Fidelity Municipal Trust Ii NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-6454

Fidelity Municipal Trust II

(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	December 31

Date of reporting period:	December 31, 2017

Item 1.

Reports to Stockholders

Fidelity® Michigan Municipal Income Fund

Fidelity® Michigan Municipal Money Market Fund

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Fidelity® Michigan Municipal Income Fund
Investment Summary
Investments
Financial Statements
Fidelity® Michigan Municipal Money Market Fund
Investment Summary/Performance
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Fidelity® Michigan Municipal Income Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Fidelity® Michigan Municipal Income Fund	5.57%	3.01%	4.16%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Michigan Municipal Income Fund on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays Municipal Bond Index performed over the same period.

	Period Ending Values
	$15,034	Fidelity® Michigan Municipal Income Fund
	$15,464	Bloomberg Barclays Municipal Bond Index

Fidelity® Michigan Municipal Income Fund

Management's Discussion of Fund Performance

Market Recap: For the 12 months ending December 31, 2017, tax-exempt municipal bonds performed well, with the Bloomberg Barclays Municipal Bond Index gaining 5.45%, supported by strong demand and steady economic growth. Munis spent the majority of the year in recovery mode from their steep post-election sell-off in late 2016. It became clear to many investors that tax, health care and infrastructure initiatives proposed by the Trump administration, each of which had the potential to negatively affect muni prices, would take time to develop and implement. Returns were robust through August, then moderated through the end of the year amid record-setting supply due to municipal issuers accelerating their financing plans ahead of federal tax reform enacted in December. Demand for municipals, however, remained firm and offset this surge in issuance, as investors added exposure in anticipation of lower supply in 2018. There was some differentiation in performance across municipal sectors this period. General obligation bonds overall returned 5.24%, while securities tied to specific revenue streams or projects rose 6.00%. Looking ahead, market volatility is possible as the details of proposed policy changes emerge and the U.S. Federal Reserve reacts to job growth and inflation trends.

Comments from Co-Portfolio Managers Cormac Cullen, Kevin Ramundo and Mark Sommer: For the year, the fund gained 5.57%, in line, net of fees, with the return of the Bloomberg Barclays Michigan Enhanced Municipal Bond Index. We estimate that differences in the way fund holdings are priced and how benchmark holdings are priced contributed to the fund’s relative performance. Our larger-than-index exposure to school-district bonds that carried credit enhancements from the state also boosted our relative performance, helped largely by improved sentiment about Michigan’s economic and fiscal health. Our overweighting in bonds that were advance refunded also was beneficial. Advance refundings generally result in price gains for bondholders, as the bonds’ maturities shorten and their credit quality rises because they are then backed by high-quality U.S. government securities. Our yield curve positioning – specifically the fund’s overweighting in 10-year securities – added value this period as the yield curve flattened. While we didn’t have too many glaring misses, the fund’s underweighting in bonds issued by the Great Lakes Water Authority & Sewage Systems detracted; they outpaced the Michigan muni market largely because of investors’ strong appetite for investment-grade bond with lower ratings.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity® Michigan Municipal Income Fund

Investment Summary (Unaudited)

Top Five Sectors as of December 31, 2017

	% of fund's net assets
General Obligations	33.3
Health Care	24.3
Education	10.6
Transportation	10.2
Escrowed/Pre-Refunded	6.6

Quality Diversification (% of fund's net assets)

As of December 31, 2017
	AAA	6.2%
	AA,A	86.8%
	BBB	2.5%
	Not Rated	2.4%
	Short-Term Investments and Net Other Assets	2.1%

We have used ratings from Moody's Investors Service, Inc. Where Moody's^® ratings are not available, we have used S&P^® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Fidelity® Michigan Municipal Income Fund

Investments December 31, 2017

Showing Percentage of Net Assets

Municipal Bonds - 97.9%
	Principal Amount	Value
Guam - 0.8%
Guam Int'l. Arpt. Auth. Rev.:
Series 2013 C, 6.25% 10/1/34 (a)	$1,000,000	$1,161,460
Series C, 5% 10/1/21 (a)	2,920,000	3,086,294
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/23 (FSA Insured)	1,175,000	1,312,158

TOTAL GUAM		5,559,912

Michigan - 97.1%
Ann Arbor Econ. Dev. Corp. Ltd. Oblig. Rev. (Glacier Hills, Inc. Proj.) 8.375% 1/15/19 (Escrowed to Maturity)	737,000	762,014
Battle Creek School District Series 2016:
5% 5/1/35	2,240,000	2,609,130
5% 5/1/36	1,500,000	1,743,555
5% 5/1/37	1,175,000	1,362,953
Bay City School District Rev.:
5% 11/1/25	1,000,000	1,169,680
5% 11/1/26	1,000,000	1,165,170
5% 11/1/27	700,000	815,619
5% 11/1/28	250,000	290,650
Brandon School District Series 2016 A:
5% 5/1/28	2,515,000	2,985,355
5% 5/1/29	1,250,000	1,478,213
5% 5/1/30	1,250,000	1,471,750
5% 5/1/34	2,475,000	2,872,485
Charter Township of Commerce Gen. Oblig. Series 2009 B, 5.125% 12/1/38 (Pre-Refunded to 12/1/18 @ 100)	970,000	1,001,865
Chelsea School District Series 2008, 5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,675,000	1,694,279
Chippewa Valley Schools:
Series 2016 A:
5% 5/1/32	1,000,000	1,168,960
5% 5/1/33	1,000,000	1,163,570
5% 5/1/34	1,075,000	1,245,904
5% 5/1/35	775,000	895,846
Series 2016, 5% 5/1/25	1,420,000	1,694,046
Clarkston Cmnty. Schools:
Series 2016, 5% 5/1/29	1,500,000	1,764,990
5% 5/1/28	1,745,000	2,061,002
Detroit City School District Series 2005 A, 5.25% 5/1/30 (FSA Insured)	5,000,000	6,204,500
Detroit School District School Bldg. and Site Impt. Series 2012 A:
5% 5/1/18	1,000,000	1,011,240
5% 5/1/24	5,000,000	5,605,550
Detroit Swr. Disp. Rev.:
Series 2001 E, 5.75% 7/1/31 (Pre-Refunded to 7/1/18 @ 100)	1,400,000	1,428,924
Series 2006, 5% 7/1/36	10,000	10,022
Detroit Wtr. Supply Sys. Rev. Series 2006 B, 7% 7/1/36 (Pre-Refunded to 7/1/19 @ 100)	2,700,000	2,913,192
Detroit/Wayne Co. Stadium Auth. Series 2012:
5% 10/1/21 (FSA Insured)	2,000,000	2,170,120
5% 10/1/22 (FSA Insured)	2,645,000	2,926,507
5% 10/1/26 (FSA Insured)	4,850,000	5,295,958
Farmington Pub. School District Gen. Oblig.:
5% 5/1/25 (FSA Insured)	2,140,000	2,535,451
5% 5/1/26 (FSA Insured)	1,385,000	1,646,086
5% 5/1/27 (FSA Insured)	1,425,000	1,689,380
Ferris State Univ. Rev. Series 2016, 5% 10/1/41	2,000,000	2,325,620
Forest Hills Pub. Schools:
5% 5/1/19	1,375,000	1,436,325
5% 5/1/20	1,575,000	1,691,219
5% 5/1/21	1,575,000	1,738,123
Fraser Pub. School District Series 2006 B, 5% 5/1/29	1,455,000	1,712,040
Genesee County Gen. Oblig. Series 2005, 5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,505,000	1,521,660
Grand Rapids Pub. Schools 5% 5/1/29 (FSA Insured)	480,000	580,608
Grand Rapids San. Swr. Sys. Rev.:
Series 2012, 5% 1/1/37	1,250,000	1,422,938
Series 2014:
5% 1/1/27	1,300,000	1,532,141
5% 1/1/29	800,000	939,384
5% 1/1/30	2,000,000	2,341,060
Series 2016, 5% 1/1/37	1,250,000	1,453,538
Grand Rapids Wtr. Supply Sys. Series 2016:
5% 1/1/31	250,000	295,433
5% 1/1/32	320,000	376,883
5% 1/1/33	550,000	645,596
5% 1/1/34	500,000	584,935
5% 1/1/35	920,000	1,076,280
5% 1/1/36	385,000	450,100
5% 1/1/41	2,190,000	2,541,473
5% 1/1/46	800,000	920,952
Grand Traverse County Hosp.:
Series 2011 A, 5.375% 7/1/35	2,000,000	2,241,220
Series 2014 A, 5% 7/1/47	1,400,000	1,549,548
Grand Valley Michigan State Univ. Rev. Series 2014 B:
5% 12/1/25	500,000	585,800
5% 12/1/26	1,900,000	2,239,321
5% 12/1/28	1,800,000	2,106,360
Great Lakes Wtr. Auth. Sew Disp. Sys. Series 2016 C, 5% 7/1/31	7,000,000	8,042,930
Hudsonville Pub. Schools:
Series 2017:
5% 5/1/29	625,000	757,738
5% 5/1/30	1,000,000	1,204,970
5% 5/1/31	430,000	514,977
5% 5/1/32	1,200,000	1,428,384
5% 5/1/34	1,000,000	1,183,070
5% 5/1/35	1,000,000	1,180,360
4% 5/1/24	1,220,000	1,344,647
4% 5/1/25	500,000	547,110
5% 5/1/20	1,000,000	1,074,980
5% 5/1/22	600,000	677,442
5.25% 5/1/41 (Pre-Refunded to 5/1/21 @ 100)	1,750,000	1,942,325
Ingham, Eaton and Clinton Counties Lansing School District 5% 5/1/22	1,730,000	1,953,291
Jackson County Hosp. Fin. Auth. Hosp. Rev. (Allegiance Health Proj.) Series 2010 A, 5% 6/1/37 (Pre-Refunded to 6/1/20 @ 100)	2,250,000	2,422,418
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016:
5% 5/15/28	780,000	912,249
5% 5/15/29	2,500,000	2,911,675
5% 5/15/30	7,220,000	8,362,204
Kent County Gen. Oblig. Series 2015:
5% 1/1/28	4,655,000	5,545,548
5% 1/1/29	4,390,000	5,198,462
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2011 A, 5.5% 11/15/25	5,000,000	5,639,650
Kentwood Pub. Schools Series 2012:
4% 5/1/21	1,000,000	1,066,390
4% 5/1/22	1,000,000	1,083,360
L'Anse Creuse Pub. Schools Series 2012, 5% 5/1/23	1,500,000	1,648,200
Lake Orion Cmnty. School District:
5% 5/1/23	1,915,000	2,204,969
5% 5/1/25	3,275,000	3,907,042
Lansing Board of Wtr. & Lt. Util. Rev. 5.5% 7/1/41	5,000,000	5,560,950
Lansing Cmnty. College:
5% 5/1/23	1,135,000	1,271,949
5% 5/1/25 (Pre-Refunded to 5/1/25 @ 100)	1,540,000	1,723,784
Lapeer Cmnty. Schools Series 2007:
5% 5/1/19 (Pre-Refunded to 5/1/18 @ 100)	1,350,000	1,365,714
5% 5/1/20 (Pre-Refunded to 5/1/18 @ 100)	1,425,000	1,441,587
5% 5/1/22 (Pre-Refunded to 5/1/18 @ 100)	1,395,000	1,411,238
Lenawee Co. Hosp. Fin. Auth. Hosp. Rev. (ProMedica Heathcare Oblig. Group Proj.) Series 2011 B, 6% 11/15/35	3,030,000	3,534,071
Lincoln Consolidated School District Series 2016 A:
5% 5/1/28	2,025,000	2,437,169
5% 5/1/29	1,430,000	1,713,869
5% 5/1/31	500,000	592,195
5% 5/1/32	1,000,000	1,178,640
Macomb Interceptor Drain Drainage District Series 2017 A:
5% 5/1/28	1,200,000	1,480,776
5% 5/1/29	1,000,000	1,225,470
5% 5/1/30	2,000,000	2,439,680
5% 5/1/31	1,000,000	1,212,380
5% 5/1/32	1,500,000	1,808,850
5% 5/1/33	2,100,000	2,522,709
5% 5/1/34	1,750,000	2,094,225
Marquette Board Lt. & Pwr. Elec. Util. Sys. Rev. Series 2016 A:
5% 7/1/29	780,000	916,656
5% 7/1/30	900,000	1,053,954
5% 7/1/31	780,000	910,213
5% 7/1/32	1,000,000	1,163,650
5% 7/1/33	705,000	817,483
Michigan Bldg. Auth. Rev.:
(Facilities Prog.) Series 2015 1, 5% 10/15/50	7,250,000	8,374,693
Series 2009 I, 5.25% 10/15/25 (Assured Guaranty Corp. Insured)	2,000,000	2,123,060
Series 2016:
6% 10/15/38	165,000	170,638
6% 10/15/38 (Pre-Refunded to 10/15/18 @ 100)	1,805,000	1,866,966
Series IA:
5.375% 10/15/41	3,000,000	3,355,440
5.5% 10/15/45	10,000,000	11,214,500
5% 4/15/33	5,000,000	5,871,250
5% 4/15/38	3,000,000	3,492,780
6% 10/15/38 (Pre-Refunded to 10/15/18 @ 100)	3,030,000	3,134,020
Michigan Fin. Auth. Rev.:
( Mid-Michigan Health Sys. Proj.) Series 2014, 5% 6/1/39	540,000	612,776
(Holland Cmnty. Hosp. Proj.) Series 2013 A:
5% 1/1/33	1,250,000	1,380,725
5% 1/1/40	3,000,000	3,274,080
(Local Govt. Ln. Prog.) Series 2014 D, 5% 7/1/37 (FSA Insured)	1,000,000	1,128,540
(Trinity Health Proj.) Series 2017:
4% 12/1/36	5,500,000	5,813,555
5% 12/1/29	500,000	606,675
5% 12/1/30	585,000	705,258
5% 12/1/37	5,000,000	5,889,300
(Trinity Health Proj.) Series 2015, 5% 12/1/33	1,220,000	1,372,671
Series 2012 A, 5% 6/1/27 (Pre-Refunded to 6/1/22 @ 100)	125,000	140,699
Series 2012:
5% 11/15/24	660,000	751,166
5% 11/15/25	1,000,000	1,134,210
5% 11/1/26	6,425,000	7,279,140
5% 11/15/26	800,000	905,568
5% 11/15/36	6,220,000	6,945,065
5% 11/1/42	2,000,000	2,209,700
5% 11/15/42	3,120,000	3,479,112
Series 2013:
5% 10/1/25	1,255,000	1,439,887
5% 8/15/30	4,105,000	4,628,962
Series 2014 H1:
5% 10/1/22	1,000,000	1,100,080
5% 10/1/25	2,250,000	2,600,055
5% 10/1/39	8,600,000	9,488,036
Series 2014:
5% 6/1/25	1,000,000	1,174,860
5% 6/1/26	700,000	821,786
5% 6/1/27	700,000	817,656
Series 2015 C:
5% 7/1/26	570,000	660,505
5% 7/1/27	1,215,000	1,399,899
5% 7/1/28	1,500,000	1,721,700
5% 7/1/35	1,000,000	1,126,190
Series 2015 D1:
5% 7/1/34	1,250,000	1,420,275
5% 7/1/35	500,000	567,390
Series 2015:
5% 11/15/26	2,250,000	2,668,950
5% 11/15/27	3,500,000	4,128,215
5% 11/15/28	1,855,000	2,177,455
Series 2016 A, 5% 11/1/44	6,190,000	6,948,585
Series 2016:
5% 1/1/29	1,000,000	1,166,960
5% 1/1/30	1,000,000	1,157,590
5% 1/1/31	1,170,000	1,347,126
5% 1/1/32	1,895,000	2,167,312
5% 1/1/33	1,915,000	2,178,466
5% 1/1/34	1,385,000	1,572,404
5% 11/15/41	5,700,000	6,448,809
5.25% 12/1/41	4,000,000	4,720,880
5% 12/1/27	1,090,000	1,190,749
5% 12/1/27 (Pre-Refunded to 12/1/20 @ 100)	10,000	10,936
Michigan Hosp. Fin. Auth. Rev.:
(McLaren Health Care Corp. Proj.) Series 2008 A, 5.75% 5/15/38 (Pre-Refunded to 5/15/18 @ 100)	6,890,000	6,998,518
(MidMichigan Obligated Group Proj.) Series 2009 A, 6.125% 6/1/39 (Pre-Refunded to 6/1/19 @ 100)	3,740,000	3,974,049
(Trinity Health Proj.) Series 2008 C:
5% 12/1/29	1,150,000	1,395,353
5% 12/1/30	1,700,000	2,049,469
5% 12/1/31	3,000,000	3,602,220
Bonds:
Series 2010 F3, 1.4%, tender 6/29/18 (b)	6,200,000	6,197,892
Series 2010 F4, 1.95%, tender 4/1/20 (b)	5,530,000	5,539,622
Series 2008 A1, 6.5% 12/1/33 (Pre-Refunded to 12/1/18 @ 100)	3,965,000	4,142,553
Series 2016:
5% 11/15/46	3,500,000	4,097,765
5% 11/15/47	18,000,000	20,951,450
6.5% 12/1/33 (Pre-Refunded to 12/1/18 @ 100)	165,000	172,785
Michigan Muni. Bond Auth. Rev. Series 2005, 5% 10/1/23 (Pre-Refunded to 10/1/19 @ 100)	385,000	407,353
Michigan State Univ. Revs. Series 2013 A, 5% 8/15/41	1,125,000	1,274,018
Michigan Strategic Fund Ltd. Oblig. Rev. (Cadillac Place Office Bldg. Proj.) Series 2011, 5.25% 10/15/26	3,585,000	4,029,683
Michigan Trunk Line Fund Rev. Series 2011, 5% 11/15/36	2,000,000	2,206,440
Northview Pub. Schools District Series 2008, 5% 5/1/21 (FSA Insured)	1,070,000	1,082,487
Oakland Univ. Rev.:
Series 2012:
5% 3/1/24	1,170,000	1,310,938
5% 3/1/25	1,225,000	1,367,884
5% 3/1/26	1,290,000	1,435,551
5% 3/1/37	4,000,000	4,343,240
Series 2013 A:
5% 3/1/25	995,000	1,134,370
5% 3/1/26	1,620,000	1,834,196
5% 3/1/27	815,000	918,529
5% 3/1/38	2,900,000	3,192,784
Series 2014:
5% 3/1/28	335,000	383,773
5% 3/1/29	525,000	598,852
5% 3/1/39	3,000,000	3,380,040
Series 2016:
5% 3/1/28	1,150,000	1,364,751
5% 3/1/41	3,475,000	4,007,266
5% 3/1/47	5,000,000	5,742,350
Plainwell Cmnty. School District (School Bldg. & Site Proj.) Series 2008:
5% 5/1/23 (Pre-Refunded to 5/1/18 @ 100)	1,885,000	1,906,941
5% 5/1/28 (Pre-Refunded to 5/1/18 @ 100)	1,000,000	1,011,640
Portage Pub. Schools Series 2016:
5% 11/1/32	2,500,000	2,944,550
5% 11/1/34	1,250,000	1,459,025
5% 11/1/35	1,300,000	1,514,227
5% 11/1/39	755,000	873,339
Ravenna Pub. Schools Gen. Oblig. (2008 School Bldg. and Site Proj.) Series 2008:
5% 5/1/31 (FSA Insured)	2,080,000	2,101,029
5% 5/1/38 (FSA Insured)	1,000,000	1,010,510
Rochester Cmnty. School District:
4% 5/1/19	1,375,000	1,418,711
5% 5/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,475,000	1,512,952
5% 5/1/29	1,625,000	1,932,694
5% 5/1/30	1,700,000	2,010,658
5% 5/1/31	1,500,000	1,769,190
Roseville Cmnty. Schools:
Series 2014:
5% 5/1/24	780,000	915,884
5% 5/1/25	1,000,000	1,192,990
5% 5/1/26	1,385,000	1,656,432
5% 5/1/24	570,000	670,406
5% 5/1/25	1,640,000	1,956,504
5% 5/1/26	1,715,000	2,051,106
5% 5/1/27	1,795,000	2,133,375
5% 5/1/28	1,885,000	2,226,355
Royal Oak Hosp. Fin. Auth. Hosp. Rev.:
(William Beaumont Hosp. Proj.) Series 2009 V:
8% 9/1/29 (Pre-Refunded to 9/1/18 @ 100)	1,945,000	2,028,324
8.25% 9/1/39 (Pre-Refunded to 9/1/18 @ 100)	3,425,000	3,577,344
Series 2014 D:
5% 9/1/26	1,000,000	1,152,890
5% 9/1/27	1,175,000	1,348,089
5% 9/1/28	1,870,000	2,132,791
Saginaw Hosp. Fin. Auth. Hosp. Rev. (Covenant Med. Ctr., Inc.) Series 2010 H, 5% 7/1/30	5,000,000	5,350,400
Saint Clair County Gen. Oblig. 5% 4/1/26	1,495,000	1,652,184
South Haven Gen. Oblig. Series 2009, 5.125% 12/1/33 (Pre-Refunded to 12/1/19 @ 100)	1,000,000	1,065,490
South Lyon Cmnty. Schools Series 2016:
5% 5/1/23	1,575,000	1,816,070
5% 5/1/24	3,200,000	3,763,680
5% 5/1/25	2,355,000	2,814,767
Univ. of Michigan Rev.:
Series 2015, 5% 4/1/46	5,000,000	5,897,350
Series 2017 A:
5% 4/1/42	5,000,000	6,012,150
5% 4/1/47	10,000,000	11,978,700
Warren Consolidated School District:
Series 2016 B, 5% 5/1/26	5,365,000	6,443,472
Series 2016:
5% 5/1/23	810,000	932,650
5% 5/1/33	5,410,000	6,210,464
5% 5/1/34	5,630,000	6,449,615
Series 2017:
4% 5/1/23 (FSA Insured)	750,000	825,435
4% 5/1/24 (FSA Insured)	750,000	837,308
4% 5/1/25 (FSA Insured)	500,000	563,475
Wayne County Arpt. Auth. Rev.:
(Detroit Metropolitan Wayne County Arpt. Proj.) Series 2012 A:
5% 12/1/24	2,875,000	3,292,421
5% 12/1/25	5,120,000	5,853,030
Series 2010 A, 5% 12/1/18 (a)	1,500,000	1,543,020
Series 2011 A:
5% 12/1/21 (a)	5,000,000	5,549,600
5% 12/1/22 (a)	5,260,000	5,833,971
Series 2012 A:
5% 12/1/22	2,220,000	2,527,781
5% 12/1/23	2,300,000	2,640,929
Series 2014 C:
5% 12/1/29 (a)	720,000	832,097
5% 12/1/31 (a)	860,000	987,426
5% 12/1/34 (a)	1,655,000	1,889,000
Series 2015 D, 5% 12/1/40 (FSA Insured)	8,165,000	9,519,818
Series 2015 F:
5% 12/1/25 (a)	2,540,000	3,001,188
5% 12/1/27 (a)	4,810,000	5,690,903
Series 2015 G:
5% 12/1/35	5,435,000	6,341,015
5% 12/1/36	5,760,000	6,711,264
Series 2017 A:
5% 12/1/37	545,000	640,909
5% 12/1/42	1,455,000	1,719,286
Series 2017 B, 5% 12/1/47 (a)	450,000	521,217
West Ottawa Pub. School District:
Series 2012 A:
5% 5/1/25	4,310,000	4,731,475
5% 5/1/26	2,000,000	2,190,820
Series 2014 1:
5% 5/1/30	725,000	839,180
5% 5/1/32	500,000	574,300
5% 5/1/34	900,000	1,028,637
5% 5/1/35	250,000	285,418
Western Michigan Univ. Rev.:
Series 2014:
5% 11/15/25	320,000	375,469
5% 11/15/26	400,000	473,244
5% 11/15/28	650,000	762,671
5% 11/15/29	750,000	876,368
5% 11/15/30	855,000	997,289
5% 11/15/31	700,000	815,052
Series 2015 A:
5% 11/15/26	1,000,000	1,185,700
5% 11/15/28	2,505,000	2,953,420
Woodhaven-Brownstown School District County of Wayne:
5% 5/1/36	2,835,000	3,295,319
5% 5/1/38	5,670,000	6,576,973
Ypsilanti School District Series A:
5% 5/1/29	1,305,000	1,525,349
5% 5/1/30	1,550,000	1,795,443
5% 5/1/32	1,750,000	2,008,930
Zeeland Pub. Schools:
5% 5/1/27 (FSA Insured)	1,000,000	1,185,530
5% 5/1/28 (FSA Insured)	500,000	590,545
5% 5/1/29 (FSA Insured)	1,000,000	1,178,140
5% 5/1/30 (FSA Insured)	1,000,000	1,174,460

TOTAL MICHIGAN		660,649,385

TOTAL MUNICIPAL BONDS
(Cost $644,841,582)		666,209,297

Municipal Notes - 0.6%
Michigan - 0.6%
Karegnondi Wtr. Auth. Participating VRDN Series Putters 5009, 1.84% 1/2/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c)
(Cost $4,000,000)	4,000,000	4,000,000
TOTAL INVESTMENT IN SECURITIES - 98.5%
(Cost $648,841,582)		670,209,297
NET OTHER ASSETS (LIABILITIES) - 1.5%		10,173,299
NET ASSETS - 100%		$680,382,596

Security Type Abbreviations

VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

Legend

(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

Investment Valuation

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

General Obligations	33.3%
Health Care	24.3%
Education	10.6%
Transportation	10.2%
Escrowed/Pre-Refunded	6.6%
Others* (Individually Less Than 5%)	15.0%
	100.0%

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.

Fidelity® Michigan Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $648,841,582)		$670,209,297
Cash		5,010,126
Receivable for fund shares sold		346,799
Interest receivable		6,240,079
Prepaid expenses		1,089
Other receivables		881
Total assets		681,808,271
Liabilities
Payable for fund shares redeemed	$659,814
Distributions payable	454,893
Accrued management fee	200,931
Other affiliated payables	64,057
Other payables and accrued expenses	45,980
Total liabilities		1,425,675
Net Assets		$680,382,596
Net Assets consist of:
Paid in capital		$658,744,290
Undistributed net investment income		36,313
Accumulated undistributed net realized gain (loss) on investments		234,278
Net unrealized appreciation (depreciation) on investments		21,367,715
Net Assets, for 55,689,350 shares outstanding		$680,382,596
Net Asset Value, offering price and redemption price per share ($680,382,596 ÷ 55,689,350 shares)		$12.22

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Interest		$21,474,372
Expenses
Management fee	$2,380,386
Transfer agent fees	588,583
Accounting fees and expenses	155,254
Custodian fees and expenses	5,046
Independent trustees' fees and expenses	2,511
Registration fees	27,753
Audit	56,315
Legal	5,554
Miscellaneous	5,707
Total expenses before reductions	3,227,109
Expense reductions	(8,510)	3,218,599
Net investment income (loss)		18,255,773
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		3,506,039
Total net realized gain (loss)		3,506,039
Change in net unrealized appreciation (depreciation) on investment securities		13,813,180
Net gain (loss)		17,319,219
Net increase (decrease) in net assets resulting from operations		$35,574,992

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$18,255,773	$19,640,022
Net realized gain (loss)	3,506,039	4,276,556
Change in net unrealized appreciation (depreciation)	13,813,180	(26,972,213)
Net increase (decrease) in net assets resulting from operations	35,574,992	(3,055,635)
Distributions to shareholders from net investment income	(18,249,642)	(19,608,060)
Distributions to shareholders from net realized gain	(2,430,358)	(4,300,072)
Total distributions	(20,680,000)	(23,908,132)
Share transactions
Proceeds from sales of shares	118,463,304	161,615,926
Reinvestment of distributions	14,106,104	15,953,121
Cost of shares redeemed	(118,716,731)	(133,182,519)
Net increase (decrease) in net assets resulting from share transactions	13,852,677	44,386,528
Redemption fees	–	6,546
Total increase (decrease) in net assets	28,747,669	17,429,307
Net Assets
Beginning of period	651,634,927	634,205,620
End of period	$680,382,596	$651,634,927
Other Information
Undistributed net investment income end of period	$36,313	$185,571
Shares
Sold	9,760,527	12,945,542
Issued in reinvestment of distributions	1,162,710	1,293,440
Redeemed	(9,797,566)	(10,893,149)
Net increase (decrease)	1,125,671	3,345,833

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Michigan Municipal Income Fund

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$11.94	$12.38	$12.33	$11.70	$12.54
Income from Investment Operations
Net investment income (loss)^A	.333	.352	.387	.422	.437
Net realized and unrealized gain (loss)	.324	(.364)	.050	.642	(.777)
Total from investment operations	.657	(.012)	.437	1.064	(.340)
Distributions from net investment income	(.333)	(.353)	(.387)	(.421)	(.436)
Distributions from net realized gain	(.044)	(.075)	–	(.013)	(.064)
Total distributions	(.377)	(.428)	(.387)	(.434)	(.500)
Redemption fees added to paid in capital^A	–	–^B	–^B	–^B	–^B
Net asset value, end of period	$12.22	$11.94	$12.38	$12.33	$11.70
Total Return^C	5.57%	(.16)%	3.61%	9.23%	(2.75)%
Ratios to Average Net Assets^D
Expenses before reductions	.49%	.49%	.49%	.48%	.48%
Expenses net of fee waivers, if any	.48%	.49%	.49%	.48%	.48%
Expenses net of all reductions	.48%	.48%	.49%	.48%	.48%
Net investment income (loss)	2.74%	2.83%	3.15%	3.49%	3.59%
Supplemental Data
Net assets, end of period (000 omitted)	$680,383	$651,635	$634,206	$569,796	$528,289
Portfolio turnover rate	12%	25%	11%	12%	8%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.0005 per share.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

See accompanying notes which are an integral part of the financial statements.

Fidelity® Michigan Municipal Money Market Fund

Investment Summary/Performance (Unaudited)

Effective Maturity Diversification as of December 31, 2017

Days	% of fund's investments 12/31/17
1 - 7	84.2
8 - 30	1.5
31 - 60	1.9
61 - 90	1.8
91 - 180	1.2
> 180	9.4

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Asset Allocation (% of fund's net assets)

As of December 31, 2017
	Variable Rate Demand Notes (VRDNs)	47.4%
	Tender Option Bond	26.3%
	Other Municipal Security	14.4%
	Investment Companies	11.8%
	Net Other Assets (Liabilities)	0.1%

Current 7-Day Yield

	12/31/17
Fidelity® Michigan Municipal Money Market Fund	1.09%

Yield refers to the income paid by the Fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund’s expenses was reimbursed and/or waived. Absent such reimbursement and/or waivers the yield for the period ending December 31, 2017 would have been 1.08%.

Fidelity® Michigan Municipal Money Market Fund

Investments December 31, 2017

Showing Percentage of Net Assets

Variable Rate Demand Note - 47.4%
	Principal Amount	Value
Alabama - 0.4%
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.83% 1/5/18, VRDN(a)(b)	$1,100,000	$1,100,000
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 1.79% 1/5/18, VRDN (b)	400,000	400,000
		1,500,000
Arkansas - 0.7%
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 1.92% 1/5/18, VRDN (a)(b)	300,000	300,000
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 1.8% 1/5/18, LOC Royal Bank of Scotland PLC, VRDN (a)(b)	2,500,000	2,500,000
		2,800,000
Delaware - 0.1%
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1993 C, 1.75% 1/5/18, VRDN (b)	200,000	200,000
Indiana - 0.1%
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 B, 1.82% 1/5/18, VRDN (a)(b)	200,000	200,000
Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.):
Series H, 1.87% 1/5/18, VRDN (b)	300,000	300,000
Series I, 1.87% 1/5/18, VRDN (b)	100,000	100,000
		600,000
Michigan - 45.7%
Central Michigan Univ. Rev. Series 2008 A, 1.63% 1/5/18, LOC JPMorgan Chase Bank, VRDN (b)	6,475,000	6,475,000
Grand Traverse County Hosp. Series 2011 B, 1.75% 1/5/18, LOC JPMorgan Chase Bank, VRDN (b)	19,825,000	19,825,000
Grand Valley Michigan State Univ. Rev. Series 2008 B, 1.7% 1/5/18, LOC U.S. Bank NA, Cincinnati, VRDN (b)	20,940,000	20,940,000
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2008 C, 1.8% 1/5/18, LOC Bank of New York, New York, VRDN (b)	1,000,000	1,000,000
Michigan Bldg. Auth. Rev. (Michigan Gen. Oblig. Proj.) Series 2017 I, 1.7% 1/5/18, LOC Citibank NA, VRDN (b)	3,000,000	3,000,000
Michigan Fin. Auth. Rev.:
(Healthcare Equip. Ln. Prog.) Series 2015 C, 1.56% 1/5/18, LOC Fifth Third Bank, Cincinnati, VRDN (b)	1,500,000	1,500,000
(Hosp. Proj.) Series 2016 E2, 1.7% 1/5/18, VRDN (b)	17,000,000	17,000,000
Series 2016 E3, 1.61% 1/5/18, VRDN (b)	10,425,000	10,425,000
Michigan Hsg. Dev. Ltd. Oblig. Rev. (JAS Non-Profit Hsg. Corp. VI Proj.) Series 2000, 1.65% 1/5/18, LOC JPMorgan Chase Bank, VRDN(b)	8,400,000	8,400,000
Michigan State Univ. Revs. Series 2000 A, 1.64% 1/5/18 (Liquidity Facility Northern Trust Co.), VRDN (b)	13,285,000	13,285,000
Michigan Strategic Fund Ltd. Oblig. Rev.:
(Air Products and Chemicals, Inc. Proj.) Series 2007 V1, 2% 1/2/18, VRDN (b)	13,950,000	13,950,000
(Consumers Energy Co. Proj.) 1.74% 1/5/18, LOC JPMorgan Chase Bank, VRDN (a)(b)	20,700,000	20,700,000
(Henry Ford Museum & Greenfield Village Proj.) Series 2002, 1.78% 1/2/18, LOC Comerica Bank, VRDN (b)	8,500,000	8,500,000
(The Kroger Co. Recovery Zone Facilities Bond Proj.) Series 2010, 1.77% 1/5/18, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b)	19,000,000	19,000,000
Oakland County Econ. Dev. Corp. Ltd. Oblig. Rev. (Osmic, Inc. Proj.) Series 2001 A, 1.71% 1/5/18, LOC JPMorgan Chase Bank, VRDN (a)(b)	1,800,000	1,800,000
FHLMC Livonia Econ. Dev. Corp. (Madonna Univ. Proj.) Series 2009, 1.74% 1/5/18, LOC Fed. Home Ln. Bank Chicago, VRDN (b)	21,035,000	21,035,000
FNMA Michigan Hsg. Dev. Auth. Multi-family Hsg. Rev. (Hunt Club Apts. Proj.) 1.78% 1/5/18, LOC Fannie Mae, VRDN (a)(b)	5,550,000	5,550,000
		192,385,000
Nebraska - 0.1%
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.83% 1/5/18, VRDN (a)(b)	600,000	600,000
North Carolina - 0.0%
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.92% 1/5/18, VRDN (a)(b)	200,000	200,000
West Virginia - 0.3%
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.:
(Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.93% 1/5/18, VRDN (a)(b)	900,000	900,000
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.91% 1/5/18, VRDN (a)(b)	500,000	500,000
		1,400,000
TOTAL VARIABLE RATE DEMAND NOTE
(Cost $199,685,000)		199,685,000

Tender Option Bond - 26.3%
Colorado - 0.1%
Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters XF 22 41, 1.86% 1/5/18 (Liquidity Facility Citibank NA) (b)(c)	200,000	200,000
Connecticut - 0.2%
Connecticut Gen. Oblig. Participating VRDN Series Floaters 014, 1.89% 2/9/18 (Liquidity Facility Barclays Bank PLC) (b)(c)(d)	900,000	900,000
Michigan - 25.5%
Eastern Michigan Univ. Revs. Participating VRDN Series Floaters 17 012, 1.76% 1/5/18 (Liquidity Facility Barclays Bank PLC) (b)(c)	19,250,000	19,250,000
Michigan Bldg. Auth. Rev. Participating VRDN:
Series Floaters XM 03 92, 1.74% 1/5/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)	7,900,000	7,900,000
Series Floaters XM 04 65, 1.74% 1/5/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)	5,800,000	5,800,000
Michigan Fin. Auth. Rev. Participating VRDN:
Series 15 XF0126, 1.76% 1/5/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c)	5,000,000	5,000,000
Series 16 XM0223, 1.74% 1/5/18 (Liquidity Facility Citibank NA) (b)(c)	4,010,000	4,010,000
Series 16 ZM0166, 1.75% 1/5/18 (Liquidity Facility Royal Bank of Canada) (b)(c)	8,500,000	8,500,000
Series RBC 2016 XM0132, 1.75% 1/5/18 (Liquidity Facility Royal Bank of Canada) (b)(c)	13,165,000	13,165,000
Series RBC 2016 ZM0131, 1.75% 1/5/18 (Liquidity Facility Royal Bank of Canada) (b)(c)	2,335,000	2,335,000
Series XM 04 72, 1.74% 1/5/18 (Liquidity Facility Citibank NA) (b)(c)	3,750,000	3,750,000
Series XX 1043, 1.74% 1/5/18 (Liquidity Facility Barclays Bank PLC) (b)(c)	5,110,000	5,110,000
Michigan Hosp. Fin. Auth. Rev. Participating VRDN Series Floaters XM 04 08, 1.74% 1/5/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)	4,475,000	4,475,000
Michigan St Hsg. Dev. Auth. Singl Participating VRDN Series Floaters 017, 1.74% 1/5/18 (Liquidity Facility Barclays Bank PLC) (b)(c)	4,400,000	4,400,000
Michigan State Univ. Revs. Bonds Series WF 11 33 C, SIFMA Municipal Swap Index + 0.280% 1.99%, tender 3/8/18 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e)(f)	7,610,000	7,610,000
Univ. of Michigan Rev. Participating VRDN:
Series 15 XF2199, 1.74% 1/5/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)	6,190,000	6,190,000
Series 15 XF2205, 1.74% 1/5/18 (Liquidity Facility Citibank NA) (b)(c)	5,300,000	5,300,000
Series Floaters ZF 05 90, 1.74% 1/5/18 (Liquidity Facility Toronto-Dominion Bank) (b)(c)	4,300,000	4,300,000
		107,095,000
Montana - 0.4%
Missoula Mont Wtr. Sys. Rev. Participating VRDN Series Floaters 011, 1.89% 2/9/18 (Liquidity Facility Barclays Bank PLC) (b)(c)(d)	1,600,000	1,600,000
New Jersey - 0.0%
New Jersey St. Trans. Trust Fund Auth. Participating VRDN Series Floaters 16 XF1059, 1.88% 1/5/18 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)	200,000	200,000
Ohio - 0.1%
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.89% 2/9/18 (Liquidity Facility Barclays Bank PLC) (b)(c)(d)	295,000	295,000
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.89% 2/9/18 (Liquidity Facility Barclays Bank PLC) (b)(c)(d)	200,000	200,000
		495,000
TOTAL TENDER OPTION BOND
(Cost $110,490,000)		110,490,000

Other Municipal Security - 14.4%
Georgia - 0.9%
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A2, SIFMA Municipal Swap Index + 0.100% 1.81%, tender 4/2/18 (Liquidity Facility Royal Bank of Canada) (b)(f)	3,920,000	3,920,000
Kentucky - 0.1%
Jefferson County Poll. Cont. Rev. Bonds Series 01A, 1.16% tender 1/10/18, CP mode	300,000	300,000
Massachusetts - 0.7%
Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds Series 05, 1.05% tender 1/11/18 (Massachusetts Elec. Co. Guaranteed), CP mode (a)	2,000,000	2,000,000
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds:
(New England Pwr. Co. Proj.) Series 93B, 1.42% tender 2/2/18, CP mode	600,000	600,000
Series 93A, 1.1% tender 1/12/18, CP mode	300,000	300,000
		2,900,000
Michigan - 12.1%
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 1.96%, tender 7/27/18 (b)(f)	19,915,000	19,915,000
Michigan Bldg. Auth. Rev. Bonds:
(Michigan Gen. Oblig. Proj.) Series 2009 I, 5% 10/15/18	4,100,000	4,217,593
Series 2008, 6.25% 10/15/18 (Pre-Refunded to 10/15/18 @ 100)	1,000,000	1,038,438
Michigan Fin. Auth. Rev. Bonds ( Unemployment Comp Oblg Asmt Proj.) Series 2012 A, 5% 7/1/18	3,400,000	3,464,753
Michigan Hosp. Fin. Auth. Rev. Bonds:
(McLaren Health Care Corp. Proj.) Series 2008 A, 5.75% 5/15/18 (Pre-Refunded to 5/15/18 @ 100)	4,200,000	4,271,726
Series 2010 F3, 1.4%, tender 6/29/18 (b)	770,000	769,992
Michigan Trunk Line Fund Rev. Bonds Series 2014, 5% 11/15/18	2,250,000	2,321,065
Univ. of Michigan Rev.:
Series K1:
0.99% 1/9/18, CP	2,000,000	2,000,000
1.16% 3/1/18, CP	4,300,000	4,300,000
Series K2:
1.01% 7/31/18, CP	4,400,000	4,400,000
1.15% 9/7/18, CP	4,300,000	4,300,000
		50,998,567
New Hampshire - 0.3%
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds:
Series 90 A, 1.15% tender 1/12/18, CP mode (a)	400,000	400,000
Series A1, 1.8% tender 1/3/18, CP mode (a)	1,000,000	1,000,000
		1,400,000
Virginia - 0.2%
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds Series 1992, 1.15% tender 1/11/18, CP mode (a)	600,000	600,000
West Virginia - 0.1%
Grant County Cmnty. Solid Waste Disp. Rev. Bonds Series 96, 1.15% tender 1/12/18, CP mode (a)	500,000	500,000
TOTAL OTHER MUNICIPAL SECURITY
(Cost $60,618,567)		60,618,567
	Shares	Value

Investment Company - 11.8%
Fidelity Municipal Cash Central Fund, 1.75% (g)(h)
(Cost $49,752,587)	49,752,583	49,752,587
TOTAL INVESTMENT IN SECURITIES - 99.9%
(Cost $420,546,154)		420,546,154
NET OTHER ASSETS (LIABILITIES) - 0.1%		274,005
NET ASSETS - 100%		$420,820,159

Security Type Abbreviations

CP – COMMERCIAL PAPER

VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

Legend

(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(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 $2,995,000 or 0.7% of net assets.

(e) 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 $7,610,000 or 1.8% of net assets.

(f) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(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 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Cost
Michigan State Univ. Revs. Bonds Series WF 11 33 C, SIFMA Municipal Swap Index + 0.280% 1.99%, tender 3/8/18 (Liquidity Facility Wells Fargo Bank NA)	9/24/14	$7,610,000

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	$458,703
Total	$458,703

Amounts in the income column in the above table exclude any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

Fidelity® Michigan Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $370,793,567)	$370,793,567
Fidelity Central Funds (cost $49,752,587)	49,752,587
Total Investment in Securities (cost $420,546,154)		$420,546,154
Cash		26,398
Receivable for fund shares sold		144,553
Interest receivable		670,412
Distributions receivable from Fidelity Central Funds		53,913
Prepaid expenses		783
Other receivables		76
Total assets		421,442,289
Liabilities
Payable for fund shares redeemed	$396,403
Distributions payable	8,113
Accrued management fee	126,406
Audit fee payable	32,906
Transfer agent fee payable	51,852
Other affiliated payables	5,673
Other payables and accrued expenses	777
Total liabilities		622,130
Net Assets		$420,820,159
Net Assets consist of:
Paid in capital		$420,822,344
Distributions in excess of net investment income		(1,653)
Accumulated undistributed net realized gain (loss) on investments		(532)
Net Assets, for 420,155,928 shares outstanding		$420,820,159
Net Asset Value, offering price and redemption price per share ($420,820,159 ÷ 420,155,928 shares)		$1.00

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Interest		$3,864,639
Income from Fidelity Central Funds		458,703
Total income		4,323,342
Expenses
Management fee	$1,752,306
Transfer agent fees	694,606
Accounting fees and expenses	75,242
Custodian fees and expenses	3,937
Independent trustees' fees and expenses	1,877
Registration fees	28,089
Audit	38,977
Legal	5,467
Miscellaneous	3,535
Total expenses before reductions	2,604,036
Expense reductions	(3,585)	2,600,451
Net investment income (loss)		1,722,891
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,522
Fidelity Central Funds	107
Capital gain distributions from Fidelity Central Funds	2,131
Total net realized gain (loss)		3,760
Net increase in net assets resulting from operations		$1,726,651

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,722,891	$486,277
Net realized gain (loss)	3,760	13,960
Net increase in net assets resulting from operations	1,726,651	500,237
Distributions to shareholders from net investment income	(1,722,434)	(486,526)
Distributions to shareholders from net realized gain	(4,294)	(490,312)
Total distributions	(1,726,728)	(976,838)
Share transactions at net asset value of $1.00 per share
Proceeds from sales of shares	35,302,513	621,774,730
Reinvestment of distributions	1,674,103	948,313
Cost of shares redeemed	(190,525,240)	(1,041,614,524)
Net increase (decrease) in net assets and shares resulting from share transactions	(153,548,624)	(418,891,481)
Total increase (decrease) in net assets	(153,548,701)	(419,368,082)
Net Assets
Beginning of period	574,368,860	993,736,942
End of period	$420,820,159	$574,368,860
Other Information
Distributions in excess of net investment income end of period	$(1,653)	$(2,110)

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Michigan Municipal Money Market Fund

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00
Income from Investment Operations
Net investment income (loss)	.004	.001	–^A	–^A	–^A
Net realized and unrealized gain (loss)	–^A	.001	–^A	–^A	–^A
Total from investment operations	.004	.002	–^A	–^A	–^A
Distributions from net investment income	(.004)	(.001)	–^A	–^A	–^A
Distributions from net realized gain	–^A	(.001)	–	–	–^A
Total distributions	(.004)	(.002)	–^A	–^A	–^A
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return^B	.37%	.16%	.01%	.01%	.02%
Ratios to Average Net Assets^C,^D
Expenses before reductions	.53%	.52%	.53%	.53%	.54%
Expenses net of fee waivers, if any	.53%	.35%	.06%	.07%	.11%
Expenses net of all reductions	.53%	.35%	.06%	.07%	.11%
Net investment income (loss)	.35%	.06%	.01%	.01%	.01%
Supplemental Data
Net assets, end of period (000 omitted)	$420,820	$574,369	$993,737	$1,044,226	$1,077,691

^A Amount represents less than $.0005 per share.

^B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

Fidelity Michigan Municipal Income Fund (the Income Fund) is a fund of Fidelity Municipal Trust. Fidelity Michigan Municipal Money Market Fund (the Money Market Fund) is a fund of Fidelity Municipal Trust II. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Municipal Trust and Fidelity Municipal Trust II (the Trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. The Income Fund is a non-diversified fund. Each Fund is authorized to issue an unlimited number of shares. Shares of the Money Market Fund are only available for purchase by retail shareholders. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. Each Fund may be affected by economic and political developments in the state of Michigan.

2. Investments in Fidelity Central Funds.

The Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Income Fund's investments to the Fair Value Committee (the Committee) established by the Income Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Income 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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Income 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 Income Fund's investments and ratifies the fair value determinations of the Committee.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

Valuation techniques used to value each Fund's investments by major category are as follows:

For the Income Fund, 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.

For the Money Market Fund, as permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and net asset value (NAV) include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2017, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Income Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, market discount, deferred trustees compensation and losses deferred due to excise tax regulations.

The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation)
Fidelity Michigan Municipal Income Fund	$648,836,012	$22,514,684	$(1,141,399)	$21,373,285
Fidelity Michigan Municipal Money Market Fund	420,546,154	–	–	–

The tax-based components of distributable earnings as of period end were as follows for each Fund:

	Undistributed tax-exempt income	Undistributed long-term capital gain	Net unrealized appreciation (depreciation) on securities and other investments
Fidelity Michigan Municipal Income Fund	$31,446	$234,278	$21,373,285
Fidelity Michigan Municipal Money Market Fund	–	–	–

Certain of the Funds intend to elect to defer to the next fiscal year capital losses recognized during the period November 1, 2017 to December 31, 2017. Loss deferrals were as follows:

	Capital losses
Fidelity Michigan Municipal Money Market Fund	$(532)

The tax character of distributions paid was as follows:

December 31, 2017
	Tax-Exempt Income	Ordinary Income	Long-term Capital Gains	Total
Fidelity Michigan Municipal Income Fund	$18,249,642	$–	$2,430,358	$20,680,000
Fidelity Michigan Municipal Money Market Fund	1,722,434	4,294	–	1,726,728

December 31, 2016
	Tax-Exempt Income	Ordinary Income	Long-term Capital Gains	Total
Fidelity Michigan Municipal Income Fund	$19,608,060	$114,669	$4,185,403	$23,908,132
Fidelity Michigan Municipal Money Market Fund	486,526	471,693	18,619	976,838

Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $95,048,028 and $74,869,097, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annual management fee rate expressed as a percentage of each Fund's average net assets was as follows:

	Individual Rate	Group Rate	Total
Fidelity Michigan Municipal Income Fund	.25%	.11%	.36%
Fidelity Michigan Municipal Money Market Fund	.25%	.11%	.36%

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Funds. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annual rates expressed as a percentage of average net assets:

Fidelity Michigan Municipal Income Fund	.09%
Fidelity Michigan Municipal Money Market Fund	.14%

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The fee is based on the level of average net assets for each month.

Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. For the Income Fund, interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Income Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

Fidelity Michigan Municipal Income Fund

$2,150

During the period, the Income Fund did not borrow on this line of credit.

7. Expense Reductions.

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

	Custody expense reduction
Fidelity Michigan Municipal Income Fund	$4,537
Fidelity Michigan Municipal Money Market Fund	107

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses as follows:

	Amount
Fidelity Michigan Municipal Income Fund	$3,973
Fidelity Michigan Municipal Money Market Fund	3,478

8. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Municipal Trust and Shareholders of Fidelity Michigan Municipal Income Fund and the Board of Trustees of Fidelity Municipal Trust II and Shareholders of Fidelity Michigan Municipal Money Market Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Michigan Municipal Income Fund (one of the funds constituting Fidelity Municipal Trust) and Fidelity Michigan Municipal Money Market Fund (one of the funds constituting Fidelity Municipal Trust II) (hereafter collectively referred to as the “Funds”) as of December 31, 2017, the related statements of operations for the year ended December 31, 2017, the statements of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2017 and each of the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 14, 2018

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trusts and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Each of the Trustees oversees 238 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity^® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity^® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity^® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity^® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity^® funds (2001-2005), and managed a number of Fidelity^® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity^® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trusts or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity^® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity^® funds (2013-2016).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity^® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity^® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2006

Trustee

Mr. Gamper also serves as Trustee of other Fidelity^® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity^® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity^® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity^® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Mr. Kenneally also serves as Trustee of other Fidelity^® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Ms. Knowles also serves as Trustee of other Fidelity^® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity^® funds (2012-2015).

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity^® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Ms. Dorsey also serves as an officer of other funds. Ms. Dorsey serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2008-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present).

Timothy Huyck (1964)

Year of Election or Appointment: 2015

Vice President of Fidelity's Money Market Funds

Mr. Huyck also serves as Vice President of other funds. Mr. Huyck serves as Chief Investment Officer of Fidelity's Money Market Funds (2015-present) and is an employee of Fidelity Investments (1990-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Jamie Pagliocco (1964)

Year of Election or Appointment: 2017

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as Chief Investment Officer of FMR's Bond Group (2017-present) and is an employee of Fidelity Investments (2001-present).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity^® funds (2008-2009).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity^® funds (2013-2016).

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity^® funds (2013-2016).

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Fidelity Michigan Municipal Income Fund	.48%
Actual		$1,000.00	$1,021.40	$2.45
Hypothetical-^C		$1,000.00	$1,022.79	$2.45
Fidelity Michigan Municipal Money Market Fund	.53%
Actual		$1,000.00	$1,002.30	$2.67
Hypothetical-^C		$1,000.00	$1,022.53	$2.70

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:

	Pay Date	Record Date	Capital Gains
Fidelity Michigan Municipal Income Fund	02/12/2018	02/09/2018	$0.005
Fidelity Michigan Municipal Money Market Fund	02/12/2018	02/09/2018	$0.000

The fund hereby designates as a capital gain dividend the amount noted below for the taxable year ended December 31, 2017, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Michigan Municipal Income Fund

$2,843,752

During fiscal year ended 2017, 100% of Fidelity Michigan Municipal Income Fund and Fidelity Michigan Municipal Money Market Fund's income dividends were free from federal income tax, and 4.05% of Fidelity Michigan Municipal Income Fund and 23.43% of Fidelity Michigan Municipal Money Market Fund's income dividends were subject to the federal alternative minimum tax.

The funds will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Michigan Municipal Income Fund / Fidelity Michigan Municipal Money Market Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2017 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

Amendment to Group Fee Rate. The Board also approved an amendment to the management contract for each fund to add an additional breakpoint to the group fee schedule, effective October 1, 2017. The Board noted that the additional breakpoint would result in lower management fee rates as Fidelity's assets under management increase above the new breakpoint.

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance (for Fidelity Michigan Municipal Income Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods.

Investment Performance (for Fidelity Michigan Municipal Money Market Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and considered by the Board.

Fidelity Michigan Municipal Income Fund

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016.

Fidelity Michigan Municipal Money Market Fund

The Board noted that the fund's management fee rate ranked above the median of its Total Mapped Group and above the median of its ASPG for 2016. The Board noted that the Total Mapped Group median declined 0.01% from 2015 and the ASPG median declined 0.02% from 2015 because the retail municipal mapped group has undergone significant changes as a result of the fund industry's response to money market reform and now includes a number of funds that were previously classified as institutional. The Board also noted that because there is a relatively small number of state-specific funds in the Lipper objective, Fidelity combines Lipper's separate categories for state-specific funds with all state and national money market funds to create a single mapped group.

The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board also considered the current and historical total expense ratios of each fund compared to competitive fund median expenses. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that Fidelity Michigan Municipal Income Fund's total expense ratio ranked below the competitive median for 2016 and Fidelity Michigan Municipal Money Market Fund's total expense ratio ranked above the competitive median for 2016. The Board considered that, in general, various factors can affect total expense ratios. The Board considered that Fidelity has been voluntarily waiving part or all of the transfer agent fees and/or management fees to maintain a minimum yield for Fidelity Michigan Municipal Money Market Fund. Fidelity Michigan Municipal Money Market Fund's total expense ratio ranked above the competitive median for 2016 because the advisers of many competitor funds waived fees or reimbursed expenses to a greater extent than Fidelity in order to maintain a minimum yield, which caused the expense medians of such competitor funds to be lower than they would otherwise be. The Board noted, however, that excluding fee waivers, the fund's total expense ratio also ranked above the median due to changes in the retail municipal no-load universe as a result of the fund industry's response to money market reform, which resulted in a median decrease of 0.08% from 2015.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that, although Fidelity Michigan Municipal Money Market Fund was above the median of the universe presented for comparison, each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the funds' business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus the assets of sector funds previously under FMR's management). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) the terms of Fidelity's contractual and voluntary expense cap and waiver arrangements with the funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (x) the approach to considering "fall-out" benefits; (xi) the impact of money market reform on Fidelity's money market funds, including with respect to costs and profitability; (xii) the funds' share class structures and distribution channels, including the impact of the Department of Labor's new fiduciary rule on the funds' distribution arrangements; and (xiii) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contracts should be renewed.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

MIR-ANN-0218
1.540080.120

Fidelity® Ohio Municipal Income Fund

Fidelity® Ohio Municipal Money Market Fund

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Fidelity® Ohio Municipal Income Fund
Investment Summary
Investments
Financial Statements
Fidelity® Ohio Municipal Money Market Fund
Investment Summary/Performance
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Fidelity® Ohio Municipal Income Fund

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Fidelity® Ohio Municipal Income Fund	6.03%	3.40%	4.46%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Ohio Municipal Income Fund on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays Municipal Bond Index performed over the same period.

	Period Ending Values
	$15,476	Fidelity® Ohio Municipal Income Fund
	$15,464	Bloomberg Barclays Municipal Bond Index

Fidelity® Ohio Municipal Income Fund

Management's Discussion of Fund Performance

Comments from Co-Portfolio Managers Cormac Cullen, Kevin Ramundo and Mark Sommer: For the year, the fund gained 6.03%, performing roughly in line, net of fees, with the 6.00% return of the Bloomberg Barclays Ohio 4+ year Enhanced Municipal Bond Index. The fund’s continued overweighting in hospital bonds helped the fund’s performance versus the benchmark, as did security selection within this group. Our holdings here, some of which we added in the first half of the period when we saw attractive valuations among newly issued securities, were supported partly by strong demand for higher-yielding securities and demand from investors wanting to cash in on a trend toward industry consolidation. We continued to prioritize investments in hospitals we thought were likely acquisition candidates. In our experience, mergers can result in credit improvement and price appreciation for the bonds of acquired hospitals. The fund’s underweighting in toll roads, in general, and the Ohio Turnpike, specifically, also proved beneficial given their underperformance. Detracting to a degree was the fund’s underweighting in bonds issued by the state of Ohio, including general oblation securities (GOs). These bonds generally performed well given the state’s fiscal and economic strength.

Fidelity® Ohio Municipal Income Fund

Investment Summary (Unaudited)

Top Five Sectors as of December 31, 2017

	% of fund's net assets
Health Care	30.9
General Obligations	24.4
Education	20.8
Water & Sewer	6.8
Escrowed/Pre-Refunded	5.7

Quality Diversification (% of fund's net assets)

As of December 31, 2017
	AAA	5.2%
	AA,A	84.8%
	BBB	6.4%
	BB and Below	2.0%
	Not Rated	0.7%
	Short-Term Investments and Net Other Assets	0.9%

Fidelity® Ohio Municipal Income Fund

Investments December 31, 2017

Showing Percentage of Net Assets

Municipal Bonds - 99.1%
	Principal Amount	Value
Guam - 0.8%
Guam Gov't. Ltd. Oblig. Rev. Series 2016 A, 5% 12/1/21	2,000,000	2,194,540
Guam Int'l. Arpt. Auth. Rev. Series 2013 C:
5% 10/1/18 (a)	$950,000	$968,326
6.25% 10/1/34 (a)	900,000	1,045,314
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/23 (FSA Insured)	1,000,000	1,116,730

TOTAL GUAM		5,324,910

Ohio - 98.3%
Akron Bath Copley Hosp. District Rev.:
(Children's Hosp. Med. Ctr. Proj.) Series 2012:
5% 11/15/22	1,000,000	1,123,720
5% 11/15/23	3,245,000	3,641,539
Series 2016:
5% 11/15/22	1,020,000	1,138,116
5.25% 11/15/34	1,500,000	1,736,955
5.25% 11/15/41	10,295,000	11,809,806
Allen County Hosp. Facilities Rev.:
(Catholic Healthcare Partners Proj.) Series 2010 B, 5.25% 9/1/27	5,000,000	5,461,150
(Mercy Health) Series 2017 A:
4% 8/1/36	5,000,000	5,241,000
5% 8/1/42	3,375,000	3,891,578
Bonds Series 2017 B, 5%, tender 5/5/22 (b)	3,000,000	3,352,320
American Muni. Pwr., Inc. Rev.:
(AMP Freemont Energy Ctr. Proj.) Series 2012 B, 5.25% 2/15/26 (Pre-Refunded to 2/15/22 @ 100)	6,875,000	7,791,438
(Prairie State Energy Campus Proj.) Series 2015:
5% 2/15/28	3,995,000	4,619,419
5% 2/15/42	3,000,000	3,413,760
Beavercreek City School District Series 2015:
5% 12/1/28	1,500,000	1,800,885
5% 12/1/29	1,500,000	1,797,660
Bowling Green Univ. Gen. Receipts Series 2016 A:
5% 6/1/42	1,000,000	1,158,200
5% 6/1/44	6,080,000	7,032,493
Butler County Hosp. Facilities Rev.:
(Kettering Health Network Obligated Group Proj.) Series 2011, 6.375% 4/1/36	5,030,000	5,721,172
(UC Health Proj.) 5.5% 11/1/40	2,030,000	2,230,483
Series 2016 X:
5% 5/15/31	3,225,000	4,061,501
5% 5/15/32	3,950,000	5,004,966
Cincinnati City School District Ctfs. of Prtn. (Cincinnati City School District School Impt. Proj.) 5% 12/15/26	4,000,000	4,718,120
Cincinnati Gen. Oblig. Series 2015, 5.25% 12/1/29	4,285,000	5,200,276
Cincinnati Wtr. Sys. Rev. Series 2015 A, 5% 12/1/40	3,260,000	3,841,649
Cleveland Gen. Oblig.:
Series 2012, 5% 12/1/25	2,350,000	2,693,570
Series 2015:
5% 12/1/26	1,500,000	1,791,390
5% 12/1/27	2,000,000	2,378,960
5% 12/1/29	1,250,000	1,469,100
Series C, 5.25% 11/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,885,000	2,229,352
Cleveland Heights & Univ. Heights County School District Series 2014, 4.5% 12/1/47	3,000,000	3,257,490
Cleveland Muni. School District:
Series 2013, 5% 12/1/24	1,255,000	1,437,213
Series 2015 A:
5% 12/1/24	3,725,000	4,305,690
5% 12/1/27	1,750,000	2,011,170
Cleveland Ohio Wtr. Poll. Ctl. Rev. Series 2016:
5% 11/15/34	1,190,000	1,395,668
5% 11/15/35	1,245,000	1,459,202
5% 11/15/36	450,000	526,725
5% 11/15/45	2,000,000	2,324,000
Cleveland Pub. Pwr. Sys. Rev. Series 2016 A, 5% 11/15/22 (FSA Insured)	3,970,000	4,503,806
Cleveland State Univ. Gen. Receipts Series 2012:
5% 6/1/24	1,920,000	2,137,152
5% 6/1/25	2,500,000	2,771,800
5% 6/1/26	3,075,000	3,404,456
Cleveland Wtr. Rev.:
Series 2012 X, 5% 1/1/42	5,465,000	6,005,325
Series 2015 Y:
4% 1/1/28	650,000	713,837
4% 1/1/29	1,040,000	1,134,214
4% 1/1/30	1,000,000	1,083,600
Cleveland-Cuyahoga County Port Auth. Dev. Lease Rev. (Administrative Headquarters Proj.) Series 2013, 5% 7/1/37	3,000,000	3,765,450
Columbus City School District:
5% 12/1/30	8,255,000	9,971,545
5% 12/1/31	5,000,000	6,010,050
Columbus Gen. Oblig. Series 2014 A, 4% 2/15/28	5,000,000	5,563,800
Columbus Metropolitan Library Facility Series 2012 1, 5% 12/1/23 (Pre-Refunded to 12/1/20 @ 100)	530,000	579,624
Cuyahoga County Gen. Oblig. Series 2012 A:
4% 12/1/27	1,575,000	1,672,367
5% 12/1/25	765,000	836,397
Cuyahoga County Hosp. Rev. Series 2017:
5% 2/15/26	1,750,000	1,993,670
5% 2/15/27	1,700,000	1,948,914
5% 2/15/28	2,385,000	2,720,021
5% 2/15/30	3,000,000	3,383,490
5% 2/15/31	1,500,000	1,681,740
5% 2/15/32	1,450,000	1,619,665
Dayton Gen. Oblig.:
4% 12/1/22	750,000	795,263
4% 12/1/25	1,540,000	1,600,476
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013, 5.25% 6/15/43	5,000,000	5,366,500
Fairview Park Gen. Oblig. Series 2012:
4% 12/1/23	1,395,000	1,530,357
4% 12/1/24	1,490,000	1,627,989
Forest Hills Local School District Series 2015, 5% 12/1/46	5,000,000	5,781,900
Franklin County Convention Facilities Auth. Tax & Lease Rev. Series 2014:
5% 12/1/25	1,250,000	1,485,588
5% 12/1/26	3,045,000	3,612,405
5% 12/1/32	5,920,000	6,956,533
Franklin County Hosp. Facilities Rev.:
(Ohiohealth Corp. Proj.) Series 2015, 5% 5/15/40	3,600,000	4,152,276
Series 2016 C:
4% 11/1/40	3,000,000	3,174,720
5% 11/1/33	2,610,000	3,125,788
5% 11/1/34	2,155,000	2,571,023
Franklin County Rev. (Trinity Health Proj.) Series 2017, 5% 12/1/47	3,750,000	4,357,388
Granville Exempted Village School District:
5% 12/1/26	1,720,000	2,076,229
5% 12/1/27	1,165,000	1,401,577
5% 12/1/30	1,130,000	1,343,208
5% 12/1/31	600,000	708,942
Greater Cleveland Reg'l. Transit Auth. Series 2012:
5% 12/1/23	660,000	738,613
5% 12/1/24	1,185,000	1,324,238
Hamilton City School District Series 2015:
3.5% 12/1/31	1,500,000	1,560,750
5% 12/1/26	1,500,000	1,778,445
5% 12/1/28	1,550,000	1,823,560
Hamilton County Convention Facilities Auth. Rev. Series 2014:
5% 12/1/26	1,000,000	1,138,330
5% 12/1/27	3,825,000	4,338,353
Hamilton County HealthCare Facilities Rev. (The Christ Hosp. Proj.) Series 2012:
5.25% 6/1/24	3,000,000	3,415,080
5.25% 6/1/27	3,000,000	3,409,650
Hamilton County Healthcare Rev. (Life Enriching Cmntys. Proj.) Series 2016:
5% 1/1/31	1,350,000	1,498,095
5% 1/1/36	2,800,000	3,066,140
Hamilton County Hosp. Facilities Rev. (Children's Hosp. Med. Ctr. Proj.) Series 2014 S, 5% 5/15/26	5,000,000	5,912,100
Hamilton County Student Hsg. Rev. (Stratford Heights Proj.) Series 2010, 5% 6/1/30 (FSA Insured)	2,500,000	2,668,925
Hancock County Hosp. Facilities Rev. (Blanchard Valley Reg'l. Health Ctr. Proj.) Series 2011 A:
5% 12/1/21 (Pre-Refunded to 6/1/21 @ 100)	1,500,000	1,661,250
6.25% 12/1/34 (Pre-Refunded to 6/1/21 @ 100)	4,100,000	4,709,752
Kent State Univ. Revs.:
Series 2009 B:
5% 5/1/26	335,000	349,492
5% 5/1/28	415,000	432,729
5% 5/1/29	85,000	88,608
5% 5/1/30	95,000	98,764
Series 2012 A:
5% 5/1/24	1,385,000	1,562,529
5% 5/1/25	1,500,000	1,689,615
5% 5/1/26	1,600,000	1,799,424
Series 2016:
5% 5/1/29	2,000,000	2,398,680
5% 5/1/30	1,000,000	1,195,170
Kettering City School District Series 2017, 5% 12/1/25	1,080,000	1,312,438
Lake County Hosp. Facilities Rev. Series 2015:
5% 8/15/27	770,000	898,151
5% 8/15/45	11,000,000	12,274,995
Lakewood City School District Series 2014 C:
5% 12/1/25	1,300,000	1,553,318
5% 12/1/27	3,215,000	3,823,182
Lancaster Ohio City School District Series 2012:
5% 10/1/37 (Pre-Refunded to 10/1/22 @ 100)	2,000,000	2,285,820
5% 10/1/49	3,000,000	3,310,830
Lucas County Hosp. Rev.:
(ProMedica Healthcare Oblig. Group Proj.):
Series 2008 D, 5% 11/15/38	1,090,000	1,119,528
Series 2011 A, 6.5% 11/15/37	2,800,000	3,336,760
Series 2011 D:
5% 11/15/22	1,000,000	1,117,000
5% 11/15/25	5,000,000	5,594,750
Lucas-Plaza Hsg. Dev. Corp. Mtg. Rev. (The Plaza Section 8 Assisted Proj.) Series 1991 A, 0% 6/1/24 (Escrowed to Maturity)	9,000,000	7,807,230
Miami Univ. Series 2012, 4% 9/1/28	2,195,000	2,375,144
Miamisburg City School District Series 2016:
4% 12/1/32	510,000	552,774
5% 12/1/28	500,000	599,130
5% 12/1/29	300,000	357,798
Middleburg Heights Hosp. Rev.:
Series 2011, 5.25% 8/1/41	3,000,000	3,336,090
Series 2012 A, 5% 8/1/47	5,725,000	6,349,769
Milford Exempt Village School District Series 2015:
3.5% 12/1/31	500,000	518,855
5% 12/1/28	1,400,000	1,659,336
Montgomery County Rev. (Catholic Health Initiatives Proj.) Series 2008 D, 6.25% 10/1/33	2,500,000	2,573,500
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013:
5% 2/15/44	3,755,000	4,013,006
5% 2/15/48	3,495,000	3,728,396
North Olmsted City School District Series 2015 A:
5% 12/1/26 (Pre-Refunded to 12/1/23 @ 100)	665,000	778,928
5% 12/1/27 (Pre-Refunded to 12/1/23 @ 100)	220,000	257,690
5% 12/1/28 (Pre-Refunded to 12/1/23 @ 100)	365,000	427,532
5% 12/1/29 (Pre-Refunded to 12/1/23 @ 100)	500,000	585,660
5% 12/1/30 (Pre-Refunded to 12/1/23 @ 100)	750,000	878,490
Northeast Ohio Reg'l. Swr. District Wastewtr. Rev.:
Series 2014, 5% 11/15/44	8,815,000	10,257,751
Series 2017, 4% 11/15/34	4,275,000	4,721,567
Northmont City School District Series 2012 A, 5% 11/1/49 (Pre-Refunded to 11/1/21 @ 100)	5,000,000	5,597,000
Northwest Local School District Series 2015, 5% 12/1/45	2,980,000	3,379,946
Ohio Bldg. Auth. (Adult Correctional Bldg. Fund Proj.) Series 2010 A, 5% 10/1/24	6,030,000	6,540,922
Ohio Cap. Facilities Lease (Ohio Gen. Oblig. Proj.) Series 2017 A:
5% 10/1/31	1,860,000	2,252,702
5% 10/1/32	1,625,000	1,960,303
5% 10/1/33	1,500,000	1,803,780
5% 10/1/34	3,100,000	3,716,001
5% 10/1/35	1,450,000	1,734,012
5% 10/1/36	1,250,000	1,492,475
5% 10/1/37	1,430,000	1,703,330
Ohio Gen. Oblig.:
Series 2014 C, 4% 3/1/25	5,000,000	5,498,250
Series 2015 C, 5% 11/1/28	5,955,000	7,175,894
Series 2016 A, 5% 2/1/31	4,255,000	5,066,343
Ohio Higher Edl. Facility Commission Rev.:
(Case Western Reserve Univ. Proj.):
Series 1990 B, 6.5% 10/1/20	1,265,000	1,357,636
Series 2016:
5% 12/1/23	1,895,000	2,211,579
5% 12/1/40	2,000,000	2,324,280
(Denison Univ. 2015 Proj.):
5% 11/1/28	1,465,000	1,735,717
5% 11/1/29	1,325,000	1,565,925
5% 11/1/30	2,285,000	2,673,587
(Denison Univ., Proj.) Series 2017 B, 5% 11/1/26	1,505,000	1,841,383
(Kenyon College 2010 Proj.) Series 2010, 5.25% 7/1/44	875,000	937,230
(Kenyon College 2015 Proj.) 5% 7/1/41	5,100,000	5,820,477
(Kenyon College 2016 Proj.) Series 2016, 5% 7/1/42	4,000,000	4,595,960
(Kenyon College, Oh. Proj.) Series 2017:
4% 7/1/36	400,000	425,684
4% 7/1/37	450,000	477,761
5% 7/1/28	400,000	478,448
5% 7/1/29	350,000	416,700
5% 7/1/30	300,000	355,791
5% 7/1/31	400,000	472,192
5% 7/1/33	650,000	761,989
5% 7/1/35	700,000	816,179
5% 7/1/42	1,400,000	1,623,580
(Univ. Hosp. Health Sys. Proj.) Series 2010 A, 5.25% 1/15/23	2,500,000	2,672,475
(Univ. of Dayton Proj.):
Series 2009, 5.5% 12/1/36	5,000,000	5,165,450
Series 2013:
5% 12/1/23	540,000	615,681
5% 12/1/24	585,000	664,349
5% 12/1/25	1,000,000	1,134,140
5% 12/1/26	1,195,000	1,353,505
5% 12/1/27	2,300,000	2,601,622
(Xavier Univ. Proj.) Series 2015 C:
5% 5/1/26	1,000,000	1,163,500
5% 5/1/28	1,000,000	1,151,950
5% 5/1/29	855,000	980,018
5% 5/1/31	1,005,000	1,143,389
Ohio Hosp. Facilities Rev.:
Series 2011 A, 5% 1/1/32	3,500,000	3,853,395
Series 2017 A:
5% 1/1/32	2,000,000	2,424,000
5% 1/1/33	5,000,000	6,040,400
Ohio Hosp. Rev.:
Series 2013 A, 5% 1/15/27	5,000,000	5,671,200
5% 1/15/41	5,000,000	5,663,350
Ohio Spl. Oblig.:
( Ohio Gen. Oblig. Proj.) Series 2017 A, 5% 4/1/32	1,115,000	1,338,669
( Ohio Gen. Oblig. Proj.P Series 2017 A, 5% 4/1/34	1,000,000	1,193,330
(Ohio Gen. Oblig. Proj.) Series 2017 A:
5% 4/1/28	1,750,000	2,138,150
5% 4/1/29	2,535,000	3,080,786
5% 4/1/30	2,250,000	2,724,030
5% 4/1/31	2,000,000	2,410,340
5% 4/1/33	1,850,000	2,214,376
5% 4/1/35	2,395,000	2,851,535
Ohio State Univ. Gen. Receipts:
Series 2010 D, 5% 12/1/31	1,365,000	1,749,015
Series 2013 A:
5% 6/1/28	2,000,000	2,312,900
5% 6/1/38	3,500,000	3,951,535
Ohio Tpk. Commission Tpk. Rev.:
(Infastructure Proj.) Series 2005 A, 0% 2/15/43	10,000,000	4,162,700
Series 2017 A:
5% 2/15/26	3,250,000	3,955,315
5% 2/15/28	3,000,000	3,709,950
5% 2/15/29	1,300,000	1,596,764
5% 2/15/30	1,000,000	1,225,500
5% 2/15/31	1,000,000	1,217,220
Ohio Univ. Gen. Receipts Athens Series 2013, 5% 12/1/24	5,075,000	5,801,588
Ohio Wtr. Dev. Auth. Rev.:
(Fresh Wtr. Impt. Proj.) Series 2009 B, 5% 12/1/24	1,025,000	1,210,443
Series 2016:
5% 12/1/35	5,500,000	6,587,350
5% 12/1/36	5,000,000	5,979,650
5% 12/1/37	3,500,000	4,176,515
Olentangy Local School District:
5% 12/1/30	1,500,000	1,797,390
5% 12/1/32	1,275,000	1,517,594
Princeton City School District Series 2014:
0% 12/1/40	4,000,000	1,814,560
0% 12/1/41	4,000,000	1,748,920
5% 12/1/39	2,750,000	3,176,278
Reynoldsburg City School District 4% 12/1/30	4,625,000	5,016,599
Scioto County Hosp. Facilities Rev. Series 2016:
5% 2/15/28	5,030,000	5,934,042
5% 2/15/30	2,145,000	2,498,389
5% 2/15/32	1,625,000	1,876,859
5% 2/15/33	1,460,000	1,677,175
5% 2/15/34	1,000,000	1,146,410
South-Western City School District Franklin & Pickway County Series 2012 B, 5% 12/1/36	2,000,000	2,234,160
Toledo Gen. Oblig. Series 2012 A, 5% 12/1/20	1,635,000	1,766,258
Univ. of Akron Gen. Receipts Series 2016 A:
5% 1/1/23	460,000	523,406
5% 1/1/24	955,000	1,107,896
5% 1/1/25	1,025,000	1,208,660
5% 1/1/33	5,000,000	5,830,550
5% 1/1/37	6,000,000	6,947,520
Univ. of Cincinnati Gen. Receipts:
Series 2010 F, 5% 6/1/32	2,000,000	2,162,340
Series 2012 C:
4% 6/1/28	2,000,000	2,172,520
5% 6/1/24	1,230,000	1,411,696
Series 2013 A:
5% 6/1/33	4,085,000	4,634,187
5% 6/1/34	5,130,000	5,808,494
Series 2016 A:
5% 6/1/32	745,000	882,996
5% 6/1/33	800,000	945,528
5% 6/1/34	585,000	689,475
Series 2016 C, 5% 6/1/41	2,585,000	3,016,928
Univ. of Toledo Gen. Receipts Series 2017 B:
5% 6/1/30	4,115,000	5,068,240
5% 6/1/31	2,470,000	3,042,867
Village of Bluffton Hosp. Facilities Blanchard Valley Reg Health Ctr. Series 2017:
4% 12/1/32	1,500,000	1,586,805
5% 12/1/25	1,500,000	1,773,525
5% 12/1/26	1,790,000	2,132,839
5% 12/1/27	1,340,000	1,610,278
5% 12/1/28	1,400,000	1,667,596
5% 12/1/29	750,000	889,073
5% 12/1/30	1,700,000	2,005,558
5% 12/1/31	750,000	881,273
Willoughby-Eastlake City School District Series 2016, 5% 12/1/46	4,000,000	4,638,960
Wood County Hosp. Facilities Rev.:
(Hosp. Proj.) Series 2012, 5% 12/1/27	3,500,000	3,780,805
(Wood County Hosp. Assoc. Proj.) Series 2012, 5% 12/1/32	2,000,000	2,131,420
Wright State Univ. Gen. Receipts Series 2011 A, 5% 5/1/23	2,665,000	2,873,723

TOTAL OHIO		665,629,464

TOTAL MUNICIPAL BONDS
(Cost $643,103,884)		670,954,374
TOTAL INVESTMENT IN SECURITIES - 99.1%
(Cost $643,103,884)		670,954,374
NET OTHER ASSETS (LIABILITIES) - 0.9%		6,404,385
NET ASSETS - 100%		$677,358,759

Legend

(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

Investment Valuation

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

Health Care	30.9%
General Obligations	24.4%
Education	20.8%
Water & Sewer	6.8%
Escrowed/Pre-Refunded	5.7%
Others* (Individually Less Than 5%)	11.4%
	100.0%

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.

Fidelity® Ohio Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $643,103,884)		$670,954,374
Cash		1,782,352
Receivable for fund shares sold		657,039
Interest receivable		5,540,154
Prepaid expenses		1,086
Other receivables		878
Total assets		678,935,883
Liabilities
Payable for fund shares redeemed	$715,026
Distributions payable	553,619
Accrued management fee	200,521
Other affiliated payables	61,534
Other payables and accrued expenses	46,424
Total liabilities		1,577,124
Net Assets		$677,358,759
Net Assets consist of:
Paid in capital		$647,843,189
Undistributed net investment income		87,606
Accumulated undistributed net realized gain (loss) on investments		1,577,474
Net unrealized appreciation (depreciation) on investments		27,850,490
Net Assets, for 55,504,690 shares outstanding		$677,358,759
Net Asset Value, offering price and redemption price per share ($677,358,759 ÷ 55,504,690 shares)		$12.20

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Interest		$21,256,605
Expenses
Management fee	$2,374,918
Transfer agent fees	552,269
Accounting fees and expenses	155,015
Custodian fees and expenses	5,120
Independent trustees' fees and expenses	2,501
Registration fees	21,642
Audit	56,315
Legal	3,085
Miscellaneous	5,691
Total expenses before reductions	3,176,556
Expense reductions	(7,951)	3,168,605
Net investment income (loss)		18,088,000
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		5,264,402
Total net realized gain (loss)		5,264,402
Change in net unrealized appreciation (depreciation) on investment securities		15,306,731
Net gain (loss)		20,571,133
Net increase (decrease) in net assets resulting from operations		$38,659,133

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$18,088,000	$18,741,383
Net realized gain (loss)	5,264,402	5,155,783
Change in net unrealized appreciation (depreciation)	15,306,731	(23,822,930)
Net increase (decrease) in net assets resulting from operations	38,659,133	74,236
Distributions to shareholders from net investment income	(18,087,879)	(18,738,970)
Distributions to shareholders from net realized gain	(4,790,838)	(4,034,669)
Total distributions	(22,878,717)	(22,773,639)
Share transactions
Proceeds from sales of shares	83,569,244	149,144,309
Reinvestment of distributions	14,264,227	13,900,966
Cost of shares redeemed	(93,359,800)	(119,510,180)
Net increase (decrease) in net assets resulting from share transactions	4,473,671	43,535,095
Redemption fees	–	8,229
Total increase (decrease) in net assets	20,254,087	20,843,921
Net Assets
Beginning of period	657,104,672	636,260,751
End of period	$677,358,759	$657,104,672
Other Information
Undistributed net investment income end of period	$87,606	$87,532
Shares
Sold	6,896,568	12,005,716
Issued in reinvestment of distributions	1,179,587	1,127,125
Redeemed	(7,726,040)	(9,765,492)
Net increase (decrease)	350,115	3,367,349

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Ohio Municipal Income Fund

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$11.91	$12.29	$12.26	$11.48	$12.39
Income from Investment Operations
Net investment income (loss)^A	.330	.339	.363	.384	.392
Net realized and unrealized gain (loss)	.377	(.308)	.147	.780	(.779)
Total from investment operations	.707	.031	.510	1.164	(.387)
Distributions from net investment income	(.330)	(.339)	(.363)	(.384)	(.392)
Distributions from net realized gain	(.087)	(.072)	(.117)	–	(.131)
Total distributions	(.417)	(.411)	(.480)	(.384)	(.523)
Redemption fees added to paid in capital^A	–	–^B	–^B	–^B	–^B
Net asset value, end of period	$12.20	$11.91	$12.29	$12.26	$11.48
Total Return^C	6.03%	.19%	4.24%	10.26%	(3.16)%
Ratios to Average Net Assets^D
Expenses before reductions	.48%	.48%	.48%	.48%	.48%
Expenses net of fee waivers, if any	.48%	.48%	.48%	.48%	.48%
Expenses net of all reductions	.48%	.48%	.48%	.48%	.48%
Net investment income (loss)	2.73%	2.72%	2.97%	3.20%	3.28%
Supplemental Data
Net assets, end of period (000 omitted)	$677,359	$657,105	$636,261	$598,694	$535,347
Portfolio turnover rate	24%	17%	17%	7%	17%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.0005 per share.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

See accompanying notes which are an integral part of the financial statements.

Fidelity® Ohio Municipal Money Market Fund

Investment Summary/Performance (Unaudited)

Effective Maturity Diversification as of December 31, 2017

Days	% of fund's investments 12/31/17
1 - 7	69.5
8 - 30	2.0
31 - 60	5.1
61 - 90	4.1
91 - 180	8.1
> 180	11.2

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Asset Allocation (% of fund's net assets)

As of December 31, 2017
	Variable Rate Demand Notes (VRDNs)	34.2%
	Tender Option Bond	23.9%
	Other Municipal Security	29.7%
	Investment Companies	10.0%
	Net Other Assets (Liabilities)	2.2%

Current 7-Day Yield

	12/31/17
Fidelity® Ohio Municipal Money Market Fund	1.01%

Yield refers to the income paid by the Fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending December 31, 2017, the most recent period shown in the table, would have been 0.99%.

Fidelity® Ohio Municipal Money Market Fund

Investments December 31, 2017

Showing Percentage of Net Assets

Variable Rate Demand Note - 34.2%
	Principal Amount	Value
Alabama - 0.6%
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.83% 1/5/18, VRDN (a)(b)	$1,260,000	$1,260,000
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 1.79% 1/5/18, VRDN (b)	400,000	400,000
West Jefferson Indl. Dev. Series 2008, 1.79% 1/5/18, VRDN (b)	800,000	800,000
		2,460,000
Arkansas - 1.2%
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.):
Series 1998, 1.83% 1/5/18, VRDN (a)(b)	400,000	400,000
Series 2002, 1.92% 1/5/18, VRDN (a)(b)	2,700,000	2,700,000
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 1.8% 1/5/18, LOC Royal Bank of Scotland PLC, VRDN (a)(b)	2,100,000	2,100,000
		5,200,000
Delaware - 0.1%
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1993 C, 1.75% 1/5/18, VRDN (b)	200,000	200,000
Indiana - 0.3%
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.):
Series 2003 A, 1.73% 1/5/18, VRDN (a)(b)	200,000	200,000
Series 2003 B, 1.82% 1/5/18, VRDN (a)(b)	800,000	800,000
Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.):
Series H, 1.87% 1/5/18, VRDN (b)	300,000	300,000
Series I, 1.87% 1/5/18, VRDN (b)	100,000	100,000
		1,400,000
Louisiana - 0.1%
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 A1, 1.78% 1/5/18, VRDN (b)	400,000	400,000
Nebraska - 0.2%
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.83% 1/5/18, VRDN (a)(b)	700,000	700,000
North Carolina - 0.1%
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.92% 1/5/18, VRDN (a)(b)	200,000	200,000
Ohio - 31.1%
Allen County Hosp. Facilities Rev. Series 2012 B, 1.63% 1/5/18, VRDN (b)	37,800,000	37,800,000
Cuyahoga County Health Care Facilities Rev. (The A.M. McGregor Home Proj.) Series 2014, 1.78% 1/5/18, LOC Northern Trust Co., VRDN (b)	15,855,000	15,855,000
Hamilton County Student Hsg. Rev. (Block 3 Proj.) Series 2004, 1.75% 1/5/18, LOC Bank of New York, New York, LOC Citizens Bank of Pennsylvania, VRDN (b)	11,005,000	11,005,000
Lake County Indl. Dev. Rev. (Norshar Co. Proj.) 1.75% 1/5/18, LOC JPMorgan Chase Bank, VRDN (a)(b)	1,105,000	1,105,000
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.:
Series 2016 G, 1.5% 1/5/18 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b)	17,190,000	17,190,000
Series 2016 H, 1.5% 1/5/18 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b)	15,500,000	15,500,000
Series 2016 I, 1.5% 1/5/18 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b)	3,450,000	3,450,000
Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 1.84% 1/5/18, LOC Bank of America NA, VRDN (a)(b)	15,000,000	15,000,000
FHLMC Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev. (Wingate at Belle Meadows Proj.) 1.65% 1/5/18, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (a)(b)	8,435,000	8,435,000
FNMA Franklin County Multi-family Rev. Series 2002, 1.65% 1/5/18, LOC Fannie Mae, VRDN (a)(b)	5,150,000	5,150,000
		130,490,000
Texas - 0.0%
Port Arthur Navigation District Jefferson County Rev. Series 2000 B, 1.8% 1/5/18 (Total SA Guaranteed), VRDN (a)(b)	200,000	200,000
West Virginia - 0.5%
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.:
(Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.93% 1/5/18, VRDN (a)(b)	1,000,000	1,000,000
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.91% 1/5/18, VRDN (a)(b)	1,100,000	1,100,000
		2,100,000
TOTAL VARIABLE RATE DEMAND NOTE
(Cost $143,350,000)		143,350,000

Tender Option Bond - 23.9%
Colorado - 0.1%
Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters XF 22 41, 1.86% 1/5/18 (Liquidity Facility Citibank NA) (b)(c)	200,000	200,000
Connecticut - 0.2%
Connecticut Gen. Oblig. Participating VRDN Series Floaters 014, 1.89% 2/9/18 (Liquidity Facility Barclays Bank PLC) (b)(c)(d)	900,000	900,000
Montana - 0.4%
Missoula Mont Wtr. Sys. Rev. Participating VRDN Series Floaters 011, 1.89% 2/9/18 (Liquidity Facility Barclays Bank PLC) (b)(c)(d)	1,600,000	1,600,000
New Jersey - 0.0%
New Jersey St. Trans. Trust Fund Auth. Participating VRDN Series Floaters 16 XF1059, 1.88% 1/5/18 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)	200,000	200,000
Ohio - 23.2%
Allen County Hosp. Facilities Rev. Participating VRDN Series Floaters XF 25 16, 1.81% 1/5/18 (Liquidity Facility Citibank NA) (b)(c)	4,300,000	4,300,000
Cincinnati Wtr. Sys. Rev. Participating VRDN Series MS 3280, 1.74% 1/5/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)	3,750,000	3,750,000
Franklin County Hosp. Facilities Rev. Participating VRDN:
Series 15 XF0244, 1.65% 1/5/18 (Liquidity Facility Toronto-Dominion Bank) (b)(c)	4,000,000	4,000,000
Series 16 XL0004, 1.75% 1/5/18 (Liquidity Facility Barclays Bank PLC) (b)(c)	4,480,000	4,480,000
Hamilton County HealthCare Facilities Rev. Participating VRDN Series XF 10 50, 1.77% 1/5/18 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)	4,300,000	4,300,000
Lakewood City School District Bonds Series Solar 0067, 1.76%, tender 1/4/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(c)	4,200,000	4,200,000
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.89% 2/9/18 (Liquidity Facility Barclays Bank PLC) (b)(c)(d)	4,540,000	4,540,000
Northeast Ohio Reg'l. Swr. District Wastewtr. Rev. Participating VRDN Series Floaters ZF 05 85, 1.74% 1/5/18 (Liquidity Facility Toronto-Dominion Bank) (b)(c)	3,170,000	3,170,000
Ohio Higher Edl. Facility Commission Rev. Participating VRDN:
Series 2017, 1.89% 2/9/18 (Liquidity Facility Barclays Bank PLC) (b)(c)(d)	6,000,000	6,000,000
Series XG 00 69, 1.77% 1/5/18 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)	3,750,000	3,750,000
Ohio Hosp. Facilities Rev. Participating VRDN:
Series 2015 XF0105, 1.74% 1/5/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c)	18,100,000	18,100,000
Series 2016 ZF0355, 1.74% 1/5/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c)	4,605,000	4,605,000
Series XL 00 31, 1.74% 1/5/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c)	3,930,000	3,930,000
Series XM 05 20, 1.74% 1/5/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c)	6,750,000	6,750,000
Ohio Wtr. Dev. Auth. Rev. Participating VRDN Series Floaters E 104, 1.76% 1/5/18 (Liquidity Facility Royal Bank of Canada) (b)(c)	18,000,000	18,000,000
the Cleveland Clinic Foundation Participating VRDN Series Floaters XF 05 73, 1.74% 1/5/18 (Liquidity Facility Toronto-Dominion Bank) (b)(c)	1,445,000	1,445,000
Univ. of Cincinnati Gen. Receipts Participating VRDN Series Floaters XF 24 38, 1.74% 1/5/18 (Liquidity Facility Citibank NA) (b)(c)	2,000,000	2,000,000
		97,320,000
TOTAL TENDER OPTION BOND
(Cost $100,220,000)		100,220,000

Other Municipal Security - 29.7%
Kentucky - 0.1%
Jefferson County Poll. Cont. Rev. Bonds Series 01A, 1.16% tender 1/10/18, CP mode	300,000	300,000
Massachusetts - 0.4%
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds:
(New England Pwr. Co. Proj.):
Series 1992, 1.05% tender 1/3/18, CP mode	700,000	700,000
Series 93B, 1.42% tender 2/2/18, CP mode	600,000	600,000
Series 93A, 1.1% tender 1/12/18, CP mode	300,000	300,000
		1,600,000
New Hampshire - 0.5%
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds:
(New England Pwr. Co. Proj.) Series 1990 B, 1.21% tender 1/16/18, CP mode	700,000	700,000
Series 90 A, 1.15% tender 1/12/18, CP mode (a)	400,000	400,000
Series A1, 1.8% tender 1/3/18, CP mode (a)	1,000,000	1,000,000
		2,100,000
Ohio - 28.5%
Bay Village Gen. Oblig. BAN Series 2017, 2.25% 6/8/18	4,360,500	4,377,620
Belmont County BAN Series 2017:
2% 8/30/18	2,500,000	2,511,438
2% 8/30/18	3,000,000	3,015,729
Berea BAN Series 2017, 2% 3/15/18	4,050,900	4,056,895
Big Walnut Local School District BAN Series 2017, 2.625% 5/1/18	2,100,000	2,109,022
Butler County Gen. Oblig. BAN Series 2017, 2.5% 7/26/18	3,000,000	3,021,749
Canal Fulton BAN Series 2017, 2.125% 2/2/18 (Ohio Gen. Oblig. Guaranteed)	1,730,000	1,731,378
Delaware Gen. Oblig. BAN Series 2017, 2% 4/12/18	4,000,000	4,007,748
Elyria Gen. Oblig. BAN Series 2017, 3% 12/12/18 (Ohio Gen. Oblig. Guaranteed)	3,000,000	3,041,311
Fairborn Gen. Oblig. BAN Series 2017, 2% 3/22/18	5,186,518	5,195,500
Franklin County Gen. Oblig. BAN Series 2017, 2.125% 11/20/18	3,300,000	3,323,778
Franklin County Rev. Bonds Series 2013 OH, 1.1%, tender 3/1/18 (b)	4,300,000	4,300,000
Geauga County Ohio Pub. Libr BAN Series 2017, 2.25% 6/15/18 (Ohio Gen. Oblig. Guaranteed)	2,100,000	2,108,550
Highland Heights Gen. Oblig. BAN Series 2017, 1.75% 6/14/18	1,000,000	1,002,260
Highland Local School District BAN Series 2017, 2.5% 6/28/18	4,300,000	4,321,658
Hudson City Gen. Oblig. BAN Series 2017 2, 3% 12/28/18	4,300,000	4,359,838
Independence Gen. Oblig. BAN Series 2017, 2% 12/5/18	4,300,000	4,323,533
Lake County Gen. Oblig. BAN Series 2017, 2% 10/18/18	2,252,000	2,267,556
Lima Gen. Oblig. BAN Series 2017, 2% 3/14/18 (Ohio Gen. Oblig. Guaranteed)	2,365,000	2,369,149
Logan County Gen. Oblig. BAN Series 2017, 2% 4/18/18	2,300,000	2,304,320
Lucas County Gen. Oblig. BAN Series 2017, 2% 7/11/18	1,250,000	1,252,898
Maple Heights City Scd BAN Series 2017, 2.25% 3/29/18 (Ohio Gen. Oblig. Guaranteed)	1,000,000	1,002,233
Mason Gen. Oblig. BAN Series 2016, 2.5% 5/22/18	1,000,000	1,004,575
Mentor Gen. Oblig. BAN Series 2017, 2.25% 1/26/18	5,300,000	5,303,469
Miamisburg Gen. Oblig. BAN Series 2017, 2% 6/28/18	4,100,000	4,115,197
Obetz BAN Series 2017, 2% 2/13/18	1,200,000	1,200,948
Ohio Gen. Oblig. Bonds Series 2009 A, 5% 9/15/18	1,000,000	1,026,679
Ohio Higher Edl. Facility Commission Rev. Bonds:
(the Cleveland Clinic Foundation Proj.) Series 2013 A-2, 2.18% 1/1/18 (b)(e)	1,575,000	1,575,000
Series B5, 0.98% tender 1/5/18, CP mode	4,500,000	4,500,000
Series B6, 0.98% tender 1/5/18, CP mode	4,500,000	4,500,000
Ohio Hosp. Facilities Rev. Bonds (the Cleveland Clinic Foundation Proj.) Series 2009B, 5% 1/1/19 (Pre-Refunded to 1/1/19 @ 100)	1,500,000	1,552,697
Ohio Major New State Infrastructure Rev. Bonds Series 2014 A-1, 5% 12/15/18	3,000,000	3,102,089
Ohio State Univ. Gen. Receipts Rev. Bonds Series 03C, 1.13% tender 3/6/18, CP mode	4,300,000	4,300,000
Powell Gen. Oblig. BAN Series 2017, 2.5% 8/8/18	2,265,000	2,281,906
Shaker Heights City School District BAN Series 2017, 3% 7/12/18	2,100,000	2,117,589
Southwest Local School District BAN Series 2017, 2.5% 11/14/18	4,300,000	4,333,080
Upper Arlington City School District BAN Series 2017, 3.125% 4/1/18	2,200,000	2,209,605
Vandalia Gen. Oblig. BAN Series 2017, 2% 9/6/18	3,691,000	3,710,816
Walton Hills BD Anticipation BAN Series 2017, 2% 11/28/18 (Ohio Gen. Oblig. Guaranteed)	860,000	865,771
Wayne County Ohio BD BAN Series 2017, 2% 6/27/18	3,500,000	3,511,558
Wayne Local School District BAN Series 2017, 2.5% 5/1/18	2,000,000	2,006,890
		119,222,032
Virginia - 0.1%
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds Series 1992, 1.15% tender 1/11/18, CP mode (a)	600,000	600,000
West Virginia - 0.1%
Grant County Cmnty. Solid Waste Disp. Rev. Bonds Series 96, 1.15% tender 1/12/18, CP mode (a)	500,000	500,000
TOTAL OTHER MUNICIPAL SECURITY
(Cost $124,322,032)		124,322,032
	Shares	Value

Investment Company - 10.0%
Fidelity Municipal Cash Central Fund, 1.75% (f)(g)
(Cost $42,059,682)	42,059,680	42,059,682
TOTAL INVESTMENT IN SECURITIES - 97.8%
(Cost $409,951,714)		409,951,714
NET OTHER ASSETS (LIABILITIES) - 2.2%		9,157,848
NET ASSETS - 100%		$419,109,562

Security Type Abbreviations

BAN – BOND ANTICIPATION NOTE

CP – COMMERCIAL PAPER

VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

Legend

(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(f) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

(g) Affiliated fund that is 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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	$384,792
Total	$384,792

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

Fidelity® Ohio Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $367,892,032)	$367,892,032
Fidelity Central Funds (cost $42,059,682)	42,059,682
Total Investment in Securities (cost $409,951,714)		$409,951,714
Cash		20,259
Receivable for investments sold		8,400,000
Receivable for fund shares sold		87,972
Interest receivable		1,344,386
Distributions receivable from Fidelity Central Funds		49,115
Prepaid expenses		788
Total assets		419,854,234
Liabilities
Payable for fund shares redeemed	$521,549
Distributions payable	8,482
Accrued management fee	126,658
Transfer agent fee payable	48,644
Other affiliated payables	5,754
Other payables and accrued expenses	33,585
Total liabilities		744,672
Net Assets		$419,109,562
Net Assets consist of:
Paid in capital		$419,137,974
Accumulated undistributed net realized gain (loss) on investments		(28,412)
Net Assets, for 418,587,554 shares outstanding		$419,109,562
Net Asset Value, offering price and redemption price per share ($419,109,562 ÷ 418,587,554 shares)		$1.00

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Interest		$4,165,435
Income from Fidelity Central Funds		384,792
Total income		4,550,227
Expenses
Management fee	$1,763,351
Transfer agent fees	671,907
Accounting fees and expenses	75,519
Custodian fees and expenses	3,904
Independent trustees' fees and expenses	1,896
Registration fees	24,544
Audit	38,977
Legal	3,034
Miscellaneous	3,760
Total expenses before reductions	2,586,892
Expense reductions	(3,898)	2,582,994
Net investment income (loss)		1,967,233
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(32,727)
Fidelity Central Funds	2,870
Capital gain distributions from Fidelity Central Funds	1,410
Total net realized gain (loss)		(28,447)
Net increase in net assets resulting from operations		$1,938,786

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,967,233	$551,519
Net realized gain (loss)	(28,447)	52,127
Net increase in net assets resulting from operations	1,938,786	603,646
Distributions to shareholders from net investment income	(1,966,726)	(550,885)
Distributions to shareholders from net realized gain	(56,345)	(43,302)
Total distributions	(2,023,071)	(594,187)
Share transactions at net asset value of $1.00 per share
Proceeds from sales of shares	31,134,506	843,212,970
Reinvestment of distributions	1,960,003	573,677
Cost of shares redeemed	(199,538,120)	(1,508,704,946)
Net increase (decrease) in net assets and shares resulting from share transactions	(166,443,611)	(664,918,299)
Total increase (decrease) in net assets	(166,527,896)	(664,908,840)
Net Assets
Beginning of period	585,637,458	1,250,546,298
End of period	$419,109,562	$585,637,458

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Ohio Municipal Money Market Fund

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00
Income from Investment Operations
Net investment income (loss)	.004	.001	–^A	–^A	–^A
Net realized and unrealized gain (loss)^A	–	–	–	–	–
Total from investment operations	.004	.001	–^A	–^A	–^A
Distributions from net investment income	(.004)	(.001)	–^A	–^A	–^A
Distributions from net realized gain	–^A	–^A	–^A	–^A	–
Total distributions	(.004)	(.001)	–^A	–^A	–^A
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return^B	.42%	.09%	.01%	.02%	.01%
Ratios to Average Net Assets^C,^D
Expenses before reductions	.53%	.52%	.52%	.51%	.52%
Expenses net of fee waivers, if any	.52%	.37%	.07%	.08%	.12%
Expenses net of all reductions	.52%	.36%	.07%	.08%	.12%
Net investment income (loss)	.40%	.07%	.01%	.01%	.01%
Supplemental Data
Net assets, end of period (000 omitted)	$419,110	$585,637	$1,250,546	$1,336,936	$1,332,321

^A Amount represents less than $.0005 per share.

^B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

Fidelity Ohio Municipal Income Fund (the Income Fund) is a fund of Fidelity Municipal Trust. Fidelity Ohio Municipal Money Market Fund (the Money Market Fund) is a fund of Fidelity Municipal Trust II. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Municipal Trust and Fidelity Municipal Trust II (the Trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. Each Fund is authorized to issue an unlimited number of shares. Shares of the Money Market Fund are only available for purchase by retail shareholders. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. Each Fund may be affected by economic and political developments in the state of Ohio.

2. Investments in Fidelity Central Funds.

The Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

3. Significant Accounting Policies.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

Valuation techniques used to value each Fund's investments by major category are as follows:

For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Book-tax differences are primarily due to market discount, deferred trustees compensation and losses deferred due to futures transactions.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation)
Fidelity Ohio Municipal Income Fund	$643,103,866	$29,037,372	$(1,186,864)	$27,850,508
Fidelity Ohio Municipal Money Market Fund	409,951,714	–	–	–

The tax-based components of distributable earnings as of period end were as follows for each Fund:

	Undistributed tax-exempt income	Undistributed long-term capital gain	Capital loss carryforward	Net unrealized appreciation (depreciation) on securities and other investments
Fidelity Ohio Municipal Income Fund	$88,188	$1,621,370	$–	$27,806,611
Fidelity Ohio Municipal Money Market Fund	1,499	–	(29,695)	–

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

	No expiration
	Short-term
Fidelity Ohio Municipal Money Market Fund	$(29,695)

The tax character of distributions paid was as follows:

December 31, 2017
	Tax-Exempt Income	Ordinary Income	Long-term Capital Gains	Total
Fidelity Ohio Municipal Income Fund	$18,087,879	$–	$4,790,838	$22,878,717
Fidelity Ohio Municipal Money Market Fund	1,966,726	39,442	16,903	2,023,071

December 31, 2016
	Tax-Exempt Income	Long-term Capital Gains	Total
Fidelity Ohio Municipal Income Fund	$18,738,970	$4,034,669	$22,773,639
Fidelity Ohio Municipal Money Market Fund	550,885	43,302	594,187

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $160,016,436 and $160,967,251, respectively.

5. Fees and Other Transactions with Affiliates.

	Individual Rate	Group Rate	Total
Fidelity Ohio Municipal Income Fund	.25%	.11%	.36%
Fidelity Ohio Municipal Money Market Fund	.25%	.11%	.36%

Fidelity Ohio Municipal Income Fund	.08%
Fidelity Ohio Municipal Money Market Fund	.14%

6. Committed Line of Credit.

Fidelity Ohio Municipal Income Fund

$2,142

During the period, the Income Fund did not borrow on this line of credit.

7. Expense Reductions.

Through arrangements with each applicable Fund's custodian credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

	Custody expense reduction
Fidelity Ohio Municipal Income Fund	$3,983
Fidelity Ohio Municipal Money Market Fund	299

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses as follows:

	Amount
Fidelity Ohio Municipal Income Fund	$3,968
Fidelity Ohio Municipal Money Market Fund	3,599

8. Other.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Municipal Trust and Shareholders of Fidelity Ohio Municipal Income Fund and the Board of Trustees of Fidelity Municipal Trust II and the Shareholders of Fidelity Ohio Municipal Money Market Fund:

Opinions on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Ohio Municipal Income Fund (one of the funds constituting Fidelity Municipal Trust) and Fidelity Ohio Municipal Money Market Fund (one of the funds constituting Fidelity Municipal Trust II) (hereafter collectively referred to as the “Funds”) as of December 31, 2017, the related statements of operations for the year ended December 31, 2017, the statements of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2017 and each of the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 13, 2018

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trusts or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2006

Trustee

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present).

Timothy Huyck (1964)

Year of Election or Appointment: 2015

Vice President of Fidelity's Money Market Funds

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Jamie Pagliocco (1964)

Year of Election or Appointment: 2017

Vice President

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Fidelity Ohio Municipal Income Fund	.47%
Actual		$1,000.00	$1,022.10	$2.40
Hypothetical-^C		$1,000.00	$1,022.84	$2.40
Fidelity Ohio Municipal Money Market Fund	.52%
Actual		$1,000.00	$1,002.50	$2.62
Hypothetical-^C		$1,000.00	$1,022.58	$2.65

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

	Pay Date	Record Date	Capital Gains
Fidelity Ohio Municipal Income Fund	02/12/18	02/09/18	$0.030
Fidelity Ohio Municipal Money Market Fund	02/12/18	02/09/18	$0.000

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended December 31, 2017, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Ohio Municipal Income Fund	$5,252,502

During fiscal year ended 2017, 100% of each fund's income dividends were free from federal income tax, and 0.44% and 19.61% of Fidelity Ohio Municipal Income Fund and Fidelity Ohio Municipal Money Market Fund's income dividends, respectively, were subject to the federal alternative minimum tax.

The funds will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Ohio Municipal Income Fund / Fidelity Ohio Municipal Money Market Fund

Investment Performance (for Fidelity Ohio Municipal Income Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

Investment Performance (for Fidelity Ohio Municipal Money Market Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a peer group of funds with similar objectives ("peer group").

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

Fidelity Ohio Municipal Income Fund

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016.

Fidelity Ohio Municipal Money Market Fund

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that Fidelity Ohio Municipal Income Fund's total expense ratio ranked below the competitive median for 2016 and Fidelity Ohio Municipal Money Market Fund's total expense ratio ranked above the competitive median for 2016. The Board considered that, in general, various factors can affect total expense ratios. The Board considered that Fidelity has been voluntarily waiving part or all of the transfer agent fees and/or management fees to maintain a minimum yield for Fidelity Ohio Municipal Money Market Fund. Fidelity Ohio Municipal Money Market Fund's total expense ratio ranked above the competitive median for 2016 because the advisers of many competitor funds waived fees or reimbursed expenses to a greater extent than Fidelity in order to maintain a minimum yield, which caused the expense medians of such competitor funds to be lower than they would otherwise be. The Board noted, however, that excluding fee waivers, the fund's total expense ratio also ranked above the median due to changes in the retail municipal no-load universe as a result of the fund industry's response to money market reform, which resulted in a median decrease of 0.08% from 2015.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that, although Fidelity Ohio Municipal Money Market Fund was above the median of the universe presented for comparison, each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

OFF-ANN-0218
1.540019.120

Fidelity® Pennsylvania Municipal Income Fund

Fidelity® Pennsylvania Municipal Money Market Fund

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Fidelity® Pennsylvania Municipal Income Fund
Investment Summary
Investments
Financial Statements
Fidelity® Pennsylvania Municipal Money Market Fund
Investment Summary/Performance
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Fidelity® Pennsylvania Municipal Income Fund

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Fidelity® Pennsylvania Municipal Income Fund	5.41%	3.10%	4.28%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Pennsylvania Municipal Income Fund on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays Municipal Bond Index performed over the same period.

	Period Ending Values
	$15,210	Fidelity® Pennsylvania Municipal Income Fund
	$15,464	Bloomberg Barclays Municipal Bond Index

Fidelity® Pennsylvania Municipal Income Fund

Management's Discussion of Fund Performance

Comments from Co-Portfolio Managers Mark Sommer, Cormac Cullen and Kevin Ramundo: For the year, the fund gained 5.41%, lagging, net of fees, the 5.91% return of the Bloomberg Barclays Pennsylvania Enhanced Municipal Bond Index. We estimate that differences in the way fund holdings are priced and how benchmark holdings are priced detracted from the fund’s relative performance. The fund’s relative performance also was hurt by its underweighting in bonds backed by the state of Pennsylvania, because they were among the better performers in the benchmark for 2017. The fund’s yield curve positioning also hurt. We underweighted bonds with maturities 20 years and longer based on our belief that they were expensively valued. Unfortunately, such securities continued to enjoy better-than-average price appreciation throughout the year. The fund benefited from our overweighting in bonds that were advance refunded during the period. Advance refundings generally result in price gains for bondholders, as the bonds’ maturities shorten and their credit quality rises, because they are then backed by high-quality U.S. government securities. Elsewhere, overweighting lower-quality investment-grade securities added value, due to the fairly high level of income they generated.

Fidelity® Pennsylvania Municipal Income Fund

Investment Summary (Unaudited)

Top Five Sectors as of December 31, 2017

	% of fund's net assets
Health Care	27.9
General Obligations	24.9
Education	14.1
Transportation	10.6
Water & Sewer	9.3

Quality Diversification (% of fund's net assets)

As of December 31, 2017
	AAA	0.1%
	AA,A	87.2%
	BBB	8.1%
	BB and Below	1.1%
	Not Rated	3.3%
	Short-Term Investments and Net Other Assets	0.2%

Fidelity® Pennsylvania Municipal Income Fund

Investments December 31, 2017

Showing Percentage of Net Assets

Municipal Bonds - 99.8%
	Principal Amount	Value
Guam - 0.4%
Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.25% 10/1/34 (a)	700,000	813,022
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/24 (FSA Insured)	900,000	1,005,057

TOTAL GUAM		1,818,079

Pennsylvania - 98.3%
Adams County Indl. Dev. Auth. Rev. (Gettysburg College Proj.) Series 2010, 5% 8/15/24	1,000,000	1,074,500
Allegheny County Series C:
5% 12/1/28	$1,000,000	$1,159,130
5% 12/1/30	1,365,000	1,572,849
Allegheny County Arpt. Auth. Rev. Series 2006 B:
5% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a)	3,190,000	3,448,422
5% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a)	1,650,000	1,819,752
Allegheny County Higher Ed. Bldg. Auth. Univ. Rev. Series 2017, 5% 8/1/29	2,700,000	3,328,641
Allegheny County Sanitation Auth. Swr. Rev.:
Series 2010, 5% 6/1/40 (FSA Insured)	6,690,000	7,231,020
5% 12/1/29 (Build America Mutual Assurance Insured)	3,905,000	4,651,128
Berks County Muni. Auth. Rev. Series 2012 A, 5% 11/1/40	3,590,000	3,910,479
Bethlehem Wtr. Auth. Rev. Series 2014:
5% 11/15/19 (Build America Mutual Assurance Insured)	1,000,000	1,059,980
5% 11/15/20 (Build America Mutual Assurance Insured)	1,000,000	1,085,780
Bucks County Cmnty. College Auth. College Bldg. Rev. 5% 6/15/28 (Pre-Refunded to 6/15/18 @ 100)	250,000	254,043
Butler County Hosp. Auth. Hosp. Rev. (Butler Health Sys. Proj.):
Series 2009 B, 7.125% 7/1/29 (Pre-Refunded to 7/1/19 @ 100)	1,035,000	1,117,024
Series 2015 A:
5% 7/1/26	500,000	577,185
5% 7/1/27	490,000	563,735
5% 7/1/28	540,000	621,486
5% 7/1/29	710,000	816,358
5% 7/1/30	685,000	784,469
5% 7/1/35	1,885,000	2,127,109
5% 7/1/39	6,675,000	7,488,683
Central Bradford Prog. Auth. Rev. Series 2011, 5.375% 12/1/41	2,000,000	2,238,200
Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.):
Series 2011, 7% 11/15/46 (Pre-Refunded to 11/15/21 @ 100)	2,000,000	2,390,020
Series 2016 A:
4% 11/15/32	350,000	371,606
4% 11/15/34	250,000	263,820
4% 11/15/35	200,000	210,772
5% 11/15/28	840,000	989,234
5% 11/15/29	825,000	967,709
5% 11/15/30	685,000	799,100
5% 11/15/46	6,605,000	7,451,299
Series 2016 B:
4% 11/15/40	600,000	626,778
4% 11/15/47	3,605,000	3,734,852
Commonwealth Fing. Auth. Rev. Series 2013 A2:
5% 6/1/24	800,000	893,304
5% 6/1/25	1,175,000	1,308,374
5% 6/1/26	1,250,000	1,385,238
5% 6/1/42	12,000,000	13,067,271
Cumberland County Muni. Auth. Rev. (Dickinson College Proj.):
Series 2012:
5% 11/1/37	1,520,000	1,685,178
5% 11/1/42	3,000,000	3,308,820
Series 2016:
5% 5/1/30	1,000,000	1,186,870
5% 5/1/31	500,000	590,140
5% 5/1/32	750,000	882,135
5% 5/1/33	2,210,000	2,592,131
5% 5/1/34	1,000,000	1,169,660
Dauphin County Gen. Auth.:
(Pinnacle Health Sys. Proj.) Series 2016 A:
5% 6/1/34	1,275,000	1,483,883
5% 6/1/35	1,000,000	1,161,390
5% 6/1/36	500,000	579,640
5% 6/1/42	7,410,000	8,277,563
Delaware County Auth. Univ. Rev. Series 2012:
5% 8/1/21	350,000	387,226
5% 8/1/22	300,000	339,318
Doylestown Hosp. Auth. Hosp. Rev.:
Series 2013 A, 5% 7/1/27	2,500,000	2,742,250
Series 2016 A, 5% 7/1/46	3,500,000	3,799,740
Erie County Hosp. Auth. Rev. (Saint Vincent Health Ctr. Proj.) Series 2010 A, 7% 7/1/27	2,750,000	2,941,318
Fox Chapel Area School District Series 2013:
4% 8/1/22	500,000	545,135
5% 8/1/31	3,080,000	3,485,821
5% 8/1/34	1,000,000	1,124,090
Franklin County Indl. Dev. Auth. (The Chambersburg Hosp. Proj.) Series 2010:
5.3% 7/1/30	1,770,000	1,911,830
5.375% 7/1/42	2,130,000	2,300,017
Geisinger Auth. Health Sys. Rev.:
Series 2014 A, 4% 6/1/41	2,000,000	2,093,220
Series 2017 A2, 5% 2/15/39	1,880,000	2,192,588
Indiana County Hosp. Auth. Series 2014 A:
5% 6/1/20	650,000	680,466
6% 6/1/39	1,625,000	1,805,018
Lackawanna County Indl. Dev. Auth. Rev. (Univ. of Scranton Proj.) Series 2017:
5% 11/1/24	590,000	684,447
5% 11/1/25	665,000	780,956
5% 11/1/27	1,105,000	1,310,475
Lancaster County Hosp. Auth. Health Ctr. Rev. Series 2016:
5% 8/15/31	1,000,000	1,184,430
5% 8/15/33	1,000,000	1,176,580
5% 8/15/34	1,000,000	1,173,220
5% 8/15/36	1,000,000	1,168,430
Lehigh County Gen. Purp. Auth. Rev. (Muhlenberg College Proj.) Series 2017, 5% 2/1/39	4,000,000	4,652,240
Lower Paxton Township Series 2014:
5% 4/1/40	3,420,000	3,900,749
5% 4/1/44	1,295,000	1,473,024
Luzerne County Indl. Dev. Auth. Wtr. Facilities Rev. (Pennsylvania-American Wtr. Co. Proj.) Series 2009, 5.5% 12/1/39	2,500,000	2,664,675
Lycoming County Auth. Health Sys. Rev. (Susquehanna Health Sys.) Series 2009 A, 5.5% 7/1/21	3,500,000	3,697,575
Monroe County Hosp. Auth. Rev.:
(Pocono Med. Ctr. Proj.) Series 2012 A, 5% 1/1/32 (Pre-Refunded to 1/1/22 @ 100)	1,400,000	1,570,772
Series 2016, 5% 7/1/33	3,675,000	4,246,389
Monroeville Fin. Auth. UPMC Rev. Series 2012, 5% 2/15/26	1,500,000	1,803,195
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series 2012 A:
5% 6/1/23	3,850,000	4,340,490
5% 6/1/24	1,500,000	1,691,100
Montgomery County Higher Ed. & Health Auth. Rev.:
Series 2014 A:
4% 10/1/19	185,000	190,502
5% 10/1/20	215,000	230,347
5% 10/1/21	245,000	268,133
5% 10/1/22	275,000	306,611
5% 10/1/23	1,305,000	1,479,244
5% 10/1/24	335,000	384,654
5% 10/1/25	750,000	848,768
5% 10/1/26	1,000,000	1,125,150
5% 10/1/27	1,000,000	1,118,020
Series 2016 A, 5% 10/1/40	4,000,000	4,432,520
Montgomery County Indl. Dev. Auth. Series 2017:
5% 12/1/33	2,150,000	2,590,213
5% 12/1/35	1,000,000	1,199,190
5% 12/1/36	2,660,000	3,184,951
5% 12/1/37	1,515,000	1,809,789
Montour School District Series 2015 A:
5% 4/1/41	1,000,000	1,157,450
5% 4/1/42	1,000,000	1,156,700
Northampton County Gen. Purp. Auth. Hosp. Rev. (St. Luke's Hosp. Proj.) Series 2010 A, 5.25% 8/15/18	1,450,000	1,481,422
Pennsylvania Econ. Dev. Auth. Governmental Lease (Forum Place Proj.) Series 2012:
5% 3/1/24	1,745,000	1,936,008
5% 3/1/25	3,255,000	3,604,489
Pennsylvania Gen. Oblig.:
Second Series 2009, 5% 4/15/25 (Pre-Refunded to 4/15/19 @ 100)	500,000	521,955
Series 2012, 5% 6/1/25 (Pre-Refunded to 6/1/22 @ 100)	10,000,000	11,369,200
Series 2013, 5% 10/15/27	2,255,000	2,589,439
Series 2015 1, 5% 3/15/31	7,000,000	8,096,410
Series 2015, 5% 3/15/33	2,880,000	3,310,675
Series 2016, 5% 9/15/29	7,000,000	8,312,290
Series 2017, 5% 1/1/28	7,000,000	8,401,820
Pennsylvania Higher Edl. Facilities Auth. Rev.:
(Thomas Jefferson Univ. Proj.) Series 2012:
5% 3/1/18	250,000	251,328
5% 3/1/20	300,000	319,923
5% 3/1/22	275,000	307,775
5% 3/1/23	585,000	661,050
5% 3/1/42	3,950,000	4,323,512
First Series 2012:
5% 4/1/20	750,000	801,855
5% 4/1/21	500,000	548,865
5% 4/1/22	600,000	672,360
5% 4/1/23	800,000	896,480
5% 4/1/24	1,100,000	1,237,907
Series 2010 E, 5% 5/15/31	2,500,000	2,679,075
Series 2011 A, 5% 9/1/41 (Pre-Refunded to 3/1/21 @ 100)	2,000,000	2,198,360
Series 2016:
5% 5/1/33	4,300,000	4,991,268
5% 5/1/34	2,500,000	2,893,850
5% 5/1/35	2,000,000	2,310,280
Series AT-1 5% 6/15/31	10,000,000	11,851,700
Pennsylvania Pub. School Bldg. Auth. School Rev. (The School District of Harrisburg Proj.):
Series 2014 B2:
5% 12/1/24 (Build America Mutual Assurance Insured)	1,250,000	1,464,500
5% 12/1/25 (Build America Mutual Assurance Insured)	1,250,000	1,458,413
5% 12/1/26 (Build America Mutual Assurance Insured)	1,250,000	1,454,088
5% 12/1/27 (Build America Mutual Assurance Insured)	1,010,000	1,172,105
Series 2016 A, 5% 12/1/28 (FSA Insured)	5,690,000	6,779,806
Pennsylvania State Univ.:
Series 2010, 5% 3/1/40	4,385,000	4,680,067
Series 2015 A:
5% 9/1/30	1,100,000	1,316,029
5% 9/1/31	1,415,000	1,686,298
Pennsylvania Tpk. Commission Tpk. Rev.:
(Sub Lien Proj.) Series 2017 B-1, 5% 6/1/34	5,000,000	5,756,950
Series 2013 A2, 0% 12/1/38 (b)	2,500,000	2,763,150
Series 2014 A, 5% 12/1/31	865,000	1,009,221
Series 2014 A2, 0% 12/1/40 (b)	5,500,000	4,718,505
Series 2016 A1, 5% 12/1/46	5,000,000	5,726,400
Series 2017 A1:
5% 12/1/30	3,500,000	4,205,950
5% 12/1/31	2,000,000	2,393,780
5% 12/1/33	1,500,000	1,782,420
Philadelphia Arpt. Rev. Series 2017 B:
5% 7/1/31 (a)	1,000,000	1,175,010
5% 7/1/37 (a)	1,000,000	1,161,490
Philadelphia Gas Works Rev.:
Series 9, 5.25% 8/1/40	5,300,000	5,679,427
5% 8/1/29	2,000,000	2,338,660
5% 8/1/30	1,500,000	1,745,010
5% 8/1/31	1,100,000	1,277,210
5% 10/1/33	1,500,000	1,753,050
5% 10/1/34	500,000	582,665
Philadelphia Gen. Oblig. Series 2017 A, 5% 8/1/30	1,500,000	1,793,625
Philadelphia Hospitals & Higher Ed. Facilities Auth. Health Systems Rev. (Jefferson Health Sys. Proj.) Series 2010 B, 5.25% 5/15/30 (Pre-Refunded to 5/15/20 @ 100)	4,000,000	4,319,200
Philadelphia Hospitals & Higher Ed. Facilities Auth. Hosp. Rev. (Children's Hosp. of Philadelphia Proj.) Series 2011 D, 5% 7/1/32	2,500,000	2,795,150
Philadelphia Redev. Auth. Rev.:
Series 2012:
5% 4/15/21	1,000,000	1,087,200
5% 4/15/25	2,230,000	2,448,384
Series 2015 A, 5% 4/15/29	3,000,000	3,415,050
Philadelphia School District:
Series 2010 C, 5% 9/1/21	4,000,000	4,254,720
Series 2016 F, 5% 9/1/34	4,000,000	4,444,760
Philadelphia Wtr. & Wastewtr. Rev.:
Series 2010 C, 5% 8/1/40 (Pre-Refunded to 8/1/20 @ 100)	4,000,000	4,266,680
Series 2011 A, 5% 1/1/41	2,715,000	2,912,896
Series 2015 B, 5% 7/1/30	3,500,000	4,128,670
Series 2017 B:
5% 11/1/29	3,000,000	3,638,190
5% 11/1/30	3,700,000	4,465,641
Pittsburgh & Alleg County Parkin Series 2017:
5% 12/15/23	500,000	577,370
5% 12/15/24	440,000	515,896
5% 12/15/31	1,000,000	1,173,750
5% 12/15/32	500,000	584,530
5% 12/15/33	500,000	582,660
Pittsburgh & Allegheny County Sports & Exhibition Auth. Series 2012, 5% 2/1/25 (FSA Insured)	2,250,000	2,502,135
Pittsburgh Gen. Oblig.:
Series 2012 A, 5% 9/1/22	2,000,000	2,270,480
Series 2014:
5% 9/1/23 (Build America Mutual Assurance Insured)	575,000	663,884
5% 9/1/28 (Build America Mutual Assurance Insured)	1,300,000	1,523,470
5% 9/1/29 (Build America Mutual Assurance Insured)	1,015,000	1,184,688
5% 9/1/31 (Build America Mutual Assurance Insured)	1,165,000	1,353,520
5% 9/1/32 (Build America Mutual Assurance Insured)	1,000,000	1,167,180
Pittsburgh School District:
Series 2012 A, 5% 9/1/21 (FSA Insured)	4,000,000	4,439,440
Series 2014 A, 5% 9/1/23	1,000,000	1,135,720
Series 2015:
4% 9/1/19 (FSA Insured)	895,000	929,010
5% 9/1/20 (FSA Insured)	1,050,000	1,138,043
5% 9/1/21 (FSA Insured)	730,000	812,118
5% 9/1/22 (FSA Insured)	885,000	1,004,687
5% 9/1/23 (FSA Insured)	1,085,000	1,258,372
Reading School District Series 2017:
5% 3/1/35 (FSA Insured)	1,000,000	1,161,730
5% 3/1/36 (FSA Insured)	1,050,000	1,217,990
5% 3/1/37 (FSA Insured)	1,600,000	1,851,824
Saint Mary Hosp. Auth. Health Sys. Rev. (Trinity Health Proj.) Series 2012 B:
5% 11/15/24 (c)	500,000	587,365
5% 11/15/26 (c)	1,500,000	1,811,100
5% 11/15/27 (c)	1,500,000	1,833,405
5% 11/15/28 (c)	4,170,000	5,068,301
South Fork Muni. Auth. Hosp. Rev. (Conemaugh Health Sys. Proj.) Series 2010, 5.25% 7/1/23 (Pre-Refunded to 7/1/20 @ 100)	1,000,000	1,085,320
Southcentral Pennsylvania Gen. Auth. Rev. Series 2015:
4% 12/1/30	1,010,000	1,040,381
5% 12/1/20	30,000	32,198
5% 12/1/21	145,000	158,878
5% 12/1/22	30,000	33,460
5% 12/1/25	1,285,000	1,490,266
5% 12/1/27	1,480,000	1,693,771
5% 12/1/29	1,000,000	1,139,140
Southeastern Pennsylvania Trans. Auth. Rev. Series 2017:
5% 6/1/27	1,400,000	1,728,888
5% 6/1/29	3,500,000	4,252,570
Susquehanna Area Reg'l. Arp Auth. Series 2017:
5% 1/1/35 (a)	1,000,000	1,135,520
5% 1/1/38 (a)	1,125,000	1,269,326
West Mifflin Area School District Series 2016:
5% 4/1/24 (FSA Insured)	1,250,000	1,417,213
5% 4/1/26 (FSA Insured)	1,000,000	1,156,940
5% 4/1/28 (FSA Insured)	1,390,000	1,603,532
West Shore Area Auth. Hosp. Rev.:
(Holy Spirit Hosp. Charity Proj.) Series 2011 B, 6% 1/1/28 (Pre-Refunded to 1/1/22 @ 100)	7,375,000	8,572,995
Series 2011 B, 5.75% 1/1/41	1,500,000	1,726,755
Westmoreland County Indl. Dev. Auth. Rev. (Excela Health Proj.) Series 2010 A:
5% 7/1/19	1,000,000	1,045,310
5% 7/1/25	4,465,000	4,774,692
5.25% 7/1/20	1,000,000	1,079,970
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series 2001 A:
0% 8/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,000,000	4,832,400
0% 8/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,500,000	2,363,325
0% 8/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	6,550,000	5,877,577

TOTAL PENNSYLVANIA		472,134,547

Pennsylvania, New Jersey - 1.1%
Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev. Series 2012 A:
5% 7/1/22	500,000	568,085
5% 7/1/23	1,000,000	1,129,260
Delaware River Port Auth. Pennsylvania & New Jersey Rev. Series 2010 D, 5% 1/1/30	3,500,000	3,708,530

TOTAL PENNSYLVANIA, NEW JERSEY		5,405,875

TOTAL MUNICIPAL BONDS
(Cost $462,362,884)		479,358,501
TOTAL INVESTMENT IN SECURITIES - 99.8%
(Cost $462,362,884)		479,358,501
NET OTHER ASSETS (LIABILITIES) - 0.2%		1,046,362
NET ASSETS - 100%		$480,404,863

Legend

(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(b) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

Investment Valuation

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

Health Care	27.9%
General Obligations	24.9%
Education	14.1%
Transportation	10.6%
Water & Sewer	9.3%
Escrowed/Pre-Refunded	7.0%
Others* (Individually Less Than 5%)	6.2%
	100.0%

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.

Fidelity® Pennsylvania Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $462,362,884)		$479,358,501
Cash		5,830,564
Receivable for fund shares sold		242,089
Interest receivable		5,096,527
Prepaid expenses		763
Other receivables		631
Total assets		490,529,075
Liabilities
Payable for investments purchased on a delayed delivery basis	$9,328,858
Payable for fund shares redeemed	158,012
Distributions payable	407,711
Accrued management fee	142,274
Other affiliated payables	41,825
Other payables and accrued expenses	45,532
Total liabilities		10,124,212
Net Assets		$480,404,863
Net Assets consist of:
Paid in capital		$462,422,362
Distributions in excess of net investment income		(10,134)
Accumulated undistributed net realized gain (loss) on investments		997,018
Net unrealized appreciation (depreciation) on investments		16,995,617
Net Assets, for 42,977,112 shares outstanding		$480,404,863
Net Asset Value, offering price and redemption price per share ($480,404,863 ÷ 42,977,112 shares)		$11.18

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Interest		$15,992,406
Expenses
Management fee	$1,669,031
Transfer agent fees	368,802
Accounting fees and expenses	120,782
Custodian fees and expenses	3,510
Independent trustees' fees and expenses	1,752
Registration fees	22,346
Audit	56,315
Legal	6,228
Miscellaneous	3,553
Total expenses before reductions	2,252,319
Expense reductions	(6,311)	2,246,008
Net investment income (loss)		13,746,398
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		1,971,622
Total net realized gain (loss)		1,971,622
Change in net unrealized appreciation (depreciation) on investment securities		8,488,786
Net gain (loss)		10,460,408
Net increase (decrease) in net assets resulting from operations		$24,206,806

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$13,746,398	$14,452,938
Net realized gain (loss)	1,971,622	2,987,617
Change in net unrealized appreciation (depreciation)	8,488,786	(16,294,175)
Net increase (decrease) in net assets resulting from operations	24,206,806	1,146,380
Distributions to shareholders from net investment income	(13,738,825)	(14,451,215)
Distributions to shareholders from net realized gain	(1,974,339)	(2,138,181)
Total distributions	(15,713,164)	(16,589,396)
Share transactions
Proceeds from sales of shares	75,219,672	95,463,089
Reinvestment of distributions	10,400,543	11,076,509
Cost of shares redeemed	(66,225,341)	(106,669,870)
Net increase (decrease) in net assets resulting from share transactions	19,394,874	(130,272)
Redemption fees	–	3,239
Total increase (decrease) in net assets	27,888,516	(15,570,049)
Net Assets
Beginning of period	452,516,347	468,086,396
End of period	$480,404,863	$452,516,347
Other Information
Distributions in excess of net investment income end of period	$(10,134)	$(15,768)
Shares
Sold	6,763,475	8,373,079
Issued in reinvestment of distributions	936,558	976,965
Redeemed	(5,964,420)	(9,503,969)
Net increase (decrease)	1,735,613	(153,925)

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Pennsylvania Municipal Income Fund

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$10.97	$11.31	$11.34	$10.77	$11.47
Income from Investment Operations
Net investment income (loss)^A	.328	.336	.358	.373	.370
Net realized and unrealized gain (loss)	.257	(.291)	.013	.615	(.654)
Total from investment operations	.585	.045	.371	.988	(.284)
Distributions from net investment income	(.328)	(.336)	(.358)	(.373)	(.370)
Distributions from net realized gain	(.047)	(.049)	(.043)	(.045)	(.046)
Total distributions	(.375)	(.385)	(.401)	(.418)	(.416)
Redemption fees added to paid in capital^A	–	–^B	–^B	–^B	–^B
Net asset value, end of period	$11.18	$10.97	$11.31	$11.34	$10.77
Total Return^C	5.41%	.34%	3.33%	9.30%	(2.50)%
Ratios to Average Net Assets^D
Expenses before reductions	.48%	.49%	.49%	.49%	.49%
Expenses net of fee waivers, if any	.48%	.49%	.49%	.49%	.49%
Expenses net of all reductions	.48%	.49%	.49%	.49%	.49%
Net investment income (loss)	2.95%	2.95%	3.17%	3.35%	3.33%
Supplemental Data
Net assets, end of period (000 omitted)	$480,405	$452,516	$468,086	$452,845	$404,493
Portfolio turnover rate	12%	18%	17%	12%	9%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.0005 per share.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

See accompanying notes which are an integral part of the financial statements.

Fidelity® Pennsylvania Municipal Money Market Fund

Investment Summary/Performance (Unaudited)

Effective Maturity Diversification as of December 31, 2017

Days	% of fund's investments 12/31/17
1 - 7	71.3
8 - 30	2.9
31 - 60	5.2
61 - 90	0.6
91 - 180	11.5
>180	8.5

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Asset Allocation (% of fund's net assets)

As of December 31, 2017
	Variable Rate Demand Notes (VRDNs)	25.3%
	Tender Option Bond	40.5%
	Other Municipal Security	25.9%
	Investment Companies	6.4%
	Net Other Assets (Liabilities)	1.9%

Current 7-Day Yield

	12/31/17
Fidelity® Pennsylvania Municipal Money Market Fund	1.03%

Fidelity® Pennsylvania Municipal Money Market Fund

Investments December 31, 2017

Showing Percentage of Net Assets

Variable Rate Demand Note - 25.3%
	Principal Amount	Value
Alabama - 0.6%
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.83% 1/5/18, VRDN (a)(b)	$800,000	$800,000
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 1.79% 1/5/18, VRDN (b)	300,000	300,000
West Jefferson Indl. Dev. Series 2008, 1.79% 1/5/18, VRDN (b)	500,000	500,000
		1,600,000
Arkansas - 1.0%
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.):
Series 1998, 1.83% 1/5/18, VRDN (a)(b)	200,000	200,000
Series 2002, 1.92% 1/5/18, VRDN (a)(b)	100,000	100,000
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 1.8% 1/5/18, LOC Royal Bank of Scotland PLC, VRDN (a)(b)	2,500,000	2,500,000
		2,800,000
Delaware - 0.1%
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.):
Series 1993 C, 1.75% 1/5/18, VRDN (b)	100,000	100,000
Series 1999 B, 1.72% 1/5/18, VRDN (a)(b)	100,000	100,000
		200,000
Indiana - 0.3%
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.):
Series 2003 A, 1.73% 1/5/18, VRDN (a)(b)	100,000	100,000
Series 2003 B, 1.82% 1/5/18, VRDN (a)(b)	500,000	500,000
Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.):
Series H, 1.87% 1/5/18, VRDN (b)	200,000	200,000
Series I, 1.87% 1/5/18, VRDN (b)	100,000	100,000
		900,000
Louisiana - 0.3%
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.):
Series 2010 A1, 1.78% 1/5/18, VRDN (b)	700,000	700,000
Series 2010 B1, 1.84% 1/5/18, VRDN (b)	180,000	180,000
		880,000
Nebraska - 0.1%
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.83% 1/5/18, VRDN (a)(b)	400,000	400,000
North Carolina - 0.0%
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.92% 1/5/18, VRDN (a)(b)	100,000	100,000
Pennsylvania - 22.5%
Allegheny County Indl. Dev. Auth. Rev. (Union Elec. Steel Co. Proj.) Series 1996 A, 1.8% 1/5/18, LOC PNC Bank NA, VRDN (a)(b)	4,120,000	4,120,000
Bucks County Indl. Dev. Auth. Rev. (Snowball Real Estate LP Proj.) 1.95% 1/5/18, LOC Wells Fargo Bank NA, VRDN (a)(b)	780,000	780,000
Chester County Health & Ed. Auth. Rev. 1.76% 1/5/18, LOC Manufacturers & Traders Trust Co., VRDN (b)	3,410,000	3,410,000
Erie County Hosp. Auth. Rev. (Saint Vincent Health Ctr. Proj.) Series 2010 B, 1.76% 1/5/18, LOC Manufacturers & Traders Trust Co., VRDN (b)	13,060,000	13,060,000
Lancaster Indl. Dev. Auth. Rev.:
(Mennonite Home Proj.) 1.81% 1/5/18, LOC Manufacturers & Traders Trust Co., VRDN (b)	2,600,000	2,600,000
(Willow Valley Retirement Proj.) Series 2009 B, 1.74% 1/5/18, LOC PNC Bank NA, VRDN (b)	7,340,000	7,340,000
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev.:
(Leidy's, Inc. Proj.) Series 1995 D7, 1.83% 1/5/18, LOC PNC Bank NA, VRDN (a)(b)	400,000	400,000
Series 2004 B, 1.84% 1/5/18, LOC PNC Bank NA, VRDN (b)	500,000	500,000
Pennsylvania Higher Edl. Facilities Auth. Rev. (Keystone College Proj.) Series 2001 H5, 1.74% 1/5/18, LOC PNC Bank NA, VRDN (b)	4,475,000	4,475,000
Philadelphia Arpt. Rev.:
Series 2005 C1, 1.7% 1/5/18, LOC TD Banknorth, NA, VRDN (a)(b)	7,895,000	7,895,000
Series 2005 C2, 1.71% 1/5/18, LOC Royal Bank of Canada, VRDN (a)(b)	2,360,000	2,360,000
Philadelphia Auth. for Indl. Dev. Rev.:
(Spl. People in Northeast, Inc. Proj.) Series 2006, 1.75% 1/5/18, LOC Citizens Bank of Pennsylvania, VRDN (b)	1,210,000	1,210,000
(The Franklin Institute Proj.) Series 2006, 1.73% 1/5/18, LOC Bank of America NA, VRDN (b)	3,245,000	3,245,000
FNMA Montgomery County Redev. Auth. Multi-family Hsg. Rev. (Kingswood Apts. Proj.) Series 2001 A, 1.74% 1/5/18, LOC Fannie Mae, VRDN (b)	12,675,000	12,675,000
		64,070,000
West Virginia - 0.4%
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.:
(Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.93% 1/5/18, VRDN (a)(b)	600,000	600,000
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.91% 1/5/18, VRDN (a)(b)	700,000	700,000
		1,300,000
TOTAL VARIABLE RATE DEMAND NOTE
(Cost $72,250,000)		72,250,000

Tender Option Bond - 40.5%
Colorado - 0.1%
Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters XF 22 41, 1.86% 1/5/18 (Liquidity Facility Citibank NA) (b)(c)	100,000	100,000
Illinois - 0.1%
Chicago Transit Auth. Participating VRDN Series Floaters XM 04 50, 1.75% 1/5/18 (Liquidity Facility Barclays Bank PLC) (b)(c)	300,000	300,000
New Jersey - 0.0%
New Jersey St. Trans. Trust Fund Auth. Participating VRDN Series Floaters 16 XF1059, 1.88% 1/5/18 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)	100,000	100,000
Pennsylvania - 40.3%
Allegheny County Sanitation Auth. Swr. Rev. Participating VRDN Series Floaters XM 00 82, 1.74% 1/5/18 (Liquidity Facility Barclays Bank PLC) (b)(c)	2,165,000	2,165,000
Geisinger Auth. Health Sys. Rev. Participating VRDN:
Series Floaters XF 05 43, 1.75% 1/5/18 (Liquidity Facility Royal Bank of Canada) (b)(c)	4,000,000	4,000,000
Series Floaters XF 06 02, 1.74% 1/5/18 (Liquidity Facility Toronto-Dominion Bank) (b)(c)	3,905,000	3,905,000
Series Floaters YX 10 49, 1.73% 1/5/18 (Liquidity Facility Barclays Bank PLC) (b)(c)	5,325,000	5,325,000
Series Putters 0047, 1.73% 1/5/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c)	3,605,000	3,605,000
Lancaster County Hosp. Auth. Health Ctr. Rev. Participating VRDN Series 16 ZF0383, 1.65% 1/5/18 (Liquidity Facility Toronto-Dominion Bank) (b)(c)	3,750,000	3,750,000
Northampton County Gen. Purp. College Rev. Participating VRDN:
Series Floaters XL 00 48, 1.74% 1/5/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)	3,400,000	3,400,000
Series Floaters ZM 05 17, SIFMA Municipal Swap Index + 0.030% 1.74% 1/5/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(d)	7,500,000	7,500,000
Pennsylvania Econ. Dev. Participating VRDN Series XM 0048, 1.76% 1/5/18 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)	5,653,500	5,653,500
Pennsylvania Econ. Dev. Fing. Auth. Rev. Participating VRDN Series Floaters 16 YX1028, 1.76% 1/5/18 (Liquidity Facility Barclays Bank PLC) (b)(c)	3,605,000	3,605,000
Pennsylvania Gen. Oblig. Participating VRDN:
Series 16 ZF0424, 1.73% 1/5/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c)	5,770,000	5,770,000
Series Floaters XF 24 54, 1.74% 1/5/18 (Liquidity Facility Barclays Bank PLC) (b)(c)	5,200,000	5,200,000
Pennsylvania Health & Edl. Facilities Fing. Auth. Rev. Bonds Series E72, SIFMA Municipal Swap Index + 0.170% 1.88%, tender 3/1/18 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e)	3,200,000	3,200,000
Pennsylvania Higher Edl. Facilities Auth. Bonds Series 2016 E75, SIFMA Municipal Swap Index + 0.170% 1.88%, tender 4/2/18 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e)	5,000,000	5,000,000
Pennsylvania Higher Edl. Facilities Auth. Rev.:
Bonds Series WF 11 26C, SIFMA Municipal Swap Index + 0.280% 1.99%, tender 2/8/18 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(d)(e)	5,900,000	5,900,000
Participating VRDN:
Series Floaters XG 01 06, 1.75% 1/5/18 (Liquidity Facility Bank of America NA) (b)(c)	4,095,000	4,095,000
Series MS 3252, 1.74% 1/5/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)	5,840,000	5,840,000
Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. Participating VRDN Series Putters 15 XM0010, 1.73% 1/5/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c)	5,035,000	5,035,000
Pennsylvania Tpk. Commission Tpk. Rev. Participating VRDN:
Series Floaters E 101, 1.76% 1/5/18 (Liquidity Facility Royal Bank of Canada) (b)(c)	6,200,000	6,200,000
Series XX 10 44, 1.74% 1/5/18 (Liquidity Facility Barclays Bank PLC) (b)(c)	6,665,000	6,665,000
Philadelphia Auth. For Indl. Dev. Participating VRDN Series Putters 14 XM0005, 1.73% 1/5/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f)	4,625,000	4,625,000
Philadelphia Hospitals & Higher Ed. Facilities Auth. Hosp. Rev. Participating VRDN Series 15 F0114, 1.73% 1/5/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c)	5,330,000	5,330,000
Philadelphia Wtr. & Wastewtr. Rev. Participating VRDN Series 2017, 1.74% 1/5/18 (Liquidity Facility Barclays Bank PLC) (b)(c)	3,160,000	3,160,000
Univ. of Pittsburgh Med. Ctr. Bonds Series RBC E53, SIFMA Municipal Swap Index + 0.200% 1.76%, tender 1/5/18 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)	5,880,000	5,880,000
		114,808,500
TOTAL TENDER OPTION BOND
(Cost $115,308,500)		115,308,500

Other Municipal Security - 25.9%
Georgia - 0.7%
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A1, SIFMA Municipal Swap Index + 0.100% 1.81%, tender 4/2/18 (Liquidity Facility Royal Bank of Canada) (b)(d)	1,885,000	1,885,000
Kentucky - 0.1%
Jefferson County Poll. Cont. Rev. Bonds Series 01A, 1.16% tender 1/10/18, CP mode	200,000	200,000
Massachusetts - 0.5%
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds:
(New England Pwr. Co. Proj.):
Series 1993 A, 1.05% tender 1/3/18, CP mode	500,000	500,000
Series 93 B, 1.21% tender 1/16/18, CP mode	400,000	400,000
Series 93B, 1.42% tender 2/2/18, CP mode	400,000	400,000
Series 93A, 1.1% tender 1/12/18, CP mode	200,000	200,000
		1,500,000
New Hampshire - 0.4%
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds:
Series 90 A, 1.15% tender 1/12/18, CP mode (a)	300,000	300,000
Series A1, 1.8% tender 1/3/18, CP mode (a)	700,000	700,000
		1,000,000
Pennsylvania - 24.0%
Allegheny County Hosp. Dev. Auth. Rev. Bonds:
Series 2008, 5% 6/15/18	8,190,000	8,329,988
Series 2010 A, 5% 5/15/18	1,050,000	1,064,677
Northampton County Gen. Purp. Auth. Hosp. Rev. Bonds (St Lukes Hosp. & Health Ntw Proj.) Series 2008 A:
5.375% 8/15/18 (Pre-Refunded to 8/15/18 @ 100)	1,980,000	2,027,774
5.5% 8/15/18 (Pre-Refunded to 8/15/18 @ 100)	2,800,000	2,874,128
5.5% 8/15/18 (Pre-Refunded to 8/15/18 @ 100)	2,900,000	2,974,511
Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Bonds Series 2012 A, 5% 7/1/18	6,390,000	6,508,884
Pennsylvania Gen. Oblig. Bonds:
Series 2009, 5% 7/1/18	3,550,000	3,614,452
Series 2012, 5% 7/1/18	4,400,000	4,479,778
Series 2013, 5% 4/1/18	2,900,000	2,928,140
Series 2014:
5% 6/15/18	2,000,000	2,033,696
5% 7/1/18	1,300,000	1,323,444
Series 2015, 5% 3/15/18	1,750,000	1,763,327
Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. Bonds Series 2009, 5% 6/15/18	3,900,000	3,967,008
Pennsylvania State Univ. Bonds Series 2008 A, 5% 2/15/18 (Pre-Refunded to 2/15/18 @ 100)	2,000,000	2,009,332
Pennsylvania Tpk. Commission Tpk. Rev. Bonds (PA St Tpk. Subordinated Proj.) Series 2008 B-1, 5.25% 6/1/18 (Pre-Refunded to 6/1/18 @ 100)	2,800,000	2,846,874
Philadelphia Arpt. Rev.:
Series B1:
1% 1/4/18, LOC Sumitomo Mitsui Banking Corp., CP (a)	1,650,000	1,650,000
1% 1/4/18, LOC Sumitomo Mitsui Banking Corp., CP (a)	3,000,000	3,000,000
Series B2, 1.06% 2/5/18, LOC PNC Bank NA, CP (a)	3,000,000	3,000,000
Series B3:
1.03% 1/30/18, LOC Wells Fargo Bank NA, CP (a)	3,200,000	3,200,000
1.07% 1/30/18, LOC Wells Fargo Bank NA, CP (a)	3,000,000	3,000,000
Philadelphia Gen. Oblig. TRAN Series 2017 A, 2% 6/29/18	2,900,000	2,909,597
Southcentral Pennsylvania Gen. Auth. Rev. Bonds 6% 6/1/18 (Pre-Refunded to 6/1/18 @ 100)	2,900,000	2,958,394
		68,464,004
Virginia - 0.1%
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds Series 1992, 1.15% tender 1/11/18, CP mode (a)	400,000	400,000
West Virginia - 0.1%
Grant County Cmnty. Solid Waste Disp. Rev. Bonds Series 96, 1.15% tender 1/12/18, CP mode (a)	300,000	300,000
TOTAL OTHER MUNICIPAL SECURITY
(Cost $73,749,004)		73,749,004
	Shares	Value

Investment Company - 6.4%
Fidelity Municipal Cash Central Fund, 1.75% (g)(h)
(Cost $18,361,349)	18,361,351	18,361,349
TOTAL INVESTMENT IN SECURITIES - 98.1%
(Cost $279,668,853)		279,668,853
NET OTHER ASSETS (LIABILITIES) - 1.9%		5,325,257
NET ASSETS - 100%		$284,994,110

Security Type Abbreviations

VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

TRAN – TAX AND REVENUE ANTICIPATION NOTE

CP – COMMERCIAL PAPER

Legend

(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(f) 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 $4,625,000 or 1.6% of net assets.

(g) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Cost
Pennsylvania Health & Edl. Facilities Fing. Auth. Rev. Bonds Series E72, SIFMA Municipal Swap Index + 0.170% 1.88%, tender 3/1/18 (Liquidity Facility Royal Bank of Canada)	6/1/16 - 9/1/17	$3,200,000
Pennsylvania Higher Edl. Facilities Auth. Bonds Series 2016 E75, 1.88%, tender 4/2/18 (Liquidity Facility Royal Bank of Canada)	7/1/16	$5,000,000
Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series WF 11 26C, SIFMA Municipal Swap Index + 0.280% 1.99%, tender 2/8/18 (Liquidity Facility Wells Fargo Bank NA)	8/11/16	$5,900,000

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	$236,462
Total	$236,462

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

Fidelity® Pennsylvania Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $261,307,504)	$261,307,504
Fidelity Central Funds (cost $18,361,349)	18,361,349
Total Investment in Securities (cost $279,668,853)		$279,668,853
Cash		5,595
Receivable for investments sold		4,285,000
Receivable for fund shares sold		250,617
Dividends receivable		23,133
Interest receivable		1,151,794
Other receivables		10
Total assets		285,385,002
Liabilities
Payable for fund shares redeemed	$262,234
Distributions payable	8,663
Accrued management fee	119,764
Other affiliated payables	231
Total liabilities		390,892
Net Assets		$284,994,110
Net Assets consist of:
Paid in capital		$284,990,526
Undistributed net investment income		1
Accumulated undistributed net realized gain (loss) on investments		3,583
Net Assets, for 284,737,628 shares outstanding		$284,994,110
Net Asset Value, offering price and redemption price per share ($284,994,110 ÷ 284,737,628 shares)		$1.00

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Interest		2,720,983
Income from Fidelity Central Funds		236,462
Total income		2,957,445
Expenses
Management fee	$1,679,757
Custodian fees and expenses	11
Independent trustees' fees and expenses	1,296
Total expenses		1,681,064
Net investment income (loss)		1,276,381
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	28,765
Fidelity Central Funds	4,072
Capital gain distributions from Fidelity Central Funds	737
Total net realized gain (loss)		33,574
Net increase in net assets resulting from operations		$1,309,955

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,276,381	$372,646
Net realized gain (loss)	33,574	35,340
Net increase in net assets resulting from operations	1,309,955	407,986
Distributions to shareholders from net investment income	(1,276,467)	(372,232)
Distributions to shareholders from net realized gain	(28,975)	(25,493)
Total distributions	(1,305,442)	(397,725)
Share transactions at net asset value of $1.00 per share
Proceeds from sales of shares	36,618,519	562,871,356
Reinvestment of distributions	1,243,608	376,905
Cost of shares redeemed	(158,398,364)	(889,433,202)
Net increase (decrease) in net assets and shares resulting from share transactions	(120,536,237)	(326,184,941)
Total increase (decrease) in net assets	(120,531,724)	(326,174,680)
Net Assets
Beginning of period	405,525,834	731,700,514
End of period	$284,994,110	$405,525,834
Other Information
Undistributed net investment income end of period	$1	$–

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Pennsylvania Municipal Money Market Fund

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00
Income from Investment Operations
Net investment income (loss)	.004	.001	–^A	–^A	–^A
Net realized and unrealized gain (loss)^A	–	–	–	–	–
Total from investment operations	.004	.001	–^A	–^A	–^A
Distributions from net investment income	(.004)	(.001)	–^A	–^A	–^A
Distributions from net realized gain	–^A	–^A	–^A	–	–
Total distributions	(.004)	(.001)	–^A	–^A	–^A
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return^B	.40%	.09%	.01%	.01%	.01%
Ratios to Average Net Assets^C,^D
Expenses before reductions	.50%	.50%	.50%	.50%	.50%
Expenses net of fee waivers, if any	.50%	.35%	.06%	.07%	.11%
Expenses net of all reductions	.50%	.35%	.06%	.07%	.11%
Net investment income (loss)	.38%	.07%	.01%	.01%	.01%
Supplemental Data
Net assets, end of period (000 omitted)	$284,994	$405,526	$731,701	$760,467	$789,696

^A Amount represents less than $.0005 per share.

^B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

Fidelity Pennsylvania Municipal Income Fund (the Income Fund) is a fund of Fidelity Municipal Trust. Fidelity Pennsylvania Municipal Money Market Fund (the Money Market Fund) is a fund of Fidelity Municipal Trust II. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Municipal Trust and Fidelity Municipal Trust II (the Trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. Each Fund is authorized to issue an unlimited number of shares. Shares of the Money Market Fund are only available for purchase by retail shareholders. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. Each Fund may be affected by economic and political developments in the state of Pennsylvania.

2. Investments in Fidelity Central Funds.

The Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

3. Significant Accounting Policies.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

Valuation techniques used to value each Fund's investments by major category are as follows:

For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Book-tax differences are primarily due to market discount and deferred trustees compensation.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation)
Fidelity Pennsylvania Municipal Income Fund	$462,301,896	$17,990,626	$(934,021)	$17,056,605
Fidelity Pennsylvania Municipal Money Market Fund	279,668,853	–	–	–

The tax-based components of distributable earnings as of period end were as follows for each Fund:

	Undistributed tax-exempt income	Undistributed long-term capital gain	Net unrealized appreciation (depreciation) on securities and other investments
Fidelity Pennsylvania Municipal Income Fund	$–	$997,018	$17,056,605
Fidelity Pennsylvania Municipal Money Market Fund	3,808	–	–

The tax character of distributions paid was as follows:

December 31, 2017
	Tax-Exempt Income	Ordinary Income	Long-term Capital Gains	Total
Fidelity Pennsylvania Municipal Income Fund	$13,738,825	$–	$1,974,339	$15,713,164
Fidelity Pennsylvania Municipal Money Market Fund	1,276,467	–	28,975	1,305,442

December 31, 2016
	Tax-Exempt Income	Ordinary Income	Long-term Capital Gains	Total
Fidelity Pennsylvania Municipal Income Fund	$14,451,215	$43,964	$2,094,217	$16,589,396
Fidelity Pennsylvania Municipal Money Market Fund	372,232	–	25,493	397,725

Delayed Delivery Transactions and When-Issued Securities. During the period, the Income Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund's Schedule of Investments. The Income Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $86,016,390 and $55,893,557, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Income Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .36% of the Fund's average net assets.

Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Money Market Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .50% of the Fund's average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as miscellaneous expenses such as proxy and shareholder meeting expenses. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Funds. Under the terms of the management fee contract, the investment adviser pays transfer agent fees on behalf of the Money Market Fund. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the Income Fund's transfer agent fees were equivalent to the following annual rates expressed as a percentage of average net assets:

Fidelity Pennsylvania Municipal Income Fund

.08%

6. Committed Line of Credit.

Fidelity Pennsylvania Municipal Income Fund

$1,504

During the period, the Income Fund did not borrow on this line of credit.

7. Expense Reductions.

Through arrangements with the Income Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce fund expenses. These expense reductions are noted in the table below.

	Custody expense reduction
Fidelity Pennsylvania Municipal Income Fund	$3,510

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses as follows:

	Amount
Fidelity Pennsylvania Municipal Income Fund	$2,801

8. Other.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Municipal Trust and Shareholders of Fidelity Pennsylvania Municipal Income Fund and the Board of Trustees of Fidelity Municipal Trust II and Shareholders of Fidelity Pennsylvania Municipal Money Market Fund:

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Pennsylvania Municipal Income Fund (one of the funds constituting Fidelity Municipal Trust) and Fidelity Pennsylvania Municipal Money Market Fund (one of the funds constituting Fidelity Municipal Trust II) (hereafter collectively referred to as the “Funds”) as of December 31, 2017, the related statements of operations for the year ended December 31, 2017, the statements of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2017 and each of the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 14, 2018

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity^® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity^® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity^® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trusts or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2006

Trustee

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present).

Timothy Huyck (1964)

Year of Election or Appointment: 2015

Vice President of Fidelity's Money Market Funds

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Jamie Pagliocco (1964)

Year of Election or Appointment: 2017

Vice President

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Fidelity Pennsylvania Municipal Income Fund	.47%
Actual		$1,000.00	$1,020.20	$2.39
Hypothetical-^C		$1,000.00	$1,022.84	$2.40
Fidelity Pennsylvania Municipal Money Market Fund	.50%
Actual		$1,000.00	$1,002.50	$2.52
Hypothetical-^C		$1,000.00	$1,022.68	$2.55

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

	Pay Date	Record Date	Capital Gains
Fidelity Pennsylvania Municipal Money Market Fund	02/12/18	02/09/18	$0.000
Fidelity Pennsylvania Municipal Income Fund	02/12/18	02/09/18	$0.024

Fidelity Pennsylvania Municipal Money Market Fund	$31,906
Fidelity Pennsylvania Municipal Income Fund	$1,973,560

During fiscal year ended 2017, 100% of each fund's income dividends were free from federal income tax, and 20% of Fidelity Pennsylvania Municipal Money Market Fund and 1.47% of Fidelity Pennsylvania Municipal Income Fund income dividends were subject to the federal alternative minimum tax.

The funds will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Pennsylvania Municipal Income Fund / Fidelity Pennsylvania Municipal Money Market Fund

Amendment to Group Fee Rate. The Board also approved an amendment to the management contract for Fidelity Pennsylvania Municipal Income Fund to add an additional breakpoint to the group fee schedule, effective October 1, 2017. The Board noted that the additional breakpoint would result in lower management fee rates as Fidelity's assets under management increase above the new breakpoint.

Investment Performance (for Fidelity Pennsylvania Municipal Income Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there was a portfolio management change for Fidelity Pennsylvania Municipal Money Market Fund in March 2017.

Investment Performance (for Fidelity Pennsylvania Municipal Money Market Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and considered by the Board. Because the vast majority of competitor funds' management fees do not cover non-management expenses, for a more meaningful comparison of management fees, Fidelity Pennsylvania Municipal Money Market Fund is compared on the basis of a hypothetical "net management fee," which is derived by subtracting payments made by FMR for non-management expenses (including transfer agent fees, pricing and bookkeeping fees, and fees paid to non-affiliated custodians) from the fund's all-inclusive fee. In this regard, the Board considered that net management fees can vary from year to year because of differences in non-management expenses.

Fidelity Pennsylvania Municipal Income Fund

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016.

Fidelity Pennsylvania Municipal Money Market Fund

The Board noted that the fund's hypothetical net management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of Fidelity Pennsylvania Municipal Income Fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund.

In its review of Fidelity Pennsylvania Municipal Money Market Fund's total expense ratio, the Board considered the fund's hypothetical net management fee rate as well as the fund's all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund.

As part of its review, the Board also considered the current and historical total expense ratios of each fund compared to competitive fund median expenses. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that Fidelity Pennsylvania Municipal Income Fund's total expense ratio ranked below the competitive median for 2016 and Fidelity Pennsylvania Municipal Money Market Fund's total expense ratio ranked above the competitive median for 2016. The Board considered that, in general, various factors can affect total expense ratios. The Board considered that Fidelity has been voluntarily waiving part or all of the management fees to maintain a minimum yield for Fidelity Pennsylvania Municipal Money Market Fund. Fidelity Pennsylvania Municipal Money Market Fund's total expense ratio ranked above the competitive median for 2016 because the advisers of many competitor funds waived fees or reimbursed expenses to a greater extent than Fidelity in order to maintain a minimum yield, which caused the expense medians of such competitor funds to be lower than they would otherwise be. Excluding fee waivers, the fund's total expense ratio ranked equal to the median.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that, although Fidelity Pennsylvania Money Market Fund was above the median of the universe presented for comparison, each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that due to Fidelity Pennsylvania Municipal Money Market Fund's current contractual arrangements its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that Fidelity Pennsylvania Municipal Income Fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus the assets of sector funds previously under FMR's management). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

PFR-ANN-0218
1.540037.120

Item 2.

Code of Ethics

As of the end of the period, December 31, 2017, Fidelity Municipal Trust II (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton is independent for purposes of Item 3 of Form N-CSR.

Item 4.

Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Michigan Municipal Money Market Fund, Fidelity Ohio Municipal Money Market Fund and Fidelity Pennsylvania Municipal Money Market Fund (the “Funds”):

Services Billed by PwC

December 31, 2017 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Michigan Municipal Money Market Fund	$32,000	$2,900	$2,200	$1,500
Fidelity Ohio Municipal Money Market Fund	$32,000	$2,900	$2,200	$1,500
Fidelity Pennsylvania Municipal Money Market Fund	$32,000	$2,900	$2,200	$1,500

December 31, 2016 Fees^A,B


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Michigan Municipal Money Market Fund	$32,000	$3,300	$2,200	$1,600
Fidelity Ohio Municipal Money Market Fund	$32,000	$3,300	$2,200	$1,600
Fidelity Pennsylvania Municipal Money Market Fund	$32,000	$3,300	$2,200	$1,600

^AAmounts may reflect rounding.

^BCertain amounts have been reclassified to align with current period presentation.

The following table presents fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company (“FMR”) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds (“Fund Service Providers”):

Services Billed by PwC


	December 31, 2017^A	December 31, 2016^A
Audit-Related Fees	$8,470,000	$6,240,000
Tax Fees	$160.000	$10,000
All Other Fees	$-	$-

^A Amounts may reflect rounding.

“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by PwC for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is

subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:


Billed By	December 31, 2017^A	December 31, 2016^A,B
PwC	$10,735,000	$7,655,000

^A Amounts may reflect rounding.

^BCertain amounts have been reclassified to align with current period presentation.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the Funds, taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Funds and their related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds’ last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.

Item 11.

Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.

Item 12.

Exhibits


(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Municipal Trust II


By:	/s/Stephanie J. Dorsey
	Stephanie J. Dorsey
	President and Treasurer

Date:	February 26, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:	/s/Stephanie J. Dorsey
	Stephanie J. Dorsey
	President and Treasurer

Date:	February 26, 2018


By:	/s/Howard J. Galligan III
	Howard J. Galligan III
	Chief Financial Officer

Date:	February 26, 2018

Fidelity Municipal Trust Ii N-CSRCertified annual shareholder report (management investment company)