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 811-06454
Fidelity Municipal Trust II
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
William C. Coffey, 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: | June 30, 2019 |
Item 1.
Reports to Stockholders
Fidelity® Michigan Municipal Income Fund Fidelity® Michigan Municipal Money Market Fund Semi-Annual Report June 30, 2019 |
 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
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You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
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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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Fidelity® Michigan Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of June 30, 2019
| % of fund's net assets | |
| General Obligations | 31.6 |
| Health Care | 24.0 |
| Transportation | 13.0 |
| Water & Sewer | 10.4 |
| Education | 7.5 |
Quality Diversification (% of fund's net assets)
| As of June 30, 2019 | ||
| AAA | 0.3% | |
| AA,A | 94.0% | |
| BBB | 1.2% | |
| BB and Below | 0.5% | |
| Not Rated | 0.6% | |
| Short-Term Investments and Net Other Assets | 3.4% | |
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
Schedule of Investments June 30, 2019 (Unaudited)
Showing Percentage of Net Assets
| Municipal Bonds - 96.6% | |||
| Principal Amount | Value | ||
| Guam - 0.9% | |||
| Guam Int'l. Arpt. Auth. Rev.: | |||
| Series 2013 C, 6.25% 10/1/34 (a) | $1,000,000 | $1,154,980 | |
| Series C, 5% 10/1/21 (a) | 2,920,000 | 3,032,508 | |
| Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/23 (FSA Insured) | 1,175,000 | 1,302,711 | |
| TOTAL GUAM | 5,490,199 | ||
| Michigan - 95.7% | |||
| Battle Creek School District Series 2016: | |||
| 5% 5/1/36 | 1,500,000 | 1,750,410 | |
| 5% 5/1/37 | 1,175,000 | 1,366,490 | |
| Bay City School District Rev.: | |||
| 5% 11/1/25 | 1,000,000 | 1,152,920 | |
| 5% 11/1/26 | 1,000,000 | 1,148,910 | |
| 5% 11/1/27 | 700,000 | 802,487 | |
| 5% 11/1/28 | 250,000 | 286,848 | |
| Brandon School District Series 2016 A: | |||
| 5% 5/1/28 | 2,515,000 | 2,974,340 | |
| 5% 5/1/29 | 1,250,000 | 1,471,938 | |
| 5% 5/1/30 | 1,250,000 | 1,465,250 | |
| 5% 5/1/34 | 2,475,000 | 2,872,881 | |
| Chippewa Valley Schools Series 2016 A: | |||
| 5% 5/1/32 | 1,000,000 | 1,182,330 | |
| 5% 5/1/33 | 1,000,000 | 1,178,960 | |
| 5% 5/1/34 | 1,075,000 | 1,262,405 | |
| 5% 5/1/35 | 775,000 | 905,681 | |
| Clarkston Cmnty. Schools: | |||
| Series 2016, 5% 5/1/29 | 1,500,000 | 1,743,765 | |
| 5% 5/1/28 | 1,745,000 | 2,035,368 | |
| Detroit City School District Series 2005 A, 5.25% 5/1/30 (FSA Insured) | 2,000,000 | 2,567,480 | |
| Detroit Downtown Dev. Auth. Tax: | |||
| Series 1, 5% 7/1/22 (FSA Insured) | 500,000 | 547,445 | |
| Series A: | |||
| 5% 7/1/29 (FSA Insured) | 1,340,000 | 1,517,764 | |
| 5% 7/1/31 (FSA Insured) | 1,775,000 | 1,995,011 | |
| 5% 7/1/33 (FSA Insured) | 2,000,000 | 2,239,020 | |
| 5% 7/1/34 (FSA Insured) | 1,750,000 | 1,954,488 | |
| 5% 7/1/35 (FSA Insured) | 2,750,000 | 3,064,903 | |
| 5% 7/1/37 (FSA Insured) | 2,000,000 | 2,219,960 | |
| Detroit Gen. Oblig. Series 2018: | |||
| 5% 4/1/20 | 750,000 | 763,429 | |
| 5% 4/1/21 | 1,000,000 | 1,038,190 | |
| 5% 4/1/22 | 725,000 | 766,978 | |
| 5% 4/1/23 | 310,000 | 332,946 | |
| Detroit School District School Bldg. and Site Impt. Series 2012 A, 5% 5/1/24 | 5,000,000 | 5,483,800 | |
| Detroit Swr. Disp. Rev. Series 2006, 5% 7/1/36 | 10,000 | 10,025 | |
| Detroit Wtr. Supply Sys. Rev. Series 2006 B, 7% 7/1/36 (Pre-Refunded to 7/1/19 @ 100) | 2,700,000 | 2,700,000 | |
| Detroit/Wayne Co. Stadium Auth. Series 2012: | |||
| 5% 10/1/21 (FSA Insured) | 2,000,000 | 2,146,300 | |
| 5% 10/1/22 (FSA Insured) | 2,645,000 | 2,912,939 | |
| 5% 10/1/26 (FSA Insured) | 4,850,000 | 5,298,868 | |
| Downriver Util. Wastewtr. Auth. Swr. Sys. Rev. Series 2018: | |||
| 5% 4/1/33 (FSA Insured) | 735,000 | 873,797 | |
| 5% 4/1/34 (FSA Insured) | 520,000 | 617,292 | |
| 5% 4/1/35 (FSA Insured) | 500,000 | 591,460 | |
| Farmington Pub. School District Gen. Oblig.: | |||
| 5% 5/1/25 (FSA Insured) | 2,140,000 | 2,550,516 | |
| 5% 5/1/26 (FSA Insured) | 1,385,000 | 1,635,436 | |
| 5% 5/1/27 (FSA Insured) | 1,425,000 | 1,676,612 | |
| Forest Hills Pub. Schools: | |||
| 5% 5/1/20 | 1,575,000 | 1,623,223 | |
| 5% 5/1/21 | 1,575,000 | 1,680,651 | |
| Fraser Pub. School District Series 2006 B, 5% 5/1/29 | 1,455,000 | 1,698,422 | |
| Grand Rapids Pub. Schools: | |||
| Series 2019: | |||
| 5% 11/1/39 (FSA Insured) | 1,200,000 | 1,453,332 | |
| 5% 11/1/41 (FSA Insured) | 1,300,000 | 1,565,720 | |
| 5% 11/1/42 (FSA Insured) | 1,400,000 | 1,683,864 | |
| 5% 5/1/29 (FSA Insured) | 480,000 | 588,562 | |
| Grand Rapids San. Swr. Sys. Rev.: | |||
| Series 2018: | |||
| 5% 1/1/31 | 475,000 | 586,473 | |
| 5% 1/1/33 | 250,000 | 305,403 | |
| 5% 1/1/34 | 550,000 | 669,163 | |
| 5% 1/1/35 | 400,000 | 484,932 | |
| 5% 1/1/38 | 655,000 | 787,179 | |
| 5% 1/1/43 | 2,100,000 | 2,498,685 | |
| 5% 1/1/48 | 1,000,000 | 1,183,550 | |
| Series 2012, 5% 1/1/37 | 1,250,000 | 1,386,225 | |
| Series 2014: | |||
| 5% 1/1/27 | 1,300,000 | 1,502,020 | |
| 5% 1/1/29 | 800,000 | 918,944 | |
| 5% 1/1/30 | 2,000,000 | 2,291,260 | |
| Series 2016, 5% 1/1/37 | 1,250,000 | 1,454,875 | |
| Grand Rapids Wtr. Supply Sys.: | |||
| Series 2016: | |||
| 5% 1/1/31 | 250,000 | 298,085 | |
| 5% 1/1/32 | 320,000 | 379,926 | |
| 5% 1/1/33 | 550,000 | 649,528 | |
| 5% 1/1/34 | 500,000 | 589,915 | |
| 5% 1/1/35 | 920,000 | 1,082,371 | |
| 5% 1/1/36 | 385,000 | 451,801 | |
| 5% 1/1/46 | 800,000 | 921,400 | |
| Series 2018: | |||
| 5% 1/1/43 | 1,325,000 | 1,565,435 | |
| 5% 1/1/48 | 2,500,000 | 2,950,500 | |
| Grand Traverse County Hosp. Fin. Auth.: | |||
| Series 2011 A, 5.375% 7/1/35 | 2,000,000 | 2,152,920 | |
| Series 2014 A, 5% 7/1/47 | 1,400,000 | 1,537,158 | |
| Series 2019 A: | |||
| 5% 7/1/44 | 1,110,000 | 1,276,300 | |
| 5% 7/1/49 | 2,615,000 | 3,000,503 | |
| Grand Valley Michigan State Univ. Rev.: | |||
| Series 2014 B: | |||
| 5% 12/1/25 | 500,000 | 587,955 | |
| 5% 12/1/26 | 1,900,000 | 2,228,833 | |
| 5% 12/1/28 | 1,800,000 | 2,098,332 | |
| Series 2018: | |||
| 5% 12/1/34 | 1,075,000 | 1,314,542 | |
| 5% 12/1/35 | 1,225,000 | 1,492,736 | |
| 5% 12/1/37 | 1,375,000 | 1,664,094 | |
| 5% 12/1/38 | 875,000 | 1,056,099 | |
| 5% 12/1/43 | 1,400,000 | 1,675,744 | |
| Great Lakes Wtr. Auth. Sew Disp. Sys.: | |||
| Series 2016 B, 5% 7/1/30 | 2,000,000 | 2,385,140 | |
| Series 2016 C, 5% 7/1/31 | 7,000,000 | 8,281,490 | |
| Series 2018 A: | |||
| 5% 7/1/43 | 10,000,000 | 11,931,500 | |
| 5% 7/1/48 | 5,000,000 | 5,952,650 | |
| Great Lakes Wtr. Auth. Wtr. Supply Sys. Rev. Series 2016 C, 5.25% 7/1/35 | 2,000,000 | 2,398,580 | |
| Grosse Pointe Pub. School Sys. Series 2019: | |||
| 5% 5/1/38 | 1,000,000 | 1,223,840 | |
| 5% 5/1/39 | 1,000,000 | 1,219,510 | |
| Hudsonville Pub. Schools: | |||
| Series 2017: | |||
| 5% 5/1/31 | 430,000 | 520,541 | |
| 5% 5/1/32 | 1,200,000 | 1,447,512 | |
| 5% 5/1/34 | 1,000,000 | 1,198,840 | |
| 5% 5/1/35 | 1,000,000 | 1,195,020 | |
| 4% 5/1/24 | 1,220,000 | 1,332,179 | |
| 4% 5/1/25 | 500,000 | 543,505 | |
| 5% 5/1/20 | 1,000,000 | 1,030,111 | |
| 5% 5/1/22 | 600,000 | 659,286 | |
| 5.25% 5/1/41 (Pre-Refunded to 5/1/21 @ 100) | 1,750,000 | 1,875,930 | |
| Ingham, Eaton and Clinton Counties Lansing School District: | |||
| Series II: | |||
| 4% 5/1/21 | 375,000 | 392,835 | |
| 4% 5/1/22 | 345,000 | 369,950 | |
| 5% 5/1/23 | 430,000 | 487,319 | |
| 5% 5/1/24 | 355,000 | 412,869 | |
| 5% 5/1/22 | 1,730,000 | 1,902,965 | |
| 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 | 2,324,318 | |
| Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016: | |||
| 4% 5/15/36 | 2,000,000 | 2,122,960 | |
| 5% 5/15/28 | 780,000 | 927,443 | |
| 5% 5/15/30 | 5,000,000 | 5,852,400 | |
| Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2011 A, 5.5% 11/15/25 | 5,000,000 | 5,449,100 | |
| Kentwood Pub. Schools Series 2012: | |||
| 4% 5/1/21 | 1,000,000 | 1,049,420 | |
| 4% 5/1/22 | 1,000,000 | 1,070,880 | |
| L'Anse Creuse Pub. Schools Series 2012, 5% 5/1/23 | 1,500,000 | 1,593,450 | |
| Lake Orion Cmnty. School District 5% 5/1/23 | 1,915,000 | 2,170,270 | |
| Lansing Board of Wtr. & Lt. Util. Rev.: | |||
| Series 2019 A: | |||
| 5% 7/1/22 | 230,000 | 254,884 | |
| 5% 7/1/23 | 340,000 | 387,886 | |
| 5% 7/1/24 | 375,000 | 439,260 | |
| 5% 7/1/25 | 375,000 | 449,659 | |
| 5.5% 7/1/41 | 5,000,000 | 5,376,100 | |
| Lansing Cmnty. College: | |||
| Series 2012: | |||
| 5% 5/1/25 | 350,000 | 384,276 | |
| 5% 5/1/25 (Pre-Refunded to 5/1/22 @ 100) | 1,190,000 | 1,311,249 | |
| 5% 5/1/23 | 1,135,000 | 1,244,823 | |
| Lenawee Co. Hosp. Fin. Auth. Hosp. Rev. (ProMedica Heathcare Oblig. Group Proj.) Series 2011 B, 6% 11/15/35 (Pre-Refunded to 11/15/21 @ 100) | 3,030,000 | 3,352,150 | |
| Lincoln Consolidated School District Series 2016 A: | |||
| 5% 5/1/28 | 2,025,000 | 2,441,867 | |
| 5% 5/1/29 | 1,430,000 | 1,717,745 | |
| 5% 5/1/31 | 500,000 | 593,110 | |
| 5% 5/1/32 | 1,000,000 | 1,180,380 | |
| Macomb Interceptor Drain Drainage District Series 2017 A: | |||
| 5% 5/1/33 | 2,100,000 | 2,526,132 | |
| 5% 5/1/34 | 1,750,000 | 2,097,970 | |
| Marquette Board Lt. & Pwr. Elec. Util. Sys. Rev. Series 2016 A: | |||
| 5% 7/1/29 | 780,000 | 925,181 | |
| 5% 7/1/30 | 900,000 | 1,061,739 | |
| 5% 7/1/31 | 780,000 | 914,503 | |
| 5% 7/1/32 | 1,000,000 | 1,169,060 | |
| 5% 7/1/33 | 705,000 | 821,191 | |
| Michigan Bldg. Auth. Rev.: | |||
| (Facilities Prog.) Series 2015 1, 5% 10/15/50 | 7,250,000 | 8,388,468 | |
| Series 2009 I, 5.25% 10/15/25 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,023,360 | |
| 5% 4/15/38 | 3,000,000 | 3,483,840 | |
| Michigan Fin. Auth. Rev.: | |||
| (Charter County of Wayne Criminal Justice Ctr. Proj.) Series 2018: | |||
| 5% 11/1/32 | 1,000,000 | 1,228,570 | |
| 5% 11/1/33 | 2,500,000 | 3,067,925 | |
| 5% 11/1/35 | 1,000,000 | 1,219,020 | |
| 5% 11/1/36 | 1,250,000 | 1,517,400 | |
| 5% 11/1/37 | 1,500,000 | 1,809,120 | |
| 5% 11/1/38 | 1,595,000 | 1,918,514 | |
| (Henry Ford Health Sys. Proj.) Series 2016, 5% 11/15/24 | 2,940,000 | 3,448,473 | |
| (Holland Cmnty. Hosp. Proj.) Series 2013 A: | |||
| 5% 1/1/33 | 1,250,000 | 1,364,438 | |
| 5% 1/1/40 | 3,000,000 | 3,243,150 | |
| (Kalamazoo College Proj.) Series 2018, 4% 12/1/47 | 2,610,000 | 2,798,494 | |
| (Local Govt. Ln. Prog.) Series 2014 D, 5% 7/1/37 (FSA Insured) | 1,000,000 | 1,125,440 | |
| (Mid-Michigan Health Sys. Proj.) Series 2014, 5% 6/1/39 | 540,000 | 601,425 | |
| (Trinity Health Proj.) Series 2017: | |||
| 5% 12/1/30 | 710,000 | 874,919 | |
| 5% 12/1/42 | 2,120,000 | 2,497,911 | |
| (Trinity Health Proj.) Series 2015, 5% 12/1/33 | 1,220,000 | 1,329,739 | |
| Bonds: | |||
| Series 2015 D2, 1 month U.S. LIBOR + 0.750% 2.385%, tender 10/15/20 (b)(c) | 7,920,000 | 7,946,770 | |
| Series 2019 MI2, 5%, tender 2/1/25 (b) | 5,000,000 | 5,850,550 | |
| Series 2011, 5% 12/1/39 | 1,500,000 | 1,610,265 | |
| Series 2012 A, 5% 6/1/27 (Pre-Refunded to 6/1/22 @ 100) | 125,000 | 137,916 | |
| Series 2012: | |||
| 5% 11/15/24 | 660,000 | 735,643 | |
| 5% 11/15/25 | 1,000,000 | 1,112,870 | |
| 5% 11/15/26 | 800,000 | 888,904 | |
| 5% 11/1/42 | 2,000,000 | 2,174,320 | |
| 5% 11/15/42 | 3,120,000 | 3,368,508 | |
| Series 2013: | |||
| 5% 10/1/25 | 1,255,000 | 1,400,668 | |
| 5% 8/15/30 | 4,105,000 | 4,599,817 | |
| Series 2014 H1: | |||
| 5% 10/1/22 | 1,000,000 | 1,075,690 | |
| 5% 10/1/25 | 2,250,000 | 2,610,518 | |
| 5% 10/1/39 | 4,725,000 | 5,368,451 | |
| Series 2014: | |||
| 5% 6/1/25 | 1,000,000 | 1,154,390 | |
| 5% 6/1/26 | 700,000 | 808,423 | |
| 5% 6/1/27 | 700,000 | 805,637 | |
| Series 2015 C: | |||
| 5% 7/1/26 | 570,000 | 673,814 | |
| 5% 7/1/27 | 1,215,000 | 1,431,792 | |
| 5% 7/1/28 | 1,500,000 | 1,762,995 | |
| 5% 7/1/35 | 1,000,000 | 1,148,320 | |
| Series 2015 D1: | |||
| 5% 7/1/34 | 1,250,000 | 1,446,550 | |
| 5% 7/1/35 | 500,000 | 577,490 | |
| Series 2015 D2, 5% 7/1/34 | 1,000,000 | 1,154,810 | |
| Series 2016 A, 5% 11/1/44 | 6,190,000 | 7,019,274 | |
| Series 2016: | |||
| 5% 1/1/29 | 1,000,000 | 1,182,370 | |
| 5% 11/15/29 | 2,950,000 | 3,534,041 | |
| 5% 1/1/30 | 1,000,000 | 1,177,370 | |
| 5% 1/1/31 | 1,170,000 | 1,370,807 | |
| 5% 1/1/32 | 1,895,000 | 2,207,088 | |
| 5% 1/1/33 | 1,915,000 | 2,221,074 | |
| 5% 1/1/34 | 2,135,000 | 2,468,295 | |
| 5% 11/15/41 | 11,710,000 | 13,534,418 | |
| Series 2019 A: | |||
| 4% 11/15/50 | 3,000,000 | 3,241,830 | |
| 5% 11/15/48 | 2,000,000 | 2,377,080 | |
| Series 2019 MI1, 5% 12/1/48 | 2,000,000 | 2,369,480 | |
| 5% 12/1/27 | 1,090,000 | 1,142,026 | |
| 5% 12/1/27 (Pre-Refunded to 12/1/20 @ 100) | 10,000 | 10,508 | |
| Michigan Hosp. Fin. Auth. Rev.: | |||
| Bonds Series 2010 F4, 1.95%, tender 4/1/20 (b) | 5,530,000 | 5,550,016 | |
| Series 2016: | |||
| 5% 11/15/46 | 3,500,000 | 4,049,360 | |
| 5% 11/15/47 | 18,000,000 | 20,803,663 | |
| Michigan Muni. Bond Auth. Rev. Series 2005, 5% 10/1/23 (Pre-Refunded to 10/1/19 @ 100) | 385,000 | 388,542 | |
| Michigan State Univ. Revs. Series 2019 B, 5% 2/15/48 | 3,000,000 | 3,633,930 | |
| Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
| (Cadillac Place Office Bldg. Proj.) Series 2011, 5.25% 10/15/26 | 3,585,000 | 3,881,802 | |
| (I-75 Impt. Proj.) Series 2018, 4.25% 12/31/38 (FSA Insured) (a) | 7,000,000 | 7,640,080 | |
| Milan Area Schools Series 2019, 5% 5/1/21 | 950,000 | 1,011,940 | |
| Oakland Univ. Rev.: | |||
| Series 2012: | |||
| 5% 3/1/24 | 1,170,000 | 1,273,849 | |
| 5% 3/1/25 | 1,225,000 | 1,331,722 | |
| 5% 3/1/26 | 1,290,000 | 1,399,560 | |
| Series 2013 A: | |||
| 5% 3/1/25 | 995,000 | 1,111,982 | |
| 5% 3/1/26 | 1,620,000 | 1,806,802 | |
| 5% 3/1/27 | 815,000 | 907,747 | |
| 5% 3/1/38 | 2,900,000 | 3,166,336 | |
| Series 2014: | |||
| 5% 3/1/28 | 335,000 | 381,853 | |
| 5% 3/1/29 | 525,000 | 594,872 | |
| 5% 3/1/39 | 3,000,000 | 3,333,000 | |
| Series 2016: | |||
| 5% 3/1/28 | 1,150,000 | 1,373,181 | |
| 5% 3/1/41 | 3,475,000 | 3,986,068 | |
| Portage Pub. Schools: | |||
| Series 2016: | |||
| 5% 11/1/32 | 2,500,000 | 2,969,925 | |
| 5% 11/1/34 | 1,250,000 | 1,476,563 | |
| 5% 11/1/35 | 1,300,000 | 1,530,594 | |
| 5% 11/1/39 | 755,000 | 880,700 | |
| Series 2019: | |||
| 3% 5/1/40 | 2,195,000 | 2,199,895 | |
| 4% 11/1/38 | 2,000,000 | 2,237,060 | |
| Rochester Cmnty. School District 5% 5/1/31 | 1,500,000 | 1,781,430 | |
| Rockford Pub. Schools Gen. Oblig. Series 2019 I: | |||
| 4% 5/1/20 | 1,840,000 | 1,879,955 | |
| 4% 5/1/21 | 2,145,000 | 2,247,016 | |
| 4% 5/1/22 | 1,575,000 | 1,688,447 | |
| 5% 5/1/42 | 3,050,000 | 3,664,545 | |
| 5% 5/1/44 | 6,100,000 | 7,310,484 | |
| 5% 5/1/46 | 3,120,000 | 3,734,765 | |
| Roseville Cmnty. Schools: | |||
| Series 2014: | |||
| 5% 5/1/24 | 780,000 | 905,174 | |
| 5% 5/1/25 | 1,000,000 | 1,189,370 | |
| 5% 5/1/26 | 1,385,000 | 1,641,336 | |
| 5% 5/1/24 | 570,000 | 661,474 | |
| 5% 5/1/26 | 1,715,000 | 2,032,412 | |
| 5% 5/1/27 | 1,795,000 | 2,118,477 | |
| 5% 5/1/28 | 1,885,000 | 2,215,554 | |
| Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D: | |||
| 5% 9/1/26 | 1,000,000 | 1,142,800 | |
| 5% 9/1/27 | 1,175,000 | 1,338,396 | |
| 5% 9/1/28 | 1,870,000 | 2,124,227 | |
| Saginaw Hosp. Fin. Auth. Hosp. Rev. (Covenant Med. Ctr., Inc.) Series 2010 H, 5% 7/1/30 | 5,000,000 | 5,154,400 | |
| Saint Clair County Gen. Oblig. 5% 4/1/26 | 1,495,000 | 1,634,244 | |
| South Haven Gen. Oblig. Series 2009, 5.125% 12/1/33 (Pre-Refunded to 12/1/19 @ 100) | 1,000,000 | 1,015,930 | |
| South Lyon Cmnty. Schools Series 2016: | |||
| 5% 5/1/23 | 1,575,000 | 1,781,168 | |
| 5% 5/1/24 | 3,200,000 | 3,718,400 | |
| 5% 5/1/25 | 2,355,000 | 2,800,966 | |
| Warren Consolidated School District: | |||
| Series 2016: | |||
| 5% 5/1/23 | 810,000 | 911,517 | |
| 5% 5/1/34 | 5,630,000 | 6,543,411 | |
| Series 2017: | |||
| 4% 5/1/23 (FSA Insured) | 750,000 | 811,883 | |
| 4% 5/1/24 (FSA Insured) | 750,000 | 826,373 | |
| 4% 5/1/25 (FSA Insured) | 500,000 | 558,085 | |
| Series 2018: | |||
| 5% 5/1/30 | 550,000 | 674,031 | |
| 5% 5/1/32 | 1,100,000 | 1,330,582 | |
| 5% 5/1/34 | 1,175,000 | 1,409,601 | |
| 5% 5/1/35 | 1,200,000 | 1,433,472 | |
| 5% 5/1/36 | 1,000,000 | 1,189,920 | |
| 5% 5/1/37 | 1,300,000 | 1,542,632 | |
| 5% 5/1/38 | 800,000 | 945,984 | |
| Wayne County Arpt. Auth. Rev.: | |||
| Series 2011 A: | |||
| 5% 12/1/21 (a) | 5,000,000 | 5,412,000 | |
| 5% 12/1/22 (a) | 5,260,000 | 5,692,109 | |
| Series 2012 A, 5% 12/1/23 | 2,300,000 | 2,580,807 | |
| Series 2014 C: | |||
| 5% 12/1/29 (a) | 720,000 | 832,889 | |
| 5% 12/1/31 (a) | 860,000 | 986,738 | |
| 5% 12/1/34 (a) | 1,655,000 | 1,884,350 | |
| Series 2015 D, 5% 12/1/40 (FSA Insured) | 8,165,000 | 9,500,222 | |
| Series 2015 F: | |||
| 5% 12/1/25 (a) | 2,735,000 | 3,273,658 | |
| 5% 12/1/27 (a) | 4,810,000 | 5,720,966 | |
| Series 2015 G: | |||
| 5% 12/1/35 | 5,435,000 | 6,378,625 | |
| 5% 12/1/36 | 5,760,000 | 6,743,002 | |
| Series 2017 A: | |||
| 5% 12/1/22 | 640,000 | 717,907 | |
| 5% 12/1/37 | 545,000 | 653,673 | |
| 5% 12/1/42 | 1,455,000 | 1,733,734 | |
| Series 2017 B, 5% 12/1/47 (a) | 450,000 | 525,618 | |
| Series 2018 B, 5% 12/1/48 (a) | 5,000,000 | 5,932,800 | |
| Series 2018 D: | |||
| 5% 12/1/30 (a) | 4,365,000 | 5,408,235 | |
| 5% 12/1/31 (a) | 2,825,000 | 3,479,016 | |
| 5% 12/1/32 (a) | 2,945,000 | 3,617,020 | |
| West Ottawa Pub. School District: | |||
| Series 2012 A: | |||
| 5% 5/1/25 | 2,640,000 | 2,806,426 | |
| 5% 5/1/25 (Pre-Refunded to 5/1/21 @ 100) | 1,670,000 | 1,779,502 | |
| 5% 5/1/26 | 1,225,000 | 1,301,538 | |
| 5% 5/1/26 (Pre-Refunded to 5/1/21 @ 100) | 775,000 | 825,817 | |
| Series 2014 1: | |||
| 5% 5/1/30 | 725,000 | 827,943 | |
| 5% 5/1/32 | 500,000 | 568,820 | |
| 5% 5/1/34 | 900,000 | 1,022,859 | |
| 5% 5/1/35 | 250,000 | 283,655 | |
| Western Michigan Univ. Rev.: | |||
| Series 2014: | |||
| 5% 11/15/25 | 320,000 | 375,165 | |
| 5% 11/15/26 | 400,000 | 468,508 | |
| 5% 11/15/28 | 650,000 | 756,600 | |
| 5% 11/15/29 | 750,000 | 868,253 | |
| 5% 11/15/30 | 855,000 | 992,775 | |
| 5% 11/15/31 | 700,000 | 811,643 | |
| Series 2015 A: | |||
| 5% 11/15/26 | 1,000,000 | 1,176,340 | |
| 5% 11/15/28 | 2,505,000 | 2,932,278 | |
| Woodhaven-Brownstown School District County of Wayne: | |||
| 5% 5/1/36 | 2,835,000 | 3,323,896 | |
| 5% 5/1/38 | 5,670,000 | 6,614,225 | |
| Ypsilanti School District Series A: | |||
| 5% 5/1/29 | 1,305,000 | 1,560,193 | |
| 5% 5/1/30 | 1,550,000 | 1,846,717 | |
| 5% 5/1/32 | 2,000,000 | 2,360,760 | |
| Zeeland Pub. Schools: | |||
| 5% 5/1/27 (FSA Insured) | 1,000,000 | 1,173,540 | |
| 5% 5/1/28 (FSA Insured) | 500,000 | 585,005 | |
| 5% 5/1/29 (FSA Insured) | 1,000,000 | 1,166,700 | |
| 5% 5/1/30 (FSA Insured) | 1,000,000 | 1,163,190 | |
| TOTAL MICHIGAN | 615,599,478 | ||
| TOTAL MUNICIPAL BONDS | |||
| (Cost $592,034,957) | 621,089,677 | ||
| Municipal Notes - 2.4% | |||
| Michigan - 2.4% | |||
| Grand Traverse County Hosp. Fin. Auth. Series 2019 C, 1.97% 7/1/19, LOC PNC Bank NA, VRDN (b) | 905,000 | $905,000 | |
| Michigan Fin. Auth. Rev.: | |||
| Participating VRDN Series Floaters XF 06 86, 1.95% 7/5/19 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 6,600,000 | 6,600,000 | |
| Series 2016 E3, 1.9% 7/5/19, VRDN (b) | 5,130,000 | 5,130,000 | |
| Michigan Hsg. Dev. Auth. Rental Hsg. Rev. Series 2018 C, 1.98% 7/5/19 (Liquidity Facility JPMorgan Chase Bank), VRDN (a)(b) | 1,200,000 | 1,200,000 | |
| Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
| (Air Products and Chemicals, Inc. Proj.) Series 2007 V1, 2.02% 7/1/19, VRDN (b) | 770,000 | 770,000 | |
| (Henry Ford Museum & Greenfield Village Proj.) Series 2002, 1.95% 7/1/19, LOC Comerica Bank, VRDN (b) | 1,200,000 | 1,200,000 | |
| TOTAL MUNICIPAL NOTES | |||
| (Cost $15,805,000) | 15,805,000 | ||
| TOTAL INVESTMENT IN SECURITIES - 99.0% | |||
| (Cost $607,839,957) | 636,894,677 | ||
| NET OTHER ASSETS (LIABILITIES) - 1.0% | 6,151,599 | ||
| NET ASSETS - 100% | $643,046,276 |
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.
(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(d) Provides evidence of ownership in one or more underlying municipal bonds.
(e) Coupon rates are determined by re-marketing agents based on current market conditions.
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 | 31.6% |
| Health Care | 24.0% |
| Transportation | 13.0% |
| Water & Sewer | 10.4% |
| Education | 7.5% |
| Special Tax | 6.7% |
| Others* (Individually Less Than 5%) | 6.8% |
| 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
| June 30, 2019 (Unaudited) | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $607,839,957) | $636,894,677 | |
| Cash | 463,766 | |
| Receivable for fund shares sold | 252,843 | |
| Interest receivable | 6,297,968 | |
| Other receivables | 1,228 | |
| Total assets | 643,910,482 | |
| Liabilities | ||
| Payable for fund shares redeemed | $179,421 | |
| Distributions payable | 409,190 | |
| Accrued management fee | 188,683 | |
| Transfer agent fee payable | 47,204 | |
| Other affiliated payables | 12,609 | |
| Other payables and accrued expenses | 27,099 | |
| Total liabilities | 864,206 | |
| Net Assets | $643,046,276 | |
| Net Assets consist of: | ||
| Paid in capital | $613,109,067 | |
| Total distributable earnings (loss) | 29,937,209 | |
| Net Assets, for 51,797,173 shares outstanding | $643,046,276 | |
| Net Asset Value, offering price and redemption price per share ($643,046,276 ÷ 51,797,173 shares) | $12.41 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Six months ended June 30, 2019 (Unaudited) | ||
| Investment Income | ||
| Interest | $9,489,193 | |
| Expenses | ||
| Management fee | $1,097,656 | |
| Transfer agent fees | 276,486 | |
| Accounting fees and expenses | 74,064 | |
| Custodian fees and expenses | 2,517 | |
| Independent trustees' fees and expenses | 1,122 | |
| Registration fees | 18,865 | |
| Audit | 29,383 | |
| Legal | 5,034 | |
| Miscellaneous | 2,439 | |
| Total expenses before reductions | 1,507,566 | |
| Expense reductions | (2,749) | |
| Total expenses after reductions | 1,504,817 | |
| Net investment income (loss) | 7,984,376 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 1,603,352 | |
| Total net realized gain (loss) | 1,603,352 | |
| Change in net unrealized appreciation (depreciation) on investment securities | 21,121,756 | |
| Net gain (loss) | 22,725,108 | |
| Net increase (decrease) in net assets resulting from operations | $30,709,484 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Six months ended June 30, 2019 (Unaudited) | Year ended December 31, 2018 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $7,984,376 | $16,997,911 |
| Net realized gain (loss) | 1,603,352 | 904,940 |
| Change in net unrealized appreciation (depreciation) | 21,121,756 | (13,434,751) |
| Net increase (decrease) in net assets resulting from operations | 30,709,484 | 4,468,100 |
| Distributions to shareholders | (7,984,190) | (18,803,882) |
| Share transactions | ||
| Proceeds from sales of shares | 50,446,149 | 78,090,250 |
| Reinvestment of distributions | 5,530,194 | 13,425,197 |
| Cost of shares redeemed | (33,339,359) | (159,878,263) |
| Net increase (decrease) in net assets resulting from share transactions | 22,636,984 | (68,362,816) |
| Total increase (decrease) in net assets | 45,362,278 | (82,698,598) |
| Net Assets | ||
| Beginning of period | 597,683,998 | 680,382,596 |
| End of period | $643,046,276 | $597,683,998 |
| Other Information | ||
| Shares | ||
| Sold | 4,144,208 | 6,528,754 |
| Issued in reinvestment of distributions | 452,346 | 1,125,982 |
| Redeemed | (2,739,998) | (13,403,469) |
| Net increase (decrease) | 1,856,556 | (5,748,733) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Michigan Municipal Income Fund
| Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
| 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Selected Per–Share Data | �� | |||||
| Net asset value, beginning of period | $11.97 | $12.22 | $11.94 | $12.38 | $12.33 | $11.70 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A | .157 | .319 | .333 | .352 | .387 | .422 |
| Net realized and unrealized gain (loss) | .440 | (.216) | .324 | (.364) | .050 | .642 |
| Total from investment operations | .597 | .103 | .657 | (.012) | .437 | 1.064 |
| Distributions from net investment income | (.157) | (.318) | (.333) | (.353) | (.387) | (.421) |
| Distributions from net realized gain | – | (.035) | (.044) | (.075) | – | (.013) |
| Total distributions | (.157) | (.353) | (.377) | (.428) | (.387) | (.434) |
| Redemption fees added to paid in capitalA | – | – | – | –B | –B | –B |
| Net asset value, end of period | $12.41 | $11.97 | $12.22 | $11.94 | $12.38 | $12.33 |
| Total ReturnC,D | 5.01% | .90% | 5.57% | (.16)% | 3.61% | 9.23% |
| Ratios to Average Net AssetsE | ||||||
| Expenses before reductions | .49%F | .49% | .49% | .49% | .49% | .48% |
| Expenses net of fee waivers, if any | .49%F | .48% | .48% | .49% | .49% | .48% |
| Expenses net of all reductions | .49%F | .48% | .48% | .48% | .49% | .48% |
| Net investment income (loss) | 2.60%F | 2.67% | 2.74% | 2.83% | 3.15% | 3.49% |
| Supplemental Data | ||||||
| Net assets, end of period (000 omitted) | $643,046 | $597,684 | $680,383 | $651,635 | $634,206 | $569,796 |
| Portfolio turnover rate | 15%F | 22% | 12% | 25% | 11% | 12% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E 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.
F Annualized
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 June 30, 2019
| Days | % of fund's investments |
| 1 - 7 | 90.0 |
| 8 - 30 | 0.4 |
| 31 - 60 | 2.1 |
| 61 - 90 | 0.4 |
| 91 - 180 | 0.8 |
| >180 | 6.3 |
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 June 30, 2019 | ||
| Variable Rate Demand Notes (VRDNs) | 47.3% | |
| Tender Option Bond | 38.2% | |
| Other Municipal Security | 12.5% | |
| Investment Companies | 0.5% | |
| Net Other Assets (Liabilities) | 1.5% | |
Current 7-Day Yields
| 6/30/19 | |
| Fidelity® Michigan Municipal Money Market Fund | 1.41% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.
Fidelity® Michigan Municipal Money Market Fund
Schedule of Investments June 30, 2019 (Unaudited)
Showing Percentage of Net Assets
| Variable Rate Demand Note - 47.3% | |||
| Principal Amount | Value | ||
| Alabama - 0.4% | |||
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 2.13% 7/5/19, VRDN (a)(b) | $1,100,000 | $1,100,000 | |
| Arkansas - 0.3% | |||
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 2.15% 7/5/19, VRDN (a)(b) | 700,000 | 700,000 | |
| Kansas - 0.4% | |||
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.) Series 2007 A, 2.13% 7/5/19, VRDN (b) | 400,000 | 400,000 | |
| St. Mary's Kansas Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994, 2.1% 7/5/19, VRDN (b) | 700,000 | 700,000 | |
| 1,100,000 | |||
| Louisiana - 0.1% | |||
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
| Series 2010 A1, 2.09% 7/5/19, VRDN (b) | 200,000 | 200,000 | |
| Series 2010 B1, 2.05% 7/5/19, VRDN (b) | 200,000 | 200,000 | |
| 400,000 | |||
| Michigan - 45.7% | |||
| Central Michigan Univ. Rev. Series 2008 A, 1.9% 7/5/19, LOC TD Banknorth, NA, VRDN (b) | 1,840,000 | 1,840,000 | |
| Grand Traverse County Hosp. Fin. Auth. Series 2011 B, 1.94% 7/5/19, LOC JPMorgan Chase Bank, VRDN (b) | 13,425,000 | 13,425,000 | |
| Grand Valley Michigan State Univ. Rev. Series 2008 B, 1.89% 7/5/19, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 12,455,000 | 12,455,000 | |
| Michigan Bldg. Auth. Rev. Series 2007 1, 1.95% 7/5/19, LOC Citibank NA, VRDN (b) | 3,515,000 | 3,515,000 | |
| Michigan Fin. Auth. Rev.: | |||
| (Healthcare Equip. Ln. Prog.) Series 2015 C, 2.01% 7/5/19, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 1,500,000 | 1,500,000 | |
| (Hosp. Proj.) Series 2016 E2, 1.94% 7/5/19, VRDN (b) | 8,000,000 | 8,000,000 | |
| Michigan State Univ. Revs. Series 2000 A, 1.93% 7/5/19 (Liquidity Facility Northern Trust Co.), VRDN (b) | 7,595,000 | 7,595,000 | |
| Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
| (Air Products and Chemicals, Inc. Proj.) Series 2007 V1, 2.02% 7/1/19, VRDN (b) | 13,770,000 | 13,770,000 | |
| (Consumers Energy Co. Proj.) 1.89% 7/5/19, LOC JPMorgan Chase Bank, VRDN (a)(b) | 18,100,000 | 18,100,000 | |
| (Henry Ford Museum & Greenfield Village Proj.) Series 2002, 1.95% 7/1/19, LOC Comerica Bank, VRDN (b) | 13,710,000 | 13,710,000 | |
| (The Kroger Co. Recovery Zone Facilities Bond Proj.) Series 2010, 1.94% 7/5/19, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b) | 14,700,000 | 14,700,000 | |
| FHLMC Livonia Econ. Dev. Corp. (Madonna Univ. Proj.) Series 2009, 1.9% 7/5/19, LOC Fed. Home Ln. Bank Chicago, VRDN (b) | 19,690,000 | 19,690,000 | |
| 128,300,000 | |||
| Nebraska - 0.2% | |||
| Stanton County Indl. Dev. Rev.: | |||
| (Nucor Corp. Proj.) Series 1996, 2.13% 7/5/19, VRDN (a)(b) | 600,000 | 600,000 | |
| Series 1998, 2.13% 7/5/19, VRDN (a)(b) | 100,000 | 100,000 | |
| 700,000 | |||
| North Carolina - 0.1% | |||
| Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 2.15% 7/5/19, VRDN (a)(b) | 200,000 | 200,000 | |
| West Virginia - 0.1% | |||
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 2.1% 7/5/19, VRDN (a)(b) | 400,000 | 400,000 | |
| TOTAL VARIABLE RATE DEMAND NOTE | |||
| (Cost $132,900,000) | 132,900,000 | ||
| Tender Option Bond - 38.2% | |||
| Colorado - 0.0% | |||
| Denver City & County Arpt. Rev. Bonds Series G-114, 2.15%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e)(f) | 100,000 | 100,000 | |
| Connecticut - 0.4% | |||
| Connecticut Gen. Oblig. Participating VRDN Series Floaters 014, 2.05% 8/9/19 (Liquidity Facility Barclays Bank PLC) (b)(d)(e)(f) | 850,000 | 850,000 | |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 2.08%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) (b)(d)(e)(f) | 100,000 | 100,000 | |
| 950,000 | |||
| Michigan - 36.8% | |||
| Clarkston Cmnty. Schools Participating VRDN Series Floaters G72, 1.93% 7/5/19 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 2,695,000 | 2,695,000 | |
| Detroit Downtown Dev. Auth. Tax Participating VRDN Series Floaters XX 11 01, 1.96% 7/5/19 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 7,100,000 | 7,100,000 | |
| Eastern Michigan Univ. Revs. Participating VRDN Series Floaters 009, 1.94% 7/5/19 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 13,800,000 | 13,800,000 | |
| Grand Rapids San. Swr. Sys. Rev. Participating VRDN Series Floaters XF 26 12, 1.93% 7/5/19 (Liquidity Facility Citibank NA) (b)(d)(e) | 4,000,000 | 4,000,000 | |
| Michigan Bldg. Auth. Rev. Participating VRDN: | |||
| Series Floaters XF 26 09, 1.94% 7/5/19 (Liquidity Facility Citibank NA) (b)(d)(e) | 800,000 | 800,000 | |
| Series Floaters XM 04 65, 1.93% 7/5/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(e) | 5,800,000 | 5,800,000 | |
| Series Floaters ZF 26 40, 1.93% 7/5/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(e) | 3,600,000 | 3,600,000 | |
| Michigan Fin. Auth. Rev. Participating VRDN: | |||
| Series 15 XF0126, 1.95% 7/5/19 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e) | 5,000,000 | 5,000,000 | |
| Series 16 XM0223, 1.93% 7/5/19 (Liquidity Facility Citibank NA) (b)(d)(e) | 935,000 | 935,000 | |
| Series 16 ZM0166, 1.93% 7/5/19 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 8,500,000 | 8,500,000 | |
| Series Floaters ZF 07 83, 2% 7/5/19 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e) | 2,800,000 | 2,800,000 | |
| Series Floaters ZF 07 84, 2% 7/5/19 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e) | 2,670,000 | 2,670,000 | |
| Series Floaters ZF 28 12, 1.93% 7/5/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(e) | 2,900,000 | 2,900,000 | |
| Series RBC 2016 XM0132, 1.93% 7/5/19 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 10,065,000 | 10,065,000 | |
| Series XM 04 72, 1.93% 7/5/19 (Liquidity Facility Citibank NA) (b)(d)(e) | 1,750,000 | 1,750,000 | |
| Michigan Hosp. Fin. Auth. Rev. Participating VRDN Series Floaters XM 04 08, 1.93% 7/5/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(e) | 4,475,000 | 4,475,000 | |
| Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Participating VRDN: | |||
| Series Floaters 008, 1.93% 7/5/19 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 4,900,000 | 4,900,000 | |
| Series Floaters 027, 1.93% 7/5/19 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 900,000 | 900,000 | |
| Series Floaters ZF 07 87, 1.93% 7/5/19 (Liquidity Facility Royal Bank of Canada) (b)(d)(e)(g) | 2,800,000 | 2,800,000 | |
| Michigan State Univ. Revs. Participating VRDN Series Floaters ZF 07 50, 1.96% 7/5/19 (Liquidity Facility Bank of America NA) (b)(d)(e)(g) | 1,915,000 | 1,915,000 | |
| Trenton Pub. Schools School District Participating VRDN Series Floaters CTFS G 102, 1.93% 7/5/19 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 3,100,000 | 3,100,000 | |
| Univ. of Michigan Rev. Participating VRDN: | |||
| Series 15 XF2199, 1.93% 7/5/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(e) | 3,089,000 | 3,089,000 | |
| Series 15 XF2205, 1.93% 7/5/19 (Liquidity Facility Citibank NA) (b)(d)(e) | 5,300,000 | 5,300,000 | |
| Series Floaters ZF 05 90, 1.93% 7/5/19 (Liquidity Facility Toronto-Dominion Bank) (b)(d)(e) | 4,300,000 | 4,300,000 | |
| 103,194,000 | |||
| Pennsylvania - 0.2% | |||
| Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 2.05% 8/9/19 (Liquidity Facility Barclays Bank PLC) (b)(d)(e)(f) | 500,000 | 500,000 | |
| Texas - 0.0% | |||
| Alamo Cmnty. Coll District Rev. Bonds Series G-111, 2.1%, tender 11/1/19 (Liquidity Facility Royal Bank of Canada) (b)(d)(e)(f) | 100,000 | 100,000 | |
| Utah - 0.8% | |||
| Salt Lake City Arpt. Rev. Participating VRDN Series DBE 8034, 2.15% 7/5/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(d)(e) | 2,300,000 | 2,300,000 | |
| Virginia - 0.0% | |||
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 2.1%, tender 2/3/20 (Liquidity Facility Royal Bank of Canada) (b)(d)(e)(f) | 100,000 | 100,000 | |
| TOTAL TENDER OPTION BOND | |||
| (Cost $107,244,000) | 107,244,000 | ||
| Other Municipal Security - 12.5% | |||
| Florida - 0.7% | |||
| Florida Dev. Fin. Corp. Surface T Bonds (Virgin Trains U.S.A. Passenger Rail Proj.) Series 2019 B, 1.9%, tender 3/17/20 (a)(b) | 2,000,000 | 2,000,000 | |
| Michigan - 10.9% | |||
| Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 2.15%, tender 1/24/20 (b)(c) | 13,915,000 | 13,915,000 | |
| Michigan Fin. Auth. Rev. Bonds Series 2012 A, 5% 7/1/19 | 8,950,000 | 8,950,000 | |
| Michigan Hosp. Fin. Auth. Rev. Bonds: | |||
| Series 2009, 5.625% 11/15/19 (Pre-Refunded to 11/15/19 @ 100) | 510,000 | 517,578 | |
| Series 2010 F4, 1.95%, tender 4/1/20 (b) | 1,090,000 | 1,090,801 | |
| Michigan State Univ. Revs. Bonds: | |||
| Series 2010 C, 5% 8/15/19 | 3,300,000 | 3,312,248 | |
| Series 2015 A, 4% 8/15/19 | 1,000,000 | 1,002,469 | |
| Michigan Trunk Line Fund Rev. Bonds Series 2009, 5% 11/1/19 | 690,000 | 696,851 | |
| Wayne-Westland Cmnty. Schools Bonds Series 2019: | |||
| 4% 11/1/19 (Michigan Gen. Oblig. Guaranteed) | 800,000 | 806,200 | |
| 4% 5/1/20 (Michigan Gen. Oblig. Guaranteed) | 190,000 | 193,575 | |
| 30,484,722 | |||
| New Hampshire - 0.8% | |||
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds: | |||
| Series 1990 A, 1.9% tender 7/25/19, CP mode (a) | 1,200,000 | 1,200,000 | |
| Series 1990 A1, 1.99% tender 9/25/19, CP mode (a) | 1,100,000 | 1,100,000 | |
| 2,300,000 | |||
| New Mexico - 0.1% | |||
| New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Bonds Series 2014 B, 1 month U.S. LIBOR + 0.750% 2.385%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (b)(c) | 400,000 | 400,020 | |
| TOTAL OTHER MUNICIPAL SECURITY | |||
| (Cost $35,184,742) | 35,184,742 | ||
| Shares | Value | ||
| Investment Company - 0.5% | |||
| Fidelity Municipal Cash Central Fund 2.00% (h)(i) | |||
| (Cost $1,409,418) | 1,409,418 | 1,409,418 | |
| TOTAL INVESTMENT IN SECURITIES - 98.5% | |||
| (Cost $276,738,160) | 276,738,160 | ||
| NET OTHER ASSETS (LIABILITIES) - 1.5% | 4,165,589 | ||
| NET ASSETS - 100% | $280,903,749 |
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.
(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(d) Provides evidence of ownership in one or more underlying municipal bonds.
(e) Coupon rates are determined by re-marketing agents based on current market conditions.
(f) 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 $1,750,000 or 0.6% of net assets.
(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,715,000 or 1.7% of net assets.
(h) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(i) 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 are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Cost |
| Alamo Cmnty. Coll District Rev. Bonds Series G-111, 2.1%, tender 11/1/19 (Liquidity Facility Royal Bank of Canada) | 6/6/19 | $100,000 |
| Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 2.05% 8/9/19 (Liquidity Facility Barclays Bank PLC) | 1/18/18 | $500,000 |
| Connecticut Gen. Oblig. Participating VRDN Series Floaters 014, 2.05% 8/9/19 (Liquidity Facility Barclays Bank PLC) | 6/29/17 | $850,000 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 2.08%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) | 5/16/19 | $100,000 |
| Denver City & County Arpt. Rev. Bonds Series G-114, 2.15%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) | 6/6/19 | $100,000 |
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 2.1%, tender 2/3/20 (Liquidity Facility Royal Bank of Canada) | 8/2/18 | $100,000 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Municipal Cash Central Fund | $137,203 |
| Total | $137,203 |
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
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.
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
| June 30, 2019 (Unaudited) | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $275,328,742) | $275,328,742 | |
| Fidelity Central Funds (cost $1,409,418) | 1,409,418 | |
| Total Investment in Securities (cost $276,738,160) | $276,738,160 | |
| Receivable for investments sold | 3,600,000 | |
| Receivable for fund shares sold | 77,035 | |
| Interest receivable | 889,810 | |
| Distributions receivable from Fidelity Central Funds | 16,322 | |
| Other receivables | 41 | |
| Total assets | 281,321,368 | |
| Liabilities | ||
| Payable to custodian bank | $134,910 | |
| Payable for fund shares redeemed | 128,827 | |
| Distributions payable | 10,100 | |
| Accrued management fee | 83,557 | |
| Transfer agent fee payable | 36,922 | |
| Other affiliated payables | 3,669 | |
| Other payables and accrued expenses | 19,634 | |
| Total liabilities | 417,619 | |
| Net Assets | $280,903,749 | |
| Net Assets consist of: | ||
| Paid in capital | $280,903,931 | |
| Total distributable earnings (loss) | (182) | |
| Net Assets, for 280,541,365 shares outstanding | $280,903,749 | |
| Net Asset Value, offering price and redemption price per share ($280,903,749 ÷ 280,541,365 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Six months ended June 30, 2019 (Unaudited) | ||
| Investment Income | ||
| Interest | $2,297,791 | |
| Income from Fidelity Central Funds | 137,203 | |
| Total income | 2,434,994 | |
| Expenses | ||
| Management fee | $519,853 | |
| Transfer agent fees | 231,037 | |
| Accounting fees and expenses | 22,879 | |
| Custodian fees and expenses | 1,247 | |
| Independent trustees' fees and expenses | 550 | |
| Registration fees | 18,527 | |
| Audit | 19,132 | |
| Legal | 2,573 | |
| Miscellaneous | 656 | |
| Total expenses before reductions | 816,454 | |
| Expense reductions | (16,085) | |
| Total expenses after reductions | 800,369 | |
| Net investment income (loss) | 1,634,625 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 1,112 | |
| Fidelity Central Funds | 616 | |
| Total net realized gain (loss) | 1,728 | |
| Net increase in net assets resulting from operations | $1,636,353 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Six months ended June 30, 2019 (Unaudited) | Year ended December 31, 2018 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $1,634,625 | $3,262,077 |
| Net realized gain (loss) | 1,728 | 15,779 |
| Net increase in net assets resulting from operations | 1,636,353 | 3,277,856 |
| Distributions to shareholders | (1,634,524) | (3,581,532) |
| Share transactions | ||
| Proceeds from sales of shares | 13,619,697 | 35,049,609 |
| Reinvestment of distributions | 1,575,292 | 3,456,334 |
| Cost of shares redeemed | (44,944,641) | (148,370,854) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (29,749,652) | (109,864,911) |
| Total increase (decrease) in net assets | (29,747,823) | (110,168,587) |
| Net Assets | ||
| Beginning of period | 310,651,572 | 420,820,159 |
| End of period | $280,903,749 | $310,651,572 |
| Other Information | ||
| Shares | ||
| Sold | 13,619,697 | 35,049,609 |
| Issued in reinvestment of distributions | 1,575,292 | 3,456,334 |
| Redeemed | (44,944,641) | (148,370,854) |
| Net increase (decrease) | (29,749,652) | (109,864,911) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Michigan Municipal Money Market Fund
| Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
| 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | ||||||
| Net investment income (loss) | .006 | .009 | .004 | .001 | –A | –A |
| Net realized and unrealized gain (loss) | – | .001 | –A | .001 | –A | –A |
| Total from investment operations | .006 | .010 | .004 | .002 | –A | –A |
| Distributions from net investment income | (.006) | (.009) | (.004) | (.001) | –A | –A |
| Distributions from net realized gain | – | (.001) | –A | (.001) | –A | –A |
| Total distributions | (.006) | (.010) | (.004) | (.002) | –A | –A |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB,C | .56% | 1.01% | .37% | .16% | .01% | .01% |
| Ratios to Average Net AssetsD,E | ||||||
| Expenses before reductions | .56%F | .55% | .53% | .52% | .53% | .53% |
| Expenses net of fee waivers, if any | .55%F | .55% | .53% | .35% | .06% | .07% |
| Expenses net of all reductions | .55%F | .55% | .53% | .35% | .06% | .07% |
| Net investment income (loss) | 1.12%F | .90% | .35% | .06% | .01% | .01% |
| Supplemental Data | ||||||
| Net assets, end of period (000 omitted) | $280,904 | $310,652 | $420,820 | $574,369 | $993,737 | $1,044,226 |
A Amount represents less than $.0005 per share.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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.
E 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.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2019
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 ranged from less than .005% to .01%.
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 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 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.
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. 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.
Distributions 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.
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 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 | $607,839,804 | $29,075,359 | $(20,486) | $29,054,873 |
| Fidelity Michigan Municipal Money Market Fund | 276,738,160 | – | – | – |
Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2018 to December 31, 2018. Loss deferrals were as follows:
| Capital losses | |
| Fidelity Michigan Municipal Income Fund | $(753,875) |
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $77,992,189 and $45,765,667, 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 annualized 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% | .10% | .36% |
| Fidelity Michigan Municipal Money Market Fund | .25% | .10% | .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 annualized rates expressed as a percentage of average net assets:
| Fidelity Michigan Municipal Income Fund | .09% |
| Fidelity Michigan Municipal Money Market Fund | .16% |
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. For the period, the fees were equivalent to the following annualized rates:
| % of Average Net Assets | |
| Fidelity Michigan Municipal Income Fund | .02 |
| Fidelity Michigan Municipal Money Market Fund | .02 |
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 | $869 |
During the period, the Income Fund did not borrow on this line of credit.
7. Expense Reductions.
The investment adviser voluntarily agreed to reimburse expenses of Fidelity Michigan Municipal Money Market Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
Fidelity Michigan Municipal Money Market Fund was in reimbursement during the period:
| Expense Limitations | Reimbursement | |
| Fidelity Michigan Municipal Money Market Fund | .55% | $15,268 |
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 | $1,253 |
| Fidelity Michigan Municipal Money Market Fund | 37 |
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 | $1,496 |
| Fidelity Michigan Municipal Money Market Fund | 780 |
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.
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 Fund 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 (January 1, 2019 to June 30, 2019).
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. 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. 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 January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period-B January 1, 2019 to June 30, 2019 | |
| Fidelity Michigan Municipal Income Fund | .49% | |||
| Actual | $1,000.00 | $1,050.10 | $2.49 | |
| Hypothetical-C | $1,000.00 | $1,022.36 | $2.46 | |
| Fidelity Michigan Municipal Money Market Fund | .55% | |||
| Actual | $1,000.00 | $1,005.60 | $2.74 | |
| Hypothetical-C | $1,000.00 | $1,022.07 | $2.76 |
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 181/ 365 (to reflect the one-half year period).
C 5% return per year before expenses.
MIR-SANN-0819
1.705626.121
Fidelity® Ohio Municipal Income Fund Fidelity® Ohio Municipal Money Market Fund Semi-Annual Report June 30, 2019 |
|
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.
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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Fidelity® Ohio Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of June 30, 2019
| % of fund's net assets | |
| Health Care | 36.4 |
| Education | 20.3 |
| General Obligations | 18.6 |
| Special Tax | 5.7 |
| Electric Utilities | 4.7 |
Quality Diversification (% of fund's net assets)
| As of June 30, 2019 | ||
| AAA | 4.6% | |
| AA,A | 78.6% | |
| BBB | 10.5% | |
| BB and Below | 2.2% | |
| Not Rated | 1.4% | |
| Short-Term Investments and Net Other Assets | 2.7% | |
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® Ohio Municipal Income Fund
Schedule of Investments June 30, 2019 (Unaudited)
Showing Percentage of Net Assets
| Municipal Bonds - 97.3% | |||
| Principal Amount | Value | ||
| Guam - 0.5% | |||
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | |||
| 6.25% 10/1/34 (a) | $900,000 | $1,039,482 | |
| 6.375% 10/1/43 (a) | 735,000 | 851,527 | |
| Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/23 (FSA Insured) | 1,000,000 | 1,108,690 | |
| TOTAL GUAM | 2,999,699 | ||
| Ohio - 96.8% | |||
| Akron Bath Copley Hosp. District Rev.: | |||
| (Children's Hosp. Med. Ctr. Proj.) Series 2012: | |||
| 5% 11/15/22 | 1,000,000 | 1,094,500 | |
| 5% 11/15/23 | 3,245,000 | 3,540,198 | |
| Series 2016: | |||
| 5% 11/15/22 | 1,020,000 | 1,123,816 | |
| 5.25% 11/15/32 | 1,000,000 | 1,180,360 | |
| 5.25% 11/15/34 | 1,500,000 | 1,759,950 | |
| 5.25% 11/15/41 | 10,295,000 | 11,913,477 | |
| 5.25% 11/15/46 | 1,500,000 | 1,728,930 | |
| Allen County Hosp. Facilities Rev. (Mercy Health) Series 2017 A: | |||
| 4% 8/1/36 | 5,000,000 | 5,426,200 | |
| 5% 8/1/42 | 4,175,000 | 4,846,549 | |
| 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) | 1,875,000 | 2,061,525 | |
| (Greenup Hydroelectric Proj.) Series 2016 A, 5% 2/15/41 | 3,005,000 | 3,442,438 | |
| (Prairie State Energy Campus Proj.) Series 2015: | |||
| 5% 2/15/28 | 3,995,000 | 4,563,968 | |
| 5% 2/15/42 | 3,000,000 | 3,344,220 | |
| Bonds: | |||
| (Combined Hydroelectric Proj.) Series 2018, 2.25%, tender 8/15/21 (b) | 7,000,000 | 7,067,480 | |
| Series 2019 A, 2.3%, tender 2/15/22 (b) | 6,000,000 | 6,090,540 | |
| Beavercreek City School District Series 2015, 5% 12/1/29 | 1,500,000 | 1,762,530 | |
| Bowling Green Univ. Gen. Receipts Series 2016 A, 5% 6/1/42 | 1,000,000 | 1,139,730 | |
| Butler County Hosp. Facilities Rev.: | |||
| (Kettering Health Network Obligated Group Proj.) Series 2011, 6.375% 4/1/36 | 5,030,000 | 5,428,980 | |
| Series 2016 X: | |||
| 5% 5/15/31 | 3,225,000 | 4,208,464 | |
| 5% 5/15/32 | 3,950,000 | 5,205,350 | |
| Chillicothe Hosp. Facilities Rev. (Adena Health Sys. Oblig. Group Proj.) Series 2017, 5% 12/1/47 | 8,535,000 | 9,906,660 | |
| Cincinnati City School District Ctfs. of Prtn. (Cincinnati City School District School Impt. Proj.) 5% 12/15/26 | 4,000,000 | 4,670,680 | |
| Cincinnati Gen. Oblig. Series 2015, 5.25% 12/1/29 | 4,285,000 | 5,145,128 | |
| Cleveland Arpt. Sys. Rev. Series 2018 A: | |||
| 5% 1/1/43 (FSA Insured) (a) | 1,750,000 | 2,036,860 | |
| 5% 1/1/48 (FSA Insured) (a) | 3,000,000 | 3,475,020 | |
| Cleveland Gen. Oblig.: | |||
| Series 2012, 5% 12/1/25 | 2,350,000 | 2,629,368 | |
| Series 2015: | |||
| 5% 12/1/26 | 1,500,000 | 1,808,775 | |
| 5% 12/1/27 | 2,000,000 | 2,397,500 | |
| 5% 12/1/29 | 1,250,000 | 1,486,175 | |
| Series C, 5.25% 11/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,885,000 | 2,188,278 | |
| Cleveland Heights & Univ. Heights County School District Series 2014, 4.5% 12/1/47 | 3,000,000 | 3,227,580 | |
| Cleveland Income Tax Rev. Series 2018 A: | |||
| 5% 10/1/29 | 600,000 | 746,718 | |
| 5% 10/1/30 | 420,000 | 521,241 | |
| 5% 10/1/31 | 650,000 | 802,334 | |
| 5% 10/1/33 | 600,000 | 731,490 | |
| 5% 10/1/36 | 700,000 | 843,416 | |
| 5% 10/1/39 | 2,040,000 | 2,437,596 | |
| 5% 10/1/43 | 5,000,000 | 5,923,350 | |
| Cleveland Muni. School District: | |||
| Series 2013, 5% 12/1/24 | 1,255,000 | 1,401,973 | |
| Series 2015 A: | |||
| 5% 12/1/24 | 3,725,000 | 4,213,459 | |
| 5% 12/1/27 | 1,750,000 | 1,970,238 | |
| Cleveland Ohio Wtr. Poll. Ctl. Rev. Series 2016: | |||
| 5% 11/15/34 | 1,190,000 | 1,387,314 | |
| 5% 11/15/35 | 1,245,000 | 1,449,392 | |
| 5% 11/15/36 | 450,000 | 522,284 | |
| 5% 11/15/45 | 2,000,000 | 2,293,100 | |
| Cleveland Pub. Pwr. Sys. Rev. Series 2018: | |||
| 5% 11/15/23 (FSA Insured) | 360,000 | 411,822 | |
| 5% 11/15/24 (FSA Insured) | 475,000 | 556,083 | |
| 5% 11/15/25 (FSA Insured) | 200,000 | 238,886 | |
| 5% 11/15/26 (FSA Insured) | 265,000 | 322,123 | |
| 5% 11/15/27 (FSA Insured) | 220,000 | 271,729 | |
| 5% 11/15/28 (FSA Insured) | 150,000 | 186,081 | |
| 5% 11/15/29 (FSA Insured) | 210,000 | 258,905 | |
| 5% 11/15/30 (FSA Insured) | 530,000 | 649,229 | |
| 5% 11/15/32 (FSA Insured) | 365,000 | 442,690 | |
| 5% 11/15/34 (FSA Insured) | 785,000 | 945,368 | |
| 5% 11/15/36 (FSA Insured) | 1,000,000 | 1,196,320 | |
| 5% 11/15/38 (FSA Insured) | 830,000 | 986,472 | |
| Cleveland State Univ. Gen. Receipts Series 2012: | |||
| 5% 6/1/24 | 1,920,000 | 2,077,248 | |
| 5% 6/1/25 | 2,500,000 | 2,702,275 | |
| 5% 6/1/26 | 3,075,000 | 3,319,247 | |
| Cleveland Wtr. Rev.: | |||
| Series 2012 X, 5% 1/1/42 | 5,465,000 | 5,887,226 | |
| Series 2015 Y: | |||
| 4% 1/1/28 | 650,000 | 713,921 | |
| 4% 1/1/29 | 1,040,000 | 1,139,195 | |
| Cleveland-Cuyahoga County Port Auth. Dev. Lease Rev. (Administrative Headquarters Proj.) Series 2013, 5% 7/1/37 | 3,000,000 | 3,877,290 | |
| Columbus City School District 5% 12/1/31 | 5,000,000 | 6,001,050 | |
| Columbus Gen. Oblig. Series 2014 A, 4% 2/15/28 | 5,000,000 | 5,526,450 | |
| Columbus Metropolitan Library Facility Series 2012 1, 5% 12/1/23 (Pre-Refunded to 12/1/20 @ 100) | 530,000 | 557,687 | |
| Cuyahoga County Econ. Dev. Rev.: | |||
| (The Cleveland Orchestra Proj.) Series 2019: | |||
| 5% 1/1/29 | 325,000 | 409,487 | |
| 5% 1/1/30 | 250,000 | 315,883 | |
| 5% 1/1/31 | 325,000 | 407,758 | |
| 5% 1/1/32 | 500,000 | 621,460 | |
| 5% 1/1/33 | 400,000 | 493,372 | |
| 5% 1/1/34 | 300,000 | 368,619 | |
| 5% 1/1/36 | 440,000 | 536,488 | |
| 5% 1/1/37 | 400,000 | 485,912 | |
| 5% 1/1/39 | 1,400,000 | 1,690,080 | |
| 5% 1/1/40 | 1,620,000 | 1,950,431 | |
| Series 2019, (The Cleveland Orchestra Proj.) 5% 1/1/35 | 500,000 | 611,870 | |
| Cuyahoga County Gen. Oblig. Series 2012 A, 4% 12/1/27 | 1,575,000 | 1,628,865 | |
| Cuyahoga County Hosp. Rev. Series 2017: | |||
| 5% 2/15/26 | 1,750,000 | 2,014,250 | |
| 5% 2/15/27 | 1,700,000 | 1,983,968 | |
| 5% 2/15/28 | 2,385,000 | 2,773,874 | |
| 5% 2/15/30 | 3,000,000 | 3,454,380 | |
| 5% 2/15/31 | 1,500,000 | 1,717,710 | |
| 5% 2/15/32 | 1,450,000 | 1,653,986 | |
| Dayton Gen. Oblig.: | |||
| 4% 12/1/22 | 750,000 | 778,140 | |
| 4% 12/1/25 | 1,540,000 | 1,595,794 | |
| Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013, 5.25% 6/15/43 | 5,000,000 | 5,280,550 | |
| Fairview Park Gen. Oblig. Series 2012: | |||
| 4% 12/1/23 | 1,395,000 | 1,513,129 | |
| 4% 12/1/24 | 1,490,000 | 1,616,337 | |
| Franklin County Convention Facilities Auth. Tax & Lease Rev. Series 2014: | |||
| 5% 12/1/25 | 1,250,000 | 1,467,350 | |
| 5% 12/1/26 | 3,045,000 | 3,569,654 | |
| 5% 12/1/32 | 5,920,000 | 6,885,966 | |
| Franklin County Hosp. Facilities Rev.: | |||
| (Ohiohealth Corp. Proj.) Series 2015, 5% 5/15/40 | 3,600,000 | 4,093,704 | |
| Bonds (U.S. Health Corp. of Columbus Proj.) Series 2011 B, 5%, tender 5/15/23 (b) | 2,635,000 | 2,962,030 | |
| Series 2016 C: | |||
| 4% 11/1/40 | 3,000,000 | 3,256,800 | |
| 5% 11/1/33 | 2,610,000 | 3,140,744 | |
| 5% 11/1/34 | 2,155,000 | 2,581,000 | |
| Franklin County Ohio Sales Tax R Series 2018, 5% 6/1/48 | 5,920,000 | 7,128,094 | |
| Franklin County Rev. (Trinity Health Proj.) Series 2017, 5% 12/1/47 | 720,000 | 844,531 | |
| Greater Cleveland Reg'l. Transit Auth. Series 2012, 5% 12/1/23 | 660,000 | 716,846 | |
| Hamilton City School District Series 2015: | |||
| 3.5% 12/1/31 | 1,500,000 | 1,580,445 | |
| 5% 12/1/26 | 1,500,000 | 1,757,595 | |
| 5% 12/1/28 | 1,550,000 | 1,811,129 | |
| Hamilton County Convention Facilities Auth. Rev. Series 2014: | |||
| 5% 12/1/26 | 1,000,000 | 1,139,350 | |
| 5% 12/1/27 | 3,825,000 | 4,349,293 | |
| Hamilton County HealthCare Facilities Rev. (The Christ Hosp. Proj.) Series 2012: | |||
| 5.25% 6/1/24 | 3,000,000 | 3,309,930 | |
| 5.25% 6/1/27 | 3,000,000 | 3,296,430 | |
| Hamilton County Healthcare Rev. (Life Enriching Cmntys. Proj.) Series 2016: | |||
| 5% 1/1/31 | 1,350,000 | 1,516,793 | |
| 5% 1/1/36 | 3,450,000 | 3,833,054 | |
| Hamilton County Hosp. Facilities Rev. Series 2014, 5% 2/1/44 | 775,000 | 853,531 | |
| Hamilton County Student Hsg. Rev. (Stratford Heights Proj.) Series 2010, 5% 6/1/30 (FSA Insured) | 2,500,000 | 2,578,175 | |
| Hancock County Hosp. Facilities Rev. (Blanchard Valley Reg'l. Health Ctr. Proj.) Series 2011 A, 6.25% 12/1/34 (Pre-Refunded to 6/1/21 @ 100) | 4,100,000 | 4,477,446 | |
| Kent State Univ. Revs.: | |||
| Series 2012 A: | |||
| 5% 5/1/24 | 1,385,000 | 1,521,852 | |
| 5% 5/1/25 | 1,500,000 | 1,647,330 | |
| 5% 5/1/26 | 2,220,000 | 2,436,117 | |
| Series 2016, 5% 5/1/30 | 1,125,000 | 1,351,496 | |
| Lake County Hosp. Facilities Rev. Series 2015: | |||
| 5% 8/15/27 | 770,000 | 896,642 | |
| 5% 8/15/45 | 11,000,000 | 12,161,151 | |
| Lakewood City School District Series 2014 C, 5% 12/1/25 | 1,300,000 | 1,539,369 | |
| Lancaster City School District Series 2012: | |||
| 5% 10/1/37 (Pre-Refunded to 10/1/22 @ 100) | 2,000,000 | 2,236,540 | |
| 5% 10/1/49 | 2,860,000 | 3,123,206 | |
| 5% 10/1/49 (Pre-Refunded to 10/1/22 @ 100) | 140,000 | 156,083 | |
| Lancaster Port Auth. Gas Rev.: | |||
| Bonds Series 2019, 5%, tender 2/1/25 (b) | 6,105,000 | 7,104,083 | |
| Series 2019: | |||
| 5% 8/1/19 | 790,000 | 792,276 | |
| 5% 8/1/20 | 650,000 | 674,999 | |
| 5% 2/1/21 | 285,000 | 300,780 | |
| 5% 2/1/22 | 200,000 | 217,692 | |
| 5% 2/1/23 | 100,000 | 111,952 | |
| 5% 8/1/24 | 655,000 | 761,215 | |
| Lucas County Hosp. Rev. Series 2011, 5% 11/15/25 (Pre-Refunded to 11/15/21 @ 100) | 1,780,000 | 1,930,107 | |
| 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 | 8,261,460 | |
| Miami County Hosp. Facilities Rev. (Kettering Health Network Obligated Group Proj.) Series 2019: | |||
| 5% 8/1/45 | 5,500,000 | 6,415,145 | |
| 5% 8/1/49 | 2,200,000 | 2,556,950 | |
| Miami Univ. Series 2012, 4% 9/1/28 | 2,195,000 | 2,345,840 | |
| Miamisburg City School District Series 2016: | |||
| 5% 12/1/28 | 500,000 | 598,955 | |
| 5% 12/1/29 | 300,000 | 357,681 | |
| Middleburg Heights Hosp. Rev.: | |||
| Series 2011, 5.25% 8/1/41 | 3,000,000 | 3,192,180 | |
| Series 2012 A, 5% 8/1/47 | 5,725,000 | 6,115,102 | |
| Milford Exempt Village School District Series 2015: | |||
| 3.5% 12/1/31 | 500,000 | 527,710 | |
| 5% 12/1/28 | 1,400,000 | 1,664,362 | |
| Montgomery County Rev. (Catholic Health Initiatives Proj.) Series 2008 D, 6.25% 10/1/33 | 2,500,000 | 2,517,850 | |
| Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013: | |||
| 5% 2/15/44 | 4,005,000 | 4,269,610 | |
| 5% 2/15/48 | 3,495,000 | 3,718,960 | |
| North Olmsted City School District Series 2015 A: | |||
| 5% 12/1/26 (Pre-Refunded to 12/1/23 @ 100) | 665,000 | 770,210 | |
| 5% 12/1/27 (Pre-Refunded to 12/1/23 @ 100) | 220,000 | 254,806 | |
| 5% 12/1/28 (Pre-Refunded to 12/1/23 @ 100) | 365,000 | 422,747 | |
| 5% 12/1/29 (Pre-Refunded to 12/1/23 @ 100) | 500,000 | 579,105 | |
| 5% 12/1/30 (Pre-Refunded to 12/1/23 @ 100) | 750,000 | 868,658 | |
| Northeast Ohio Reg'l. Swr. District Wastewtr. Rev. Series 2014, 5% 11/15/44 | 8,815,000 | 10,061,000 | |
| Northwest Local School District Series 2015, 5% 12/1/45 | 2,980,000 | 3,373,569 | |
| Ohio Bldg. Auth. (Adult Correctional Bldg. Fund Proj.) Series 2010 A, 5% 10/1/24 | 6,030,000 | 6,297,973 | |
| Ohio Cap. Facilities Lease (Ohio Gen. Oblig. Proj.) Series 2017 A: | |||
| 5% 10/1/32 | 1,625,000 | 1,986,384 | |
| 5% 10/1/33 | 1,500,000 | 1,825,485 | |
| 5% 10/1/35 | 1,450,000 | 1,749,077 | |
| 5% 10/1/36 | 1,250,000 | 1,503,213 | |
| 5% 10/1/37 | 1,430,000 | 1,714,270 | |
| Ohio Gen. Oblig. Series 2016 A, 5% 2/1/31 | 4,255,000 | 5,063,790 | |
| Ohio Higher Edl. Facility Commission Rev.: | |||
| (Case Western Reserve Univ. Proj.): | |||
| Series 1990 B, 6.5% 10/1/20 | 875,000 | 907,218 | |
| Series 2016, 5% 12/1/40 | 2,000,000 | 2,345,640 | |
| (Denison Univ. 2015 Proj.): | |||
| 5% 11/1/28 | 1,465,000 | 1,724,554 | |
| 5% 11/1/29 | 1,325,000 | 1,560,784 | |
| 5% 11/1/30 | 2,285,000 | 2,679,505 | |
| (Denison Univ., Proj.) Series 2017 B, 5% 11/1/26 | 1,505,000 | 1,853,603 | |
| (Kenyon College 2010 Proj.) Series 2010, 5.25% 7/1/44 | 875,000 | 905,678 | |
| (Kenyon College 2015 Proj.) 5% 7/1/41 | 5,100,000 | 5,787,786 | |
| (Kenyon College 2016 Proj.) Series 2016, 5% 7/1/42 | 4,000,000 | 4,607,680 | |
| (Kenyon College, Oh. Proj.) Series 2017: | |||
| 4% 7/1/36 | 400,000 | 438,148 | |
| 4% 7/1/37 | 450,000 | 491,265 | |
| 5% 7/1/28 | 400,000 | 492,816 | |
| 5% 7/1/29 | 735,000 | 901,264 | |
| 5% 7/1/30 | 300,000 | 364,887 | |
| 5% 7/1/31 | 400,000 | 482,496 | |
| 5% 7/1/33 | 650,000 | 778,850 | |
| 5% 7/1/35 | 700,000 | 833,105 | |
| 5% 7/1/42 | 1,400,000 | 1,640,044 | |
| (The College of Wooster 2018 Proj.) Series 2018: | |||
| 5% 9/1/33 | 1,445,000 | 1,767,842 | |
| 5% 9/1/45 | 4,255,000 | 5,066,173 | |
| (Univ. Hosp. Health Sys. Proj.) Series 2010 A, 5.25% 1/15/23 | 2,500,000 | 2,548,775 | |
| (Univ. of Dayton 2018 Proj.) Series A, 5% 12/1/48 | 1,000,000 | 1,181,280 | |
| (Univ. of Dayton Proj.): | |||
| Series 2013: | |||
| 5% 12/1/23 | 540,000 | 600,755 | |
| 5% 12/1/24 | 585,000 | 650,818 | |
| 5% 12/1/25 | 1,000,000 | 1,112,160 | |
| 5% 12/1/26 | 1,195,000 | 1,330,298 | |
| 5% 12/1/27 | 2,300,000 | 2,557,968 | |
| Series 2018 B: | |||
| 4% 12/1/33 | 1,155,000 | 1,288,044 | |
| 5% 12/1/19 | 1,000,000 | 1,014,915 | |
| 5% 12/1/21 | 1,000,000 | 1,084,630 | |
| 5% 12/1/23 | 1,000,000 | 1,148,080 | |
| 5% 12/1/25 | 1,065,000 | 1,281,206 | |
| 5% 12/1/27 | 1,000,000 | 1,249,310 | |
| 5% 12/1/29 | 1,310,000 | 1,631,684 | |
| 5% 12/1/31 | 1,130,000 | 1,384,171 | |
| 5% 12/1/35 | 1,000,000 | 1,208,140 | |
| 5% 12/1/36 | 1,000,000 | 1,204,120 | |
| (Xavier Univ. Proj.) Series 2015 C: | |||
| 5% 5/1/26 | 1,000,000 | 1,160,940 | |
| 5% 5/1/28 | 1,000,000 | 1,152,620 | |
| 5% 5/1/29 | 855,000 | 980,762 | |
| 5% 5/1/31 | 1,005,000 | 1,141,509 | |
| Ohio Hosp. Facilities Rev.: | |||
| Series 2011 A, 5% 1/1/32 | 3,500,000 | 3,674,160 | |
| Series 2017 A, 5% 1/1/32 | 2,000,000 | 2,454,400 | |
| Series 2019 B, 4% 1/1/40 | 3,000,000 | 3,297,690 | |
| Ohio Hosp. Rev.: | |||
| Series 2013 A, 5% 1/15/27 | 5,000,000 | 5,550,550 | |
| 5% 1/15/41 | 5,000,000 | 5,704,000 | |
| Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.: | |||
| (Mtg. Backed Securities Prog.) Series 2019 B, 4.5% 3/1/50 (c) | 6,250,000 | 7,001,000 | |
| (Mtg. Backed Securities Programs) Series 2017 B, 4.5% 3/1/47 (a) | 800,000 | 862,016 | |
| Ohio Solid Waste Rev. Bonds (Republic Svcs., Inc. Proj.) 1.5%, tender 9/3/19 (b) | 9,000,000 | 9,000,851 | |
| Ohio Spl. Oblig.: | |||
| ( Ohio Gen. Oblig. Proj.) Series 2017 A, 5% 4/1/32 | 1,115,000 | 1,351,057 | |
| ( Ohio Gen. Oblig. Proj.P Series 2017 A, 5% 4/1/34 | 1,000,000 | 1,201,190 | |
| (Ohio Gen. Oblig. Proj.) Series 2017 A: | |||
| 5% 4/1/29 | 2,535,000 | 3,124,565 | |
| 5% 4/1/30 | 2,250,000 | 2,755,485 | |
| 5% 4/1/31 | 2,000,000 | 2,432,460 | |
| 5% 4/1/33 | 1,850,000 | 2,228,066 | |
| 5% 4/1/35 | 2,395,000 | 2,865,761 | |
| Ohio State Univ. Gen. Receipts Series 2013 A: | |||
| 5% 6/1/28 | 2,000,000 | 2,252,500 | |
| 5% 6/1/38 | 3,500,000 | 3,899,630 | |
| Ohio Tpk. Commission Tpk. Rev. (Infastructure Proj.) Series 2005 A, 0% 2/15/43 | 10,000,000 | 4,706,000 | |
| Ohio Univ. Gen. Receipts Athens Series 2013, 5% 12/1/24 | 5,075,000 | 5,654,971 | |
| Ohio Wtr. Dev. Auth. Rev. (Fresh Wtr. Impt. Proj.) Series 2009 B, 5% 12/1/24 | 1,025,000 | 1,204,447 | |
| Olentangy Local School District 5% 12/1/32 | 1,275,000 | 1,518,436 | |
| Princeton City School District Series 2014, 5% 12/1/39 | 2,750,000 | 3,154,553 | |
| Reynoldsburg City School District 4% 12/1/30 | 2,375,000 | 2,631,928 | |
| Ross County Hosp. Facilities Rev. (Adena Health Sys. Obligated Group Proj.) Series 2019, 5% 12/1/49 | 5,000,000 | 5,901,800 | |
| Scioto County Hosp. Facilities Rev. Series 2016: | |||
| 5% 2/15/24 | 970,000 | 1,105,868 | |
| 5% 2/15/28 | 5,030,000 | 5,932,181 | |
| 5% 2/15/30 | 3,860,000 | 4,501,609 | |
| 5% 2/15/32 | 2,550,000 | 2,942,292 | |
| 5% 2/15/33 | 2,460,000 | 2,828,188 | |
| 5% 2/15/34 | 4,450,000 | 5,096,007 | |
| South-Western City School District Franklin & Pickway County: | |||
| (Intercept) Series 2012, 5% 12/1/36 | 400,000 | 436,456 | |
| Series 2012, 5% 12/1/36 (Pre-Refunded to 6/1/22 @ 100) | 1,600,000 | 1,767,744 | |
| Toledo Gen. Oblig. Series 2012 A, 5% 12/1/20 | 1,635,000 | 1,717,093 | |
| Univ. of Akron Gen. Receipts Series 2016 A: | |||
| 5% 1/1/23 | 460,000 | 513,783 | |
| 5% 1/1/25 | 1,025,000 | 1,202,417 | |
| 5% 1/1/33 | 5,000,000 | 5,884,000 | |
| Univ. of Cincinnati Gen. Receipts: | |||
| Series 2012 C, 4% 6/1/28 | 2,000,000 | 2,149,220 | |
| Series 2013 A: | |||
| 5% 6/1/33 | 4,085,000 | 4,554,693 | |
| 5% 6/1/34 | 5,130,000 | 5,707,535 | |
| Series 2016 A: | |||
| 5% 6/1/32 | 745,000 | 886,498 | |
| 5% 6/1/33 | 800,000 | 949,616 | |
| 5% 6/1/34 | 585,000 | 690,183 | |
| Series 2016 C, 5% 6/1/41 | 2,585,000 | 3,002,167 | |
| Series F: | |||
| 5% 6/1/32 | 1,995,000 | 2,089,364 | |
| 5% 6/1/32 (Pre-Refunded to 12/1/20 @ 100) | 5,000 | 5,250 | |
| Univ. of Toledo Gen. Receipts: | |||
| Series 2017 B, 5% 6/1/31 | 2,470,000 | 3,224,659 | |
| Series 2018 A: | |||
| 5% 6/1/26 | 600,000 | 728,160 | |
| 5% 6/1/27 | 350,000 | 433,174 | |
| Village of Bluffton Hosp. Facilities Blanchard Valley Reg Health Ctr. Series 2017: | |||
| 4% 12/1/32 | 1,500,000 | 1,621,080 | |
| 5% 12/1/25 | 1,500,000 | 1,784,400 | |
| 5% 12/1/26 | 1,890,000 | 2,289,149 | |
| 5% 12/1/27 | 1,340,000 | 1,641,232 | |
| 5% 12/1/28 | 1,400,000 | 1,697,570 | |
| 5% 12/1/29 | 825,000 | 994,430 | |
| 5% 12/1/30 | 1,700,000 | 2,036,617 | |
| 5% 12/1/31 | 750,000 | 891,698 | |
| Willoughby-Eastlake City School District Series 2016, 5% 12/1/46 | 4,000,000 | 4,575,800 | |
| Wood County Hosp. Facilities Rev.: | |||
| (Hosp. Proj.) Series 2012, 5% 12/1/27 | 3,500,000 | 3,746,085 | |
| (Wood County Hosp. Assoc. Proj.) Series 2012: | |||
| 5% 12/1/32 | 2,000,000 | 2,113,420 | |
| 5% 12/1/42 | 125,000 | 130,593 | |
| Wright State Univ. Gen. Receipts Series 2011 A: | |||
| 5% 5/1/20 | 1,650,000 | 1,696,066 | |
| 5% 5/1/21 | 1,080,000 | 1,144,454 | |
| 5% 5/1/23 | 2,665,000 | 2,817,705 | |
| TOTAL OHIO | 632,937,141 | ||
| TOTAL MUNICIPAL BONDS | |||
| (Cost $603,583,799) | 635,936,840 | ||
| Municipal Notes - 3.0% | |||
| Ohio - 3.0% | |||
| Allen County Hosp. Facilities Rev. (Catholic Healthcare Partners Proj.) Series 2010 C, 1.8% 7/1/19, LOC MUFG Union Bank NA, VRDN (b) | 12,100,000 | $12,100,000 | |
| Montgomery County Hosp. Rev. Series 2016 E, 1.97% 7/1/19, LOC Barclays Bank PLC, VRDN (b) | 1,500,000 | 1,500,000 | |
| Ohio Higher Edl. Facility Commission Rev.: | |||
| (Cleveland Clinic Foundation Proj.) Series 2008 B4, 1.92% 7/1/19 (Liquidity Facility Barclays Bank PLC), VRDN (b) | 1,750,000 | 1,750,000 | |
| Series 2013 B, 1.85% 7/1/19 (Liquidity Facility Wells Fargo Bank NA), VRDN (b) | 4,600,000 | 4,600,000 | |
| TOTAL MUNICIPAL NOTES | |||
| (Cost $19,949,998) | 19,950,000 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.3% | |||
| (Cost $623,533,797) | 655,886,840 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.3)% | (2,278,064) | ||
| NET ASSETS - 100% | $653,608,776 |
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.
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
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):
| Health Care | 36.4% |
| Education | 20.3% |
| General Obligations | 18.6% |
| Special Tax | 5.7% |
| Others* (Individually Less Than 5%) | 19.0% |
| 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
| June 30, 2019 (Unaudited) | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $623,533,797) | $655,886,840 | |
| Cash | 256,465 | |
| Receivable for fund shares sold | 147,910 | |
| Interest receivable | 5,711,203 | |
| Other receivables | 1,735 | |
| Total assets | 662,004,153 | |
| Liabilities | ||
| Payable for investments purchased on a delayed delivery basis | $7,001,000 | |
| Payable for fund shares redeemed | 616,440 | |
| Distributions payable | 499,257 | |
| Accrued management fee | 192,328 | |
| Other affiliated payables | 59,438 | |
| Other payables and accrued expenses | 26,914 | |
| Total liabilities | 8,395,377 | |
| Net Assets | $653,608,776 | |
| Net Assets consist of: | ||
| Paid in capital | $620,068,154 | |
| Total distributable earnings (loss) | 33,540,622 | |
| Net Assets, for 53,114,210 shares outstanding | $653,608,776 | |
| Net Asset Value, offering price and redemption price per share ($653,608,776 ÷ 53,114,210 shares) | $12.31 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Six months ended June 30, 2019 (Unaudited) | ||
| Investment Income | ||
| Interest | $9,844,199 | |
| Expenses | ||
| Management fee | $1,125,288 | |
| Transfer agent fees | 277,038 | |
| Accounting fees and expenses | 75,280 | |
| Custodian fees and expenses | 2,303 | |
| Independent trustees' fees and expenses | 1,153 | |
| Registration fees | 16,450 | |
| Audit | 29,383 | |
| Legal | 2,901 | |
| Miscellaneous | 2,469 | |
| Total expenses before reductions | 1,532,265 | |
| Expense reductions | (3,267) | |
| Total expenses after reductions | 1,528,998 | |
| Net investment income (loss) | 8,315,201 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 1,195,529 | |
| Total net realized gain (loss) | 1,195,529 | |
| Change in net unrealized appreciation (depreciation) on investment securities | 20,651,444 | |
| Net gain (loss) | 21,846,973 | |
| Net increase (decrease) in net assets resulting from operations | $30,162,174 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Six months ended June 30, 2019 (Unaudited) | Year ended December 31, 2018 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $8,315,201 | $17,354,397 |
| Net realized gain (loss) | 1,195,529 | 255,765 |
| Change in net unrealized appreciation (depreciation) | 20,651,444 | (16,148,891) |
| Net increase (decrease) in net assets resulting from operations | 30,162,174 | 1,461,271 |
| Distributions to shareholders | (8,472,888) | (19,076,332) |
| Share transactions | ||
| Proceeds from sales of shares | 43,250,654 | 81,600,273 |
| Reinvestment of distributions | 5,469,329 | 12,319,390 |
| Cost of shares redeemed | (33,106,085) | (137,357,769) |
| Net increase (decrease) in net assets resulting from share transactions | 15,613,898 | (43,438,106) |
| Total increase (decrease) in net assets | 37,303,184 | (61,053,167) |
| Net Assets | ||
| Beginning of period | 616,305,592 | 677,358,759 |
| End of period | $653,608,776 | $616,305,592 |
| Other Information | ||
| Shares | ||
| Sold | 3,583,143 | 6,872,638 |
| Issued in reinvestment of distributions | 451,045 | 1,039,123 |
| Redeemed | (2,740,682) | (11,595,747) |
| Net increase (decrease) | 1,293,506 | (3,683,986) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Ohio Municipal Income Fund
| Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
| 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $11.89 | $12.20 | $11.91 | $12.29 | $12.26 | $11.48 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A | .158 | .321 | .330 | .339 | .363 | .384 |
| Net realized and unrealized gain (loss) | .423 | (.279) | .377 | (.308) | .147 | .780 |
| Total from investment operations | .581 | .042 | .707 | .031 | .510 | 1.164 |
| Distributions from net investment income | (.158) | (.321) | (.330) | (.339) | (.363) | (.384) |
| Distributions from net realized gain | (.003) | (.031) | (.087) | (.072) | (.117) | – |
| Total distributions | (.161) | (.352) | (.417) | (.411) | (.480) | (.384) |
| Redemption fees added to paid in capitalA | – | – | – | –B | –B | –B |
| Net asset value, end of period | $12.31 | $11.89 | $12.20 | $11.91 | $12.29 | $12.26 |
| Total ReturnC,D | 4.92% | .39% | 6.03% | .19% | 4.24% | 10.26% |
| Ratios to Average Net AssetsE | ||||||
| Expenses before reductions | .49%F | .48% | .48% | .48% | .48% | .48% |
| Expenses net of fee waivers, if any | .49%F | .48% | .48% | .48% | .48% | .48% |
| Expenses net of all reductions | .49%F | .48% | .48% | .48% | .48% | .48% |
| Net investment income (loss) | 2.64%F | 2.70% | 2.73% | 2.72% | 2.97% | 3.20% |
| Supplemental Data | ||||||
| Net assets, end of period (000 omitted) | $653,609 | $616,306 | $677,359 | $657,105 | $636,261 | $598,694 |
| Portfolio turnover rate | 14%F | 11% | 24% | 17% | 17% | 7% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E 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.
F Annualized
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 June 30, 2019
| Days | % of fund's investments 6/30/19 |
| 1 - 7 | 70.9 |
| 8 - 30 | 0.8 |
| 31 - 60 | 9.8 |
| 61 - 90 | 3.3 |
| 91 - 180 | 7.2 |
| > 180 | 8.0 |
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 June 30, 2019 | ||
| Variable Rate Demand Notes (VRDNs) | 41.5% | |
| Tender Option Bond | 32.0% | |
| Other Municipal Security | 22.4% | |
| Investment Companies | 3.8% | |
| Net Other Assets (Liabilities) | 0.3% | |
Current 7-Day Yields
| 6/28/19 | |
| Fidelity® Ohio Municipal Money Market Fund | 1.41% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. 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 June 30, 2019, the most recent period shown in the table, would have been 1.24%.
Fidelity® Ohio Municipal Money Market Fund
Schedule of Investments June 30, 2019 (Unaudited)
Showing Percentage of Net Assets
| Variable Rate Demand Note - 41.5% | |||
| Principal Amount | Value | ||
| Alabama - 0.5% | |||
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 2.13% 7/5/19, VRDN (a)(b) | $1,260,000 | $1,260,000 | |
| Arkansas - 1.2% | |||
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.): | |||
| Series 1998, 2.13% 7/5/19, VRDN (a)(b) | 400,000 | 400,000 | |
| Series 2002, 2.15% 7/5/19, VRDN (a)(b) | 2,700,000 | 2,700,000 | |
| 3,100,000 | |||
| Indiana - 0.4% | |||
| Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.): | |||
| Series 2003 A, 2.2% 7/5/19, VRDN (a)(b) | 500,000 | 500,000 | |
| Series 2003 B, 2.11% 7/5/19, VRDN (a)(b) | 400,000 | 400,000 | |
| 900,000 | |||
| Kansas - 0.4% | |||
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.) Series 2007 A, 2.13% 7/5/19, VRDN (b) | 300,000 | 300,000 | |
| St. Mary's Kansas Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994, 2.1% 7/5/19, VRDN (b) | 700,000 | 700,000 | |
| 1,000,000 | |||
| Louisiana - 0.0% | |||
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 2.05% 7/5/19, VRDN (b) | 100,000 | 100,000 | |
| Nebraska - 0.3% | |||
| Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 2.13% 7/5/19, VRDN (a)(b) | 700,000 | 700,000 | |
| Ohio - 38.2% | |||
| Allen County Hosp. Facilities Rev. Series 2012 B, 2.05% 7/5/19, VRDN (b) | 20,325,000 | 20,325,002 | |
| Cuyahoga County Health Care Facilities Rev. (The A.M. McGregor Home Proj.) Series 2014, 1.97% 7/5/19, LOC Northern Trust Co., VRDN (b) | 12,995,000 | 12,995,000 | |
| Hamilton County Student Hsg. Rev. (Block 3 Proj.) Series 2004, 1.95% 7/5/19, LOC RBS Citizens NA, VRDN (b) | 450,000 | 450,000 | |
| Lake County Indl. Dev. Rev. (Norshar Co. Proj.) 2.009% 7/5/19, LOC JPMorgan Chase Bank, VRDN (a)(b) | 905,000 | 905,000 | |
| Montgomery County Hosp. Rev. Series 2016 C, 1.97% 7/1/19, LOC Barclays Bank PLC, VRDN (b) | 600,000 | 600,000 | |
| Ohio Hosp. Rev.: | |||
| Series 2018 B, 1.89% 7/5/19, LOC PNC Bank NA, VRDN (b) | 1,720,000 | 1,720,000 | |
| Series 2018, 1.95% 7/1/19, LOC PNC Bank NA, VRDN (b) | 1,070,000 | 1,070,000 | |
| Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.: | |||
| Series 2016 F, 1.9% 7/5/19 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 3,000,000 | 3,000,000 | |
| Series 2016 G, 1.9% 7/5/19 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 13,930,000 | 13,930,000 | |
| Series 2016 H, 1.9% 7/5/19 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 15,715,000 | 15,715,000 | |
| Series 2016 I, 1.9% 7/5/19 (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, 1.97% 7/5/19, LOC Bank of America NA, VRDN (a)(b) | 13,000,000 | 13,000,000 | |
| FHLMC Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev. (Wingate at Belle Meadows Proj.) 1.93% 7/5/19, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (a)(b) | 8,385,000 | 8,385,000 | |
| FNMA Franklin County Multi-family Rev. Series 2002, 1.93% 7/5/19, LOC Fannie Mae, VRDN (a)(b) | 4,850,000 | 4,850,000 | |
| 100,395,002 | |||
| South Carolina - 0.0% | |||
| Berkeley County Indl. Dev. Rev. Series A, 2.15% 7/5/19, VRDN (a)(b) | 100,000 | 100,000 | |
| West Virginia - 0.5% | |||
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 2.1% 7/5/19, VRDN (a)(b) | 1,400,000 | 1,400,000 | |
| Wyoming - 0.0% | |||
| Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 2.05% 7/5/19, VRDN (b) | 100,000 | 100,000 | |
| TOTAL VARIABLE RATE DEMAND NOTE | |||
| (Cost $109,055,002) | 109,055,002 | ||
| Tender Option Bond - 32.0% | |||
| Colorado - 0.1% | |||
| Denver City & County Arpt. Rev. Bonds Series G-114, 2.15%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e)(f) | 100,000 | 100,000 | |
| Connecticut - 0.0% | |||
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 2.08%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(f) | 100,000 | 100,000 | |
| Ohio - 31.9% | |||
| Allen County Hosp. Facilities Rev. Participating VRDN Series Floaters XF 25 16, 2% 7/5/19 (Liquidity Facility Citibank NA) (b)(c)(f) | 4,340,000 | 4,340,000 | |
| Cincinnati Wtr. Sys. Rev. Participating VRDN Series MS 3280, 1.93% 7/5/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(f) | 3,750,000 | 3,750,000 | |
| Cleveland Wtr. Rev. Participating VRDN Series Floaters E 119, 1.93% 7/5/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(f) | 3,600,000 | 3,600,000 | |
| Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 2.02% 7/5/19 (Liquidity Facility Bank of America NA) (b)(c)(f) | 3,900,000 | 3,900,000 | |
| Forest Hills Local School District Participating VRDN Series Floaters G30, 1.93% 7/5/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(f) | 2,300,000 | 2,300,000 | |
| Franklin County Hosp. Facilities Rev. Participating VRDN: | |||
| Series 15 XF0244, 1.94% 7/5/19 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(f) | 2,670,000 | 2,670,000 | |
| Series 16 XL0004, 1.94% 7/5/19 (Liquidity Facility Barclays Bank PLC) (b)(c)(f) | 4,480,000 | 4,480,000 | |
| Hamilton County HealthCare Facilities Rev. Participating VRDN Series XF 10 50, 2% 7/5/19 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(f) | 2,700,000 | 2,700,000 | |
| Kettering Med. Ctr., Inc., Participating VRDN Series Floaters BAML 50 03, 1.94% 7/5/19 (Liquidity Facility Bank of America NA) (b)(c)(f) | 2,800,000 | 2,800,000 | |
| Lakewood City School District Bonds Series Solar 0067, 2.03%, tender 8/22/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(c)(f) | 4,185,000 | 4,185,000 | |
| Miami County Hosp. Facilities Rev. Participating VRDN Series Floaters XG 02 25, 1.93% 7/5/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(f) | 3,000,000 | 3,000,000 | |
| Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 2.05% 8/9/19 (Liquidity Facility Barclays Bank PLC) (b)(c)(d)(f) | 6,420,000 | 6,420,000 | |
| Montgomery County Hosp. Rev. Participating VRDN Series Floaters BAML 50 02, 1.94% 7/5/19 (Liquidity Facility Bank of America NA) (b)(c)(f) | 2,900,000 | 2,900,000 | |
| Northeast Ohio Reg'l. Swr. District Wastewtr. Rev. Participating VRDN: | |||
| Series Floaters XF 07 18, 1.93% 7/5/19 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f) | 3,750,000 | 3,750,000 | |
| Series Floaters ZF 06 70, 1.93% 7/5/19 (Liquidity Facility Bank of America NA) (b)(c)(f) | 2,000,000 | 2,000,000 | |
| Ohio Higher Edl. Facility Commission Rev. Participating VRDN: | |||
| Series 2017, 2.05% 8/9/19 (Liquidity Facility Barclays Bank PLC) (b)(c)(d)(f) | 3,600,000 | 3,600,000 | |
| Series XG 00 69, 2% 7/5/19 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(f) | 2,500,000 | 2,500,000 | |
| Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Participating VRDN Series Floaters XF 27 83, 1.93% 7/5/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(f) | 2,800,000 | 2,800,000 | |
| Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 2.1%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(f) | 3,500,000 | 3,500,000 | |
| OhioHealth Corp. Participating VRDN Series Floaters XM 04 51, 1.94% 7/5/19 (Liquidity Facility Barclays Bank PLC) (b)(c)(f) | 3,000,000 | 3,000,000 | |
| the Cleveland Clinic Foundation Participating VRDN Series Floaters XF 05 73, 1.93% 7/5/19 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(f) | 3,990,000 | 3,990,000 | |
| Univ. of Cincinnati Gen. Receipts Participating VRDN: | |||
| Series Floaters XF 24 38, 1.93% 7/5/19 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f) | 4,000,000 | 4,000,000 | |
| Series Floaters ZM 06 46, 1.93% 7/5/19 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(f) | 4,200,000 | 4,200,000 | |
| Upper Arlington City School District Participating VRDN Series Floaters XF 25 92, 1.98% 7/5/19 (Liquidity Facility Citibank NA) (b)(c)(f) | 3,500,000 | 3,500,000 | |
| 83,885,000 | |||
| Texas - 0.0% | |||
| Alamo Cmnty. Coll District Rev. Bonds Series G-111, 2.1%, tender 11/1/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(f) | 100,000 | 100,000 | |
| TOTAL TENDER OPTION BOND | |||
| (Cost $84,185,000) | 84,185,000 | ||
| Other Municipal Security - 22.4% | |||
| Florida - 0.6% | |||
| Florida Dev. Fin. Corp. Surface T Bonds (Virgin Trains U.S.A. Passenger Rail Proj.) Series 2019 B, 1.9%, tender 3/17/20 (a)(b) | 1,500,000 | 1,500,000 | |
| New Hampshire - 0.8% | |||
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds: | |||
| Series 1990 A, 1.9% tender 7/25/19, CP mode (a) | 1,100,000 | 1,100,000 | |
| Series 1990 A1, 1.99% tender 9/25/19, CP mode (a) | 1,000,000 | 1,000,000 | |
| 2,100,000 | |||
| New Mexico - 0.2% | |||
| New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Bonds Series 2014 B, 1 month U.S. LIBOR + 0.750% 2.385%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (b)(e) | 400,000 | 400,020 | |
| Ohio - 20.8% | |||
| Allen County Hosp. Facilities Rev. Bonds: | |||
| (Mercy Health Proj.) Series 2015 B, SIFMA Municipal Swap Index + 0.750% 2.65%, tender 5/1/20 (b)(e) | 100,000 | 99,950 | |
| Series 2010 B, 5% 9/1/19 | 2,000,000 | 2,010,170 | |
| American Muni. Pwr. BAN: | |||
| (City of Wapakoneta Proj.) Series 2019, 2.5% 6/25/20 (Ohio Gen. Oblig. Guaranteed) | 1,000,000 | 1,009,346 | |
| Series 2018: | |||
| 3% 8/15/19 (Ohio Gen. Oblig. Guaranteed) | 1,400,000 | 1,401,715 | |
| 3% 12/5/19 (Ohio Gen. Oblig. Guaranteed) | 1,000,000 | 1,003,627 | |
| Avon Gen. Oblig. BAN: | |||
| Series 2018, 3% 9/5/19 (Ohio Gen. Oblig. Guaranteed) | 1,750,000 | 1,753,414 | |
| Series 2019, 3% 1/22/20 | 1,000,000 | 1,004,948 | |
| Batavia Ohio Local School District BAN Series 2018, 3% 9/1/19 (Ohio Gen. Oblig. Guaranteed) | 1,875,000 | 1,877,723 | |
| Brooklyn Gen. Oblig. BAN Series 2019, 3% 5/28/20 | 1,075,000 | 1,086,978 | |
| Fairfield County Gen. Oblig. BAN Series 2018, 3% 4/29/20 | 2,000,000 | 2,019,012 | |
| Firelands Ohio Local School District BAN Series 2018, 3% 8/22/19 (Ohio Gen. Oblig. Guaranteed) | 1,000,000 | 1,001,237 | |
| Franklin County Rev. Bonds Series 2013 OH, 1.75%, tender 8/1/19 (b) | 2,700,000 | 2,700,000 | |
| Harrison Ohio BAN Series 2018, 3.5% 10/29/19 (Ohio Gen. Oblig. Guaranteed) | 1,350,000 | 1,356,084 | |
| Highland Heights Gen. Oblig. BAN Series 2019, 3% 6/11/20 | 785,000 | 794,852 | |
| Hudson City Gen. Oblig. BAN Series 2018, 3.5% 12/19/19 | 2,000,000 | 2,011,544 | |
| Indian Valley Loc School District BAN Series 2019, 2.5% 2/11/20 | 1,000,000 | 1,003,002 | |
| Kent Various Purp. Bond BAN Series 2018, 2.875% 8/21/19 | 1,000,000 | 1,001,336 | |
| Lake County Gen. Oblig. BAN Series 2019: | |||
| 3% 1/16/20 | 1,000,000 | 1,004,803 | |
| 3% 4/2/20 | 1,265,000 | 1,275,858 | |
| Licking County BAN Series 2019, 3% 5/8/20 | 1,500,000 | 1,515,702 | |
| Little Miami Local School District BAN Series 2019, 3% 11/21/19 | 2,000,000 | 2,008,863 | |
| Lorain BAN: | |||
| Series 2018, 3.5% 7/17/19 (Ohio Gen. Oblig. Guaranteed) | 1,000,000 | 1,000,587 | |
| Series 2019, 3% 6/19/20 (Ohio Gen. Oblig. Guaranteed) | 540,000 | 546,967 | |
| Mason Gen. Oblig. BAN Series 2019, 2.75% 5/14/20 | 2,000,000 | 2,016,213 | |
| Moraine BAN Series 2019, 2.5% 6/25/20 | 1,000,000 | 1,008,607 | |
| Newark Gen. Oblig. BAN Series 2019, 3% 4/2/20 | 1,125,000 | 1,132,471 | |
| Ohio Higher Edl. Facility Commission Rev. Bonds: | |||
| Series B5, 1.62% tender 8/8/19, CP mode | 2,700,000 | 2,700,000 | |
| Series B6, 1.62% tender 8/8/19, CP mode | 2,700,000 | 2,700,000 | |
| Olmsted Falls BAN Series 2019, 3% 6/11/20 (Ohio Gen. Oblig. Guaranteed) | 1,365,000 | 1,382,137 | |
| Perrysburg Gen. Oblig. BAN Series 2018, 3% 10/24/19 | 2,085,000 | 2,090,138 | |
| Sandusky Gen. Oblig. BAN Series 2019, 3% 10/3/19 | 3,200,000 | 3,207,508 | |
| Seven Hills Gen. Oblig. BAN Series 2019, 3% 4/9/20 | 1,000,000 | 1,008,807 | |
| South-Western City School District Franklin & Pickway County BAN Series 2019, 3% 12/5/19 | 1,900,000 | 1,909,964 | |
| Southwest Local School District BAN Series 2018, 2.625% 11/13/19 (Ohio Gen. Oblig. Guaranteed) | 1,500,000 | 1,502,576 | |
| Uhrichsville Recreational Facilities BAN Series 2019, 3% 6/19/20 (Ohio Gen. Oblig. Guaranteed) | 1,625,000 | 1,645,551 | |
| Union Township Clermont County Gen. Oblig. BAN Series 2018, 3% 9/5/19 (Ohio Gen. Oblig. Guaranteed) | 1,000,000 | 1,001,951 | |
| Worthington Ohio BAN Series 2019, 3% 9/26/19 (Ohio Gen. Oblig. Guaranteed) | 1,000,000 | 1,002,453 | |
| 54,796,094 | |||
| TOTAL OTHER MUNICIPAL SECURITY | |||
| (Cost $58,796,114) | 58,796,114 | ||
| Shares | Value | ||
| Investment Company - 3.8% | |||
| Fidelity Municipal Cash Central Fund 2.00% (g)(h) | |||
| (Cost $10,033,739) | 10,032,883 | 10,033,739 | |
| TOTAL INVESTMENT IN SECURITIES - 99.7% | |||
| (Cost $262,069,855) | 262,069,855 | ||
| NET OTHER ASSETS (LIABILITIES) - 0.3% | 862,231 | ||
| NET ASSETS - 100% | $262,932,086 |
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)
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.
(c) Provides evidence of ownership in one or more underlying municipal bonds.
(d) 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 $13,820,000 or 5.3% of net assets.
(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) Coupon rates are determined by re-marketing agents based on current market conditions.
(g) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(h) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| Alamo Cmnty. Coll District Rev. Bonds Series G-111, 2.1%, tender 11/1/19 (Liquidity Facility Royal Bank of Canada) | 6/6/19 | $100,000 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 2.08%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) | 5/16/19 | $100,000 |
| Denver City & County Arpt. Rev. Bonds Series G-114, 2.15%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) | 6/6/19 | $100,000 |
| Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 2.05% 8/9/19 (Liquidity Facility Barclays Bank PLC) | 9/14/17 - 1/3/18 | $6,420,000 |
| Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 2.05% 8/9/19 (Liquidity Facility Barclays Bank PLC) | 1/11/18 - 11/21/18 | $3,600,000 |
| Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 2.1%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) | 7/12/18 | $3,500,000 |
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 | $127,941 |
| Total | $127,941 |
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
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.
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
| June 30, 2019 (Unaudited) | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $252,036,116) | $252,036,116 | |
| Fidelity Central Funds (cost $10,033,739) | 10,033,739 | |
| Total Investment in Securities (cost $262,069,855) | $262,069,855 | |
| Cash | 9,793 | |
| Receivable for investments sold | 458 | |
| Receivable for fund shares sold | 26,028 | |
| Interest receivable | 1,176,545 | |
| Distributions receivable from Fidelity Central Funds | 21,829 | |
| Total assets | 263,304,508 | |
| Liabilities | ||
| Payable for fund shares redeemed | $230,437 | |
| Distributions payable | 10,145 | |
| Accrued management fee | 78,229 | |
| Transfer agent fee payable | 30,285 | |
| Other affiliated payables | 3,448 | |
| Other payables and accrued expenses | 19,878 | |
| Total liabilities | 372,422 | |
| Net Assets | $262,932,086 | |
| Net Assets consist of: | ||
| Paid in capital | $263,195,689 | |
| Total distributable earnings (loss) | (263,603) | |
| Net Assets, for 262,645,271 shares outstanding | $262,932,086 | |
| Net Asset Value, offering price and redemption price per share ($262,932,086 ÷ 262,645,271 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Six months ended June 30, 2019 (Unaudited) | ||
| Investment Income | ||
| Interest | $2,290,485 | |
| Income from Fidelity Central Funds | 127,941 | |
| Total income | 2,418,426 | |
| Expenses | ||
| Management fee | $492,250 | |
| Transfer agent fees | 190,554 | |
| Accounting fees and expenses | 21,663 | |
| Custodian fees and expenses | 1,589 | |
| Independent trustees' fees and expenses | 525 | |
| Registration fees | 21,078 | |
| Audit | 19,132 | |
| Legal | 1,389 | |
| Miscellaneous | 623 | |
| Total expenses before reductions | 748,803 | |
| Expense reductions | (755) | |
| Total expenses after reductions | 748,048 | |
| Net investment income (loss) | 1,670,378 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | (588) | |
| Total net realized gain (loss) | (588) | |
| Net increase in net assets resulting from operations | $1,669,790 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Six months ended June 30, 2019 (Unaudited) | Year ended December 31, 2018 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $1,670,378 | $3,363,621 |
| Net realized gain (loss) | (588) | (6,823) |
| Net increase in net assets resulting from operations | 1,669,790 | 3,356,798 |
| Distributions to shareholders | (1,897,845) | (3,363,936) |
| Share transactions | ||
| Proceeds from sales of shares | 16,969,379 | 48,608,768 |
| Reinvestment of distributions | 1,828,716 | 3,258,209 |
| Cost of shares redeemed | (54,374,076) | (172,233,279) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (35,575,981) | (120,366,302) |
| Total increase (decrease) in net assets | (35,804,036) | (120,373,440) |
| Net Assets | ||
| Beginning of period | 298,736,122 | 419,109,562 |
| End of period | $262,932,086 | $298,736,122 |
| Other Information | ||
| Shares | ||
| Sold | 16,969,379 | 48,608,768 |
| Issued in reinvestment of distributions | 1,828,716 | 3,258,209 |
| Redeemed | (54,374,076) | (172,233,279) |
| Net increase (decrease) | (35,575,981) | (120,366,302) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Ohio Municipal Money Market Fund
| Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
| 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | ||||||
| Net investment income (loss) | .006 | .010 | .004 | .001 | –A | –A |
| Net realized and unrealized gain (loss) | .001B | –A | –A | –A | –A | –A |
| Total from investment operations | .007 | .010 | .004 | .001 | –A | –A |
| Distributions from net investment income | (.006) | (.010) | (.004) | (.001) | –A | –A |
| Distributions from net realized gain | (.001) | – | –A | –A | –A | –A |
| Total distributions | (.007) | (.010) | (.004) | (.001) | –A | –A |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnC,D | .68% | .98% | .42% | .09% | .01% | .02% |
| Ratios to Average Net AssetsE,F | ||||||
| Expenses before reductions | .54%G | .53% | .53% | .52% | .52% | .51% |
| Expenses net of fee waivers, if any | .54%G | .53% | .52% | .37% | .07% | .08% |
| Expenses net of all reductions | .54%G | .53% | .52% | .36% | .07% | .08% |
| Net investment income (loss) | 1.21%G | .96% | .40% | .07% | .01% | .01% |
| Supplemental Data | ||||||
| Net assets, end of period (000 omitted) | $262,932 | $298,736 | $419,110 | $585,637 | $1,250,546 | $1,336,936 |
A Amount represents less than $.0005 per share.
B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E 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.
F 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.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2019
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' Schedule of Investments lists 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 ranged from less than .005 to .01%.
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 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 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.
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. 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.
Distributions 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.
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 market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to future transactions.
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 Ohio Municipal Income Fund | $623,533,777 | $32,354,140 | $(1,077) | $32,353,063 |
| Fidelity Ohio Municipal Money Market Fund | 262,069,855 | – | – | – |
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 prior fiscal period end and is subject to adjustment.
| No expiration Short-term | |
| Fidelity Ohio Municipal Money Market Fund | $(36,518) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds 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. Certain Funds 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.
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $89,789,068 and $39,874,061, 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 annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
| Individual Rate | Group Rate | Total | |
| Fidelity Ohio Municipal Income Fund | .25% | .10% | .35% |
| Fidelity Ohio Municipal Money Market Fund | .25% | .10% | .35% |
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 annualized rates expressed as a percentage of average net assets:
| Fidelity Ohio Municipal Income Fund | .09% |
| Fidelity Ohio 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. For the period, the fees were equivalent to the following annualized rates:
| % of Average Net Assets | |
| Fidelity Ohio Municipal Income Fund | .02 |
| Fidelity Ohio Municipal Money Market Fund | .02 |
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 Ohio Municipal Income Fund | $889 |
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 | $1,723 |
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 | $1,544 |
| Fidelity Ohio Municipal Money Market Fund | 755 |
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.
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 (January 1, 2019 to June 30, 2019).
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. 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. 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 January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period-B January 1, 2019 to June 30, 2019 | |
| Fidelity Ohio Municipal Income Fund | .49% | |||
| Actual | $1,000.00 | $1,049.20 | $2.49 | |
| Hypothetical-C | $1,000.00 | $1,022.36 | $2.46 | |
| Fidelity Ohio Municipal Money Market Fund | .54% | |||
| Actual | $1,000.00 | $1,006.80 | $2.69 | |
| Hypothetical-C | $1,000.00 | $1,022.12 | $2.71 |
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 181/ 365 (to reflect the one-half year period).
C 5% return per year before expenses
OFF-SANN-0819
1.705575.121
Fidelity® Pennsylvania Municipal Income Fund Fidelity® Pennsylvania Municipal Money Market Fund Semi-Annual Report June 30, 2019 |
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Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.
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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Fidelity® Pennsylvania Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of June 30, 2019
| % of fund's net assets | |
| Health Care | 28.3 |
| General Obligations | 23.7 |
| Education | 16.5 |
| Transportation | 13.5 |
| Water & Sewer | 10.2 |
Quality Diversification (% of fund's net assets)
| As of June 30, 2019 | ||
| AAA | 0.1% | |
| AA,A | 86.0% | |
| BBB | 5.8% | |
| BB and Below | 3.2% | |
| Not Rated | 1.4% | |
| Short-Term Investments and Net Other Assets | 3.5% | |
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® Pennsylvania Municipal Income Fund
Schedule of Investments June 30, 2019 (Unaudited)
Showing Percentage of Net Assets
| Municipal Bonds - 96.5% | |||
| Principal Amount | Value | ||
| Guam - 0.2% | |||
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.25% 10/1/34 (a) | 700,000 | 808,486 | |
| Pennsylvania - 94.9% | |||
| Adams County Indl. Dev. Auth. Rev. (Gettysburg College Proj.) Series 2010, 5% 8/15/24 | 1,000,000 | 1,037,550 | |
| Allegheny County Series C: | |||
| 5% 12/1/28 | $1,000,000 | $1,167,430 | |
| 5% 12/1/30 | 1,365,000 | 1,584,137 | |
| Allegheny County Arpt. Auth. Rev. Series 2006 B, 5% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a) | 1,650,000 | 1,780,416 | |
| Allegheny County Higher Ed. Bldg. Auth. Univ. Rev.: | |||
| Series 2017, 5% 10/15/47 | 1,210,000 | 1,323,111 | |
| Series 2018: | |||
| 5% 3/1/33 | 1,570,000 | 1,906,545 | |
| 5% 3/1/34 | 2,250,000 | 2,722,635 | |
| Allegheny County Hosp. Dev. Auth. Rev. Series 2019 A: | |||
| 4% 7/15/37 | 1,600,000 | 1,752,576 | |
| 4% 7/15/38 | 1,400,000 | 1,530,200 | |
| 4% 7/15/39 | 1,250,000 | 1,361,275 | |
| Allegheny County Sanitation Auth. Swr. Rev.: | |||
| Series 2018, 5% 6/1/43 | 4,750,000 | 5,643,523 | |
| 5% 12/1/29 (Build America Mutual Assurance Insured) | 3,905,000 | 4,622,075 | |
| Berks County Series 1992, 0% 11/15/19 (Escrowed to Maturity) | 625,000 | 621,944 | |
| Butler County Hosp. Auth. Hosp. Rev. (Butler Health Sys. Proj.) Series 2015 A: | |||
| 5% 7/1/26 | 500,000 | 578,735 | |
| 5% 7/1/27 | 490,000 | 565,989 | |
| 5% 7/1/28 | 540,000 | 624,731 | |
| 5% 7/1/29 | 710,000 | 821,406 | |
| 5% 7/1/30 | 685,000 | 788,325 | |
| 5% 7/1/35 | 1,885,000 | 2,133,009 | |
| 5% 7/1/39 | 6,675,000 | 7,478,003 | |
| Cap. Region Wtr. Wtr. Rev. Series 2018: | |||
| 5% 7/15/28 | 1,300,000 | 1,617,681 | |
| 5% 7/15/30 | 1,500,000 | 1,852,590 | |
| 5% 7/15/31 | 1,250,000 | 1,528,713 | |
| Central Bradford Prog. Auth. Rev. Series 2011, 5.375% 12/1/41 | 2,000,000 | 2,142,560 | |
| 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 | 2,259,080 | |
| Series 2016 A: | |||
| 4% 11/15/32 | 350,000 | 377,741 | |
| 4% 11/15/34 | 250,000 | 268,353 | |
| 4% 11/15/35 | 200,000 | 214,376 | |
| 5% 11/15/28 | 840,000 | 996,425 | |
| 5% 11/15/29 | 1,625,000 | 1,918,638 | |
| 5% 11/15/30 | 685,000 | 804,861 | |
| 5% 11/15/46 | 6,605,000 | 7,450,506 | |
| Series 2016 B: | |||
| 4% 11/15/40 | 600,000 | 633,582 | |
| 4% 11/15/47 | 3,605,000 | 3,789,396 | |
| Series 2018 A: | |||
| 5% 11/15/26 | 1,140,000 | 1,373,540 | |
| 5% 11/15/27 | 225,000 | 275,182 | |
| 5% 11/15/28 | 200,000 | 243,726 | |
| 5% 11/15/29 | 200,000 | 242,978 | |
| Commonwealth Fing. Auth. Rev.: | |||
| Series 2013 A2: | |||
| 5% 6/1/24 | 800,000 | 876,016 | |
| 5% 6/1/25 | 1,175,000 | 1,284,545 | |
| 5% 6/1/26 | 1,250,000 | 1,364,125 | |
| Series 2019 B: | |||
| 5% 6/1/28 | 1,000,000 | 1,235,610 | |
| 5% 6/1/29 | 1,000,000 | 1,251,530 | |
| 5% 6/1/30 | 1,000,000 | 1,261,910 | |
| 5% 6/1/31 | 1,150,000 | 1,463,732 | |
| Series 2020 A: | |||
| 5% 6/1/31 (b) | 3,500,000 | 4,325,755 | |
| 5% 6/1/32 (b) | 3,500,000 | 4,300,485 | |
| Cumberland County Muni. Auth. Rev. (Dickinson College Proj.): | |||
| Series 2012, 5% 11/1/37 | 1,520,000 | 1,665,282 | |
| Series 2016: | |||
| 5% 5/1/30 | 1,000,000 | 1,190,020 | |
| 5% 5/1/31 | 500,000 | 590,315 | |
| 5% 5/1/32 | 750,000 | 880,598 | |
| 5% 5/1/33 | 2,210,000 | 2,588,463 | |
| 5% 5/1/34 | 1,000,000 | 1,167,720 | |
| Dallas Area Muni. Auth. Univ. Rev. (Misericordia Univ. Proj.) Series 2019: | |||
| 5% 5/1/39 | 1,100,000 | 1,238,138 | |
| 5% 5/1/48 | 4,000,000 | 4,439,000 | |
| Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2016 A: | |||
| 5% 6/1/34 | 1,275,000 | 1,489,991 | |
| 5% 6/1/35 | 1,000,000 | 1,165,310 | |
| 5% 6/1/36 | 500,000 | 581,170 | |
| Delaware County Auth. Rev. Series 2017, 5% 7/1/25 | 1,000,000 | 1,152,590 | |
| Delaware County Auth. Univ. Rev. Series 2012: | |||
| 5% 8/1/21 | 350,000 | 376,296 | |
| 5% 8/1/22 | 300,000 | 332,739 | |
| Doylestown Hosp. Auth. Hosp. Rev.: | |||
| Series 2013 A: | |||
| 5% 7/1/23 | 1,090,000 | 1,194,030 | |
| 5% 7/1/27 | 2,500,000 | 2,712,200 | |
| Series 2016 A, 5% 7/1/46 | 3,500,000 | 3,812,865 | |
| Dubois Hosp. Auth. Hosp. Rev. (Penn Highlands Healthcare Proj.) Series 2018, 5% 7/15/25 | 200,000 | 235,620 | |
| Erie County Hosp. Auth. Rev. (Saint Vincent Health Ctr. Proj.) Series 2010 A, 7% 7/1/27 (Pre-Refunded to 7/1/20 @ 100) | 2,750,000 | 2,901,965 | |
| Fox Chapel Area School District Series 2013: | |||
| 5% 8/1/31 | 3,080,000 | 3,429,888 | |
| 5% 8/1/34 | 1,000,000 | 1,109,290 | |
| Franklin County Indl. Dev. Auth. (The Chambersburg Hosp. Proj.) Series 2010: | |||
| 5.3% 7/1/30 (Pre-Refunded to 7/1/20 @ 100) | 1,770,000 | 1,839,030 | |
| 5.375% 7/1/42 (Pre-Refunded to 7/1/20 @ 100) | 2,130,000 | 2,214,646 | |
| Geisinger Auth. Health Sys. Rev.: | |||
| Series 2014 A, 4% 6/1/41 | 2,000,000 | 2,108,660 | |
| Series 2017 A2, 5% 2/15/39 | 1,880,000 | 2,190,877 | |
| Indiana County Hosp. Auth. Series 2014 A: | |||
| 5% 6/1/20 | 650,000 | 664,578 | |
| 6% 6/1/39 | 1,625,000 | 1,780,821 | |
| Lackawanna County Indl. Dev. Auth. Rev. (Univ. of Scranton Proj.) Series 2017: | |||
| 5% 11/1/24 | 590,000 | 685,179 | |
| 5% 11/1/25 | 665,000 | 784,454 | |
| 5% 11/1/27 | 1,105,000 | 1,342,100 | |
| Lancaster County Hosp. Auth. Health Ctr. Rev. Series 2016: | |||
| 5% 8/15/31 | 1,000,000 | 1,194,310 | |
| 5% 8/15/33 | 1,000,000 | 1,187,800 | |
| 5% 8/15/34 | 1,000,000 | 1,184,000 | |
| 5% 8/15/36 | 1,000,000 | 1,177,510 | |
| Lehigh County Gen. Purp. Auth. Rev. (Muhlenberg College Proj.) Series 2017, 5% 2/1/39 | 4,010,000 | 4,691,540 | |
| Lower Paxton Township Series 2014: | |||
| 5% 4/1/40 | 3,420,000 | 3,883,889 | |
| 5% 4/1/44 | 1,295,000 | 1,469,566 | |
| Luzerne County Indl. Dev. Auth. Wtr. Facilities Rev. (Pennsylvania-American Wtr. Co. Proj.) Series 2009, 5.5% 12/1/39 | 2,500,000 | 2,540,950 | |
| Monroe County Hosp. Auth. Rev. Series 2016, 5% 7/1/33 | 3,675,000 | 4,285,822 | |
| Montgomery County Higher Ed. & Health Auth. Rev.: | |||
| Series 2014 A: | |||
| 4% 10/1/19 | 185,000 | 185,799 | |
| 5% 10/1/20 | 215,000 | 221,843 | |
| 5% 10/1/21 | 245,000 | 258,855 | |
| 5% 10/1/22 | 275,000 | 297,154 | |
| 5% 10/1/23 | 1,305,000 | 1,438,736 | |
| 5% 10/1/24 | 335,000 | 376,165 | |
| 5% 10/1/25 | 750,000 | 841,860 | |
| 5% 10/1/26 | 1,000,000 | 1,120,150 | |
| 5% 10/1/27 | 1,000,000 | 1,117,180 | |
| Series 2016 A, 5% 10/1/40 | 4,000,000 | 4,398,640 | |
| Series 2018 A, 5% 9/1/26 | 1,500,000 | 1,811,805 | |
| Series 2019: | |||
| 4% 9/1/34 | 2,500,000 | 2,764,525 | |
| 4% 9/1/35 | 1,400,000 | 1,536,906 | |
| 4% 9/1/36 | 1,200,000 | 1,308,096 | |
| 4% 9/1/37 | 1,000,000 | 1,084,000 | |
| Montgomery County Indl. Dev. Auth. Series 2017: | |||
| 5% 12/1/33 | 2,150,000 | 2,604,639 | |
| 5% 12/1/35 | 1,000,000 | 1,203,710 | |
| 5% 12/1/36 | 2,660,000 | 3,194,314 | |
| 5% 12/1/37 | 1,515,000 | 1,812,834 | |
| Montour School District Series 2015 A: | |||
| 5% 4/1/41 | 1,000,000 | 1,134,770 | |
| 5% 4/1/42 | 1,000,000 | 1,134,730 | |
| Northampton County Gen. Purp. Auth. Hosp. Rev. (St. Luke's Univ. Health Network Proj.) Series 2018 A: | |||
| 4% 8/15/48 | 4,500,000 | 4,727,160 | |
| 5% 8/15/43 | 2,000,000 | 2,335,800 | |
| 5% 8/15/48 | 2,500,000 | 2,919,575 | |
| Northampton County Gen. Purp. College Rev. (Lafayette College Proj.) Series 2017, 5% 11/1/47 | 2,170,000 | 2,561,794 | |
| Pennsylvania Ctfs. Prtn. Series 2018 A: | |||
| 5% 7/1/28 | 400,000 | 492,964 | |
| 5% 7/1/29 | 300,000 | 367,608 | |
| 5% 7/1/30 | 375,000 | 456,551 | |
| 5% 7/1/31 | 425,000 | 514,365 | |
| Pennsylvania Econ. Dev. Auth. Governmental Lease (Forum Place Proj.) Series 2012: | |||
| 5% 3/1/24 | 1,745,000 | 1,892,644 | |
| 5% 3/1/25 | 3,255,000 | 3,526,630 | |
| Pennsylvania Gen. Oblig.: | |||
| Series 2013, 5% 10/15/27 | 2,255,000 | 2,579,878 | |
| Series 2015 1, 5% 3/15/31 | 7,000,000 | 8,133,580 | |
| Series 2015, 5% 3/15/33 | 2,880,000 | 3,326,112 | |
| Series 2017, 5% 1/1/28 | 7,000,000 | 8,581,790 | |
| Series 2019: | |||
| 5% 7/15/26 | 3,000,000 | 3,679,170 | |
| 5% 7/15/29 | 3,000,000 | 3,821,850 | |
| Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
| (Drexel Univ. Proj.) Series 2016, 5% 5/1/35 | 2,000,000 | 2,305,680 | |
| (Thomas Jefferson Univ. Proj.) Series 2012: | |||
| 5% 3/1/20 | 300,000 | 306,945 | |
| 5% 3/1/22 | 275,000 | 299,635 | |
| 5% 3/1/23 | 585,000 | 644,734 | |
| First Series 2012: | |||
| 5% 4/1/21 | 500,000 | 531,490 | |
| 5% 4/1/22 | 600,000 | 656,904 | |
| 5% 4/1/23 | 800,000 | 874,064 | |
| 5% 4/1/24 | 1,100,000 | 1,200,276 | |
| Series 2010 E, 5% 5/15/31 | 2,500,000 | 2,572,400 | |
| Series 2016, 5% 5/1/33 | 2,200,000 | 2,555,608 | |
| Series 2017 A, 5% 8/15/46 | 3,000,000 | 3,561,240 | |
| Series 2018 A, 5% 2/15/48 | 4,000,000 | 4,811,200 | |
| Series 2019 A: | |||
| 4% 3/1/37 | 750,000 | 832,403 | |
| 5% 3/1/36 | 1,000,000 | 1,222,680 | |
| 5% 3/1/38 | 1,000,000 | 1,214,320 | |
| 5% 3/1/39 | 1,000,000 | 1,211,010 | |
| Series AT-1 5% 6/15/31 | 5,000,000 | 5,907,550 | |
| 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 | 1,457,875 | |
| 5% 12/1/25 (Build America Mutual Assurance Insured) | 1,250,000 | 1,446,975 | |
| 5% 12/1/26 (Build America Mutual Assurance Insured) | 1,250,000 | 1,443,638 | |
| 5% 12/1/27 (Build America Mutual Assurance Insured) | 1,010,000 | 1,163,369 | |
| Series 2016 A, 5% 12/1/28 (FSA Insured) | 5,690,000 | 6,849,053 | |
| Pennsylvania State Univ.: | |||
| Series 2015 A: | |||
| 5% 9/1/30 | 1,100,000 | 1,306,074 | |
| 5% 9/1/31 | 1,415,000 | 1,672,205 | |
| Series 2019 A, 5% 9/1/48 | 6,390,000 | 7,794,330 | |
| Pennsylvania Tpk. Commission Tpk. Rev.: | |||
| (Sub Lien Proj.) Series 2017 B-1, 5% 6/1/34 | 5,000,000 | 5,859,600 | |
| Series 2013 A2, 5% 12/1/38 | 2,500,000 | 2,957,625 | |
| Series 2014 A, 5% 12/1/31 | 865,000 | 1,003,469 | |
| Series 2014 A2, 0% 12/1/40 (c) | 5,500,000 | 5,247,220 | |
| Series 2017 A1: | |||
| 5% 12/1/30 | 3,500,000 | 4,297,755 | |
| 5% 12/1/31 | 2,000,000 | 2,444,080 | |
| 5% 12/1/33 | 1,500,000 | 1,817,505 | |
| Series 2018 A2, 5% 12/1/43 | 5,000,000 | 5,980,150 | |
| Philadelphia Arpt. Rev.: | |||
| Series 2017 A, 5% 7/1/42 | 350,000 | 413,336 | |
| Series 2017 B: | |||
| 5% 7/1/25 (a) | 5,500,000 | 6,484,445 | |
| 5% 7/1/31 (a) | 1,000,000 | 1,191,680 | |
| 5% 7/1/33 (a) | 2,250,000 | 2,663,528 | |
| 5% 7/1/37 (a) | 5,065,000 | 5,919,111 | |
| 5% 7/1/42 (a) | 4,000,000 | 4,626,480 | |
| 5% 7/1/47 (a) | 3,035,000 | 3,493,801 | |
| Philadelphia Gas Works Rev.: | |||
| Series 9, 5.25% 8/1/40 | 5,300,000 | 5,496,418 | |
| 5% 8/1/29 | 2,000,000 | 2,343,020 | |
| 5% 8/1/30 | 1,500,000 | 1,748,895 | |
| 5% 8/1/31 | 1,100,000 | 1,277,078 | |
| 5% 10/1/33 | 1,500,000 | 1,767,990 | |
| 5% 10/1/34 | 500,000 | 587,445 | |
| Philadelphia Gen. Oblig. Series 2017 A, 5% 8/1/30 | 1,500,000 | 1,820,430 | |
| Philadelphia Hospitals & Higher Ed. Facilities Auth. Hosp. Rev. (Children's Hosp. of Philadelphia Proj.) Series 2011 D, 5% 7/1/32 | 2,500,000 | 2,661,550 | |
| Philadelphia Redev. Auth. Rev.: | |||
| Series 2012: | |||
| 5% 4/15/21 | 1,000,000 | 1,058,330 | |
| 5% 4/15/25 | 2,230,000 | 2,424,010 | |
| Series 2015 A, 5% 4/15/29 | 3,000,000 | 3,488,160 | |
| Philadelphia School District: | |||
| Series 2010 C, 5% 9/1/21 | 4,000,000 | 4,156,240 | |
| Series 2016 F, 5% 9/1/34 | 4,000,000 | 4,641,840 | |
| Series 2018 A: | |||
| 5% 9/1/29 | 1,250,000 | 1,529,888 | |
| 5% 9/1/30 | 1,000,000 | 1,215,710 | |
| 5% 9/1/33 | 1,000,000 | 1,198,710 | |
| Philadelphia Wtr. & Wastewtr. Rev.: | |||
| Series 2010 C, 5% 8/1/40 (Pre-Refunded to 8/1/20 @ 100) | 4,000,000 | 4,157,800 | |
| Series 2011 A, 5% 1/1/41 | 2,715,000 | 2,828,433 | |
| Series 2015 B, 5% 7/1/30 | 3,500,000 | 4,107,145 | |
| Series 2017 B: | |||
| 5% 11/1/29 | 3,000,000 | 3,707,220 | |
| 5% 11/1/30 | 3,700,000 | 4,541,047 | |
| Pittsburgh & Alleg County Parkin Series 2017: | |||
| 5% 12/15/31 | 1,000,000 | 1,187,880 | |
| 5% 12/15/32 | 500,000 | 591,245 | |
| 5% 12/15/33 | 500,000 | 590,145 | |
| Pittsburgh & Allegheny County Sports & Exhibition Auth. Series 2012, 5% 2/1/25 (FSA Insured) | 2,250,000 | 2,471,918 | |
| Pittsburgh Gen. Oblig.: | |||
| Series 2012 A, 5% 9/1/22 | 2,000,000 | 2,221,880 | |
| Series 2014: | |||
| 5% 9/1/23 (Build America Mutual Assurance Insured) | 575,000 | 659,646 | |
| 5% 9/1/28 (Build America Mutual Assurance Insured) | 1,300,000 | 1,504,048 | |
| 5% 9/1/29 (Build America Mutual Assurance Insured) | 1,015,000 | 1,172,376 | |
| 5% 9/1/31 (Build America Mutual Assurance Insured) | 1,165,000 | 1,337,839 | |
| 5% 9/1/32 (Build America Mutual Assurance Insured) | 1,000,000 | 1,145,350 | |
| Pittsburgh School District: | |||
| Series 2014 A, 5% 9/1/23 | 1,000,000 | 1,110,940 | |
| Series 2015: | |||
| 5% 9/1/22 (FSA Insured) | 885,000 | 985,802 | |
| 5% 9/1/23 (FSA Insured) | 1,085,000 | 1,245,667 | |
| Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev.: | |||
| Series 2019 A, 5% 9/1/44 (FSA Insured) (b) | 3,600,000 | 4,323,636 | |
| Series 2019 B: | |||
| 4% 9/1/34 (FSA Insured) (b) | 2,000,000 | 2,249,400 | |
| 4% 9/1/35 (FSA Insured) (b) | 400,000 | 448,116 | |
| Reading School District Series 2017: | |||
| 5% 3/1/35 (FSA Insured) | 1,000,000 | 1,176,430 | |
| 5% 3/1/36 (FSA Insured) | 1,050,000 | 1,231,724 | |
| 5% 3/1/37 (FSA Insured) | 1,600,000 | 1,865,168 | |
| Southcentral Pennsylvania Gen. Auth. Rev.: | |||
| Series 2015: | |||
| 4% 12/1/30 | 1,040,000 | 1,126,892 | |
| 5% 12/1/20 | 30,000 | 31,433 | |
| 5% 12/1/22 | 30,000 | 33,312 | |
| 5% 12/1/25 | 1,285,000 | 1,534,637 | |
| 5% 12/1/27 | 1,480,000 | 1,746,563 | |
| 5% 12/1/29 | 1,000,000 | 1,169,820 | |
| Series 2019 A, 4% 6/1/49 | 4,650,000 | 5,063,804 | |
| Susquehanna Area Reg'l. Arp Auth. Series 2017: | |||
| 5% 1/1/35 (a) | 1,000,000 | 1,136,850 | |
| 5% 1/1/38 (a) | 1,125,000 | 1,272,420 | |
| Union County Hosp. Auth. Rev. Series 2018 B, 5% 8/1/48 | 4,500,000 | 5,107,230 | |
| West Mifflin Area School District Series 2016: | |||
| 5% 4/1/24 (FSA Insured) | 1,250,000 | 1,414,300 | |
| 5% 4/1/26 (FSA Insured) | 1,000,000 | 1,176,410 | |
| 5% 4/1/28 (FSA Insured) | 1,390,000 | 1,637,059 | |
| West Shore Area Auth. Hosp. Rev. Series 2011 B, 5.75% 1/1/41 | 1,500,000 | 1,645,545 | |
| Westmoreland County Indl. Dev. Auth. Rev. (Excela Health Proj.) Series 2010 A: | |||
| 5% 7/1/19 | 1,000,000 | 1,000,000 | |
| 5% 7/1/25 | 4,465,000 | 4,607,389 | |
| 5.25% 7/1/20 | 1,000,000 | 1,037,487 | |
| Westmoreland County Muni. Auth. Muni. Svc. Rev. Series 2001 A: | |||
| 0% 8/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000,000 | 4,989,154 | |
| 0% 8/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500,000 | 2,448,425 | |
| 0% 8/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,550,000 | 6,174,620 | |
| TOTAL PENNSYLVANIA | 471,512,017 | ||
| Pennsylvania, New Jersey - 1.4% | |||
| Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev. Series 2012 A: | |||
| 5% 7/1/22 | 500,000 | 551,145 | |
| 5% 7/1/23 | 1,000,000 | 1,101,670 | |
| Delaware River Port Auth. Pennsylvania & New Jersey Rev. Series 2018 A: | |||
| 5% 1/1/37 | 1,000,000 | 1,228,960 | |
| 5% 1/1/38 | 1,300,000 | 1,592,383 | |
| 5% 1/1/39 | 1,000,000 | 1,221,580 | |
| 5% 1/1/40 | 1,100,000 | 1,341,329 | |
| TOTAL PENNSYLVANIA, NEW JERSEY | 7,037,067 | ||
| TOTAL MUNICIPAL BONDS | |||
| (Cost $456,994,333) | 479,357,570 | ||
| Municipal Notes - 5.1% | |||
| Pennsylvania - 5.1% | |||
| Allegheny County Higher Ed. Bldg. Auth. Univ. Rev. Series 2008, 1.88% 7/1/19 (Liquidity Facility Bank of New York, New York), VRDN (d) | 3,600,000 | $3,600,000 | |
| Allegheny County Hosp. Dev. Auth. Rev. Participating VRDN Series Floaters E 111, 1.94% 7/1/19 (Liquidity Facility Royal Bank of Canada) (d)(e)(f) | 5,300,000 | 5,300,000 | |
| Geisinger Auth. Health Sys. Rev. (Geisinger Health Sys. Proj.) Series 2005 A, 1.87% 7/1/19 (Liquidity Facility TD Banknorth, NA), VRDN (d) | 1,300,000 | 1,300,000 | |
| Lancaster County Hosp. Auth. Health Ctr. Rev. (Masonic Homes Proj.) Series 2008 D, 1.91% 7/1/19, LOC JPMorgan Chase Bank, VRDN (d) | 2,370,000 | 2,370,000 | |
| Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev. Participating VRDN Series Putters 50 20, 1.98% 7/1/19 (Liquidity Facility JPMorgan Chase Bank) (d)(e)(f) | 950,000 | 950,000 | |
| Southcentral Pennsylvania Gen. Auth. Rev. Series 2019 E, 1.92% 7/1/19 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (d) | 12,000,000 | 11,999,988 | |
| TOTAL MUNICIPAL NOTES | |||
| (Cost $25,520,001) | 25,519,988 | ||
| TOTAL INVESTMENT IN SECURITIES - 101.6% | |||
| (Cost $482,514,334) | 504,877,558 | ||
| NET OTHER ASSETS (LIABILITIES) - (1.6)% | (8,045,804) | ||
| NET ASSETS - 100% | $496,831,754 |
Legend
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(c) 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.
(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(e) Provides evidence of ownership in one or more underlying municipal bonds.
(f) Coupon rates are determined by re-marketing agents based on current market conditions.
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):
| Health Care | 28.3% |
| General Obligations | 23.7% |
| Education | 16.5% |
| Transportation | 13.5% |
| Water & Sewer | 10.2% |
| Others* (Individually Less Than 5%) | 7.8% |
| 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
| June 30, 2019 (Unaudited) | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $482,514,334) | $504,877,558 | |
| Cash | 153,415 | |
| Receivable for investments sold | ||
| Regular delivery | 10,123,137 | |
| Delayed delivery | 1,537,500 | |
| Receivable for fund shares sold | 275,388 | |
| Interest receivable | 5,403,529 | |
| Other receivables | 1,491 | |
| Total assets | 522,372,018 | |
| Liabilities | ||
| Payable for investments purchased | ||
| Regular delivery | $7,481,910 | |
| Delayed delivery | 16,904,981 | |
| Payable for fund shares redeemed | 490,902 | |
| Distributions payable | 448,679 | |
| Accrued management fee | 145,502 | |
| Other affiliated payables | 41,951 | |
| Other payables and accrued expenses | 26,339 | |
| Total liabilities | 25,540,264 | |
| Net Assets | $496,831,754 | |
| Net Assets consist of: | ||
| Paid in capital | $472,454,464 | |
| Total distributable earnings (loss) | 24,377,290 | |
| Net Assets, for 43,802,496 shares outstanding | $496,831,754 | |
| Net Asset Value, offering price and redemption price per share ($496,831,754 ÷ 43,802,496 shares) | $11.34 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Six months ended June 30, 2019 (Unaudited) | ||
| Investment Income | ||
| Interest | $7,887,707 | |
| Expenses | ||
| Management fee | $836,159 | |
| Transfer agent fees | 182,907 | |
| Accounting fees and expenses | 61,105 | |
| Custodian fees and expenses | 1,745 | |
| Independent trustees' fees and expenses | 852 | |
| Registration fees | 21,461 | |
| Audit | 29,383 | |
| Legal | 5,480 | |
| Miscellaneous | 1,425 | |
| Total expenses before reductions | 1,140,517 | |
| Expense reductions | (2,632) | |
| Total expenses after reductions | 1,137,885 | |
| Net investment income (loss) | 6,749,822 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 2,105,696 | |
| Total net realized gain (loss) | 2,105,696 | |
| Change in net unrealized appreciation (depreciation) on investment securities | 15,876,203 | |
| Net gain (loss) | 17,981,899 | |
| Net increase (decrease) in net assets resulting from operations | $24,731,721 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Six months ended June 30, 2019 (Unaudited) | Year ended December 31, 2018 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $6,749,822 | $13,324,110 |
| Net realized gain (loss) | 2,105,696 | 741,589 |
| Change in net unrealized appreciation (depreciation) | 15,876,203 | (10,508,596) |
| Net increase (decrease) in net assets resulting from operations | 24,731,721 | 3,557,103 |
| Distributions to shareholders | (6,835,926) | (14,772,428) |
| Share transactions | ||
| Proceeds from sales of shares | 49,709,501 | 79,027,190 |
| Reinvestment of distributions | 4,086,468 | 9,313,841 |
| Cost of shares redeemed | (27,378,856) | (105,011,723) |
| Net increase (decrease) in net assets resulting from share transactions | 26,417,113 | (16,670,692) |
| Total increase (decrease) in net assets | 44,312,908 | (27,886,017) |
| Net Assets | ||
| Beginning of period | 452,518,846 | 480,404,863 |
| End of period | $496,831,754 | $452,518,846 |
| Other Information | ||
| Shares | ||
| Sold | 4,467,509 | 7,249,452 |
| Issued in reinvestment of distributions | 366,201 | 854,361 |
| Redeemed | (2,465,284) | (9,646,855) |
| Net increase (decrease) | 2,368,426 | (1,543,042) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Pennsylvania Municipal Income Fund
| Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
| 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $10.92 | $11.18 | $10.97 | $11.31 | $11.34 | $10.77 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A | .159 | .314 | .328 | .336 | .358 | .373 |
| Net realized and unrealized gain (loss) | .422 | (.226) | .257 | (.291) | .013 | .615 |
| Total from investment operations | .581 | .088 | .585 | .045 | .371 | .988 |
| Distributions from net investment income | (.158) | (.314) | (.328) | (.336) | (.358) | (.373) |
| Distributions from net realized gain | (.003) | (.034) | (.047) | (.049) | (.043) | (.045) |
| Total distributions | (.161) | (.348) | (.375) | (.385) | (.401) | (.418) |
| Redemption fees added to paid in capitalA | – | – | – | –B | –B | –B |
| Net asset value, end of period | $11.34 | $10.92 | $11.18 | $10.97 | $11.31 | $11.34 |
| Total ReturnC,D | 5.36% | .84% | 5.41% | .34% | 3.33% | 9.30% |
| Ratios to Average Net AssetsE | ||||||
| Expenses before reductions | .49%F | .48% | .48% | .49% | .49% | .49% |
| Expenses net of fee waivers, if any | .49%F | .48% | .48% | .49% | .49% | .49% |
| Expenses net of all reductions | .49%F | .48% | .48% | .49% | .49% | .49% |
| Net investment income (loss) | 2.88%F | 2.88% | 2.95% | 2.95% | 3.17% | 3.35% |
| Supplemental Data | ||||||
| Net assets, end of period (000 omitted) | $496,832 | $452,519 | $480,405 | $452,516 | $468,086 | $452,845 |
| Portfolio turnover rate | 30%F | 15% | 12% | 18% | 17% | 12% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E 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.
F Annualized
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 June 30, 2019
| Days | % of fund's investments 6/30/19 |
| 1 - 7 | 89.5 |
| 8 - 30 | 1.4 |
| 31 - 60 | 2.0 |
| 61 - 90 | 0.8 |
| 91 - 180 | 5.0 |
| >180 | 1.3 |
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 June 30, 2019 | ||
| Variable Rate Demand Notes (VRDNs) | 39.0% | |
| Tender Option Bond | 51.5% | |
| Other Municipal Security | 11.9% | |
| Investment Companies | 0.1% | |
| Net Other Assets (Liabilities)* | (2.5)% | |
* Net Other Assets (Liabilities) are not included in the pie chart
Current 7-Day Yields
| 6/28/19 | |
| Fidelity® Pennsylvania Municipal Money Market Fund | 1.41% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.
Fidelity® Pennsylvania Municipal Money Market Fund
Schedule of Investments June 30, 2019 (Unaudited)
Showing Percentage of Net Assets
| Variable Rate Demand Note - 39.0% | |||
| Principal Amount | Value | ||
| Alabama - 0.4% | |||
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 2.13% 7/5/19, VRDN (a)(b) | $800,000 | $800,000 | |
| Arkansas - 0.3% | |||
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.): | |||
| Series 1998, 2.13% 7/5/19, VRDN (a)(b) | 200,000 | 200,000 | |
| Series 2002, 2.15% 7/5/19, VRDN (a)(b) | 400,000 | 400,000 | |
| 600,000 | |||
| Delaware - 0.0% | |||
| Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 B, 2.1% 7/5/19, VRDN (a)(b) | 100,000 | 100,000 | |
| Indiana - 0.2% | |||
| Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 A, 2.2% 7/5/19, VRDN (a)(b) | 400,000 | 400,000 | |
| Kansas - 0.4% | |||
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.): | |||
| Series 2007 A, 2.13% 7/5/19, VRDN (b) | 100,000 | 100,000 | |
| Series 2007 B, 2.13% 7/5/19, VRDN (b) | 200,000 | 200,000 | |
| St. Mary's Kansas Poll. Cont. Rev. Series 1994, 2.1% 7/5/19, VRDN (b) | 500,000 | 500,000 | |
| 800,000 | |||
| Louisiana - 0.5% | |||
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
| Series 2010 A1, 2.09% 7/5/19, VRDN (b) | 900,000 | 900,000 | |
| Series 2010 B1, 2.05% 7/5/19, VRDN (b) | 100,000 | 100,000 | |
| 1,000,000 | |||
| Nebraska - 0.2% | |||
| Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 2.13% 7/5/19, 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, 2.15% 7/5/19, VRDN (a)(b) | 100,000 | 100,000 | |
| Pennsylvania - 36.2% | |||
| Allegheny County Hosp. Dev. Auth. Rev. (Children's Institute Pittsburgh Proj.): | |||
| Series 2005 A, 1.9% 7/5/19, LOC PNC Bank NA, VRDN (b) | 465,000 | 465,000 | |
| Series 2005 B, 1.9% 7/5/19, LOC PNC Bank NA, VRDN (b) | 2,130,000 | 2,130,000 | |
| Allegheny County Indl. Dev. Auth. Rev.: | |||
| (Union Elec. Steel Co. Proj.) Series 1996 A, 1.94% 7/5/19, LOC PNC Bank NA, VRDN (a)(b) | 4,120,000 | 4,120,000 | |
| Series 2002, 1.95% 7/5/19, LOC RBS Citizens NA, VRDN (b) | 2,200,000 | 2,200,000 | |
| Beaver County Indl. Dev. Auth. Series 2018 A, 1.91% 7/5/19, LOC BMO Harris Bank NA, VRDN (b) | 2,320,000 | 2,320,000 | |
| Bucks County Indl. Dev. Auth. Hosp. Rev. (Grand View Hosp. Proj.) Series 2008 A, 1.9% 7/5/19, LOC PNC Bank NA, VRDN (b) | 2,200,000 | 2,200,000 | |
| Chester County Health & Ed. Auth. Rev. 1.95% 7/5/19, LOC Manufacturers & Traders Trust Co., VRDN (b) | 3,055,000 | 3,055,000 | |
| Delaware County Indl. Dev. Auth. Arpt. Facilities Rev. (United Parcel Svc. Proj.) Series 2015, 1.82% 7/1/19, VRDN (b) | 10,855,000 | 10,855,000 | |
| Lancaster County Hosp. Auth. Health Ctr. Rev. (Masonic Homes Proj.) Series 2008 D, 1.91% 7/1/19, LOC JPMorgan Chase Bank, VRDN (b) | 630,000 | 630,000 | |
| Lancaster Indl. Dev. Auth. Rev.: | |||
| (Mennonite Home Proj.) 2% 7/5/19, LOC Manufacturers & Traders Trust Co., VRDN (b) | 2,600,000 | 2,600,000 | |
| (Willow Valley Retirement Cmntys. Proj.) Series 2009 C, 1.9% 7/5/19, LOC PNC Bank NA, VRDN (b) | 1,200,000 | 1,200,000 | |
| (Willow Valley Retirement Proj.) Series 2009 B, 1.9% 7/5/19, LOC PNC Bank NA, VRDN (b) | 7,340,000 | 7,340,000 | |
| Lower Merion School District: | |||
| Series 2009 A, 1.85% 7/5/19, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 150,000 | 150,000 | |
| Series 2009 B, 1.85% 7/5/19, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 205,000 | 205,000 | |
| Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. (Leidy's, Inc. Proj.) Series 1995 D7, 1.94% 7/5/19, LOC PNC Bank NA, VRDN (a)(b) | 300,000 | 300,000 | |
| Pennsylvania Higher Edl. Facilities Auth. Rev. (Keystone College Proj.) Series 2001 H5, 1.9% 7/5/19, LOC PNC Bank NA, VRDN (b) | 3,975,000 | 3,975,000 | |
| Philadelphia Arpt. Rev. Series 2005 C1, 1.9% 7/5/19, LOC TD Banknorth, NA, VRDN (a)(b) | 2,675,000 | 2,675,000 | |
| Philadelphia Auth. for Indl. Dev. Rev.: | |||
| (Spl. People in Northeast, Inc. Proj.) Series 2006, 2.13% 7/5/19, LOC RBS Citizens NA, VRDN (b) | 1,035,000 | 1,035,000 | |
| (The Franklin Institute Proj.) Series 2006, 1.92% 7/5/19, LOC Bank of America NA, VRDN (b) | 2,545,000 | 2,545,000 | |
| Philadelphia Auth. Indl. Dev. Lease Rev.: | |||
| Series 2007 B2, 1.9% 7/5/19, LOC TD Banknorth, NA, VRDN (b) | 7,350,000 | 7,350,000 | |
| Series 2007 B3, 1.9% 7/5/19, LOC PNC Bank NA, VRDN (b) | 2,400,000 | 2,400,000 | |
| Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.) Eighth Series B, 1.9% 7/5/19, LOC TD Banknorth, NA, VRDN (b) | 1,900,000 | 1,900,000 | |
| Ridley School District Series 2009, 1.9% 7/5/19, LOC TD Banknorth, NA, VRDN (b) | 1,200,000 | 1,200,000 | |
| Washington County Hosp. Auth. Rev. (Monongahela Valley Hosp. Proj.) Series 2018 C, 1.95% 7/5/19, LOC RBS Citizens NA, VRDN (b) | 3,700,000 | 3,700,000 | |
| FNMA Montgomery County Redev. Auth. Multi-family Hsg. Rev. (Kingswood Apts. Proj.) Series 2001 A, 1.96% 7/5/19, LOC Fannie Mae, VRDN (b) | 12,675,000 | 12,674,999 | |
| 79,224,999 | |||
| West Virginia - 0.8% | |||
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
| (Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 2.07% 7/5/19, VRDN (a)(b) | 500,000 | 500,000 | |
| (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 2.1% 7/5/19, VRDN (a)(b) | 1,200,000 | 1,200,000 | |
| 1,700,000 | |||
| TOTAL VARIABLE RATE DEMAND NOTE | |||
| (Cost $85,124,999) | 85,124,999 | ||
| Tender Option Bond - 51.5% | |||
| Colorado - 0.1% | |||
| Denver City & County Arpt. Rev. Bonds Series G-114, 2.15%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e)(f) | 100,000 | 100,000 | |
| Connecticut - 0.0% | |||
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 2.08%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 100,000 | 100,000 | |
| Pennsylvania - 51.4% | |||
| Allegheny County Participating VRDN Series Floaters XM 06 63, 2% 7/5/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(d) | 2,600,000 | 2,600,000 | |
| Allegheny County Hosp. Dev. Auth. Rev. Participating VRDN: | |||
| Series Floaters E 110, 1.94% 7/1/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(d) | 3,850,000 | 3,850,000 | |
| Series Floaters E 111, 1.94% 7/1/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(d) | 1,510,000 | 1,510,000 | |
| Allegheny County Sanitation Auth. Swr. Rev. Participating VRDN Series Floaters XM 00 82, 1.93% 7/5/19 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 1,165,000 | 1,165,000 | |
| Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 2.05% 8/9/19 (Liquidity Facility Barclays Bank PLC) (b)(c)(d)(e) | 1,750,000 | 1,750,000 | |
| Delaware Valley Reg'l. Fin. Auth. Local Govt. Rev. Participating VRDN Series Floaters XG 02 01, 1.94% 7/5/19 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3,000,000 | 3,000,000 | |
| Geisinger Auth. Health Sys. Rev. Participating VRDN: | |||
| Series Floaters XF 05 43, 1.93% 7/5/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(d) | 4,000,000 | 4,000,000 | |
| Series Floaters XF 06 02, 1.93% 7/5/19 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(d) | 4,695,000 | 4,695,000 | |
| Series Floaters XM 06 13, 1.93% 7/5/19 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(d) | 1,700,000 | 1,700,000 | |
| Lancaster County Hosp. Auth. Health Ctr. Rev. Participating VRDN Series 16 ZF0383, 1.94% 7/5/19 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(d) | 3,750,000 | 3,750,000 | |
| Lehigh County Gen. Purp. Hosp. Rev. Participating VRDN Series Floaters 2019 003, 2.05% 8/9/19 (Liquidity Facility Barclays Bank PLC) (b)(c)(d)(e) | 1,000,000 | 1,000,000 | |
| Northampton County Gen. Purp. College Rev. Participating VRDN: | |||
| Series Floaters XL 00 48, 1.93% 7/5/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(d) | 3,400,000 | 3,400,000 | |
| Series Floaters ZM 05 17, 1.93% 7/5/19 (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, 2% 7/5/19 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(d) | 2,653,500 | 2,653,500 | |
| Pennsylvania Econ. Dev. Fing. Auth. Rev. Participating VRDN Series Floaters 16 YX1028, 2% 7/5/19 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 6,405,000 | 6,405,000 | |
| Pennsylvania Gen. Oblig. Participating VRDN: | |||
| Series Floaters XF 24 54, 1.93% 7/5/19 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 5,200,000 | 5,200,000 | |
| Series Floaters XG 01 80, 1.92% 7/5/19 (Liquidity Facility Bank of America NA) (b)(c)(d) | 5,600,000 | 5,600,000 | |
| Series Floaters ZF 06 71, 1.92% 7/5/19 (Liquidity Facility Bank of America NA) (b)(c)(d) | 3,330,000 | 3,330,000 | |
| Series Floaters ZM 06 50, 1.92% 7/5/19 (Liquidity Facility Bank of America NA) (b)(c)(d) | 7,000,000 | 7,000,000 | |
| Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
| Bonds Series 2016 E75, 2.07%, tender 9/3/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 100,000 | 100,000 | |
| Participating VRDN: | |||
| Series Floaters XF 25 53, 1.9% 7/5/19 (Liquidity Facility Citibank NA) (b)(c)(d) | 2,740,000 | 2,740,000 | |
| Series MS 3252, 1.93% 7/5/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(d) | 5,840,000 | 5,840,000 | |
| Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. Participating VRDN Series Putters 15 XM0010, 1.93% 7/5/19 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(d) | 5,035,000 | 5,035,000 | |
| Pennsylvania Tpk. Commission Tpk. Rev.: | |||
| Bonds Series Floaters G 43, 2.1%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 2,500,000 | 2,500,000 | |
| Participating VRDN: | |||
| Series DBE 8032, 2.15% 7/5/19 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(d) | 1,480,000 | 1,480,000 | |
| Series Floaters E 101, 1.93% 7/5/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(d) | 6,200,000 | 6,200,000 | |
| Philadelphia Auth. For Indl. Dev. Participating VRDN Series Putters 14 XM0005, 1.93% 7/5/19 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(d)(g) | 5,325,000 | 5,325,000 | |
| Philadelphia Hospitals & Higher Ed. Facilities Auth. Hosp. Rev. Participating VRDN Series 15 F0114, 1.93% 7/5/19 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(d) | 5,330,000 | 5,330,000 | |
| Philadelphia Wtr. & Wastewtr. Rev. Participating VRDN Series 2017, 1.93% 7/5/19 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3,160,000 | 3,160,000 | |
| Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev. Participating VRDN Series Putters 50 20, 1.98% 7/1/19 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(d) | 2,200,000 | 2,200,000 | |
| Wilkes Barre Asd Participating VRDN Series Floaters XF 07 77, 1.94% 7/5/19 (Liquidity Facility Bank of America NA) (b)(c)(d) | 2,285,000 | 2,285,000 | |
| 112,303,500 | |||
| Texas - 0.0% | |||
| Alamo Cmnty. Coll District Rev. Bonds Series G-111, 2.1%, tender 11/1/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 100,000 | 100,000 | |
| TOTAL TENDER OPTION BOND | |||
| (Cost $112,603,500) | 112,603,500 | ||
| Other Municipal Security - 11.9% | |||
| Florida - 1.1% | |||
| Florida Dev. Fin. Corp. Surface T Bonds (Virgin Trains U.S.A. Passenger Rail Proj.) Series 2019 B, 1.9%, tender 3/17/20 (a)(b) | 2,500,000 | 2,500,000 | |
| Kentucky - 0.1% | |||
| Jefferson County Poll. Cont. Rev. Bonds Series A, 1.7% tender 7/9/19, CP mode | 100,000 | 100,000 | |
| New Hampshire - 0.8% | |||
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds: | |||
| Series 1990 A, 1.9% tender 7/25/19, CP mode (a) | 900,000 | 900,000 | |
| Series 1990 A1, 1.99% tender 9/25/19, CP mode (a) | 800,000 | 800,000 | |
| 1,700,000 | |||
| New Mexico - 0.1% | |||
| New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Bonds Series 2014 B, 1 month U.S. LIBOR + 0.750% 2.385%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (b)(f) | 300,000 | 300,017 | |
| Pennsylvania - 9.8% | |||
| Butler County Hosp. Auth. Hosp. Rev. Bonds (Butler Memorial Hosp., Proj.) Series 2009 B, 7.25% 7/1/19 (Pre-Refunded to 7/1/19 @ 100) | 1,500,000 | 1,500,000 | |
| Commonwealth Fing. Auth. Tobacco Bonds Series 2018, 5% 6/1/20 | 475,000 | 489,962 | |
| Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Bonds Series 2012 A, 5% 7/1/19 | 1,310,000 | 1,310,000 | |
| Pennsylvania Econ. Dev. Fing. Auth. Health Sys. Rev. Bonds Series 2009 A, 6.25% 10/15/19 (Pre-Refunded to 10/15/19 @ 100) | 2,495,000 | 2,528,496 | |
| Pennsylvania Gen. Oblig. Bonds: | |||
| Series 2004, 5.375% 7/1/19 | 2,175,000 | 2,175,000 | |
| Series 2009, 5% 7/1/19 | 2,820,000 | 2,820,000 | |
| Series 2015, 5% 8/15/19 | 1,780,000 | 1,787,345 | |
| Series 2016, 5% 9/15/19 | 150,000 | 150,893 | |
| Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds (The Trustees of the Univ. of Pennsylvania Proj.) Series 2009 A, 5% 9/1/19 (Escrowed to Maturity) | 660,000 | 663,796 | |
| Philadelphia Arpt. Rev. Series B2, 1.65% 7/24/19, LOC PNC Bank NA, CP (a) | 2,200,000 | 2,200,000 | |
| Philadelphia Wtr. & Wastewtr. Rev. Bonds Series 2017 A, 5% 10/1/19 | 2,400,000 | 2,420,614 | |
| Saint Mary Hosp. Auth. Health Sys. Rev. Bonds: | |||
| Series 2010 B: | |||
| 5% 11/15/19 | 1,545,000 | 1,561,550 | |
| 5% 11/15/19 (Escrowed to Maturity) | 315,000 | 318,374 | |
| Series 2012 B, 5% 11/15/19 | 1,100,000 | 1,112,956 | |
| St. Mary Hosp. Auth. Bucks County Bonds Series 2019 PA, 5% 12/1/19 | 360,000 | 364,599 | |
| 21,403,585 | |||
| TOTAL OTHER MUNICIPAL SECURITY | |||
| (Cost $26,003,602) | 26,003,602 | ||
| Shares | Value | ||
| Investment Company - 0.1% | |||
| Fidelity Municipal Cash Central Fund 2.00% (h)(i) | |||
| (Cost $197,000) | 196,980 | 197,000 | |
| TOTAL INVESTMENT IN SECURITIES - 102.5% | |||
| (Cost $223,929,101) | 223,929,101 | ||
| NET OTHER ASSETS (LIABILITIES) - (2.5)% | (5,409,441) | ||
| NET ASSETS - 100% | $218,519,660 |
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.
(c) Provides evidence of ownership in one or more underlying municipal bonds.
(d) Coupon rates are determined by re-marketing agents based on current market conditions.
(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 $5,650,000 or 2.6% 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) 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 $5,325,000 or 2.4% of net assets.
(h) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(i) 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 are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Cost |
| Alamo Cmnty. Coll District Rev. Bonds Series G-111, 2.1%, tender 11/1/19 (Liquidity Facility Royal Bank of Canada) | 6/6/19 | $100,000 |
| Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 2.05% 8/9/19 (Liquidity Facility Barclays Bank PLC) | 1/18/18 - 7/6/18 | $1,750,000 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 2.08%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) | 5/16/19 | $100,000 |
| Denver City & County Arpt. Rev. Bonds Series G-114, 2.15%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) | 6/6/19 | $100,000 |
| Lehigh County Gen. Purp. Hosp. Rev. Participating VRDN Series Floaters 2019 003, 2.05% 8/9/19 (Liquidity Facility Barclays Bank PLC) | 1/17/19 | $1,000,000 |
| Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, 2.07%, tender 9/3/19 (Liquidity Facility Royal Bank of Canada) | 4/23/19 | $100,000 |
| Pennsylvania Tpk. Commission Tpk. Rev. Bonds Series Floaters G 43, 2.1%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) | 8/2/18 | $2,500,000 |
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 | $90,638 |
| Total | $90,638 |
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
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.
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
| June 30, 2019 (Unaudited) | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $223,732,101) | $223,732,101 | |
| Fidelity Central Funds (cost $197,000) | 197,000 | |
| Total Investment in Securities (cost $223,929,101) | $223,929,101 | |
| Cash | 10,718 | |
| Receivable for fund shares sold | 146,599 | |
| Interest receivable | 958,800 | |
| Distributions receivable from Fidelity Central Funds | 3,224 | |
| Other receivables | 33 | |
| Total assets | 225,048,475 | |
| Liabilities | ||
| Payable for investments purchased | $6,300,000 | |
| Payable for fund shares redeemed | 126,611 | |
| Distributions payable | 11,444 | |
| Accrued management fee | 90,760 | |
| Total liabilities | 6,528,815 | |
| Net Assets | $218,519,660 | |
| Net Assets consist of: | ||
| Paid in capital | $218,454,011 | |
| Total distributable earnings (loss) | 65,649 | |
| Net Assets, for 218,201,112 shares outstanding | $218,519,660 | |
| Net Asset Value, offering price and redemption price per share ($218,519,660 ÷ 218,201,112 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Six months ended June 30, 2019 (Unaudited) | ||
| Investment Income | ||
| Interest | $1,764,991 | |
| Income from Fidelity Central Funds | 90,638 | |
| Total income | 1,855,629 | |
| Expenses | ||
| Management fee | $558,182 | |
| Independent trustees' fees and expenses | 420 | |
| Total expenses before reductions | 558,602 | |
| Expense reductions | (28) | |
| Total expenses after reductions | 558,574 | |
| Net investment income (loss) | 1,297,055 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 69,184 | |
| Fidelity Central Funds | 710 | |
| Total net realized gain (loss) | 69,894 | |
| Net increase in net assets resulting from operations | $1,366,949 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Six months ended June 30, 2019 (Unaudited) | Year ended December 31, 2018 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $1,297,055 | $2,481,867 |
| Net realized gain (loss) | 69,894 | (7,807) |
| Net increase in net assets resulting from operations | 1,366,949 | 2,474,060 |
| Distributions to shareholders | (1,296,755) | (2,482,188) |
| Share transactions | ||
| Proceeds from sales of shares | 21,271,227 | 39,484,580 |
| Reinvestment of distributions | 1,224,063 | 2,343,361 |
| Cost of shares redeemed | (44,458,131) | (86,401,616) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (21,962,841) | (44,573,675) |
| Total increase (decrease) in net assets | (21,892,647) | (44,581,803) |
| Net Assets | ||
| Beginning of period | 240,412,307 | 284,994,110 |
| End of period | $218,519,660 | $240,412,307 |
| Other Information | ||
| Shares | ||
| Sold | 21,271,227 | 39,484,580 |
| Issued in reinvestment of distributions | 1,224,063 | 2,343,361 |
| Redeemed | (44,458,131) | (86,401,616) |
| Net increase (decrease) | (21,962,841) | (44,573,675) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Pennsylvania Municipal Money Market Fund
| Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
| 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | ||||||
| Net investment income (loss) | .006 | .010 | .004 | .001 | –A | –A |
| Net realized and unrealized gain (loss) | – | – | – | – | – | – |
| Total from investment operations | .006 | .010 | .004 | .001 | –A | –A |
| Distributions from net investment income | (.006) | (.010) | (.004) | (.001) | –A | –A |
| Distributions from net realized gain | – | – | –A | –A | –A | – |
| Total distributions | (.006) | (.010) | (.004) | (.001) | –A | –A |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB,C | .58% | .97% | .40% | .09% | .01% | .01% |
| Ratios to Average Net AssetsD,E | ||||||
| Expenses before reductions | .50%F | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .50%F | .50% | .50% | .35% | .06% | .07% |
| Expenses net of all reductions | .50%F | .50% | .50% | .35% | .06% | .07% |
| Net investment income (loss) | 1.17%F | .96% | .38% | .07% | .01% | .01%A |
| Supplemental Data | ||||||
| Net assets, end of period (000 omitted) | $218,520 | $240,412 | $284,994 | $405,526 | $731,701 | $760,467 |
A Amount represents less than $.0005 per share.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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.
E 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.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2019
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.
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 ranged from less than .005% to .01%.
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 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. 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.
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. 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.
Distributions 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.
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 market discount and deferred trustees compensation and losses deferred due to wash sales.
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 Pennsylvania Municipal Income Fund | $481,510,815 | $23,408,034 | $(41,291) | $23,366,743 |
| Fidelity Pennsylvania Municipal Money Market Fund | 223,929,101 | – | – | – |
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 prior fiscal period end and is subject to adjustment.
| No expiration | |
| Short-term | |
| Fidelity Pennsylvania Municipal Money Market Fund | $(7,675) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds 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. Certain Funds 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.
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $85,425,870 and $68,631,713, 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 annualized 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 interest expense. 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 annualized rates expressed as a percentage of average net assets:
| Fidelity Pennsylvania Municipal Income Fund | .08% |
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. For the period, the fees were equivalent to the following annualized rates:
| % of Average Net Assets | |
| Fidelity Pennsylvania Municipal Income Fund | .03 |
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 Pennsylvania Municipal Income Fund | $652 |
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 | $1,500 |
In addition, through an arrangement with Money Market Fund's custodian, $28 of credits realized as a result of certain uninvested cash balances were used to reduce the Fund's management fee.
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 | $1,132 |
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.
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 (January 1, 2019 to June 30, 2019).
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. 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. 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 January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period-B January 1, 2019 to June 30, 2019 | |
| Fidelity Pennsylvania Municipal Income Fund | .49% | |||
| Actual | $1,000.00 | $1,053.60 | $2.49 | |
| Hypothetical-C | $1,000.00 | $1,022.36 | $2.46 | |
| Fidelity Pennsylvania Municipal Money Market Fund | .50% | |||
| Actual | $1,000.00 | $1,005.80 | $2.49 | |
| Hypothetical-C | $1,000.00 | $1,022.32 | $2.51 |
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 181/ 365 (to reflect the one-half year period).
C 5% return per year before expenses
PFR-SANN-0819
1.705577.121
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
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 Fidelity Municipal Trust II’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Municipal Trust II’s (the “Trust”) 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 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.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(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/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | August 26, 2019 |
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/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | August 26, 2019 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | August 26, 2019 |