
6.25% 10/1/34 (b) | 600,000 | 600,000 | |
6.25% 10/1/34 (Pre-Refunded to 10/1/23 @ 100) (b) | 400,000 | 400,000 | |
Guam Pwr. Auth. Rev. Series 2022 A, 5% 10/1/44 | 1,000,000 | 950,879 | |
TOTAL GUAM | 1,950,879 | ||
Michigan - 91.9% | |||
Ann Arbor Pub. School District Series 2023, 4% 5/1/40 | 3,000,000 | 2,769,473 | |
Bloomfield Hills Schools District: | |||
Series 2020, 4% 5/1/50 | 1,500,000 | 1,308,833 | |
Series 2023, 5% 5/1/41 | 1,000,000 | 1,030,472 | |
Byron Ctr. Pub. Schools Series 2023 II, 5.25% 5/1/53 | 3,570,000 | 3,668,171 | |
Chippewa Valley Schools Series 2016 A: | |||
5% 5/1/32 | 1,000,000 | 1,012,768 | |
5% 5/1/33 | 1,000,000 | 1,011,778 | |
5% 5/1/34 | 1,075,000 | 1,085,534 | |
Detroit Downtown Dev. Auth. Tax Series A: | |||
5% 7/1/29 (Assured Guaranty Muni. Corp. Insured) | 1,340,000 | 1,346,661 | |
5% 7/1/31 (Assured Guaranty Muni. Corp. Insured) | 1,775,000 | 1,780,203 | |
Detroit Gen. Oblig.: | |||
Series 2020: | |||
5.5% 4/1/35 | 1,040,000 | 1,083,595 | |
5.5% 4/1/36 | 435,000 | 451,581 | |
5.5% 4/1/37 | 465,000 | 479,100 | |
5.5% 4/1/38 | 490,000 | 500,924 | |
Series 2021 A: | |||
5% 4/1/37 | 1,875,000 | 1,878,678 | |
5% 4/1/39 | 1,210,000 | 1,185,834 | |
Series 2023 C, 6% 5/1/43 | 1,500,000 | 1,581,426 | |
Detroit Swr. Disp. Rev.: | |||
Series 2001 B, 5.5% 7/1/29 (Assured Guaranty Corp. Insured) (FGIC Insured) | 25,000 | 25,625 | |
Series 2006, 5% 7/1/36 | 10,000 | 10,009 | |
Downriver Util. Wastewtr. Auth. Swr. Sys. Rev. Series 2018: | |||
5% 4/1/33 (Assured Guaranty Muni. Corp. Insured) | 735,000 | 765,966 | |
5% 4/1/34 (Assured Guaranty Muni. Corp. Insured) | 520,000 | 538,285 | |
5% 4/1/35 (Assured Guaranty Muni. Corp. Insured) | 500,000 | 514,526 | |
Farmington Pub. School District Gen. Oblig. Series 2020, 4% 5/1/40 | 3,000,000 | 2,734,604 | |
Flint Hosp. Bldg. Auth. Rev. Series 2020: | |||
4% 7/1/38 | 1,800,000 | 1,508,184 | |
4% 7/1/41 | 1,395,000 | 1,108,049 | |
Gerald R. Ford Int'l. Arpt. Auth. Rev. Series 2021: | |||
5% 1/1/26 (b) | 225,000 | 229,599 | |
5% 1/1/27 (b) | 325,000 | 334,550 | |
5% 1/1/28 (b) | 235,000 | 243,924 | |
5% 1/1/29 (b) | 525,000 | 547,648 | |
5% 1/1/30 (b) | 425,000 | 446,224 | |
5% 1/1/31 (b) | 725,000 | 766,074 | |
5% 1/1/32 (b) | 725,000 | 770,755 | |
5% 1/1/33 (b) | 1,000,000 | 1,062,978 | |
5% 1/1/34 (b) | 1,000,000 | 1,062,241 | |
5% 1/1/35 (b) | 850,000 | 900,020 | |
5% 1/1/36 (b) | 600,000 | 630,786 | |
5% 1/1/37 (b) | 700,000 | 729,030 | |
5% 1/1/38 (b) | 1,170,000 | 1,203,958 | |
5% 1/1/39 (b) | 1,000,000 | 1,025,108 | |
5% 1/1/40 (b) | 1,000,000 | 1,017,338 | |
5% 1/1/41 (b) | 1,100,000 | 1,119,814 | |
5% 1/1/46 (b) | 2,000,000 | 2,006,725 | |
Grand Rapids Pub. Schools: | |||
Series 2017, 5% 5/1/29 (Assured Guaranty Muni. Corp. Insured) | 480,000 | 498,569 | |
Series 2019: | |||
5% 11/1/39 (Assured Guaranty Muni. Corp. Insured) | 1,200,000 | 1,230,766 | |
5% 11/1/41 (Assured Guaranty Muni. Corp. Insured) | 1,300,000 | 1,320,936 | |
Grand Rapids San. Swr. Sys. Rev. Series 2018: | |||
5% 1/1/33 | 250,000 | 263,005 | |
5% 1/1/34 | 550,000 | 574,863 | |
5% 1/1/35 | 400,000 | 418,166 | |
5% 1/1/38 | 655,000 | 670,830 | |
Grand Rapids Wtr. Supply Sys. Series 2016: | |||
5% 1/1/31 | 250,000 | 255,189 | |
5% 1/1/32 | 320,000 | 326,573 | |
5% 1/1/33 | 550,000 | 561,060 | |
5% 1/1/34 | 500,000 | 510,162 | |
5% 1/1/35 | 920,000 | 938,699 | |
Grand Traverse County Hosp. Fin. Auth.: | |||
Series 2019 A: | |||
5% 7/1/44 | 1,110,000 | 1,079,804 | |
5% 7/1/49 | 2,615,000 | 2,472,135 | |
Series 2021, 3% 7/1/51 | 1,500,000 | 932,420 | |
Grand Valley Michigan State Univ. Rev. Series 2018: | |||
5% 12/1/34 | 1,075,000 | 1,102,289 | |
5% 12/1/35 | 1,225,000 | 1,250,329 | |
5% 12/1/37 | 1,375,000 | 1,386,553 | |
5% 12/1/38 | 875,000 | 879,923 | |
5% 12/1/43 | 1,400,000 | 1,390,065 | |
Grandville Pub. Schools District Series 2020: | |||
4% 5/1/39 (Assured Guaranty Muni. Corp. Insured) | 1,000,000 | 921,447 | |
4% 5/1/40 (Assured Guaranty Muni. Corp. Insured) | 1,300,000 | 1,191,675 | |
Great Lakes Wtr. Auth. Sew Disp. Sys.: | |||
Series 2016 B, 5% 7/1/27 | 15,000 | 15,416 | |
Series 2018 A, 5% 7/1/43 | 10,000,000 | 10,085,885 | |
Series 2018 B, 5% 7/1/29 | 15,000 | 16,047 | |
Great Lakes Wtr. Auth. Wtr. Supply Sys. Rev.: | |||
Series 2016 C, 5.25% 7/1/35 | 2,000,000 | 2,065,508 | |
Series 2020 B: | |||
5% 7/1/45 | 1,850,000 | 1,858,688 | |
5% 7/1/49 | 1,300,000 | 1,286,072 | |
Grosse Pointe Pub. School Sys. Series 2019, 5% 5/1/39 | 1,000,000 | 1,034,769 | |
Holland School District Series 2023 II: | |||
4% 11/1/39 | 1,855,000 | 1,719,919 | |
4% 11/1/40 | 1,915,000 | 1,767,967 | |
Kalamazoo County Mich Series 2021, 2% 5/1/38 | 1,660,000 | 1,120,260 | |
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016: | |||
4% 5/15/36 | 1,985,000 | 1,833,581 | |
4% 5/15/36 (Pre-Refunded to 5/15/26 @ 100) | 15,000 | 15,059 | |
5% 5/15/28 | 775,000 | 789,592 | |
5% 5/15/28 (Pre-Refunded to 5/15/26 @ 100) | 5,000 | 5,143 | |
5% 5/15/30 | 4,970,000 | 5,047,041 | |
5% 5/15/30 (Pre-Refunded to 5/15/26 @ 100) | 30,000 | 30,858 | |
Kentwood Econ. Dev. Corp.: | |||
Series 2021, 4% 11/15/45 | 500,000 | 354,393 | |
Series 2022: | |||
4% 11/15/31 | 1,000,000 | 888,305 | |
4% 11/15/43 | 2,250,000 | 1,637,606 | |
Lansing Board of Wtr. & Lt. Util. Rev. Bonds Series 2021 B, 2%, tender 7/1/26 (c) | 2,000,000 | 1,785,601 | |
Lansing Mich Series 2023 B, 4% 6/1/40 (Assured Guaranty Muni. Corp. Insured) | 4,810,000 | 4,384,514 | |
Lincoln Consolidated School District Series 2016 A: | |||
5% 5/1/29 | 1,430,000 | 1,462,383 | |
5% 5/1/31 | 500,000 | 511,323 | |
5% 5/1/32 | 1,000,000 | 1,022,400 | |
Macomb Interceptor Drain Drainage District Series 2017 A, 5% 5/1/34 | 1,750,000 | 1,813,177 | |
Marquette Board Lt. & Pwr. Elec. Util. Sys. Rev. Series 2016 A: | |||
5% 7/1/29 | 780,000 | 793,059 | |
5% 7/1/30 | 900,000 | 913,905 | |
5% 7/1/31 | 780,000 | 790,842 | |
5% 7/1/32 | 1,000,000 | 1,012,611 | |
5% 7/1/33 | 705,000 | 712,802 | |
Michigan Bldg. Auth. Rev.: | |||
(Facilities Prog.) Series I, 3% 10/15/45 | 6,000,000 | 4,218,512 | |
Series 2021 I, 3% 10/15/51 | 1,770,000 | 1,176,700 | |
Series 2022 I, 5.25% 10/15/57 | 2,000,000 | 2,068,788 | |
Michigan Fin. Auth. Rev.: | |||
(Charter County of Wayne Criminal Justice Ctr. Proj.) Series 2018: | |||
5% 11/1/33 | 3,250,000 | 3,387,694 | |
5% 11/1/35 | 1,000,000 | 1,039,351 | |
5% 11/1/36 | 1,250,000 | 1,297,567 | |
5% 11/1/37 | 1,500,000 | 1,542,301 | |
5% 11/1/38 | 1,595,000 | 1,628,130 | |
(Detroit Wtr. And Sewerage Dept. Sewage Disp. Sys. Rev. And Rev. Rfdg. Local Proj. Bonds) Series 2014 C3, 5% 7/1/30 (Assured Guaranty Muni. Corp. Insured) | 6,000,000 | 6,035,519 | |
(Detroit Wtr. And Sewerage Dept. Wtr. Supply Sys. Rev. Rfdg. Local Proj. Bonds) Series 2015, 5% 7/1/30 | 10,000 | 10,128 | |
(Kalamazoo College Proj.) Series 2018: | |||
4% 12/1/36 | 790,000 | 712,608 | |
4% 12/1/47 | 2,610,000 | 2,116,148 | |
(Lawrence Technological Univ. Proj.) Series 2017, 5% 2/1/47 | 3,195,000 | 2,676,332 | |
(Trinity Health Proj.) Series 2017: | |||
5% 12/1/30 | 710,000 | 737,508 | |
5% 12/1/37 | 3,270,000 | 3,319,931 | |
Bonds: | |||
Series 2015 D2, 1.2%, tender 4/13/28 (c) | 4,190,000 | 3,565,681 | |
Series 2016 E1, 4%, tender 8/15/24 (c) | 1,335,000 | 1,331,082 | |
Series 2014 H1, 5% 10/1/39 | 4,725,000 | 4,643,593 | |
Series 2015 C: | |||
5% 7/1/26 | 570,000 | 577,491 | |
5% 7/1/27 | 1,465,000 | 1,485,979 | |
5% 7/1/28 | 1,500,000 | 1,522,491 | |
Series 2015 D1: | |||
5% 7/1/34 | 1,250,000 | 1,264,697 | |
5% 7/1/35 | 505,000 | 509,922 | |
Series 2015 D2, 5% 7/1/34 | 1,000,000 | 1,011,799 | |
Series 2016: | |||
5% 11/15/28 | 2,655,000 | 2,702,389 | |
5% 1/1/29 | 1,000,000 | 1,017,236 | |
5% 11/15/29 | 2,950,000 | 3,001,898 | |
5% 1/1/30 | 1,000,000 | 1,017,065 | |
5% 1/1/31 | 1,170,000 | 1,190,460 | |
5% 1/1/32 | 1,895,000 | 1,927,546 | |
5% 1/1/33 | 1,915,000 | 1,947,918 | |
5% 1/1/34 | 2,135,000 | 2,173,405 | |
5% 11/15/34 | 1,135,000 | 1,154,252 | |
5% 11/15/41 | 4,710,000 | 4,674,773 | |
Series 2019 A: | |||
3% 12/1/49 | 2,000,000 | 1,352,748 | |
4% 2/15/44 | 2,500,000 | 2,184,778 | |
4% 12/1/49 | 8,180,000 | 6,928,983 | |
4% 2/15/50 | 4,000,000 | 3,303,488 | |
5% 11/15/48 | 9,865,000 | 9,556,153 | |
Series 2019 MI1, 5% 12/1/48 | 2,000,000 | 1,948,055 | |
Series 2020 A: | |||
4% 6/1/35 | 2,000,000 | 1,965,298 | |
4% 6/1/37 | 2,000,000 | 1,906,264 | |
4% 6/1/40 | 2,000,000 | 1,843,750 | |
4% 6/1/49 | 4,250,000 | 3,628,181 | |
Series 2020: | |||
4% 11/1/55 | 2,500,000 | 2,005,361 | |
5% 6/1/40 | 3,000,000 | 3,061,260 | |
Series 2021: | |||
3% 9/1/50 | 2,320,000 | 1,410,067 | |
5% 9/1/38 | 1,270,000 | 1,273,650 | |
Series 2022: | |||
4% 2/1/27 | 185,000 | 175,617 | |
4% 2/1/32 | 285,000 | 254,966 | |
4% 2/1/42 | 1,120,000 | 842,866 | |
4% 4/15/42 | 2,000,000 | 1,788,837 | |
4% 12/1/51 | 1,100,000 | 789,197 | |
Series 2023, 5% 11/1/37 | 2,000,000 | 1,930,727 | |
Michigan Gen. Oblig. Series 2020 A, 4% 5/15/40 | 500,000 | 469,283 | |
Michigan Hosp. Fin. Auth. Rev.: | |||
Series 2010 F, 4% 11/15/47 | 290,000 | 244,380 | |
Series 2010 F4, 5% 11/15/47 | 5,050,000 | 5,011,680 | |
Michigan Hsg. Dev. Auth. Rental Hsg. Rev.: | |||
Series 2018 A, 3.8% 10/1/38 | 3,965,000 | 3,481,390 | |
Series 2019 A1, 3.35% 10/1/49 | 3,000,000 | 2,140,130 | |
Series 2020 A1, 0.65% 10/1/24 | 225,000 | 216,693 | |
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.: | |||
Series 2019 B, 3.75% 6/1/50 | 2,430,000 | 2,357,243 | |
Series 2020 C, 3% 6/1/51 | 2,865,000 | 2,705,634 | |
Series 2021 A, 3% 6/1/52 | 3,140,000 | 2,952,268 | |
Series 2022 A, 5% 6/1/53 | 2,370,000 | 2,379,993 | |
Series 2022 D, 5.5% 6/1/53 | 2,475,000 | 2,530,813 | |
Series 2023 B, 5.75% 6/1/54 | 2,000,000 | 2,071,190 | |
Series A: | |||
3.5% 12/1/50 | 3,195,000 | 3,069,419 | |
4% 12/1/48 | 905,000 | 888,481 | |
Series C, 4.25% 6/1/49 | 2,045,000 | 2,013,570 | |
Michigan State Hsg. Dev. Auth. Series 2021 A: | |||
0.55% 4/1/25 | 2,750,000 | 2,585,246 | |
2.125% 10/1/36 | 1,775,000 | 1,269,553 | |
2.45% 10/1/46 | 2,000,000 | 1,215,288 | |
2.55% 10/1/51 | 1,920,000 | 1,114,660 | |
Michigan State Univ. Revs. Series 2019 C, 4% 2/15/44 | 1,500,000 | 1,351,070 | |
Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
(I-75 Impt. Proj.): | |||
Series 2017, 5% 6/30/25 (b) | 1,100,000 | 1,095,363 | |
Series 2018: | |||
4.25% 12/31/38 (Assured Guaranty Muni. Corp. Insured) (b) | 840,000 | 777,319 | |
5% 12/31/25 (b) | 1,260,000 | 1,265,066 | |
5% 12/31/26 (b) | 490,000 | 494,153 | |
5% 12/31/28 (b) | 335,000 | 340,897 | |
5% 6/30/29 (b) | 35,000 | 35,592 | |
5% 12/31/30 (b) | 4,080,000 | 4,147,856 | |
5% 12/31/31 (b) | 2,800,000 | 2,850,217 | |
(The Detroit Edison Co. Exempt Facilities Proj.) Series 2008 ET2, 1.35% 8/1/29 | 2,000,000 | 1,641,886 | |
(The Detroit Edison Co. Poll. Cont. Bonds Proj.) Series 1995 CC, 1.45% 9/1/30 | 2,000,000 | 1,593,240 | |
Bonds: | |||
(Consumer Energy Co. Proj.) Series 2019, 1.8%, tender 10/1/24 (b)(c) | 6,000,000 | 5,822,276 | |
(DTE Elec. Co. Exempt Facilities Proj.) Series 2023 DT, 3.875%, tender 6/3/30 (b)(c) | 5,000,000 | 4,767,828 | |
(Graphic Packaging Int'l., LLC Coated Recycled Board Machine Proj.) Series 2021, 4%, tender 10/1/26 (b)(c) | 5,000,000 | 4,906,009 | |
Series 2020: | |||
4% 5/15/27 | 565,000 | 536,629 | |
5% 5/15/44 | 1,500,000 | 1,249,298 | |
Michigan Technological Univ. Series 2021, 4% 10/1/46 | 2,835,000 | 2,357,183 | |
Michigan Trunk Line Fund Rev. Series 2020 B, 4% 11/15/45 | 1,500,000 | 1,348,728 | |
Northern Michigan Univ. Revs. Series 2021: | |||
4% 6/1/39 | 900,000 | 776,834 | |
4% 6/1/40 | 500,000 | 426,059 | |
4% 6/1/41 | 1,385,000 | 1,164,401 | |
4% 6/1/46 | 1,850,000 | 1,513,935 | |
5% 6/1/32 | 375,000 | 403,607 | |
5% 6/1/33 | 365,000 | 391,697 | |
5% 6/1/34 | 375,000 | 403,148 | |
5% 6/1/35 | 375,000 | 402,121 | |
5% 6/1/36 | 400,000 | 425,162 | |
5% 6/1/37 | 675,000 | 711,930 | |
Novi Cmnty. School District Series I, 5% 5/1/44 | 1,175,000 | 1,197,643 | |
Oakland Univ. Rev.: | |||
Series 2014: | |||
5% 3/1/28 | 335,000 | 335,322 | |
5% 3/1/29 | 525,000 | 525,569 | |
Series 2016: | |||
5% 3/1/28 | 1,150,000 | 1,174,818 | |
5% 3/1/41 | 1,475,000 | 1,479,251 | |
Series 2022 B: | |||
5% 3/1/36 | 1,135,000 | 1,192,466 | |
5% 3/1/37 | 1,265,000 | 1,307,845 | |
Portage Pub. Schools: | |||
Series 2016: | |||
5% 11/1/32 | 2,500,000 | 2,546,191 | |
5% 11/1/34 | 1,250,000 | 1,269,433 | |
Series 2019, 4% 11/1/38 | 2,000,000 | 1,853,937 | |
Series 2021, 4% 11/1/42 | 1,000,000 | 893,038 | |
Ravenna Pub. Schools Gen. Oblig. Series 2021, 4% 5/1/51 | 2,140,000 | 1,799,657 | |
Rochester Cmnty. School District Series I, 5% 5/1/31 | 1,500,000 | 1,539,883 | |
Saginaw City School District Series 2021, 4% 5/1/47 | 3,000,000 | 2,591,451 | |
Saginaw Hosp. Fin. Auth. Hosp. Rev. Series 2020 J: | |||
4% 7/1/36 | 770,000 | 713,657 | |
4% 7/1/37 | 820,000 | 744,926 | |
4% 7/1/39 | 1,430,000 | 1,256,783 | |
4% 7/1/40 | 490,000 | 425,131 | |
Warren Consolidated School District: | |||
Series 2016: | |||
5% 5/1/34 | 5,630,000 | 5,717,524 | |
5% 5/1/35 | 1,250,000 | 1,266,086 | |
Series 2017, 4% 5/1/25 (Assured Guaranty Muni. Corp. Insured) | 500,000 | 499,654 | |
Series 2018, 5% 5/1/32 | 1,100,000 | 1,143,612 | |
Wayne County Arpt. Auth. Rev.: | |||
Series 2014 C: | |||
5% 12/1/29 (b) | 720,000 | 719,407 | |
5% 12/1/31 (b) | 860,000 | 858,832 | |
Series 2015 D, 5% 12/1/40 (Assured Guaranty Muni. Corp. Insured) | 8,165,000 | 8,192,234 | |
Series 2015 G, 5% 12/1/36 | 5,760,000 | 5,788,585 | |
Series 2017 A: | |||
5% 12/1/37 | 545,000 | 553,977 | |
5% 12/1/42 | 1,455,000 | 1,463,393 | |
Series 2017 B, 5% 12/1/47 (b) | 450,000 | 443,045 | |
Series 2018 B, 5% 12/1/48 (b) | 5,000,000 | 4,920,307 | |
Series 2018 D: | |||
5% 12/1/30 (b) | 4,365,000 | 4,466,811 | |
5% 12/1/31 (b) | 2,825,000 | 2,890,618 | |
5% 12/1/32 (b) | 2,945,000 | 3,013,172 | |
Series 2021 A: | |||
5% 12/1/36 | 1,000,000 | 1,053,149 | |
5% 12/1/37 | 1,500,000 | 1,566,364 | |
5% 12/1/38 | 1,250,000 | 1,299,804 | |
Series 2021 B: | |||
5% 12/1/35 (b) | 1,225,000 | 1,258,542 | |
5% 12/1/37 (b) | 1,520,000 | 1,534,166 | |
5% 12/1/46 (b) | 1,280,000 | 1,268,007 | |
Series 2023 B: | |||
5.25% 12/1/37 (Assured Guaranty Muni. Corp. Insured) (b)(d) | 1,000,000 | 1,037,412 | |
5.25% 12/1/38 (Assured Guaranty Muni. Corp. Insured) (b)(d) | 900,000 | 929,787 | |
5.5% 12/1/39 (Assured Guaranty Muni. Corp. Insured) (b)(d) | 635,000 | 667,234 | |
5.5% 12/1/41 (Assured Guaranty Muni. Corp. Insured) (b)(d) | 1,685,000 | 1,763,201 | |
5.5% 12/1/42 (Assured Guaranty Muni. Corp. Insured) (b)(d) | 800,000 | 833,816 | |
5.5% 12/1/43 (Assured Guaranty Muni. Corp. Insured) (b)(d) | 675,000 | 702,075 | |
Series 2023 D, 5.25% 12/1/37 (Assured Guaranty Muni. Corp. Insured) (b)(d) | 900,000 | 934,404 | |
Wayne State Univ. Revs.: | |||
Series 2019 A: | |||
4% 11/15/38 | 1,000,000 | 933,192 | |
4% 11/15/39 | 800,000 | 744,255 | |
Series 2023 A: | |||
4% 11/15/39 (Build America Mutual Assurance Insured) | 2,000,000 | 1,846,966 | |
4% 11/15/40 (Build America Mutual Assurance Insured) | 1,500,000 | 1,374,630 | |
5% 11/15/37 (Build America Mutual Assurance Insured) | 1,000,000 | 1,069,073 | |
Western Michigan Univ. Rev.: | |||
Series 2014: | |||
5% 11/15/28 | 650,000 | 655,339 | |
5% 11/15/29 | 750,000 | 755,834 | |
5% 11/15/30 | 855,000 | 861,093 | |
5% 11/15/31 | 700,000 | 704,229 | |
Series 2015 A: | |||
5% 11/15/26 | 1,000,000 | 1,014,796 | |
5% 11/15/28 | 2,505,000 | 2,533,843 | |
Series 2019 A, 5% 11/15/44 | 2,000,000 | 2,005,322 | |
Series 2021 A: | |||
5% 11/15/31 (Assured Guaranty Muni. Corp. Insured) | 150,000 | 159,246 | |
5% 11/15/32 (Assured Guaranty Muni. Corp. Insured) | 300,000 | 316,847 | |
5% 11/15/34 (Assured Guaranty Muni. Corp. Insured) | 400,000 | 420,164 | |
5% 11/15/36 (Assured Guaranty Muni. Corp. Insured) | 400,000 | 413,623 | |
5% 11/15/38 (Assured Guaranty Muni. Corp. Insured) | 625,000 | 638,468 | |
5% 11/15/40 (Assured Guaranty Muni. Corp. Insured) | 635,000 | 642,628 | |
5% 11/15/51 (Assured Guaranty Muni. Corp. Insured) | 5,000,000 | 4,847,907 | |
5% 11/15/53 (Assured Guaranty Muni. Corp. Insured) | 4,100,000 | 3,941,626 | |
Ypsilanti School District Series A: | |||
5% 5/1/29 | 1,305,000 | 1,340,020 | |
5% 5/1/32 | 2,000,000 | 2,051,695 | |
TOTAL MICHIGAN | 418,083,808 | ||
Puerto Rico - 1.7% | |||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2021 A1: | |||
0% 7/1/33 | 1,643,730 | 968,759 | |
5.625% 7/1/27 | 195,000 | 200,102 | |
5.625% 7/1/29 | 595,000 | 614,818 | |
5.75% 7/1/31 | 1,410,000 | 1,472,493 | |
Puerto Rico Hsg. Fin. Auth. Series 2020, 5% 12/1/27 | 1,340,000 | 1,397,556 | |
Puerto Rico Indl., Tourist, Edl., Med. And Envir. Cont. Facilities Fing. Auth. Series 2021: | |||
4% 7/1/36 | 195,000 | 170,319 | |
5% 7/1/30 | 845,000 | 871,456 | |
5% 7/1/32 | 360,000 | 371,867 | |
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series 2019 A2, 4.329% 7/1/40 | 1,780,000 | 1,594,281 | |
TOTAL PUERTO RICO | 7,661,651 | ||
TOTAL MUNICIPAL BONDS (Cost $474,527,684) | 427,696,338 | ||
Municipal Notes - 3.3% | |||
Principal Amount (a) | Value ($) | ||
Michigan - 3.3% | |||
Michigan Fin. Auth. Rev. Series 2016 E3, 4.15% 10/6/23, VRDN (c) | 10,000,000 | 10,000,000 | |
RIB Floater Trust Various States Participating VRDN Series 2022 D1, 4.52% 10/2/23 (Liquidity Facility Barclays Bank PLC) (c)(e)(f) | 5,000,000 | 5,000,000 | |
TOTAL MUNICIPAL NOTES (Cost $15,000,000) | 15,000,000 | ||
Money Market Funds - 2.9% | |||
Shares | Value ($) | ||
Fidelity Municipal Cash Central Fund 4.42% (g)(h) (Cost $13,125,003) | 13,122,376 | 13,124,998 | |
TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $502,652,687) | 455,821,336 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (1,067,453) |
NET ASSETS - 100.0% | 454,753,883 |
Security Type Abbreviations
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(e) | Provides evidence of ownership in one or more underlying municipal bonds. |
(f) | Coupon rates are determined by re-marketing agents based on current market conditions. |
(g) | Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | 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 4.42% | - | 77,964,998 | 64,840,000 | 210,592 | - | - | 13,124,998 | 0.6% |
Total | - | 77,964,998 | 64,840,000 | 210,592 | - | - | 13,124,998 | |
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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